Company Quick10K Filing
⚲
Red River Bancshares
Financials
Price43.10 EPS0
Shares7,340 P/E17,498
MCap316,375 P/FCF16,327
Net Debt-106 EBIT30
TEV316,269 TEV/EBIT10,598
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-03-27
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-14
S-1 2019-04-10 Public Filing
10-Q 2019-03-31 Filed 2019-06-07
Reports
8-K 2020-08-27
8-K 2020-08-10
8-K 2020-07-29
8-K 2020-06-12
8-K 2020-05-28
8-K 2020-04-29
8-K 2020-02-27
8-K 2020-01-29
8-K 2020-01-23
8-K 2019-10-29
8-K 2019-09-18
8-K 2019-08-08
8-K 2019-07-30
8-K 2019-07-29
8-K 2019-06-30
8-K 2019-06-17
8-K 2019-06-13
8-K 2019-05-07
8-K 2019-05-02

RRBI 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
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 The Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 rrbiexhibit311q22020.htm
EX-31.2 rrbiexhibit312q22020.htm
EX-32.1 rrbiexhibit321q22020.htm
EX-32.2 rrbiexhibit322q22020.htm

Red River Bancshares Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
(Mark One)
☒
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: June 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: 001-38888 
 
Red River Bancshares, Inc.
 
 
(Exact name of registrant as specified in its charter)
 
Louisiana
 
72-1412058
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification Number)
1412 Centre Court Drive, Suite 501,
Alexandria,
Louisiana
 
71301
(Address of Principal Executive Offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (318) 561-5028

 
 
 
 
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, no par value
RRBI
The Nasdaq Stock Market, LLC
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 (§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. (Check one):
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  ☒
As of July 31, 2020, the registrant had 7,328,157 shares of common stock, no par value, issued and outstanding. 
 


TABLE OF CONTENTS
 
 
Page
 
 
 
PART I
Financial Information
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II
Other Information
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 

2

GLOSSARY OF TERMS
Unless the context indicates otherwise, references in this filing to “we,” “our,” “us,” “the Company,” and “our company” refer to Red River Bancshares, Inc., a Louisiana corporation and bank holding company, and its consolidated subsidiaries. All references in this filing to “Red River Bank,” the “bank,” and the “Bank” refer to Red River Bank, our wholly owned bank subsidiary.
Other abbreviations or acronyms used in this filing are defined below.
ABBREVIATION OR ACRONYM
 
DEFINITION
AFS
 
Available-for-sale
ASC
 
Accounting Standards Codification
ASU
 
Accounting Standards Update
Basel III
 
Basel Committee's 2010 Regulatory Capital Framework (Third Accord)
BOLI
 
Bank-owned life insurance
bp(s)
 
Basis point(s)
CARES Act
 
Coronavirus Aid, Relief, and Economic Security Act, as amended
CBLR
 
Community Bank Leverage Ratio
CECL
 
Current Expected Credit Losses, related to ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
COVID-19
 
Coronavirus Disease 2019
Economic Growth Act
 
Economic Growth, Regulatory Relief, and Consumer Protection Act
EPS
 
Earnings per share
Exchange Act
 
Securities Exchange Act of 1934, as amended
FDIC
 
Federal Deposit Insurance Corporation
Federal Reserve
 
Board of Governors of the Federal Reserve System
FHLB
 
Federal Home Loan Bank of Dallas
FTE
 
Fully taxable equivalent basis
GAAP
 
Generally Accepted Accounting Principles in the United States of America
HFI
 
Held for investment
HFS
 
Held for sale
HTM
 
Held-to-maturity
IPO
 
Initial public offering
MSA
 
Metropolitan statistical area
NOW
 
Negotiable order of withdrawal
NPA(s)
 
Nonperforming asset(s)
OTTI
 
Other-than-temporary impairment
PPP
 
Paycheck Protection Program
SBA
 
Small Business Administration
SBIC
 
Small Business Investment Company
Securities Act
 
Securities Act of 1933, as amended
SEC
 
Securities and Exchange Commission
TDR(s)
 
Troubled debt restructuring(s)

3

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words, or such other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

