QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of |
(IRS Employer | |
In Company or organization) |
Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller Reporting Company | |||||
Emerging growth company |
Title |
Outstanding |
|||
Common Stock, $0.20 par value |
March 31, | December 31, | |||||||
2021 | 2020 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS |
||||||||
Cash and due from banks |
$ | $ | ||||||
Interest bearing deposits with other banks |
||||||||
Investment securities available for sale, at fair value |
||||||||
Loans, net of allowance for loan losses of $ |
||||||||
Premises and equipment, net |
||||||||
Other real estate owned, net |
||||||||
Accrued interest receivable |
||||||||
Cash surrender value of life insurance |
||||||||
Deferred tax assets, net |
||||||||
Identifiable intangible assets, net |
||||||||
Other assets |
||||||||
TOTAL ASSETS |
$ | |
$ | |
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
LIABILITIES |
||||||||
Deposits: |
||||||||
Non-interest bearing deposits |
$ | $ | ||||||
Interest bearing deposits |
||||||||
Total deposits |
||||||||
Securities sold under agreement to repurchase |
||||||||
Federal Home Loan Bank (FHLB) advances |
— | |||||||
Accrued interest payable |
||||||||
Deferred compensation payable |
||||||||
Other liabilities |
||||||||
Total liabilities |
||||||||
SHAREHOLDERS’ EQUITY |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive (loss) income, net of tax benefit (expense) of $ |
( |
) | ||||||
Retained earnings |
||||||||
Total shareholders’ equity |
||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | $ | ||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2021 | 2020 | |||||||
INTEREST INCOME |
||||||||
Interest and fees on loans |
$ | |
$ | |
||||
Interest on securities |
||||||||
Taxable |
||||||||
Nontaxable |
||||||||
Other interest |
||||||||
|
|
|
|
|||||
Total interest income |
||||||||
INTEREST EXPENSE |
||||||||
Deposits |
||||||||
Other borrowed funds |
||||||||
|
|
|
|
|||||
Total interest expense |
||||||||
|
|
|
|
|||||
NET INTEREST INCOME |
||||||||
PROVISION FOR LOAN LOSSES |
||||||||
|
|
|
|
|||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
||||||||
OTHER INCOME |
||||||||
Service charges on deposit accounts |
||||||||
Other service charges and fees |
||||||||
Other operating income |
||||||||
|
|
|
|
|||||
Total other income |
||||||||
|
|
|
|
|||||
OTHER EXPENSES |
||||||||
Salaries and employee benefits |
||||||||
Occupancy expense |
||||||||
Other expense |
||||||||
|
|
|
|
|||||
Total other expenses |
||||||||
|
|
|
|
|||||
INCOME BEFORE PROVISION FOR INCOME TAXES |
||||||||
PROVISION FOR INCOME TAXES |
||||||||
|
|
|
|
|||||
NET INCOME |
$ | $ | ||||||
|
|
|
|
|||||
NET INCOME PER SHARE -Basic |
$ | $ | ||||||
|
|
|
|
|||||
-Diluted |
$ | $ | ||||||
|
|
|
|
|||||
DIVIDENDS PAID PER SHARE |
$ | $ | ||||||
|
|
|
|
For the Three Months | ||||||||
Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income |
$ | $ | ||||||
Other comprehensive (loss) income |
||||||||
Securities available-for-sale |
||||||||
Unrealized holding (losses) gains |
( |
) | ||||||
Income tax effect |
( |
) | ||||||
|
|
|
|
|||||
Net unrealized (losses) gains |
( |
) | ||||||
Reclassification adjustment for gains included in net income |
||||||||
Income tax effect |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net gains included in net income |
||||||||
|
|
|
|
|||||
Total other comprehensive (loss) income |
( |
) | ||||||
|
|
|
|
|||||
Comprehensive (loss) income |
$ | ( |
) | $ | ||||
|
|
|
|
For the Three Months | ||||||||
Ended March 31, | ||||||||
2021 | 2020 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net cash provided by operating activities |
$ | $ | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Proceeds from maturities and calls of securities available for sale |
||||||||
Proceeds from sale of investment securities |
||||||||
Purchases of investment securities available for sale |
( |
) | ( |
) | ||||
Purchases of bank premises and equipment |
( |
) | ( |
) | ||||
Decrease in federal funds sold |
— | |||||||
Decrease (increase) in interest bearing deposits with other banks |
( |
) | ||||||
Proceeds from sale of other real estate owned |
— | |||||||
Net decrease (increase) in loans |
( |
) | ||||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Net increase in deposits |
||||||||
Increase (decrease) in securities sold under agreement to repurchase |
( |
) | ||||||
Proceeds from exercise of stock options |
— | |||||||
Payment of FHLB advances |
( |
) | — | |||||
Payment of dividends |
( |
) | ( |
) | ||||
Net cash provided by financing activities |
||||||||
Net increase in cash and due from banks |
||||||||
Cash and due from banks, beginning of period |
||||||||
Cash and due from banks, end of period |
$ | $ | ||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2021 | 2020 | |||||||
Basic weighted average shares outstanding |
||||||||
Dilutive effect of granted options |
||||||||
|
|
|
|
|||||
Diluted weighted average shares outstanding |
||||||||
|
|
|
|
|||||
Net income |
$ | $ | ||||||
Net income per share-basic |
$ | $ | ||||||
Net income per share-diluted |
$ | $ |
Directors’ Plan | 2013 Plan | |||||||||||||||
Number of Shares |
Weighted Average Exercise Price |
Number of Shares |
Weighted Average Exercise Price |
|||||||||||||
Outstanding at December 31, 2020 |
$ | $ | ||||||||||||||
Granted |
||||||||||||||||
Exercised |
||||||||||||||||
Expired |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding at March 31, 2021 |
$ | $ | ||||||||||||||
|
|
|
|
|
|
|
|
March 31, 2021 | Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
||||||||||||
Securities available-for-sale |
||||||||||||||||
Obligations of U.S. Government agencies |
$ | $ | $ | $ | ||||||||||||
Mortgage backed securities |
||||||||||||||||
State, County, Municipals |
||||||||||||||||
Other securities |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
|
|
|
|
|
|
|
|
December 31, 2020 | Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
||||||||||||
Securities available-for-sale |
||||||||||||||||
Obligations of U.S. Government agencies |
$ | $ | $ | — | $ | |||||||||||
Mortgage backed securities |
||||||||||||||||
State, County, Municipals |
||||||||||||||||
Other securities |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
|
|
|
|
|
|
|
|
March 31, 2021 | December 31, 2020 | |||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||
Available-for-sale |
Cost | Fair Value | Cost | Fair Value | ||||||||||||
Due in one year or less |
$ | $ | $ | — | $ | — | ||||||||||
Due after one year through five years |
||||||||||||||||
Due after five years through ten years |
||||||||||||||||
Due after ten years |
||||||||||||||||
Residential mortgage backed securities |
||||||||||||||||
Commercial mortgage backed securities |
||||||||||||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
March 31, 2021 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Description of Securities |
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Obligations of U.S. government agencies |
$ | $ | $ | |
$ | |
$ | $ | ||||||||||||||||
Mortgage backed securities |
||||||||||||||||||||||||
State, County, Municipal |
||||||||||||||||||||||||
Total |
$ | |
$ | |
$ | $ | $ | |
$ | |
||||||||||||||
December 31, 2020 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Description of Securities |
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Mortgage backed securities |
$ | $ | $ | — | $ | — | $ | $ | ||||||||||||||||
State, County, Municipal |
— | — | ||||||||||||||||||||||
Total |
$ | |
$ | |
$ | — | $ | — | $ | |
$ | |
||||||||||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: |
||||||||
Land Development and Construction |
$ | $ | ||||||
Farmland |
||||||||
1-4 Family Mortgages |
||||||||
Commercial Real Estate |
||||||||
Total Real Estate Loans |
||||||||
Business Loans: |
||||||||
Commercial and Industrial Loans (1) |
||||||||
Farm Production and Other Farm Loans |
||||||||
Total Business Loans |
||||||||
Consumer Loans: |
||||||||
Credit Cards |
||||||||
Other Consumer Loans |
||||||||
Total Consumer Loans |
||||||||
Total Gross Loans |
||||||||
Unearned Income |
( |
) | ( |
) | ||||
Allowance for Loan Losses |
( |
) | ( |
) | ||||
Loans, net |
$ | |
$ | |
||||
(1) | Includes PPP loans of $ |
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: |
||||||||
Land Development and Construction |
$ | $ | ||||||
Farmland |
||||||||
1-4 Family Mortgages |
||||||||
Commercial Real Estate |
||||||||
Total Real Estate Loans |
||||||||
Business Loans: |
||||||||
Commercial and Industrial Loans |
||||||||
Farm Production and Other Farm Loans |
||||||||
Total Business Loans |
||||||||
Consumer Loans: |
||||||||
Other Consumer Loans |
||||||||
Total Consumer Loans |
||||||||
Total Nonaccrual Loans |
$ | $ | ||||||
Loans 30-89 Days Past Due |
Loans 90 or more Days Past Due |
Total Past Due Loans |
Current Loans |
Total Loans |
Accruing Loans 90 or more Days Past Due |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | — | $ | $ | $ | $ | — | ||||||||||||||||
Farmland |
||||||||||||||||||||||||
1-4 Family Mortgages |
— | |||||||||||||||||||||||
Commercial Real Estate |
— | |||||||||||||||||||||||
Total Real Estate Loans |
||||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
||||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | ||||||||||||||||||||||
Total Business Loans |
||||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Credit Cards |
||||||||||||||||||||||||
Other Consumer Loans |
— | — | ||||||||||||||||||||||
Total Consumer Loans |
||||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans 30-89 Days Past Due |
Loans 90 or more Days Past Due |
Total Past Due Loans |
Current Loans |
Total Loans |
Accruing Loans 90 or more Days Past Due |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | — | $ | $ | $ | $ | — | ||||||||||||||||
Farmland |
— | |||||||||||||||||||||||
1-4 Family Mortgages |
— | |||||||||||||||||||||||
Commercial Real Estate |
— | |||||||||||||||||||||||
Total Real Estate Loans |
— | |||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
||||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | ||||||||||||||||||||||
Total Business Loans |
||||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Credit Cards |
||||||||||||||||||||||||
Other Consumer Loans |
— | — | ||||||||||||||||||||||
Total Consumer Loans |
||||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Unpaid Principal Balance |
Recorded Investment With No Allowance |
Recorded Investment With Allowance |
Total Recorded Investment |
Related Allowance |
Average Recorded Investment |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | $ | — | $ | $ | — | $ | ||||||||||||||||
Farmland |
— | — | ||||||||||||||||||||||
1-4 Family Mortgages |
— | — | ||||||||||||||||||||||
Commercial Real Estate |
||||||||||||||||||||||||
Total Real Estate Loans |
$ | |||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | $ | ||||||||||||||||||||||
