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Derived from audited consolidated financial statements
Unobservable inputs were weighted by the relative fair value of the impaired loans.
Includes PPP loans, which are guaranteed by the SBA and have no related allowance.
This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate acquired impaired loans, and discounted payoffs that occurred in the period.
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
Commission file number: 0-12820
AMERICAN NATIONAL BANKSHARES INC.
(Exact name of registrant as specified in its charter)
| | |
Virginia | | 54-1284688 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
628 Main Street, Danville, Virginia | | 24541 |
(Address of principal executive offices) | | (Zip Code) |
(434) 792-5111
(Registrant's telephone number, including area code)
(Not applicable)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | AMNB | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| |
Large accelerated filer ☐ | Accelerated filer ☒ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
| Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
At May 2, 2022, the Company had 10,705,799 shares of Common Stock outstanding, $1 par value.
AMERICAN NATIONAL BANKSHARES INC.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
American National Bankshares Inc. |
Consolidated Balance Sheets |
(Dollars in thousands, except per share data) |
| | (Unaudited) March 31, 2022 | | | December 31, 2021 | |
Assets | | | | | | | * | |
Cash and due from banks | | $ | 34,506 | | | $ | 23,095 | |
Interest-bearing deposits in other banks | | | 452,562 | | | | 487,773 | |
Securities available for sale, at fair value | | | 686,176 | | | | 692,467 | |
Restricted stock, at cost | | | 8,484 | | | | 8,056 | |
Loans held for sale | | | 2,524 | | | | 8,481 | |
Loans, net of deferred fees and costs | | | 1,988,008 | | | | 1,946,580 | |
Less allowance for loan losses | | | (17,988 | ) | | | (18,678 | ) |
Net loans | | | 1,970,020 | | | | 1,927,902 | |
Premises and equipment, net | | | 35,383 | | | | 35,564 | |
Other real estate owned, net of valuation allowance | | | 143 | | | | 143 | |
Goodwill | | | 85,048 | | | | 85,048 | |
Core deposit intangibles, net | | | 4,297 | | | | 4,627 | |
Bank owned life insurance | | | 29,159 | | | | 29,107 | |
Other assets | | | 37,936 | | | | 32,334 | |
Total assets | | $ | 3,346,238 | | | $ | 3,334,597 | |
| | | | | | | | |
Liabilities | | | | | | | | |
Noninterest-bearing deposits | | $ | 1,024,778 | | | $ | 1,009,081 | |
Interest-bearing deposits | | | 1,901,429 | | | | 1,881,272 | |
Total deposits | | | 2,926,207 | | | | 2,890,353 | |
Customer repurchase agreements | | | 38,527 | | | | 41,128 | |
Long-term borrowings | | | 28,257 | | | | 28,232 | |
Other liabilities | | | 18,173 | | | | 20,092 | |
Total liabilities | | | 3,011,164 | | | | 2,979,805 | |
| | | | | | | | |
Shareholders' equity | | | | | | | | |
Preferred stock, $5 par value, 2,000,000 shares authorized, none outstanding | | | — | | | | — | |
Common stock, $1 par value, 20,000,000 shares authorized, 10,713,958 shares outstanding at March 31, 2022 and 10,766,967 shares outstanding at December 31, 2021 | | | 10,638 | | | | 10,710 | |
Capital in excess of par value | | | 144,848 | | | | 147,777 | |
Retained earnings | | | 207,373 | | | | 201,380 | |
Accumulated other comprehensive loss, net | | | (27,785 | ) | | | (5,075 | ) |
Total shareholders' equity | | | 335,074 | | | | 354,792 | |
Total liabilities and shareholders' equity | | $ | 3,346,238 | | | $ | 3,334,597 | |
* |
Derived from audited consolidated financial statements |
The accompanying notes are an integral part of the consolidated financial statements.
