(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Page | ||||||||
PART I – Financial Information | ||||||||
Item 1. | Financial Statements | |||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(dollars in thousands, except per share data) | (Unaudited) | (Audited) | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Federal funds sold and interest-bearing deposits in banks | |||||||||||
Cash and cash equivalents | |||||||||||
Investment securities available for sale, at fair value | |||||||||||
Investment securities held to maturity, at amortized cost | |||||||||||
Other investments, at cost | |||||||||||
Loans held for sale | |||||||||||
Loans | |||||||||||
Allowance for loan losses | ( | ( | |||||||||
Loans, net | |||||||||||
Premises and equipment | |||||||||||
Other real estate owned | |||||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Bank-owned life insurance | |||||||||||
Deferred income taxes, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total deposits | |||||||||||
Federal funds purchased | |||||||||||
Federal Home Loan Bank advances | |||||||||||
Other borrowings | |||||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders' equity: | |||||||||||
Preferred stock, | |||||||||||
Common stock, par value $ | |||||||||||
Paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net of tax | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in thousands, except per share data) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||||||||||
Investment securities | |||||||||||||||||||||||
Federal funds sold, interest bearing deposits in banks and short term investments | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Federal funds purchased | |||||||||||||||||||||||
Federal Home Loan Bank Advances | |||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility | |||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||
Net interest income after provision for loan losses | |||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposits | |||||||||||||||||||||||
Mortgage fee income | |||||||||||||||||||||||
Gain on sales of SBA loans | |||||||||||||||||||||||
Gain on sales of securities | |||||||||||||||||||||||
Interchange fees | |||||||||||||||||||||||
BOLI Income | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
Acquisition related expenses | |||||||||||||||||||||||
Information technology expenses | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Advertising and public relations | |||||||||||||||||||||||
Communications | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total noninterest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | |||||||||||||||||||||
Dividends declared per share | |||||||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Unrealized (losses) gains on securities arising during the period | ( | ( | ( | ||||||||||||||||||||
Tax effect | ( | ||||||||||||||||||||||
Realized gains on sales of available for sale securities | ( | ( | ( | ||||||||||||||||||||
Tax effect | |||||||||||||||||||||||
Change in unrealized (losses) gains on securities available for sale, net of reclassification adjustment and tax effects | ( | ( | ( | ||||||||||||||||||||
Comprehensive (loss) income | $ | ( | $ | $ | ( | $ |
(dollars in thousands, except per share data) | Common Stock | ||||||||||||||||||||||||||||||||||
Three Months Ended | Shares | Amount | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Dividends on common shares ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Forfeiture of restricted stock | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Change in net unrealized gains on securities available for sale, net of reclassification adjustment and tax effects | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends on common shares ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ |
(dollars in thousands, except per share data) | Common Stock | ||||||||||||||||||||||||||||||||||
Six Months Ended | Shares | Amount | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of common stock | — | — | |||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of restricted stock | ( | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Change in net unrealized losses on securities available for sale, net of reclassification adjustment and tax effects | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | $ |
Six Months Ended | |||||||||||
(dollars in thousands) | June 30, 2022 | June 30, 2021 | |||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments reconciling net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for loan losses | |||||||||||
Depreciation, amortization, and accretion | |||||||||||
Equity method investment income | |||||||||||
Share-based compensation expense | |||||||||||
Net change in servicing asset | ( | ( | |||||||||
Gain on sales of securities, available-for-sale | ( | ( | |||||||||
Gain on sales of SBA loans | ( | ( | |||||||||
Gain on sales of other real estate owned | ( | ||||||||||
Donation of other real estate owned | |||||||||||
Writedown on other real estate owned | |||||||||||
Gain on sales of premises & equipment | ( | ||||||||||
Originations of loans held for sale | ( | ( | |||||||||
Proceeds from sales of loans held for sale | |||||||||||
Change in bank-owned life insurance | ( | ( | |||||||||
Deferred tax benefit | ( | ( | |||||||||
Change in other assets | ( | ||||||||||
Change in other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Purchases of investment securities, available-for-sale | ( | ( | |||||||||
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale | |||||||||||
Proceeds from sales of investment securities, available-for-sale | |||||||||||
Proceeds from maturities, calls and paydowns of securities, held-to-maturity | |||||||||||
Change in loans, net | ( | ||||||||||
Purchase of premises and equipment | ( | ( | |||||||||
Proceeds from sales of premises and equipment | |||||||||||
Proceeds from sales of other real estate owned | |||||||||||
Proceeds from bank-owned life insurance | |||||||||||
Redemption of other investments | |||||||||||
Redemption (purchase) of Federal Home Loan Bank Stock | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Change in noninterest-bearing customer deposits | |||||||||||
Change in interest-bearing customer deposits | ( | ||||||||||
Issuance of common stock, net of stock issuance cost | |||||||||||
Dividends paid for common stock | ( | ( | |||||||||
Increase in federal funds purchased | |||||||||||
Issuance of Subordinated Debt | |||||||||||
Repayment on Paycheck Protection Program Liquidity Fund | ( | ||||||||||
Repayments on Federal Home Loan Bank Advances | ( | ||||||||||
Proceeds from Federal Home Loan Bank Advances | |||||||||||
Repayments on Other borrowings | ( | ( | |||||||||
Forfeiture of restricted stock | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid during the period for interest | $ | $ | |||||||||
Cash paid during the period for income taxes | |||||||||||
Noncash Investing and Financing Activities | |||||||||||
Goodwill adjustment | |||||||||||
Acquisition of real estate through foreclosure | |||||||||||
Carrying amount of Securities AFS transferred to HTM, net of $ | |||||||||||
(dollars in thousands) | |||||||||||||||||||||||
June 30, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. agency | ( | ||||||||||||||||||||||
Asset backed securities | ( | ||||||||||||||||||||||
State, county & municipal securities | ( | ||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
June 30, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. agency | ( | ||||||||||||||||||||||
State, county & municipal securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. agency | ( | ||||||||||||||||||||||
State, county & municipal securities | ( | ||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
$ | $ | $ | $ |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. agency | ( | ( | |||||||||||||||||||||||||||||||||
Asset backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
State, county & municipal securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. agency | ( | ( | |||||||||||||||||||||||||||||||||
State, county & municipal securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. agency | ( | ( | |||||||||||||||||||||||||||||||||
State, county & municipal securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||
(dollars in thousands) | Legacy Loans | Purchased Loans | Total | ||||||||||||||
Construction, land and land development | $ | $ | $ | ||||||||||||||
Other commercial real estate | |||||||||||||||||
Total commercial real estate | |||||||||||||||||
Residential real estate | |||||||||||||||||
Commercial, financial, & agricultural (*) | |||||||||||||||||
Consumer and other | |||||||||||||||||
Total Loans | $ | $ | $ |
December 31, 2021 | |||||||||||||||||
(dollars in thousands) | Legacy Loans | Purchased Loans | Total | ||||||||||||||
Construction, land and land development | $ | $ | $ | ||||||||||||||
Other commercial real estate | |||||||||||||||||
Total commercial real estate | |||||||||||||||||
Residential real estate | |||||||||||||||||
Commercial, financial, & agricultural (*) | |||||||||||||||||
Consumer and other | |||||||||||||||||
Total Loans | $ | $ | $ |
(dollars in thousands) | Pass | Special Mention | Substandard | Total Loans | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | |||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | |||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||