•
business and economic conditions generally and in the financial services industry, nationally and within our local market areas;
•
the impact of COVID-19 on our business, the communities where we have our banking centers, the state of Louisiana, and the United States, related to the economy and overall financial stability;
•
government and regulatory responses to the COVID-19 pandemic;
•
government intervention in the U.S. financial system, including the effects of recent and future legislative, tax, accounting, and regulatory actions and reforms, including the CARES Act and other changes in banking, securities, accounting, and tax laws and regulations, and their application by our regulators;
•
changes in management personnel;
•
increased competition in the financial services industry, particularly from regional and national institutions;
•
volatility and direction of market interest rates;
•
our ability to maintain important deposit customer relationships, our reputation, and to otherwise avoid liquidity risks;
•
factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers, and the success of construction projects that we finance, including any loans acquired in acquisition transactions;
•
changes in the value of collateral securing our loans;
•
risks associated with system failures or failures to protect against cybersecurity threats, such as breaches of our network security;
•
deterioration of our asset quality;
•
the adequacy of our reserves, including our allowance for loan losses;
•
operational risks associated with our business;
•
natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities or other international or domestic calamities, and other matters beyond our control;
•
our ability to prudently manage our growth and execute our strategy;
•
compliance with the extensive regulatory framework that applies to us;
•
uncertainty regarding the future of LIBOR and the impact of any replacement alternatives on our business;
•
changes in the laws, rules, regulations, interpretations, or policies relating to financial institution, accounting, tax, trade, monetary, and fiscal matters; and
•
other risks and uncertainties listed from time to time in our reports and documents filed with the SEC.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Quarterly Report on Form 10-Q. Additional information on these and other risk factors can be found in "Part II - Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q and in "Part I - Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. 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.


4

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(Unaudited)
June 30,
2020
 
(Audited)
December 31,
2019
ASSETS
 
 
 
Cash and due from banks
$
31,097

 
$
25,937

Interest-bearing deposits in other banks
210,254

 
107,355

Total Cash and Cash Equivalents
241,351

 
133,292

Securities available-for-sale
413,246

 
335,573

Equity securities
4,032

 
3,936

Nonmarketable equity securities
3,441

 
1,350

Loans held for sale
14,578

 
5,089

Loans held for investment
1,615,298

 
1,438,924

Allowance for loan losses
(14,882
)
 
(13,937
)
Premises and equipment, net
41,465

 
41,744

Accrued interest receivable
6,492

 
5,251

Bank-owned life insurance
22,131

 
21,845

Intangible assets
1,546

 
1,546

Right-of-use assets
4,355

 
4,553

Other assets
8,813

 
9,059

Total Assets
$
2,361,866

 
$
1,988,225

LIABILITIES
 
 
 
Noninterest-bearing deposits
$
858,397

 
$
584,915

Interest-bearing deposits
1,210,925

 
1,136,205

Total Deposits
2,069,322

 
1,721,120

Accrued interest payable
1,994

 
2,222

Lease liabilities
4,419

 
4,603

Accrued expenses and other liabilities
15,014

 
8,382

Total Liabilities
2,090,749

 
1,736,327

COMMITMENTS AND CONTINGENCIES
—

 
—

STOCKHOLDERS' EQUITY
 
 
 
Preferred stock, no par value:
Authorized - 1,000,000 shares; None Issued and Outstanding
—

 
—

Common stock, no par value:
Authorized - 30,000,000 shares;
Issued and Outstanding - 7,322,532 and 7,306,221 shares
68,177

 
68,082

Additional paid-in capital
1,429

 
1,269

Retained earnings
195,291

 
182,571

Accumulated other comprehensive income (loss)
6,220

 
(24
)
Total Stockholders' Equity
271,117

 
251,898

Total Liabilities and Stockholders' Equity
$
2,361,866

 
$
1,988,225



The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
For the Three Months Ended June 30, 
 
For the Six Months Ended June 30, 
 
2020
 
2019
 
2020
 
2019
INTEREST AND DIVIDEND INCOME
 
 
 
 
 
 
 
Interest and fees on loans
$
17,076

 
$
15,945

 
$
33,542

 
$
31,448

Interest on securities
1,876

 
1,784

 
3,667

 
3,547

Interest on federal funds sold
37

 
212

 
150

 
425

Interest on deposits in other banks
32

 
306

 
238

 
722

Dividends on stock
2

 
9

 
6

 
19

Total Interest and Dividend Income
19,023

 
18,256

 
37,603

 
36,161

INTEREST EXPENSE
 
 
 
 
 
 
 
