☒ |
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.
|
48 | |
Item 4.
|
49 | |
PART II.
|
50 | |
Item 1.
|
50 | |
Item 1A.
|
50 | |
Item 2.
|
52 | |
Item 3.
|
52 | |
Item 4.
|
52 | |
Item 5.
|
52 | |
Item 6.
|
53 | |
54 |
June 30, 2020
|
December 31, 2019
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
51,256
|
$
|
56,246
|
||||
Interest-bearing deposits in banks
|
204,845
|
101,853
|
||||||
Cash and cash equivalents
|
256,101
|
158,099
|
||||||
Securities available for sale
|
730,674
|
707,650
|
||||||
Loans held for sale
|
92,774
|
49,035
|
||||||
Loans held for investment
|
2,331,716
|
2,143,623
|
||||||
Allowance for loan losses
|
(40,635
|
)
|
(24,197
|
)
|
||||
Accrued interest receivable
|
13,598
|
13,924
|
||||||
Premises and equipment, net
|
61,883
|
61,873
|
||||||
Bank-owned life insurance
|
70,071
|
69,397
|
||||||
Goodwill
|
19,968
|
18,757
|
||||||
Intangible assets
|
8,446
|
8,632
|
||||||
Mortgage servicing rights
|
3,776
|
2,054
|
||||||
Other assets
|
36,160
|
28,320
|
||||||
Total assets
|
$
|
3,584,532
|
$
|
3,237,167
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
940,853
|
$
|
790,921
|
||||
Interest-bearing
|
2,006,984
|
1,905,936
|
||||||
Total deposits
|
2,947,837
|
2,696,857
|
||||||
Short-term borrowings
|
9,565
|
37,165
|
||||||
Accrued expenses and other liabilities
|
47,731
|
29,098
|
||||||
Notes payable & other borrowings
|
170,000
|
95,000
|
||||||
Subordinated debt securities
|
26,472
|
26,472
|
||||||
Junior subordinated deferrable interest debentures
|
46,393
|
46,393
|
||||||
Total liabilities
|
3,247,998
|
2,930,985
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $1.00 par value per share, 30,000,000 shares authorized; 18,059,174 and 18,036,115 issued and outstanding at June 30, 2020 and December 31, 2019,
respectively
|
18,059
|
18,036
|
||||||
Additional paid-in capital
|
140,620
|
140,492
|
||||||
Retained earnings
|
158,311
|
146,696
|
||||||
Accumulated other comprehensive income
|
19,544
|
958
|
||||||
Total stockholders’ equity
|
336,534
|
306,182
|
||||||
Total liabilities and stockholders’ equity
|
$
|
3,584,532
|
$
|
3,237,167
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans, including fees
|
$
|
29,861
|
$
|
28,592
|
$
|
60,876
|
$
|
56,690
|
||||||||
Securities:
|
||||||||||||||||
Taxable
|
3,170
|
1,816
|
6,950
|
3,992
|
||||||||||||
Non taxable
|
942
|
218
|
1,338
|
443
|
||||||||||||
Federal funds sold and interest-bearing deposits in banks
|
34
|
1,883
|
580
|
3,388
|
||||||||||||
Total interest income
|
34,007
|
32,509
|
69,744
|
64,513
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
2,760
|
6,139
|
7,043
|
12,028
|
||||||||||||
Notes payable & other borrowings
|
102
|
618
|
552
|
1,268
|
||||||||||||
Subordinated debt securities
|
403
|
403
|
807
|
809
|
||||||||||||
Junior subordinated deferrable interest debentures
|
294
|
512
|
695
|
1,025
|
||||||||||||
Total interest expense
|
3,559
|
7,672
|
9,097
|
15,130
|
||||||||||||
Net interest income
|
30,448
|
24,837
|
60,647
|
49,383
|
||||||||||||
Provision for loan losses
|
13,133
|
875
|
19,367
|
1,483
|
||||||||||||
Net interest income, after provision for loan losses
|
17,315
|