Consumer and other | $ | ||||||||||||||||||||||
Total Loans | $ | $ | $ | $ |
(dollars in thousands) | Pass | Special Mention | Substandard | Total Loans | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | |||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | |||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||
Total Loans | $ | $ | $ | $ |
(dollars in thousands) | 30-89 Days Past Due | 90 Days or More Past Due | Total Accruing Loans Past Due | Nonaccrual Loans | Current Loans | Total Loans | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | 30-89 Days Past Due | 90 Days or More Past Due | Total Accruing Loans Past Due | Nonaccrual Loans | Current Loans | Total Loans | |||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other commercial real estate | |||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Commercial, financial, & agricultural | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ |
June 30, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Unpaid Contractual Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||||
With No Related Allowance Recorded | |||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | — | $ | ||||||||||||||||||
Commercial real estate | — | ||||||||||||||||||||||
Residential real estate | — | ||||||||||||||||||||||
Commercial, financial & agriculture | — | ||||||||||||||||||||||
Consumer & other | — | ||||||||||||||||||||||
— | |||||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||
Construction, land and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial & agriculture | |||||||||||||||||||||||
Consumer & other | |||||||||||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||||||||||
Construction, land and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial & agriculture | |||||||||||||||||||||||
Consumer & other | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Construction, land and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial & agriculture | |||||||||||||||||||||||
Consumer & other | |||||||||||||||||||||||
$ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Unpaid Contractual Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||||
With No Related Allowance Recorded | |||||||||||||||||||||||
Construction, land and land development | $ | $ | $ | — | $ | ||||||||||||||||||
Commercial real estate | — | ||||||||||||||||||||||
Residential real estate | — | ||||||||||||||||||||||
Commercial, financial & agriculture | — | ||||||||||||||||||||||
Consumer & other | — | ||||||||||||||||||||||
— | |||||||||||||||||||||||
With An Allowance Recorded | |||||||||||||||||||||||
Construction, land and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial & agriculture | |||||||||||||||||||||||
Consumer & other | |||||||||||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||||||||||
Construction, land and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial & agriculture | |||||||||||||||||||||||
Consumer & other | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Construction, land and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||
Commercial, financial & agriculture | |||||||||||||||||||||||
Consumer & other | |||||||||||||||||||||||
$ | $ | $ | $ |
(dollars in thousands) | Construction, land and land development | Other commercial real estate | Residential real estate | Commercial, financial & agricultural | Consumer and other | Total | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision | ( | ( | ( | $ | |||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision | ( | ( | |||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Period end amount allocated to | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Purchase credit impaired | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Purchase credit impaired | |||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | Construction, land and land development | Other commercial real estate | Residential real estate | Commercial, financial & agricultural | Consumer and other | Total | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision | ( | ( | |||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision | ( | ||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Period end amount allocated to | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Purchase credit impaired | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||
Purchase credit impaired | |||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Federal funds purchased | $ | $ | |||||||||
Federal Home Loan Bank advances | |||||||||||
Other borrowings | |||||||||||
$ | $ |
(dollars in thousands) | ||||||||
Year | Amount | |||||||
2022 | $ | |||||||
2027 and After | ||||||||
$ |
(dollars in thousands, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average number of common shares | |||||||||||||||||||||||
Outstanding for basic earnings per common share | |||||||||||||||||||||||
Weighted-average number of shares outstanding for diluted earnings per common share | |||||||||||||||||||||||
Earnings per share - basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share - diluted | $ | $ | $ | $ |
Contract Amount | |||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Loan commitments | $ | $ | |||||||||
Letters of credit |
Fair Value Measurements | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Other investments, at cost | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Federal funds purchased | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Other borrowings |
Fair Value Measurements | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
Other investments, at cost | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans, net | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||||||||||||
Other borrowings |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
(dollars in thousands) | Total Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Nonrecurring | |||||||||||||||||||||||
Collateral dependent impaired loans | $ | $ | $ | $ | |||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Total nonrecurring assets | $ | $ | $ | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
(dollars in thousands) | Total Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Nonrecurring | |||||||||||||||||||||||
Collateral dependent impaired loans | $ | $ | $ | $ | |||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Total nonrecurring assets | $ | $ | $ | $ |
(dollars in thousands) | June 30, 2022 | Valuation Techniques | Unobservable Inputs | Range Weighted Avg | |||||||||||||||||||||||||
Collateral dependent impaired loans | $ | Appraised Value | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell | % | % | ||||||||||||||||||||||||
Other real estate owned | Appraised Value/Comparable Sales | Discounts to reflect current market conditions and estimated costs to sell | % | % |
(dollars in thousands) | December 31, 2021 | Valuation Techniques | Unobservable Inputs | Range Weighted Avg | |||||||||||||||||||||||||
Collateral dependent impaired loans | $ | Appraised Value | Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell | % | % | ||||||||||||||||||||||||
Other real estate owned | Appraised Value/Comparable Sales | Discounts to reflect current market conditions and estimated costs to sell | % | % |
As of June 30, 2022 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | |||||||||||||||||||
Other investments | $ | Discounted Cash Flow | Discount Rate or Yield | N/A* |
As of December 31, 2021 | |||||||||||||||||||||||
(dollars in thousands) | Fair Value | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | |||||||||||||||||||
Other investments | $ | Discounted Cash Flow | Discount Rate or Yield | N/A* |
Available for Sale Securities | |||||||||||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Balance, Beginning | $ | $ | |||||||||
Redemption of security | ( | ( | |||||||||
Unrealized/realized losses included in earnings | ( | ||||||||||
Balance, Ending | $ | $ |
(dollars in thousands) | Bank | Mortgage Banking | Small Business Specialty Lending Division | Totals | ||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Net Interest Income | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for Loan Losses | ||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Noninterest Expenses | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Segment Profit | $ | $ | $ | $ | ||||||||||||||||||||||
Segments Assets at June 30, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Full time employees at June 30, 2022 |
(dollars in thousands) | Bank | Mortgage Banking | Small Business Specialty Lending Division | Totals | ||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
Net Interest Income | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for Loan Losses | ||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Noninterest Expenses | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Segment Profit | $ | $ | $ | $ | ||||||||||||||||||||||
Segments Assets at December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Full time employees at June 30, 2021 |
(dollars in thousands) | Bank | Mortgage Banking | Small Business Specialty Lending Division | Totals | ||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||
Net Interest Income | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for Loan Losses | ||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Noninterest Expenses | ||||||||||||||||||||||||||
Income Taxes | ( | |||||||||||||||||||||||||
