PAGE | ||
Part I | FINANCIAL INFORMATION | |
Item 1. | Financial Statements (unaudited): | |
Consolidated Balance Sheet as of June | 1 | |
Consolidated Statement of Income for the Three and Six | 2 | |
Consolidated Statement of Comprehensive Income for the Three and Six | 3 | |
Consolidated Statement of Cash Flows for the Six Months ended June 30, | 4 | |
Notes to Consolidated Financial Statements | ||
Item 2. | ||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
Part II | OTHER INFORMATION | |
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits | |
Signatures |
CITIZENS FINANCIAL SERVICES, INC. | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||
(UNAUDITED) | ||||||||
June 30 | December 31 | |||||||
(in thousands except share data) | 2016 | 2015 | ||||||
ASSETS: | ||||||||
Cash and due from banks: | ||||||||
Noninterest-bearing | $ | 14,908 | $ | 14,088 | ||||
Interest-bearing | 11,914 | 10,296 | ||||||
Total cash and cash equivalents | 26,822 | 24,384 | ||||||
Interest bearing time deposits with other banks | 6,954 | 7,696 | ||||||
Available-for-sale securities | 360,944 | 359,737 | ||||||
Loans held for sale | 1,304 | 603 | ||||||
Loans (net of allowance for loan losses: | ||||||||
2016, $7,359 and 2015, $7,106) | 701,756 | 687,925 | ||||||
Premises and equipment | 17,239 | 17,263 | ||||||
Accrued interest receivable | 4,176 | 4,211 | ||||||
Goodwill | 21,089 | 21,089 | ||||||
Bank owned life insurance | 25,877 | 25,535 | ||||||
Other intangibles | 2,183 | 2,437 | ||||||
Other assets | 11,174 | 12,104 | ||||||
TOTAL ASSETS | $ | 1,179,518 | $ | 1,162,984 | ||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 142,327 | $ | 150,960 | ||||
Interest-bearing | 861,155 | 837,071 | ||||||
Total deposits | 1,003,482 | 988,031 | ||||||
Borrowed funds | 38,786 | 41,631 | ||||||
Accrued interest payable | 644 | 734 | ||||||
Other liabilities | 12,150 | 12,828 | ||||||
TOTAL LIABILITIES | 1,055,062 | 1,043,224 | ||||||
STOCKHOLDERS' EQUITY: | ||||||||
Preferred Stock | ||||||||
$1.00 par value; authorized 3,000,000 shares June 30, 2016 and December 31, 2015; | ||||||||
none issued in 2016 or 2015 | - | - | ||||||
Common stock | ||||||||
$1.00 par value; authorized 15,000,000 shares; issued 3,704,375 at June 30, 2016 and | ||||||||
3,671,751 at December 31, 2015 | 3,704 | 3,672 | ||||||
Additional paid-in capital | 42,241 | 40,715 | ||||||
Retained earnings | 87,753 | 85,790 | ||||||
Accumulated other comprehensive income (loss) | 2,042 | (236 | ) | |||||
Treasury stock, at cost: 358,921 shares at June 30, 2016 | ||||||||
and 335,876 shares at December 31, 2015 | (11,284 | ) | (10,181 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY | 124,456 | 119,760 | ||||||
TOTAL LIABILITIES AND | ||||||||
STOCKHOLDERS' EQUITY | $ | 1,179,518 | $ | 1,162,984 | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CITIZENS FINANCIAL SERVICES, INC. | ||||||||||||||||
CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands, except share and per share data) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
INTEREST INCOME: | ||||||||||||||||
Interest and fees on loans | $ | 8,587 | $ | 7,129 | $ | 17,183 | $ | 14,168 | ||||||||
Interest-bearing deposits with banks | 64 | 39 | 135 | 70 | ||||||||||||
Investment securities: | ||||||||||||||||
` Taxable | 959 | 765 | 1,903 | 1,519 | ||||||||||||
Nontaxable | 755 | 801 | 1,526 | 1,649 | ||||||||||||
Dividends | 61 | 34 | 141 | 133 | ||||||||||||
TOTAL INTEREST INCOME | 10,426 | 8,768 | 20,888 | 17,539 | ||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Deposits | 1,072 | 1,035 | 2,146 | 2,044 | ||||||||||||
Borrowed funds | 183 | 172 | 366 | 347 | ||||||||||||
TOTAL INTEREST EXPENSE | 1,255 | 1,207 | 2,512 | 2,391 | ||||||||||||
NET INTEREST INCOME | 9,171 | 7,561 | 18,376 | 15,148 | ||||||||||||
Provision for loan losses | 135 | 120 | 270 | 240 | ||||||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||
PROVISION FOR LOAN LOSSES | 9,036 | 7,441 | 18,106 | 14,908 | ||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Service charges | 1,128 | 1,028 | 2,230 | 2,004 | ||||||||||||
Trust | 182 | 180 | 378 | 374 | ||||||||||||
Brokerage and insurance | 158 | 255 | 367 | 382 | ||||||||||||
Gains on loans sold | 70 | 60 | 116 | 98 | ||||||||||||
Investment securities gains, net | 128 | 175 | 155 | 301 | ||||||||||||
Earnings on bank owned life insurance | 172 | 154 | 342 | 306 | ||||||||||||
Other | 145 | 103 | 311 | 218 | ||||||||||||
TOTAL NON-INTEREST INCOME | 1,983 | 1,955 | 3,899 | 3,683 | ||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||
Salaries and employee benefits | 3,900 | 2,993 | 7,782 | 6,049 | ||||||||||||
Occupancy | 455 | 348 | 900 | 717 | ||||||||||||
Furniture and equipment | 171 | 87 | 328 | 215 | ||||||||||||
Professional fees | 266 | 180 | 553 | 412 | ||||||||||||
FDIC insurance | 160 | 116 | 317 | 232 | ||||||||||||
Pennsylvania shares tax | 240 | 200 | 390 | 401 | ||||||||||||
Amortization of other intangibles | 82 | - | 164 | - | ||||||||||||
ORE expenses | 212 | 357 | 305 | 358 | ||||||||||||
Other | 1,815 | 1,147 | 3,474 | 2,379 | ||||||||||||
TOTAL NON-INTEREST EXPENSES | 7,301 | 5,428 | 14,213 | 10,763 | ||||||||||||
Income before provision for income taxes | 3,718 | 3,968 | 7,792 | 7,828 | ||||||||||||
Provision for income taxes | 687 | 779 | 1,478 | 1,519 | ||||||||||||
NET INCOME | $ | 3,031 | $ | 3,189 | $ | 6,314 | $ | 6,309 | ||||||||
PER COMMON SHARE DATA: | ||||||||||||||||
Net Income - Basic | $ | 0.91 | $ | 1.04 | $ | 1.88 | $ | 2.06 | ||||||||
Net Income - Diluted | $ | 0.91 | $ | 1.04 | $ | 1.88 | $ | 2.06 | ||||||||
Cash Dividends Paid | $ | 0.419 | $ | 0.402 | $ | 0.829 | $ | 0.802 | ||||||||
Number of shares used in computation - basic | 3,343,254 | 3,052,285 | 3,349,913 | 3,055,569 | ||||||||||||
Number of shares used in computation - diluted | 3,343,663 | 3,053,349 | 3,350,118 | 3,056,103 | ||||||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CITIZENS FINANCIAL SERVICES, INC. | ||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF | ||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME | ` | |||||||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||
Net income | $ | 3,031 | $ | 3,189 | $ | 6,314 | $ | 6,309 | ||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains on available for sale securities | 1,794 | (2,049 | ) | 3,489 | (704 | ) | ||||||||||||||||||||||||||
Income tax effect | (610 | ) | 698 | (1,188 | ) | 240 | ||||||||||||||||||||||||||
Change in unrecognized pension cost | 60 | 54 | 121 | 102 | ||||||||||||||||||||||||||||
Income tax effect | (21 | ) | (19 | ) | (42 | ) | (35 | ) | ||||||||||||||||||||||||
Less: Reclassification adjustment for investment | ||||||||||||||||||||||||||||||||
security gains included in net income | (128 | ) | (175 | ) | (155 | ) | (301 | ) | ||||||||||||||||||||||||
Income tax effect | 44 | 59 | 53 | 102 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 1,139 | (1,432 | ) | 2,278 | (596 | ) | ||||||||||||||||||||||||||
Comprehensive income | $ | 4,170 | $ | 1,757 | $ | 8,592 | $ | 5,713 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CITIZENS FINANCIAL SERVICES, INC. | ||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
(UNAUDITED) | Six Months Ended | |||||||
June 30, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 6,314 | $ | 6,309 | ||||
Adjustments to reconcile net income to net | ||||||||
cash provided by operating activities: | ||||||||
Provision for loan losses | 270 | 240 | ||||||
Provision for off-balance sheet items | 30 | - | ||||||
Depreciation and amortization | 175 | 236 | ||||||
Amortization and accretion of investment securities | 1,148 | 992 | ||||||
Deferred income taxes | 81 | 112 | ||||||
Investment securities gains, net | (155 | ) | (301 | ) | ||||
Earnings on bank owned life insurance | (342 | ) | (306 | ) | ||||
Originations of loans held for sale | (8,580 | ) | (7,479 | ) | ||||
Proceeds from sales of loans held for sale | 7,995 | 6,922 | ||||||
Realized gains on loans sold | (116 | ) | (98 | ) | ||||
Increase in accrued interest receivable | 35 | 60 | ||||||
Decrease in accrued interest payable | (90 | ) | (81 | ) | ||||
Other, net | (519 | ) | (1,158 | ) | ||||
Net cash provided by operating activities | 6,246 | 5,448 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Available-for-sale securities: | ||||||||
Proceeds from sales | 12,077 | 18,393 | ||||||
Proceeds from maturity and principal repayments | 21,561 | 31,163 | ||||||
Purchase of securities | (32,507 | ) | (49,579 | ) | ||||
Proceeds from matured interest bearing time deposits with other banks | 744 | - | ||||||
Proceeds from redemption of regulatory stock | 184 | 1,513 | ||||||
Purchase of regulatory stock | (132 | ) | (1,342 | ) | ||||
Net increase in loans | (14,135 | ) | (17,792 | ) | ||||
Purchase of premises and equipment | (398 | ) | (514 | ) | ||||
Proceeds from sale of foreclosed assets held for sale | 374 | 100 | ||||||
Net cash used in investing activities | (12,232 | ) | (18,058 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net increase in deposits | 15,451 | 17,954 | ||||||
Proceeds from long-term borrowings | 539 | 5,286 | ||||||
Repayments of long-term borrowings | (534 | ) | (551 | ) | ||||
Net increase in short-term borrowed funds | (2,850 | ) | (7,340 | ) | ||||
Purchase of treasury and restricted stock | (1,482 | ) | (997 | ) | ||||
Dividends paid | (2,700 | ) | (2,253 | ) | ||||
Net cash provided by financing activities | 8,424 | 12,099 | ||||||
Net (decrease) increase in cash and cash equivalents | 2,438 | (511 | ) | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 24,384 | 11,423 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 26,822 | $ | 10,912 | ||||
Supplemental Disclosures of Cash Flow Information: | ||||||||
Interest paid | $ | 2,602 | $ | 2,472 | ||||
Income taxes paid | $ | 1,400 | $ | 2,025 | ||||
Loans transferred to foreclosed property | $ | 519 | $ | 241 | ||||
Investments purchased and not settled | $ | - | $ | 319 | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CITIZENS FINANCIAL SERVICES, INC. | ||
CONSOLIDATED BALANCE SHEET | ||
(UNAUDITED) | ||
June 30, | December 31, | |
(in thousands except share data) | 2015 | 2014 |
ASSETS: | ||
Cash and due from banks: | ||
Noninterest-bearing | $ 9,910 | $ 10,091 |
Interest-bearing | 1,002 | 1,332 |
Total cash and cash equivalents | 10,912 | 11,423 |
Interest bearing time deposits with other banks | 5,960 | 5,960 |
Available-for-sale securities | 304,792 | 306,146 |
Loans held for sale | 1,152 | 497 |
Loans (net of allowance for loan losses: | ||
2015, $6,959 and 2014, $6,815) | 564,692 | 547,290 |
Premises and equipment | 12,582 | 12,357 |
Accrued interest receivable | 3,584 | 3,644 |
Goodwill | 10,256 | 10,256 |
Bank owned life insurance | 20,615 | 20,309 |
Other assets | 7,934 | 7,166 |
TOTAL ASSETS | $ 942,479 | $ 925,048 |
LIABILITIES: | ||
Deposits: | ||
Noninterest-bearing | $ 100,469 | $ 95,526 |
Interest-bearing | 691,418 | 678,407 |
Total deposits | 791,887 | 773,933 |
Borrowed funds | 39,194 | 41,799 |
Accrued interest payable | 674 | 756 |
Other liabilities | 7,499 | 8,032 |
TOTAL LIABILITIES | 839,254 | 824,520 |
STOCKHOLDERS' EQUITY: | ||
Preferred Stock | ||
$1.00 par value; authorized 3,000,000 shares: none issued or outstanding at | ||
June 30, 2015 and December 31, 2014; | - | - |
Common stock | ||
$1.00 par value; authorized 15,000,000 shares; issued 3,335,236 at June 30, 2015 and | ||
December 31, 2014 | 3,335 | 3,335 |
Additional paid-in capital | 25,124 | 25,150 |
Retained earnings | 83,371 | 79,512 |
Accumulated other comprehensive income | 171 | 767 |
Treasury stock, at cost: 306,560 shares at June 30, 2015 | ||
and 296,280 shares at December 31, 2014 | (8,776) | (8,236) |
TOTAL STOCKHOLDERS' EQUITY | 103,225 | 100,528 |
TOTAL LIABILITIES AND | ||
STOCKHOLDERS' EQUITY | $ 942,479 | $ 925,048 |
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CONSOLIDATED STATEMENT OF INCOME | ||||
(UNAUDITED) | ||||
Three Months Ended | Six Months Ended | |||
June 30 | June 30, | |||
(in thousands, except share and per share data) | 2015 | 2014 | 2015 | 2014 |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 7,129 | $ 7,118 | $ 14,168 | $ 14,106 |
Interest-bearing deposits with banks | 39 | 13 | 70 | 26 |
Investment securities: | ||||
Taxable | 765 | 849 | 1,519 | 1,737 |
Nontaxable | 801 | 840 | 1,649 | 1,682 |
Dividends | 34 | 69 | 133 | 119 |
TOTAL INTEREST INCOME | 8,768 | 8,889 | 17,539 | 17,670 |
INTEREST EXPENSE: | ||||
Deposits | 1,035 | 1,094 | 2,044 | 2,199 |
Borrowed funds | 172 | 145 | 347 | 309 |
TOTAL INTEREST EXPENSE | 1,207 | 1,239 | 2,391 | 2,508 |
NET INTEREST INCOME | 7,561 | 7,650 | 15,148 | 15,162 |
Provision for loan losses | 120 | 150 | 240 | 330 |
NET INTEREST INCOME AFTER | ||||
PROVISION FOR LOAN LOSSES | 7,441 | 7,500 | 14,908 | 14,832 |
NON-INTEREST INCOME: | ||||
Service charges | 1,028 | 1,102 | 2,004 | 2,141 |
Trust | 180 | 186 | 374 | 377 |
Brokerage and insurance | 255 | 137 | 382 | 257 |
Gains on loans sold | 60 | 30 | 98 | 70 |
Investment securities gains, net | 175 | 75 | 301 | 246 |
Earnings on bank owned life insurance | 154 | 121 | 306 | 242 |
Other | 103 | 104 | 218 | 209 |
TOTAL NON-INTEREST INCOME | 1,955 | 1,755 | 3,683 | 3,542 |
NON-INTEREST EXPENSES: | ||||
Salaries and employee benefits | 2,993 | 2,893 | 6,049 | 5,810 |
Occupancy | 348 | 304 | 717 | 654 |
Furniture and equipment | 87 | 94 | 215 | 194 |
Professional fees | 180 | 208 | 412 | 442 |
FDIC insurance | 116 | 116 | 232 | 229 |
Pennsylvania shares tax | 200 | 191 | 401 | 384 |
Other | 1,504 | 1,194 | 2,737 | 2,378 |
TOTAL NON-INTEREST EXPENSES | 5,428 | 5,000 | 10,763 | 10,091 |
Income before provision for income taxes | 3,968 | 4,255 | 7,828 | 8,283 |
Provision for income taxes | 779 | 890 | 1,519 | 1,742 |
NET INCOME | $ 3,189 | $ 3,365 | $ 6,309 | $ 6,541 |
PER COMMON SHARE DATA: | ||||
Net Income - Basic | $ 1.06 | $ 1.11 | $ 2.09 | $ 2.15 |
Net Income - Diluted | $ 1.06 | $ 1.11 | $ 2.09 | $ 2.15 |
Cash Dividends Paid | $ 0.405 | $ 0.385 | $ 0.810 | $ 0.770 |
Number of shares used in computation - basic | 3,019,661 | 3,039,734 | 3,022,945 | 3,040,822 |
Number of shares used in computation - diluted | 3,020,725 | 3,040,661 | 3,023,479 | 3,041,227 |
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CITIZENS FINANCIAL SERVICES, INC. | ||||||||
CONSOLIDATED STATEMENT OF | ||||||||
COMPREHENSIVE INCOME | ||||||||
(UNAUDITED) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
(in thousands) | 2015 | 2014 | 2015 | 2014 | ||||
Net income | $ 3,189 | $ 3,365 | $ 6,309 | $ 6,541 | ||||
Other comprehensive income (loss): | ||||||||
Change in unrealized gains on available | ||||||||
for sale securities | (2,049) | 1,494 | (704) | 3,743 | ||||
Income tax effect | 698 | (508) | 240 | (1,272) | ||||
Change in unrecognized pension cost | 54 | 13 | 102 | 25 | ||||
Income tax effect | (19) | (4) | (35) | (9) | ||||
Less: Reclassification adjustment for investment | ||||||||
security gains included in net income | (175) | (75) | (301) | (246) | ||||
Income tax effect | 59 | 26 | 102 | 84 | ||||
Other comprehensive income (loss), net of tax | (1,432) | 946 | (596) | 2,325 | ||||
Comprehensive income | $ 1,757 | $ 4,311 | $ 5,713 | $ 8,866 | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
CITIZENS FINANCIAL SERVICES, INC. | ||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||
(UNAUDITED) | Six Months Ended | |
June 30, | ||
(in thousands) | 2015 | 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 6,309 | $ 6,541 |
Adjustments to reconcile net income to net | ||
cash provided by operating activities: | ||
Provision for loan losses | 240 | 330 |
Depreciation and amortization | 236 | 233 |
Amortization and accretion of investment securities | 992 | 1,100 |
Deferred income taxes | 112 | 498 |
