☒
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2018.
|
☐
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ___ to ___.
|
Pennsylvania
|
23-2486815
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
50 South 16th Street, Philadelphia, Pennsylvania
|
19102
|
|
(Address of principal executive offices)
|
(Zip code)
|
Title of each class
|
Name of each exchange on which registered
|
|
Common Stock, par value $0.01 per share
|
The NASDAQ Stock Market LLC
|
Large accelerated filer ☐
|
Accelerated filer ☒
|
Non-Accelerated filer ☐
|
Smaller reporting company ☒ |
Emerging growth company ☐
|
Common Stock, par value $0.01 per share
|
58,825,278
|
|
Title of Class
|
Number of Shares Outstanding as of March 13, 2019
|
PAGE
|
||
PART I:
|
||
Item 1.
|
1 |
|
Item 1A.
|
12
|
|
Item 1B.
|
26
|
|
Item 2.
|
26
|
|
Item 3.
|
26
|
|
Item 4.
|
26
|
|
PART II:
|
||
Item 5.
|
27
|
|
Item 6.
|
28 |
|
Item 7.
|
29 |
|
Item 7A.
|
73
|
|
Item 8.
|
73
|
|
Item 9.
|
143 | |
Item 9A.
|
143
|
|
Item 9B.
|
144
|
|
PART III:
|
||
Item 10.
|
144
|
|
Item 11.
|
144 | |
Item 12.
|
144
|
|
Item 13.
|
145
|
|
Item 14.
|
145
|
|
PART IV:
|
||
Item 15.
|
146
|
|
150
|
· |
general economic conditions, including turmoil in the financial markets and related efforts of government agencies to stabilize the financial system;
|
· |
the adequacy of our allowance for loan losses and our methodology for determining such allowance;
|
· |
adverse changes in our loan portfolio and credit risk-related losses and expenses;
|
· |
concentrations within our loan portfolio, including our exposure to commercial real estate loans, and to our primary service area;
|
· |
changes in interest rates;
|
· |
business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors,
price pressures and similar items;
|
· |
deposit flows;
|
· |
loan demand;
|
· |
the regulatory environment, including evolving banking industry standards and changes in legislation or regulation;
|
· |
our securities portfolio and the valuation of our securities;
|
· |
accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements;
|
· |
rapidly changing technology;
|
· |
litigation liabilities, including costs, expenses, settlements and judgments; and
|
· |
other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services.
|
Basel III Community Banks
Minimum Capital Ratio Requirements
|
|||||||
2016
|
2017
|
2018
|
2019
|
||||
Common equity tier 1 capital (CET1)
|
5.125%
|
5.750%
|
6.375%
|
7.000%
|
|||
Tier 1 capital (to risk weighted assets)
|
6.625%
|
7.250%
|
7.875%
|
8.500%
|
|||
Total capital (to risk-weighted assets)
|
8.625%
|
9.250%
|
9.875%
|
10.500%
|
· |
increased regulation of our industry and increased compliance costs;
|
· |
hampering our ability to assess the creditworthiness of customers and to estimate the losses inherent in our credit exposure, as such assessments are made more complex by
these difficult market and economic conditions;
|
· |
increasing our credit risk, by increasing the likelihood that our major customers become insolvent and unable to satisfy their obligations to us;
|
· |
impairing our ability to originate loans, by making our customers and prospective customers less willing to borrow, and making loans that meet our underwriting criteria
difficult to find; and
|
· |
limiting our interest income, by depressing the yields we are able to earn on our investment portfolio.
|
· |
incurring time and expense associated with identifying and evaluating potential acquisitions and negotiating potential transactions;
|
· |
using inaccurate estimates and judgments to evaluate credit, operations, management, and market risks with respect to the target institution or its assets;
|
· |
the time and expense required to integrate the operations and personnel of the combined businesses;
|
· |
creating an adverse short-term effect on our results of operations; and
|
· |
losing key employees and customers as a result of an acquisition that is poorly conceived.
|
• |
adversely affect the interest rates paid or received on, the revenue and expenses associated with or the value of our LIBOR-based assets and liabilities, which
include certain variable rate loans and subordinated debt;
|
• |
adversely affect the interest rates paid or received on, the revenue and expenses associated with or the value of other securities or financial arrangements, given
LIBOR’s role in determining market interest rates globally;
|
• |
prompt inquiries or other actions from regulators in respect of our preparation and readiness for the replacement of LIBOR with an alternative reference rate; and
|
• |
result in disputes, litigation or other actions with counterparties regarding the interpretation and enforceability of certain fallback language in LIBOR-based contracts
and securities.
|
As of or for the Years Ended December 31,
|
||||||||||||||||||||
(dollars in thousands, except per share data)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
INCOME STATEMENT DATA
|
||||||||||||||||||||
Total interest income
|
$
|
92,074
|
$
|
70,849
|
$
|
54,227
|
$
|
45,436
|
$
|
40,473
|
||||||||||
Total interest expense
|
16,170
|
8,784
|
6,863
|
5,381
|
4,644
|
|||||||||||||||
Net interest income
|
75,904
|
62,065
|
47,364
|
40,055
|
35,829
|
|||||||||||||||
Provision for loan losses
|
2,300
|
900
|
1,557
|
500
|
900
|
|||||||||||||||
Non-interest income
|
20,322
|
20,097
|
15,312
|
9,943
|
8,017
|
|||||||||||||||
Non-interest expenses
|
83,721
|
75,276
|
56,293
|
47,091
|
40,550
|
|||||||||||||||
Income before provision (benefit) for income taxes
|
10,205
|
5,986
|
4,826
|
2,407
|
2,396
|
|||||||||||||||
Provision (benefit) for income taxes
|
1,578
|
(2,919
|
)
|
(119
|
)
|
(26
|
)
|
(46
|
)
|
|||||||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
$
|
2,433
|
$
|
2,442
|
||||||||||
PER SHARE DATA
|
||||||||||||||||||||
Basic earnings per share
|
$
|
0.15
|
$
|
0.16
|
$
|
0.13
|
$
|
0.06
|
$
|
0.07
|
||||||||||
Diluted earnings per share
|
$
|
0.15
|
$
|
0.15
|
$
|
0.12
|
$
|
0.06
|
$
|
0.07
|
||||||||||
Book value per share
|
$
|
4.17
|
$
|
3.97
|
$
|
3.79
|
$
|
3.00
|
$
|
2.98
|
||||||||||
Tangible book value per share (1)
|
$
|
4.09
|
$
|
3.89
|
$
|
3.70
|
$
|
3.00
|
$
|
2.98
|
||||||||||
BALANCE SHEET DATA
|
||||||||||||||||||||
Total assets
|
$
|
2,753,297
|
$
|
2,322,347
|
$
|
1,923,931
|
$
|
1,438,824
|
$
|
1,214,598
|
||||||||||
Total loans, net
|
1,427,983
|
1,153,679
|
955,817
|
866,066
|
770,404
|
|||||||||||||||
Total investment securities
|
1,088,331
|
938,561
|
803,604
|
460,131
|
254,402
|
|||||||||||||||
Total deposits
|
2,392,867
|
2,063,295
|
1,677,670
|
1,249,298
|
1,072,230
|
|||||||||||||||
Short-term borrowings
|
91,422
|
-
|
-
|
47,000
|
-
|
|||||||||||||||
Subordinated debt
|
11,259
|
21,681
|
21,881
|
21,857
|
22,476
|
|||||||||||||||
Total shareholders’ equity
|
245,189
|
226,460
|
215,053
|
113,375
|
112,811
|
|||||||||||||||
PERFORMANCE RATIOS
|
||||||||||||||||||||
Return on average assets
|
0.34
|
%
|
0.43
|
%
|
0.30
|
%
|
0.19
|
%
|
0.23
|
%
|
||||||||||
Return on average shareholders’ equity
|
3.69
|
%
|
4.02
|
%
|
3.97
|
%
|
2.14
|
%
|
2.51
|
%
|
||||||||||
Net interest margin
|
3.16
|
%
|
3.23
|
%
|
3.14
|
%
|
3.29
|
%
|
3.56
|
%
|
||||||||||
Total non-interest expenses as a percentage of average assets
|
3.28
|
%
|
3.64
|
%
|
3.45
|
%
|
3.59
|
%
|
3.80
|
%
|
||||||||||
ASSET QUALITY RATIOS
|
||||||||||||||||||||
Allowance for loan losses as a percentage of loans
|
0.60
|
%
|
0.74
|
%
|
0.95
|
%
|
0.99
|
%
|
1.48
|
%
|
||||||||||
Allowance for loan losses as a percentage of non-performing loans
|
83.31
|
%
|
57.93
|
%
|
48.45
|
%
|
68.95
|
%
|
53.81
|
%
|
||||||||||
Non-performing loans as a percentage of total loans
|
0.72
|
%
|
1.28
|
%
|
1.96
|
%
|
1.44
|
%
|
2.74
|
%
|
||||||||||
Non-performing assets as a percentage of total assets
|
0.60
|
%
|
0.94
|
%
|
1.51
|
%
|
1.66
|
%
|
2.07
|
%
|
||||||||||
Net charge-offs as a percentage of average loans, net
|
0.17
|
%
|
0.13
|
%
|
0.12
|
%
|
0.41
|
%
|
0.22
|
%
|
||||||||||
LIQUIDITY AND CAPITAL RATIOS
|
||||||||||||||||||||
Average equity to average assets
|
9.16
|
%
|
10.72
|
%
|
7.63
|
%
|
8.67
|
%
|
9.12
|
%
|
||||||||||
Leverage ratio
|
9.35
|
%
|
10.64
|
%
|
12.74
|
%
|
9.65
|
%
|
11.23
|
%
|
||||||||||
CET 1 capital to risk-weighted assets
|
13.90
|
%
|
14.75
|
%
|
16.59
|
%
|
10.42
|
%
|
-
|
|||||||||||
Tier 1 capital to risk-weighted assets
|
14.53
|
%
|
16.13
|
%
|
18.28
|
%
|
12.40
|
%
|
13.88
|
%
|
||||||||||
Total capital to risk-weighted assets
|
15.03
|
%
|
16.70
|
%
|
18.99
|
%
|
13.19
|
%
|
15.10
|
%
|
· |
We have twenty-five convenient store locations open today. During 2018, we began our expansion into Bucks County, PA with the opening of our store in Fairless Hills. We
also opened stores in Gloucester Township, Evesboro and Somers Point in New Jersey. Construction is underway on sites in Lumberton, NJ and Feasterville, PA and is expected to be completed in the early part of 2019.
|
· |
Expansion into New York City is scheduled to begin in 2019. We expect to open two to four new stores in Manhattan in the coming year. Leases have been signed for the
first two locations with construction about to begin.
|
· |
New stores opened since the beginning of the “Power of Red is Back” expansion campaign in 2014 are currently growing deposits at an average rate of $27 million per
year, while the average deposit growth for all stores over the last twelve months was approximately $14 million per year.
|
· |
Demand deposits represent the fastest growing segment of our deposit base. These deposits grew by $315 million to $1.6 billion over the last 12 months, including growth
of 18% in non-interest bearing demand deposit balances.
|
· |
Net income before tax grew by 70% to $10.2 million for the twelve months ended December 31, 2018 compared to $6.0 million for the twelve months ended December 31, 2017.
During 2018, we continued to open new stores and improve profitability despite the additional costs associated with the growth and expansion strategy.
|
· |
Total assets increased by $431 million, or 19%, to $2.8 billion as of December 31, 2018 compared to $2.3 billion as of December 31, 2017.
|
· |
Outstanding loans increased by $274 million, or 24%, to $1.4 billion as of December 31, 2018 compared to $1.2 billion as of December 31, 2017.
|
· |
Asset quality continues to improve. The ratio of non-performing assets to total assets declined to 0.60% as of December 31, 2018 compared to 0.94% as of December 31,
2017.
|
· |
We converted $10.6 million of outstanding trust preferred securities to 1.6 million shares of common stock during the first quarter of 2018. This conversion will result
in a reduction of interest expense of approximately $0.9 million on an annual basis going forward.
|
· |
Our residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout our footprint. Oak originated more than $360 million in
loans during the twelve month period ended December 31, 2018.
|
· |
Meeting the needs of small business customers continued to be an important part of our lending strategy. Nearly $43 million in new SBA loans were originated during the
year ended December 31, 2018. Republic Bank is currently ranked as the #1 SBA lender in New Jersey based on the dollar volume of loan originations.
|
· |
Capital levels remain strong. Our Total Risk-Based Capital ratio was 15.03% and Tier I Leverage Ratio was 9.35% at December 31, 2018.
|
· |
Book value per common share increased to $4.17 as of December 31, 2018 compared to $3.97 as of December 31, 2017.
|
(dollars in thousands)
|
December 31, 2018
|
December 31, 2017
|
||||||
Total shareholders’ equity
|
$
|
245,189
|
$
|
226,460
|
||||
Reconciling items:
|
||||||||
Goodwill
|
(5,011
|
)
|
(5,011
|
)
|
||||
Tangible common equity
|
$
|
240,178
|
$
|
221,449
|
||||
Common shares outstanding
|
58,789,228
|
56,989,764
|
||||||
Tangible book value per common share
|
$
|
4.09
|
$
|
3.89
|
For the Year Ended
December 31, 2018
|
For the Year Ended
December 31, 2017
|
For the Year Ended
December 31, 2016
|
||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate(1)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate(1)
|
Average
Balance |
Interest
Income/
Expense
|
Yield/
Rate(1)
|
|||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Federal funds sold and other interest earning assets
|
$
|
40,931
|
$
|
847
|
2.07
|
%
|
$
|
48,148
|
$
|
577
|
1.20
|
%
|
$
|
92,452
|
$
|
473
|
0.51
|
%
|
||||||||||||||||||
Investment securities and restricted stock
|
1,037,810
|
27,316
|
2.63
|
%
|
811,269
|
20,466
|
2.52
|
%
|
506,545
|
12,346
|
2.44
|
%
|
||||||||||||||||||||||||
Loans receivable
|
1,340,117
|
64,455
|
4.81
|
%
|
1,090,851
|
50,687
|
4.65
|
%
|
936,492
|
42,304
|
4.52
|
%
|
||||||||||||||||||||||||
Total interest-earning assets
|
2,418,858
|
92,618
|
3.83
|
% |
1,950,268
|
71,730
|
3.68
|
% |
1,535,489
|
55,123
|
3.59
|
% | ||||||||||||||||||||||||
Other assets
|
131,369
|
115,770
|
96,902
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
2,550,227
|
$
|
2,066,038
|
$
|
1,632,391
|
||||||||||||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Demand – non-interest bearing
|
$
|
488,995
|
$
|
372,171
|
$
|
284,326
|
||||||||||||||||||||||||||||||
Demand – interest bearing
|
918,508
|
7,946
|
0.87
|
%
|
687,586
|
3,020
|
0.44
|
%
|
510,745
|
2,088
|
0.41
|
%
|
||||||||||||||||||||||||
Money market & savings
|
697,135
|
4,898
|
0.70
|
%
|
629,464
|
3,160
|
0.50
|
%
|
586,750
|
2,639
|
0.45
|
%
|
||||||||||||||||||||||||
Time deposits
|
128,892
|
1,588
|
1.23
|
%
|
110,952
|
1,238
|
1.12
|
%
|
89,713
|
942
|
1.05
|
%
|
||||||||||||||||||||||||
Total deposits
|
2,233,530
|
14,432
|
0.65
|
%
|
1,800,173
|
7,418
|
0.41
|
%
|
1,471,534
|
5,669
|
0.39
|
%
|
||||||||||||||||||||||||
Total interest bearing deposits
|
1,744,535
|
14,432
|
0.83
|
%
|
1,428,002
|
7,418
|
0.52
|
%
|
1,187,208
|
5,669
|
0.48
|
%
|
||||||||||||||||||||||||
Other borrowings
|
73,573
|
1,738
|
2.36
|
%
|
35,429
|
1,366
|
3.86
|
%
|
27,471
|
1,194
|
4.35
|
%
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
1,818,108
|
16,170
|
0.89
|
%
|
1,463,431
|
8,784
|
0.60
|
%
|
1,214,679
|
6,863
|
0.57
|
%
|
||||||||||||||||||||||||
Total deposits and other borrowings
|
2,307,103
|
16,170
|
0.70
|
%
|
1,835,602
|
8,784
|
0.48
|
%
|
1,499,005
|
6,863
|
0.46
|
%
|
||||||||||||||||||||||||
Non-interest bearing other liabilities
|
9,431
|
8,942
|
8,867
|
|||||||||||||||||||||||||||||||||
Shareholders’ equity
|
233,693
|
221,494
|
124,519
|
|||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
2,550,227
|
$
|
2,066,038
|
$
|
1,632,391
|
||||||||||||||||||||||||||||||
Net interest income(2)
|
$
|
76,448
|
$
|
62,946
|
$
|
48,260
|
||||||||||||||||||||||||||||||
Net interest spread
|
2.94
|
%
|
3.08
|
%
|
3.02
|
%
|
||||||||||||||||||||||||||||||
Net interest margin(2)
|
3.16
|
%
|
3.23
|
%
|
3.14
|
%
|
Year ended
December 31, 2018 vs. 2017
|
Year ended
December 31, 2017 vs. 2016
|
|||||||||||||||||||||||
Changes due to:
|
Changes due to:
|
|||||||||||||||||||||||
(dollars in thousands)
|
Average
Volume
|
Average
Rate
|
Total
Change
|
Average
Volume
|
Average
Rate |
Total
Change
|
||||||||||||||||||
Interest earned:
|
||||||||||||||||||||||||
Federal funds sold and other interest-earning assets
|
$
|
(149
|
)
|
$
|
419
|
$
|
270
|
$
|
(531
|
)
|
$
|
635
|
$
|
104
|
||||||||||
Securities
|
5,963
|
887
|
6,850
|
7,687
|
433
|
8,120
|
||||||||||||||||||
Loans
|
11,596
|
2,172
|
13,768
|
6,976
|
1,407
|
8,383
|
||||||||||||||||||
Total interest-earning assets
|
17,410
|
3,478
|
20,888
|
14,132
|
2,475
|
16,607
|
||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||
Deposits
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$
|
1,998
|
$
|
2,928
|
$
|
4,926
|
$
|
777
|
$
|
155
|
$
|
932
|
||||||||||||
Money market and savings
|
516
|
1,222
|
1,738
|
193
|
328
|
521
|
||||||||||||||||||
Time deposits
|
221
|
129
|
350
|
237
|
59
|
296
|
||||||||||||||||||
Total deposit interest expense
|
2,735
|
4,279
|
7,014
|
1,207
|
542
|
1,749
|
||||||||||||||||||
Other borrowings
|
742
|
(370
|
)
|
372
|
37
|
135
|
172
|
|||||||||||||||||
Total interest expense
|
3,477
|
3,909
|
7,386
|
1,244
|
677
|
1,921
|
||||||||||||||||||
Net interest income
|
$
|
13,933
|
$
|
(431
|
)
|
$
|
13,502
|
$
|
12,888
|
$
|
1,798
|
$
|
14,686
|
· |
the annual improvement in pre-tax earnings during the four year period ended December 31, 2018;
|
· |
strong growth in interest-earning assets is expected to continue and is supported by the capital raise completed during the fourth quarter of 2016;
|
· |
deposit growth in the stores opened since the inception of the “Power of Red is Back” growth and expansion strategy in 2014 has met or exceeded expectations;
|
· |
loan growth during 2018 was greater than 20%;
|
· |
the acquisition of a residential mortgage lending team (Oak Mortgage Company) completed in July 2016 continues to supplement earnings growth;
|
· |
the ratio of non-performing assets to total assets along with other credit quality metrics continue to improve; and
|
· |
a cumulative loss has not been recorded in recent years.
|
· |
profitability metrics including return on average assets and return on average equity remain below industry standards;
|
· |
the Bank’s net interest margin declined during 2018 as a result of the challenging interest rate environment; and
|
· |
past earnings have been heavily dependent upon the success of the SBA Lending Team which has recently experienced reduced loan volumes and the recently acquired
Mortgage Division which can be significantly impacted by a changing interest rate environment and other various economic factors.
|
· |
the annual improvement in earnings during the three year period ended December 31, 2017;
|
· |
strong growth in interest-earning assets is expected to continue and is supported by the capital raise completed during the fourth quarter of 2016;
|
· |
deposit growth in each of the stores opened since the inception of the “Power of Red is Back” growth and expansion strategy in 2014 has met or exceeded expectations;
|
· |
loan growth during 2017 was greater than 20%;
|
· |
the acquisition of a residential mortgage lending team (Oak Mortgage Company) completed in July 2016 continues to supplement earnings growth;
|
· |
two of our largest non-performing assets have been resolved in 2017; and
|
· |
a cumulative loss has not been recorded in recent years.
|
· |
profitability metrics including return on average assets and return on average equity remain below industry standards; and
|
· |
past earnings have been heavily dependent upon the success of the SBA Lending Team which has recently experienced reduced loan volumes and the recently acquired
Mortgage Division which can be significantly impacted by a changing interest rate environment and other various economic factors.
|
At December 31,
|
||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Available for sale
|
||||||||||||
Collateralized mortgage obligations
|
$
|
197,812
|
$
|
327,972
|
$
|
230,252
|
||||||
Agency mortgage-backed securities
|
39,105
|
55,664
|
37,973
|
|||||||||
Municipal securities
|
20,807
|
15,142
|
26,825
|
|||||||||
Corporate bonds
|
62,583
|
62,670
|
66,718
|
|||||||||
Asset-backed securities
|
6,433
|
13,414
|
15,565
|
|||||||||
Trust preferred securities
|
-
|
725
|
3,063
|
|||||||||
Total amortized cost of securities
|
$
|
326,740
|
$
|
475,587
|
$
|
380,396
|
||||||
Total fair value of investment securities
|
$
|
321,014
|
$
|
464,430
|
$
|
369,739
|
||||||
Held to maturity
|
||||||||||||
U.S. Government agencies
|
$
|
107,390
|
$
|
112,605
|
$
|
98,538
|
||||||
Collateralized mortgage obligations
|
500,690
|
215,567
|
202,990
|
|||||||||
Agency mortgage-backed securities
|
153,483
|
143,041
|
129,951
|
|||||||||
Other securities
|
-
|
1,000
|
1,020
|
|||||||||
Total amortized cost of securities
|
$
|
761,563
|
$
|
472,213
|
$
|
432,499
|
||||||
|
||||||||||||
Total fair value of investment securities
|
$
|
747,323
|
$
|
463,799
|
$
|
425,183
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||||
Within
One Year
|
One to Five
Years
|
Five to Ten
Years
|
Past Ten
Years
|
Total
|
||||||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Fair value
|
Amortized Cost
|
Yield
|
|||||||||||||||||||||||||||||||||
Available for Sale
|
||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
196,259
|
$
|
197,812
|
3.02%
|
|||||||||||||||||||||||||||
Agency mortgage-backed securities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
38,499
|
39,105
|
2.84%
|
|||||||||||||||||||||||||||||||||
Municipal securities
|
791
|
4.13%
|
|
3,892
|
2.45%
|
13,786
|
2.80%
|
2,170
|
2.66%
|
20,639
|
20,807
|
2.77%
|
||||||||||||||||||||||||||||||||
Corporate bonds
|
1,584
|
2.80%
|
|
3,016
|
3.53%
|
51,605
|
3.28%
|
3,069
|
4.21%
|
59,274
|
62,583
|
3.32%
|
||||||||||||||||||||||||||||||||
Asset-backed securities
|
-
|
-
|
-
|
-
|
6,343
|
4.19%
|
-
|
--
|
6,343
|
6,433
|
4.19%
|
|||||||||||||||||||||||||||||||||
Total AFS securities
|
$
|
2,375
|
3.24%
|
|
$
|
6,908
|
2.92%
|
$
|
71,734
|
3.26%
|
$
|
5,239
|
3.57%
|
$
|
321,014
|
$
|
326,740
|
3.06%
|
||||||||||||||||||||||||||
Held to Maturity
|
||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Agencies
|
$
|
-
|
-
|
$
|
13,937
|
2.54%
|
$
|
89,681
|
2.42%
|
$
|
-
|
-
|
$
|
103,618
|
$
|
107,390
|
2.44%
|
|||||||||||||||||||||||||||
Collateralized mortgage obligations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
495,467
|
500,690
|
2.65%
|
|||||||||||||||||||||||||||||||||
Agency mortgage-backed securities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
148,238
|
153,483
|
2.59%
|
|||||||||||||||||||||||||||||||||
Total HTM securities
|
$
|
-
|
-
|
$
|
13,937
|
2.54%
|
$
|
89,681
|
2.42%
|
$
|
-
|
-
|
$
|
747,323
|
$
|
761,563
|
2.61%
|
Year Ended
December 31, 2018
|
Year Ended
December 31, 2017
|
Year Ended
December 31, 2016
|
||||||||||||||||||||||
Level 3 Investments Only
(dollars in thousands)
|
Trust
Preferred
Securities
|
Corporate
Bonds
|
Trust
Preferred
Securities
|
Corporate
Bonds
|
Trust
Preferred
Securities
|
Corporate
Bonds
|
||||||||||||||||||
Balance, January 1,
|
$
|
489
|
$
|
3,086
|
$
|
1,820
|
$
|
2,971
|
$
|
1,883
|
$
|
2,834
|
||||||||||||
Unrealized gains (losses)
|
237
|
(17
|
)
|
1,006
|
115
|
(56
|
)
|
137
|
||||||||||||||||
Paydowns
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Proceeds from sales
|
(660
|
)
|
-
|
(1,539
|
)
|
-
|
-
|
-
|
||||||||||||||||
Realized losses
|
(66
|
)
|
-
|
(798
|
)
|
-
|
-
|
-
|
||||||||||||||||
Impairment charges on Level 3
|
-
|
-
|
-
|
-
|
(7
|
)
|
-
|
|||||||||||||||||
Balance, December 31,
|
$
|
-
|
$
|
3,069
|
$
|
489
|
$
|
3,086
|
$
|
1,820
|
$
|
2,971
|
At December 31,
|
||||||||||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Commercial real estate
|
$
|
515,738
|
$
|
433,304
|
$
|
378,519
|
$
|
349,726
|
$
|
379,259
|
||||||||||
Construction and land development
|
121,042
|
104,617
|
61,453
|
46,547
|
29,861
|
|||||||||||||||
Commercial and industrial
|
200,423
|
173,343
|
174,744
|
181,850
|
145,113
|
|||||||||||||||
Owner occupied real estate
|
367,895
|
309,838
|
276,986
|
246,398
|
188,025
|
|||||||||||||||
Consumer and other
|
91,152
|
76,183
|
63,660
|
48,126
|
39,713
|
|||||||||||||||
Residential mortgage
|
140,364
|
64,764
|
9,682
|
2,380
|
408
|
|||||||||||||||
Total loans
|
$
|
1,436,614
|
$
|
1,162,049
|
$
|
965,044
|
$
|
875,027
|
$
|
782,379
|
||||||||||
Deferred loan costs (fees)
|
(16
|
)
|
229
|
(72
|
)
|
(258
|
)
|
(439
|
)
|
|||||||||||
Total loans, net of deferred loan fees
|
$
|
1,436,598
|
$
|
1,162,278
|
$
|
964,972
|
$
|
874,769
|
$
|
781,940
|
(dollars in thousands)
|
Commercial
Real Estate
|
Construction
and Land
Development
|
Commercial
and
Industrial
|
Owner
Occupied
Real
Estate
|
Consumer
and Other
|
Residential
Mortgage
|
Total
|
|||||||||||||||||||||
Fixed rate:
|
||||||||||||||||||||||||||||
1 year or less
|
$
|
29,186
|
$
|
6,821
|
$
|
18,835
|
$
|
16,452
|
$
|
288
|
$
|
-
|
$
|
71,582
|
||||||||||||||
1-5 years
|
328,568
|
19,079
|
53,350
|
160,487
|
1,294
|
-
|
562,778
|
|||||||||||||||||||||
After 5 years
|
134,039
|
10,353
|
62,562
|
113,484
|
15,957
|
138,160
|
474,555
|
|||||||||||||||||||||
Total fixed rate
|
491,793
|
36,253
|
134,747
|
290,423
|
17,539
|
138,160
|
1,108,915
|
|||||||||||||||||||||
Adjustable rate:
|
||||||||||||||||||||||||||||
1 year or less
|
$
|
6,429
|
$
|
20,216
|
$
|
49,940
|
$
|
12,866
|
$
|
575
|
$
|
-
|
$
|
90,026
|
||||||||||||||
1-5 years
|
16,863
|
51,003
|
9,256
|
813
|
5,490
|
-
|
83,425
|
|||||||||||||||||||||
After 5 years
|
653
|
13,570
|
6,480
|
63,793
|
67,548
|
2,204
|
154,248
|
|||||||||||||||||||||
Total adjustable rate
|
23,945
|
84,789
|
65,676
|
77,472
|
73,613
|
2,204
|
327,699
|
|||||||||||||||||||||
Total
|
$
|
515,738
|
$
|
121,042
|
$
|
200,423
|
$
|
367,895
|
$
|
91,152
|
$
|
140,364
|
$
|
1,436,614
|
At December 31,
|
||||||||||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Loans accruing, but past due 90 days or more
|
$
|
-
|
$
|
-
|
$
|
302
|
$
|
-
|
$
|
-
|
||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Commercial real estate
|
4,631
|
8,963
|
13,089
|
5,913
|
13,979
|
|||||||||||||||
Construction and land development
|
-
|
-
|
-
|
117
|
377
|
|||||||||||||||
Commercial and industrial
|
3,661
|
2,895
|
3,151
|
3,156
|
4,349
|
|||||||||||||||
Owner occupied real estate
|
1,188
|
2,136
|
1,546
|
2,894
|
2,306
|
|||||||||||||||
Consumer and other
|
861
|
851
|
808
|
542
|
429
|
|||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
10,341
|
14,845
|
18,594
|
12,622
|
21,440
|
|||||||||||||||
Total non-performing loans(1)
|
10,341
|
14,845
|
18,896
|
12,622
|
21,440
|
|||||||||||||||
Other real estate owned
|
6,223
|
6,966
|
10,174
|
11,313
|
3,715
|
|||||||||||||||
Total non-performing assets(1)
|
$
|
16,564
|
$
|
21,811
|
$
|
29,070
|
$
|
23,935
|
$
|
25,155
|
||||||||||
Non-performing loans as a percentage of total loans, net of unearned income(1)
|
0.72%
|
1.28%
|
1.96%
|
1.44%
|
2.74%
|
|||||||||||||||
Non-performing assets as a percentage of total assets
|
0.60%
|
0.94%
|
1.51%
|
1.66%
|
2.07%
|
|||||||||||||||
(1) Non-performing loans are comprised of (i)
loans that are on non-accrual basis and (ii) accruing loans that are 90 days or more past due. Non-performing assets are composed of non-performing loans and other real estate owned.
|
For the Year Ended December 31,
|
||||||||||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Interest income that would have been recorded had the loans been in accordance with their original
terms
|
$
|
498
|
$
|
590
|
$
|
1,024
|
$
|
765
|
$
|
980
|
||||||||||
Interest income included in net income
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
For the Year Ended December 31,
|
||||||||||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
2015
|
2014
|
|||||||||||||||
Balance at beginning of period
|
$
|
8,599
|
$
|
9,155
|
$
|
8,703
|
$
|
11,536
|
$
|
12,263
|
||||||||||
Charge-offs:
|
||||||||||||||||||||
Commercial real estate
|
1,603
|
-
|
-
|
2,624
|
364
|
|||||||||||||||
Construction and land development
|
-
|
-
|
60
|
260
|
303
|
|||||||||||||||
Commercial and industrial
|
151
|
1,366
|
143
|
408
|
1,185
|
|||||||||||||||
Owner occupied real estate
|
465
|
157
|
1,052
|
133
|
150
|
|||||||||||||||
Consumer and other
|
219
|
53
|
11
|
-
|
10
|
|||||||||||||||
Residential mortgage
|
-
|
-
|
10
|
-
|
-
|
|||||||||||||||
Total charge-offs
|
2,438
|
1,576
|
1,276
|
3,425
|
2,012
|
|||||||||||||||
Recoveries:
|
||||||||||||||||||||
Commercial real estate
|
50
|
54
|
6
|
4
|
5
|
|||||||||||||||
Construction and land development
|
-
|
-
|
-
|
5
|
214
|
|||||||||||||||
Commercial and industrial
|
81
|
64
|
163
|
49
|
166
|
|||||||||||||||
Owner occupied real estate
|
20
|
-
|
-
|
-
|
-
|
|||||||||||||||
Consumer and other
|
3
|
2
|
2
|
34
|
-
|
|||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total recoveries
|
154
|
120
|
171
|
92
|
385
|
|||||||||||||||
Net charge-offs
|
2,284
|
1,456
|
1,105
|
3,333
|
1,627
|
|||||||||||||||
Provision for loan losses
|
2,300
|
900
|
1,557
|
500
|
900
|
|||||||||||||||
Balance at end of period
|
$
|
8,615
|
$
|
8,599
|
$
|
9,155
|
$
|
8,703
|
$
|
11,536
|
||||||||||
Average loans outstanding(1)
|
$
|
1,340,117
|
$
|
1,090,851
|
$
|
936,492
|
$
|
820,820
|
$
|
724,231
|
||||||||||
As a percent of average loans:(1)
|
||||||||||||||||||||
Net charge-offs
|
0.17%
|
0.13%
|
0.12%
|
0.41%
|
0.22%
|
|||||||||||||||
Provision for loan losses
|
0.17%
|
0.08%
|
0.17%
|
0.06%
|
0.12%
|
|||||||||||||||
Allowance for loan losses
|
0.64%
|
0.79%
|
0.98%
|
1.06%
|
1.59%
|
|||||||||||||||
Allowance for loan losses to:
|
||||||||||||||||||||
Total loans, net of unearned income
|
0.60%
|
0.74%
|
0.95%
|
0.99%
|
1.48%
|
|||||||||||||||
Total non-performing loans
|
83.31%
|
57.93%
|
48.45%
|
68.95%
|
53.81%
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
% of
Loans
|
Amount
|
% of
Loans
|
Amount
|
% of
Loans
|
Amount
|
% of
Loans
|
Amount
|
% of
Loans
|
||||||||||||||||||||||||||||||
Commercial real estate
|
$
|
2,462
|
35.9%
|
$
|
3,774
|
37.3%
|
$
|
3,254
|
39.2%
|
$
|
2,393
|
40.0%
|
$
|
6,828
|
48.5%
|
|||||||||||||||||||||||||
Construction and land development
|
777
|
8.4%
|
725
|
9.0%
|
557
|
6.4%
|
338
|
5.3%
|
917
|
3.8%
|
||||||||||||||||||||||||||||||
Commercial and industrial
|
1,754
|
14.0%
|
1,317
|
14.9%
|
2,884
|
18.1%
|
2,932
|
20.8%
|
1,579
|
18.5%
|
||||||||||||||||||||||||||||||
Owner occupied real estate
|
2,033
|
25.6%
|
1,737
|
26.7%
|
1,382
|
28.7%
|
2,030
|
28.1%
|
1,638
|
24.0%
|
||||||||||||||||||||||||||||||
Consumer and other
|
577
|
6.3%
|
573
|
6.5%
|
588
|
6.6%
|
295
|
5.5%
|
234
|
5.1%
|
||||||||||||||||||||||||||||||
Residential mortgage
|
894
|
9.8%
|
392
|
5.6%
|
58
|
1.0%
|
14
|
0.3%
|
2
|
0.1%
|
||||||||||||||||||||||||||||||
Unallocated
|
118
|
-
|
81
|
-
|
432
|
-
|
701
|
-
|
338
|
-
|
||||||||||||||||||||||||||||||
Total allowance for loan losses
|
$
|
8,615
|
100%
|
$
|
8,599
|
100%
|
$
|
9,155
|
100%
|
$
|
8,703
|
100%
|
$
|
11,536
|
100%
|
1. |
Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices.
|
2. |
National, regional and local economic and business conditions as well as the condition of various segments.
|
3. |
Nature and volume of the portfolio and terms of loans.
|
4. |
Experience, ability and depth of lending management and staff.
|
5. |
Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications.
|
6. |
Quality of our loan review system, and the degree of oversight by our Board of Directors.
|
7. |
Existence and effect of any concentration of credit and changes in the level of such concentrations.
|
8. |
Effect of external factors, such as competition and legal and regulatory requirements.
