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v3.20.1

Allowance for Loans Losses (Tables) | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Summary of Allowance for Loans Losses | A summary of changes in the allowance for loans losses for March 31, 2020 and December 31, 2019 is as follows:
| March 31, 2020 |  |  | December 31, 2019 |
(in thousands) |  |  |  |  |  |  |
Allowance, beginning of period | $ | 4,572 |  |  | $ | 3,580 |
Charge-Offs |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | (43 | )
Real estate, mortgage |  | — |  |  |  | (4 | )
Consumer and other loans |  | (319 | ) |  |  | (914 | )
Total charge-offs |  | (319 | ) |  |  | (961 | )
Recoveries |  |  |  |  |  |  |
Commercial and industrial | $ | 1 |  |  | $ | — |
Real estate, mortgage |  | — |  |  |  | 6 |
Consumer and other loans |  | 68 |  |  |  | 205 |
Total recoveries |  | 69 |  |  |  | 211 |
Net charge-offs |  | (250 | ) |  |  | (750 | )
Provision for loan losses |  | 575 |  |  |  | 1,742 |
Allowance, end of period | $ | 4,897 |  |  | $ | 4,572 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment |
(in thousands) | Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 270 |  |  | $ | 81,907 |  |  | $ | 82,177 |
Agricultural |  | — |  |  |  | 309 |  |  |  | 309 |
Real Estate – construction, commercial |  | — |  |  |  | 42,527 |  |  |  | 42,527 |
Real Estate – construction, residential |  | — |  |  |  | 27,152 |  |  |  | 27,152 |
Real Estate – mortgage, commercial |  | 412 |  |  |  | 256,131 |  |  |  | 256,543 |
Real Estate – mortgage, residential |  | 395 |  |  |  | 214,760 |  |  |  | 215,155 |
Real Estate – mortgage, farmland |  | — |  |  |  | 5,394 |  |  |  | 5,394 |
Consumer installment loans |  | — |  |  |  | 42,409 |  |  |  | 42,409 |
Gross loans |  | 1,077 |  |  |  | 670,589 |  |  |  | 671,666 |
Less: Unearned income |  | — |  |  |  | (731 | ) |  |  | (731 | )
Total | $ | 1,077 |  |  | $ | 669,858 |  |  | $ | 670,935 |
(in thousands) | Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 280 |  |  | $ | 77,002 |  |  | $ | 77,282 |
Agricultural |  | — |  |  |  | 446 |  |  |  | 446 |
Real Estate – construction, commercial |  | — |  |  |  | 38,039 |  |  |  | 38,039 |
Real Estate – construction, residential |  | — |  |  |  | 26,778 |  |  |  | 26,778 |
Real Estate – mortgage, commercial |  | 733 |  |  |  | 251,091 |  |  |  | 251,824 |
Real Estate – mortgage residential |  | 395 |  |  |  | 208,099 |  |  |  | 208,494 |
Real Estate – mortgage, farmland |  | — |  |  |  | 5,507 |  |  |  | 5,507 |
Consumer installment loans |  | — |  |  |  | 39,202 |  |  |  | 39,202 |
Gross loans |  | 1,408 |  |  |  | 646,164 |  |  |  | 647,572 |
Less: Unearned income |  | — |  |  |  | (738 | ) |  |  | (738 | )
Total | $ | 1,408 |  |  | $ | 645,426 |  |  | $ | 646,834 |
Summary of Impaired Financing Receivables | The following table presents information related to impaired loans, by portfolio segment, at the dates presented.
| March 31, 2020 |
(in thousands) | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – mortgage, residential | $ | 395 |  |  | $ | 395 |  |  | $ | — |  |  | $ | 395 |  |  | $ | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 270 |  |  |  | 270 |  |  |  | 135 |  |  |  | 275 |  |  |  | 1 |
Real estate – mortgage, commercial |  | 412 |  |  |  | 412 |  |  |  | 96 |  |  |  | 573 |  |  |  | 4 |
| $ | 1,077 |  |  | $ | 1,077 |  |  | $ | 231 |  |  | $ | 1,243 |  |  | $ | 5 |
Note 5 – Allowance for Loans Losses, continued
| December 31, 2019 |
(in thousands) | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate – mortgage, residential | $ | 395 |  |  | $ | 395 |  |  | $ | — |  |  | $ | 527 |  |  | $ | 7 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 280 |  |  |  | 280 |  |  |  | 143 |  |  |  | 286 |  |  |  | 2 |
Real estate – mortgage, commercial |  | 733 |  |  |  | 733 |  |  |  | 98 |  |  |  | 734 |  |  |  | 5 |
| $ | 1,408 |  |  | $ | 1,408 |  |  | $ | 241 |  |  | $ | 1,547 |  |  | $ | 14 |
Summary of Purchased Loans | The following table presents the recorded investment in the segments of the River Bancorp, Inc. purchased loans as of March 31, 2020 and December 31, 2019 (in thousands):
| March 31, 2020 |  |  | December 31, 2019 |
Real Estate |  |  |  |  |  |  |
Construction loans and all land development and other land loans | $ | 917 |  |  | $ | 1,397 |
Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit |  | 2,770 |  |  |  | 2,709 |