Investment securities gains, net | (301) | (246) |
Earnings on bank owned life insurance | (306) | (242) |
Originations of loans held for sale | (7,479) | (5,286) |
Proceeds from sales of loans held for sale | 6,922 | 5,089 |
Realized gains on loans sold | (98) | (70) |
Increase in accrued interest receivable | 60 | 171 |
Decrease in accrued interest payable | (81) | (160) |
Other, net | (1,158) | (1,107) |
Net cash provided by operating activities | 5,448 | 6,851 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Available-for-sale securities: | ||
Proceeds from sales | 18,393 | 12,151 |
Proceeds from maturity and principal repayments | 31,163 | 29,294 |
Purchase of securities | (49,579) | (33,822) |
Proceeds from redemption of regulatory stock | 1,513 | 2,216 |
Purchase of regulatory stock | (1,342) | (1,484) |
Net increase in loans | (17,792) | (113) |
Purchase of premises and equipment | (514) | (145) |
Proceeds from sale of foreclosed assets held for sale | 100 | 296 |
Net cash (used) provided by investing activities | (18,058) | 8,393 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 17,954 | 17,140 |
Proceeds from long-term borrowings | 5,286 | 4,010 |
Repayments of long-term borrowings | (551) | (4,200) |
Net decrease in short-term borrowed funds | (7,340) | (23,667) |
Purchase of treasury and restricted stock | (997) | (733) |
Dividends paid | (2,253) | (2,137) |
Net cash provided (used) by financing activities | 12,099 | (9,587) |
Net (decrease) increase in cash and cash equivalents | (511) | 5,657 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 11,423 | 10,083 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 10,912 | $ 15,740 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | $ 2,472 | $ 2,668 |
Income taxes paid | $ 2,025 | $ 1,885 |
Loans transferred to foreclosed property | $ 241 | $ 239 |
Premises and equipment transferred from other assets | $ - | $ 549 |
Investments purchased and not settled | $ 319 | $ - |
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
Three months ended | Six months ended | |||
June 30, | June 30, | |||
2015 | 2014 | 2015 | 2014 | |
Net income applicable to common stock | $3,189,000 | $3,365,000 | $6,309,000 | $6,541,000 |
Basic earnings per share computation | ||||
Weighted average common shares outstanding | 3,019,661 | 3,039,734 | 3,022,945 | 3,040,822 |
Earnings per share - basic | $1.06 | $1.11 | $2.09 | $2.15 |
Diluted earnings per share computation | ||||
Weighted average common shares outstanding for basic earnings per share | 3,019,661 | 3,039,734 | 3,022,945 | 3,040,822 |
Add: Dilutive effects of restricted stock | 1,064 | 927 | 534 | 405 |
Weighted average common shares outstanding for dilutive earnings per share | 3,020,725 | 3,040,661 | 3,023,479 | 3,041,227 |
Earnings per share - diluted | $1.06 | $1.11 | $2.09 | $2.15 |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income applicable to common stock | $ | 3,031,000 | $ | 3,189,000 | $ | 6,314,000 | $ | 6,309,000 | ||||||||
Basic earnings per share computation | ||||||||||||||||
Weighted average common shares outstanding | 3,343,254 | 3,052,285 | 3,349,913 | 3,055,569 | ||||||||||||
Earnings per share - basic | $ | 0.91 | $ | 1.04 | $ | 1.88 | $ | 2.06 | ||||||||
Diluted earnings per share computation | ||||||||||||||||
Weighted average common shares outstanding for basic earnings per share | 3,343,254 | 3,052,285 | 3,349,913 | 3,055,569 | ||||||||||||
Add: Dilutive effects of restricted stock | 409 | 1,064 | 205 | 534 | ||||||||||||
Weighted average common shares outstanding for dilutive earnings per share | 3,343,663 | 3,053,349 | 3,350,118 | 3,056,103 | ||||||||||||
Earnings per share - diluted | $ | 0.91 | $ | 1.04 | $ | 1.88 | $ | 2.06 |
Gross | Gross | Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | |||||||||||||
June 30, 2015 | Cost | Gains | Losses | Value | ||||||||||||||||
June 30, 2016 | Cost | Gains | Losses | Value | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. agency securities | $ 167,187 | $ 778 | $ (385) | $ 167,580 | $ | 203,461 | $ | 2,359 | $ | (1 | ) | $ | 205,819 | |||||||
U.S. treasury securities | 5,046 | 7 | - | 5,053 | ||||||||||||||||
Obligations of state and | ||||||||||||||||||||
political subdivisions | 93,796 | 2,829 | (343) | 96,282 | 101,144 | 3,338 | (10 | ) | 104,472 | |||||||||||
Corporate obligations | 12,713 | 141 | (49) | 12,805 | 11,430 | 50 | - | 11,480 | ||||||||||||
Mortgage-backed securities in | ||||||||||||||||||||
government sponsored entities | 26,096 | 287 | (33) | 26,350 | 31,190 | 456 | (40 | ) | 31,606 | |||||||||||
Equity securities in financial institutions | 1,318 | 457 | - | 1,775 | ||||||||||||||||
Equity securities in financial | ||||||||||||||||||||
Institutions | 2,001 | 518 | (5 | ) | 2,514 | |||||||||||||||
Total available-for-sale securities | $ 301,110 | $ 4,492 | $ (810) | $ 304,792 | $ | 354,272 | $ | 6,728 | $ | (56 | ) | $ | 360,944 | |||||||
December 31, 2014 | ||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
U.S. agency securities | $ 150,847 | $ 638 | $ (600) | $ 150,885 | $ | 199,749 | $ | 369 | $ | (527 | ) | $ | 199,591 | |||||||
U.S. treasury securities | 4,944 | - | (95) | 4,849 | 10,103 | - | (21 | ) | 10,082 | |||||||||||
Obligations of state and | ||||||||||||||||||||
political subdivisions | 101,281 | 3,854 | (99) | 105,036 | 99,856 | 3,080 | (73 | ) | 102,863 | |||||||||||
Corporate obligations | 13,853 | 190 | (85) | 13,958 | 14,583 | 68 | (86 | ) | 14,565 | |||||||||||
Mortgage-backed securities in | ||||||||||||||||||||
government sponsored entities | 29,397 | 368 | (37) | 29,728 | 30,107 | 186 | (89 | ) | 30,204 | |||||||||||
Equity securities in financial institutions | 1,137 | 553 | - | 1,690 | 2,001 | 436 | (5 | ) | 2,432 | |||||||||||
Total available-for-sale securities | $ 301,459 | $ 5,603 | $ (916) | $ 306,146 | $ | 356,399 | $ | 4,139 | $ | (801 | ) | $ | 359,737 |
June 30, 2016 | Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
U.S. agency securities | $ | 8,509 | $ | (1 | ) | $ | - | $ | - | $ | 8,509 | $ | (1 | ) | ||||||||||
Obligations of state and | ||||||||||||||||||||||||
political subdivisions | 4,342 | (9 | ) | 503 | (1 | ) | 4,845 | (10 | ) | |||||||||||||||
Mortgage-backed securities in | ||||||||||||||||||||||||
government sponsored entities | 3,716 | (22 | ) | 1,987 | (18 | ) | 5,703 | (40 | ) | |||||||||||||||
Equity securities in financial institutions | 111 | (5 | ) | - | - | 111 | (5 | ) | ||||||||||||||||
Total securities | $ | 16,678 | $ | (37 | ) | $ | 2,490 | $ | (19 | ) | $ | 19,168 | $ | (56 | ) | |||||||||
December 31, 2015 | ||||||||||||||||||||||||
U.S. agency securities | $ | 123,591 | $ | (527 | ) | $ | - | $ | - | $ | 123,591 | $ | (527 | ) | ||||||||||
U.S. treasury securities | 10,082 | (21 | ) | - | - | 10,082 | (21 | ) | ||||||||||||||||
Obligations of states and | ||||||||||||||||||||||||
political subdivisions | 7,023 | (57 | ) | 2,914 | (16 | ) | 9,937 | (73 | ) | |||||||||||||||
Corporate obligations | 5,822 | (61 | ) | 2,138 | (25 | ) | 7,960 | (86 | ) | |||||||||||||||
Mortgage-backed securities in | ||||||||||||||||||||||||
government sponsored entities | 9,830 | (77 | ) | 227 | (12 | ) | 10,057 | (89 | ) | |||||||||||||||
Equity securities in financial institutions | 106 | (5 | ) | - | - | 106 | (5 | ) | ||||||||||||||||
Total securities | $ | 156,454 | $ | (748 | ) | $ | 5,279 | $ | (53 | ) | $ | 161,733 | $ | (801 | ) |
June 30, 2015 | Less than Twelve Months | Twelve Months or Greater | Total | ||||
Gross | Gross | Gross | |||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||
Value | Losses | Value | Losses | Value | Losses | ||
U.S. agency securities | $ 60,908 | $ (302) | $ 10,910 | $ (83) | $ 71,818 | $ (385) | |
Obligations of state and | |||||||
political subdivisions | 23,486 | (263) | 5,212 | (80) | 28,698 | (343) | |
Corporate obligations | 5,434 | (31) | 2,184 | (18) | 7,618 | (49) | |
Mortgage-backed securities in | |||||||
government sponsored entities | 4,616 | (21) | 273 | (12) | 4,889 | (33) | |
Total securities | $ 94,444 | $ (617) | $ 18,579 | $ (193) | $ 113,023 | $ (810) | |
December 31, 2014 | |||||||
U.S. agency securities | $ 27,382 | $ (110) | $ 43,642 | $ (490) | $ 71,024 | $ (600) | |
U.S. treasury securities | - | - | 4,849 | (95) | 4,849 | (95) | |
Obligations of states and | |||||||
political subdivisions | 3,596 | (19) | 8,584 | (80) | 12,180 | (99) | |
Corporate obligations | 505 | (1) | 7,707 | (84) | 8,212 | (85) | |
Mortgage-backed securities in | |||||||
government sponsored entities | 5,025 | (4) | 2,229 | (33) | 7,254 | (37) | |
Total securities | $ 36,508 | $ (134) | $ 67,011 | $ (782) | $ 103,519 | $ (916) |
Three Months Ended | Six Months Ended | |||
June 30, | June 30, | |||
2015 | 2014 | 2015 | 2014 | |
Gross gains | $ 175 | $ 75 | $ 312 | $ 246 |
Gross losses | - | - | (11) | - |
Net gains | $ 175 | $ 75 | $ 301 | $ 246 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Gross gains | $ | 128 | $ | 175 | $ | 155 | $ | 312 | ||||||||
Gross losses | - | - | - | (11 | ) | |||||||||||
Net gains | $ | 128 | $ | 175 | $ | 155 | $ | 301 |
Amortized | Amortized | |||||||||
Cost | Fair Value | Cost | Fair Value | |||||||
Available-for-sale debt securities: | ||||||||||
Due in one year or less | $ 3,420 | $ 3,459 | $ | 41,555 | $ | 41,758 | ||||
Due after one year through five years | 166,695 | 167,737 | 190,450 | 193,673 | ||||||
Due after five years through ten years | 44,355 | 45,146 | 41,023 | 42,092 | ||||||
Due after ten years | 85,322 | 86,675 | 79,243 | 80,907 | ||||||
Total | $ 299,792 | $ 303,017 | $ | 352,271 | $ | 358,430 |
June 30, 2016 | Total Loans | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Collectively evaluated for impairment | ||||||||||||
Real estate loans: | ||||||||||||||||
Residential | $ | 203,980 | $ | 518 | $ | 34 | $ | 203,428 | ||||||||
Commercial and agricultural | 309,287 | 6,404 | 2,753 | 300,130 | ||||||||||||
Construction | 10,481 | - | - | 10,481 | ||||||||||||
Consumer | 11,439 | - | 6 | 11,433 | ||||||||||||
Other commercial and agricultural loans | 74,089 | 5,682 | 876 | 67,531 | ||||||||||||
State and political subdivision loans | 99,839 | - | - | 99,839 | ||||||||||||
Total | 709,115 | 12,604 | 3,669 | 692,842 | ||||||||||||
Allowance for loan losses | 7,359 | 587 | - | 6,772 | ||||||||||||
Net loans | $ | 701,756 | $ | 12,017 | $ | 3,669 | $ | 686,070 |
June 30, 2015 | Total Loans | Individually evaluated for impairment | Collectively evaluated for impairment | |
Real estate loans: | ||||
Residential | $ 181,566 | $ 333 | $ 181,233 | |
Commercial and agricultural | 224,450 | 5,578 | 218,872 | |
Construction | 8,025 | - | 8,025 | |
Consumer | 8,374 | - | 8,374 | |
Other commercial and agricultural loans | 64,506 | 2,248 | 62,258 | |
State and political subdivision loans | 84,730 | - | 84,730 | |
Total | 571,651 | $ 8,159 | $ 563,492 | |
Allowance for loan losses | 6,959 | |||
Net loans | $ 564,692 | |||
December 31, 2014 | ||||
Real estate loans: | ||||
Residential | $ 185,438 | $ 316 | $ 185,122 | |
Commercial and agricultural | 215,584 | 6,112 | 209,472 | |
Construction | 6,353 | - | 6,353 | |
Consumer | 8,497 | - | 8,497 | |
Other commercial and agricultural loans | 58,516 | 2,394 | 56,122 | |
State and political subdivision loans | 79,717 | - | 79,717 | |
Total | 554,105 | $ 8,822 | $ 545,283 | |
Allowance for loan losses | 6,815 | |||
Net loans | $ 547,290 |
December 31, 2015 | Total Loans | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Collectively evaluated for impairment | ||||||||||||
Real estate loans: | ||||||||||||||||
Residential | $ | 203,407 | $ | 304 | $ | 35 | $ | 203,068 | ||||||||
Commercial and agricultural | 295,364 | 6,235 | 2,908 | 286,221 | ||||||||||||
Construction | 15,011 | - | - | 15,011 | ||||||||||||
Consumer | 11,543 | - | 9 | 11,534 | ||||||||||||
Other commercial and agricultural loans | 71,206 | 5,745 | 866 | 64,595 | ||||||||||||
State and political subdivision loans | 98,500 | - | - | 98,500 | ||||||||||||
Total | 695,031 | 12,284 | 3,818 | 678,929 | ||||||||||||
Allowance for loan losses | 7,106 | 355 | - | 6,751 | ||||||||||||
Net loans | $ | 687,925 | $ | 11,929 | $ | 3,818 | $ | 672,178 |
Three Months Ended | Six Months Ended | |||||||
Balance at beginning of period | $ | 551 | $ | 637 | ||||
Accretion | (87 | ) | (173 | ) | ||||
Balance at end of period | $ | 464 | $ | 464 |
June 30, 2016 | December 31, 2015 | |||||||
Outstanding balance | $ | 6,616 | $ | 6,950 | ||||
Carrying amount | 3,669 | 3,818 |
Recorded | Recorded | |||||||||||||||||||
Unpaid | Investment | Investment | Total | |||||||||||||||||
Principal | With No | With | Recorded | Related | ||||||||||||||||
June 30, 2016 | Balance | Allowance | Allowance | Investment | Allowance | |||||||||||||||
Real estate loans: | ||||||||||||||||||||
Mortgages | $ | 502 | $ | 114 | $ | 345 | $ | 459 | $ | 35 | ||||||||||
Home Equity | 59 | - | 59 | 59 | 11 | |||||||||||||||
Commercial | 8,888 | 5,944 | 295 | 6,239 | 126 | |||||||||||||||
Agricultural | 165 | 165 | - | 165 | - | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Consumer | - | - | - | - | - | |||||||||||||||
Other commercial loans | 5,717 | 4,547 | 1,031 | 5,578 | 415 | |||||||||||||||
Other agricultural loans | 104 | 104 | - | 104 | - | |||||||||||||||
State and political subdivision loans | - | - | - | - | - | |||||||||||||||
Total | $ | 15,435 | $ | 10,874 | $ | 1,730 | $ | 12,604 | $ | 587 | ||||||||||
December 31, 2015 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Mortgages | $ | 281 | $ | 114 | $ | 129 | $ | 243 | $ | 26 | ||||||||||
Home Equity | 61 | - | 61 | 61 | 11 | |||||||||||||||
Commercial | 8,654 | 5,843 | 225 | 6,068 | 62 | |||||||||||||||
Agricultural | 167 | 167 | - | 167 | - | |||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||
Consumer | - | - | - | - | - | |||||||||||||||
Other commercial loans | 5,535 | 4,653 | 987 | 5,640 | 256 | |||||||||||||||
Other agricultural loans | 105 | 105 | - | 105 | - | |||||||||||||||
State and political subdivision loans | - | - | - | - | - | |||||||||||||||
Total | $ | 14,803 | $ | 10,882 | $ | 1,402 | $ | 12,284 | $ | 355 |
Recorded | Recorded | ||||
Unpaid | Investment | Investment | Total | ||
Principal | With No | With | Recorded | Related | |
June 30, 2015 | Balance | Allowance | Allowance | Investment | Allowance |
Real estate loans: | |||||
Mortgages | $ 305 | $ 118 | $ 152 | $ 270 | $ 29 |
Home Equity | 63 | - | 63 | 63 | 12 |
Commercial | 8,051 | 5,469 | 109 | 5,578 | 48 |
Agricultural | - | - | - | - | - |
Construction | - | - | - | - | - |
Consumer | - | - | - | - | - |
Other commercial loans | 2,354 | 1,164 | 1,084 | 2,248 | 185 |
Other agricultural loans | - | - | - | - | - |
State and political subdivision loans | - | - | - | - | - |
Total | $ 10,773 | $ 6,751 | $ 1,408 | $ 8,159 | $ 274 |
December 31, 2014 | |||||
Real estate loans: | |||||
Mortgages | $ 222 | $ 125 | $ 66 | $ 191 | $ 13 |
Home Equity | 130 | 60 | 65 | 125 | 12 |
Commercial | 8,433 | 5,708 | 404 | 6,112 | 72 |
Agricultural | - | - | - | - | - |
Construction | - | - | - | - | - |
Consumer | - | - | - | - | - |
Other commercial loans | 2,480 | 2,346 | 48 | 2,394 | 1 |
Other agricultural loans | - | - | - | - | - |
State and political subdivision loans | - | - | - | - | - |
Total | $ 11,265 | $ 8,239 | $ 583 | $ 8,822 | $ 98 |
For the Six Months ended | ||||||
June 30, 2015 | June 30, 2014 | |||||
Interest | Interest | |||||
Average | Interest | Income | Average | Interest | Income | |
Recorded | Income | Recognized | Recorded | Income | Recognized | |
Investment | Recognized | Cash Basis | Investment | Recognized | Cash Basis | |
Real estate loans: | ||||||
Mortgages | $ 224 | $ 4 | $ 5 | $ 202 | $ 4 | $ - |
Home Equity | 114 | 2 | - | 132 | 2 | - |
Commercial | 5,862 | 32 | - | 8,039 | 44 | - |
Agricultural | - | - | - | - | - | - |