|
(dollars in thousands)
|
December 31,
|
|||||||||||
2018
|
2017
|
2016
|
||||||||||
Impaired loans without a valuation allowance
|
$
|
10,602
|
$
|
15,270
|
$
|
15,740
|
||||||
Impaired loans with a valuation allowance
|
7,428
|
9,446
|
12,430
|
|||||||||
Total impaired loans
|
$
|
18,030
|
$
|
24,716
|
$
|
28,170
|
||||||
Valuation allowance related to impaired loans
|
$
|
1,473
|
$
|
2,790
|
$
|
3,468
|
||||||
Total nonaccrual loans
|
10,341
|
14,845
|
18,594
|
|||||||||
Total loans past-due ninety days or more and still accruing
|
-
|
-
|
302
|
(dollars in thousands)
|
December 31,
|
|||||||||||
2018
|
2017
|
2016
|
||||||||||
30 to 59 days past due
|
$
|
1,135
|
$
|
1,113
|
$
|
1,060
|
||||||
60 to 89 days past due
|
1,574
|
-
|
31
|
|||||||||
Total loans 30 to 89 days past due
|
$
|
2,709
|
$
|
1,113
|
$
|
1,091
|
(dollars in thousands)
|
At December 31,
|
|||||||||||
2018
|
2017
|
2016
|
||||||||||
Demand deposits, non-interest bearing
|
$
|
519,056
|
$
|
438,500
|
$
|
324,912
|
||||||
Demand deposits, interest bearing
|
1,042,561
|
807,736
|
605,950
|
|||||||||
Money market & savings deposits
|
676,993
|
700,322
|
635,644
|
|||||||||
Time deposits
|
154,257
|
116,737
|
111,164
|
|||||||||
Total deposits
|
$
|
2,392,867
|
$
|
2,063,295
|
$
|
1,677,670
|
For the Years Ended December 31,
|
||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Rate
|
Average
Balance
|
Rate
|
Average
Balance
|
Rate
|
||||||||||||||||||
Demand deposits:
|
||||||||||||||||||||||||
Non-interest bearing
|
$
|
488,995
|
$
|
372,171
|
$
|
284,326
|
||||||||||||||||||
Interest bearing
|
918,508
|
0.87
|
%
|
687,586
|
0.44
|
%
|
510,745
|
0.41
|
%
|
|||||||||||||||
Money market & savings deposits
|
697,135
|
0.70
|
%
|
629,464
|
0.50
|
%
|
586,750
|
0.45
|
%
|
|||||||||||||||
Time deposits
|
128,892
|
1.23
|
%
|
110,952
|
1.12
|
%
|
89,713
|
1.05
|
%
|
|||||||||||||||
Total deposits
|
$
|
2,233,530
|
0.65
|
%
|
$
|
1,800,173
|
0.41
|
%
|
$
|
1,471,534
|
0.39
|
%
|
(dollars in thousands)
|
||||
Maturity:
|
||||
3 months or less
|
$
|
22,220
|
||
3 to 6 months
|
27,180
|
|||
6 to 12 months
|
22,924
|
|||
Over 12 months
|
51,826
|
|||
Total
|
$
|
124,150
|
(dollars in thousands)
|
||||
Maturity:
|
||||
2019
|
$
|
94,022
|
||
2020
|
57,138
|
|||
2021
|
1,135
|
|||
2022
|
958
|
|||
2023
|
1,004
|
|||
Thereafter
|
-
|
|||
Total
|
$
|
154,257
|
(dollars in thousands)
|
Total
|
Less than
One Year
|
One to
Three
Years
|
Three to
Five Years
|
After Five
Years
|
|||||||||||||||
Minimum annual rentals or non-cancellable operating leases
|
$
|
51,673
|
$
|
4,124
|
$
|
7,007
|
$
|
4,506
|
$
|
36,036
|
||||||||||
Branch construction commitments
|
8,000
|
8,000
|
-
|
-
|
-
|
|||||||||||||||
Remaining contractual maturities of time deposits
|
154,257
|
94,022
|
58,273
|
1,962
|
-
|
|||||||||||||||
Subordinated debt
|
11,381
|
40
|
-
|
-
|
11,341
|
|||||||||||||||
Director and Officer retirement plan obligations
|
1,146
|
672
|
111
|
104
|
259
|
|||||||||||||||
Loan commitments
|
286,369
|
103,212
|
60,726
|
32,780
|
89,651
|
|||||||||||||||
Standby letters of credit
|
13,910
|
12,548
|
1,362
|
-
|
-
|
|||||||||||||||
Total
|
$
|
526,736
|
$
|
222,618
|
$
|
127,479
|
$
|
39,352
|
$
|
137,287
|
Interest Rate Sensitivity Gap
As of December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
0 – 90
Days
|
91-180
Days
|
181-365
Days
|
1-2
Years
|
2-3
Years
|
3-4
Years
|
4-5
Years
|
More
than 5
Years
|
Financial
Statement
Total
|
Fair
Value
|
||||||||||||||||||||||||||||||
Interest sensitive assets:
|
||||||||||||||||||||||||||||||||||||||||
Investment securities and other interest-bearing balances
|
$
|
76,790
|
$
|
32,871
|
$
|
63,351
|
$
|
117,191
|
$
|
101,108
|
$
|
87,070
|
$
|
78,819
|
$
|
567,919
|
$
|
1,125,119
|
$
|
1,110,879
|
||||||||||||||||||||
Average interest rate
|
2.54%
|
2.71%
|
2.70%
|
2.73%
|
2.71%
|
2.73%
|
2.74%
|
2.98%
|
2.85%
|
|||||||||||||||||||||||||||||||
Loans receivable
|
432,407
|
95,441
|
176,066
|
203,226
|
156,094
|
131,553
|
101,608
|
166,494
|
1,462,889
|
1,445,851
|
||||||||||||||||||||||||||||||
Average interest rate
|
5.98%
|
3.52%
|
3.42%
|
4.80%
|
4.81%
|
4.82%
|
4.90%
|
6.84%
|
5.14%
|
|||||||||||||||||||||||||||||||
Total
|
$
|
509,197
|
$
|
128,312
|
$
|
239,417
|
$
|
320,417
|
$
|
257,202
|
$
|
218,623
|
$
|
180,427
|
$
|
734,413
|
$
|
2,588,008
|
$
|
2,556,730
|
||||||||||||||||||||
Cumulative totals
|
$
|
509,197
|
$
|
637,509
|
$
|
876,926
|
$
|
1,197,343
|
$
|
1,454,545
|
$
|
1,673,168
|
$
|
1,853,595
|
$
|
2,588,008
|
||||||||||||||||||||||||
Interest sensitive liabilities:
|
||||||||||||||||||||||||||||||||||||||||
Demand interest bearing(1)
|
$
|
28,826
|
$
|
28,826
|
$
|
57,652
|
$
|
18,126
|
$
|
17,462
|
$
|
16,987
|
$
|
16,608
|
$
|
858,074
|
$
|
1,042,561
|
$
|
1,042,561
|
||||||||||||||||||||
Average interest rate
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
1.45%
|
1.32%
|
1.35%
|
|||||||||||||||||||||||||||||||
Savings accounts(1)
|
1,229
|
1,229
|
2,458
|
882
|
38
|
162
|
208
|
200,587
|
206,793
|
206,793
|
||||||||||||||||||||||||||||||
Average interest rate
|
0.23%
|
0.23%
|
0.23%
|
0.24%
|
0.46%
|
0.19%
|
0.19%
|
0.45%
|
0.44%
|
|||||||||||||||||||||||||||||||
Money market accounts(1)
|
2,190
|
2,190
|
4,381
|
11,175
|
9,514
|
7,767
|
6,319
|
426,664
|
470,200
|
470,200
|
||||||||||||||||||||||||||||||
Average interest rate
|
0.94%
|
0.94%
|
0.94%
|
0.94%
|
0.94%
|
0.94%
|
0.94%
|
0.89%
|
0.90%
|
|||||||||||||||||||||||||||||||
Time deposits
|
28,954
|
32,468
|
32,595
|
57,136
|
1,135
|
958
|
1,011
|
-
|
154,257
|
152,989
|
||||||||||||||||||||||||||||||
Average interest rate
|
0.77%
|
1.59%
|
1.40%
|
2.15%
|
0.96%
|
0.99%
|
1.09%
|
-
|
1.59%
|
|||||||||||||||||||||||||||||||
Overnight borrowings
|
91,422
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
91,422
|
91,422
|
||||||||||||||||||||||||||||||
Average interest rate
|
2.71%
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2.71%
|
|||||||||||||||||||||||||||||||
Subordinated debt
|
11,259
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
11,259
|
8,279
|
||||||||||||||||||||||||||||||
Average interest rate
|
4.39%
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4.39%
|
|||||||||||||||||||||||||||||||
Total
|
$
|
163,880
|
$
|
64,713
|
$
|
97,086
|
$
|
87,319
|
$
|
28,149
|
$
|
25,874
|
$
|
24,146
|
$
|
1,485,325
|
$
|
1,976,492
|
$
|
1,972,244
|
||||||||||||||||||||
Cumulative totals
|
$
|
163,880
|
$
|
228,593
|
$
|
325,679
|
$
|
412,998
|
$
|
441,147
|
$
|
467,021
|
$
|
491,167
|
$
|
1,976,492
|
||||||||||||||||||||||||
Interest rate sensitivity GAP
|
$
|
345,317
|
$
|
63,599
|
$
|
142,331
|
$
|
233,098
|
$
|
229,053
|
$
|
192,749
|
$
|
156,281
|
$
|
(750,912
|
)
|
|||||||||||||||||||||||
Cumulative GAP
|
$
|
345,317
|
$
|
408,916
|
$
|
551,247
|
$
|
784,345
|
$
|
1,013,398
|
$
|
1,206,147
|
$
|
1,362,428
|
$
|
611,516
|
||||||||||||||||||||||||
Interest sensitive assets/Interest sensitive liabilities
|
310.54%
|
278.78%
|
269.19%
|
289.85%
|
329.65%
|
358.20%
|
377.32%
|
130.93%
|
||||||||||||||||||||||||||||||||
Cumulative GAP/ Total earning assets
|
13.34%
|
15.80%
|
21.30%
|
30.30%
|
39.15%
|
46.60%
|
52.64%
|
23.63%
|
Change in
Interest Rates
in Basis Points
(Rate Shock)
|
Net Portfolio Value
|
NPV as a % of Portfolio
Value of Assets
|
||||||||||||||||||
Amount
|
$
Change
|
%
Change
|
NPV
Ratio
|
Change
(in Basis Points)
|
||||||||||||||||
+400
|
$
|
325,048
|
$
|
(935
|
)
|
(0.29)%
|
13.77%
|
180
|
||||||||||||
+300
|
353,379
|
27,396
|
8.40%
|
14.44%
|
247
|
|||||||||||||||
+200
|
369,234
|
43,251
|
13.27%
|
14.54%
|
257
|
|||||||||||||||
+100
|
355,588
|
29,605
|
9.08%
|
13.49%
|
152
|
|||||||||||||||
Static
|
325,983
|
-
|
0.00%
|
11.97%
|
-
|
|||||||||||||||
-100
|
249,743
|
(76,240
|
)
|
(23.39)%
|
8.93%
|
(304
|
)
|
Change in Interest Rates
in Basis Points(1)
|
Net Interest
Income
|
$
Change
|
%
Change
|
|||||||||
+400
|
$
|
88,048
|
11,402
|
14.88%
|
||||||||
+300
|
85,384
|
8,738
|
11.40%
|
|||||||||
+200
|
82,690
|
6,044
|
7.89%
|
|||||||||
+100
|
79,903
|
3,257
|
4.25%
|
|||||||||
Static
|
76,646
|
-
|
0.00%
|
|||||||||
-100
|
71,167
|
(5,479
|
)
|
(7.15)%
|
Basel III Community Banks
Minimum Capital Ratio Requirements
|
||||||||||||||||
2016
|
2017
|
2018
|
2019
|
|||||||||||||
Common equity tier 1 capital (CET1)
|
5.125
|
%
|
5.750
|
%
|
6.375
|
%
|
7.000
|
%
|
||||||||
Tier 1 capital (to risk weighted assets)
|
6.625
|
%
|
7.250
|
%
|
7.875
|
%
|
8.500
|
%
|
||||||||
Total capital (to risk-weighted assets)
|
8.625
|
%
|
9.250
|
%
|
9.875
|
%
|
10.500
|
%
|
(dollars in thousands)
|
Actual
|
Minimum Capital
Adequacy
|
Minimum Capital
Adequacy with
Capital Buffer
|
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
At December 31, 2018:
|
||||||||||||||||||||||||||||||||
Total risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
$
|
231,610
|
13.26%
|
$
|
139,722
|
8.00%
|
$
|
172,489
|
9.875%
|
$
|
174,652
|
10.00%
|
||||||||||||||||||||
Company
|
262,964
|
15.03%
|
140,009
|
8.00%
|
172,824
|
9.875%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
222,995
|
12.77%
|
104,791
|
6.00%
|
137,539
|
7.875%
|
139,722
|
8.00%
|
||||||||||||||||||||||||
Company
|
254,349
|
14.53%
|
105,007
|
6.00%
|
137,821
|
7.875%
|
-
|
-%
|
||||||||||||||||||||||||
CET 1 risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
222,995
|
12.77%
|
78,594
|
4.50%
|
111,341
|
6.375%
|
113,524
|
6.50%
|
||||||||||||||||||||||||
Company
|
243,349
|
13.90%
|
78,755
|
4.50%
|
111,570
|
6.375%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one leveraged capital
|
||||||||||||||||||||||||||||||||
Republic
|
222,995
|
8.21%
|
108,685
|
4.00%
|
108,685
|
4.00%
|
135,857
|
5.00%
|
||||||||||||||||||||||||
Company
|
254,349
|
9.35%
|
108,800
|
4.00%
|
108,800
|
4.00%
|
-
|
-%
|
||||||||||||||||||||||||
At December 31, 2017:
|
||||||||||||||||||||||||||||||||
Total risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
$
|
187,732
|
12.57%
|
$
|
119,446
|
8.00%
|
$
|
138,109
|
9.25%
|
$
|
149,307
|
10.00%
|
||||||||||||||||||||
Company
|
249,510
|
16.70%
|
119,521
|
8.00%
|
138,197
|
9.25%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
179,133
|
12.00%
|
89,584
|
6.00%
|
108,248
|
7.25%
|
119,446
|
8.00%
|
||||||||||||||||||||||||
Company
|
240,911
|
16.13%
|
89,641
|
6.00%
|
108,316
|
7.25%
|
-
|
-%
|
||||||||||||||||||||||||
CET 1 risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
179,133
|
12.00%
|
67,188
|
4.50%
|
85,852
|
5.75%
|
97,050
|
6.50%
|
||||||||||||||||||||||||
Company
|
220,433
|
14.75%
|
67,231
|
4.50%
|
85,906
|
5.75%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one leveraged capital
|
||||||||||||||||||||||||||||||||
Republic
|
179,133
|
7.91%
|
90,531
|
4.00%
|
90,531
|
4.00%
|
113,164
|
5.00%
|
||||||||||||||||||||||||
Company
|
240,911
|
10.64%
|
90,586
|
4.00%
|
90,586
|
4.00%
|
-
|
-%
|
December 31,
2018
|
December 31,
2017
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
35,685
|
$
|
36,073
|
||||
Interest bearing deposits with banks
|
36,788
|
25,869
|
||||||
Cash and cash equivalents
|
72,473
|
61,942
|
||||||
Investment securities available for sale, at fair value
|
321,014
|
464,430
|
||||||
Investment securities held to maturity, at amortized cost (fair value of $747,323 and $463,799,
respectively)
|
761,563
|
472,213
|
||||||
Restricted stock, at cost
|
5,754
|
1,918
|
||||||
Mortgage loans held for sale, at fair value
|
20,887
|
43,375
|
||||||
Other loans held for sale
|
5,404
|
2,325
|
||||||
Loans receivable (net of allowance for loan losses of $8,615 and $8,599, respectively)
|
1,427,983
|
1,153,679
|
||||||
Premises and equipment, net
|
87,661
|
74,947
|
||||||
Other real estate owned, net
|
6,223
|
6,966
|
||||||
Accrued interest receivable
|
9,025
|
7,009
|
||||||
Goodwill
|
5,011
|
5,011
|
||||||
Other assets
|
30,299
|
28,532
|
||||||
Total Assets
|
$
|
2,753,297
|
$
|
2,322,347
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Demand – non-interest bearing
|
$
|
519,056
|
$
|
438,500
|
||||
Demand – interest bearing
|
1,042,561
|
807,736
|
||||||
Money market and savings
|
676,993
|
700,322
|
||||||
Time deposits
|
154,257
|
116,737
|
||||||
Total Deposits
|
2,392,867
|
2,063,295
|
||||||
Short-term borrowings
|
91,422
|
-
|
||||||
Accrued interest payable
|
558
|
293
|
||||||
Other liabilities
|
12,002
|
10,618
|
||||||
Subordinated debt
|
11,259
|
21,681
|
||||||
Total Liabilities
|
2,508,108
|
2,095,887
|
||||||
Shareholders’ Equity
|
||||||||
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized; no shares issued and
outstanding
|
-
|
-
|
||||||
Common stock, par value $0.01 per share: 100,000,000 shares authorized; shares issued
59,318,073 as of December 31, 2018 and 57,518,609 as of December 31, 2017; shares outstanding 58,789,228 as of December 31, 2018 and 56,989,764 as of December 31, 2017
|
593
|
575
|
||||||
Additional paid in capital
|
269,147
|
256,285
|
||||||
Accumulated deficit
|
(8,716
|
)
|
(18,983
|
)
|
||||
Treasury stock at cost (503,408 shares as of December 31, 2018 and December 31, 2017)
|
(3,725
|
)
|
(3,725
|
)
|
||||
Stock held by deferred compensation plan (25,437 shares as of December 31, 2018 and December
31, 2017)
|
(183
|
)
|
(183
|
)
|
||||
Accumulated other comprehensive loss
|
(11,927
|
)
|
(7,509
|
)
|
||||
Total Shareholders’ Equity
|
245,189
|
226,460
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
2,753,297
|
$
|
2,322,347
|
Years Ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Interest income
|
||||||||||||
Interest and fees on taxable loans
|
$
|
62,502
|
$
|
48,993
|
$
|
40,827
|
||||||
Interest and fees on tax-exempt loans
|
1,543
|
1,101
|
960
|
|||||||||
Interest and dividends on taxable investment securities
|
26,677
|
19,643
|
11,264
|
|||||||||
Interest and dividends on tax-exempt investment securities
|
505
|
535
|
703
|
|||||||||
Interest on federal funds sold and other interest-earning assets
|
847
|
577
|
473
|
|||||||||
Total interest income
|
92,074
|
70,849
|
54,227
|
|||||||||
Interest expense
|
||||||||||||
Demand- interest bearing
|
7,946
|
3,020
|
2,088
|
|||||||||
Money market and savings
|
4,898
|
3,160
|
2,639
|
|||||||||
Time deposits
|
1,588
|
1,238
|
942
|
|||||||||
Other borrowings
|
1,738
|
1,366
|
1,194
|
|||||||||
Total interest expense
|
16,170
|
8,784
|
6,863
|
|||||||||
Net interest income
|
75,904
|
62,065
|
47,364
|
|||||||||
Provision for loan losses
|
2,300
|
900
|
1,557
|
|||||||||
Net interest income after provision for loan losses
|
73,604
|
61,165
|
45,807
|
|||||||||
Non-interest income
|
||||||||||||
Loan and servicing fees
|
1,401
|
1,614
|
1,627
|
|||||||||
Mortgage banking income
|
10,233
|
11,170
|
5,062
|
|||||||||
Gain on sales of SBA loans
|
3,105
|
3,378
|
4,981
|
|||||||||
Service fees on deposit accounts
|
5,476
|
3,904
|
2,658
|
|||||||||
Gain (loss) on sale of investment securities
|
(67
|
)
|
(146
|
)
|
656
|
|||||||
Net securities impairment losses recognized in earnings
|
-
|
-
|
(7
|
)
|
||||||||
Other non-interest income
|
174
|
177
|
335
|
|||||||||
Total non-interest income
|
20,322
|
20,097
|
15,312
|
|||||||||
Non-interest expenses
|
||||||||||||
Salaries and employee benefits
|
44,082
|
37,959
|
28,602
|
|||||||||
Occupancy
|
8,046
|
7,156
|
6,109
|
|||||||||
Depreciation and amortization
|
5,447
|
4,618
|
3,518
|
|||||||||
Legal
|
985
|
984
|
459
|
|||||||||
Other real estate owned
|
1,588
|
4,092
|
2,182
|
|||||||||
Appraisal and other loan expenses
|
1,840
|
1,878
|
866
|
|||||||||
Advertising
|
1,211
|
1,279
|
811
|
|||||||||
Data processing
|
3,855
|
3,134
|
2,408
|
|||||||||
Insurance
|
996
|
982
|
962
|
|||||||||
Professional fees
|
2,048
|
1,893
|
1,580
|
|||||||||
Automated teller machine expenses
|
1,868
|
1,264
|
814
|
|||||||||
Regulatory assessments and costs
|
1,675
|
1,367
|
1,413
|
|||||||||
Taxes, other
|
796
|
817
|
366
|
|||||||||
Other operating expenses
|
9,284
|
7,853
|
6,203
|
|||||||||
Total non-interest expense
|
83,721
|
75,276
|
56,293
|
|||||||||
Income before benefit for income taxes
|
10,205
|
5,986
|
4,826
|
|||||||||
Provision (benefit) for income taxes
|
1,578
|
(2,919
|
)
|
(119
|
)
|
|||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Net income per share
|
||||||||||||
Basic
|
$
|
0.15
|
$
|
0.16
|
$
|
0.13
|
||||||
Diluted
|
$
|
0.15
|
$
|
0.15
|
$
|
0.12
|
Years Ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Other comprehensive , net of tax
|
||||||||||||
Unrealized gain/(loss) on securities (pre-tax $5,364, $(646), and $(6,011), respectively)
|
3,927
|
(413
|
)
|
(3,853
|
)
|
|||||||
Reclassification adjustment for securities losses (gains) (pre-tax $67, $146 and $(656),
respectively)
|
49
|
94
|
(420
|
)
|
||||||||
Reclassification adjustment for impairment charge (pre-tax $-, $- and $7, respectively)
|
-
|
-
|
4
|
|||||||||
Net unrealized gains/(losses) on securities
|
3,976
|
(319
|
)
|
(4,269
|
)
|
|||||||
Net unrealized holding losses on securities transferred from available-for-sale to
held-to-maturity (pre-tax $(9,362), $-, $-, respectively)
|
(6,855
|
)
|
-
|
-
|
||||||||
Amortization of net unrealized holding losses during the period (pre-tax $137, $163 and $219,
respectively)
|
101
|
104
|
140
|
|||||||||
Total other comprehensive loss
|
(2,778
|
)
|
(215
|
)
|
(4,129
|
)
|
||||||
Total comprehensive income
|
$
|
5,849
|
$
|
8,690
|
$
|
816
|
2018
|
2017
|
2016
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||||||
Provision for loan losses
|
2,300
|
900
|
1,557
|
|||||||||
Write down of other real estate owned
|
563
|
3,000
|
355
|
|||||||||
Depreciation and amortization
|
5,447
|
4,618
|
3,518
|
|||||||||
Deferred income taxes
|
1,527
|
(5,056
|
)
|
(380
|
)
|
|||||||
Stock based compensation
|
2,116
|
1,842
|
759
|
|||||||||
Loss (gain) on sale of investment securities
|
67
|
146
|
(656
|
)
|
||||||||
Impairment charges on investment securities
|
-
|
-
|
7
|
|||||||||
Amortization of premiums on investment securities
|
2,878
|
2,469
|
1,980
|
|||||||||
Accretion of discounts on retained SBA loans
|
(1,332
|
)
|
(1,088
|
)
|
(1,364
|
)
|
||||||
Fair value adjustments on SBA servicing assets
|
1,458
|
1,187
|
1,075
|
|||||||||
Proceeds from sales of SBA loans originated for sale
|
42,726
|
42,269
|
58,107
|
|||||||||
SBA loans originated for sale
|
(42,700
|
)
|
(37,062
|
)
|
(53,627
|
)
|
||||||
Gains on sales of SBA loans originated for sale
|
(3,105
|
)
|
(3,378
|
)
|
(4,981
|
)
|
||||||
Proceeds from sales of mortgage loans originated for sale
|
322,264
|
311,187
|
163,414
|
|||||||||
Mortgage loans originated for sale
|
(291,870
|
)
|
(321,222
|
)
|
(161,717
|
)
|
||||||
Fair value adjustment for mortgage loans originated for sale
|
513
|
(846
|
)
|
(483
|
)
|
|||||||
Gains on mortgage loans originated for sale
|
(8,378
|
)
|
(8,128
|
)
|
(3,712
|
)
|
||||||
Amortization of intangible assets
|
-
|
61
|
43
|
|||||||||
Amortization of debt issuance costs
|
6
|
29
|
24
|
|||||||||
Increase in accrued interest receivable and other assets
|
(5,047
|
)
|
(2,330
|
)
|
(2,729
|
)
|
||||||
Net increase (decrease) in accrued interest payable and other liabilities
|
1,570
|
1,513
|
(846
|
)
|
||||||||
Net cash provided by (used in) operating activities
|
39,630
|
(984
|
)
|
5,289
|
||||||||
Cash flows from investing activities
|
||||||||||||
Purchase of investment securities available for sale
|
(149,209
|
)
|
(165,065
|
)
|
(207,482
|
)
|
||||||
Purchase of investment securities held to maturity
|
(123,265
|
)
|
(89,350
|
)
|
(294,187
|
)
|
||||||
Proceeds from the sale of securities available for sale
|
6,439
|
31,197
|
78,585
|
|||||||||
Proceeds from the paydown, maturity, or call of securities available for sale
|
48,796
|
48,547
|
36,982
|
|||||||||
Proceeds from the paydown, maturity, or call of securities held to maturity
|
63,565
|
37,315
|
33,160
|
|||||||||
Net (purchase) redemption of restricted stock
|
(3,836
|
)
|
(552
|
)
|
1,693
|
|||||||
Net increase in loans
|
(275,587
|
)
|
(197,965
|
)
|
(89,428
|
)
|
||||||
Net proceeds from sale of other real estate owned
|
495
|
499
|
1,400
|
|||||||||
Net cash paid in acquisition
|
-
|
-
|
(5,913
|
)
|
||||||||
Premises and equipment expenditures
|
(18,161
|
)
|
(22,525
|
)
|
(14,291
|
)
|
||||||
Net cash used in investing activities
|
(450,763
|
)
|
(357,899
|
)
|
(459,481
|
)
|
||||||
Cash flows from financing activities
|
||||||||||||
Net proceeds from stock offering
|
-
|
-
|
99,175
|
|||||||||
Net proceeds from exercise of stock options
|
670
|
646
|
726
|
|||||||||
Net increase in demand, money market and savings deposits
|
292,053
|
380,052
|
384,786
|
|||||||||
Net increase in time deposits
|
37,519
|
5,573
|
43,586
|
|||||||||
Increase (repayment) in short-term borrowings
|
91,422
|
-
|
(66,666
|
)
|
||||||||
Net cash provided by financing activities
|
421,664
|
386,271
|
461,607
|
|||||||||
Net increase in cash and cash equivalents
|
10,531
|
27,388
|
7,415
|
|||||||||
Cash and cash equivalents, beginning of year
|
61,942
|
34,554
|
27,139
|
|||||||||
Cash and cash equivalents, end of year
|
$
|
72,473
|
$
|
61,942
|
$
|
34,554
|
||||||
Supplemental disclosures
|
||||||||||||
Interest paid
|
$
|
15,905
|
$
|
8,935
|
$
|
6,664
|
||||||
Income taxes paid
|
$
|
-
|
$
|
75
|
$
|
190
|
||||||
Non-cash transfers from loans to other real estate owned
|
$
|
315
|
$
|
291
|
$
|
616
|
||||||
Conversion of subordinated debt to common stock
|
$
|
10,094
|
$
|
229
|
$
|
-
|
||||||
Transfer of available-for-sale securities to held-to-maturity securities
|
$
|
230,094
|
$
|
-
|
$
|
-
|
Common
Stock
|
Additional
Paid in
Capital
|
Accumulated
Deficit
|
Treasury
Stock
|
Stock Held by
Deferred
Compensation
Plan
|
Accumulated
Other
Comprehensive
Loss
|
Total
Shareholders’
Equity
|
||||||||||||||||||||||
Balance January 1, 2016
|
$
|
384
|
152,897
|
(32,833
|
)
|
(3,725
|
)
|
(183
|
)
|
(3,165
|
)
|
113,375
|
||||||||||||||||
Net income
|
4,945
|
4,945
|
||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
(4,129
|
)
|
(4,129
|
)
|
||||||||||||||||||||||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering
costs of $825
|
187
|
98,988
|
99,175
|
|||||||||||||||||||||||||
Stock based compensation
|
759
|
759
|
||||||||||||||||||||||||||
Stock options issued in acquisition
|
202
|
202
|
||||||||||||||||||||||||||
Options exercised (226,275 shares)
|
2
|
724
|
726
|
|||||||||||||||||||||||||
Balance December 31, 2016
|
573
|
253,570
|
(27,888
|
)
|
(3,725
|
)
|
(183
|
)
|
(7,294
|
)
|
215,053
|
|||||||||||||||||
Net income
|
8,905
|
8,905
|
||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
(215
|
)
|
(215
|
)
|
||||||||||||||||||||||||
Stock based compensation
|
1,842
|
1,842
|
||||||||||||||||||||||||||
Conversion of subordinated debt to common stock (36,922 shares)
|
229
|
229
|
||||||||||||||||||||||||||
Options exercised (197,975 shares)
|
2
|
644
|
646
|
|||||||||||||||||||||||||
Balance December 31, 2017
|
575
|
256,285
|
(18,983
|
)
|
(3,725
|
)
|
(183
|
)
|
(7,509
|
)
|
226,460
|
|||||||||||||||||
Reclassification due to the adoption of ASU 2018-02
|
1,640
|
(1,640
|
)
|
-
|
||||||||||||||||||||||||
Net income
|
8,627
|
8,627
|
||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
(2,778
|
)
|
(2,778
|
)
|
||||||||||||||||||||||||
Stock based compensation
|
2,116
|
2,116
|
||||||||||||||||||||||||||
Conversion of subordinated debt to common stock (1,624,614 shares)
|
16
|
10,078
|
10,094
|
|||||||||||||||||||||||||
Options exercised (174,850 shares)
|
2
|
668
|
670
|
|||||||||||||||||||||||||
Balance December 31, 2018
|
$
|
593
|
$
|
269,147
|
$
|
(8,716
|
)
|
$
|
(3,725
|
)
|
$
|
(183
|
)
|
$
|
(11,927
|
)
|
$
|
245,189
|
1. |
Nature of Operations
|
2. |
Summary of Significant Accounting Policies
|
1) |
Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices.
|
2) |
National, regional and local economic and business conditions as well as the condition of various segments.
|
3) |
Nature and volume of the portfolio and terms of loans.
|
4) |
Experience, ability and depth of lending management and staff.
|
5) |
Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications.
|
6) |
Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors.
|
7) |
Existence and effect of any concentration of credit and changes in the level of such concentrations.
|
8) |
Effect of external factors, such as competition and legal and regulatory requirements.
|
(dollars in thousands, except per share amounts)
|
2018
|
2017
|
2016
|
|||||||||
Net income - basic and diluted
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Weighted average shares outstanding
|
58,358
|
56,933
|
39,281
|
|||||||||
Net income per share – basic
|
$
|
0.15
|
$
|
0.16
|
$
|
0.13
|
||||||
Weighted average shares outstanding (including dilutive CSEs)
|
59,407
|
58,250
|
39,865
|
|||||||||
Net income per share – diluted
|
$
|
0.15
|
$
|
0.15
|
$
|
0.12
|
(in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Anti-dilutive securities
|
||||||||||||
Share based compensation awards
|
2,813
|
1,689
|
1,747
|
|||||||||
Convertible securities
|
-
|
1,625
|
1,662
|
|||||||||
Total anti-dilutive securities
|
2,813
|
3,314
|
3,409
|
3. |
Investment Securities
|
At December 31, 2018
|
||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
Collateralized mortgage obligations
|
$
|
197,812
|
$
|
567
|
$
|
(2,120
|
)
|
$
|
196,259
|
|||||||
Agency mortgage-backed securities
|
39,105
|
5
|
(611
|
)
|
38,499
|
|||||||||||
Municipal securities
|
20,807
|
64
|
(232
|
)
|
20,639
|
|||||||||||
Corporate bonds
|
62,583
|
87
|
(3,396
|
)
|
59,274
|
|||||||||||
Asset-backed securities
|
6,433
|
-
|
(90
|
)
|
6,343
|
|||||||||||
Total securities available for sale
|
$
|
326,740
|
$
|
723
|
$
|
(6,449
|
)
|
$
|
321,014
|
|||||||
U.S. Government agencies
|
$
|
107,390
|
$
|
-
|
$
|
(3,772
|
)
|
$
|
103,618
|
|||||||
Collateralized mortgage obligations
|
500,690
|
570
|
(5,793
|
)
|
495,467
|
|||||||||||
Agency mortgage-backed securities
|
153,483
|
-
|
(5,245
|
)
|
148,238
|
|||||||||||
Total securities held to maturity
|
$
|
761,563
|
$
|
570
|
$
|
(14,810
|
)
|
$
|
747,323
|
At December 31, 2017
|
||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
Collateralized mortgage obligations
|
$
|
327,972
|
$
|
-
|
$
|
(7,731
|
)
|
$
|
320,241
|
|||||||
Agency mortgage-backed securities
|
55,664
|
2
|
(800
|
)
|
54,866
|
|||||||||||
Municipal securities
|
15,142
|
20
|
(62
|
)
|
15,100
|
|||||||||||
Corporate bonds
|
62,670
|
103
|
(2,491
|
)
|
60,282
|
|||||||||||
Asset-backed securities
|
13,414
|
38
|
-
|
13,452
|
||||||||||||
Trust preferred securities
|
725
|
-
|
(236
|
)
|
489
|
|||||||||||
Total securities available for sale
|
$
|
475,587
|
$
|
163
|
$
|
(11,320
|
)
|
$
|
464,430
|
|||||||
U.S. Government agencies
|
$
|
112,605
|
$
|
50
|
$
|
(2,235
|
)
|
$
|
110,420
|
|||||||
Collateralized mortgage obligations
|
215,567
|
314
|
(3,970
|
)
|
211,911
|
|||||||||||
Agency mortgage-backed securities
|
143,041
|
47
|
(2,620
|
)
|
140,468
|
|||||||||||
Other securities
|
1,000
|
-
|
-
|
1,000
|
||||||||||||
Total securities held to maturity
|
$
|
472,213
|
$
|
411
|
$
|
(8,825
|
)
|
$
|
463,799
|
Available for Sale
|
Held to Maturity
|
|||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
||||||||||||
Due in 1 year or less
|
$
|
2,375
|
$
|
2,375
|
$
|
-
|
$
|
-
|
||||||||
After 1 year to 5 years
|
6,894
|
6,908
|
14,116
|
13,937
|
||||||||||||
After 5 years to 10 years
|
75,320
|
71,734
|
93,274
|
89,681
|
||||||||||||
After 10 years
|
5,234
|
5,239
|
-
|
-
|
||||||||||||
Collateralized mortgage obligations
|
197,812
|
196,259
|
500,690
|
495,467
|
||||||||||||
Agency mortgage-backed securities
|
39,105
|
38,499
|
153,483
|
148,238
|
||||||||||||
Total
|
$
|
326,740
|
$
|
321,014
|
$
|
761,563
|
$
|
747,323
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Beginning Balance, January 1st
|
$
|
274
|
$
|
937
|
$
|
930
|
||||||
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized
|
-
|
-
|
7
|
|||||||||
Reductions for securities sold during the period
|
(274
|
)
|
(663
|
)
|
-
|
|||||||
Ending Balance, December 31st
|
$
|
-
|
$
|
274
|
$
|
937
|
At December 31, 2018
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
Collateralized mortgage obligations
|
$
|
58,883
|
$
|
270
|
$
|
83,377
|
$
|
1,850
|
$
|
142,260
|
$
|
2,120
|
||||||||||||
Agency mortgage-backed securities
|
1,134
|
10
|
16,768
|
601
|
17,902
|
611
|
||||||||||||||||||
Municipal securities
|
1,549
|
7
|
12,154
|
225
|
13,703
|
232
|
||||||||||||||||||
Corporate bonds
|
-
|
-
|
53,189
|
3,396
|
53,189
|
3,396
|
||||||||||||||||||
Asset backed securities
|
6,343
|
90
|
-
|
-
|
6,343
|
90
|
||||||||||||||||||
Total Available for Sale
|
$
|
67,909
|
$
|
377
|
$
|
165,488
|
$
|
6,072
|
$
|
233,397
|
$
|
6,449
|
At December 31, 2018
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
U.S. Government agencies
|
$
|
5,351
|
$
|
26
|
$
|
98,267
|
$
|
3,746
|
$
|
103,618
|
$
|
3,772
|
||||||||||||
Collateralized mortgage obligations
|
44,574
|
475
|
173,467
|
5,318
|
218,041
|
5,793
|
||||||||||||||||||
Agency mortgage-backed securities
|
-
|
-
|
119,243
|
5,245
|
119,243
|
5,245
|
||||||||||||||||||
Total Held to Maturity
|
$
|
49,925
|
$
|
501
|
$
|
390,977
|
$
|
14,309
|
$
|
440,902
|
$
|
14,810
|
At December 31, 2017
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
Collateralized mortgage obligations
|
$
|
150,075
|
$
|
1,565
|
$
|
170,166
|
$
|
6,166
|
$
|
320,241
|
$
|
7,731
|
||||||||||||
Agency mortgage-backed securities
|
29,967
|
226
|
21,045
|
574
|
51,012
|
800
|
||||||||||||||||||
Municipal securities
|
5,742
|
27
|
2,656
|
35
|
8,398
|
62
|
||||||||||||||||||
Corporate bonds
|
-
|
-
|
52,509
|
2,491
|
52,509
|
2,491
|
||||||||||||||||||
Asset backed securities
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Trust preferred securities
|
-
|
-
|
489
|
236
|
489
|
236
|
||||||||||||||||||
Total Available for Sale
|
$
|
185,784
|
$
|
1,818
|
$
|
246,865
|
$
|
9,502
|
$
|
432,649
|
$
|
11,320
|
At December 31, 2017
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
U.S. Government agencies
|
$
|
42,045
|
$
|
213
|
$
|
59,594
|
$
|
2,022
|
$
|
101,639
|
$
|
2,235
|
||||||||||||
Collateralized mortgage obligations
|
56,955
|
767
|
107,986
|
3,203
|
164,941
|
3,970
|
||||||||||||||||||
Agency mortgage-backed securities
|
55,170
|
221
|
82,479
|
2,399
|
137,649
|
2,620
|
||||||||||||||||||
Total Held to Maturity
|
$
|
154,170
|
$
|
1,201
|
$
|
250,059
|
$
|
7,624
|
$
|
404,229
|
$
|
8,825
|
4. |
Loans Receivable
|
(dollars in thousands)
|
December 31,
2018
|
December 31,
2017
|
||||||
Commercial real estate
|
$
|
515,738
|
$
|
433,304
|
||||
Construction and land development
|
121,042
|
104,617
|
||||||
Commercial and industrial
|
200,423
|
173,343
|
||||||
Owner occupied real estate
|
367,895
|
309,838
|
||||||
Consumer and other
|
91,152
|
76,183
|
||||||
Residential mortgage
|
140,364
|
64,764
|
||||||
Total loans receivable
|
1,436,614
|
1,162,049
|
||||||
Deferred costs (fees)
|
(16
|
)
|
229
|
|||||
Allowance for loan losses
|
(8,615
|
)
|
(8,599
|
)
|
||||
Net loans receivable
|
$
|
1,427,983
|
$
|
1,153,679
|
(dollars in thousands)
|
December 31,
2018
|
December 31,
2017
|
December 31,
2016
|
|||||||||
Balance at beginning of year
|
$
|
8,920
|
$
|
7,862
|
$
|
8,521
|
||||||
Additions
|
4,812
|
1,896
|
-
|
|||||||||
Repayments
|
(703
|
)
|
(838
|
)
|
(659
|
)
|
||||||
Balance at end of year
|
$
|
13,029
|
$
|
8,920
|
$
|
7,862
|
5.