Total Business Loans |
— | $ | ||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Unpaid Principal Balance |
Recorded Investment With No Allowance |
Recorded Investment With Allowance |
Total Recorded Investment |
Related Allowance |
Average Recorded Investment |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Farmland |
— | — | ||||||||||||||||||||||
1-4 Family Mortgages |
||||||||||||||||||||||||
Commercial Real Estate |
||||||||||||||||||||||||
Total Real Estate Loans |
$ | |||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
$ | |||||||||||||||||||||||
Total Business Loans |
$ | |||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Number of Loans |
Recorded Investment |
|||||||
Totals at January 1, 2020 |
$ | |||||||
Reductions due to: |
||||||||
Principal paydowns |
( |
) | ||||||
Totals at December 31, 2020 |
$ | |||||||
Reductions due to: |
||||||||
Principal paydowns |
( |
) | ||||||
Reclassification to OREO |
( |
) | ||||||
Total at March 31, 2021 |
$ | |||||||
Satisfactory 1,2,3,4 |
Special Mention 5,6 |
Substandard 7 |
Doubtful 8 |
Loss 9 |
Total Loans |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | $ | $ | — | $ | — | $ | ||||||||||||||||
Farmland |
— | — | ||||||||||||||||||||||
1-4 Family Mortgages |
— | — | ||||||||||||||||||||||
Commercial Real Estate |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Real Estate Loans |
— | — | ||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | |||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Business Loans |
— | |||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Credit Cards |
— | — | — | |||||||||||||||||||||
Other Consumer Loans |
— | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Consumer Loans |
— | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Satisfactory 1,2,3,4 |
Special Mention 5,6 |
Substandard 7 |
Doubtful 8 |
Loss 9 |
Total Loans |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | $ | $ | — | $ | — | $ | ||||||||||||||||
Farmland |
— | — | ||||||||||||||||||||||
1-4 Family Mortgages |
— | — | ||||||||||||||||||||||
Commercial Real Estate |
— | — | ||||||||||||||||||||||
Total Real Estate Loans |
— | — | ||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | |||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | ||||||||||||||||||||||
Total Business Loans |
— | |||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Credit Cards |
— | — | — | |||||||||||||||||||||
Other Consumer Loans |
— | |||||||||||||||||||||||
Total Consumer Loans |
— | |||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: |
||||||||
Land Development and Construction |
$ | $ | ||||||
Farmland |
||||||||
1-4 Family Mortgages |
||||||||
Commercial Real Estate |
||||||||
Total Real Estate Loans |
||||||||
Business Loans: |
||||||||
Commercial and Industrial Loans |
||||||||
Farm Production and Other Farm Loans |
||||||||
Total Business Loans |
||||||||
Consumer Loans: |
||||||||
Other Consumer Loans |
||||||||
Total Consumer Loans |
||||||||
Total Purchased Loans |
$ | $ | ||||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: |
||||||||
1-4 Family Mortgages |
$ | $ | ||||||
Total Real Estate Loans |
||||||||
Business Loans: |
||||||||
Commercial and Industrial Loans |
||||||||
Total Business Loans |
||||||||
Consumer Loans: |
||||||||
Other Consumer Loans |
||||||||
Total Consumer Loans |
||||||||
Total Nonaccrual Loans |
$ | $ | ||||||
Loans 30-89 Days Past Due |
Loans 90 or more Days Past Due |
Total Past Due Loans |
Current Loans |
Total Loans |
Accruing Loans 90 or more Days Past Due |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | — | $ | — | $ | — | $ | $ | $ | — | ||||||||||||||
Farmland |
— | — | — | — | ||||||||||||||||||||
1-4 Family Mortgages |
— | |||||||||||||||||||||||
Commercial Real Estate |
— | — | — | — | ||||||||||||||||||||
Total Real Estate Loans |
— | |||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | — | ||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | — | — | ||||||||||||||||||||
Total Business Loans |
— | — | ||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Other Consumer Loans |
— | — | ||||||||||||||||||||||
Total Consumer Loans |
— | — | ||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans 30-89 Days Past Due |
Loans 90 or more Days Past Due |
Total Past Due Loans |
Current Loans |
Total Loans |
Accruing Loans 90 or more Days Past Due |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | — | $ | $ | $ | $ | — | ||||||||||||||||
Farmland |
— | — | — | — | ||||||||||||||||||||
1-4 Family Mortgages |
— | — | ||||||||||||||||||||||
Commercial Real Estate |
— | — | ||||||||||||||||||||||
Total Real Estate Loans |
— | — | ||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | |||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | — | — | ||||||||||||||||||||
Total Business Loans |
— | |||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Other Consumer Loans |
— | |||||||||||||||||||||||
Total Consumer Loans |
— | |||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | $ | $ | — | |||||||||||||||||
Satisfactory 1,2,3,4 |
Special Mention 5,6 |
Substandard 7 |
Doubtful 8 |
Loss 9 |
Total Loans |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | $ | $ | — | $ | — | $ | ||||||||||||||||
Farmland |
— | — | — | |||||||||||||||||||||
1-4 Family Mortgages |
— | — | ||||||||||||||||||||||
Commercial Real Estate |
— | — | ||||||||||||||||||||||
Total Real Estate Loans |
— | — | ||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | — | ||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | — | — | ||||||||||||||||||||
Total Business Loans |
— | — | ||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Other Consumer Loans |
— | |||||||||||||||||||||||
Total Consumer Loans |
— | |||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | — | $ | $ | |||||||||||||||||
Satisfactory 1,2,3,4 |
Special Mention 5,6 |
Substandard 7 |
Doubtful 8 |
Loss 9 |
Total Loans |
|||||||||||||||||||
Real Estate: |
||||||||||||||||||||||||
Land Development and Construction |
$ | $ | $ | $ | — | $ | — | $ | ||||||||||||||||
Farmland |
— | — | — | |||||||||||||||||||||
1-4 Family Mortgages |
— | — | ||||||||||||||||||||||
Commercial Real Estate |
— | — | ||||||||||||||||||||||
Total Real Estate Loans |
— | — | ||||||||||||||||||||||
Business Loans: |
||||||||||||||||||||||||
Commercial and Industrial Loans |
— | — | ||||||||||||||||||||||
Farm Production and Other Farm Loans |
— | — | — | — | ||||||||||||||||||||
Total Business Loans |
— | — | ||||||||||||||||||||||
Consumer Loans: |
||||||||||||||||||||||||
Other Consumer Loans |
— | |||||||||||||||||||||||
Total Consumer Loans |
— | |||||||||||||||||||||||
Total Loans |
$ | $ | $ | $ | — | $ | $ | |||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: |
||||||||
Land Development and Construction |
$ | $ | ||||||
1-4 Family Mortgages |
— | |||||||
Total Real Estate Loans |
||||||||
Business Loans: |
||||||||
Commercial and Industrial Loans |
||||||||
Total Business Loans |
||||||||
Total Purchased Credit Deteriorated Loans |
$ | $ | ||||||
Total Purchased Credit Deteriorated Loans |
||||
Contractually-required principal |
$ | |||
Nonaccretable difference |
( |
) | ||
Cash flows expected to be collected |
||||
Accretable yield |
( |
) | ||
Fair Value |
$ | |||
October 1, 2019 | ||||
At acquisition date: |
||||
Contractually-required principal |
$ | |||
Nonaccretable difference |
( |
) | ||
Cash flows expected to be collected |
||||
Accretable yield |
( |
) | ||
Fair Value |
$ | |||
March 31, 2021 |
Real Estate |
Business Loans |
Consumer | Total | ||||||||||||
Beginning Balance, January 1, 2021 |
$ | |
$ | |
$ | |
$ | |
||||||||
Provision for loan losses |
||||||||||||||||
Chargeoffs |
||||||||||||||||
Recoveries |
||||||||||||||||
Net (recoveries) chargeoffs |
( |
) | ||||||||||||||
Ending Balance |
$ | $ | $ | $ | ||||||||||||
Period end allowance allocated to: |
||||||||||||||||
Loans individually evaluated for impairment |
$ | $ | $ | — | $ | |||||||||||
Loans collectively evaluated for impairment |
||||||||||||||||
Ending Balance, March 31, 2021 |
$ | $ | $ | $ | ||||||||||||
March 31, 2020 |
Real Estate |
Business Loans |
Consumer | Total | ||||||||||||
Beginning Balance, January 1, 2020 |
$ | |
$ | |
$ | |
$ | |
||||||||
Provision for loan losses |
||||||||||||||||
Chargeoffs |
||||||||||||||||
Recoveries |
||||||||||||||||
Net (recoveries) chargeoffs |
( |
) | ||||||||||||||
Ending Balance |
$ | $ | $ | $ | ||||||||||||
Period end allowance allocated to: |
||||||||||||||||
Loans individually evaluated for impairment |
$ | $ | $ | — | $ | |||||||||||
Loans collectively evaluated for impairment |
||||||||||||||||
Ending Balance, March 31, 2020 |
$ | $ | $ | $ | ||||||||||||
March 31, 2021 |
Real Estate |
Business Loans |
Consumer | Total | ||||||||||||
Loans individually evaluated for specific impairment |
$ | $ | $ | — | $ | |||||||||||
Loans collectively evaluated for general impairment |
||||||||||||||||
Acquired with deteriorated credit quality |
— | |||||||||||||||
$ | |
$ | |
$ | |
$ | |
|||||||||
December 31, 2020 |
Real Estate |
Business Loans |
Consumer | Total | ||||||||||||
Loans individually evaluated for specific impairment |
$ | $ | $ | — | $ | |||||||||||
Loans collectively evaluated for general impairment |
||||||||||||||||
Acquired with deteriorated credit quality |
— | |||||||||||||||
$ | |
$ | |
$ | |
$ | |
|||||||||
(in thousands) |
Three Months Ended March 31, 2021 |
Three Months Ended March 31, 2020 |
||||||
Operating lease cost |
$ | $ | ||||||
Short-term lease cost |
||||||||
Variable lease cost |
— | |||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
(in thousands) |
Three Months Ended March 31, 2021 |
|||
Lease payments due: |
||||
Within one year |
$ | |||
After one year but within two years |
||||
After two years but within three years |
||||
After three year but within four years |
||||
After four years but within five years |
||||
After five years |
||||
|
|
|||
Total undiscounted cash flows |
||||
Discount on cash flows |
( |
) | ||
|
|
|||
Total lease liability |
$ | |||
|
|
March 31, 2021 |
December 31, 2020 |
|||||||
Core deposit intangible |
$ | $ | ||||||
Accumulated amortization |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total finite-lived intangible assets |
$ | $ | ||||||
|
|
|
|
Year ending December 31, |
Amount |
|||
2021 |
$ |
|||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
Thereafter |
||||
|
|
|||
$ |
||||
|
|
Number of Shares Issued |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Total |
|||||||||||||||||||
Balance, January 1, 2021 |
$ | |
$ | |
$ | $ | |
$ | |
|||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Dividends paid ($0.24 per share) |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Options exercised |
— | — | — | — | — | — | ||||||||||||||||||
Restricted stock granted |
— | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense |
— | — | — | — | ||||||||||||||||||||