Segment Profit | $ | $ | $ | $ | ||||||||||||||||||||||
(dollars in thousands) | Bank | Mortgage Banking | Small Business Specialty Lending Division | Totals | ||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||
Net Interest Income | $ | $ | $ | $ | ||||||||||||||||||||||
Provision for Loan Losses | ||||||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Noninterest Expenses | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||
Segment Profit | $ | $ | $ | $ | ||||||||||||||||||||||
(dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
As of June 30, 2022 | |||||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | % | $ | % | N/A | N/A | |||||||||||||||||||||||||||||
Colony Bank | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | N/A | N/A | |||||||||||||||||||||||||||||||||
Colony Bank | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | N/A | N/A | |||||||||||||||||||||||||||||||||
Colony Bank | |||||||||||||||||||||||||||||||||||
Tier 1 Capital to Average Assets | |||||||||||||||||||||||||||||||||||
Consolidated | N/A | N/A | |||||||||||||||||||||||||||||||||
Colony Bank |
(dollars in thousands) | Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | $ | % | $ | % | N/A | N/A | |||||||||||||||||||||||||||||
Colony Bank | $ | % | |||||||||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | N/A | N/A | |||||||||||||||||||||||||||||||||
Colony Bank | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Consolidated | N/A | N/A | |||||||||||||||||||||||||||||||||
Colony Bank | |||||||||||||||||||||||||||||||||||
Tier 1 Capital to Average Assets | |||||||||||||||||||||||||||||||||||
Consolidated | N/A | N/A | |||||||||||||||||||||||||||||||||
Colony Bank |
Table 1 - Average Balance Sheet and Net Interest Analysis | ||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income(1) | $ | 1,427,563 | $ | 16,317 | 4.58 | % | $ | 1,076,784 | $ | 14,165 | 5.34 | % | ||||||||||||||||||||||||||
Investment securities, taxable | 842,481 | 4,332 | 2.06 | 417,343 | 1,794 | 1.74 | ||||||||||||||||||||||||||||||||
Investment securities, tax-exempt(2) | 114,658 | 542 | 1.90 | 33,156 | 160 | 1.96 | ||||||||||||||||||||||||||||||||
Deposits in banks and short term investments | 73,190 | 103 | 0.56 | 146,591 | 45 | 0.12 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 2,457,892 | 21,294 | 3.47 | 1,673,874 | 16,164 | 3.92 | ||||||||||||||||||||||||||||||||
Noninterest-earning assets | 218,720 | 103,685 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,676,612 | $ | 1,777,559 | ||||||||||||||||||||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-earning demand and savings | $ | 1,429,331 | $ | 307 | 0.09 | % | $ | 901,978 | $ | 146 | 0.07 | % | ||||||||||||||||||||||||||
Other time | 328,355 | 319 | 0.39 | 253,944 | 423 | 0.68 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,757,686 | 626 | 0.14 | 1,155,922 | 569 | 0.20 | ||||||||||||||||||||||||||||||||
Federal funds purchased | 7,916 | 27 | 1.37 | % | — | — | — | |||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (3) | 46,550 | 943 | 8.13 | 22,500 | 115 | 2.09 | ||||||||||||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility | — | — | — | 19,031 | 25 | 0.53 | ||||||||||||||||||||||||||||||||
Other borrowings | 44,729 | 409 | 3.67 | 37,536 | 258 | 2.78 | ||||||||||||||||||||||||||||||||
Total other interest-bearing liabilities | 99,195 | 1,379 | 5.58 | 79,067 | 398 | 2.04 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,856,881 | 2,005 | 0.43 | 1,234,989 | 967 | 0.32 | ||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 568,070 | 391,217 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 10,380 | 6,592 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 241,281 | 144,761 | ||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities and stockholders' equity | 819,731 | 542,570 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,676,612 | $ | 1,777,559 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 3.04 | % | 3.60 | % | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 19,289 | $ | 15,197 | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.15 | % | 3.68 | % |
Table 1 - Average Balance Sheet and Net Interest Analysis | ||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balances | Income/ Expense | Yields/ Rates | Average Balances | Income/ Expense | Yields/ Rates | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income(1) | $ | 1,395,179 | $ | 32,339 | 4.67 | % | $ | 1,077,859 | $ | 27,805 | 5.20 | % | ||||||||||||||||||||||||||
Investment securities, taxable | 842,491 | 8,084 | 1.93 | 394,431 | 3,401 | 1.74 | ||||||||||||||||||||||||||||||||
Investment securities, tax-exempt(2) | 112,843 | 1,022 | 1.83 | 32,887 | 314 | 1.93 | ||||||||||||||||||||||||||||||||
Deposits in banks and short term investments | 117,177 | 159 | 0.27 | 164,882 | 97 | 0.12 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 2,467,690 | 41,604 | 3.40 | 1,670,059 | 31,617 | 3.82 | ||||||||||||||||||||||||||||||||
Noninterest-earning assets | 210,625 | 105,746 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,678,315 | $ | 1,775,805 | ||||||||||||||||||||||||||||||||||
Liabilities and stockholders' equity | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest-earning demand and savings | $ | 1,437,325 | $ | 568 | 0.08 | % | $ | 880,838 | $ | 311 | 0.07 | % | ||||||||||||||||||||||||||
Other time | 335,744 | 657 | 0.39 | 257,173 | 912 | 0.72 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,773,069 | 1,225 | 0.14 | 1,138,011 | 1,223 | 0.22 | ||||||||||||||||||||||||||||||||
Federal funds purchased | 3,978 | 27 | 1.37 | — | — | — | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (3) | 49,100 | 1,192 | 4.90 | 22,500 | 230 | 2.05 | ||||||||||||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility | — | — | 51,516 | 93 | 0.36 | |||||||||||||||||||||||||||||||||
Other borrowings | 38,492 | 611 | 3.20 | 37,715 | 514 | 2.75 | ||||||||||||||||||||||||||||||||
Total other interest-bearing liabilities | 91,570 | 1,830 | 4.03 | 111,731 | 837 | 1.51 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,864,639 | 3,055 | 0.33 | 1,249,742 | 2,060 | 0.33 | ||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 560,444 | 373,728 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 11,036 | 6,791 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 242,196 | 145,544 | ||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities and stockholders' equity | 813,676 | 526,063 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,678,315 | $ | 1,775,805 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 3.08 | % | 3.49 | % | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 38,549 | $ | 29,557 | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.15 | % | 3.57 | % |
Table 2 - Change in Interest Revenue and Expense on a Taxable Equivalent Basis | |||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||
Compared to Six Months Ended June 30, 2021 Increase (Decrease) Due to Changes in | |||||||||||||||||
(dollars in thousands) | Volume | Rate | Total | ||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans, net of unearned fees | $ | 16,501 | $ | (11,967) | $ | 4,534 | |||||||||||
Investment securities, taxable | 7,796 | (3,113) | 4,683 | ||||||||||||||
Investment securities, tax-exempt | 1,543 | (835) | 708 | ||||||||||||||
Deposits in banks and short term investments | (57) | 119 | 62 | ||||||||||||||
Total interest-earning assets (FTE) | 25,783 | (15,796) | 9,987 | ||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Interest-Bearing Demand and Savings Deposits | 390 | (133) | 257 | ||||||||||||||
Time Deposits | 566 | (821) | (255) | ||||||||||||||
Federal funds purchased | — | 27 | 27 | ||||||||||||||
Federal Home Loan Bank Advances | 545 | 417 | 962 | ||||||||||||||
Paycheck Protection Program Liquidity Facility | (185) | 92 | (93) | ||||||||||||||
Other Borrowed Money | 21 | 76 | 97 | ||||||||||||||
Total interest-bearing liabilities | 1,337 | (342) | 995 | ||||||||||||||
Increase in net interest income (FTE) | $ | 24,446 | $ | (15,454) | $ | 8,992 |
Table 3 - Noninterest Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Amount | Percent | 2022 | 2021 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||
Service charges on deposits | $ | 1,895 | $ | 1,264 | $ | 631 | 49.9 | % | $ | 3,720 | $ | 2,486 | $ | 1,234 | 49.6 | % | ||||||||||||||||||||||||||||||||||
Mortgage fee income | 2,736 | 3,005 | (269) | (9.0) | 5,648 | 7,000 | (1,352) | (19.3) | ||||||||||||||||||||||||||||||||||||||||||
Gain on sales of SBA loans | 1,863 | 1,263 | 600 | 47.5 | 3,589 | 2,735 | 854 | 31.2 | ||||||||||||||||||||||||||||||||||||||||||
(Loss)/gain on sales of securities | — | 141 | (141) | 100.0 | 24 | 137 | (113) | (82.5) | ||||||||||||||||||||||||||||||||||||||||||
Interchange fee | 2,159 | 1,667 | 492 | 29.5 | 4,159 | 3,197 | 962 | 30.1 | ||||||||||||||||||||||||||||||||||||||||||
BOLI income | 353 | 222 | 131 | 59.0 | 665 | 430 | 235 | 54.7 | ||||||||||||||||||||||||||||||||||||||||||
Other noninterest income | 1,052 | 189 | 863 | 456.6 | 1,400 | 367 | 1,033 | 281.5 | ||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 10,058 | $ | 7,751 | $ | 2,307 | 29.76 | % | $ | 19,205 | $ | 16,352 | $ | 2,853 | 17.45 | % |
Table 4 - Noninterest Expense | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Amount | Percent | 2022 | 2021 | Amount | Percent | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 15,072 | $ | 10,126 | $ | 4,946 | 48.8 | % | $ | 28,344 | $ | 20,081 | $ | 8,263 | 41.1 | % | ||||||||||||||||||||||||||||