|
Allowances for Loan Losses
|
(dollars in thousands)
|
Commercial
Real Estate
|
Construction
and Land
Development
|
Commercial
and
Industrial
|
Owner
Occupied Real
Estate
|
Consumer
and Other
|
Residential
Mortgage
|
Unallocated
|
Total
|
||||||||||||||||||||||||
Year ended December, 2018
|
||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Beginning balance:
|
$
|
3,774
|
$
|
725
|
$
|
1,317
|
$
|
1,737
|
$
|
573
|
$
|
392
|
$
|
81
|
$
|
8,599
|
||||||||||||||||
Charge-offs
|
(1,603
|
)
|
-
|
(151
|
)
|
(465
|
)
|
(219
|
)
|
-
|
-
|
(2,438
|
)
|
|||||||||||||||||||
Recoveries
|
50
|
-
|
81
|
20
|
3
|
-
|
-
|
154
|
||||||||||||||||||||||||
Provisions
|
241
|
52
|
507
|
741
|
220
|
502
|
37
|
2,300
|
||||||||||||||||||||||||
Ending balance
|
$
|
2,462
|
$
|
777
|
$
|
1,754
|
$
|
2,033
|
$
|
577
|
$
|
894
|
$
|
118
|
$
|
8,615
|
||||||||||||||||
Year ended December, 2017
|
||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Beginning Balance:
|
$
|
3,254
|
$
|
557
|
$
|
2,884
|
$
|
1,382
|
$
|
588
|
$
|
58
|
$
|
432
|
$
|
9,155
|
||||||||||||||||
Charge-offs
|
-
|
-
|
(1,366
|
)
|
(157
|
)
|
(53
|
)
|
-
|
-
|
(1,576
|
)
|
||||||||||||||||||||
Recoveries
|
54
|
-
|
64
|
-
|
2
|
-
|
-
|
120
|
||||||||||||||||||||||||
Provisions (credits)
|
466
|
168
|
(265
|
)
|
512
|
36
|
334
|
(351
|
)
|
900
|
||||||||||||||||||||||
Ending balance
|
$
|
3,774
|
$
|
725
|
$
|
1,317
|
$
|
1,737
|
$
|
573
|
$
|
392
|
$
|
81
|
$
|
8,599
|
||||||||||||||||
Year ended December, 2016
|
||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Beginning Balance:
|
$
|
2,393
|
$
|
338
|
$
|
2,932
|
$
|
2,030
|
$
|
295
|
$
|
14
|
$
|
701
|
$
|
8,703
|
||||||||||||||||
Charge-offs
|
-
|
(60
|
)
|
(143
|
)
|
(1,052
|
)
|
(11
|
)
|
(10
|
)
|
-
|
(1,276
|
)
|
||||||||||||||||||
Recoveries
|
6
|
-
|
163
|
-
|
2
|
-
|
-
|
171
|
||||||||||||||||||||||||
Provisions (credits)
|
855
|
279
|
(68
|
)
|
404
|
302
|
54
|
(269
|
)
|
1,557
|
||||||||||||||||||||||
Ending balance
|
$
|
3,254
|
$
|
557
|
$
|
2,884
|
$
|
1,382
|
$
|
588
|
$
|
58
|
$
|
432
|
$
|
9,155
|
(dollars in thousands)
|
Commercial
Real Estate
|
Construction
and Land
Development
|
Commercial
and Industrial
|
Owner
Occupied
Real Estate
|
Consumer
and Other
|
Residential
Mortgage
|
Unallocated
|
Total
|
||||||||||||||||||||||||
December 31, 2018
|
||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
295
|
$
|
-
|
$
|
867
|
$
|
217
|
$
|
94
|
$
|
-
|
$
|
-
|
$
|
1,473
|
||||||||||||||||
Collectively evaluated for impairment
|
2,167
|
777
|
887
|
1,816
|
483
|
894
|
118
|
7,142
|
||||||||||||||||||||||||
Total allowance for loan losses
|
$
|
2,462
|
$
|
777
|
$
|
1,754
|
$
|
2,033
|
$
|
577
|
$
|
894
|
$
|
118
|
$
|
8,615
|
||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||
Loans evaluated individually
|
$
|
10,947
|
$
|
-
|
$
|
3,662
|
$
|
2,560
|
$
|
861
|
$
|
-
|
$
|
-
|
$
|
18,030
|
||||||||||||||||
Loans evaluated collectively
|
504,791
|
121,042
|
196,761
|
365,335
|
90,291
|
140,364
|
-
|
1,418,584
|
||||||||||||||||||||||||
Total loans receivable
|
$
|
515,738
|
$
|
121,042
|
$
|
200,423
|
$
|
367,895
|
$
|
91,152
|
$
|
140,364
|
$
|
-
|
$
|
1,436,614
|
(dollars in thousands)
|
Commercial
Real Estate
|
Construction
and Land
Development
|
Commercial
and Industrial
|
Owner
Occupied
Real Estate
|
Consumer
and Other
|
Residential
Mortgage
|
Unallocated
|
Total
|
||||||||||||||||||||||||
December 31, 2017
|
||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
1,964
|
$
|
-
|
$
|
374
|
$
|
235
|
$
|
217
|
$
|
-
|
$
|
-
|
$
|
2,790
|
||||||||||||||||
Collectively evaluated for impairment
|
1,810
|
725
|
943
|
1,502
|
356
|
392
|
81
|
5,809
|
||||||||||||||||||||||||
Total allowance for loan losses
|
$
|
3,774
|
$
|
725
|
$
|
1,317
|
$
|
1,737
|
$
|
573
|
$
|
392
|
$
|
81
|
$
|
8,599
|
||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||
Loans evaluated individually
|
$
|
15,415
|
$
|
-
|
$
|
4,501
|
$
|
3,798
|
$
|
1,002
|
$
|
-
|
$
|
-
|
$
|
24,716
|
||||||||||||||||
Loans evaluated collectively
|
417,889
|
104,617
|
168,842
|
306,040
|
75,181
|
64,764
|
-
|
1,137,333
|
||||||||||||||||||||||||
Total loans receivable
|
$
|
433,304
|
$
|
104,617
|
$
|
173,343
|
$
|
309,838
|
$
|
76,183
|
$
|
64,764
|
$
|
-
|
$
|
1,162,049
|
December 31, 2018
|
December 31, 2017
|
|||||||||||||||||||||||
(dollars
in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
6,332
|
$
|
6,337
|
$
|
-
|
$
|
9,264
|
$
|
9,268
|
$
|
-
|
||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
1,655
|
5,418
|
-
|
2,756
|
6,674
|
-
|
||||||||||||||||||
Owner occupied real estate
|
1,905
|
2,013
|
-
|
2,595
|
2,743
|
-
|
||||||||||||||||||
Consumer and other
|
710
|
1,082
|
-
|
655
|
981
|
-
|
||||||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
10,602
|
$
|
14,850
|
$
|
-
|
$
|
15,270
|
$
|
19,666
|
$
|
-
|
||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
4,615
|
$
|
5,498
|
$
|
295
|
$
|
6,151
|
$
|
6,165
|
$
|
1,964
|
||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
2,007
|
2,195
|
867
|
1,745
|
1,752
|
374
|
||||||||||||||||||
Owner occupied real estate
|
655
|
704
|
217
|
1,203
|
1,206
|
235
|
||||||||||||||||||
Consumer and other
|
151
|
158
|
94
|
347
|
379
|
217
|
||||||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
7,428
|
$
|
8,555
|
$
|
1,473
|
$
|
9,446
|
$
|
9,502
|
$
|
2,790
|
||||||||||||
Total:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
10,947
|
$
|
11,835
|
$
|
295
|
$
|
15,415
|
$
|
15,433
|
$
|
1,964
|
||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
3,662
|
7,613
|
867
|
4,501
|
8,426
|
374
|
||||||||||||||||||
Owner occupied real estate
|
2,560
|
2,717
|
217
|
3,798
|
3,949
|
235
|
||||||||||||||||||
Consumer and other
|
861
|
1,240
|
94
|
1,002
|
1,360
|
217
|
||||||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
18,030
|
$
|
23,405
|
$
|
1,473
|
$
|
24,716
|
$
|
29,168
|
$
|
2,790
|
Years Ended December 31,
|
||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
10,429
|
$
|
288
|
$
|
9,579
|
$
|
366
|
$
|
12,033
|
$
|
264
|
||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
58
|
-
|
||||||||||||||||||
Commercial and industrial
|
3,341
|
52
|
2,270
|
37
|
1,828
|
42
|
||||||||||||||||||
Owner occupied real estate
|
2,275
|
58
|
1,894
|
58
|
642
|
10
|
||||||||||||||||||
Consumer and other
|
658
|
21
|
801
|
21
|
858
|
16
|
||||||||||||||||||
Residential mortgage
|
-
|
-
|
26
|
1
|
26
|
1
|
||||||||||||||||||
Total
|
$
|
16,703
|
$
|
419
|
$
|
14,570
|
$
|
483
|
$
|
15,445
|
$
|
333
|
||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
3,076
|
$
|
-
|
$
|
6,490
|
$
|
14
|
$
|
4,455
|
$
|
52
|
||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
12
|
-
|
||||||||||||||||||
Commercial and industrial
|
1,862
|
6
|
2,517
|
68
|
3,357
|
74
|
||||||||||||||||||
Owner occupied real estate
|
969
|
25
|
1,390
|
32
|
2,104
|
31
|
||||||||||||||||||
Consumer and other
|
191
|
1
|
420
|
10
|
322
|
12
|
||||||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
6,098
|
$
|
32
|
$
|
10,817
|
$
|
124
|
$
|
10,250
|
$
|
169
|
||||||||||||
Total:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
13,505
|
$
|
288
|
$
|
16,069
|
$
|
380
|
$
|
16,488
|
$
|
316
|
||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
70
|
-
|
||||||||||||||||||
Commercial and industrial
|
5,203
|
58
|
4,787
|
105
|
5,185
|
116
|
||||||||||||||||||
Owner occupied real estate
|
3,244
|
83
|
3,284
|
90
|
2,746
|
41
|
||||||||||||||||||
Consumer and other
|
849
|
22
|
1,221
|
31
|
1,180
|
28
|
||||||||||||||||||
Residential mortgage
|
-
|
-
|
26
|
1
|
26
|
1
|
||||||||||||||||||
Total
|
$
|
22,801
|
$
|
451
|
$
|
25,387
|
$
|
607
|
$
|
25,695
|
$
|
502
|
(dollars in thousands)
|
30-59
Days Past
Due
|
60-89
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total
Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||||||||||
Commercial real estate
|
$
|
339
|
$
|
921
|
$
|
4,631
|
$
|
5,891
|
$
|
509,847
|
$
|
515,738
|
$
|
-
|
||||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
121,042
|
121,042
|
-
|
|||||||||||||||||||||
Commercial and industrial
|
280
|
-
|
3,661
|
3,941
|
196,482
|
200,423
|
-
|
|||||||||||||||||||||
Owner occupied real estate
|
-
|
653
|
1,188
|
1,841
|
366,054
|
367,895
|
-
|
|||||||||||||||||||||
Consumer and other
|
214
|
-
|
861
|
1,075
|
90,077
|
91,152
|
-
|
|||||||||||||||||||||
Residential mortgage
|
302
|
-
|
-
|
302
|
140,062
|
140,364
|
-
|
|||||||||||||||||||||
Total
|
$
|
1,135
|
$
|
1,574
|
$
|
10,341
|
$
|
13,050
|
$
|
1,423,564
|
$
|
1,436,614
|
$
|
-
|
(dollars in thousands)
|
30-59
Days Past
Due
|
60-89
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total
Loans
Receivable
|
Loans
Receivable >
90 Days and
Accruing
|
|||||||||||||||||||||
At December 31, 2017
|
||||||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
$
|
-
|
$
|
8,963
|
$
|
8,963
|
$
|
424,341
|
$
|
433,304
|
$
|
-
|
||||||||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
104,617
|
104,617
|
-
|
|||||||||||||||||||||
Commercial and industrial
|
969
|
-
|
2,895
|
3,864
|
169,479
|
173,343
|
-
|
|||||||||||||||||||||
Owner occupied real estate
|
-
|
-
|
2,136
|
2,136
|
307,702
|
309,838
|
-
|
|||||||||||||||||||||
Consumer and other
|
144
|
-
|
851
|
995
|
75,188
|
76,183
|
-
|
|||||||||||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
64,764
|
64,764
|
-
|
|||||||||||||||||||||
Total
|
$
|
1,113
|
$
|
-
|
$
|
14,845
|
$
|
15,958
|
$
|
1,146,091
|
$
|
1,162,049
|
$
|
-
|
(dollars in thousands)
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
At December 31, 2018:
|
||||||||||||||||||||
Commercial real estate
|
$
|
510,186
|
$
|
921
|
$
|
4,631
|
$
|
-
|
$
|
515,738
|
||||||||||
Construction and land development
|
121,042
|
-
|
-
|
-
|
121,042
|
|||||||||||||||
Commercial and industrial
|
196,751
|
10
|
3,382
|
280
|
200,423
|
|||||||||||||||
Owner occupied real estate
|
364,032
|
1,303
|
2,560
|
-
|
367,895
|
|||||||||||||||
Consumer and other
|
90,291
|
-
|
861
|
-
|
91,152
|
|||||||||||||||
Residential mortgage
|
140,240
|
124
|
-
|
-
|
140,364
|
|||||||||||||||
Total
|
$
|
1,422,542
|
$
|
2,358
|
$
|
11,434
|
$
|
280
|
$
|
1,436,614
|
(dollars in thousands)
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
At December 31, 2017:
|
||||||||||||||||||||
Commercial real estate
|
$
|
423,382
|
$
|
959
|
$
|
8,963
|
$
|
-
|
$
|
433,304
|
||||||||||
Construction and land development
|
104,617
|
-
|
-
|
-
|
104,617
|
|||||||||||||||
Commercial and industrial
|
168,702
|
140
|
4,221
|
280
|
173,343
|
|||||||||||||||
Owner occupied real estate
|
306,040
|
-
|
3,798
|
-
|
309,838
|
|||||||||||||||
Consumer and other
|
75,181
|
-
|
1,002
|
-
|
76,183
|
|||||||||||||||
Residential mortgage
|
64,637
|
127
|
-
|
-
|
64,764
|
|||||||||||||||
Total
|
$
|
1,142,559
|
$
|
1,226
|
$
|
17,984
|
$
|
280
|
$
|
1,162,049
|
(dollars in thousands)
|
December 31,
2018
|
December 31,
2017
|
||||||
Commercial real estate
|
$
|
4,631
|
$
|
8,963
|
||||
Construction and land development
|
-
|
-
|
||||||
Commercial and industrial
|
3,661
|
2,895
|
||||||
Owner occupied real estate
|
1,188
|
2,136
|
||||||
Consumer and other
|
861
|
851
|
||||||
Residential mortgage
|
-
|
-
|
||||||
Total
|
$
|
10,341
|
$
|
14,845
|
(dollars in thousands)
|
Number
of Loans
|
Accrual
Status
|
Non-
Accrual
Status
|
Total TDRs
|
||||||||||||
December 31, 2018
|
||||||||||||||||
Commercial real estate
|
1
|
$
|
6,316
|
$
|
-
|
$
|
6,316
|
|||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial and industrial
|
3
|
-
|
1,224
|
1,224
|
||||||||||||
Owner occupied real estate
|
1
|
-
|
242
|
242
|
||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
5
|
$
|
6,316
|
$
|
1,466
|
$
|
7,782
|
|||||||||
December 31, 2017
|
||||||||||||||||
Commercial real estate
|
1
|
$
|
6,452
|
$
|
-
|
$
|
6,452
|
|||||||||
Construction and land development
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial and industrial
|
3
|
1,175
|
349
|
1,524
|
||||||||||||
Owner occupied real estate
|
1
|
242
|
-
|
242
|
||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
||||||||||||
Residential mortgage
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
5
|
$
|
7,869
|
$
|
349
|
$
|
8,218
|
6. |
Other Real Estate Owned
|
(dollars in thousands)
|
December 31,
2018
|
December 31,
2017
|
December 31,
2016
|
|||||||||
Beginning Balance, January 1st
|
$
|
6,966
|
$
|
10,174
|
11,313
|
|||||||
Additions
|
315
|
291
|
616
|
|||||||||
Valuation adjustments
|
(563
|
)
|
(3,000
|
)
|
(355
|
)
|
||||||
Dispositions
|
(495
|
)
|
(499
|
)
|
(1,400
|
)
|
||||||
Ending Balance
|
$
|
6,223
|
$
|
6,966
|
10,174
|
7. |
Premises and Equipment
|
(dollars in thousands)
|
December 31,
2018
|
December 31,
2017
|
||||||
Land
|
$
|
15,957
|
$
|
12,711
|
||||
Buildings
|
49,204
|
40,519
|
||||||
Leasehold improvements
|
20,396
|
20,477
|
||||||
Furniture, fixtures and equipment
|
21,430
|
18,521
|
||||||
Construction in progress
|
8,041
|
4,961
|
||||||
115,028
|
97,189
|
|||||||
Less accumulated depreciation
|
(27,367
|
)
|
(22,242
|
)
|
||||
Net premises and equipment
|
$
|
87,661
|
$
|
74,947
|
8. |
Borrowings
|
9. |
Deposits
|
(dollars in thousands)
|
2019
|
2020
|
2021
|
2022
|
2023
|
Thereafter
|
Total
|
|||||||||||||||||||||
Certificates of Deposit
|
$
|
94,022
|
$
|
57,138
|
$
|
1,135
|
$
|
958
|
$
|
1,004
|
$
|
-
|
$
|
154,257
|
10. |
Income Taxes
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Current
|
||||||||||||
Federal
|
$
|
-
|
$
|
2,137
|
$
|
261
|
||||||
State
|
51
|
-
|
-
|
|||||||||
Deferred
|
||||||||||||
Federal
|
2,006
|
(5,056
|
)
|
(380
|
)
|
|||||||
State
|
(479
|
)
|
-
|
-
|
||||||||
Total provision (benefit) for income taxes
|
$
|
1,578
|
$
|
(2,919
|
)
|
$
|
(119
|
)
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Tax provision computed at federal statutory rate
|
$
|
2,143
|
$
|
2,095
|
$
|
1,689
|
||||||
State income tax, net of federal benefit
|
(340
|
)
|
-
|
-
|
||||||||
Tax exempt interest
|
(430
|
)
|
(573
|
)
|
(582
|
)
|
||||||
Deferred tax only items
|
199
|
-
|
-
|
|||||||||
Effect of change in tax rate
|
-
|
7,661
|
-
|
|||||||||
Deferred tax asset valuation allowance adjustment
|
-
|
(12,214
|
)
|
(1,508
|
)
|
|||||||
Other
|
6
|
112
|
282
|
|||||||||
Total provision (benefit) for income taxes
|
$
|
1,578
|
$
|
(2,919
|
)
|
$
|
(119
|
)
|
The significant components of the Company’s net deferred tax asset as of December 31, 2018 and 2017 are as follows:
(dollars in thousands) |
2018 |
2017 |
||||||
Deferred tax assets |
||||||||
Allowance for loan losses |
$ |
2,185 |
$ |
2,047 |
||||
Deferred compensation |
591 |
557 |
||||||
Unrealized losses on securities available for sale |
3,935 |
2,789 |
||||||
Realized losses in other than temporary impairment charge |
- |
65 |
||||||
Foreclosed real estate write-downs |
2,351 |
1,468 |
||||||
Interest income on non-accrual loans |
615 |
525 |
||||||
Net operating loss carryforward |
3,541 |
5,549 |
||||||
Other |
1,472 |
1,266 |
||||||
Total deferred tax assets |
14,690 |
14,266 |
||||||
Deferred tax liabilities |
||||||||
Deferred loan costs |
1,103 |
998 |
||||||
Premises and equipment |
634 |
211 |
||||||
Other |
619 |
342 |
||||||
Total deferred tax liabilities |
2,356 |
1,551 |
||||||
Net deferred tax asset |
$ |
12,334 |
$ |
12,715 |
· |
the annual improvement in pre-tax earnings during the four year period ended December 31, 2018;
|
· |
strong growth in interest-earning assets is expected to continue and is supported by the capital raise completed during the fourth quarter of 2016;
|
· |
deposit growth in the stores opened since the inception of the “Power of Red is Back” growth and expansion strategy in 2014 has met or exceeded expectations;
|
· |
loan growth during 2018 was greater than 20%;
|
· |
the acquisition of a residential mortgage lending team (Oak Mortgage Company) completed in July 2016 continues to supplement earnings growth;
|
· |
the ratio of non-performing assets to total assets along with other credit quality metrics continue to improve; and
|
· |
a cumulative loss has not been recorded in recent years.
|
· |
profitability metrics including return on average assets and return on average equity remain below industry standards;
|
· |
the Bank’s net interest margin declined during 2018 as a result of the challenging interest rate environment; and
|
· |
past earnings have been heavily dependent upon the success of the SBA Lending Team which has recently experienced reduced loan volumes and the recently acquired
Mortgage Division which can be significantly impacted by a changing interest rate environment and other various economic factors.
|
11. |
Financial Instruments with Off-Balance Sheet Risk
|
12. |
Commitments and Contingencies
|
Year Ended
|
Amount
|
|||
2019
|
$
|
4,124
|
||
2020
|
4,128
|
|||
2021
|
2,879
|
|||
2022
|
2,590
|
|||
2023
|
1,916
|
|||
Thereafter
|
36,036
|
|||
Total
|
$
|
51,673
|
13. |
Regulatory Capital
|
(dollars in thousands)
|
Actual
|
Minimum Capital
Adequacy
|
Minimum Capital
Adequacy with
Capital Buffer
|
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
At December 31, 2018:
|
||||||||||||||||||||||||||||||||
Total risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
$
|
231,610
|
13.26%
|
$
|
139,722
|
8.00%
|
$
|
172,489
|
9.875%
|
$
|
174,652
|
10.00%
|
||||||||||||||||||||
Company
|
262,964
|
15.03%
|
140,009
|
8.00%
|
172,824
|
9.875%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
222,995
|
12.77%
|
104,791
|
6.00%
|
137,539
|
7.875%
|
139,722
|
8.00%
|
||||||||||||||||||||||||
Company
|
254,349
|
14.53%
|
105,007
|
6.00%
|
137,821
|
7.875%
|
-
|
-%
|
||||||||||||||||||||||||
CET 1 risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
222,995
|
12.77%
|
78,594
|
4.50%
|
111,341
|
6.375%
|
113,524
|
6.50%
|
||||||||||||||||||||||||
Company
|
243,349
|
13.90%
|
78,755
|
4.50%
|
111,570
|
6.375%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one leveraged capital
|
||||||||||||||||||||||||||||||||
Republic
|
222,995
|
8.21%
|
108,685
|
4.00%
|
108,685
|
4.00%
|
135,857
|
5.00%
|
||||||||||||||||||||||||
Company
|
254,349
|
9.35%
|
108,800
|
4.00%
|
108,800
|
4.00%
|
-
|
-%
|
||||||||||||||||||||||||
At December 31, 2017:
|
||||||||||||||||||||||||||||||||
Total risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
$
|
187,732
|
12.57%
|
$
|
119,446
|
8.00%
|
$
|
138,109
|
9.25%
|
$
|
149,307
|
10.00%
|
||||||||||||||||||||
Company
|
249,510
|
16.70%
|
119,521
|
8.00%
|
138,197
|
9.25%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
179,133
|
12.00%
|
89,584
|
6.00%
|
108,248
|
7.25%
|
119,446
|
8.00%
|
||||||||||||||||||||||||
Company
|
240,911
|
16.13%
|
89,641
|
6.00%
|
108,316
|
7.25%
|
-
|
-%
|
||||||||||||||||||||||||
CET 1 risk based capital
|
||||||||||||||||||||||||||||||||
Republic
|
179,133
|
12.00%
|
67,188
|
4.50%
|
85,852
|
5.75%
|
97,050
|
6.50%
|
||||||||||||||||||||||||
Company
|
220,433
|
14.75%
|
67,231
|
4.50%
|
85,906
|
5.75%
|
-
|
-%
|
||||||||||||||||||||||||
Tier one leveraged capital
|
||||||||||||||||||||||||||||||||
Republic
|
179,133
|
7.91%
|
90,531
|
4.00%
|
90,531
|
4.00%
|
113,164
|
5.00%
|
||||||||||||||||||||||||
Company
|
240,911
|
10.64%
|
90,586
|
4.00%
|
90,586
|
4.00%
|
-
|
-%
|
Basel III Community Banks
Minimum Capital Ratio Requirements
|
||||||||||||||||
2016
|
2017
|
2018
|
2019
|
|||||||||||||
Common equity tier 1 capital (CET1)
|
5.125
|
%
|
5.750
|
%
|
6.375
|
%
|
7.000
|
%
|
||||||||
Tier 1 capital (to risk weighted assets)
|
6.625
|
%
|
7.250
|
%
|
7.875
|
%
|
8.500
|
%
|
||||||||
Total capital (to risk-weighted assets)
|
8.625
|
%
|
9.250
|
%
|
9.875
|
%
|
10.500
|
%
|
14. |
Benefit Plans
|
15.
|
Fair Value Measurements and Fair Values of Financial Instruments
|
(dollars in thousands)
|
Total
|
(Level 1)
Quoted Prices
in Active
Markets for
Identical Assets
|
(Level 2)
Significant
Other
Observable
Inputs
|
(Level 3)
Significant
Unobservable
Inputs
|
||||||||||||
December 31, 2018
|
||||||||||||||||
Assets:
|
||||||||||||||||
Collateralized mortgage obligations
|
$
|
196,259
|
$
|
-
|
$
|
196,259
|
$
|
-
|
||||||||
Agency mortgage-backed securities
|
38,499
|
-
|
38,499
|
-
|
||||||||||||
Municipal securities
|
20,639
|
-
|
20,639
|
-
|
||||||||||||
Corporate bonds
|
59,274
|
-
|
56,205
|
3,069
|
||||||||||||
Asset-backed securities
|
6,343
|
-
|
6,343
|
-
|
||||||||||||
Securities Available for Sale
|
$
|
321,014
|
$
|
-
|
$
|
317,945
|
$
|
3,069
|
||||||||
Mortgage Loans Held for Sale
|
$
|
20,887
|
$
|
-
|
$
|
20,887
|
$
|
-
|
||||||||
SBA Servicing Assets
|
4,785
|
-
|
-
|
4,785
|
||||||||||||
Interest Rate Lock Commitments
|
410
|
-
|
410
|
-
|
||||||||||||
Best Efforts Forward Loan Sales Commitments
|
5
|
-
|
5
|
-
|
||||||||||||
Mandatory Forward Loan Sales Commitments
|
10
|
-
|
10
|
-
|
||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Lock Commitments
|
-
|
-
|
-
|
-
|
||||||||||||
Best Efforts Forward Loan Sales Commitments
|
138
|
-
|
138
|
-
|
||||||||||||
Mandatory Forward Loan Sales Commitments
|
230
|
-
|
230
|
-
|
||||||||||||
December 31, 2017
|
||||||||||||||||
Assets:
|
||||||||||||||||
Collateralized mortgage obligations
|
$
|
320,241
|
$
|
-
|
$
|
320,241
|
$
|
-
|
||||||||
Agency mortgage-backed securities
|
54,866
|
-
|
54,866
|
-
|
||||||||||||
Municipal securities
|
15,100
|
-
|
15,100
|
-
|
||||||||||||
Corporate bonds
|
60,282
|
-
|
57,196
|
3,086
|
||||||||||||
Asset-backed securities
|
13,452
|
-
|
13,452
|
-
|
||||||||||||
Trust Preferred Securities
|
489
|
-
|
-
|
489
|
||||||||||||
Securities Available for Sale
|
$
|
464,430
|
$
|
-
|
$
|
460,855
|
$
|
3,575
|
||||||||
Mortgage Loans Held for Sale
|
$
|
43,375
|
$
|
-
|
$
|
43,375
|
$
|
-
|
||||||||
SBA Servicing Assets
|
5,243
|
-
|
-
|
5,243
|
||||||||||||
Interest Rate Lock Commitments
|
363
|
-
|
363
|
-
|
||||||||||||
Best Efforts Forward Loan Sales Commitments
|
5
|
-
|
5
|
-
|
||||||||||||
Mandatory Forward Loan Sales Commitments
|
19
|
-
|
19
|
-
|
||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Lock Commitments
|
1
|
-
|
1
|
-
|
||||||||||||
Best Efforts Forward Loan Sales Commitments
|
93
|
-
|
93
|
-
|
||||||||||||
Mandatory Forward Loan Sales Commitments
|
195
|
-
|
195
|
-
|
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Beginning balance, January 1st
|
$
|
5,243
|
$
|
5,352
|
4,886
|
|||||||
Additions
|
1,000
|
1,078
|
1,541
|
|||||||||
Fair value adjustments
|
(1,458
|
)
|
(1,187
|
)
|
(1,075
|
)
|
||||||
Ending balance, December 31st
|
$
|
4,785
|
$
|
5,243
|
5,352
|
Year Ended
December 31, 2018
|
Year Ended
December 31, 2017
|
Year Ended
December 31, 2016
|
||||||||||||||||||||||
Level 3 Investments Only
(dollars in thousands)
|
Trust
Preferred
Securities
|
Corporate
Bonds
|
Trust
Preferred
Securities
|
Corporate
Bonds
|
Trust
Preferred
Securities
|
Corporate
Bonds
|
||||||||||||||||||
Balance, January 1,
|
$
|
489
|
$
|
3,086
|
$
|
1,820
|
$
|
2,971
|
$
|
1,883
|
$
|
2,834
|
||||||||||||
Security transferred to Level 3 measurement
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Unrealized (losses) gains
|
237
|
(17
|
)
|
1,006
|
115
|
(56
|
)
|
137
|
||||||||||||||||
Paydowns
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||
Proceeds from sales
|
(660
|
)
|
-
|
(1,539
|
)
|
-
|
-
|
-
|
||||||||||||||||
Realized losses
|
(66
|
)
|
-
|
(798
|
)
|
-
|
-
|
-
|
||||||||||||||||
Impairment charges on Level 3
|
-
|
-
|
-
|
-
|
(7
|
)
|
-
|
|||||||||||||||||
Balance, December 31,
|
$
|
-
|
$
|
3,069
|
$
|
489
|
$
|
3,086
|
$
|
1,820
|
$
|
2,971
|
(dollars in thousands)
|
Total
|
(Level 1)
Quoted Prices
in Active
Markets for
Identical Assets
|
(Level 2)
Significant
Other
Observable
Inputs
|
(Level 3)
Significant
Unobservable
Inputs
|
||||||||||||
December 31, 2018:
|
||||||||||||||||
Impaired loans
|
$
|
5,955
|
$
|
-
|
$
|
-
|
$
|
5,955
|
||||||||
Other real estate owned
|
1,114
|
-
|
-
|
1,114
|
||||||||||||
December 31, 2017:
|
||||||||||||||||
Impaired loans
|
$
|
7,322
|
$
|
-
|
$
|
-
|
$
|
7,322
|
||||||||
Other real estate owned
|
5,727
|
-
|
-
|
5,727
|
Quantitative Information about Level 3 Fair Value Measurements
|
||||||||||
Asset Description
|
Fair Value
|
Valuation
Technique
|
Unobservable Input
|
Range (Weighted
Average)
|
||||||
December 31, 2018
|
||||||||||
Corporate bonds
|
$
|
3,069
|
Discounted
Cash Flows
|
Discount Rate
|
(8.24%)
|
|||||
|
|
|
Discounted
|
Conditional
Prepayment Rate
|
(10.31%)
|
|||||
SBA servicing assets
|
$ |
4,785
|
Cash Flows | |||||||
Discount Rate
|
(11.50%)
|
|||||||||
Impaired loans
|
$
|
5,955
|
Appraised Value of Collateral (1)
|
Liquidation expenses (2)
|
11% - 24% (13%) (3)
|
|||||
Other real estate owned
|
$
|
1,114
|
Appraised Value of Collateral (1)
|
Liquidation expenses (2)
|
(7%) (3)
|
|||||
December 31, 2017
|
||||||||||
Corporate bonds
|
$
|
3,086
|
Discounted
Cash Flows
|
Discount Rate
|
(5.99%)
|
|||||
Trust preferred securities
|
$
|
489
|
Discounted
Cash Flows
|
Discount Rate
|
(8.33%)
|
|||||
|
|
|
Discounted
|
Conditional
Prepayment Rate
|
(7.85%)
|
|||||
SBA servicing assets
|
$ |
5,243
|
Cash Flows | |||||||
Discount Rate
|
(10.50%)
|
|||||||||
Impaired loans
|
$
|
7,322
|
Appraised Value of Collateral (1)
|
Liquidation expenses (2)
|
10% - 21% (14%) (3)
|
|||||
|
|
|
Appraised Value of Collateral (1)
|
Liquidation expenses (2)
|
(22%) (3)
|
|||||
Other real estate owned
|
$ |
5,727
|
||||||||
Sales Price
|
Liquidation expenses (2)
|
4% - 7% (7%) (3)
|
(1)
|
Fair value is generally determined through independent appraisals of the underlying collateral, which include Level 3 inputs
that are not identifiable.
|
(2) |
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
|
(3)
|
The range and weighted average of qualitative factors such as economic conditions and estimated liquidation expenses are
presented as a percent of the appraised value.
|
Carrying
Amount
|
Aggregate Unpaid
Principal Balance
|
Excess Carrying
Amount Over
Aggregate Unpaid
Principal Balance
|
||||||||||
December 31, 2018
|
$
|
20,887
|
$
|
20,071
|
$
|
816
|
||||||
December 31, 2017
|
$
|
43,375
|
$
|
42,046
|
$
|
1,329
|
(dollars in thousands)
|
December 31, 2018
|
December 31, 2017
|
||||||
SBA Servicing Asset
|
||||||||
Fair Value of SBA Servicing Asset
|
$
|
4,785
|
$
|
5,243
|
||||
Composition of SBA Loans Serviced for Others
|
||||||||
Fixed-rate SBA loans
|
2%
|
2%
|
||||||
Adjustable-rate SBA loans
|
98%
|
98%
|
||||||
Total
|
100%
|
100%
|
||||||
Weighted Average Remaining Term
|
20.4 years
|
20.5 years
|
||||||
Prepayment Speed
|
10.31%
|
7.85%
|
||||||
Effect on fair value of a 10% increase
|
$
|
(170)
|
$
|
(171)
|
||||
Effect on fair value of a 20% increase
|
(330)
|
(333)
|
||||||
Weighted Average Discount Rate
|
11.50%
|
10.50%
|
||||||
Effect on fair value of a 10% increase
|
$
|
(186)
|
$
|
(211)
|
||||
Effect on fair value of a 20% increase
|
(359)
|
(407)
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Carrying
Amount |
Fair
Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||||
Balance Sheet Data
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
72,473
|
$
|
72,473
|
$
|
72,473
|
$
|
-
|
$
|
-
|
||||||||||
Investment securities available for sale
|
321,014
|
321,014
|
-
|
317,945
|
3,069
|
|||||||||||||||
Investment securities held to maturity
|
761,563
|
747,323
|
-
|
747,323
|
-
|
|||||||||||||||
Restricted stock
|
5,754
|
5,754
|
-
|
5,754
|
-
|
|||||||||||||||
Loans held for sale
|
26,291
|
26,291
|
-
|
20,887
|
5,404
|
|||||||||||||||
Loans receivable, net
|
1,427,983
|
1,410,945
|
-
|
-
|
1,410,945
|
|||||||||||||||
SBA servicing assets
|
4,785
|
4,785
|
-
|
-
|
4,785
|
|||||||||||||||
Accrued interest receivable
|
9,025
|
9,025
|
-
|
9,025
|
-
|
|||||||||||||||
Interest rate lock commitments
|
410
|
410
|
-
|
410
|
-
|
|||||||||||||||
Best efforts forward loan sales commitments
|
5
|
5
|
-
|
5
|
-
|
|||||||||||||||
Mandatory forward loan sales commitments
|
10
|
10
|
-
|
10
|
-
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Demand, savings and money market
|
$
|
2,238,610
|
$
|
2,238,610
|
$
|
-
|
$
|
2,238,610
|
$
|
-
|
||||||||||
Time
|
154,257
|
152,989
|
-
|
152,989
|
-
|
|||||||||||||||
Subordinated debt
|
11,259
|
8,279
|
-
|
-
|
8,279
|
|||||||||||||||
Accrued interest payable
|
558
|
558
|
-
|
558
|
-
|
|||||||||||||||
Interest rate lock commitments
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Best efforts forward loan sales commitments
|
138
|
138
|
-
|
138
|
-
|
|||||||||||||||
Mandatory forward loan sales commitments
|
230
|
230
|
-
|
230
|
-
|
|||||||||||||||
Off-Balance Sheet Data
|
||||||||||||||||||||
Commitments to extend credit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Standby letters-of-credit
|
-
|
-
|
-
|
-
|
-
|
Fair Value Measurements at December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Carrying
Amount
|
Fair
Value
|
Quoted Prices
in Active
Markets for
Identical
Assets (Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||||
Balance Sheet Data
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
61,942
|
$
|
61,942
|
$
|
61,942
|
$
|
-
|
$
|
-
|
||||||||||
Investment securities available for sale
|
464,430
|
464,430
|
-
|
460,855
|
3,575
|
|||||||||||||||
Investment securities held to maturity
|
472,213
|
463,799
|
-
|
463,799
|
-
|
|||||||||||||||
Restricted stock
|
1,918
|
1,918
|
-
|
1,918
|
-
|
|||||||||||||||
Loans held for sale
|
45,700
|
45,714
|
-
|
43,375
|
2,339
|
|||||||||||||||
Loans receivable, net
|
1,153,679
|
1,120,305
|
-
|
-
|
1,120,305
|
|||||||||||||||
SBA servicing assets
|
5,243
|
5,243
|
-
|
-
|
5,243
|
|||||||||||||||
Accrued interest receivable
|
7,009
|
7,009
|
-
|
7,009
|
-
|
|||||||||||||||
Interest rate lock commitments
|
363
|
363
|
-
|
363
|
-
|
|||||||||||||||
Best efforts forward loan sales commitments
|
5
|
5
|
-
|
5
|
-
|
|||||||||||||||
Mandatory forward loan sales commitments
|
19
|
19
|
-
|
19
|
-
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Demand, savings and money market
|
$
|
1,946,558
|
$
|
1,946,558
|
$
|
-
|
$
|
1,946,558
|
$
|
-
|
||||||||||
Time
|
116,737
|
115,673
|
-
|
115,673
|
-
|
|||||||||||||||
Subordinated debt
|
21,681
|
18,458
|
-
|
-
|
18,458
|
|||||||||||||||
Accrued interest payable
|
293
|
293
|
-
|
293
|
-
|
|||||||||||||||
Interest rate lock commitments
|
1
|
1
|
-
|
1
|
-
|
|||||||||||||||
Best efforts forward loan sales commitments
|
93
|
93
|
-
|
93
|
-
|
|||||||||||||||
Mandatory forward loan sales commitments
|
195
|
195
|
-
|
195
|
-
|
|||||||||||||||
Off-Balance Sheet Data
|
||||||||||||||||||||
Commitments to extend credit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Standby letters-of-credit
|
-
|
-
|
-
|
-
|
-
|
16. |
Stock Based Compensation
|
2018
|
2017
|
2016
|
||||||||||||||
Dividend yield(1)
|
0.0%
|
0.0%
|
0.0%
|
|||||||||||||
Expected volatility
|
28.22%
|
(2)
|
|
44.00% to 50.09%
|
(3)
|
|
46.38% to 52.54%
|
(3)
|
|
|||||||
Risk-free interest rate(4)
|
2.35% to 2.96%
|
1.89% to 2.30%
|
1.23% to 1.82%
|
|||||||||||||
Expected life(5)
|
6.25 years
|
5.5 to 7.0 years
|
5.5 to 7.0 years
|
|||||||||||||
Assumed forfeiture rate(6)
|
4.0%
|
6.0%
|
|
10.0%
|
|
2018
|
2017
|
2016
|
||||||||||
Stock based compensation expense recognized
|
$
|
2,116,000
|
$
|
1,842,000
|
$
|
759,000
|
||||||
Number of unvested stock options
|
1,962,163
|
1,659,102
|
1,283,226
|
|||||||||
Fair value of unvested stock options
|
$
|
5,550,820
|
$
|
4,587,565
|
$
|
2,184,773
|
||||||
Amount remaining to be recognized as expense
|
$
|
3,406,394
|
$
|
2,508,314
|
$
|
1,104,424
|
For the Years Ended December 31,
|
||||||||||||||||||||||||
2018
|
2017
|
2016
|
||||||||||||||||||||||
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
Shares
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||||
Outstanding, beginning of year
|
3,005,825
|
$
|
4.98
|
2,332,900
|
$
|
3.70
|
1,947,725
|
$
|
3.56
|
|||||||||||||||
Granted
|
1,106,800
|
8.34
|
916,000
|
8.03
|
661,750
|
4.06
|
||||||||||||||||||
Exercised
|
(174,850
|
)
|
3.83
|
(197,975
|
)
|
3.26
|
(226,275
|
)
|
3.21
|
|||||||||||||||
Forfeited
|
(76,125
|
)
|
6.80
|
(45,100
|
)
|
7.95
|
(50,300
|
)
|
5.21
|
|||||||||||||||
Outstanding, end of year
|
3,861,650
|
$
|
5.96
|
3,005,825
|
$
|
4.98
|
2,332,900
|
$
|
3.70
|
|||||||||||||||
Options exercisable at year-end
|
1,899,487
|
$
|
4.53
|
1,346,723
|
$
|
3.55
|
1,049,674
|
$
|
3.70
|
|||||||||||||||
Weighted average fair value of options granted during the year
|
$
|
2.85
|
$
|
3.75
|
$
|
1.80
|
For the Years Ended December 31,
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Number of options exercised
|
174,850
|
197,975
|
226,275
|
|||||||||
Cash received
|
$
|
670,413
|
$
|
646,263
|
$
|
726,157
|
||||||
Intrinsic value
|
$
|
814,855
|
$
|
991,957
|
$
|
739,699
|
||||||
Tax benefit
|
$
|
12,288
|
$
|
81,589
|
$
|
-
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||||||
Range of
Exercise Prices
|
Number
Outstanding
|
Weighted-
Average
Remaining
Contractual Life
|
Weighted-
Average
Exercise Price
|
Shares
|
Weighted-
Average
Exercise Price
|
|||||||||||||||||
$ 1.55 to $3.53 |
518,200
|
3.5
|
$
|
2.52
|
508,200
|
$
|
2.50
|
|||||||||||||||
$ 3.55 to $3.95 |
663,050
|
5.5
|
3.62
|
526,312
|
3.64
|
|||||||||||||||||
$ 3.99 to $7.85 |
737,225
|
6.2
|
4.50
|
435,850
|
4.55
|
|||||||||||||||||
$ 8.00 to $9.50 |
1,943,175
|
8.5
|
8.23
|
429,125
|
8.00
|
|||||||||||||||||
3,861,650
|
$
|
5.96
|
1,899,487
|
$
|
4.53
|
Number of
Shares
|
Weighted-
Average Grant
Date Fair Value
|
|||||||
Nonvested, beginning of year
|
1,659,102
|
$
|
2.77
|
|||||
Granted
|
1,106,800
|
2.85
|
||||||
Vested
|
(753,864
|
)
|
2.92
|
|||||
Forfeited
|
(49,875
|
)
|
2.94
|
|||||
Nonvested, end of year
|
1,962,163
|
$
|
2.83
|
17. |
Segment Reporting
|
18. |
Transactions with Affiliates and Related Parties
|
19. |
Parent Company Financial Information
|
December 31,
2018
|
December 31,
2017
|
|||||||
ASSETS
|
||||||||
Cash
|
$
|
27,722
|
$
|
60,309
|
||||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding
junior obligations of the corporation
|
341
|
676
|
||||||
Investment in subsidiaries
|
220,864
|
181,256
|
||||||
Other assets
|
7,572
|
5,931
|
||||||
Total Assets
|
$
|
256,499
|
$
|
248,172
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Liabilities
|
||||||||
Accrued expenses
|
$
|
51
|
$
|
31
|
||||
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding
solely junior subordinated debentures of the corporation
|
11,259
|
21,681
|
||||||
Total Liabilities
|
11,310
|
21,712
|
||||||
Shareholders’ Equity
|
||||||||
Total Shareholders’ Equity
|
245,189
|
226,460
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
256,499
|
$
|
248,172
|
2018
|
2017
|
2016
|
||||||||||
Interest income
|
$
|
13
|
$
|
37
|
$
|
35
|
||||||
Total income
|
13
|
37
|
35
|
|||||||||
Trust preferred interest expense
|
441
|
1,225
|
1,160
|
|||||||||
Other expenses
|
4,972
|
1,424
|
717
|
|||||||||
Total expenses
|
5,413
|
2,649
|
1,877
|
|||||||||
Net loss before taxes
|
(5,400
|
)
|
(2,612
|
)
|
(1,842
|
)
|
||||||
Benefit for income taxes
|
(1,640
|
)
|
(914
|
)
|
(645
|
)
|
||||||
Loss before undistributed income of subsidiaries
|
(3,760
|
)
|
(1,698
|
)
|
(1,197
|
)
|
||||||
Equity in undistributed income of subsidiaries
|
12,387
|
10,603
|
6,142
|
|||||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Total other comprehensive loss
|
(2,778
|
)
|
(215
|
)
|
(4,129
|
)
|
||||||
Total comprehensive income (loss)
|
$
|
5,849
|
$
|
8,690
|
$
|
816
|
||||||
Shareholders’ equity, beginning of year
|
$
|
226,460
|
$
|
215,053
|
$
|
113,375
|
||||||
Shares issued under common stock offering
|
-
|
-
|
99,175
|
|||||||||
Stock based compensation
|
2,116
|
1,842
|
759
|
|||||||||
Stock options issued in acquisition
|
-
|
-
|
202
|
|||||||||
Exercise of stock options
|
670
|
646
|
726
|
|||||||||
Conversion of subordinated debt to common shares
|
10,094
|
229
|
-
|
|||||||||
Net income
|
8,627
|
8,905
|
4,945
|
|||||||||
Total other comprehensive loss
|
(2,778
|
)
|
(215
|
)
|
(4,129
|
)
|
||||||
Shareholders’ equity, end of year
|
$
|
245,189
|
$
|
226,460
|
$
|
215,053
|
2018
|
2017
|
2016
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
8,627
|
$
|
8,905
|
$
|
4,945
|
||||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||||||
Share based compensation
|
2,116
|
1,842
|
961
|
|||||||||
Amortization of debt issuance costs
|
6
|
29
|
24
|
|||||||||
Increase in other assets
|
(1,639
|
)
|
(1,342
|
)
|
(716
|
)
|
||||||
Net increase (decrease) in other liabilities
|
20
|
(179
|
)
|
190
|
||||||||
Equity in undistributed income of subsidiaries
|
(12,387
|
)
|
(10,603
|
)
|
(6,142
|
)
|
||||||
Net cash used in operating activities
|
(3,257
|
)
|
(1,348
|
)
|
(738
|
)
|
||||||
Cash flows from investing activities:
|
||||||||||||
Investment in subsidiary
|
(30,000
|
)
|
-
|
(40,203
|
)
|
|||||||
Net cash used in investing activities
|
(30,000
|
)
|
-
|
(40,203
|
)
|
|||||||
Cash flows from financing activities:
|
||||||||||||
Net proceeds from stock offering
|
-
|
-
|
99,175
|
|||||||||
Exercise of stock options
|
670
|
646
|
726
|
|||||||||
Net cash provided by financing activities
|
670
|
646
|
99,901
|
|||||||||
Increase (decrease) in cash
|
(32,587
|
)
|
(702
|
)
|
58,960
|
|||||||
Cash, beginning of period
|
60,309
|
61,011
|
2,051
|
|||||||||
Cash, end of period
|
$
|
27,722
|
$
|
60,309
|
$
|
61,011
|
20. |
Quarterly Financial Data (unaudited)
|
For the Quarter Ended
|
||||||||||||||||
December 31st
|
September 30th
|
June 30th
|
March 31st
|
|||||||||||||
2018
|
||||||||||||||||
Interest income
|
$
|
25,293
|
$
|
23,558
|
$
|
22,324
|
$
|
20,899
|
||||||||
Interest expense
|
5,313
|
4,412
|
3,662
|
2,783
|
||||||||||||
Net interest income
|
19,980
|
19,146
|
18,662
|
18,116
|
||||||||||||
Provision for loan losses
|
600
|
500
|
800
|
400
|
||||||||||||
Non-interest income
|
4,888
|
5,131
|
5,768
|
4,535
|
||||||||||||
Non-interest expense
|
22,057
|
20,833
|
20,729
|
20,102
|
||||||||||||
Provision for income taxes
|
54
|
622
|
530
|
372
|
||||||||||||
Net income
|
$
|
2,157
|
$
|
2,322
|
$
|
2,371
|
$
|
1,777
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
0.04
|
$
|
0.04
|
$
|
0.04
|
$
|
0.03
|
||||||||
Diluted
|
$
|
0.04
|
$
|
0.04
|
$
|
0.04
|
$
|
0.03
|
||||||||
2017
|
||||||||||||||||
Interest income
|
$
|
19,409
|
$
|
17,922
|
$
|
17,331
|
$
|
16,187
|
||||||||
Interest expense
|
2,542
|
2,210
|
2,064
|
1,968
|
||||||||||||
Net interest income
|
16,867
|
15,712
|
15,267
|
14,219
|
||||||||||||
Provision for loan losses
|
400
|
-
|
500
|
-
|
||||||||||||
Non-interest income
|
5,012
|
5,778
|
4,969
|
4,338
|
||||||||||||
Non-interest expense
|
21,622
|
19,165
|
17,685
|
16,804
|
||||||||||||
Provision (benefit) for income taxes
|
(2,881
|
)
|
4
|
(8
|
)
|
(34
|
)
|
|||||||||
Net income
|
$
|
2,738
|
$
|
2,321
|
$
|
2,059
|
$
|
1,787
|
||||||||
Net income per share (1):
|
||||||||||||||||
Basic
|
$
|
0.05
|
$
|
0.04
|
$
|
0.04
|
$
|
0.03
|
||||||||
Diluted
|
$
|
0.05
|
$
|
0.04
|
$
|
0.04
|
$
|
0.03
|
(1) |
Quarterly net income per share does not add to full year net income per share due to rounding.