American National Bankshares Inc. |
Consolidated Statements of Income |
(Dollars in thousands, except per share data) (Unaudited) |
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
Interest and Dividend Income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
18,788 |
|
|
$ |
22,273 |
|
Interest and dividends on securities: |
|
|
|
|
|
|
|
|
Taxable |
|
|
2,239 |
|
|
|
1,632 |
|
Tax-exempt |
|
|
90 |
|
|
|
103 |
|
Dividends |
|
|
113 |
|
|
|
119 |
|
Other interest income |
|
|
177 |
|
|
|
77 |
|
Total interest and dividend income |
|
|
21,407 |
|
|
|
24,204 |
|
Interest Expense: |
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
569 |
|
|
|
1,287 |
|
Interest on short-term borrowings |
|
|
6 |
|
|
|
11 |
|
Interest on long-term borrowings |
|
|
379 |
|
|
|
483 |
|
Total interest expense |
|
|
954 |
|
|
|
1,781 |
|
Net Interest Income |
|
|
20,453 |
|
|
|
22,423 |
|
Recovery of loan losses |
|
|
(758 |
) |
|
|
— |
|
Net Interest Income After Recovery of Loan Losses |
|
|
21,211 |
|
|
|
22,423 |
|
Noninterest Income: |
|
|
|
|
|
|
|
|
Wealth management income |
|
|
1,809 |
|
|
|
1,424 |
|
Service charges on deposit accounts |
|
|
689 |
|
|
|
622 |
|
Interchange fees |
|
|
981 |
|
|
|
889 |
|
Other fees and commissions |
|
|
266 |
|
|
|
250 |
|
Mortgage banking income |
|
|
673 |
|
|
|
1,318 |
|
Income from Small Business Investment Companies |
|
|
493 |
|
|
|
428 |
|
Income from insurance investments |
|
|
447 |
|
|
|
788 |
|
Gains (losses) on premises and equipment, net |
|
|
4 |
|
|
|
(49 |
) |
Other |
|
|
238 |
|
|
|
252 |
|
Total noninterest income |
|
|
5,600 |
|
|
|
5,922 |
|
Noninterest Expense: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
8,598 |
|
|
|
7,518 |
|
Occupancy and equipment |
|
|
1,542 |
|
|
|
1,533 |
|
FDIC assessment |
|
|
239 |
|
|
|
224 |
|
Bank franchise tax |
|
|
476 |
|
|
|
438 |
|
Core deposit intangible amortization |
|
|
330 |
|
|
|
381 |
|
Data processing |
|
|
847 |
|
|
|
778 |
|
Software |
|
|
363 |
|
|
|
329 |
|
Other real estate owned, net |
|
|
(1 |
) |
|
|
117 |
|
Other |
|
|
2,955 |
|
|
|
2,747 |
|
Total noninterest expense |
|
|
15,349 |
|
|
|
14,065 |
|
Income Before Income Taxes |
|
|
11,462 |
|
|
|
14,280 |
|
Income Taxes |
|
|
2,463 |
|
|
|
2,991 |
|
Net Income |
|
$ |
8,999 |
|
|
$ |
11,289 |
|
Net Income Per Common Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.84 |
|
|
$ |
1.03 |
|
Diluted |
|
$ |
0.84 |
|
|
$ |
1.03 |
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
10,754,287 |
|
|
|
10,971,466 |
|
Diluted |
|
|
10,756,902 |
|
|
|
10,976,177 |
|
The accompanying notes are an integral part of the consolidated financial statements.
American National Bankshares Inc. |
Consolidated Statements of Comprehensive (Loss) Income |
(Dollars in thousands) (Unaudited) |
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
Net income |
|
$ |
8,999 |
|
|
$ |
11,289 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on securities available for sale |
|
|
(30,861 |
) |
|
|
(5,882 |
) |
Tax effect |
|
|
6,662 |
|
|
|
1,271 |
|
|
|
|
|
|
|
|
|
|
Unrealized gains on cash flow hedges |
|
|
1,885 |
|
|
|
1,781 |
|
Tax effect |
|
|
(396 |
) |
|
|
(374 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
(22,710 |
) |
|
|
(3,204 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income |
|
$ |
(13,711 |
) |
|
$ |
8,085 |
|
The accompanying notes are an integral part of the consolidated financial statements.
