☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Texas
|
75-2453320
|
|
( State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
5219 City Bank Parkway
Lubbock, TX
|
79407
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $1.00 par value per share
|
SPFI
|
The Nasdaq Stock Market, LLC
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒ (Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☒ |
Page
|
||
PART I.
|
3
|
|
Item 1.
|
3
|
|
3
|
||
4 | ||
6
|
||
7
|
||
9 | ||
Item 2.
|
31 | |
Item 3.
|
55 | |
Item 4.
|
55 | |
PART II.
|
55 | |
Item 1.
|
55 | |
Item 1A.
|
55 | |
Item 2.
|
55 | |
Item 3.
|
56 | |
Item 4.
|
56 | |
Item 5.
|
56 | |
Item 6.
|
56 | |
56 |
March 31,
2019
|
December 31,
2018
|
Pro Forma
March 31,
2019
|
||||||||||
ASSETS
|
||||||||||||
Cash and due from banks
|
$
|
37,632
|
$
|
47,802
|
$
|
37,632
|
||||||
Interest-bearing deposits in banks
|
301,778
|
198,187
|
301,778
|
|||||||||
Cash and cash equivalents
|
339,410
|
245,989
|
339,410
|
|||||||||
Securities available for sale
|
339,051
|
338,196
|
339,051
|
|||||||||
Loans held for sale
|
21,447
|
38,382
|
21,447
|
|||||||||
Loans held for investment
|
1,915,183
|
1,957,197
|
1,915,183
|
|||||||||
Allowance for loan losses
|
(23,381
|
)
|
(23,126
|
)
|
(23,381
|
)
|
||||||
Accrued interest receivable
|
9,962
|
12,957
|
9,962
|
|||||||||
Premises and equipment, net
|
59,572
|
59,787
|
59,572
|
|||||||||
Bank-owned life insurance
|
57,499
|
57,172
|
57,499
|
|||||||||
Other assets
|
27,254
|
26,191
|
27,254
|
|||||||||
Total assets
|
$
|
2,745,997
|
$
|
2,712,745
|
$
|
2,745,997
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest-bearing
|
$
|
497,566
|
$
|
510,067
|
$
|
497,566
|
||||||
Interest-bearing
|
1,807,363
|
1,767,387
|
1,807,363
|
|||||||||
Total deposits
|
2,304,929
|
2,277,454
|
2,304,929
|
|||||||||
Short-term borrowings
|
18,915
|
17,705
|
18,915
|
|||||||||
Accrued expenses and other liabilities
|
35,723
|
29,416
|
35,723
|
|||||||||
Notes payable & other borrowings
|
95,000
|
95,000
|
95,000
|
|||||||||
Subordinated debt securities
|
26,472
|
34,002
|
26,472
|
|||||||||
Junior subordinated deferrable interest debentures
|
46,393
|
46,393
|
46,393
|
|||||||||
Total liabilities
|
2,527,432
|
2,499,970
|
2,527,432
|
|||||||||
Commitments and contingent liabilities
|
||||||||||||
ESOP owned shares
|
58,195
|
58,195
|
-
|
|||||||||
Stockholders’ equity:
|
||||||||||||
Common stock, $1.00 par value per share, 30,000,000 shares authorized; 14,771,520 issued and outstanding
|
14,772
|
14,772
|
14,772
|
|||||||||
Additional paid-in capital
|
80,412
|
80,412
|
80,412
|
|||||||||
Retained earnings
|
123,328
|
119,834
|
123,328
|
|||||||||
Accumulated other comprehensive income (loss)
|
53
|
(2,243
|
)
|
53
|
||||||||
218,565
|
212,775
|
218,565
|
||||||||||
Less ESOP owned shares
|
58,195
|
58,195
|
-
|
|||||||||
Total stockholders’ equity
|
160,370
|
154,580
|
218,565
|
|||||||||
Total liabilities and stockholders’ equity
|
$
|
2,745,997
|
$
|
2,712,745
|
$
|
2,745,997
|
Three Months Ended March 31,
|
||||||||||||
Pro Forma
|
||||||||||||
2019
|
2018
|
2018
|
||||||||||