|
21. |
Changes in Accumulated Other Comprehensive Income (Loss) By Component (1)
|
Unrealized Gains
(Losses) on Available-
For-Sale Securities
|
Unrealized Holding
Losses on Securities
Transferred From
Available-For-Sale
To Held-To-Maturity
|
Total
|
||||||||||
(dollars in thousands)
|
||||||||||||
Balance January 1, 2018
|
$
|
(7,150
|
)
|
$
|
(359
|
)
|
$
|
(7,509
|
)
|
|||
Reclassification due to the adoption of ASU 2018-02
|
(1,562
|
)
|
(78
|
)
|
(1,640
|
)
|
||||||
Unrealized gain/(loss) on securities
|
3,927
|
-
|
3,927
|
|||||||||
Net unrealized holding losses on securities transferred from available-for-sale to
held-to-maturity
|
-
|
(6,855
|
)
|
(6,855
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income to net income (2)
|
49
|
101
|
150
|
|||||||||
Net current-period other comprehensive income (loss)
|
3,976
|
(6,754
|
)
|
(2,778
|
)
|
|||||||
Total change in accumulated other comprehensive income (loss)
|
2,414
|
(6,832
|
)
|
(4,418
|
)
|
|||||||
Balance December 31, 2018
|
$
|
(4,736
|
)
|
$
|
(7,191
|
)
|
$
|
(11,927
|
)
|
|||
Balance January 1, 2017
|
$
|
(6,831
|
)
|
$
|
(463
|
)
|
$
|
(7,294
|
)
|
|||
Unrealized loss on securities
|
(413
|
)
|
-
|
(413
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income to net income (2)
|
94
|
104
|
198
|
|||||||||
Net current-period other comprehensive income (loss)
|
(319
|
)
|
104
|
(215
|
)
|
|||||||
Balance December 31, 2017
|
$
|
(7,150
|
)
|
$
|
(359
|
)
|
$
|
(7,509
|
)
|
|||
Balance January 1, 2016
|
$
|
(2,562
|
)
|
$
|
(603
|
)
|
$
|
(3,165
|
)
|
|||
Unrealized loss on securities
|
(3,853
|
)
|
-
|
(3,853
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income to net income (2)
|
(416
|
)
|
140
|
(276
|
)
|
|||||||
Net current-period other comprehensive income (loss)
|
(4,269
|
)
|
140
|
(4,129
|
)
|
|||||||
Balance December 31, 2016
|
$
|
(6,831
|
)
|
$
|
(463
|
)
|
$
|
(7,294
|
)
|
(1) |
All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income.
|
(2) |
Reclassification amounts are reported as gains/losses on sales of investment securities, impairment losses, and amortization of net unrealized losses on the
Consolidated Statement of Income.
|
22.
|
Business Combination
|
Consideration paid:
|
Original
Estimates
|
Adjustments to
Estimates
|
Final
Valuation
|
|||||||||
Cash
|
$
|
7,136
|
$
|
-
|
$
|
7,136
|
||||||
Equity instruments
|
202
|
-
|
202
|
|||||||||
Deferred additional purchase price
|
500
|
-
|
500
|
|||||||||
Value of consideration
|
$
|
7,838
|
$
|
-
|
$
|
7,838
|
||||||
Assets acquired:
|
||||||||||||
Cash and cash equivalents
|
$
|
1,223
|
$
|
-
|
$
|
1,223
|
||||||
Loans held for sale
|
20,871
|
-
|
20,871
|
|||||||||
Loans receivable
|
1,132
|
-
|
1,132
|
|||||||||
Premises and equipment
|
103
|
-
|
103
|
|||||||||
Derivative assets
|
1,508
|
-
|
1,508
|
|||||||||
Intangible assets – non compete agreements
|
104
|
-
|
104
|
|||||||||
Other assets
|
125
|
-
|
125
|
|||||||||
Total assets
|
25,066
|
-
|
25,066
|
|||||||||
Liabilities assumed:
|
||||||||||||
Warehouse lines of credit
|
19,666
|
-
|
19,666
|
|||||||||
Derivative liabilities
|
412
|
-
|
412
|
|||||||||
Other liabilities
|
2,042
|
119
|
2,161
|
|||||||||
Total liabilities
|
22,120
|
119
|
22,239
|
|||||||||
|
||||||||||||
Net assets acquired
|
2,946
|
(119
|
)
|
2,827
|
||||||||
Goodwill resulting from acquisition of Oak Mortgage
|
$
|
4,892
|
$
|
119
|
$
|
5,011
|
23. |
Goodwill and Other Intangibles
|
(dollars in thousands)
|
Balance
December 31,
2017
|
Additions/
Adjustments
|
Amortization
|
Balance
December 31,
2018
|
Amortization
Period (in years)
|
|||||||||||||||
Goodwill
|
$
|
5,011
|
$
|
-
|
$
|
-
|
$
|
5,011
|
Indefinite
|
(dollars in thousands)
|
Balance
December 31,
2016
|
Additions/
Adjustments
|
Amortization
|
Balance
December 31,
2017
|
Amortization
Period (in years)
|
|||||||||||||||
Goodwill
|
$
|
5,011
|
$
|
-
|
$
|
-
|
$
|
5,011
|
|
Indefinite
|
||||||||||
Non-compete agreements
|
61
|
-
|
(61
|
)
|
-
|
1
|
||||||||||||||
Total
|
$
|
5,072
|
$
|
-
|
$
|
(61
|
)
|
$
|
5,011
|
24. |
Derivatives and Risk Management Activities
|
December 31, 2018
|
Balance Sheet
Presentation
|
Fair
Value
|
Notional
Amount
|
||||||
Asset derivatives:
|
|||||||||
IRLC’s
|
Other Assets
|
$
|
410
|
$
|
16,966
|
||||
Best efforts forward loan sales commitments
|
Other Assets
|
5
|
1,639
|
||||||
Mandatory forward loan sales commitments
|
Other Assets
|
10
|
865
|
||||||
Liability derivatives:
|
|||||||||
IRLC’s
|
Other Liabilities
|
$
|
-
|
$
|
-
|
||||
Best efforts forward loan sales commitments
|
Other Liabilities
|
138
|
15,327
|
||||||
Mandatory forward loan sales commitments
|
Other Liabilities
|
230
|
18,980
|
December 31, 2017
|
Balance Sheet
Presentation
|
Fair
Value
|
Notional
Amount
|
||||||
Asset derivatives:
|
|||||||||
IRLC’s
|
Other Assets
|
$
|
363
|
$
|
16,366
|
||||
Best efforts forward loan sales commitments
|
Other Assets
|
5
|
1,807
|
||||||
Mandatory forward loan sales commitments
|
Other Assets
|
19
|
4,566
|
||||||
Liability derivatives:
|
|||||||||
IRLC’s
|
Other Liabilities
|
$
|
1
|
$
|
424
|
||||
Best efforts forward loan sales commitments
|
Other Liabilities
|
93
|
14,983
|
||||||
Mandatory forward loan sales commitments
|
Other Liabilities
|
195
|
36,223
|
Twelve Months Ended December 31, 2018
|
Income Statement
Presentation
|
Gain/(Loss)
|
|||
Asset derivatives:
|
|||||
IRLC’s
|
Mortgage banking income
|
$
|
47
|
||
Best efforts forward loan sales commitments
|
Mortgage banking income
|
-
|
|||
Mandatory forward loan sales commitments
|
Mortgage banking income
|
(9
|
)
|
||
Liability derivatives:
|
|||||
IRLC’s
|
Mortgage banking income
|
$
|
1
|
||
Best efforts forward loan sales commitments
|
Mortgage banking income
|
(45
|
)
|
||
Mandatory forward loan sales commitments
|
Mortgage banking income
|
(35
|
)
|
Twelve Months Ended December 31, 2017
|
Income Statement
Presentation
|
Gain/(Loss)
|
|||
Asset derivatives:
|
|||||
IRLC’s
|
Mortgage banking income
|
$
|
(76
|
)
|
|
Best efforts forward loan sales commitments
|
Mortgage banking income
|
(98
|
)
|
||
Mandatory forward loan sales commitments
|
Mortgage banking income
|
(210
|
)
|
||
Liability derivatives:
|
|||||
IRLC’s
|
Mortgage banking income
|
$
|
54
|
||
Best efforts forward loan sales commitments
|
Mortgage banking income
|
32
|
|||
Mandatory forward loan sales commitments
|
Mortgage banking income
|
(157
|
)
|
Twelve Months Ended December 31, 2016
|
Income Statement
Presentation
|
Gain/(Loss)
|
|||
Asset derivatives:
|
|||||
IRLC’s
|
Mortgage banking income
|
$
|
(1,042
|
)
|
|
Best efforts forward loan sales commitments
|
Mortgage banking income
|
77
|
|||
Mandatory forward loan sales commitments
|
Mortgage banking income
|
229
|
|||
Liability derivatives:
|
|||||
IRLC’s
|
Mortgage banking income
|
$
|
(32
|
)
|
|
Best efforts forward loan sales commitments
|
Mortgage banking income
|
264
|
|||
Mandatory forward loan sales commitments
|
Mortgage banking income
|
(38
|
)
|
25. |
Revenue Recognition
|
Twelve Months Ended
December 31,
|
||||||||||||
(dollars in thousands)
|
2018
|
2017
|
2016
|
|||||||||
Non-interest income
|
||||||||||||
In-scope of Topic 606
|
||||||||||||
Service charges on deposit accounts
|
$
|
5,476
|
$
|
3,904
|
$
|
2,658
|
||||||
Other non-interest income
|
174
|
177
|
335
|
|||||||||
Non-interest income (in-scope of Topic 606)
|
5,650
|
4,081
|
2,993
|
|||||||||
Non-interest income (out-of-scope of Topic 606)
|
14,672
|
16,016
|
12,319
|
|||||||||
Total non-interest income
|
$
|
20,322
|
$
|
20,097
|
$
|
15,312
|
Plan Category
|
Number of Shares to
be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights
|
Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
|
Number of Shares
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
First Column)
|
|||||||||
Equity compensation plans approved by security holders
|
3,861,650
|
$
|
5.96
|
3,179,213 (1) (2)
|
||||||||
Equity compensation plans not approved by security holders
|
-
|
-
|
-
|
|||||||||
Total
|
3,861,650
|
$
|
5.96
|
3,179,213 (1)(2)
|
(a) |
(1) The following financial statements and related documents of Republic First Bancorp, Inc. are filed as part of this Annual Report on Form 10-K in Part II –
Item 8 “Financial Statements and Supplementary Data”:
|
a. |
Consolidated Balance Sheets as of December 31, 2018 and 2017;
|
b. |
Consolidated Statements of Income for the years ended December 31, 2018, 2017, and 2016;
|
c. |
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2018,
2017, and 2016;
|
d. |
Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017, and 2016;
|
e. |
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2018, 2017, and 2016; and
|
f. |
Notes to Consolidated Financial Statements.
|
(a) |
(2) None
|
(a) |
(3) The exhibits filed or furnished, as applicable, as part of this report are listed under Exhibits at subsection (b) of this Item 15.
|
(b) |
Exhibits
|
Exhibit
Number
|
Description
|
Location
|
|
Amended and Restated Articles of Incorporation of Republic First Bancorp, Inc.
|
Incorporated by reference to Form 10-K filed March 10, 2017
|
||
Amended and Restated By-Laws of Republic First Bancorp, Inc.
|
Incorporated by reference to Form S-1 filed April 23, 2010 (333-166286)
|
||
4.1
|
The Company will furnish to the SEC upon request copies of the following documents relating to the Company’s Floating Rate Junior
Subordinated Debt Securities due 2037: (i) Indenture dated as of December 27, 2006, between the Company and Wilmington Trust Company, as trustee; (ii) Amended and Restated Declaration of Trust of Republic Capital Trust II,
dated as of December 27, 2006; and (iii) Guarantee Agreement dated as of December 27, 2006, between the Company and Wilmington Trust Company, as trustee, for the benefit of the holders of the capital securities of Republic
Capital Trust II
|
Exhibit
Number
|
Description
|
Location
|
|
4.2
|
The Company will furnish to the SEC upon request copies of the following documents relating to the Company’s Floating Rate Junior
Subordinated Debt Securities due 2037: (i) Indenture dated as of June 28, 2007, between the Company and Wilmington Trust Company, as trustee; (ii) Amended and Restated Declaration of Trust of Republic Capital Trust III, dated
as of June 28, 2007; and (iii) Guarantee Agreement dated as of June 28, 2007, between the Company and Wilmington Trust Company, as trustee, for the benefit of the holders of the capital securities of Republic Capital Trust III
|
||
4.3
|
The Company will furnish to the SEC upon request copies of the following documents relating to the Company’s Fixed Rate Junior
Subordinated Convertible Debt Securities due 2038: (i) Indenture dated as of June 10, 2008, between the Company and Wilmington Trust Company, as trustee; (ii) Amended and Restated Declaration of Trust of Republic First Bancorp
Capital Trust IV, dated as of June 10, 2008; and (iii) Guarantee Agreement dated as of June 10, 2008, between the Company and Wilmington Trust Company, as trustee, for the benefit of the holders of the capital securities of
Republic First Bancorp Capital Trust IV
|
||
Form of Employment Agreement, dated July 1, 2015, by and among, certain named Executive Officers, Republic First Bancorp, Inc. and
Republic First Bank*
|
Incorporated by reference to Form 8-K filed July 14, 2015
|
||
Amended and Restated Stock Option Plan and Restricted Stock Plan*
|
Incorporated by reference to Form 10-K filed March 10, 2008
|
||
Deferred Compensation Plan*
|
Incorporated by reference to Form 10-K filed March 16, 2010
|
||
Amended and Restated Supplemental Retirement Plan Agreements between Republic First Bank and Certain Directors*
|
Incorporated by reference to Form 10-Q filed November 7, 2008
|
Exhibit
Number
|
Description
|
Location
|
|
Purchase Agreement among Republic First Bancorp, Inc., Republic First Bancorp Capital Trust IV, and Purchasers of the Trust IV
Capital Securities
|
Incorporated by reference to Form 10-Q filed November 7, 2008
|
||
Registration Rights Agreement among Republic First Bancorp, Inc. and the Holders of the Trust IV Capital Securities
|
Incorporated by reference to Form10-Q filed November 7, 2008
|
||
10.7
|
Agreement, dated March 9, 2017, between Republic First Bancorp, Inc. and Vernon W. Hill II
|
Incorporated by reference to Form 10-K filed March 10, 2017
|
|
Employment Agreement, dated May 10, 2013, by and among Harry D. Madonna, Republic First Bancorp, Inc., and Republic First Bank*
|
Incorporated by reference to Form 10-Q filed May 10, 2013
|
||
First Amendment to Employment Agreement, dated March 18, 2015, by and among Harry D. Madonna, Republic First Bancorp, Inc. and
Republic First Bank*
|
Incorporated by reference to Form 8-K filed March 20, 2015
|
||
Form of Option Award*
|
Incorporated by reference to Form S-1 filed April 23, 2010 (333-166286)
|
||
Republic First Bancorp, Inc. 2014 Equity Incentive Plan*
|
Incorporated by reference to the definitive proxy statement on Schedule 14A filed March 26, 2014
|
||
Form of Incentive Stock Option Award – 2014 Equity Incentive Plan*
|
Incorporated by reference to Form 10-K filed March 13, 2015
|
||
Form of Nonqualified Stock Option Award – 2014 Equity Incentive Plan*
|
Incorporated by reference to Form 10-K filed March 13, 2015
|
||
Form of Investment Agreement
|
Incorporated by reference to Form 8-K filed April 22, 2014
|
||
Limited Liability Company Purchase Agreement dated July 26, 2016 by and among, Republic First Bank d/b/a Republic Bank and Owners of
Oak Mortgage Company, LLC
|
Incorporated by reference to form 8-K filed August 1, 2016
|
||
Subsidiaries of the Company
|
Filed Herewith
|
||
Consent of BDO USA, LLP
|
Filed Herewith
|
||
Rule 13a-14(a)/15d-14(a) Certification of Chairman and Chief Executive Officer of Republic First Bancorp, Inc.
|
Filed Herewith
|
Exhibit
Number
|
Description
|
Location
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Republic First Bancorp, Inc.
|
Filed Herewith
|
||
Section 1350 Certification of Harry D. Madonna
|
Furnished Herewith
|
||
Section 1350 Certification of Frank A. Cavallaro
|
Furnished Herewith
|
||
101
|
The following materials from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, formatted in XBRL
(eXtensible Business Reporting Language); (i) Consolidated Balance Sheets as of December 31, 2018 and December 31, 2017, (ii) Consolidated Statements of Income for the years ended December 31, 2018, 2017, and 2016, (iii) Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2018, 2017, and 2016, (iv) Consolidated Statements of Cash Flows for the
years ended December 31, 2018, 2017, and 2016, (v) Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2018, 2017, and 2016, and (vi) Notes to Consolidated Financial Statements.
|
*
|
Constitutes a management compensation agreement or arrangement.
|
(c) |
All financial statement schedules are omitted because the required information is not present or not present in amounts sufficient to require submission of
the schedule or because the information required is included in the respective financial statements or notes thereto contained herein.
|
REPUBLIC FIRST BANCORP, INC.
|
||
Date: March 14, 2019
|
By:
|
/s/ Harry D. Madonna
|
Harry D. Madonna
|
||
President and Chief Executive Officer
|
||
(principal executive officer)
|
||
Date: March 14, 2019
|
By:
|
/s/ Frank A. Cavallaro
|
Frank A. Cavallaro
|
||
Executive Vice President and Chief Financial Officer
|
||
(principal financial and accounting officer)
|
Date: March 14, 2019
|
By:
|
/s/ Vernon W. Hill, II
|
Vernon W. Hill, II, Chairman of the Board
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Andrew B. Cohen
|
Andrew B. Cohen, Director
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Theodore J. Flocco, Jr.
|
Theodore J. Flocco, Jr., Director
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Lisa R. Jacobs
|
Lisa R. Jacobs, Director
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Harry D. Madonna
|
Harry D. Madonna, Director
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Barry L. Spevak
|
Barry L. Spevak, Director
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Brian P. Tierney
|
Brian P. Tierney, Director
|
||
|
||
Date: March 14, 2019
|
By:
|
/s/ Harris Wildstein, Esq.
|
Harris Wildstein, Esq., Director
|
Subsidiary Name
|
Jurisdiction of Organization
|
|
Subsidiaries of Republic First Bancorp, Inc.
|
||
Republic First Bank (dba Republic Bank)
|
Pennsylvania
|
|
Republic Capital Trust II
|
Delaware
|
|
Republic Capital Trust III
|
Delaware
|
1. |
I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2018 of Republic First Bancorp, Inc.;
|
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 registrant’s 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 registrant's 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the
registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting.
|
Date: March 14, 2019
|
/s/ Harry D. Madonna
|
|
President and Chief Executive Officer
|
1. |
I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2018 of Republic First Bancorp, Inc.;
|
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 registrant’s 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 registrant's 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the
registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting.
|
Date: March 14, 2019
|
/s/ Frank A. Cavallaro
|
|
Executive Vice President and Chief Financial Officer
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
Date: March 14, 2019
|
/s/ Harry D. Madonna
|
|
President and Chief Executive Officer
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
Date: March 14, 2019
|
/s/ Frank A. Cavallaro
|
Executive Vice President and Chief Financial Officer
|
Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Mar. 13, 2019 |
Jun. 30, 2018 |
|
Document Information [Line Items] | |||
Entity Registrant Name | REPUBLIC FIRST BANCORP INC | ||
Entity Central Index Key | 0000834285 | ||
Trading Symbol | frbk | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 58,825,278 | ||
Entity Public Float | $ 411,031,864 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investment securities held to maturity, at fair value | $ 747,323 | $ 463,799 |
Loans receivable, allowance for loan losses | $ 8,615 | $ 8,599 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 59,318,073 | 57,518,609 |
Common stock, shares outstanding (in shares) | 58,789,228 | 56,989,764 |
Treasury stock (in shares) | 503,408 | 503,408 |
Stock held by deferred compensation plan (in shares) | 25,437 | 25,437 |
Consolidated Statements of Income - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Interest income: | |||
Interest and fees on taxable loans | $ 62,502,000 | $ 48,993,000 | $ 40,827,000 |
Interest and fees on tax-exempt loans | 1,543,000 | 1,101,000 | 960,000 |
Interest and dividends on taxable investment securities | 26,677,000 | 19,643,000 | 11,264,000 |
Interest and dividends on tax-exempt investment securities | 505,000 | 535,000 | 703,000 |
Interest on federal funds sold and other interest-earning assets | 847,000 | 577,000 | 473,000 |
Total interest income | 92,074,000 | 70,849,000 | 54,227,000 |
Interest expense: | |||
Demand- interest bearing | 7,946,000 | 3,020,000 | 2,088,000 |
Money market and savings | 4,898,000 | 3,160,000 | 2,639,000 |
Time deposits | 1,588,000 | 1,238,000 | 942,000 |
Other borrowings | 1,738,000 | 1,366,000 | 1,194,000 |
Total interest expense | 16,170,000 | 8,784,000 | 6,863,000 |
Net interest income | 75,904,000 | 62,065,000 | 47,364,000 |
Provision for loan losses | 2,300,000 | 900,000 | 1,557,000 |
Net interest income after provision for loan losses | 73,604,000 | 61,165,000 | 45,807,000 |
Non-interest income: | |||
Non-interest income | 5,650,000 | 4,081,000 | 2,993,000 |
Gain on sales of SBA loans | 3,105,000 | 3,378,000 | 4,981,000 |
Gain (loss) on sale of investment securities | (67,000) | (146,000) | 656,000 |
Net securities impairment losses recognized in earnings | (7,000) | ||
Other non-interest income | 174,000 | 177,000 | 335,000 |
Total non-interest income | 20,322,000 | 20,097,000 | 15,312,000 |
Non-interest expenses: | |||
Salaries and employee benefits | 44,082,000 | 37,959,000 | 28,602,000 |
Occupancy | 8,046,000 | 7,156,000 | 6,109,000 |
Depreciation and amortization | 5,447,000 | 4,618,000 | 3,518,000 |
Legal | 985,000 | 984,000 | 459,000 |
Other real estate owned | 1,588,000 | 4,092,000 | 2,182,000 |
Appraisal and other loan expenses | 1,840,000 | 1,878,000 | 866,000 |
Advertising | 1,211,000 | 1,279,000 | 811,000 |
Data processing | 3,855,000 | 3,134,000 | 2,408,000 |
Insurance | 996,000 | 982,000 | 962,000 |
Professional fees | 2,048,000 | 1,893,000 | 1,580,000 |
Automated teller machine expenses | 1,868,000 | 1,264,000 | 814,000 |
Regulatory assessments and costs | 1,675,000 | 1,367,000 | 1,413,000 |
Taxes, other | 796,000 | 817,000 | 366,000 |
Other operating expenses | 9,284,000 | 7,853,000 | 6,203,000 |
Total non-interest expense | 83,721,000 | 75,276,000 | 56,293,000 |
Income before benefit for income taxes | 10,205,000 | 5,986,000 | 4,826,000 |
Provision (benefit) for income taxes | 1,578,000 | (2,919,000) | (119,000) |
Net income | $ 8,627,000 | $ 8,905,000 | $ 4,945,000 |
Net income per share | |||
Basic (in dollars per share) | $ 0.15 | $ 0.16 | $ 0.13 |
Diluted (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.12 |
Loan and Servicing Fees [Member] | |||
Non-interest income: | |||
Non-interest income | $ 1,401,000 | $ 1,614,000 | $ 1,627,000 |
Mortgage Banking [Member] | |||
Non-interest income: | |||
Non-interest income | 10,233,000 | 11,170,000 | 5,062,000 |
Deposit Account [Member] | |||
Non-interest income: | |||
Non-interest income | $ 5,476,000 | $ 3,904,000 | $ 2,658,000 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Net income | $ 8,627 | $ 8,905 | $ 4,945 |
Other comprehensive , net of tax | |||
Unrealized gain/(loss) on securities (pre-tax $5,364, $(646), and $(6,011), respectively) | 3,927 | (413) | (3,853) |
Reclassification adjustment for securities losses (gains) (pre-tax $67, $146 and $(656), respectively) | 49 | 94 | (420) |
Reclassification adjustment for impairment charge (pre-tax $-, $- and $7, respectively) | 4 | ||
Net unrealized gains/(losses) on securities | 3,976 | (319) | (4,269) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | ||
Amortization of net unrealized holding losses during the period (pre-tax $137, $163 and $219, respectively) | 101 | 104 | 140 |
Net current-period other comprehensive income (loss) | (2,778) | (215) | (4,129) |
Total comprehensive income | $ 5,849 | $ 8,690 | $ 816 |
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Unrealized gain (loss) on securities, pre-tax | $ 5,364,000 | $ (646,000) | $ (6,011,000) |
Reclassification adjustment for securities losses (gains), pre-tax | 67,000 | 146,000 | (656,000) |
Reclassification adjustment for impairment charge, pre-tax | 0 | 0 | 7,000 |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity, pre-tax | (9,362,000) | 0 | 0 |
Amortization of net unrealized holding losses to income during the period, pre-tax | $ 137,000 | $ 163,000 | $ 219,000 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock [Member] |
Deferred Compensation, Share-based Payments [Member] |
AOCI Attributable to Parent [Member] |
Total |
|||
---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2015 | $ 384 | $ 152,897 | $ (32,833) | $ (3,725) | $ (183) | $ (3,165) | [1] | $ 113,375 | ||
Net income | 4,945 | 4,945 | ||||||||
Other comprehensive income/loss, net of tax | (4,129) | [1] | (4,129) | |||||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering costs of $825 | 187 | 98,988 | 99,175 | |||||||
Stock based compensation | 759 | 759 | ||||||||
Stock options issued in acquisition | 202 | 202 | ||||||||
Options exercised | 2 | 724 | 726 | |||||||
Balance at Dec. 31, 2016 | 573 | 253,570 | (27,888) | (3,725) | (183) | (7,294) | [1] | 215,053 | ||
Net income | 8,905 | 8,905 | ||||||||
Other comprehensive income/loss, net of tax | (215) | [1] | (215) | |||||||
Stock based compensation | 1,842 | 1,842 | ||||||||
Options exercised | 2 | 644 | 646 | |||||||
Conversion of subordinated debt to common stock | 229 | 229 | ||||||||
Balance at Dec. 31, 2017 | 575 | 256,285 | (18,983) | (3,725) | (183) | (7,509) | [1] | 226,460 | ||
Net income | 8,627 | 8,627 | ||||||||
Other comprehensive income/loss, net of tax | (2,778) | [1] | (2,778) | |||||||
Stock based compensation | 2,116 | 2,116 | ||||||||
Options exercised | 2 | 668 | 670 | |||||||
Conversion of subordinated debt to common stock | 16 | 10,078 | 10,094 | |||||||
Reclassification due to the adoption of ASU 2018-02 | 1,640 | (1,640) | [1] | |||||||
Balance at Dec. 31, 2018 | $ 593 | $ 269,147 | $ (8,716) | $ (3,725) | $ (183) | $ (11,927) | [1] | $ 245,189 | ||
|
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Common Stock [Member] | |||
Proceeds from shares issued under common stock offering (in shares) | 18,691,589 | ||
Proceeds from shares issued under common stock offering, offering costs | $ 825 | ||
Options exercised (in shares) | 174,850 | 197,975 | 226,275 |
Additional Paid-in Capital [Member] | |||
Conversion of subordinated debt, shares (in shares) | 1,624,614 | 36,922 | |
Options exercised (in shares) | 174,850 | 197,975 | 226,275 |
Note 1 - Nature of Operations |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 | |||
Notes to Financial Statements | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Republic First Bancorp, Inc. (the “Company”) is a one -bank holding company organized and incorporated under the laws of the Commonwealth of Pennsylvania. It is comprised of one wholly-owned subsidiary, Republic First Bank, which does business under the name of Republic Bank (“Republic”). Republic is a Pennsylvania state chartered bank that offers a variety of banking services to individuals and businesses throughout the Greater Philadelphia and South Jersey area through its offices and store locations in Philadelphia, Montgomery, Delaware, Bucks, Camden, Burlington, Atlantic, and Gloucester Counties. On July 28, 2016, Republic acquired all of the issued and outstanding limited liability company interests of Oak Mortgage Company, LLC (“Oak Mortgage”) and, as a result, Oak Mortgage became a wholly owned subsidiary of Republic on that date. Oak Mortgage is headquartered in Marlton, NJ and is licensed to do business in Pennsylvania, Delaware, New Jersey, and Florida. On January 1, 2018, Oak Mortgage was merged into Republic and restructured as a division with Republic. The Oak Mortgage name is still utilized for marketing and branding purposes. The Company also has two unconsolidated subsidiaries, which are statutory trusts established by the Company in connection with its sponsorship of two separate issuances of trust preferred securities.The Company and Republic encounter vigorous competition for market share in the geographic areas they serve from bank holding companies, national, regional and other community banks, thrift institutions, credit unions and other non-bank financial organizations, such as mutual fund companies, insurance companies and brokerage companies. The Company and Republic are subject to federal and state regulations governing virtually all aspects of their activities, including but not limited to, lines of business, liquidity, investments, the payment of dividends and others. Such regulations and the cost of adherence to such regulations can have a significant impact on earnings and financial condition. |
Note 2 - Summary of Significant Accounting Policies |
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Significant Accounting Policies [Text Block] |
Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. Risks and Uncertainties and Certain Significant Estimates The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are heavily dependent upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may cause significant fluctuations in interest margins.The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 – Investment Securities discusses the types of investment securities that the Company invests in. Note 4 – Loans Receivable discusses the types of lending that the Company engages in, as well as loan concentrations. The Company does not have a significant concentration of credit risk with any one customer.Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety days or less and federal funds sold, maturing in ninety days or less, to be cash and cash equivalents.Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. The amounts of those balances for the reserve computation periods that include December 31, 2018 and 2017 were approximately $51.4 million and $31.2 million, respectively. These requirements were satisfied through the restriction of vault cash and a balance held by the Federal Reserve Bank of Philadelphia.Investment Securities Held to Maturity – Certain debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balances, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security.Available for Sale – Debt securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity, and changes in the availability of and in the yield of alternative investments, are classified as available for sale. These assets are carried at fair value. Unrealized gains and losses are excluded from operations and are reported net of tax as a separate component of other comprehensive income until realized. Realized gains and losses on the sale of investment securities are reported in the consolidated statements of income and determined using the adjusted cost of the specific security sold on the trade date.Investment securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other-than-temporary, the portion of the decline related to credit impairment is charged to earnings. Impairment charges on bank pooled trust preferred securities of $7,000 were recognized during the year ended December 31, 2016 as a result of estimated other-than-temporary impairment. As of December 31, 2018, the Company no longer holds any bank pooled trust preferred securities.In December 2018, twenty-three CMOs and two MBSs with a fair value of $230.1 million that were previously classified as available-for-sale were transferred to the held-to-maturity category. The securities were transferred at fair value. Unrealized losses of $9.4 million associated with the transferred securities will remain in other comprehensive income and be amortized as an adjustment to yield over the remaining life of the securities. At December 31, 2018, the total approximated unrealized loss of $9.8 million remaining to be amortized includes eleven securities previously transferred in July 2014. Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2018 and 2017. As of those dates, restricted stock consisted of investments in the capital stock of the FHLB of Pittsburgh and Atlantic Community Bankers Bank (“ACBB”). The required investment in the capital stock of the FHLB is calculated based on outstanding loan balances and open credit facilities with the FHLB. Excess investments are returned to Republic on a quarterly basis.At December 31, 2018 and December 31, 2017, the investment in FHLB stock totaled $5.6 million and $1.8 million, respectively. The increase was due primarily to a higher membership stock requirement by FHLB at December 31, 2018 which resulted in a higher required investment as of that date. At both December 31, 2018 and December 31, 2017, ACBB stock totaled $143,000. Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. On July 28, 2016, management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , and record loans held for sale at fair value.Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging . Loan commitments that are classified as derivatives are recognized at fair value on the balance sheet as other assets and other liabilities with changes in their fair values recorded as mortgage banking income and included in non-interest income in the statements of income. Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancellation or expiration. Loan commitments generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. Republic is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Republic uses best efforts commitments to substantially eliminate these risks. The valuation of the IRLCs issued by Republic includes the value of the servicing released premium. Republic sells loans where the servicing is released, and the servicing released premium is included in the market price. See Note 24 Derivatives and Risk Management Activities for further detail of IRLCs.Best Efforts Forward Loan Sale Commitments Best efforts forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Best efforts forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. Mandatory Forward Loan Sales Commitments Mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Mandatory forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually and between annual tests when events and circumstances indicate that impairment may have occurred. Impairment is a condition that exists when the carrying amount of goodwill exceeds its implied fair value.The Company has one reportable segment: Community Banking. The community banking segment primarily encompasses the commercial loan and deposit activities of the Bank, as well as, residential mortgage and consumer loan products in the area surrounding its stores. Oak Mortgage was acquired by the Bank on July 28, 2016 and organized as a wholly owned subsidiary of the Bank. Oak Mortgage was maintained as a separate legal entity through December 31, 2017 in order to preserve certain secondary market contracts and regulatory licensing requirements. As such, the Bank deemed Oak Mortgage to be a separate reporting unit as of July 31, 2017 and performed a Step One Test for Goodwill Impairment in compliance with ASC Topic 350 -20 as of that date. At that time, via a Step One Test, the fair value of Oak Mortgage was higher than its book value and no Step Two analysis was required.On January 1, 2018, Oak Mortgage operations were restructured as a division of Republic and all assets, liabilities, contracts, employees and activity were merged into the Republic. As a result of this restructuring, the Company re-evaluated its reporting unit structure and determined that as of July 31, 2018 there were no longer two reporting units but rather a sole reporting unit in Republic Bank. As of July 31, 2018, the Company performed a qualitative assessment for its reporting unit to determine if the one -step quantitative impairment test was necessary. As part of its qualitative assessment, the Company reviewed regional and national trends in current and expected economic conditions, examining indicators such as GDP growth, interest rates and unemployment rates. The Company also considered its own historical performance, expectations of future performance and other trends specific to the banking industry. Based on its qualitative assessment, the Company determined that there was no evidence of impairment on the balance of goodwill. Goodwill totaled $5.0 million as of December 31, 2018 and 2017, respectively.Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, and residential mortgages. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. Management monitors and evaluates commercial real estate and owner occupied real estate loans based on cash flow estimates, collateral and risk-rating criteria. The Company also utilizes third -party experts to provide environmental and market valuations. Substantial effort is required to underwrite, monitor and evaluate commercial real estate and owner occupied real estate loans.Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project. Sources of repayment of these loans would be permanent financing upon completion or sales of developed property. These loans are closely monitored by onsite inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property.Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second position or lower in the event collateral is liquidated. Consumer loans have may also have greater credit risk because of the difference in the underlying collateral, if any. The application of various federal and state bankruptcy and insolvency laws may limit the amount that can be recovered on such loans.Residential mortgage loans are secured by one to four family dwelling units. This group consists of first mortgages and are originated at loan to value ratios of 80% or less.Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well-secured and in the process of collection. Loans that are on a current payment status or past due less than 90 days may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. Loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time, and there is a sustained period of repayment performance of interest and principal by the borrower, in accordance with the contractual terms. Generally, in the case of non-accrual loans, cash received is applied to reduce the principal outstanding.Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for credit losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for credit losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for credit losses is dependent, to a great extent, on the general economy and other conditions that may be beyond Republic’s control, the estimate of the allowance for credit losses could differ materially in the near term.The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no portion of the allowance for loan losses is restricted to any individual loan or group of loans, and the entire allowance is available to absorb any and all loan losses.In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include:
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, and the borrower’s prior payment record. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third -party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property.For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement.Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired.The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified as special mention, substandard, doubtful, or loss are rated pass.In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate.Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities . ASC 860 , revises the standards for accounting for the securitizations and other transfers of financial assets and collateral.Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 ) the assets have been isolated from the Company, (2 ) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3 ) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third party on a quarterly basis and any necessary adjustments are included in loan and servicing fees on the statement of income. The valuation begins with the projection of future cash flows for each asset based on their unique characteristics, our market-based assumptions for prepayment speeds and estimated losses and recoveries. The present value of the future cash flows are then calculated utilizing our market-based discount ratio assumptions. In all cases, the Company models expected payments for every loan for each quarterly period in order to create the most detailed cash flow stream possible.The Company uses various assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 – Fair Value Measurements and Fair Values of Financial Instruments.Other Loans Held for Sale Other loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan and Servicing Fees, which is also categorized as non-interest income. Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor’s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others . ASC 815 December 31, 2018 is $13.9 million and they expire as follows: $12.5 million in 2019 and $1.4 million in 2020. Amounts due under these letters of credit would be reduced by any proceeds that the Company would be able to obtain in liquidating the collateral for the loans, which varies depending on the customer. There was no liability for guarantees under standby letters of credit as of December 31, 2018 and December 31, 2017. Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 years for buildings and 3 to 13 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or terms of their respective leases, which range from 1 to 30 years. Repairs and maintenance are charged to current operations as incurred, and renewals and major improvements are capitalized.Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. Income Taxes Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities and enacted changes in tax rates and laws are recognized in the period in which they occur.Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent. The terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment.The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 Plan”), under which the Company granted options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The 2005 Plan became effective on November 14, 1995, and was amended and approved at the Company’s 2005 annual meeting of shareholders. Under the terms of the 2005 Plan, 1.5 million shares of common stock, plus an annual increase equal to the number of shares needed to restore the maximum number of shares that could be available for grant under the 2005 Plan to 1.5 million shares, were available for such grants. As of December 31, 2018, the only grants under the 2005 Plan were option grants. The 2005 Plan provided that the exercise price of each option granted equaled the market price of the Company’s stock on the date of the grant. Options granted pursuant to the 2005 Plan vest within one to four years and have a maximum term of 10 years. The 2005 Plan terminated on November 14, 2015 in accordance with the terms and conditions specified in the Plan agreement.On April 29, 2014 the Company’s shareholders approved the 2014 Republic First Bancorp, Inc. Equity Incentive Plan (the “2014 Plan”), under which the Company may grant options, restricted stock, stock units, or stock appreciation rights to the Company’s employees, directors, independent contractors, and consultants. Under the terms of the 2014 Plan, 2.6 million shares of common stock, plus an annual adjustment to be no less than 10% of the outstanding shares or such lower number as the Board of Directors may determine, are available for such grants. At December 31, 2018, the maximum number of common shares issuable under the 2014 Plan was 6.3 million shares. Compensation cost for all option awards is calculated and recognized over the vesting period of the option awards. If the service conditions are not met, the Company reverses previously recorded compensation expense upon forfeiture. The Company’s accounting policy election is to recognize forfeitures as they occur.Earnings Per Share Earnings per share (“EPS”) consists of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of dilutive stock options granted through the Company’s stock option plans for the twelve months ended December 31, 2018. CSEs consisted of dilutive stock options granted through the Company’s stock option plans and convertible securities related to trust preferred securities issued in 2008 for the twelve months ended December 31, 2017. The convertible securities related to trust preferred securities issued in 2008 fully converted to common stock in 2018. There was no interest expense in 2018 related to the trust preferred securities issuance. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance would normally be added back to the net income for the twelve months ended December 31, 2017 and 2016. However, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculations.The calculation of EPS for the years ended December 31, 2018, 2017, and 2016 is as follows:
The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because to do so would have been anti-dilutive for the periods presented.
