☒ |
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.
|
27
|
|
Item 3.
|
49 | |
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
|
September 30,
2020
|
December 31,
2019
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
43,750
|
$
|
56,246
|
||||
Interest-bearing deposits in banks
|
245,785
|
101,853
|
||||||
Federal funds sold
|
1,350
|
—
|
||||||
Cash and cash equivalents
|
290,885
|
158,099
|
||||||
Securities available for sale
|
726,329
|
707,650
|
||||||
Loans held for sale
|
76,507
|
49,035
|
||||||
Loans held for investment
|
2,288,234
|
2,143,623
|
||||||
Allowance for loan losses
|
(46,076
|
)
|
(24,197
|
)
|
||||
Accrued interest receivable
|
13,632
|
13,924
|
||||||
Premises and equipment, net
|
61,399
|
61,873
|
||||||
Bank-owned life insurance
|
70,401
|
69,397
|
||||||
Goodwill
|
19,508
|
18,757
|
||||||
Intangible assets
|
7,994
|
8,632
|
||||||
Mortgage servicing rights
|
6,562
|
2,054
|
||||||
Deferred tax asset, net
|
3,650
|
5,619
|
||||||
Other assets
|
23,641
|
22,701
|
||||||
Total assets
|
$
|
3,542,666
|
$
|
3,237,167
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
906,059
|
$
|
790,921
|
||||
Interest-bearing
|
2,037,743
|
1,905,936
|
||||||
Total deposits
|
2,943,802
|
2,696,857
|
||||||
Short-term borrowings
|
7,765
|
37,165
|
||||||
Accrued expenses and other liabilities
|
41,592
|
29,098
|
||||||
Notes payable & other borrowings
|
75,000
|
95,000
|
||||||
Subordinated debt securities
|
75,546
|
26,472
|
||||||
Junior subordinated deferrable interest debentures
|
46,393
|
46,393
|
||||||
Total liabilities
|
3,190,098
|
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 September 30, 2020
and December 31, 2019, respectively
|
18,059
|
18,036
|
||||||
Additional paid-in capital
|
141,245
|
140,492
|
||||||
Retained earnings
|
174,501
|
146,696
|
||||||
Accumulated other comprehensive income
|
18,763
|
958
|
||||||
Total stockholders’ equity
|
352,568
|
306,182
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
3,542,666
|
$
|
3,237,167
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans, including fees
|
$
|
30,724
|
$
|
29,652
|
$
|
91,600
|
$
|
86,342
|
||||||||
Securities:
|
||||||||||||||||
Taxable
|
2,678
|
2,021
|
9,628
|
6,013
|
||||||||||||
Non taxable
|
1,061
|
226
|
2,399
|
669
|
||||||||||||
Federal funds sold and interest-bearing deposits in banks
|
40
|
1,766
|
620
|
5,154
|
||||||||||||
Total interest income
|
34,503
|
33,665
|
104,247
|
98,178
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
2,517
|
5,627
|
9,560
|
17,655
|
||||||||||||
Notes payable & other borrowings
|
68
|
581
|
620
|
1,849
|
||||||||||||
Subordinated debt securities
|
403
|
404
|
1,210
|
1,213
|
||||||||||||
Junior subordinated deferrable interest debentures
|
242
|
485
|
937
|
1,510
|
||||||||||||
Total interest expense
|
3,230
|
7,097
|
12,327
|
22,227
|
||||||||||||
Net interest income
|
31,273
|
26,568
|
91,920
|
75,951
|
||||||||||||
Provision for loan losses
|
6,062
|
420
|
25,429
|
1,903
|
||||||||||||
Net interest income, after provision for loan losses
|
25,211
|
26,148
|
66,491
|
74,048
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
1,749
|
2,101
|
5,171
|
5,985
|
||||||||||||
Income from insurance activities
|
3,303
|
1,114
|
5,484
|
4,074
|