American National Bankshares Inc. |
Consolidated Statements of Changes in Shareholders' Equity |
Three Months Ended March 31, 2022 and 2021 |
(Dollars in thousands, except per share data) (Unaudited) |
| | Common Stock | | | Capital in Excess of Par Value | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Total Shareholders' Equity | |
Balance, December 31, 2020 | | $ | 10,926 | | | $ | 154,850 | | | $ | 169,681 | | | $ | 2,437 | | | $ | 337,894 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | — | | | | — | | | | 11,289 | | | | — | | | | 11,289 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss | | | — | | | | — | | | | — | | | | (3,204 | ) | | | (3,204 | ) |
| | | | | | | | | | | | | | | | | | | | |
Stock repurchased (54,023) | | | (54 | ) | | | (1,540 | ) | | | — | | | | — | | | | (1,594 | ) |
| | | | | | | | | | | | | | | | | | | | |
Vesting of restricted stock (15,315 shares) | | | 15 | | | | (15 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Equity based compensation (29,827 shares) | | | 7 | | | | 356 | | | | — | | | | — | | | | 363 | |
| | | | | | | | | | | | | | | | | | | | |
Cash dividends paid, $0.27 per share | | | — | | | | — | | | | (2,955 | ) | | | — | | | | (2,955 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance, March 31, 2021 | | $ | 10,894 | | | $ | 153,651 | | | $ | 178,015 | | | $ | (767 | ) | | $ | 341,793 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2021 | | $ | 10,710 | | | $ | 147,777 | | | $ | 201,380 | | | $ | (5,075 | ) | | $ | 354,792 | |
| | | | | | | | | | | | | | | | | | | | |
Net income | | | — | | | | — | | | | 8,999 | | | | — | | | | 8,999 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss | | | — | | | | — | | | | — | | | | (22,710 | ) | | | (22,710 | ) |
| | | | | | | | | | | | | | | | | | | | |
Stock repurchased (88,929 shares) | | | (89 | ) | | | (3,306 | ) | | | — | | | | — | | | | (3,395 | ) |
| | | | | | | | | | | | | | | | | | | | |
Stock options exercised (713 shares) | | | 1 | | | | 11 | | | | — | | | | — | | | | 12 | |
| | | | | | | | | | | | | | | | | | | | |
Vesting of restricted stock (11,912 shares) | | | 12 | | | | (12 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Equity based compensation (4,249 shares) | | | 4 | | | | 378 | | | | — | | | | — | | | | 382 | |
| | | | | | | | | | | | | | | | | | | | |
Cash dividends paid, $0.28 per share | | | — | | | | — | | | | (3,006 | ) | | | — | | | | (3,006 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance, March 31, 2022 | | $ | 10,638 | | | $ | 144,848 | | | $ | 207,373 | | | $ | (27,785 | ) | | $ | 335,074 | |
The accompanying notes are an integral part of the consolidated financial statements.
American National Bankshares Inc. |
Consolidated Statements of Cash Flows |
(Dollars in thousands) (Unaudited) |
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
8,999 |
|
|
$ |
11,289 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
(Recovery of) provision for loan losses |
|
|
(758 |
) |
|
|
— |
|
Depreciation |
|
|
547 |
|
|
|
580 |
|
Net accretion of acquisition accounting adjustments |
|
|
(556 |
) |
|
|
(948 |
) |
Core deposit intangible amortization |
|
|
330 |
|
|
|
381 |
|
Net amortization of securities |
|
|
500 |
|
|
|
406 |
|
Gain on sale of loans held for sale |
|
|
(673 |
) |
|
|
(1,318 |
) |
Proceeds from sales of loans held for sale |
|
|
26,414 |
|
|
|
40,166 |
|
Originations of loans held for sale |
|
|
(19,784 |
) |
|
|
(41,186 |
) |
Net loss on other real estate owned |
|
|
— |
|
|
|
111 |
|
Net gain (loss) on sale or disposal of premises and equipment |
|
|
(4 |
) |
|
|
49 |
|
Equity based compensation expense |
|
|
382 |
|
|
|
363 |
|
Net change in bank owned life insurance |
|
|
(52 |
) |
|
|
(153 |
) |
Deferred income tax expense |
|
|
641 |
|
|
|
106 |
|
Net change in other assets |
|
|
114 |
|
|
|
389 |
|
Net change in other liabilities |
|
|
(34 |
) |
|
|
3,420 |
|
Net cash provided by operating activities |
|
|
16,066 |
|
|
|
13,655 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Proceeds from maturities, calls and paydowns of securities available for sale |
|
|
42,594 |
|
|
|
55,825 |
|
Purchases of securities available for sale |
|
|
(67,664 |
) |
|
|
(78,165 |
) |
Net change in restricted stock |
|
|
(428 |
) |
|
|
691 |
|
Net (increase) decrease in loans |
|
|
(40,794 |
) |
|
|
37,381 |
|
Proceeds from sale of premises and equipment |
|
|
4 |
|
|
|
4 |
|
Purchases of premises and equipment |
|
|
(366 |
) |
|
|
(246 |
) |
Proceeds from sales of other real estate owned |
|
|
— |
|
|
|
404 |
|
Net cash (used in) provided by investing activities |
|
|
(66,654 |
) |
|
|
15,894 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Net change in noninterest-bearing deposits |
