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Loans | 6 Months Ended
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Jun. 30, 2020
Loans And Leases Receivable Disclosure [Abstract] |
Loans | Note 4 – Loans Loans held for investment outstanding at June 30, 2020 and December 31, 2019 are summarized as follows:
| June 30, 2020 |  |  | December 31, 2019 |
(in thousands) |  |  |  |  |  |  |
Commercial and industrial | $ | 437,160 |  |  | $ | 77,728 |
Real estate – construction, commercial |  | 45,777 |  |  |  | 38,039 |
Real estate – construction, residential |  | 23,406 |  |  |  | 26,778 |
Real estate – mortgage, commercial |  | 263,793 |  |  |  | 251,824 |
Real estate – mortgage, residential |  | 212,002 |  |  |  | 208,494 |
Real estate – mortgage, farmland |  | 4,803 |  |  |  | 5,507 |
Consumer installment loans |  | 44,897 |  |  |  | 39,202 |
Gross loans |  | 1,031,838 |  |  |  | 647,572 |
Less: Unearned income |  | (10,373 | ) |  |  | (738 | )
Total | $ | 1,021,465 |  |  | $ | 646,834 |
The Company has pledged loans held for investment (in thousands) as collateral for borrowings with the FHLB totaling $166,932 and $146,075 as of June 30, 2020 and December 31, 2019, respectively. Note 4 – Loans, continued In December 2019, as a result of the Company’s acquisition of VCB, the acquired loan portfolio was initially measured at fair value and subsequently accounted for under either ASC Topic 310-30 or ASC 310-20. The outstanding principal balance and related carrying amount of these acquired loans included in the consolidated statement of condition as of June 30, 2020 and December 31, 2019 is as follows:
| June 30, 2020 |  |  | December 31, 2019 |
(in thousands) |  |  |  |  |  |  |
Purchased credit impaired acquired VCB loans evaluated individually for future credit losses |  |  |  |  |  |  |
Outstanding principal balance | $ | 1,352 |  |  | $ | 1,504 |
Carrying amount |  | 1,183 |  |  |  | 1,315 |
Other acquired VCB loans |  |  |  |  |  |  |
Outstanding principal balance |  | 121,958 |  |  |  | 172,279 |
Carrying amount |  | 120,621 |  |  |  | 170,151 |
Total acquired VCB loans |  |  |  |  |  |  |
Outstanding principal balance |  | 123,310 |  |  |  | 173,783 |
Carrying amount |  | 121,804 |  |  |  | 171,466 |
The following table presents changes for the six months and year ended June 30, 2020 and December 31, 2019, respectively, in the accretable yield on the VCB purchased credit impaired loans for which the Company applies ASC 310-30:
| June 30, 2020 |  |  | December 31, 2019 |
(in thousands) |  |  |  |  |  |  |
Balance beginning of period | $ | 188 |  |  | $ | — |
Accretable yield at acquisition date |  | — |  |  |  | 190 |
Additions |  | (22 | ) |  |  | — |
Accretion |  | (36 | ) |  |  | (3 | )
Other changes, net |  | 39 |  |  |  | 1 |
Balance end of period |  | 169 |  |  |  | 188 |
The following table presents the aging of the recorded investment of past due loans as of June 30, 2020 and December 31, 2019:
|  | June 30, 2020 |
(in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Nonaccrual |  |  | Total Past Due & Nonaccrual |  |  | Current Loans |  |  | Total Loans |
Commercial and industrial |  | $ | 449 |  |  | $ | 52 |  |  | $ | 58 |  |  | $ | 414 |  |  | $ | 973 |  |  | $ | 436,187 |  |  | $ | 437,160 |
Real estate – construction, commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 908 |  |  |  | 908 |  |  |  | 44,869 |  |  |  | 45,777 |
Real estate – construction, residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,406 |  |  |  | 23,406 |
Real estate – mortgage, commercial |  |  | 211 |  |  |  | 965 |  |  |  | 387 |  |  |  | 1,375 |  |  |  | 2,938 |  |  |  | 260,855 |  |  |  | 263,793 |
Real estate – mortgage, residential |  |  | 931 |  |  |  | 41 |  |  |  | 1,858 |  |  |  | 477 |  |  |  | 3,307 |  |  |  | 208,695 |  |  |  | 212,002 |
Real estate - mortgage, farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,803 |  |  |  | 4,803 |
Consumer installment loans |  |  | 556 |  |  |  | 53 |  |  |  | 17 |  |  |  | 678 |  |  |  | 1,304 |  |  |  | 43,593 |  |  |  | 44,897 |
Less: Unearned income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,373 | ) |  |  | (10,373 | )
|  | $ | 2,147 |  |  | $ | 1,111 |  |  | $ | 2,320 |  |  | $ | 3,852 |  |  | $ | 9,430 |  |  | $ | 1,012,035 |  |  | $ | 1,021,465 |
Note 4 – Loans, continued
|  | December 31, 2019 |
(in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Nonaccrual |  |  | Total Past Due & Nonaccrual |  |  | Current Loans |  |  | Total Loans |
Commercial and industrial |  | $ | 1,652 |  |  | $ | — |  |  | $ | — |  |  | $ | 441 |  |  | $ | 2,093 |  |  | $ | 75,635 |  |  | $ | 77,728 |
Real estate – construction, commercial |  |  | 820 |  |  |  | — |  |  |  | — |  |  |  | 929 |  |  |  | 1,749 |  |  |  | 36,290 |  |  |  | 38,039 |
Real estate – construction, residential |  |  | 241 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 241 |  |  |  | 26,537 |  |  |  | 26,778 |
Real estate – mortgage, commercial |  |  | 3,194 |  |  |  | — |  |  |  | — |  |  |  | 1,931 |  |  |  | 5,125 |  |  |  | 246,699 |  |  |  | 251,824 |
Real estate – mortgage, residential |  |  | 319 |  |  |  | 217 |  |  |  | 369 |  |  |  | 713 |  |  |  | 1,618 |  |  |  | 206,876 |  |  |  | 208,494 |
Real estate – mortgage, farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,507 |  |  |  | 5,507 |
Consumer installment loans |  |  | 894 |  |  |  | 408 |  |  |  | — |  |  |  | 776 |  |  |  | 2,078 |  |  |  | 37,124 |  |  |  | 39,202 |
Less: Unearned income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (738 | ) |  |  | (738 | )
|  | $ | 7,120 |  |  | $ | 625 |  |  | $ | 369 |  |  | $ | 4,790 |  |  | $ | 12,904 |  |  | $ | 633,930 |  |  | $ | 646,834 |

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
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