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Loans
 6 Months Ended
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