Comprehensive Income The Company presents as a component of comprehensive income the amounts from transactions and other events, which currently are excluded from the consolidated statements of income and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. Trust Preferred Securities The Company has sponsored two outstanding issues of corporation-obligated mandatorily redeemable capital securities of a subsidiary trust holding solely junior subordinated debentures of the corporation, more commonly known as trust preferred securities. The subsidiary trusts are not consolidated with the Company for financial reporting purposes. The purpose of the issuances of these securities was to increase capital. The trust preferred securities qualify as Tier 1 capital for regulatory purposes in amounts up to 25% of total Tier 1 capital. See Note 7 “Borrowings” for further information regarding the issuances.Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation , with regard to variable interest entities. ASC 810 clarifies the application of consolidation principles for certain legal entities in which voting rights are not effective in identifying the investor with the controlling financial interest. An entity is subject to consolidation under ASC 810 if the investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities, or are not exposed to the entity’s losses or entitled to its residual returns ("variable interest entities"). Variable interest entities within the scope of ASC 810 will be required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is determined to be the party that absorbs a majority of the entity's expected losses, receives a majority of its expected returns, or both.The Company does not consolidate its subsidiary trusts. ASC 810 precludes consideration of the call option embedded in the preferred securities when determining if the Company has the right to a majority of the trusts’ expected residual returns. The non-consolidation results in the investment in the common securities of the trusts to be included in other assets with a corresponding increase in outstanding debt of $341,000. In addition, the income received on the Company’s investment in the common securities of the trusts is included in other income.Treasury Stock Common stock purchased for treasury is recorded at cost. Recent Accounting Pronouncements ASU 2014 -09 In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014 -09, “Revenue from Contracts with Customers (Topic ASU 660 ): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606 ) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340 -40 ).”2014 -09 implements a common revenue standard that clarifies the principles for recognizing revenue. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. In August 2015, the FASB issued ASU 2015 -14, Revenue from Contracts with The Company (Topic . The guidance in this ASU is now effective for annual reporting periods beginning after 606 ): Deferral of the Effective Date December 15, 2017, including interim reporting periods within that reporting period. The core principle of ASU 2014 -09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s revenue is comprised of net interest income and noninterest income. The scope of the guidance explicitly excludes interest income as well as many other revenues for financial assets and liabilities including revenue derived from loans, investment securities, and derivatives. This ASU was effective for the Company on January 1, 2018. The Company adopted this ASU on a modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. The adoption of this ASU did not have a material impact to its financial condition, results of operations, and consolidated financial statements. Refer to Note 25: Revenue Recognition for further disclosure as to the impact of Topic 606. ASU 2016 -01 In January 2016, the FASB issued ASU No. 2016 -01, Financial Instruments - Overall. The guidance in this ASU among other things, (1 ) requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2 ) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3 ) eliminates the requirement for public businesses entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4 ) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5 ) requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6 ) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (7 ) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The guidance in this ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The guidance was effective for the Company on January 1, 2018 and was adopted using a modified retrospective approach. The adoption of ASU No. 2016 -01 on January 1, 2018 did not have a material impact on the Company’s Consolidated Financial Statements. In accordance with (4 ) above, the Company measured the fair value of its loan portfolio as of December 31, 2018 using an exit price notion (see Note 7 Fair Value of Financial Instruments). ASU 2016 -02 In February 2016, the FASB issued ASU No. 2016 -02, Leases. From the Company’s perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees. From the landlord perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.In July 2018, the FASB issued ASU 2018 -11 “Leases (Topic 842 ): Targeted Improvements,” which provides lessees the option to apply the new leasing standard to all open leases as of the adoption date. Prior to this ASU issuance, a modified retrospective transition approach was required.In December 2018, the FASB issued ASU 2018 -20 "Leases (Topic 842 ): Narrow-Scope Improvements for Lessors," which provides lessors a policy election to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Additionally, the update requires certain lessors to exclude from variable payments lessor costs paid by lessees directly to third parties.The Company adopted this ASU on January 1, 2019. The Company is expected to recognize an ROU asset of approximately $48.9 million at January 1, 2019. The increase in assets is expected to lower capital ratios for the Company by an average of 39 basis points, remaining in compliance with the regulatory definition of well capitalized. The Company does not expect material changes to the recognition of operating lease expense in its consolidated statements of income. The Company adopted certain practical expedients available under the new guidance, which will not require it to (1 ) reassess whether any expired or existing contracts contain leases, (2 ) reassess the lease classification for any expired or existing leases, (3 ) reassess initial direct costs for any existing leases, and (4 ) evaluate whether certain sales taxes and other similar taxes are lessor costs. The Company has elected the use-of-hindsight practical expedient. Additionally, the Company elected to apply the new lease guidance at the adoption date, rather than at the beginning of the earliest period presented.ASU 2016 -09 In March 2016, the FASB issued ASU No. 2016 -09 , Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting . ASU 2016 -09 will amend current guidance such that all excess tax benefits and tax deficiencies related to share-based payment awards will be recognized as income tax expense or benefit in the income statement during the period in which they occur. Additionally, excess tax benefits will be classified along with other income tax cash flows as an operating activity rather than a financing activity. ASU 2016 -09 also provides that any entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, which is the current requirement, or account for forfeitures when they occur. ASU 2016 -09 was effective January 1, 2017. There was no material impact on the consolidated financial statements upon adoption.ASU 2016 -13 In June 2016, the FASB issued ASU 2016 -13, Financial Instruments-Credit Losses (Topic The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The Company is currently evaluating the impact of this ASU, continuing its implementation efforts and reviewing the loss modeling requirements consistent with lifetime expected loss estimates. The Company expects that the new model will include different assumptions used in calculating credit losses, such as estimating losses over the estimated life of a financial asset and will consider expected future changes in macroeconomic conditions. The adoption of this ASU 326 ): Measurement of Credit Losses on Financial Instruments. may result in an increase to the Company's allowance for loan losses which will depend upon the nature and characteristics of the Company's loan portfolio at the adoption date, as well as the macroeconomic conditions and forecasts at that date. For the Company, this update will be effective for interim and annual periods beginning after December 15, 2019. The Company currently does not intend to early adopt this new guidance.ASU 2016 -15 In August 2016, the FASB issued ASU 2016 -15, Statement of Cash Flows (Topic The ASU addresses classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance was adopted on 230 ). January 1, 2018, on a retrospective basis. The adoption of 2016 -15 did not result any changes in classifications in the Consolidated Statement of Cash Flows.ASU 2017 -01 In January 2017, the FASB issued ASU 2017 -01, Business Combinations (Topic . The ASU clarifies the definition of a business in ASC 805 )805. The FASB issued the ASU in response to stakeholder feedback that the definition of a business in ASC 805 is being applied too broadly. In addition, stakeholders said that analyzing transactions under the current definition is difficult and costly. Concerns about the definition of a business were among the primary issues raised in connection with the Financial Accounting Foundation’s post-implementation review report on FASB Statement No. 141 (R), Business Combinations (codified in ASC 805 ). The amendments in the ASU are intended to make application of the guidance more consistent and cost-efficient. The ASU is effective for public business entities in annual periods beginning after December 15, 2017, including interim periods therein. For all other entities, the ASU is effective in annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The ASU must be applied prospectively on or after the effective date, and no disclosures for a change in accounting principle are required at transition. Early adoption is permitted for transactions (i.e., acquisitions or dispositions) that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. Unless the Company enters into a business combination, the impact of the ASU will not have a material impact on the consolidated financial statements.ASU 2017 -04 In January 2017, the FASB issued ASU 2017 -04, Simplifying the Test For Goodwill Impairment. The ASU simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if “the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.” For public business entities that are SEC filers, the ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company early adopted this ASU on July 1, 2018 using the simplified method. The adoption of ASU 2017 -04 did not have a material impact on the consolidated financial statements.ASU 2017 -08 In March 2017, the FASB issued ASU 2017 -08, Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Earlier application is permitted for all entities, including adoption in an interim period. If an entity early adopts the ASU in an interim period, any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. The adoption of ASU 2017 -08 did not have a material impact on the consolidated financial statements.ASU 2017 -09 In May 2017, the FASB issued ASU 2017 -09, Compensation – Stock Compensation: Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification in ASC 718. The ASU also provides that modification accounting is only required if the fair value, vesting conditions, or the classification of the award as equity or a liability changes as a result of the change in terms or conditions. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1 ) public business entities for reporting periods for which financial statements have not yet been issued and (2 ) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The ASU became effective January 1, 2018 on a prospective basis for awards modified on or after the adoption date. The adoption of ASU-2017 -09 did not have a material impact on the consolidated financial statements.ASU 2018 -02 In February 2018, the FASB issued ASU 2018 -02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows for reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act described in the "Income Taxes" section below. The amount of the reclassification should include the effect of the change in the federal corporate income tax rate related to items remaining in accumulated other comprehensive income (loss). The ASU would require an entity to disclose whether it elects to reclassify stranded tax effects from accumulated other comprehensive income (loss) to retained earnings in the period of adoption and, more generally, a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income (loss). The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption of the amendments in this update is permitted for periods for which financial statements have not yet been issued or made available for issuance, including in the period the Act was enacted. The Company adopted this ASU on January 1, 2018, by recording the reclassification adjustment to its beginning retained earnings in the amount of $1.6 million. The Company utilized the portfolio approach when releasing tax effects from AOCI for its investment securities.ASU 2018 -03 In February 2018, the FASB issued ASU 2018 -03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic The ASU was issued to clarify certain aspects of ASU 825 -10 ).2016 -01 such as treatment for discontinuations and adjustments for equity securities without a readily determinable market value, forward contracts and purchased options, presentation requirements for certain fair value option liabilities, fair value option liabilities denominated in a foreign currency, and transition guidance for equity securities without a readily determinable fair value. The Company adopted this ASU on January 1, 2018. The adoption of this ASU did not have a significant impact on the Company’s financial condition, results of operations and consolidated financial statements.ASU 2018 -07 In June 2018, the FASB issued ASU 2018 -07, Compensation – Stock Compensation (Topic The ASU simplifies the accounting for share based payments granted to non-employees for goods and services. The ASU applies to all share based payment transactions in which a grantor acquires goods or services from non-employees to be used or consumed in a grantor’s own operations by issuing share based payment awards. With the amended guidance from ASU 718 ). 2018 -07, non-employees share based payments are measured with an estimate of the fair value of the equity of the business is obligated to issue at the grant date (the date that the business and the stock award recipient agree to the terms of the award). Compensation would be recognized in the same period and in the same manner as if the entity had paid cash for goods and services instead of stock. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted this ASU on January 1, 2019. The adoption of this ASU did not have a significant impact on the Company’s financial condition, results of operations, and consolidated financial statements.Reclassifications A reclassification has been made to 2017 and 2016 information to conform to the 2018 presentation. The reclassification had no effect on the results of operations or shareholders’ equity. Included in the reclassification are $1.3 million and $814,000 of automated teller machine expenses from “Other operating expenses” for the years ended December 31, 2017 and 2016, respectively. |
Note 3 - Investment Securities |
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Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
A summary of the amortized cost and market value of securities available for sale and securities held to maturity at December 31, 2018 and 2017 is as follows:
The following table presents investment securities by stated maturity at December 31, 2018. Collateralized mortgage obligations and agency mortgage-backed securities have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these securities are classified separately with no specific maturity date.
Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without prepayment penalties. The Company’s investment securities portfolio consists primarily of debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state governments, local municipalities and financial institutions. There were no private label mortgage-backed securities (“MBS”) or collateralized mortgage obligations (“CMO”) held in the investment securities portfolio as of December 31, 2018 and December 31, 2017. There were also no MBS or CMO securities that were rated “Alt-A” or “sub-prime” as of those dates.The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the available for sale portfolio are included in shareholders’ equity as a component of accumulated other comprehensive income or loss, net of tax. Securities classified as held to maturity are carried at amortized cost. An unrealized loss exists when the current fair value of an individual security is less than the amortized cost basis. The Company regularly evaluates investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, the current interest rate environment and the rating of each security. An OTTI loss must be recognized for a debt security in an unrealized loss position if the Company intends to sell the security or it is more likely than not that it will be required to sell the security prior to recovery of the amortized cost basis. The amount of OTTI loss recognized is equal to the difference between the fair value and the amortized cost basis of the security that is attributed to credit deterioration. Accounting standards require the evaluation of the expected cash flows to be received to determine if a credit loss has occurred. In the event of a credit loss, that amount must be recognized against income in the current period. The portion of the unrealized loss related to other factors, such as liquidity conditions in the market or the current interest rate environment, is recorded in accumulated other comprehensive income (loss) for investment securities classified available for sale.There were no impairment charges (credit losses) recorded during the years ended December 31, 2018 and 2017. Impairment charges on trust preferred securities for the year ended December 31, 2016 amounted to $7,000. At December 31, 2018 and 2017, investment securities in the amount of approximately $710.7 million and $555.2 million, respectively, were pledged as collateral for public deposits and certain other deposits as required by law.The following table presents a roll-forward of the balance of credit-related impairment losses on securities held at December 31, 2018, 2017, and 2016 for which a portion of OTTI was recognized in other comprehensive income:
The following tables show the fair value and gross unrealized losses associated with the investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2018 and 2017:
Unrealized losses on securities in the investment portfolio amounted to $21.3 million with a total fair value of $674.3 million as of December 31, 2018 compared to unrealized losses of $20.1 million with a total fair value of $836.9 million as of December 31, 2017. The Company believes the unrealized losses presented in the tables above are temporary in nature and primarily related to market interest rates or limited trading activity in particular type of security rather than the underlying credit quality of the issuers. The Company does not believe that these losses are other than temporary and does not currently intend to sell or believe it will be required to sell securities in an unrealized loss position prior to maturity or recovery of the amortized cost bases. The Company held fourteen U.S. Government agency securities, sixty-four collateralized mortgage obligations and twenty-six agency mortgage-backed securities that were in an unrealized loss position at December 31, 2018. Principal and interest payments of the underlying collateral for each of these securities carry minimal credit risk. Management found no evidence of OTTI on any of these securities and believes the unrealized losses are due to fluctuations in fair values resulting from changes in market interest rates and are considered temporary as of December 31, 2018. All municipal securities held in the investment portfolio are reviewed on least a quarterly basis for impairment. Each bond carries an investment grade rating by either Moody’s or Standard & Poor’s. In addition, the Company periodically conducts its own independent review on each issuer to ensure the financial stability of the municipal entity. The largest geographic concentration was in Pennsylvania and New Jersey and consisted of either general obligation or revenue bonds backed by the taxing power of the issuing municipality. At December 31, 2018, the investment portfolio included nineteen municipal securities that were in an unrealized loss position. Management believes the unrealized losses were the result of movements in long-term interest rates and are not reflective of credit deterioration.At December 31, 2018, the investment portfolio included one asset-backed security that was in an unrealized loss position. The asset-backed security held in the investment securities portfolio is a Sallie Mae bond, collateralized by student loans which are guaranteed by the U.S. Department of Education. Management believes the unrealized loss on this security was driven by changes in market interest rates and not a result of credit deterioration. At December 31, 2018, the investment portfolio also included seven corporate bonds that were in an unrealized loss position. Management believes the unrealized losses on these securities were also driven by changes in market interest rates and not a result of credit deterioration.Proceeds associated with the sale of securities available for sale in 2018 were $6.4 million. Gross losses of $67,000 were realized on these sales. The tax benefit applicable to the net losses for the year ended December 31, 2018 amounted to $18,000. Included in the 2018 sales activity was the sale of one CDO security. Proceeds from the sale of the CDO security totaled $660,000. A gross loss of $66,000 was realized on this sale. The tax benefit applicable to the net loss for the twelve months ended December 31, 2018 amounted to $17,000. Management had previously stated that it did not intend to sell the CDO security prior to its maturity or the recovery of its cost basis, nor would it be forced to sell this security prior to maturity or recovery of the cost basis. This statement was made over a period of several years where there was limited trading activity in the pooled trust preferred CDO market resulting in fair market value estimates well below the book values. During 2018, management received several inquiries regarding the availability of the remaining CDO security and noted an increased level of trading in this type of security. As a result of the increased activity and the level of bids received, management elected to sell the remaining CDO security resulting in a net loss of $66,000 during 2018. Proceeds of sales of securities available for sale in 2017 were $31.2 million. Gross gains of $652,000 and gross losses of $798,000 were realized on these sales. The tax benefit applicable to the net losses for the year ended December 31, 2017 amounted to $52,000. Included in the 2017 sales activity were the sales of two CDO securities. Proceeds from the sale of the CDO securities totaled $1.5 million. Gross losses of $798,000 were realized on these sales. The tax benefit applicable to the net losses for the twelve months ended December 31, 2017 amounted to $287,000. As a result of the increased activity and the level of bids received, management elected to sell two CDOs resulting in a net loss of $798,000 during 2017 which was offset by gains on sales of agency mortgage-backed securities, collateralized mortgage obligations and corporate bonds.The Company had proceeds from the sale of securities available for sale in 2016 of $78.6 million. Gross gains of $680,000 and gross losses of $24,000 were realized on these sales. The tax provision applicable to these gross gains in 2016 amounted to approximately $236,000. In December 2018, twenty-three CMOs and two MBSs with a fair value of $230.1 million that were previously classified as available-for-sale were transferred to the held-to-maturity category. The securities were transferred at fair value. Unrealized losses of $9.4 million associated with the transferred securities will remain in other comprehensive income and be amortized as an adjustment to yield over the remaining life of the securities. At December 31, 2018, the total approximated unrealized loss of $9.8 million remaining to be amortized includes eleven securities previously transferred in July 2014. |
Note 4 - Loans Receivable |
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Loans, Notes, Trade and Other Receivables Disclosure [Text Block] |
The following table sets forth the Company’s gross loans by major categories as of December 31, 2018 and 2017:
The Company disaggregates its loan portfolio into groups of loans with similar risk characteristics for purposes of estimating the allowance for loan losses. The Company’s loan groups include commercial real estate, construction and land development, commercial and industrial, owner occupied real estate, consumer, and residential mortgages. The loan groups are also considered classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Included in loans are loans due from directors and other related parties of $13.0 million at December 31, 2018, $8.9 million at December 31, 2017, and $7.9 million at December 31, 2016. The Board of Directors approves loans to individual directors to confirm that collateral requirements, terms and rates are comparable to other borrowers and are in compliance with and conform to our underwriting policies. The following presents the activity in amount due from directors and other related parties for the years ended December 31, 2018, 2017, and 2016.
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Note 5 - Allowances for Loan Losses |
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Allowance for Credit Losses [Text Block] |
The following tables provide the activity in and ending balances of the allowance for loan losses by loan portfolio class at and for the years ended December 31, 2018, 2017, and 2016:
The following tables provide a summary of the allowance for loan losses and balance of loans receivable by loan class and by impairment method as of December 31, 2018 and 2017:
A loan is considered impaired, when based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans, but also include internally classified accruing loans. The following table summarizes information with regard to impaired loans by loan portfolio class as of December 31, 2018 and 2017:
The following table presents additional information regarding the Company’s impaired loans for the years ended December 31, 2018, 2017, and 2016:
The total average recorded investment on the Company’s impaired loans for the years ended December 31, 2018, 2017, and 2016 were $22.8 million, $25.4 million, and $25.7 million, respectively, and the related interest income recognized for those dates was $451,000, $607,000, and $502,000, respectively.The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2018 and 2017:
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within our internal risk rating system as of December 31, 2018 and 2017:
The following table shows non-accrual loans by class as of December 31, 2018 and 2017:
If these loans were performing under their original contractual rate, interest income on such loans would have increased approximately $498,000, $590,000, and $1.0 million, for 2018, 2017, and 2016, respectively. Troubled Debt Restructurings A modification to the contractual terms of a loan which results in a concession to a borrower that is experiencing financial difficulty is classified as a troubled debt restructuring (“TDR”). The concessions made in a TDR are those that would not otherwise be considered for a borrower or collateral with similar risk characteristics. A TDR is typically the result of efforts to minimize potential losses that may be incurred during loan workouts, foreclosure, or repossession of collateral at a time when collateral values are declining. Concessions include a reduction in interest rate below current market rates, a material extension of time to the loan term or amortization period, partial forgiveness of the outstanding principal balance, acceptance of interest only payments for a period of time, or a combination of any of these conditions.The following table summarizes information with regard to outstanding troubled debt restructurings at December 31, 2018 and 2017:
All TDRs are considered impaired and are therefore individually evaluated for impairment in the calculation of the allowance for loan losses. Some TDRs may not ultimately result in the full collection of principal and interest as restructured and could lead to potential incremental losses. These potential incremental losses would be factored into our estimate of the allowance for loan losses. The level of any subsequent defaults will likely be affected by future economic conditions.There were no loan modifications made during the twelve months ended December 31, 2018 that met the criteria of a TDR.The Company modified one commercial and industrial loan during the twelve month period ended December 31, 2017. In accordance with the modified terms of the commercial and industrial loan, the principal balance of $975,000 was converted from a line of credit to a term loan with a five year maturity.The Company modified one owner occupied real estate loan during the twelve month period ended December 31, 2017. In accordance with the modified terms of the owner occupied loan of $245,000, certain concessions have been granted, including a reduction in the interest rate and an extension of the maturity date of the loan.The Company modified one commercial real estate loan in the amount of $6.5 million during the twelve month period ended December 31, 2017 that met the criteria of a TDR. This loan was transferred to non-accrual status during the second quarter of 2015 as a result of delinquency caused by tenant vacancies. The Company restructured the loan based on new leases obtained by the borrower. In accordance with the modified terms of the loan, certain concessions have been granted, including a reduction in the interest rate. In addition, the principal was increased by $421,000. As a result of current payments for six consecutive months, the loan was returned to accrual status in the third quarter of 2017. There were no loan modifications made during the twelve months ended December 31, 2016 that met the criteria of a TDR.After a loan is determined to be a TDR, we continue to track its performance under the most recent restructured terms. There were three TDRs that subsequently defaulted during the year ended December 31, 2018. There were no TDRs that subsequently defaulted during the years ended December 31, 2017 and 2016. There were no residential mortgages in the process of foreclosure as of December 31, 2018 and December 31, 2017, respectively. Other real estate owned relating to residential real estate was $0 and $42,000 at December 31, 2018 and 2017, respectively. |
Note 6 - Other Real Estate Owned |
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Other Real Estate Owned [Text Block] |
Other real estate owned consists of properties acquired as a result of foreclosures or deeds in-lieu-of foreclosure. Costs relating to the development or improvement of assets are capitalized, and costs relating to holding the property are charged to expense. As of December 31, 2018 the balance of OREO is comprised of six commercial and construction properties.The following table presents a reconciliation of other real estate owned for the years ended December 31, 2018, 2017, and 2016:
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Note 7 - Premises and Equipment |
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Property, Plant and Equipment Disclosure [Text Block] |
A summary of premises and equipment is as follows:
Depreciation expense on premises and equipment amounted to approximately $5.4 million, $4.6 million, and $3.5 million in 2018, 2017, and 2016, respectively. The construction in progress balance of $8.0 million mainly represents costs incurred for the selection and development of future store locations. Of this balance, $2.7 million represents land purchased and land deposits for seven future store locations. Contractual construction commitments related to future store locations were $8.0 million as of December 31, 2018. |
Note 8 - Borrowings |
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Notes to Financial Statements | |||
Debt Disclosure [Text Block] |
Republic has a line of credit with the Federal Home Loan Bank (“FHLB”) of Pittsburgh with a maximum borrowing capacity of $717.1 million as of December 31, 2018. As of December 31, 2018 and 2017, there were no fixed term borrowings against this line of credit. As of December 31, 2018, we had overnight borrowings of $91.4 million at a rate of 2.65% against this line of credit. There were no overnight borrowings outstanding as of December 31, 2017. As of December 31, 2018 and 2017, FHLB had issued letters of credit, on Republic’s behalf, totaling $100.0 million and $75.0 million, respectively, against its available credit line, primarily to be used as collateral for public deposits. There were no fixed term advances outstanding at any month-end during 2018 and 2017. At December 31, 2018, $1.0 billion of loans collateralized the overnight advance and the letter of credit. The maximum amount of overnight borrowings outstanding at any month-end was $206.9 million in 2018 and $82.9 million in 2017. Republic also has a line of credit in the amount of $10.0 million available for the purchase of federal funds through the Atlantic Community Bankers Bank (“ACBB”). At December 31, 2018 and 2017, Republic had no amount outstanding against the line at ACBB. There were no overnight advances on this line at any month end in 2018 and 2017. Republic also established a line of credit with Zions Bank in the amount of $15.0 million to assist in managing our liquidity position during the year ended December 31, 2018. At December 31, 2018, Republic had no amount outstanding against the line at Zions Bank. There were no overnight balances on this line at any month end in 2018. Subordinated debt and corporation-obligated-mandatorily redeemable capital securities of subsidiary trust holding solely junior obligations of the corporation: The Company has sponsored two outstanding issues of corporation-obligated mandatorily redeemable capital securities of a subsidiary trust holding solely junior subordinated debentures of the corporation, more commonly known as trust preferred securities. The subsidiary trusts are not consolidated with the Company for financial reporting purposes. The purpose of the issuances of these securities was to increase capital. The trust preferred securities qualify as Tier 1 capital for regulatory purposes in an amount up to 25% of total Tier 1 capital.In December 2006, Republic Capital Trust II (“Trust II”) issued $6.0 million of trust preferred securities to investors and $0.2 million of common securities to the Company. Trust II purchased $6.2 million of junior subordinated debentures of the Company due 2037, and the Company used the proceeds to call the securities of Republic Capital Trust I (“Trust I”). The debentures supporting Trust II have a variable interest rate, adjustable quarterly, at 1.73% over the 3 -month Libor. The Company may call the securities on any interest payment date after five years without a prepayment penalty.On June 28, 2007, the Company caused Republic Capital Trust III (“Trust III”), through a pooled offering, to issue $5.0 million of trust preferred securities to investors and $0.2 million common securities to the Company. Trust III purchased $5.2 million of junior subordinated debentures of the Company due 2037, which have a variable interest rate, adjustable quarterly, at 1.55% over the 3 month Libor. The Company has the ability to call the securities on any interest payment date without a prepayment penalty.On June 10, 2008, the Company caused Republic First Bancorp Capital Trust IV (“Trust IV”) to issue $10.8 million of convertible trust preferred securities as part of the Company’s strategic capital plan. The securities were purchased by various investors, including Vernon W. Hill, II, founder and chairman (retired) of Commerce Bancorp and, since December 5, 2016, chairman of the Company. This investor group also included a family trust of Harry D. Madonna, president and chief executive officer of Republic First Bancorp, Inc, and Theodore J. Flocco, Jr., who, since the investment, has been elected to the Company’s Board of Directors and serves as the Chairman of the Audit Committee. Trust IV also issued $0.3 million of common securities to the Company. Trust IV purchased $11.1 million of junior subordinated debentures due 2038, which paid interest at an annual rate of 8.0% and were callable after the fifth year under certain terms and conditions. The trust preferred securities of Trust IV were convertible into approximately 1.7 million shares of common stock of the Company, based on a conversion price of $6.50 per share of Company common stock. One independent director converted $240,000 of trust preferred securities into 37,000 shares of common stock in 2017. On January 31, 2018, the Company notified the existing holders of Trust IV of its intent to fully redeem these securities in accordance with the Optional Redemption terms included in the Indenture Agreement. The securities were redeemed on March 31, 2018 at a price equal to the outstanding principal amount. The holders had the option to convert these securities into shares of the Company’s common stock at any time until the end of the last business day preceding the redemption date. During the first quarter of 2018, $10.1 million of trust preferred securities were converted into 1.6 million shares of common stock. After redemption of the remaining securities on March 31 2018, Trust IV was dissolved.Deferred issuance costs included in subordinated debt were $82,000 and $555,000 at December 31, 2018 and December 31, 2017, respectively. Amortization of deferred issuance costs were $6,000, $29,000, and $24,000 for the years ended December 31, 2018, 2017, and 2016, respectively. Deferred issuance costs in the amount of $467,000 were recorded against additional paid in capital during the first quarter of 2018 as a result of the conversion of trust preferred securities into common stock in accordance with ASC 470 -20. |
Note 9 - Deposits |
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Deposit Liabilities Disclosures [Text Block] |
The following is a breakdown, by contractual maturities of the Company’s certificates of deposit for the years 2019 through 2023.
Certificates of deposit of $250,000 or more totaled $104.6 million and $57.5 million at December 31, 2018 and 2017, respectively.Deposits of related parties totaled $102.7 million and $107.1 million at December 31, 2018 and 2017, respectively. Brokered deposits totaled $18.6 million and $18.4 million at December 31, 2018 and 2017, respectively. Overdrafts totaled $277,000 and $132,000 at December 31, 2018 and 2017, respectively. |
Note 10 - Income Taxes |
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Income Tax Disclosure [Text Block] |
The provision (benefit) for income taxes for the years ended December 31, 2018, 2017, and 2016 consists of the following:
The following table reconciles the difference between the actual tax provision and the amount per the statutory federal income tax rate of 21.0% for the year ended December 31, 2018 and 35.0% for the years ended December 31, 2017, and 2016.
The significant components of the Company’s net deferred tax asset as of December 31, 2018 and 2017 are as follows:
The Company’s net deferred tax asset decreased to $12.3 million at December 31, 2018 compared to $12.7 million at December 31, 2017. The Company began recognizing an increased provision for federal and state income taxes during the first quarter of 2018 after reversing our deferred tax asset valuation allowance during the fourth quarter of 2017. The company initially recorded a deferred tax asset valuation allowance in 2011 and continued to carry this allowance after determining that some portion of the deferred tax asset balance may not be realized within its life cycle based on the weight of available evidence. Adjustments to the valuation allowance resulted in the recognition of a minimal provision for income taxes in each period until its reversal in 2017. The effective tax rates for the year ended December 31, 2018 and 2017 were 15% and 27%, excluding the adjustment to the deferred tax asset valuation allowance and offsets for the impact of the new tax legislation.The $12.3 million net deferred tax asset as of December 31, 2018 is comprised of $3.5 million currently recognizable through net operating loss carryforwards (“NOLs”) and $8.8 million attributable to several items associated with temporary timing differences which will reverse at some point in the future to provide a net reduction in tax liabilities. The Company’s largest future reversal relates to its unrealized losses on securities available for sale, which totaled $3.9 million as of December 31, 2018. The Company evaluates the carrying amount of its deferred tax assets on a quarterly basis or more frequently, if necessary, in accordance with the guidance provided in ASC 740, in particular, applying the criteria set forth therein to determine whether it is more likely than not (i.e. a likelihood of more than 50% ) that some portion, or all, of the deferred tax asset will not be realized within its life cycle, based on the weight of available evidence. If management makes a determination based on the available evidence that it is more likely than not that some portion or all of the deferred tax assets will not be realized in future periods a valuation allowance is calculated and recorded. These determinations are inherently subjective and dependent upon estimates and judgments concerning management’s evaluation of both positive and negative evidence.In conducting the deferred tax asset analysis, the Company believes it is important to consider the unique characteristics of an industry or business. In particular, characteristics such as business model, level of capital and reserves held by financial institutions and their ability to absorb potential losses are important distinctions to be considered for bank holding companies like the Company. In addition, it is also important to consider that NOLs for federal income tax purposes can generally be carried back two years and carried forward for a period of twenty years, for NOLs created prior to January 1, 2018. The Company has a federal NOL in the amount of $16.9 million which will begin to expire after December 31, 2030 through December 31, 2031 if not utilized prior to that date. In order to realize our deferred tax assets, we must generate sufficient taxable income in future years prior to expiration.In assessing the need for a valuation allowance, the Company carefully weighed both positive and negative evidence currently available. Judgment is required when considering the relative impact of such evidence. The weight given to the potential effect of positive and negative evidence must be commensurate with the extent to which it can be objectively verified. Positive evidence evaluated when considering the need for a valuation allowance included:
Negative evidence evaluated when considering the need for a valuation allowance included:
The ongoing success of the Company’s growth and expansion strategy, along with the successful integration of the mortgage company and the limited exposure remaining with current asset quality issues put the Company in a position to rely on projections of future taxable income when evaluating the need for a valuation allowance against its deferred tax assets. Based on the guidance provided in FASB Accounting Standards Codification Topic 740 (ASC 740 ), the Company believed that the positive evidence considered at December 31, 2017 outweighed the negative evidence and that it was more likely than not that all of the Company’s deferred tax assets would be realized within their life cycle. Therefore, a valuation allowance was not required at December 31, 2017 and a $10.6 million benefit for income taxes was recorded in the fourth quarter of 2017 to reflect the reversal of the valuation allowance.The net deferred tax asset balance was $12.3 million as of December 31, 2018 and $12.7 million as of December 31, 2017. The Company recorded a partial valuation allowance related to the deferred tax asset balance in the amount of $12.2 million as of December 31, 2016. The deferred tax asset will continue to be analyzed on a quarterly basis for changes affecting realizability. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The Company has not identified any uncertain tax position as of December 31, 2018. No interest or penalties have been recorded for the years ended December 31, 2018, 2017, and 2016. The Internal Revenue Service has completed its audits of the Company’s federal tax returns for all tax years through December 31, 2014. The Pennsylvania Department of Revenue is not currently conducting any income tax audits. The Company’s federal income tax returns filed subsequent to 2015 remain subject to examination by the Internal Revenue Service. |
Note 11 - Financial Instruments With Off-balance Sheet Risk |
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Notes to Financial Statements | |||
Financial Instruments With Off-balance Sheet Risk [Text Block] |
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Credit risk is defined as the possibility of sustaining a loss due to the failure of the other parties to a financial instrument to perform in accordance with the terms of the contract. The maximum exposure to credit loss under commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same underwriting standards and policies in making credit commitments as it does for on-balance-sheet instruments. Financial instruments whose contract amounts represent potential credit risk are commitments to extend credit of approximately $286.4 million and $264.3 million and standby letters of credit of approximately $13.9 million and $12.6 million at December 31, 2018 and 2017, respectively. Commitments often expire without being drawn upon. Of the $286.4 million of commitments to extend credit at December 31, 2018, substantially all were variable rate commitments.Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and many require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include real estate, marketable securities, pledged deposits, equipment and accounts receivable.Standby letters of credit are conditional commitments issued that guarantee the performance of a customer to a third party. The credit risk and collateral policy involved in issuing letters of credit is essentially the same as that involved in extending loan commitments. The amount of collateral obtained is based on management’s credit evaluation of the customer. Collateral held varies but may include real estate, marketable securities, pledged deposits, equipment and accounts receivable. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current amount of liability as of December 31, 2018 and 2017 for guarantees under standby letters of credit issued is not material. |
Note 12 - Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Text Block] |
Lease Arrangements As of December 31, 2018, the Company had entered into non-cancelable leases expiring on various dates through December 31, 2058. Certain leases include escalation clauses that will require increasing cash payments over the term of the lease. The leases are accounted for as operating leases. The minimum annual rental payments required under these leases are as follows (dollars in thousands):
The Company incurred rent expense of $4.4 million, $4.0 million, and $3.4 million for the years ended December 31, 2018, 2017, and 2016, respectively.Other The Company and Republic are from time to time a party (plaintiff or defendant) to lawsuits that are in the normal course of business. While any litigation involves an element of uncertainty, management is of the opinion that the liability of the Company and Republic, if any, resulting from such actions will not have a material effect on the financial condition or results of operations of the Company and Republic. |
Note 13 - Regulatory Capital |
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Regulatory Capital Requirements under Banking Regulations [Text Block] |
Dividend payments by Republic to the Company are subject to the Pennsylvania Banking Code of 1965 (the “Banking Code”) and the Federal Deposit Insurance Act (the “FDIA”). Under the Banking Code, no dividends may be paid except from “accumulated net earnings” (generally, undivided profits). Under the FDIA, an insured bank may pay no dividends if the bank is in arrears in the payment of any insurance assessment due to the FDIC. Under current banking laws, Republic would be limited to $48.5 million of dividends plus an additional amount equal to its net profit for 2019, up to the date of any such dividend declaration. However, dividends would be further limited in order to maintain capital ratios.State and Federal regulatory authorities have adopted standards for the maintenance of adequate levels of capital by Republic. Federal banking agencies impose four minimum capital requirements on the Company’s risk-based capital ratios based on total capital, Tier 1 capital, CET 1 capital, and a leverage capital ratio. The risk-based capital ratios measure the adequacy of a bank’s capital against the riskiness of its assets and off-balance sheet activities. Failure to maintain adequate capital is a basis for “prompt corrective action” or other regulatory enforcement action. In assessing a bank’s capital adequacy, regulators also consider other factors such as interest rate risk exposure; liquidity, funding and market risks; quality and level or earnings; concentrations of credit; quality of loans and investments; risks of any nontraditional activities; effectiveness of bank policies; and management’s overall ability to monitor and control risks.The following table presents the Company’s and Republic’s capital regulatory ratios calculated based on Basel III guidelines at December 31, 2018 and 2017:
Management believes that Republic met, as of December 31, 2018, all capital adequacy requirements to which it is subject. As of December 31, 2018 and 2017, the FDIC categorized Republic as well capitalized under the regulatory framework for prompt corrective action provisions of the Federal Deposit Insurance Act. There are no calculations or events since that notification that management believes have changed Republic’s category.Under the capital rules, risk-based capital ratios are calculated by dividing common equity Tier 1, Tier 1, and total risk-based capital, respectively, by risk-weighted assets. Assets and off-balance sheet credit equivalents are assigned to one of several categories of risk-weights, based primarily on relative risk. Under the Federal Reserve’s rules, Republic is required to maintain a minimum common equity Tier 1 capital ratio requirement of 4.5%, a minimum Tier 1 capital ratio requirement of 6%, a minimum total capital requirement of 8% and a minimum leverage ratio requirement of 4%. Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets. The capital conservation buffer, which is composed of common equity tier 1 capital, began on January 1, 2016 at the 0.625% level and has been phased in over a three year period (increasing by that amount on each January 1, until it reaches 2.5% on January 1, 2019). Implementation of the deductions and other adjustments to common equity tier 1 capital began on January 1, 2015 and have been phased-in over a three -year period (beginning at 40% on January 1, 2015 and an additional 20% per year thereafter.The following table shows the required capital ratios with the conversation buffer over the phase-in period.
The Company believes that, as of December 31, 2018, all capital adequacy requirements are met under the Basel III Capital Rules on a fully phased-in basis as if all such requirements were currently in effect. |
Note 14 - Benefit Plans |
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Dec. 31, 2018 | |||
Notes to Financial Statements | |||
Pension and Other Postretirement Benefits Disclosure [Text Block] |
Defined Contribution Plan The Company has a defined contribution plan pursuant to the provision of 401 (k) of the Internal Revenue Code. The Plan covers all full-time employees who meet age and service requirements. The plan provides for elective employee contributions with a matching contribution from the Company limited to 4% of total salary. The total expense charged to Republic, and included in salaries and employee benefits relating to the plan, was $1.1 million in 2018, $927,000 in 2017, and $627,000 in 2016. Directors’ and Officers’ Plans The Company has agreements that provide for an annuity payment upon the retirement or death of certain directors and officers, ranging from $15,000 to $25,000 per year for ten years. The agreements were modified for most participants in 2001, to establish a minimum age of 65 to qualify for the payments. All participants are fully vested. The accrued benefits under the plan amounted to $1.1 million at December 31, 2018 and $1.2 million at December 31, 2017, which is included in other liabilities. The expense for the years ended December 31, 2018, 2017, and 2016, totaled $18,000, $24,000, and $31,000, respectively, which is included in salaries and employee benefits. The Company funded the plan through the purchase of certain life insurance contracts. The aggregate cash surrender value of these contracts (owned by the Company) was $2.5 million at December 31, 2018 and $2.4 million at December 31, 2017 and is included in other assets.The Company maintains a deferred compensation plan for the benefit of certain officers and directors. The plan permits certain participants to make elective contributions to their accounts, subject to applicable provisions of the Internal Revenue Code. In addition, the Company may make discretionary contributions to participant accounts. Company contributions are subject to vesting, and generally vest three years after the end of the plan year to which the contribution applies, subject to acceleration of vesting upon certain changes in control (as defined in the plan) and to forfeiture upon termination for cause (as defined in the plan). Participant accounts are adjusted to reflect contributions and distributions, and income, gains, losses, and expenses as if the accounts had been invested in permitted investments selected by the participants, including Company common stock. The plan provides for distributions upon retirement and, subject to applicable limitations under the Internal Revenue Code, limited hardship withdrawals. As of both December 31, 2018 and 2017, $1.2 million in benefits had vested and the accrued benefits are included in other liabilities. A reduction in expense of $15,000 was recognized for the deferred compensation plan during 2018. Expense recognized for the deferred compensation plan for 2017 and 2016 was $28,000 and $88,000, respectively, and is included in salaries and employee benefits. Although the plan is an unfunded plan, and does not require the Company to segregate any assets, the Company has purchased shares of Company common stock in anticipation of its obligation to pay benefits under the plan. Such shares are classified in the financial statements as stock held by deferred compensation plan. No purchases were made in 2018, 2017, and 2016. As of December 31, 2018, approximately 25,437 shares of Company common stock were classified as stock held by deferred compensation plan. |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments |
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Fair Value Disclosures [Text Block] | 1 5 . Fair Value Measurements and Fair Values of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end.The Company follows the guidance issued under ASC 820, Fair Value Measurement, which defines fair value, establishes a framework for measuring fair value under GAAP, and identifies required disclosures on fair value measurements.ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are as follows:Level : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.1 Level : Quoted prices in markets that are 2 not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.Level : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or 3 no market activity).An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2018 and December 31, 2017 were as follows:
The following table presents an analysis of the activity in the SBA servicing assets for the years ended December 31, 2018, 2017, and 2016:
Fair value adjustments are recorded as loan and servicing fees on the statement of income. Servicing fee income, not including fair value adjustments, totaled $2.0 million, $1.8 million, and $1.8 million for the years ended December 31, 2018, 2017, and 2016, respectively. Total loans in the amount of $204.4 million at December 31, 2018 and $204.9 million at December 31, 2017 were serviced for others.The following table presents a reconciliation of the securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3 ) for the years ended December 31, 2018, 2017, and 2016:
For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2018 and 2017, respectively, were as follows:
The table below presents additional quantitative information about Level 3 assets measured at fair value (dollars in thousands):
The significant unobservable inputs for impaired loans and other real estate owned are the appraised value or an agreed upon sales price. These values are adjusted for estimated costs to sell which are incremental direct costs to transact a sale such as broker commissions, legal fees, closing costs and title transfer fees. The costs must be considered essential to the sale and would not have been incurred if the decision to sell had not been made. The costs to sell are based on costs associated with the Company’s actual sales of other real estate owned which are assessed annually.Fair Value Assumptions The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2018 and December 31, 2017: Investment Securities The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1 ), or matrix pricing (Level 2 ), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. For certain securities, which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments, are generally based on available market evidence (Level 3 ). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) were used to support fair values of certain Level 3 investments.The types of instruments valued based on matrix pricing in active markets include all of the Company’s U.S. government and agency securities, corporate bonds, asset backed securities, and municipal obligations held in the investment securities portfolio. Such instruments are generally classified within Level 2 of the fair value hierarchy. As required by ASC 820 -10, the Company does not adjust the matrix pricing for such instruments.Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, and may be adjusted to reflect illiquidity and/or non-transferability, with such adjustment generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third -party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. Republic has one Level 3 investment classified as available for sale which is a single corporate bond.The corporate bond included in Level 3 was transferred from Level 2 in 2010 and is not actively traded. Impairment would depend on the repayment ability of the underlying issuer, which is assessed through a detailed quarterly review of the issuer’s financial statements. The issuer is a “well capitalized” financial institution as defined by federal banking regulations and has demonstrated the ability to raise additional capital, when necessary, through the public capital markets. The fair value of this corporate bond is estimated by obtaining a price of a comparable floating rate debt instrument through Bloomberg.Mortgage Loans Held for Sale (Carried at Fair Value) The fair value of mortgage loans held for sale is determined by obtaining prices at which they could be sold in the principal market at the measurement date and are classified within Level 2 of the fair value hierarchy. Republic elected to adopt the fair value option for its mortgage loans held for sale portfolio in order to more accurately reflect their economic value. Interest income on loans held for sale, totaled $1.2 million and $976,000 for the twelve months ended December 31, 2018 and December 31, 2017, respectively, are included in interest and fees in the statements of income.The following table reflects the difference between the carrying amount of mortgage loans held for sale, measured at fair value and the aggregate unpaid principal amount that Republic is contractually entitled to receive at maturity as of December 31, 2018 and December 31, 2017 ( dollars in thousands):
Changes in the excess carrying amount over aggregate unpaid principal balance are recorded in the statement of income in mortgage banking income. Republic did not have any mortgage loans held for sale recorded at fair value that were 90 or more days past due and on non-accrual at December 31, 2018 and December 31, 2017. Interest Rate Lock Commitments (“IRLC”) The Company determines the value of IRLC’s by comparing the market price to the price locked in with the customer, adding fees or points to be collected at closing, subtracting commissions to be paid at closing, and subtracting estimated remaining loan origination costs to the bank based on the processing status of the loan, The Company also considers pull-through as it determines the fair value of IRLC’S Factors that affect pull-through rates include the origination channel, current mortgage interest rates in the market versus the interest rate incorporated in the IRLC, the purpose of the mortgage (purchase versus financing), the stage of completion of the underlying application and underwriting process, and the time remaining until the IRLC expires. IRLCs are classified within Level 2 of the valuation hierarchy.Best Efforts Forward Loan Sales Commitments Best efforts forward loan sales commitments are classified within Level 2 of the valuation hierarchy. Best efforts forward loan sales commitments fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. Best efforts forward loan sales commitments are entered into for loans at the time the borrower commitment is made. These best efforts forward loan sales commitments are valued using the committed price to the counterparty against the current market price of the interest rate lock commitment or mortgage loan held for sale.Mandatory Forward Loan Sales Commitments Fair values for mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Due to the observable inputs used by Republic, best efforts mandatory loan sales commitments are classified within Level 2 of the valuation hierarchy.Impaired Loans (Carried at Lower of Cost or Fair Value) Impaired loans are those that the Company has measured impairment based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of the loan balances less any valuation allowance. The valuation allowance amount is calculated as the difference between the recorded investment in a loan and the present value of expected future cash flows or it is calculated based on discounted collateral values if the loans are collateral dependent.Other Real Estate Owned (Carried at Lower of Cost or Fair Value) These assets are carried at the lower of cost or fair value. Fair value is determined through valuations periodically performed by third -party appraisers, and the real estate is carried at the lower of its carrying amount or fair value less estimated costs to sell. Any declines in the fair value of the real estate properties below the initial cost basis are recorded through a valuation expense. At December 31, 2018 and December 31, 2017, these assets are carried at current fair value and classified within Level 3 of the fair value hierarchy.SBA Servicing Asset (Carried at Fair Value) The SBA servicing asset is initially recorded when loans are sold and the servicing rights are retained and recorded on the balance sheet. An updated fair value is obtained from an independent third party on a quarterly basis and adjustments are presented as loan and servicing fees on the statement of income. The valuation begins with the projection of future cash flows for each asset based on their unique characteristics, the Company’s market-based assumptions for prepayment speeds and estimated losses and recoveries. The present value of the future cash flows are then calculated utilizing the Company’s market-based discount ratio assumptions. In all cases, the Company models expected payments for every loan for each quarterly period in order to create the most detailed cash flow stream possible. The Company uses assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. At December 31, 2018 and December 31, 2017, the sensitivity of the current fair value of the SBA loan servicing rights to immediate 10% and 20% adverse changes in key assumptions are included in the accompanying table.
