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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
_______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______

Commission File Number: 001-37391
_______________________________
Reliant Bancorp, Inc.
(Exact name of registrant as specified in its charter)
_______________________________
Tennessee37-1641316
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1736 Carothers Parkway, Suite 100 , Brentwood, Tennessee
37027
(Address of principal executive offices)(Zip Code)
615-221-2020
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareRBNCNASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:  Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares outstanding of the registrant’s common stock, par value $1.00 per share, as of May 4, 2021 was 16,406,720 excluding 248,398 unexchanged shares in connection with acquisitions.

TABLE OF CONTENTS




CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS3
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Risk Factors
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this “Quarterly Report”) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Reliant Bancorp, Inc. (“Reliant Bancorp”) to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties, and other factors include, among others:

(1) the effects of the coronavirus (COVID-19) pandemic, including (i) the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business, results of operations, and financial condition and that of our customers, (ii) actions taken by governments, businesses and individuals in response to the coronavirus (COVID-19) pandemic, (iii) the pace of recovery when the coronavirus (COVID-19) pandemic subsides, and (iv) the speed with which coronavirus (COVID-19) vaccines can be widely distributed, those vaccines’ efficacy against the virus and public acceptance of the vaccines;
(2) the possibility that our asset quality could decline or that we experience greater loan losses than anticipated;
(3) increased levels of other real estate, primarily as a result of foreclosures;
(4) the impact of liquidity needs on our results of operations and financial condition;
(5) competition from financial institutions and other financial service providers;
(6) the effect of interest rate increases on the cost of deposits;
(7) unanticipated weakness in loan demand or loan pricing;
(8) greater than anticipated adverse conditions in the national economy or local economies in which we operate, including in Middle Tennessee;
(9) lack of strategic growth opportunities or our failure to execute on available opportunities;
(10) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses;
(11) economic crises and associated credit issues in industries most impacted by the coronavirus (COVID-19) pandemic, including the hotel and retail sectors;
(12) the ability to grow and retain low-cost core deposits and retain large, uninsured deposits;
(13) our ability to effectively manage problem credits;
(14) our ability to successfully implement efficiency initiatives on time and with the results projected;
(15) our ability to successfully develop and market new products and technology;
(16) the impact of negative developments in the financial industry and United States and global capital and credit markets;
(17) our ability to retain the services of key personnel;
(18) our ability to adapt to technological changes;
(19) risks associated with litigation, including reputational and financial risks and the applicability of insurance coverage;
(20) the vulnerability of Reliant Bank’s computer and information technology systems and networks, and the systems and networks of third parties with whom Reliant Bancorp or Reliant Bank contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss, and other security breaches and interruptions;
(21) changes in state and federal laws, rules, regulations, or policies applicable to banks or bank or financial holding companies, including regulatory or legislative developments;
(22) adverse impacts (including costs, fines, reputational harm, or other negative effects) from current or future litigation, regulatory examinations, or other legal and/or regulatory actions;
(23) the risk of successful integration of the businesses Reliant Bancorp has recently acquired; and
(24) general competitive, economic, political, and market conditions, including economic conditions in the local markets where we operate.

Further, statements about the potential effects of the coronavirus (COVID-19) pandemic on our business, financial condition, liquidity, or results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable, and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, other third parties, and us.

You should also consider carefully the risk factors discussed in Part I, Item 1A. "Risk Factors" of our most recent Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in
3


forward-looking statements and could materially and adversely affect our business, operating results, and financial condition. Additional factors which could affect the forward-looking statements can be found in Reliant Bancorp’s quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at http://www.sec.gov. You should understand that it is not possible to predict or identify all such factors, many of which are beyond our ability to control or predict. Consequently, you should not consider such disclosures to be a complete discussion of all potential risks or uncertainties. Factors not here or otherwise listed may develop or, if currently extant, we may not have yet recognized them.

Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
4

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements (Unaudited)
RELIANT BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands except per share amounts)
March 31, 2021 (unaudited)
December 31, 2020
ASSETS
Cash and due from banks$13,105 $13,717 
Interest-bearing deposits in financial institutions104,620 79,756 
Federal funds sold186 1,572 
Total cash and cash equivalents117,911 95,045 
Securities available for sale267,191 256,653 
Loans2,277,714 2,300,783 
Less: allowance for loan losses(20,785)(20,636)
Loans, net2,256,929 2,280,147 
Mortgage loans held for sale, net166,599 147,524 
Accrued interest receivable14,568 14,889 
Premises and equipment, net30,879 31,462 
Operating leases right of use assets13,372 13,103 
Restricted equity securities, at cost16,146 16,551 
Other real estate, net1,198 1,246 
Cash surrender value of life insurance contracts78,423 77,988 
Deferred tax assets, net7,453 7,121 
Goodwill54,396 54,396 
Core deposit intangibles10,891 11,347 
Other assets21,110 19,063 
TOTAL ASSETS$3,057,066 $3,026,535 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Noninterest-bearing demand$578,764 $575,289 
Interest-bearing demand397,047 350,392 
Savings and money market deposit accounts950,630 857,210 
Time686,469 796,344 
Total deposits2,612,910 2,579,235 
Accrued interest payable3,087 2,571 
Subordinated debentures70,719 70,446 
Federal Home Loan Bank advances 10,000 
Operating leases liabilities14,552 14,231 
Other liabilities24,099 28,079 
TOTAL LIABILITIES2,725,367 2,704,562 
Preferred stock, $1 par value; 10,000,000 shares authorized, shares issued to date
  
Common stock, $1 par value; 30,000,000 shares authorized; 16,654,415 and 16,654,409 shares issued and outstanding at March 31, 2021, and December 31, 2020, respectively
16,654 16,654 
Additional paid-in capital233,667 233,331 
Retained earnings75,891 65,757 
Accumulated other comprehensive income 5,487 6,231 
TOTAL SHAREHOLDERS’ EQUITY331,699 321,973 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$3,057,066 $3,026,535 
See accompanying notes to consolidated financial statements.
5


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - UNAUDITED
(Dollar amounts in thousands except per share amounts)
Three Months Ended
March 31,
20212020
INTEREST INCOME
Interest and fees on loans$30,989 $20,645 
Interest and fees on loans held for sale1,331 560 
Interest on investment securities, taxable610 451 
Interest on investment securities, nontaxable1,225 1,371 
Federal funds sold and other227 279 
TOTAL INTEREST INCOME34,382 23,306 
INTEREST EXPENSE
Deposits
Demand272 100 
Savings and money market deposit accounts839 1,030 
Time2,288 3,707 
Federal Home Loan Bank advances and other4 361 
Subordinated debentures953 993 
TOTAL INTEREST EXPENSE4,356 6,191 
NET INTEREST INCOME30,026 17,115 
PROVISION FOR LOAN LOSSES 2,900 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES30,026 14,215 
NONINTEREST INCOME
Service charges on deposit accounts1,561 1,208 
Gains on mortgage loans sold, net4,928 1,573 
Gain on securities transactions, net129  
Other noninterest income719 501 
TOTAL NONINTEREST INCOME7,337 3,282 
NONINTEREST EXPENSE
Salaries and employee benefits13,352 9,237 
Occupancy2,008 1,486 
Data processing and software2,229 1,819 
Professional fees1,243 478 
Regulatory Fees361 454 
Merger expenses 4,186 
Other operating expense2,471 1,938 
TOTAL NONINTEREST EXPENSE21,664 19,598 
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES15,699 (2,101)
INCOME TAX EXPENSE (BENEFIT)2,980 (910)
CONSOLIDATED NET INCOME (LOSS)12,719 (1,191)
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY(570)976 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$12,149 $(215)
Basic net income (loss) attributable to common shareholders, per share$0.73 $(0.02)
Diluted net income (loss) attributable to common shareholders, per share$0.73 $(0.02)
See accompanying notes to consolidated financial statements.
6


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(Dollar amounts in thousands)

