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v3.20.2

Allowance for Loans Losses (Tables) | 6 Months Ended
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Jun. 30, 2020
Receivables [Abstract] |
Summary of Allowance for Loans Losses | A summary of changes in the allowance for loans losses for the six months ended June 30, 2020 and year ended December 31, 2019 is as follows:
| June 30, 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 |  | (574 | ) |  |  | (914 | )
Total charge-offs |  | (574 | ) |  |  | (961 | )
Recoveries |  |  |  |  |  |  |
Commercial and industrial | $ | 1 |  |  | $ | — |
Real estate, mortgage |  | — |  |  |  | 6 |
Consumer and other loans |  | 132 |  |  |  | 205 |
Total recoveries |  | 133 |  |  |  | 211 |
Net charge-offs |  | (441 | ) |  |  | (750 | )
Provision for loan losses |  | 4,075 |  |  |  | 1,742 |
Allowance, end of period | $ | 8,206 |  |  | $ | 4,572 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment |
(in thousands) | Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
June 30, 2020 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 259 |  |  | $ | 436,901 |  |  | $ | 437,160 |
Real Estate – construction, commercial |  | — |  |  |  | 45,777 |  |  |  | 45,777 |
Real Estate – construction, residential |  | — |  |  |  | 23,406 |  |  |  | 23,406 |
Real Estate – mortgage, commercial |  | 338 |  |  |  | 263,455 |  |  |  | 263,793 |
Real Estate – mortgage, residential |  | 767 |  |  |  | 211,235 |  |  |  | 212,002 |
Real Estate – mortgage, farmland |  | — |  |  |  | 4,803 |  |  |  | 4,803 |
Consumer installment loans |  | — |  |  |  | 44,897 |  |  |  | 44,897 |
Gross loans |  | 1,364 |  |  |  | 1,030,474 |  |  |  | 1,031,838 |
Less: Unearned income |  | — |  |  |  | (10,373 | ) |  |  | (10,373 | )
Total | $ | 1,364 |  |  | $ | 1,020,101 |  |  | $ | 1,021,465 |
(in thousands) | Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 280 |  |  | $ | 77,448 |  |  | $ | 77,728 |
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.
| June 30, 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 | $ | 767 |  |  | $ | 767 |  |  | $ | — |  |  | $ | 581 |  |  | $ | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 259 |  |  |  | 259 |  |  |  | 81 |  |  |  | 265 |  |  |  | 1 |
Real estate – mortgage, commercial |  | 338 |  |  |  | 338 |  |  |  | 98 |  |  |  | 376 |  |  |  | 2 |
| $ | 1,364 |  |  | $ | 1,364 |  |  | $ | 179 |  |  | $ | 1,222 |  |  | $ | 3 |
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 June 30, 2020 and December 31, 2019 (in thousands):
| June 30, 2020 |  |  | December 31, 2019 |
Real Estate |  |  |  |  |  |  |
Construction loans and all land development and other land loans | $ | 908 |  |  | $ | 1,397 |
Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit |  | 2,631 |  |  |  | 2,709 |
Secured by first liens |  | 5,896 |  |  |  | 6,971 |
Secured by junior liens |  | 385 |  |  |  | 394 |
Secured by multifamily (five or more) residential properties |  | 58 |  |  |  | 63 |
Loans secured by owner-occupied, nonfarm nonresidential properties |  | 4,046 |  |  |  | 4,459 |
Loans secured by other nonfarm nonresidential properties |  | — |  |  |  | 2,322 |
Commercial and Industrial |  | 906 |  |  |  | 1,272 |
Other |  |  |  |  |  |  |
Other revolving credit plans |  | 19 |  |  |  | 26 |
Automobile loans |  | 8 |  |  |  | 10 |
Other consumer loans |  | 53 |  |  |  | 63 |
Total | $ | 14,910 |  |  | $ | 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 June 30, 2020 and December 31, 2019:
| June 30, 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 | $ | 351,175 |  |  | $ | 1,264 |  |  | $ | 35,962 |  |  | $ | 39,454 |  |  | $ | 7,636 |  |  | $ | 876 |  |  | $ | 793 |  |  | $ | 437,160 |
Real Estate – construction, commercial |  | — |  |  |  | 2,027 |  |  |  | 25,410 |  |  |  | 17,295 |  |  |  | 101 |  |  |  | — |  |  |  | 944 |  |  |  | 45,777 |
Real Estate – construction, residential |  | — |  |  |  | — |  |  |  | 6,730 |  |  |  | 13,043 |  |  |  | 3,633 |  |  |  | — |  |  |  | — |  |  |  | 23,406 |
Real Estate – mortgage, commercial |  | — |  |  |  | 3,897 |  |  |  | 132,939 |  |  |  | 113,272 |  |  |  | 9,421 |  |  |  | 1,777 |  |  |  | 2,487 |  |  |  | 263,793 |
Real Estate – mortgage residential |  | — |  |  |  | 3,394 |  |  |  | 103,560 |  |  |  | 99,957 |  |  |  | 3,073 |  |  |  | 246 |  |  |  | 1,772 |  |  |  | 212,002 |
Real Estate – mortgage, farmland |  | 933 |  |  |  | 50 |  |  |  | 1,674 |  |  |  | 2,146 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,803 |
Consumer installment loans |  | 285 |  |  |  | 43 |  |  |  | 17,746 |  |  |  | 25,970 |  |  |  | 157 |  |  |  | 4 |  |  |  | 692 |  |  |  | 44,897 |
Gross loans |  | 352,393 |  |  |  | 10,675 |  |  |  | 324,021 |  |  |  | 311,137 |  |  |  | 24,021 |  |  |  | 2,903 |  |  |  | 6,688 |  |  |  | 1,031,838 |
Less: Unearned income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,373 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,021,465 |
| 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 |  |  | $ | 1,042 |  |  | $ | 35,180 |  |  | $ | 37,458 |  |  | $ | 568 |  |  | $ | 1,488 |  |  | $ | 483 |  |  | $ | 77,728 |
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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