Other comprehensive loss, net |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Balance, March 31, 2021 |
$ | $ | $ | ( |
$ | $ | ||||||||||||||||||
Number of Shares Issued |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings |
Total |
|||||||||||||||||||
Balance, January 1, 2020 |
$ | |
$ | |
$ | ( |
$ | |
$ | |
||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Dividends paid ($0.24 per share) |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Options exercised |
— | — | ||||||||||||||||||||||
Restricted stock granted |
— | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense |
— | — | — | — | ||||||||||||||||||||
Other comprehensive income, net |
— | — | — | — | ||||||||||||||||||||
Balance, March 31, 2020 |
$ | $ | $ | |
$ | $ | ||||||||||||||||||
Level 1 |
Quoted prices (unadjusted) in active markets for identical assets or liabilities; | |
Level 2 |
Inputs other than quoted prices in active markets for identical assets and liabilities included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active; or | |
Level 3 |
Unobservable inputs for an asset or liability, such as discounted cash flow models or valuations. |
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Securities available for sale |
||||||||||||||||
Obligations of U.S. Government Agencies |
$ | — | $ | $ | — | $ | ||||||||||
Mortgage-backed securities |
— | — | ||||||||||||||
State, county and municipal |
— | — | ||||||||||||||
Other securities |
— | — | ||||||||||||||
Total |
$ | — | $ | |
$ | — | $ | |
||||||||
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Securities available for sale |
||||||||||||||||
Obligations of U.S. Government Agencies |
$ | — | $ | $ | — | $ | ||||||||||
Mortgage-backed securities |
— | — | ||||||||||||||
State, county and municipal |
— | — | ||||||||||||||
Other securities |
— | — | ||||||||||||||
Total |
$ | — | $ | |
$ | — | $ | |
||||||||
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans |
$ | — | $ | — | $ | |
$ | |
||||||||
Other real estate owned |
— | — | ||||||||||||||
Total |
$ | — | $ | — | $ | $ | ||||||||||
Financial instrument |
Fair Value | Valuation Technique |
Significant Unobservable Inputs |
Range of Inputs |
||||||||
Impaired loans |
$ | Appraised value of collateral less estimated costs to sell |
Estimated costs to sell | % | ||||||||
OREO |
Appraised value of collateral less estimated costs to sell |
Estimated costs to sell | % |
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans |
$ | — | $ | — | $ | $ | ||||||||||
Total |
$ | — | $ | — | $ | $ | ||||||||||
March 31, 2021 | Carrying Value |
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
Total Fair Value |
|||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets |
||||||||||||||||||||
Cash and due from banks |
$ | $ | $ | — | $ | — | $ | |||||||||||||
Interest bearing deposits with banks |
— | — | ||||||||||||||||||
Securities available-for-sale |
— | |||||||||||||||||||
Net loans |
— | — | ||||||||||||||||||
Financial liabilities |
||||||||||||||||||||
Deposits |
$ | |
$ | |
$ | |
$ | — | $ | |
||||||||||
Securities sold under agreement to repurchase |
— | — |
December 31, 2020 | Carrying Value |
Quoted Prices in Active Markets for Identical Assets |
Significant Other Observable Inputs |
Significant Unobservable Inputs |
Total Fair Value |
|||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets |
||||||||||||||||||||
Cash and due from banks |
$ | $ | $ | — | $ | — | $ | |||||||||||||
Interest bearing deposits with banks |
— | — | ||||||||||||||||||
Securities available-for-sale |
— | — | ||||||||||||||||||
Net loans |
— | — | ||||||||||||||||||
Financial liabilities |
||||||||||||||||||||
Deposits |
$ | |
$ | |
$ | |
$ | — | $ | |
||||||||||
Securities sold under agreement to repurchase |
— | — | ||||||||||||||||||
Federal Home Loan Bank advances |
— | — |
• | expectations about the movement of interest rates, including actions that may be taken by the Federal Reserve Board in response to changing economic conditions; |
• | adverse changes in asset quality and loan demand, and the potential insufficiency of the allowance for loan losses and our ability to foreclose on delinquent mortgages; |
• | the risk of adverse changes in business conditions in the banking industry generally and in the specific markets in which the Company operates including, but not limited to, the effects of the emergence of widespread health emergencies or pandemics, including the duration of the COVID-19 pandemic and its impact on the Company’s and its customers’ business, results of operations, asset quality and financial condition; |
• | extensive regulation, changes in the legislative and regulatory environment that negatively impact the Company and the Bank through increased operating expenses and the potential for regulatory enforcement actions, claims, or litigation; |
• | increased competition from other financial institutions and the risk of failure to achieve our business strategies; |
• | events affecting our business operations, including the effectiveness of our risk management framework, the accuracy of our estimates, our reliance on third party vendors, the risk of security breaches and potential fraud, and the impact of technological advances; |
• | our ability to maintain sufficient capital and to raise additional capital when needed; |
• | our ability to maintain adequate liquidity to conduct business and meet our obligations; |
• | events affecting our ability to compete effectively and achieve our strategies, such as the risk of failure to achieve the revenue increases expected to result from our acquisitions, branch additions and in new product and service offerings, our ability to control expenses and our ability to attract and retain skilled people; |
• | events that adversely affect our reputation, and the resulting potential adverse impact on our business operations; |
• | risks arising from owning our common stock, such as the volatility and trading volume, our ability to pay dividends, the regulatory limitations on stock ownership, and provisions in our governing documents that may make it more difficult for another party to obtain control of us; and |
• | other risks detailed from time-to-time |
Actual | Minimum Capital Requirement to be Well Capitalized |
Minimum Capital Requirement to be Adequately Capitalized |
||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
March 31, 2021 |
||||||||||||||||||||||||
Citizens Holding Company |
||||||||||||||||||||||||
Tier 1 leverage ratio |
$ | 102,303 | 6.93 | % | $ | 73,852 | 5.00 | % | $ | 59,082 | 4.00 | % | ||||||||||||
Common Equity tier 1 capital ratio |
102,303 | 11.96 | % | 96,007 | 6.50 | % | 66,467 | 4.50 | % | |||||||||||||||
Tier 1 risk-based capital ratio |
102,303 | 11.96 | % | 68,450 | 8.00 | % | 51,338 | 6.00 | % | |||||||||||||||
Total risk-based capital ratio |
107,075 | 12.51 | % | 85,563 | 10.00 | % | 68,450 | 8.00 | % | |||||||||||||||
December 31, 2020 |
||||||||||||||||||||||||
Citizens Holding Company |
||||||||||||||||||||||||
Tier 1 leverage ratio |
$ | 101,640 | 7.22 | % | $ | 70,344 | 5.00 | % | $ | 56,275 | 4.00 | % | ||||||||||||
Common Equity tier 1 capital ratio |
101,640 | 12.55 | % | 91,448 | 6.50 | % | 63,310 | 4.50 | % | |||||||||||||||
Tier 1 risk-based capital ratio |
101,640 | 12.55 | % | 64,780 | 8.00 | % | 48,585 | 6.00 | % | |||||||||||||||
Total risk-based capital ratio |
106,375 | 13.14 | % | 80,975 | 10.00 | % | 64,780 | 8.00 | % |
• | Create a requirement to maintain a ratio of common equity Tier 1 capital to total risk-weighted assets of not less than 4.5%; |
• | Increase the minimum leverage capital ratio to 4% for all banking organizations (currently 3% for certain banking organizations); |
• | Increase the minimum Tier 1 risk-based capital ratio from 4% to 6%; and |
• | Maintain the minimum total risk-based capital ratio at 8%. |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2021 | 2020 | |||||||
Interest Income, including fees |
$ | 9,079 | $ | 9,709 | ||||
Interest Expense |
1,446 | 2,324 | ||||||
|
|
|
|
|||||
Net Interest Income |
7,633 | 7,385 | ||||||
Provision for loan losses |
87 | 314 | ||||||
|
|
|
|
|||||
Net Interest Income after |
||||||||
Provision for loan losses |
7,546 | 7,071 | ||||||
Other Income |
3,232 | 2,381 | ||||||
Other Expense |
8,468 | 8,067 | ||||||
|
|
|
|
|||||
Income Before Provision For |
||||||||
Income Taxes |
2,310 | 1,385 | ||||||
Provision for Income Taxes |
413 | 225 | ||||||
|
|
|
|
|||||
Net Income |
$ | 1,897 | $ | 1,160 | ||||
|
|
|
|
|||||
Net Income Per share - Basic |
$ | 0.34 | $ | 0.21 | ||||
|
|
|
|
|||||
Net Income Per Share-Diluted |
$ | 0.34 | $ | 0.21 | ||||
|
|
|
|
Three Months Ended March 31, | ||||||||||||||||||||||||
Average Balance | Income/Expense | Average Yield/Rate | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Loans: |
||||||||||||||||||||||||
Loans, net of unearned (1) |
$ | 652,783 | $ | 574,030 | $ | 8,173 | $ | 7,489 | 5.01 | % | 5.22 | % | ||||||||||||
Investment Securities |
||||||||||||||||||||||||
Taxable |
545,923 | 418,685 | 262 | 1,657 | 0.19 | % | 1.58 | % | ||||||||||||||||
Tax-exempt |
128,612 | 61,013 | 899 | 458 | 2.80 | % | 3.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Investment Securities |
674,535 | 479,698 | 1,161 | 2,115 | 0.17 | % | 0.44 | % | ||||||||||||||||
Federal Funds Sold and Other |
51,206 | 52,838 | 15 | 218 | 0.12 | % | 1.65 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest Earning Assets (1)(2) |
1,378,524 | 1,106,566 | 9,349 | 9,822 | 2.71 | % | 3.55 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Non-Earning Assets |
112,146 | 95,917 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Assets |
$ | 1,490,670 | $ | 1,202,483 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Deposits: |
||||||||||||||||||||||||
Interest-bearing Demand |
||||||||||||||||||||||||
Deposits (3) |
$ | 513,117 | $ | 402,535 | $ | 518 | $ | 914 | 0.40 | % | 0.91 | % | ||||||||||||
Savings |
107,314 | 84,656 | 27 | 32 | 0.10 | % | 0.15 | % | ||||||||||||||||
Time |
242,861 | 243,748 | 721 | 1,023 | 1.19 | % | 1.68 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Deposits |
863,292 | 730,939 | 1,266 | 1,969 | 0.15 | % | 0.27 | % | ||||||||||||||||
Borrowed Funds |
||||||||||||||||||||||||
Short-term Borrowings |
212,849 | 158,480 | 180 | 355 | 0.34 | % | 0.90 | % | ||||||||||||||||
Long-term Borrowings |
— | — ` | — | — | 0.00 | % | 0.00 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Borrowed Funds |
212,849 | 158,480 | 180 | 355 | 0.34 | % | 0.90 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Liabilities (3) |
1,076,141 | 889,419 | 1,446 | 2,324 | 0.53 | % | 1.05 | % | ||||||||||||||||
Non-Interest Bearing Liabilities |
||||||||||||||||||||||||
Demand Deposits |
269,051 | 184,734 | ||||||||||||||||||||||
Other Liabilities |
27,866 | 15,385 | ||||||||||||||||||||||
Shareholders’ Equity |