Three Months Ended
 March 31, 2021March 31, 2020
Net income (loss)$12,719 $(1,191)
Other comprehensive (loss) income:
Unrealized gains (losses) on securities available for sale:
Unrealized holdings (losses) arising during the period(2,357)(2,368)
Reclassification adjustment for (gains) losses included in net income (loss)(129) 
Tax effect650 619 
Net of tax(1,836)(1,749)
Unrealized gains (losses) on cash flow hedges
Unrealized holdings gains (losses) arising during the period1,478 (5,869)
Reclassification adjustment for (gains) losses included in net income  
Tax effect(386)1,534 
Net of tax1,092 (4,335)
Other comprehensive (loss)(744)(6,084)
Comprehensive income (loss)$11,975 $(7,275)
Comprehensive (income) loss attributable to noncontrolling interest(570)976 
Comprehensive income (loss) attributable to the controlling interest$11,405 $(6,299)


See accompanying notes to consolidated financial statements.
7


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - UNAUDITED
(Dollar amounts in thousands)

COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
RETAINED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
NONCONTROLLING
INTEREST
TOTAL
SHARESAMOUNT
BALANCE - JANUARY 1, 202116,654,409 16,654 233,331 65,757 6,231  321,973 
Stock based compensation expense — — 339 — — — 339 
Exercise of stock options 600 1 7 — — — 8 
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures(594)(1)(10)— — — (11)
Noncontrolling interest contributions — — — — — (570)(570)
Cash dividend declared to common shareholders ($0.12 per share)
— — — (2,015)— — (2,015)
Net income— — — 12,149 — 570 12,719 
Other comprehensive loss— — — (744)— (744)
BALANCE - MARCH 31, 202116,654,415 $16,654 $233,667 $75,891 $5,487 $ $331,699 

COMMON STOCKADDITIONAL
PAID-IN
CAPITAL
RETAINED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
NONCONTROLLING
INTEREST
TOTAL
SHARESAMOUNT
BALANCE - JANUARY 1, 202011,206,254 11,206 167,006 40,472 5,069  223,753 
Stock based compensation expense— — 349 — — — 349 
Exercise of stock options868 1 7 — — — 8 
Restricted stock awards, net of taxes withheld and stock and dividend forfeitures(3,837)(4)(69)— — — (73)
Conversion shares issued to shareholders of Tennessee Community Bank Holdings, Inc.811,210 811 17,230 — — — 18,041 
Noncontrolling interest contributions— — — — — 976 976 
Cash dividend declared to common shareholders ($0.10 per share)
— — — (1,207)— — (1,207)
Cumulative effect of lease standard adoption— — — 100 — — 100 
Net loss— — — (215)— (976)(1,191)
Other comprehensive loss— — — — (6,084)— (6,084)
BALANCE - MARCH 31, 202012,014,495 $12,014 $184,523 $39,150 $(1,015)$ $234,672 