Interest on deposits
2,051

 
2,449

 
4,543

 
4,746

Interest on other borrowed funds
16

 
—

 
16

 
—

Interest on junior subordinated debentures
—

 
156

 
—

 
312

Total Interest Expense
2,067

 
2,605

 
4,559

 
5,058

Net Interest Income
16,956

 
15,651

 
33,044

 
31,103

Provision for loan losses
1,525

 
529

 
2,028

 
1,055

Net Interest Income After Provision for Loan Losses
15,431

 
15,122

 
31,016

 
30,048

NONINTEREST INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
718

 
1,083

 
1,946

 
2,109

Debit card income, net
896

 
785

 
1,651

 
1,481

Mortgage loan income
1,947

 
657

 
2,835

 
1,171

Brokerage income
395

 
626

 
1,139

 
991

Loan and deposit income
627

 
382

 
927

 
727

Bank-owned life insurance income
144

 
137

 
287

 
270

Gain (Loss) on equity securities
33

 
56

 
96

 
104

Gain (Loss) on sale of securities
840

 
—

 
1,223

 
—

SBIC income
190

 
376

 
368

 
496

Other income (loss)
33

 
(3
)
 
82

 
46

Total Noninterest Income
5,823

 
4,099

 
10,554

 
7,395

OPERATING EXPENSES
 
 
 
 
 
 
 
Personnel expenses
7,646

 
7,005

 
14,995

 
13,645

Occupancy and equipment expenses
1,235

 
1,334

 
2,419

 
2,509

Technology expenses
615

 
558

 
1,202

 
1,101

Advertising
215

 
396

 
476

 
605

Other business development expenses
256

 
277

 
551

 
560

Data processing expense
471

 
483

 
921

 
942

Other taxes
438

 
455

 
875

 
808

Loan and deposit expenses
273

 
392

 
519

 
615

Legal and professional expenses
605

 
383

 
1,100

 
702

Regulatory assessment expenses
139

 
133

 
164

 
275

Other operating expenses
976

 
988

 
1,597

 
1,800

Total Operating Expenses
12,869

 
12,404

 
24,819

 
23,562

Income Before Income Tax Expense
8,385

 
6,817

 
16,751

 
13,881

Income tax expense
1,531

 
1,279

 
3,152

 
2,647

Net Income
$
6,854

 
$
5,538

 
$
13,599

 
$
11,234

EARNINGS PER SHARE
 
 
 
 
 
 
 
Basic
$
0.94

 
$
0.79

 
$
1.86

 
$
1.64

Diluted
$
0.93

 
$
0.78

 
$
1.85

 
$
1.63



The accompanying notes are an integral part of these unaudited consolidated financial statements.
6


RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
For the Three Months Ended June 30, 
 
For the Six Months Ended June 30, 
 
2020
 
2019
 
2020
 
2019
Net income
$
6,854

 
$
5,538

 
$
13,599

 
$
11,234

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized net gain (loss) on securities arising during period
1,386

 
4,213

 
9,126

 
9,131

Tax effect
(291
)
 
(885
)
 
(1,916
)
 
(1,918
)
(Gain) loss on sale of securities included in net income
(840
)
 
—

 
(1,223
)
 
—

Tax effect
177

 
—

 
257

 
—

Total change in other comprehensive income (loss)
432

 
3,328

 
6,244

 
7,213

Comprehensive Income
$
7,286

 
$
8,866

 
$
19,843

 
$
18,447


The accompanying notes are an integral part of these unaudited consolidated financial statements.
7


RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
(in thousands, except share amounts)

Common
Shares Issued
 
Common
Stock
 
Additional Paid-In Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders'
Equity
Balance as of December 31, 2018
6,627,358

 
$
41,094

 
$
1,042

 
$
159,073

 
$
(7,506
)
 
$
193,703

Net income
—

 
—

 
—

 
5,696

 
—

 
5,696

Stock incentive plan
—

 
—

 
49

 
—

 
—

 
49

Issuance of shares of common stock through exercise of stock options
7,200

 
80

 
—

 
—

 
—

 
80

Issuance of shares of common stock as board compensation
2,368

 
97

 
—

 
—

 
—

 
97

Cash dividend - $0.20 per share
—

 
—

 
—

 
(1,326
)
 
—

 
(1,326
)
Other comprehensive income (loss)
—

 
—

 
—

 
—

 
3,885

 
3,885

Balance as of March 31, 2019
6,636,926

 
$
41,271

 
$
1,091

 
$
163,443

 
$
(3,621
)
 
$
202,184

Net income
—

 
—

 
—

 
5,538

 
—

 
5,538

Stock incentive plan
—

 
—

 
50

 
—

 
—

 
50

Issuance of shares of common stock through IPO
663,320

 
26,812

 
—

 
—

 
—

 
26,812

Board compensation adjustment
—

 
(1
)
 
—

 
—

 
—

 
(1
)
Other comprehensive income (loss)
—

 
—

 
—

 
—

 
3,328

 
3,328

Balance as of June 30, 2019
7,300,246

 
$
68,082

 
$
1,141

 
$
168,981

 
$
(293
)
 
$
237,911

 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2019
7,306,221

 
$
68,082

 
$
1,269

 
$
182,571

 
$
(24
)
 
$
251,898

Net income
—

 
—

 
—

 
6,745

 
—

 
6,745

Stock incentive plan
—

 
—

 
64

 
—

 
—

 
64

Issuance of shares of common stock through exercise of stock options
14,720

 
8

 
—

 
—

 
—

 
8

Issuance of shares of common stock as board compensation
1,591

 
87

 
—

 
—

 
—

 
87

Cash dividend - $0.06 per share
—

 
—

 
—

 
(439
)
 
—

 
(439
)
Other comprehensive income (loss)
—

 
—

 
—

 
—

 
5,812

 
5,812

Balance as of March 31, 2020
7,322,532

 
$
68,177

 
$
1,333

 
$
188,877

 
$
5,788

 
$
264,175

Net income
—

 
—

 
—

 
6,854

 
—

 
6,854

Stock incentive plan
—

 
—

 
96

 
—

 
—

 
96

Cash dividend - $0.06 per share
—

 
—

 
—

 
(440
)
 
—

 
(440
)
Other comprehensive income (loss)
—

 
—

 
—

 
—

 
432

 
432

Balance as of June 30, 2020
7,322,532

 
$
68,177

 
$
1,429

 
$
195,291

 
$
6,220

 
$
271,117



The accompanying notes are an integral part of these unaudited consolidated financial statements.
8


RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
For the Six Months Ended June 30, 
 
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
13,599

 
$
11,234

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation
900

 
847

Amortization
260

 
151

Share-based compensation earned
160

 
99

Share-based board compensation earned
35

 
52

(Gain) Loss on other assets owned
9

 
11

Net (accretion) amortization on securities AFS
1,293

 
566

Gain on sale of securities AFS
(1,223
)
 
—

Provision for loan losses
2,028

 
1,055

Deferred income tax (benefit) expense
(292
)
 
(263
)
Net (increase) decrease in loans HFS
(9,489
)
 
(3,125
)
Net (increase) decrease in accrued interest receivable
(1,241
)
 
(557
)
Net (increase) decrease in BOLI
(286
)
 
(269
)
Net increase (decrease) in accrued interest payable
(228
)
 
241

Net increase (decrease) in accrued income taxes payable
3,108

 
(431
)
Other operating activities, net
1,819

 
(272
)
Net cash provided by (used in) operating activities
10,452

 
9,339

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Activity in securities AFS:
 
 
 
Sales
86,925

 
—

Maturities, prepayments, and calls
42,076

 
33,255

Purchases
(198,841
)
 
(34,893
)
Purchase of nonmarketable equity securities
(2,091
)
 
(43
)
Net (increase) decrease in loans HFI
(177,480
)
 
(65,495
)
Proceeds from sales of foreclosed assets
302

 
333

Purchases of premises and equipment
(615
)
 
(1,174
)
Net cash provided by (used in) investing activities
(249,724
)
 
(68,017
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Net increase (decrease) in deposits
348,202

 
(10,993
)
Proceeds from other borrowed funds
50,000

 
—

Repayments of other borrowed funds
(50,000
)
 
—

Redemption of junior subordinated debentures
—

 
(6,186
)
Proceeds from exercise of stock options
8

 
80

Proceeds from initial public offering, net
—

 
26,812

Cash dividends
(879
)
 
(1,326
)
Net cash provided by (used in) financing activities
347,331

 
8,387

Net change in cash and cash equivalents
108,059

 
(50,291
)
Cash and cash equivalents - beginning of period
133,292

 
151,906

Cash and cash equivalents - end of period
$
241,351

 
$
101,615



The accompanying notes are an integral part of these unaudited consolidated financial statements.
9


RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED)

(in thousands)
For the Six Months Ended June 30, 
 
2020
 
2019
SUPPLEMENTAL DISCLOSURES
 
 
 
Cash paid during the year for:
 
 
 
Interest
$
4,788

 
$
4,817

Income taxes
$
317

 
$
3,323

Initial measurement and recognition of operating lease assets in exchange for lease liabilities
$
—

 
$
4,954

SUPPLEMENTAL INFORMATION FOR NON-CASH
INVESTING AND FINANCING ACTIVITIES
 
 
 
Assets acquired in settlement of loans
$
23

 
$
792




The accompanying notes are an integral part of these unaudited consolidated financial statements.
10


RED RIVER BANCSHARES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1.
Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and with instructions for Form 10-Q and Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company's financial condition or results of operations.
Critical Accounting Policies and Estimates
There were no material changes or developments during the reporting period with respect to methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates as disclosed in Note 1 of the notes to the audited consolidated financial statements for the year ended December 31, 2019, that were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in stockholders’ equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.
Accounting Standards Adopted in 2020
ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. This standard was effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. ASU 2018-13 was adopted as of January 1, 2020, and did not have a material impact on the Company's financial statements.
ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the first step in today’s two-step impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment based on that difference. The impairment will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the requirement to calculate a goodwill impairment using Step 2, which requires an entity to calculate any impairment by comparing the implied fair value of goodwill with its carrying amount. This standard was effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. ASU 2017-04 was adopted as of January 1, 2020, and did not have a material impact on the Company's financial statements.
Recent Accounting Pronouncements
ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted tax changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements.
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 sets forth the CECL model requiring the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgments

11

used in estimating credit losses. In addition, the update amends the accounting for credit losses on AFS securities. As an SEC registrant with smaller reporting company filing status as determined on June 30, 2019, CECL is effective for the Company beginning January 1, 2023. The Company continues to evaluate the impact of this ASU on the consolidated financial statements and disclosures. In that regard, the Company has formed a cross-functional working group and is currently working through an implementation plan. The implementation plan includes an assessment of data, model development and documentation, documentation of processes, and implementation of a third-party vendor solution to assist in the adoption of ASU 2016-13.
2.
Securities
Securities held for indefinite periods of time are classified as AFS and carried at estimated fair value. The Company did not have any HTM securities as of June 30, 2020. Investment activity for the six months ended June 30, 2020, included $198.8 million of securities purchased, partially offset by $86.9 million in sales and $42.1 million in maturities, prepayments, and calls. The net unrealized gain of the securities AFS portfolio increased $7.9 million for the six months ended June 30, 2020. The amortized cost and estimated fair values of securities AFS are summarized in the following tables:
 
June 30, 2020
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities AFS:
 
 
 
 
 
 
 
Mortgage-backed securities
$
251,298

 
$
4,439

 
$
(106
)
 
$
255,631

Municipal bonds
147,630

 
3,422

 
(68
)
 
150,984

U.S. agency securities
6,445

 
186

 
—

 
6,631

Total Securities AFS
$
405,373

 
$
8,047

 
$
(174
)
 
$
413,246

 
December 31, 2019
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Securities AFS:
 
 
 
 
 
 
 
Mortgage-backed securities
$
236,572

 
$
299

 
$
(1,200
)
 
$
235,671

Municipal bonds
91,929

 
1,108

 
(279
)
 
92,758

U.S. agency securities
7,102

 
46

 
(4
)
 
7,144

Total Securities AFS
$
335,603

 
$
1,453

 
$
(1,483
)
 
$
335,573
The amortized costs and estimated fair value of debt securities as of June 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to call or repay obligations with or without call or prepayment penalties.
(in thousands)
Amortized
Cost
 
Fair
Value
Within one year
$
585

 
$
596

After one year but within five years
37,058

 
37,779

After five years but within ten years
49,938

 
51,395

After ten years
317,792

 
323,476

Total
$
405,373

 
$
413,246

12

Information pertaining to securities with gross unrealized losses as of June 30, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is described as follows:
 
Less than twelve months
 
Twelve months or more
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
June 30, 2020
 
 
 
 
 
 
 
Securities AFS:
 
 
 
 
 
 
 
Mortgage-backed securities
$
(106
)
 
$
35,432

 
$
—

 
$
—

Municipal bonds
(67
)
 
5,987

 
(1
)
 
269

U.S. agency securities
—

 
—

 
—