Secured by first liens |  | 6,240 |  |  |  | 6,971 |
Secured by junior liens |  | 175 |  |  |  | 394 |
Secured by multifamily (5 or more) residential properties |  | 61 |  |  |  | 63 |
Loans secured by owner-occupied, nonfarm nonresidential properties |  | 4,210 |  |  |  | 4,459 |
Loans secured by other nonfarm nonresidential properties |  | 544 |  |  |  | 2,322 |
Commercial and Industrial |  | 1,152 |  |  |  | 1,272 |
Other |  |  |  |  |  |  |
Other revolving credit plans |  | 23 |  |  |  | 26 |
Automobile loans |  | 9 |  |  |  | 10 |
Other consumer loans |  | 57 |  |  |  | 63 |
Total | $ | 16,158 |  |  | $ | 19,686 |
Summary of Accounts Notes Loans and Financing Receivable | The following table presents the Company’s loan portfolio by internal loan grade (in thousands) as of March 31, 2020 and December 31, 2019:
| March 31, 2020 |  |  |  |  |
| Grade 1 Prime |  |  | Grade 2 Desirable |  |  | Grade 3 Good |  |  | Grade 4 Acceptable |  |  | Grade 5 Pass/Watch |  |  | Grade 6 Special Mention |  |  | Grade 7 Substandard |  |  | Total |
Commercial and industrial | $ | 1,618 |  |  | $ | 1,428 |  |  | $ | 35,586 |  |  | $ | 41,167 |  |  | $ | 926 |  |  | $ | 883 |  |  | $ | 569 |  |  | $ | 82,177 |
Agricultural |  | — |  |  |  | 104 |  |  |  | 139 |  |  |  | 66 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 309 |
Real Estate – construction, commercial |  | — |  |  |  | 1,563 |  |  |  | 25,044 |  |  |  | 14,865 |  |  |  | 102 |  |  |  | — |  |  |  | 953 |  |  |  | 42,527 |
Real Estate – construction, residential |  | — |  |  |  | — |  |  |  | 9,359 |  |  |  | 14,174 |  |  |  | 3,619 |  |  |  | — |  |  |  | — |  |  |  | 27,152 |
Real Estate – mortgage, commercial |  | — |  |  |  | 3,675 |  |  |  | 125,197 |  |  |  | 114,441 |  |  |  | 9,193 |  |  |  | 1,444 |  |  |  | 2,593 |  |  |  | 256,543 |
Real Estate – mortgage residential |  | — |  |  |  | 3,570 |  |  |  | 103,297 |  |  |  | 103,716 |  |  |  | 2,987 |  |  |  | 249 |  |  |  | 1,336 |  |  |  | 215,155 |
Real Estate – mortgage, farmland |  | 1,410 |  |  |  | 116 |  |  |  | 1,702 |  |  |  | 2,166 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,394 |
Consumer installment loans |  | 373 |  |  |  | 54 |  |  |  | 17,627 |  |  |  | 23,524 |  |  |  | 110 |  |  |  | — |  |  |  | 721 |  |  |  | 42,409 |
Gross loans |  | 3,401 |  |  |  | 10,510 |  |  |  | 317,951 |  |  |  | 314,119 |  |  |  | 16,937 |  |  |  | 2,576 |  |  |  | 6,172 |  |  |  | 671,666 |
Less: Unearned income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (731 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 670,935 |
| December 31, 2019 |  |  |  |  |
| Grade 1 Prime |  |  | Grade 2 Desirable |  |  | Grade 3 Good |  |  | Grade 4 Acceptable |  |  | Grade 5 Pass/Watch |  |  | Grade 6 Special Mention |  |  | Grade 7 Substandard |  |  | Total |
Commercial and industrial | $ | 1,509 |  |  | $ | 924 |  |  | $ | 35,012 |  |  | $ | 37,298 |  |  | $ | 568 |  |  | $ | 1,488 |  |  | $ | 483 |  |  | $ | 77,282 |
Agricultural |  | — |  |  |  | 118 |  |  |  | 168 |  |  |  | 160 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 446 |
Real Estate – construction, commercial |  | — |  |  |  | 1,454 |  |  |  | 24,667 |  |  |  | 10,850 |  |  |  | 102 |  |  |  | — |  |  |  | 966 |  |  |  | 38,039 |
Real Estate – construction, residential |  | — |  |  |  | 139 |  |  |  | 9,355 |  |  |  | 14,331 |  |  |  | 2,953 |  |  |  | — |  |  |  | — |  |  |  | 26,778 |
Real Estate – mortgage, commercial |  | — |  |  |  | 4,971 |  |  |  | 118,488 |  |  |  | 114,598 |  |  |  | 9,273 |  |  |  | 1,935 |  |  |  | 2,559 |  |  |  | 251,824 |
Real Estate – mortgage residential |  | — |  |  |  | 4,611 |  |  |  | 100,665 |  |  |  | 98,116 |  |  |  | 3,470 |  |  |  | 130 |  |  |  | 1,502 |  |  |  | 208,494 |
Real Estate – mortgage, farmland |  | 1,467 |  |  |  | 134 |  |  |  | 1,736 |  |  |  | 2,170 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,507 |
Consumer installment loans |  | 293 |  |  |  | 72 |  |  |  | 17,872 |  |  |  | 20,067 |  |  |  | 116 |  |  |  | — |  |  |  | 782 |  |  |  | 39,202 |
Gross loans |  | 3,269 |  |  |  | 12,423 |  |  |  | 307,963 |  |  |  | 297,590 |  |  |  | 16,482 |  |  |  | 3,553 |  |  |  | 6,292 |  |  |  | 647,572 |
Less: Unearned income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (738 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 646,834 |

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