|
|
15,697 |
|
|
|
77,627 |
|
Net change in interest-bearing deposits |
|
|
20,081 |
|
|
|
(56,401 |
) |
Net change in customer repurchase agreements |
|
|
(2,601 |
) |
|
|
(3,346 |
) |
Common stock dividends paid |
|
|
(3,006 |
) |
|
|
(2,955 |
) |
Repurchase of common stock |
|
|
(3,395 |
) |
|
|
(1,594 |
) |
Proceeds from exercise of stock options |
|
|
12 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
26,788 |
|
|
|
13,331 |
|
Net (Decrease) Increase in Cash and Cash Equivalents |
|
|
(23,800 |
) |
|
|
42,880 |
|
Cash and Cash Equivalents at Beginning of Period |
|
|
510,868 |
|
|
|
374,370 |
|
Cash and Cash Equivalents at End of Period |
|
$ |
487,068 |
|
|
$ |
417,250 |
|
The accompanying notes are an integral part of the consolidated financial statements.
AMERICAN NATIONAL BANKSHARES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Accounting Policies
The consolidated financial statements include the accounts of American National Bankshares Inc. (NASDAQ: AMNB) (the "Company") and its wholly-owned subsidiary, American National Bank and Trust Company (the "Bank"). The Company is a multi-state bank holding company headquartered in Danville, Virginia. The Bank is a community bank organization serving Virginia and North Carolina with 26 banking offices. In addition to traditional retail, commercial and mortgage offerings, the Bank also provides trust and investment services through its Trust and Investment Services Division.
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other-than-temporary impairment of securities, accounting for merger and acquisition activity, accounting for acquired loans with specific credit-related deterioration, and the valuation of deferred tax assets and liabilities.
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the results of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results that may occur for any other period. These statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Certain prior period balances have been reclassified to conform to the current period presentation.
Recently Adopted Accounting Developments
In May 2021, the FASB issued ASU 2021-04, “Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity – Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” The ASU addresses how an issuer should account for modifications or an exchange of freestanding written call options classified as equity that is not within the scope of another Topic. Early adoption is permitted. ASU 2021-04 was effective for the Bank/Company on January 1, 2022. The adoption did not have a material impact to the consolidated financial statements.
Recent Accounting Pronouncements and Other Authoritative Accounting Guidance
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued multiple updates to ASU 2016-13 as codified in Topic 326, including ASU's 2019-04, 2019-05, 2019-10, 2019-11, 2020-02, and 2020-03. These ASUs have provided for various minor technical corrections and improvements to the codification as well as other transition matters. Smaller reporting companies who file with the U.S. Securities and Exchange Commission ("SEC") and all other entities who do not file with the SEC are required to apply the guidance for fiscal years, and interim periods within those years, beginning after December 15, 2022. At the one-time evaluation date, the Company qualified as a smaller reporting company and elected to defer the adoption of the standard. The Company has begun running parallel models to assess and refine assumptions and methodologies. Management will continue to refine the model to calculate an adjustment to reserves upon adoption.
Effective November 25, 2019, the SEC adopted Staff Accounting Bulletin ("SAB") 119. SAB 119 updated portions of SEC interpretative guidance to align with ASC 326, Financial Instruments - Credit Losses. It covers topics including (1) measuring current expected credit losses; (2) development, governance, and documentation of a systematic methodology; (3) documenting the results of a systematic methodology; and (4) validating a systematic methodology.
In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, “Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. For entities that have adopted ASU 2016-13, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted ASU 2016-13, the effective dates for ASU 2022-02 are the same as the effective dates in ASU 2016-13. Early adoption is permitted if an entity has adopted ASU 2016-13. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company is currently assessing the impact that ASU 2022-02 will have on its consolidated financial statements.
