Company Quick10K Filing
Reliant Bancorp
Price23.89 EPS1
Shares11 P/E17
MCap270 P/FCF28
Net Debt-51 EBIT35
TEV219 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
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10-Q 2018-09-30 Filed 2018-11-06
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10-K 2017-12-31 Filed 2018-03-16
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10-K 2016-12-31 Filed 2017-03-14
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10-K 2015-12-31 Filed 2016-03-28
10-Q 2015-09-30 Filed 2015-11-13
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-31
8-K 2020-10-26
8-K 2020-10-22
8-K 2020-09-15
8-K 2020-09-09
8-K 2020-07-23
8-K 2020-07-21
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8-K 2020-06-16
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8-K 2020-04-27
8-K 2020-04-01
8-K 2020-03-23
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8-K 2020-03-03
8-K 2020-02-24
8-K 2020-01-23
8-K 2020-01-22
8-K 2020-01-01
8-K 2019-12-13
8-K 2019-11-01
8-K 2019-10-22
8-K 2019-10-22
8-K 2019-09-24
8-K 2019-09-16
8-K 2019-07-26
8-K 2019-07-23
8-K 2019-07-03
8-K 2019-06-25
8-K 2019-05-23
8-K 2019-05-03
8-K 2019-04-24
8-K 2019-04-03
8-K 2019-04-03
8-K 2019-03-26
8-K 2019-03-25
8-K 2019-02-19
8-K 2019-01-23
8-K 2019-01-04
8-K 2018-12-19
8-K 2018-12-18
8-K 2018-12-11
8-K 2018-12-04
8-K 2018-10-24
8-K 2018-10-03
8-K 2018-09-25
8-K 2018-07-27
8-K 2018-07-25
8-K 2018-07-02
8-K 2018-06-26
8-K 2018-06-15
8-K 2018-06-04
8-K 2018-05-17
8-K 2018-04-26
8-K 2018-04-15
8-K 2018-04-11
8-K 2018-03-27
8-K 2018-02-26
8-K 2018-01-25
8-K 2018-01-23
8-K 2017-12-31

RBNC 10Q Quarterly Report

Part I - Financial Information
Item 1. Consolidated Financial Statements (Unaudited)
Note 1 - Summary of Significant Accounting Policies
Note 2 - Securities
Note 3 - Loans and Allowance for Loan Losses
Note 4 - Leases
Note 5 - Derivatives
Note 6 - Stock - Based Compensation
Note 7 - Regulatory Capital Requirements
Note 8 - Earnings per Share
Note 9 - Fair Values of Assets and Liabilities
Note 10 - Segment Reporting
Note 11 - Income Taxes
Note 12 - Business Combinations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311q32020.htm
EX-31.2 ex312q32020.htm
EX-32.1 ex321q32020.htm

Reliant Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02013201520172020
Assets, Equity
0.10.10.10.00.00.02013201520172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12013201520172020
Ops, Inv, Fin

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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 September 30, 2020
OR
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: 001-37391
_______________________________
Reliant Bancorp, Inc.
(Exact name of registrant as specified in its charter)
_______________________________
Tennessee37-1641316
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1736 Carothers Parkway,
Suite 100,
Brentwood,
Tennessee37027
(Address of principal executive offices)(Zip Code)
615-221-2020
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareRBNCNASDAQ

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:  Yes No

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 (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): Yes No

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). Yes  No 

The number of shares outstanding of the registrant’s common stock, par value $1.00 per share, as of November 3, 2020
was 16,297,676, excluding 337,794 unexchanged shares in connection with acquisitions.

TABLE OF CONTENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS3
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Risk Factors
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.





CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this “Quarterly Report”) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Reliant Bancorp, Inc. (“Reliant Bancorp”) to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others:

(1)    the global health and economic crisis precipitated by the coronavirus (COVID-19) pandemic;
(2)    actions taken by governments, businesses and individuals in response to the coronavirus (COVID-19) pandemic;
(3)    the pace of recovery when the coronavirus (COVID-19) pandemic subsides;
(4)    the possible recurrence of the coronavirus (COVID-19);
(5)    changes in political conditions or the legislative or regulatory environment, including governmental initiatives affecting the financial services industry such as, but not limited to, the Coronavirus Aid, Relief, and Economic Security Act (or the CARES Act);
(6)    the possibility that our asset quality could decline or that we experience greater loan losses than anticipated;
(7)    increased levels of other real estate, primarily as a result of foreclosures;
(8)    the impact of liquidity needs on our results of operations and financial condition;
(9)    competition from financial institutions and other financial service providers;
(10)    the effect of interest rate increases on the cost of deposits;
(11)    unanticipated weakness in loan demand or loan pricing;
(12)    greater than anticipated adverse conditions in the national economy or local economies in which we operate, including Middle Tennessee;
(13)    lack of strategic growth opportunities or our failure to execute on available opportunities;
(14)    deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses;
(15)    economic crises and associated credit issues in industries most impacted by the coronavirus (COVID-19) pandemic, including the restaurant, hospitality and retail sectors;
(16)    the ability to grow and retain low-cost core deposits and retain large, uninsured deposits;
(17)    our ability to effectively manage problem credits;
(18)    our ability to successfully implement efficiency initiatives on time and with the results projected;
(19)    our ability to successfully develop and market new products and technology;
(20)    the impact of negative developments in the financial industry and United States and global capital and credit markets;
(21)    our ability to retain the services of key personnel;
(22)    our ability to adapt to technological changes;
(23)    risks associated with litigation, including the applicability of insurance coverage;
(24)    the vulnerability of the computer and information technology systems and networks of Reliant Bank (the “Bank”), and the systems and networks of third parties with whom Reliant Bancorp or the Bank contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss, and other security breaches and interruptions;
(25)    changes in state and federal laws, rules, regulations, or policies applicable to banks or bank or financial holding companies, including regulatory or legislative developments;
(26)    adverse results (including costs, fines, reputational harm, and/or other negative effects) from current or future litigation, regulatory examinations, or other legal or regulatory actions;
(27)    the risk that expected cost savings and revenue synergies from (a) the merger of Reliant Bancorp and Tennessee Community Bank Holdings, Inc. (“TCB Holdings”) (the “TCB Holdings Transaction”) or (b) the merger of Reliant Bancorp and First Advantage Bancorp (“FABK”) (the “FABK Transaction” and, together with the TCB Holdings Transaction, collectively, the “Transactions”), may not be realized or may take longer than anticipated to be realized;
(28)    the effect of the Transactions on our customer, supplier, or employee relationships and operating results (including without limitation difficulties in maintaining relationships with employees and customers), as well as on the market price of Reliant Bancorp’s common stock;
(29)    the risk that the businesses and operations of TCB Holdings and its subsidiaries and of FABK and its subsidiaries cannot be successfully integrated with the business and operations of Reliant Bancorp and its subsidiaries or that integration will be more costly or difficult than expected;
2


(30)    the amount of costs, fees, expenses, and charges related to the Transactions, including those arising as a result of unexpected factors or events;
(31)    reputational risk associated with and the reaction of our customers, suppliers, employees, or other business partners to the Transactions;
(32)    the risk associated with Reliant Bancorp management’s attention being diverted away from the day-to-day business and operations of Reliant Bancorp to the integration of the Transactions; and
(33)    general competitive, economic, political, and market conditions, including economic conditions in the local markets where we operate.

Further, statements about the potential effects of the coronavirus (COVID-19) pandemic on our business, financial condition, liquidity, or results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable, and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, other third parties, and us.

You should also consider carefully the risk factors discussed in Part I, Item 1A. "Risk Factors" of our most recent Annual Report on Form 10-K and in Part II, Item 1A. "Risk Factors" in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, which address additional factors that could cause our actual results to differ from those set forth in forward-looking statements and could materially and adversely affect our business, operating results, and financial condition. The risks discussed in this Quarterly Report are factors that, individually or in the aggregate, management believes could cause our actual results to differ materially from expected and historical results. You should understand that it is not possible to predict or identify all such factors, many of which are beyond our ability to control or predict. Consequently, you should not consider such disclosures to be a complete discussion of all potential risks or uncertainties. Factors not here or otherwise listed may develop or, if currently extant, we may not have yet recognized them.

Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
3

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements (Unaudited)

RELIANT BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019 (AUDITED)
(Dollar amounts in thousands)
September 30, 2020December 31, 2019
ASSETS
Cash and due from banks$14,050 $7,953 
Interest-bearing deposits in financial institutions61,349 43,644 
Federal funds sold12,273 52 
Total cash and cash equivalents87,672 51,649 
Securities available for sale273,893 260,293 
Loans2,357,898 1,409,952 
Less allowance for loan losses(19,834)(12,578)
Loans, net2,338,064 1,397,374 
Mortgage loans held for sale, net99,587 37,476 
Accrued interest receivable14,615 7,188 
Premises and equipment, net33,319 21,064 
Operating leases right of use assets14,619 — 
Restricted equity securities, at cost17,367 11,279 
Other real estate, net1,326 750 
Cash surrender value of life insurance contracts68,109 46,632 
Deferred tax assets, net8,523 3,933 
Goodwill51,506 43,642 
Core deposit intangibles11,820 7,270 
Other assets24,092 13,292 
TOTAL ASSETS$3,044,512 $1,901,842 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest-bearing demand$538,844 $260,681 
Interest-bearing demand272,805 152,718 
Savings and money market deposit accounts813,001 408,724 
Time940,852 762,330 
Total deposits2,565,502 1,584,453 
Accrued interest payable3,744 2,022 
Federal funds purchased5,000  
Subordinated debentures70,389 70,883 
Federal Home Loan Bank advances40,555 10,737 
Operating leases liabilities15,756 — 
Other liabilities36,480 9,994 
TOTAL LIABILITIES2,737,426 1,678,089 
Preferred stock, $1 par value; 10,000,000 shares authorized, no shares issued to date
  
Common stock, $1 par value; 30,000,000 shares authorized; 16,634,572 and 11,206,254 shares issued and outstanding at September 30, 2020, and December 31, 2019, respectively
16,635 11,206 
Additional paid-in capital232,738 167,006 
Retained earnings55,206 40,472 
Accumulated other comprehensive income 2,507 5,069 
TOTAL SHAREHOLDERS’ EQUITY307,086 223,753 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$3,044,512 $1,901,842 
See accompanying notes to consolidated financial statements.
4


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Dollar amounts in thousands except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
INTEREST INCOME
Interest and fees on loans$32,895 $17,502 $86,987 $50,631 
Interest and fees on loans held for sale1,037 263 2,412 614 
Interest on investment securities, taxable399 549 978 1,639 
Interest on investment securities, nontaxable1,186 1,576 3,874 4,944 
Federal funds sold and other250 321 738 918 
TOTAL INTEREST INCOME35,767 20,211 94,989 58,746 
INTEREST EXPENSE
Deposits
Demand236 81 554 278 
Savings and money market deposit accounts1,162 976 3,668 3,156 
Time2,736 4,825 9,577 12,850 
Federal Home Loan Bank advances and other104 66 613 534 
Subordinated debentures992 199 2,967 590 
TOTAL INTEREST EXPENSE5,230 6,147 17,379 17,408 
NET INTEREST INCOME30,537 14,064 77,610 41,338 
PROVISION FOR LOAN LOSSES1,500 606 7,400 806 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES29,037 13,458 70,210 40,532 
NONINTEREST INCOME
Service charges on deposit accounts1,583 976 4,172 2,796 
Gains on mortgage loans sold, net3,783 1,385 7,605 3,170 
Gain on securities transactions, net  327 306 
Other noninterest income635 399 1,602 1,124 
TOTAL NONINTEREST INCOME6,001 2,760 13,706 7,396 
NONINTEREST EXPENSE
Salaries and employee benefits12,184 7,634 33,885 22,605 
Occupancy2,054 1,359 5,566 4,069 
Data processing and software2,240 1,553 6,085 4,538 
Professional fees775 404 1,933 1,836 
Regulatory Fees365 (17)1,356 596 
Merger expenses78 299 6,895 302 
Other operating expense2,637 1,815 6,476 4,973 
TOTAL NONINTEREST EXPENSE20,333 13,047 62,196 38,919 
INCOME BEFORE PROVISION FOR INCOME TAXES14,705 3,171 21,720 9,009 
INCOME TAX EXPENSE2,800 557 3,524 1,430 
CONSOLIDATED NET INCOME11,905 2,614 18,196 7,579 
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY(374)1,386 990 4,484 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$11,531 $4,000 $19,186 $12,063 
Basic net income attributable to common shareholders, per share$0.70 $0.36 $1.27 $1.07 
Diluted net income attributable to common shareholders, per share$0.69 $0.36 $1.27 $1.07 
See accompanying notes to consolidated financial statements.
5


