☒ |
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, Texas
|
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
|
☒ |
Smaller reporting company
|
☐ | |
Emerging growth company
|
☒ |
Page
|
||
PART I.
|
3
|
|
Item 1.
|
3
|
|
3
|
||
4
|
||
6
|
||
7
|
||
8 | ||
Item 2.
|
25 | |
Item 3.
|
46 | |
Item 4.
|
46 | |
PART II.
|
47 | |
Item 1.
|
47 | |
Item 1A.
|
47 | |
Item 2.
|
47 | |
Item 3.
|
47 | |
Item 4.
|
47 | |
Item 5.
|
47 | |
Item 6.
|
48 | |
49 |
September 30,
2019
|
December 31,
2018
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
48,709
|
$
|
47,802
|
||||
Interest-bearing deposits in banks
|
195,281
|
198,187
|
||||||
Federal funds sold
|
655
|
—
|
||||||
Cash and cash equivalents
|
244,645
|
245,989
|
||||||
Securities available for sale
|
401,335
|
338,196
|
||||||
Loans held for sale
|
50,136
|
38,382
|
||||||
Loans held for investment
|
1,962,609
|
1,957,197
|
||||||
Allowance for loan losses
|
(24,176
|
)
|
(23,126
|
)
|
||||
Accrued interest receivable
|
11,675
|
12,957
|
||||||
Premises and equipment, net
|
59,189
|
59,787
|
||||||
Bank-owned life insurance
|
58,109
|
57,172
|
||||||
Intangible assets
|
2,464
|
—
|
||||||
Other assets
|
29,596
|
26,191
|
||||||
Total assets
|
$
|
2,795,582
|
$
|
2,712,745
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
556,233
|
$
|
510,067
|
||||
Interest-bearing
|
1,729,741
|
1,767,387
|
||||||
Total deposits
|
2,285,974
|
2,277,454
|
||||||
Short-term borrowings
|
9,855
|
17,705
|
||||||
Accrued expenses and other liabilities
|
32,861
|
29,416
|
||||||
Notes payable & other borrowings
|
95,000
|
95,000
|
||||||
Subordinated debt securities
|
26,472
|
34,002
|
||||||
Junior subordinated deferrable interest debentures
|
46,393
|
46,393
|
||||||
Total liabilities
|
2,496,555
|
2,499,970
|
||||||
Commitments and contingent liabilities
|
||||||||
ESOP owned shares
|
—
|
58,195
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $1.00 par value per share, 30,000,000 shares authorized; 18,004,323 and 14,771,520 issued and outstanding at September 30, 2019 and December 31, 2018,
respectively
|
18,004
|
14,772
|
||||||
Additional paid-in capital
|
140,268
|
80,412
|
||||||
Retained earnings
|
137,127
|
119,834
|
||||||
Accumulated other comprehensive income (loss)
|
3,628
|
(2,243
|
)
|
|||||
299,027
|
212,775
|
|||||||
Less ESOP owned shares
|
—
|
58,195
|
||||||
Total stockholders’ equity
|
299,027
|
154,580
|
||||||
Total liabilities and stockholders’ equity
|
$
|
2,795,582
|
$
|
2,712,745
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans, including fees
|
$
|
29,652
|
$
|
27,652
|
$
|
86,342
|
$
|
77,388
|
||||||||
Securities:
|
||||||||||||||||
Taxable
|
2,021
|
1,736
|
6,013
|
3,323
|
||||||||||||
Non taxable
|
226
|
530
|
669
|
2,646
|
||||||||||||
Federal funds sold and interest-bearing deposits in banks
|
1,766
|
813
|
5,154
|
3,065
|
||||||||||||
Total interest income
|
33,665
|
30,731
|
98,178
|
86,422
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
5,627
|
4,670
|
17,655
|
11,959
|
||||||||||||
Notes payable & other borrowings
|
581
|
541
|
1,849
|
1,444
|
||||||||||||
Subordinated debt securities
|
404
|
245
|
1,213
|
735
|
||||||||||||
Junior subordinated deferrable interest debentures