Note 2 – Securities
The amortized cost and fair value of investments in securities available for sale at March 31, 2022 were as follows (dollars in thousands):
| | March 31, 2022 | |
| | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | |
Securities available for sale: | | | | | | | | | | | | | | | | |
U.S. Treasury | | $ | 152,260 | | | $ | — | | | $ | 7,425 | | | $ | 144,835 | |
Federal agencies and GSEs | | | 107,000 | | | | 279 | | | | 3,432 | | | | 103,847 | |
Mortgage-backed and CMOs | | | 362,605 | | | | 216 | | | | 19,833 | | | | 342,988 | |
State and municipal | | | 67,894 | | | | 179 | | | | 2,396 | | | | 65,677 | |
Corporate | | | 29,450 | | | | 100 | | | | 721 | | | | 28,829 | |
Total securities available for sale | | $ | 719,209 | | | $ | 774 | | | $ | 33,807 | | | $ | 686,176 | |
The amortized cost and fair value of investments in securities available for sale at December 31, 2021 were as follows (dollars in thousands):
| | December 31, 2021 | |
| | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | |
Securities available for sale: | | | | | | | | | | | | | | | | |
U.S. Treasury | | $ | 150,751 | | | $ | — | | | $ | 1,174 | | | $ | 149,577 | |
Federal agencies and GSEs | | | 104,518 | | | | 993 | | | | 931 | | | | 104,580 | |
Mortgage-backed and CMOs | | | 357,981 | | | | 2,854 | | | | 4,525 | | | | 356,310 | |
State and municipal | | | 65,939 | | | | 1,021 | | | | 488 | | | | 66,472 | |
Corporate | | | 15,450 | | | | 218 | | | | 140 | | | | 15,528 | |
Total securities available for sale | | $ | 694,639 | | | $ | 5,086 | | | $ | 7,258 | | | $ | 692,467 | |
Restricted Stock
Due to restrictions placed upon the Bank's common stock investment in the Federal Reserve Bank of Richmond ("FRB") and Federal Home Loan Bank of Atlanta ("FHLB"), these securities have been classified as restricted equity securities and carried at cost. The restricted securities are not subject to the investment security classification requirements and are included as a separate line item on the Company's consolidated balance sheets. The FRB requires the Bank to maintain stock with a par value equal to 3.00% of its outstanding capital and an additional 3.00% is on call. The FHLB requires the Bank to maintain stock in an amount equal to 3.75% of outstanding borrowings and a specific percentage of the Bank's total assets. The cost of restricted stock at March 31, 2022 and December 31, 2021 was as follows (dollars in thousands):
| | March 31, 2022 | | | December 31, 2021 | |
FRB stock | | $ | 6,511 | | | $ | 6,500 | |
FHLB stock | | | 1,973 | | | | 1,556 | |
Total restricted stock | | $ | 8,484 | | | $ | 8,056 | |
Temporarily Impaired Securities
The following table shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2022. The reference point for determining when securities are in an unrealized loss position is month end. Therefore, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period.
Available for sale securities that have been in a continuous unrealized loss position, at March 31, 2022, were as follows (dollars in thousands):
| | Total | | | Less than 12 Months | | | 12 Months or More | |
| | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | |
U.S. Treasury | | $ | 144,835 | | | $ | 7,425 | | | $ | 144,835 | | | $ | 7,425 | | | $ | — | | | $ | — | |
Federal agencies and GSEs | | | 91,878 | | | | 3,432 | | | | 66,968 | | | | 1,591 | | | | 24,910 | | | | 1,841 | |
Mortgage-backed and CMOs | | | 329,564 | | | | 19,833 | | | | 270,590 | | | | 13,849 | | | | 58,974 | | | | 5,984 | |
State and municipal | | | 45,065 | | | | 2,396 | | | | 38,077 | | | | 1,642 | | | | 6,988 | | | | 754 | |
Corporate | | | 21,029 | | | | 721 | | | | 21,029 | | | | 721 | | | | — | | | | — | |
Total | | $ | 632,371 | | | $ | 33,807 | | | $ | 541,499 | | | $ | 25,228 | | | $ | 90,872 | | | $ | 8,579 | |
The table below shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2021 (dollars in thousands):
| | Total | | | Less than 12 Months | | | 12 Months or More | |
| | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | |
U.S. Treasury | | $ | 149,577 | | | $ | 1,174 | | | $ | 149,577 | | | $ | 1,174 | | | $ | — | | | $ | — | |
Federal agencies and GSEs | | | 73,640 | | | | 931 | | | | 63,042 | | | | 512 | | | | 10,598 | | | | 419 | |
Mortgage-backed and CMOs | | | 253,444 | | | | 4,525 | | | | 213,292 | | | | 3,014 | | | | 40,152 | | | | 1,511 | |
State and municipal | | | 26,646 | | | | 488 | | | | 23,341 | | | | 354 | | | | 3,305 | | | | 134 | |
Corporate | | | 7,611 | | | | 140 | | | | 7,611 | | | | 140 | | | | — | | | | — | |
Total | | $ | 510,918 | | | $ | 7,258 | | | $ | 456,863 | | | $ | 5,194 | | | $ | 54,055 | | | $ | 2,064 | |
U.S. Treasury securities: The unrealized losses on the Company's investment in 22 U.S. Treasury securities were caused by normal market fluctuations. None of these securities were in an unrealized loss position for 12 months or more. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2022.