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in value may not be linear. Also in this table, the effect of an adverse variation in a particular assumption on the value of the SBA servicing rights is calculated without changing any other assumption. While in reality, changes in one factor may magnify or counteract the effect of the change.Off-Balance Sheet Financial Instruments (Disclosed at notional amounts) Fair values for the Company’s off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The estimated fair values of the Company’s financial instruments at December 31, 2018 were as follows:
The estimated fair values of the Company’s financial instruments at December 31, 2017 were as follows:
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Note 16 - Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 6 . Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 Plan”), under which the Company granted options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The 2005 Plan became effective on November 14, 1995, and was amended and approved at the Company’s 2005 annual meeting of shareholders. Under the terms of the 2005 Plan, 1.5 million shares of common stock, plus an annual increase equal to the number of shares needed to restore the maximum number of shares that could be available for grant under the 2005 Plan to 1.5 million shares, were available for such grants. As of December 31, 2018, the only grants under the 2005 Plan were option grants. The 2005 Plan provided that the exercise price of each option granted equaled the market price of the Company’s stock on the date of the grant. Options granted pursuant to the 2005 Plan vest within one to four years and have a maximum term of 10 years. The 2005 Plan terminated on November 14, 2015 in accordance with the terms and conditions specified in the Plan agreement.On April 29, 2014 the Company’s shareholders approved the 2014 Republic First Bancorp, Inc. Equity Incentive Plan (the “2014 Plan”), under which the Company may grant options, restricted stock, stock units, or stock appreciation rights to the Company’s employees, directors, independent contractors, and consultants. Under the terms of the 2014 Plan, 2.6 million shares of common stock, plus an annual adjustment to be no less than 10% of the outstanding shares or such lower number as the Board of Directors may determine, are available for such grants. At December 31, 2018, the maximum number of common shares issuable under the 2014 Plan was 6.3 million shares. During the twelve months ended December 31, 2018, 1,106,800 options were granted under the 2014 Plan with a fair value of $3,030,999. During 2018, options to purchase the Company’s common stock were granted to certain employees and directors. The exercise price for the options granted was equal to the closing price of the Company’s common stock on the date of grant. The options issued are subject to a one to four year vesting period and expire after ten years.The Company utilized the Black-Scholes option pricing model to calculate the estimated fair value of each stock option granted on the date of the grant. A summary of the assumptions used in the Black-Scholes option pricing model for 2018, 2017, and 2016 is as follows:
( A dividend yield of 1 ) 0.0% is utilized because cash dividends have never been paid.( The expected volatility was based on the historical volatility of the Company’s common stock price as adjusted for certain historical periods of extraordinary volatility in order to estimate expected volatility.2 ) ( Expected volatility is based on Bloomberg’s 3 ) five and one -half to seven year volatility calculation for “FRBK” stock.( The risk-free interest rate is based on the 4 ) five to seven year Treasury bond.( 5 ) 1 to 4 year vesting period, the maximum ten year term and review of historical behavior.( 6 ) three year period.During 2018, 753,864 options vested as compared to 529,624 options in 2017 and 519,050 options in 2016. Expense is recognized ratably over the period required to vest. At December 31, 2018, the intrinsic value of the 3,861,650 options outstanding was $4.3 million, while the intrinsic value of the 1,899,487 exercisable (vested) options was $3.6 million. During 2018, 76,125 options were forfeited with a weighted average grant date fair value of $235,000. Information regarding stock based compensation for the years ended December 31, 2018, 2017, and 2016 is set forth below:
The remaining amount of $3.4 million will be recognized ratably as expense through December 2022. A summary of stock option activity under the Plan as of December 31, 2018, 2017, and 2016 is as follows:
A summary of stock option exercises and related proceeds during the years end December 31, 2018, 2017, and 2016 is as follows:
The following table summarizes information about options outstanding at December 31, 2018:
A roll-forward of non-vested options during the year ended December 31, 2018 is as follows:
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Note 17 - Segment Reporting |
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Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 . Segment Reporting The Company has one reportable segment: community banking. The community banking segment primarily encompasses the commercial loan and deposit activities of Republic, as well as, residential mortgage and consumer loan products in the area surrounding its stores. Mortgage loans in Delaware and Florida are primarily made to local customers that have second homes (vacation) in Delaware and Florida. We do not have loan production offices in those states. |
Note 18 - Transactions With Affiliates and Related Parties |
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Related Party Transactions Disclosure [Text Block] | 1 8 . Transactions with Affiliate s and Related Parties The Company made payments to related parties in the amount of $685,000, $653,000, and $1.0 million during 2018, 2017, and 2016, respectively. The disbursements made during 2018, 2017, and 2016 include $400,000, $361,000, and $450,000, respectively, in fees for marketing, graphic design, architectural and project management services paid to InterArch, a company owned by the spouse of Vernon W. Hill, II. Mr. Hill is the Chairman of the Company, and beneficially owns 8.1% of the common shares currently outstanding. The Company paid $165,000, $172,000 and $194,000 during 2018, 2017, and 2016 to Glassboro Properties, LLC related to a land lease agreement for its Glassboro store. Mr. Hill has an ownership interest in Glassboro Properties LLC, a commercial real estate firm. Prior to his appointment as Chairman in December 2016, Mr. Hill acted as a consultant for the Company and was paid $250,000 annually for his services.The Company paid $120,000 during 2018, 2017 and 2016 to Brian Communications for public relations services in addition to reimbursements for out-of-pocket expenses and other reimbursable costs. Brian Tierney, a member of the Board of Directors, is the CEO of Brian Communications, a strategic communications agency. |
Note 19 - Parent Company Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 1 9 . Parent Company Financial Information The following financial statements for Republic First Bancorp, Inc. (Parent Company) should be read in conjunction with the consolidated financial statements and the other notes related to the consolidated financial statements.
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Note 20 - Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information [Text Block] | 20 . Quarterly Financial Data (unaudited) The following represents summarized unaudited quarterly financial data of the Company for each of the quarters ended during 2018 and 2017.
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Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) |
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Comprehensive Income (Loss) Note [Text Block] | 2 1 . Changes in Accumulated Other Comprehensive Income (Loss) By Component ( 1 ) December 31, 2018, 2017, and 2016.
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Note 22 - Business Combination |
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Business Combination Disclosure [Text Block] | 22. Business CombinationOak Mortgage Company, LLC On July 28, 2016, Republic acquired all of the issued and outstanding limited liability company interests of Oak Mortgage Company, LLC (“Oak Mortgage”) and, as a result, Oak Mortgage became a wholly owned subsidiary of Republic on that date. The aggregate cash purchase price paid to the Sellers for their limited liability company interests at closing was $7.1 million, $1.0 million of which was deposited in an escrow account to be disbursed one year from closing subject to adjustment for any covered indemnity claims under the Purchase Agreement. Escrow funds were disbursed in the third quarter of 2017. The purchase price was considered final as of December 31, 2017. In connection with the Oak Mortgage acquisition, the following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, the subsequent adjustments to estimates, the final valuation of the fair value of identifiable assets acquired and liabilities assumed as of the date of the acquisition, and the resulting goodwill recorded (in thousands):
As of December 31, 2016, the estimates of fair values of the assets acquired and liabilities assumed in the acquisition of Oak Mortgage were finalized.On an unaudited pro forma basis for the year ended December 31, 2016, the Company would have reported total revenues of $69.4 million and net income of $6.1 million. The pro forma information does not necessarily reflect the results of operations that would have occurred had Oak Mortgage been acquired by the Company at the beginning of 2016. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies or other factors. |
Note 23 - Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Text Block] | 23 . Goodwill and Other Intangibles The Company completed an annual impairment test for goodwill as of July 31, 2018 and 2017. Future impairment testing will be conducted as of July 31 on an annual basis, unless a triggering event occurs in the interim that would suggest impairment, in which case it would be tested as of the date of the triggering event. During the year ended December 31, 2018 and 2017, there was no goodwill impairment recorded. There can be no assurance that future impairment assessments or tests will not result in a charge to earnings.The Company’s goodwill and intangible assets related to the acquisition of Oak Mortgage in July 2016 is detailed below:
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Note 24 - Derivatives and Risk Management Activities |
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Derivative Instruments and Hedging Activities Disclosure [Text Block] | 24 . Derivatives and Risk Management Activities Republic did not have any derivative instruments designated as hedging instruments, or subject to master netting and collateral agreements for the twelve months ended December 31, 2018 and 2017. The following table summarizes the amounts recorded in Republic’s statement of financial condition for derivatives not designated as hedging instruments as of December 31, 2018 and December 31, 2017 ( in thousands):
The following table summarizes the amounts recorded in Republic’s statement of income for derivative instruments not designated as hedging instruments for the twelve months ended December 31, 2018, 2017, and 2016 (in thousands):
The fair value of Republic’s IRLCs, best efforts forward loan sales commitments, and mandatory forward loan sales commitments are based upon the estimated value of the underlying mortgage loan (determined consistent with “Loans Held for Sale”), adjusted for ( 1 ) estimated costs to complete and originate the loan, and (2 ) the estimated percentage of IRLCs that will result in a closed mortgage loan. The valuation of the IRLCs issued by Republic includes the value of the servicing released premium. Republic sells loans servicing released, and the servicing released premium is included in the market price. |
Note 25 - Revenue Recognition |
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Revenue from Contract with Customer [Text Block] | 25 . Revenue Recognition On January 1, 2018, the Company adopted ASU 2014 -09 “Revenue from Contracts with Customers ” (Topic and all subsequent ASUs that modified Topic 606 )606. As stated in Note 2 Summary of Significant Accounting Policies, the implementation of the new standard did not have a material impact on the measurement of recognition of revenue. Management determined that a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning January 1, 2018 are presented under Topic 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and investments. In addition, certain non-interest income streams such as gains on sales of residential mortgage and SBA loans, income associated with servicing assets, and loan fees, including residential mortgage originations to be sold and prepayment and late fees charged across all loan categories are also not in scope of the new guidance. Topic 606 is applicable to non-interest revenue streams such as service charges on deposit accounts. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Non-interest revenue streams in-scope of Topic 606 are discussed below.Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), ATM fees, NSF fees, and other deposit related fees. The Company’s performance obligation for account analysis fees and monthly services fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided, which is typically one month. Revenue is recognized at month end after the completion of the service period and payment for these service charges on deposit accounts is primarily received through a direct charge to customers’ accounts.ATM fees, NSF fees, and other deposit related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and the related revenue recognized, at a point in time. Payment for these service charges are received immediately through a direct charge to customers’ accounts. For the Company, there are no other material revenue streams within the scope of Topic 606. The following tables present non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the twelve months ended December 31, 2018, 2017, and 2016.
Contract Balances A contract assets balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s non-interest revenue streams are largely based on transaction activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2018, 2017, and 2016, the Company did not have any significant contract balances.Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize as an expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the assets that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost. |
Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Republic. The Company follows accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets accounting principles generally accepted in the United States of America (“US GAAP”) that are followed to ensure consistent reporting of financial condition, results of operations, and cash flows. All material inter-company transactions have been eliminated. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements. |
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Risks and Uncertainties and Certain Significant Estimates [Policy Text Block] | Risks and Uncertainties and Certain Significant Estimates The earnings of the Company depend primarily on the earnings of Republic. The earnings of Republic are heavily dependent upon the level of net interest income, which is the difference between interest earned on its interest-earning assets, such as loans and investments, and the interest paid on its interest-bearing liabilities, such as deposits and borrowings. Accordingly, the Company’s results of operations are subject to risks and uncertainties surrounding Republic’s exposure to changes in the interest rate environment. Prepayments on residential real estate mortgage and other fixed rate loans and mortgage-backed securities vary significantly and may cause significant fluctuations in interest margins.The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates are made by management in determining the allowance for loan losses, carrying values of other real estate owned, assessment of other than temporary impairment (“OTTI”) of investment securities, fair value of financial instruments, and the realization of deferred income tax assets. Consideration is given to a variety of factors in establishing these estimates. |
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Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within the Greater Philadelphia region. Note 3 – Investment Securities discusses the types of investment securities that the Company invests in. Note 4 – Loans Receivable discusses the types of lending that the Company engages in, as well as loan concentrations. The Company does not have a significant concentration of credit risk with any one customer. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all cash and due from banks, interest-bearing deposits with an original maturity of ninety days or less and federal funds sold, maturing in ninety days or less, to be cash and cash equivalents. |
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Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash and Due from Banks Republic is required to maintain certain average reserve balances as established by the Federal Reserve Board. The amounts of those balances for the reserve computation periods that include December 31, 2018 and 2017 were approximately $51.4 million and $31.2 million, respectively. These requirements were satisfied through the restriction of vault cash and a balance held by the Federal Reserve Bank of Philadelphia. |
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Investment, Policy [Policy Text Block] | Investment Securities Held to Maturity – Certain debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balances, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security.Available for Sale – Debt securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity, and changes in the availability of and in the yield of alternative investments, are classified as available for sale. These assets are carried at fair value. Unrealized gains and losses are excluded from operations and are reported net of tax as a separate component of other comprehensive income until realized. Realized gains and losses on the sale of investment securities are reported in the consolidated statements of income and determined using the adjusted cost of the specific security sold on the trade date.Investment securities are evaluated on at least a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether a decline in their value is other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline, the intent to hold the security and the likelihood of the Company not being required to sell the security prior to an anticipated recovery in the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other-than-temporary, the portion of the decline related to credit impairment is charged to earnings. Impairment charges on bank pooled trust preferred securities of $7,000 were recognized during the year ended December 31, 2016 as a result of estimated other-than-temporary impairment. As of December 31, 2018, the Company no longer holds any bank pooled trust preferred securities.In December 2018, twenty-three CMOs and two MBSs with a fair value of $230.1 million that were previously classified as available-for-sale were transferred to the held-to-maturity category. The securities were transferred at fair value. Unrealized losses of $9.4 million associated with the transferred securities will remain in other comprehensive income and be amortized as an adjustment to yield over the remaining life of the securities. At December 31, 2018, the total approximated unrealized loss of $9.8 million remaining to be amortized includes eleven securities previously transferred in July 2014. |
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Restricted Stock [Policy Text Block] | Restricted Stock Restricted stock, which represents a required investment in the capital stock of correspondent banks related to available credit facilities, was carried at cost as of December 31, 2018 and 2017. As of those dates, restricted stock consisted of investments in the capital stock of the FHLB of Pittsburgh and Atlantic Community Bankers Bank (“ACBB”). The required investment in the capital stock of the FHLB is calculated based on outstanding loan balances and open credit facilities with the FHLB. Excess investments are returned to Republic on a quarterly basis.At December 31, 2018 and December 31, 2017, the investment in FHLB stock totaled $5.6 million and $1.8 million, respectively. The increase was due primarily to a higher membership stock requirement by FHLB at December 31, 2018 which resulted in a higher required investment as of that date. At both December 31, 2018 and December 31, 2017, ACBB stock totaled $143,000. |
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Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Mortgage Banking Activities and Mortgage Loans Held for Sale Mortgage loans held for sale are originated and held until sold to permanent investors. On July 28, 2016, management elected to adopt the fair value option in accordance with FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , and record loans held for sale at fair value.Mortgage loans held for sale originated on or subsequent to the election of the fair value option, are recorded on the balance sheet at fair value. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Changes in fair value are reflected in mortgage banking income in the statements of income. Direct loan origination costs are recognized when incurred and are included in non-interest expense in the statements of income. |
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Derivatives, Policy [Policy Text Block] | Interest Rate Lock Commitments Mortgage loan commitments known as interest rate locks that relate to the origination of a mortgage that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging . Loan commitments that are classified as derivatives are recognized at fair value on the balance sheet as other assets and other liabilities with changes in their fair values recorded as mortgage banking income and included in non-interest income in the statements of income. Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancellation or expiration. Loan commitments generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. Republic is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Republic uses best efforts commitments to substantially eliminate these risks. The valuation of the IRLCs issued by Republic includes the value of the servicing released premium. Republic sells loans where the servicing is released, and the servicing released premium is included in the market price. See Note 24 Derivatives and Risk Management Activities for further detail of IRLCs. |
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Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Best Efforts Forward Loan Sale Commitments Best efforts forward loan sale commitments are commitments to sell individual mortgage loans at a fixed price to an investor at a future date. Best efforts forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. |
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Mandatory Forward Loan Sales Commitments, Policy [Policy Text Block] | Mandatory Forward Loan Sales Commitments Mandatory forward loan sales commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Mandatory forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle the derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded as other assets and other liabilities with changes in fair value during the period recorded as mortgage banking income and included in non-interest income in the statements of income. |
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Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired. Goodwill is recognized as an asset and is to be reviewed for impairment annually and between annual tests when events and circumstances indicate that impairment may have occurred. Impairment is a condition that exists when the carrying amount of goodwill exceeds its implied fair value.The Company has one reportable segment: Community Banking. The community banking segment primarily encompasses the commercial loan and deposit activities of the Bank, as well as, residential mortgage and consumer loan products in the area surrounding its stores. Oak Mortgage was acquired by the Bank on July 28, 2016 and organized as a wholly owned subsidiary of the Bank. Oak Mortgage was maintained as a separate legal entity through December 31, 2017 in order to preserve certain secondary market contracts and regulatory licensing requirements. As such, the Bank deemed Oak Mortgage to be a separate reporting unit as of July 31, 2017 and performed a Step One Test for Goodwill Impairment in compliance with ASC Topic 350 -20 as of that date. At that time, via a Step One Test, the fair value of Oak Mortgage was higher than its book value and no Step Two analysis was required.On January 1, 2018, Oak Mortgage operations were restructured as a division of Republic and all assets, liabilities, contracts, employees and activity were merged into the Republic. As a result of this restructuring, the Company re-evaluated its reporting unit structure and determined that as of July 31, 2018 there were no longer two reporting units but rather a sole reporting unit in Republic Bank. As of July 31, 2018, the Company performed a qualitative assessment for its reporting unit to determine if the one -step quantitative impairment test was necessary. As part of its qualitative assessment, the Company reviewed regional and national trends in current and expected economic conditions, examining indicators such as GDP growth, interest rates and unemployment rates. The Company also considered its own historical performance, expectations of future performance and other trends specific to the banking industry. Based on its qualitative assessment, the Company determined that there was no evidence of impairment on the balance of goodwill. Goodwill totaled $5.0 million as of December 31, 2018 and 2017, respectively. |
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Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable The loans receivable portfolio is segmented into commercial and industrial loans, commercial real estate loans, owner occupied real estate loans, construction and land development loans, consumer and other loans, and residential mortgages. Consumer loans consist of home equity loans and other consumer loans. Commercial and industrial loans are underwritten after evaluating historical and projected profitability and cash flow to determine the borrower’s ability to repay their obligation as agreed. Commercial and industrial loans are made primarily based on the identified cash flow of the borrower and secondarily on the underlying collateral supporting the loan facility. Accordingly, the repayment of a commercial and industrial loan depends primarily on the creditworthiness of the borrower (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Commercial real estate and owner occupied real estate loans are subject to the underwriting standards and processes similar to commercial and industrial loans, in addition to those underwriting standards for real estate loans. These loans are viewed primarily as cash flow dependent and secondarily as loans secured by real estate. Repayment of these loans is generally dependent upon the successful operation of the property securing the loan or the principal business conducted on the property securing the loan. In addition, the underwriting considers the amount of the principal advanced relative to the property value. Commercial real estate and owner occupied real estate loans may be adversely affected by conditions in the real estate markets or the economy in general. Management monitors and evaluates commercial real estate and owner occupied real estate loans based on cash flow estimates, collateral and risk-rating criteria. The Company also utilizes third -party experts to provide environmental and market valuations. Substantial effort is required to underwrite, monitor and evaluate commercial real estate and owner occupied real estate loans.Construction and land development loans are underwritten based upon a financial analysis of the developers and property owners and construction cost estimates, in addition to independent appraisal valuations. These loans will rely on the value associated with the project upon completion. These cost and valuation amounts used are estimates and may be inaccurate. Construction loans generally involve the disbursement of substantial funds over a short period of time with repayment substantially dependent upon the success of the completed project. Sources of repayment of these loans would be permanent financing upon completion or sales of developed property. These loans are closely monitored by onsite inspections and are considered to be of a higher risk than other real estate loans due to their ultimate repayment being sensitive to general economic conditions, availability of long-term financing, interest rate sensitivity, and governmental regulation of real property.Consumer and other loans consist of home equity loans and lines of credit and other loans to individuals originated through the Company’s retail network, which are typically secured by personal property or unsecured. Home equity loans and lines of credit often carry additional risk as a result of typically being in a second position or lower in the event collateral is liquidated. Consumer loans have may also have greater credit risk because of the difference in the underlying collateral, if any. The application of various federal and state bankruptcy and insolvency laws may limit the amount that can be recovered on such loans.Residential mortgage loans are secured by one to four family dwelling units. This group consists of first mortgages and are originated at loan to value ratios of 80% or less.Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated based upon the principal amounts outstanding. The Company defers and amortizes certain origination and commitment fees, and certain direct loan origination costs over the contractual life of the related loan. This results in an adjustment of the related loans yield. The Company accounts for amortization of premiums and accretion of discounts related to loans purchased based upon the effective interest method. If a loan prepays in full before the contractual maturity date, any unamortized premiums, discounts or fees are recognized immediately as an adjustment to interest income. Loans are generally classified as non-accrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well-secured and in the process of collection. Loans that are on a current payment status or past due less than 90 days may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. Loans may be returned to accrual status when all principal and interest amounts contractually due are reasonably assured of repayment within an acceptable period of time, and there is a sustained period of repayment performance of interest and principal by the borrower, in accordance with the contractual terms. Generally, in the case of non-accrual loans, cash received is applied to reduce the principal outstanding. |
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Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments would represent management’s estimate of losses inherent in its unfunded loan commitments and would be recorded in other liabilities on the consolidated balance sheet, if necessary. The allowance for credit losses is established through a provision for loan losses charged to operations. Loans are charged against the allowance when management believes that the collectability of the loan principal is unlikely. Recoveries on loans previously charged off are credited to the allowance. The allowance for credit losses is an amount that represents management’s estimate of known and inherent losses related to the loan portfolio and unfunded loan commitments. Because the allowance for credit losses is dependent, to a great extent, on the general economy and other conditions that may be beyond Republic’s control, the estimate of the allowance for credit losses could differ materially in the near term.The allowance consists of specific, general and unallocated components. The specific component relates to loans that are categorized as impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for several qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. All identified losses are immediately charged off and therefore no portion of the allowance for loan losses is restricted to any individual loan or group of loans, and the entire allowance is available to absorb any and all loan losses.In estimating the allowance for credit losses, management considers current economic conditions, past loss experience, diversification of the loan portfolio, delinquency statistics, results of internal loan reviews and regulatory examinations, borrowers’ perceived financial and managerial strengths, the adequacy of underlying collateral, if collateral dependent, or present value of future cash flows, and other relevant and qualitative risk factors. These qualitative risk factors include:
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment, include payment status and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, and the borrower’s prior payment record. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third -party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property.For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement.Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired.The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified as special mention, substandard, doubtful, or loss are rated pass.In addition, federal and state regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
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Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets The Company accounts for the transfers and servicing financial assets in accordance with ASC 860 , Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities . ASC 860 , revises the standards for accounting for the securitizations and other transfers of financial assets and collateral.Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 ) the assets have been isolated from the Company, (2 ) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3 ) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.A servicing asset related to SBA loans is initially recorded when these loans are sold and the servicing rights are retained. The servicing asset is recorded on the balance sheet and included in other assets. An updated fair value of the servicing asset is obtained from an independent third party on a quarterly basis and any necessary adjustments are included in loan and servicing fees on the statement of income. The valuation begins with the projection of future cash flows for each asset based on their unique characteristics, our market-based assumptions for prepayment speeds and estimated losses and recoveries. The present value of the future cash flows are then calculated utilizing our market-based discount ratio assumptions. In all cases, the Company models expected payments for every loan for each quarterly period in order to create the most detailed cash flow stream possible.The Company uses various assumptions and estimates in determining the impairment of the SBA servicing asset. These assumptions include prepayment speeds and discount rates commensurate with the risks involved and comparable to assumptions used by participants to value and bid serving rights available for sale in the market. For more information on the SBA servicing asset including the sensitivity of the current fair value of the SBA loan servicing rights to adverse changes in key assumptions, see Note 15 – Fair Value Measurements and Fair Values of Financial Instruments. |
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Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Other Loans Held for Sale Other loans held for sale consist of the guaranteed portion of SBA loans that the Company intends to sell after origination and are reflected at the lower of aggregate cost or fair value. When the sale of the loan occurs, the premium received is combined with the estimated present value of future cash flows on the related servicing asset and recorded as a Gain on the Sale of SBA loans which is categorized as non-interest income. Subsequent fees collected for servicing of the sold portion of a loan are combined with fair value adjustments to the SBA servicing asset and recorded as a net amount in Loan and Servicing Fees, which is also categorized as non-interest income. |
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Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Guarantees The Company accounts for guarantees in accordance with ASC 815 Guarantor’s Accounting and Disclosure Requirements for Guarantees, including Indirect Guarantees of Indebtedness of Others . ASC 815 December 31, 2018 is $13.9 million and they expire as follows: $12.5 million in 2019 and $1.4 million in 2020. Amounts due under these letters of credit would be reduced by any proceeds that the Company would be able to obtain in liquidating the collateral for the loans, which varies depending on the customer. There was no liability for guarantees under standby letters of credit as of December 31, 2018 and December 31, 2017. |
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Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment (including land) are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and equipment is calculated over the estimated useful life of the asset using the straight-line method for financial reporting purposes, and accelerated methods for income tax purposes. The estimated useful lives are 40 years for buildings and 3 to 13 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of their estimated useful lives or terms of their respective leases, which range from 1 to 30 years. Repairs and maintenance are charged to current operations as incurred, and renewals and major improvements are capitalized. |
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Real Estate, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned consists of assets acquired through, or in lieu of, loan foreclosure. They are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less the cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from other real estate owned. |
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Advertising Costs, Policy [Policy Text Block] | Advertising Costs It is the Company’s policy to expense advertising costs in the period in which they are incurred. |
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Income Tax, Policy [Policy Text Block] | Income Taxes Income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities and enacted changes in tax rates and laws are recognized in the period in which they occur.Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent. The terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment.The Company recognizes interest and penalties on income taxes, if any, as a component of the provision for income taxes. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation The Company has a Stock Option and Restricted Stock Plan (“the 2005 Plan”), under which the Company granted options, restricted stock or stock appreciation rights to the Company’s employees, directors, and certain consultants. The 2005 Plan became effective on November 14, 1995, and was amended and approved at the Company’s 2005 annual meeting of shareholders. Under the terms of the 2005 Plan, 1.5 million shares of common stock, plus an annual increase equal to the number of shares needed to restore the maximum number of shares that could be available for grant under the 2005 Plan to 1.5 million shares, were available for such grants. As of December 31, 2018, the only grants under the 2005 Plan were option grants. The 2005 Plan provided that the exercise price of each option granted equaled the market price of the Company’s stock on the date of the grant. Options granted pursuant to the 2005 Plan vest within one to four years and have a maximum term of 10 years. The 2005 Plan terminated on November 14, 2015 in accordance with the terms and conditions specified in the Plan agreement.On April 29, 2014 the Company’s shareholders approved the 2014 Republic First Bancorp, Inc. Equity Incentive Plan (the “2014 Plan”), under which the Company may grant options, restricted stock, stock units, or stock appreciation rights to the Company’s employees, directors, independent contractors, and consultants. Under the terms of the 2014 Plan, 2.6 million shares of common stock, plus an annual adjustment to be no less than 10% of the outstanding shares or such lower number as the Board of Directors may determine, are available for such grants. At December 31, 2018, the maximum number of common shares issuable under the 2014 Plan was 6.3 million shares. Compensation cost for all option awards is calculated and recognized over the vesting period of the option awards. If the service conditions are not met, the Company reverses previously recorded compensation expense upon forfeiture. The Company’s accounting policy election is to recognize forfeitures as they occur. |
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Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share (“EPS”) consists of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding plus dilutive common stock equivalents (“CSEs”). CSEs consist of dilutive stock options granted through the Company’s stock option plans for the twelve months ended December 31, 2018. CSEs consisted of dilutive stock options granted through the Company’s stock option plans and convertible securities related to trust preferred securities issued in 2008 for the twelve months ended December 31, 2017. The convertible securities related to trust preferred securities issued in 2008 fully converted to common stock in 2018. There was no interest expense in 2018 related to the trust preferred securities issuance. In the diluted EPS computation, the after tax interest expense on the trust preferred securities issuance would normally be added back to the net income for the twelve months ended December 31, 2017 and 2016. However, the effect of CSEs (convertible securities related to the trust preferred securities only) and the related add back of after tax interest expense was considered anti-dilutive and therefore was not included in the EPS calculations.The calculation of EPS for the years ended December 31, 2018, 2017, and 2016 is as follows:
The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because to do so would have been anti-dilutive for the periods presented.