Construction | - | - | - | - | - | - |
Consumer | - | - | - | 15 | - | - |
Other commercial loans | 2,678 | 49 | 3 | 2,000 | 46 | - |
Other agricultural loans | - | - | - | - | - | - |
State and political | ||||||
subdivision loans | - | - | - | - | - | - |
Total | $ 8,878 | $ 87 | $ 8 | $ 10,388 | $ 96 | $ - |
For the Three Months Ended | ||||||
June 30, 2015 | June 30, 2014 | |||||
Real estate loans: | ||||||
Mortgages | $ 259 | $ 2 | $ 5 | $ 200 | $ 2 | $ - |
Home Equity | 103 | 1 | - | 131 | 1 | - |
Commercial | 5,700 | 19 | - | 7,544 | 18 | - |
Agricultural | - | - | - | - | - | - |
Construction | - | - | - | - | - | - |
Consumer | - | - | - | 15 | - | - |
Other commercial loans | 2,629 | 24 | 2 | 2,108 | 13 | - |
Other agricultural loans | - | - | - | - | - | - |
State and political | ||||||
subdivision loans | - | - | - | - | - | - |
Total | $ 8,691 | $ 46 | $ 7 | $ 9,998 | $ 34 | $ - |
For the Six Months ended | ||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
Average | Interest | Income | Average | Interest | Income | |||||||||||||||||||
Recorded | Income | Recognized | Recorded | Income | Recognized | |||||||||||||||||||
Investment | Recognized | Cash Basis | Investment | Recognized | Cash Basis | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Mortgages | $ | 425 | $ | 9 | $ | - | $ | 224 | $ | 4 | $ | 5 | ||||||||||||
Home Equity | 60 | 2 | - | 114 | 2 | - | ||||||||||||||||||
Commercial | 6,142 | 52 | - | 5,862 | 32 | - | ||||||||||||||||||
Agricultural | 165 | 5 | - | - | - | - | ||||||||||||||||||
Construction | - | - | - | - | - | - | ||||||||||||||||||
Consumer | - | - | - | - | - | - | ||||||||||||||||||
Other commercial loans | 5,942 | 134 | 3 | 2,678 | 49 | 3 | ||||||||||||||||||
Other agricultural loans | 104 | 3 | - | - | - | - | ||||||||||||||||||
State and political | ||||||||||||||||||||||||
subdivision loans | - | - | - | - | - | - | ||||||||||||||||||
Total | $ | 12,838 | $ | 205 | $ | 3 | $ | 8,878 | $ | 87 | $ | 8 | ||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Mortgages | $ | 460 | $ | 5 | $ | - | $ | 259 | $ | 2 | $ | 5 | ||||||||||||
Home Equity | 59 | 1 | - | 103 | 1 | - | ||||||||||||||||||
Commercial | 6,158 | 26 | - | 5,700 | 19 | - | ||||||||||||||||||
Agricultural | 165 | 3 | - | - | - | - | ||||||||||||||||||
Construction | - | - | - | - | - | - | ||||||||||||||||||
Consumer | - | - | - | - | - | - | ||||||||||||||||||
Other commercial loans | 5,933 | 68 | 2 | 2,629 | 24 | 2 | ||||||||||||||||||
Other agricultural loans | 104 | 2 | - | - | - | - | ||||||||||||||||||
State and political | ||||||||||||||||||||||||
subdivision loans | - | - | - | - | - | - | ||||||||||||||||||
Total | $ | 12,879 | $ | 105 | $ | 2 | $ | 8,691 | $ | 46 | $ | 7 |
· | Pass (Grades 1-5) – These loans are to customers with credit quality ranging from an acceptable to very high quality and are protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. |
· | Special Mention (Grade 6) – This loan grade is in accordance with regulatory guidance and includes loans where a potential weakness or risk exists, which could cause a more serious problem if not corrected. |
· | Substandard (Grade 7) – This loan grade is in accordance with regulatory guidance and includes loans that have a well-defined weakness based on objective evidence and be characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. |
· | Doubtful (Grade 8) – This loan grade is in accordance with regulatory guidance and includes loans that have all the weaknesses inherent in a substandard asset. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable, based on existing circumstances. |
· | Loss (Grade 9) – This loan grade is in accordance with regulatory guidance and includes loans that are considered uncollectible, or of such value that continuance as an asset is not warranted. |
June 30, 2016 | Pass | Special Mention | Substandard | Doubtful | Loss | Ending Balance | ||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Commercial | $ | 228,452 | $ | 3,619 | $ | 14,796 | $ | 28 | $ | - | $ | 246,895 | ||||||||||||
Agricultural | 53,701 | 5,951 | 2,740 | - | - | 62,392 | ||||||||||||||||||
Construction | 10,481 | - | - | - | - | 10,481 | ||||||||||||||||||
Other commercial loans | 48,344 | 2,148 | 5,061 | 133 | - | 55,686 | ||||||||||||||||||
Other agricultural loans | 14,454 | 2,320 | 1,629 | - | - | 18,403 | ||||||||||||||||||
State and political | ||||||||||||||||||||||||
subdivision loans | 91,639 | 8,200 | - | - | - | 99,839 | ||||||||||||||||||
Total | $ | 447,071 | $ | 22,238 | $ | 24,226 | $ | 161 | $ | - | $ | 493,696 | ||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Commercial | $ | 217,544 | $ | 4,150 | $ | 15,816 | $ | 32 | $ | - | $ | 237,542 | ||||||||||||
Agricultural | 53,695 | 2,865 | 1,262 | - | - | 57,822 | ||||||||||||||||||
Construction | 14,422 | 589 | - | - | - | 15,011 | ||||||||||||||||||
Other commercial loans | 51,297 | 446 | 5,669 | 137 | - | 57,549 | ||||||||||||||||||
Other agricultural loans | 13,318 | 234 | 105 | - | - | 13,657 | ||||||||||||||||||
State and political | ||||||||||||||||||||||||
subdivision loans | 98,500 | - | - | - | - | 98,500 | ||||||||||||||||||
Total | $ | 448,776 | $ | 8,284 | $ | 22,852 | $ | 169 | $ | - | $ | 480,081 |
June 30, 2015 | Pass | Special Mention | Substandard | Doubtful | Loss | Ending Balance |
Real estate loans: | ||||||
Commercial | $ 177,073 | $ 4,390 | $ 12,220 | $ 44 | $ - | $ 193,727 |
Agricultural | 27,638 | 2,600 | 485 | - | - | 30,723 |
Construction | 8,025 | - | - | - | - | 8,025 |
Other commercial loans | 45,715 | 817 | 5,443 | 145 | - | 52,120 |
Other agricultural loans | 11,989 | 397 | - | - | - | 12,386 |
State and political | ||||||
subdivision loans | 84,730 | - | - | - | - | 84,730 |
Total | $ 355,170 | $ 8,204 | $ 18,148 | $ 189 | $ - | $ 381,711 |
December 31, 2014 | ||||||
Real estate loans: | ||||||
Commercial | $ 169,383 | $ 8,948 | $ 12,614 | $ - | $ - | $ 190,945 |
Agricultural | 19,575 | 3,394 | 1,670 | - | - | 24,639 |
Construction | 6,353 | - | - | - | - | 6,353 |
Other commercial loans | 40,683 | 4,413 | 2,355 | - | - | 47,451 |
Other agricultural loans | 9,221 | 727 | 1,117 | - | - | 11,065 |
State and political | ||||||
subdivision loans | 79,717 | - | - | - | - | 79,717 |
Total | $ 324,932 | $ 17,482 | $ 17,756 | $ - | $ - | $ 360,170 |
June 30, 2016 | Performing | Non-performing | PCI | Total | ||||||||||||
Real estate loans: | ||||||||||||||||
Mortgages | $ | 142,633 | $ | 1,474 | $ | 34 | $ | 144,141 | ||||||||
Home Equity | 59,709 | 130 | - | 59,839 | ||||||||||||
Consumer | 11,385 | 48 | 6 | 11,439 | ||||||||||||
Total | $ | 213,727 | $ | 1,652 | $ | 40 | $ | 215,419 |
June 30, 2015 | Performing | Non-performing | Total | ||||||||||||||||
December 31, 2015 | Performing | Non-performing | PCI | Total | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Mortgages | $ 119,649 | $ 1,160 | $ 120,809 | $ | 139,734 | $ | 1,270 | $ | 35 | $ | 141,039 | ||||||||
Home Equity | 60,608 | 149 | 60,757 | 62,236 | 132 | - | $ | 62,368 | |||||||||||
Consumer | 8,320 | 54 | 8,374 | 11,470 | 64 | 9 | $ | 11,543 | |||||||||||
Total | $ 188,577 | $ 1,363 | $ 189,940 | $ | 213,440 | $ | 1,466 | $ | 44 | $ | 214,950 | ||||||||
December 31, 2014 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||
Mortgages | $ 121,968 | $ 890 | $ 122,858 | ||||||||||||||||
Home Equity | 62,296 | 284 | 62,580 | ||||||||||||||||
Consumer | 8,444 | 53 | 8,497 | ||||||||||||||||
Total | $ 192,708 | $ 1,227 | $ 193,935 |
90 Days or | Total | 90 Days or | ||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total Past | Total Financing | Greater and | 30-59 Days | 60-89 Days | 90 Days | Total Past | Financing | Greater and | |||||||||||||||||||||||||||||
June 30, 2015 | Past Due | Or Greater | Due | Current | Receivables | Accruing | ||||||||||||||||||||||||||||||||||
June 30, 2016 | Past Due | Past Due | Or Greater | Due | Current | PCI | Receivables | Accruing | ||||||||||||||||||||||||||||||||
Real estate loans: | Real estate loans: | |||||||||||||||||||||||||||||||||||||||
Mortgages | Mortgages | $ 502 | $ 154 | $ 866 | $ 1,522 | $ 119,287 | $ 120,809 | $ 380 | $ | 1,564 | $ | 25 | $ | 704 | $ | 2,293 | $ | 141,814 | $ | 34 | $ | 144,141 | $ | 195 | ||||||||||||||||
Home Equity | Home Equity | 395 | 84 | 136 | 615 | 60,142 | 60,757 | 80 | 478 | 74 | 77 | 629 | 59,210 | - | 59,839 | 24 | ||||||||||||||||||||||||
Commercial | Commercial | 114 | 524 | 4,034 | 4,672 | 189,055 | 193,727 | 104 | 1,257 | 958 | 4,147 | 6,362 | 238,517 | 2,016 | 246,895 | 461 | ||||||||||||||||||||||||
Agricultural | Agricultural | 39 | 170 | - | 209 | 30,514 | 30,723 | - | 166 | 58 | 165 | 389 | 61,266 | 737 | 62,392 | 165 | ||||||||||||||||||||||||
Construction | Construction | - | - | 8,025 | 8,025 | - | - | - | - | - | 10,481 | - | 10,481 | - | ||||||||||||||||||||||||||
Consumer | Consumer | 38 | 30 | 12 | 80 | 8,294 | 8,374 | 1 | 210 | 39 | 48 | 297 | 11,136 | 6 | 11,439 | 9 | ||||||||||||||||||||||||
Other commercial loans | Other commercial loans | 526 | �� 56 | 919 | 1,501 | 50,619 | 52,120 | 261 | 15 | 3,062 | 1,012 | 4,089 | 50,721 | 876 | 55,686 | 146 | ||||||||||||||||||||||||
Other agricultural loans | Other agricultural loans | - | 97 | - | 97 | 12,289 | 12,386 | - | 66 | 91 | 104 | 261 | 18,142 | - | 18,403 | 104 | ||||||||||||||||||||||||
State and political subdivision loans | - | - | 84,730 | 84,730 | - | |||||||||||||||||||||||||||||||||||
State and political | ||||||||||||||||||||||||||||||||||||||||
subdivision loans | - | - | - | - | 99,839 | - | 99,839 | - | ||||||||||||||||||||||||||||||||
Total | $ | 3,756 | $ | 4,307 | $ | 6,257 | $ | 14,320 | $ | 691,126 | $ | 3,669 | $ | 709,115 | $ | 1,104 | ||||||||||||||||||||||||
Total | $ 1,614 | $ 1,115 | $ 5,967 | $ 8,696 | $ 562,955 | $ 571,651 | $ 826 | |||||||||||||||||||||||||||||||||
Loans considered non-accrual | Loans considered non-accrual | $ 524 | $ 496 | $ 5,141 | $ 6,161 | $ 406 | $ 6,567 | $ | 373 | $ | 3,759 | $ | 5,153 | $ | 9,285 | $ | 921 | $ | - | $ | 10,206 | |||||||||||||||||||
Loans still accruing | Loans still accruing | 1,090 | 619 | 826 | 2,535 | 562,549 | 565,084 | 3,383 | 548 | 1,104 | 5,035 | 690,205 | 3,669 | 698,909 | ||||||||||||||||||||||||||
Total | $ | 3,756 | $ | 4,307 | $ | 6,257 | $ | 14,320 | $ | 691,126 | $ | 3,669 | $ | 709,115 | ||||||||||||||||||||||||||
Total | $ 1,614 | $ 1,115 | $ 5,967 | $ 8,696 | $ 562,955 | $ 571,651 | ||||||||||||||||||||||||||||||||||
Total | 90 Days or | |||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Total Past | Financing | Greater and | |||||||||||||||||||||||||||||||||||
December 31, 2015 | Past Due | Past Due | Or Greater | Due | Current | PCI | Receivables | Accruing | ||||||||||||||||||||||||||||||||
Real estate loans: | Real estate loans: | |||||||||||||||||||||||||||||||||||||||
Mortgages | Mortgages | $ 318 | $ 230 | $ 675 | $ 1,223 | $ 121,635 | $ 122,858 | $ 214 | $ | 487 | $ | 283 | $ | 687 | $ | 1,457 | $ | 139,547 | $ | 35 | $ | 141,039 | $ | 321 | ||||||||||||||||
Home Equity | Home Equity | 442 | 99 | 260 | 801 | 61,779 | 62,580 | 132 | 630 | 15 | 121 | 766 | 61,602 | - | 62,368 | 73 | ||||||||||||||||||||||||
Commercial | Commercial | 97 | 231 | 1,432 | 1,760 | 189,185 | 190,945 | 310 | 824 | 57 | 4,139 | 5,020 | 230,352 | 2,170 | 237,542 | 60 | ||||||||||||||||||||||||
Agricultural | Agricultural | - | - | 24,639 | 24,639 | - | 177 | 167 | - | 344 | 56,740 | 738 | 57,822 | - | ||||||||||||||||||||||||||
Construction | Construction | - | - | 6,353 | 6,353 | - | - | - | - | - | 15,011 | - | 15,011 | - | ||||||||||||||||||||||||||
Consumer | Consumer | 119 | 4 | 7 | 130 | 8,367 | 8,497 | 6 | 239 | 37 | 49 | 325 | 11,209 | 9 | 11,543 | 9 | ||||||||||||||||||||||||
Other commercial loans | Other commercial loans | 503 | 258 | 476 | 1,237 | 46,214 | 47,451 | 174 | 143 | 214 | 1,010 | 1,367 | 55,316 | 866 | 57,549 | 160 | ||||||||||||||||||||||||
Other agricultural loans | Other agricultural loans | - | - | 11,065 | 11,065 | - | 9 | - | - | 9 | 13,648 | - | 13,657 | - | ||||||||||||||||||||||||||
State and political subdivision loans | - | - | 79,717 | 79,717 | - | |||||||||||||||||||||||||||||||||||
State and political | ||||||||||||||||||||||||||||||||||||||||
subdivision loans | - | - | - | - | 98,500 | - | 98,500 | - | ||||||||||||||||||||||||||||||||
Total | $ | 2,509 | $ | 773 | $ | 6,006 | $ | 9,288 | $ | 681,925 | $ | 3,818 | $ | 695,031 | $ | 623 | ||||||||||||||||||||||||
Total | $ 1,479 | $ 822 | $ 2,850 | $ 5,151 | $ 548,954 | $ 554,105 | $ 836 | |||||||||||||||||||||||||||||||||
Loans considered non-accrual | Loans considered non-accrual | $ 48 | $ 181 | $ 2,014 | $ 2,243 | $ 4,356 | $ 6,599 | $ | 54 | $ | 171 | $ | 5,383 | $ | 5,608 | $ | 923 | $ | - | $ | 6,531 | |||||||||||||||||||
Loans still accruing | Loans still accruing | 1,431 | 641 | 836 | 2,908 | 544,598 | 547,506 | 2,455 | 602 | 623 | 3,680 | 681,002 | 3,818 | 688,500 | ||||||||||||||||||||||||||
Total | $ 1,479 | $ 822 | $ 2,850 | $ 5,151 | $ 548,954 | $ 554,105 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,509 | $ | 773 | $ | 6,006 | $ | 9,288 | $ | 681,925 | $ | 3,818 | $ | 695,031 |
June 30, 2015 | December 31, 2014 | June 30, 2016 | December 31, 2015 | |||||||||
Real estate loans: | Real estate loans: | |||||||||||
Mortgages | Mortgages | $ 780 | $ 676 | $ | 1,279 | $ | 949 | |||||
Home Equity | Home Equity | 69 | 152 | 106 | 59 | |||||||
Commercial | Commercial | 4,547 | 5,010 | 4,711 | 4,422 | |||||||
Agricultural | Agricultural | - | - | 29 | 34 | |||||||
Construction | - | - | ||||||||||
Consumer | Consumer | 53 | 47 | 39 | 55 | |||||||
Other commercial loans | Other commercial loans | 1,118 | 714 | 4,042 | 1,012 | |||||||
Other agricultural loans | - | - | ||||||||||
State and political subdivision loans | - | - | ||||||||||
$ 6,567 | $ 6,599 | $ | 10,206 | $ | 6,531 |
For the Three Months Ended June 30, 2016 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Commercial | - | 3 | $ | - | $ | 438 | $ | - | $ | 438 | ||||||||||||||
Total | - | 3 | $ | - | $ | 438 | $ | - | $ | 438 |
For the Six Months Ended June 30, 2016 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Commercial | - | 3 | $ | - | $ | 438 | $ | - | $ | 438 | ||||||||||||||
Total | - | 3 | $ | - | $ | 438 | $ | - | $ | 438 |
For the Three Months Ended June 30, 2015 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Mortgages | - | 1 | $ | - | $ | 19 | $ | - | $ | 19 | ||||||||||||||
Total | - | 1 | $ | - | $ | 19 | $ | - | $ | 19 |
For the Three Months Ended June 30, 2015 | For the Six Months Ended June 30, 2015 | |||||||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||
Mortgages | - | 1 | $ - | $ 19 | $ - | $ 19 | 1 | 1 | $ | 71 | $ | 19 | $ | 71 | $ | 19 | ||||||||||||||
Total | - | 1 | $ - | $ 19 | $ - | $ 19 | 1 | 1 | $ | 71 | $ | 19 | $ | 71 | $ | 19 |
For the Six Months Ended June 30, 2015 | ||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |
Real estate loans: | ||||||
Mortgages | 1 | 1 | $ 71 | $ 19 | $ 71 | $ 19 |
Total | 1 | 1 | $ 71 | $ 19 | $ 71 | $ 19 |
For the Three Months Ended June 30, 2014 | ||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |
Real estate loans: | ||||||
Commercial | - | 1 | $ - | $ 28 | $ - | $ 28 |
Total | - | 1 | $ - | $ 28 | $ - | $ 28 |
For the Six Months Ended June 30, 2014 | ||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |
Real estate loans: | ||||||
Commercial | - | 2 | $ - | $ 153 | $ - | $ 153 |
Total | - | 2 | $ - | $ 153 | $ - | $ 153 |
For the Three Months Ended | For the Six Months Ended | |||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |||||
Number of contracts | Recorded investment | Number of contracts | Recorded investment | Number of contracts | Recorded investment | Number of contracts | Recorded investment | |
Real estate loans: | ||||||||