Federal agencies and GSEs: The unrealized losses on the Company's investment in 41 government sponsored entities ("GSE") securities were caused by normal market fluctuations. Fourteen of these securities were in an unrealized loss position for 12 months or more. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2022.
Mortgage-backed securities: The unrealized losses on the Company's investment in 82 GSE mortgage-backed securities were caused by normal market fluctuations. Nine of these securities were in an unrealized loss position for 12 months or more. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company's investments. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2022.
Collateralized Mortgage Obligations: The unrealized losses associated with 49 GSE collateralized mortgage obligations ("CMOs") were due to normal market fluctuations. Six of these securities were in an unrealized loss position for 12 months or more. The contractual cash flows of these investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company's investments. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2022.
State and municipal securities: The unrealized losses on 66 state and municipal securities were caused by normal market fluctuations. Eleven of these securities were in an unrealized loss position for 12 months or more. These securities are of high credit quality (rated AA- or higher), and principal and interest payments have been made timely. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2022.
Corporate securities: The unrealized losses on six corporate securities were caused by normal market fluctuations and not credit deterioration. None of these securities were in an unrealized loss position for 12 months or more. Only one of these securities is rated (Baa2 by Moody's), but the Company conducted thorough internal credit reviews prior to the purchase of each which determined the investment risk to be acceptable due to the issuers' experienced management teams, strong asset quality, and ample levels of capital and liquidity. The Company conducts ongoing quarterly reviews of these companies as well. The contractual terms of these investments do not permit the issuer to settle the security at a price less than the amortized cost basis of the investment. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of its amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at March 31, 2022.
Restricted stock: When evaluating restricted stock for impairment, its value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not consider restricted stock to be other-than-temporarily impaired at March 31, 2022, and no impairment has been recognized.
Other-Than-Temporarily-Impaired Securities
As of March 31, 2022 and December 31, 2021, there were no securities classified as other-than-temporarily impaired.
Realized Gains and Losses
The Company did not have any realized gains or losses on, or proceeds from the sale, of securities available for sale during the three months ended March 31, 2022 and 2021.
