Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | PREMIER FINANCIAL BANCORP INC | ||
Entity Central Index Key | 0000887919 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 193,926,645 | ||
Entity Common Stock, Shares Outstanding | 14,658,132 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Address, State or Province | WV |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 23,091 | $ 22,992 |
Interest bearing bank balances | 65,465 | 39,911 |
Federal funds sold | 5,902 | 17,872 |
Cash and cash equivalents | 94,458 | 80,775 |
Time deposits with other banks | 598 | 1,094 |
Securities available for sale | 390,754 | 365,731 |
Loans | 1,195,295 | 1,149,301 |
Allowance for loan losses | (13,542) | (13,738) |
Net loans | 1,181,753 | 1,135,563 |
Federal Home Loan Bank stock, at cost | 4,450 | 3,628 |
us-gaap_PropertyPlantAndEquipmentNet | 37,257 | 29,385 |
Other real estate owned, net | 12,242 | 14,024 |
Interest receivable | 4,699 | 4,295 |
Goodwill | 47,640 | 47,640 |
Other intangible assets | 5,376 | 5,268 |
Deferred taxes | 0 | 1,541 |
Other assets | 1,783 | 1,171 |
Total assets | 1,781,010 | 1,690,115 |
Deposits | ||
Non-interest bearing | 367,870 | 391,763 |
Time deposits, $250,000 and over | 100,638 | 74,161 |
Other interest bearing | 1,027,245 | 964,203 |
Total deposits | 1,495,753 | 1,430,127 |
Securities sold under agreements to repurchase | 20,428 | 22,062 |
Other borrowed funds | 0 | 2,500 |
FHLB advances | 6,375 | 8,819 |
Subordinated debt | 5,436 | 5,406 |
Interest payable | 912 | 733 |
Deferred taxes | 811 | 0 |
Other liabilities | 11,054 | 3,739 |
Total liabilities | 1,540,769 | 1,473,386 |
Stockholders' equity | ||
Common stock, no par value; 30,000,000 shares authorized; 14,657,432 shares issued and outstanding in 2019, and 14,624,193 shares issued and outstanding in 2018 | 133,795 | 133,248 |
Retained earnings | 102,743 | 87,333 |
Accumulated other comprehensive income (loss) | 3,703 | (3,852) |
Total stockholders' equity | 240,241 | 216,729 |
Total liabilities and stockholders' equity | $ 1,781,010 | $ 1,690,115 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Stockholders' equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 14,657,432 | 14,624,193 |
Common stock, shares outstanding (in shares) | 14,657,432 | 14,624,193 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | |||
Loans, including fees | $ 65,237 | $ 56,856 | $ 55,425 |
Securities available for sale | |||
Taxable | 9,261 | 7,022 | 5,628 |
Tax-exempt | 348 | 254 | 261 |
Federal funds sold and other | 1,732 | 1,689 | 676 |
Total interest income | 76,578 | 65,821 | 61,990 |
Interest expense | |||
Deposits | 9,009 | 5,444 | 3,855 |
Repurchase agreements and other | 70 | 34 | 33 |
FHLB advances and other borrowings | 229 | 237 | 319 |
Subordinated debt | 369 | 352 | 295 |
Total interest expense | 9,677 | 6,067 | 4,502 |
Net interest income | 66,901 | 59,754 | 57,488 |
Provision for loan losses | 1,250 | 2,315 | 2,499 |
Net interest income after provision for loan losses | 65,651 | 57,439 | 54,989 |
Non-interest income | |||
Service charges on deposit accounts | 4,661 | 4,562 | 4,357 |
Electronic banking income | 3,488 | 3,530 | 3,260 |
Secondary market mortgage income | 214 | 180 | 201 |
Other | 971 | 826 | 837 |
Total non-interest income | 9,334 | 9,098 | 8,655 |
Non-interest expenses | |||
Salaries and employee benefits | 21,485 | 19,803 | 19,355 |
Occupancy and equipment expenses | 6,909 | 6,294 | 5,999 |
Outside data processing | 5,782 | 5,199 | 5,173 |
Professional fees | 1,131 | 1,506 | 975 |
Taxes, other than payroll, property and income | 973 | 888 | 780 |
Write-downs, expenses, sales of other real estate owned, net | 1,550 | 244 | 1,601 |
Loan collection expenses | 342 | 746 | 627 |
FDIC insurance | 223 | 564 | 675 |
Amortization of intangibles | 885 | 778 | 974 |
Other expenses | 4,484 | 4,449 | 4,059 |
Total non-interest expenses | 43,764 | 40,471 | 40,218 |
Income before income taxes | 31,221 | 26,066 | 23,426 |
Provision for income taxes | 7,025 | 5,898 | 8,607 |
Net income | $ 24,196 | $ 20,168 | $ 14,819 |
Earnings per share: | |||
Basic (in dollars per share) | $ 1.65 | $ 1.48 | $ 1.11 |
Diluted (in dollars per share) | 1.64 | 1.47 | 1.10 |
Dividends per share (in dollars per share) | $ 0.60 | $ 0.57 | $ 0.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 24,196 | $ 20,168 | $ 14,819 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) arising during the period | 9,564 | (2,252) | 334 |
Reclassification of realized amount | 0 | 0 | 0 |
Net change in unrealized gain (loss) on securities | 9,564 | (2,252) | 334 |
Less tax impact | 2,009 | (473) | 118 |
Other comprehensive income (loss) | 7,555 | (1,779) | 216 |
Comprehensive income | $ 31,751 | $ 18,389 | $ 15,035 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2016 | $ 109,911 | $ 66,195 | $ (1,922) | $ 174,184 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 14,819 | 0 | 14,819 |
Other comprehensive income (loss) | 0 | 0 | 216 | 216 |
Cash dividends paid | 0 | (6,398) | 0 | (6,398) |
Reclassify stranded tax effects within AOCI | 0 | 367 | (367) | 0 |
Stock options exercised | 317 | 0 | 0 | 317 |
Stock based compensation expense | 217 | 0 | 0 | 217 |
Balance at Dec. 31, 2017 | 110,445 | 74,983 | (2,073) | 183,355 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 20,168 | 0 | 20,168 |
Other comprehensive income (loss) | 0 | 0 | (1,779) | (1,779) |
Cash dividends paid | 0 | (7,805) | 0 | (7,805) |
Cash in lieu of fractional share for 5 for 4 stock split | 0 | (13) | 0 | (13) |
Stock issued to acquire subsidiary, net | 22,358 | 0 | 0 | 22,358 |
Stock options exercised | 193 | 0 | 0 | 193 |
Stock based compensation expense | 252 | 0 | 0 | 252 |
Balance at Dec. 31, 2018 | 133,248 | 87,333 | (3,852) | 216,729 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 24,196 | 0 | 24,196 |
Other comprehensive income (loss) | 0 | 0 | 7,555 | 7,555 |
Cash dividends paid | 0 | (8,786) | 0 | (8,786) |
Stock options exercised | 246 | 0 | 0 | 246 |
Stock based compensation expense | 301 | 0 | 0 | 301 |
Balance at Dec. 31, 2019 | $ 133,795 | $ 102,743 | $ 3,703 | $ 240,241 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | |||
Cash dividends paid (in dollars per share) | $ 0.60 | $ 0.57 | $ 0.48 |
Stock split ratio | 1.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 24,196 | $ 20,168 | $ 14,819 |
Adjustments to reconcile net income to net cash from operating activities | |||
Depreciation | 2,046 | 1,722 | 1,720 |
Provision for loan losses | 1,250 | 2,315 | 2,499 |
Amortization (accretion), net | 7 | 1,295 | 1,586 |
Writedowns (gains) on other real estate owned, net | 978 | (450) | 874 |
Stock compensation expense | 301 | 252 | 217 |
Changes in: | |||
Interest receivable | (59) | 300 | (181) |
Deferred income taxes | 512 | 33 | 797 |
Other assets | 287 | 1,404 | (1,047) |
Interest payable | 54 | 157 | 29 |
Other liabilities | (341) | (62) | (922) |
Net cash from operating activities | 29,231 | 27,134 | 20,391 |
Cash flows from investing activities | |||
Net change on time deposits with other banks | 496 | 1,488 | (250) |
Purchases of securities available for sale | (66,684) | (110,869) | (57,223) |
Proceeds from maturities, sales and calls of securities available for sale | 95,014 | 65,181 | 65,794 |
Purchase of FHLB stock | (10) | 0 | 0 |
Redemption of FHLB stock | 273 | 792 | 15 |
Acquisition of subsidiary, net of cash acquired (paid) | (4,863) | 2,591 | 0 |
Net change in loans | (5,241) | 13,431 | (36,792) |
Purchases of premises and equipment, net | (1,589) | (3,460) | (1,382) |
Proceeds from sales of other real estate owned | 2,348 | 7,778 | 4,577 |
Net cash from (used in) investing activities | 19,744 | (23,068) | (25,261) |
Cash flows from financing activities | |||
Net change in deposits | (20,118) | 25,280 | (6,735) |
Net change in agreements to repurchase securities | (1,634) | (1,609) | (510) |
Repayment of other borrowed funds | (2,500) | (2,500) | (3,859) |
Repayment of other FHLB advances | (2,500) | (19,500) | 0 |
Proceeds from stock option exercises | 246 | 193 | 317 |
Cash in lieu of fractional shares | 0 | (13) | 0 |
Common stock dividends paid | (8,786) | (7,805) | (6,398) |
Net cash from (used in) financing activities | (35,292) | (5,954) | (17,185) |
Net change in cash and cash equivalents | 13,683 | (1,888) | (22,055) |
Cash and cash equivalents at beginning of year | 80,775 | 82,663 | 104,718 |
Cash and cash equivalents at end of year | 94,458 | 80,775 | 82,663 |
Cash paid during year for - | |||
Interest | 9,623 | 5,911 | 4,473 |
Income taxes paid, net | 6,943 | 4,578 | 8,555 |
Non-cash transactions | |||
Loans transferred to real estate acquired through foreclosure | 1,509 | 1,386 | 12,681 |
Amount transferred from accumulated other comprehensive income to retained earnings related to changes in future income tax rates | 0 | 0 | 367 |
Operating right-of-use asset resulting from lease liability | 7,152 | 0 | 0 |
First Bank [Member] | |||
Non-cash transactions | |||
Common stock issued to acquire First Bank | $ 0 | $ 22,358 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the “Company” or “Premier”) and its wholly-owned subsidiaries: Unaudited Subsidiary Location Year Acquired Total Assets Net Income Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 552,704 $ 6,012 Premier Bank, Inc. Huntington, West Virginia 1998 1,220,801 20,505 Parent and Intercompany Eliminations 7,505 (2,321 ) Consolidated total $ 1,781,010 $ 24,196 All material intercompany transactions and balances have been eliminated. On June 8, 2018, Premier issued a 5 for 4 stock split to shareholders of record on June 4, 2018. Each shareholder received 1 additional share of common stock for every 4 shares of common stock already owned on the record date. Outstanding shares and per share amounts prior to the payment date have been restated to reflect the additional shares issued as a result of the stock split to aid in the comparison to current period results. Nature of Operations Cash Flows Estimates in the Financial Statements Securities Securities available for sale might be sold before maturity and are carried at fair value. Adjustments from amortized cost to fair value are recorded in other comprehensive income, net of related income tax. Interest income includes amortization of purchase premium or discount computed using the level yield method. Gains or losses on dispositions are recorded on the trade date and are based on the net proceeds and adjusted carrying amount of the securities sold using the specific identification method. Securities are written down to fair value when a decline in fair value is not temporary. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Declines in the fair value of securities below their cost that are other-than-temporary are reflected as realized losses. In estimating other-than-temporary losses, management considers the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Loans Held for Sale Loans Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost‑recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Concentration of Credit Risk The Company’s success and recent growth in lending in the central West Virginia market area depend primarily on the local general economy which has been driven in the past by federal government programs to develop technology infrastructure and more recently by the drilling for natural gas in the recently discovered Marcellus and Utica shale formations. Furthermore, Premier’s success in the southern West Virginia market depends, in large part, on the local general economy which has been driven by significant employment by coal and other natural resource based businesses. While Premier’s direct credit risk exposure to such industries is minimal, the success or failure of these industries may have an indirect effect on the local economic conditions in the central and southern West Virginia market areas, either individually or collectively, thus having a significant impact on the credit risk of loans in this market area. Certain Purchased Loans: Such purchased loans are accounted for individually or may be aggregated into pools of loans based on common risk characteristics such as loan type. The Company estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as an increase in the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses During the first three months of 2018, management updated its policies regarding estimation of probable incurred losses. The updates included incorporating a common estimated loss ratio for all pass credits within a given loan classification, adding an additional qualitative factor for document exceptions on collectively impaired loans, and reallocating the qualitative portion of the allowance to align more closely to the inputs used to determine the qualitative portion. The previous methodology allocated a higher loss ratio to loans graded “Watch” to estimate a higher credit risk on these loans due to risk downgrades resulting from document exceptions. Loans graded “Watch” are considered pass credits. The changes did not have a material impact on the overall allowance for loan losses or the provision for loan losses for the year ended December 31, 2019 and 2018. A loan is impaired when full payment under the loan terms is not expected. Impairment is evaluated in total for smaller-balance loans of similar nature such as residential mortgage, consumer, and credit card loans, and accordingly, they are not separately identified for impairment disclosures. All other loans are evaluated for impairment on an individual basis. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Loans with restructured terms offering a concession to enable a struggling borrower to repay (Troubled Debt Restructurings) are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified as having differing risk characteristics: Loans secured by 1-4 family residential real estate: Loans secured by multifamily residential real estate: Loans secured by owner occupied non-farm non-residential real estate Loans secured by non-farm non-residential real estate Commercial and industrial loans not secured by real estate: Consumer loans: Construction, land, and land development loans All other loan types Transfers of Financial Assets Premises and Equipment Other Real Estate Owned Federal Home Loan Bank (“FHLB”) stock: Goodwill and Other Intangible Assets Other intangible assets consist of core deposit intangible assets arising from whole bank and branch acquisitions. They are initially measured at fair value and then are amortized on an accelerated method over their estimated useful lives of approximately 8 to 10 years. Repurchase Agreements Stock Based Compensation Income Taxes A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest related to income tax matters as other interest expense and penalties related to income tax matters as other noninterest expense. Off Balance Sheet Financial Instruments Earnings Per Common Share Comprehensive Income Loss Contingencies Fair Value of Financial Instruments Operating Segments Reclassifications Adoption of New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments |
ACQUISITION OF FIRST NATIONAL B
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON | 12 Months Ended |
Dec. 31, 2019 | |
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON [Abstract] | |
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON | NOTE 2 – ACQUISITION OF FIRST NATIONAL BANK OF JACKSON Effective at the close of business on October 25, 2019, Premier completed its purchase of First National Bank of Jackson (“Jackson”), a $100.8 million community bank headquartered in Jackson, Kentucky. Under terms of an agreement of merger dated July 8, 2019, Citizens Deposit Bank and Trust (“Citizens Deposit”), Premier’s wholly owned subsidiary headquartered in Vanceburg, Kentucky, acquired Jackson Bank in a cash purchase valued at approximately $14.6 million. Based on the current valuation of the fair value of tangible and intangible assets acquired and liabilities assumed the purchase price resulted in no goodwill or bargain purchase gain. The resulting merger expands Citizens Deposit’s full service footprint into the Jackson, Kentucky market place. The core deposit intangible asset totaled $994, none of which is deductible for tax purposes. The core deposit intangible will be amortized using an accelerated method over an estimated 10 year life. The following table presents estimated amortization of the First Bank core deposit intangible as of the acquisition date for 2019 and each of the next five calendar years and thereafter. 2019 $ - 2020 149 2021 127 2022 108 2023 92 2024 86 Thereafter 432 Total core deposit intangible acquired $ 994 The valuations of loans, premises and equipment and core deposit intangible are still preliminary and subject to change. United States generally accepted accounting principles (“U.S. GAAP”) provide up to twelve months following the date of acquisition in which management can finalize the fair values of acquired assets and assumed liabilities. Material events that occur during the measurement period will be analyzed to determine if the new information reflected facts and circumstances that existed on the acquisition date. The measurement period ends as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns more information is unobtainable. The measurement period is limited to one year from the acquisition date. Once management has finalized the fair values of acquired assets and assumed liabilities within this twelve month period, management considers such values to be the “Day One Fair Values.” Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Jackson acquisition is allocated in the table below. Net assets acquired via the acquisition are shown in the table below. First National Bank of Jackson Cash and due from banks $ 4,589 Federal funds sold 5,108 Securities available for sale 44,747 Loans, net 41,632 Premises and equipment 1,177 Goodwill and other intangible assets 994 Other assets 2,548 Total assets acquired, net of cash paid 100,795 Deposits (85,606 ) Other liabilities (629 ) Total liabilities assumed (86,235 ) Net assets acquired $ 14,560 The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to these non-impaired financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the accounting guidance relating to purchase credit impaired loans, which have shown evidence of credit deterioration since origination. The non-impaired loans excluded from the purchase credit impairment guidance were recorded at an estimated fair value of $40,299 and had gross contractual amounts receivable of $40,731 on the date of acquisition. |
RESTRICTIONS ON CASH AND DUE FR
RESTRICTIONS ON CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2019 | |
RESTRICTIONS ON CASH AND DUE FROM BANKS [Abstract] | |
RESTRICTIONS ON CASH AND DUE FROM BANKS | NOTE 3 - RESTRICTIONS ON CASH AND DUE FROM BANKS Included in cash and due from banks are certain interest bearing and non-interest bearing deposits that are held at the Federal Reserve or maintained in vault cash in accordance with average balance requirements specified by the Federal Reserve Board of Governors. The balance requirement to be held in an account at the Federal Reserve at December 31, 2019 and 2018 was $0 and $0. The elimination of a balance requirement at December 31, 2019 and 2018 was the result of a reclassification of certain transaction based deposits to non-transaction based deposits as permitted under Federal Reserve Regulation D. The reserve requirements for non-transaction based deposits is significantly less than the reserve requirements for transaction based deposits. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
SECURITIES [Abstract] | |
SECURITIES | NOTE 4 –SECURITIES Amortized cost and fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 276,013 $ 3,618 $ (322 ) $ 279,309 U. S. sponsored agency CMO’s - residential 61,989 768 (113 ) 62,644 Total mortgage-backed securities ofgovernment sponsored agencies 338,002 4,386 (435 ) 341,953 U. S. government sponsored agency securities 30,538 280 (88 ) 30,730 Obligations of states and political subdivisions 15,570 453 (6 ) 16,017 Other securities 1,956 98 - 2,054 Total securities available for sale $ 386,066 $ 5,217 $ (529 ) $ 390,754 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 259,575 $ 513 $ (4,846 ) $ 255,242 U. S. sponsored agency CMO’s - residential 69,231 94 (782 ) 68,543 Total mortgage-backed securities of government sponsored agencies 328,806 607 (5,628 ) 323,785 U. S. government sponsored agency securities 24,154 196 (180 ) 24,170 Obligations of states and political subdivisions 14,194 176 (43 ) 14,327 Other securities 3,453 6 (10 ) 3,449 Total securities available for sale $ 370,607 $ 985 $ (5,861 ) $ 365,731 Securities with an approximate carrying value of $255,699 and $235,688 at December 31, 2019 and 2018 were pledged to secure public deposits, trust funds, securities sold under agreements to repurchase and for other purposes as required or permitted by law. The amortized cost and fair value of securities at December 31, 2019 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, such as mortgage-backed securities, are shown separately. Amortized Cost Fair Value Available for sale Due in one year or less $ 9,436 $ 9,455 Due after one year through five years 16,530 16,870 Due after five years through ten years 16,455 16,511 Due after ten years 5,643 5,965 Mortgage-backed securities of government sponsored agencies 338,002 341,953 Total available for sale $ 386,066 $ 390,754 Securities with unrealized losses at year-end 2019 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 10,851 $ (84 ) $ 3,957 $ (4 ) $ 14,808 $ (88 ) U.S government sponsored agency MBS – residential 50,945 (199 ) 12,930 (123 ) 63,875 (322 ) U.S government sponsored agency CMO’s – residential 4,376 (3 ) 8,815 (110 ) 13,191 (113 ) Obligations of states and political subdivisions 1,866 (6 ) - - 1,866 (6 ) Total temporarily impaired $ 68,038 $ (292 ) $ 25,702 $ (237 ) $ 93,740 $ (529 ) Securities with unrealized losses at year-end 2018 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 999 $ - $ 11,057 $ (180 ) $ 12,056 $ (180 ) U.S government sponsored agency MBS – residential 50,923 (243 ) 158,791 (4,603 ) 209,714 (4,846 ) U.S government sponsored agency CMO’s – residential 16,359 (41 ) 26,386 (741 ) 42,745 (782 ) Obligations of states and political subdivisions 679 (6 ) 3,454 (37 ) 4,133 (43 ) Other securities 1,712 (10 ) - - 1,712 (10 ) Total temporarily impaired $ 70,672 $ (300 ) $ 199,688 $ (5,561 ) $ 270,360 $ (5,861 ) The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at December 31, 2019 and December 31, 2018 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities. Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve. |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2019 | |
LOANS [Abstract] | |
