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v3.20.2

Allowance for Loans Losses (Tables) | 9 Months Ended
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Sep. 30, 2020
Receivables [Abstract] |
Summary of Allowance for Loans Losses | A summary of changes in the allowance for loans losses for the nine months ended September 30, 2020 and year ended December 31, 2019 is as follows:
| September 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 |  | (787 | ) |  |  | (914 | )
Total charge-offs |  | (787 | ) |  |  | (961 | )
Recoveries |  |  |  |  |  |  |
Commercial and industrial | $ | 34 |  |  | $ | — |
Real estate, mortgage |  | — |  |  |  | 6 |
Consumer and other loans |  | 229 |  |  |  | 205 |
Total recoveries |  | 263 |  |  |  | 211 |
Net charge-offs |  | (524 | ) |  |  | (750 | )
Provision for loan losses |  | 8,075 |  |  |  | 1,742 |
Allowance, end of period | $ | 12,123 |  |  | $ | 4,572 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment |
(in thousands) | Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 490 |  |  | $ | 444,228 |  |  | $ | 444,718 |
Real Estate – construction, commercial |  | — |  |  |  | 49,884 |  |  |  | 49,884 |
Real Estate – construction, residential |  | — |  |  |  | 19,001 |  |  |  | 19,001 |
Real Estate – mortgage, commercial |  | 335 |  |  |  | 272,443 |  |  |  | 272,778 |
Real Estate – mortgage, residential |  | 624 |  |  |  | 210,055 |  |  |  | 210,679 |
Real Estate – mortgage, farmland |  | — |  |  |  | 4,176 |  |  |  | 4,176 |
Consumer installment loans |  | — |  |  |  | 45,144 |  |  |  | 45,144 |
Gross loans |  | 1,449 |  |  |  | 1,044,931 |  |  |  | 1,046,380 |
Less: Unearned income |  | — |  |  |  | (7,200 | ) |  |  | (7,200 | )
Total | $ | 1,449 |  |  | $ | 1,037,731 |  |  | $ | 1,039,180 |
(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.
| September 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 | $ | 624 |  |  | $ | 624 |  |  | $ | — |  |  | $ | 696 |  |  | $ | 28 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 490 |  |  |  | 490 |  |  |  | 70 |  |  |  | 375 |  |  |  | 1 |
Real estate – mortgage, commercial |  | 335 |  |  |  | 335 |  |  |  | 97 |  |  |  | 337 |  |  |  | 7 |
| $ | 1,449 |  |  | $ | 1,449 |  |  | $ | 167 |  |  | $ | 1,408 |  |  | $ | 36 |
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 September 30, 2020 and December 31, 2019 (in thousands):
| September 30, 2020 |  |  | December 31, 2019 |
Real Estate |  |  |  |  |  |  |
Construction loans and all land development and other land loans | $ | 900 |  |  | $ | 1,397 |
Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit |  | 2,584 |  |  |  | 2,709 |
Secured by first liens |  | 5,743 |  |  |  | 6,971 |
Secured by junior liens |  | 380 |  |  |  | 394 |
Secured by multifamily (five or more) residential properties |  | 55 |  |  |  | 63 |
Loans secured by owner-occupied, nonfarm nonresidential properties |  | 3,406 |  |  |  | 4,459 |
Loans secured by other nonfarm nonresidential properties |  | — |  |  |  | 2,322 |
Commercial and Industrial |  | 644 |  |  |  | 1,272 |
Other |  |  |  |  |  |  |
Other revolving credit plans |  | 19 |  |  |  | 26 |
Automobile loans |  | 7 |  |  |  | 10 |
Other consumer loans |  | 49 |  |  |  | 63 |
Total | $ | 13,787 |  |  | $ | 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 September 30, 2020 and December 31, 2019:
| September 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 | $ | 362,661 |  |  | $ | 1,317 |  |  | $ | 27,454 |  |  | $ | 44,134 |  |  | $ | 7,394 |  |  | $ | 993 |  |  | $ | 765 |  |  | $ | 444,718 |
Real Estate – construction, commercial |  | — |  |  |  | 2,250 |  |  |  | 25,833 |  |  |  | 20,709 |  |  |  | 157 |  |  |  | — |  |  |  | 935 |  |  |  | 49,884 |
Real Estate – construction, residential |  | — |  |  |  | — |  |  |  | 4,282 |  |  |  | 8,999 |  |  |  | 5,720 |  |  |  | — |  |  |  | — |  |  |  | 19,001 |
Real Estate – mortgage, commercial |  | — |  |  |  | 3,273 |  |  |  | 128,673 |  |  |  | 126,106 |  |  |  | 7,355 |  |  |  | 4,918 |  |  |  | 2,453 |  |  |  | 272,778 |
Real Estate – mortgage residential |  | — |  |  |  | 3,366 |  |  |  | 103,548 |  |  |  | 95,987 |  |  |  | 5,945 |  |  |  | 154 |  |  |  | 1,679 |  |  |  | 210,679 |
Real Estate – mortgage, farmland |  | 589 |  |  |  | 105 |  |  |  | 1,302 |  |  |  | 2,180 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,176 |
Consumer installment loans |  | 285 |  |  |  | 36 |  |  |  | 17,332 |  |  |  | 26,638 |  |  |  | 194 |  |  |  | 4 |  |  |  | 655 |  |  |  | 45,144 |
Gross loans |  | 363,535 |  |  |  | 10,347 |  |  |  | 308,424 |  |  |  | 324,753 |  |  |  | 26,765 |  |  |  | 6,069 |  |  |  | 6,487 |  |  |  | 1,046,380 |
Less: Unearned income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,200 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,039,180 |
| 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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