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Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company presents as a component of comprehensive income the amounts from transactions and other events, which currently are excluded from the consolidated statements of income and are recorded directly to shareholders’ equity. These amounts consist of unrealized holding gains (losses) on available for sale securities and amortization of unrealized holding losses on available-for-sale securities transferred to held-to-maturity. |
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Trust Preferred Securities [Policy Text Block] | Trust Preferred Securities The Company has sponsored two outstanding issues of corporation-obligated mandatorily redeemable capital securities of a subsidiary trust holding solely junior subordinated debentures of the corporation, more commonly known as trust preferred securities. The subsidiary trusts are not consolidated with the Company for financial reporting purposes. The purpose of the issuances of these securities was to increase capital. The trust preferred securities qualify as Tier 1 capital for regulatory purposes in amounts up to 25% of total Tier 1 capital. See Note 7 “Borrowings” for further information regarding the issuances. |
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Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company follows the guidance under ASC 810, Consolidation , with regard to variable interest entities. ASC 810 clarifies the application of consolidation principles for certain legal entities in which voting rights are not effective in identifying the investor with the controlling financial interest. An entity is subject to consolidation under ASC 810 if the investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities, or are not exposed to the entity’s losses or entitled to its residual returns ("variable interest entities"). Variable interest entities within the scope of ASC 810 will be required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is determined to be the party that absorbs a majority of the entity's expected losses, receives a majority of its expected returns, or both.The Company does not consolidate its subsidiary trusts. ASC 810 precludes consideration of the call option embedded in the preferred securities when determining if the Company has the right to a majority of the trusts’ expected residual returns. The non-consolidation results in the investment in the common securities of the trusts to be included in other assets with a corresponding increase in outstanding debt of $341,000. In addition, the income received on the Company’s investment in the common securities of the trusts is included in other income. |
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Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock Common stock purchased for treasury is recorded at cost. |
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New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements ASU 2014 -09 In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014 -09, “Revenue from Contracts with Customers (Topic ASU 660 ): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606 ) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340 -40 ).”2014 -09 implements a common revenue standard that clarifies the principles for recognizing revenue. The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. In August 2015, the FASB issued ASU 2015 -14, Revenue from Contracts with The Company (Topic . The guidance in this ASU is now effective for annual reporting periods beginning after 606 ): Deferral of the Effective Date December 15, 2017, including interim reporting periods within that reporting period. The core principle of ASU 2014 -09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s revenue is comprised of net interest income and noninterest income. The scope of the guidance explicitly excludes interest income as well as many other revenues for financial assets and liabilities including revenue derived from loans, investment securities, and derivatives. This ASU was effective for the Company on January 1, 2018. The Company adopted this ASU on a modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. The adoption of this ASU did not have a material impact to its financial condition, results of operations, and consolidated financial statements. Refer to Note 25: Revenue Recognition for further disclosure as to the impact of Topic 606. ASU 2016 -01 In January 2016, the FASB issued ASU No. 2016 -01, Financial Instruments - Overall. The guidance in this ASU among other things, (1 ) requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (2 ) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (3 ) eliminates the requirement for public businesses entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4 ) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (5 ) requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (6 ) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (7 ) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. The guidance in this ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The guidance was effective for the Company on January 1, 2018 and was adopted using a modified retrospective approach. The adoption of ASU No. 2016 -01 on January 1, 2018 did not have a material impact on the Company’s Consolidated Financial Statements. In accordance with (4 ) above, the Company measured the fair value of its loan portfolio as of December 31, 2018 using an exit price notion (see Note 7 Fair Value of Financial Instruments). ASU 2016 -02 In February 2016, the FASB issued ASU No. 2016 -02, Leases. From the Company’s perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees. From the landlord perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor doesn’t convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.In July 2018, the FASB issued ASU 2018 -11 “Leases (Topic 842 ): Targeted Improvements,” which provides lessees the option to apply the new leasing standard to all open leases as of the adoption date. Prior to this ASU issuance, a modified retrospective transition approach was required.In December 2018, the FASB issued ASU 2018 -20 "Leases (Topic 842 ): Narrow-Scope Improvements for Lessors," which provides lessors a policy election to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Additionally, the update requires certain lessors to exclude from variable payments lessor costs paid by lessees directly to third parties.The Company adopted this ASU on January 1, 2019. The Company is expected to recognize an ROU asset of approximately $48.9 million at January 1, 2019. The increase in assets is expected to lower capital ratios for the Company by an average of 39 basis points, remaining in compliance with the regulatory definition of well capitalized. The Company does not expect material changes to the recognition of operating lease expense in its consolidated statements of income. The Company adopted certain practical expedients available under the new guidance, which will not require it to (1 ) reassess whether any expired or existing contracts contain leases, (2 ) reassess the lease classification for any expired or existing leases, (3 ) reassess initial direct costs for any existing leases, and (4 ) evaluate whether certain sales taxes and other similar taxes are lessor costs. The Company has elected the use-of-hindsight practical expedient. Additionally, the Company elected to apply the new lease guidance at the adoption date, rather than at the beginning of the earliest period presented.ASU 2016 -09 In March 2016, the FASB issued ASU No. 2016 -09 , Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting . ASU 2016 -09 will amend current guidance such that all excess tax benefits and tax deficiencies related to share-based payment awards will be recognized as income tax expense or benefit in the income statement during the period in which they occur. Additionally, excess tax benefits will be classified along with other income tax cash flows as an operating activity rather than a financing activity. ASU 2016 -09 also provides that any entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, which is the current requirement, or account for forfeitures when they occur. ASU 2016 -09 was effective January 1, 2017. There was no material impact on the consolidated financial statements upon adoption.ASU 2016 -13 In June 2016, the FASB issued ASU 2016 -13, Financial Instruments-Credit Losses (Topic The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The Company is currently evaluating the impact of this ASU, continuing its implementation efforts and reviewing the loss modeling requirements consistent with lifetime expected loss estimates. The Company expects that the new model will include different assumptions used in calculating credit losses, such as estimating losses over the estimated life of a financial asset and will consider expected future changes in macroeconomic conditions. The adoption of this ASU 326 ): Measurement of Credit Losses on Financial Instruments. may result in an increase to the Company's allowance for loan losses which will depend upon the nature and characteristics of the Company's loan portfolio at the adoption date, as well as the macroeconomic conditions and forecasts at that date. For the Company, this update will be effective for interim and annual periods beginning after December 15, 2019. The Company currently does not intend to early adopt this new guidance.ASU 2016 -15 In August 2016, the FASB issued ASU 2016 -15, Statement of Cash Flows (Topic The ASU addresses classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance was adopted on 230 ). January 1, 2018, on a retrospective basis. The adoption of 2016 -15 did not result any changes in classifications in the Consolidated Statement of Cash Flows.ASU 2017 -01 In January 2017, the FASB issued ASU 2017 -01, Business Combinations (Topic . The ASU clarifies the definition of a business in ASC 805 )805. The FASB issued the ASU in response to stakeholder feedback that the definition of a business in ASC 805 is being applied too broadly. In addition, stakeholders said that analyzing transactions under the current definition is difficult and costly. Concerns about the definition of a business were among the primary issues raised in connection with the Financial Accounting Foundation’s post-implementation review report on FASB Statement No. 141 (R), Business Combinations (codified in ASC 805 ). The amendments in the ASU are intended to make application of the guidance more consistent and cost-efficient. The ASU is effective for public business entities in annual periods beginning after December 15, 2017, including interim periods therein. For all other entities, the ASU is effective in annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. The ASU must be applied prospectively on or after the effective date, and no disclosures for a change in accounting principle are required at transition. Early adoption is permitted for transactions (i.e., acquisitions or dispositions) that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. Unless the Company enters into a business combination, the impact of the ASU will not have a material impact on the consolidated financial statements.ASU 2017 -04 In January 2017, the FASB issued ASU 2017 -04, Simplifying the Test For Goodwill Impairment. The ASU simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if “the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.” For public business entities that are SEC filers, the ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company early adopted this ASU on July 1, 2018 using the simplified method. The adoption of ASU 2017 -04 did not have a material impact on the consolidated financial statements.ASU 2017 -08 In March 2017, the FASB issued ASU 2017 -08, Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Earlier application is permitted for all entities, including adoption in an interim period. If an entity early adopts the ASU in an interim period, any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. The adoption of ASU 2017 -08 did not have a material impact on the consolidated financial statements.ASU 2017 -09 In May 2017, the FASB issued ASU 2017 -09, Compensation – Stock Compensation: Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification in ASC 718. The ASU also provides that modification accounting is only required if the fair value, vesting conditions, or the classification of the award as equity or a liability changes as a result of the change in terms or conditions. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for (1 ) public business entities for reporting periods for which financial statements have not yet been issued and (2 ) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The ASU became effective January 1, 2018 on a prospective basis for awards modified on or after the adoption date. The adoption of ASU-2017 -09 did not have a material impact on the consolidated financial statements.ASU 2018 -02 In February 2018, the FASB issued ASU 2018 -02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows for reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act described in the "Income Taxes" section below. The amount of the reclassification should include the effect of the change in the federal corporate income tax rate related to items remaining in accumulated other comprehensive income (loss). The ASU would require an entity to disclose whether it elects to reclassify stranded tax effects from accumulated other comprehensive income (loss) to retained earnings in the period of adoption and, more generally, a description of the accounting policy for releasing income tax effects from accumulated other comprehensive income (loss). The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption of the amendments in this update is permitted for periods for which financial statements have not yet been issued or made available for issuance, including in the period the Act was enacted. The Company adopted this ASU on January 1, 2018, by recording the reclassification adjustment to its beginning retained earnings in the amount of $1.6 million. The Company utilized the portfolio approach when releasing tax effects from AOCI for its investment securities.ASU 2018 -03 In February 2018, the FASB issued ASU 2018 -03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic The ASU was issued to clarify certain aspects of ASU 825 -10 ).2016 -01 such as treatment for discontinuations and adjustments for equity securities without a readily determinable market value, forward contracts and purchased options, presentation requirements for certain fair value option liabilities, fair value option liabilities denominated in a foreign currency, and transition guidance for equity securities without a readily determinable fair value. The Company adopted this ASU on January 1, 2018. The adoption of this ASU did not have a significant impact on the Company’s financial condition, results of operations and consolidated financial statements.ASU 2018 -07 In June 2018, the FASB issued ASU 2018 -07, Compensation – Stock Compensation (Topic The ASU simplifies the accounting for share based payments granted to non-employees for goods and services. The ASU applies to all share based payment transactions in which a grantor acquires goods or services from non-employees to be used or consumed in a grantor’s own operations by issuing share based payment awards. With the amended guidance from ASU 718 ). 2018 -07, non-employees share based payments are measured with an estimate of the fair value of the equity of the business is obligated to issue at the grant date (the date that the business and the stock award recipient agree to the terms of the award). Compensation would be recognized in the same period and in the same manner as if the entity had paid cash for goods and services instead of stock. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted this ASU on January 1, 2019. The adoption of this ASU did not have a significant impact on the Company’s financial condition, results of operations, and consolidated financial statements. |
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Reclassification, Policy [Policy Text Block] | Reclassifications A reclassification has been made to 2017 and 2016 information to conform to the 2018 presentation. The reclassification had no effect on the results of operations or shareholders’ equity. Included in the reclassification are $1.3 million and $814,000 of automated teller machine expenses from “Other operating expenses” for the years ended December 31, 2017 and 2016, respectively. |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Unrealized Gain (Loss) on Investments [Table Text Block] |
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Investments Classified by Contractual Maturity Date [Table Text Block] |
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Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] |
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Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] |
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Note 4 - Loans Receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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Schedule of Related Party Transactions [Table Text Block] |
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Note 5 - Allowances for Loan Losses (Tables) |
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Allowance for Credit Losses on Financing Receivables [Table Text Block] |
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Impaired Financing Receivables [Table Text Block] |
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Past Due Financing Receivables [Table Text Block] |
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Financing Receivable Credit Quality Indicators [Table Text Block] |
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Schedule of Financing Receivables, Non Accrual Status [Table Text Block] |
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Troubled Debt Restructurings on Financing Receivables [Table Text Block] |
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Note 6 - Other Real Estate Owned (Tables) |
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Other Real Estate, Roll Forward [Table Text Block] |
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Note 7 - Premises and Equipment (Tables) |
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Property, Plant and Equipment [Table Text Block] |
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Note 9 - Deposits (Tables) |
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Scheduled Maturities of Time Deposits [Table Text Block] |
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Note 10 - Income Taxes (Tables) |
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Note 12 - Commitments and Contingencies (Tables) |
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] |
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Note 13 - Regulatory Capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] |
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Schedule of Compliance with Regulatory Capital Requirements with Conversion Buffers [Table Text Block] |
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Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
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Schedule of Servicing Assets at Fair Value [Table Text Block] |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
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Fair Value Measurements, Nonrecurring [Table Text Block] |
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Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
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Fair Value Option, Disclosures [Table Text Block] |
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Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
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Note 16 - Stock Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
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Share-based Compensation, Activity [Table Text Block] |
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Share-based Compensation, Stock Options, Activity [Table Text Block] |
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Schedule of Share-based Compensation, Options, Exercises [Table Text Block] |
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] |
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Schedule of Nonvested Share Activity [Table Text Block] |
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Note 19 - Parent Company Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Balance Sheet [Table Text Block] |
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Statements of Operations Comprehensive Income (Loss) and Changes in Shareholders Equity [Table Text Block] |
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Condensed Cash Flow Statement [Table Text Block] |
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Note 20 - Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information [Table Text Block] |
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Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Note 22 - Business Combination (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
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Note 23 - Goodwill and Other Intangibles (Tables) |
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Schedule of Intangible Assets and Goodwill [Table Text Block] |
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Note 24 - Derivatives and Risk Management Activities (Tables) |
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Position [Table Text Block] |
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance [Table Text Block] | <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 201</div><div style="display: inline; font-weight: bold;">8</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(35</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 201</div><div style="display: inline; font-weight: bold;">7</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(76</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(98</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(157</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 51.6%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Twelve Months Ended December 31, 2016</div></div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 32.4%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Income Statement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Presentation</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Gain/(Loss)</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Asset derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Liability derivatives:</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">IRLC’s</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(32</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Best efforts forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">264</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mandatory forward loan sales commitments</div> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Mortgage banking income</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div> |
Note 25 - Revenue Recognition (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
|
Note 2 - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Net income - basic and diluted | $ 2,157 | $ 2,322 | $ 2,371 | $ 1,777 | $ 2,738 | $ 2,321 | $ 2,059 | $ 1,787 | $ 8,627 | $ 8,905 | $ 4,945 | ||||||||||
Weighted average shares outstanding (in shares) | 58,358 | 56,933 | 39,281 | ||||||||||||||||||
Net income per share – basic (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.16 | $ 0.13 | ||
Weighted average shares outstanding (including dilutive CSEs) (in shares) | 59,407 | 58,250 | 39,865 | ||||||||||||||||||
Net income per share – diluted (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.15 | $ 0.12 | ||
|
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Anti-dilutive securities (in shares) | 2,813 | 3,314 | 3,409 |
Employee Stock Option [Member] | |||
Anti-dilutive securities (in shares) | 2,813 | 1,689 | 1,747 |
Convertible Debt Securities [Member] | |||
Anti-dilutive securities (in shares) | 1,625 | 1,662 |
Note 3 - Investment Securities (Details Textual) |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Additions, Additional Credit Losses | $ 0 | $ 0 | $ 7,000 | |
Debt Securities, Available-for-sale, Restricted | $ 710,700,000 | 710,700,000 | 555,200,000 | |
Securities, Continuous Loss Position, Accumulated Loss | 21,300,000 | 21,300,000 | 20,100,000 | |
Securities, Continuous Unrealized Loss Position, Fair Value | 674,300,000 | 674,300,000 | 836,900,000 | |
Proceeds from Sale of Available-for-sale Securities, Total | 6,439,000 | 31,197,000 | 78,585,000 | |
Available-for-sale Securities, Gross Realized Losses | 67,000 | 798,000 | 24,000 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | (18,000) | (52,000) | 236,000 | |
Available-for-sale Securities, Gross Realized Gains | 652,000 | 680,000 | ||
Debt Securities, Available-for-sale, Transfer, Amount | 230,100,000 | 230,100,000 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Transferred to Held-to-maturity, before Tax | 9,400,000 | (9,362,000) | $ 0 | $ 0 |
Unrealized Loss Associated with Transferred Securities | $ 9,800,000 | $ 9,800,000 | ||
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Subprime [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | AltA [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
US Government Agencies Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 14 | 14 | ||
Collateralized Mortgage Obligations [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 64 | 64 | ||
Proceeds from Sale of Available-for-sale Securities, Total | $ 660,000 | $ 1,500,000 | ||
Available-for-sale Securities, Gross Realized Losses | 66,000 | 798,000 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | $ (17,000) | $ (287,000) | ||
Collateralized Mortgage Obligations [Member] | Subprime [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | AltA [Member] | ||||
Number of Securities in Investment Portfolio | 0 | 0 | 0 | |
Collateralized Mortgage Backed Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 26 | 26 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 19 | 19 | ||
Asset-backed Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 1 | ||
Corporate Debt Securities [Member] | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 7 | 7 |
Note 3 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investment securities available for sale, at amortized cost | $ 326,740 | $ 475,587 |
Investment securities available for sale, gross unrealized gains | 723 | 163 |
Investment securities available for sale, gross unrealized losses | (6,449) | (11,320) |
Investment securities available for sale, at fair value | 321,014 | 464,430 |
Investment securities held to maturity, at amortized cost | 761,563 | 472,213 |
Investment securities held to maturity, gross unrealized gains | 570 | 411 |
Investment securities held to maturity, gross unrealized losses | (14,810) | (8,825) |
Investment securities held to maturity, at fair value | 747,323 | 463,799 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 197,812 | 327,972 |
Investment securities available for sale, gross unrealized gains | 567 | |
Investment securities available for sale, gross unrealized losses | (2,120) | (7,731) |
Investment securities available for sale, at fair value | 196,259 | 320,241 |
Investment securities held to maturity, at amortized cost | 500,690 | 215,567 |
Investment securities held to maturity, gross unrealized gains | 570 | 314 |
Investment securities held to maturity, gross unrealized losses | (5,793) | (3,970) |
Investment securities held to maturity, at fair value | 495,467 | 211,911 |
Agency Mortgage-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 39,105 | 55,664 |
Investment securities available for sale, gross unrealized gains | 5 | 2 |
Investment securities available for sale, gross unrealized losses | (611) | (800) |
Investment securities available for sale, at fair value | 38,499 | 54,866 |
Investment securities held to maturity, at amortized cost | 153,483 | 143,041 |
Investment securities held to maturity, gross unrealized gains | 47 | |
Investment securities held to maturity, gross unrealized losses | (5,245) | (2,620) |
Investment securities held to maturity, at fair value | 148,238 | 140,468 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 20,807 | 15,142 |
Investment securities available for sale, gross unrealized gains | 64 | 20 |
Investment securities available for sale, gross unrealized losses | (232) | (62) |
Investment securities available for sale, at fair value | 20,639 | 15,100 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, at amortized cost | 62,583 | 62,670 |
Investment securities available for sale, gross unrealized gains | 87 | 103 |
Investment securities available for sale, gross unrealized losses | (3,396) | (2,491) |
Investment securities available for sale, at fair value | 59,274 | 60,282 |
Asset-backed Securities [Member] | ||
Investment securities available for sale, at amortized cost | 6,433 | 13,414 |
Investment securities available for sale, gross unrealized gains | 38 | |
Investment securities available for sale, gross unrealized losses | (90) | |
Investment securities available for sale, at fair value | 6,343 | 13,452 |
Collateralized Debt Obligations [Member] | ||
Investment securities available for sale, at amortized cost | 725 | |
Investment securities available for sale, gross unrealized gains | ||
Investment securities available for sale, gross unrealized losses | (236) | |
Investment securities available for sale, at fair value | 489 | |
US Government Agencies Debt Securities [Member] | ||
Investment securities held to maturity, at amortized cost | 107,390 | 112,605 |
Investment securities held to maturity, gross unrealized gains | 50 | |
Investment securities held to maturity, gross unrealized losses | (3,772) | (2,235) |
Investment securities held to maturity, at fair value | $ 103,618 | 110,420 |
Other Debt Obligations [Member] | ||
Investment securities held to maturity, at amortized cost | 1,000 | |
Investment securities held to maturity, gross unrealized gains | ||
Investment securities held to maturity, gross unrealized losses | ||
Investment securities held to maturity, at fair value | $ 1,000 |
Note 3 - Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Due in 1 year or less, available for sale, amortized cost | $ 2,375 | |
Due in 1 year or less, available for sale, fair value | 2,375 | |
Due in 1 year or less, held to maturity, amortized cost | ||
Due in 1 year or less, held to maturity, fair value | ||
After 1 year to 5 years, available for sale, amortized cost | 6,894 | |
After 1 year to 5 years, available for sale, fair value | 6,908 | |
After 1 year to 5 years, held to maturity, amortized cost | 14,116 | |
After 1 year to 5 years, held to maturity, fair value | 13,937 | |
After 5 years to 10 years, available for sale, amortized cost | 75,320 | |
After 5 years to 10 years, available for sale, fair value | 71,734 | |
After 5 years to 10 years, held to maturity, amortized cost | 93,274 | |
After 5 years to 10 years, held to maturity, fair value | 89,681 | |
After 10 years, available for sale, amortized cost | 5,234 | |
After 10 years, available for sale, fair value | 5,239 | |
After 10 years, held to maturity, amortized cost | ||
After 10 years, held to maturity, fair value | ||
Total, available for sale, amortized cost | 326,740 | $ 475,587 |
Total, available for sale, fair value | 321,014 | 464,430 |
Total, held to maturity, amortized cost | 761,563 | 472,213 |
Total, held to maturity, fair value | 747,323 | 463,799 |
Collateralized Mortgage Obligations [Member] | ||
No specific maturity date, available for sale, amortized cost | 197,812 | |
No specific maturity date, available for sale, fair value | 196,259 | |
No specific maturity date, held to maturity, amortized cost | 500,690 | |
No specific maturity date, held to maturity, fair value | 495,467 | |
Total, available for sale, amortized cost | 197,812 | 327,972 |
Total, available for sale, fair value | 196,259 | 320,241 |
Total, held to maturity, amortized cost | 500,690 | 215,567 |
Total, held to maturity, fair value | 495,467 | $ 211,911 |
Collateralized Mortgage Backed Securities [Member] | ||
No specific maturity date, available for sale, amortized cost | 39,105 | |
No specific maturity date, available for sale, fair value | 38,499 | |
No specific maturity date, held to maturity, amortized cost | 153,483 | |
No specific maturity date, held to maturity, fair value | $ 148,238 |
Note 3 - Investment Securities - Credit-related Impairment Losses on Securities (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Balance | $ 274,000 | $ 937,000 | $ 930,000 |
Additional credit-related impairment loss on securities for which an other-than-temporary impairment was previously recognized | 0 | 0 | 7,000 |
Reductions for securities sold during the period | (274,000) | (663,000) | |
Balance | $ 274,000 | $ 937,000 |
Note 3 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | $ 67,909 | $ 185,784 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 377 | 1,818 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 165,488 | 246,865 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 6,072 | 9,502 |
Available for sale securities in a continuous unrealized loss position, fair value | 233,397 | 432,649 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 6,449 | 11,320 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 49,925 | 154,170 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 501 | 1,201 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 390,977 | 250,059 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 14,309 | 7,624 |
Held to maturity securities in a continuous unrealized loss position, fair value | 440,902 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 14,810 | |
Collateralized Mortgage Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 58,883 | 150,075 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 270 | 1,565 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 83,377 | 170,166 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 1,850 | 6,166 |
Available for sale securities in a continuous unrealized loss position, fair value | 142,260 | 320,241 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 2,120 | 7,731 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 44,574 | 56,955 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 475 | 767 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 173,467 | 107,986 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 5,318 | 3,203 |
Held to maturity securities in a continuous unrealized loss position, fair value | 218,041 | 164,941 |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 5,793 | 55,170 |
US Government Agencies Debt Securities [Member] | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | 5,351 | 42,045 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 26 | 213 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 98,267 | 59,594 |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,746 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 103,618 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 3,772 | |
Agency Mortgage-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 1,134 | 29,967 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 10 | 226 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 16,768 | 21,045 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 601 | 574 |
Available for sale securities in a continuous unrealized loss position, fair value | 17,902 | 51,012 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 611 | 800 |
Held to maturity securities in a continuous unrealized loss position, less than 12 months, fair value | ||
Held to maturity securities in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Held to maturity securities in a continuous unrealized loss position, 12 months or more, fair value | 119,243 | |
Held to maturity securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 5,245 | |
Held to maturity securities in a continuous unrealized loss position, fair value | 119,243 | |
Held to maturity securities in a continuous unrealized loss position, unrealized losses | 5,245 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 1,549 | 5,742 |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 7 | 27 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 12,154 | 2,656 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 225 | 35 |
Available for sale securities in a continuous unrealized loss position, fair value | 13,703 | 8,398 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 232 | 62 |
Corporate Debt Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 53,189 | 52,509 |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 3,396 | 2,491 |
Available for sale securities in a continuous unrealized loss position, fair value | 53,189 | 52,509 |
Available for sale securities in a continuous unrealized loss position, unrealized losses | 3,396 | 2,491 |
Asset-backed Securities [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | 6,343 | |
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | 90 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | ||
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | ||
Available for sale securities in a continuous unrealized loss position, fair value | 6,343 | |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 90 | |
Collateralized Debt Obligations [Member] | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, fair value | ||
Available for sale securities in a continuous unrealized loss position, less than 12 months, unrealized losses | ||
Available for sale securities in a continuous unrealized loss position, 12 months or more, fair value | 489 | |
Available for sale securities in a continuous unrealized loss position, 12 months or more, unrealized losses | 236 | |
Available for sale securities in a continuous unrealized loss position, fair value | 489 | |
Available for sale securities in a continuous unrealized loss position, unrealized losses | $ 236 |
Note 4 - Loans Receivable (Details Textual) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Loans and Leases Receivable, Related Parties, Ending Balance | $ 13,029 | $ 8,920 | $ 7,862 | $ 8,521 |
Note 4 - Loans Receivable - Gross Loans by Major Categories (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Loans receivable | $ 1,436,614 | $ 1,162,049 |
Deferred costs (fees) | (16) | 229 |
Allowance for loan losses | (8,615) | (8,599) |
Net loans receivable | 1,427,983 | 1,153,679 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 515,738 | 433,304 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 121,042 | 104,617 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 200,423 | 173,343 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 367,895 | 309,838 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 91,152 | 76,183 |
Residential Portfolio Segment [Member] | ||
Loans receivable | $ 140,364 | $ 64,764 |
Note 4 - Loans Receivable - Related Party Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Balance at beginning of year | $ 8,920 | $ 7,862 | $ 8,521 |
Additions | 4,812 | 1,896 | |
Repayments | (703) | (838) | (659) |
Balance at end of year | $ 13,029 | $ 8,920 | $ 7,862 |
Note 5 - Allowances for Loan Losses (Details Textual) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Impaired Financing Receivable, Average Recorded Investment, Total | $ 22,801,000 | $ 25,387,000 | $ 25,695,000 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 451,000 | 607,000 | 502,000 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 498,000 | 590,000 | $ 1,000,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 7,782,000 | 8,218,000 | |
Financing Receivable, Modifications, Increase in Principal Balance | $ 421,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 3 | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | |
Real Estate Acquired Through Foreclosure | 6,223,000 | 6,966,000 | |
Commercial Portfolio Segment [Member] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 5,203,000 | 4,787,000 | $ 5,185,000 |
Financing Receivable, Modifications, Recorded Investment | 1,224,000 | $ 1,524,000 | |
Commercial Portfolio Segment [Member] | Converted From Line of Credit to Term Loan With Five Year Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | $ 975,000 | ||
Owner Occupied Real Estate [Member] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 3,244,000 | 3,284,000 | 2,746,000 |
Financing Receivable, Modifications, Recorded Investment | 242,000 | $ 242,000 | |
Owner Occupied Real Estate [Member] | Contractual Interest Rate Reduction and Extended Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Recorded Investment | $ 245,000 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 13,505,000 | 16,069,000 | 16,488,000 |
Financing Receivable, Modifications, Recorded Investment | 6,316,000 | $ 6,452,000 | |
Commercial Real Estate Portfolio Segment [Member] | Increase in Principal Balance and Reduction in Interest Rate [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 6,500,000 | ||
Residential Portfolio Segment [Member] | |||
Impaired Financing Receivable, Average Recorded Investment, Total | 26,000 | $ 26,000 | |
Financing Receivable, Modifications, Recorded Investment | |||
Real Estate Acquired Through Foreclosure | $ 0 | $ 42,000 |
Note 5 - Allowances for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Beginning balance | $ 8,599 | $ 9,155 | $ 8,599 | $ 9,155 | $ 8,703 | ||||||||
Charge-offs | (2,438) | (1,576) | (1,276) | ||||||||||
Recoveries | 154 | 120 | 171 | ||||||||||
Provision for loan losses | $ 600 | $ 500 | $ 800 | 400 | $ 400 | $ 500 | 2,300 | 900 | 1,557 | ||||
Ending balance | 8,615 | 8,599 | 8,615 | 8,599 | 9,155 | ||||||||
Allowance for loan losses, individually evaluated for impairment | $ 1,473 | $ 2,790 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 7,142 | 5,809 | |||||||||||
Total allowance for loan losses | 8,615 | 8,599 | 8,599 | 9,155 | 8,599 | 8,599 | 9,155 | 8,615 | 8,599 | ||||
Loans evaluated individually | 18,030 | 24,716 | |||||||||||
Loans evaluated collectively | 1,418,584 | 1,137,333 | |||||||||||
Total loans receivable | 1,436,614 | 1,162,049 | |||||||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||||
Beginning balance | 3,774 | 3,254 | 3,774 | 3,254 | 2,393 | ||||||||
Charge-offs | (1,603) | ||||||||||||
Recoveries | 50 | 54 | 6 | ||||||||||
Provision for loan losses | 241 | 466 | 855 | ||||||||||
Ending balance | 2,462 | 3,774 | 2,462 | 3,774 | 3,254 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 295 | 1,964 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 2,167 | 1,810 | |||||||||||
Total allowance for loan losses | 2,462 | 3,774 | 3,774 | 3,254 | 3,774 | 3,774 | 3,254 | 2,462 | 3,774 | ||||
Loans evaluated individually | 10,947 | 15,415 | |||||||||||
Loans evaluated collectively | 504,791 | 417,889 | |||||||||||
Total loans receivable | 515,738 | 433,304 | |||||||||||
Construction and Land Development Portfolio Segment [Member] | |||||||||||||
Beginning balance | 725 | 557 | 725 | 557 | 338 | ||||||||
Charge-offs | (60) | ||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 52 | 168 | 279 | ||||||||||
Ending balance | 777 | 725 | 777 | 725 | 557 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 777 | 725 | |||||||||||
Total allowance for loan losses | 777 | 725 | 725 | 557 | 725 | 725 | 557 | 777 | 725 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | 121,042 | 104,617 | |||||||||||
Total loans receivable | 121,042 | 104,617 | |||||||||||
Commercial Portfolio Segment [Member] | |||||||||||||
Beginning balance | 1,317 | 2,884 | 1,317 | 2,884 | 2,932 | ||||||||
Charge-offs | (151) | (1,366) | (143) | ||||||||||
Recoveries | 81 | 64 | 163 | ||||||||||
Provision for loan losses | 507 | (265) | (68) | ||||||||||
Ending balance | 1,754 | 1,317 | 1,754 | 1,317 | 2,884 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 867 | 374 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 887 | 943 | |||||||||||
Total allowance for loan losses | 1,754 | 1,317 | 1,317 | 2,884 | 1,317 | 1,317 | 2,884 | 1,754 | 1,317 | ||||
Loans evaluated individually | 3,662 | 4,501 | |||||||||||
Loans evaluated collectively | 196,761 | 168,842 | |||||||||||
Total loans receivable | 200,423 | 173,343 | |||||||||||
Owner Occupied Real Estate [Member] | |||||||||||||
Beginning balance | 1,737 | 1,382 | 1,737 | 1,382 | 2,030 | ||||||||
Charge-offs | (465) | (157) | (1,052) | ||||||||||
Recoveries | 20 | ||||||||||||
Provision for loan losses | 741 | 512 | 404 | ||||||||||
Ending balance | 2,033 | 1,737 | 2,033 | 1,737 | 1,382 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 217 | 235 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 1,816 | 1,502 | |||||||||||
Total allowance for loan losses | 2,033 | 1,737 | 1,737 | 1,382 | 1,737 | 1,737 | 1,382 | 2,033 | 1,737 | ||||
Loans evaluated individually | 2,560 | 3,798 | |||||||||||
Loans evaluated collectively | 365,335 | 306,040 | |||||||||||
Total loans receivable | 367,895 | 309,838 | |||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||
Beginning balance | 573 | 588 | 573 | 588 | 295 | ||||||||
Charge-offs | (219) | (53) | (11) | ||||||||||
Recoveries | 3 | 2 | 2 | ||||||||||
Provision for loan losses | 220 | 36 | 302 | ||||||||||
Ending balance | 577 | 573 | 577 | 573 | 588 | ||||||||
Allowance for loan losses, individually evaluated for impairment | 94 | 217 | |||||||||||
Allowance for loan losses, collectively evaluated for impairment | 483 | 356 | |||||||||||
Total allowance for loan losses | 577 | 573 | 573 | 588 | 573 | 573 | 588 | 577 | 573 | ||||
Loans evaluated individually | 861 | 1,002 | |||||||||||
Loans evaluated collectively | 90,291 | 75,181 | |||||||||||
Total loans receivable | 91,152 | 76,183 | |||||||||||
Residential Portfolio Segment [Member] | |||||||||||||
Beginning balance | 392 | 58 | 392 | 58 | 14 | ||||||||
Charge-offs | (10) | ||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 502 | 334 | 54 | ||||||||||
Ending balance | 894 | 392 | 894 | 392 | 58 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 894 | 392 | |||||||||||
Total allowance for loan losses | 894 | 392 | 392 | 58 | 392 | 392 | 58 | 894 | 392 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | 140,364 | 64,764 | |||||||||||
Total loans receivable | 140,364 | 64,764 | |||||||||||
Unallocated Financing Receivables [Member] | |||||||||||||
Beginning balance | 81 | 432 | 81 | 432 | 701 | ||||||||
Charge-offs | |||||||||||||
Recoveries | |||||||||||||
Provision for loan losses | 37 | (351) | (269) | ||||||||||
Ending balance | 118 | 81 | 118 | 81 | 432 | ||||||||
Allowance for loan losses, individually evaluated for impairment | |||||||||||||
Allowance for loan losses, collectively evaluated for impairment | 118 | 81 | |||||||||||
Total allowance for loan losses | $ 118 | $ 81 | $ 81 | $ 432 | $ 81 | $ 81 | $ 432 | 118 | 81 | ||||
Loans evaluated individually | |||||||||||||
Loans evaluated collectively | |||||||||||||
Total loans receivable |
Note 5 - Allowances for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
With no related allowance - Recorded investment | $ 10,602 | $ 15,270 | |
With no related allowance - Unpaid principal balance | 14,850 | 19,666 | |
With related allowance - Recroded investment | 7,428 | 9,446 | |
With related allowance - Unpaid principal balance | 8,555 | 9,502 | |
Related allowance | 1,473 | 2,790 | |
Recorded investment | 18,030 | 24,716 | |
Unpaid principal balance | 23,405 | 29,168 | |
With no related allowance recorded - Average recorded investment | 16,703 | 14,570 | $ 15,445 |
With no related allowance recorded - Interest income recognized | 419 | 483 | 333 |
With related allowance - Average recorded investment | 6,098 | 10,817 | 10,250 |
With related allowance - Interest income recognized | 32 | 124 | 169 |
Average recorded investment | 22,801 | 25,387 | 25,695 |
Interest income recognized | 451 | 607 | 502 |
Commercial Real Estate Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | 6,332 | 9,264 | |
With no related allowance - Unpaid principal balance | 6,337 | 9,268 | |
With related allowance - Recroded investment | 4,615 | 6,151 | |
With related allowance - Unpaid principal balance | 5,498 | 6,165 | |
Related allowance | 295 | 1,964 | |
Recorded investment | 10,947 | 15,415 | |
Unpaid principal balance | 11,835 | 15,433 | |
With no related allowance recorded - Average recorded investment | 10,429 | 9,579 | 12,033 |
With no related allowance recorded - Interest income recognized | 288 | 366 | 264 |
With related allowance - Average recorded investment | 3,076 | 6,490 | 4,455 |
With related allowance - Interest income recognized | 14 | 52 | |
Average recorded investment | 13,505 | 16,069 | 16,488 |
Interest income recognized | 288 | 380 | 316 |
Construction and Land Development Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | |||
With no related allowance - Unpaid principal balance | |||
With related allowance - Recroded investment | |||
With related allowance - Unpaid principal balance | |||
Related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
With no related allowance recorded - Average recorded investment | 58 | ||
With no related allowance recorded - Interest income recognized | |||
With related allowance - Average recorded investment | 12 | ||
With related allowance - Interest income recognized | |||
Average recorded investment | 70 | ||
Interest income recognized | |||
Commercial Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | 1,655 | 2,756 | |
With no related allowance - Unpaid principal balance | 5,418 | 6,674 | |
With related allowance - Recroded investment | 2,007 | 1,745 | |
With related allowance - Unpaid principal balance | 2,195 | 1,752 | |
Related allowance | 867 | 374 | |
Recorded investment | 3,662 | 4,501 | |
Unpaid principal balance | 7,613 | 8,426 | |
With no related allowance recorded - Average recorded investment | 3,341 | 2,270 | 1,828 |
With no related allowance recorded - Interest income recognized | 52 | 37 | 42 |
With related allowance - Average recorded investment | 1,862 | 2,517 | 3,357 |
With related allowance - Interest income recognized | 6 | 68 | 74 |
Average recorded investment | 5,203 | 4,787 | 5,185 |
Interest income recognized | 58 | 105 | 116 |
Owner Occupied Real Estate [Member] | |||
With no related allowance - Recorded investment | 1,905 | 2,595 | |
With no related allowance - Unpaid principal balance | 2,013 | 2,743 | |
With related allowance - Recroded investment | 655 | 1,203 | |
With related allowance - Unpaid principal balance | 704 | 1,206 | |
Related allowance | 217 | 235 | |
Recorded investment | 2,560 | 3,798 | |
Unpaid principal balance | 2,717 | 3,949 | |
With no related allowance recorded - Average recorded investment | 2,275 | 1,894 | 642 |
With no related allowance recorded - Interest income recognized | 58 | 58 | 10 |
With related allowance - Average recorded investment | 969 | 1,390 | 2,104 |
With related allowance - Interest income recognized | 25 | 32 | 31 |
Average recorded investment | 3,244 | 3,284 | 2,746 |
Interest income recognized | 83 | 90 | 41 |
Consumer Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | 710 | 655 | |
With no related allowance - Unpaid principal balance | 1,082 | 981 | |
With related allowance - Recroded investment | 151 | 347 | |
With related allowance - Unpaid principal balance | 158 | 379 | |
Related allowance | 94 | 217 | |
Recorded investment | 861 | 1,002 | |
Unpaid principal balance | 1,240 | 1,360 | |
With no related allowance recorded - Average recorded investment | 658 | 801 | 858 |
With no related allowance recorded - Interest income recognized | 21 | 21 | 16 |
With related allowance - Average recorded investment | 191 | 420 | 322 |
With related allowance - Interest income recognized | 1 | 10 | 12 |
Average recorded investment | 849 | 1,221 | 1,180 |
Interest income recognized | 22 | 31 | 28 |
Residential Portfolio Segment [Member] | |||
With no related allowance - Recorded investment | |||
With no related allowance - Unpaid principal balance | |||
With related allowance - Recroded investment | |||
With related allowance - Unpaid principal balance | |||
Related allowance | |||
Recorded investment | |||
Unpaid principal balance | |||
With no related allowance recorded - Average recorded investment | 26 | 26 | |
With no related allowance recorded - Interest income recognized | 1 | 1 | |
With related allowance - Average recorded investment | |||
With related allowance - Interest income recognized | |||
Average recorded investment | 26 | 26 | |
Interest income recognized | $ 1 | $ 1 |
Note 5 - Allowances for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Loans receivable, total past due | $ 13,050 | $ 15,958 |
Loans receivable, current | 1,423,564 | 1,146,091 |
Loans receivable | 1,436,614 | 1,162,049 |
Loans receivable greater than 90 days and accruing | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 1,135 | 1,113 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 1,574 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 10,341 | 14,845 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, total past due | 5,891 | 8,963 |
Loans receivable, current | 509,847 | 424,341 |
Loans receivable | 515,738 | 433,304 |
Loans receivable greater than 90 days and accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 339 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 921 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 4,631 | 8,963 |
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable, total past due | ||
Loans receivable, current | 121,042 | 104,617 |
Loans receivable | 121,042 | 104,617 |
Loans receivable greater than 90 days and accruing | ||
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Construction and Land Development Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable, total past due | 3,941 | 3,864 |
Loans receivable, current | 196,482 | 169,479 |
Loans receivable | 200,423 | 173,343 |
Loans receivable greater than 90 days and accruing | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 280 | 969 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 3,661 | 2,895 |
Owner Occupied Real Estate [Member] | ||
Loans receivable, total past due | 1,841 | 2,136 |
Loans receivable, current | 366,054 | 307,702 |
Loans receivable | 367,895 | 309,838 |
Loans receivable greater than 90 days and accruing | ||
Owner Occupied Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Owner Occupied Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | 653 | |
Owner Occupied Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 1,188 | 2,136 |
Consumer Portfolio Segment [Member] | ||
Loans receivable, total past due | 1,075 | 995 |
Loans receivable, current | 90,077 | 75,188 |
Loans receivable | 91,152 | 76,183 |
Loans receivable greater than 90 days and accruing | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 214 | 144 |
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due | 861 | 851 |
Residential Portfolio Segment [Member] | ||
Loans receivable, total past due | 302 | |
Loans receivable, current | 140,062 | 64,764 |
Loans receivable | 140,364 | 64,764 |
Loans receivable greater than 90 days and accruing | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans receivable, total past due | 302 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans receivable, total past due | ||
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans receivable, total past due |
Note 5 - Allowances for Loan Losses - Loans by Internal Risk Rating (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Loans receivable | $ 1,436,614 | $ 1,162,049 |
Pass [Member] | ||
Loans receivable | 1,422,542 | 1,142,559 |
Special Mention [Member] | ||
Loans receivable | 2,358 | 1,226 |
Substandard [Member] | ||
Loans receivable | 11,434 | 17,984 |
Doubtful [Member] | ||
Loans receivable | 280 | 280 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 515,738 | 433,304 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 510,186 | 423,382 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 921 | 959 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 4,631 | 8,963 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | ||
Loans receivable | 121,042 | 104,617 |
Construction and Land Development Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 121,042 | 104,617 |
Construction and Land Development Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | ||