LOANS | NOTE 5 - LOANS Major classifications of loans at year-end are summarized as follows: 2019 2018 Residential real estate $ 389,985 $ 381,027 Multifamily real estate 36,684 54,016 Commercial real estate: Owner occupied 164,218 138,209 Non-owner occupied 304,316 282,608 Commercial and industrial 105,079 103,624 Consumer 29,007 27,688 Construction and land 136,138 128,926 All other 29,868 33,203 Total $ 1,195,295 $ 1,149,301 The composition of the major classifications of the loans acquired from First National Bank of Jackson at October 25, 2019 are summarized as follows: 2019 Residential real estate $ 15,156 Multifamily real estate 2,220 Commercial real estate: Owner occupied 3,364 Non owner occupied 7,174 Commercial and industrial 4,133 Consumer 4,644 Construction and land 3,116 All other 1,825 $ 41,632 Certain directors and executive officers of the Banks and companies in which they have beneficial ownership, were loan customers of the Banks during 2019 and 2018. An analysis of the 2019 activity with respect to all director and executive officer loans is as follows: Balance, December 31, 2018 $ 12,973 Additions, including loans now meeting disclosure requirements 7,851 Amounts collected and loans no longer meeting disclosure requirements (6,834 ) Balance, December 31, 2019 $ 13,990 Activity in the Allowance for Loan Losses Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2019 was as follows: Loan Class Balance Dec 31, 2018 Provision (credit) for loan losses Loans charged- off Recoveries Balance Dec 31, 2019 Residential real estate $ 1,808 $ 73 $ (207 ) $ 37 $ 1,711 Multifamily real estate 1,649 298 - 7 1,954 Commercial real estate: Owner occupied 2,120 880 (565 ) 6 2,441 Non-owner occupied 3,058 178 (57 ) 5 3,184 Commercial and industrial 1,897 232 (418 ) 56 1,767 Consumer 351 81 (193 ) 42 281 Construction and land 2,255 (517 ) (14 ) - 1,724 All other 600 25 (262 ) 117 480 Total $ 13,738 $ 1,250 $ (1,716 ) $ 270 $ 13,542 Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2018 was as follows: Loan Class Balance Dec 31, 2017 Provision (credit) for loan losses Loans charged- off Recoveries Balance Dec 31, 2018 Residential real estate $ 2,986 $ (967 ) $ (247 ) $ 36 $ 1,808 Multifamily real estate 978 676 (11 ) 6 1,649 Commercial real estate: Owner occupied 1,653 491 (25 ) 1 2,120 Non-owner occupied 2,313 839 (98 ) 4 3,058 Commercial and industrial 1,101 1,298 (545 ) 43 1,897 Consumer 328 121 (156 ) 58 351 Construction and land 2,408 (533 ) (20 ) 400 2,255 All other 337 390 (266 ) 139 600 Total $ 12,104 $ 2,315 $ (1,368 ) $ 687 $ 13,738 Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2017 was as follows: Loan Class Balance Dec 31, 2016 Provision (credit) for loan losses Loans charged- off Recoveries Balance Dec 31, 2017 Residential real estate $ 2,948 $ 439 $ (458 ) $ 57 $ 2,986 Multifamily real estate 785 693 (500 ) - 978 Commercial real estate: Owner occupied 1,543 (100 ) (32 ) 242 1,653 Non-owner occupied 2,350 (27 ) (10 ) - 2,313 Commercial and industrial 1,140 51 (189 ) 99 1,101 Consumer 347 132 (278 ) 127 328 Construction and land 1,397 1,130 (129 ) 10 2,408 All other 326 181 (307 ) 137 337 Total $ 10,836 $ 2,499 $ (1,903 ) $ 672 $ 12,104 Purchased Loans The Company holds purchased loans for which there was, at their acquisition date, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at December 31, 2019 and December 31, 2018. 2019 2018 Residential real estate $ 2,565 $ 2,665 Commercial real estate Owner occupied 1,804 2,040 Non-owner occupied 2,628 3,434 Commercial and industrial 305 1,720 Consumer 22 - Construction and land 483 1,212 All other 174 225 Total carrying amount $ 7,981 $ 11,296 Contractual principal balance $ 11,681 $ 15,436 Carrying amount, net of allowance $ 7,981 $ 11,296 For those purchased loans disclosed above, the Company did not increase the allowance for loan losses for the year ended December 31, 2019 and December 31, 2018. For those purchased loans discussed above, where the Company can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where the Company cannot reasonably estimate the cash flows expected to be collected on the loans, it has continued to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. Any loan accounted for under the cost recovery method is also still included as a non-accrual loan in the amounts presented in the tables below. The accretable yield, or income expected to be collected, on the purchased loans above is as follows the three years ended December 31, 2019. 2019 2018 2017 Balance at January 1 $ 642 $ 754 $ 1,208 New loans purchased 371 139 - Accretion of income (180 ) (134 ) (249 ) Loans placed on non-accrual (82 ) (63 ) - Income recognized upon full repayment (79 ) (38 ) (205 ) Reclassifications from non-accretable difference - (16 ) - Disposals (53 ) - - Balance at December 31 $ 619 $ 642 $ 754 As part of the acquisitions of First National Bank of Jackson on October 25, 2019 and First Bank of Charleston on October 12, 2018, the Company purchased credit impaired loans for which it was probable at acquisition that all contractually required payments would not be collected. The contractually required payments of such loans from First National Bank of Jackson totaled $1,704, while the cash flow expected to be collected at acquisition totaled $1,384 and the fair value of the acquired loans totaled $1,333 and the contractually required payments of such loans from First Bank of Charleston totaled $9,876, while the cash flow expected to be collected at acquisition totaled $7,780 and the fair value of the acquired loans totaled $7,641. Past Due and Non-performing Loans The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2019 and December 31, 2018. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition or interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. December 31, 2019 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 5,801 $ 4,618 $ 1,425 Multifamily real estate 4,113 3,726 - Commercial real estate Owner occupied 3,399 2,995 - Non-owner occupied 3,120 1,852 340 Commercial and industrial 1,026 420 451 Consumer 364 313 9 Construction and land 470 440 3 All other 75 73 - Total $ 18,368 $ 14,437 $ 2,228 December 31, 2018 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,966 $ 3,708 $ 954 Multifamily real estate 4,127 3,905 - Commercial real estate Owner occupied 3,692 3,436 56 Non-owner occupied 5,761 4,592 76 Commercial and industrial 1,303 625 - Consumer 292 253 - Construction and land 857 856 - All other 75 73 - Total $ 21,073 $ 17,448 $ 1,086 Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, and some may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of December 31, 2019 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 389,985 $ 9,479 $ 3,192 $ 12,671 $ 377,314 Multifamily real estate 36,684 - 3,726 3,726 32,958 Commercial real estate: Owner occupied 164,218 337 1,199 1,536 162,682 Non-owner occupied 304,316 838 1,017 1,855 302,461 Commercial and industrial 105,079 245 708 953 104,126 Consumer 29,007 309 230 539 28,468 Construction and land 136,138 3,856 4 3,860 132,278 All other 29,868 - 73 73 29,795 Total $ 1,195,295 $ 15,064 $ 10,149 $ 25,213 $ 1,170,082 The following table presents the aging of the recorded investment in past due loans as of December 31, 2018 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 381,027 $ 7,078 $ 2,594 $ 9,672 $ 371,355 Multifamily real estate 54,016 - 110 110 53,906 Commercial real estate: Owner occupied 138,209 124 2,601 2,725 135,484 Non-owner occupied 282,608 172 3,301 3,473 279,135 Commercial and industrial 103,624 2,235 262 2,497 101,127 Consumer 27,688 247 112 359 27,329 Construction and land 128,926 388 810 1,198 127,728 All other 33,203 546 73 619 32,584 Total $ 1,149,301 $ 10,790 $ 9,863 $ 20,653 $ 1,128,648 The following tables presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 and December 31, 2018. December 31, 2019 Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 1,711 $ - $ 1,711 $ 63 $ 387,357 $ 2,565 $ 389,985 Multifamily real estate 1,737 217 - 1,954 3,726 32,958 - 36,684 Commercial real estate: Owner occupied 653 1,788 - 2,441 2,685 159,729 1,804 164,218 Non-owner occupied 271 2,913 - 3,184 3,830 297,858 2,628 304,316 Commercial and industrial 390 1,377 - 1,767 678 104,096 305 105,079 Consumer - 281 - 281 - 28,985 22 29,007 Construction and land 51 1,673 - 1,724 431 135,224 483 136,138 All other - 480 - 480 - 29,694 174 29,868 Total $ 3,102 $ 10,440 $ - $ 13,542 $ 11,413 $ 1,175,901 $ 7,981 $ 1,195,295 December 31, 2018 Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 1,808 $ - $ 1,808 $ 298 $ 378,064 $ 2,665 $ 381,027 Multifamily real estate 1,281 368 - 1,649 3,905 50,111 - 54,016 Commercial real estate: Owner occupied 692 1,428 - 2,120 2,820 133,349 2,040 138,209 Non-owner occupied 267 2,791 - 3,058 10,111 269,063 3,434 282,608 Commercial and industrial 414 1,483 - 1,897 558 101,346 1,720 103,624 Consumer - 351 - 351 - 27,688 - 27,688 Construction and land 142 2,113 - 2,255 1,351 126,363 1,212 128,926 All other - 600 - 600 - 32,978 225 33,203 Total $ 2,796 $ 10,942 $ - $ 13,738 $ 19,043 $ 1,118,962 $ 11,296 $ 1,149,301 In the tables below, total individually evaluated impaired loans include certain purchased loans that were acquired with deteriorated credit quality that are still individually evaluated for impairment. The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2019. The table includes $758 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 188 $ 63 $ - Multifamily real estate 96 89 - Commercial real estate Owner occupied 2,201 1,842 - Non-owner occupied 2,512 1,732 - Commercial and industrial 509 - - 5,506 3,726 - With an allowance recorded: Multifamily real estate $ 4,017 $ 3,637 $ 1,737 Commercial real estate Owner occupied 1,189 1,162 653 Non-owner occupied 2,654 2,537 271 Commercial and industrial 689 678 390 Construction and land 460 431 51 9,009 8,445 3,102 Total $ 14,515 $ 12,171 $ 3,102 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2018. The table includes $1,060 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 426 $ 298 $ - Multifamily real estate 110 110 - Commercial real estate Owner occupied 1,305 1,092 - Non-owner occupied 8,458 7,740 - Commercial and industrial 531 - - Construction and land 786 786 - 11,616 10,026 - With an allowance recorded: Multifamily real estate $ 4,016 $ 3,795 $ 1,281 Commercial real estate Owner occupied 2,523 2,478 692 Non-owner occupied 2,852 2,781 267 Commercial and industrial 562 558 414 Construction and land 565 565 142 10,518 10,177 2,796 Total $ 22,134 $ 20,203 $ 2,796 The following table presents by loan class, the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three years ended December 31, 2019. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Year ended Dec 31, 2019 Year ended Dec 31, 2018 Year ended Dec 31, 2017 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 186 $ - $ - $ 300 $ - $ - $ 333 $ 3 $ 3 Multifamily real estate 3,803 - - 2,534 11 11 11,376 262 246 Commercial real estate: Owner occupied 3,624 14 15 3,094 57 57 3,335 74 74 Non-owner occupied 8,062 712 712 9,226 412 412 4,680 213 213 Commercial and industrial 549 4 4 904 22 22 1,480 123 123 Construction and land 814 123 123 3,977 24 15 7,804 314 309 All other - - - 173 10 10 302 18 18 Total $ 17,038 $ 854 $ 855 $ 20,208 $ 536 $ 527 $ 29,310 $ 1,007 $ 986 Troubled Debt Restructurings A loan is classified as a troubled debt restructuring ("TDR") when loan terms are modified due to a borrower's financial difficulties and a concession is granted to a borrower that would not have otherwise been considered. Most of the Company’s loan modifications involve a restructuring of loan terms prior to maturity to temporarily reduce the payment amount and/or to require only interest for a temporary period, usually up to six months. These modifications generally do not meet the definition of a TDR because the modifications are considered to be an insignificant delay in payment. The determination of an insignificant delay in payment is evaluated based on the facts and circumstances of the individual borrower(s). The following table presents TDR’s as of December 31, 2019 and 2018: December 31, 2019 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 32 $ 157 $ 189 Multifamily real estate 3,636 - 3,636 Commercial real estate Owner occupied 1,162 207 1,369 Non-owner occupied - 2,656 2,656 Commercial and industrial 191 - 191 Total $ 5,021 $ 3,020 $ 8,041 December 31, 2018 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 347 $ 97 $ 444 Multifamily real estate 3,795 - 3,795 Commercial real estate Owner occupied 1,647 222 1,869 Non-owner occupied - 5,964 5,964 Commercial and industrial 191 - 191 Total $ 5,980 $ 6,283 $ 12,263 At December 31, 2019, $2,471 in specific reserves were allocated to loans that had restructured terms, resulting in a provision for loan losses of $929 for the year ended December 31, 2019. At December 31, 2018, $1,630 in specific reserves were allocated to loans that had restructured terms, resulting in a provision for loan losses of $657 for the year ended December 31, 2018. There were no commitments to lend additional amounts on these loans. There were no new TDR’s that occurred during the years ended December 31, 2019 and December 31, 2018. During the years ended December 31, 2019 and 2018, there were no TDR’s for which there was a payment default within twelve months following the modification. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes non-homogeneous loans, such as commercial, commercial real estate, multifamily residential and commercial purpose loans secured by residential real estate, on a monthly basis. For consumer loans, including consumer loans secured by residential real estate, and smaller balance non-homogeneous loans, the analysis involves monitoring the performing status of the loan. At the time such loans become past due by 30 days or more, the Company evaluates the loan to determine if a change in risk category is warranted. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 374,835 $ 3,477 $ 11,673 $ - $ 389,985 Multifamily real estate 28,103 4,855 3,726 - 36,684 Commercial real estate: Owner occupied 152,695 5,123 6,400 - 164,218 Non-owner occupied 290,096 8,617 5,603 - 304,316 Commercial and industrial 101,085 2,693 1,301 - 105,079 Consumer 28,618 5 384 - 29,007 Construction and land 123,473 11,868 797 - 136,138 All other 29,698 97 73 - 29,868 Total $ 1,128,603 $ 36,735 $ 29,957 $ - $ 1,195,295 As of December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 369,808 $ 1,376 $ 9,681 $ 162 $ 381,027 Multifamily real estate 45,187 4,924 3,905 - 54,016 Commercial real estate: Owner occupied 126,422 4,840 6,947 - 138,209 Non-owner occupied 262,149 7,647 12,812 - 282,608 Commercial and industrial 96,066 5,280 2,278 - 103,624 Consumer 27,344 31 313 - 27,688 Construction and land 107,196 19,728 2,002 - 128,926 All other 32,749 381 73 - 33,203 Total $ 1,066,921 $ 44,207 $ 38,011 $ 162 $ 1,149,301 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
PREMISES AND EQUIPMENT [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 6 – PREMISES AND EQUIPMENT Year-end premises and equipment were as follows: 2019 2018 Land and improvements $ 7,500 $ 7,200 Buildings and leasehold improvements 26,777 26,033 Furniture and equipment 12,224 11,623 Assets purchased not yet placed in service 560 424 47,061 45,280 Less: accumulated depreciation (16,956 ) (15,895 ) Premises and equipment owned, net 30,105 29,385 Right of use asset related to operating leases (detailed below) 7,152 - Premises and equipment owned, net $ 37,257 $ 29,385 Operating Leases Total lease expense for the year ended December 31, 2019, which is included in net occupancy and equipment expense, was $1,241, consisting of $103 short-term lease expense and $1,138 of operating lease expense. The following table summarizes the future minimum rental commitments under operating leases: 2020 $ 1,059 2021 1,013 2022 995 2023 778 2024 678 2025 and thereafter 3,495 Total undiscounted cash flows 8,018 Discounted cash flows (866 ) Total lease liability $ 7,152 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS The change in the balance for goodwill during the year is as follows: 2019 2018 2017 Beginning of year $ 47,640 $ 35,371 $ 35,371 Acquired goodwill - 12,269 - Impairment - - - End of year $ 47,640 $ 47,640 $ 35,371 Acquired intangible assets at December 31, 2019 and 2018 were as follows. 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Core deposit intangible $ 8,702 $ (3,326 ) $ 7,708 $ (2,440 ) Aggregate intangible amortization expense was $885 for 2019, $778 for 2018, and $974 for 2017. Estimated amortization expense for each of the next five years: 2020 $ 956 2021 882 2022 686 2023 612 2024 606 Thereafter 1,634 $ 5,376 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
DEPOSITS [Abstract] | |
DEPOSITS | NOTE 8 – DEPOSITS At December 31, 2019 the scheduled maturities of time deposits are as follows: 2020 $ 300,312 2021 90,665 2022 13,754 2023 10,162 2024 10,244 Thereafter 5 $ 425,142 Certain directors and executive officers of the Banks and companies in which they have beneficial ownership were deposit customers of the Banks during 2019 and 2018. The balance of such deposits at December 31, 2019 and 2018 were approximately $11,355 and $6,724. |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended |
Dec. 31, 2019 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 9 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase generally mature within one to ninety days from the transaction date. Information concerning securities sold under agreements to repurchase is summarized as follows: 2019 2018 Year-end balance $ 20,428 $ 22,062 Average balance during the year $ 21,704 $ 22,343 Average interest rate during the year 0.32 % 0.14 % Maximum month-end balance during the year $ 23,020 $ 25,067 Weighted average interest rate at year-end 0.49 % 0.14 % |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES | 12 Months Ended |
Dec. 31, 2019 | |
FEDERAL HOME LOAN BANK ADVANCES [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES | NOTE 10 – FEDERAL HOME LOAN BANK ADVANCES The Banks own stock of the Federal Home Loan Bank of Cincinnati, Ohio (FHLB-Cin), and Federal Home Loan Bank of Pittsburgh, Pennsylvania (FHLB-Pitt). This stock allows the Banks to borrow advances from the FHLB. At December 31, 2019 the total amount of borrowing permitted by the FHLB-Cin was $51,596 and the total amount of borrowing permitted by the FHLB-Pitt was $452,840. As part of the acquisition of First Bank, the Company assumed advances from FHLB-Pitt, with principal outstanding totaling $28,400 as of the October 12, 2018 acquisition date. During the remainder of 2018 seven of these advances matured and were paid off in the amount of $19,500. An additional two advances in the amount of $2,500 matured and were paid off in 2019. Reported interest expense on the advances includes the periodic accretion of the fair value adjustments and any prepayment penalties incurred. During 2019 and 2018, the Banks borrowed on a short-term basis and paid-off these FHLB advances as they matured. There are $6,375 of FHLB borrowings with original maturities greater than one-year, net of fair value adjustments, outstanding at December 31, 2019, which have interest rates ranging from 1.77% to 2.33% with an average rate of 2.08%. There were $8,819 of FHLB borrowings with original maturities greater than one-year, net of fair value adjustments, outstanding at December 31, 2018, which have interest rates ranging from 1.73% to 2.33% with an average rate of 2.05%. All of the advances at December 31, 2019 mature in the calendar year 2020. |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2019 | |
SUBORDINATED DEBENTURES [Abstract] | |
SUBORDINATED DEBENTURES | NOTE 11 – SUBORDINATED DEBENTURES As part of the acquisition of Bankshares, the Company formally assumed $6,186 of junior subordinated debentures (“Debentures”) issued to FNB Capital Trust One (“Trust”), a statutory business trust formed by Bankshares on February 26, 2004. The Debentures were issued to Trust in exchange for ownership of all of the common equity of Trust and the proceeds of mandatorily redeemable securities sold by Trust to third party investors (“Capital Securities”). Interest on the Debentures is payable quarterly to the Trust at a variable interest rate equal to the three month London Interbank Offered Rate (LIBOR) plus 2.95% updated quarterly. The interest rate on the Debentures was 4.884% at December 31, 2019 and 5.427% at December 31, 2018. The Debentures mature on April 24, 2034; however, the Company may redeem the Debentures, in whole or in part, at 100% of the principal amount plus any accrued and unpaid interest. The Debentures held by Trust are the sole asset of the trust. The Debentures held by Trust may be included in the Tier 1 capital of the Company (with certain limitations applicable) under current regulatory guidelines and interpretations. The carrying value of the Debentures includes the remaining unamortized fair value adjustment recorded as a result of the acquisition of Bankshares on January 15, 2016. Reported interest expense on the Debentures includes the periodic amortization of the fair value adjustment. The Company’s investment in the common stock of the Trust is $186 and is included in other assets at December 31, 2019 and 2018. |
NOTES PAYABLE AND OTHER BORROWE
NOTES PAYABLE AND OTHER BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2019 | |
NOTES PAYABLE AND OTHER BORROWED FUNDS [Abstract] | |
NOTES PAYABLE AND OTHER BORROWED FUNDS | NOTE 12 – NOTES PAYABLE AND OTHER BORROWED FUNDS On August 26, 2015, the Company executed and delivered to First Guaranty Bank of Hammond, Louisiana (“First Guaranty”) a Promissory Note and Business Loan Agreement dated August 26, 2015 for the principal amount of $12,000, bearing interest at a fixed rate of 4.00% per annum and requiring 59 monthly principal payments of $143 plus accrued interest and one final principal and interest payment of $3,575 due on August 26, 2020. Through a series of additional principal payments, the Company was able to fully retire the borrowing before the end of June 2019. The Promissory Note was secured by the pledge of 25% of Premier’s interest in Premier Bank, Inc. (a wholly owned subsidiary) under a Commercial Pledge Agreement dated August 26, 2015. The proceeds of this note were used to refinance a $4,500 balance plus accrued interest due under Premier’s previous Promissory Note to First Guaranty; pay off the remaining $5,400 balance plus accrued interest due to The Bankers’ Bank of Kentucky, Inc. of Frankfort, Kentucky (“Bankers’ Bank”) under a Term Note dated September 8, 2010; and pay the remaining $2,000 balance plus accrued interest due on Premier’s $5,000 Line of Credit with Bankers’ Bank. The sum of the disbursements totaled $11,946 and the final $54 on the Term Note was not borrowed. At the time of origination, Premier’s chairman owned approximately 23.8% of the voting stock of First Guaranty Bancshares, parent company for First Guaranty. However, Premier’s board of directors, the chairman abstaining, and audit committee determined prior to its vote to authorize the company to enter into the loan transaction that the terms of the financing, including the interest rate and collateral, were no less favorable than those which could be obtained from other financial institutions. The outstanding principal balance on the borrowing at December 31, 2019 and 2018 was $0 and $2,500. On June 28, 2019 the Company executed and delivered to First Guaranty a Change in Terms Agreement modifying its Promissory Note and Business Loan Agreement dated June 30, 2012 that established a Line of Credit with the bank extending the right to request and receive monies from First Guaranty on the line of credit until June 30, 2022. The Change in Terms Agreement increased the principal amount of $3,000 to $6,000, bearing interest floating daily at the “Wall Street Journal” prime rate (currently 4.75%), with a floor of 4.25%. Under the terms of the Promissory Note, the Company may request and receive advances from First Guaranty from time to time. Accrued interest on any amounts outstanding is payable monthly, and any amounts outstanding are payable on demand or at maturity. The Promissory Note is secured by the pledge of 25% of Premier’s interest in Premier Bank (a wholly owned subsidiary) under a Commercial Pledge Agreement modified on June 30, 2012. At December 31, 2019 and 2018, Premier had no outstanding balance on this line of credit with First Guaranty. On September 24, 2019 the Company executed and delivered to Bankers’ Bank a Line of Credit Renewal Agreement dated September 7, 2019 extending the right to request and receive monies from Bankers’ Bank on Premier’s existing line of credit until September 7, 2020. The line of credit renewal maintained the principal amount of $5,000, bearing interest floating daily at the “JP Morgan Chase” prime rate (currently 4.75%), with a floor of 4.50%. Under the terms of the original Promissory Note, Premier may request and receive advances from Bankers’ Bank from time to time, but the aggregate outstanding principal balance under the Promissory Note at any time shall not exceed $5,000. Accrued interest on amounts outstanding is payable quarterly, and any amounts outstanding are payable on demand or on September 7, 2020. The Promissory Note is secured by a pledge of Premier’s 100% interest in Citizens Deposit under a Stock Pledge and Security Agreement dated September 7, 2012. At December 31, 2019 and 2018, Premier had no outstanding balance on this line of credit with Bankers’ Bank. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 13 – INCOME TAXES The components of the provision (benefit) for income taxes are as follows: 2019 2018 2017 Current $ 6,476 $ 5,782 $ 7,809 Write-off of deferred tax asset related to 2017 Tax Cuts and Jobs Act. - - 145 Deferred 563 120 637 Change in valuation allowance (14 ) (4 ) 16 Provision for income taxes $ 7,025 $ 5,898 $ 8,607 The Company’s deferred tax assets and liabilities at December 31 are shown below. 2019 2018 Deferred tax assets Allowance for loan losses $ 2,969 $ 2,884 Purchase accounting adjustments 605 963 Net operating loss carryforward 453 333 Alternative minimum tax credit carryforward 3 125 Write-downs of other real estate owned 374 235 Taxable income on non-accrual loans 981 896 Accrued expenses 278 235 Unrealized loss on investment securities - 1,024 Other 16 15 Total deferred tax assets 5,679 6,710 Deferred tax liabilities Amortization of intangibles $ (3,072 ) $ (3,063 ) Depreciation (1,320 ) (1,106 ) Federal Home Loan Bank dividends (267 ) (224 ) Deferred loan fees (588 ) (499 ) Unrealized gain on investment securities (984 ) - Other (101 ) (105 ) Total deferred tax liabilities (6,332 ) (4,997 ) Valuation allowance on deferred tax assets (158 ) (172 ) Net deferred taxes $ (811 ) $ 1,541 On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cut and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code that affected 2017 and 2018, including, but not limited to, accelerated depreciation that allows for full expensing of qualified property. The Tax Act also established new tax laws that affect 2018 and after, including a reduction in the U.S. federal corporate income tax rate from 35% to 21%. As a result of the reduction of the federal corporate income tax rate beginning in 2018, the Company revalued its net deferred tax asset, excluding after tax credits, as of December 31, 2017 using the lower corporate income tax rate. Based on the revaluation, $145 of additional income tax expense was recorded for the year ended December 31, 2017 to reduce the net deferred tax asset balance as of that date. The adjustments to deferred tax assets and liabilities were provisional amounts estimated based on information available as of December 31, 2017. These amounts were subject to change as management obtained information necessary to complete the calculations. However, no additional changes to the provisional amounts were recognized as management refined the estimates of the cumulative temporary differences. At December 31, 2019 the Company had federal net operating loss carryforwards of $1,407, a federal alternative minimum tax credit carryforward of $3, and various state net operating loss carryforwards of $2,425 which begin to expire in 2022. The deductibility of these net operating losses is limited under IRC Sec. 382. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability of the Company to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. At both December 31, 2019 and 2018, the Company maintains a valuation allowance of $158 and $172 against the portion of its District of Columbia net operating loss carryforward that is not expected to be utilized before expiration due to separate company limitations. All other deferred tax assets are more likely than not to be utilized; therefore, no additional valuation allowance is needed. An analysis of the differences between the effective tax rates and the statutory U.S. federal income tax rate is as follows: 2019 2018 2017 U.S. federal income tax rate $ 6,556 21.0 % $ 5,474 21.0 % $ 8,200 35.0 % Changes from the statutory rate Change in deferred taxes related to decrease in future federal tax rate - - - - 145 0.6 State income taxes, net 693 2.2 518 2.0 503 2.1 Tax-exempt interest income (163 ) (0.5 ) (143 ) (0.5 ) (239 ) (1.0 ) Non-deductible interest expense related to carrying tax-exempt interest earning assets 15 0.0 11 0.0 13 0.1 Non-deductible stock compensation expense, net 28 0.1 12 0.0 (35 ) (0.2 ) Tax credits, net (134 ) (0.4 ) (71 ) (0.3 ) (42 ) (0.2 ) Change in valuation allowance 14 0.0 4 0.0 16 0.1 Other 16 0.1 93 0.4 46 0.2 $ 7,025 22.5 % $ 5,898 22.6 % $ 8,607 36.7 % Unrecognized Tax Benefits: The Company and its subsidiaries file a consolidated U.S. Corporation income tax return and a combined return in the state of West Virginia and the District of Columbia. The Company also files a corporate income tax return in the state of Kentucky and Maryland. The Company is no longer subject to examination by taxing authorities for years before 2016. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 14 – EMPLOYEE BENEFIT PLANS The Company has qualified profit sharing plans that cover substantially all employees. Contributions to the plans consist of a Company match and additional amounts at the discretion of the Company’s Board of Directors. Total contributions to the plans were $587, $557, and $485 in 2019, 2018, and 2017. |
STOCK COMPENSATION EXPENSE
STOCK COMPENSATION EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
STOCK COMPENSATION EXPENSE [Abstract] | |