117,612 | 112,945 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Liabilities and Shareholders’ Equity |
$ | 1,490,670 | $ | 1,202,483 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Interest Rate Spread |
2.19 | % | 2.51 | % | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net Interest Margin |
$ | 7,903 | $ | 7,498 | 2.32 | % | 2.72 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Less |
||||||||||||||||||||||||
Tax Equivalent Adjustment |
270 | 113 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net Interest Income |
$ | 7,633 | $ | 7,385 | ||||||||||||||||||||
|
|
|
|
(1) | Overdrafts, while not considered an earning asset, are included in Loans, net of unearned in the average volume calculation due to the immaterial impact on the yield. |
(2) | Earnings Assets in the table above does include the dividend paying stock of the Federal Home Loan Bank. |
(3) | Demand deposits are not included in the average volume calculation as they are not interest bearing liabilities. They are included within the non-interest bearing liabilities section above. |
Three Months Ended March 31, 2021 2021 Change from 2020 |
||||||||||||
Volume | Rate | Total | ||||||||||
INTEREST INCOME |
||||||||||||
Loans |
$ | 1,027 | (343 | ) | $ | 684 | ||||||
Taxable Securities |
504 | (1,899 | ) | (1,395 | ) | |||||||
Non-Taxable Securities |
491 | (66 | ) | 425 | ||||||||
Federal Funds Sold and Other |
(7 | ) | (196 | ) | (203 | ) | ||||||
|
|
|
|
|
|
|||||||
TOTAL INTEREST INCOME |
$ | 2,016 | $ | (2,505 | ) | $ | (489 | ) | ||||
|
|
|
|
|
|
|||||||
INTEREST EXPENSE |
||||||||||||
Interest-bearing demand deposits |
$ | 251 | (508 | ) | (257 | ) | ||||||
Savings Deposits |
9 | (11 | ) | (2 | ) | |||||||
Time Deposits |
(4 | ) | (299 | ) | (303 | ) | ||||||
Short-term borrowings |
122 | (297 | ) | (175 | ) | |||||||
|
|
|
|
|
|
|||||||
TOTAL INTEREST EXPENSE |
$ | 378 | $ | (1,114 | ) | (737 | ) | |||||
|
|
|
|
|
|
|||||||
NET INTEREST INCOME |
$ | 1,638 | $ | (1,390 | ) | $ | 248 | |||||
|
|
|
|
|
|
Quarter Ended March 31, 2021 |
Year Ended December 31, 2020 |
Amount of Increase (Decrease) |
Percent of Increase (Decrease) |
|||||||||||||
BALANCES: |
||||||||||||||||
Gross Loans |
$ | 639,174 | $ | 652,257 | $ | (13,083 | ) | -2.01 | % | |||||||
Allowance for Loan Losses |
4,772 | 4,735 | 37 | 0.78 | % | |||||||||||
Nonaccrual Loans |
6,789 | 8,484 | (1,695 | ) | -19.98 | % | ||||||||||
Ratios: |
||||||||||||||||
Allowance for loan losses to gross loans |
0.75 | % | 0.73 | % | ||||||||||||
Net loans charged off to allowance for loan losses |
1.05 | % | 10.67 | % |
For the Three Months Ended March 31, |
||||||||
Other operating income |
2021 | 2020 | ||||||
BOLI Income |
$ | 130 | $ | 106 | ||||
Mortgage Loan Origination Income |
395 | 252 | ||||||
Income from security sales, net |
526 | 77 | ||||||
Other Income |
392 | 124 | ||||||
|
|
|
|
|||||
Total Other Income |
$ | 1,443 | $ | 559 | ||||
|
|
|
|
For the Three Months Ended March 31, |
||||||||
Other Operating Expense |
2021 | 2020 | ||||||
Advertising |
$ | 141 | $ | 204 | ||||
Office Supplies |
249 | 292 | ||||||
Professional Fees |
237 | 258 | ||||||
Telephone expense |
155 | 158 | ||||||
Postage and Freight |
169 | 141 | ||||||
Loan Collection Expense |
54 | 23 | ||||||
Regulatory and related expense |
235 | 66 | ||||||
Debit Card/ATM expense |
168 | 135 | ||||||
Travel and Convention |
26 | 53 | ||||||
Other expenses |
649 | 643 | ||||||
|
|
|
|
|||||
Total Other Expense |
$ | 2,083 | $ | 1,973 | ||||
|
|
|
|
March 31, 2021 |
December 31, 2020 |
Amount of Increase (Decrease) |
Percent of Increase (Decrease) |
|||||||||||||
Cash and Due From Banks |
$ | 26,667 | $ | 16,840 | $ | 9,827 | 58.36 | % | ||||||||
Interest Bearing deposits with Other Banks |
25,009 | 25,468 | (459 | ) | -1.80 | % | ||||||||||
Investment Securities |
774,249 | 678,749 | 95,500 | 14.07 | % | |||||||||||
Loans, net |
634,401 | 647,521 | (13,120 | ) | -2.03 | % | ||||||||||
Premises and Equipment |
25,634 | 25,630 | 4 | 0.02 | % | |||||||||||
Total Assets |
1,548,347 | 1,450,692 | 97,655 | 6.73 | % | |||||||||||
Total Deposits |
1,229,621 | 1,095,189 | 134,432 | 12.27 | % | |||||||||||
Total Shareholders’ Equity |
106,480 | 119,548 | (13,068 | ) | -10.93 | % |
March 31, 2021 |
December 31, 2020 |
Amount of Increase (Decrease) |
Percent of Increase (Decrease) |
|||||||||||||
Noninterest-Bearing Deposits |
$ | 284,266 | $ | 276,033 | $ | 8,233 | 2.98 | % | ||||||||
Interest-Bearing Deposits |
574,706 | 480,987 | 93,719 | 19.48 | % | |||||||||||
Savings Deposits |
113,107 | 104,532 | 8,575 | 8.20 | % | |||||||||||
Certificates of Deposit |
257,542 | 233,637 | 23,905 | 10.23 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total deposits |
$ | 1,229,621 | $ | 1,095,189 | $ | 134,432 | 12.27 | % | ||||||||
|
|
|
|
|
|
|
|
March 31, 2021 | December 31, 2020 | |||||||||||||||
Following | Months | Following | Months | |||||||||||||
12 months | 13-24 |
12 months | 13-24 |
|||||||||||||
+400 basis points |
-16.7 | % | -12.3 | % | 9.1 | % | 8.9 | % | ||||||||
+300 basis points |
-10.6 | % | -6.7 | % | 10.7 | % | 8.4 | % | ||||||||
+200 basis points |
-5.4 | % | -2.1 | % | 11.6 | % | 7.3 | % | ||||||||
+100 basis points |
-1.0 | % | 1.0 | % | 10.9 | % | 5.3 | % | ||||||||
Flat rates |
— | — | — | — | ||||||||||||
-100 basis points |
-9.5 | % | -9.3 | % | -12.2 | % | -9.0 | % | ||||||||
-200 basis points |
-14.1 | % | -13.8 | % | -19.8 | % | -19.9 | % |
Economic Value of Equity at Risk (%) | ||||||||
March 31, 2021 | December 31, 2020 | |||||||
+400 basis points |
-26.2 | % | 11.3 | % | ||||
+300 basis points |
-18.4 | % | 18.8 | % | ||||
+200 basis points |
-10.5 | % | 24.6 | % | ||||
+100 basis points |
-3.4 | % | 21.9 | % | ||||
Flat rates |
— | — | ||||||
-100 basis points |
-16.5 | % | -29.4 | % | ||||
-200 basis points |
-38.6 | % | -43.1 | % |
Exhibits | ||
31(a) | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | |
31(b) | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a). | |
32(a) | Certification of the Chief Executive Officer pursuant to 18 U.S.C. § 1350. | |
32(b) | Certification of the Chief Financial Officer pursuant to 18 U.S.C. § 1350. | |
101 | Financial Statements submitted in XBRL format. |
CITIZENS HOLDING COMPANY | ||
BY: | /s/ Greg L. McKee | |
Greg L. McKee | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
BY: | /s/ Phillip R. Branch | |
Phillip R. Branch | ||
Treasurer and Chief Financial Officer | ||
(Principal Financial Officer and Chief | ||
Accounting Officer) | ||
DATE: May 7, 2021 |
EXHIBIT 31(a)
Certification of Chief Executive Officer
Pursuant to Rule 13a-14(a)/15d-14(a)
I, Greg L. McKee, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Citizens Holding Company;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: May 7, 2021
/s/ Greg L. McKee |
Greg L. McKee |
President and Chief Executive Officer |
EXHIBIT 31(b)
Certification of Chief Financial Officer
Pursuant to Rule 13a-14(a)/15d-14(a)
I, Phillip R. Branch, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Citizens Holding Company;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: May 7, 2021
/s/ Phillip R. Branch |
Phillip R. Branch |
Treasurer and Chief Financial Officer |
EXHIBIT 32(a)
Certification of Chief Executive Officer
Pursuant to 18 U.S.C. § 1350
In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, of Citizens Holding Company (the Company), as filed with the Securities Exchange Commission on the date hereof (the Report), I, Greg L. McKee, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 7, 2021 | /s/ Greg L. McKee | |||||
Greg L. McKee | ||||||
President and Chief Executive Officer |
EXHIBIT 32(b)
Certification of Chief Financial Officer
Pursuant to 18 U.S.C. § 1350
In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, of Citizens Holding Company (the Company), as filed with the Securities Exchange Commission on the date hereof (the Report), I, Phillip R. Branch, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: May 7, 2021 | /s/ Phillip R. Branch | |||||
Phillip R. Branch | ||||||
Treasurer and Chief Financial Officer |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 4,772 | $ 4,735 |
Common stock, par value | $ 0.20 | $ 0.20 |
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 5,587,070 | 5,587,070 |
Common stock, shares outstanding | 5,587,070 | 5,587,070 |
Accumulated other comprehensive loss, tax benefits | $ 3,168 | $ 1,376 |
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,897 | $ 1,160 |
Securities available-for-sale | ||
Unrealized holding (losses) gains | (18,735) | 7,912 |
Income tax effect | 4,674 | (1,974) |
Net unrealized (losses) gains | (14,061) | 5,938 |
Reclassification adjustment for gains included in net income | 526 | 77 |
Income tax effect | (131) | (19) |
Net gains included in net income | 395 | 58 |
Total other comprehensive (loss) income | (13,666) | 5,996 |
Comprehensive (loss) income | $ (11,771) | $ 7,156 |
Nature of Business and Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Nature of Business and Summary of Significant Accounting Policies (in thousands, except share and per share data) Nature of Business Citizens Holding Company (referred to herein as the “Company”) owns and operates The Citizens Bank of Philadelphia (the “Bank”). In addition to full service commercial banking, the Bank offers title insurance services through its subsidiary, Title Services LLC. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Company. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central Mississippi, along with southern and northern counties of Mississippi and their surrounding areas. Services are provided at multiple branch offices. Risks and Uncertainties The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company.Congress, the President, and the Federal Reserve have taken several actions designed to cushion the economic fallout. Most notably, the three separate stimulus bills, including the CARES Act, the Consolidated Appropriations Act, and the American Rescue Plan Act totaling approximately $4.8 trillion. The goal of these are to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The packages also include extensive emergency funding for hospitals and providers. In addition to the general impact of COVID-19, certain provisions of the these acts as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 escalates further or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full extent that the impact of COVID-19, and resulting measures to curtail its spread, will have on the Company’s operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s fee income has been, and could continue to be, reduced due to COVID-19. Due to the amount of stimulus and unemployment measures from the federal government, overdraft fees continue to be reduced significantly from pre-pandemic levels. These reductions in fees are thought, at this time, to be temporary in conjunction with the length of the expected COVID-19 related economic crisis.Capital and liquidity While the Company believes that it has sufficient capital to withstand an extended economic recession brought about by COVID-19, its reported and regulatory capital ratios have been adversely impacted due to loss of fee income, net interest margin compression along with the significant increase in assets from all the federal government stimulus. For a detailed discussion of the Company’s capital ratios see Capital Resources on page 43.The Company maintains access to multiple sources of liquidity. If an extended recession caused large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Wholesale funding markets have remained open to us, and rates for short term funding have recently been at historically lows. If funding costs start to elevate, it could have an adverse effect on the Company’s net interest margin. Asset valuation Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its consolidated statements of financial condition. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Lending operations and accommodations to borrowers (dollar amounts in thousands) With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company is actively participating in assisting its customers with applications for resources through the program. PPP loans originated before June 5, 2020 have a term while PPP loans originated after June 5, 2020 have a -year term and earn interest at 1%. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. The Company currently has 394 loans with a total balance of $23,649 still outstanding at March 31, 2021. It is the Company’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish additional allowance for credit loss through additional credit loss expense charged to earnings. Additionally, the Consolidated Appropriations Act of 2021 appropriated a further $ -year 284 billion to the PPP, and permitted certain PPP borrowers to make “second draw” loans. The Company began submitting PPP applications on behalf of and originating loans to qualified small businesses under this third round of PPP in January 2021 once allowable by the SBA. Credit The Company has worked with customers directly affected by COVID-19. The Company offered short-term assistance in accordance with regulatory guidelines. However, as of March 31, 2021, the Company had no customer with deferments. While this is a positive trend, the Company makes no representations that there could not be future credit losses related to COVID-19. Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended March 31, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company (the “Company”) include the accounts of its wholly owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with the Company, the “Company”). In addition to full service commercial banking, the Bank offers title insurance services through its subsidiary, Title Services LLC. All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Company, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 12, 2021. Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. Adoption of New Accounting Standards In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740) 2019-12 was effective for the Company on January 1, 2021 and did not have a material impact on the Company’s financial statements. Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 makes significant changes to the accounting for credit losses on financial instruments and disclosures about them. The new current expected credit loss (CECL) impairment model will require an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgment with regards to pooling financial assets with similar risk characteristics, determining the contractual terms of said financial assets and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The amendments in ASU 2016-13 are currently effective for fiscal years beginning after December 31, 2019 , and interim periods within those years for public business entities that are SEC filers. However, in October 2019 , the FASB approved deferral of the effective date for ASU 2016-13 for certain companies. The new effective date for the Company is January 1, 2023 . ASU 2016-13 permits the use of estimation techniques that are practical and relevant to the Company’s circumstances, as long as they are applied consistently over time and faithfully estimate expected credit losses in accordance with the standard. The ASU lists several common credit loss methods that are acceptable such as a discounted cash flow method, loss-rate method and probability of default/loss given default (PD/LGD) method. Depending on the nature of each identified pool of financial assets with similar risk characteristics, the Company currently plans on implementing a PD/LGD method or a loss-rate method to estimate expected credit losses. The Company expects ASU 2016-13 to have a significant impact on the Company’s accounting policies, internal controls over financial reporting and footnote disclosures. The Company has assessed its data and system needs and has begun designing its financial models to estimate expected credit losses in accordance with the standard. Further development, testing and evaluation of said models is required to determine the impact that adoption of this standard will have on the financial condition and results of operations of the Company. |
Commitments and Contingent Liabilities |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 2. Commitments and Contingent Liabilities (in thousands) In the ordinary course of business, the Company enters into commitments to extend credit to its customers. The unused portion of these commitments is not reflected in the accompanying financial statements. As of March 31, 2021, the Company had entered into loan commitments with certain customers with an aggregate unused balance of $151,662 compared to an aggregate unused balance of $138,185 at December 31, 2020. There were $4,437 of letters of credit outstanding at March 31, 2021 and $4,565 at December 31, 2020. The fair value of such commitments is not considered material because letters of credit and loan commitments often are not used in their entirety, if at all, before they expire. The balances of such letters and commitments should not be used to project actual future liquidity requirements. However, the Company does incorporate expectations about the utilization under its credit-related commitments into its asset and liability management program. The Company is a party to lawsuits and other claims that arise in the ordinary course of business, all of which are being vigorously contested. In the regular course of business, management evaluates estimated losses or costs related to litigation, and provisions are made for anticipated losses whenever management believes that such losses are probable and can be reasonably estimated. At the present time, management believes, based on the advice of legal counsel, that the final resolution of pending legal proceedings will not likely have a material impact on the Company’s consolidated financial condition or results of operations. |
Net Income per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Share | Note 3. Net Income per Share (in thousands, except share and per share data) Net income per share—basic has been computed based on the weighted average number of shares outstanding during each period. Net income per share—diluted has been computed based on the weighted average number of shares outstanding during each period plus the dilutive effect of outstanding stock options and restricted stock using the treasury stock method. Net income per share was computed as follows:
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Equity Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation Plans | Note 4. Equity Compensation Plans (in thousands, except per share data) The Company has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Company intends to use for future equity grants to employees, directors or consultants until the termination or expiration of the 2013 Plan. Prior to the adoption of the 2013 Plan, the Company issued awards to directors from the 1999 Directors’ Stock Compensation Plan (the “Directors’ Plan”), which has expired. The following table is a summary of the stock option activity for the three months ended March 31, 2021:
The intrinsic value of options outstanding under the Directors’ Plan at March 31, 2021, was $9. No options were outstanding under the 2013 Plan as of March 31, 2021. During 2020, the Company’s directors received restricted stock grants totaling
8,250 shares of common stock under the 2013 Plan. These grants vest over a one-year period ending April 29, 2021 during which time the recipients have rights to vote the shares and to receive dividends. The grant date fair value of these shares was $169 and will be expensed ratably over the vesting period. -year |
Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes (in thousands) For the three months ended March 31, 2021 and 2020, the Company recorded a provision for income taxes totaling $413 and $225, respectively. The effective tax rate was 17.88% and 16.50% for the three months ending March 31, 2021 and 2020, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences primarily related to tax free municipal investments. |
Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Note 6. Securities (in thousands) The amortized cost and estimated fair value of securities available-for-sale
At March 31, 2021 and December 31, 2020, securities with a carrying value of $570,204 and $558,955, respectively, were pledged to secure government and public deposits and securities sold under agreement to repurchase. The amortized cost and estimated fair value of securities by contractual maturity at March 31, 2021 and December 31, 2020 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations.
The tables below show the Company’s gross unrealized losses and fair value of available-for-sale A summary of unrealized loss information for securities available-for-sale,
The Company’s unrealized losses on its obligations of United States government agencies, mortgage backed securities and state, county and municipal bonds are the result of an upward trend in interest rates since purchase, mainly in the
mid-term sector. Additionally, with mortgage rates at historical lows, all of the mortgage backed securities above are prepaying faster than expected at March 31, 2021, therefore causing the book yields to decrease and market yields to lower along with them. None of the unrealized losses disclosed in the previous table are related to credit deterioration. The Company does not intend to sell any securities in an unrealized loss position that it holds and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. The Company has determined that none of the securities were other-than-temporarily impaired at March 31, 2021 nor at December 31, 2020. |