23,962
|
41,280
|
47,900
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
1,439
|
1,979
|
3,422
|
3,884
|
||||||||||||
Income from insurance activities
|
1,022
|
1,210
|
2,181
|
2,960
|
||||||||||||
Net gain on sales of loans
|
17,797
|
6,235
|
26,337
|
10,895
|
||||||||||||
Bank card services and interchange fees
|
2,344
|
2,071
|
4,582
|
4,081
|
||||||||||||
Realized gain on sale of securities
|
—
|
—
|
2,318
|
—
|
||||||||||||
Investment commissions
|
365
|
493
|
820
|
826
|
||||||||||||
Fiduciary fees
|
776
|
367
|
1,605
|
743
|
||||||||||||
Other
|
1,153
|
1,348
|
2,506
|
2,389
|
||||||||||||
Total noninterest income
|
24,896
|
13,703
|
43,771
|
25,778
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
21,621
|
18,784
|
42,431
|
37,909
|
||||||||||||
Occupancy and equipment, net
|
3,586
|
3,416
|
7,186
|
6,823
|
||||||||||||
Professional services
|
1,961
|
1,611
|
3,533
|
3,317
|
||||||||||||
Marketing and development
|
806
|
796
|
1,574
|
1,513
|
||||||||||||
IT and data services
|
1,079
|
689
|
1,926
|
1,382
|
||||||||||||
Bank card expenses
|
1,017
|
806
|
2,069
|
1,530
|
||||||||||||
Appraisal expenses
|
638
|
407
|
1,093
|
730
|
||||||||||||
Other
|
4,499
|
3,421
|
9,406
|
6,762
|
||||||||||||
Total noninterest expense
|
35,207
|
29,930
|
69,218
|
59,966
|
||||||||||||
Income before income taxes
|
7,004
|
7,735
|
15,833
|
13,712
|
||||||||||||
Income tax expense (benefit)
|
1,389
|
1,655
|
3,135
|
2,859
|
||||||||||||
Net income
|
$
|
5,615
|
$
|
6,080
|
$
|
12,698
|
$
|
10,853
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.31
|
$
|
0.37
|
$
|
0.70
|
$
|
0.69
|
||||||||
Diluted
|
$
|
0.31
|
$
|
0.37
|
$
|
0.69
|
$
|
0.69
|
||||||||
Net income
|
$
|
5,615
|
$
|
6,080
|
$
|
12,698
|
$
|
10,853
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Change in net unrealized loss on securities available for sale
|
6,813
|
4,410
|
28,002
|
7,317
|
||||||||||||
Change in net losses on cash flow hedges
|
(931
|
)
|
—
|
(2,158
|
)
|
—
|
||||||||||
Reclassification adjustment for (gain) loss included in net income
|
—
|
—
|
(2,318
|
)
|
—
|
|||||||||||
Tax effect
|
(1,235
|
)
|
(926
|
)
|
(4,940
|
)
|
(1,537
|
)
|
||||||||
Other comprehensive income (loss)
|
4,647
|
3,484
|
18,586
|
5,780
|
||||||||||||
Comprehensive income
|
$
|
10,262
|
$
|
9,564
|
$
|
31,284
|
$
|
16,633
|
Common Stock
|
Additional
Paid-in
|
Retained
|
Accumulated
Other
Comprehensive
|
Treasury
|
Less:
ESOP
Owned
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income (Loss)
|
Stock
|
Shares
|
Total
|
|||||||||||||||||||||||||
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||||
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
|
—
|
—
|
—
|
10,853
|
—
|
—
|
—
|
10,853
|
||||||||||||||||||||||||
Other comprehensive (loss), (net of tax)
|
—
|
—
|
—
|
—
|
5,780
|
—
|
—
|
5,780
|
||||||||||||||||||||||||
Terminated ESOP put option
|
—
|
—
|
—
|
—
|
—
|
—
|
58,195
|
58,195
|
||||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
142
|
—
|
—
|
—
|
—
|
142
|
||||||||||||||||||||||||
Share-based liability awards modified to equity awards
|
—
|
—
|
11,450
|
—
|
—
|
—
|
—
|
11,450
|
||||||||||||||||||||||||
Cumulative change in accounting principle
