☒ |
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.
|
26 | |
Item 3.
|
45 | |
Item 4.
|
45 | |
PART II.
|
46 | |
Item 1.
|
46 | |
Item 1A.
|
46 | |
Item 2.
|
48 | |
Item 3.
|
48 | |
Item 4.
|
48 | |
Item 5.
|
48 | |
Item 6.
|
49
|
|
50 |
March 31,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
46,883
|
$
|
56,246
|
||||
Interest-bearing deposits in banks
|
89,179
|
101,853
|
||||||
Cash and cash equivalents
|
136,062
|
158,099
|
||||||
Securities available for sale
|
734,791
|
707,650
|
||||||
Loans held for sale
|
62,636
|
49,035
|
||||||
Loans held for investment
|
2,108,805
|
2,143,623
|
||||||
Allowance for loan losses
|
(29,074
|
)
|
(24,197
|
)
|
||||
Accrued interest receivable
|
11,015
|
13,924
|
||||||
Premises and equipment, net
|
61,829
|
61,873
|
||||||
Bank-owned life insurance
|
69,756
|
69,397
|
||||||
Goodwill
|
19,968
|
18,757
|
||||||
Intangible assets
|
8,213
|
8,632
|
||||||
Other assets
|
32,562
|
30,374
|
||||||
Total assets
|
$
|
3,216,563
|
$
|
3,237,167
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
740,946
|
$
|
790,921
|
||||
Interest-bearing
|
1,924,902
|
1,905,936
|
||||||
Total deposits
|
2,665,848
|
2,696,857
|
||||||
Short-term borrowings
|
17,400
|
37,165
|
||||||
Accrued expenses and other liabilities
|
38,560
|
29,098
|
||||||
Notes payable & other borrowings
|
95,000
|
95,000
|
||||||
Subordinated debt securities
|
26,472
|
26,472
|
||||||
Junior subordinated deferrable interest debentures
|
46,393
|
46,393
|
||||||
Total liabilities
|
2,889,673
|
2,930,985
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $1.00 par value per share, 30,000,000 shares authorized; 18,056,014 and 18,036,115 issued and outstanding at March 31, 2020 and December 31, 2019,
respectively
|
18,056
|
18,036
|
||||||
Additional paid-in capital
|
140,699
|
140,492
|
||||||
Retained earnings
|
153,238
|
146,696
|
||||||
Accumulated other comprehensive income
|
14,897
|
958
|
||||||
Total stockholders’ equity
|
326,890
|
306,182
|
||||||
Total liabilities and stockholders’ equity
|
$
|
3,216,563
|
$
|
3,237,167
|
Three Months Ended
March 31,
|
||||||||
2020
|
2019
|
|||||||
Interest income:
|
||||||||
Loans, including fees
|
$
|
31,015
|
$
|
28,098
|
||||
Securities:
|
||||||||
Taxable
|
3,780
|
2,176
|
||||||
Non taxable
|
396
|
225
|
||||||
Federal funds sold and interest-bearing deposits in banks
|
546
|
1,505
|
||||||
Total interest income
|
35,737
|
32,004
|
||||||
Interest expense:
|
||||||||
Deposits
|
4,283
|
5,889
|
||||||
Notes payable & other borrowings
|
450
|
650
|
||||||
Subordinated debt securities
|
404
|
406
|
||||||
Junior subordinated deferrable interest debentures
|
401
|
513
|
||||||
Total interest expense
|
5,538
|
7,458
|
||||||
Net interest income
|
30,199
|
24,546
|
||||||
Provision for loan losses
|
6,234
|
608
|
||||||
Net interest income, after provision for loan losses
|
23,965
|
23,938
|
||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
1,983
|
1,905
|
||||||
Income from insurance activities
|
1,159
|
1,750
|
||||||
Net gain on sales of loans
|
8,540
|
4,660
|
||||||
Bank card services and interchange fees
|
2,238
|
2,010
|
||||||
Realized gain on sale of securities
|
2,318
|
—
|
||||||
Investment commissions
|
455
|
333
|
||||||
Fiduciary fees
|
829
|
375
|
||||||
Other
|
1,353
|
1,042
|
||||||
Total noninterest income
|
18,875
|
12,075
|
||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
20,810
|
19,125
|
||||||