||||||||||||
Net gain on sales of loans
|
20,942
|
6,626
|
47,279
|
17,521
|
||||||||||||
Bank card services and interchange fees
|
2,608
|
2,192
|
7,190
|
6,273
|
||||||||||||
Realized gain on sale of securities
|
—
|
—
|
2,318
|
—
|
||||||||||||
Investment commissions
|
441
|
419
|
1,261
|
1,245
|
||||||||||||
Fiduciary fees
|
781
|
361
|
2,386
|
1,104
|
||||||||||||
Other
|
1,836
|
1,302
|
4,342
|
3,691
|
||||||||||||
Total noninterest income
|
31,660
|
14,115
|
75,431
|
39,893
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
23,672
|
18,135
|
66,103
|
56,044
|
||||||||||||
Occupancy and equipment, net
|
3,710
|
3,486
|
10,896
|
10,309
|
||||||||||||
Professional services
|
1,177
|
1,852
|
4,710
|
5,169
|
||||||||||||
Marketing and development
|
615
|
762
|
2,189
|
2,275
|
||||||||||||
IT and data services
|
843
|
722
|
2,769
|
2,104
|
||||||||||||
Bank card expenses
|
1,095
|
864
|
3,164
|
2,394
|
||||||||||||
Appraisal expenses
|
744
|
467
|
1,837
|
1,197
|
||||||||||||
Other
|
4,137
|
3,740
|
13,543
|
10,502
|
||||||||||||
Total noninterest expense
|
35,993
|
30,028
|
105,211
|
89,994
|
||||||||||||
Income before income taxes
|
20,878
|
10,235
|
36,711
|
23,947
|
||||||||||||
Income tax expense (benefit)
|
4,147
|
1,977
|
7,282
|
4,836
|
||||||||||||
Net income
|
$
|
16,731
|
$
|
8,258
|
$
|
29,429
|
$
|
19,111
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.93
|
$
|
0.46
|
$
|
1.63
|
$
|
1.16
|
||||||||
Diluted
|
$
|
0.92
|
$
|
0.45
|
$
|
1.61
|
$
|
1.15
|
||||||||
Net income
|
$
|
16,731
|
$
|
8,258
|
$
|
29,429
|
$
|
19,111
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Change in net unrealized gain (loss) on securities available for sale
|
(1,418
|
)
|
116
|
26,584
|
7,433
|
|||||||||||
Change in net gain (loss) on cash flow hedges
|
430
|
—
|
(1,728
|
)
|
—
|
|||||||||||
Reclassification adjustment for (gain) loss included in net income
|
—
|
—
|
(2,318
|
)
|
—
|
|||||||||||
Tax effect
|
207
|
(25
|
)
|
(4,733
|
)
|
(1,562
|
)
|
|||||||||
Other comprehensive income (loss)
|
(781
|
)
|
91
|
17,805
|
5,871
|
|||||||||||
Comprehensive income
|
$
|
15,950
|
$
|
8,349
|
$
|
47,234
|
$
|
24,982
|
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, 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 (loss), (net of tax)
|
—
|
—
|
—
|
—
|
5,871
|
—
|
—
|
5,871
|
||||||||||||||||||||||||
Terminated ESOP put option
|
—
|
—
|
—
|
—
|
—
|
—
|
58,195
|
58,195
|
||||||||||||||||||||||||
Exercise of employee stock options and vesting of restricted stock units, net of 8,570 shares for cashless
|
||||||||||||||||||||||||||||||||
exercise and net of 7,608 shares for taxes
|
25,803
|
25
|
25
|
—
|
—
|
—
|
—
|
(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
|
|||||||||||||||||
Balance at January 1, 2020
|
18,036,115
|
$
|
18,036
|
$
|
140,492
|
$
|
146,696
|
$
|
958
|
$
|
—
|
$
|
—
|
$
|
306,182
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
29,429
|
—
|
—
|
—
|
29,429
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03 per share
|
—
|
—
|
—
|
(1,624
|
)
|
—
|
—
|
—
|
(1,624
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
17,805
|
—
|
—
|
17,805
|
||||||||||||||||||||||||
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
|
—
|
—
|
966
|
—
|
—
|
—
|
—
|
966
|
||||||||||||||||||||||||