|
—
|
—
|
—
|
(1,279
|
)
|
—
|
—
|
—
|
(1,279
|
)
|
||||||||||||||||||||||
Balance at June 30, 2019
|
17,978,520
|
$
|
17,979
|
$
|
140,189
|
$
|
129,408
|
$
|
3,537
|
$
|
—
|
$
|
—
|
$
|
291,113
|
|||||||||||||||||
Balance at January 1, 2020
|
18,036,115
|
$
|
18,036
|
$
|
140,492
|
$
|
146,696
|
$
|
958
|
$
|
—
|
$
|
—
|
$
|
306,182
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
12,698
|
—
|
—
|
—
|
12,698
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03 per share
|
—
|
—
|
—
|
(1,083
|
)
|
—
|
—
|
—
|
(1,083
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
18,586
|
—
|
—
|
18,586
|
||||||||||||||||||||||||
Exercise of employee stock options and vesting of restricted stock units, net of 17,178 shares for cashless exercise and net of 7,608 shares
for taxes
|
27,759
|
28
|
(157
|
)
|
—
|
—
|
—
|
—
|
(129
|
)
|
||||||||||||||||||||||
Purchase of treasury stock
|
—
|
—
|
—
|
—
|
—
|
(61
|
)
|
—
|
(61
|
)
|
||||||||||||||||||||||
Extinguish treasury stock
|
(4,700
|
)
|
(5
|
)
|
(56
|
)
|
—
|
—
|
61
|
—
|
-
|
|||||||||||||||||||||
Stock based compensation
|
—
|
—
|
341
|
—
|
—
|
—
|
—
|
341
|
||||||||||||||||||||||||
Balance at June 30, 2020
|
18,059,174
|
$
|
18,059
|
$
|
140,620
|
$
|
158,311
|
$
|
19,544
|
$
|
—
|
$
|
—
|
$
|
336,534
|
|||||||||||||||||
Three Months Ended June 30,
|
||||||||||||||||||||||||||||||||
Balance at March 31, 2019
|
14,771,520
|
$
|
14,772
|
$
|
80,412
|
$
|
123,328
|
$
|
53
|
$
|
—
|
$
|
(58,195
|
)
|
$
|
160,370
|
||||||||||||||||
Issuance of common stock, net
|
3,207,000
|
3,207
|
48,185
|
—
|
—
|
—
|
—
|
51,392
|
||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
6,080
|
—
|
—
|
—
|
6,080
|
||||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
3,484
|
—
|
—
|
3,484
|
||||||||||||||||||||||||
Terminated ESOP put option
|
—
|
—
|
—
|
—
|
—
|
—
|
58,195
|
58,195
|
||||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
142
|
—
|
—
|
—
|
—
|
142
|
||||||||||||||||||||||||
Share-based liability awards modified to equity awards
|
—
|
—
|
11,450
|
—
|
—
|
—
|
—
|
11,450
|
||||||||||||||||||||||||
Balance at June 30, 2019
|
17,978,520
|
$
|
17,979
|
$
|
140,189
|
$
|
129,408
|
$
|
3,537
|
$
|
—
|
$
|
—
|
$
|
291,113
|
|||||||||||||||||
Balance at March 31, 2020
|
18,056,014
|
$
|
18,056
|
$
|
140,699
|
$
|
153,238
|
$
|
14,897
|
$
|
—
|
$
|
—
|
$
|
326,890
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
5,615
|
—
|
—
|
—
|
5,615
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03
|
—
|
—
|
—
|
(542
|
)
|
—
|
—
|
—
|
(542
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
4,647
|
—
|
—
|
4,647
|
||||||||||||||||||||||||
Exercise of employee stock options and vesting of restricted stock units, net of 16,518 shares for cashless exercise and net of 2,622 shares
for taxes
|
7,860
|
8
|
(54
|
)
|
—
|
—
|
—
|
—
|
(46
|
)
|
||||||||||||||||||||||
Purchase of treasury stock
|
—
|
—
|
—
|
—
|
—
|
(61
|
)
|
—
|
(61
|
)
|
||||||||||||||||||||||
Extinguish treasury stock
|
(4,700
|
)
|
(5
|
)
|
(56
|
)
|
—
|
—
|
61
|
—
|
—
|
|||||||||||||||||||||
Stock based compensation
|
—
|
—
|
31
|
—
|
—
|
—
|
—
|
31
|
||||||||||||||||||||||||
Balance at June 30, 2020
|