Occupancy and equipment, net
|
3,600
|
3,407
|
||||||
Professional services
|
1,572
|
1,706
|
||||||
Marketing and development
|
768
|
717
|
||||||
IT and data services
|
847
|
693
|
||||||
Bank card expenses
|
1,052
|
724
|
||||||
Appraisal expenses
|
455
|
323
|
||||||
Other
|
4,907
|
3,341
|
||||||
Total noninterest expense
|
34,011
|
30,036
|
||||||
Income before income taxes
|
8,829
|
5,977
|
||||||
Income tax expense
|
1,746
|
1,204
|
||||||
Net income
|
$
|
7,083
|
$
|
4,773
|
Three Months Ended
March 31,
|
||||||||
2020
|
2019
|
|||||||
Earnings per share:
|
||||||||
Basic
|
$
|
0.39
|
$
|
0.32
|
||||
Diluted
|
$
|
0.38
|
$
|
0.32
|
||||
Net income
|
$
|
7,083
|
$
|
4,773
|
||||
Other comprehensive income:
|
||||||||
Change in net unrealized loss on securities available for sale
|
21,189
|
2,907
|
||||||
Change in net losses on cash flow hedges
|
(1,227
|
)
|
—
|
|||||
Reclassification adjustment for (gain) included in net income
|
(2,318
|
)
|
—
|
|||||
Tax effect
|
(3,705
|
)
|
(611
|
)
|
||||
Other comprehensive income
|
13,939
|
2,296
|
||||||
Comprehensive income
|
$
|
21,022
|
$
|
7,069
|
Common Stock
|
Additional
Paid-in
|
Retained
|
Accumulated
Other
Comprehensive
|
Treasury
|
Less:
ESOP
Owned
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Shares
|
Total
|
|||||||||||||||||||||||||
Three Months Ended March 31,
|
||||||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||
Cumulative change in accounting principle
|
—
|
—
|
—
|
(1,279
|
)
|
—
|
—
|
—
|
(1,279
|
)
|
||||||||||||||||||||||
Other comprehensive (loss), (net of tax)
|
—
|
—
|
—
|
—
|
2,296
|
—
|
—
|
2,296
|
||||||||||||||||||||||||
Balance at March 31, 2019
|
14,771,520
|
$
|
14,772
|
$
|
80,412
|
$
|
123,328
|
$
|
53
|
$
|
—
|
$
|
(58,195
|
)
|
$
|
160,370
|
||||||||||||||||
Balance at January 1, 2020
|
18,036,115
|
$
|
18,036
|
$
|
140,492
|
$
|
146,696
|
$
|
958
|
$
|
—
|
$
|
—
|
$
|
306,182
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
7,083
|
—
|
—
|
—
|
7,083
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03 per share
|
—
|
—
|
—
|
(541
|
)
|
—
|
—
|
—
|
(541
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
13,939
|
—
|
—
|
13,939
|
||||||||||||||||||||||||
Exercise of employee stock options and vesting of
|
||||||||||||||||||||||||||||||||
restricted stock units, net of 660 shares for cashless
|
||||||||||||||||||||||||||||||||
exercise and net of 4,986 shares for taxes
|
19,899
|
20
|
(103
|
)
|
—
|
—
|
—
|
—
|
(83
|
)
|
||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
310
|
—
|
—
|
—
|
—
|
310
|
||||||||||||||||||||||||
Balance at March 31, 2020
|
18,056,014
|
$
|
18,056
|
$
|
140,699
|
$
|
153,238
|
$
|
14,897
|
$
|
—
|
$
|
—
|
$
|
326,890
|
For the Three Months Ended
March 31,
|
||||||||
2020
|
2019
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
7,083
|
$
|
4,773
|
||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
Provision for loan losses
|
6,234
|
608
|
||||||
Depreciation and amortization
|
1,606
|
1,252
|
||||||
Accretion and amortization
|
379
|
(308
|
)
|
|||||
Other gains, net
|
(2,383
|
)
|
(3
|
)
|
||||
Net gain on sales of loans
|
(8,540
|
)
|
(4,660
|
)
|
||||
Proceeds from sales of loans held for sale
|
210,963
|
142,435
|
||||||
Loans originated for sale
|
(216,024
|
)
|
(120,840
|
)
|
||||
Earnings on bank-owned life insurance
|
(359
|
)
|
(327
|
)
|
||||
Stock based compensation
|
310
|
—
|
||||||
Net change in:
|
||||||||
Accrued interest receivable and other assets