|
485
|
487
|
1,510
|
1,339
|
||||||||||||
Total interest expense
|
7,097
|
5,943
|
22,227
|
15,477
|
||||||||||||
Net interest income
|
26,568
|
24,788
|
75,951
|
70,945
|
||||||||||||
Provision for loan losses
|
420
|
3,415
|
1,903
|
5,733
|
||||||||||||
Net interest income, after provision for loan losses
|
26,148
|
21,373
|
74,048
|
65,212
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
2,101
|
1,979
|
5,985
|
5,757
|
||||||||||||
Income from insurance activities
|
1,114
|
1,462
|
4,074
|
3,992
|
||||||||||||
Net gain on sales of loans
|
6,626
|
5,172
|
17,521
|
15,382
|
||||||||||||
Bank card services and interchange fees
|
2,192
|
2,101
|
6,273
|
6,110
|
||||||||||||
Investment commissions
|
419
|
424
|
1,245
|
1,300
|
||||||||||||
Other
|
1,663
|
2,157
|
4,795
|
5,190
|
||||||||||||
Total noninterest income
|
14,115
|
13,295
|
39,893
|
37,731
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
18,135
|
18,044
|
56,044
|
53,463
|
||||||||||||
Occupancy and equipment, net
|
3,486
|
3,388
|
10,309
|
10,103
|
||||||||||||
Professional services
|
1,852
|
1,474
|
5,169
|
4,303
|
||||||||||||
Marketing and development
|
762
|
671
|
2,275
|
2,249
|
||||||||||||
IT and data services
|
722
|
564
|
2,104
|
1,667
|
||||||||||||
Bank card expenses
|
864
|
665
|
2,394
|
1,988
|
||||||||||||
Appraisal expenses
|
467
|
455
|
1,197
|
1,095
|
||||||||||||
Other
|
3,740
|
3,385
|
10,502
|
10,077
|
||||||||||||
Total noninterest expense
|
30,028
|
28,646
|
89,994
|
84,945
|
||||||||||||
Income before income taxes
|
10,235
|
6,022
|
23,947
|
17,998
|
||||||||||||
Income tax expense (benefit)
|
1,977
|
1,109
|
4,836
|
(5,429
|
)
|
|||||||||||
Net income
|
$
|
8,258
|
$
|
4,913
|
$
|
19,111
|
$
|
23,427
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.46
|
$
|
0.33
|
$
|
1.16
|
$
|
1.59
|
||||||||
Diluted
|
$
|
0.45
|
$
|
0.33
|
$
|
1.15
|
$
|
1.59
|
||||||||
Net income
|
$
|
8,258
|
$
|
4,913
|
$
|
19,111
|
$
|
23,427
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Change in net unrealized loss on securities available for sale
|
116
|
(2,811
|
)
|
7,433
|
(6,012
|
)
|
||||||||||
Tax effect
|
(25
|
)
|
970
|
(1,562
|
)
|
970
|
||||||||||
Other comprehensive income (loss)
|
91
|
(1,841
|
)
|
5,871
|
(5,042
|
)
|
||||||||||
Comprehensive income
|
$
|
8,349
|
$
|
3,072
|
$
|
24,982
|
$
|
18,385
|
||||||||
Pro Forma Information (unaudited):
|
||||||||||||||||
Net income
|
N/A
|
N/A
|
N/A
|
$
|
14,894
|
|||||||||||
Income tax expense
|
N/A
|
N/A
|
N/A
|
$
|
3,104
|
|||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
N/A
|
N/A
|
N/A
|
$
|
1.01
|
|||||||||||
Diluted
|
N/A
|
N/A
|
N/A
|
$
|
1.01
|
Common Stock
|
Additional
Paid-in
|
Retained
|
Accumulated
Other
Comprehensive
|
Treasury
|
Less:
ESOP
Owned
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Shares
|
Total
|
|||||||||||||||||||||||||
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||||||
Balance at January 1, 2018
|
15,153,510
|
$
|
15,154
|
$
|
85,888
|
$
|
120,589
|
$
|
(446
|
)
|
$
|
(5,858
|
)
|
$
|
(57,121
|
)
|
$
|
158,206
|
||||||||||||||
Net income
|
—
|
—
|
—
|
23,427
|
—
|
—
|
—
|
23,427
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $1.19 per share
|
—
|
—
|
—
|
(17,544
|
)