Commercial | - | $ - | - | $ - | - | $ - | 1 | $ 483 |
Total recidivism | - | $ - | - | $ - | - | $ - | 1 | $ 483 |
June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Residential | $ | 46 | $ | 944 | $ | 990 | $ | 37 | $ | 868 | $ | 905 | ||||||||||||
Commercial and agricultural | 126 | 3,793 | 3,919 | 62 | 3,723 | 3,785 | ||||||||||||||||||
Construction | - | 18 | 18 | - | 24 | 24 | ||||||||||||||||||
Consumer | - | 104 | 104 | - | 102 | 102 | ||||||||||||||||||
Other commercial and agricultural loans | 415 | 1,149 | 1,564 | 256 | 1,049 | 1,305 | ||||||||||||||||||
State and political | ||||||||||||||||||||||||
subdivision loans | - | 764 | 764 | - | 593 | 593 | ||||||||||||||||||
Unallocated | - | - | - | - | 392 | 392 | ||||||||||||||||||
Total | $ | 587 | $ | 6,772 | $ | 7,359 | $ | 355 | $ | 6,751 | $ | 7,106 |
June 30, 2015 | December 31, 2014 | ||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | ||
Real estate loans: | |||||||
Residential | $ 41 | $ 890 | $ 931 | $ 25 | $ 853 | $ 878 | |
Commercial and agricultural | 48 | 3,631 | 3,679 | 72 | 3,798 | 3,870 | |
Construction | - | 14 | 14 | - | 26 | 26 | |
Consumer | - | 89 | 89 | - | 84 | 84 | |
Other commercial and agricultural loans | 185 | 1,317 | 1,502 | 1 | 1,223 | 1,224 | |
State and political subdivision loans | - | 568 | 568 | - | 545 | 545 | |
Unallocated | - | 176 | 176 | - | 188 | 188 | |
Total | $ 274 | $ 6,685 | $ 6,959 | $ 98 | $ 6,717 | $ 6,815 |
Balance at March 31, 2016 | Charge-offs | Recoveries | Provision | Balance at June 30, 2016 | ||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential | $ | 966 | $ | (43 | ) | $ | - | $ | 67 | $ | 990 | |||||||||
Commercial and agricultural | 3,938 | - | 4 | (23 | ) | 3,919 | ||||||||||||||
Construction | 14 | - | - | 4 | 18 | |||||||||||||||
Consumer | 96 | (23 | ) | 29 | 2 | 104 | ||||||||||||||
Other commercial and agricultural loans | 1,347 | (18 | ) | - | 235 | 1,564 | ||||||||||||||
State and political | - | |||||||||||||||||||
subdivision loans | 666 | - | - | 98 | 764 | |||||||||||||||
Unallocated | 248 | - | - | (248 | ) | - | ||||||||||||||
Total | $ | 7,275 | $ | (84 | ) | $ | 33 | $ | 135 | $ | 7,359 | |||||||||
Balance at December 31, 2015 | Charge-offs | Recoveries | Provision | Balance at June 30, 2016 | ||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential | $ | 905 | $ | (43 | ) | $ | - | $ | 128 | $ | 990 | |||||||||
Commercial and agricultural | 3,785 | - | 8 | 126 | 3,919 | |||||||||||||||
Construction | 24 | - | - | (6 | ) | 18 | ||||||||||||||
Consumer | 102 | (38 | ) | 68 | (28 | ) | 104 | |||||||||||||
Other commercial and agricultural loans | 1,305 | (18 | ) | 6 | 271 | 1,564 | ||||||||||||||
State and political | - | |||||||||||||||||||
subdivision loans | 593 | - | - | 171 | 764 | |||||||||||||||
Unallocated | 392 | - | - | (392 | ) | - | ||||||||||||||
Total | $ | 7,106 | $ | (99 | ) | $ | 82 | $ | 270 | $ | 7,359 | |||||||||
Balance at March 31, 2015 | Charge-offs | Recoveries | Provision | Balance at June 30, 2015 | Balance at March 31, 2015 | Charge-offs | Recoveries | Provision | Balance at June 30, 2015 | ||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential | $ 923 | $ (17) | $ - | $ 25 | $ 931 | $ | 923 | $ | (17 | ) | $ | - | $ | 25 | $ | 931 | |||||||||
Commercial and agricultural | 3,699 | (56) | 3 | 33 | 3,679 | 3,699 | (56 | ) | 3 | 33 | 3,679 | ||||||||||||||
Construction | 11 | - | 3 | 14 | 11 | - | - | 3 | 14 | ||||||||||||||||
Consumer | 82 | (17) | 4 | 20 | 89 | 82 | (17 | ) | 4 | 20 | 89 | ||||||||||||||
Other commercial and agricultural loans | 1,286 | - | 216 | 1,502 | 1,286 | - | - | 216 | 1,502 | ||||||||||||||||
State and political subdivision loans | 572 | - | (4) | 568 | |||||||||||||||||||||
State and political | - | ||||||||||||||||||||||||
subdivision loans | 572 | - | - | (4 | ) | 568 | |||||||||||||||||||
Unallocated | 349 | - | (173) | 176 | 349 | - | - | (173 | ) | 176 | |||||||||||||||
Total | $ 6,922 | $ (90) | $ 7 | $ 120 | $ 6,959 | $ | 6,922 | $ | (90 | ) | $ | 7 | $ | 120 | $ | 6,959 | |||||||||
Balance at December 31, 2014 | Charge-offs | Recoveries | Provision | Balance at June 30, 2015 | Balance at December 31, 2014 | Charge-offs | Recoveries | Provision | Balance at June 30, 2015 | ||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||
Residential | $ 878 | $ (34) | $ - | $ 87 | $ 931 | $ | 878 | $ | (34 | ) | $ | - | $ | 87 | $ | 931 | |||||||||
Commercial and agricultural | 3,870 | (56) | 7 | (142) | 3,679 | 3,870 | (56 | ) | 7 | (142 | ) | 3,679 | |||||||||||||
Construction | 26 | - | (12) | 14 | 26 | - | - | (12 | ) | 14 | |||||||||||||||
Consumer | 84 | (24) | 12 | 17 | 89 | 84 | (24 | ) | 12 | 17 | 89 | ||||||||||||||
Other commercial and agricultural loans | 1,224 | (1) | - | 279 | 1,502 | 1,224 | (1 | ) | - | 279 | 1,502 | ||||||||||||||
State and political subdivision loans | 545 | - | 23 | 568 | |||||||||||||||||||||
State and political | - | ||||||||||||||||||||||||
subdivision loans | 545 | - | - | 23 | 568 | ||||||||||||||||||||
Unallocated | 188 | - | (12) | 176 | 188 | - | - | (12 | ) | 176 | |||||||||||||||
Total | $ 6,815 | $ (115) | $ 19 | $ 240 | $ 6,959 | $ | 6,815 | $ | (115 | ) | $ | 19 | $ | 240 | $ | 6,959 |
Balance at March 31, 2014 | Charge-offs | Recoveries | Provision | Balance at June 30, 2014 | |
Real estate loans: | |||||
Residential | $ 886 | $ (7) | $ - | $ - | $ 879 |
Commercial and agricultural | 4,530 | (465) | 3 | (259) | 3,809 |
Construction | 8 | - | - | 5 | 13 |
Consumer | 83 | (6) | 6 | 3 | 86 |
Commercial and other loans | 1,173 | (163) | - | 141 | 1,151 |
State and political subdivision loans | 396 | - | - | 59 | 455 |
Unallocated | 157 | - | - | 201 | 358 |
Total | $ 7,233 | $ (641) | $ 9 | $ 150 | $ 6,751 |
Balance at December 31, 2013 | Charge-offs | Recoveries | Provision | Balance at June 30, 2014 | |
Real estate loans: | |||||
Residential | $ 946 | $ (45) | $ - | $ (22) | $ 879 |
Commercial and agricultural | 4,558 | (475) | 5 | (279) | 3,809 |
Construction | 50 | - | - | (37) | 13 |
Consumer | 105 | (14) | 15 | (20) | 86 |
Commercial and other loans | 942 | (163) | - | 372 | 1,151 |
State and political subdivision loans | 330 | - | - | 125 | 455 |
Unallocated | 167 | - | - | 191 | 358 |
Total | $ 7,098 | $ (697) | $ 20 | $ 330 | $ 6,751 |
· | Level of and trends in delinquencies and impaired/classified loans |
§ | Change in volume and severity of past due loans |
§ | Volume of non-accrual loans |
§ | Volume and severity of classified, adversely or graded loans; |
· | Level of and trends in charge-offs and recoveries; |
· | Trends in volume, terms and nature of the loan portfolio; |
· | Effects of any changes in risk selection and underwriting standards and any other changes in lending and recovery policies, procedures and practices; |
· | Changes in the quality of the |
· | Experience, ability and depth of lending management and other relevant staff; |
· | National, state, regional and local economic trends and business conditions |
§ | General economic conditions |
§ | Unemployment rates |
§ | Inflation rate/ Consumer Price Index |
§ | Changes in values of underlying collateral for collateral-dependent loans; |
· | Industry conditions including the effects of external factors such as competition, legal, and regulatory requirements on the level of estimated credit losses; |
· | Existence and effect of any credit concentrations, and changes in the level of such concentrations; and |
· | Any change in the level of board oversight. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans were increased for residential, consumer and agricultural related loans due to an increase in past due, non-accrual and classified loans. |
· | The qualitative factor for industry conditions, including the effects of external factors such as competition, legal, and regulatory requirements on the level of estimated credit losses was increased for agricultural related loans due to the decrease in the price received for product sold and the increase in feed costs that has occurred in 2016, which negatively affected customer earnings. |
· | The qualitative factor for national, state, regional and local economic trends and business conditions was increased for all loan categories due to an increase in the unemployment rates in the local economy during the first six months of 2016. |
· | The qualitative factor for national, state, regional and local economic trends and business conditions was increased for all loan categories due to an increase in the unemployment rates in the local economy during the quarter. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans were increased for agricultural related loans due to an increase in past due, non-accrual and classified loans. |
· | The qualitative factor for national, state, regional and local economic trends and business conditions was increased for all loan categories due to an increase in the unemployment rates in the local economy during the first six months of 2015. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans were decreased for commercial and agricultural real estate due to the decrease in the amount of loans classified as substandard. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans were increased for other commercial and agricultural loans due to an increase in the amount of loans classified as substandard. |
· | The qualitative factor for levels of and trends in charge-offs and recoveries was decreased for commercial and agricultural real estate and other commercial and agricultural loans due to the decrease in charge-offs compared to the prior year as charge-offs returned to historical levels for the Bank. |
· | The qualitative factor for experience, ability and depth of lending management and other relevant staff was decreased for commercial real estate, agricultural real estate, other commercial and other agricultural loans due to the length of time employees involved throughout the loan process have been in their positions. |
· | The qualitative factor for industry conditions, including the effects of external factors such as competition, legal, and regulatory requirements on the level of estimated credit losses was increased for commercial and agricultural related loans due to the decrease in the price received for product sold and the increase in feed costs that has occurred in 2015, which negatively affected customer earnings. |
· | The qualitative factor for levels of and trends in charge-offs and recoveries was increased for residential real estate loans due to the increase in charge-offs compared to historical norms for the Company. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans was increased for residential mortgages due to increases in the amount of delinquent loans. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans were decreased for commercial and agricultural real estate due to the decrease in the amount of loans classified as substandard. |
· | The qualitative factors for changes in levels of and trends in delinquencies, impaired/classified loans were increased for other commercial and agricultural loans due to an increase in the amount of loans classified as substandard. |
· | The qualitative factor for levels of and trends in charge-offs and recoveries was decreased for commercial and agricultural real estate and other commercial and agricultural loans due to the decrease in charge-offs compared to the prior year as charge-offs returned to historical levels for the Bank. |
· | The qualitative factor for experience, ability and depth of lending management and other relevant staff was decreased for all commercial real estate, agricultural real estate, other commercial and other agricultural loans due to the length of time employees involved throughout the loan process have been in their positions. |
June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | |||||||||||||||||||
Amortized intangible assets (1): | ||||||||||||||||||||||||
MSRs | $ | 1,336 | $ | (728 | ) | $ | 608 | $ | 1,336 | $ | (638 | ) | $ | 698 | ||||||||||
Core deposit intangibles | 1,641 | (173 | ) | 1,468 | �� | 1,641 | (25 | ) | 1,616 | |||||||||||||||
Covenant not to compete | 125 | (18 | ) | 107 | 125 | (2 | ) | 123 | ||||||||||||||||
Total amortized intangible assets | $ | 3,102 | $ | (919 | ) | $ | 2,183 | $ | 3,102 | $ | (665 | ) | $ | 2,437 | ||||||||||
Unamortized intangible assets: | ||||||||||||||||||||||||
Goodwill | $ | 21,089 | $ | 21,089 | ||||||||||||||||||||
(1) Excludes fully amortized intangible assets |
MSRs | Core deposit intangibles | Covenant not to compete | Total | |||||||||||||
Six months ended June 30, 2016 (actual) | $ | 90 | $ | 148 | $ | 16 | $ | 254 | ||||||||
Three months ended June 30, 2016 (actual) | $ | 44 | $ | 74 | $ | 8 | $ | 126 | ||||||||
Estimate for year ended December 31, | ||||||||||||||||
Remaining 2016 | 83 | 148 | 15 | 246 | ||||||||||||
2017 | 142 | 266 | 31 | 439 | ||||||||||||
2018 | 113 | 236 | 31 | 380 | ||||||||||||
2019 | 88 | 206 | 30 | 324 | ||||||||||||
2020 | 66 | 177 | - | 243 |
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight and | Up to | Greater than | ||||||||||||||||||
June 30, 2016 | Continuous | 30 Days | 30 - 90 Days | 90 days | Total | |||||||||||||||
Repurchase Agreements: | ||||||||||||||||||||
U.S. agency securities | $ | 18,024 | $ | - | $ | - | $ | 2,129 | $ | 20,153 | ||||||||||
Total carrying value of collateral pledged | $ | 18,024 | $ | - | $ | - | $ | 2,129 | $ | 20,153 | ||||||||||
Total liability recognized for repurchase agreements | $ | 14,761 | ||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight and | Up to | Greater than | ||||||||||||||||||
December 31, 2015 | Continuous | 30 Days | 30 - 90 Days | 90 days | Total | |||||||||||||||
Repurchase Agreements: | ||||||||||||||||||||
U.S. agency securities | $ | 18,144 | $ | - | $ | - | $ | 2,049 | $ | 20,193 | ||||||||||
Total carrying value of collateral pledged | $ | 18,144 | $ | - | $ | - | $ | 2,049 | $ | 20,193 | ||||||||||
Total liability recognized for repurchase agreements | $ | 16,008 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Service cost | $ | 89 | $ | 78 | $ | 179 | $ | 132 | ||||||||
Interest cost | 173 | 90 | 345 | 153 | ||||||||||||
Expected return on plan assets | (260 | ) | (172 | ) | (520 | ) | (290 | ) | ||||||||
Net amortization and deferral | 60 | 45 | 121 | 76 | ||||||||||||
Net periodic benefit cost | $ | 62 | $ | 41 | $ | 125 | $ | 71 |
Three Months Ended | Six Months Ended | |||
June 30, | June 30, | |||
2015 | 2014 | 2015 | 2014 | |
Service cost | $ 78 | $ 63 | $ 132 | $ 153 |
Interest cost | 90 | 111 | 153 | 207 |
Expected return on plan assets | (172) | (215) | (290) | (393) |
Net amortization and deferral | 45 | (43) | 76 | 25 |
Net periodic cost (benefit) | $ 41 | $ (84) | $ 71 | $ (8) |
Three months | Six months | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Unvested | Average | Unvested | Average | |||||||||||||
Shares | Market Price | Shares | Market Price | |||||||||||||
Outstanding, beginning of period | 8,111 | $ | 49.96 | 8,269 | $ | 49.98 | ||||||||||
Granted | 3,650 | 47.81 | 3,650 | 47.81 | ||||||||||||
Forfeited | - | - | - | - | ||||||||||||
Vested | (3,158 | ) | 50.41 | (3,316 | ) | (50.45 | ) | |||||||||
Outstanding, end of period | 8,603 | $ | 48.88 | 8,603 | $ | 48.88 |
Three months ended June 30, | Six months ended June 30, | |||||||
2015 | 2014 | 2015 | 2014 | |||||
Weighted | Weighted | Weighted | Weighted | |||||
Unvested | Average | Unvested | Average | Unvested | Average | Unvested | Average | |
Shares | Market Price | Shares | Market Price | Shares | Market Price | Shares | Market Price | |
Outstanding, beginning of period | 6,998 | $ 48.61 | 6,240 | $ 43.55 | 6,971 | $ 48.55 | 7,172 | $ 42.02 |
Granted | 3,340 | 49.87 | 3,206 | 53.10 | 3,496 | 50.02 | 3,598 | 52.82 |