Note 3 – Loans
Loans, net of deferred fees and costs and excluding loans held for sale, at March 31, 2022 and December 31, 2021, were comprised of the following (dollars in thousands):
| | March 31, 2022 | | | December 31, 2021 | |
Commercial | | $ | 291,697 | | | $ | 299,773 | |
Commercial real estate: | | | | | | | | |
Construction and land development | | | 148,276 | | | | 134,221 | |
Commercial real estate - owner occupied | | | 402,306 | | | | 391,517 | |
Commercial real estate - non-owner occupied | | | 752,817 | | | | 731,034 | |
Residential real estate: | | | | | | | | |
Residential | | | 295,949 | | | | 289,757 | |
Home equity | | | 89,593 | | | | 93,203 | |
Consumer | | | 7,370 | | | | 7,075 | |
Total loans, net of deferred fees and costs | | $ | 1,988,008 | | | $ | 1,946,580 | |
Acquired Loans
The outstanding principal balance and the carrying amount of these loans, including loans accounted for under ASC 310-30, included in the consolidated balance sheets at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands):
| | March 31, 2022 | | | December 31, 2021 | |
Outstanding principal balance | | $ | 152,863 | | | $ | 163,574 | |
Carrying amount | | | 146,863 | | | | 156,975 | |
The outstanding principal balance and related carrying amount of purchased credit impaired loans, for which the Company applies ASC 310-30 to account for interest earned, as of the indicated dates are as follows (dollars in thousands):
| | March 31, 2022 | | | December 31, 2021 | |
Outstanding principal balance | | $ | 22,174 | | | $ | 24,696 | |
Carrying amount | | | 17,633 | | | | 19,802 | |
The following table presents changes in the accretable yield on acquired impaired loans, for which the Company applies ASC 310-30, for the three months ended March 31, 2022 and the year ended December 31, 2021 (dollars in thousands):
| | March 31, 2022 | | | December 31, 2021 | |
Balance at January 1 | | $ | 4,902 | | | $ | 6,513 | |
Accretion | | | (670 | ) | | | (5,292 | ) |
Reclassification from nonaccretable difference | | | 382 | | | | 2,780 | |
Other changes, net (1) | | | (253 | ) | | | 901 | |
| | $ | 4,361 | | | $ | 4,902 | |
__________________________
(1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate acquired impaired loans, and discounted payoffs that occurred in the period.
Past Due Loans
The following table shows an analysis by portfolio segment of the Company's past due loans at March 31, 2022 (dollars in thousands):
| | 30- 59 Days Past Due | | | 60-89 Days Past Due | | | 90 Days + Past Due and Still Accruing | | | Non Accrual Loans | | | Total Past Due | | | Current | | | Total Loans | |
Commercial | | $ | — | | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | | | $ | 291,680 | | | $ | 291,697 | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction and land development | | | — | | | | — | | | | — | | | | — | | | | — | | | | 148,276 | | | | 148,276 | |
Commercial real estate - owner occupied | | | — | | | | — | | | | — | | | | 4 | | | | 4 | | | | 402,302 | | | | 402,306 | |
Commercial real estate - non-owner occupied | | | — | | | | 240 | | | | — | | | | 1,073 | | | | 1,313 | | | | 751,504 | | | | 752,817 | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | 593 | | | | — | | | | — | | | | 581 | | | | 1,174 | | | | 294,775 | | | | 295,949 | |
Home equity | | | 24 | | | | — | | | | 50 | | | | 87 | | | | 161 | | | | 89,432 | | | | 89,593 | |
Consumer | | | 3 | | | | — | | | | 21 | | | | — | | | | 24 | | | | 7,346 | | | | 7,370 | |
Total | | $ | 620 | | | $ | 240 | | | $ | 71 | | | $ | 1,762 | | | $ | 2,693 | | | $ | 1,985,315 | | | $ | 1,988,008 | |
The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2021 (dollars in thousands):
| | 30- 59 Days Past Due | | | 60-89 Days Past Due | | | 90 Days + Past Due and Still Accruing | | | Non Accrual Loans | | | Total Past Due | | | Current | | | Total Loans | |
Commercial | | $ | 120 | | | $ | — | | | $ | — | | | $ | 26 | | | $ | 146 | | | $ | 299,627 | | | $ | 299,773 | |
Commercial real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction and land development | | | — | | | | — | | | | — | | | | — | | | | — | | | | 134,221 | | | | 134,221 | |
Commercial real estate - owner occupied | | | — | | | | — | | | | — | | | | 12 | | | | 12 | | | | 391,505 | | | | 391,517 | |
Commercial real estate - non-owner occupied | | | — | | | | — | | | | — | | | | 1,093 | | | | 1,093 | | | | 729,941 | | | | 731,034 | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | 670 | | | | 20 | | | | 154 | | | | 792 | | | | 1,636 | | | | 288,121 | | | | 289,757 | |
Home equity | | | 12 | | | | 30 | | | | 47 | | | | 80 | | | | 169 | | | | 93,034 | | | | 93,203 | |
Consumer | | | 6 | | | | — | | | | 15 | | | | 3 | | | | 24 | | | | 7,051 | | | | 7,075 | |
Total | | $ | 808 | | | $ | 50 | | | $ | 216 | | | $ | 2,006 | | | $ | 3,080 | | | $ | 1,943,500 | | | $ | 1,946,580 | |
Impaired Loans
The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at March 31, 2022 (dollars in thousands):
| | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | |