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Loans (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Loans

The following table presents a summary of loans as of the dates stated.

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Mortgage loans on real estate:

 

 

 

 

 

 

 

 

Residential first mortgages

 

$

286,127

 

 

$

293,913

 

Commercial mortgages (non-owner occupied)

 

 

282,378

 

 

 

196,143

 

Construction, land and land development

 

 

132,502

 

 

 

126,010

 

Commercial mortgages (owner occupied)

 

 

76,225

 

 

 

82,829

 

Residential revolving and junior mortgages

 

 

29,051

 

 

 

31,893

 

Commercial and industrial

 

 

187,219

 

 

 

181,730

 

Paycheck Protection Program

 

 

56,788

 

 

 

—

 

Consumer

 

 

6,443

 

 

 

11,985

 

Total loans

 

 

1,056,733

 

 

 

924,503

 

Net unamortized deferred loan fees

 

 

(2,123

)

 

 

(313

)

Allowance for loan losses

 

 

(12,899

)

 

 

(7,562

)

Loans receivable, net

 

$

1,041,711

 

 

$

916,628

 
Schedule of Loan Balances and Number by Loan Type and the Percentage of Loans Comprise Within Each Loan Type

The following table presents, as of September 30, 2020, the loan balances and number by loan type and the percentage these loans comprise within each loan type for which modifications were made.

 

 

 

Loan Count

 

Principal Balance

 

 

% of Loan Type

 

Mortgage loans on real estate:

 

 

 

 

 

 

 

 

 

 

Residential first mortgages

 

14

 

$

2,886

 

 

 

1

%

Commercial mortgages (non-owner occupied)

 

23

 

 

47,102

 

 

 

17

%

Construction, land and land development

 

13

 

 

22,879

 

 

 

17

%

Commercial mortgages (owner occupied)

 

17

 

 

10,520

 

 

 

14

%

Residential revolving and junior mortgages

 

1

 

 

257

 

 

 

1

%

Commercial and industrial

 

87

 

 

17,575

 

 

 

9

%

Consumer

 

2

 

 

8

 

 

 

0

%

     Total

 

157

 

$

101,227

 

 

 

10

%
Recorded Investment for Past Due and Non-accruing Loans

 

The following tables present the recorded investment for past due, based upon contractual terms, and nonaccrual loans as of the dates stated. A loan past due 90 days or more is generally placed on nonaccrual unless it is both well-secured and in the process of collection. Loans presented below as 90 days or more past due and still accruing include purchased credit-impaired (“PCI”) loans.

 

September 30, 2020

 

30-89

Days

Past Due

 

 

90 Days or

More Past

Due and

Still Accruing

 

 

Nonaccrual

 

 

Total Past

Due and

Nonaccrual

 

 

Current

 

 

Total

Loans

 

Mortgage loans on real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential first mortgages

 

$

768

 

 

$

13

 

 

$

2,848

 

 

$

3,629

 

 

$

282,498

 

 

$

286,127

 

Commercial mortgages (non-owner occupied)

 

 

—

 

 

 

128

 

 

 

6,107

 

 

 

6,235

 

 

 

276,143

 

 

 

282,378

 

Construction, land and land development

 

 

484

 

 

 

—

 

 

 

899

 

 

 

1,383

 

 

 

131,119

 

 

 

132,502

 

Commercial mortgages (owner occupied)

 

 

48

 

 

 

21

 

 

 

208

 

 

 

277

 

 

 

75,948

 

 

 

76,225

 

Residential revolving and junior mortgages

 

 

61

 

 

 

—

 

 

 

397

 

 

 

458

 

 

 

28,593

 

 

 

29,051

 

Commercial and industrial

 

 

684

 

 

 

—

 

 

 

6,553

 

 

 

7,237

 

 

 

179,982

 

 

 

187,219

 

Paycheck Protection Program

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

56,788

 

 

 

56,788

 

Consumer

 

 

23

 

 

 

 

 

 

 

186

 

 

 

209

 

 

 

6,234

 

 

 

6,443

 

Total loans

 

$

2,068

 

 

$

162

 

 

$

17,198

 

 

$

19,428

 

 

$

1,037,305

 

 

$

1,056,733

 

 

December 31, 2019

 

30-89

Days

Past Due

 

 

90 Days or

More Past

Due and

Still Accruing

 

 

Nonaccrual

 

 

Total Past

Due and

Nonaccrual

 

 

Current

 

 

Total

Loans

 

Mortgage loans on real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential first mortgages

 

$

3,904

 

 

$

16

 

 

$

1,403

 

 

$

5,323

 

 

$

288,590

 

 

$

293,913

 

Commercial mortgages (non-owner occupied)

 

 

126

 

 

 

—

 

 

 

433

 

 

 

559

 

 

 

195,584

 

 

 

196,143

 

Construction, land and land development

 

 

77

 

 

 

—

 

 

 

417

 

 

 

494

 

 

 

125,516

 

 

 

126,010

 

Commercial mortgages (owner occupied)

 

 

173

 

 

 

—

 

 

 

587

 

 

 

760

 

 

 

82,069

 

 

 

82,829

 

Residential revolving and junior mortgages

 

 

52

 

 

 

—

 

 

 

724

 

 

 

776

 

 

 

31,117

 

 

 

31,893

 

Commercial and industrial

 

 

570

 

 

 

—

 

 

 

670

 

 

 

1,240

 

 

 

180,490

 

 

 

181,730

 

Consumer

 

 

139

 

 

 

—

 

 

 

242

 

 

 

381

 

 

 

11,604

 

 

 

11,985

 

Total loans

 

$

5,041

 

 

$

16

 

 

$

4,476

 

 

$

9,533

 

 

$

914,970

 

 

$

924,503

 
Schedule of Changes in Accretable Yield for PCI Loans

The following table presents the changes in accretable yield for PCI loans for the periods stated.

