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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Assets    
Cash and due from banks $ 49,517 $ 46,863
Federal funds sold and interest bearing due from banks 241,486 202,861
Total cash and cash equivalents 291,003 249,724
Mortgage loans held for sale 23,611 8,748
Available for sale debt securities (amortized cost of $416,767) in 2020 and $469,313 in 2019, respectively 429,184 470,738
Federal Home Loan Bank stock, at cost 11,284 11,284
Loans [1] 3,472,481 2,845,016 [2]
Allowance for credit losses 50,501 26,791 [3]
Net loans 3,421,980 2,818,225
Premises and equipment, net 56,911 58,618
Bank owned life insurance 33,084 32,557
Accrued interest receivable 13,782 8,534
Goodwill 12,513 12,513
Core deposit intangible 2,042 2,285
Other assets 69,735 50,971
Total assets 4,365,129 3,724,197
Liabilities    
Non-interest bearing 1,180,001 810,475
Interest bearing 2,574,517 2,323,463
Total deposits 3,754,518 3,133,938
Securities sold under agreements to repurchase 40,430 31,895
Federal funds purchased 9,179 10,887
Federal Home Loan Bank advances 56,536 79,953
Accrued interest payable 325 640
Other liabilities 75,543 60,587
Total liabilities 3,936,531 3,317,900
Commitments and contingent liabilities (Footnote 10) 0 0
Stockholders’ equity    
Preferred stock, no par value. Authorized 1,000,000 shares; no shares issued or outstanding 0 0
Common stock, no par value. Authorized 40,000,000 shares; issued and outstanding 22,692,000 and 22,604,000 shares in 2020 and 2019, respectively 36,500 36,207
Additional paid-in capital 41,256 35,714
Retained earnings 341,970 333,699
Accumulated other comprehensive income 8,872 677
Total stockholders’ equity 428,598 406,297
Total liabilities and stockholders’ equity $ 4,365,129 $ 3,724,197
[1] Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs
[2] Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs.
[3] The impact of the ASC 326 adoption on the ACL on loans reflects $8.2 million related to the transition from the incurred loss ACL model to the CECL ACL model and $1.6 million related to the transition from PCI to PCD methodology as defined in the standard.