See accompanying notes to consolidated financial statements.
8


RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(Dollar amounts in thousands)
Three Months Ended
March 31,
OPERATING ACTIVITIES20212020
Consolidated net income (loss)$12,719 $(1,191)
Adjustments to reconcile consolidated net income (loss) to net cash (used in) provided by operating activities
Provision for loan losses 2,900 
Deferred income taxes(68)264 
Gain on disposal of premises and equipment(3)(9)
Depreciation of premises and equipment741 564 
Net amortization of securities415 202 
Net realized gains on sales of securities(129) 
Gains on mortgage loans sold, net(4,928)(1,573)
Stock-based compensation expense339 349 
Gain on other real estate(14)(14)
Earnings on bank-owned life insurance(435)(295)
Mortgage loans originated for resale(311,296)(89,076)
Proceeds from sale of mortgage loans297,149 57,773 
Right of use asset amortization667 536 
Other accretion, net of other amortization(1,080)(175)
Change in
Accrued interest receivable321 514 
Other assets(2,074)(12,708)
Accrued interest payable516 1,455 
Other liabilities(2,593)(5,609)
TOTAL ADJUSTMENTS(22,472)(44,902)
NET CASH USED IN OPERATING ACTIVITIES(9,753)(46,093)
INVESTING ACTIVITIES
Cash (used in) received from acquisitions, net (7,480)
Activities in available for sale securities
Purchases(17,199) 
Sales1,795 56,336 
Maturities, prepayments and calls1,570 1,836 
Redemptions (purchases) of restricted equity securities405 (2,217)
Net change in loans25,017 (37,883)
Purchase of premises and equipment(217)(457)
Proceeds from sale of premises and equipment62 75 
Proceeds from sale of other real estate62 764 
NET CASH PROVIDED BY INVESTING ACTIVITIES11,495 10,974 
FINANCING ACTIVITIES
Net change in deposits33,712 (72,023)
Proceeds from Federal Home Loan Bank advances162,962 219,000 
Payments on Federal Home Loan Bank advances(172,962)(115,179)
Issuance of ESPP shares and exercise of common stock options and warrants, net of repurchase of restricted shares(3)(65)
Noncontrolling interest contributions(570)976 
Cash dividends paid on common stock(2,015)(1,207)
NET CASH PROVIDED BY FINANCING ACTIVITIES21,124 31,502 
NET CHANGE IN CASH AND CASH EQUIVALENTS22,866 (3,617)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD95,045 51,649 
CASH AND CASH EQUIVALENTS - END OF PERIOD$117,911 $48,032 
See accompanying notes to consolidated financial statements.



RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(Dollar amounts in thousands)
Three Months Ended March 31,
20212020
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for
Interest$3,877 $4,218 
Income taxes$61 $ 
Supplemental disclosures of non-cash transactions
Unrealized gain on securities available-for-sale$(3,010)$(1,327)
Unrealized gain (loss) on derivatives$2,002 $(6,910)
Change in due to/from noncontrolling interest$(570)$976 
Right of use assets obtained in exchange for operating lease liabilities$936 $11,973 

See accompanying notes to consolidated financial statements.
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RELIANT BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands except per share amounts)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Reliant Bancorp, Inc. is a Tennessee corporation and the holding company for and the sole shareholder of Reliant Bank (the "Bank"), collectively, "the Company". Reliant Bancorp is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended ("Bank Holding Company Act"). Reliant Bank is a commercial bank chartered under Tennessee law and a member of the Federal Reserve System (the "Federal Reserve"). The Bank provides a full range of traditional banking products and services to business and consumer clients throughout Middle Tennessee.

Reliant Risk Management, Inc., a wholly-owned insurance captive subsidiary of Reliant Bancorp, that began operations on June 1, 2020, is a Tennessee-based captive insurance company which insures Reliant Bancorp and the Bank against certain risks unique to their operations and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Reliant Risk Management, Inc. pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. Reliant Risk Management, Inc. is subject to regulations of the State of Tennessee and undergoes periodic examinations by the Tennessee Department of Commerce and Insurance.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods covered by the report have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Amounts in the footnotes are shown in thousands, except for numbers of shares, per share amounts and as otherwise noted.

The consolidated financial statements as of and for the periods presented include Reliant Bancorp, Inc., its wholly-owned direct and indirect subsidiaries and Reliant Mortgage Ventures, LLC ("RMV"), of which the Bank controls 51% of the governance rights. As described in Note 12 to these unaudited consolidated financial statements, Reliant Bancorp, Inc. and Tennessee Community Bank Holdings, Inc. (“TCB Holdings”) merged effective on January 1, 2020, and Reliant Bancorp, Inc. and First Advantage Bancorp (“FABK”) merged effective April 1, 2020.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for loan losses, the valuation of other real estate, the valuation of debt and equity securities, the valuation of deferred tax assets and fair values of financial instruments.

The consolidated financial statements as of March 31, 2021, and for the three months ended March 31, 2021 and 2020, included herein have not been audited. The accounting and reporting policies of the Company conform to U.S. GAAP and Article 8 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company believes that the disclosures made are adequate to make the information not misleading.