|
(2,986
|
)
|
1,371
|
|||||
Accrued expenses and other liabilities
|
8,032
|
5,028
|
||||||
Net cash from operating activities
|
4,315
|
29,329
|
||||||
Cash flows from investing activities:
|
||||||||
Activity in securities available for sale:
|
||||||||
Purchases
|
(112,358
|
)
|
(5,192
|
)
|
||||
Sales
|
94,514
|
—
|
||||||
Maturities, prepayments, and calls
|
11,513
|
7,552
|
||||||
Loan originations and principal collections, net
|
31,937
|
41,201
|
||||||
Purchases of premises and equipment, net
|
(1,156
|
)
|
(1,032
|
)
|
||||
Proceeds from sales of premises and equipment
|
83
|
3
|
||||||
Proceeds from sales of foreclosed assets
|
513
|
405
|
||||||
Net cash from investing activities
|
25,046
|
42,937
|
||||||
Cash flows from financing activities:
|
||||||||
Net change in deposits
|
(31,008
|
)
|
27,475
|
|||||
Net change in short-term borrowings
|
(19,765
|
)
|
1,210
|
|||||
Payments to tax authorities for stock-based compensation
|
(84
|
)
|
—
|
|||||
Payments made on notes payable and other borrowings
|
—
|
(7,530
|
)
|
|||||
Cash dividends on common stock
|
(541
|
)
|
—
|
|||||
Net cash from financing activities
|
(51,398
|
)
|
21,155
|
|||||
Net change in cash and cash equivalents
|
$
|
(22,037
|
)
|
$
|
93,421
|
|||
Beginning cash and cash equivalents
|
158,099
|
245,989
|
||||||
Ending cash and cash equivalents
|
$
|
136,062
|
$
|
339,410
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid on deposits and borrowed funds
|
$
|
5,771
|
$
|
7,140
|
||||
Income taxes paid
|
—
|
—
|
||||||
Supplemental schedule of noncash investing and financing activities:
|
||||||||
Loans transferred to foreclosed assets
|
$
|
574
|
$
|
460
|
||||
Business combination measurement period adjustment
|
1,211
|
—
|
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
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
March 31, 2020
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
4,750
|
$
|
85
|
$
|
—
|
$
|
4,835
|
||||||||
State and municipal
|
206,206
|
3,537
|
(89
|
)
|
209,654
|
|||||||||||
Mortgage-backed securities
|
361,847
|
14,234
|
—
|
376,081
|
||||||||||||
Collateralized mortgage obligations
|
107,380
|
237
|
(207
|
)
|
107,410
|
|||||||||||
Asset-backed and other amortizing securities
|
34,524
|
2,287
|
—
|
36,811
|
||||||||||||
$
|
714,707
|
$
|
20,380
|
$
|
(296
|
)
|
$
|
734,791
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
December 31, 2019
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
4,750
|
$
|
57
|
$
|
—
|
$
|
4,807
|
||||||||
State and municipal
|
94,512
|
1,091
|
(911
|
)
|
94,692
|
|||||||||||
Mortgage-backed securities
|
463,899
|
3,727
|
(3,110
|
)
|
464,516
|
|||||||||||
Collateralized mortgage obligations
|
107,443
|
15
|
(169
|
)
|
107,289
|
|||||||||||
Asset-backed and other amortizing securities
|
35,833
|
522
|
(9
|
)
|
36,346
|
|||||||||||
$
|
706,437
|
$
|
5,412
|
$
|
(4,199
|
)
|
$
|
707,650
|
Available for Sale
|
||||||||
Amortized
Cost
|
Fair
Value
|
|||||||
Within 1 year
|
$
|
5,772
|
$
|
5,862
|
||||
After 1 year through 5 years
|
—
|
—
|
||||||
After 5 years through 10 years
|
15,730
|
16,150
|
||||||
After 10 years
|
189,454
|
192,477
|
||||||
Other
|
503,751
|
520,302
|
||||||
$
|
714,707
|
$
|
734,791
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||||||||||
March 31, 2020
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
State and municipal
|
21,741
|
88
|
384
|
1
|
22,125
|
89
|
||||||||||||||||||