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30, 2020

 

September 30, 2019

 

 

September 30, 2020

 

September 30, 2019

 

Balance at beginning of period

 

$

702

 

$

858

 

 

$

973

 

$

1,083

 

Accretion of acquisition accounting adjustment

 

 

(64

)

 

(121

)

 

 

(203

)

 

(305

)

Reclassifications from nonaccretable balance, net

 

 

—

 

 

6

 

 

 

5

 

 

62

 

Other changes, net

 

 

—

 

 

250

 

 

 

(137

)

 

153

 

Balance at end of period

 

$

638

 

$

993

 

 

$

638

 

$

993

 
Internal Risk Ratings

The following tables present the Company’s risk rating of loans by loan type as of the dates stated.

 

 

 

Grade

 

 

 

 

 

September 30, 2020

 

Pass

 

 

Special Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

Loans

 

Residential first mortgages

 

$

280,760

 

 

$

1,890

 

 

$

3,477

 

 

$

—

 

 

$

286,127

 

Commercial mortgages (non-owner occupied)

 

 

236,058

 

 

 

40,084

 

 

 

6,236

 

 

 

—

 

 

 

282,378

 

Construction, land and land development

 

 

103,472

 

 

 

26,764

 

 

 

2,266

 

 

 

—

 

 

 

132,502

 

Commercial mortgages (owner occupied)

 

 

64,993

 

 

 

10,893

 

 

 

339

 

 

 

—

 

 

 

76,225

 

Residential revolving and junior mortgages

 

 

28,140

 

 

 

514

 

 

 

397

 

 

 

—

 

 

 

29,051

 

Commercial and industrial

 

 

166,650

 

 

 

14,607

 

 

 

5,962

 

 

 

—

 

 

 

187,219

 

Paycheck Protection Program

 

 

56,788

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

56,788

 

Consumer

 

 

5,704

 

 

 

541

 

 

 

198

 

 

 

—

 

 

 

6,443

 

Total loans

 

$

942,565

 

 

$

95,293

 

 

$

18,875

 

 

$

—

 

 

$

1,056,733

 

 

 

 

Grade

 

 

 

 

 

December 31, 2019

 

Pass

 

 

Special Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

Loans

 

Residential first mortgages

 

$

290,322

 

 

$

1,091

 

 

$

2,500

 

 

$

—

 

 

$

293,913

 

Commercial mortgages (non-owner occupied)

 

 

195,584

 

 

 

—

 

 

 

559

 

 

 

—

 

 

 

196,143

 

Construction, land and land development

 

 

123,916

 

 

 

—

 

 

 

2,094

 

 

 

—

 

 

 

126,010

 

Commercial mortgages (owner occupied)

 

 

81,936

 

 

 

149

 

 

 

744

 

 

 

—

 

 

 

82,829

 

Residential revolving and junior mortgages

 

 

31,084

 

 

 

86

 

 

 

723

 

 

 

—

 

 

 

31,893

 

Commercial and industrial

 

 

177,608

 

 

 

2,289

 

 

 

1,833

 

 

 

—

 

 

 

181,730

 

Consumer

 

 

11,729

 

 

 

—

 

 

 

256

 

 

 

—

 

 

 

11,985

 

Total loans

 

$

912,179

 

 

$

3,615

 

 

$

8,709

 

 

$

—

 

 

$

924,503

 
PCI Loans  
Recorded Investment for Past Due and Non-accruing Loans

The following tables include an aging analysis, based upon contractual terms, of the recorded investment of PCI loans included in the tables above as of the dates stated.

 

September 30, 2020

 

30-89

Days

Past Due

 

 

90 Days or

More Past

Due and

Still Accruing

 

 

Nonaccrual

 

 

Total Past

Due and

Nonaccrual

 

 

Current

 

 

Total

PCI

Loans

 

Mortgage loans on real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential first mortgages

 

$

39

 

 

$

13

 

 

$

—

 

 

$

52

 

 

$

2,381

 

 

$

2,433

 

Commercial mortgages (non-owner occupied)

 

 

—

 

 

 

128

 

 

 

—

 

 

 

128

 

 

 

—

 

 

 

128

 

Construction, land and land development

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,368

 

 

 

1,368

 

Commercial mortgages (owner occupied)

 

 

—

 

 

 

21

 

 

 

—

 

 

 

21

 

 

 

203

 

 

 

224

 

Residential revolving and junior mortgages

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Paycheck Protection Program

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

37

 

 

 

37

 

Total purchased credit-impaired loans

 

$

39

 

 

$

162

 

 

$

—

 

 

$

201

 

 

$

3,989

 

 

$

4,190

 

 

December 31, 2019

 

30-89

Days

Past Due

 

 

90 Days or

More Past

Due and

Still Accruing

 

 

Nonaccrual

 

 

Total Past

Due and

Nonaccrual

 

 

Current

 

 

Total

PCI

Loans

 

Mortgage loans on real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential first mortgages

 

$

239

 

 

$

16

 

 

$

—

 

 

$

255

 

 

$

2,836

 

 

$

3,091

 

Commercial mortgages (non-owner occupied)

 

 

126

 

 

 

—

 

 

 

—

 

 

 

126

 

 

 

—

 

 

 

126

 

Construction, land and land development

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,357

 

 

 

1,357

 

Commercial mortgages (owner occupied)

 

 

25

 

 

 

—

 

 

 

—

 

 

 

25

 

 

 

229

 

 

 

254

 

Residential revolving and junior mortgages

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

42

 

 

 

42

 

Total purchased credit-impaired loans

 

$

390

 

 

$

16

 

 

$

—

 

 

$

406

 

 

$

4,464

 

 

$

4,870