Interest income:
|
||||||||||||
Loans, including fees
|
$
|
28,098
|
$
|
24,109
|
$
|
24,109
|
||||||
Securities:
|
||||||||||||
Taxable
|
2,176
|
795
|
795
|
|||||||||
Non taxable
|
225
|
1,095
|
1,095
|
|||||||||
Federal funds sold and interest-bearing deposits in banks
|
1,505
|
1,284
|
1,284
|
|||||||||
Total interest income
|
32,004
|
27,283
|
27,283
|
|||||||||
Interest expense:
|
||||||||||||
Deposits
|
5,889
|
3,493
|
3,493
|
|||||||||
Notes payable & other borrowings
|
650
|
430
|
430
|
|||||||||
Subordinated debt securities
|
406
|
245
|
245
|
|||||||||
Junior subordinated deferrable interest debentures
|
513
|
397
|
397
|
|||||||||
Total interest expense
|
7,458
|
4,565
|
4,565
|
|||||||||
Net interest income
|
24,546
|
22,718
|
22,718
|
|||||||||
Provision for loan losses
|
608
|
778
|
778
|
|||||||||
Net interest income, after provision for loan losses
|
23,938
|
21,940
|
21,940
|
|||||||||
Noninterest income:
|
||||||||||||
Service charges on deposit accounts
|
1,905
|
1,917
|
1,917
|
|||||||||
Income from insurance activities
|
1,750
|
1,395
|
1,395
|
|||||||||
Net gain on sales of loans
|
4,660
|
4,311
|
4,311
|
|||||||||
Bank card services and interchange fees
|
2,010
|
1,958
|
1,958
|
|||||||||
Investment commissions
|
333
|
450
|
450
|
|||||||||
Other
|
1,417
|
1,437
|
1,437
|
|||||||||
Total noninterest income
|
12,075
|
11,468
|
11,468
|
|||||||||
Noninterest expense:
|
||||||||||||
Salaries and employee benefits
|
19,125
|
17,601
|
17,601
|
|||||||||
Occupancy and equipment, net
|
3,407
|
3,324
|
3,324
|
|||||||||
Professional services
|
1,706
|
1,429
|
1,429
|
|||||||||
Marketing and development
|
717
|
818
|
818
|
|||||||||
IT and data services
|
693
|
550
|
550
|
|||||||||
Bank card expenses
|
724
|
664
|
664
|
|||||||||
Appraisal expenses
|
323
|
285
|
285
|
|||||||||
Other
|
3,341
|
3,206
|
3,206
|
|||||||||
Total noninterest expense
|
30,036
|
27,877
|
27,877
|
|||||||||
Income before income taxes
|
5,977
|
5,531
|
5,531
|
|||||||||
Income tax expense
|
1,204
|
30
|
883
|
|||||||||
Net income
|
$
|
4,773
|
$
|
5,501
|
$
|
4,648
|
Three Months Ended March 31,
|
||||||||||||
2019
|
2018
|
Pro Forma
2018
|
||||||||||
Earnings per share:
|
||||||||||||
Basic
|
$
|
0.32
|
$
|
0.37
|
$
|
0.31
|
||||||
Diluted
|
$
|
0.32
|
$
|
0.37
|
$
|
0.31
|
||||||
Net income
|
$
|
4,773
|
$
|
5,501
|
$
|
4,648
|
||||||
Other comprehensive income (loss):
|
||||||||||||
Change in net unrealized loss on securities available for sale
|
2,907
|
(3,160
|
)
|
(3,160
|
)
|
|||||||
Tax effect
|
(611
|
)
|
-
|
664
|
||||||||
Other comprehensive income (loss)
|
2,296
|
(3,160
|
)
|
(2,496
|
)
|
|||||||
Comprehensive income
|
$
|
7,069
|
$
|
2,341
|
$
|
2,152
|
Common Stock
|
Additional
Paid-in
|
Retained
|
Accumulated
Other
Comprehensive
|
Treasury
|
Less:
ESOP
Owned
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Shares
|
Total
|
|||||||||||||||||||||||||
Balance at January 1, 2018
|
15,153,510
|
$
|
15,154
|
$
|
85,888
|
$
|
120,589
|
$
|
(446
|
)
|
$
|
(5,858
|
)
|
$
|
(57,121
|
)
|
$
|
158,206
|
||||||||||||||
Net income
|
-
|
-
|
-
|
5,501
|
-
|
-
|
-
|