Non Purchased Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non Purchased Loans | Note 7. Non Purchased Loans (in thousands, except number of loans) “Purchased” loans are those acquired in any of the Company’s previous acquisitions. “Non Purchased” loans include all of the Company’s other loans. For purposes of Note 8, all references to “loans” mean non purchased loans. The composition of net loans at March 31, 2021 and December 31, 2020 was as follows:
Loans are considered to be past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status, when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether such loans are considered past due. When interest accruals are discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Period-end, non-accrual loans, segregated by class, were as follows:
An aging analysis of past due loans, segregated by class, as of March 31, 2021, was as follows:
An aging analysis of past due loans, segregated by class, as of December 31, 2020 was as follows:
Loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. In determining which loans to evaluate for impairment, management looks at all loans over $100 that are past due loans, bankruptcy filings and any situation that might lend itself to cause a borrower to be unable to repay the loan according to the original agreement terms. If a loan is determined to be impaired and the collateral is deemed to be insufficient to fully repay the loan, a specific reserve will be established. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans or portions thereof, are charged-off when deemed uncollectible. Impaired loans as of March 31, 2021, segregated by class, were as follows:
Impaired loans as of December 31, 2020, segregated by class, were as follows:
The Company did not have any new troubled debt restructurings as of March 31, 2021 or December 31, 2020. Changes in the Company’s troubled debt restructurings are set forth in the table below:
The allocated allowance for loan losses attributable to restructured loans was $-0- The Company utilizes a risk grading matrix to assign a risk grade to each of its loans when originated and is updated as factors related to the strength of the loan changes. Loans are graded on a scale of 1 to 9. A description of the general characteristics of the 9 risk grades follows. Grade 1. MINIMAL RISK - These loans are without loss exposure to the Company. This classification is reserved for only the best, well secured loans to borrowers with significant capital strength, low leverage, stable earnings and growth and other readily available financing alternatives. This type of loan would also include loans secured by a program of the government. Grade 2. MODEST RISK - These loans include borrowers with solid credit quality and moderate risk of loss. These loans may be fully secured by certificates of deposit with another reputable financial institution, or secured by readily marketable securities with acceptable margins. Grade 3. AVERAGE RISK - This is the rating assigned to the majority of the loans held by the Company. This includes loans with average loss exposure and average overall quality. These loans should liquidate through possessing adequate collateral and adequate earnings of the borrower. In addition, these loans are properly documented and are in accordance with all aspects of the current loan policy. Grade 4. ACCEPTABLE RISK - Borrower generates sufficient cash flow to fund debt service but most working asset and capital expansion needs are provided from external sources. Profitability and key balance sheet ratios are usually close to peers but one or more may be higher than peers. Grade 5. MANAGEMENT ATTENTION - Borrower has significant weaknesses resulting from performance trends or management concerns. The financial condition of the borrower has taken a negative turn and may be temporarily strained. Cash flow is weak but cash reserves remain adequate to meet debt service. Management weakness is evident. Grade 6. OTHER LOANS ESPECIALLY MENTIONED (“OLEM”) - Loans in this category are fundamentally sound but possess some weaknesses. OLEM loans have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the bank’s credit position at some future date. These loans have an identifiable weakness in credit, collateral, or repayment ability but there is no expectation of loss. Grade 7. SUBSTANDARD ASSETS - Assets classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness based upon objective evidence. Assets classified as substandard are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. The possibility that liquidation would not be timely requires a substandard classification even if there is little likelihood of total loss. This classification does not mean that the loan will incur a total or partial loss. Substandard loans may or may not be impaired. Grade 8. DOUBTFUL - A loan classified as doubtful has all the weaknesses of a substandard classification and the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. A doubtful classification could reflect the fact that the primary source of repayment is gone and serious doubt exists as to the quality of a secondary source of repayment. Grade 9. LOSS - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. Also included in this classification is the defined loss portion of loans rated substandard assets and doubtful assets. These internally assigned grades are updated on a continual basis throughout the course of the year and represent management’s most updated judgment regarding grades at March 31, 2021. The following table details the amount of gross loans, segregated by loan grade and class, as of March 31, 2021:
The following table details the amount of gross loans segregated by loan grade and class, as of December 31, 2020:
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Purchased Loans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased loans | Note 8. Purchased Loans (in thousands) For purposes of this Note 8, all references to “loans” means purchased loans. The following is a summary of purchased loans:
Period-end, non-accrual loans, segregated by class, were as follows:
An age analysis of past due loans, segregated by class of loans, as of March 31, 2021, is as follows:
An age analysis of past due loans, segregated by class of loans, as of December 31, 2020, is as follows:
The following table details the amount of gross loans by loan grade, which are consistent with the Company’s loan grades, and class as of March 31, 2021:
The following table details the amount of gross loans by loan grade, which are consistent with the Company’s loan grades, and class as of December 31, 2020:
Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows:
Non-accrual loans of $-0- 1-4 Family Mortgages at March 31, 2021 and December 31, 2020, respectively. The following table presents the fair value of loans determined to be impaired at the time of acquisition:
There were no loans classified as TDRs purchased as part of the acquisition of Charter. The following table presents the fair value of loans purchased from Charter as of the October 1, 2019 acquisition date:
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Allowance for Loan Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Note 9. Allowance for Loan Losses (in thousands) The allowance for loan losses is established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The allowance on the majority of the loan portfolio is calculated using a historical chargeoff percentage applied to the current loan balances by loan segment. This historical period is the average of the previous twenty quarters with the most current quarters weighted more heavily to show the effect of the most recent chargeoff activity. This percentage is also adjusted for economic factors such as local unemployment and general business conditions, both local and nationwide. The group of loans that are considered to be impaired are individually evaluated for possible loss and a specific reserve is established to cover any loss contingency. Loans that are determined to be a loss with no benefit of remaining in the portfolio are charged off to the allowance. These specific reserves are reviewed periodically for continued impairment and adequacy of the specific reserve and are adjusted when necessary. The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2021:
The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2020:
The Company’s recorded investment in loans as of March 31, 2021 and December 31, 2020 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows:
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Premises and Equipment |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment | Note 10. Premises and Equipment (in thousands) The Company leases certain premises and equipment under operating leases. At March 31, 2021, the Company had lease liabilities and Right-of-Use Lease costs were as follows:
There were no sale and leaseback transactions, leverage leases or lease transactions with related parties during the three months ended March 31, 2021. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
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Other Intangible Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets | Note 11. Other Intangible Assets (in thousands) The following table provides a summary of finite-lived intangible assets as of the dates presented:
Core deposit intangible amortization expense for the period ended March 31, 2021 and period ended December 31, 2020 was $27 and $109, respectively. The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:
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Shareholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Note 12. Shareholders’ Equity (in thousands, except share data) The following summarizes the activity in the capital structure of the Company:
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Note 13. Fair Value of Financial Instruments (in thousands) The fair value topic of the ASC establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. This topic also requires disclosure about how fair value was determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows:
The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2021:
The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2020:
The Company recorded no gains or losses in earnings for the period ended March 31, 2021 or December 31, 2020 that were attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. Impaired Loans Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to, equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on management’s historical knowledge, changes in market conditions from the time of valuation and management knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified Level 3. The unobservable inputs may vary depending on the individual assets with the fair value of real estate based on appraised value being the predominant approach. The Company reviews the certified appraisals for appropriateness and adjusts the value downward to consider selling, closing and liquidation costs, which typically approximates 25% of the appraised value. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Other real estate owned OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. The Company reviews the third-party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically approximate 25% of the appraised value. For assets measured at fair value on a nonrecurring basis during 2021 that were still held on the Company’s balance sheet at March 31, 2021, the following table provides the hierarchy level and the fair value of the related assets:
The following table presents information as of March 31, 2021 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis:
For assets measured at fair value on a nonrecurring basis during 2020 that were still held on the Company’s balance sheet at December 31, 2020, the following table provides the hierarchy level and the fair value of the related assets:
Impaired loans, whose fair value was remeasured during the period, with a carrying value of $118 and $2,920 had an allocated allowance for loan losses of $9 and $907 at March 31, 2021 and December 31, 2020, respectively. The allocated allowance is based on the carrying value of the impaired loan and the fair value of the underlying collateral less estimated costs to sell. After monitoring the carrying amounts for subsequent declines or impairments after foreclosure, management determined that a fair value adjustment to OREO in the amount of $16 and $-0- The financial instruments topic of the ASC requires disclosure of financial instruments’ fair values, as well as the methodology and significant assumptions used in estimating fair values. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The financial instruments topic of the ASC excludes certain financial instruments from its disclosure requirements. The following represents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2021:
The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020:
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Nature of Business and Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Citizens Holding Company (referred to herein as the “Company”) owns and operates The Citizens Bank of Philadelphia (the “Bank”). In addition to full service commercial banking, the Bank offers title insurance services through its subsidiary, Title Services LLC. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Company. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central Mississippi, along with southern and northern counties of Mississippi and their surrounding areas. Services are provided at multiple branch offices. |
Risks and Uncertainties | Risks and Uncertainties The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and could impair their ability to fulfill their financial obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. While there has been no material impact to the Company’s employees to date, COVID-19 could also potentially create widespread business continuity issues for the Company.Congress, the President, and the Federal Reserve have taken several actions designed to cushion the economic fallout. Most notably, the three separate stimulus bills, including the CARES Act, the Consolidated Appropriations Act, and the American Rescue Plan Act totaling approximately $4.8 trillion. The goal of these are to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The packages also include extensive emergency funding for hospitals and providers. In addition to the general impact of COVID-19, certain provisions of the these acts as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. If the global response to contain COVID-19 escalates further or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. While it is not possible to know the full extent that the impact of COVID-19, and resulting measures to curtail its spread, will have on the Company’s operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s fee income has been, and could continue to be, reduced due to COVID-19. Due to the amount of stimulus and unemployment measures from the federal government, overdraft fees continue to be reduced significantly from pre-pandemic levels. These reductions in fees are thought, at this time, to be temporary in conjunction with the length of the expected COVID-19 related economic crisis.Capital and liquidity While the Company believes that it has sufficient capital to withstand an extended economic recession brought about by COVID-19, its reported and regulatory capital ratios have been adversely impacted due to loss of fee income, net interest margin compression along with the significant increase in assets from all the federal government stimulus. For a detailed discussion of the Company’s capital ratios see Capital Resources on page 43.The Company maintains access to multiple sources of liquidity. If an extended recession caused large numbers of the Company’s deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Wholesale funding markets have remained open to us, and rates for short term funding have recently been at historically lows. If funding costs start to elevate, it could have an adverse effect on the Company’s net interest margin. Asset valuation Currently, the Company does not expect COVID-19 to affect its ability to account timely for the assets on its consolidated statements of financial condition. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Company does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP. COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Lending operations and accommodations to borrowers (dollar amounts in thousands) With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company is actively participating in assisting its customers with applications for resources through the program. PPP loans originated before June 5, 2020 have a term while PPP loans originated after June 5, 2020 have a -year term and earn interest at 1%. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. The Company currently has 394 loans with a total balance of $23,649 still outstanding at March 31, 2021. It is the Company’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish additional allowance for credit loss through additional credit loss expense charged to earnings. Additionally, the Consolidated Appropriations Act of 2021 appropriated a further $ -year 284 billion to the PPP, and permitted certain PPP borrowers to make “second draw” loans. The Company began submitting PPP applications on behalf of and originating loans to qualified small businesses under this third round of PPP in January 2021 once allowable by the SBA. Credit The Company has worked with customers directly affected by
COVID-19. The Company offered short-term assistance in accordance with regulatory guidelines. However, as of March 31, 2021, the Company had no customer with deferments. While this is a positive trend, the Company makes no representations that there could not be future credit losses related to COVID-19. |
Basis of Presentation | Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended March 31, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company (the “Company”) include the accounts of its wholly owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with the Company, the “Company”). In addition to full service commercial banking, the Bank offers title insurance services through its subsidiary, Title Services LLC. All significant intercompany transactions have been eliminated in consolidation. 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 12, 2021.
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Estimates | Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. |
Recently Issued Accounting Pronouncements | Adoption of New Accounting Standards In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740) 2019-12 was effective for the Company on January 1, 2021 and did not have a material impact on the Company’s financial statements. Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 makes significant changes to the accounting for credit losses on financial instruments and disclosures about them. The new current expected credit loss (CECL) impairment model will require an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgment with regards to pooling financial assets with similar risk characteristics, determining the contractual terms of said financial assets and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The amendments in ASU 2016-13 are currently effective for fiscal years beginning after December 31, 2019 , and interim periods within those years for public business entities that are SEC filers. However, in October 2019 , the FASB approved deferral of the effective date for ASU 2016-13 for certain companies. The new effective date for the Company is January 1, 2023 . ASU 2016-13 permits the use of estimation techniques that are practical and relevant to the Company’s circumstances, as long as they are applied consistently over time and faithfully estimate expected credit losses in accordance with the standard. The ASU lists several common credit loss methods that are acceptable such as a discounted cash flow method, loss-rate method and probability of default/loss given default (PD/LGD) method. Depending on the nature of each identified pool of financial assets with similar risk characteristics, the Company currently plans on implementing a PD/LGD method or a loss-rate method to estimate expected credit losses. The Company expects ASU 2016-13 to have a significant impact on the Company’s accounting policies, internal controls over financial reporting and footnote disclosures. The Company has assessed its data and system needs and has begun designing its financial models to estimate expected credit losses in accordance with the standard. Further development, testing and evaluation of said models is required to determine the impact that adoption of this standard will have on the financial condition and results of operations of the Company. |
Net Income per Share (Tables) |
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Earnings Per Share | Net income per share was computed as follows:
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Equity Compensation Plans (Tables) |
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Summary of Stock Option Activity | The following table is a summary of the stock option activity for the three months ended March 31, 2021:
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Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale | The amortized cost and estimated fair value of securities available-for-sale
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Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities by contractual maturity at March 31, 2021 and December 31, 2020 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations.