Mortgage-backed securities
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Collateralized mortgage obligations
|
10,071
|
207
|
—
|
—
|
10,071
|
207
|
||||||||||||||||||
Asset-backed and other amortizing securities
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
$
|
31,812
|
$
|
295
|
$
|
384
|
$
|
1
|
$
|
32,196
|
$
|
296
|
|||||||||||||
December 31, 2019
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
State and municipal
|
58,389
|
910
|
387
|
1
|
58,776
|
911
|
||||||||||||||||||
Mortgage-backed securities
|
284,120
|
3,070
|
4,661
|
40
|
288,781
|
3,110
|
||||||||||||||||||
Collateralized mortgage obligations
|
60,039
|
169
|
—
|
—
|
60,039
|
169
|
||||||||||||||||||
Asset-backed and other amortizing securities
|
2,661
|
9
|
—
|
—
|
2,661
|
9
|
||||||||||||||||||
$
|
405,209
|
$
|
4,158
|
$
|
5,048
|
$
|
41
|
$
|
410,257
|
$
|
4,199
|
March 31,
2020
|
December 31,
2019
|
|||||||
Commercial real estate
|
$
|
641,739
|
$
|
658,195
|
||||
Commercial - specialized
|
303,116
|
309,505
|
||||||
Commercial - general
|
424,750
|
441,398
|
||||||
Consumer:
|
||||||||
1-4 family residential
|
356,540
|
362,796
|
||||||
Auto loans
|
212,912
|
215,209
|
||||||
Other consumer
|
72,162
|
74,000
|
||||||
Construction
|
97,586
|
82,520
|
||||||
2,108,805
|
2,143,623
|
|||||||
Allowance for loan losses
|
(29,074
|
)
|
(24,197
|
)
|
||||
Loans, net
|
$
|
2,079,731
|
$
|
2,119,426
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the three months ended March 31, 2020
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,049
|
$
|
2,035
|
$
|
—
|
$
|
108
|
$
|
7,192
|
||||||||||
Commercial - specialized
|
2,287
|
2,218
|
(14
|
)
|
64
|
4,555
|
||||||||||||||
Commercial - general
|
9,609
|
(798
|
)
|
(848
|
)
|
17
|
7,980
|
|||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,093
|
651
|
—
|
—
|
2,744
|
|||||||||||||||
Auto loans
|
3,385
|
1,316
|
(441
|
)
|
52
|
4,312
|
||||||||||||||
Other consumer
|
1,341
|
593
|
(367
|
)
|
72
|
1,639
|
||||||||||||||
Construction
|
433
|
219
|
—
|
—
|
652
|
|||||||||||||||
Total
|
$
|
24,197
|
$
|
6,234
|
$
|
(1,670
|
)
|
$
|
313
|
$
|
29,074
|
|||||||||
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
|
Recorded Investment
|
Allowance for Loan Losses
|
|||||||||||||||
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
|||||||||||||
March 31, 2020
|
||||||||||||||||
Commercial real estate
|
$
|
1,279
|
$
|
640,460
|
$
|
—
|
$
|
7,192
|
||||||||
Commercial - specialized
|
2,189
|
300,927
|
676
|
3,879
|
||||||||||||
Commercial - general
|
1,091
|
423,659
|
126
|
7,854
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
1,868
|
354,672
|
—
|
2,744
|
||||||||||||
Auto loans
|
—
|
212,912
|
—
|
4,312
|
||||||||||||
Other consumer
|
—
|
72,162
|
—
|
1,639
|
||||||||||||
Construction
|
—
|
97,586
|
—
|
652
|
||||||||||||
Total
|
$
|
6,427
|
$
|
2,102,378
|
$
|
802
|
$
|
28,272
|
||||||||
December 31, 2019
|
||||||||||||||||
Commercial real estate
|
$
|
299
|
$
|
657,896
|
$
|
—
|
$
|
5,049
|
||||||||
Commercial - specialized
|
573
|
308,932
|
—
|
2,287
|
||||||||||||
Commercial - general
|
1,396
|
440,002
|
525
|
9,084
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
1,899
|
360,897
|
—
|
2,093
|
||||||||||||
Auto loans
|
—
|
215,209
|
—
|
3,385
|
||||||||||||
Other consumer
|
—
|
74,000
|
—
|
1,341
|
||||||||||||
Construction
|
—
|
82,520
|
—
|
433
|
||||||||||||
Total
|
$
|
4,167
|
$
|
2,139,456
|
$
|
525
|
$
|
23,672
|
Unpaid
Contractual