STOCK COMPENSATION EXPENSE | NOTE 15 – STOCK COMPENSATION EXPENSE From time to time the Company grants stock options to its employees. The Company estimates the fair value of the options at the time they are granted to employees and expenses that fair value over the vesting period of the option grant. In 2012, the Company registered 687,500 shares of its common stock to be reserved for stock based incentive programs over the subsequent 10 years (“the 2012 Long-term Incentive Plan”). On March 20, 2019, 72,075 incentive stock options were granted out of the 2012 Long Term Incentive Plan at an exercise price of $15.57, the closing market price of Premier’s common stock on the grant date. These options vest in three equal annual installments ending on March 20, 2022. On March 21, 2018, 67,875 incentive stock options were granted out of the 2012 Long Term Incentive Plan at an exercise price of $15.12, the closing market price of Premier’s common stock on the grant date. These options vest in three equal annual installments ending on March 21, 2021. On March 15, 2017, 69,375 incentive stock options were granted out of the 2012 Long Term Incentive Plan at an exercise price of $15.21, the closing market price of Premier’s common stock on the grant date. These options vest in three equal annual installments ending on March 15, 2020. The fair value of the Company's employee stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. The assumptions used in the Black-Scholes option-pricing model are as follows 2019 2018 2017 Risk-free interest rate 2.34 % 2.69 % 2.02 % Expected option life (yrs) 5.42 5.37 5.36 Expected stock price volatility 28.45 % 22.47 % 18.40 % Dividend yield 3.85 % 3.17 % 3.16 % Weighted average fair value of options granted during the year $ 2.91 $ 2.49 $ 2.32 The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield in effect at the time of the grant. The expected option life for the 2019, 2018, and 2017 grants were estimated based upon the weighted-average life of options exercised since January 1, 2012. The expected stock price volatility is based on historical volatilities of the Company’s common stock during the three-year period prior to the grant date. The dividend yield was estimated by annualizing the current quarterly dividend on the Company’s common stock at the time of the option grant. On April 17, 2019, 7,500 shares of Premier’s common stock were granted to President and CEO, Robert W. Walker as stock-based bonus compensation under the 2012 Long-term Incentive Plan. The fair value of the stock at the time of the grant was $16.78 per share based upon the closing price of Premier’s stock on the date of grant and $126 of stock-based compensation was recorded as a result. On April 25, 2018, 7,500 shares of Premier’s common stock were granted to President and CEO, Robert W. Walker as stock-based bonus compensation under the 2012 Long-term Incentive Plan. The fair value of the stock at the time of the grant was $15.82 per share based upon the closing price of Premier’s stock on the date of grant and $119 of stock-based compensation was recorded as a result. On April 19, 2017, 7,500 shares of Premier’s common stock were granted to President and CEO, Robert W. Walker as stock-based bonus compensation under the 2012 Long-term Incentive Plan. The fair value of the stock at the time of the grant was $16.56 per share based upon the closing price of Premier’s stock on the date of grant and $124 of stock-based compensation was recorded as a result. Compensation expense of $301, $252, and $217 was recorded for the years ended December 31, 2019, 2018, and 2017, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Unrecognized stock-based compensation expense related to stock options totaled $129 at December 31, 2019. This unrecognized expense is expected to be recognized over the next 26 months based on the vesting periods of the options. During the year ending December 31, 2019, 26,979 options were exercised while 28,151 options were exercised during the year ending December 31, 2018 and 40,364 options were exercised during the year ending December 31, 2017. A summary of the Company’s stock option activity is as follows: 2019 2018 2017 Weighted Average Exercise Weighted Average Exercise Weighted Average Exercise Options Price Options Price Options Price Outstanding at beginning of year 298,383 $ 11.66 262,811 $ 10.63 254,988 $ 9.23 Grants 72,075 15.57 67,875 15.12 69,375 15.21 Exercises (26,979 ) 10.13 (28,151 ) 10.12 (40,364 ) 9.10 Forfeitures or expired (10,838 ) 14.21 (4,152 ) 13.91 (21,188 ) 11.71 Outstanding at year-end 332,641 $ 12.54 298,383 $ 11.66 262,811 $ 10.63 Exercisable at year-end 200,123 $ 10.67 172,577 $ 9.55 145,134 $ 8.53 Weighted average remaining life 5.0 5.2 4.3 Options outstanding at year-end are expected to fully vest. Additional information regarding stock options outstanding and exercisable at December 31, 2019 is provided in the following table: Outstanding Currently Exercisable Range of Exercise Prices Number Weighted Average Exercise Price Aggregate Intrinsic Value Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value $ 4.00 to $6.00 32,276 $ 5.28 $ 415 32,276 1.8 $ 5.28 $ 415 $ 6.01 to $8.00 4,814 6.47 56 4,814 0.2 6.47 56 $ 8.01 to $10.00 15,715 8.28 155 15,715 3.2 8.28 155 $ 10.01 to $12.00 96,595 10.70 719 96,595 5.3 10.70 719 $ 12.01 to $16.00 183,241 15.32 517 50,723 8.3 15.18 150 Outstanding at Dec 31, 2019 332,641 12.54 $ 1,862 200,123 6.5 10.67 $ 1,495 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 16 – RELATED PARTY TRANSACTIONS During 2019, 2018, and 2017, the Company paid approximately $752, $742, and $468 for printing, supplies, statement rendering, furniture, and equipment to a company more than 50% of which is beneficially owned by the Company’s Chairman of the Board and whose board of directors includes two members of the Company’s Board of Directors. During 2019, 2018, and 2017, the Company paid approximately $52, $52, and $52 to lease its headquarters facility at 2883 Fifth Avenue, Huntington, West Virginia from River City Properties, LLC, an entity the majority interest of which is owned by the Company’s Chairman of the Board. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 17 – EARNINGS PER SHARE A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for 2019, 2018, and 2017 is presented below: 2019 2018 2017 Basic earnings per share: Income available to common stockholders $ 24,196 $ 20,168 $ 14,819 Weighted average common shares outstanding 14,639,775 13,634,439 13,322,716 Earnings per share $ 1.65 $ 1.48 $ 1.11 Diluted earnings per share: Income available to common stockholders $ 24,196 $ 20,168 $ 14,819 Weighted average common shares outstanding 14,639,775 13,634,439 13,322,716 Add dilutive effects of potential additional common stock 83,367 102,179 97,398 Weighted average common and dilutive potential Common shares outstanding 14,723,142 13,736,618 13,420,114 Earnings per share assuming dilution $ 1.64 $ 1.47 $ 1.10 There were no stock options considered antidilutive for 2019, 2018, and 2017. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE [Abstract] | |
FAIR VALUE | NOTE 18 – FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and the Company must use other valuation methods to develop a fair value. Carrying amount is the estimated fair value for cash and due from banks, Federal funds sold, accrued interest receivable and payable, demand deposits, short-term debt, and deposits that reprice frequently and fully. Fair values of time deposits with other banks are based on current rates for similar time deposits using the remaining time to maturity. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to the restrictions placed on its transferability. For deposits and variable rate deposits with infrequent repricing, fair value is based on discounted cash flows using current market rates applied to the estimated life. Fair values for loans is measured at the exit price notion by using the discounted cash flow or collateral value but also incorporates additional factors such as using economic factors, credit risk, and market rates and conditions. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values. Fair value of debt is based on current rates for similar financing. The fair value of commitments to extend credit and standby letters of credit is not material. The carrying amounts and estimated fair values of financial instruments at December 31, 2019 were as follows: Fair Value Measurements at December 31, 2019 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 88,556 $ 88,556 $ - $ - $ 88,556 Time deposits with other banks 598 - 599 - 599 Federal funds sold 5,902 5,902 - - 5,902 Securities available for sale 390,754 - 390,754 - 390,754 Loans, net 1,181,753 - - 1,172,575 1,172,575 Federal Home Loan Bank stock 4,450 n/a n/a n/a n/a Interest receivable 4,699 4 1,110 3,585 4,699 Financial liabilities Deposits $ (1,495,753 ) $ (1,070,610 ) $ (424,886 ) $ - $ (1,495,496 ) Securities sold under agreements to repurchase (20,428 ) - (20,428 ) - (20,428 ) FHLB advances (6,375 ) - (6,406 ) - (6,406 ) Subordinated debt (5,436 ) - (5,527 ) - (5,527 ) Interest payable (912 ) (15 ) (897 ) - (912 ) The carrying amounts and estimated fair values of financial instruments at December 31, 2018 were as follows: Fair Value Measurements at December 31, 2018 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 62,903 $ 62,903 $ - $ - $ 62,903 Time deposits with other banks 1,094 - 1,085 - 1,085 Federal funds sold 17,872 17,872 - - 17,872 Securities available for sale 365,731 - 365,231 500 365,731 Loans, net 1,135,563 - - 1,121,517 1,121,517 Federal Home Loan Bank stock 3,628 n/a n/a n/a n/a Interest receivable 4,295 - 1,032 3,263 4,295 Financial liabilities Deposits $ (1,430,127 ) $ (1,039,430 ) $ (384,496 ) $ - $ (1,423,926 ) Securities sold under agreements to repurchase (22,062 ) - (22,062 ) - (22,062 ) FHLB advances (8,819 ) - (8,688 ) - (8,688 ) Other borrowed funds (2,500 ) - (2,478 ) - (2,478 ) Subordinated debt (5,406 ) - (5,509 ) - (5,509 ) Interest payable (733 ) (22 ) (711 ) - (733 ) Assets and Liabilities Measured on a Recurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a recurring basis: Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Assets and liabilities measured at fair value on a recurring basis at December 31, 2019 are summarized below: Fair Value Measurements at December 31, 2019 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale Mortgage-backed securities U. S. agency MBS - residential $ 279,309 $ - $ 279,309 $ - U. S. agency CMO’s 62,644 - 62,644 - Total mortgage-backed securities of government sponsored agencies 341,953 - 341,953 - U. S. government sponsored agency securities 30,730 - 30,730 - Obligations of states and political subdivisions 16,017 - 16,017 - Other securities 2,054 - 2,054 - Total securities available for sale $ 390,754 $ - $ 390,754 $ - Assets and liabilities measured at fair value on a recurring basis at December 31, 2018 are summarized below: Fair Value Measurements at December 31, 2018 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale Mortgage-backed securities U. S. agency MBS - residential $ 255,242 $ - $ 255,242 $ - U. S. agency CMO’s 68,543 - 68,543 - Total mortgage-backed securities of government sponsored agencies 323,785 - 323,785 - U. S. government sponsored agency securities 24,170 - 24,170 - Obligations of states and political subdivisions 14,327 - 14,327 - 3,449 - 2,949 500 Total securities available for sale $ 365,731 $ - $ 365,231 $ 500 The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019: Securities Available-for-sale Year Ended December 31, 2019 Balance of recurring Level 3 assets at beginning of period $ 500 Total gains or losses (realized/unrealized): Included in earnings – realized - Included in earnings – unrealized - Included in other comprehensive income - Purchases, sales, issuances and settlements, net (500 ) Transfers in and/or out of Level 3 - Balance of recurring Level 3 assets at period-end $ - Assets and Liabilities Measured on a Non-Recurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a non-recurring basis: Impaired Loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent collateral appraisals. Real estate appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and unique to each property and result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports. Management periodically evaluates the appraised collateral values and will discount the collateral’s appraised value to account for a number of factors including but not limited to the cost of liquidating the collateral, the age of the appraisal, observable deterioration since the appraisal, management’s expertise and knowledge of the client and client’s business, or other factors unique to the collateral. To the extent an adjusted collateral value is lower than the carrying value of an impaired loan, a specific allocation of the allowance for loan losses is assigned to the loan. Other real estate owned (OREO): The fair value of OREO is based on appraisals less cost to sell at the date of foreclosure. Management may obtain additional updated appraisals depending on the length of time since foreclosure. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Management periodically evaluates the appraised values and will discount a property’s appraised value to account for a number of factors including but not limited to the cost of liquidating the collateral, the age of the appraisal, observable deterioration since the appraisal, or other factors unique to the property. To the extent an adjusted appraised value is lower than the carrying value of an OREO property, a direct charge to earnings is recorded as an OREO write-down. Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2019 are summarized below: Fair Value Measurements at December 31, 2019 Using Dec 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Multifamily real estate $ 1,900 $ - $ - $ 1,900 Commercial real estate Owner occupied 509 - - 509 Non-owner occupied 2,266 - - 2,266 Commercial and industrial 288 - - 288 Construction and land 380 - - 380 Total impaired loans $ 5,343 $ - $ - $ 5,343 Other real estate owned: Residential real estate $ 249 $ - $ - $ 249 Multifamily real estate 9,588 - - 9,588 Commercial real estate Owner occupied 288 - - 288 Construction and land 750 - - 750 Total OREO $ 10,875 $ - $ - $ 10,875 Impaired loans, which are measured for impairment using the value of the collateral for collateral dependent loans, had a recorded investment of $8,445 at December 31, 2019 with a valuation allowance of $3,102 resulting in a provision for loan losses of $953 for the year ended December 31, 2019. Other real estate owned measured at fair value less costs to sell, had a net carrying amount of $10,875, which is made up of the outstanding balance of $12,474, net of a valuation allowance of $1,599 at December 31, 2019, resulting in write downs of $1,169 during the year ended December 31, 2019. The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2019 are summarized below: December 31, 2019 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Multifamily real estate $ 1,900 sales comparison adjustment for estimated realizable value 58.9%-58.9% (58.9 %) Commercial real estate Owner occupied 509 sales comparison adjustment for estimated realizable value 76.1%-76.1% (76.1 %) Non-owner occupied 2,266 income approach adjustment for differences in net operating income expectations 36.6%-67.4% (60.6 %) Commercial and industrial 288 sales comparison adjustment for estimated realizable value 25.0%-87.0% (43.6 %) Construction and land 380 sales comparison adjustment for estimated realizable value 56.5%-56.5% (56.5 %) Total impaired loans $ 5,343 Other real estate owned: Residential real estate $ 249 sales comparison adjustment for estimated realizable value 0.2%-59.8% (17.5 %) Multifamily real estate 9,588 income approach adjustment for differences in net operating income expectations 25.6%-25.6% (25.6 %) Commercial real estate Owner occupied 288 sales comparison adjustment for estimated realizable value 14.6%-70.4% (34.0 %) Construction and land 750 sales comparison adjustment for estimated realizable value 50.3%-69.9% (66.0 %) Total OREO $ 10,875 Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: Fair Value Measurements at December 31, 2018 Using Dec 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Multifamily real estate $ 2,514 $ - $ - $ 2,514 Commercial real estate Owner occupied 1,786 - - 1,786 Non-owner occupied 2,514 - - 2,514 Commercial and industrial 144 - - 144 Construction and land 423 - - 423 Total impaired loans $ 7,381 $ - $ - $ 7,381 Other real estate owned: Residential real estate $ 984 $ - $ - $ 984 Multifamily real estate 10,307 - - 10,307 Commercial real estate Owner occupied 125 - - 125 Non-owner occupied 200 - - 200 Construction and land 150 - - 150 Total OREO $ 11,766 $ - $ - $ 11,766 Impaired loans, which are measured for impairment using the value of the collateral for collateral dependent loans, had a recorded investment of $10,177 at December 31, 2018 with a valuation allowance of $2,796 resulting in a provision for loan losses of $1,731 for the year ended December 31, 2018. Other real estate owned measured at fair value less costs to sell, had a net carrying amount of $11,766, which is made up of the outstanding balance of $12,769, net of a valuation allowance of $1,003 at December 31, 2018, resulting in write downs of $519 during the year ended December 31, 2018. The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: December 31, 2018 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Multifamily real estate $ 2,514 sales comparison adjustment for estimated realizable value 45.3%-45.3% (45.3 %) Commercial real estate Owner occupied 1,786 sales comparison adjustment for estimated realizable value 31.5%-50.6% (35.5 %) Non-owner occupied 2,514 income approach adjustment for differences in net operating income expectations 16.1%-67.2% (54.1 %) Commercial and industrial 144 sales comparison adjustment for estimated realizable value 0.0%-0.0% (0.0 %) Construction and land 423 sales comparison adjustment for estimated realizable value 53.2%-83.6% (54.5 %) Total impaired loans $ 7,381 Other real estate owned: Residential real estate $ 984 sales comparison adjustment for estimated realizable value 19.2%-59.8% (21.9 %) Multifamily real estate 10,307 income approach adjustment for differences in net operating income expectations 20.0%-20.0% (20.0 %) Commercial real estate Owner occupied 125 sales comparison adjustment for estimated realizable value 42.4%-42.4% (42.4 %) Non-owner occupied 200 sales comparison adjustment for estimated realizable value 57.9%-57.9% (57.9 %) Construction and land 150 sales comparison adjustment for estimated realizable value 50.3%-50.3% (50.3 %) Total OREO $ 11,766 |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | NOTE 19 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Banks are parties to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their customers. These financial instruments include standby letters of credit and commitments to extend credit in the form of unused lines of credit. The Banks use the same credit policies in making commitments and conditional obligations as they do for on-balance sheet instruments. In addition, the Banks offer a service whereby deposit customers, for a fee, are permitted to overdraw their accounts up to a certain de minimis amount, also known as “courtesy overdraft protection”. The aggregate unused portion of “overdraft protection” was $23,165 and $23,272 at December 31, 2019 and 2018. At December 31, 2019 and 2018, the Banks had the following financial instruments whose approximate contract amounts represent credit risk: 2019 2018 Standby letters of credit $ 2,419 $ 4,424 Commitments to extend credit Fixed $ 25,591 $ 21,993 Variable 120,185 118,328 Standby letters of credit represent conditional commitments issued by the Banks to guarantee the performance of a third party. The credit risk involved in issuing these letters of credit is essentially the same as the risk involved in extending loans to customers. Collateral held varies but primarily includes real estate and certificates of deposit. Some letters of credit are unsecured. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Outstanding commitments are at current market rates. Fixed rate loan commitments have interest rates ranging from 3.00% to 21.00%. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Banks evaluate each customer’s creditworthiness on a case-by-case basis. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Collateral held varies but may include accounts receivable, inventory, property and equipment, and income producing properties. |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2019 | |
LEGAL PROCEEDINGS [Abstract] | |
LEGAL PROCEEDINGS | NOTE 20 - LEGAL PROCEEDINGS Legal proceedings involving the Company and its subsidiaries periodically arise in the ordinary course of business, including claims by debtors and their related interests against the Company’s subsidiaries following initial collection proceedings. These legal proceedings sometimes can involve claims for substantial damages. At December 31, 2019 management is unaware of any legal proceedings for which the expected outcome would have a material adverse effect upon the consolidated financial statements of the Company. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 21 - STOCKHOLDERS’ EQUITY The Company’s principal source of funds for dividend payments to shareholders is dividends received from the subsidiary Banks. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, as defined, combined with the retained net profits of the preceding two years, subject to the capital requirements and additional restrictions as discussed below. During 2020 the Banks could, without prior approval, declare dividends to the Company of approximately $11.4 million plus any 2020 net profits retained to the date of the dividend declaration. The Company and the subsidiary Banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Banks must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. These quantitative measures established by regulation to ensure capital adequacy require the Company and Banks to maintain minimum amounts and ratios (set forth in the following tables). The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Company and Banks on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule by January 1, 2019. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes, as of December 31, 2019, that the Company and the Banks meet all quantitative capital adequacy requirements to which they are subject. The Company’s and the subsidiary Banks’ capital amounts and ratios as of December 31, 2019 are presented in the table below. To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Including 2.5% Capital Conservation Buffer Action Provisions Including 2.5% Capital Conservation Buffer 2019 Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk-weighted assets): Consolidated (1) $ 206,275 16.5 % $ 131,615 10.5 % $ 156,684 12.5 % Premier Bank, Inc. 144,793 15.8 96,248 10.5 114,581 12.5 Citizens Deposit Bank 47,466 14.1 35,387 10.5 42,128 12.5 Tier I Capital (to risk-weighted assets): Consolidated (1) $ 192,733 15.4 % $ 106,545 8.5 % $ 131,615 10.5 % Premier Bank, Inc. 133,609 14.6 77,915 8.5 96,248 10.5 Citizens Deposit Bank 45,108 13.4 28,647 8.5 35,387 10.5 Common Equity Tier I Capital (to risk-weighted assets): Consolidated (1) $ 186,733 14.9 % $ 87,743 7.0 % $ 112,812 9.0 % Premier Bank, Inc. 133,609 14.6 64,166 7.0 82,499 9.0 Citizens Deposit Bank 45,108 13.4 23,592 7.0 30,322 9.0 Tier I Capital (to average assets): Consolidated (1) $ 192,733 11.3 % $ 68,422 4 % $ 85,528 5 % Premier Bank, Inc. 133,609 11.3 47,240 4 59,051 5 Citizens Deposit Bank 45,108 8.5 21,128 4 26,410 5 (1) An additional capital conservation buffer is now part of the minimum regulatory capital ratios under the regulatory framework for prompt corrective action. The capital conservation buffer is measured as a percentage of risk weighted assets and was phased-in over a four-year period from 2016 thru 2019. As of January 1, 2019, the capital conservation buffer requirement is 2.50% of risk weighted assets over and above the regulatory minimum capital ratios for Tier 1 Capital to risk weighted assets, Total Capital to risk weighted assets and Common Equity Tier 1 Capital (CET1) to risk weighted assets. The consequences of not meeting the capital conservation buffer thresholds include restrictions on the payment of dividends, restrictions on the payment of discretionary bonuses, and restrictions on the repurchase of common shares by the Company. The capital ratios of the Affiliate Banks and the Company already exceed the new minimum capital ratios plus the fully phased-in 2.50% capital buffer requiring a CET1 Capital to risk-weighted assets ratio of at least 7.00%, a Tier 1 Capital to risk-weighted assets ratio of at least 8.50% and a Total Capital to risk-weighted assets ratio of at least 10.50%. The Company’s capital conservation buffer was 8.46% at December 31, 2019 and 7.88% at December 31, 2018, well in excess of the fully phased-in 2.50% required in 2019. The Company’s and the subsidiary Banks’ capital amounts and ratios as of December 31, 2018 are presented in the table below. To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes (1) Action Provisions 2018 Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk-weighted assets): Consolidated (2) $ 190,770 15.9 % $ 96,110 8 % $ 120,138 10 % Premier Bank, Inc. 141,302 15.4 73,320 8 91,650 10 Citizens Deposit Bank 42,284 14.8 22,852 8 28,565 10 Tier I Capital (to risk-weighted assets): Consolidated (2) $ 177,032 14.7 % $ 72,083 6 % $ 96,110 8 % Premier Bank, Inc. 130,428 14.2 54,990 6 73,320 8 Citizens Deposit Bank 39,420 13.8 17,139 6 22,852 8 Common Equity Tier I Capital (to risk-weighted assets): Consolidated (2) $ 171,032 14.2 % $ 54,062 4.5 % $ 78,090 6.5 % Premier Bank, Inc. 130,428 14.2 41,242 4.5 59,572 6.5 Citizens Deposit Bank 39,420 13.8 12,854 4.5 18,567 6.5 Tier I Capital (to average assets): Consolidated (2) $ 177,032 10.7 % $ 66,040 4 % $ 82,550 5 % Premier Bank, Inc. 130,428 10.8 48,368 4 60,460 5 Citizens Deposit Bank 39,420 9.0 17,571 4 21,964 5 (1) (2) As of December 31, 2019 and 2018, the most recent notification from each of the Banks’ primary Federal regulators categorized the subsidiary Banks as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Banks must maintain minimum Total risk-based, Tier 1 risk-based, Tier 1 leverage and Common Equity Tier 1 risk-based ratios as set forth in the tables above. There are no conditions or events since that notification that management believes have changed the Banks’ categories. |
PARENT COMPANY FINANCIAL STATEM
PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY FINANCIAL STATEMENTS [Abstract] | |
PARENT COMPANY FINANCIAL STATEMENTS | NOTE 22 - PARENT COMPANY FINANCIAL STATEMENTS Condensed Balance Sheets December 31 2019 2018 ASSETS Cash $ 13,184 $ 8,759 Investment in subsidiaries 232,509 215,888 Premises and equipment 622 271 Other assets 754 730 Total assets $ 247,069 $ 225,648 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 1,392 $ 1,013 Other borrowed funds - 2,500 Subordinated debt 5,436 5,406 Total liabilities 6,828 8,919 Stockholders’ equity Common stock 133,795 133,248 Retained earnings 102,743 87,333 Accumulated other comprehensive income (loss) 3,703 (3,852 ) Total stockholders’ equity 240,241 216,729 Total liabilities and stockholders’ equity $ 247,069 $ 225,648 Condensed Statement of Operations Years Ended December 31 2019 2018 2017 Income Dividends from subsidiaries $ 19,050 $ 18,740 $ 12,565 Interest and dividend income 7 7 12 Other income 2,277 2,163 2,126 Total income 21,334 20,910 14,703 Expenses Interest expense on other borrowings 30 156 285 Interest expense on subordinated debt 369 352 295 Salaries and employee benefits 3,582 3,252 3,399 Occupancy and equipment expenses 438 394 299 Professional fees 443 689 303 Other expenses 591 659 387 Total expenses 5,453 5,502 4,968 Income before income taxes and equity in undistributed income of subsidiaries 15,881 15,408 9,735 Income tax (benefit) (699 ) (723 ) (1,012 ) Income before equity in undistributed income of subsidiaries 16,580 16,131 10,747 Equity in undistributed income of subsidiaries 7,616 4,037 4,072 Net income $ 24,196 $ 20,168 $ 14,819 Condensed Statement of Cash Flows Years Ended December 31 2019 2018 2017 Cash flows from operating activities Net income $ 24,196 $ 20,168 $ 14,819 Adjustments to reconcile net income to net cash from operating activities Depreciation 78 93 89 Amortization 30 30 33 Stock compensation expense 301 252 217 Equity in undistributed earnings of subsidiaries (7,616 ) (4,037 ) (4,072 ) Change in other assets (24 ) (181 ) (123 ) Change in other liabilities 13 (43 ) 243 Net cash from operating activities 16,978 16,282 11,206 Cash flows from investing activities Investments in nonbank subsidiaries - - (250 ) Repayment of investments in nonbank subsidiaries 50 - - Investments in subsidiaries (1,500 ) - - Acquisition of subsidiary, net of cash received - (5,212 ) - Purchases of fixed assets, net of proceeds from asset sales (63 ) (80 ) (80 ) Net cash from investing activities (1,513 ) (5,292 ) (330 ) Cash flows from financing activities Cash dividends paid to shareholders (8,786 ) (7,805 ) (6,398 ) Cash in lieu of fractional shares - (13 ) - Proceeds from stock option exercises 246 193 317 Payments on other borrowed funds (2,500 ) (2,500 ) (3,600 ) Net cash from financing activities (11,040 ) (10,125 ) (9,681 ) Net change in cash and cash equivalents 4,425 865 1,195 Cash and cash equivalents at beginning of year 8,759 7,894 6,699 Cash and cash equivalents at end of year $ 13,184 $ 8,759 $ 7,894 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 23 - QUARTERLY FINANCIAL DATA (UNAUDITED) Interest Net Interest Net Earnings Per Share Income Income Income Basic Diluted 2019 First Quarter $ 19,064 $ 16,835 $ 6,176 $ 0.42 $ 0.42 Second Quarter 19,106 16,655 5,859 0.40 0.40 Third Quarter 19,308 16,778 6,267 0.43 0.43 Fourth Quarter 19,100 16,633 5,894 0.40 0.40 2018 First Quarter $ 15,799 $ 14,635 $ 5,133 $ 0.38 $ 0.38 Second Quarter 15,753 14,419 4,375 0.33 0.32 Third Quarter 16,001 14,509 5,021 0.38 0.37 Fourth Quarter 18,268 16,191 5,639 0.39 0.39 In 2019, interest income increased steadily largely due to increases in interest income on loans and short-term investments. Interest income in the first quarter of 2019 included approximately $719 of income recognized from deferred interest and discounts recognized on loans that paid off during the quarter. The changes in interest income resulted in similar changes in net interest income in 2019. However, interest expense increased steadily in each quarter, peaking in the third quarter, largely due to higher rates paid on deposits. Also contributing to an overall increase in interest income and net interest income in the fourth quarter of 2019, when compared to the quarterly income amounts in 2018, was the acquisition of the First National Bank of Jackson on October 25, 2019. The interest income from the loans and investments and interest expense on deposits and borrowings of Jackson are included in the quarterly financial results beginning in the fourth quarter of 2019. Earnings per share amounts were consistent with the changes in net income as average shares outstanding increased only slightly during 2019. In 2018, interest income increased steadily largely due to increases in investment securities purchased. Interest income in the first quarter of 2018 included approximately $533 of income recognized from deferred interest and discounts recognized on loans that paid off during the quarter. The changes in interest income resulted in similar changes in net interest income in 2018. However, interest expense increased steadily in each quarter largely due to higher rates paid on deposits. Also contributing to an overall increase in interest income and net interest income in the fourth quarter of 2018, was the acquisition of the First Bank on October 12, 2018. The interest income from the loans and investments and interest expense on deposits and borrowings of First Bank are included in the quarterly financial results beginning in the fourth quarter of 2018. Earnings per share amounts were consistent with the changes in net income as average shares outstanding increased only slightly during the first three quarters of 2018. The fourth quarter earnings per share was impacted by the additional shares added from the acquisition of First Bank. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations | Nature of Operations |
Cash Flows | Cash Flows |
Estimates in the Financial Statements | Estimates in the Financial Statements |
Securities | Securities Securities available for sale might be sold before maturity and are carried at fair value. Adjustments from amortized cost to fair value are recorded in other comprehensive income, net of related income tax. Interest income includes amortization of purchase premium or discount computed using the level yield method. Gains or losses on dispositions are recorded on the trade date and are based on the net proceeds and adjusted carrying amount of the securities sold using the specific identification method. Securities are written down to fair value when a decline in fair value is not temporary. Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Declines in the fair value of securities below their cost that are other-than-temporary are reflected as realized losses. In estimating other-than-temporary losses, management considers the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. |
Loans Held for Sale | Loans Held for Sale |
Loans | Loans Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost‑recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s success and recent growth in lending in the central West Virginia market area depend primarily on the local general economy which has been driven in the past by federal government programs to develop technology infrastructure and more recently by the drilling for natural gas in the recently discovered Marcellus and Utica shale formations. Furthermore, Premier’s success in the southern West Virginia market depends, in large part, on the local general economy which has been driven by significant employment by coal and other natural resource based businesses. While Premier’s direct credit risk exposure to such industries is minimal, the success or failure of these industries may have an indirect effect on the local economic conditions in the central and southern West Virginia market areas, either individually or collectively, thus having a significant impact on the credit risk of loans in this market area. |
Certain Purchased Loans | Certain Purchased Loans: Such purchased loans are accounted for individually or may be aggregated into pools of loans based on common risk characteristics such as loan type. The Company estimates the amount and timing of expected cash flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as an increase in the allowance for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. |
Allowance for Loan Losses | Allowance for Loan Losses During the first three months of 2018, management updated its policies regarding estimation of probable incurred losses. The updates included incorporating a common estimated loss ratio for all pass credits within a given loan classification, adding an additional qualitative factor for document exceptions on collectively impaired loans, and reallocating the qualitative portion of the allowance to align more closely to the inputs used to determine the qualitative portion. The previous methodology allocated a higher loss ratio to loans graded “Watch” to estimate a higher credit risk on these loans due to risk downgrades resulting from document exceptions. Loans graded “Watch” are considered pass credits. The changes did not have a material impact on the overall allowance for loan losses or the provision for loan losses for the year ended December 31, 2019 and 2018. A loan is impaired when full payment under the loan terms is not expected. Impairment is evaluated in total for smaller-balance loans of similar nature such as residential mortgage, consumer, and credit card loans, and accordingly, they are not separately identified for impairment disclosures. All other loans are evaluated for impairment on an individual basis. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Loans with restructured terms offering a concession to enable a struggling borrower to repay (Troubled Debt Restructurings) are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified as having differing risk characteristics: Loans secured by 1-4 family residential real estate: Loans secured by multifamily residential real estate: Loans secured by owner occupied non-farm non-residential real estate Loans secured by non-farm non-residential real estate Commercial and industrial loans not secured by real estate: Consumer loans: Construction, land, and land development loans All other loan types |
Transfers of Financial Assets | Transfers of Financial Assets |
Premises and Equipment | Premises and Equipment |
Other Real Estate Owned | Other Real Estate Owned |
Federal Home Loan Bank ("FHLB") stock | Federal Home Loan Bank (“FHLB”) stock: |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Other intangible assets consist of core deposit intangible assets arising from whole bank and branch acquisitions. They are initially measured at fair value and then are amortized on an accelerated method over their estimated useful lives of approximately 8 to 10 years. |
Repurchase Agreements | Repurchase Agreements |
Stock Based Compensation | Stock Based Compensation |
Income Taxes | Income Taxes A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest related to income tax matters as other interest expense and penalties related to income tax matters as other noninterest expense. |
Off Balance Sheet Financial Instruments | Off Balance Sheet Financial Instruments |
Earnings Per Common Share | Earnings Per Common Share |
Comprehensive Income | Comprehensive Income |
Loss Contingencies | Loss Contingencies |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Operating Segments | Operating Segments |
Reclassifications | Reclassifications |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Accounts of the Company and its Wholly Owned Subsidiaries | The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the “Company” or “Premier”) and its wholly-owned subsidiaries: Unaudited Subsidiary Location Year Acquired Total Assets Net Income Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 552,704 $ 6,012 Premier Bank, Inc. Huntington, West Virginia 1998 1,220,801 20,505 Parent and Intercompany Eliminations 7,505 (2,321 ) Consolidated total $ 1,781,010 $ 24,196 |
ACQUISITION OF FIRST NATIONAL_2
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON [Abstract] | |
Estimated Amortization of Core Deposit Intangible from Acquisition | The following table presents estimated amortization of the First Bank core deposit intangible as of the acquisition date for 2019 and each of the next five calendar years and thereafter. 2019 $ - 2020 149 2021 127 2022 108 2023 92 2024 86 Thereafter 432 Total core deposit intangible acquired $ 994 |
Net Assets Acquired | Net assets acquired via the acquisition are shown in the table below. First National Bank of Jackson Cash and due from banks $ 4,589 Federal funds sold 5,108 Securities available for sale 44,747 Loans, net 41,632 Premises and equipment 1,177 Goodwill and other intangible assets 994 Other assets 2,548 Total assets acquired, net of cash paid 100,795 Deposits (85,606 ) Other liabilities (629 ) Total liabilities assumed (86,235 ) Net assets acquired $ 14,560 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SECURITIES [Abstract] | |
Amortized Cost and Fair Value of Investment Securities, by Category | Amortized cost and fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 276,013 $ 3,618 $ (322 ) $ 279,309 U. S. sponsored agency CMO’s - residential 61,989 768 (113 ) 62,644 Total mortgage-backed securities ofgovernment sponsored agencies 338,002 4,386 (435 ) 341,953 U. S. government sponsored agency securities 30,538 280 (88 ) 30,730 Obligations of states and political subdivisions 15,570 453 (6 ) 16,017 Other securities 1,956 98 - 2,054 Total securities available for sale $ 386,066 $ 5,217 $ (529 ) $ 390,754 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 259,575 $ 513 $ (4,846 ) $ 255,242 U. S. sponsored agency CMO’s - residential 69,231 94 (782 ) 68,543 Total mortgage-backed securities of government sponsored agencies 328,806 607 (5,628 ) 323,785 U. S. government sponsored agency securities 24,154 196 (180 ) 24,170 Obligations of states and political subdivisions 14,194 176 (43 ) 14,327 Other securities 3,453 6 (10 ) 3,449 Total securities available for sale $ 370,607 $ 985 $ (5,861 ) $ 365,731 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | Securities not due at a single maturity date, such as mortgage-backed securities, are shown separately. Amortized Cost Fair Value Available for sale Due in one year or less $ 9,436 $ 9,455 Due after one year through five years 16,530 16,870 Due after five years through ten years 16,455 16,511 Due after ten years 5,643 5,965 Mortgage-backed securities of government sponsored agencies 338,002 341,953 Total available for sale $ 386,066 $ 390,754 |
Securities with Unrealized Losses in Continuous Unrealized Loss Position | Securities with unrealized losses at year-end 2019 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 10,851 $ (84 ) $ 3,957 $ (4 ) $ 14,808 $ (88 ) U.S government sponsored agency MBS – residential 50,945 (199 ) 12,930 (123 ) 63,875 (322 ) U.S government sponsored agency CMO’s – residential 4,376 (3 ) 8,815 (110 ) 13,191 (113 ) Obligations of states and political subdivisions 1,866 (6 ) - - 1,866 (6 ) Total temporarily impaired $ 68,038 $ (292 ) $ 25,702 $ (237 ) $ 93,740 $ (529 ) Securities with unrealized losses at year-end 2018 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 999 $ - $ 11,057 $ (180 ) $ 12,056 $ (180 ) U.S government sponsored agency MBS – residential 50,923 (243 ) 158,791 (4,603 ) 209,714 (4,846 ) U.S government sponsored agency CMO’s – residential 16,359 (41 ) 26,386 (741 ) 42,745 (782 ) Obligations of states and political subdivisions 679 (6 ) 3,454 (37 ) 4,133 (43 ) Other securities 1,712 (10 ) - - 1,712 (10 ) Total temporarily impaired $ 70,672 $ (300 ) $ 199,688 $ (5,561 ) $ 270,360 $ (5,861 ) |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LOANS [Abstract] | |
Major Classifications of Loans | Major classifications of loans at year-end are summarized as follows: 2019 2018 Residential real estate $ 389,985 $ 381,027 Multifamily real estate 36,684 54,016 Commercial real estate: Owner occupied 164,218 138,209 Non-owner occupied 304,316 282,608 Commercial and industrial 105,079 103,624 Consumer 29,007 27,688 Construction and land 136,138 128,926 All other 29,868 33,203 Total $ 1,195,295 $ 1,149,301 |
Major Classifications of Loans Acquired | The composition of the major classifications of the loans acquired from First National Bank of Jackson at October 25, 2019 are summarized as follows: 2019 Residential real estate $ 15,156 Multifamily real estate 2,220 Commercial real estate: Owner occupied 3,364 Non owner occupied 7,174 Commercial and industrial 4,133 Consumer 4,644 Construction and land 3,116 All other 1,825 $ 41,632 |
Analysis of Activity with Respect to all Director and Executive Officer Loans | An analysis of the 2019 activity with respect to all director and executive officer loans is as follows: Balance, December 31, 2018 $ 12,973 Additions, including loans now meeting disclosure requirements 7,851 Amounts collected and loans no longer meeting disclosure requirements (6,834 ) Balance, December 31, 2019 $ 13,990 |
Activity in the Allowance for Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2019 was as follows: Loan Class Balance Dec 31, 2018 Provision (credit) for loan losses Loans charged- off Recoveries Balance Dec 31, 2019 Residential real estate $ 1,808 $ 73 $ (207 ) $ 37 $ 1,711 Multifamily real estate 1,649 298 - 7 1,954 Commercial real estate: Owner occupied 2,120 880 (565 ) 6 2,441 Non-owner occupied 3,058 178 (57 ) 5 3,184 Commercial and industrial 1,897 232 (418 ) 56 1,767 Consumer 351 81 (193 ) 42 281 Construction and land 2,255 (517 ) (14 ) - 1,724 All other 600 25 (262 ) 117 480 Total $ 13,738 $ 1,250 $ (1,716 ) $ 270 $ 13,542 Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2018 was as follows: Loan Class Balance Dec 31, 2017 Provision (credit) for loan losses Loans charged- off Recoveries Balance Dec 31, 2018 Residential real estate $ 2,986 $ (967 ) $ (247 ) $ 36 $ 1,808 Multifamily real estate 978 676 (11 ) 6 1,649 Commercial real estate: Owner occupied 1,653 491 (25 ) 1 2,120 Non-owner occupied 2,313 839 (98 ) 4 3,058 Commercial and industrial 1,101 1,298 (545 ) 43 1,897 Consumer 328 121 (156 ) 58 351 Construction and land 2,408 (533 ) (20 ) 400 2,255 All other 337 390 (266 ) 139 600 Total $ 12,104 $ 2,315 $ (1,368 ) $ 687 $ 13,738 Activity in the allowance for loan losses by portfolio segment for the year ending December 31, 2017 was as follows: Loan Class Balance Dec 31, 2016 Provision (credit) for loan losses Loans charged- off Recoveries Balance Dec 31, 2017 Residential real estate $ 2,948 $ 439 $ (458 ) $ 57 $ 2,986 Multifamily real estate 785 693 (500 ) - 978 Commercial real estate: Owner occupied 1,543 (100 ) (32 ) 242 1,653 Non-owner occupied 2,350 (27 ) (10 ) - 2,313 Commercial and industrial 1,140 51 (189 ) 99 1,101 Consumer 347 132 (278 ) 127 328 Construction and land 1,397 1,130 (129 ) 10 2,408 All other 326 181 (307 ) 137 337 Total $ 10,836 $ 2,499 $ (1,903 ) $ 672 $ 12,104 |
Purchased Impaired Loans | The carrying amount of those loans is as follows at December 31, 2019 and December 31, 2018. 2019 2018 Residential real estate $ 2,565 $ 2,665 Commercial real estate Owner occupied 1,804 2,040 Non-owner occupied 2,628 3,434 Commercial and industrial 305 1,720 Consumer 22 - Construction and land 483 1,212 All other 174 225 Total carrying amount $ 7,981 $ 11,296 Contractual principal balance $ 11,681 $ 15,436 Carrying amount, net of allowance $ 7,981 $ 11,296 |
Purchase Loans Accretable Yield, or Income Expected to be Collected | The accretable yield, or income expected to be collected, on the purchased loans above is as follows the three years ended December 31, 2019. 2019 2018 2017 Balance at January 1 $ 642 $ 754 $ 1,208 New loans purchased 371 139 - Accretion of income (180 ) (134 ) (249 ) Loans placed on non-accrual (82 ) (63 ) - Income recognized upon full repayment (79 ) (38 ) (205 ) Reclassifications from non-accretable difference - (16 ) - Disposals (53 ) - - Balance at December 31 $ 619 $ 642 $ 754 |
Past Due and Non-performing Loans | The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2019 and December 31, 2018. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition or interest payments made by the borrower which have been used to reduce the recorded investment in the loan rather than recognized as interest income. December 31, 2019 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 5,801 $ 4,618 $ 1,425 Multifamily real estate 4,113 3,726 - Commercial real estate Owner occupied 3,399 2,995 - Non-owner occupied 3,120 1,852 340 Commercial and industrial 1,026 420 451 Consumer 364 313 9 Construction and land 470 440 3 All other 75 73 - Total $ 18,368 $ 14,437 $ 2,228 December 31, 2018 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,966 $ 3,708 $ 954 Multifamily real estate 4,127 3,905 - Commercial real estate Owner occupied 3,692 3,436 56 Non-owner occupied 5,761 4,592 76 Commercial and industrial 1,303 625 - Consumer 292 253 - Construction and land 857 856 - All other 75 73 - Total $ 21,073 $ 17,448 $ 1,086 |
Aging of Recorded Investment in Past Due Loans by Loan Class | The following table presents the aging of the recorded investment in past due loans as of December 31, 2019 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 389,985 $ 9,479 $ 3,192 $ 12,671 $ 377,314 Multifamily real estate 36,684 - 3,726 3,726 32,958 Commercial real estate: Owner occupied 164,218 337 1,199 1,536 162,682 Non-owner occupied 304,316 838 1,017 1,855 302,461 Commercial and industrial 105,079 245 708 953 104,126 Consumer 29,007 309 230 539 28,468 Construction and land 136,138 3,856 4 3,860 132,278 All other 29,868 - 73 73 29,795 Total $ 1,195,295 $ 15,064 $ 10,149 $ 25,213 $ 1,170,082 The following table presents the aging of the recorded investment in past due loans as of December 31, 2018 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 381,027 $ 7,078 $ 2,594 $ 9,672 $ 371,355 Multifamily real estate 54,016 - 110 110 53,906 Commercial real estate: Owner occupied 138,209 124 2,601 2,725 135,484 Non-owner occupied 282,608 172 3,301 3,473 279,135 Commercial and industrial 103,624 2,235 262 2,497 101,127 Consumer 27,688 247 112 359 27,329 Construction and land 128,926 388 810 1,198 127,728 All other 33,203 546 73 619 32,584 Total $ 1,149,301 $ 10,790 $ 9,863 $ 20,653 $ 1,128,648 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method | The following tables presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2019 and December 31, 2018. December 31, 2019 Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 1,711 $ - $ 1,711 $ 63 $ 387,357 $ 2,565 $ 389,985 Multifamily real estate 1,737 217 - 1,954 3,726 32,958 - 36,684 Commercial real estate: Owner occupied 653 1,788 - 2,441 2,685 159,729 1,804 164,218 Non-owner occupied 271 2,913 - 3,184 3,830 297,858 2,628 304,316 Commercial and industrial 390 1,377 - 1,767 678 104,096 305 105,079 Consumer - 281 - 281 - 28,985 22 29,007 Construction and land 51 1,673 - 1,724 431 135,224 483 136,138 All other - 480 - 480 - 29,694 174 29,868 Total $ 3,102 $ 10,440 $ - $ 13,542 $ 11,413 $ 1,175,901 $ 7,981 $ 1,195,295 December 31, 2018 Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 1,808 $ - $ 1,808 $ 298 $ 378,064 $ 2,665 $ 381,027 Multifamily real estate 1,281 368 - 1,649 3,905 50,111 - 54,016 Commercial real estate: Owner occupied 692 1,428 - 2,120 2,820 133,349 2,040 138,209 Non-owner occupied 267 2,791 - 3,058 10,111 269,063 3,434 282,608 Commercial and industrial 414 1,483 - 1,897 558 101,346 1,720 103,624 Consumer - 351 - 351 - 27,688 - 27,688 Construction and land 142 2,113 - 2,255 1,351 126,363 1,212 128,926 All other - 600 - 600 - 32,978 225 33,203 Total $ 2,796 $ 10,942 $ - $ 13,738 $ 19,043 $ 1,118,962 $ 11,296 $ 1,149,301 |
Loans Individually Evaluated for Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2019. The table includes $758 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 188 $ 63 $ - Multifamily real estate 96 89 - Commercial real estate Owner occupied 2,201 1,842 - Non-owner occupied 2,512 1,732 - Commercial and industrial 509 - - 5,506 3,726 - With an allowance recorded: Multifamily real estate $ 4,017 $ 3,637 $ 1,737 Commercial real estate Owner occupied 1,189 1,162 653 Non-owner occupied 2,654 2,537 271 Commercial and industrial 689 678 390 Construction and land 460 431 51 9,009 8,445 3,102 Total $ 14,515 $ 12,171 $ 3,102 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2018. The table includes $1,060 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 426 $ 298 $ - Multifamily real estate 110 110 - Commercial real estate Owner occupied 1,305 1,092 - Non-owner occupied 8,458 7,740 - Commercial and industrial 531 - - Construction and land 786 786 - 11,616 10,026 - With an allowance recorded: Multifamily real estate $ 4,016 $ 3,795 $ 1,281 Commercial real estate Owner occupied 2,523 2,478 692 Non-owner occupied 2,852 2,781 267 Commercial and industrial 562 558 414 Construction and land 565 565 142 10,518 10,177 2,796 Total $ 22,134 $ 20,203 $ 2,796 |
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized | The following table presents by loan class, the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three years ended December 31, 2019. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Year ended Dec 31, 2019 Year ended Dec 31, 2018 Year ended Dec 31, 2017 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 186 $ - $ - $ 300 $ - $ - $ 333 $ 3 $ 3 Multifamily real estate 3,803 - - 2,534 11 11 11,376 262 246 Commercial real estate: Owner occupied 3,624 14 15 3,094 57 57 3,335 74 74 Non-owner occupied 8,062 712 712 9,226 412 412 4,680 213 213 Commercial and industrial 549 4 4 904 22 22 1,480 123 123 Construction and land 814 123 123 3,977 24 15 7,804 314 309 All other - - - 173 10 10 302 18 18 Total $ 17,038 $ 854 $ 855 $ 20,208 $ 536 $ 527 $ 29,310 $ 1,007 $ 986 |
Troubled Debt Restructurings | The following table presents TDR’s as of December 31, 2019 and 2018: December 31, 2019 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 32 $ 157 $ 189 Multifamily real estate 3,636 - 3,636 Commercial real estate Owner occupied 1,162 207 1,369 Non-owner occupied - 2,656 2,656 Commercial and industrial 191 - 191 Total $ 5,021 $ 3,020 $ 8,041 December 31, 2018 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 347 $ 97 $ 444 Multifamily real estate 3,795 - 3,795 Commercial real estate Owner occupied 1,647 222 1,869 Non-owner occupied - 5,964 5,964 Commercial and industrial 191 - 191 Total $ 5,980 $ 6,283 $ 12,263 |