|
—
|
—
|
—
|
(17,544
|
)
|
||||||||||||||||||||||
Other comprehensive (loss), (net of tax)
|
—
|
—
|
—
|
—
|
(5,042
|
)
|
—
|
—
|
(5,042
|
)
|
||||||||||||||||||||||
Balance at September 30, 2018
|
15,153,510
|
$
|
15,154
|
$
|
85,888
|
$
|
126,472
|
$
|
(5,488
|
)
|
$
|
(5,858
|
)
|
$
|
(57,121
|
)
|
$
|
159,047
|
||||||||||||||
Balance at January 1, 2019
|
14,771,520
|
$
|
14,772
|
$
|
80,412
|
$
|
119,834
|
$
|
(2,243
|
)
|
$
|
—
|
$
|
(58,195
|
)
|
$
|
154,580
|
|||||||||||||||
Issuance of common stock, net
|
3,207,000
|
3,207
|
48,185
|
—
|
—
|
—
|
—
|
51,392
|
||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
19,111
|
—
|
—
|
—
|
19,111
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03 per share
|
—
|
—
|
—
|
(539
|
)
|
—
|
—
|
—
|
(539
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
5,871
|
—
|
—
|
5,871
|
||||||||||||||||||||||||
Terminated ESOP put option
|
—
|
—
|
—
|
—
|
—
|
—
|
58,195
|
58,195
|
||||||||||||||||||||||||
Exercise of employee stock options, net of 63,100 shares for cashless exercise and net of 8,597 shares for taxes
|
25,803
|
25
|
(186
|
)
|
—
|
—
|
—
|
—
|
(161
|
)
|
||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
407
|
—
|
—
|
—
|
—
|
407
|
||||||||||||||||||||||||
Share-based liability awards modified to equity awards
|
—
|
—
|
11,450
|
—
|
—
|
—
|
—
|
11,450
|
||||||||||||||||||||||||
Cumulative change in accounting principle
|
—
|
—
|
—
|
(1,279
|
)
|
—
|
—
|
—
|
(1,279
|
)
|
||||||||||||||||||||||
Balance at September 30, 2019
|
18,004,323
|
$
|
18,004
|
$
|
140,268
|
$
|
137,127
|
$
|
3,628
|
$
|
—
|
$
|
—
|
$
|
299,027
|
|||||||||||||||||
Three Months Ended September 30,
|
||||||||||||||||||||||||||||||||
Balance at July 1, 2018
|
15,153,510
|
$
|
15,154
|
$
|
85,888
|
$
|
121,559
|
$
|
(3,647
|
)
|
$
|
(5,858
|
)
|
$
|
(57,121
|
)
|
$
|
155,975
|
||||||||||||||
Net income
|
—
|
—
|
—
|
4,913
|
—
|
—
|
—
|
4,913
|
||||||||||||||||||||||||
Other comprehensive (loss), (net of tax)
|
—
|
—
|
—
|
—
|
(1,841
|
)
|
—
|
—
|
(1,841
|
)
|
||||||||||||||||||||||
Balance at September 30, 2018
|
15,153,510
|
$
|
15,154
|
$
|
85,888
|
$
|
126,472
|
$
|
(5,488
|
)
|
$
|
(5,858
|
)
|
$
|
(57,121
|
)
|
$
|
159,047
|
||||||||||||||
Balance at July 1, 2019
|
17,978,520
|
$
|
17,979
|
$
|
140,189
|
$
|
129,408
|
$
|
3,537
|
$
|
—
|
$
|
—
|
$
|
291,113
|
|||||||||||||||||
Issuance of common stock, net
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
8,258
|
—
|
—
|
—
|
8,258
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03
|
—
|
—
|
—
|
(539
|
)
|
—
|
—
|
—
|
(539
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
91
|
—
|
—
|
91
|
||||||||||||||||||||||||
Terminated ESOP put option
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Exercise of employee stock options, net of 63,100 shares for cashless exercise and net of 8,597 shares for taxes
|
25,803
|
25
|
(186
|
)
|
—
|
—
|
—
|
—
|
(161
|
)
|
||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
265
|
—
|
—
|
—
|
—
|
265
|
||||||||||||||||||||||||
Share-based liability awards modified to equity awards
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||
Balance at September 30, 2019
|
18,004,323
|
$
|
18,004
|
$
|
140,268
|
$
|
137,127
|
$
|
3,628