Balance at September 30, 2020
|
18,059,174
|
$
|
18,059
|
$
|
141,245
|
$
|
174,501
|
$
|
18,763
|
$
|
—
|
$
|
—
|
$
|
352,568
|
|||||||||||||||||
Three Months Ended September 30,
|
||||||||||||||||||||||||||||||||
Balance at June 30, 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 per share
|
—
|
—
|
—
|
(539
|
)
|
—
|
—
|
—
|
(539
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
91
|
—
|
—
|
91
|
||||||||||||||||||||||||
Exercise of employee stock options and vesting of
|
||||||||||||||||||||||||||||||||
restricted stock units, net of 8,570 shares for cashless
|
||||||||||||||||||||||||||||||||
exercise and net of 7,608 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
|
|||||||||||||||||
Balance at June 30, 2020
|
18,059,174
|
$
|
18,059
|
$
|
140,620
|
$
|
158,311
|
$
|
19,544
|
$
|
—
|
$
|
—
|
$
|
336,534
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
16,731
|
—
|
—
|
—
|
16,731
|
||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||
Common - $0.03 per share
|
—
|
—
|
—
|
(541
|
)
|
—
|
—
|
—
|
(541
|
)
|
||||||||||||||||||||||
Other comprehensive income, (net of tax)
|
—
|
—
|
—
|
—
|
(781
|
)
|
—
|
—
|
(781
|
)
|
||||||||||||||||||||||
Stock based compensation
|
—
|
—
|
625
|
—
|
—
|
—
|
—
|
625
|
||||||||||||||||||||||||
Balance at September 30, 2020
|
18,059,174
|
$
|
18,059
|
$
|
141,245
|
$
|
174,501
|
$
|
18,763
|
$
|
—
|
$
|
—
|
$
|
352,568
|
For the Nine Months Ended
September 30,
|
||||||||
2020
|
2019
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
29,429
|
$
|
19,111
|
||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
Provision for loan losses
|
25,429
|
1,903
|
||||||
Depreciation and amortization
|
4,935
|
3,733
|
||||||
Accretion and amortization
|
2,064
|
(97
|
)
|
|||||
Other gains, net
|
(2,529
|
)
|
(122
|
)
|
||||
Net gain on sales of loans
|
(47,279
|
)
|
(17,521
|
)
|
||||
Proceeds from sales of loans held for sale
|
1,004,956
|
460,268
|
||||||
Loans originated for sale
|
(985,149
|
)
|
(454,501
|
)
|
||||
Earnings on bank-owned life insurance
|
(1,004
|
)
|
(937
|
)
|
||||
Stock based compensation
|
966
|
407
|
||||||
Net change in:
|
||||||||
Accrued interest receivable and other assets
|
(8,642
|
)
|
(3,390
|
)
|
||||
Accrued expenses and other liabilities
|
10,669
|
13,616
|
||||||
Net cash from operating activities
|
33,845
|
22,470
|
||||||
Cash flows from investing activities:
|
||||||||
Activity in securities available for sale:
|
||||||||
Purchases
|
(158,291
|
)
|
(165,023
|
)
|
||||
Sales
|
94,514
|
—
|
||||||
Maturities, prepayments, and calls
|
69,618
|
109,414
|
||||||
Loan originations and principal collections, net
|
(150,579
|
)
|
(7,786
|
)
|
||||
Cash paid for acquisition
|
(687
|
)
|
(2,800
|
)
|
||||
Goodwill adjustment related to litigation settlement
|
460
|
—
|
||||||
Purchases of premises and equipment, net
|
(3,159
|
)
|
(3,267
|
)
|
||||
Proceeds from sales of premises and equipment
|
192
|
208
|
||||||
Proceeds from sales of foreclosed assets
|
2,068
|
1,608
|
||||||
Net cash from investing activities
|
(145,864
|
)
|
(67,646
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net change in deposits
|
246,945
|
8,520
|
||||||
Net change in short-term borrowings
|
(29,400
|
)
|
(7,850
|
)
|
||||