Occupancy and equipment | 1,608 | 1,245 | 363 | 29.2 | 3,227 | 2,571 | 656 | 25.5 | ||||||||||||||||||||||||||||||||||||
Acquisition-related expenses | 1 | 699 | (698) | (99.9) | 125 | 699 | (574) | (82.1) | ||||||||||||||||||||||||||||||||||||
Information technology expenses | 2,549 | 1,856 | 693 | 37.3 | 4,903 | 3,448 | 1,455 | 42.2 | ||||||||||||||||||||||||||||||||||||
Professional fees | 1,073 | 690 | 383 | 55.5 | 1,946 | 1,177 | 769 | 65.3 | ||||||||||||||||||||||||||||||||||||
Advertising and public relations | 695 | 566 | 129 | 22.8 | 1,464 | 1,146 | 318 | 27.7 | ||||||||||||||||||||||||||||||||||||
Communications | 417 | 308 | 109 | 35.4 | 854 | 527 | 327 | 62.0 | ||||||||||||||||||||||||||||||||||||
Other noninterest expense | 3,061 | 1,975 | 1,086 | 55.0 | 5,419 | 3,570 | 1,849 | 51.8 | ||||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 24,476 | $ | 17,465 | $ | 7,011 | 40.1 | % | $ | 46,282 | $ | 33,219 | $ | 13,063 | 39.3 | % |
Table 5 - Loans Outstanding | ||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||
Construction, land and land development | $ | 187,045 | $ | 165,446 | ||||||||||
Other commercial real estate | 846,381 | 787,392 | ||||||||||||
Total commercial real estate | 1,033,426 | 952,838 | ||||||||||||
Residential real estate | 216,189 | 212,527 | ||||||||||||
Commercial, financial, & agricultural (*) | 184,798 | 154,048 | ||||||||||||
Consumer and other | 18,392 | 18,564 | ||||||||||||
Total loans | $ | 1,452,805 | $ | 1,337,977 | ||||||||||
As a percentage of total loans: | ||||||||||||||
Construction, land and land development | 12.9 | % | 12.4 | % | ||||||||||
Other commercial real estate | 58.2 | % | 58.8 | % | ||||||||||
Total commercial real estate | 71.1 | % | 71.2 | % | ||||||||||
Residential real estate | 14.9 | % | 15.9 | % | ||||||||||
Commercial, financial & agricultural | 12.7 | % | 11.5 | % | ||||||||||
Consumer and other | 1.3 | % | 1.4 | % | ||||||||||
Total loans | 100 | % | 100 | % |
Table 6 - Analysis of Allowance for Loan Loss | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Reserve | %* | Reserve | %* | |||||||||||||||||||
Construction, land and land development | $ | 1,052 | 12.9 | % | $ | 1,125 | 12.4 | % | |||||||||||||||
Other commercial real estate | 8,028 | 58.2 | % | 7,277 | 58.8 | % | |||||||||||||||||
Residential real estate | 1,488 | 14.9 | % | 2,273 | 15.9 | % | |||||||||||||||||
Commercial, financial, & agricultural | 1,678 | 12.7 | % | 1,773 | 11.5 | % | |||||||||||||||||
Consumer and other | 1,717 | 1.3 | % | 423 | 1.4 | % | |||||||||||||||||
$ | 13,963 | 100 | % | $ | 12,871 | 100 | % |
Table 7 - Summary of Allowance for Loan Loss | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Allowance for loan loss - beginning balance | $ | 12,919 | $ | 12,693 | $ | 12,910 | $ | 12,127 | ||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Construction, land and land development | — | — | — | — | ||||||||||||||||||||||
Other commercial real estate | — | 36 | 58 | 36 | ||||||||||||||||||||||
Residential real estate | 30 | — | 48 | — | ||||||||||||||||||||||
Commercial, financial, & agricultural | 132 | — | 148 | 15 | ||||||||||||||||||||||
Consumer and other | 5 | 32 | 21 | 43 | ||||||||||||||||||||||
Total loans charged-off | 167 | 68 | 275 | 94 | ||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Construction, land and land development | 5 | 70 | 11 | 85 | ||||||||||||||||||||||
Other commercial real estate | 67 | 95 | 74 | 95 | ||||||||||||||||||||||
Residential real estate | 18 | 44 | 22 | 110 | ||||||||||||||||||||||
Commercial, financial, & agricultural | 12 | 15 | 56 | 18 | ||||||||||||||||||||||
Consumer and other | 9 | 22 | 15 | 30 | ||||||||||||||||||||||
Total recoveries | 111 | 246 | 178 | 338 | ||||||||||||||||||||||
Net (recoveries)/charge-offs | 56 | (178) | 97 | (244) | ||||||||||||||||||||||
Provision for loan loss | 1,100 | — | 1,150 | 500 | ||||||||||||||||||||||
Allowance for loan loss - ending balance | $ | 13,963 | $ | 12,871 | $ | 13,963 | $ | 12,871 | ||||||||||||||||||
Net (recoveries)/charge-offs to average loans (annualized) | 0.02 | % | (0.07) | % | 0.01 | % | (0.05) | % | ||||||||||||||||||
Allowance for loan losses to total loans | 0.96 | 1.26 | 0.96 | 1.26 | ||||||||||||||||||||||
Allowance to nonperforming loans | 282.31 | 139.83 | 282.31 | 139.83 |
Table 8 - Nonperforming Assets | ||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||
Nonaccrual loans | $ | 4,946 | $ | 5,449 | ||||||||||
Loans past due 90 days and accruing | — | — | ||||||||||||
Other real estate owned | 246 | 281 | ||||||||||||
Repossessed assets | 48 | 49 | ||||||||||||
Total nonperforming assets | $ | 5,240 | $ | 5,779 | ||||||||||
Nonaccrual loans by loan segment | ||||||||||||||
Construction, land and land development | $ | 68 | $ | 31 | ||||||||||
Commercial real estate | 805 | 837 | ||||||||||||
Residential real estate | 2,367 | 3,839 | ||||||||||||
Commercial, financial & agriculture | 1,537 | 708 | ||||||||||||
Consumer & other | 169 | 34 | ||||||||||||
Total nonaccrual loans | $ | 4,946 | $ | 5,449 | ||||||||||
NPAs as a percentage of total loans and OREO | 0.36 | % | 0.43 | % | ||||||||||
NPAs as a percentages of total assets | 0.19 | % | 0.21 | % | ||||||||||
Nonaccrual loans as a percentage of total loans | 0.34 | % | 0.41 | % | ||||||||||
Table 9 - Deposits | ||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||
Noninterest-bearing deposits | $ | 572,978 | $ | 552,576 | ||||||||||
Interest-bearing deposits | 872,668 | 930,811 | ||||||||||||
Savings | 556,738 | 541,993 | ||||||||||||
Time, $250,000 and over | 59,900 | 73,407 | ||||||||||||
Other time | 269,227 | 275,821 | ||||||||||||
Total deposits | $ | 2,331,511 | $ | 2,374,608 |
Table 10 - Capital Ratio Requirements | ||||||||||||||
Minimum Requirement | Well-capitalized¹ | |||||||||||||
Risk-based ratios: | ||||||||||||||
Common equity tier 1 capital (CET1) | 4.5 | % | 6.5 | % | ||||||||||
Tier 1 capital | 6.0 | 8.0 | ||||||||||||
Total capital | 8.0 | 10.0 | ||||||||||||
Leverage ratio | 4.0 | 5.0 | ||||||||||||
(1) The prompt corrective action provisions are only applicable at the bank level. |
Table 11 - Capital Ratios | ||||||||||||||
Company | June 30, 2022 | December 31, 2021 | ||||||||||||
CET1 risk-based capital ratio | 12.31 | % | 9.87 | % | ||||||||||
Tier 1 risk-based capital ratio | 13.62 | 11.28 | ||||||||||||
Total risk-based capital ratio | 16.48 | 12.05 | ||||||||||||
Leverage ratio | 9.22 | 7.25 | ||||||||||||
Colony Bank | ||||||||||||||
CET1 risk-based capital ratio | 11.66 | % | 11.41 | % | ||||||||||
Tier 1 risk-based capital ratio | 11.66 | 11.41 | ||||||||||||
Total risk-based capital ratio | 12.41 | 12.18 | ||||||||||||
Leverage ratio | 8.10 | 7.53 |
Table 12 - Interest Sensitivity | |||||||||||
Increase (Decrease) in Net Interest Income from Base Scenario at | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Changes in rates | |||||||||||
200 basis point increase | 6.06% | 13.80% | |||||||||
100 basis point increase | 3.29 | 6.83 | |||||||||
100 basis point decrease | (4.80) | (3.18) |
3.1 | |||||
3.2 | |||||
3.3 | |||||
4.1 | |||||
10.1 | |||||
10.2 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021; (ii) Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2022 and 2021; (iii) Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021; (iv) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021; (v) Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021; and (vi) Notes to Unaudited Condensed Consolidated Financial Statements* | ||||
104 | The cover page from Colony Bankcorp’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2022 (formatted in Inline XBRL and included in Exhibit 101) | ||||
† | Represents a management contract or a compensatory plan or arrangement. |
Colony Bankcorp, Inc. | |||||
/s/ T. Heath Fountain | |||||
Date: August 12, 2022 | T. Heath Fountain | ||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
/s/ Andrew Borrmann | |||||
Date: August 12, 2022 | Andrew Borrmann | ||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
COLONY BANKCORP, INC. | |||||
By: /s/ Edward L. Bagwell, III | |||||
Name: Edward L. Bagwell, III | |||||
Title: Executive Vice President, Chief Risk | |||||
Officer, General Counsel and | |||||
Corporate Secretary | |||||
EMPLOYEE | COLONY BANKCORP, INC. | |||||||
/s/ Tracie Youngblood | /s/ T. Heath Fountain | |||||||
Tracie Youngblood | T. Heath Fountain | |||||||
President and Chief Executive Officer | ||||||||
Date: April 14, 2022 | Date: April 14, 2022 | |||||||
COLONY BANK | ||||||||
/s/ T. Heath Fountain | ||||||||
T. Heath Fountain | ||||||||
President and Chief Executive Officer | ||||||||
Date: April 14, 2022 |
Job Title | Age | ||||
Chief Financial Officer | 50 |
1. | I have reviewed this Form 10-Q of Colony Bankcorp, 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 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 officer 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. |
1. | I have reviewed this Form 10-Q of Colony Bankcorp, 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 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 officer 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. |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
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) | $ 1.00 | $ 1.00 |
Common stock, shares authorized (in shares) | 50,000,000 | 20,000,000,000 |
Common stock, shares issued (in shares) | 17,581,212 | 13,673,898 |
Common stock, shares outstanding (in shares) | 17,581,212 | 13,673,898 |
Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,415 | $ 3,997 | $ 8,737 | $ 8,917 |
Other comprehensive (loss) income: | ||||
Unrealized (losses) gains on securities arising during the period | (20,603) | 629 | (56,657) | (5,851) |
Tax effect | 2,884 | (146) | 7,932 | 1,375 |
Realized gains on sales of available for sale securities | 0 | (141) | (24) | (137) |
Tax effect | 0 | 33 | 3 | 32 |
Change in unrealized (losses) gains on securities available for sale, net of reclassification adjustment and tax effects | (17,719) | 375 | (48,746) | (4,581) |
Comprehensive (loss) income | $ (14,304) | $ 4,372 | $ (40,009) | $ 4,336 |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in dollars per share) | $ 0.1075 | $ 0.1025 | $ 0.2150 | $ 0.2050 |
Consolidated Statements of Cash Flows (unaudited) (Parenthetical) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Statement of Cash Flows [Abstract] | |
Transfer to held-to-maturity, unrealized loss | $ (10.4) |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Presentation Colony Bankcorp, Inc. (the “Company”) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia (the “Bank”). The “Company” or “our,” as used herein, includes Colony Bank, except where the context requires otherwise. In July 2019, a new subsidiary of the Company was incorporated under the name Colony Risk Management, Inc. Colony Risk Management, Inc. is a subsidiary of the Company and is located in Las Vegas, Nevada. It is a captive insurance subsidiary which insures various liability and property damage policies for the Company and its related subsidiaries. Colony Risk Management is regulated by the State of Nevada Division of Insurance. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements, have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of the Company conform to generally accepted accounting principles and practices utilized in the commercial banking industry for interim financial information and Regulation S-X. Accordingly, the accompanying unaudited interim consolidated financial statements do not include all of the information or notes required for complete financial statements. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results which may be expected for the year ending December 31, 2022. These statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). Nature of Operations The Bank provides a full range of retail, commercial and mortgage banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. The Bank is headquartered in Fitzgerald, Georgia with banking and mortgage offices in Albany, Ashburn, Athens, Broxton, Centerville, Columbus, Cordele, Douglas, Eastman, Fitzgerald, LaGrange, Leesburg, Macon, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, Sylvester, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair value of assets acquired and liabilities assumed in a business combination, including goodwill impairment. Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2022. Such reclassifications have not materially affected previously reported stockholders’ equity or net income. Adjustments The Company updated its purchase accounting adjustment during the second quarter of 2022 with a $1.2 million adjustment to goodwill primarily related to premises and equipment and deferred taxes. Concentrations of Credit Risk Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk. At June 30, 2022, approximately 86% of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit ratings are monitored by management to minimize credit risk. Changes in Accounting Principles and Effects of New Accounting Pronouncements ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). This ASU sets forth a “current expected credit loss” ("CECL") model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supported forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, the Financial Accounting Standards Board ("FASB") voted to extend the delay of the effective date of this ASU for smaller reporting companies, such as the Company, until fiscal years beginning after December 15, 2022. The Company is in the process of working with a third party vendor using their software solution to assist with adoption. The Company is also currently gathering necessary data to implement this change and is continuing to assess the impact of the adoption of this ASU on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments are effective for the Company as of March 12, 2020 through December 31, 2022. The provisions of ASU 2020-04 did not have a material impact on the consolidated financial statements.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows:
The Company transferred certain agency-issued securities from the available-for-sale to held-to-maturity portfolio on January 1, 2022 having a book value of approximately $320.1 million and a market value of approximately $309.7 million. As of the date of transfer, the related pre-tax net unrecognized losses of approximately $10.4 million within the accumulated other comprehensive loss balance are being amortized over the remaining term of the securities using the effective interest method. This transfer was completed after careful consideration of the Company’s intent and ability to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. The amortized cost and fair value of investment securities as of June 30, 2022, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below.
Proceeds from the sale of investment securities totaled $0 and $3.1 million, and $15.9 million and $17.6 million for the three and six months ended June 30, 2022 and 2021, respectively. The sale of investment securities for the three months ended June 30, 2022 and 2021 resulted in gross realized gains of $0 and $208,000 and losses of $0 and $67,000, respectively. The sale of investment securities for the six months ended June 30, 2022 and 2021 resulted in gross realized gains of $24,000 and $209,000 and losses of $0 and $72,000, respectively. Investment securities having a carrying value of approximately $312.3 million and $126.5 million were pledged to secure public deposits and for other purposes as of June 30, 2022 and December 31, 2021, respectively. Information pertaining to available-for-sale securities with gross unrealized losses at June 30, 2022 and December 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:
Information pertaining to held-to-maturity securities with gross unrealized losses at June 30, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At June 30, 2022, there were 369 available-for-sale securities and 77 held-to-maturity securities that had unrealized losses. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary.
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The following table presents the composition of loans segregated by legacy and purchased loans and by class of loans, as of June 30, 2022 and December 31, 2021. Purchased loans are defined as loans that were acquired in bank acquisitions.
(*) Includes $128,000 and $9.0 million in PPP loans at June 30, 2022 and December 31, 2021, respectively. Commercial and industrial loans are extended to a diverse group of businesses within the Company’s market area. These loans are often underwritten based on the borrower’s ability to service the debt from income from the business. Real estate construction loans often require loan funds to be advanced prior to completion of the project. Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer loans are originated at the Bank level. Credit Quality Indicators. As part of the ongoing monitoring of the credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (1) the risk grade assigned to commercial and consumer loans, (2) the level of classified commercial loans, (3) net charge-offs, (4) nonperforming loans, and (5) the general economic conditions in the Company’s geographic markets. The Company uses a risk grading matrix to assign a risk grade to each of its loans. Loans are graded on a scale of 1 to 10. A description of the general characteristics of the grades is as follows: •Grades 1, 2 and 3 - Borrowers with these assigned risk grades range from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification. •Grades 4 and 5 - Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. These loans are also included in into the “pass” classification. •Grade 6 - This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term. •Grades 7 and 8 - These grades includes “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned grade 8, and these loans often have assigned loss allocations as part of the allowance for loan and lease losses. Generally, loans on which interest accrual has been stopped would be included in this grade. •Grades 9 and 10 - These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 7 or 8. The following table presents the loan portfolio, excluding purchased loans, by credit quality indicator (risk grade) as of June 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes.
The following table presents the purchased loan portfolio by credit quality indicator (risk grade) as of June 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 or 5 have been combined in the pass column for presentation purposes. For the period ending June 30, 2022, the Company did not have any loans classified as “doubtful” or a “loss”.
A loan’s risk grade is assigned at loan origination and is based on the financial strength of the borrower and the type of collateral. Loan risk grades are subject to review at various times throughout the year as part of the Company’s ongoing loan review process. Loans with an assigned risk grade of six or below and an outstanding balance of $250,000 or more are reassessed on a quarterly basis. During this reassessment process individual reserves may be identified and placed against certain loans which are not considered impaired. In assessing the overall economic condition of the markets in which it operates, the Company monitors the unemployment rates for its major service areas. The unemployment rates are reviewed on a quarterly basis as part of the allowance for loan loss determination. Loans are placed on nonaccrual status if principal or interest payments become 90 days past due or when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory guidelines. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. The following table presents the aging of the amortized cost basis in legacy loans by aging category and accrual status as of June 30, 2022 and December 31, 2021:
The following table details impaired loan data as of December 31, 2021.
Interest income recorded on impaired loans during the three months ended June 30, 2022 and 2021 was $165,000 and $325,000, respectively. Interest income recorded on impaired loans during the six months ended June 30, 2022 and 2021 was $380,000 and $563,000, respectively. Troubled Debt Restructurings The restructuring of a loan is considered a troubled debt restructuring ("TDR") if both the borrower is experiencing financial difficulties and the Company has granted a concession to the terms of the loan. Concessions may include interest rate reductions to below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. As discussed in Note 1 of the Notes to Consolidated Financial Statements for the year ended December 31, 2021, which are included in the Company’s 2021 Form 10-K, once a loan is identified as a TDR, it is accounted for as an impaired loan. The Company had no unfunded commitments to lend to a customer that has a troubled debt restructured loan as of June 30, 2022. The Company had one commercial real estate loan restructured during the three and six month period ended June 30, 2022 with outstanding principal balance of $181,000. The loan was restructured related to payment terms. Loans modified in a TDR are considered to be in default once the loan becomes 90 days past due. A TDR may cease being classified as impaired if the loan is subsequently modified at market terms and, has performed according to the modified terms for at least six months, and there has not been any prior principal forgiveness on a cumulative basis. The Company had no loans that subsequently defaulted during the three and six months ended June 30, 2022 and 2021.
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Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan LossesThe following tables detail activity in the allowance for loan losses, segregated by class of loan, for the three and six month periods ended June 30, 2022 and June 30, 2021. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories.
Management continually evaluates the allowance for loan losses methodology seeking to refine and enhance this process as appropriate, and it is likely that the methodology will continue to evolve over time. The Company determines its individual reserves during its quarterly review of substandard loans. This process involves reviewing all loans with a risk grade of 6 or greater and an outstanding balance of $250,000 or more, regardless of the loans impairment classification.
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings The following table presents information regarding the Company’s outstanding borrowings at June 30, 2022 and December 31, 2021:
Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2022 to 2029 and interest rates ranging from 1.01% to 2.67%. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans, commercial loans, multifamily loans and HELOC loans. At June 30, 2022, the lendable collateral of those loans pledged is $88.1 million. At June 30, 2022, the Company had remaining credit availability from the FHLB of $605.6 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. On May 1, 2019, the Company entered into two borrowing arrangements with a correspondent bank for $10.0 million each. The term note is secured by the Bank’s stock, expiring on May 1, 2024, and bears a fixed interest rate of 4.70%. The line of credit is also secured by the Bank’s stock, expiring on July 30, 2022, and bears a variable interest rate of Wall Street Journal Prime minus 0.40%.The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of June 30, 2022, the term note and the line of credit were closed and had zero balances, as both were paid off with the proceeds from the Company's public offering of its common stock completed on February 10, 2022. The Company's debentures issued in connection with trust preferred securities are recorded as other borrowings on the consolidated balance sheets, but, subject to certain limitations, qualify as Tier 1 capital for regulatory capital purposes. At June 30, 2022 and December 31, 2021, $24.2 million of debentures underlying trust preferred securities were outstanding. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary. The debentures underlying the trust preferred securities require quarterly interest payments. On May 20, 2022, the Company entered into a Subordinated Note Purchase Agreement with certain qualified institutional buyers in which the Company issued and sold $40.0 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes (the "Notes"). The Notes mature on May 20, 2032 and bear interest at a fixed rate of 5.25% per year, from May 20, 2022 to, but excluding, May 20, 2027, payable semi-annually in arrears on June 30 and December 30 of each year. From and including May 20, 2027 to, but excluding, the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York, plus 265 basis points, payable quarterly in arrears. Prior to May 20, 2027, the Company may redeem the Notes, in whole but not in part, only under certain limited circumstances set forth in the Notes. On or after May 20, 2027, the Company may redeem the Notes, in whole or in part, at its option, on any interest payment date. The Notes are included on the consolidated balance sheets as other borrowings at the carrying value, net of issuance costs. The debt issuance costs are being amortized through maturity and recognized as a component of interest expense. At June 30, 2022, $39.1 million of Subordinated Notes were outstanding. The proceeds from the sale of the Notes was used for general corporate purposes. The aggregate stated maturities of other borrowed money at June 30, 2022 are as follows:
The Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, of which $23.8 million were outstanding at June 30, 2022. The Company has the ability to borrow funds from the Federal Reserve Bank (“FRB”) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At June 30, 2022, the Company had borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock. The following table presents earnings per share for the three and six months ended June 30, 2022 and 2021.
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and ContingenciesCredit-Related Financial Instruments. The Company is a party to credit related 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, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include cash or cash equivalents, negotiable instruments, real estate, accounts receivable, inventory, oil, gas and mineral interests, property, plant, and equipment. At June 30, 2022 and December 31, 2021 the following financial instruments were outstanding whose contract amounts represent credit risk:
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 may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Standby and performance letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Legal Contingencies. In the ordinary course of business, there are various legal proceedings pending against the Company and the Bank. As of June 30, 2022, the aggregate liabilities, if any, arising from such proceedings would not, in the opinion of management, have a material adverse effect on the Company’s consolidated financial position.
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Fair Value of Financial Instruments and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments and Fair Value Measurements | Fair Value of Financial Instruments and Fair Value Measurements Generally accepted accounting standards in the U.S. require disclosure of fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of the Company and the Bank’s financial instruments are detailed hereafter. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Generally accepted accounting principles related to Fair Value Measurements define fair value, establish a framework for measuring fair value, establish a three-level valuation hierarchy for disclosure of fair value measurement and enhance disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: •Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. •Level 3 inputs to the valuation methodology are unobservable and represent the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good-faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination or issuance. Cash and short-term investments – For cash, due from banks, bank-owned deposits and federal funds sold, the carrying amount is a reasonable estimate of fair value and is classified as Level 1. Investment securities – Fair values for investment securities are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3. Other investments, at cost– The fair value of other bank stock approximates carrying value and is classified as Level 2. Fair values for investment funds are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2 If a comparable is not available, the investment securities are classified as Level 3. Loans held for sale – The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. Loans – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. Most loans are classified as Level 3. Deposit liabilities – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date and is classified as Level 2. The fair value of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities and is classified as Level 2. Federal funds purchased – The carrying amounts of Federal funds purchased approximate fair value and are classified as Level 2. Federal Home Loan Bank advances– The fair value of Federal Home Loan Bank advances is estimated by discounting the future cash flows using the current rates at which similar advances would be obtained. Federal Home Loan Bank advances are classified as Level 2. Other borrowings – The fair value of other borrowings is calculated by discounting contractual cash flows using an estimated interest rate based on current rates available to the Company for debt of similar remaining maturities and collateral terms. Other borrowings is classified as Level 2 due to their expected maturities. Disclosures of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis, are required in the financial statements. The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 are as follows:
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring and nonrecurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy: Securities – Where quoted prices are available in an active market, securities are classified within level 1 of the valuation hierarchy. Level 1 inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Examples of such instruments, which would generally be classified within level 2 of the valuation hierarchy, include certain collateralized mortgage and debt obligations and certain high-yield debt securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within level 3 of the valuation hierarchy. When measuring fair value, the valuation techniques available under the market approach, income approach and/or cost approach are used. The Company’s evaluations are based on market data and the Company employs combinations of these approaches for its valuation methods depending on the asset class. Impaired Loans – Impaired loans are those loans which the Company has measured impairment generally 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. Other Real Estate Owned – Other real estate owned assets are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. Typically, an external, third-party appraisal is performed on the collateral upon transfer into the other real estate owned account to determine the asset’s fair value. Subsequent adjustments to the collateral’s value may be based upon either updated third-party appraisals or management’s knowledge of the collateral and the current real estate market conditions. Appraised amounts used in determining the asset’s fair value, whether internally or externally prepared, are discounted 10% to account for selling and marketing costs. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of other real estate owned assets and because of the relationship between fair value and general economic conditions, we consider the fair value of other real estate owned assets to be highly sensitive to changes in market conditions. Assets Measured at Fair Value on a Recurring and Nonrecurring Basis – The following table presents the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of June 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at June 30, 2022 and December 31, 2021. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at June 30, 2022 and December 31, 2021. This table is comprised primarily of collateral dependent impaired loans and other real estate owned:
The following table presents quantitative information about recurring level 3 fair value measurements as of June 30, 2022 and December 31, 2021.