Risk Category of Loans by Class of Loans | As of December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 374,835 $ 3,477 $ 11,673 $ - $ 389,985 Multifamily real estate 28,103 4,855 3,726 - 36,684 Commercial real estate: Owner occupied 152,695 5,123 6,400 - 164,218 Non-owner occupied 290,096 8,617 5,603 - 304,316 Commercial and industrial 101,085 2,693 1,301 - 105,079 Consumer 28,618 5 384 - 29,007 Construction and land 123,473 11,868 797 - 136,138 All other 29,698 97 73 - 29,868 Total $ 1,128,603 $ 36,735 $ 29,957 $ - $ 1,195,295 As of December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 369,808 $ 1,376 $ 9,681 $ 162 $ 381,027 Multifamily real estate 45,187 4,924 3,905 - 54,016 Commercial real estate: Owner occupied 126,422 4,840 6,947 - 138,209 Non-owner occupied 262,149 7,647 12,812 - 282,608 Commercial and industrial 96,066 5,280 2,278 - 103,624 Consumer 27,344 31 313 - 27,688 Construction and land 107,196 19,728 2,002 - 128,926 All other 32,749 381 73 - 33,203 Total $ 1,066,921 $ 44,207 $ 38,011 $ 162 $ 1,149,301 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PREMISES AND EQUIPMENT [Abstract] | |
Year-end Premises and Equipment | Year-end premises and equipment were as follows: 2019 2018 Land and improvements $ 7,500 $ 7,200 Buildings and leasehold improvements 26,777 26,033 Furniture and equipment 12,224 11,623 Assets purchased not yet placed in service 560 424 47,061 45,280 Less: accumulated depreciation (16,956 ) (15,895 ) Premises and equipment owned, net 30,105 29,385 Right of use asset related to operating leases (detailed below) 7,152 - Premises and equipment owned, net $ 37,257 $ 29,385 |
Future Minimum Rental Commitments under Operating Leases | The following table summarizes the future minimum rental commitments under operating leases: 2020 $ 1,059 2021 1,013 2022 995 2023 778 2024 678 2025 and thereafter 3,495 Total undiscounted cash flows 8,018 Discounted cash flows (866 ) Total lease liability $ 7,152 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Change in Balance for Goodwill | The change in the balance for goodwill during the year is as follows: 2019 2018 2017 Beginning of year $ 47,640 $ 35,371 $ 35,371 Acquired goodwill - 12,269 - Impairment - - - End of year $ 47,640 $ 47,640 $ 35,371 |
Acquired Intangible Assets | Acquired intangible assets at December 31, 2019 and 2018 were as follows. 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Core deposit intangible $ 8,702 $ (3,326 ) $ 7,708 $ (2,440 ) |
Estimated Amortization Expense | Estimated amortization expense for each of the next five years: 2020 $ 956 2021 882 2022 686 2023 612 2024 606 Thereafter 1,634 $ 5,376 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DEPOSITS [Abstract] | |
Maturities of Time Deposits | At December 31, 2019 the scheduled maturities of time deposits are as follows: 2020 $ 300,312 2021 90,665 2022 13,754 2023 10,162 2024 10,244 Thereafter 5 $ 425,142 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | |
Securities Sold under Agreements to Repurchase | Information concerning securities sold under agreements to repurchase is summarized as follows: 2019 2018 Year-end balance $ 20,428 $ 22,062 Average balance during the year $ 21,704 $ 22,343 Average interest rate during the year 0.32 % 0.14 % Maximum month-end balance during the year $ 23,020 $ 25,067 Weighted average interest rate at year-end 0.49 % 0.14 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES [Abstract] | |
Components of Provision (Benefits) for Income Taxes | The components of the provision (benefit) for income taxes are as follows: 2019 2018 2017 Current $ 6,476 $ 5,782 $ 7,809 Write-off of deferred tax asset related to 2017 Tax Cuts and Jobs Act. - - 145 Deferred 563 120 637 Change in valuation allowance (14 ) (4 ) 16 Provision for income taxes $ 7,025 $ 5,898 $ 8,607 |
Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities at December 31 are shown below. 2019 2018 Deferred tax assets Allowance for loan losses $ 2,969 $ 2,884 Purchase accounting adjustments 605 963 Net operating loss carryforward 453 333 Alternative minimum tax credit carryforward 3 125 Write-downs of other real estate owned 374 235 Taxable income on non-accrual loans 981 896 Accrued expenses 278 235 Unrealized loss on investment securities - 1,024 Other 16 15 Total deferred tax assets 5,679 6,710 Deferred tax liabilities Amortization of intangibles $ (3,072 ) $ (3,063 ) Depreciation (1,320 ) (1,106 ) Federal Home Loan Bank dividends (267 ) (224 ) Deferred loan fees (588 ) (499 ) Unrealized gain on investment securities (984 ) - Other (101 ) (105 ) Total deferred tax liabilities (6,332 ) (4,997 ) Valuation allowance on deferred tax assets (158 ) (172 ) Net deferred taxes $ (811 ) $ 1,541 |
Analysis of Differences Between Effective Tax Rates and Statutory U.S. Federal Income Tax Rate | An analysis of the differences between the effective tax rates and the statutory U.S. federal income tax rate is as follows: 2019 2018 2017 U.S. federal income tax rate $ 6,556 21.0 % $ 5,474 21.0 % $ 8,200 35.0 % Changes from the statutory rate Change in deferred taxes related to decrease in future federal tax rate - - - - 145 0.6 State income taxes, net 693 2.2 518 2.0 503 2.1 Tax-exempt interest income (163 ) (0.5 ) (143 ) (0.5 ) (239 ) (1.0 ) Non-deductible interest expense related to carrying tax-exempt interest earning assets 15 0.0 11 0.0 13 0.1 Non-deductible stock compensation expense, net 28 0.1 12 0.0 (35 ) (0.2 ) Tax credits, net (134 ) (0.4 ) (71 ) (0.3 ) (42 ) (0.2 ) Change in valuation allowance 14 0.0 4 0.0 16 0.1 Other 16 0.1 93 0.4 46 0.2 $ 7,025 22.5 % $ 5,898 22.6 % $ 8,607 36.7 % |
STOCK COMPENSATION EXPENSE (Tab
STOCK COMPENSATION EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
STOCK COMPENSATION EXPENSE [Abstract] | |
Assumption Used in the Black-Scholes Option-pricing Model | The assumptions used in the Black-Scholes option-pricing model are as follows 2019 2018 2017 Risk-free interest rate 2.34 % 2.69 % 2.02 % Expected option life (yrs) 5.42 5.37 5.36 Expected stock price volatility 28.45 % 22.47 % 18.40 % Dividend yield 3.85 % 3.17 % 3.16 % Weighted average fair value of options granted during the year $ 2.91 $ 2.49 $ 2.32 |
Stock Option Activity | A summary of the Company’s stock option activity is as follows: 2019 2018 2017 Weighted Average Exercise Weighted Average Exercise Weighted Average Exercise Options Price Options Price Options Price Outstanding at beginning of year 298,383 $ 11.66 262,811 $ 10.63 254,988 $ 9.23 Grants 72,075 15.57 67,875 15.12 69,375 15.21 Exercises (26,979 ) 10.13 (28,151 ) 10.12 (40,364 ) 9.10 Forfeitures or expired (10,838 ) 14.21 (4,152 ) 13.91 (21,188 ) 11.71 Outstanding at year-end 332,641 $ 12.54 298,383 $ 11.66 262,811 $ 10.63 Exercisable at year-end 200,123 $ 10.67 172,577 $ 9.55 145,134 $ 8.53 Weighted average remaining life 5.0 5.2 4.3 |
Stock Option Activity by Range of Exercise Prices | Additional information regarding stock options outstanding and exercisable at December 31, 2019 is provided in the following table: Outstanding Currently Exercisable Range of Exercise Prices Number Weighted Average Exercise Price Aggregate Intrinsic Value Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value $ 4.00 to $6.00 32,276 $ 5.28 $ 415 32,276 1.8 $ 5.28 $ 415 $ 6.01 to $8.00 4,814 6.47 56 4,814 0.2 6.47 56 $ 8.01 to $10.00 15,715 8.28 155 15,715 3.2 8.28 155 $ 10.01 to $12.00 96,595 10.70 719 96,595 5.3 10.70 719 $ 12.01 to $16.00 183,241 15.32 517 50,723 8.3 15.18 150 Outstanding at Dec 31, 2019 332,641 12.54 $ 1,862 200,123 6.5 10.67 $ 1,495 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of Numerators and Denominators of the Earnings Per Share | A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for 2019, 2018, and 2017 is presented below: 2019 2018 2017 Basic earnings per share: Income available to common stockholders $ 24,196 $ 20,168 $ 14,819 Weighted average common shares outstanding 14,639,775 13,634,439 13,322,716 Earnings per share $ 1.65 $ 1.48 $ 1.11 Diluted earnings per share: Income available to common stockholders $ 24,196 $ 20,168 $ 14,819 Weighted average common shares outstanding 14,639,775 13,634,439 13,322,716 Add dilutive effects of potential additional common stock 83,367 102,179 97,398 Weighted average common and dilutive potential Common shares outstanding 14,723,142 13,736,618 13,420,114 Earnings per share assuming dilution $ 1.64 $ 1.47 $ 1.10 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at December 31, 2019 were as follows: Fair Value Measurements at December 31, 2019 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 88,556 $ 88,556 $ - $ - $ 88,556 Time deposits with other banks 598 - 599 - 599 Federal funds sold 5,902 5,902 - - 5,902 Securities available for sale 390,754 - 390,754 - 390,754 Loans, net 1,181,753 - - 1,172,575 1,172,575 Federal Home Loan Bank stock 4,450 n/a n/a n/a n/a Interest receivable 4,699 4 1,110 3,585 4,699 Financial liabilities Deposits $ (1,495,753 ) $ (1,070,610 ) $ (424,886 ) $ - $ (1,495,496 ) Securities sold under agreements to repurchase (20,428 ) - (20,428 ) - (20,428 ) FHLB advances (6,375 ) - (6,406 ) - (6,406 ) Subordinated debt (5,436 ) - (5,527 ) - (5,527 ) Interest payable (912 ) (15 ) (897 ) - (912 ) The carrying amounts and estimated fair values of financial instruments at December 31, 2018 were as follows: Fair Value Measurements at December 31, 2018 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 62,903 $ 62,903 $ - $ - $ 62,903 Time deposits with other banks 1,094 - 1,085 - 1,085 Federal funds sold 17,872 17,872 - - 17,872 Securities available for sale 365,731 - 365,231 500 365,731 Loans, net 1,135,563 - - 1,121,517 1,121,517 Federal Home Loan Bank stock 3,628 n/a n/a n/a n/a Interest receivable 4,295 - 1,032 3,263 4,295 Financial liabilities Deposits $ (1,430,127 ) $ (1,039,430 ) $ (384,496 ) $ - $ (1,423,926 ) Securities sold under agreements to repurchase (22,062 ) - (22,062 ) - (22,062 ) FHLB advances (8,819 ) - (8,688 ) - (8,688 ) Other borrowed funds (2,500 ) - (2,478 ) - (2,478 ) Subordinated debt (5,406 ) - (5,509 ) - (5,509 ) Interest payable (733 ) (22 ) (711 ) - (733 ) |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at December 31, 2019 are summarized below: Fair Value Measurements at December 31, 2019 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale Mortgage-backed securities U. S. agency MBS - residential $ 279,309 $ - $ 279,309 $ - U. S. agency CMO’s 62,644 - 62,644 - Total mortgage-backed securities of government sponsored agencies 341,953 - 341,953 - U. S. government sponsored agency securities 30,730 - 30,730 - Obligations of states and political subdivisions 16,017 - 16,017 - Other securities 2,054 - 2,054 - Total securities available for sale $ 390,754 $ - $ 390,754 $ - Assets and liabilities measured at fair value on a recurring basis at December 31, 2018 are summarized below: Fair Value Measurements at December 31, 2018 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale Mortgage-backed securities U. S. agency MBS - residential $ 255,242 $ - $ 255,242 $ - U. S. agency CMO’s 68,543 - 68,543 - Total mortgage-backed securities of government sponsored agencies 323,785 - 323,785 - U. S. government sponsored agency securities 24,170 - 24,170 - Obligations of states and political subdivisions 14,327 - 14,327 - 3,449 - 2,949 500 Total securities available for sale $ 365,731 $ - $ 365,231 $ 500 |
Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2019: Securities Available-for-sale Year Ended December 31, 2019 Balance of recurring Level 3 assets at beginning of period $ 500 Total gains or losses (realized/unrealized): Included in earnings – realized - Included in earnings – unrealized - Included in other comprehensive income - Purchases, sales, issuances and settlements, net (500 ) Transfers in and/or out of Level 3 - Balance of recurring Level 3 assets at period-end $ - |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2019 are summarized below: Fair Value Measurements at December 31, 2019 Using Dec 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Multifamily real estate $ 1,900 $ - $ - $ 1,900 Commercial real estate Owner occupied 509 - - 509 Non-owner occupied 2,266 - - 2,266 Commercial and industrial 288 - - 288 Construction and land 380 - - 380 Total impaired loans $ 5,343 $ - $ - $ 5,343 Other real estate owned: Residential real estate $ 249 $ - $ - $ 249 Multifamily real estate 9,588 - - 9,588 Commercial real estate Owner occupied 288 - - 288 Construction and land 750 - - 750 Total OREO $ 10,875 $ - $ - $ 10,875 Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: Fair Value Measurements at December 31, 2018 Using Dec 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Multifamily real estate $ 2,514 $ - $ - $ 2,514 Commercial real estate Owner occupied 1,786 - - 1,786 Non-owner occupied 2,514 - - 2,514 Commercial and industrial 144 - - 144 Construction and land 423 - - 423 Total impaired loans $ 7,381 $ - $ - $ 7,381 Other real estate owned: Residential real estate $ 984 $ - $ - $ 984 Multifamily real estate 10,307 - - 10,307 Commercial real estate Owner occupied 125 - - 125 Non-owner occupied 200 - - 200 Construction and land 150 - - 150 Total OREO $ 11,766 $ - $ - $ 11,766 |
Fair Value Inputs, Assets, Quantitative Information | The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2019 are summarized below: December 31, 2019 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Multifamily real estate $ 1,900 sales comparison adjustment for estimated realizable value 58.9%-58.9% (58.9 %) Commercial real estate Owner occupied 509 sales comparison adjustment for estimated realizable value 76.1%-76.1% (76.1 %) Non-owner occupied 2,266 income approach adjustment for differences in net operating income expectations 36.6%-67.4% (60.6 %) Commercial and industrial 288 sales comparison adjustment for estimated realizable value 25.0%-87.0% (43.6 %) Construction and land 380 sales comparison adjustment for estimated realizable value 56.5%-56.5% (56.5 %) Total impaired loans $ 5,343 Other real estate owned: Residential real estate $ 249 sales comparison adjustment for estimated realizable value 0.2%-59.8% (17.5 %) Multifamily real estate 9,588 income approach adjustment for differences in net operating income expectations 25.6%-25.6% (25.6 %) Commercial real estate Owner occupied 288 sales comparison adjustment for estimated realizable value 14.6%-70.4% (34.0 %) Construction and land 750 sales comparison adjustment for estimated realizable value 50.3%-69.9% (66.0 %) Total OREO $ 10,875 The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: December 31, 2018 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Multifamily real estate $ 2,514 sales comparison adjustment for estimated realizable value 45.3%-45.3% (45.3 %) Commercial real estate Owner occupied 1,786 sales comparison adjustment for estimated realizable value 31.5%-50.6% (35.5 %) Non-owner occupied 2,514 income approach adjustment for differences in net operating income expectations 16.1%-67.2% (54.1 %) Commercial and industrial 144 sales comparison adjustment for estimated realizable value 0.0%-0.0% (0.0 %) Construction and land 423 sales comparison adjustment for estimated realizable value 53.2%-83.6% (54.5 %) Total impaired loans $ 7,381 Other real estate owned: Residential real estate $ 984 sales comparison adjustment for estimated realizable value 19.2%-59.8% (21.9 %) Multifamily real estate 10,307 income approach adjustment for differences in net operating income expectations 20.0%-20.0% (20.0 %) Commercial real estate Owner occupied 125 sales comparison adjustment for estimated realizable value 42.4%-42.4% (42.4 %) Non-owner occupied 200 sales comparison adjustment for estimated realizable value 57.9%-57.9% (57.9 %) Construction and land 150 sales comparison adjustment for estimated realizable value 50.3%-50.3% (50.3 %) Total OREO $ 11,766 |
FINANCIAL INSTRUMENTS WITH OF_2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | |
Financial Instruments Whose Approximate Contract Amounts Represent Credit Risk | At December 31, 2019 and 2018, the Banks had the following financial instruments whose approximate contract amounts represent credit risk: 2019 2018 Standby letters of credit $ 2,419 $ 4,424 Commitments to extend credit Fixed $ 25,591 $ 21,993 Variable 120,185 118,328 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Regulatory Capital Ratios | The Company’s and the subsidiary Banks’ capital amounts and ratios as of December 31, 2019 are presented in the table below. To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Including 2.5% Capital Conservation Buffer Action Provisions Including 2.5% Capital Conservation Buffer 2019 Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk-weighted assets): Consolidated (1) $ 206,275 16.5 % $ 131,615 10.5 % $ 156,684 12.5 % Premier Bank, Inc. 144,793 15.8 96,248 10.5 114,581 12.5 Citizens Deposit Bank 47,466 14.1 35,387 10.5 42,128 12.5 Tier I Capital (to risk-weighted assets): Consolidated (1) $ 192,733 15.4 % $ 106,545 8.5 % $ 131,615 10.5 % Premier Bank, Inc. 133,609 14.6 77,915 8.5 96,248 10.5 Citizens Deposit Bank 45,108 13.4 28,647 8.5 35,387 10.5 Common Equity Tier I Capital (to risk-weighted assets): Consolidated (1) $ 186,733 14.9 % $ 87,743 7.0 % $ 112,812 9.0 % Premier Bank, Inc. 133,609 14.6 64,166 7.0 82,499 9.0 Citizens Deposit Bank 45,108 13.4 23,592 7.0 30,322 9.0 Tier I Capital (to average assets): Consolidated (1) $ 192,733 11.3 % $ 68,422 4 % $ 85,528 5 % Premier Bank, Inc. 133,609 11.3 47,240 4 59,051 5 Citizens Deposit Bank 45,108 8.5 21,128 4 26,410 5 (1) The Company’s and the subsidiary Banks’ capital amounts and ratios as of December 31, 2018 are presented in the table below. To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes (1) Action Provisions 2018 Amount Ratio Amount Ratio Amount Ratio Total Capital (to risk-weighted assets): Consolidated (2) $ 190,770 15.9 % $ 96,110 8 % $ 120,138 10 % Premier Bank, Inc. 141,302 15.4 73,320 8 91,650 10 Citizens Deposit Bank 42,284 14.8 22,852 8 28,565 10 Tier I Capital (to risk-weighted assets): Consolidated (2) $ 177,032 14.7 % $ 72,083 6 % $ 96,110 8 % Premier Bank, Inc. 130,428 14.2 54,990 6 73,320 8 Citizens Deposit Bank 39,420 13.8 17,139 6 22,852 8 Common Equity Tier I Capital (to risk-weighted assets): Consolidated (2) $ 171,032 14.2 % $ 54,062 4.5 % $ 78,090 6.5 % Premier Bank, Inc. 130,428 14.2 41,242 4.5 59,572 6.5 Citizens Deposit Bank 39,420 13.8 12,854 4.5 18,567 6.5 Tier I Capital (to average assets): Consolidated (2) $ 177,032 10.7 % $ 66,040 4 % $ 82,550 5 % Premier Bank, Inc. 130,428 10.8 48,368 4 60,460 5 Citizens Deposit Bank 39,420 9.0 17,571 4 21,964 5 (1) (2) |
PARENT COMPANY FINANCIAL STAT_2
PARENT COMPANY FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY FINANCIAL STATEMENTS [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 2019 2018 ASSETS Cash $ 13,184 $ 8,759 Investment in subsidiaries 232,509 215,888 Premises and equipment 622 271 Other assets 754 730 Total assets $ 247,069 $ 225,648 LIABILITIES AND STOCKHOLDERS’ EQUITY Other liabilities $ 1,392 $ 1,013 Other borrowed funds - 2,500 Subordinated debt 5,436 5,406 Total liabilities 6,828 8,919 Stockholders’ equity Common stock 133,795 133,248 Retained earnings 102,743 87,333 Accumulated other comprehensive income (loss) 3,703 (3,852 ) Total stockholders’ equity 240,241 216,729 Total liabilities and stockholders’ equity $ 247,069 $ 225,648 |
Condensed Statement of Operations | Condensed Statement of Operations Years Ended December 31 2019 2018 2017 Income Dividends from subsidiaries $ 19,050 $ 18,740 $ 12,565 Interest and dividend income 7 7 12 Other income 2,277 2,163 2,126 Total income 21,334 20,910 14,703 Expenses Interest expense on other borrowings 30 156 285 Interest expense on subordinated debt 369 352 295 Salaries and employee benefits 3,582 3,252 3,399 Occupancy and equipment expenses 438 394 299 Professional fees 443 689 303 Other expenses 591 659 387 Total expenses 5,453 5,502 4,968 Income before income taxes and equity in undistributed income of subsidiaries 15,881 15,408 9,735 Income tax (benefit) (699 ) (723 ) (1,012 ) Income before equity in undistributed income of subsidiaries 16,580 16,131 10,747 Equity in undistributed income of subsidiaries 7,616 4,037 4,072 Net income $ 24,196 $ 20,168 $ 14,819 |
Condensed Statement of Cash Flows | Condensed Statement of Cash Flows Years Ended December 31 2019 2018 2017 Cash flows from operating activities Net income $ 24,196 $ 20,168 $ 14,819 Adjustments to reconcile net income to net cash from operating activities Depreciation 78 93 89 Amortization 30 30 33 Stock compensation expense 301 252 217 Equity in undistributed earnings of subsidiaries (7,616 ) (4,037 ) (4,072 ) Change in other assets (24 ) (181 ) (123 ) Change in other liabilities 13 (43 ) 243 Net cash from operating activities 16,978 16,282 11,206 Cash flows from investing activities Investments in nonbank subsidiaries - - (250 ) Repayment of investments in nonbank subsidiaries 50 - - Investments in subsidiaries (1,500 ) - - Acquisition of subsidiary, net of cash received - (5,212 ) - Purchases of fixed assets, net of proceeds from asset sales (63 ) (80 ) (80 ) Net cash from investing activities (1,513 ) (5,292 ) (330 ) Cash flows from financing activities Cash dividends paid to shareholders (8,786 ) (7,805 ) (6,398 ) Cash in lieu of fractional shares - (13 ) - Proceeds from stock option exercises 246 193 317 Payments on other borrowed funds (2,500 ) (2,500 ) (3,600 ) Net cash from financing activities (11,040 ) (10,125 ) (9,681 ) Net change in cash and cash equivalents 4,425 865 1,195 Cash and cash equivalents at beginning of year 8,759 7,894 6,699 Cash and cash equivalents at end of year $ 13,184 $ 8,759 $ 7,894 |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] | |
Quarterly Financial Data (Unaudited) | Interest Net Interest Net Earnings Per Share Income Income Income Basic Diluted 2019 First Quarter $ 19,064 $ 16,835 $ 6,176 $ 0.42 $ 0.42 Second Quarter 19,106 16,655 5,859 0.40 0.40 Third Quarter 19,308 16,778 6,267 0.43 0.43 Fourth Quarter 19,100 16,633 5,894 0.40 0.40 2018 First Quarter $ 15,799 $ 14,635 $ 5,133 $ 0.38 $ 0.38 Second Quarter 15,753 14,419 4,375 0.33 0.32 Third Quarter 16,001 14,509 5,021 0.38 0.37 Fourth Quarter 18,268 16,191 5,639 0.39 0.39 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | Jun. 08, 2018 | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | ||||||||||||
Total Assets | $ 1,781,010 | $ 1,690,115 | $ 1,781,010 | $ 1,690,115 | ||||||||
Net Income | 5,894 | $ 6,267 | $ 5,859 | $ 6,176 | 5,639 | $ 5,021 | $ 4,375 | $ 5,133 | 24,196 | $ 20,168 | $ 14,819 | |
Stock split ratio | 1.25 | 1.25 | ||||||||||
Securities [Abstract] | ||||||||||||
Securities classified as held to maturity | 0 | 0 | $ 0 | $ 0 | ||||||||
Loans [Abstract] | ||||||||||||
Period of non-payment after which a loan is moved to nonaccrual status | 90 days | |||||||||||
Operating Segments [Abstract] | ||||||||||||
Number of reportable segments | Segment | 1 | |||||||||||
Adoption of New Accounting Standards [Abstract] | ||||||||||||
Operating lease right of use asset | $ 7,152 | $ 0 | $ 7,152 | $ 0 | ||||||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | ||||||||
Operating lease liability | $ 7,152 | $ 7,152 | ||||||||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | ||||||||
Minimum [Member] | ||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ||||||||||||
Estimated useful life of acquired intangible assets | 8 years | |||||||||||
Maximum [Member] | ||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ||||||||||||
Estimated useful life of acquired intangible assets | 10 years | |||||||||||
Premises [Member] | Minimum [Member] | ||||||||||||
Premises and Equipment [Abstract] | ||||||||||||
Useful Life | 7 years | |||||||||||
Premises [Member] | Maximum [Member] | ||||||||||||
Premises and Equipment [Abstract] | ||||||||||||
Useful Life | 40 years | |||||||||||
Equipment [Member] | Minimum [Member] | ||||||||||||
Premises and Equipment [Abstract] | ||||||||||||
Useful Life | 3 years | |||||||||||
Equipment [Member] | Maximum [Member] | ||||||||||||
Premises and Equipment [Abstract] | ||||||||||||
Useful Life | 15 years | |||||||||||
Citizens Deposit Bank & Trust [Member] | Vanceburg, Kentucky [Member] | ||||||||||||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | ||||||||||||
Year Acquired | 1991 | |||||||||||
Total Assets | $ 552,704 | $ 552,704 | ||||||||||
Net Income | $ 6,012 | |||||||||||
Premier Bank, Inc. [Member] | Huntington, West Virginia [Member] | ||||||||||||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | ||||||||||||
Year Acquired | 1998 | |||||||||||
Total Assets | 1,220,801 | $ 1,220,801 | ||||||||||
Net Income | 20,505 | |||||||||||
Parent and Intercompany Eliminations [Member] | ||||||||||||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | ||||||||||||
Total Assets | $ 7,505 | 7,505 | ||||||||||
Net Income | $ (2,321) | |||||||||||
Commercial Loans [Member] | ||||||||||||
Loans [Abstract] | ||||||||||||
Delinquent period after which interest income is discontinued on mortgage and loans | 90 days | |||||||||||
Consumer Loans [Member] | ||||||||||||
Loans [Abstract] | ||||||||||||
Past due period after which consumer loans are charged off | 120 days | 120 days | ||||||||||
ASU 2016-02 [Member] | ||||||||||||
Adoption of New Accounting Standards [Abstract] | ||||||||||||
Operating lease right of use asset | $ 7,600 | $ 7,600 | ||||||||||
Operating lease liability | $ 7,600 | $ 7,600 |
ACQUISITION OF FIRST NATIONAL_3
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON (Details) - USD ($) $ in Thousands | Jul. 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Abstract] | |||||
Goodwill | $ 47,640 | $ 47,640 | $ 35,371 | $ 35,371 | |
First National Bank of Jackson [Member] | |||||
Business Acquisition [Abstract] | |||||
Cash paid in acquisition | $ 14,600 | ||||
Goodwill | 0 | ||||
Bargain purchase gain | $ 0 | ||||
First National Bank of Jackson [Member] | Core Deposits [Member] | |||||
Business Acquisition [Abstract] | |||||
Estimated useful life | 10 years |
ACQUISITION OF FIRST NATIONAL_4
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON, Estimated Amortization of Core Deposit Intangible from Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 25, 2019 |
Estimated amortization of core deposit intangible [Abstract] | ||
2020 | $ 956 | |
2021 | 882 | |
2022 | 686 | |
2023 | 612 | |
2024 | 606 | |
Thereafter | $ 1,634 | |
First National Bank of Jackson [Member] | Core Deposits [Member] | ||
Estimated amortization of core deposit intangible [Abstract] | ||
2019 | $ 0 | |
2020 | 149 | |
2021 | 127 | |
2022 | 108 | |
2023 | 92 | |
2024 | 86 | |
Thereafter | 432 | |
Total core deposit intangible acquired | $ 994 |
ACQUISITION OF FIRST NATIONAL_5
ACQUISITION OF FIRST NATIONAL BANK OF JACKSON, Net Assets Acquired (Details) - First National Bank of Jackson [Member] $ in Thousands | Oct. 25, 2019USD ($) |