18,059,174
|
$
|
18,059
|
$
|
140,620
|
$
|
158,311
|
$
|
19,544
|
$
|
—
|
$
|
—
|
$
|
336,534
|
For the Six Months Ended
June 30,
|
||||||||
2020
|
2019
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
12,698
|
$
|
10,853
|
||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
Provision for loan losses
|
19,367
|
1,483
|
||||||
Depreciation and amortization
|
3,257
|
2,474
|
||||||
Accretion and amortization
|
1,130
|
(296
|
)
|
|||||
Other gains, net
|
(2,441
|
)
|
(149
|
)
|
||||
Net gain on sales of loans
|
(26,337
|
)
|
(10,895
|
)
|
||||
Proceeds from sales of loans held for sale
|
567,294
|
274,021
|
||||||
Loans originated for sale
|
(584,696
|
)
|
(263,676
|
)
|
||||
Earnings on bank-owned life insurance
|
(674
|
)
|
(622
|
)
|
||||
Stock based compensation
|
341
|
142
|
||||||
Net change in:
|
||||||||
Accrued interest receivable and other assets
|
(16,859
|
)
|
45
|
|||||
Accrued expenses and other liabilities
|
18,340
|
8,279
|
||||||
Net cash from operating activities
|
(8,580
|
)
|
21,659
|
|||||
Cash flows from investing activities:
|
||||||||
Activity in securities available for sale:
|
||||||||
Purchases
|
(121,254
|
)
|
(11,233
|
)
|
||||
Sales
|
94,514
|
—
|
||||||
Maturities, prepayments, and calls
|
30,588
|
93,478
|
||||||
Loan originations and principal collections, net
|
(193,060
|
)
|
19,940
|
|||||
Cash paid for acquisition
|
(687
|
)
|
—
|
|||||
Purchases of premises and equipment, net
|
(2,402
|
)
|
(2,406
|
)
|
||||
Proceeds from sales of premises and equipment
|
87
|
74
|
||||||
Proceeds from sales of foreclosed assets
|
1,689
|
1,244
|
||||||
Net cash from investing activities
|
(190,525
|
)
|
101,097
|
|||||
Cash flows from financing activities:
|
||||||||
Net change in deposits
|
250,980
|
4,404
|
||||||
Net change in short-term borrowings
|
(27,600
|
)
|
(8,895
|
)
|
||||
Proceeds from common stock issuance, net
|
—
|
51,392
|
||||||
Proceeds from notes payable & other borrowings
|
75,000
|
—
|
||||||
Payments to tax authorities for stock-based compensation
|
(129
|
)
|
—
|
|||||
Payments made on notes payable and other borrowings
|
—
|
(7,530
|
)
|
|||||
Cash dividends on common stock
|
(1,083
|
)
|
—
|
|||||
Purchase of treasury stock
|
(61
|
)
|
—
|
|||||
Net cash from financing activities
|
297,107
|
39,371
|
||||||
Net change in cash and cash equivalents
|
$
|
98,002
|
$
|
162,127
|
||||
Beginning cash and cash equivalents
|
158,099
|
245,989
|
||||||
Ending cash and cash equivalents
|
$
|
256,101
|
$
|
408,116
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid on deposits and borrowed funds
|
$
|
9,623
|
$
|
14,866
|
||||
Income taxes paid
|
—
|
2,853
|
||||||
Supplemental schedule of noncash investing and financing activities:
|
||||||||
Loans transferred to foreclosed assets
|
$
|
1,088
|
$
|
1,166
|
||||
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
|
|||||||||||||
June 30, 2020
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
4,750
|
$
|
66
|
$
|
—
|
$
|
4,816
|
||||||||
State and municipal
|
214,576
|
9,474
|
(18
|
)
|
224,032
|
|||||||||||
Mortgage-backed securities
|
343,716
|
14,588
|
—
|
358,304
|
||||||||||||
Collateralized mortgage obligations
|