Forfeited | - | - | - | - | - | - | - | - |
Vested | (3,320) | 45.62 | (2,259) | 42.06 | (3,449) | 45.80 | (3,583) | 40.30 |
Outstanding, end of period | 7,018 | $ 50.63 | 7,187 | $ 48.28 | 7,018 | $ 50.63 | 7,187 | $ 48.28 |
Three months ended June 30, 2016 | |||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Total | |||||||||||||
Balance as of March 31, 2016 | $ | 3,303 | $ | (2,400 | ) | $ | 903 | ||||||||
Other comprehensive income before reclassifications (net of tax) | 1,184 | - | 1,184 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income (loss) (net of tax) | (84 | ) | 39 | (45 | ) | ||||||||||
Net current period other comprehensive income | 1,100 | 39 | 1,139 | ||||||||||||
Balance as of June 30, 2016 | $ | 4,403 | $ | (2,361 | ) | $ | 2,042 | ||||||||
Six months ended June 30, 2016 | |||||||||||||||
Balance as of December 31, 2015 | $ | 2,204 | $ | (2,440 | ) | $ | (236 | ) | |||||||
Other comprehensive income before reclassifications (net of tax) | 2,301 | - | 2,301 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income (loss) (net of tax) | (102 | ) | 79 | (23 | ) | ||||||||||
Net current period other comprehensive income | 2,199 | 79 | 2,278 | ||||||||||||
Balance as of June 30, 2016 | $ | 4,403 | $ | (2,361 | ) | $ | 2,042 | ||||||||
Three months ended June 30, 2015 | |||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Total | Three months ended June 30, 2015 | ||||||||||||
Balance as of March 31, 2015 | $ 3,897 | $ (2,294) | $ 1,603 | $ | 3,897 | $ | (2,294 | ) | $ | 1,603 | |||||
Other comprehensive income (loss) before reclassifications (net of tax) | (1,351) | - | (1,351) | (1,351 | ) | - | (1,351 | ) | |||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income (net of tax) | (116) | 35 | (81) | ||||||||||||
comprehensive income (loss) (net of tax) | (116 | ) | 35 | (81 | ) | ||||||||||
Net current period other comprehensive income (loss) | (1,467) | 35 | (1,432) | (1,467 | ) | 35 | (1,432 | ) | |||||||
Balance as of June 30, 2015 | $ 2,430 | $ (2,259) | $ 171 | $ | 2,430 | $ | (2,259 | ) | $ | 171 | |||||
Six months ended June 30, 2015 | |||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Total | Six months ended June 30, 2015 | ||||||||||||
Balance as of December 31, 2014 | $ 3,093 | $ (2,326) | $ 767 | $ | 3,093 | $ | (2,326 | ) | $ | 767 | |||||
Other comprehensive income (loss) before reclassifications (net of tax) | (464) | - | (464) | (464 | ) | - | (464 | ) | |||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income (net of tax) | (199) | 67 | (132) | ||||||||||||
comprehensive income (loss) (net of tax) | (199 | ) | 67 | (132 | ) | ||||||||||
Net current period other comprehensive income (loss) | (663) | 67 | (596) | (663 | ) | 67 | (596 | ) | |||||||
Balance as of June 30, 2015 | $ 2,430 | $ (2,259) | $ 171 | $ | 2,430 | $ | (2,259 | ) | $ | 171 | |||||
Three months ended June 30, 2014 | |||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Total | |||||||||||||
Balance as of March 31, 2014 | $ 1,264 | $ (1,110) | $ 154 | ||||||||||||
Other comprehensive income (loss) before reclassifications (net of tax) | 986 | - | 986 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income (net of tax) | (49) | 9 | (40) | ||||||||||||
Net current period other comprehensive income (loss) | 937 | 9 | 946 | ||||||||||||
Balance as of June 30, 2014 | $ 2,201 | $ (1,101) | $ 1,100 | ||||||||||||
Six months ended June 30, 2014 | |||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Total | |||||||||||||
Balance as of December 31, 2013 | $ (108) | $ (1,117) | $ (1,225) | ||||||||||||
Other comprehensive income (loss) before reclassifications (net of tax) | 2,471 | - | 2,471 | ||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive income (net of tax) | (162) | 16 | (146) | ||||||||||||
Net current period other comprehensive income (loss) | 2,309 | 16 | 2,325 | ||||||||||||
Balance as of June 30, 2014 | $ 2,201 | $ (1,101) | $ 1,100 | ||||||||||||
(a) Amounts in parentheses indicate debits to the Consolidated Balance Sheet | (a) Amounts in parentheses indicate debits to the Consolidated Balance Sheet | (a) Amounts in parentheses indicate debits to the Consolidated Balance Sheet |
Details about accumulated other comprehensive income | Amount reclassified from accumulated comprehensive income (a) | Affected line item in the statement where net Income is presented | |||||||||||
Details about accumulated other comprehensive income (loss) | Amount reclassified from accumulated comprehensive income (loss) (a) | Affected line item in the statement where net Income is presented | |||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||
2015 | 2014 | 2016 | 2015 | ||||||||||
Unrealized gains and losses on available for sale securities | |||||||||||||
$ | 128 | $ | 175 | Investment securities gains, net | |||||||||
$ 175 | $ 75 | Investment securities gains, net | (44 | ) | (59 | ) | Provision for income taxes | ||||||
(59) | (26) | Provision for income taxes | $ | 84 | $ | 116 | Net of tax | ||||||
$ 116 | $ 49 | Net of tax | |||||||||||
Defined benefit pension items | |||||||||||||
$ (54) | $ (13) | Salaries and employee benefits | $ | (60 | ) | $ | (54 | ) | Salaries and employee benefits | ||||
19 | 4 | Provision for income taxes | 21 | 19 | Provision for income taxes | ||||||||
$ (35) | $ (9) | Net of tax | $ | (39 | ) | $ | (35 | ) | Net of tax | ||||
Total reclassifications | $ 81 | $ 40 | $ | 45 | $ | 81 | |||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2015 | 2014 | 2016 | 2015 | ||||||||||
Unrealized gains and losses on available for sale securities | |||||||||||||
$ 301 | $ 246 | Investment securities gains, net | $ | 155 | $ | 301 | Investment securities gains, net | ||||||
(102) | (84) | Provision for income taxes | (53 | ) | (102 | ) | Provision for income taxes | ||||||
$ 199 | $ 162 | Net of tax | $ | 102 | $ | 199 | Net of tax | ||||||
Defined benefit pension items | |||||||||||||
$ (102) | $ (25) | Salaries and employee benefits | $ | (121 | ) | $ | (102 | ) | Salaries and employee benefits | ||||
35 | 9 | Provision for income taxes | 42 | 35 | Provision for income taxes | ||||||||
$ (67) | $ (16) | Net of tax | $ | (79 | ) | $ | (67 | ) | Net of tax | ||||
Total reclassifications | $ 132 | $ 146 | $ | 23 | $ | 132 | |||||||
(a) Amounts in parentheses indicate expenses and other amounts indicate income on the Consolidated Statement of Income | (a) Amounts in parentheses indicate expenses and other amounts indicate income on the Consolidated Statement of Income | (a) Amounts in parentheses indicate expenses and other amounts indicate income on the Consolidated Statement of Income |
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. |
Level II: | Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. |
Level III: | Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using |
June 30, 2016 | Level I | Level II | Level III | Total | ||||||||||||
Fair value measurements on a recurring basis: | ||||||||||||||||
Assets | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Agency securities | $ | - | $ | 205,819 | $ | - | $ | 205,819 | ||||||||
U.S. Treasury securities | 5,053 | - | - | 5,053 | ||||||||||||
Obligations of state and | ||||||||||||||||
political subdivisions | - | 104,472 | - | 104,472 | ||||||||||||
Corporate obligations | - | 11,480 | - | 11,480 | ||||||||||||
Mortgage-backed securities in | ||||||||||||||||
government sponsored entities | - | 31,606 | - | 31,606 | ||||||||||||
Equity securities in financial institutions | 2,514 | - | - | 2,514 | ||||||||||||
December 31, 2015 | ||||||||||||||||
Fair value measurements on a recurring basis: | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Agency securities | $ | - | $ | 199,591 | $ | - | $ | 199,591 | ||||||||
U.S. Treasuries securities | 10,082 | - | - | 10,082 | ||||||||||||
Obligations of state and | ||||||||||||||||
political subdivisions | - | 102,863 | - | 102,863 | ||||||||||||
Corporate obligations | - | 14,565 | - | 14,565 | ||||||||||||
Mortgage-backed securities in | ||||||||||||||||
government sponsored entities | - | 30,204 | - | 30,204 | ||||||||||||
Equity securities in financial institutions | 2,432 | - | - | 2,432 |
June 30, 2015 | Level I | Level II | Level III | Total | |||||
Assets | |||||||||
Securities available for sale: | |||||||||
U.S. Agency securities | $ - | $ 167,580 | $ - | $ 167,580 | |||||
Obligations of state and | |||||||||
political subdivisions | - | 96,282 | - | 96,282 | |||||
Corporate obligations | - | 12,805 | - | 12,805 | |||||
Mortgage-backed securities in | |||||||||
government sponsored entities | - | 26,350 | - | 26,350 | |||||
Equity securities in financial | |||||||||
institutions | 1,775 | - | - | 1,775 |
December 31, 2014 | Level I | Level II | Level III | Total | |||||
Securities available for sale: | |||||||||
U.S. agency securities | $ - | $ 150,885 | $ - | $ 150,885 | |||||
U.S. treasuries securities | - | 4,849 | - | 4,849 | |||||
Obligations of state and | |||||||||
political subdivisions | - | 105,036 | - | 105,036 | |||||
Corporate obligations | - | 13,958 | - | 13,958 | |||||
Mortgage-backed securities in | |||||||||
government sponsored entities | - | 29,728 | - | 29,728 | |||||
Equity securities in financial | |||||||||
institutions | 1,690 | - | - | 1,690 |
June 30, 2016 | Level I | Level II | Level III | Total | ||||||||||||
Impaired Loans | $ | - | $ | - | $ | 989 | $ | 989 | ||||||||
Other real estate owned | - | - | 1,007 | 1,007 | ||||||||||||
December 31, 2015 | ||||||||||||||||
Impaired Loans | $ | - | $ | - | $ | 894 | $ | 894 | ||||||||
Other real estate owned | - | - | 1,197 | 1,197 |
June 30, 2015 | Level I | Level II | Level III | Total | |||||
Impaired Loans | $ - | $ - | $ 7,885 | $ 7,885 | |||||
Other real estate owned | - | - | 1,815 | 1,815 | |||||
December 31, 2014 | |||||||||
Impaired Loans | $ - | $ �� - | $ 8,724 | $ 8,724 | |||||
Other real estate owned | - | - | 1,792 | 1,792 |
· | Impaired Loans - The Company has measured impairment on impaired loans generally based on the fair value of the loan's collateral. Fair value is generally determined based upon independent third-party appraisals of the properties. In some cases, management may adjust the appraised value due to the age of the appraisal, changes in market conditions, or observable deterioration of the property since the appraisal was completed. Additionally, management makes estimates about expected costs to sell the property which are also included in the net realizable value. If the fair value of the collateral dependent loan is less than the carrying amount of the loan a specific reserve for the loan is made in the allowance for loan losses or a charge-off is taken to reduce the loan to the fair value of the collateral (less estimated selling costs) and the loan is included in the table above as a Level III measurement. If the fair value of the collateral exceeds the carrying amount of the loan, then the loan is not included in the table above as it is not current being carried at its fair value. The fair values above excluded estimated selling costs of $126,000 and $91,000 at June 30, 2016 and December 31, 2015, respectively. |
· | Other Real Estate owned – OREO is carried at the lower of cost or fair value, which is measured at the date foreclosure. If the fair value of the collateral exceeds the carrying amount of the loan, no charge-off or adjustment is necessary, the loan is not considered to be carried at fair value, and is therefore not included in the table above. If the fair value of the collateral is less than the carrying amount of the loan, management will charge the loan down to its estimated realizable value. The fair value of OREO is based on the appraised value of the property, which is generally unadjusted by management and is based on comparable sales for similar properties in the same geographic region as the subject property, and is included in the above table as a Level II measurement. In some cases, management may adjust the appraised value due to the age of the appraisal, changes in market conditions, or observable deterioration of the property since the appraisal was completed. In these cases, the loans are categorized in the above table as Level III measurement since these adjustments are considered to be unobservable inputs. Income and expenses from operations and further declines in the fair value of the collateral subsequent to foreclosure are included in net expenses from OREO. |
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||
June 30, 2016 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average | |||||||||
Impaired Loans | $ | 989 | Appraised Collateral Values | Discount to appraised value | 0-75 | % | 36.64 | % | ||||||
Selling costs | 5%-10 | % | 8.18 | % | ||||||||||
Holding period | 0 - 12 months | 10 months | ||||||||||||
Other real estate owned | 1,007 | Appraised Collateral Values | Discount to appraised value | 0-37 | % | 24.70 | % | |||||||
December 31, 2015 | Fair Value | Valuation Technique(s) | Unobservable input | Range | ||||||||||
Impaired Loans | 894 | Appraised Collateral Values | Discount to appraised value | 0-70 | % | 46.50 | % | |||||||
Selling costs | 4%-10 | % | 7.75 | % | ||||||||||
Holding period | 0 - 12 months | 10 months | ||||||||||||
Other real estate owned | 1,197 | Appraised Collateral Values | Discount to appraised value | 0-75 | % | 25 | % |
Quantitative Information about Level 3 Fair Value Measurements | ||||||
June 30, 2015 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average | |
Impaired Loans | $ 206 | Discounted Cash Flows | Change in interest rates | 0-5.5% | 3.21% | |
7,679 | Appraised Collateral Values | Discount for time since appraisal | 0-30% | 17.09% | ||
Selling costs | 5%-10% | 9.28% | ||||
Holding period | 0 - 18 months | 12 months | ||||
Other real estate owned | 1,815 | Appraised Collateral Values | Discount for time since appraisal | 0-20% | 20% | |
Selling costs | 4%-10% | 9% | ||||
Holding period | 0 - 18 months | 12 | ||||
December 31, 2014 | Fair Value | Valuation Technique(s) | Unobservable input | Range | ||
Impaired Loans | $ 230 | Discounted Cash Flows | Change in interest rates | 0-5.5% | 1.99% | |
8,494 | Appraised Collateral Values | Discount for time since appraisal | 0-30% | 22.00% | ||
Selling costs | 4%-10% | 8.55% | ||||
Holding period | 0 - 18 months | 15 months | ||||
Other real estate owned | 1,792 | Appraised Collateral Values | Discount for time since appraisal | 0-20% | 20% | |
Selling costs | 4%-10% | 9% | ||||
Holding period | 0 - 18 months | 12 |
Carrying | ||||||||||||||||||||
June 30, 2016 | Amount | Fair Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 26,822 | $ | 26,822 | $ | 26,822 | $ | - | $ | - | ||||||||||
Interest bearing time deposits with other banks | 6,954 | 6,961 | - | - | 6,961 | |||||||||||||||
Available-for-sale securities | 360,944 | 360,944 | 7,567 | 353,377 | ||||||||||||||||
Loans held for sale | 1,304 | 1,304 | 1,304 | |||||||||||||||||
Net loans | 701,756 | 726,584 | - | - | 726,584 | |||||||||||||||
Bank owned life insurance | 25,877 | 25,877 | 25,877 | - | - | |||||||||||||||
Regulatory stock | 3,407 | 3,407 | 3,407 | - | - | |||||||||||||||
Accrued interest receivable | 4,176 | 4,176 | 4,176 | - | - | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 1,003,482 | $ | 1,005,158 | $ | 734,593 | $ | - | $ | 270,565 | ||||||||||
Borrowed funds | 38,786 | 37,240 | - | - | 37,240 | |||||||||||||||
Accrued interest payable | 644 | 644 | 644 | - | - | |||||||||||||||
Carrying | ||||||||||||||||||||
December 31, 2015 | Amount | Fair Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and due from banks | $ | 24,384 | $ | 24,384 | $ | 24,384 | $ | - | $ | - | ||||||||||
Interest bearing time deposits with other banks | 7,696 | 7,705 | - | - | 7,705 | |||||||||||||||
Available-for-sale securities | 359,737 | 359,737 | 12,514 | 347,223 | - | |||||||||||||||
Loans held for sale | 603 | 603 | 603 | |||||||||||||||||
Net loans | 687,925 | 712,524 | - | - | 712,524 | |||||||||||||||
Bank owned life insurance | 25,535 | 25,535 | 25,535 | - | - | |||||||||||||||
Regulatory stock | 3,459 | 3,459 | 3,459 | - | - | |||||||||||||||
Accrued interest receivable | 4,211 | 4,211 | 4,211 | - | - | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 988,031 | $ | 987,542 | $ | 706,121 | $ | - | $ | 281,421 | ||||||||||
Borrowed funds | 41,631 | 38,863 | 1,598 | - | 37,265 | |||||||||||||||
Accrued interest payable | 734 | 734 | 734 | - |
Carrying | |||||
June 30, 2015 | Amount | Fair Value | Level I | Level II | Level III |
Financial assets: | |||||
Cash and due from banks | $ 10,912 | $ 10,912 | $ 10,912 | $ - | $ - |
Interest bearing time deposits with other banks | 5,960 | 5,969 | 5,969 | ||
Available-for-sale securities | 304,792 | 304,792 | 1,775 | 303,017 | |
Loans held for sale | 1,152 | 1,152 | 1,152 | ||
Net loans | 564,692 | 580,732 | - | - | 580,732 |
Bank owned life insurance | 20,615 | 20,615 | 20,615 | - | - |
Regulatory stock | 1,864 | 1,864 | 1,864 | - | - |
Accrued interest receivable | 3,584 | 3,584 | 3,584 | - | - |
Financial liabilities: | |||||
Deposits | $ 791,887 | $ 792,477 | $ 544,830 | $ - | $ 247,647 |
Borrowed funds | 39,194 | 36,080 | 6,287 | - | 29,793 |
Accrued interest payable | 674 | 674 | 674 | - | - |
Carrying | |||||
December 31, 2014 | Amount | Fair Value | Level I | Level II | Level III |
Financial assets: | |||||
Cash and due from banks | $ 11,423 | $ 11,423 | $ 11,423 | $ - | $ - |
Interest bearing time deposits with other banks | 5,960 | 5,969 | - | - | 5,969 |
Available-for-sale securities | 306,146 | 306,146 | 1,690 | 304,456 | - |
Loans held for sale | 497 | 497 | 497 | ||
Net loans | 547,290 | 564,944 | - | - | 564,944 |
Bank owned life insurance | 20,309 | 20,309 | 20,309 | - | - |
Regulatory stock | 2,035 | 2,035 | 2,035 | - | - |
Accrued interest receivable | 3,644 | 3,644 | 3,644 | - | - |
Financial liabilities: | |||||
Deposits | $ 773,933 | $ 774,387 | $ 525,166 | $ - | $ 249,221 |
Borrowed funds | 41,799 | 38,219 | 16,593 | - | 21,626 |
Accrued interest payable | 756 | 756 | 756 | - | - |
· | Interest rates could change more rapidly or more significantly than we expect. |
· | The economy could change significantly in an unexpected way, which would cause the demand for new loans and the ability of borrowers to repay outstanding loans to change in ways that our models do not anticipate. |
· | The financial markets could suffer a significant disruption, which may have a negative effect on our financial condition and that of our borrowers, and on our ability to raise money by issuing new securities. |
· | It could take us longer than we anticipate |
· | We may not be able to successfully integrate businesses we acquire or be able to fully realize the expected financial and other benefits from acquisitions. |
· | Acquisitions and dispositions of assets could affect us in ways that management has not anticipated. |
· | We may become subject to new legal obligations or the resolution of litigation may have a negative effect on our financial condition or operating results. |
· | We may become subject to new and unanticipated accounting, tax, or regulatory practices or requirements. |
· | We could experience greater loan delinquencies than anticipated, adversely affecting our earnings and financial condition. |
We could also experience greater losses than expected due to the ever increasing volume of information theft and fraudulent scams impacting our customers and the banking industry. |
· | We could lose the services of some or all of our key personnel, which would negatively impact our business because of their business development skills, financial expertise, lending experience, technical expertise and market area knowledge. |
· | The agricultural economy is subject to extreme swings in both the costs of resources and the prices received from the sale of products, which could negatively impact our customers. |
· |
· | Companies providing support services related to the exploration and drilling of the natural gas reserves in our market area may be affected by federal, state and local laws and regulations such as restrictions on production, permitting, changes in taxes and environmental protection, which could negatively impact our customers and, as a result, negatively impact our loan and deposit volume and loan quality. |
Analysis of Average Balances and Interest Rates (1) | ||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||
Balance (1) | Interest | Rate | Balance (1) | Interest | Rate | |||||||||||||||||||
(dollars in thousands) | $ | $ | % | $ | $ | % | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
Interest-bearing deposits at banks | 32,770 | 65 | 0.40 | 14,331 | 12 | 0.17 | ||||||||||||||||||
Total short-term investments | 32,770 | 65 | 0.40 | 14,331 | 12 | 0.17 | ||||||||||||||||||
Interest bearing time deposits at banks | 7,513 | 70 | 1.89 | 5,960 | 58 | 1.97 | ||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable | 263,302 | 2,044 | 1.55 | 195,079 | 1,652 | 1.69 | ||||||||||||||||||
Tax-exempt (3) | 100,766 | 2,313 | 4.59 | 99,925 | 2,498 | 5.00 | ||||||||||||||||||
Total investment securities | 364,068 | 4,357 | 2.39 | 295,004 | 4,150 | 2.81 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Residential mortgage loans | 202,813 | 5,337 | 5.29 | 183,827 | 5,057 | 5.55 | ||||||||||||||||||
Construction | 11,247 | 286 | 5.12 | 6,313 | 160 | 5.11 | ||||||||||||||||||
Commercial & agricultural loans | 371,026 | 9,627 | 5.22 | 280,823 | 7,377 | 5.30 | ||||||||||||||||||
Loans to state & political subdivisions | 103,707 | 2,201 | 4.27 | 83,055 | 1,853 | 4.50 | ||||||||||||||||||
Other loans | 11,103 | 449 | 8.13 | 8,120 | 322 | 8.00 | ||||||||||||||||||
Loans, net of discount (2)(3)(4) | 699,896 | 17,900 | 5.14 | 562,138 | 14,769 | 5.30 | ||||||||||||||||||
Total interest-earning assets | 1,104,247 | 22,392 | 4.08 | 877,433 | 18,989 | 4.36 | ||||||||||||||||||
Cash and due from banks | 7,352 | 3,933 | ||||||||||||||||||||||
Bank premises and equipment | 17,264 | 12,579 | ||||||||||||||||||||||
Other assets | 57,268 | 35,788 | ||||||||||||||||||||||
Total non-interest earning assets | 81,884 | 52,300 | ||||||||||||||||||||||
Total assets | 1,186,131 | 929,733 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
NOW accounts | 303,297 | 468 | 0.31 | 231,106 | 407 | 0.36 | ||||||||||||||||||
Savings accounts | 174,141 | 93 | 0.11 | 112,734 | 67 | 0.12 | ||||||||||||||||||
Money market accounts | 114,478 | 257 | 0.45 | 94,474 | 219 | 0.47 | ||||||||||||||||||
Certificates of deposit | 275,925 | 1,328 | 0.97 | 249,866 | 1,351 | 1.09 | ||||||||||||||||||
Total interest-bearing deposits | 867,841 | 2,146 | 0.50 | 688,180 | 2,044 | 0.60 | ||||||||||||||||||
Other borrowed funds | 39,500 | 366 | 1.86 | 33,603 | 347 | 2.08 | ||||||||||||||||||
Total interest-bearing liabilities | 907,341 | 2,512 | 0.56 | 721,783 | 2,391 | 0.67 | ||||||||||||||||||
Demand deposits | 144,198 | 97,498 | ||||||||||||||||||||||
Other liabilities | 12,487 | 8,813 | ||||||||||||||||||||||
Total non-interest-bearing liabilities | 156,685 | 106,311 | ||||||||||||||||||||||
Stockholders' equity | 122,105 | 101,639 | ||||||||||||||||||||||
Total liabilities & stockholders' equity | 1,186,131 | 929,733 | ||||||||||||||||||||||
Net interest income | 19,880 | 16,598 | ||||||||||||||||||||||
Net interest spread (5) | 3.52 | % | 3.69 | % | ||||||||||||||||||||
Net interest income as a percentage | ||||||||||||||||||||||||
of average interest-earning assets | 3.62 | % | 3.81 | % | ||||||||||||||||||||
Ratio of interest-earning assets | ||||||||||||||||||||||||
to interest-bearing liabilities | 122 | % | 122 | % | ||||||||||||||||||||
(1) Averages are based on daily averages. | ||||||||||||||||||||||||
(2) Includes loan origination and commitment fees. | ||||||||||||||||||||||||
(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using | ||||||||||||||||||||||||
a statutory federal income tax rate of 34%. | ||||||||||||||||||||||||
(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets. | ||||||||||||||||||||||||
(5) Interest rate spread represents the difference between the average rate earned on interest-earning assets | ||||||||||||||||||||||||
and the average rate paid on interest-bearing liabilities. |
Analysis of Average Balances and Interest Rates (1) | ||||||
Six Months Ended | ||||||
June 30, 2015 | June 30, 2014 | |||||
Average | Average | Average | Average | |||
Balance (1) | Interest | Rate | Balance (1) | Interest | Rate | |
(dollars in thousands) | $ | $ | % | $ | $ | % |
ASSETS | ||||||
Short-term investments: | ||||||
Interest-bearing deposits at banks | 14,331 | 12 | 0.17 | 5,701 | 1 | 0.04 |
Total short-term investments | 14,331 | 12 | 0.17 | 5,701 | 1 | 0.04 |
Interest bearing time deposits at banks | 5,960 | 58 | 1.97 | 2,480 | 25 | 2.02 |
Investment securities: | ||||||
Taxable | 195,079 | 1,652 | 1.69 | 217,369 | 1,856 | 1.71 |
Tax-exempt (3) | 99,925 | 2,498 | 5.00 | 95,832 | 2,548 | 5.32 |
Total investment securities | 295,004 | 4,150 | 2.81 | 313,201 | 4,404 | 2.81 |
Loans: | ||||||
Residential mortgage loans | 183,827 | 5,057 | 5.55 | 186,727 | 5,284 | 5.71 |
Construction | 6,313 | 160 | 5.11 | 5,383 | 123 | 4.61 |
Commercial & agricultural loans | 280,823 | 7,377 | 5.30 | 270,348 | 7,320 | 5.46 |
Loans to state & political subdivisions | 83,055 | 1,853 | 4.50 | 64,911 | 1,522 | 4.73 |
Other loans | 8,120 | 322 | 8.00 | 8,862 | 359 | 8.17 |
Loans, net of discount (2)(3)(4) | 562,138 | 14,769 | 5.30 | 536,231 | 14,608 | 5.49 |
Total interest-earning assets | 877,433 | 18,989 | 4.36 | 857,613 | 19,038 | 4.48 |
Cash and due from banks | 3,933 | 3,777 | ||||
Bank premises and equipment | 12,579 | 11,122 | ||||
Other assets | 35,788 | 29,174 | ||||
Total non-interest earning assets | 52,300 | 44,073 | ||||
Total assets | 929,733 | 901,686 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Interest-bearing liabilities: | ||||||
NOW accounts | 231,106 | 407 | 0.36 | 218,528 | 388 | 0.36 |
Savings accounts | 112,734 | 67 | 0.12 | 98,444 | 55 | 0.11 |
Money market accounts | 94,474 | 219 | 0.47 | 84,579 | 189 | 0.45 |
Certificates of deposit | 249,866 | 1,351 | 1.09 | 261,932 | 1,567 | 1.21 |
Total interest-bearing deposits | 688,180 | 2,044 | 0.60 | 663,483 | 2,199 | 0.67 |
Other borrowed funds | 33,603 | 347 | 2.08 | 45,569 | 309 | 1.37 |
Total interest-bearing liabilities | 721,783 | 2,391 | 0.67 | 709,052 | 2,508 | 0.71 |
Demand deposits | 97,498 | 89,396 | ||||
Other liabilities | 8,813 | 7,252 | ||||
Total non-interest-bearing liabilities | 106,311 | 96,648 | ||||
Stockholders' equity | 101,639 | 95,986 | ||||
Total liabilities & stockholders' equity | 929,733 | 901,686 | ||||
Net interest income | 16,598 | 16,530 | ||||
Net interest spread (5) | 3.69% | 3.77% | ||||
Net interest income as a percentage | ||||||
of average interest-earning assets | 3.81% | 3.89% | ||||
Ratio of interest-earning assets | ||||||
to interest-bearing liabilities | 122% | 121% | ||||
(1) Averages are based on daily averages. | ||||||
(2) Includes loan origination and commitment fees. | ||||||
(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using | ||||||
a statutory federal income tax rate of 34%. | ||||||
(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets. | ||||||
(5) Interest rate spread represents the difference between the average rate earned on interest-earning assets | ||||||
and the average rate paid on interest-bearing liabilities. |
Analysis of Average Balances and Interest Rates (1) | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||
Balance (1) | Interest | Rate | Balance (1) | Interest | Rate | |||||||||||||||||||
(dollars in thousands) | $ | $ | % | $ | $ | % | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
Interest-bearing deposits at banks | 31,880 | 30 | 0.38 | 19,879 | 10 | 0.19 | ||||||||||||||||||
Total short-term investments | 31,880 | 30 | 0.38 | 19,879 | 10 | 0.19 | ||||||||||||||||||
Interest bearing time deposits at banks | 7,332 | 34 | 1.85 | 5,960 | 29 | 1.97 | ||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable | 258,197 | 1,020 | 1.58 | 188,736 | 799 | 1.69 | ||||||||||||||||||
Tax-exempt (3) | 101,428 | 1,144 | 4.51 | 97,443 | 1,212 | 4.98 | ||||||||||||||||||
Total investment securities | 359,625 | 2,164 | 2.41 | 286,179 | 2,011 | 2.87 | ||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Residential mortgage loans | 203,091 | 2,665 | 5.28 | 183,251 | 2,519 | 5.51 | ||||||||||||||||||
Construction | 9,198 | 121 | 5.29 | 6,912 | 89 | 5.15 | ||||||||||||||||||
Commercial & farm loans | 376,795 | 4,865 | 5.19 | 285,580 | 3,730 | 5.24 | ||||||||||||||||||
Loans to state & political subdivisions | 101,348 | 1,058 | 4.20 | 84,776 | 936 | 4.43 | ||||||||||||||||||
Other loans | 10,975 | 220 | 8.07 | 8,064 | 160 | 7.94 | ||||||||||||||||||
Loans, net of discount (2)(3)(4) | 701,407 | 8,929 | 5.12 | 568,583 | 7,434 | 5.24 | ||||||||||||||||||
Total interest-earning assets | 1,100,244 | 11,157 | 4.08 | 880,601 | 9,484 | 4.32 | ||||||||||||||||||
Cash and due from banks | 7,530 | 3,988 | ||||||||||||||||||||||
Bank premises and equipment | 17,236 | 12,611 | ||||||||||||||||||||||
Other assets | 64,904 | 41,736 | ||||||||||||||||||||||
Total non-interest earning assets | 89,670 | 58,335 | ||||||||||||||||||||||
Total assets | 1,189,914 | 938,936 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
NOW accounts | 310,640 | 243 | 0.31 | 236,864 | 209 | 0.35 | ||||||||||||||||||
Savings accounts | 173,176 | 46 | 0.11 | 114,764 | 35 | 0.12 | ||||||||||||||||||
Money market accounts | 113,373 | 126 | 0.45 | 94,609 | 109 | 0.46 | ||||||||||||||||||
Certificates of deposit | 272,809 | 657 | 0.97 | 250,091 | 682 | 1.09 | ||||||||||||||||||
Total interest-bearing deposits | 869,998 | 1,072 | 0.50 | 696,328 | 1,035 | 0.60 | ||||||||||||||||||
Other borrowed funds | 39,369 | 183 | 1.87 | 30,849 | 172 | 2.24 | ||||||||||||||||||
Total interest-bearing liabilities | 909,367 | 1,255 | 0.55 | 727,177 | 1,207 | 0.67 | ||||||||||||||||||
Demand deposits | 145,164 | 100,865 | ||||||||||||||||||||||
Other liabilities | 12,642 | 8,441 | ||||||||||||||||||||||
Total non-interest-bearing liabilities | 157,806 | 109,306 | ||||||||||||||||||||||
Stockholders' equity | 122,741 | 102,453 | ||||||||||||||||||||||
Total liabilities & stockholders' equity | 1,189,914 | 938,936 | ||||||||||||||||||||||
Net interest income | 9,902 | 8,277 | ||||||||||||||||||||||
Net interest spread (5) | 3.53 | % | 3.65 | % | ||||||||||||||||||||
Net interest income as a percentage | ||||||||||||||||||||||||
of average interest-earning assets | 3.62 | % | 3.77 | % | ||||||||||||||||||||
Ratio of interest-earning assets | ||||||||||||||||||||||||
to interest-bearing liabilities | 121 | % | 121 | % | ||||||||||||||||||||
(1) Averages are based on daily averages. | ||||||||||||||||||||||||
(2) Includes loan origination and commitment fees. | ||||||||||||||||||||||||
(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using | ||||||||||||||||||||||||
a statutory federal income tax rate of 34%. | ||||||||||||||||||||||||
(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets. | ||||||||||||||||||||||||
(5) Interest rate spread represents the difference between the average rate earned on interest-earning assets | ||||||||||||||||||||||||
and the average rate paid on interest-bearing liabilities. |
Analysis of Average Balances and Interest Rates (1) | ||||||
Three Months Ended | ||||||
June 30, 2015 | June 30, 2014 | |||||
Average | Average | Average | Average | |||
Balance (1) | Interest | Rate | Balance (1) | Interest | Rate | |