Net assets acquired via acquisition [Abstract] | |
Cash and due from banks | $ 4,589 |
Federal funds sold | 5,108 |
Securities available for sale | 44,747 |
Loans, net | 41,632 |
Premises and equipment | 1,177 |
Goodwill and other intangible assets | 994 |
Other assets | 2,548 |
Total assets acquired, net of cash paid | 100,795 |
Deposits | (85,606) |
Other liabilities | (629) |
Total liabilities assumed | (86,235) |
Net assets acquired | 14,560 |
Fair value of non-impaired loans acquired | 40,299 |
Gross contractual amounts receivable | $ 40,731 |
RESTRICTIONS ON CASH AND DUE _2
RESTRICTIONS ON CASH AND DUE FROM BANKS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
RESTRICTIONS ON CASH AND DUE FROM BANKS [Abstract] | ||
Balance requirement to be held in account at Federal Reserve | $ 0 | $ 0 |
SECURITIES (Details)
SECURITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | $ 386,066 | $ 370,607 |
Unrealized gains | 5,217 | 985 |
Unrealized losses | (529) | (5,861) |
Fair value | 390,754 | 365,731 |
U. S. Sponsored Agency MBS - Residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 276,013 | 259,575 |
Unrealized gains | 3,618 | 513 |
Unrealized losses | (322) | (4,846) |
Fair value | 279,309 | 255,242 |
U. S. Sponsored Agency CMO's - Residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 61,989 | 69,231 |
Unrealized gains | 768 | 94 |
Unrealized losses | (113) | (782) |
Fair value | 62,644 | 68,543 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 338,002 | 328,806 |
Unrealized gains | 4,386 | 607 |
Unrealized losses | (435) | (5,628) |
Fair value | 341,953 | 323,785 |
U.S. Government Sponsored Agency Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 30,538 | 24,154 |
Unrealized gains | 280 | 196 |
Unrealized losses | (88) | (180) |
Fair value | 30,730 | 24,170 |
Obligations of States and Political Subdivisions [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 15,570 | 14,194 |
Unrealized gains | 453 | 176 |
Unrealized losses | (6) | (43) |
Fair value | 16,017 | 14,327 |
Other Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 1,956 | 3,453 |
Unrealized gains | 98 | 6 |
Unrealized losses | 0 | (10) |
Fair value | $ 2,054 | $ 3,449 |
SECURITIES, By Contractual Matu
SECURITIES, By Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Pledged Securities [Abstract] | ||
Carrying value of securities pledged as collateral | $ 255,699 | $ 235,688 |
Amortized cost of available for sale securities by contractual maturity [Abstract] | ||
Due in one year or less | 9,436 | |
Due after one year through five years | 16,530 | |
Due after five years through ten years | 16,455 | |
Due after ten years | 5,643 | |
Amortized cost | 386,066 | 370,607 |
Fair value of available for sale securities by contractual maturity [Abstract] | ||
Due in one year or less | 9,455 | |
Due after one year through five years | 16,870 | |
Due after five years through ten years | 16,511 | |
Due after ten years | 5,965 | |
Fair value | 390,754 | 365,731 |
Mortgage-backed Securities of Government Sponsored Agencies [Member] | ||
Amortized cost of available for sale securities by contractual maturity [Abstract] | ||
Without single maturity date | 338,002 | |
Amortized cost | 338,002 | 328,806 |
Fair value of available for sale securities by contractual maturity [Abstract] | ||
Without single maturity date | 341,953 | |
Fair value | $ 341,953 | $ 323,785 |
SECURITIES, With Unrealized Los
SECURITIES, With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | $ 68,038 | $ 70,672 |
12 months or more | 25,702 | 199,688 |
Total | 93,740 | 270,360 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (292) | (300) |
12 months or more | (237) | (5,561) |
Total | (529) | (5,861) |
U.S. Government Sponsored Agency Securities [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 10,851 | 999 |
12 months or more | 3,957 | 11,057 |
Total | 14,808 | 12,056 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (84) | 0 |
12 months or more | (4) | (180) |
Total | (88) | (180) |
U.S. Government Sponsored Agency MBS - Residential [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 50,945 | 50,923 |
12 months or more | 12,930 | 158,791 |
Total | 63,875 | 209,714 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (199) | (243) |
12 months or more | (123) | (4,603) |
Total | (322) | (4,846) |
U.S. Government Sponsored Agency CMO's - Residential [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 4,376 | 16,359 |
12 months or more | 8,815 | 26,386 |
Total | 13,191 | 42,745 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (3) | (41) |
12 months or more | (110) | (741) |
Total | (113) | (782) |
Obligations of States and Political Subdivisions [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 1,866 | 679 |
12 months or more | 0 | 3,454 |
Total | 1,866 | 4,133 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (6) | (6) |
12 months or more | 0 | (37) |
Total | $ (6) | (43) |
Other Securities [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 1,712 | |
12 months or more | 0 | |
Total | 1,712 | |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (10) | |
12 months or more | 0 | |
Total | $ (10) |
LOANS, Major Classifications of
LOANS, Major Classifications of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 25, 2019 | Dec. 31, 2018 |
Major Classifications of Loans [Abstract] | |||
Loans | $ 1,195,295 | $ 1,149,301 | |
First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | $ 41,632 | ||
Residential Real Estate [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 389,985 | 381,027 | |
Residential Real Estate [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 15,156 | ||
Multifamily Real Estate [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 36,684 | 54,016 | |
Multifamily Real Estate [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 2,220 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 164,218 | 138,209 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 3,364 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 304,316 | 282,608 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 7,174 | ||
Commercial and Industrial [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 105,079 | 103,624 | |
Commercial and Industrial [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 4,133 | ||
Consumer [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 29,007 | 27,688 | |
Consumer [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 4,644 | ||
Construction and Land [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 136,138 | 128,926 | |
Construction and Land [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | 3,116 | ||
All Other [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | $ 29,868 | $ 33,203 | |
All Other [Member] | First National Bank of Jackson [Member] | |||
Major Classifications of Loans [Abstract] | |||
Loans | $ 1,825 |
LOANS, Related Party Loans (Det
LOANS, Related Party Loans (Details) - Directors and Executive Officers [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Activity with respect to all director and executive officer loans [Roll Forward] | |
Balance, beginning of period | $ 12,973 |
Additions, including loans now meeting disclosure requirements | 7,851 |
Amounts collected and loans no longer meeting disclosure requirements | (6,834) |
Balance, end of period | $ 13,990 |
LOANS, Activity in the Allowanc
LOANS, Activity in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | $ 13,738 | $ 12,104 | $ 10,836 |
Provision (credit) for loan losses | 1,250 | 2,315 | 2,499 |
Loans charged-off | (1,716) | (1,368) | (1,903) |
Recoveries | 270 | 687 | 672 |
Balance, end of period | 13,542 | 13,738 | 12,104 |
Residential Real Estate [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 1,808 | 2,986 | 2,948 |
Provision (credit) for loan losses | 73 | (967) | 439 |
Loans charged-off | (207) | (247) | (458) |
Recoveries | 37 | 36 | 57 |
Balance, end of period | 1,711 | 1,808 | 2,986 |
Multifamily Real Estate [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 1,649 | 978 | 785 |
Provision (credit) for loan losses | 298 | 676 | 693 |
Loans charged-off | 0 | (11) | (500) |
Recoveries | 7 | 6 | 0 |
Balance, end of period | 1,954 | 1,649 | 978 |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 2,120 | 1,653 | 1,543 |
Provision (credit) for loan losses | 880 | 491 | (100) |
Loans charged-off | (565) | (25) | (32) |
Recoveries | 6 | 1 | 242 |
Balance, end of period | 2,441 | 2,120 | 1,653 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 3,058 | 2,313 | 2,350 |
Provision (credit) for loan losses | 178 | 839 | (27) |
Loans charged-off | (57) | (98) | (10) |
Recoveries | 5 | 4 | 0 |
Balance, end of period | 3,184 | 3,058 | 2,313 |
Commercial and Industrial [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 1,897 | 1,101 | 1,140 |
Provision (credit) for loan losses | 232 | 1,298 | 51 |
Loans charged-off | (418) | (545) | (189) |
Recoveries | 56 | 43 | 99 |
Balance, end of period | 1,767 | 1,897 | 1,101 |
Consumer [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 351 | 328 | 347 |
Provision (credit) for loan losses | 81 | 121 | 132 |
Loans charged-off | (193) | (156) | (278) |
Recoveries | 42 | 58 | 127 |
Balance, end of period | 281 | 351 | 328 |
Construction and Land [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 2,255 | 2,408 | 1,397 |
Provision (credit) for loan losses | (517) | (533) | 1,130 |
Loans charged-off | (14) | (20) | (129) |
Recoveries | 0 | 400 | 10 |
Balance, end of period | 1,724 | 2,255 | 2,408 |
All Other [Member] | |||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | |||
Balance, beginning of period | 600 | 337 | 326 |
Provision (credit) for loan losses | 25 | 390 | 181 |
Loans charged-off | (262) | (266) | (307) |
Recoveries | 117 | 139 | 137 |
Balance, end of period | $ 480 | $ 600 | $ 337 |
LOANS, Purchased Loans (Details
LOANS, Purchased Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Purchased loans [Abstract] | |||
Total carrying amount | $ 7,981 | $ 11,296 | |
Contractual principal balance | 11,681 | 15,436 | |
Carrying amount, net of allowance | 7,981 | 11,296 | |
Increase in loan allowance related to acquisitions | 0 | 0 | |
Accretable Yield [Roll Forward] | |||
Beginning Balance | 642 | 754 | $ 1,208 |
New loans purchased | 371 | 139 | 0 |
Accretion of income | (180) | (134) | (249) |
Loans placed on non-accrual | (82) | (63) | 0 |
Income recognized upon full repayment | (79) | (38) | (205) |
Reclassifications from non-accretable difference | 0 | (16) | 0 |
Disposals | (53) | 0 | 0 |
Ending Balance | 619 | 642 | $ 754 |
Residential Real Estate [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 2,565 | 2,665 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 1,804 | 2,040 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 2,628 | 3,434 | |
Commercial and Industrial [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 305 | 1,720 | |
Consumer [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 22 | 0 | |
Construction and Land [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 483 | 1,212 | |
All Other [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 174 | $ 225 | |
First National Bank of Jackson [Member] | Purchased Loans [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 1,333 | ||
Accretable Yield [Roll Forward] | |||
Acquired loans contractually required payment | 1,704 | ||
Acquired loans expected cash flows | 1,384 | ||
First Bank of Charleston, Inc [Member] | Purchased Loans [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 7,641 | ||
Accretable Yield [Roll Forward] | |||
Acquired loans contractually required payment | 9,876 | ||
Acquired loans expected cash flows | $ 7,780 |
LOANS, Past Due and Non-perform
LOANS, Past Due and Non-performing Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | $ 18,368 | $ 21,073 |
Recorded Investment in Non-accrual Loans | 14,437 | 17,448 |
Loans Past Due Over 90 Days, still accruing | 2,228 | 1,086 |
Residential Real Estate [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 5,801 | 4,966 |
Recorded Investment in Non-accrual Loans | 4,618 | 3,708 |
Loans Past Due Over 90 Days, still accruing | 1,425 | 954 |
Multifamily Real Estate [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 4,113 | 4,127 |
Recorded Investment in Non-accrual Loans | 3,726 | 3,905 |
Loans Past Due Over 90 Days, still accruing | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 3,399 | 3,692 |
Recorded Investment in Non-accrual Loans | 2,995 | 3,436 |
Loans Past Due Over 90 Days, still accruing | 0 | 56 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 3,120 | 5,761 |
Recorded Investment in Non-accrual Loans | 1,852 | 4,592 |
Loans Past Due Over 90 Days, still accruing | 340 | 76 |
Commercial and Industrial [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 1,026 | 1,303 |
Recorded Investment in Non-accrual Loans | 420 | 625 |
Loans Past Due Over 90 Days, still accruing | 451 | 0 |
Consumer [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 364 | 292 |
Recorded Investment in Non-accrual Loans | 313 | 253 |
Loans Past Due Over 90 Days, still accruing | 9 | 0 |
Construction and Land [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 470 | 857 |
Recorded Investment in Non-accrual Loans | 440 | 856 |
Loans Past Due Over 90 Days, still accruing | 3 | 0 |
All Other [Member] | ||
Past due and non performing loans [Abstract] | ||
Principal Owed on Non-accrual Loans | 75 | 75 |
Recorded Investment in Non-accrual Loans | 73 | 73 |
Loans Past Due Over 90 Days, still accruing | $ 0 | $ 0 |
LOANS, Past Due Aging Analysis
LOANS, Past Due Aging Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | $ 1,195,295 | $ 1,149,301 |
Total Past Due | 25,213 | 20,653 |
Loans Not Past Due | 1,170,082 | 1,128,648 |
30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 15,064 | 10,790 |
Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 10,149 | 9,863 |
Residential Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 389,985 | 381,027 |
Total Past Due | 12,671 | 9,672 |
Loans Not Past Due | 377,314 | 371,355 |
Residential Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 9,479 | 7,078 |
Residential Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 3,192 | 2,594 |
Multifamily Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 36,684 | 54,016 |
Total Past Due | 3,726 | 110 |
Loans Not Past Due | 32,958 | 53,906 |
Multifamily Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 0 | 0 |
Multifamily Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 3,726 | 110 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 164,218 | 138,209 |
Total Past Due | 1,536 | 2,725 |
Loans Not Past Due | 162,682 | 135,484 |
Commercial Real Estate [Member] | Owner Occupied [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 337 | 124 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 1,199 | 2,601 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 304,316 | 282,608 |
Total Past Due | 1,855 | 3,473 |
Loans Not Past Due | 302,461 | 279,135 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 838 | 172 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 1,017 | 3,301 |
Commercial and Industrial [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 105,079 | 103,624 |
Total Past Due | 953 | 2,497 |
Loans Not Past Due | 104,126 | 101,127 |
Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 245 | 2,235 |
Commercial and Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 708 | 262 |
Consumer [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 29,007 | 27,688 |
Total Past Due | 539 | 359 |
Loans Not Past Due | 28,468 | 27,329 |
Consumer [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 309 | 247 |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 230 | 112 |
Construction and Land [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 136,138 | 128,926 |
Total Past Due | 3,860 | 1,198 |
Loans Not Past Due | 132,278 | 127,728 |
Construction and Land [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 3,856 | 388 |
Construction and Land [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 4 | 810 |
All Other [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Loans | 29,868 | 33,203 |
Total Past Due | 73 | 619 |
Loans Not Past Due | 29,795 | 32,584 |
All Other [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | 0 | 546 |
All Other [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total Past Due | $ 73 | $ 73 |
LOANS, Allowance for Loan Losse
LOANS, Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | $ 3,102 | $ 2,796 | ||
Collectively evaluated for impairment, allowance for loan losses | 10,440 | 10,942 | ||
Total allowance for loan losses | 13,542 | 13,738 | $ 12,104 | $ 10,836 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 11,413 | 19,043 | ||
Collectively evaluated for impairment, loan balances | 1,175,901 | 1,118,962 | ||
Total Loans | 1,195,295 | 1,149,301 | ||
Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 758 | 1,060 | ||
Total Loans | 7,981 | 11,296 | ||
Residential Real Estate [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,711 | 1,808 | ||
Total allowance for loan losses | 1,711 | 1,808 | 2,986 | 2,948 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 63 | 298 | ||
Collectively evaluated for impairment, loan balances | 387,357 | 378,064 | ||
Total Loans | 389,985 | 381,027 | ||
Residential Real Estate [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 2,565 | 2,665 | ||
Multifamily Real Estate [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 1,737 | 1,281 | ||
Collectively evaluated for impairment, allowance for loan losses | 217 | 368 | ||
Total allowance for loan losses | 1,954 | 1,649 | 978 | 785 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 3,726 | 3,905 | ||
Collectively evaluated for impairment, loan balances | 32,958 | 50,111 | ||
Total Loans | 36,684 | 54,016 | ||
Multifamily Real Estate [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 0 | 0 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 653 | 692 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,788 | 1,428 | ||
Total allowance for loan losses | 2,441 | 2,120 | 1,653 | 1,543 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 2,685 | 2,820 | ||
Collectively evaluated for impairment, loan balances | 159,729 | 133,349 | ||
Total Loans | 164,218 | 138,209 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 1,804 | 2,040 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 271 | 267 | ||
Collectively evaluated for impairment, allowance for loan losses | 2,913 | 2,791 | ||
Total allowance for loan losses | 3,184 | 3,058 | 2,313 | 2,350 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 3,830 | 10,111 | ||
Collectively evaluated for impairment, loan balances | 297,858 | 269,063 | ||
Total Loans | 304,316 | 282,608 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 2,628 | 3,434 | ||
Commercial and Industrial [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 390 | 414 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,377 | 1,483 | ||
Total allowance for loan losses | 1,767 | 1,897 | 1,101 | 1,140 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 678 | 558 | ||
Collectively evaluated for impairment, loan balances | 104,096 | 101,346 | ||
Total Loans | 105,079 | 103,624 | ||
Commercial and Industrial [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 305 | 1,720 | ||
Consumer [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 281 | 351 | ||
Total allowance for loan losses | 281 | 351 | 328 | 347 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 28,985 | 27,688 | ||
Total Loans | 29,007 | 27,688 | ||
Consumer [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 22 | 0 | ||
Construction and Land [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 51 | 142 | ||
Collectively evaluated for impairment, allowance for loan losses | 1,673 | 2,113 | ||
Total allowance for loan losses | 1,724 | 2,255 | 2,408 | 1,397 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 431 | 1,351 | ||
Collectively evaluated for impairment, loan balances | 135,224 | 126,363 | ||
Total Loans | 136,138 | 128,926 | ||
Construction and Land [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | 483 | 1,212 | ||
All Other [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||
Collectively evaluated for impairment, allowance for loan losses | 480 | 600 | ||
Total allowance for loan losses | 480 | 600 | $ 337 | $ 326 |
Loans Balances [Abstract] | ||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||
Collectively evaluated for impairment, loan balances | 29,694 | 32,978 | ||
Total Loans | 29,868 | 33,203 | ||
All Other [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for Loan Losses [Abstract] | ||||
Total allowance for loan losses | 0 | 0 | ||
Loans Balances [Abstract] | ||||
Total Loans | $ 174 | $ 225 |
LOANS, Individually Evaluated f
LOANS, Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | $ 5,506 | $ 11,616 |
Unpaid principal balance with an allowance recorded | 9,009 | 10,518 |
Unpaid principal balance, total | 14,515 | 22,134 |
Recorded investment with no related allowance recorded | 3,726 | 10,026 |
Recorded investment with an allowance recorded | 8,445 | 10,177 |
Recorded investment, total | 12,171 | 20,203 |
Allowance for loan losses allocated | 3,102 | 2,796 |
Purchased financing receivable individually evaluated for impairment | 11,413 | 19,043 |
Acquired with Deteriorated Credit Quality [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Purchased financing receivable individually evaluated for impairment | 758 | 1,060 |
Residential Real Estate [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 188 | 426 |
Recorded investment with no related allowance recorded | 63 | 298 |
Purchased financing receivable individually evaluated for impairment | 63 | 298 |
Multifamily Real Estate [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 96 | 110 |
Unpaid principal balance with an allowance recorded | 4,017 | 4,016 |
Recorded investment with no related allowance recorded | 89 | 110 |
Recorded investment with an allowance recorded | 3,637 | 3,795 |
Allowance for loan losses allocated | 1,737 | 1,281 |
Purchased financing receivable individually evaluated for impairment | 3,726 | 3,905 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 2,201 | 1,305 |
Unpaid principal balance with an allowance recorded | 1,189 | 2,523 |
Recorded investment with no related allowance recorded | 1,842 | 1,092 |
Recorded investment with an allowance recorded | 1,162 | 2,478 |
Allowance for loan losses allocated | 653 | 692 |
Purchased financing receivable individually evaluated for impairment | 2,685 | 2,820 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 2,512 | 8,458 |
Unpaid principal balance with an allowance recorded | 2,654 | 2,852 |
Recorded investment with no related allowance recorded | 1,732 | 7,740 |
Recorded investment with an allowance recorded | 2,537 | 2,781 |
Allowance for loan losses allocated | 271 | 267 |
Purchased financing receivable individually evaluated for impairment | 3,830 | 10,111 |
Commercial and Industrial [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 509 | 531 |
Unpaid principal balance with an allowance recorded | 689 | 562 |
Recorded investment with no related allowance recorded | 0 | 0 |
Recorded investment with an allowance recorded | 678 | 558 |
Allowance for loan losses allocated | 390 | 414 |
Purchased financing receivable individually evaluated for impairment | 678 | 558 |
Construction and Land [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 786 | |
Unpaid principal balance with an allowance recorded | 460 | 565 |
Recorded investment with no related allowance recorded | 786 | |
Recorded investment with an allowance recorded | 431 | 565 |
Allowance for loan losses allocated | 51 | 142 |
Purchased financing receivable individually evaluated for impairment | $ 431 | $ 1,351 |
LOANS, Average Balance of Loans
LOANS, Average Balance of Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | $ 17,038 | $ 20,208 | $ 29,310 |
Interest Income Recognized | 854 | 536 | 1,007 |
Cash Basis Interest Recognized | 855 | 527 | 986 |
Residential Real Estate [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 186 | 300 | 333 |
Interest Income Recognized | 0 | 0 | 3 |
Cash Basis Interest Recognized | 0 | 0 | 3 |
Multifamily Real Estate [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 3,803 | 2,534 | 11,376 |
Interest Income Recognized | 0 | 11 | 262 |
Cash Basis Interest Recognized | 0 | 11 | 246 |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 3,624 | 3,094 | 3,335 |
Interest Income Recognized | 14 | 57 | 74 |
Cash Basis Interest Recognized | 15 | 57 | 74 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 8,062 | 9,226 | 4,680 |
Interest Income Recognized | 712 | 412 | 213 |
Cash Basis Interest Recognized | 712 | 412 | 213 |
Commercial and Industrial [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 549 | 904 | 1,480 |
Interest Income Recognized | 4 | 22 | 123 |
Cash Basis Interest Recognized | 4 | 22 | 123 |
Construction and Land [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 814 | 3,977 | 7,804 |
Interest Income Recognized | 123 | 24 | 314 |
Cash Basis Interest Recognized | 123 | 15 | 309 |
All Other [Member] | |||
Impaired Financing Receivable, Interest Income, Accrual Method [Abstract] | |||
Average Recorded Investment | 0 | 173 | 302 |
Interest Income Recognized | 0 | 10 | 18 |
Cash Basis Interest Recognized | $ 0 | $ 10 | $ 18 |
LOANS, Troubled-Debt Restructur
LOANS, Troubled-Debt Restructurings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Troubled Debt Restructurings [Abstract] | ||
TDR's on Non-accrual | $ 5,021 | $ 5,980 |
Other TDR's | 3,020 | 6,283 |
Total TDR's | 8,041 | 12,263 |
Specific reserves allocated to loans that have restructured terms | 2,471 | 1,630 |
Provision for loan losses on restructured loans | 929 | 657 |
Commitments to lend additional amounts to borrowers | 0 | 0 |
Residential Real Estate [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
TDR's on Non-accrual | 32 | 347 |
Other TDR's | 157 | 97 |
Total TDR's | 189 | 444 |
Multifamily Real Estate [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
TDR's on Non-accrual | 3,636 | 3,795 |
Other TDR's | 0 | 0 |
Total TDR's | 3,636 | 3,795 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
TDR's on Non-accrual | 1,162 | 1,647 |
Other TDR's | 207 | 222 |
Total TDR's | 1,369 | 1,869 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
TDR's on Non-accrual | 0 | 0 |
Other TDR's | 2,656 | 5,964 |
Total TDR's | 2,656 | 5,964 |
Commercial and Industrial [Member] | ||
Troubled Debt Restructurings [Abstract] | ||
TDR's on Non-accrual | 191 | 191 |
Other TDR's | 0 | 0 |
Total TDR's | $ 191 | $ 191 |
LOANS, TDR's Modified during Pe
LOANS, TDR's Modified during Period (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
TDR's Modified During Period [Abstract] | ||