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Dollar amounts in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Consolidated net income$11,905 $2,614 $18,196 $7,579 
Other comprehensive income (loss)
Net unrealized gains on available-for-sale securities, net of tax of ($357) and ($973) for the three months ended September 30, 2020 and 2019, respectively, and ($864) and ($3,935) for the nine months ended September 30, 2020 and 2019, respectively
1,008 2,736 2,442 11,122 
Net unrealized losses on interest rate swap derivatives net of tax of ($133) and $98 for the three months ended September 30, 2020 and 2019, respectively, and $1,685 and $569 for the nine months ended September 30, 2020 and 2019, respectively
375 (275)(4,762)(1,606)
Reclassification adjustment for gains included in net income, net of tax of $0 and $0 for the three months ended September 30, 2020 and 2019, respectively, and $85 and $80 for the nine months ended September 30, 2020 and 2019, respectively
  (242)(226)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)1,383 2,461 (2,562)9,290 
TOTAL COMPREHENSIVE INCOME$13,288 $5,075 $15,634 $16,869 

See accompanying notes to consolidated financial statements.
6


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - UNAUDITED
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Dollar amounts in thousands)

COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
RETAINED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
NONCONTROLLING
INTEREST
TOTAL
SHARESAMOUNT
BALANCE - DECEMBER 31, 201911,206,254 $11,206 $167,006 $40,472 $5,069 $ $223,753 
Stock based compensation expense — — 349 — — — 349 
Exercise of stock options 868 1 7 — — — 8 
Restricted stock and dividend forfeiture (3,837)(4)(69)— — — (73)
Conversion shares issued to shareholders of Tennessee Community Bank Holdings, Inc.811,210 811 17,230 — — — 18,041 
Noncontrolling interest contributions — — — — — 976 976 
Cash dividend declared to common shareholders ($0.10 per share)
— — — (1,207)— — (1,207)
Cumulative effect of lease standard adoption— — — 100 — — 100 
Net loss— — — (215)— (976)(1,191)
Other comprehensive loss— — — — (6,084)— (6,084)
BALANCE - MARCH 31, 202012,014,495 $12,014 $184,523 $39,150 $(1,015)$ $234,672 
Stock based compensation expense— — 485 — — — 485 
Exercise of stock options1,021 1 14 — — — 15 
Employee Stock Purchase Plan stock issuance8,344 8 108 — — — 116 
Restricted stock awards3,022 3 (3)— — —  
Restricted stock and dividend forfeiture(1,697)(1)1 — — —  
Conversion shares issued to shareholders of First Advantage Bancorp4,606,419 4,607 47,308 — — — 51,915 
Noncontrolling interest contributions— — — — — 388 388 
Cash dividend declared to common shareholders ($0.10 per share)
— — — (1,667)— — (1,667)
Net income (loss)— — — 7,868 — (388)7,480 
Other comprehensive income— — — — 2,139 — 2,139 
BALANCE - JUNE 30, 202016,631,604 $16,632 $232,436 $45,351 $1,124 $ $295,543 
Stock based compensation expense— — 349 — — — 349 
Exercise of stock options4,655 5 61 — — — 66 
Restricted stock units vesting, net of taxes withheld8,030 8 (14)— — — (6)
Restricted stock and dividend forfeiture(9,717)(10)(94)— — — (103)
Noncontrolling interest contributions— — — — — (374)(374)
Cash dividend declared to common shareholders ($0.10 per share)
— — — (1,676)— — (1,676)
Net income— — — 11,531 — 374 11,905 
Other comprehensive income— — — — 1,383 — 1,383 
BALANCE - SEPTEMBER 30, 202016,634,572 $16,635 $232,738 $55,206 $2,507 $ $307,086 

COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
RETAINED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
NONCONTROLLING
INTEREST
TOTAL
SHARESAMOUNT
BALANCE - DECEMBER 31, 201811,530,810 $11,531 $173,238 $27,329 $(3,684)$ $208,414 
Stock based compensation expense — — 250 — — — 250 
Exercise of stock options 2,183 2 26 — — — 28 
Restricted stock awards3,000 3 (3)— — —  
Restricted stock forfeiture(3,750)(4)4 1 — — 1 
Common stock shares redeemed(29,958)(30)(629)— — — (659)
Noncontrolling interest contributions — — — — — 1,543 1,543 
Cash dividends declared to common shareholders ($0.09 per share)
— — — (1,035)— — (1,035)
Net income (loss) — — — 3,824 — (1,543)2,281 
Other comprehensive income— — — — 4,296 — 4,296 
BALANCE - MARCH 31, 201911,502,285 $11,502 $172,886 $30,119 $612 $ $215,119 
Stock based compensation expense— — 280 — — — 280 
Exercise of stock options24,523 25 298 — — — 323 
Employee Stock Purchase Plan stock issuance4,728 5 85 — — — 90 
Restricted stock awards5,000 5 (5)— — —  
Restricted stock and dividend forfeiture(4,000)(