5,501
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.15 per share
|
-
|
-
|
-
|
(2,215
|
)
|
-
|
-
|
-
|
(2,215
|
)
|
||||||||||||||||||||||
Other comprehensive (loss), (net of tax)
|
-
|
-
|
-
|
-
|
(3,160
|
)
|
-
|
-
|
(3,160
|
)
|
||||||||||||||||||||||
Balance at March 31, 2018
|
15,153,510
|
$
|
15,154
|
$
|
85,888
|
$
|
123,875
|
$
|
(3,606
|
)
|
$
|
(5,858
|
)
|
$
|
(57,121
|
)
|
$
|
158,332
|
||||||||||||||
Balance at January 1, 2019
|
14,771,520
|
$
|
14,772
|
$
|
80,412
|
$
|
119,834
|
$
|
(2,243
|
)
|
$
|
-
|
$
|
(58,195
|
)
|
$
|
154,580
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
4,773
|
-
|
-
|
-
|
4,773
|
||||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
-
|
-
|
-
|
-
|
2,296
|
-
|
-
|
2,296
|
||||||||||||||||||||||||
Cumulative change in accounting principle
|
-
|
-
|
-
|
(1,279
|
)
|
-
|
-
|
-
|
(1,279
|
)
|
||||||||||||||||||||||
Balance at March 31, 2019
|
14,771,520
|
$
|
14,772
|
$
|
80,412
|
$
|
123,328
|
$
|
53
|
$
|
-
|
$
|
(58,195
|
)
|
$
|
160,370
|
For the Three Months Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
4,773
|
$
|
5,501
|
||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
Provision for loan losses
|
608
|
778
|
||||||
Depreciation and amortization
|
1,252
|
1,328
|
||||||
Accretion and amortization
|
(308
|
)
|
637
|
|||||
Other gains, net
|
(3
|
)
|
(95
|
)
|
||||
Net gain on sales of loans
|
(4,660
|
)
|
(4,311
|
)
|
||||
Proceeds from sales of loans held for sale
|
142,435
|
115,615
|
||||||
Loans originated for sale
|
(120,840
|
)
|
(108,797
|
)
|
||||
Earnings on bank-owned life insurance
|
(327
|
)
|
(333
|
)
|
||||
Net change in:
|
||||||||
Accrued interest receivable and other assets
|
1,371
|
3,970
|
||||||
Accrued expenses and other liabilities
|
5,028
|
1,323
|
||||||
Net cash from operating activities
|
29,329
|
15,616
|
||||||
Cash flows from investing activities:
|
||||||||
Activity in securities available for sale:
|
||||||||
Purchases
|
(5,192
|
)
|
-
|
|||||
Maturities, prepayments, and calls
|
7,552
|
7,299
|
||||||
Activity in securities held to maturity:
|
||||||||
Maturities, prepayments, and calls
|
-
|
14,675
|
||||||
Loan originations and principal collections, net
|
41,201
|
12,924
|
||||||
Purchases of premises and equipment, net
|
(1,032
|
)
|
(746
|
)
|
||||
Proceeds from sales of premises and equipment
|
3
|
20
|
||||||
Proceeds from sales of foreclosed assets
|
405
|
1,035
|
||||||
Net cash from investing activities
|
42,937
|
35,207
|
||||||
Cash flows from financing activities:
|
||||||||
Net change in deposits
|
27,475
|
5,240
|
||||||
Net change in short-term borrowings
|
1,210
|
5,070
|
||||||
Payments made on notes payable and other borrowings
|
(7,530
|
)
|
-
|
|||||
Cash dividends on common stock
|
-
|
(2,215
|
)
|
|||||
Net cash from financing activities
|
21,155
|
8,095
|
For the Three Months Ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Net change in cash and cash equivalents
|
$
|
93,421
|
$
|
58,918
|
||||
Beginning cash and cash equivalents
|
245,989
|
294,563
|
||||||
Ending cash and cash equivalents
|
$
|
339,410
|
$
|
353,481
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid on deposits and borrowed funds
|
$
|
7,140
|
$
|
3,443
|
||||
Income taxes paid
|
-
|
-
|
||||||
Supplemental schedule of noncash investing and financing activities:
|
||||||||
Loans transferred to foreclosed assets
|
$ |
460
|
$ |
804
|
Wholly Owned, Consolidated Subsidiaries:
|
|
City Bank
|
Bank subsidiary
|
Windmark Insurance Agency, Inc.
|
Non-bank subsidiary
|
Ruidoso Retail, Inc.
|
Non-bank subsidiary
|
CB Provence, LLC
|
Non-bank subsidiary
|
CBT Brushy Creek, LLC
|
Non-bank subsidiary
|
CBT Properties, LLC
|
Non-bank subsidiary
|
Wholly Owned, Equity Method Subsidiaries:
|
|
South Plains Financial Capital Trusts (SPFCT) III-V
|
Non-bank subsidiaries
|
2.
|
SECURITIES
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value |
|||||||||||||
March 31, 2019
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
85,217
|
$
|
26
|
$
|
(42
|
)
|
$
|
85,201
|
|||||||
State and municipal
|
32,118
|
566
|
(163
|
)
|
32,521
|
|||||||||||
Mortgage-backed securities
|
182,684
|
1,092
|
(992
|
)
|
182,784
|
|||||||||||
Asset-backed and other amortizing securities
|
38,965
|
33
|
(453
|
)
|
38,545
|
|||||||||||
$
|
338,984
|
$
|
1,717
|
$
|
(1,650
|
)
|
$
|
339,051
|
Amortized
Cost |
Gross
Unrealized
Gains
|
Gross
Unrealized
|
Fair
Value
|
|||||||||||||
December 31, 2018
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
84,765
|
$
|
18
|
$
|
(76
|
)
|
$
|
84,707
|
|||||||
State and municipal
|
32,205
|
480
|
(375
|
)
|
32,310
|
|||||||||||
Mortgage-backed securities
|
184,267
|
29
|
(2,040
|
)
|
182,256
|
|||||||||||
Asset-backed and other amortizing securities
|
39,799
|
1
|
(877
|
)
|
38,923
|
|||||||||||
$
|
341,036
|
$
|
528
|
$
|
(3,368
|
)
|
$
|
338,196
|
Available for Sale
|
||||||||
Amortized
Cost
|
Fair
Value
|
|||||||
Within 1 year
|
$
|
78,370
|
$
|
78,356
|
||||
After 1 year through 5 years
|
7,317
|
7,318
|
||||||
After 5 years through 10 years
|
12,006
|
11,997
|
||||||
After 10 years
|
19,642
|
20,051
|
||||||
Other
|
221,649
|
221,329
|
||||||
$
|
338,984
|
$
|
339,051
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
|||||||||||||||||||
March 31, 2019
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
74,872
|
$
|
9
|
$
|
5,553
|
$
|
33
|
$
|
80,425
|
$
|
42
|
||||||||||||
State and municipal
|
918
|
1
|
13,443
|
162
|
14,361
|
163
|
||||||||||||||||||
Mortgage-backed securities
|
-
|
-
|
53,083
|
992
|
53,083
|
992
|
||||||||||||||||||
Asset-backed and other amortizing securities
|
-
|
-
|
34,060
|
453
|
34,060
|
453
|
||||||||||||||||||
$
|
75,790
|
$
|
10
|
$
|
106,139
|
$
|
1,640
|
$
|
181,929
|
$
|
1,650
|
|||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
77,891
|
$
|
27
|
$
|
2,048
|
$
|
49
|
$
|
79,939
|
$
|
76
|
||||||||||||
State and municipal
|
5,662
|
92
|
9,781
|
283
|
15,443
|
375
|
||||||||||||||||||
Mortgage-backed securities
|
108,962
|
293
|
54,035
|
1,747
|
162,997
|
2,040
|
||||||||||||||||||
Asset-backed and other amortizing securities
|
-
|
-
|
37,351
|
877
|
37,351
|
877
|
||||||||||||||||||
$
|
192,515
|
$
|
412
|
$
|
103,215
|
$
|
2,956
|
$
|
295,730
|
$
|
3,368
|
3.
|
LOANS
|
March 31,
2019 |
December 31,
2018 |
|||||||
Commercial real estate
|
$
|
528,598
|
$
|
538,037
|
||||
Commercial - specialized
|
258,975
|
305,022
|
||||||
Commercial - general
|
413,093
|
427,728
|
||||||
Consumer:
|
||||||||
1-4 family residential
|
354,981
|
346,153
|
||||||
Auto loans
|
200,366
|
191,647
|
||||||
Other consumer
|
71,939
|
70,209
|
||||||
Construction
|
87,231
|
78,401
|
||||||
1,915,183
|
1,957,197
|
|||||||
Allowance for loan losses
|
(23,381
|
)
|
(23,126
|
)
|
||||
Loans, net
|
$
|
1,891,802
|
$
|
1,934,071
|
Beginning
Balance
|
Provision for
loan losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the three months ended
|
||||||||||||||||||||
March 31, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,579
|
$
|
(352
|
)
|
$
|
-
|
$
|
108
|
$
|
5,335
|
|||||||||
Commercial - specialized
|
2,516
|
(179
|
)
|
(33
|
)
|
23
|
2,327
|
|||||||||||||
Commercial - general
|
8,173
|
262
|
(4
|
)
|
73
|
8,504
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,249
|
156
|
(19
|
)
|
30
|
2,416
|
||||||||||||||
Auto loans
|
2,994
|
299
|
(259
|
)
|
33
|
3,067
|
||||||||||||||
Other consumer
|
1,192
|
212
|
(279
|
)
|
49
|
1,174
|
||||||||||||||
Construction
|
423
|
210
|
(75
|
)
|
-
|
558
|
||||||||||||||
Total
|
$
|
23,126
|
$
|
608
|
$
|
(669
|
)
|
$
|
316
|
$
|
23,381
|
For the three months ended
|
||||||||||||||||||||
March 31, 2018
|
||||||||||||||||||||
Commercial real estate
|
$
|
3,769
|
$
|
1,360
|
$
|
-
|
$
|
-
|
$
|
5,129
|
||||||||||
Commercial - specialized
|
2,367
|
265
|
(38
|
)
|
56
|
2,650
|
||||||||||||||
Commercial - general
|
10,151
|
(1,313
|
)
|
(100
|
)
|
187
|
8,925
|
|||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
1,787
|
(359
|
)
|
(1
|
)
|
-
|
1,427
|
|||||||||||||
Auto loans
|
2,068
|
521
|
(235
|
)
|
32
|
2,386
|
||||||||||||||
Other consumer
|
971
|
253
|
(207
|
)
|
36
|
1,053
|
||||||||||||||
Construction
|
348
|
51
|
-
|
-
|
399
|
|||||||||||||||
Total
|
$
|
21,461
|
$
|
778
|
$
|
(581
|
)
|
$
|
311
|
$
|
21,969
|
Recorded Investment
|
Allowance for Loan Losses
|
|||||||||||||||
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
|||||||||||||
March 31, 2019
|
||||||||||||||||
Commercial real estate
|
$
|
473
|
$
|
528,125
|
$
|
-
|
$
|
5,335
|
||||||||
Commercial - specialized
|
2,045
|
256,930
|
68
|
2,259
|
||||||||||||
Commercial - general
|
2,856
|
410,237
|
335
|
8,169
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
2,590
|
352,391
|
120
|
2,296
|
||||||||||||
Auto loans
|
-
|
200,366
|
-
|
3,067
|
||||||||||||
Other consumer
|
-
|
71,939
|
-
|
1,174
|
||||||||||||
Construction
|
702
|
86,529
|
60
|
498
|
||||||||||||
Total
|
$
|
8,666
|
$
|
1,906,517
|
$
|
583
|
$
|
22,798
|
||||||||
December 31, 2018
|
||||||||||||||||
Commercial real estate
|
$
|
1,819
|
$
|
536,218
|
$
|
-
|
$
|
5,579
|
||||||||
Commercial - specialized
|
2,116
|
302,906
|
-
|
2,516
|
||||||||||||
Commercial - general
|
2,950
|
424,778
|
233
|
7,940
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
2,475
|
343,678
|
8
|
2,241
|
||||||||||||
Auto loans
|
-
|
191,647
|
-
|
2,994
|
||||||||||||
Other consumer
|
-
|
70,209
|
-
|
1,192
|
||||||||||||
Construction
|
-
|
78,401
|
-
|
423
|
||||||||||||
Total
|
$
|
9,360
|
$
|
1,947,837
|
$
|
241
|
$
|
22,885
|
Unpaid
Contractual
Principal
Balance
|
Recorded
Investment
With No
Allowance
|
Recorded
Investment
With
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average
Recorded
Investment
|
|||||||||||||||||||
March 31, 2019
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
928
|
$
|
473
|
$
|
-
|
$
|
473
|
$
|
-
|
$
|
1,146
|
||||||||||||
Commercial - specialized
|
2,045
|
1,359
|
686
|
2,045
|
68
|
2,081
|
||||||||||||||||||
Commercial - general
|
4,664
|
180
|
2,676
|
2,856
|
335
|
2,903
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
1-4 family
|
3,009
|
2,131
|
459
|
2,590
|
120
|
2,533
|
||||||||||||||||||
Auto loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Construction
|
777
|
345
|
357
|
702
|
60
|
351
|
||||||||||||||||||
Total
|
$
|
11,423
|
$
|
4,488
|
$
|
4,178
|
$
|
8,666
|
$
|
583
|
$
|
9,014
|
||||||||||||
December 31, 2018
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
2,274
|
$
|
1,819
|
$
|
-
|
$
|
1,819
|
$
|
-
|
$
|
4,590
|
||||||||||||
Commercial - specialized
|
2,116
|
2,116
|
-
|
2,116
|
-
|
3,742
|
||||||||||||||||||
Commercial - general
|
4,758
|
240
|
2,710
|
2,950
|
233
|
3,963
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
1-4 family
|
2,894
|
2,111
|
364
|
2,475
|
8
|
2,881
|
||||||||||||||||||
Auto loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
12,042
|
$
|
6,286
|
$
|
3,074
|
$
|
9,360
|
$
|
241
|
$
|
15,176
|
30-89 Days Past
Due
|
90 Days or
More Past Due
|
Nonaccrual
|
||||||||||
March 31, 2019
|
||||||||||||
Commercial real estate
|
$
|
1,493
|
$
|
-
|
$
|
200
|
||||||
Commercial - specialized
|
402
|
-
|
2,753
|
|||||||||
Commercial - general
|
2,432
|
-
|
2,170
|
|||||||||
Consumer:
|
||||||||||||
1-4 Family residential
|
1,839
|
186
|
1,831
|
|||||||||
Auto loans
|
808
|
33
|
||||||||||
Other consumer
|
683
|
61
|
||||||||||
Construction
|
646
|
-
|
703
|
|||||||||
Total
|
$
|
8,303
|
$
|
280
|
$
|
7,657
|
||||||
December 31, 2018
|
||||||||||||
Commercial real estate
|
$
|
1,748
|
$
|
-
|
$
|
217
|
||||||