|
$
|
—
|
$
|
—
|
$
|
299,027
|
For the Nine Months Ended
September 30,
|
||||||||
2019
|
2018
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
19,111
|
$
|
23,427
|
||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
Provision for loan losses
|
1,903
|
5,733
|
||||||
Depreciation and amortization
|
3,733
|
3,909
|
||||||
Accretion and amortization
|
(97
|
)
|
1,507
|
|||||
Other gains, net
|
(122
|
)
|
(148
|
)
|
||||
Net gain on sales of loans
|
(17,521
|
)
|
(15,382
|
)
|
||||
Proceeds from sales of loans held for sale
|
460,268
|
431,676
|
||||||
Loans originated for sale
|
(454,501
|
)
|
(404,525
|
)
|
||||
Earnings on bank-owned life insurance
|
(937
|
)
|
(999
|
)
|
||||
Stock based compensation
|
407
|
—
|
||||||
Net change in:
|
||||||||
Accrued interest receivable and other assets
|
(3,390
|
)
|
(9,617
|
)
|
||||
Accrued expenses and other liabilities
|
13,616
|
9,619
|
||||||
Net cash from operating activities
|
22,470
|
45,200
|
||||||
Cash flows from investing activities:
|
||||||||
Activity in securities available for sale:
|
||||||||
Purchases
|
(165,023
|
)
|
(464,966
|
)
|
||||
Sales
|
—
|
101,711
|
||||||
Maturities, prepayments, and calls
|
109,414
|
226,684
|
||||||
Activity in securities held to maturity:
|
||||||||
Maturities, prepayments, and calls
|
—
|
14,675
|
||||||
Loan originations and principal collections, net
|
(7,786
|
)
|
(142,203
|
)
|
||||
Cash paid for acquisition
|
(2,800
|
)
|
—
|
|||||
Purchases of premises and equipment, net
|
(3,267
|
)
|
(2,615
|
)
|
||||
Proceeds from sales of premises and equipment
|
208
|
74
|
||||||
Proceeds from sales of foreclosed assets
|
1,608
|
6,388
|
||||||
Net cash from investing activities
|
(67,646
|
)
|
(260,252
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net change in deposits
|
8,520
|
107,273
|
||||||
Net change in short-term borrowings
|
(7,850
|
)
|
(3,500
|
)
|
||||
Proceeds from common stock issuance, net
|
51,392
|
—
|
||||||
Payments to tax authorities for stock-based compensation
|
(161
|
)
|
—
|
|||||
Payments made on notes payable and other borrowings
|
(7,530
|
)
|
—
|
|||||
Cash dividends on common stock
|
(539
|
)
|
(17,544
|
)
|
||||
Net cash from financing activities
|
43,832
|
86,229
|
||||||
Net change in cash and cash equivalents
|
$
|
(1,344
|
)
|
$
|
(128,823
|
)
|
||
Beginning cash and cash equivalents
|
245,989
|
294,563
|
||||||
Ending cash and cash equivalents
|
$
|
244,645
|
$
|
165,740
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid on deposits and borrowed funds
|
$
|
21,882
|
$
|
11,774
|
||||
Income taxes paid
|
4,364
|
—
|
||||||
Supplemental schedule of noncash investing and financing activities:
|
||||||||
Loans transferred to foreclosed assets
|
$
|
1,521
|
$
|
6,151
|
||||
Share-based liability awards modified to equity awards
|
11,450
|
—
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Wholly Owned, Consolidated Subsidiaries:
|
|
City Bank
|
Bank subsidiary
|
Windmark Insurance Agency, Inc. (“Windmark”)
|
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
|
|||||||||||||
September 30, 2019
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
6,848
|
$
|
53
|
$
|
—
|
$
|
6,901
|
||||||||
State and municipal
|
40,720
|
884