107,319
|
243
|
—
|
107,562
|
||||||||||||
Asset-backed and other amortizing securities
|
33,416
|
2,544
|
—
|
35,960
|
||||||||||||
$
|
703,777
|
$
|
26,915
|
$
|
(18
|
)
|
$
|
730,674
|
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
|
$
|
6,267
|
$
|
6,343
|
||||
After 1 year through 5 years
|
—
|
—
|
||||||
After 5 years through 10 years
|
15,672
|
16,456
|
||||||
After 10 years
|
197,387
|
206,050
|
||||||
Other
|
484,451
|
501,825
|
||||||
$
|
703,777
|
$
|
730,674
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||||||||||
June 30, 2020
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
State and municipal
|
4,742
|
18
|
—
|
—
|
4,742
|
18
|
||||||||||||||||||
Mortgage-backed securities
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Collateralized mortgage obligations
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Asset-backed and other amortizing securities
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
$
|
4,742
|
$
|
18
|
$
|
—
|
$
|
—
|
$
|
4,742
|
$
|
18
|
|||||||||||||
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
|
3. |
LOANS HELD FOR INVESTMENT
|
June 30,
2020
|
December 31,
2019
|
|||||||
Commercial real estate
|
$
|
655,906
|
$
|
658,195
|
||||
Commercial - specialized
|
325,942
|
309,505
|
||||||
Commercial - general
|
620,905
|
441,398
|
||||||
Consumer:
|
||||||||
1-4 family residential
|
360,308
|
362,796
|
||||||
Auto loans
|
202,263
|
215,209
|
||||||
Other consumer
|
69,754
|
74,000
|
||||||
Construction
|
96,638
|
82,520
|
||||||
2,331,716
|
2,143,623
|
|||||||
Allowance for loan losses
|
(40,635
|
)
|
(24,197
|
)
|
||||
Loans, net
|
$
|
2,291,081
|
$
|
2,119,426
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the three months ended June 30, 2020
|
||||||||||||||||||||
Commercial real estate
|
$
|
7,192
|
$
|
7,856
|
$
|
—
|
$
|
108
|
$
|
15,156
|
||||||||||
Commercial - specialized
|
4,555
|
2,872
|
(836
|
)
|
23
|
6,614
|
||||||||||||||
Commercial - general
|
7,980
|
1,773
|
(532
|
)
|
72
|
9,293
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,744
|
181
|
—
|
1
|
2,926
|
|||||||||||||||
Auto loans
|
4,312
|
(168
|
)
|
(262
|
)
|
57
|
3,939
|
|||||||||||||
Other consumer
|
1,639
|
205
|
(383
|
)
|
179
|
1,640
|
||||||||||||||
Construction
|
652
|
414
|
—
|
1
|
1,067
|
|||||||||||||||
Total
|
$
|
29,074
|
$
|
13,133
|
$
|
(2,013
|
)
|
$
|
441
|
$
|
40,635
|
|||||||||
For the three months ended June 30, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,335
|
$
|
(28
|
)
|
$
|
—
|
$
|
108
|
$
|
5,415
|
|||||||||
Commercial - specialized
|
2,327
|
985
|
(5
|
)
|
39
|
3,346
|
||||||||||||||
Commercial - general
|
8,504
|
(324
|
)
|
(60
|
)
|
205
|
8,325
|
|||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,416
|
(127
|
)
|
—
|
21
|
2,310
|
||||||||||||||
Auto loans
|
3,067
|
202
|
(248
|
)
|
46
|
3,067
|
||||||||||||||
Other consumer
|
1,174
|
216
|
(233
|
)
|
42
|
1,199
|
||||||||||||||
Construction
|
558
|
(49
|
)
|
—
|
—
|
509
|
||||||||||||||
Total
|
$
|
23,381
|
$
|
875
|
$
|
(546
|
)
|
$
|
461
|
$
|
24,171
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the six months ended June 30, 2020
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,049