Commercial - specialized
|
992
|
-
|
2,550
|
|||||||||
Commercial - general
|
2,625
|
-
|
2,134
|
|||||||||
Consumer:
|
||||||||||||
1-4 Family residential
|
1,611
|
440
|
1,489
|
|||||||||
Auto loans
|
825
|
50
|
||||||||||
Other consumer
|
883
|
74
|
||||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Total
|
$
|
8,684
|
$
|
564
|
$
|
6,390
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
March 31, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
503,424
|
$
|
19,919
|
$
|
5,255
|
$
|
-
|
$
|
528,598
|
||||||||||
Commercial - specialized
|
255,433
|
-
|
3,542
|
-
|
258,975
|
|||||||||||||||
Commercial - general
|
400,960
|
1,375
|
10,758
|
-
|
413,093
|
|||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
349,532
|
-
|
5,449
|
-
|
354,981
|
|||||||||||||||
Auto loans
|
200,129
|
-
|
237
|
-
|
200,366
|
|||||||||||||||
Other consumer
|
71,766
|
-
|
173
|
-
|
71,939
|
|||||||||||||||
Construction
|
86,529
|
-
|
702
|
-
|
87,231
|
|||||||||||||||
Total
|
$
|
1,867,773
|
$
|
21,294
|
$
|
26,116
|
$
|
-
|
$
|
1,915,183
|
||||||||||
December 31, 2018
|
||||||||||||||||||||
Commercial real estate
|
$
|
514,249
|
$
|
17,300
|
$
|
6,488
|
$
|
-
|
$
|
538,037
|
||||||||||
Commercial - specialized
|
301,289
|
-
|
3,733
|
-
|
305,022
|
|||||||||||||||
Commercial - general
|
415,675
|
1,449
|
10,604
|
-
|
427,728
|
|||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
340,836
|
-
|
5,317
|
-
|
346,153
|
|||||||||||||||
Auto loans
|
191,435
|
-
|
212
|
-
|
191,647
|
|||||||||||||||
Other consumer
|
70,075
|
-
|
134
|
-
|
70,209
|
|||||||||||||||
Construction
|
78,401
|
-
|
-
|
-
|
78,401
|
|||||||||||||||
Total
|
$
|
1,911,960
|
$
|
18,749
|
$
|
26,488
|
$
|
-
|
$
|
1,957,197
|
4.
|
BORROWING ARRANGEMENTS
|
5. |
EMPLOYEE BENEFITS
|
6. |
STOCK-BASED COMPENSATION
|
Number
of Shares |
Weighted-
Average |
Weighted-
AverageContractual
Life in Years
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Three Months Ended March 31, 2019
|
||||||||||||||||
Outstanding at beginning of year:
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Granted
|
10,342
|
21.32
|
9.97
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited
|
-
|
-
|
-
|
-
|
||||||||||||
Balance, March 31, 2019
|
10,342
|
$
|
21.32
|
9.97
|
$
|
-
|
||||||||||
Exercisable at end of period
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Vested at end of period
|
-
|
$
|
-
|
-
|
$
|
-
|
Three Months
Ended March
31, 2019
|
||||
Expected volatility
|
27.46
|
%
|
||
Expected dividend yield
|
0.70
|
%
|
||
Expected term (years)
|
6.0
|
|||
Risk-free interest rate
|
2.39
|
%
|
||
Weighted average grant date fair value
|
$
|
6.15
|