* The Company relies on a third-party pricing service to value its securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the three and six months ended June 30, 2022.
The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. There were no transfers of securities between levels for the three and six months ended June 30, 2022 and June 30, 2021.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company’s operating segments include banking, mortgage banking and small business specialty lending division. The reportable segments are determined by the products and services offered, and internal reporting. The Bank segment derives its revenues from the delivery of full-service financial services, including retail and commercial banking services and deposit accounts. The Mortgage Banking segment derives its revenues from the origination and sales of residential mortgage loans held for sale. The Small Business Specialty Lending Division segment derives its revenue from the origination, sales and servicing of Small Business Administration loans and other government guaranteed loans. Segment performance is evaluated using net interest income and noninterest income. Income taxes are allocated based on income before income taxes, and indirect expenses (includes management fees) are allocated based on various internal factors for each segment. Transactions among segments are made at fair value. Information reported internally for performance assessment follows. The following tables present information reported internally for performance assessment for the three and six months ended June 30, 2022 and 2021:
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Regulatory Capital Matters |
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Banking And Thrift Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Matters | Regulatory Capital Matters The amount of dividends payable to the parent company from the subsidiary bank is limited by various banking regulatory agencies. Upon approval by regulatory authorities, the Bank may pay cash dividends to the parent company in excess of regulatory limitations. As of June 30, 2022, the Company and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized, the Company and the Bank must have exceeded the well-capitalized guideline ratios in effect at the time, as set forth in the table below, and have met certain other requirements. Management believes that the Company and the Bank exceeded all well-capitalized requirements at June 30, 2022, and there have been no conditions or events since quarter-end that would change the status of well-capitalized. The Board of Governors of the Federal Reserve raised the threshold for determining applicable of the Small Bank Holding Company and Savings and Loan Company Policy Statement in August 2018 from $1 billion to $3 billion in consolidated total assets to provide regulatory burden relief, therefore, the Company is no longer subject to the minimum capital requirements on a consolidated basis. The following table summarizes regulatory capital information as of June 30, 2022 and December 31, 2021 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for June 30, 2022 and December 31, 2021 were calculated in accordance with the Basel III rules.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend On July 21, 2022, the Board of Directors declared a quarterly cash dividend of $0.1075 per share, to be paid on its common stock on August 20, 2022, to shareholders of record as of the close of business on August 6, 2022.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Presentation | Presentation Colony Bankcorp, Inc. (the “Company”) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia (the “Bank”). The “Company” or “our,” as used herein, includes Colony Bank, except where the context requires otherwise. In July 2019, a new subsidiary of the Company was incorporated under the name Colony Risk Management, Inc. Colony Risk Management, Inc. is a subsidiary of the Company and is located in Las Vegas, Nevada. It is a captive insurance subsidiary which insures various liability and property damage policies for the Company and its related subsidiaries. Colony Risk Management is regulated by the State of Nevada Division of Insurance. All adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for fair presentation of the interim consolidated financial statements, have been included and fairly and accurately present the financial position, results of operations and cash flows of the Company. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of the Company conform to generally accepted accounting principles and practices utilized in the commercial banking industry for interim financial information and Regulation S-X. Accordingly, the accompanying unaudited interim consolidated financial statements do not include all of the information or notes required for complete financial statements. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results which may be expected for the year ending December 31, 2022. These statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”).
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Nature of Operations | Nature of Operations The Bank provides a full range of retail, commercial and mortgage banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. The Bank is headquartered in Fitzgerald, Georgia with banking and mortgage offices in Albany, Ashburn, Athens, Broxton, Centerville, Columbus, Cordele, Douglas, Eastman, Fitzgerald, LaGrange, Leesburg, Macon, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, Sylvester, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network.
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Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair value of assets acquired and liabilities assumed in a business combination, including goodwill impairment.
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Reclassifications | Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to statement presentations selected for 2022. Such reclassifications have not materially affected previously reported stockholders’ equity or net income.
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Concentrations of Credit Risk | Concentrations of Credit Risk Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries, or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk. At June 30, 2022, approximately 86% of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit ratings are monitored by management to minimize credit risk.
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Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements ASU 2016-13, Financial Instruments – Credit Losses (Topic 326). This ASU sets forth a “current expected credit loss” ("CECL") model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supported forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, the Financial Accounting Standards Board ("FASB") voted to extend the delay of the effective date of this ASU for smaller reporting companies, such as the Company, until fiscal years beginning after December 15, 2022. The Company is in the process of working with a third party vendor using their software solution to assist with adoption. The Company is also currently gathering necessary data to implement this change and is continuing to assess the impact of the adoption of this ASU on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments are effective for the Company as of March 12, 2020 through December 31, 2022. The provisions of ASU 2020-04 did not have a material impact on the consolidated financial statements.
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Earnings Per Share | Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock. |
Fair Value of Financial Instruments and Fair Value Measurements | Cash and short-term investments – For cash, due from banks, bank-owned deposits and federal funds sold, the carrying amount is a reasonable estimate of fair value and is classified as Level 1. Investment securities – Fair values for investment securities are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2. If a comparable is not available, the investment securities are classified as Level 3. Other investments, at cost– The fair value of other bank stock approximates carrying value and is classified as Level 2. Fair values for investment funds are based on quoted market prices where available and classified as Level 1. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable instruments and classified as Level 2 If a comparable is not available, the investment securities are classified as Level 3. Loans held for sale – The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. Loans – The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. For variable rate loans, the carrying amount is a reasonable estimate of fair value. Most loans are classified as Level 3. Deposit liabilities – The fair value of demand deposits, savings accounts and certain money market deposits is the amount payable on demand at the reporting date and is classified as Level 2. The fair value of deposits is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities and is classified as Level 2. Federal funds purchased – The carrying amounts of Federal funds purchased approximate fair value and are classified as Level 2. Federal Home Loan Bank advances– The fair value of Federal Home Loan Bank advances is estimated by discounting the future cash flows using the current rates at which similar advances would be obtained. Federal Home Loan Bank advances are classified as Level 2. Other borrowings – The fair value of other borrowings is calculated by discounting contractual cash flows using an estimated interest rate based on current rates available to the Company for debt of similar remaining maturities and collateral terms. Other borrowings is classified as Level 2 due to their expected maturities.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities | The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity along with gross unrealized gains and losses are summarized as follows:
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Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity |
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Schedule of Continuous Unrealized Loss Position | Information pertaining to available-for-sale securities with gross unrealized losses at June 30, 2022 and December 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:
Information pertaining to held-to-maturity securities with gross unrealized losses at June 30, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Segregated by Class | The following table presents the composition of loans segregated by legacy and purchased loans and by class of loans, as of June 30, 2022 and December 31, 2021. Purchased loans are defined as loans that were acquired in bank acquisitions.
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Loan Portfolio by Credit Quality Indicators | The following table presents the loan portfolio, excluding purchased loans, by credit quality indicator (risk grade) as of June 30, 2022 and December 31, 2021. Those loans with a risk grade of 1, 2, 3, 4 and 5 have been combined in the pass column for presentation purposes.