Principal
Balance
|
Recorded
Investment
With No
Allowance
|
Recorded
Investment
With
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average
Recorded
Investment
|
|||||||||||||||||||
March 31, 2020
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
1,279
|
$
|
1,279
|
$
|
—
|
$
|
1,279
|
$
|
—
|
$
|
1,169
|
||||||||||||
Commercial - specialized
|
2,189
|
573
|
1,616
|
2,189
|
676
|
1,767
|
||||||||||||||||||
Commercial - general
|
1,534
|
589
|
502
|
1,091
|
126
|
1,632
|
||||||||||||||||||
Consumer:
|
—
|
|||||||||||||||||||||||
1-4 family
|
2,287
|
1,868
|
—
|
1,868
|
—
|
2,028
|
||||||||||||||||||
Auto loans
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Other consumer
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total
|
$
|
7,289
|
$
|
4,309
|
$
|
2,118
|
$
|
6,427
|
$
|
802
|
$
|
6,596
|
||||||||||||
December 31, 2019
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
754
|
$
|
299
|
$
|
—
|
$
|
299
|
$
|
—
|
$
|
1,059
|
||||||||||||
Commercial - specialized
|
573
|
573
|
—
|
573
|
—
|
1,345
|
||||||||||||||||||
Commercial - general
|
1,839
|
—
|
1,396
|
1,396
|
525
|
2,173
|
||||||||||||||||||
Consumer:
|
—
|
|||||||||||||||||||||||
1-4 family
|
2,318
|
1,899
|
—
|
1,899
|
—
|
2,187
|
||||||||||||||||||
Auto loans
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Other consumer
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total
|
$
|
5,484
|
$
|
2,771
|
$
|
1,396
|
$
|
4,167
|
$
|
525
|
$
|
6,764
|
30-89 Days
Past Due
|
90 Days or
More Past Due
|
Nonaccrual
|
||||||||||
March 31, 2020
|
||||||||||||
Commercial real estate
|
$
|
2,243
|
$
|
—
|
$
|
1,327
|
||||||
Commercial - specialized
|
449
|
—
|
1,610
|
|||||||||
Commercial - general
|
1,692
|
—
|
2,163
|
|||||||||
Consumer:
|
||||||||||||
1-4 Family residential
|
2,176
|
946
|
800
|
|||||||||
Auto loans
|
720
|
146
|
—
|
|||||||||
Other consumer
|
634
|
120
|
—
|
|||||||||
Construction
|
958
|
—
|
—
|
|||||||||
Total
|
$
|
8,872
|
$
|
1,212
|
$
|
5,900
|
||||||
December 31, 2019
|
||||||||||||
Commercial real estate
|
$
|
37
|
$
|
116
|
$
|
162
|
||||||
Commercial - specialized
|
708
|
—
|
1,172
|
|||||||||
Commercial - general
|
1,747
|
—
|
2,254
|
|||||||||
Consumer:
|
||||||||||||
1-4 Family residential
|
1,212
|
932
|
1,105
|
|||||||||
Auto loans
|
1,468
|
183
|
—
|
|||||||||
Other consumer
|
848
|
121
|
—
|
|||||||||
Construction
|
1,159
|
—
|
—
|
|||||||||
Total
|
$
|
7,179
|
$
|
1,352
|
$
|
4,693
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
March 31, 2020
|
||||||||||||||||||||
Commercial real estate
|
$
|
614,829
|
$
|
20,926
|
$
|
5,984
|
$
|
—
|
$
|
641,739
|
||||||||||
Commercial - specialized
|
283,187
|
—
|
19,929
|
—
|
303,116
|
|||||||||||||||
Commercial - general
|
418,316
|
—
|
6,434
|
—
|
424,750
|
|||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
350,874
|
—
|
5,666
|
—
|
356,540
|
|||||||||||||||
Auto loans
|
212,094
|
—
|
818
|
—
|
212,912
|
|||||||||||||||
Other consumer
|
71,878
|
—
|
284
|
—
|
72,162
|
|||||||||||||||
Construction
|
97,586
|
—
|
—
|
—
|
97,586
|
|||||||||||||||
Total
|
$
|
2,048,764
|
$
|
20,926
|
$
|
39,115
|
$
|
—
|
$
|
2,108,805
|
||||||||||
December 31, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
632,641
|
$
|
22,313
|
$
|
3,241
|
$
|
—
|
$
|
658,195
|
||||||||||
Commercial - specialized
|
307,239
|
—
|
2,266
|
—
|
309,505
|
|||||||||||||||
Commercial - general
|
428,155
|
—
|
13,243
|
—
|
441,398
|