|
(52
|
)
|
41,552
|
|||||||||||
Mortgage-backed securities
|
251,958
|
3,226
|
(1,306
|
)
|
253,878
|
|||||||||||
Collateralized mortgage obligations
|
60,244
|
—
|
(59
|
)
|
60,185
|
|||||||||||
Asset-backed and other amortizing securities
|
36,972
|
1,847
|
—
|
38,819
|
||||||||||||
$
|
396,742
|
$
|
6,010
|
$
|
(1,417
|
)
|
$
|
401,335
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
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
|
$
|
470
|
$
|
475
|
||||
After 1 year through 5 years
|
6,848
|
6,901
|
||||||
After 5 years through 10 years
|
10,434
|
10,630
|
||||||
After 10 years
|
29,816
|
30,447
|
||||||
Other
|
349,174
|
352,882
|
||||||
$
|
396,742
|
$
|
401,335
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
State and municipal
|
9,066
|
36
|
1,220
|
16
|
10,286
|
52
|
||||||||||||||||||
Mortgage-backed securities
|
61,931
|
1,235
|
6,679
|
72
|
68,610
|
1,307
|
||||||||||||||||||
Collateralized mortgage obligations
|
60,185
|
58
|
—
|
—
|
60,185
|
58
|
||||||||||||||||||
$
|
131,182
|
$
|
1,329
|
$
|
7,899
|
$
|
88
|
$
|
139,081
|
$
|
1,417
|
|||||||||||||
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
|
September 30,
2019
|
December 31,
2018
|
|||||||
Commercial real estate
|
$
|
520,687
|
$
|
538,037
|
||||
Commercial - specialized
|
316,862
|
305,022
|
||||||
Commercial - general
|
398,909
|
427,728
|
||||||
Consumer:
|
||||||||
1-4 family residential
|
359,160
|
346,153
|
||||||
Auto loans
|
212,529
|
191,647
|
||||||
Other consumer
|
70,338
|
70,209
|
||||||
Construction
|
84,124
|
78,401
|
||||||
1,962,609
|
1,957,197
|
|||||||
Allowance for loan losses
|
(24,176
|
)
|
(23,126
|
)
|
||||
Loans, net
|
$
|
1,938,433
|
$
|
1,934,071
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the three months ended September 30, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,415
|
$
|
(379
|
)
|
$
|
—
|
$
|
108
|
$
|
5,144
|
|||||||||
Commercial - specialized
|
3,346
|
(575
|
)
|
—
|
28
|
2,799
|
||||||||||||||
Commercial - general
|
8,325
|
734
|
(170
|
)
|
19
|
8,908
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,310
|
384
|
(65
|
)
|
9
|
2,638
|
||||||||||||||
Auto loans
|
3,067
|
127
|
(260
|
)
|
83
|
3,017
|
||||||||||||||
Other consumer
|
1,199
|
121
|
(230
|
)
|
63
|
1,153
|
||||||||||||||
Construction
|
509
|
8
|
—
|
—
|
517
|
|||||||||||||||
Total
|
$
|
24,171
|
$
|
420
|
$
|
(725
|
)
|
$
|
310
|
$
|
24,176
|
|||||||||
For the three months ended September 30, 2018
|
||||||||||||||||||||
Commercial real estate
|
$
|
4,336
|
$
|
268
|
$
|
—
|
$
|
239
|
$
|
4,843
|
||||||||||
Commercial - specialized
|
2,924
|
(191
|
)
|
(70
|
)
|
10
|
2,673
|
|||||||||||||
Commercial - general
|
8,733
|
2,434
|
(3,738
|
)
|
64
|
7,493
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
1,451
|
102
|
(131
|
)
|
31
|
1,453
|
||||||||||||||
Auto loans
|
2,603
|
609
|
(276
|
)
|
41
|
2,977
|
||||||||||||||
Other consumer
|
1,158
|
213
|
(257
|
)
|
30
|
1,144
|
||||||||||||||
Construction
|
510
|
(20
|
)
|
—
|
—
|
490
|
||||||||||||||
Total
|
$
|
21,715
|
$
|
3,415
|
$
|
(4,472
|
)
|
$
|
415
|
$
|
21,073
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the nine months ended September 30, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,579