Proceeds from common stock issuance, net
|
—
|
51,392
|
||||||
Proceeds from subordinated debt issuance, net
|
49,074
|
—
|
||||||
Proceeds from notes payable & other borrowings
|
75,000
|
—
|
||||||
Payments to tax authorities for stock-based compensation
|
(129
|
)
|
(161
|
)
|
||||
Payments made on notes payable and other borrowings
|
(95,000
|
)
|
(7,530
|
)
|
||||
Cash dividends on common stock
|
(1,624
|
)
|
(539
|
)
|
||||
Purchase of treasury stock
|
(61
|
)
|
—
|
|||||
Net cash from financing activities
|
244,805
|
43,832
|
||||||
Net change in cash and cash equivalents
|
$
|
132,786
|
$
|
(1,344
|
)
|
|||
Beginning cash and cash equivalents
|
158,099
|
245,989
|
||||||
Ending cash and cash equivalents
|
$
|
290,885
|
$
|
244,645
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid on deposits and borrowed funds
|
$
|
12,956
|
$
|
21,882
|
||||
Income taxes paid
|
8,719
|
4,364
|
||||||
Supplemental schedule of noncash investing and financing activities:
|
||||||||
Loans transferred to foreclosed assets
|
$
|
1,468
|
$
|
1,521
|
||||
Share-based liability awards modified to equity awards
|
—
|
11,450
|
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
|
|||||||||||||
September 30, 2020
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. government and agencies
|
$
|
4,750
|
$
|
35
|
$
|
—
|
$
|
4,785
|
||||||||
State and municipal
|
242,010
|
8,248
|
(428
|
)
|
249,830
|
|||||||||||
Mortgage-backed securities
|
309,227
|
15,778
|
—
|
325,005
|
||||||||||||
Collateralized mortgage obligations
|
107,249
|
—
|
(472
|
)
|
106,777
|
|||||||||||
Asset-backed and other amortizing securities
|
32,614
|
2,313
|
—
|
34,927
|
||||||||||||
Other securities
|
5,000
|
10
|
(5
|
)
|
5,005
|
|||||||||||
$
|
700,850
|
$
|
26,384
|
$
|
(905
|
)
|
$
|
726,329
|
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
|
$
|
5,760
|
$
|
5,800
|
||||
After 1 year through 5 years
|
1,246
|
1,343
|
||||||
After 5 years through 10 years
|
20,825
|
21,658
|
||||||
After 10 years
|
223,930
|
230,820
|
||||||
Other
|
449,089
|
466,708
|
||||||
$
|
700,850
|
$
|
726,329
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
|||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||
U.S. government and agencies
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
State and municipal
|
34,380
|
428
|
—
|
—
|
34,380
|
428
|
||||||||||||||||||
Mortgage-backed securities
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Collateralized mortgage obligations
|
106,777
|
472
|
—
|
—
|
106,777
|
472
|
||||||||||||||||||
Asset-backed and other amortizing securities
|
3,495
|
5
|
—
|
—
|
3,495
|
5
|
||||||||||||||||||
$
|
144,652
|
$
|
905
|
$
|
—
|
$
|
—
|
$
|
144,652
|
$
|
905
|
|||||||||||||
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
|
September 30,
2020
|
December 31,
2019
|
|||||||
Commercial real estate
|
$
|
655,432
|
$
|
658,195
|
||||
Commercial - specialized
|
340,458
|
309,505
|
||||||
Commercial - general
|
578,181
|
441,398
|
||||||
Consumer:
|
||||||||
1-4 family residential
|
372,114
|
362,796
|
||||||
Auto loans
|
193,023
|
215,209
|
||||||
Other consumer
|
68,877
|
74,000
|
||||||
Construction
|
80,149
|
82,520
|
||||||
2,288,234
|
2,143,623
|
|||||||
Allowance for loan losses
|
(46,076
|
)
|
(24,197
|
)
|
||||
Loans, net