Number of loans | Loan | 0 | 0 |
TDR's with payment defaults within 12 months after modification | $ | $ 0 | $ 0 |
LOANS, Risk Category of Loans b
LOANS, Risk Category of Loans by Class of Loans, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 1,195,295 | $ 1,149,301 |
Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 389,985 | 381,027 |
Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 36,684 | 54,016 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 164,218 | 138,209 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 304,316 | 282,608 |
Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 105,079 | 103,624 |
Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 29,007 | 27,688 |
Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 136,138 | 128,926 |
All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 29,868 | 33,203 |
Pass [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,128,603 | 1,066,921 |
Pass [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 374,835 | 369,808 |
Pass [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 28,103 | 45,187 |
Pass [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 152,695 | 126,422 |
Pass [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 290,096 | 262,149 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 101,085 | 96,066 |
Pass [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 28,618 | 27,344 |
Pass [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 123,473 | 107,196 |
Pass [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 29,698 | 32,749 |
Special Mention [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 36,735 | 44,207 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 3,477 | 1,376 |
Special Mention [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 4,855 | 4,924 |
Special Mention [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 5,123 | 4,840 |
Special Mention [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 8,617 | 7,647 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 2,693 | 5,280 |
Special Mention [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 5 | 31 |
Special Mention [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 11,868 | 19,728 |
Special Mention [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 97 | 381 |
Substandard [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 29,957 | 38,011 |
Substandard [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 11,673 | 9,681 |
Substandard [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 3,726 | 3,905 |
Substandard [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 6,400 | 6,947 |
Substandard [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 5,603 | 12,812 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,301 | 2,278 |
Substandard [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 384 | 313 |
Substandard [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 797 | 2,002 |
Substandard [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 73 | 73 |
Doubtful [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 162 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 162 |
Doubtful [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 0 | $ 0 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Premises and Equipment [Abstract] | ||
Premises and equipment, gross | $ 47,061 | $ 45,280 |
Less: accumulated depreciation | (16,956) | (15,895) |
Premises and equipment, net | 30,105 | 29,385 |
Right of use asset related to operating leases (detailed below) | 7,152 | 0 |
Premises and equipment, net | $ 37,257 | $ 29,385 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet |
Operating Leases [Abstract] | ||
Weighed average remaining lease term | 9 years 4 months 24 days | |
Weighted average discount rate used in measurement of operating lease liabilities | 2.21% | |
Lease Expenses [Abstract] | ||
Total lease expense | $ 1,241 | |
Short-term lease expense | 103 | |
Operating lease expense | 1,138 | |
Future Minimum Rental Commitments under Operating Leases [Abstract] | ||
2020 | 1,059 | |
2021 | 1,013 | |
2022 | 995 | |
2023 | 778 | |
2024 | 678 | |
2025 and thereafter | 3,495 | |
Total undiscounted cash flows | 8,018 | |
Discounted cash flows | (866) | |
Total lease liability | $ 7,152 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Minimum [Member] | ||
Operating Leases [Abstract] | ||
Term of leases | 2 years | |
Maximum [Member] | ||
Operating Leases [Abstract] | ||
Term of leases | 16 years | |
Land and Improvements [Member] | ||
Premises and Equipment [Abstract] | ||
Premises and equipment, gross | $ 7,500 | $ 7,200 |
Buildings and Leasehold Improvements [Member] | ||
Premises and Equipment [Abstract] | ||
Premises and equipment, gross | 26,777 | 26,033 |
Furniture and Equipment [Member] | ||
Premises and Equipment [Abstract] | ||
Premises and equipment, gross | 12,224 | 11,623 |
Assets Purchased not yet Placed in Service [Member] | ||
Premises and Equipment [Abstract] | ||
Premises and equipment, gross | $ 560 | $ 424 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Beginning of year | $ 47,640 | $ 35,371 | $ 35,371 |
Acquired goodwill | 0 | 12,269 | 0 |
Impairment | 0 | 0 | 0 |
End of year | 47,640 | 47,640 | 35,371 |
Other Intangible Assets [Abstract] | |||
Aggregate intangible amortization expense | 885 | 778 | $ 974 |
Estimated amortization expense [Abstract] | |||
2020 | 956 | ||
2021 | 882 | ||
2022 | 686 | ||
2023 | 612 | ||
2024 | 606 | ||
Thereafter | 1,634 | ||
Total | 5,376 | 5,268 | |
Core Deposits [Member] | |||
Other Intangible Assets [Abstract] | |||
Gross carrying amount | 8,702 | 7,708 | |
Accumulated amortization | $ (3,326) | $ (2,440) |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Time deposits maturity schedule [Abstract] | ||
2020 | $ 300,312 | |
2021 | 90,665 | |
2022 | 13,754 | |
2023 | 10,162 | |
2024 | 10,244 | |
Thereafter | 5 | |
Total | 425,142 | |
Time deposits from certain directors and executive officers | $ 11,355 | $ 6,724 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] | ||
Year-end balance | $ 20,428 | $ 22,062 |
Average balance during the year | $ 21,704 | $ 22,343 |
Average interest rate during the year | 0.32% | 0.14% |
Maximum month-end balance during the year | $ 23,020 | $ 25,067 |
Weighted average interest rate at year-end | 0.49% | 0.14% |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)Advance | Dec. 31, 2018USD ($)Advance | Dec. 31, 2017USD ($) | Oct. 12, 2018USD ($) | |
Federal Home Loan Bank Advances [Abstract] | ||||
Payments for FHLBank advance | $ 2,500 | $ 19,500 | $ 0 | |
Average interest rate | 2.08% | 2.05% | ||
FHLB borrowings with original maturities greater than one-year | $ 6,375 | $ 8,819 | ||
Minimum [Member] | ||||
Federal Home Loan Bank Advances [Abstract] | ||||
Interest rate | 1.77% | 1.73% | ||
Maximum [Member] | ||||
Federal Home Loan Bank Advances [Abstract] | ||||
Interest rate | 2.33% | 2.33% | ||
FHLB-Cin [Member] | ||||
Federal Home Loan Bank Advances [Abstract] | ||||
Federal Home Loan Bank Advances, borrowing capacity | $ 51,596 | |||
FHLB-Pitt [Member] | ||||
Federal Home Loan Bank Advances [Abstract] | ||||
Federal Home Loan Bank Advances, borrowing capacity | $ 452,840 | |||
Federal Home Loan Bank Advances, assumed | $ 28,400 | |||
Number of advances from FHLB paid off | Advance | 2 | 7 | ||
Payments for FHLBank advance | $ 2,500 | $ 19,500 |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Details) - First National Bankshares Corporation [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instruments [Abstract] | ||
Junior subordinated debenture issued | $ 6,186 | |
Effective interest rate | 4.884% | 5.427% |
Maturity date | Apr. 24, 2034 | |
Debt redemption price percentage | 100.00% | |
Investment in common stock | $ 186 | $ 186 |
LIBOR [Member] | ||
Debt Instruments [Abstract] | ||
Term of variable rate | 3 months | |
Basis spread on variable interest rate | 2.95% |
NOTES PAYABLE AND OTHER BORRO_2
NOTES PAYABLE AND OTHER BORROWED FUNDS (Details) - First Guaranty Bank of Hammond, Louisiana [Member] - Term Borrowing [Member] $ in Thousands | Aug. 26, 2015USD ($)Payment | Jun. 30, 2012 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instruments [Abstract] | ||||
Borrowing date | Aug. 26, 2015 | |||
Initial borrowing amount | $ 12,000 | |||
Interest rate | 4.00% | |||
Frequency of periodic payment | monthly | |||
Number of periodic payments | Payment | 59 | |||
Periodic payment, principal | $ 143 | |||
Balloon payment | 3,575 | |||
Maturity date | Aug. 26, 2020 | |||
Term note disbursement amount | 11,946 | |||
Term note unused borrowing amount | $ 54 | |||
Percentage of voting stock owned in lending bank by related party | 23.80% | |||
Outstanding principal balance | $ 0 | $ 2,500 | ||
Collateral pledge of subsidiary | 25.00% | |||
Previous Promissory Note to First Guaranty [Member] | ||||
Debt Instruments [Abstract] | ||||
Proceeds used to pay off other borrowings | $ 4,500 | |||
Term Note to Bankers' Bank [Member] | ||||
Debt Instruments [Abstract] | ||||
Proceeds used to pay off other borrowings | 5,400 | |||
Line of Credit with Bankers' Bank [Member] | ||||
Debt Instruments [Abstract] | ||||
Proceeds used to pay off other borrowings | $ 2,000 |
NOTES PAYABLE AND OTHER BORRO_3
NOTES PAYABLE AND OTHER BORROWED FUNDS, Line of Credit Facility (Details) - USD ($) $ in Thousands | Sep. 24, 2018 | Dec. 31, 2019 | Jun. 28, 2019 | Jun. 27, 2019 | Dec. 31, 2018 |
Line of Credit Extension [Member] | Prime Rate [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Description of variable rate basis | Wall Street Journal prime rate | ||||
First Guaranty Bank of Hammond, Louisiana [Member] | Line of Credit Extension [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Initial borrowing date | Jun. 30, 2012 | ||||
Maximum borrowing capacity | $ 6,000 | $ 3,000 | |||
Outstanding balance | $ 0 | $ 0 | |||
First Guaranty Bank of Hammond, Louisiana [Member] | Line of Credit Extension [Member] | Prime Rate [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Variable interest rate basis | 4.75% | ||||
Interest rate floor | 4.25% | ||||
First Guaranty Bank of Hammond, Louisiana [Member] | Line of Credit Extension Two [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Expiration date | Jun. 30, 2022 | ||||
Bankers' Bank of Kentucky, Inc. of Frankfort Kentucky [Member] | Line of Credit [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Initial borrowing date | Sep. 24, 2019 | ||||
Expiration date | Sep. 7, 2020 | ||||
Maximum borrowing capacity | $ 5,000 | ||||
Description of variable rate basis | JP Morgan Chase prime rate | ||||
Collateral pledge of subsidiary | 100.00% | ||||
Outstanding balance | $ 0 | $ 0 | |||
Bankers' Bank of Kentucky, Inc. of Frankfort Kentucky [Member] | Line of Credit [Member] | Prime Rate [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Variable interest rate basis | 4.75% | ||||
Interest rate floor | 4.50% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of the provision (benefit) for income taxes [Abstract] | |||
Current | $ 6,476 | $ 5,782 | $ 7,809 |
Write-off of deferred tax asset related to 2017 Tax Cuts and Jobs Act | 0 | 0 | 145 |
Deferred | 563 | 120 | 637 |
Change in valuation allowance | (14) | (4) | 16 |
Provision for income taxes | 7,025 | 5,898 | 8,607 |
Deferred tax assets [Abstract] | |||
Allowance for loan losses | 2,969 | 2,884 | |
Purchase accounting adjustments | 605 | 963 | |
Net operating loss carryforward | 453 | 333 | |
Alternative minimum tax credit carryforward | 3 | 125 | |
Write-downs of other real estate owned | 374 | 235 | |
Taxable income on non-accrual loans | 981 | 896 | |
Accrued expenses | 278 | 235 | |
Unrealized loss on investment securities | 0 | 1,024 | |
Other | 16 | 15 | |
Total deferred tax assets | 5,679 | 6,710 | |
Deferred tax liabilities [Abstract] | |||
Amortization of intangibles | (3,072) | (3,063) | |
Depreciation | (1,320) | (1,106) | |
Federal Home Loan Bank dividends | (267) | (224) | |
Deferred loan fees | (588) | (499) | |
Unrealized gain on investment securities | (984) | 0 | |
Other | (101) | (105) | |
Total deferred tax liabilities | (6,332) | (4,997) | |
Valuation allowance on deferred tax assets | (158) | (172) | |
Net deferred taxes | 1,541 | ||
Net deferred taxes | (811) | ||
Analysis of the Differences Between the Effective Tax Rates and the Statutory U.S. Federal Income Tax Rate [Abstract] | |||
U.S. federal income tax rate | 6,556 | 5,474 | 8,200 |
Change in deferred taxes related to decrease in future federal tax rate | 0 | 0 | 145 |
State income taxes, net | 693 | 518 | 503 |
Tax-exempt interest income | (163) | (143) | (239) |
Non-deductible interest expense related to carrying tax-exempt interest earning assets | 15 | 11 | 13 |
Non-deductible stock compensation expense, net | 28 | 12 | (35) |
Tax credits, net | (134) | (71) | (42) |
Change in valuation allowance | 14 | 4 | 16 |
Other | 16 | 93 | 46 |
Provision for income taxes | $ 7,025 | $ 5,898 | $ 8,607 |
Analysis of the Differences Between the Effective Tax Rate and the U.S. Federal Income Tax Rate [Abstract] | |||
U.S. federal income tax rate | 21.00% | 21.00% | 35.00% |
Changes from the statutory rate [Abstract] | |||
Change in deferred taxes related to decrease in future federal tax rate | 0 | 0 | 0.006 |
State income taxes, net | 2.20% | 2.00% | 2.10% |
Tax-exempt interest income | (0.50%) | (0.50%) | (1.00%) |
Non-deductible interest expense related to carrying tax-exempt interest earning assets | 0.00% | 0.00% | 0.10% |
Non-deductible stock compensation expense, net | 0.10% | 0.00% | (0.20%) |
Tax credits, net | (0.40%) | (0.30%) | (0.20%) |
Change in valuation allowance | 0.00% | 0.00% | 0.10% |
Other | 0.10% | 0.40% | 0.20% |
Provision for income taxes | 22.50% | 22.60% | 36.70% |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Income tax penalties expense | $ 0 | $ 0 | $ 0 |
Interest on income taxes expense | 0 | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Income tax penalties accrued | 0 | 0 | 0 |
Interest on income taxes accrued | 0 | 0 | $ 0 |
Federal [Member] | |||
Operating Loss Carryforwards [Abstract] | |||
Operating loss carryforwards | $ 1,407 | ||
Expiration dates | Dec. 31, 2022 | ||
Various States [Member] | |||
Operating Loss Carryforwards [Abstract] | |||
Operating loss carryforwards | $ 2,425 | ||
Expiration dates | Dec. 31, 2022 | ||
District of Columbia [Member] | |||
Operating Loss Carryforwards [Abstract] | |||
Valuation allowance for net operating loss carryforwards not expected to be utilized before expiration | $ 158 | $ 172 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |||
Total contributions to the plans | $ 587 | $ 557 | $ 485 |
STOCK COMPENSATION EXPENSE (Det
STOCK COMPENSATION EXPENSE (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 17, 2019 | Mar. 20, 2019 | Apr. 25, 2018 | Mar. 21, 2018 | Apr. 19, 2017 | Mar. 15, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2012 |
Stock Compensation Expense [Abstract] | ||||||||||
Grants (in shares) | 72,075 | 67,875 | 69,375 | |||||||
Grants (in dollars per share) | $ 15.57 | $ 15.12 | $ 15.21 | |||||||
Stock price volatility calculation base term | 3 years | |||||||||
Compensation expense | $ 301 | $ 252 | $ 217 | |||||||
Unrecognized stock-based compensation expense | $ 129 | |||||||||
Unrecognized stock-based compensation, period of recognition | 26 months | |||||||||
2012 Long Term Incentive Plan [Member] | ||||||||||
Stock Compensation Expense [Abstract] | ||||||||||
Number of shares authorized (in shares) | 687,500 | |||||||||
Stock based incentive programs over the subsequent years | 10 years | |||||||||
2012 Long Term Incentive Plan [Member] | President and CEO [Member] | Stock Options [Member] | ||||||||||
Stock Compensation Expense [Abstract] | ||||||||||
Grants (in shares) | 7,500 | 7,500 | 7,500 | |||||||
Fair value of shares granted (in dollars per share) | $ 16.78 | $ 15.82 | $ 16.56 | |||||||
Compensation expense | $ 126 | $ 119 | $ 124 | |||||||
2012 Long Term Incentive Plan [Member] | Granted on March 20, 2019 [Member] | Stock Options [Member] | ||||||||||
Stock Compensation Expense [Abstract] | ||||||||||
Grants (in shares) | 72,075 | |||||||||
Grants (in dollars per share) | $ 15.57 | |||||||||
Stock option vesting period | 3 years | |||||||||
2012 Long Term Incentive Plan [Member] | Granted On March 21, 2018 [Member] | Stock Options [Member] | ||||||||||
Stock Compensation Expense [Abstract] | ||||||||||
Grants (in shares) | 67,875 | |||||||||
Grants (in dollars per share) | $ 15.12 | |||||||||
Stock option vesting period | 3 years | |||||||||
2012 Long Term Incentive Plan [Member] | Granted on March 15, 2017 [Member] | Stock Options [Member] | ||||||||||
Stock Compensation Expense [Abstract] | ||||||||||
Grants (in shares) | 69,375 | |||||||||
Grants (in dollars per share) | $ 15.21 | |||||||||
Stock option vesting period | 3 years |
STOCK COMPENSATION EXPENSE, Ass
STOCK COMPENSATION EXPENSE, Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions used in the Black-Scholes option-pricing model [Abstract] | |||
Risk-free interest rate | 2.34% | 2.69% | 2.02% |
Expected option life | 5 years 5 months 1 day | 5 years 4 months 13 days | 5 years 4 months 10 days |
Expected stock price volatility | 28.45% | 22.47% | 18.40% |
Dividend yield | 3.85% | 3.17% | 3.16% |
Weighted average fair value of options granted during the year (in dollars per share) | $ 2.91 | $ 2.49 | $ 2.32 |
STOCK COMPENSATION EXPENSE, Sto
STOCK COMPENSATION EXPENSE, Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options [Roll Forward] | |||
Outstanding at beginning of year (in shares) | 298,383 | 262,811 | 254,988 |
Grants (in shares) | 72,075 | 67,875 | 69,375 |
Exercises (in shares) | (26,979) | (28,151) | (40,364) |
Forfeitures or expired (in shares) | (10,838) | (4,152) | (21,188) |
Outstanding at year-end (in shares) | 332,641 | 298,383 | 262,811 |
Exercisable at year-end (in shares) | 200,123 | 172,577 | 145,134 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of year (in dollars per share) | $ 11.66 | $ 10.63 | $ 9.23 |
Grants (in dollars per share) | 15.57 | 15.12 | 15.21 |
Exercises (in dollars per share) | 10.13 | 10.12 | 9.10 |
Forfeitures or expired (in dollars per share) | 14.21 | 13.91 | 11.71 |
Outstanding at end of period (in dollars per share) | 12.54 | 11.66 | 10.63 |
Exercisable (in dollars per share) | $ 10.67 | $ 9.55 | $ 8.53 |
Weighted average remaining life of options outstanding | 5 years | 5 years 2 months 12 days | 4 years 3 months 18 days |
STOCK COMPENSATION EXPENSE, Aut
STOCK COMPENSATION EXPENSE, Authorized Stock Options By Exercise Price Range (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Additional Information Regarding Stock Options Outstanding and Exercisable [Abstract] | |
Outstanding, Number (in shares) | shares | 332,641 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 12.54 |
Outstanding, Aggregate Intrinsic Value | $ | $ 1,862 |
Currently Exercisable, Number (in shares) | shares | 200,123 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 6 years 6 months |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.67 |
Currently Exercisable, Aggregate Intrinsic Value | $ | $ 1,495 |
$4.00 to $6.00 [Member] | |
Additional Information Regarding Stock Options Outstanding and Exercisable [Abstract] | |
Range of Exercise Prices, lower range limit (in dollars per share) | $ 4 |
Range of Exercise Prices, upper range limit (in dollars per share) | $ 6 |
Outstanding, Number (in shares) | shares | 32,276 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 5.28 |
Outstanding, Aggregate Intrinsic Value | $ | $ 415 |
Currently Exercisable, Number (in shares) | shares | 32,276 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 1 year 9 months 18 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.28 |
Currently Exercisable, Aggregate Intrinsic Value | $ | $ 415 |
$6.01 to $8.00 [Member] | |
Additional Information Regarding Stock Options Outstanding and Exercisable [Abstract] | |
Range of Exercise Prices, lower range limit (in dollars per share) | $ 6.01 |
Range of Exercise Prices, upper range limit (in dollars per share) | $ 8 |
Outstanding, Number (in shares) | shares | 4,814 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6.47 |
Outstanding, Aggregate Intrinsic Value | $ | $ 56 |
Currently Exercisable, Number (in shares) | shares | 4,814 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 2 months 12 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 6.47 |
Currently Exercisable, Aggregate Intrinsic Value | $ | $ 56 |
$8.01 to $10.00 [Member] | |
Additional Information Regarding Stock Options Outstanding and Exercisable [Abstract] | |
Range of Exercise Prices, lower range limit (in dollars per share) | $ 8.01 |
Range of Exercise Prices, upper range limit (in dollars per share) | $ 10 |
Outstanding, Number (in shares) | shares | 15,715 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.28 |
Outstanding, Aggregate Intrinsic Value | $ | $ 155 |
Currently Exercisable, Number (in shares) | shares | 15,715 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 3 years 2 months 12 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.28 |
Currently Exercisable, Aggregate Intrinsic Value | $ | $ 155 |
$10.01 to $12.00 [Member] | |
Additional Information Regarding Stock Options Outstanding and Exercisable [Abstract] | |
Range of Exercise Prices, lower range limit (in dollars per share) | $ 10.01 |
Range of Exercise Prices, upper range limit (in dollars per share) | $ 12 |
Outstanding, Number (in shares) | shares | 96,595 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 10.70 |
Outstanding, Aggregate Intrinsic Value | $ | $ 719 |
Currently Exercisable, Number (in shares) | shares | 96,595 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 5 years 3 months 18 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.70 |
Currently Exercisable, Aggregate Intrinsic Value | $ | $ 719 |
$12.01 to $16.00 [Member] | |
Additional Information Regarding Stock Options Outstanding and Exercisable [Abstract] | |
Range of Exercise Prices, lower range limit (in dollars per share) | $ 12.01 |
Range of Exercise Prices, upper range limit (in dollars per share) | $ 16 |
Outstanding, Number (in shares) | shares | 183,241 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 15.32 |
Outstanding, Aggregate Intrinsic Value | $ | $ 517 |
Currently Exercisable, Number (in shares) | shares | 50,723 |
Currently Exercisable, Weighted Average Remaining Contractual Life | 8 years 3 months 18 days |
Currently Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 15.18 |
Currently Exercisable, Aggregate Intrinsic Value | $ | $ 150 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Director | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Beneficial Ownership [Member] | |||
Related Party Transactions [Abstract] | |||
Expenses paid by the company to related parties | $ 752 | $ 742 | $ 468 |
Number of board of directors | Director | 2 | ||
Beneficial Ownership [Member] | Minimum [Member] | |||
Related Party Transactions [Abstract] | |||
Ownership percentage | 50.00% | ||
Board of Directors [Member] | |||
Related Party Transactions [Abstract] | |||
Rent expense | $ 52 | $ 52 | $ 52 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic earnings per share [Abstract] | |||||||||||
Income available to common stockholders | $ 24,196 | $ 20,168 | $ 14,819 | ||||||||
Weighted average common shares outstanding (in shares) | 14,639,775 | 13,634,439 | 13,322,716 | ||||||||
Earnings per share (in dollars per share) | $ 0.40 | $ 0.43 | $ 0.40 | $ 0.42 | $ 0.39 | $ 0.38 | $ 0.33 | $ 0.38 | $ 1.65 | $ 1.48 | $ 1.11 |
Diluted earnings per share [Abstract] | |||||||||||
Income available to common stockholders | $ 24,196 | $ 20,168 | $ 14,819 | ||||||||
Weighted average common shares outstanding (in shares) | 14,639,775 | 13,634,439 | 13,322,716 | ||||||||
Add dilutive effects of potential additional common stock (in shares) | 83,367 | 102,179 | 97,398 | ||||||||
Weighted average common and dilutive potential Common shares outstanding (in shares) | 14,723,142 | 13,736,618 | 13,420,114 | ||||||||
Earnings per share assuming dilution (in dollars per share) | $ 0.40 | $ 0.43 | $ 0.40 | $ 0.42 | $ 0.39 | $ 0.37 | $ 0.32 | $ 0.38 | $ 1.64 | $ 1.47 | $ 1.10 |
Stock Options [Member] | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Securities not considered in computing diluted earnings per share (in shares) | 0 | 0 | 0 |
FAIR VALUE, Carrying Amount and
FAIR VALUE, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets [Abstract] | ||
Securities available for sale | $ 390,754 | $ 365,731 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 88,556 | 62,903 |
Time deposits with other banks | 598 | 1,094 |
Federal funds sold | 5,902 | 17,872 |
Securities available for sale | 390,754 | 365,731 |
Loans, net | 1,181,753 | 1,135,563 |
Federal Home Loan Bank stock | 4,450 | 3,628 |
Interest receivable | 4,699 | 4,295 |
Financial liabilities [Abstract] | ||
Deposits | (1,495,753) | (1,430,127) |
Securities sold under agreements to repurchase | (20,428) | (22,062) |
FHLB advances | (6,375) | (8,819) |
Other borrowed funds | (2,500) | |
Subordinated Debt | (5,436) | (5,406) |
Interest payable | (912) | (733) |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 88,556 | 62,903 |
Time deposits with other banks | 599 | 1,085 |
Federal funds sold | 5,902 | 17,872 |
Securities available for sale | 390,754 | 365,731 |
Loans, net | 1,172,575 | 1,121,517 |
Interest receivable | 4,699 | 4,295 |
Financial liabilities [Abstract] | ||
Deposits | (1,495,496) | (1,423,926) |
Securities sold under agreements to repurchase | (20,428) | (22,062) |
FHLB advances | (6,406) | (8,688) |
Other borrowed funds | (2,478) | |
Subordinated Debt | (5,527) | (5,509) |
Interest payable | (912) | (733) |
Fair Value [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 88,556 | 62,903 |
Time deposits with other banks | 0 | 0 |
Federal funds sold | 5,902 | 17,872 |
Securities available for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 4 | 0 |
Financial liabilities [Abstract] | ||
Deposits | (1,070,610) | (1,039,430) |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB advances | 0 | 0 |
Other borrowed funds | 0 | |
Subordinated Debt | 0 | 0 |
Interest payable | (15) | (22) |
Fair Value [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Time deposits with other banks | 599 | 1,085 |
Federal funds sold | 0 | 0 |
Securities available for sale | 390,754 | 365,231 |
Loans, net | 0 | 0 |
Interest receivable | 1,110 | 1,032 |
Financial liabilities [Abstract] | ||
Deposits | (424,886) | (384,496) |
Securities sold under agreements to repurchase | (20,428) | (22,062) |
FHLB advances | (6,406) | (8,688) |
Other borrowed funds | (2,478) | |
Subordinated Debt | (5,527) | (5,509) |
Interest payable | (897) | (711) |