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Summary of Unrealized Loss Information for Available-for-sale Securities | A summary of unrealized loss information for securities available-for-sale,
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Non Purchased Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period-End, Non-Accrual Loans, Segregated by Class | Period-end, non-accrual loans, segregated by class, were as follows:
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Aging Analysis of Past Due Loans, Segregated by Class | An age analysis of past due loans, segregated by class of loans, as of March 31, 2021, is as follows:
An age analysis of past due loans, segregated by class of loans, as of December 31, 2020, is as follows:
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Impaired Loans, Segregated by Class of Loans | Impaired loans as of March 31, 2021, segregated by class, were as follows:
Impaired loans as of December 31, 2020, segregated by class, were as follows:
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Changes in Troubled Debt Restructurings | Changes in the Company’s troubled debt restructurings are set forth in the table below:
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Financial assets non purchased loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Net Loans | The composition of net loans at March 31, 2021 and December 31, 2020 was as follows:
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Aging Analysis of Past Due Loans, Segregated by Class | An aging analysis of past due loans, segregated by class, as of March 31, 2021, was as follows:
An aging analysis of past due loans, segregated by class, as of December 31, 2020 was as follows:
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Detailed Amount of Gross Loans Segregated by Loan Grade and Class | The following table details the amount of gross loans, segregated by loan grade and class, as of March 31, 2021:
The following table details the amount of gross loans segregated by loan grade and class, as of December 31, 2020:
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Purchased Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased loans [line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of non accrual loans segregated by class | Period-end, non-accrual loans, segregated by class, were as follows:
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Aging analysis of past due loans, segregated by class | An age analysis of past due loans, segregated by class of loans, as of March 31, 2021, is as follows:
An age analysis of past due loans, segregated by class of loans, as of December 31, 2020, is as follows:
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Loans purchased in business combinations | Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows:
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Schedule of loans purchased with deteriorated credit quality | The following table presents the fair value of loans determined to be impaired at the time of acquisition:
The following table presents the fair value of loans purchased from Charter as of the October 1, 2019 acquisition date:
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Financial asset acquired with credit deterioration [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased loans [line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of net loans | The following is a summary of purchased loans:
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Detailed amount of gross loans segregated by loan grade and class | The following table details the amount of gross loans by loan grade, which are consistent with the Company’s loan grades, and class as of March 31, 2021:
The following table details the amount of gross loans by loan grade, which are consistent with the Company’s loan grades, and class as of December 31, 2020:
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Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2021:
The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2020:
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Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment | The Company’s recorded investment in loans as of March 31, 2021 and December 31, 2020 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows:
|
Premises and Equipment (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Lease Costs | Lease costs were as follows:
|
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Maturity Analysis Of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
|
Other Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of intangibale assets | The following table provides a summary of finite-lived intangible assets as of the dates presented:
|
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Summary of finite lived intangible assets future amortization expense | The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:
|
Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Capital Structure Activity [Table Text Block] | The following summarizes the activity in the capital structure of the Company:
|
Fair Value of Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2021:
The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2020:
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Asset Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis during 2021 that were still held on the Company’s balance sheet at March 31, 2021, the following table provides the hierarchy level and the fair value of the related assets:
For assets measured at fair value on a nonrecurring basis during 2020 that were still held on the Company’s balance sheet at December 31, 2020, the following table provides the hierarchy level and the fair value of the related assets:
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Carrying Value and Estimated Fair Value of Financial Instruments | The following represents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2021:
The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020:
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Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value | The following table presents information as of March 31, 2021 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis:
|
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Summary Of Significant Accounting Policies [Line Items] | |
Legislative package under CARES | $ 4,800,000,000 |
SBA PPP Loans [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Debt instrument interest rate | 1.00% |
Debt instrument face amount | $ 23,649 |
Debt Instrument, Repurchase Amount | $ 284,000 |
Ppp Loans [Member] | Debt Instruments Originated Before June Fifth Two Thousand And Twenty [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Debt instrument term | 2 years |
Ppp Loans [Member] | Debt Instruments Originated After June Fifth Two Thousand And Twenty [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Debt instrument term | 5 years |
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 151,662 | $ 138,185 |
Letters of credit outstanding | $ 4,437 | $ 4,565 |
Net Income per Share - Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Basic weighted average shares outstanding | 5,578,820 | 5,579,381 |
Dilutive effect of granted options | 994 | 2,030 |
Diluted weighted average shares outstanding | 5,579,814 | 5,581,411 |
Net income | $ 1,897 | $ 1,160 |
Net income per share-basic | $ 0.34 | $ 0.21 |
Net income per share-diluted | $ 0.34 | $ 0.21 |
Equity Compensation Plans -Summary of Stock Option Activity (Detail) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Number of Options | ||
Exercised | (4,500) | |
2013 Plan [Member] | ||
Number of Options | ||
Beginning Balance | 0 | |
Granted | 0 | |
Exercised | 0 | |
Expired | 0 | |
Ending Balance | 0 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 0 | |
Granted | 0 | |
Exercised | 0 | |
Expired | 0 | |
Ending Balance | $ 0 | |
Directors Stock Option Plan [Member] | ||
Number of Options | ||
Beginning Balance | 19,500,000 | |
Granted | 0 | |
Exercised | 0 | |
Expired | 0 | |
Ending Balance | 19,500,000 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 19.42 | |
Granted | 0 | |
Exercised | 0 | |
Expired | 0 | |
Ending Balance | $ 19.42 |
Equity Compensation Plans - Additional Information (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
shares
| |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock restriction period | 1 year |
Restricted stock grants | shares | 8,250,000 |
Restricted stock grant date fair value | $ 169,000 |
Directors Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Intrinsic value of options outstanding | 9,000 |
2013 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Intrinsic value of options outstanding | $ 0 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Operating Loss Carryforwards [Line Items] | ||
Provision for income taxes | $ 413 | $ 225 |
Effective tax rate | 17.88% | 16.50% |
Securities - Additional Information (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Securities at carrying value | $ 570,204 | $ 558,955 |
Non Purchased Loans - Additional Information (Detail) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum loan limit considered for impairment evaluation by management | $ 100,000 | |
Restructured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | $ 0 | $ 0 |
Non Purchased Loans - Composition of Net Loans (Parenthetical) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Paycheck Protection Program Loans [Member] | Real Estate Loan [Member] | Financial assets non purchased loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Business loans | $ 23,649 | $ 29,523 |
Non Purchased Loans - Changes in Troubled Debt Restructurings (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021
USD ($)
Loan
|
Dec. 31, 2020
USD ($)
Loan
|
|
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 3 |
Principal paydowns, Recorded Investment | $ (39) | $ (382) |
Additional loans with concessions, Recorded Investment | 2,113 | |
Post-Modification Outstanding Recorded Investment | $ 286 | $ 2,495 |
OREO [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | |
Debt Restructuring Reclassifications | $ (1,788) |
Purchased Loans - Additional Information (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Purchased loans [line Items] | ||
Financing receivable, recorded investment | $ 6,603 | $ 8,459 |
1-4 Family Mortgages [Member] | ||
Purchased loans [line Items] | ||
Financing receivable, recorded investment | $ 0 | $ 25 |
Purchased Loans - Fair Value of Loans Determined to be Impaired (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 01, 2019 |
Mar. 31, 2021 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually-required principal | $ 104,127 | |
Nonaccretable difference | (68) | |
Cash flows expected to be collected | 104,059 | |
Accretable yield | (394) | |
Fair Value | $ 103,665 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually-required principal | $ 993 | |
Nonaccretable difference | (68) | |
Cash flows expected to be collected | 925 | |
Accretable yield | (36) | |
Fair Value | $ 889 |
Purchased Loans - Fair Value of Loans Purchased from Charter (Detail) $ in Thousands |
Oct. 01, 2019
USD ($)
|
---|---|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | |
Contractually-required principal | $ 104,127 |
Nonaccretable difference | (68) |
Cash flows expected to be collected | 104,059 |
Accretable yield | (394) |
Fair Value | $ 103,665 |
Premises and Equipment - Summary of Lease Costs (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Operating lease cost | $ 117 | $ 92 |
Short-term lease cost | 6 | 6 |
Variable lease cost | ||
Total lease cost | $ 123 | $ 98 |
Premises and Equipment - Maturities of Operating Lease Liabilities (Detail) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Lease payments due: | |
Within one year | $ 2,218 |
After one year but within two years | 121 |
After two years but within three years | 63 |
After three year but within four years | 64 |
After four years but within five years | 65 |
After five years | 123 |
Total undiscounted cash flows | 2,654 |
Discount on cash flows | (24) |
Total lease liability | $ 2,630 |
Bank Premises, Furniture, Fixtures and Equipment - Additional Information (Detail) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Operating lease right-of-use ("ROU") | $ 2,630 |
Weighted average remaining lease term | 1 year |
Weighted average discount rate | 3.19% |
Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 27 | $ 109 |
Other Intangible Assets - Schedule of Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Intangible Assets [Abstract] | ||
Core deposit intangible | $ 630 | $ 739 |
Accumulated amortization | (27) | (109) |
Total | $ 603 | $ 630 |
Other Intangible Assets - Summary of Finite Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2021 | $ 82 | |
2022 | 109 | |
2023 | 109 | |
2024 | 109 | |
2025 | 109 | |
Thereafter | 85 | |
Total | $ 603 | $ 630 |
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | ||
Gains or losses in earnings attributable to the change in unrealized gains or losses | $ 0 | $ 0 |
Carrying value of an impaired loan | 118,000 | 2,920,000 |
Impaired loans, allowance for loan losses | 9,000 | 907,000 |
Fair value adjustment to OREO due to declines or impairment after foreclosure | $ 16,000 | $ 0 |
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