|
$
|
2,242,158
|
$
|
2,119,426
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the three months ended September 30, 2020
|
||||||||||||||||||||
Commercial real estate
|
$
|
15,156
|
$
|
3,085
|
$
|
—
|
$
|
23
|
$
|
18,264
|
||||||||||
Commercial - specialized
|
6,614
|
(220
|
)
|
(109
|
)
|
19
|
6,304
|
|||||||||||||
Commercial - general
|
9,293
|
977
|
(372
|
)
|
91
|
9,989
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,926
|
1,688
|
(56
|
)
|
126
|
4,684
|
||||||||||||||
Auto loans
|
3,939
|
474
|
(212
|
)
|
32
|
4,233
|
||||||||||||||
Other consumer
|
1,640
|
250
|
(262
|
)
|
99
|
1,727
|
||||||||||||||
Construction
|
1,067
|
(192
|
)
|
—
|
—
|
875
|
||||||||||||||
Total
|
$
|
40,635
|
$
|
6,062
|
$
|
(1,011
|
)
|
$
|
390
|
$
|
46,076
|
|||||||||
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
|
Beginning
Balance
|
Provision for
Loan Losses
|
Charge-offs
|
Recoveries
|
Ending
Balance
|
||||||||||||||||
For the nine months ended September 30, 2020
|
||||||||||||||||||||
Commercial real estate
|
$
|
5,049
|
$
|
12,977
|
$
|
—
|
$
|
238
|
$
|
18,264
|
||||||||||
Commercial - specialized
|
2,287
|
4,870
|
(959
|
)
|
106
|
6,304
|
||||||||||||||
Commercial - general
|
9,609
|
1,952
|
(1,752
|
)
|
180
|
9,989
|
||||||||||||||
Consumer:
|
||||||||||||||||||||
1-4 family residential
|
2,093
|
2,520
|
(56
|
)
|
127
|
4,684
|
||||||||||||||
Auto loans
|
3,385
|
1,624
|
(916
|
)
|
140
|
4,233
|
||||||||||||||
Other consumer
|
1,341
|
1,045
|
(1,011
|
)
|
352
|
1,727
|
||||||||||||||
Construction
|
433
|
441
|
—
|
1
|
875
|
|||||||||||||||
Total
|
$
|
24,197
|
$
|
25,429
|
$
|
(4,694
|
)
|
$
|
1,144
|
$
|
46,076
|
|||||||||
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
|
Recorded Investment
|
Allowance for Loan Losses
|
|||||||||||||||
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
|||||||||||||
September 30, 2020
|
||||||||||||||||
Commercial real estate
|
$
|
4,339
|
$
|
651,093
|
$
|
260
|
$
|
18,004
|
||||||||
Commercial - specialized
|
—
|
340,458
|
—
|
6,304
|
||||||||||||
Commercial - general
|
7,071
|
571,110
|
1,734
|
8,255
|
||||||||||||
Consumer:
|
||||||||||||||||
1-4 family residential
|
2,236
|
369,878
|
70
|
4,614
|
||||||||||||
Auto loans
|
—
|
193,023
|
—
|
4,233
|
||||||||||||
Other consumer
|
—
|
68,877
|
—
|
1,727
|
||||||||||||
Construction
|
—
|
80,149
|
—
|
875
|
||||||||||||
Total
|
$
|
13,646
|
$
|
2,274,588
|
$
|
2,064
|
$
|
44,012
|
||||||||
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
|
|||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
4,339
|
$
|
3,380
|
$
|
959
|
$
|
4,339
|
$
|
260
|
$
|
2,699
|
||||||||||||
Commercial - specialized
|
—
|
—
|
—
|
—
|
—
|
673
|
||||||||||||||||||
Commercial - general
|
7,071
|
3,298
|
3,773
|
7,071
|
1,734
|
4,622
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
1-4 family
|
2,655
|
1,814
|
422
|
2,236
|
70
|
2,212
|
||||||||||||||||||
Auto loans
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Other consumer
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Construction
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Total
|
$
|
14,065
|
$
|
8,492
|
$
|
5,154
|
$
|
13,646
|
$
|
2,064
|
$
|
10,206
|
||||||||||||
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
|
—
|
—
|
—
|
—
|
—
|