Fair Value [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 0 | 500 |
Loans, net | 1,172,575 | 1,121,517 |
Interest receivable | 3,585 | 3,263 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB advances | 0 | 0 |
Other borrowed funds | 0 | |
Subordinated Debt | 0 | 0 |
Interest payable | $ 0 | $ 0 |
FAIR VALUE, Assets and Liabilit
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale [Abstract] | ||
Securities available for sale | $ 390,754 | $ 365,731 |
Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 390,754 | 365,731 |
Fair Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 390,754 | 365,731 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 390,754 | 365,231 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 500 |
U. S. Sponsored Agency MBS - Residential [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 279,309 | 255,242 |
U. S. Sponsored Agency CMO's - Residential [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 62,644 | 68,543 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 341,953 | 323,785 |
U.S. Government Sponsored Agency Securities [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 30,730 | 24,170 |
Obligations of States and Political Subdivisions [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 16,017 | 14,327 |
Other Securities [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 2,054 | 3,449 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 390,754 | 365,731 |
Recurring [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 390,754 | 365,231 |
Recurring [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 500 |
Recurring [Member] | U. S. Sponsored Agency MBS - Residential [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 279,309 | 255,242 |
Recurring [Member] | U. S. Sponsored Agency MBS - Residential [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U. S. Sponsored Agency MBS - Residential [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 279,309 | 255,242 |
Recurring [Member] | U. S. Sponsored Agency MBS - Residential [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U. S. Sponsored Agency CMO's - Residential [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 62,644 | 68,543 |
Recurring [Member] | U. S. Sponsored Agency CMO's - Residential [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U. S. Sponsored Agency CMO's - Residential [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 62,644 | 68,543 |
Recurring [Member] | U. S. Sponsored Agency CMO's - Residential [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 341,953 | 323,785 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 341,953 | 323,785 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 30,730 | 24,170 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 30,730 | 24,170 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 16,017 | 14,327 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 16,017 | 14,327 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Other Securities [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 2,054 | 3,449 |
Recurring [Member] | Other Securities [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Other Securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | 2,054 | 2,949 |
Recurring [Member] | Other Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Securities available for sale | $ 0 | $ 500 |
FAIR VALUE, Unobservable Input
FAIR VALUE, Unobservable Input Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of recurring Level 3 assets at beginning of period | $ 500 |
Total gains or losses (realized/unrealized) [Abstract] | |
Included in earnings - realized | 0 |
Included in earnings - unrealized | 0 |
Included in other comprehensive income | 0 |
Purchases, sales, issuances and settlements, net | (500) |
Transfers in and/or out of Level 3 | 0 |
Balance of recurring Level 3 assets at period-end | $ 0 |
FAIR VALUE, Assets and Liabil_2
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Assets [Abstract] | ||
Total impaired loans | $ 5,343 | $ 7,381 |
Total OREO | 10,875 | 11,766 |
Impaired Loans, Additional Disclosure [Abstract] | ||
Recorded investment in impaired loans carried at fair value | 8,445 | 10,177 |
Valuation allowance for impaired loans | 3,102 | 2,796 |
Impaired collateral dependent loans, provision for loan losses | 953 | 1,731 |
Other Real Estate Owned, Additional Disclosure [Abstract] | ||
Recorded investment in other real estate owned carried at fair value - gross | 12,474 | 12,769 |
Valuation allowance for other real estate owned | 1,599 | 1,003 |
Write downs | 1,169 | 519 |
Multifamily Real Estate [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 1,900 | 2,514 |
Total OREO | 9,588 | 10,307 |
Impaired Loans, Additional Disclosure [Abstract] | ||
Valuation allowance for impaired loans | 1,737 | 1,281 |
Residential Real Estate [Member] | ||
Assets [Abstract] | ||
Total OREO | 249 | 984 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 509 | 1,786 |
Total OREO | 288 | 125 |
Impaired Loans, Additional Disclosure [Abstract] | ||
Valuation allowance for impaired loans | 653 | 692 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 2,266 | 2,514 |
Total OREO | 200 | |
Impaired Loans, Additional Disclosure [Abstract] | ||
Valuation allowance for impaired loans | 271 | 267 |
Commercial and Industrial [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 288 | 144 |
Impaired Loans, Additional Disclosure [Abstract] | ||
Valuation allowance for impaired loans | 390 | 414 |
Construction and Land [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 380 | 423 |
Total OREO | 750 | 150 |
Impaired Loans, Additional Disclosure [Abstract] | ||
Valuation allowance for impaired loans | 51 | 142 |
Nonrecurring [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 5,343 | 7,381 |
Total OREO | 10,875 | 11,766 |
Nonrecurring [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 5,343 | 7,381 |
Total OREO | 10,875 | 11,766 |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 1,900 | 2,514 |
Total OREO | 9,588 | 10,307 |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Multifamily Real Estate [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 1,900 | 2,514 |
Total OREO | 9,588 | 10,307 |
Nonrecurring [Member] | Residential Real Estate [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total OREO | 249 | 984 |
Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total OREO | 0 | 0 |
Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total OREO | 0 | 0 |
Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total OREO | 249 | 984 |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 509 | 1,786 |
Total OREO | 288 | 125 |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 509 | 1,786 |
Total OREO | 288 | 125 |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 2,266 | 2,514 |
Total OREO | 200 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | |
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 2,266 | 2,514 |
Total OREO | 200 | |
Nonrecurring [Member] | Commercial and Industrial [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 288 | 144 |
Nonrecurring [Member] | Commercial and Industrial [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Nonrecurring [Member] | Commercial and Industrial [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Nonrecurring [Member] | Commercial and Industrial [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 288 | 144 |
Nonrecurring [Member] | Construction and Land [Member] | Carrying Amount [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 380 | 423 |
Total OREO | 750 | 150 |
Nonrecurring [Member] | Construction and Land [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Construction and Land [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 0 | 0 |
Total OREO | 0 | 0 |
Nonrecurring [Member] | Construction and Land [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Total impaired loans | 380 | 423 |
Total OREO | $ 750 | $ 150 |
FAIR VALUE, Asset Quantitative
FAIR VALUE, Asset Quantitative Information (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 5,343 | $ 7,381 |
Other real estate owned | 10,875 | 11,766 |
Multifamily Real Estate [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | 1,900 | 2,514 |
Other real estate owned | $ 9,588 | $ 10,307 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Multifamily Real Estate [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.256 | 0.200 |
Multifamily Real Estate [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.256 | 0.200 |
Multifamily Real Estate [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.256 | 0.200 |
Multifamily Real Estate [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.589 | 0.453 |
Multifamily Real Estate [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.589 | 0.453 |
Multifamily Real Estate [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.589 | 0.453 |
Residential Real Estate [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned | $ 249 | $ 984 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Residential Real Estate [Member] | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.002 | 0.192 |
Residential Real Estate [Member] | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.598 | 0.598 |
Residential Real Estate [Member] | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.175 | 0.219 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 509 | $ 1,786 |
Other real estate owned | $ 288 | $ 125 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Commercial Real Estate [Member] | Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.146 | 0.424 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.704 | 0.424 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.340 | 0.424 |
Commercial Real Estate [Member] | Owner Occupied [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.761 | 0.315 |
Commercial Real Estate [Member] | Owner Occupied [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.761 | 0.506 |
Commercial Real Estate [Member] | Owner Occupied [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.761 | 0.355 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 2,266 | $ 2,514 |
Other real estate owned | $ 200 | |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.579 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.579 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.579 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Income Approach [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.366 | 0.161 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Income Approach [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.674 | 0.672 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Income Approach [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.606 | 0.541 |
Commercial and Industrial [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 288 | $ 144 |
Commercial and Industrial [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.250 | 0 |
Commercial and Industrial [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.870 | 0 |
Commercial and Industrial [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.436 | 0 |
Construction and Land [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 380 | $ 423 |
Other real estate owned | $ 750 | $ 150 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Construction and Land [Member] | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.503 | 0.503 |
Construction and Land [Member] | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.699 | 0.503 |
Construction and Land [Member] | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.660 | 0.503 |
Construction and Land [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Minimum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.565 | 0.532 |
Construction and Land [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Maximum [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.565 | 0.836 |
Construction and Land [Member] | us-gaap_MarketApproachValuationTechniqueMember | Adjustment for Estimated Realizable Value [Member] | Weighted Average [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.565 | 0.545 |
FINANCIAL INSTRUMENTS WITH OF_3
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Overdraft Protection [Member] | ||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | ||
Unused portion of overdraft protection | $ 23,165 | $ 23,272 |
Standby Letters of Credit [Member] | ||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | ||
Off balance sheet risk, contract amount | 2,419 | 4,424 |
Commitments to Extend Credit - Fixed [Member] | ||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | ||
Off balance sheet risk, contract amount | $ 25,591 | 21,993 |
Commitments to Extend Credit - Fixed [Member] | Minimum [Member] | ||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | ||
Fixed rate loan commitments, interest rate | 3.00% | |
Commitments to Extend Credit - Fixed [Member] | Maximum [Member] | ||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | ||
Fixed rate loan commitments, interest rate | 21.00% | |
Commitments to Extend Credit - Variable [Member] | ||
Financial Instruments with Off-Balance Sheet Risk [Abstract] | ||
Off balance sheet risk, contract amount | $ 120,185 | $ 118,328 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Stockholders' Equity [Abstract] | |||||
Number of previous years retained profit taken for dividend calculation | 2 years | ||||
Funds available for dividends without prior approval | $ 11,400 | ||||
Capital conservation buffer | 8.46% | 7.88% | 2.50% | ||
Consolidated [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Capital conservation buffer | 2.50% | ||||
Total Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | [1] | $ 206,275 | $ 190,770 | ||
Actual Ratio | [1] | 16.50% | 15.90% | ||
For Capital Adequacy Purposes, Amount | [1] | $ 131,615 | $ 96,110 | ||
For Capital Adequacy Purposes, Ratio | [1] | 10.50% | 8.00% | [2] | |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | [1] | $ 156,684 | $ 120,138 | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | [1] | 12.50% | 10.00% | ||
Tier I Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | [1] | $ 192,733 | $ 177,032 | ||
Actual Ratio | [1] | 15.40% | 14.70% | ||
For Capital Adequacy Purposes, Amount | [1] | $ 106,545 | $ 72,083 | ||
For Capital Adequacy Purposes, Ratio | [1] | 8.50% | 6.00% | [2] | |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | [1] | $ 131,615 | $ 96,110 | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | [1] | 10.50% | 8.00% | ||
Common Equity Tier I Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | [1] | $ 186,733 | $ 171,032 | ||
Actual Ratio | [1] | 14.90% | 14.20% | ||
For Capital Adequacy Purposes, Amount | [1] | $ 87,743 | $ 54,062 | ||
For Capital Adequacy Purposes, Ratio | [1] | 7.00% | 4.50% | [2] | |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | [1] | $ 112,812 | $ 78,090 | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | [1] | 9.00% | 6.50% | ||
Tier I Capital (to average assets) [Abstract] | |||||
Actual Amount | [1] | $ 192,733 | $ 177,032 | ||
Actual Ratio | [1] | 11.30% | 10.70% | ||
For Capital Adequacy Purposes, Amount | [1] | $ 68,422 | $ 66,040 | ||
For Capital Adequacy Purposes, Ratio | [1] | 4.00% | 4.00% | [2] | |
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | [1] | $ 85,528 | $ 82,550 | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | [1] | 5.00% | 5.00% | ||
Premier Bank, Inc. [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Capital conservation buffer | 2.50% | ||||
Total Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | $ 144,793 | $ 141,302 | |||
Actual Ratio | 15.80% | 15.40% | |||
For Capital Adequacy Purposes, Amount | $ 96,248 | $ 73,320 | |||
For Capital Adequacy Purposes, Ratio | 10.50% | 8.00% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 114,581 | $ 91,650 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 12.50% | 10.00% | |||
Tier I Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | $ 133,609 | $ 130,428 | |||
Actual Ratio | 14.60% | 14.20% | |||
For Capital Adequacy Purposes, Amount | $ 77,915 | $ 54,990 | |||
For Capital Adequacy Purposes, Ratio | 8.50% | 6.00% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 96,248 | $ 73,320 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 10.50% | 8.00% | |||
Common Equity Tier I Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | $ 133,609 | $ 130,428 | |||
Actual Ratio | 14.60% | 14.20% | |||
For Capital Adequacy Purposes, Amount | $ 64,166 | $ 41,242 | |||
For Capital Adequacy Purposes, Ratio | 7.00% | 4.50% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 82,499 | $ 59,572 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 9.00% | 6.50% | |||
Tier I Capital (to average assets) [Abstract] | |||||
Actual Amount | $ 133,609 | $ 130,428 | |||
Actual Ratio | 11.30% | 10.80% | |||
For Capital Adequacy Purposes, Amount | $ 47,240 | $ 48,368 | |||
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 59,051 | $ 60,460 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 5.00% | 5.00% | |||
Citizens Deposit Bank [Member] | |||||
Stockholders' Equity [Abstract] | |||||
Capital conservation buffer | 2.50% | ||||
Total Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | $ 47,466 | $ 42,284 | |||
Actual Ratio | 14.10% | 14.80% | |||
For Capital Adequacy Purposes, Amount | $ 35,387 | $ 22,852 | |||
For Capital Adequacy Purposes, Ratio | 10.50% | 8.00% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 42,128 | $ 28,565 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 12.50% | 10.00% | |||
Tier I Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | $ 45,108 | $ 39,420 | |||
Actual Ratio | 13.40% | 13.80% | |||
For Capital Adequacy Purposes, Amount | $ 28,647 | $ 17,139 | |||
For Capital Adequacy Purposes, Ratio | 8.50% | 6.00% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 35,387 | $ 22,852 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 10.50% | 8.00% | |||
Common Equity Tier I Capital (to risk-weighted assets) [Abstract] | |||||
Actual Amount | $ 45,108 | $ 39,420 | |||
Actual Ratio | 13.40% | 13.80% | |||
For Capital Adequacy Purposes, Amount | $ 23,592 | $ 12,854 | |||
For Capital Adequacy Purposes, Ratio | 7.00% | 4.50% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 30,332 | $ 18,567 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 9.00% | 6.50% | |||
Tier I Capital (to average assets) [Abstract] | |||||
Actual Amount | $ 45,108 | $ 39,420 | |||
Actual Ratio | 8.50% | 9.00% | |||
For Capital Adequacy Purposes, Amount | $ 21,128 | $ 17,571 | |||
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% | [2] | ||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Amount | $ 26,410 | $ 21,964 | |||
To Be Well Capitalized Under Prompt Corrective Actions Provisions, Ratio | 5.00% | 5.00% | |||
[1] | The consolidated company is not subject to Prompt Corrective Action Provisions. | ||||
[2] | The ratios for capital adequacy purposes do not include the additional capital conservation buffer. |
PARENT COMPANY FINANCIAL STAT_3
PARENT COMPANY FINANCIAL STATEMENTS, Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS [Abstract] | ||||
Cash | $ 23,091 | $ 22,992 | ||
Premises and equipment | 37,257 | 29,385 | ||
Other assets | 1,783 | 1,171 | ||
Total assets | 1,781,010 | 1,690,115 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||
Other liabilities | 11,054 | 3,739 | ||
Other borrowed funds | 0 | 2,500 | ||
Total liabilities | 1,540,769 | 1,473,386 | ||
Stockholders' equity [Abstract] | ||||
Common stock | 133,795 | 133,248 | ||
Retained earnings | 102,743 | 87,333 | ||
Accumulated other comprehensive income (loss) | 3,703 | (3,852) | ||
Total stockholders' equity | 240,241 | 216,729 | $ 183,355 | $ 174,184 |
Total liabilities and stockholders' equity | 1,781,010 | 1,690,115 | ||
Parent Company [Member] | ||||
ASSETS [Abstract] | ||||
Cash | 13,184 | 8,759 | ||
Investment in subsidiaries | 232,509 | 215,888 | ||
Premises and equipment | 622 | 271 | ||
Other assets | 754 | 730 | ||
Total assets | 247,069 | 225,648 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | ||||
Other liabilities | 1,392 | 1,013 | ||
Other borrowed funds | 0 | 2,500 | ||
Subordinated debt | 5,436 | 5,406 | ||
Total liabilities | 6,828 | 8,919 | ||
Stockholders' equity [Abstract] | ||||
Common stock | 133,795 | 133,248 | ||
Retained earnings | 102,743 | 87,333 | ||
Accumulated other comprehensive income (loss) | 3,703 | (3,852) | ||
Total stockholders' equity | 240,241 | 216,729 | ||
Total liabilities and stockholders' equity | $ 247,069 | $ 225,648 |
PARENT COMPANY FINANCIAL STAT_4
PARENT COMPANY FINANCIAL STATEMENTS, Condensed Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income [Abstract] | |||||||||||
Interest and dividend income | $ 19,100 | $ 19,308 | $ 19,106 | $ 19,064 | $ 18,268 | $ 16,001 | $ 15,753 | $ 15,799 | $ 76,578 | $ 65,821 | $ 61,990 |
Expenses [Abstract] | |||||||||||
Interest expense on subordinated debt | 369 | 352 | 295 | ||||||||
Salaries and employee benefits | 21,485 | 19,803 | 19,355 | ||||||||
Occupancy and equipment expenses | 6,909 | 6,294 | 5,999 | ||||||||
Professional fees | 1,131 | 1,506 | 975 | ||||||||
Other expenses | 4,484 | 4,449 | 4,059 | ||||||||
Income before income taxes | 31,221 | 26,066 | 23,426 | ||||||||
Income tax (benefit) | 7,025 | 5,898 | 8,607 | ||||||||
Net income | $ 5,894 | $ 6,267 | $ 5,859 | $ 6,176 | $ 5,639 | $ 5,021 | $ 4,375 | $ 5,133 | 24,196 | 20,168 | 14,819 |
Parent Company [Member] | |||||||||||
Income [Abstract] | |||||||||||
Dividends from subsidiaries | 19,050 | 18,740 | 12,565 | ||||||||
Interest and dividend income | 7 | 7 | 12 | ||||||||
Other income | 2,277 | 2,163 | 2,126 | ||||||||
Total income | 21,334 | 20,910 | 14,703 | ||||||||
Expenses [Abstract] | |||||||||||
Interest expense on other borrowings | 30 | 156 | 285 | ||||||||
Interest expense on subordinated debt | 369 | 352 | 295 | ||||||||
Salaries and employee benefits | 3,582 | 3,252 | 3,399 | ||||||||
Occupancy and equipment expenses | 438 | 394 | 299 | ||||||||
Professional fees | 443 | 689 | 303 | ||||||||
Other expenses | 591 | 659 | 387 | ||||||||
Total expenses | 5,453 | 5,502 | 4,968 | ||||||||
Income before income taxes | 15,881 | 15,408 | 9,735 | ||||||||
Income tax (benefit) | (699) | (723) | (1,012) | ||||||||
Income before equity in undistributed income of subsidiaries | 16,580 | 16,131 | 10,747 | ||||||||
Equity in undistributed income of subsidiaries | 7,616 | 4,037 | 4,072 | ||||||||
Net income | $ 24,196 | $ 20,168 | $ 14,819 |
PARENT COMPANY FINANCIAL STAT_5
PARENT COMPANY FINANCIAL STATEMENTS, Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities [Abstract] | |||||||||||
Net income | $ 5,894 | $ 6,267 | $ 5,859 | $ 6,176 | $ 5,639 | $ 5,021 | $ 4,375 | $ 5,133 | $ 24,196 | $ 20,168 | $ 14,819 |
Adjustments to reconcile net income to net cash from operating activities [Abstract] | |||||||||||
Depreciation | 2,046 | 1,722 | 1,720 | ||||||||
Amortization | 7 | 1,295 | 1,586 | ||||||||
Stock compensation expense | 301 | 252 | 217 | ||||||||
Change in other assets | 287 | 1,404 | (1,047) | ||||||||
Change in other liabilities | (341) | (62) | (922) | ||||||||
Net cash from operating activities | 29,231 | 27,134 | 20,391 | ||||||||
Cash flows from investing activities [Abstract] | |||||||||||
Acquisition of subsidiary, net of cash received | (4,863) | 2,591 | 0 | ||||||||
Net cash from (used in) investing activities | 19,744 | (23,068) | (25,261) | ||||||||
Cash flows from financing activities [Abstract] | |||||||||||
Cash dividends paid to shareholders | (8,786) | (7,805) | (6,398) | ||||||||
Cash in lieu of fractional shares | 0 | (13) | 0 | ||||||||
Proceeds from stock option exercises | 246 | 193 | 317 | ||||||||
Payments on other borrowed funds | (2,500) | (2,500) | (3,859) | ||||||||
Net cash from (used in) financing activities | (35,292) | (5,954) | (17,185) | ||||||||
Net change in cash and cash equivalents | 13,683 | (1,888) | (22,055) | ||||||||
Cash and cash equivalents at beginning of year | 80,775 | 82,663 | 80,775 | 82,663 | 104,718 | ||||||
Cash and cash equivalents at end of year | 94,458 | 80,775 | 94,458 | 80,775 | 82,663 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities [Abstract] | |||||||||||
Net income | 24,196 | 20,168 | 14,819 | ||||||||
Adjustments to reconcile net income to net cash from operating activities [Abstract] | |||||||||||
Depreciation | 78 | 93 | 89 | ||||||||
Amortization | 30 | 30 | 33 | ||||||||
Stock compensation expense | 301 | 252 | 217 | ||||||||
Equity in undistributed earnings of subsidiaries | (7,616) | (4,037) | (4,072) | ||||||||
Change in other assets | (24) | (181) | (123) | ||||||||
Change in other liabilities | 13 | (43) | 243 | ||||||||
Net cash from operating activities | 16,978 | 16,282 | 11,206 | ||||||||
Cash flows from investing activities [Abstract] | |||||||||||
Investments in nonbank subsidiaries | 0 | 0 | (250) | ||||||||
Repayment of investments in nonbank subsidiaries | 50 | 0 | 0 | ||||||||
Investments in subsidiaries | (1,500) | 0 | 0 | ||||||||
Acquisition of subsidiary, net of cash received | 0 | (5,212) | 0 | ||||||||
Purchases of fixed assets, net of proceeds from asset sales | (63) | (80) | (80) | ||||||||
Net cash from (used in) investing activities | (1,513) | (5,292) | (330) | ||||||||
Cash flows from financing activities [Abstract] | |||||||||||
Cash dividends paid to shareholders | (8,786) | (7,805) | (6,398) | ||||||||
Cash in lieu of fractional shares | 0 | (13) | 0 | ||||||||
Proceeds from stock option exercises | 246 | 193 | 317 | ||||||||
Payments on other borrowed funds | (2,500) | (2,500) | (3,600) | ||||||||
Net cash from (used in) financing activities | (11,040) | (10,125) | (9,681) | ||||||||
Net change in cash and cash equivalents | 4,425 | 865 | 1,195 | ||||||||
Cash and cash equivalents at beginning of year | $ 8,759 | $ 7,894 | 8,759 | 7,894 | 6,699 | ||||||
Cash and cash equivalents at end of year | $ 13,184 | $ 8,759 | $ 13,184 | $ 8,759 | $ 7,894 |
QUARTERLY FINANCIAL DATA (UNA_3
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Interest Income | $ 19,100 | $ 19,308 | $ 19,106 | $ 19,064 | $ 18,268 | $ 16,001 | $ 15,753 | $ 15,799 | $ 76,578 | $ 65,821 | $ 61,990 |
Net Interest Income | 16,633 | 16,778 | 16,655 | 16,835 | 16,191 | 14,509 | 14,419 | 14,635 | 66,901 | 59,754 | 57,488 |
Net Income | $ 5,894 | $ 6,267 | $ 5,859 | $ 6,176 | $ 5,639 | $ 5,021 | $ 4,375 | $ 5,133 | $ 24,196 | $ 20,168 | $ 14,819 |
Earnings Per Share, Basic (in dollars per share) | $ 0.40 | $ 0.43 | $ 0.40 | $ 0.42 | $ 0.39 | $ 0.38 | $ 0.33 | $ 0.38 | $ 1.65 | $ 1.48 | $ 1.11 |
Earnings Per Share, Diluted (in dollars per share) | $ 0.40 | $ 0.43 | $ 0.40 | $ 0.42 | $ 0.39 | $ 0.37 | $ 0.32 | $ 0.38 | $ 1.64 | $ 1.47 | $ 1.10 |
Income recognized from deferred interest and discounts on loans that paid off | $ 719 | $ 533 |