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Age Analysis of Past Due Loans and Nonaccrual Loans | The following table presents the aging of the amortized cost basis in legacy loans by aging category and accrual status as of June 30, 2022 and December 31, 2021:
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Impaired Loan Data | The following table details impaired loan data, including purchased credit impaired loans, as of June 30, 2022.
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Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segregated by Class of Loan | The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the three and six month periods ended June 30, 2022 and June 30, 2021. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories.
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Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Borrowed Money | The following table presents information regarding the Company’s outstanding borrowings at June 30, 2022 and December 31, 2021:
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Schedule of Aggregate Stated Maturities | The aggregate stated maturities of other borrowed money at June 30, 2022 are as follows:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Earnings Per Share | The following table presents earnings per share for the three and six months ended June 30, 2022 and 2021.
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk | At June 30, 2022 and December 31, 2021 the following financial instruments were outstanding whose contract amounts represent credit risk:
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Fair Value of Financial Instruments and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The carrying amount, estimated fair values, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2022 and December 31, 2021 are as follows:
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Fair Value Measurements, Recurring and Nonrecurring | The following table presents the recorded amount of the Company’s assets measured at fair value on a recurring and nonrecurring basis as of June 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. The table below includes only impaired loans with a specific reserve and only other real estate properties with a valuation allowance at June 30, 2022 and December 31, 2021. Those impaired loans and other real estate properties are shown net of the related specific reserves and valuation allowances.
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Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at June 30, 2022 and December 31, 2021. This table is comprised primarily of collateral dependent impaired loans and other real estate owned:
The following table presents quantitative information about recurring level 3 fair value measurements as of June 30, 2022 and December 31, 2021.
* The Company relies on a third-party pricing service to value its securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the three and six months ended June 30, 2022.
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables present information reported internally for performance assessment for the three and six months ended June 30, 2022 and 2021:
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Regulatory Capital Matters (Tables) |
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Banking And Thrift Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table summarizes regulatory capital information as of June 30, 2022 and December 31, 2021 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for June 30, 2022 and December 31, 2021 were calculated in accordance with the Basel III rules.
|
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Accounting Policies [Abstract] | ||
Goodwill, purchase accounting adjustments | $ 1.2 | |
Percentage of loan portfolio concentrated in loans secured by real estate | 86.00% |
Loans - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022
USD ($)
loan
|
Jun. 30, 2021
USD ($)
loan
|
Jun. 30, 2022
USD ($)
loan
|
Jun. 30, 2021
USD ($)
loan
|
|
Loans and Leases Receivable Disclosure [Line Items] | ||||
Outstanding balance of high risk loans, minimum | $ 250,000 | $ 250,000 | ||
Interest income on impaired loans | 165,000 | $ 325,000 | 380,000 | $ 563,000 |
Unfunded commitments to lend | 0 | 0 | ||
Troubled debt restructuring | $ 181,000,000 | $ 181,000,000 | ||
Number of loans that subsequently defaulted | loan | 0 | 0 | 0 | 0 |
Construction, land and land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loan contracts restructured | loan | 1 | 1 |
Allowance for Loan Losses - Narrative (Details) |
Jun. 30, 2022
USD ($)
|
---|---|
Receivables [Abstract] | |
Outstanding balance of high risk loans, minimum | $ 250,000 |
Borrowings - Summary of Other Borrowed Money (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
Federal funds purchased | $ 23,766 | $ 0 |
Federal Home Loan Bank advances | 65,000 | 51,656 |
Other borrowings | 63,342 | 36,792 |
Total borrowings | $ 152,108 | $ 88,448 |
Borrowings - Schedule of Aggregate Stated Maturities (Details) - Other borrowings $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 63,766 |
2027 and After | 88,342 |
Long-term debt | $ 152,108 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Numerator | ||||
Net income available to common stockholders | $ 3,415 | $ 3,997 | $ 8,737 | $ 8,917 |
Weighted average number of common shares | ||||
Outstanding for basic earnings per common share (in shares) | 17,586,276 | 9,498,783 | 16,731,986 | 9,498,783 |
Weighted-average number of shares outstanding for diluted earnings per common share (in shares) | 17,586,276 | 9,498,783 | 16,731,986 | 9,498,783 |
Earnings per share - basic (in dollars per share) | $ 0.19 | $ 0.42 | $ 0.52 | $ 0.94 |
Earnings per share - diluted (in dollars per share) | $ 0.19 | $ 0.42 | $ 0.52 | $ 0.94 |
Commitments and Contingencies - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Commitments [Line Items] | ||
Letters of credit | $ 3,649 | $ 4,869 |
Loan Origination Commitments | ||
Other Commitments [Line Items] | ||
Loan commitments | $ 389,523 | $ 318,853 |
Commitments and Contingencies - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Letter of credit, expiration date period | 1 year |
Fair Value of Financial Instruments and Fair Value Measurements - Narrative (Details) |
Jun. 30, 2022 |
---|---|
Fair Value Disclosures [Abstract] | |
Fair value input, discount amount | 10.00% |
Fair Value of Financial Instruments and Fair Value Measurements - Fair Value Measurement Using Significant Unobservable Inputs (Details) - Available for Sale Securities - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2022 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Beginning | $ 4,083 | $ 4,255 |
Redemption of security | (1,356) | (1,356) |
Unrealized/realized losses included in earnings | 42 | (130) |
Balance, Ending | $ 2,769 | $ 2,769 |
Segment Information - Schedule of Segment Reporting Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
employee
|
Jun. 30, 2021
USD ($)
employee
|
Jun. 30, 2022
USD ($)
employee
|
Jun. 30, 2021
USD ($)
employee
|
Dec. 31, 2021
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 19,167 | $ 15,069 | $ 38,359 | $ 29,300 | |
Provision for loan losses | 1,100 | 0 | 1,150 | 500 | |
Noninterest Income | 10,058 | 7,751 | 19,205 | 16,352 | |
Noninterest Expenses | 24,476 | 17,465 | 46,282 | 33,219 | |
Income Taxes | 234 | 1,358 | 1,395 | 3,016 | |
Segment Profit | 3,415 | $ 3,997 | 8,737 | $ 8,917 | |
Segment assets | $ 2,728,702 | $ 2,728,702 | $ 2,691,715 | ||
Full time employees | employee | 483 | 371 | 483 | 371 | |
Bank | |||||
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 18,819 | $ 14,864 | $ 37,647 | $ 28,797 | |
Provision for loan losses | 1,100 | 0 | 1,150 | 500 | |
Noninterest Income | 5,187 | 3,354 | 9,482 | 6,384 | |
Noninterest Expenses | 19,504 | 13,366 | 37,206 | 25,298 | |
Income Taxes | 227 | 1,241 | 1,127 | 2,401 | |
Segment Profit | 3,175 | $ 3,611 | 7,646 | $ 6,982 | |
Segment assets | $ 2,664,966 | $ 2,664,966 | 2,620,501 | ||
Full time employees | employee | 396 | 294 | 396 | 294 | |
Mortgage Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 57 | $ 123 | $ 128 | $ 291 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest Income | 2,736 | 2,997 | 5,648 | 6,983 | |
Noninterest Expenses | 2,799 | 2,887 | 5,510 | 5,680 | |
Income Taxes | (7) | 60 | 94 | 414 | |
Segment Profit | 1 | $ 173 | 172 | $ 1,180 | |
Segment assets | $ 20,183 | $ 20,183 | 25,149 | ||
Full time employees | employee | 59 | 53 | 59 | 53 | |
Small Business Specialty Lending Division | |||||
Segment Reporting Information [Line Items] | |||||
Net Interest Income | $ 291 | $ 82 | $ 584 | $ 212 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest Income | 2,135 | 1,400 | 4,075 | 2,985 | |
Noninterest Expenses | 2,173 | 1,212 | 3,566 | 2,241 | |
Income Taxes | 14 | 57 | 174 | 201 | |
Segment Profit | 239 | $ 213 | 919 | $ 755 | |
Segment assets | $ 43,553 | $ 43,553 | $ 46,065 | ||
Full time employees | employee | 28 | 24 | 28 | 24 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jul. 21, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.1075 | $ 0.1025 | $ 0.2150 | $ 0.2050 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.1075 |
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