|
$
|
(758
|
)
|
$
|
—
|
$
|
323
|
$
|
5,144
|
|||||||||
Commercial - specialized
|
2,516
|
230
|
(37
|
)
|
90
|
2,799
|
||||||||||||||
Commercial - general
|
8,173
|
674
|
(235
|
)
|
296
|
8,908
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,249
|
412
|
(84
|
)
|
61
|
2,638
|
||||||||||||||
Auto loans
|
2,994
|
626
|
(765
|
)
|
162
|
3,017
|
||||||||||||||
Other consumer
|
1,192
|
550
|
(744
|
)
|
155
|
1,153
|
||||||||||||||
Construction
|
423
|
169
|
(75
|
)
|
—
|
517
|
||||||||||||||
Total
|
$
|
23,126
|
$
|
1,903
|
$
|
(1,940
|
)
|
$
|
1,087
|
$
|
24,176
|
|||||||||
For the nine months ended September 30, 2018
|
||||||||||||||||||||
Commercial real estate
|
$
|
3,769
|
$
|
2,374
|
$
|
(1,539
|
)
|
$
|
239
|
$
|
4,843
|
|||||||||
Commercial - specialized
|
2,367
|
339
|
(108
|
)
|
75
|
2,673
|
||||||||||||||
Commercial - general
|
10,151
|
808
|
(3,865
|
)
|
399
|
7,493
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
1,787
|
(98
|
)
|
(272
|
)
|
36
|
1,453
|
|||||||||||||
Auto loans
|
2,068
|
1,500
|
(693
|
)
|
102
|
2,977
|
||||||||||||||
Other consumer
|
971
|
653
|
(607
|
)
|
127
|
1,144
|
||||||||||||||
Construction
|
348
|
157
|
(15
|
)
|
—
|
490
|
||||||||||||||
Total
|
$
|
21,461
|
$
|
5,733
|
$
|
(7,099
|
)
|
$
|
978
|
$
|
21,073
|
Recorded Investment
|
Allowance for Loan Losses
|
|||||||||||||||
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
|||||||||||||
September 30, 2019
|
||||||||||||||||
Commercial real estate
|
$
|
331
|
$
|
520,356
|
$
|
—
|
$
|
5,144
|
||||||||
Commercial - specialized
|
586
|
316,276
|
—
|
2,799
|
||||||||||||
Commercial - general
|
2,660
|
396,249
|
404
|
8,504
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
2,384
|
356,776
|
35
|
2,603
|
||||||||||||
Auto loans
|
—
|
212,529
|
—
|
3,017
|
||||||||||||
Other consumer
|
—
|
70,338
|
—
|
1,153
|
||||||||||||
Construction
|
—
|
84,124
|
—
|
517
|
||||||||||||
Total
|
$
|
5,961
|
$
|
1,956,648
|
$
|
439
|
$
|
23,737
|
||||||||
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
|
|||||||||||||||||||
September 30, 2019
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
786
|
$
|
331
|
$
|
—
|
$
|
331
|
$
|
—
|
$
|
1,075
|
||||||||||||
Commercial - specialized
|
586
|
586
|
—
|
586
|
—
|
1,351
|
||||||||||||||||||
Commercial - general
|
3,253
|
—
|
2,660
|
2,660
|
404
|
2,805
|
||||||||||||||||||
Consumer:
|
—
|
|||||||||||||||||||||||
1-4 family
|
2,803
|
1,930
|
454
|
2,384
|
35
|
2,430
|
||||||||||||||||||
Auto loans
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Other consumer
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total
|
$
|
7,428
|
$
|
2,847
|
$
|
3,114
|
$
|
5,961
|
$
|
439
|
$
|
7,661
|
||||||||||||
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
|
||||||||||
September 30, 2019
|
||||||||||||
Commercial real estate
|
$
|
449
|
$
|
—
|
$
|
218
|
||||||
Commercial - specialized
|
118
|
177
|
1,259
|
|||||||||
Commercial - general
|
1,711
|
—
|
2,144
|
|||||||||
Consumer:
|
||||||||||||
1-4 Family residential
|
1,807
|
843
|
1,614
|
|||||||||
Auto loans
|
874
|
92
|
—
|
|||||||||
Other consumer
|
797
|
109
|
—
|
|||||||||
Construction
|
131
|
—
|
—
|
|||||||||
Total
|
$
|
5,887
|
$
|
1,221
|
$
|
5,235
|
||||||