(dollars in thousands) | $ | $ | % | $ | $ | % |
ASSETS | ||||||
Short-term investments: | ||||||
Interest-bearing deposits at banks | 19,879 | 10 | 0.19 | 6,122 | - | 0.03 |
Total short-term investments | 19,879 | 10 | 0.19 | 6,122 | - | 0.03 |
Interest bearing time deposits at banks | 5,960 | 29 | 1.97 | 2,480 | 13 | 2.02 |
Investment securities: | ||||||
Taxable | 188,736 | 799 | 1.69 | 212,143 | 918 | 1.73 |
Tax-exempt (3) | 97,443 | 1,212 | 4.98 | 96,282 | 1,272 | 5.28 |
Total investment securities | 286,179 | 2,011 | 2.87 | 308,425 | 2,190 | 2.84 |
Loans: | ||||||
Residential mortgage loans | 183,251 | 2,519 | 5.51 | 187,129 | 2,654 | 5.69 |
Construction | 6,912 | 89 | 5.15 | 3,450 | 41 | 4.77 |
Commercial & farm loans | 285,580 | 3,730 | 5.24 | 272,525 | 3,703 | 5.45 |
Loans to state & political subdivisions | 84,776 | 936 | 4.43 | 66,335 | 812 | 4.91 |
Other loans | 8,064 | 160 | 7.94 | 8,716 | 176 | 8.10 |
Loans, net of discount (2)(3)(4) | 568,583 | 7,434 | 5.24 | 538,155 | 7,386 | 5.50 |
Total interest-earning assets | 880,601 | 9,484 | 4.32 | 855,182 | 9,589 | 4.50 |
Cash and due from banks | 3,988 | 3,771 | ||||
Bank premises and equipment | 12,611 | 11,174 | ||||
Other assets | 41,736 | 31,121 | ||||
Total non-interest earning assets | 58,335 | 46,066 | ||||
Total assets | 938,936 | 901,248 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | �� | |||||
Interest-bearing liabilities: | ||||||
NOW accounts | 236,864 | 209 | 0.35 | 220,310 | 194 | 0.35 |
Savings accounts | 114,764 | 35 | 0.12 | 100,025 | 27 | 0.11 |
Money market accounts | 94,609 | 109 | 0.46 | 85,869 | 95 | 0.44 |
Certificates of deposit | 250,091 | 682 | 1.09 | 259,344 | 778 | 1.20 |
Total interest-bearing deposits | 696,328 | 1,035 | 0.60 | 665,548 | 1,094 | 0.66 |
Other borrowed funds | 30,849 | 172 | 2.24 | 39,990 | 145 | 1.45 |
Total interest-bearing liabilities | 727,177 | 1,207 | 0.67 | 705,538 | 1,239 | 0.70 |
Demand deposits | 100,865 | 91,798 | ||||
Other liabilities | 8,441 | 6,924 | ||||
Total non-interest-bearing liabilities | 109,306 | 98,722 | ||||
Stockholders' equity | 102,453 | 96,988 | ||||
Total liabilities & stockholders' equity | 938,936 | 901,248 | ||||
Net interest income | 8,277 | 8,350 | ||||
Net interest spread (5) | 3.65% | 3.80% | ||||
Net interest income as a percentage | ||||||
of average interest-earning assets | 3.77% | 3.92% | ||||
Ratio of interest-earning assets | ||||||
to interest-bearing liabilities | 121% | 121% | ||||
(1) Averages are based on daily averages. | ||||||
(2) Includes loan origination and commitment fees. | ||||||
(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using a statutory federal income tax rate of 34%. | ||||||
(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets. | ||||||
(5) Interest rate spread represents the difference between the average rate earned on interest-earning assets | ||||||
and the average rate paid on interest-bearing liabilities. |
For the Three Months | For the Six Months | ||||
Ended June 30 | Ended June 30 | ||||
2015 | 2014 | 2015 | 2014 | ||
Interest and dividend income from investment securities | |||||
and interest bearing deposits at banks (non-tax adjusted) | $ 1,639 | $ 1,771 | $ 3,371 | $ 3,564 | |
Tax equivalent adjustment | 411 | 432 | 849 | 866 | |
Interest and dividend income from investment securities | |||||
and interest bearing deposits at banks (tax equivalent basis) | $ 2,050 | $ 2,203 | $ 4,220 | $ 4,430 | |
Interest and fees on loans (non-tax adjusted) | $ 7,129 | $ 7,118 | $ 14,168 | $ 14,106 | |
Tax equivalent adjustment | 305 | 268 | 601 | 502 | |
Interest and fees on loans (tax equivalent basis) | $ 7,434 | $ 7,386 | $ 14,769 | $ 14,608 | |
Total interest income | $ 8,768 | $ 8,889 | $ 17,539 | $ 17,670 | |
Total interest expense | 1,207 | 1,239 | 2,391 | 2,508 | |
Net interest income | 7,561 | 7,650 | 15,148 | 15,162 | |
Total tax equivalent adjustment | 716 | 700 | 1,450 | 1,368 | |
Net interest income (tax equivalent basis) | $ 8,277 | $ 8,350 | $ 16,598 | $ 16,530 |
For the Three Months | For the Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Interest and dividend income from investment securities | ||||||||||||||||
and interest bearing deposits at banks (non-tax adjusted) | $ | 1,839 | $ | 1,639 | $ | 3,705 | $ | 3,371 | ||||||||
Tax equivalent adjustment | 389 | 411 | 787 | 849 | ||||||||||||
Interest and dividend income from investment securities | ||||||||||||||||
and interest bearing deposits at banks (tax equivalent basis) | $ | 2,228 | $ | 2,050 | $ | 4,492 | $ | 4,220 | ||||||||
Interest and fees on loans (non-tax adjusted) | $ | 8,587 | $ | 7,129 | $ | 17,183 | $ | 14,168 | ||||||||
Tax equivalent adjustment | 342 | 305 | 717 | 601 | ||||||||||||
Interest and fees on loans (tax equivalent basis) | $ | 8,929 | $ | 7,434 | $ | 17,900 | $ | 14,769 | ||||||||
Total interest income | $ | 10,426 | $ | 8,768 | $ | 20,888 | $ | 17,539 | ||||||||
Total interest expense | 1,255 | 1,207 | 2,512 | 2,391 | ||||||||||||
Net interest income | 9,171 | 7,561 | 18,376 | 15,148 | ||||||||||||
Total tax equivalent adjustment | 731 | 716 | 1,504 | 1,450 | ||||||||||||
Net interest income (tax equivalent basis) | $ | 9,902 | $ | 8,277 | $ | 19,880 | $ | 16,598 |
Three months ended June 30, 2016 vs. 2015 (1) | Six months ended June 30, 2016 vs. 2015 (1) | |||||||||||||||||||||||
Change in | Change | Total | Change in | Change | Total | |||||||||||||||||||
Volume | in Rate | Change | Volume | in Rate | Change | |||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
Interest-bearing deposits at banks | $ | 7 | $ | 13 | $ | 20 | $ | 26 | $ | 27 | $ | 53 | ||||||||||||
Interest bearing time deposits at banks | 7 | (2 | ) | 5 | 14 | (2 | ) | 12 | ||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable | 270 | (49 | ) | 221 | 515 | (123 | ) | 392 | ||||||||||||||||
Tax-exempt | 53 | (121 | ) | (68 | ) | 21 | (206 | ) | (185 | ) | ||||||||||||||
Total investments | 323 | (170 | ) | 153 | 536 | (329 | ) | 207 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||
Residential mortgage loans | 246 | (100 | ) | 146 | 494 | (214 | ) | 280 | ||||||||||||||||
Construction | 29 | 3 | 32 | 125 | 1 | 126 | ||||||||||||||||||
Commercial & agricultural loans | 1,167 | (32 | ) | 1,135 | 2,360 | (110 | ) | 2,250 | ||||||||||||||||
Loans to state & political subdivisions | 167 | (45 | ) | 122 | 437 | (89 | ) | 348 | ||||||||||||||||
Other loans | 57 | 3 | 60 | 121 | 6 | 127 | ||||||||||||||||||
Total loans, net of discount | 1,666 | (171 | ) | 1,495 | 3,537 | (406 | ) | 3,131 | ||||||||||||||||
Total Interest Income | 2,003 | (330 | ) | 1,673 | 4,113 | (710 | ) | 3,403 | ||||||||||||||||
Interest Expense: | ||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||
NOW accounts | 53 | (19 | ) | 34 | 102 | (41 | ) | 61 | ||||||||||||||||
Savings accounts | 15 | (4 | ) | 11 | 32 | (6 | ) | 26 | ||||||||||||||||
Money Market accounts | 20 | (3 | ) | 17 | 45 | (7 | ) | 38 | ||||||||||||||||
Certificates of deposit | 86 | (111 | ) | (25 | ) | 350 | (373 | ) | (23 | ) | ||||||||||||||
Total interest-bearing deposits | 174 | (137 | ) | 37 | 529 | (427 | ) | 102 | ||||||||||||||||
Other borrowed funds | 28 | (17 | ) | 11 | 46 | (27 | ) | 19 | ||||||||||||||||
Total interest expense | 202 | (154 | ) | 48 | 575 | (454 | ) | 121 | ||||||||||||||||
Net interest income | $ | 1,801 | $ | (176 | ) | $ | 1,625 | $ | 3,538 | $ | (256 | ) | $ | 3,282 | ||||||||||
(1) The portion of the total change attributable to both volume and rate changes, which can not be separated, has been allocated proportionally to the change due to volume and the change due to rate prior to allocation. |
Analysis of Changes in Net Interest Income on a Tax-Equivalent Basis (1) | ||||||
Three months ended June 30, 2015 vs. 2014 (1) | Six months ended June 30, 2015 vs. 2014 (1) | |||||
Change in | Change | Total | Change in | Change | Total | |
Volume | in Rate | Change | Volume | in Rate | Change | |
Interest Income: | ||||||
Short-term investments: | ||||||
Interest-bearing deposits at banks | $ 3 | $ 7 | $ 10 | $ 3 | $ 8 | $ 11 |
Interest bearing time deposits at banks | 17 | (1) | 16 | 34 | (1) | 33 |
Investment securities: | ||||||
Taxable | (99) | (20) | (119) | (189) | (15) | (204) |
Tax-exempt | 16 | (76) | (60) | 125 | (175) | (50) |
Total investments | (83) | (96) | (179) | (64) | (190) | (254) |
Loans: | ||||||
Residential mortgage loans | (54) | (81) | (135) | (81) | (146) | (227) |
Construction | 45 | 3 | 48 | 23 | 14 | 37 |
Commercial & agricultural loans | 141 | (114) | 27 | 247 | (190) | 57 |
Loans to state & political subdivisions | 191 | (67) | 124 | 401 | (70) | 331 |
Other loans | (13) | (3) | (16) | (30) | (7) | (37) |
Total loans, net of discount | 310 | (262) | 48 | 560 | (399) | 161 |
Total Interest Income | 247 | (352) | (105) | 533 | (582) | (49) |
Interest Expense: | ||||||
Interest-bearing deposits: | ||||||
NOW accounts | 15 | - | 15 | 22 | (3) | 19 |
Savings accounts | 4 | 4 | 8 | 8 | 4 | 12 |
Money Market accounts | 10 | 4 | 14 | 23 | 7 | 30 |
Certificates of deposit | (27) | (69) | (96) | (70) | (146) | (216) |
Total interest-bearing deposits | 2 | (61) | (59) | (17) | (138) | (155) |
Other borrowed funds | (20) | 47 | 27 | (38) | 76 | 38 |
Total interest expense | (18) | (14) | (32) | (55) | (62) | (117) |
Net interest income | $ 265 | $ (338) | $ (73) | $ 588 | $ (520) | $ 68 |
(1) The portion of the total change attributable to both volume and rate changes, which can not be separated, has been allocated proportionally to the change due to volume and the change due to rate prior to allocation. |
· | The average balance of taxable securities |
· | The yield on tax-exempt securities decreased |
· | The average balance of |
· | The average balance of state and political subdivision loans increased $20.7 million from a year ago as a result of the FNB acquisition. This had a positive impact of $437,000 on total interest income due to volume. Offsetting this increase, the yield decreased 23 basis points to 4.27%, which decreased loan interest income $89,000. |
· | Interest income on residential mortgage loans |
· |
· | There was a decrease in the average rate on certificates of deposit from |
· | Total investment income |
· | Total loan interest income increased |
Six months ended June 30, | Change | |||||||||||||||
2016 | 2015 | Amount | % | |||||||||||||
Service charges | $ | 2,230 | $ | 2,004 | $ | 226 | 11.3 | |||||||||
Trust | 378 | 374 | 4 | 1.1 | ||||||||||||
Brokerage and insurance | 367 | 382 | (15 | ) | (3.9 | ) | ||||||||||
Gains on loans sold | 116 | 98 | 18 | 18.4 | ||||||||||||
Investment securities gains, net | 155 | 301 | (146 | ) | (48.5 | ) | ||||||||||
Earnings on bank owned life insurance | 342 | 306 | 36 | 11.8 | ||||||||||||
Other | 311 | 218 | 93 | 42.7 | ||||||||||||
Total | $ | 3,899 | $ | 3,683 | $ | 216 | 5.9 |
Six months ended June 30, | Change | |||
2015 | 2014 | Amount | % | |
Service charges | $ 2,004 | $ 2,141 | $ (137) | (6.4) |
Trust | 374 | 377 | (3) | (0.8) |
Brokerage and insurance | 382 | 257 | 125 | 48.6 |
Gains on loans sold | 98 | 70 | 28 | 40.0 |
Investment securities gains, net | 301 | 246 | 55 | 22.4 |
Earnings on bank owned life insurance | 306 | 242 | 64 | 26.4 |
Other | 218 | 209 | 9 | 4.3 |
Total | $ 3,683 | $ 3,542 | $ 141 | 4.0 |
Three months ended June 30, | Change | |||
2015 | 2014 | Amount | % | |
Service charges | $ 1,028 | $ 1,102 | $ (74) | (6.7) |
Trust | 180 | 186 | (6) | (3.2) |
Brokerage and insurance | 255 | 137 | 118 | 86.1 |
Gains on loans sold | 60 | 30 | 30 | 100.0 |
Investment securities gains, net | 175 | 75 | 100 | 133.3 |
Earnings on bank owned life insurance | 154 | 121 | 33 | 27.3 |
Other | 103 | 104 | (1) | (1.0) |
Total | $ 1,955 | $ 1,755 | $ 200 | 11.4 |
Three months ended June 30, | Change | |||||||||||||||
2016 | 2015 | Amount | % | |||||||||||||
Service charges | $ | 1,128 | $ | 1,028 | $ | 100 | 9.7 | |||||||||
Trust | 182 | 180 | 2 | 1.1 | ||||||||||||
Brokerage and insurance | 158 | 255 | (97 | ) | (38.0 | ) | ||||||||||
Gains on loans sold | 70 | 60 | 10 | 16.7 | ||||||||||||
Investment securities gains, net | 128 | 175 | (47 | ) | (26.9 | ) | ||||||||||
Earnings on bank owned life insurance | 172 | 154 | 18 | 11.7 | ||||||||||||
Other | 145 | 103 | 42 | 40.8 | ||||||||||||
Total | $ | 1,983 | $ | 1,955 | $ | 28 | 1.4 |
Six months ended | Six months ended | |||||||||||||||||||
June 30, | Change | June 30, | Change | |||||||||||||||||
2015 | 2014 | Amount | % | 2016 | 2015 | Amount | % | |||||||||||||
Salaries and employee benefits | $ 6,049 | $ 5,810 | $ 239 | 4.1 | $ | 7,782 | $ | 6,049 | $ | 1,733 | 28.6 | |||||||||
Occupancy | 717 | 654 | 63 | 9.6 | 900 | 717 | 183 | 25.5 | ||||||||||||
Furniture and equipment | 215 | 194 | 21 | 10.8 | 328 | 215 | 113 | 52.6 | ||||||||||||
Professional fees | 412 | 442 | (30) | (6.8) | 553 | 412 | 141 | 34.2 | ||||||||||||
FDIC insurance | 232 | 229 | 3 | 1.3 | 317 | 232 | 85 | 36.6 | ||||||||||||
Pennsylvania shares tax | 401 | 384 | 17 | 4.4 | 390 | 401 | (11 | ) | (2.7 | ) | ||||||||||
Amortization of intangibles | 164 | - | 164 | NA | ||||||||||||||||
ORE expenses | 358 | 137 | 221 | 161.3 | 305 | 358 | (53 | ) | (14.8 | ) | ||||||||||
Other | 2,379 | 2,241 | 138 | 6.2 | 3,474 | 2,379 | 1,095 | 46.0 | ||||||||||||
Total | $ 10,763 | $ 10,091 | $ 672 | 6.7 | $ | 14,213 | $ | 10,763 | $ | 3,450 | 32.1 | |||||||||
Three months ended | ||||||||||||||||||||
June 30, | Change | |||||||||||||||||||
2015 | 2014 | Amount | % | |||||||||||||||||
Salaries and employee benefits | $ 2,993 | $ 2,893 | $ 100 | 3.5 | ||||||||||||||||
Occupancy | 348 | 304 | 44 | 14.5 | ||||||||||||||||
Furniture and equipment | 87 | 94 | (7) | (7.4) | ||||||||||||||||
Professional fees | 180 | 208 | (28) | (13.5) | ||||||||||||||||
FDIC insurance | 116 | 116 | - | - | ||||||||||||||||
Pennsylvania shares tax | 200 | 191 | 9 | 4.7 | ||||||||||||||||
ORE expenses | 240 | 47 | 193 | 410.6 | ||||||||||||||||
Other | 1,264 | 1,147 | 117 | 10.2 | ||||||||||||||||
Total | $ 5,428 | $ 5,000 | $ 428 | 8.6 |
Three months ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2016 | 2015 | Amount | % | |||||||||||||
Salaries and employee benefits | $ | 3,900 | $ | 2,993 | $ | 907 | 30.3 | |||||||||
Occupancy | 455 | 348 | 107 | 30.7 | ||||||||||||
Furniture and equipment | 171 | 87 | 84 | 96.6 | ||||||||||||
Professional fees | 266 | 180 | 86 | 47.8 | ||||||||||||
FDIC insurance | 160 | 116 | 44 | 37.9 | ||||||||||||
Pennsylvania shares tax | 240 | 200 | 40 | 20.0 | ||||||||||||
Amortization of intangibles | 82 | - | 82 | NA | ||||||||||||
ORE expenses | 212 | 357 | (145 | ) | (40.6 | ) | ||||||||||
Other | 1,815 | 1,147 | 668 | 58.2 | ||||||||||||
Total | $ | 7,301 | $ | 5,428 | $ | 1,873 | 34.5 |
June 30, 2016 | December 31, 2015 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Available-for-sale: | ||||||||||||||||
U. S. Agency securities | $ | 205,819 | 57.0 | $ | 199,591 | 55.5 | ||||||||||
U. S. Treasury notes | 5,053 | 1.4 | 10,082 | 2.8 | ||||||||||||
Obligations of state & political | ||||||||||||||||
subdivisions | 104,472 | 28.9 | 102,863 | 28.6 | ||||||||||||
Corporate obligations | 11,480 | 3.2 | 14,565 | 4.0 | ||||||||||||
Mortgage-backed securities in | ||||||||||||||||
government sponsored entities | 31,606 | 8.8 | 30,204 | 8.4 | ||||||||||||
Equity securities in financial | ||||||||||||||||
institutions | 2,514 | 0.7 | 2,432 | 0.7 | ||||||||||||
Total | $ | 360,944 | 100.0 | $ | 359,737 | 100.0 | ||||||||||
June 30, 2016/ | ||||||||||||||||
December 31, 2015 | ||||||||||||||||
Change | ||||||||||||||||
Amount | % | |||||||||||||||
Available-for-sale: | ||||||||||||||||
U. S. Agency securities | $ | 6,228 | 3.1 | |||||||||||||
U. S. Treasury notes | (5,029 | ) | (49.9 | ) | ||||||||||||
Obligations of state & political | ||||||||||||||||