The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the interim periods presented. Such adjustments are of a normal recurring nature. The Company evaluates subsequent events through the date of filing. Certain prior period amounts have been reclassified to
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conform to the current period presentation. The results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Recently Adopted Accounting Pronouncements

Information about certain issued accounting standards updates is presented below. Also refer to Note 1 - Summary of Significant Accounting Policies, “Recent Authoritative Accounting Guidance” in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for additional information related to previously issued accounting standards updates.

ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” The guidance issued in this update simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 was effective for us on January 1, 2021, and did not have a significant impact on our consolidated financial statements.

ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." In March 2020, the Financial Accounting Standards Board (“FASB”) issued Topic 848 amendments to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. It provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has evaluated the effect of the pronouncement on the consolidated financial statements, noting no significant impact.

Newly Issued not yet Effective Accounting Standards

ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is expected to be effective for the Company on January 1, 2023. We are currently evaluating the potential impact of ASU 2016-13 on the Company's financial statements by developing an implementation plan to include assessment of processes, portfolio segmentation, model development, system requirements and the identification of data and resource needs, among other things. The adoption of ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets.

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in this ASU improve the codification by eliminating inconsistencies and providing clarifications. The amended guidance in this ASU related to credit losses is expected to be effective for the Company in conjunction with the adoption of the standard on January 1, 2023. The Company is currently evaluating the impact of these ASUs on the Company’s consolidated financial statements. While we are currently unable to reasonably estimate the impact of adopting these ASUs, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of the Company's loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date.

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NOTE 2 - SECURITIES
The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income at March 31, 2021 and December 31, 2020 were as follows:
March 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
U. S. Treasury and other U. S. government agencies$225 $1 $ $226 
State and municipal190,980 14,484 (564)204,900 
Corporate bonds27,000 392 (128)27,264 
Mortgage-backed securities - Residential31,607 448 (32)32,023 
Asset-backed securities2,802 1 (25)2,778
Total$252,614 $15,326 $(749)$267,191 

December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
U. S. Treasury and other U. S. government agencies$47 $1 $ $48 
State and municipal184,102 16,963 (77)200,988 
Corporate bonds23,750 397 (34)24,113 
Mortgage-backed securities - Residential28,084 360 (2)28,442 
Asset-backed securities3,083 1 (22)3,062 
Total$239,066 $17,722 $(135)$256,653 

Securities pledged at March 31, 2021 and December 31, 2020 had a carrying amount of $29,643 and $30,491, respectively, and were pledged to collateralize Federal Home Loan Bank ("FHLB") advances, Federal Reserve Bank ("FRB") advances and municipal deposits.

Results from sales of securities were as follows:
Three months ended
March 31, 2021March 31, 2020
Proceeds$1,795 $56,336 
Gross gains129  
Gross losses  

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The fair values of available for sale debt securities at March 31, 2021 by contractual maturity are provided below. Actual maturities may differ from contractual maturities for mortgage- and asset-backed securities since the underlying asset may be called or prepaid with or without penalty. Securities not due at a single maturity date are shown separately.
Amortized
Cost
Estimated
Fair Value
Due within one year$225 $226 
Due in one to five years2,085 2,089 
Due in five to ten years33,886 35,028 
Due after ten years182,009 195,047 
Mortgage-backed securities31,607 32,023 
Asset-backed securities2,802 2,778 
Total$252,614 $267,191 

The following table shows available for sale securities with unrealized losses and their estimated fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020, respectively:
Less than 12 months12 months or moreTotal
Estimated
Fair Value
Unrealized
Loss
Estimated
Fair Value
Unrealized
Loss
Estimated
Fair Value
Unrealized
Loss
March 31, 2021
State and municipal$23,357 $564 $ $ $23,357 $564 
Corporate bonds11,622 128   11,622 128 
Mortgage-backed securities - Residential4,366 31 80 1 4,446 32 
Asset-backed securities665 5 1,884 20 2,549 25 
Total temporarily impaired$40,010 $728 $1,964 $21 $41,974 $749 