|
$
|
9,892
|
$
|
—
|
$
|
215
|
$
|
15,156
|
||||||||||
Commercial - specialized
|
2,287
|
5,090
|
(850
|
)
|
87
|
6,614
|
||||||||||||||
Commercial - general
|
9,609
|
975
|
(1,380
|
)
|
89
|
9,293
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,093
|
832
|
—
|
1
|
2,926
|
|||||||||||||||
Auto loans
|
3,385
|
1,149
|
(704
|
)
|
109
|
3,939
|
||||||||||||||
Other consumer
|
1,341
|
796
|
(749
|
)
|
252
|
1,640
|
||||||||||||||
Construction
|
433
|
633
|
—
|
1
|
1,067
|
|||||||||||||||
Total
|
$
|
24,197
|
$
|
19,367
|
$
|
(3,683
|
)
|
$
|
754
|
$
|
40,635
|
|||||||||
For the six months ended June 30, 2019
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,579
|
$
|
(379
|
)
|
$
|
—
|
$
|
215
|
$
|
5,415
|
|||||||||
Commercial - specialized
|
2,516
|
804
|
(37
|
)
|
63
|
3,346
|
||||||||||||||
Commercial - general
|
8,173
|
(60
|
)
|
(65
|
)
|
277
|
8,325
|
|||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,249
|
28
|
(19
|
)
|
52
|
2,310
|
||||||||||||||
Auto loans
|
2,994
|
500
|
(506
|
)
|
79
|
3,067
|
||||||||||||||
Other consumer
|
1,192
|
429
|
(513
|
)
|
91
|
1,199
|
||||||||||||||
Construction
|
423
|
161
|
(75
|
)
|
—
|
509
|
||||||||||||||
Total
|
$
|
23,126
|
$
|
1,483
|
$
|
(1,215
|
)
|
$
|
777
|
$
|
24,171
|
Recorded Investment
|
Allowance for Loan Losses
|
|||||||||||||||
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
|||||||||||||
June 30, 2020
|
||||||||||||||||
Commercial real estate
|
$
|
4,379
|
$
|
651,527
|
$
|
560
|
$
|
14,596
|
||||||||
Commercial - specialized
|
1,074
|
324,868
|
190
|
6,424
|
||||||||||||
Commercial - general
|
878
|
620,027
|
126
|
9,167
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
1,837
|
358,471
|
—
|
2,926
|
||||||||||||
Auto loans
|
—
|
202,263
|
—
|
3,939
|
||||||||||||
Other consumer
|
—
|
69,754
|
—
|
1,640
|
||||||||||||
Construction
|
—
|
96,638
|
—
|
1,067
|
||||||||||||
Total
|
$
|
8,168
|
$
|
2,323,548
|
$
|
876
|
$
|
39,759
|
||||||||
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
|
|||||||||||||||||||
June 30, 2020
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
4,379
|
$
|
1,898
|
$
|
2,481
|
$
|
4,379
|
$
|
560
|
$
|
2,719
|
||||||||||||
Commercial - specialized
|
1,074
|
617
|
457
|
1,074
|
190
|
1,210
|
||||||||||||||||||
Commercial - general
|
878
|
385
|
493
|
878
|
126
|
1,526
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
1-4 family
|
2,256
|
1,837
|
—
|
1,837
|
—
|
2,012
|
||||||||||||||||||
Auto loans
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Other consumer
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total
|
$
|
8,587
|
$
|
4,737
|
$
|
3,431
|
$
|
8,168
|
$
|
876
|
$
|
7,467
|
||||||||||||
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
|
||||||||||
June 30, 2020
|
||||||||||||
Commercial real estate
|
$
|
10,659
|
$
|
—
|
$
|
4,424
|
||||||
Commercial - specialized
|
56
|
283
|
795
|
|||||||||
Commercial - general
|
179
|
150
|
1,301
|
|||||||||
Consumer:
|
||||||||||||
1-4 Family residential
|
1,401
|
2,539
|
821
|
|||||||||
Auto loans
|
324
|
62
|
—
|
|||||||||
Other consumer
|
723
|
42
|
55
|
|||||||||
Construction
|
186
|
—
|
—
|
|||||||||
Total
|
$
|
13,528
|
$
|
3,076
|