Construction and Land Development Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Commercial Portfolio Segment [Member] | ||
Loans receivable | 200,423 | 173,343 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 196,751 | 168,702 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 10 | 140 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 3,382 | 4,221 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 280 | 280 |
Owner Occupied Real Estate [Member] | ||
Loans receivable | 367,895 | 309,838 |
Owner Occupied Real Estate [Member] | Pass [Member] | ||
Loans receivable | 364,032 | 306,040 |
Owner Occupied Real Estate [Member] | Special Mention [Member] | ||
Loans receivable | 1,303 | |
Owner Occupied Real Estate [Member] | Substandard [Member] | ||
Loans receivable | 2,560 | 3,798 |
Owner Occupied Real Estate [Member] | Doubtful [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | ||
Loans receivable | 91,152 | 76,183 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 90,291 | 75,181 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 861 | 1,002 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | ||
Loans receivable | 140,364 | 64,764 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 140,240 | 64,637 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 124 | 127 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | ||
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable |
Note 5 - Allowances for Loan Losses - Non-accrual Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Non-accrual loans | $ 10,341 | $ 14,845 |
Commercial Real Estate Portfolio Segment [Member] | ||
Non-accrual loans | 4,631 | 8,963 |
Construction and Land Development Portfolio Segment [Member] | ||
Non-accrual loans | ||
Commercial Portfolio Segment [Member] | ||
Non-accrual loans | 3,661 | 2,895 |
Owner Occupied Real Estate [Member] | ||
Non-accrual loans | 1,188 | 2,136 |
Consumer Portfolio Segment [Member] | ||
Non-accrual loans | 861 | 851 |
Residential Portfolio Segment [Member] | ||
Non-accrual loans |
Note 5 - Allowances for Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Number of Loans | 5 | 5 |
Troubled debt restructurings, accrual status | $ 6,316 | $ 7,869 |
Troubled debt restructurings, non-accrual status | 1,466 | 349 |
Troubled debt restructurings | $ 7,782 | $ 8,218 |
Commercial Real Estate Portfolio Segment [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 6,316 | $ 6,452 |
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | $ 6,316 | $ 6,452 |
Construction and Land Development Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Commercial Portfolio Segment [Member] | ||
Number of Loans | 3 | 3 |
Troubled debt restructurings, accrual status | $ 1,175 | |
Troubled debt restructurings, non-accrual status | 1,224 | 349 |
Troubled debt restructurings | $ 1,224 | $ 1,524 |
Owner Occupied Real Estate [Member] | ||
Number of Loans | 1 | 1 |
Troubled debt restructurings, accrual status | $ 242 | |
Troubled debt restructurings, non-accrual status | 242 | |
Troubled debt restructurings | $ 242 | $ 242 |
Consumer Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings | ||
Residential Portfolio Segment [Member] | ||
Number of Loans | ||
Troubled debt restructurings, accrual status | ||
Troubled debt restructurings, non-accrual status | ||
Troubled debt restructurings |
Note 6 - Other Real Estate Owned - Reconciliation of Other Real Estate Owned (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Beginning Balance | $ 6,966 | $ 10,174 | $ 11,313 |
Additions | 315 | 291 | 616 |
Valuation adjustments | (563) | (3,000) | (355) |
Dispositions | (495) | (499) | (1,400) |
Ending Balance | $ 6,223 | $ 6,966 | $ 10,174 |
Note 7 - Premises and Equipment (Details Textual) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Depreciation, Total | $ 5,400 | $ 4,600 | $ 3,500 |
Property, Plant and Equipment, Gross, Ending Balance | 115,028 | 97,189 | |
Construction in Progress Land Purchased | $ 2,700 | ||
Number of Specific Store Locations | 7 | ||
Cost of Completion | $ 8,000 | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | $ 8,041 | $ 4,961 |
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Premises and equipment | $ 115,028 | $ 97,189 |
Less accumulated depreciation | (27,367) | (22,242) |
Net premises and equipment | 87,661 | 74,947 |
Land [Member] | ||
Premises and equipment | 15,957 | 12,711 |
Building [Member] | ||
Premises and equipment | 49,204 | 40,519 |
Leasehold Improvements [Member] | ||
Premises and equipment | 20,396 | 20,477 |
Furniture and Fixtures [Member] | ||
Premises and equipment | 21,430 | 18,521 |
Construction in Progress [Member] | ||
Premises and equipment | $ 8,041 | $ 4,961 |
Note 8 - Borrowings (Details Textual) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 10, 2008 |
Jun. 28, 2007 |
Dec. 31, 2006 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Short-term Debt, Total | $ 91,422,000 | ||||||
Maximum Percentage of Capital Permitted to Invest in Trust Preferred Securities | 25.00% | ||||||
Proceeds from Issuance of Common Stock | $ 300,000 | $ 99,175,000 | |||||
Amortization of Debt Issuance Costs | 6,000 | 29,000 | $ 24,000 | ||||
Adjustments to Additional Paid in Capital, Conversion of Debt Securities, Deferred Issuance Costs | $ 467,000 | ||||||
Subordinated Debt [Member] | |||||||
Debt Issuance Costs, Net, Total | 82,000 | $ 555,000 | |||||
Trust Preferred Securities [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,600,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 10,100,000 | ||||||
Director [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 37,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 240,000 | ||||||
Republic Capital Trust II [Member] | |||||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | $ 6,000,000 | ||||||
Proceeds from Issuance of Common Stock | 200,000 | ||||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | |||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 6,200,000 | ||||||
Republic Capital Trust II [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.73% | ||||||
Republic Capital Trust III [Member] | |||||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | $ 5,000,000 | ||||||
Proceeds from Issuance of Common Stock | 200,000 | ||||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | |||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 5,200,000 | ||||||
Republic Capital Trust III [Member] | Junior Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||||
Republic Capital Trust IV [Member] | |||||||
Proceeds from (Repurchase of) Trust Preferred Securities, Total | 10,800,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,700,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 6.50 | ||||||
Republic Capital Trust IV [Member] | Junior Subordinated Debt [Member] | |||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 11,100,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Correspondent Bank [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||||
Long-term Line of Credit, Total | 0 | 0 | |||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | 0 | |||||
Zions Bank [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||||||
Long-term Line of Credit, Total | 0 | ||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 0 | ||||||
Overnight Advances [Member] | |||||||
Collateralized Financings, Total | 1,000,000,000 | ||||||
Federal Home Loan Bank of Pittsburgh [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 717,100,000 | ||||||
Long-term Line of Credit, Total | 0 | 0 | |||||
Short-term Debt, Total | $ 91,400,000 | 0 | |||||
Line of Credit Facility, Interest Rate at Period End | 2.65% | ||||||
Letters of Credit Outstanding, Amount | $ 100,000,000 | 75,000,000 | |||||
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Advances [Member] | |||||||
Long-term Line of Credit, Total | 0 | 0 | |||||
Federal Home Loan Bank, Advances, Activity for Year, Maximum Outstanding at any Month End | $ 206,900,000 | $ 82,900,000 |
Note 9 - Deposits (Details Textual) - USD ($) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Time Deposits, at or Above FDIC Insurance Limit | $ 104,600,000 | $ 57,500,000 |
Related Party Deposit Liabilities | 102,700,000 | 107,100,000 |
Brokered Deposits | 18,600,000 | 18,400,000 |
Bank Overdrafts | $ 277,000 | $ 132,000 |
Note 9 - Deposits - Contractual Maturities of the Certificates of Deposit (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Certificates of Deposit, 2019 | $ 94,022 | |
Certificates of Deposit, 2020 | 57,138 | |
Certificates of Deposit, 2021 | 1,135 | |
Certificates of Deposit, 2022 | 958 | |
Certificates of Deposit, 2023 | 1,004 | |
Certificates of Deposit, thereafter | ||
Certificates of Deposit | $ 154,257 | $ 116,737 |
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | ||
Net Deferred Tax Asset Before Valuation Allowance | $ 12,715 | $ 12,715 | $ 12,334 | $ 12,715 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 15.00% | 27.00% | |||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 5,549 | 5,549 | $ 3,541 | $ 5,549 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 8,800 | ||||
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 2,789 | 2,789 | 3,935 | 2,789 | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 0 | 0 | $ 12,200 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax Asset Valuation Allowance | $ 10,600 | ||||
Liability for Uncertainty in Income Taxes, Current | 0 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | $ 0 | $ 0 |
Note 10 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Federal | $ 2,137 | $ 261 | |
State | 51 | ||
Federal | 2,006 | (5,056) | (380) |
State | (479) | ||
Total provision (benefit) for income taxes | $ 1,578 | $ (2,919) | $ (119) |
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Tax provision computed at federal statutory rate | $ 2,143 | $ 2,095 | $ 1,689 | ||||||||
State income tax, net of federal benefit | (340) | ||||||||||
Tax exempt interest | (430) | (573) | (582) | ||||||||
Deferred tax only items | 199 | ||||||||||
Effect of change in tax rate | 7,661 | ||||||||||
Deferred tax asset valuation allowance adjustment | (12,214) | (1,508) | |||||||||
Other | 6 | 112 | 282 | ||||||||
Total provision (benefit) for income taxes | $ 54 | $ 622 | $ 530 | $ 372 | $ (2,881) | $ 4 | $ (8) | $ (34) | $ 1,578 | $ (2,919) | $ (119) |
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Allowance for loan losses | $ 2,185 | $ 2,047 |
Deferred compensation | 591 | 557 |
Unrealized losses on securities available for sale | 3,935 | 2,789 |
Realized losses in other than temporary impairment charge | 65 | |
Foreclosed real estate write-downs | 2,351 | 1,468 |
Interest income on non-accrual loans | 615 | 525 |
Net operating loss carryforward | 3,541 | 5,549 |
Other | 1,472 | 1,266 |
Total deferred tax assets | 14,690 | 14,266 |
Deferred loan costs | 1,103 | 998 |
Premises and equipment | 634 | 211 |
Other | 619 | 342 |
Total deferred tax liabilities | 2,356 | 1,551 |
Net deferred tax asset | $ 12,334 | $ 12,715 |
Note 11 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Standby Letters of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 13.9 | $ 12.6 |
Commitments to Extend Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 286.4 | $ 264.3 |
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Operating Leases, Rent Expense, Net, Total | $ 4.4 | $ 4.0 | $ 3.4 |
Note 12 - Commitments and Contingencies - Minimum Annual Rental Payments (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
2019 | $ 4,124 |
2020 | 4,128 |
2021 | 2,879 |
2022 | 2,590 |
2023 | 1,916 |
Thereafter | 36,036 |
Total | $ 51,673 |
Note 13 - Regulatory Capital (Details Textual) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jan. 01, 2016 |
Jan. 01, 2015 |
---|---|---|---|---|
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 48.5 | |||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% | ||
Capital Conservation Buffer | 2.50% | 0.625% | ||
Common Equity Tier 1, Deductions and Other Adjustments, Initial | 40.00% | |||
Common Equity Tier 1, Deductions and Other Adjustments, Phase 2 | 80.00% | |||
Subsidiaries [Member] | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | ||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Note 13 - Regulatory Capital - Capital Regulatory Ratios (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Capital | $ 262,964 | $ 249,510 | |
Capital to risk-weighted assets | 15.03% | 16.70% | |
Capital required for capital adequacy | $ 140,009 | $ 119,521 | |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% | |
Capital required for capital adequacy, with capital buffer | $ 172,824 | $ 138,197 | |
Total capital (to risk-weighted assets) | 9.875% | 9.25% | 8.625% |
Capital required to be well capitalized | |||
Capital required to be well capitalized to risk-weighted assets | |||
Tier one risk-based capital | $ 254,349 | $ 240,911 | |
Tier one risk-based capital to risk-weighted assets | 14.53% | 16.13% | |
Tier one risk-based capital required for capital adequacy | $ 105,007 | $ 89,641 | |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 6.00% | |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 137,821 | $ 108,316 | |
Tier 1 capital (to risk weighted assets) | 7.875% | 7.25% | 6.625% |
Tier one risk-based capital required to be well capitalized | |||
Tier one risk-based capital required to be well capitalized to risk-weighted assets | |||
Common equity tier one risk-based capital | $ 243,349 | $ 220,433 | |
Common equity tier one risk-based capital to risk-weighted assets | 13.90% | 14.75% | |
Common equity tier one risk-based capital required for capital adequacy | $ 78,755 | $ 67,231 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% | |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 111,570 | $ 85,906 | |
Common equity tier 1 capital (CET1) | 6.375% | 5.75% | 5.125% |
Common equity tier one risk-based capital required to be well capitalized | |||
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | |||
Tier one leverage capital | $ 254,349 | $ 240,911 | |
Tier one leverage capital to average assets | 9.35% | 10.64% | |
Tier one leverage capital required for capital adequacy | $ 108,800 | $ 90,586 | |
Tier one leverage capital required for capital adequacy to risk average assets | 4.00% | 4.00% | |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 108,800 | $ 90,586 | |
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4.00% | 4.00% | |
Tier one leverage capitalrequired to be well capitalized | |||
Tier one leverage capitalrequired to be well capitalized to average assets | |||
Subsidiaries [Member] | |||
Capital | $ 231,610 | $ 187,732 | |
Capital to risk-weighted assets | 13.26% | 12.57% | |
Capital required for capital adequacy | $ 139,722 | $ 119,446 | |
Capital required for capital adequacy to risk-weighted assets | 8.00% | 8.00% | |
Capital required for capital adequacy, with capital buffer | $ 172,489 | $ 138,109 | |
Total capital (to risk-weighted assets) | 9.875% | 9.25% | |
Capital required to be well capitalized | $ 174,652 | $ 149,307 | |
Capital required to be well capitalized to risk-weighted assets | 10.00% | 10.00% | |
Tier one risk-based capital | $ 222,995 | $ 179,133 | |
Tier one risk-based capital to risk-weighted assets | 12.77% | 12.00% | |
Tier one risk-based capital required for capital adequacy | $ 104,791 | $ 89,584 | |
Tier one risk-based capital required for capital adequacy to risk-weighted assets | 6.00% | 6.00% | |
Tier one risk-based capital required for capital adequacy, with capital buffer | $ 137,539 | $ 108,248 | |
Tier 1 capital (to risk weighted assets) | 7.875% | 7.25% | |
Tier one risk-based capital required to be well capitalized | $ 139,722 | $ 119,446 | |
Tier one risk-based capital required to be well capitalized to risk-weighted assets | 8.00% | 8.00% | |
Common equity tier one risk-based capital | $ 222,995 | $ 179,133 | |
Common equity tier one risk-based capital to risk-weighted assets | 12.77% | 12.00% | |
Common equity tier one risk-based capital required for capital adequacy | $ 78,594 | $ 67,188 | |
Common equity tier one risk-based capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% | |
Common equity tier one risk-based capital required for capital adequacy, with capital buffer | $ 111,341 | $ 85,852 | |
Common equity tier 1 capital (CET1) | 6.375% | 5.75% | |
Common equity tier one risk-based capital required to be well capitalized | $ 113,524 | $ 97,050 | |
Common equity tier one risk-based capital required to be well capitalized to risk-weighted assets | 6.50% | 6.50% | |
Tier one leverage capital | $ 222,995 | $ 179,133 | |
Tier one leverage capital to average assets | 8.21% | 7.91% | |
Tier one leverage capital required for capital adequacy | $ 108,685 | $ 90,531 | |
Tier one leverage capital required for capital adequacy to risk average assets | 4.00% | 4.00% | |
Tier one leverage capital required for capital adequacy, with capital buffer | $ 108,685 | $ 90,531 | |
Tier one leverage capitalrequired for capital adequacy to average assets, with capital buffer | 4.00% | 4.00% | |
Tier one leverage capitalrequired to be well capitalized | $ 135,857 | $ 113,164 | |
Tier one leverage capitalrequired to be well capitalized to average assets | 5.00% | 5.00% |
Note 13 - Regulatory Capital - Required Capital Ratios with Conversion Buffers (Details) |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Common equity tier 1 capital (CET1) | 6.375% | 5.75% | 5.125% | |
Tier 1 capital (to risk weighted assets) | 7.875% | 7.25% | 6.625% | |
Total capital (to risk-weighted assets) | 9.875% | 9.25% | 8.625% | |
Scenario, Forecast [Member] | ||||
Common equity tier 1 capital (CET1) | 7.00% | |||
Tier 1 capital (to risk weighted assets) | 8.50% | |||
Total capital (to risk-weighted assets) | 10.50% |
Note 14 - Benefit Plans (Details Textual) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
shares
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 31, 2016
USD ($)
shares
|
|
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Cost | $ 1,100,000 | $ 927,000 | $ 627,000 |
Annuity Payment, Maximum Contractual Term | 10 years | ||
Retirement Age to Be Attained to Receive Postretirement Benefits | 65 | ||
Liability, Defined Benefit Pension Plan | $ 1,100,000 | 1,200,000 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | $ 18,000 | 24,000 | 31,000 |
Deferred Compensation Plan, Benefits, Number of Years to Vest | 3 years | ||
Deferred Compensation Plan, Amount Vested | $ 1,200,000 | 1,200,000 | |
Deferred Compensation Arrangement With Individual, Expense Reduction | $ 15,000 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 28,000 | $ 88,000 | |
Deferred Compensation Plan, Shares Acquired | shares | 0 | 0 | 0 |
Deferred Compensation Plan, Shares Held | shares | 25,437 | 25,437 | |
Other Assets [Member] | |||
Cash Surrender Value of Life Insurance | $ 2,500,000 | $ 2,400,000 | |
Minimum [Member] | |||
Annual Annuity Payments | 15,000 | ||
Maximum [Member] | |||
Annual Annuity Payments | $ 25,000 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue from Contract with Customer, Including Assessed Tax | $ 5,650,000 | $ 4,081,000 | $ 2,993,000 |
Servicing Asset, Total | $ 204,400,000 | $ 204,900,000 | |
SBA Servicing Assets [Member] | |||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Key Assumptions, Percent | 10.00% | 10.00% | |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Key Assumptions | 20.00% | 20.00% | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Mortgages Held-for-sale, Fair Value Disclosure | $ 0 | $ 0 | |
Interest and Fees [Member] | |||
Interest and Fee Income, Loans Held-for-sale, Mortgages | 1,200,000 | 976,000 | |
Shareholder Service [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,000,000 | $ 1,800,000 | $ 1,800,000 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets Measured at on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|---|
Total, available for sale, fair value | $ 321,014 | $ 464,430 | |||
SBA Servicing Assets | 4,785 | 5,243 | $ 5,352 | $ 4,886 | |
Collateralized Mortgage Obligations [Member] | |||||
Total, available for sale, fair value | 196,259 | 320,241 | |||
Agency Mortgage-backed Securities [Member] | |||||
Total, available for sale, fair value | 38,499 | 54,866 | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Total, available for sale, fair value | 20,639 | 15,100 | |||
Corporate Debt Securities [Member] | |||||
Total, available for sale, fair value | 59,274 | 60,282 | |||
Asset-backed Securities [Member] | |||||
Total, available for sale, fair value | 6,343 | 13,452 | |||
Collateralized Debt Obligations [Member] | |||||
Total, available for sale, fair value | 489 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Total, available for sale, fair value | 321,014 | 464,430 | |||
Mortgages Held-for-sale, Fair Value Disclosure | 20,887 | 43,375 | |||
SBA Servicing Assets | 4,785 | 5,243 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Mortgages Held-for-sale, Fair Value Disclosure | |||||
SBA Servicing Assets | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | 317,945 | 460,855 | |||
Mortgages Held-for-sale, Fair Value Disclosure | 20,887 | 43,375 | |||
SBA Servicing Assets | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | 3,069 | 3,575 | |||
Mortgages Held-for-sale, Fair Value Disclosure | |||||
SBA Servicing Assets | 4,785 | 5,243 | |||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||||
Total, available for sale, fair value | 196,259 | 320,241 | |||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | 196,259 | 320,241 | |||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | |||||
Total, available for sale, fair value | 38,499 | 54,866 | |||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | 38,499 | 54,866 | |||
Fair Value, Measurements, Recurring [Member] | Agency Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | |||||
Total, available for sale, fair value | 20,639 | 15,100 | |||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | 20,639 | 15,100 | |||
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||
Total, available for sale, fair value | 59,274 | 60,282 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | 56,205 | 57,196 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | 3,069 | 3,086 | |||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | |||||
Total, available for sale, fair value | 6,343 | 13,452 | |||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | 6,343 | 13,452 | |||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | |||||
Derivative Asset | 410 | 363 | |||
Derivative Liability | 1 | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Asset | 410 | 363 | |||
Derivative Liability | 1 | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | |||||
Derivative Asset | 5 | 5 | |||
Derivative Liability | 138 | 93 | |||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Asset | 5 | 5 | |||
Derivative Liability | 138 | 93 | |||
Fair Value, Measurements, Recurring [Member] | Best Efforts Forward Loan sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | |||||
Derivative Asset | 10 | 19 | |||
Derivative Liability | 230 | 195 | |||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Asset | 10 | 19 | |||
Derivative Liability | 230 | 195 | |||
Fair Value, Measurements, Recurring [Member] | Mandatory Forward Loan Sales Commitments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset | |||||
Derivative Liability | |||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | |||||
Total, available for sale, fair value | $ 489 | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Total, available for sale, fair value | |||||
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Total, available for sale, fair value | $ 489 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - SBA Servicing Assets Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Balance | $ 5,243 | $ 5,352 | $ 4,886 |
Additions | 1,000 | 1,078 | 1,541 |
Fair value adjustments | (1,458) | (1,187) | (1,075) |
Balance | $ 4,785 | $ 5,243 | $ 5,352 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Collateralized Debt Obligations [Member] | |||
Balance | $ 489 | $ 1,820 | $ 1,883 |
Security transferred to Level 3 measurement | |||
Unrealized (losses) gains | 237 | 1,006 | (56) |
Paydowns | |||
Proceeds from sales | (660) | (1,539) | |
Realized losses | (66) | (798) | |
Impairment charges on Level 3 | (7) | ||
Balance | 489 | 1,820 | |
Corporate Debt Securities [Member] | |||
Balance | 3,086 | 2,971 | 2,834 |
Security transferred to Level 3 measurement | |||
Unrealized (losses) gains | (17) | 115 | 137 |
Paydowns | |||
Proceeds from sales | |||
Realized losses | |||
Impairment charges on Level 3 | |||
Balance | $ 3,069 | $ 3,086 | $ 2,971 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Impaired loans | $ 5,955 | $ 7,322 |
Other real estate owned | 1,114 | 5,727 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Other real estate owned | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 5,955 | 7,322 |
Other real estate owned | $ 1,114 | $ 5,727 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Quantitative Information about Level 3 Assets (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|||||||
---|---|---|---|---|---|---|---|---|---|
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | |||||||||
Fair Value | $ 3,069 | $ 3,086 | |||||||
Valuation Technique, Discounted Cash Flow [Member] | Corporate Debt Securities [Member] | Measurement Input, Discount Rate [Member] | |||||||||
Securities, unobservable input | (0.0824) | (0.0599) | |||||||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | |||||||||
Fair Value | $ 4,785 | $ 5,243 | |||||||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Discount Rate [Member] | |||||||||
SBA servicing assets, unobservable input | (0.115) | (0.105) | |||||||
Valuation Technique, Discounted Cash Flow [Member] | SBA Servicing Assets [Member] | Measurement Input, Prepayment Rate [Member] | |||||||||
SBA servicing assets, unobservable input | (0.1031) | (0.0785) | |||||||
Valuation Technique, Discounted Cash Flow [Member] | Collateralized Debt Obligations [Member] | |||||||||
Fair Value | $ 489 | ||||||||
Valuation Technique, Discounted Cash Flow [Member] | Collateralized Debt Obligations [Member] | Measurement Input, Discount Rate [Member] | |||||||||
Securities, unobservable input | (0.0833) | ||||||||
Valuation, Market Approach [Member] | Impaired Loans [Member] | |||||||||
Fair Value | [1] | $ 5,955 | $ 7,322 | ||||||
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||||||||
Impaired loans, unobservable input | [2],[3] | 0.11 | 0.1 | ||||||
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||||||||
Impaired loans, unobservable input | [2],[3] | 0.24 | 0.21 | ||||||
Valuation, Market Approach [Member] | Impaired Loans [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||||||||
Impaired loans, unobservable input | [3] | (0.13) | (0.14) | ||||||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | |||||||||
Fair Value | [1] | $ 1,114 | |||||||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Minimum [Member] | |||||||||
Other real estate owned, unobservable input | [2],[3] | 0.04 | |||||||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Maximum [Member] | |||||||||
Other real estate owned, unobservable input | [2],[3] | (0.07) | 0.07 | ||||||
Appraised Value of Collateral [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | Weighted Average [Member] | |||||||||
Other real estate owned, unobservable input | [2],[3] | (0.07) | |||||||
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | |||||||||
Fair Value | $ 5,727 | ||||||||
Sales Price Valuation Technique [Member] | Other Real Estate Owned [Member] | Measurement Input, Liquidation Expenses [Member] | |||||||||
Other real estate owned, unobservable input | [2],[3] | (0.22) | |||||||
|
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Aggregate Unpaid Principal Balance | $ 20,071 | $ 42,046 |
Excess Carrying Amount Over Aggregate Unpaid Principle Balance | 816 | 1,329 |
Reported Value Measurement [Member] | ||
Carrying Amount | $ 20,887 | $ 43,375 |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - SBA Servicing Assets Sensitivity Analysis (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value of SBA Servicing Asset | $ 4,785 | $ 5,243 | $ 5,352 | $ 4,886 |
Composition of SBA loans serviced for others | 100.00% | 100.00% | ||
Weighted Average Remaining Term (in years) (Year) | 20 years 146 days | 20 years 182 days | ||
Prepayment Speed | 10.31% | 7.85% | ||
Effect on fair value of a 10% increase | $ (170) | $ (171) | ||
Effect on fair value of a 20% increase | $ (330) | $ (333) | ||
Weighted Average Discount Rate | 11.50% | 10.50% | ||
Effect on fair value of a 10% increase | $ (186) | $ (211) | ||
Effect on fair value of a 20% increase | $ (359) | $ (407) | ||
Fixed Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 2.00% | 2.00% | ||
Adjustable Rate SBA Loans [Member] | ||||
Composition of SBA loans serviced for others | 98.00% | 98.00% |
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Investment securities available for sale, at fair value | $ 321,014 | $ 464,430 | ||
Investment securities held to maturity, at fair value | 747,323 | 463,799 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | $ 5,352 | $ 4,886 |
Reported Value Measurement [Member] | ||||
Cash and cash equivalents | 72,473 | 61,942 | ||
Investment securities available for sale, at fair value | 321,014 | 464,430 | ||
Investment securities held to maturity, at fair value | 761,563 | 472,213 | ||
Restricted stock | 5,754 | 1,918 | ||
Loans held for sale | 26,291 | 45,700 | ||
Loans receivable, net | 1,427,983 | 1,153,679 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | ||
Accrued interest receivable | 9,025 | 7,009 | ||
Demand, savings and money market | 2,238,610 | 1,946,558 | ||
Time | 154,257 | 116,737 | ||
Subordinated debt | 11,259 | 21,681 | ||
Accrued interest payable | 558 | 293 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Reported Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 410 | 363 | ||
Derivative liability | 1 | |||
Reported Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 5 | ||
Derivative liability | 138 | 93 | ||
Reported Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 10 | 19 | ||
Derivative liability | 230 | 195 | ||
Estimate of Fair Value Measurement [Member] | ||||
Cash and cash equivalents | 72,473 | 61,942 | ||
Investment securities available for sale, at fair value | 321,014 | 464,430 | ||
Investment securities held to maturity, at fair value | 747,323 | 463,799 | ||
Restricted stock | 5,754 | 1,918 | ||
Loans held for sale | 26,291 | 45,714 | ||
Loans receivable, net | 1,410,945 | 1,120,305 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | ||
Accrued interest receivable | 9,025 | 7,009 | ||
Demand, savings and money market | 2,238,610 | 1,946,558 | ||
Time | 152,989 | 115,673 | ||
Subordinated debt | 8,279 | 18,458 | ||
Accrued interest payable | 558 | 293 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 410 | 363 | ||
Derivative liability | 1 | |||
Estimate of Fair Value Measurement [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 5 | ||
Derivative liability | 138 | 93 | ||
Estimate of Fair Value Measurement [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 10 | 19 | ||
Derivative liability | 230 | 195 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 72,473 | 61,942 | ||
Investment securities available for sale, at fair value | ||||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | ||||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | ||||
Accrued interest payable | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 317,945 | 460,855 | ||
Investment securities held to maturity, at fair value | 747,323 | 463,799 | ||
Restricted stock | 5,754 | 1,918 | ||
Loans held for sale | 20,887 | 43,375 | ||
Loans receivable, net | ||||
Fair Value of SBA Servicing Asset | ||||
Accrued interest receivable | 9,025 | 7,009 | ||
Demand, savings and money market | 2,238,610 | 1,946,558 | ||
Time | 152,989 | 115,673 | ||
Subordinated debt | ||||
Accrued interest payable | 558 | 293 | ||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | 410 | 363 | ||
Derivative liability | 1 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | 5 | 5 | ||
Derivative liability | 138 | 93 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | 10 | 19 | ||
Derivative liability | 230 | 195 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents | ||||
Investment securities available for sale, at fair value | 3,069 | 3,575 | ||
Investment securities held to maturity, at fair value | ||||
Restricted stock | ||||
Loans held for sale | 5,404 | 2,339 | ||
Loans receivable, net | 1,410,945 | 1,120,305 | ||
Fair Value of SBA Servicing Asset | 4,785 | 5,243 | ||
Accrued interest receivable | ||||
Demand, savings and money market | ||||
Time | ||||
Subordinated debt | 8,279 | 18,458 | ||
Accrued interest payable | ||||
Commitments to extend credit | ||||
Standby letters-of-credit | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability | ||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||||
Derivative asset | ||||
Derivative liability |
Note 16 - Stock Based Compensation (Details Textual) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Apr. 29, 2014 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,106,800 | 916,000 | 661,750 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value, Aggregate | $ 3,030,999 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 753,864 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,861,650 | 3,005,825 | 2,332,900 | 1,947,725 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,899,487 | 1,346,723 | 1,049,674 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 76,125 | 45,100 | 50,300 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,406,394 | $ 2,508,314 | $ 1,104,424 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,300,000 | ||||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 753,864 | 529,624 | 519,050 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 3,861,650 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,899,487 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,600,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 76,125 | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value Amount | $ 235,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,400,000 | ||||
Employee Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 5 years 182 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 5 years | ||||
Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Fair Value Assumptions, Expected Volatility Rate, Term Calculation | 7 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Term Calculation | 7 years | ||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Employee Stock Option [Member] | Stock Options and Restricted Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Employee Stock Option [Member] | The 2014 Republic First Bancorp, Inc. Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,600,000 | 6,300,000 | |||
Minimum Percentage of Outstanding Shares as Annual Adjustment | 10.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,106,800 |
Note 16 - Stock Based Compensation - Valuation Assumptions (Details) |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||
Expected volatility | [1],[2] | 28.22% | ||||||||||||
Expected life (Year) | [3] | 6 years 91 days | ||||||||||||
Assumed forfeiture rate | [4] | 4.00% | 6.00% | 10.00% | ||||||||||
Minimum [Member] | ||||||||||||||
Expected volatility | [1],[2] | 44.00% | 46.38% | |||||||||||
Risk-free interest rate | [5] | 2.35% | 1.89% | 1.23% | ||||||||||
Expected life (Year) | [3] | 5 years 182 days | 5 years 182 days | |||||||||||
Maximum [Member] | ||||||||||||||
Expected volatility | [1],[2] | 50.093% | 52.543% | |||||||||||
Risk-free interest rate | [5] | 2.96% | 2.30% | 1.82% | ||||||||||
Expected life (Year) | [3] | 7 years | 7 years | |||||||||||
|
Note 16 - Stock Based Compensation - Stock-based Compensation (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Stock based compensation expense recognized | $ 2,116,000 | $ 1,842,000 | $ 759,000 |
Number of unvested stock options (in shares) | 1,962,163 | 1,659,102 | 1,283,226 |
Fair value of unvested stock options | $ 5,550,820 | $ 4,587,565 | $ 2,184,773 |
Amount remaining to be recognized as expense | $ 3,406,394 | $ 2,508,314 | $ 1,104,424 |
Note 16 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Outstanding, beginning of year, shares (in shares) | 3,005,825 | 2,332,900 | 1,947,725 |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 4.98 | $ 3.70 | $ 3.56 |
Granted, number of shares (in shares) | 1,106,800 | 916,000 | 661,750 |
Granted, weighted average exercise price (in dollars per share) | $ 8.34 | $ 8.03 | $ 4.06 |
Exercised, shares (in shares) | (174,850) | (197,975) | (226,275) |
Exercise, weighted average exercise price (in dollars per share) | $ 3.83 | $ 3.26 | $ 3.21 |
Forfeited, shares (in shares) | (76,125) | (45,100) | (50,300) |
Forfeited, weighted average exercise price (in dollars per share) | $ 6.80 | $ 7.95 | $ 5.21 |
Outstanding, end of year, shares (in shares) | 3,861,650 | 3,005,825 | 2,332,900 |
Outstanding, end of year, weighted average exercise price (in dollars per share) | $ 5.96 | $ 4.98 | $ 3.70 |
Options exercisable at year-end, shares (in shares) | 1,899,487 | 1,346,723 | 1,049,674 |
Options exercisable at year-end, weighted average exercise price (in dollars per share) | $ 4.53 | $ 3.55 | $ 3.70 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.85 | $ 3.75 | $ 1.80 |
Note 16 - Stock Based Compensation - Stock Option Exercises (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Options exercised (in shares) | 174,850 | 197,975 | 226,275 |
Net proceeds from exercise of stock options | $ 670,413 | $ 646,263 | $ 726,157 |
Intrinsic value | 814,855 | 991,957 | 739,699 |
Tax benefit | $ 12,288 | $ 81,589 |
Note 16 - Stock Based Compensation - Options Outstanding (Details) |
12 Months Ended |
---|---|
Dec. 31, 2018
$ / shares
shares
| |
Options outstanding (in shares) | shares | 3,861,650 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 5.96 |
Options exercisable (in shares) | shares | 1,899,487 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.53 |
Range 1 [Member] | |
Lower range limit (in dollars per share) | 1.55 |
Upper range limit (in dollars per share) | $ 3.53 |
Options outstanding (in shares) | shares | 518,200 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 2.52 |
Options exercisable (in shares) | shares | 508,200 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 2.50 |
Range 2 [Member] | |
Lower range limit (in dollars per share) | 3.55 |
Upper range limit (in dollars per share) | $ 3.95 |
Options outstanding (in shares) | shares | 663,050 |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 3.62 |
Options exercisable (in shares) | shares | 526,312 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 3.64 |
Range 3 [Member] | |
Lower range limit (in dollars per share) | 3.99 |
Upper range limit (in dollars per share) | $ 7.85 |
Options outstanding (in shares) | shares | 737,225 |
Options outstanding, weighted-average remaining contractual life (Year) | 6 years 73 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 4.50 |
Options exercisable (in shares) | shares | 435,850 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 4.55 |
Range 4 [Member] | |
Lower range limit (in dollars per share) | 8 |
Upper range limit (in dollars per share) | $ 9.50 |
Options outstanding (in shares) | shares | 1,943,175 |
Options outstanding, weighted-average remaining contractual life (Year) | 8 years 182 days |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 8.23 |
Options exercisable (in shares) | shares | 429,125 |
Options exercisable, weighted-average exercise price (in dollars per share) | $ 8 |
Note 16 - Stock Based Compensation - Roll-forward of Non-vested Options (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Nonvested, beginning year, number of shares (in shares) | 1,659,102 | 1,283,226 | |
Nonvested, beginning of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.77 | ||
Granted, number of shares (in shares) | 1,106,800 | 916,000 | 661,750 |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.85 | $ 3.75 | $ 1.80 |
Vested, number of shares (in shares) | (753,864) | ||
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.92 | ||
Forfeited, number of shares (in shares) | (49,875) | ||
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.94 | ||
Nonvested, end of year, number of shares (in shares) | 1,962,163 | 1,659,102 | 1,283,226 |
Nonvested, end of year, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 2.83 | $ 2.77 |
Note 17 - Segment Reporting (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Number of Reportable Segments | 1 |
Note 18 - Transactions With Affiliates and Related Parties (Details Textual) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Related Party Transaction, Amounts of Transaction | $ 685,000 | $ 653,000 | $ 1,000,000 |
Glassboro Properties, LLC. [Member] | |||
Related Party Transaction, Amounts of Transaction | 165,000 | 172,000 | 194,000 |
Purchase of Marketing and Graphic Design Services [Member] | InterArch [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 400,000 | 361,000 | 450,000 |
Vernon W Hill [Member] | |||
Major Shareholder Ownership Percentage | 8.10% | ||
Consulting Arrangement [Member] | Vernon W Hill [Member] | |||
Related Party Transaction, Amounts of Transaction | 250,000 | ||
Public Relations Services [Member] | Brian Communications [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 120,000 | $ 120,000 | $ 120,000 |
Note 19 - Parent Company Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Other assets | $ 30,299 | $ 28,532 | ||
Total Assets | 2,753,297 | 2,322,347 | ||
Total Liabilities | 2,508,108 | 2,095,887 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 245,189 | 226,460 | $ 215,053 | $ 113,375 |
Total Liabilities and Shareholders’ Equity | 2,753,297 | 2,322,347 | ||
Parent Company [Member] | ||||
Cash | 27,722 | 60,309 | ||
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation | 341 | 676 | ||
Investment in subsidiaries | 220,864 | 181,256 | ||
Other assets | 7,572 | 5,931 | ||
Total Assets | 256,499 | 248,172 | ||
Accrued expenses | 51 | 31 | ||
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation | 11,259 | 21,681 | ||
Total Liabilities | 11,310 | 21,712 | ||
Shareholders’ Equity | ||||
Total Shareholders’ Equity | 245,189 | 226,460 | $ 215,053 | $ 113,375 |
Total Liabilities and Shareholders’ Equity | $ 256,499 | $ 248,172 |
Note 19 - Parent Company Financial Information - Statements of Income, Comprehensive Income (Loss), and Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Interest income | $ 19,980 | $ 19,146 | $ 18,662 | $ 18,116 | $ 16,867 | $ 15,712 | $ 15,267 | $ 14,219 | $ 75,904 | $ 62,065 | $ 47,364 |
Net loss before taxes | 10,205 | 5,986 | 4,826 | ||||||||
Provision (benefit) for income taxes | 54 | 622 | 530 | 372 | (2,881) | 4 | (8) | (34) | 1,578 | (2,919) | (119) |
Net income | 2,157 | $ 2,322 | $ 2,371 | 1,777 | 2,738 | $ 2,321 | $ 2,059 | 1,787 | 8,627 | 8,905 | 4,945 |
Other comprehensive income/loss, net of tax | (2,778) | (215) | (4,129) | ||||||||
Total comprehensive income (loss) | 5,849 | 8,690 | 816 | ||||||||
Balance | 226,460 | 215,053 | 226,460 | 215,053 | 113,375 | ||||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering costs of $825 | 99,175 | ||||||||||
Stock based compensation | 2,116 | 1,842 | 759 | ||||||||
Stock options issued in acquisition | 202 | ||||||||||
Options exercised | 670 | 646 | 726 | ||||||||
Conversion of subordinated debt to common shares | 10,094 | 229 | |||||||||
Balance | 245,189 | 226,460 | 245,189 | 226,460 | 215,053 | ||||||
Parent Company [Member] | |||||||||||
Interest income | 13 | 37 | 35 | ||||||||
Total income | 13 | 37 | 35 | ||||||||
Trust preferred interest expense | 441 | 1,225 | 1,160 | ||||||||
Other expenses | 4,972 | 1,424 | 717 | ||||||||
Total expenses | 5,413 | 2,649 | 1,877 | ||||||||
Net loss before taxes | (5,400) | (2,612) | (1,842) | ||||||||
Provision (benefit) for income taxes | (1,640) | (914) | (645) | ||||||||
Loss before undistributed income of subsidiaries | (3,760) | (1,698) | (1,197) | ||||||||
Equity in undistributed income of subsidiaries | 12,387 | 10,603 | 6,142 | ||||||||
Net income | 8,627 | 8,905 | 4,945 | ||||||||
Other comprehensive income/loss, net of tax | (2,778) | (215) | (4,129) | ||||||||
Total comprehensive income (loss) | 5,849 | 8,690 | 816 | ||||||||
Balance | $ 226,460 | $ 215,053 | 226,460 | 215,053 | 113,375 | ||||||
Proceeds from shares issued under common stock offering (18,691,589 shares) net of offering costs of $825 | 99,175 | ||||||||||
Stock based compensation | 2,116 | 1,842 | 759 | ||||||||
Stock options issued in acquisition | 202 | ||||||||||
Options exercised | 670 | 646 | 726 | ||||||||
Conversion of subordinated debt to common shares | 10,094 | 229 | |||||||||
Balance | $ 245,189 | $ 226,460 | $ 245,189 | $ 226,460 | $ 215,053 |
Note 19 - Parent Company Financial Information - Statements of Cash Flows (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 10, 2008 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Net income | $ 2,157,000 | $ 2,322,000 | $ 2,371,000 | $ 1,777,000 | $ 2,738,000 | $ 2,321,000 | $ 2,059,000 | $ 1,787,000 | $ 8,627,000 | $ 8,905,000 | $ 4,945,000 | |
Share based compensation | 2,116,000 | 1,842,000 | 759,000 | |||||||||
Amortization of debt issuance costs | 6,000 | 29,000 | 24,000 | |||||||||
Net cash used in operating activities | 39,630,000 | (984,000) | 5,289,000 | |||||||||
Net cash used in investing activities | (450,763,000) | (357,899,000) | (459,481,000) | |||||||||
Net proceeds from stock offering | $ 300,000 | 99,175,000 | ||||||||||
Net proceeds from exercise of stock options | 670,413 | 646,263 | 726,157 | |||||||||
Net cash provided by financing activities | 421,664,000 | 386,271,000 | 461,607,000 | |||||||||
Increase (decrease) in cash | 10,531,000 | 27,388,000 | 7,415,000 | |||||||||
Cash and cash equivalents, beginning of year | 61,942,000 | 34,554,000 | 61,942,000 | 34,554,000 | 27,139,000 | |||||||
Cash and cash equivalents, end of year | 72,473,000 | 61,942,000 | 72,473,000 | 61,942,000 | 34,554,000 | |||||||
Parent Company [Member] | ||||||||||||
Net income | 8,627,000 | 8,905,000 | 4,945,000 | |||||||||
Share based compensation | 2,116,000 | 1,842,000 | 961,000 | |||||||||
Amortization of debt issuance costs | 6,000 | 29,000 | 24,000 | |||||||||
Increase in other assets | (1,639,000) | (1,342,000) | (716,000) | |||||||||
Net increase (decrease) in other liabilities | 20,000 | (179,000) | 190,000 | |||||||||
Equity in undistributed income of subsidiaries | (12,387,000) | (10,603,000) | (6,142,000) | |||||||||
Net cash used in operating activities | (3,257,000) | (1,348,000) | (738,000) | |||||||||
Investment in subsidiary | (30,000,000) | (40,203,000) | ||||||||||
Net cash used in investing activities | (30,000,000) | (40,203,000) | ||||||||||
Net proceeds from stock offering | 99,175,000 | |||||||||||
Net proceeds from exercise of stock options | 670,000 | 646,000 | 726,000 | |||||||||
Net cash provided by financing activities | 670,000 | 646,000 | 99,901,000 | |||||||||
Increase (decrease) in cash | (32,587,000) | (702,000) | 58,960,000 | |||||||||
Cash and cash equivalents, beginning of year | $ 60,309,000 | $ 61,011,000 | 60,309,000 | 61,011,000 | 2,051,000 | |||||||
Cash and cash equivalents, end of year | $ 27,722,000 | $ 60,309,000 | $ 27,722,000 | $ 60,309,000 | $ 61,011,000 |
Note 20 - Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Interest income | $ 25,293 | $ 23,558 | $ 22,324 | $ 20,899 | $ 19,409 | $ 17,922 | $ 17,331 | $ 16,187 | $ 92,074 | $ 70,849 | $ 54,227 | ||||||||||
Interest expense | 5,313 | 4,412 | 3,662 | 2,783 | 2,542 | 2,210 | 2,064 | 1,968 | 16,170 | 8,784 | 6,863 | ||||||||||
Interest income | 19,980 | 19,146 | 18,662 | 18,116 | 16,867 | 15,712 | 15,267 | 14,219 | 75,904 | 62,065 | 47,364 | ||||||||||
Provision for loan losses | 600 | 500 | 800 | 400 | 400 | 500 | 2,300 | 900 | 1,557 | ||||||||||||
Total non-interest income | 4,888 | 5,131 | 5,768 | 4,535 | 5,012 | 5,778 | 4,969 | 4,338 | 20,322 | 20,097 | 15,312 | ||||||||||
Non-interest expense | 22,057 | 20,833 | 20,729 | 20,102 | 21,622 | 19,165 | 17,685 | 16,804 | 83,721 | 75,276 | 56,293 | ||||||||||
Provision (benefit) for income taxes | 54 | 622 | 530 | 372 | (2,881) | 4 | (8) | (34) | 1,578 | (2,919) | (119) | ||||||||||
Net income | $ 2,157 | $ 2,322 | $ 2,371 | $ 1,777 | $ 2,738 | $ 2,321 | $ 2,059 | $ 1,787 | $ 8,627 | $ 8,905 | $ 4,945 | ||||||||||
Basic (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.16 | $ 0.13 | ||
Diluted (in dollars per share) | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.03 | [1] | $ 0.15 | $ 0.15 | $ 0.12 | ||
|
Note 21 - Changes in Accumulated Other Comprehensive Income (Loss) By Component (1) - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||
Balance | $ 226,460 | $ 215,053 | $ 113,375 | |||||||
Reclassification due to the adoption of ASU 2018-02 | ||||||||||
Unrealized gain (loss) on securities | 3,976 | (319) | (4,269) | |||||||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | |||||||||
Net current-period other comprehensive income (loss) | (2,778) | (215) | (4,129) | |||||||
Balance | 245,189 | 226,460 | 215,053 | |||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||||
Balance | [1] | (7,150) | (6,831) | (2,562) | ||||||
Reclassification due to the adoption of ASU 2018-02 | [1] | (1,562) | ||||||||
Unrealized gain (loss) on securities | 3,927 | [1] | (413) | [1] | (3,853) | |||||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | ||||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 49 | 94 | (416) | ||||||
Net current-period other comprehensive income (loss) | [1] | 3,976 | (319) | (4,269) | ||||||
Total change in accumulated other comprehensive income (loss) | [1] | 2,414 | ||||||||
Balance | [1] | (4,736) | (7,150) | (6,831) | ||||||
Accumulated Net Investment Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||||||||||
Balance | [1] | (359) | (463) | (603) | ||||||
Reclassification due to the adoption of ASU 2018-02 | [1] | (78) | ||||||||
Unrealized gain (loss) on securities | [1] | [1] | ||||||||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | |||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 101 | 104 | 140 | ||||||
Net current-period other comprehensive income (loss) | [1] | (6,754) | 104 | 140 | ||||||
Total change in accumulated other comprehensive income (loss) | [1] | (6,832) | ||||||||
Balance | [1] | (7,191) | (359) | (463) | ||||||
AOCI Attributable to Parent [Member] | ||||||||||
Balance | [1] | (7,509) | (7,294) | (3,165) | ||||||
Reclassification due to the adoption of ASU 2018-02 | [1] | (1,640) | ||||||||
Unrealized gain (loss) on securities | 3,927 | [1] | (413) | [1] | (3,853) | |||||
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (6,855) | |||||||||
Amounts reclassified from accumulated other comprehensive income to net income (2) | [1],[2] | 150 | 198 | (276) | ||||||
Net current-period other comprehensive income (loss) | [1] | (2,778) | (215) | (4,129) | ||||||
Total change in accumulated other comprehensive income (loss) | [1] | (4,418) | ||||||||
Balance | [1] | $ (11,927) | $ (7,509) | $ (7,294) | ||||||
|
Note 22 - Business Combination (Details Textual) - Oak Mortgage [Member] - USD ($) $ in Thousands |
5 Months Ended | 12 Months Ended | |
---|---|---|---|
Jul. 28, 2016 |
Dec. 31, 2016 |
Dec. 31, 2016 |
|
Payments to Acquire Businesses, Gross | $ 7,136 | $ 7,136 | |
Escrow Deposit | $ 1,000 | ||
Period Before Escrow Disbursement | 1 year | ||
Business Acquisition, Pro Forma Revenue | $ 69,400 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $ 6,100 |
Note 22 - Business Combination - Consideration Paid and Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
5 Months Ended | |||
---|---|---|---|---|
Jul. 28, 2016 |
Dec. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill | $ 5,011 | $ 5,011 | $ 5,011 | |
Oak Mortgage [Member] | ||||
Cash | $ 7,136 | 7,136 | ||
Equity instruments | 202 | 202 | ||
Deferred additional purchase price | 500 | 500 | ||
Value of consideration | 7,838 | 7,838 | ||
Cash and cash equivalents | 1,223 | 1,223 | ||
Loans held for sale | 20,871 | 20,871 | ||
Loans receivable | 1,132 | 1,132 | ||
Premises and equipment | 103 | 103 | ||
Derivative assets | 1,508 | 1,508 | ||
Intangible assets – non compete agreements | 104 | 104 | ||
Other assets | 125 | 125 | ||
Total assets | 25,066 | 25,066 | ||
Warehouse lines of credit | 19,666 | 19,666 | ||
Derivative liabilities | 412 | 412 | ||
Other liabilities | 2,042 | 2,161 | ||
Other liabilities, adjustments | 119 | |||
Total liabilities | 22,120 | 22,239 | ||
Total liabilities, adjustments | 119 | |||
Net assets acquired | 2,946 | 2,827 | ||
Net assets acquired, adjustments | (119) | |||
Goodwill | $ 4,892 | 5,011 | ||
Goodwill resulting from acquisition of Oak Mortgage, adjustments | $ 119 |
Note 23 - Goodwill and Other Intangibles - Summary of Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill | $ 5,011 | $ 5,011 | |
Goodwill, additions/adjustments | 0 | 0 | |
Goodwill | 5,011 | 5,011 | $ 5,011 |
Non-compete agreements | 61 | ||
Non-compete agreements, additions/adjustments | 0 | ||
Amortization | (61) | (43) | |
Non-compete agreements | 61 | ||
Non-compete agreements, amortization period (Year) | 1 year | ||
Total | $ 5,011 | $ 5,072 | |
Additions/adjustments | 0 | ||
Total | $ 5,011 | $ 5,072 |
Note 24 - Derivatives and Risk Management Activities (Details Textual) xbrli-pure in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Designated as Hedging Instrument [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | 0 |
Note 24 - Derivatives and Risk Management Activities - Amounts Recorded in Statement of Financial Condition (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Assets [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Asset, Fair Value | $ 5 | $ 5 |
Derivative Asset, Notional Amount | 1,639 | 1,807 |
Other Assets [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Asset, Fair Value | 10 | 19 |
Derivative Asset, Notional Amount | 865 | 4,566 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Asset, Fair Value | 410 | 363 |
Derivative Asset, Notional Amount | 16,966 | 16,366 |
Derivative Liability, Fair Value | 1 | |
Derivative Liability, Notional Amount | 424 | |
Other Liabilities [Member] | Best Efforts Forward Loan sales Commitments [Member] | ||
Derivative Liability, Fair Value | 138 | 93 |
Derivative Liability, Notional Amount | 15,327 | 14,983 |
Other Liabilities [Member] | Mandatory Forward Loan Sales Commitments [Member] | ||
Derivative Liability, Fair Value | 230 | 195 |
Derivative Liability, Notional Amount | 18,980 | $ 36,223 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Liability, Fair Value | ||
Derivative Liability, Notional Amount |
Note 24 - Derivatives and Risk Management Activities - Derivative Instrument Gain (Loss) Recorded in Statement of Income (Details) - Mortgage Banking Income [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Best Efforts Forward Loan sales Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | $ (45) | $ 32 | $ 264 |
Mandatory Forward Loan Sales Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | (35) | (157) | (38) |
Interest Rate Lock Commitments [Member] | Liability Derivatives [Member] | |||
Derivative Gain (Loss), Net | 1 | 54 | (32) |
Asset Derivatives [Member] | Best Efforts Forward Loan sales Commitments [Member] | |||
Derivative Gain (Loss), Net | (98) | 77 | |
Asset Derivatives [Member] | Mandatory Forward Loan Sales Commitments [Member] | |||
Derivative Gain (Loss), Net | (9) | (210) | 229 |
Asset Derivatives [Member] | Interest Rate Lock Commitments [Member] | |||
Derivative Gain (Loss), Net | $ 47 | $ (76) | $ (1,042) |
Note 25 - Revenue Recognition (Details Textual) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Contract Acquisition Costs [Member] | |
Capitalized Contract Cost, Net, Total | $ 0 |
Note 25 - Revenue Recognition - Non-interest Income Segregated by Revenue Streams (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Non-interest income | $ 5,650 | $ 4,081 | $ 2,993 | ||||||||
Non-interest income (out-of-scope of Topic 606) | 14,672 | 16,016 | 12,319 | ||||||||
Total non-interest income | $ 4,888 | $ 5,131 | $ 5,768 | $ 4,535 | $ 5,012 | $ 5,778 | $ 4,969 | $ 4,338 | 20,322 | 20,097 | 15,312 |
Deposit Account [Member] | |||||||||||
Non-interest income | 5,476 | 3,904 | 2,658 | ||||||||
Other Non-interest Income From Customers [Member] | |||||||||||
Non-interest income | $ 174 | $ 177 | $ 335 |
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