December 31, 2020
State and municipal$9,475 $77 $ $ $9,475 $77 
Corporate bonds5,716 34   5,716 34 
Mortgage-backed securities - Residential5,024 1 92 1 5,116 2 
Asset-backed securities729 2 2,013 20 2,742 22 
Total temporarily impaired$20,944 $114 $2,105 $21 $23,049 $135 

Management has the intent and ability to hold all securities in an unrealized loss position for the foreseeable future, and the decline in fair value is largely due to changes in interest rates. As the fair value is expected to recover as the securities approach their maturity date and/or market rates decline, we do not consider these securities to be other-than-temporarily impaired at March 31, 2021. There were 32 and 22 securities in an unrealized loss position as of March 31, 2021 and December 31, 2020, respectively.

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NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES

Loans at March 31, 2021 and December 31, 2020 were comprised as follows:
March 31, 2021December 31, 2020
Commercial, Industrial and Agricultural$430,373 $459,739 
Real Estate
    1-4 Family Residential322,170 323,473 
    1-4 Family HELOC100,056 100,525 
    Multi-family and Commercial831,242 834,000 
    Construction, Land Development and Farmland372,950 365,058 
Consumer216,034 213,863 
Other8,560 8,669 
Gross loans2,281,385 2,305,327 
    Less: Deferred loan fees 3,671 4,544 
    Less: Allowance for loan losses20,785 20,636 
Loans, net$2,256,929 $2,280,147 

At March 31, 2021 and December 31, 2020, loans are recorded net of purchase discounts of $14,833 and $16,634, respectively.

The Company pledged loans to the FHLB at March 31, 2021 and December 31, 2020 of $448,697 and $646,498, respectively.

The Company utilizes a risk grading system to monitor the credit quality of the Company’s commercial loan portfolio which consists of commercial and industrial, commercial real estate and construction loans. Loans are graded on a scale of 1 to 9. Grades 1 - 5 are pass credits, grade 6 is special mention, grade 7 is substandard, grade 8 is doubtful and grade 9 is loss. A description of the risk grades are as follows:
 
Grade 6 - Special Mention
 
Special mention assets have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These assets pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. The special mention rating is designed to identify a specific level of risk and concern about asset quality. Although a special mention asset has a higher probability of default than a pass asset, its default is not imminent.

Grade 7 - Substandard
 
A ‘‘substandard’’ extension of credit is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Extensions of credit so classified should have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard credits, does not have to exist in individual extensions of credit classified as substandard. Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require supervision that is more intensive by Company management. Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigation.
 

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Grade 8 - Doubtful
 
An extension of credit classified ‘‘doubtful’’ has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage of and strengthen the credit, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceedings, capital injection, perfecting liens on additional collateral, or refinancing plans. Generally, the doubtful classification should not extend for a long period of time because in most cases the pending factors or events that warranted the doubtful classification should be resolved either positively or negatively in a reasonable period of time.
 
Grade 9 - Loss
 
Extensions of credit classified ‘‘loss’’ are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the credit has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Amounts classified loss should be promptly charged off. The Company will not attempt long term recoveries while the credit remains on the Company’s books. Losses should be taken in the period in which they surface as uncollectible. With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest.

Loans not falling in the criteria above are considered to be pass-rated loans.

Non-commercial purpose loans are initially assigned a default loan grade of 99 (Pass) and are risk graded (Grade 6, 7, or 8) according to delinquency status when applicable.

The following table provides the risk category of loans by applicable class of loans including purchase credit impaired (“PCI”) loans as of March 31, 2021 and December 31, 2020:
 
 PassSpecial
Mention
SubstandardTotal
March 31, 2021
Loans excluding PCI
Commercial, Industrial and Agricultural$427,787 $1,415 $1,004 $430,206 
1-4 Family Residential Real Estate318,446 860 2,197 321,503 
1-4 Family HELOC99,757  285 100,042 
Multi-family and Commercial Real Estate825,088 1,757 3,803 830,648 
Construction, Land Development and Farmland366,620  5,591 372,211 
Consumer 213,609 2