|||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
356,422
|
—
|
6,374
|
—
|
362,796
|
|||||||||||||||
Auto loans
|
214,363
|
—
|
846
|
—
|
215,209
|
|||||||||||||||
Other consumer
|
73,716
|
—
|
284
|
—
|
74,000
|
|||||||||||||||
Construction
|
82,520
|
—
|
—
|
—
|
82,520
|
|||||||||||||||
Total
|
$
|
2,095,056
|
$
|
22,313
|
$
|
26,254
|
$
|
—
|
$
|
2,143,623
|
March 31,
2020
|
December 31,
2019
|
|||||||
Beginning goodwill
|
$
|
18,757
|
$
|
—
|
||||
Arising from business combinations
|
-
|
18,757
|
||||||
Measurement period acquisition adjustment
|
1,211
|
—
|
||||||
Ending goodwill
|
$
|
19,968
|
$
|
18,757
|
||||
Amortized intangible assets
|
||||||||
Customer relationship intangibles
|
$
|
6,679
|
$
|
6,679
|
||||
Less: Accumulated amortization
|
(506
|
)
|
(202
|
)
|
||||
6,173
|
6,477
|
|||||||
Other intangibles
|
2,309
|
2,309
|
||||||
Less: Accumulated amortization
|
(269
|
)
|
(154
|
)
|
||||
2,040
|
2,155
|
|||||||
Other intangible assets, net
|
$
|
8,213
|
$
|
8,632
|
Number
of Shares
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining Contractual
Life in Years
|
Aggregate
Intrinsic Value
|
|||||||||||||
Three Months Ended March 31, 2020
|
||||||||||||||||
Outstanding at beginning of year:
|
1,462,997
|
$
|
13.42
|
$ | ||||||||||||
Granted
|
248,966
|
20.93
|
||||||||||||||
Exercised
|
(851
|
)
|
16.00
|
|
||||||||||||
Forfeited
|
—
|
—
|
||||||||||||||
Expired
|
—
|
—
|
||||||||||||||
Balance, March 31, 2020
|
1,711,112
|
$
|
14.51
|
6.35
|
$
|
4,097
|
||||||||||
Exercisable at end of period
|
1,094,992
|
$
|
12.04
|
5.50
|
$
|
4,097
|
||||||||||
Vested at end of period
|
1,091,586
|
$
|
12.04
|
5.50
|
$
|
4,097
|
Three Months Ended
March 31,
|
||||||||
2020
|
2019
|
|||||||
Expected volatility
|
27.46
|
%
|
27.46
|
%
|
||||
Expected dividend yield
|
0.70
|
%
|
0.70
|
%
|
||||
Expected term (years)
|
6.2 years
|
6.0 years
|
||||||
Risk-free interest rate
|
1.44
|
%
|
2.39
|
%
|
||||
Weighted average grant date fair value
|
$
|
5.68
|
$
|
6.15
|
Number
of Shares
|
Weighted-Average
Grant Date
Fair Value
|
|||||||
Three Months Ended March 31, 2020
|
||||||||
Outstanding at beginning of year:
|
81,200
|
$
|
19.46
|
|||||
Granted
|
5,970
|
20.93
|
||||||
Exercised
|
(24,694
|
)
|
19.79
|
|||||
Forfeited
|
—
|
—
|
||||||
Balance, March 31, 2020
|
62,476
|
$
|
19.47
|
March 31,
2020
|
December 31,
2019
|
|||||||
Commitments to grant loans and unfunded commitments under lines of credit
|
$
|
471,650
|
$
|
409,969
|
||||
Standby letters of credit
|
12,036
|
10,748
|
Actual
|
Minimum Required
Under BASEL III
Fully Phased-In
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
March 31, 2020
|
||||||||||||||||||||||||
Total Capital to Risk Weighted Assets:
|
||||||||||||||||||||||||
Consolidated
|
$
|
384,538
|
15.23
|
%
|
$
|
265,086
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
City Bank
|
375,390
|
14.87
|
%
|
265,042
|
10.50
|
%
|
$
|
252,421
|
10.00
|
%
|
||||||||||||||
Tier I Capital to Risk Weighted Assets:
|
||||||||||||||||||||||||
Consolidated
|
328,812
|
13.02
|
%
|
214,594
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||
City Bank
|
346,136
|
13.71
|
%
|
214,558
|
8.50
|
%
|
201,937
|
8.00
|
%
|
|||||||||||||||
Common Equity Tier 1 to Risk Weighted Assets:
|
||||||||||||||||||||||||
Consolidated
|
283,812
|
11.24
|
%
|
176,724
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||
City Bank
|
346,136
|
13.71
|
%
|
176,695
|
7.00
|
%
|
164,074
|
6.50
|
%
|
|||||||||||||||