subdivisions | 1,609 | 1.6 | ||||||||||||||
Corporate obligations | (3,085 | ) | (21.2 | ) | ||||||||||||
Mortgage-backed securities in | ||||||||||||||||
government sponsored entities | 1,402 | 4.6 | ||||||||||||||
Equity securities in financial | ||||||||||||||||
institutions | 82 | 3.4 | ||||||||||||||
Total | $ | 1,207 | 0.3 |
June 30, 2015 | December 31, 2014 | |||
Amount | % | Amount | % | |
Available-for-sale: | ||||
U. S. Agency securities | $ 167,580 | 55.0 | $ 150,885 | 49.3 |
U. S. Treasury notes | - | - | 4,849 | 1.6 |
Obligations of state & political subdivisions | 96,282 | 31.6 | 105,036 | 34.3 |
Corporate obligations | 12,805 | 4.2 | 13,958 | 4.6 |
Mortgage-backed securities in government sponsored entities | 26,350 | 8.6 | 29,728 | 9.6 |
Equity securities in financial institutions | 1,775 | 0.6 | 1,690 | 0.6 |
Total | $ 304,792 | 100.0 | $ 306,146 | 100.0 |
June 30, 2015/ December 31, 2014 | ||
Change | ||
Amount | % | |
Available-for-sale: | ||
U. S. Agency securities | $ 16,695 | 11.1 |
U. S. Treasury notes | (4,849) | (100.0) |
Obligations of state & political subdivisions | (8,754) | (8.3) |
Corporate obligations | (1,153) | (8.3) |
Mortgage-backed securities in government sponsored entities | (3,378) | (11.4) |
Equity securities in financial institutions | 85 | 5.0 |
Total | $ (1,354) | (0.4) |
June 30, | December 31, | June 30, | December 31, | |||||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||
Real estate: | ||||||||||||||||||||
Residential | $ 181,566 | 31.8 | $ 185,438 | 33.5 | $ | 203,980 | 28.8 | $ | 203,407 | 29.3 | ||||||||||
Commercial | 193,727 | 33.9 | 190,945 | 34.5 | 246,895 | 34.8 | 237,542 | 34.2 | ||||||||||||
Agricultural | 30,723 | 5.4 | 24,639 | 4.4 | 62,392 | 8.8 | 57,822 | 8.3 | ||||||||||||
Construction | 8,025 | 1.4 | 6,353 | 1.1 | 10,481 | 1.5 | 15,011 | 2.2 | ||||||||||||
Consumer | 8,374 | 1.5 | 8,497 | 1.5 | 11,439 | 1.6 | 11,543 | 1.7 | ||||||||||||
Other commercial and agricultural loans | 64,506 | 11.3 | 58,516 | 10.6 | 74,089 | 10.4 | 71,206 | 10.2 | ||||||||||||
State & political subdivision loans | 84,730 | 14.7 | 79,717 | 14.4 | 99,839 | 14.1 | 98,500 | 14.1 | ||||||||||||
Total loans | 571,651 | 100.0 | 554,105 | 100.0 | 709,115 | 100.0 | 695,031 | 100.0 | ||||||||||||
Less allowance for loan losses | 6,959 | 6,815 | 7,359 | 7,106 | ||||||||||||||||
Net loans | $ 564,692 | $ 547,290 | $ | 701,756 | $ | 687,925 | ||||||||||||||
June 30, 2016/ | ||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||
Change | ||||||||||||||||||||
Amount | % | |||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | $ | 573 | 0.3 | |||||||||||||||||
Commercial | 9,353 | 3.9 | ||||||||||||||||||
Agricultural | 4,570 | 7.9 | ||||||||||||||||||
Construction | (4,530 | ) | (30.2 | ) | ||||||||||||||||
Consumer | (104 | ) | (0.9 | ) | ||||||||||||||||
Other commercial and agricultural loans | 2,883 | 4.0 | ||||||||||||||||||
State & political subdivision loans | 1,339 | 1.4 | ||||||||||||||||||
Total loans | $ | 14,084 | 2.0 |
June 30, 2015/ | ||
December 31, 2014 | ||
Change | ||
Amount | % | |
Real estate: | ||
Residential | $ (3,872) | (2.1) |
Commercial | 2,782 | 1.5 |
Agricultural | 6,084 | 24.7 |
Construction | 1,672 | 26.3 |
Consumer | (123) | (1.4) |
Other commercial and agricultural loans | 5,990 | 10.2 |
State & political subdivision loans | 5,013 | 6.3 |
Total loans | $ 17,546 | �� 3.2 |
June 30, | December 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
Balance | |||||
at beginning of period | $ 6,815 | $ 7,098 | $ 6,784 | $ 6,487 | $ 5,915 |
Charge-offs: | |||||
Real estate: | |||||
Residential | 34 | 97 | 17 | 95 | 101 |
Commercial | 56 | 516 | 62 | 2 | 29 |
Agricultural | - | - | - | - | - |
Consumer | 24 | 47 | 54 | 54 | 71 |
Other commercial and agricultural loans | 1 | 250 | 1 | 21 | 6 |
Total loans charged-off | 115 | 910 | 134 | 172 | 207 |
Recoveries: | |||||
Real estate: | |||||
Residential | - | - | 5 | - | - |
Commercial | 7 | 15 | 5 | 9 | 15 |
Agricultural | - | - | - | - | - |
Consumer | 12 | 27 | 33 | 33 | 57 |
Other commercial and agricultural loans | - | - | - | 7 | 32 |
Total loans recovered | 19 | 42 | 43 | 49 | 104 |
Net loans charged-off | 96 | 868 | 91 | 123 | 103 |
Provision charged to expense | 240 | 585 | 405 | 420 | 675 |
Balance at end of period | $ 6,959 | $ 6,815 | $ 7,098 | $ 6,784 | $ 6,487 |
Loans outstanding at end of period | $ 571,651 | $ 554,105 | $ 540,612 | $ 502,463 | $ 487,509 |
Average loans outstanding, net | $ 562,138 | $ 540,541 | $ 516,748 | $ 496,822 | $ 474,972 |
Non-performing assets: | |||||
Non-accruing loans | $ 6,567 | $ 6,599 | $ 8,097 | $ 8,067 | $ 9,165 |
Accrual loans - 90 days or more past due | 826 | 836 | 697 | 506 | 275 |
Total non-performing loans | $ 7,393 | $ 7,435 | $ 8,794 | $ 8,573 | $ 9,440 |
Foreclosed assets held for sale | 1,815 | 1,792 | 1,360 | 616 | 860 |
Total non-performing assets | $ 9,208 | $ 9,227 | $ 10,154 | $ 9,189 | $ 10,300 |
Annualized net charge-offs to average loans | 0.03% | 0.16% | 0.02% | 0.02% | 0.02% |
Allowance to total loans | 1.22% | 1.23% | 1.31% | 1.35% | 1.33% |
Allowance to total non-performing loans | 94.13% | 91.66% | 80.71% | 79.13% | 68.72% |
Non-performing loans as a percent of loans | |||||
net of unearned income | 1.29% | 1.34% | 1.63% | 1.71% | 1.94% |
Non-performing assets as a percent of loans | |||||
net of unearned income | 1.61% | 1.67% | 1.88% | 1.83% | 2.11% |
June 30, | December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Balance | ||||||||||||||||||||
at beginning of period | $ | 7,106 | $ | 6,815 | $ | 7,098 | $ | 6,784 | $ | 6,487 | ||||||||||
Charge-offs: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | 43 | 66 | 97 | 17 | 95 | |||||||||||||||
Commercial | - | 84 | 516 | 62 | 2 | |||||||||||||||
Agricultural | - | - | - | - | - | |||||||||||||||
Consumer | 38 | 47 | 47 | 54 | 54 | |||||||||||||||
Other commercial and agricultural loans | 18 | 41 | 250 | 1 | 21 | |||||||||||||||
Total loans charged-off | 99 | 238 | 910 | 134 | 172 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | - | - | - | 5 | - | |||||||||||||||
Commercial | 8 | 14 | 15 | 5 | 9 | |||||||||||||||
Agricultural | - | - | - | - | - | |||||||||||||||
Consumer | 68 | 33 | 27 | 33 | 33 | |||||||||||||||
Other commercial and agricultural loans | 6 | 2 | - | - | 7 | |||||||||||||||
Total loans recovered | 82 | 49 | 42 | 43 | 49 | |||||||||||||||
Net loans charged-off | 17 | 189 | 868 | 91 | 123 | |||||||||||||||
Provision charged to expense | 270 | 480 | 585 | 405 | 420 | |||||||||||||||
Balance at end of year | $ | 7,359 | $ | 7,106 | $ | 6,815 | $ | 7,098 | $ | 6,784 | ||||||||||
Loans outstanding at end of period | $ | 709,115 | $ | 695,031 | $ | 554,105 | $ | 540,612 | $ | 502,463 | ||||||||||
Average loans outstanding, net | $ | 699,896 | $ | 577,992 | $ | 540,541 | $ | 516,748 | $ | 496,822 | ||||||||||
Non-performing assets: | ||||||||||||||||||||
Non-accruing loans | $ | 10,206 | $ | 6,531 | $ | 6,599 | $ | 8,097 | $ | 8,067 | ||||||||||
Accrual loans - 90 days or more past due | 1,104 | 623 | 836 | 697 | 506 | |||||||||||||||
Total non-performing loans | $ | 11,310 | $ | 7,154 | $ | 7,435 | $ | 8,794 | $ | 8,573 | ||||||||||
Foreclosed assets held for sale | 1,558 | 1,354 | 1,792 | 1,360 | 616 | |||||||||||||||
Total non-performing assets | $ | 12,868 | $ | 8,508 | $ | 9,227 | $ | 10,154 | $ | 9,189 | ||||||||||
Annualized net charge-offs to average loans | 0.00 | % | 0.03 | % | 0.16 | % | 0.02 | % | 0.02 | % | ||||||||||
Allowance to total loans | 1.04 | % | 1.02 | % | 1.23 | % | 1.31 | % | 1.35 | % | ||||||||||
Allowance to total non-performing loans | 65.07 | % | 99.33 | % | 91.66 | % | 80.71 | % | 79.13 | % | ||||||||||
Non-performing loans as a percent of loans | ||||||||||||||||||||
net of unearned income | 1.59 | % | 1.03 | % | 1.34 | % | 1.63 | % | 1.71 | % | ||||||||||
Non-performing assets as a percent of loans | ||||||||||||||||||||
net of unearned income | 1.81 | % | 1.22 | % | 1.67 | % | 1.88 | % | 1.83 | % |
June 30, | December 31 | |||||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 990 | 28.8 | $ | 905 | 29.3 | $ | 878 | 33.5 | $ | 946 | 34.6 | $ | 875 | 35.4 | |||||||||||||||||||||||||
Commercial, agricultural | 3,919 | 43.6 | 3,785 | 42.5 | 3,870 | 38.9 | 4,558 | 39.8 | 4,437 | 38.8 | ||||||||||||||||||||||||||||||
Construction | 18 | 1.5 | 24 | 2.2 | 26 | 1.1 | 50 | 1.7 | 38 | 2.4 | ||||||||||||||||||||||||||||||
Consumer | 104 | 1.6 | 102 | 1.7 | 84 | 1.5 | 105 | 1.7 | 119 | 2.1 | ||||||||||||||||||||||||||||||
Other commercial and agricultural loans | 1,564 | 10.4 | 1,305 | 10.2 | 1,224 | 10.6 | 942 | 10.0 | 728 | 9.5 | ||||||||||||||||||||||||||||||
State & political subdivision loans | 764 | 14.1 | 593 | 14.1 | 545 | 14.4 | 330 | 12.2 | 271 | 11.8 | ||||||||||||||||||||||||||||||
Unallocated | - | N/ | A | 392 | N/ | A | 188 | N/ | A | 167 | N/ | A | 316 | N/ | A | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 7,359 | 100.0 | $ | 7,106 | 100.0 | $ | 6,815 | 100.0 | $ | 7,098 | 100.0 | $ | 6,784 | 100.0 |
June 30 | December 31 | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |
Real estate loans: | ||||||||||
Residential | $ 931 | 31.8 | $ 878 | 33.5 | $ 946 | 34.6 | $ 875 | 35.4 | $ 805 | 37.7 |
Commercial, agricultural | 3,679 | 39.3 | 3,870 | 38.9 | 4,558 | 39.8 | 4,437 | 38.8 | 4,132 | 37.9 |
Construction | 14 | 1.4 | 26 | 1.1 | 50 | 1.7 | 38 | 2.4 | 15 | 1.7 |
Consumer | 89 | 1.5 | 84 | 1.5 | 105 | 1.7 | 119 | 2.1 | 111 | 2.2 |
Other commercial and agricultural loans | 1,502 | 11.3 | 1,224 | 10.6 | 942 | 10.0 | 728 | 9.5 | 674 | 9.1 |
State & political subdivision loans | 568 | 14.7 | 545 | 14.4 | 330 | 12.2 | 271 | 11.8 | 235 | 11.4 |
Unallocated | 176 | N/A | 188 | N/A | 167 | N/A | 316 | N/A | 515 | N/A |
Total allowance for loan losses | $ 6,959 | 100.0 | $ 6,815 | 100.0 | $ 7,098 | 100.0 | $ 6,784 | 100.0 | $ 6,487 | 100.0 |
June 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | |||||||||||||||||||||||||||||||
30 - 89 Days | 30 - 89 Days | |||||||||||||||||||||||||||||||
Past Due | 90 Days Past | Non- | Total Non- | Past Due | 90 Days Past | Non- | Total Non- | |||||||||||||||||||||||||
(in thousands) | Accruing | Due Accruing | accrual | Performing | Accruing | Due Accruing | accrual | Performing | ||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||
Residential | $ | 1,817 | $ | 219 | $ | 1,385 | $ | 1,604 | $ | 1,273 | $ | 394 | $ | 1,008 | $ | 1,402 | ||||||||||||||||
Commercial | 1,402 | 461 | 4,711 | 5,172 | 859 | 60 | 4,422 | 4,482 | ||||||||||||||||||||||||
Agricultural | 251 | 165 | 29 | 194 | 344 | - | 34 | 34 | ||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Consumer | 243 | 9 | 39 | 48 | 262 | 9 | 55 | 64 | ||||||||||||||||||||||||
Other commercial and | ||||||||||||||||||||||||||||||||
agricultural loans | 218 | 250 | 4,042 | 4,292 | 319 | 160 | 1,012 | 1,172 | ||||||||||||||||||||||||
Total nonperforming loans | $ | 3,931 | $ | 1,104 | $ | 10,206 | $ | 11,310 | $ | 3,057 | $ | 623 | $ | 6,531 | $ | 7,154 |
June 30, 2015 | December 31, 2014 | ||||||||||||||||
Non-Performing Loans | Non-Performing Loans | ||||||||||||||||
30 - 89 Days | 30 - 89 Days | Change in Non-Performing Loans June 30, 2016/ | |||||||||||||||
Past Due | 90 Days Past | Non- | Total Non- | Past Due | 90 Days Past | Non- | Total Non- | December 31, 2015 | |||||||||
(in thousands) | Accruing | Due Accruing | accrual | Performing | Accruing | Due Accruing | accrual | Performing | Amount | % | |||||||
Real estate: | |||||||||||||||||
Residential | $ 1,038 | $ 460 | $ 849 | $ 1,309 | $ 1,089 | $ 346 | $ 828 | $ 1,174 | $ | 202 | 14.4 | ||||||
Commercial | 59 | 104 | 4,547 | 4,651 | 147 | 310 | 5,010 | 5,320 | 690 | 15.4 | |||||||
Agricultural | 209 | - | - | - | - | - | - | - | 160 | 470.6 | |||||||
Construction | - | N/ | A | ||||||||||||||
Consumer | 38 | 1 | 53 | 54 | 75 | 6 | 47 | 53 | (16 | ) | (25.0 | ) | |||||
Other commercial and | |||||||||||||||||
agricultural loans | 365 | 261 | 1,118 | 1,379 | 761 | 174 | 714 | 888 | 3,120 | 266.2 | |||||||
Total nonperforming loans | $ 1,709 | $ 826 | $ 6,567 | $ 7,393 | $ 2,072 | $ 836 | $ 6,599 | $ 7,435 | $ | 4,156 | 58.1 |
Change in Non-Performing Loans | ||
June 30, 2015 /December 31, 2014 | ||
(in thousands) | Amount | % |
Real estate: | ||
Residential | $ 135 | 11.5 |
Commercial | (669) | (12.6) |
Agricultural | - | N/A |
Construction | - | N/A |
Consumer | 1 | 1.9 |
Other commercial and | ||
agricultural loans | 491 | 55.3 |
Total nonperforming loans | $ (42) | (0.6) |
· | A commercial customer with a total loan relationship of $3.7 million secured by undeveloped land, stone quarries and equipment was on non-accrual status as of June 30, 2016. The slowdown in the exploration for natural gas has significantly impacted the cash flows of the customer, who provided excavation services and stone for pad construction related to these activities. Management reviewed the collateral and determined that no specific reserve was required as of June 30, 2016. |
· | A commercial customer with a total loan relationship of |
· | A commercial customer with a relationship of approximately $435,000 after a charge-off of $463,000 during the second quarter of 2014, secured by |
· | A commercial customer with a relationship of approximately |
· |
· | Net and gross charge-offs have returned to their low historical rate of .03% |
· | Real estate values in the |
June 30, | December 31, | |||||||||||||||
2016 | 2015 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Non-interest-bearing deposits | $ | 142,327 | 14.2 | $ | 150,960 | 15.3 | ||||||||||
NOW accounts | 299,130 | 29.8 | 279,655 | 28.3 | ||||||||||||
Savings deposits | 169,990 | 16.9 | 170,277 | 17.2 | ||||||||||||
Money market deposit accounts | 123,146 | 12.3 | 105,229 | 10.7 | ||||||||||||
Certificates of deposit | 268,889 | 26.8 | 281,910 | 28.5 | ||||||||||||
Total | $ | 1,003,482 | 100.0 | $ | 988,031 | 100.0 |
June 30 | December 31, | |||
2015 | 2014 | |||
Amount | % | Amount | % | |
Non-interest-bearing deposits | $ 100,469 | 12.7 | $ 95,526 | 12.3 |
NOW accounts | 236,545 | 29.9 | 226,038 | 29.2 |
Savings deposits | 116,201 | 14.7 | 108,252 | 14.0 |
Money market deposit accounts | 91,615 | 11.6 | 95,350 | 12.3 |
Certificates of deposit | 247,057 | 31.1 | 248,767 | 32.2 |
Total | $ 791,887 | 100.0 | $ 773,933 | 100.0 |
June 30, 2015/ | ||
December 31, 2014 | ||
Change | ||
Amount | % | |
Non-interest-bearing deposits | $ 4,943 | 5.2 |
NOW accounts | 10,507 | 4.6 |
Savings deposits | 7,949 | 7.3 |
Money market deposit accounts | (3,735) | (3.9) |
Certificates of deposit | (1,710) | (0.7) |
Total | $ 17,954 | 2.3 |
June 30, 2016/ | ||||||||
December 31, 2015 | ||||||||
Change | ||||||||
Amount | % | |||||||
Non-interest-bearing deposits | $ | (8,633 | ) | (5.7 | ) | |||
NOW accounts | 19,475 | 7.0 | ||||||
Savings deposits | (287 | ) | (0.2 | ) | ||||
Money market deposit accounts | 17,917 | 17.0 | ||||||
Certificates of deposit | (13,021 | ) | (4.6 | ) | ||||
Total | $ | 15,451 | 1.6 |
June 30, | December 31, | |||||
2015 | 2014 | |||||
Total capital (to risk-weighted assets) | Amount | Ratio | Amount | Ratio | ||
Company | $ 110,485 | 19.06% | $ 106,891 | 18.55% | ||
For capital adequacy purposes | 46,367 | 8.00% | 46,105 | 8.00% | ||
To be well capitalized | 57,959 | 10.00% | 57,631 | 10.00% | ||
Tier I capital (to risk-weighted assets) | ||||||
Company | $ 103,185 | 17.80% | $ 99,692 | 17.30% | ||
For capital adequacy purposes | 34,775 | 6.00% | 23,053 | 4.00% | ||
To be well capitalized | 46,367 | 8.00% | 34,579 | 6.00% | ||
Community Equity Tier I capital (to risk-weighted assets) | ||||||
Company | $ 95,685 | 16.51% | N/A | N/A | ||
For capital adequacy purposes | 26,082 | 4.50% | N/A | N/A | ||
To be well capitalized | 37,673 | 6.50% | N/A | N/A | ||
Tier I capital (to average assets) | ||||||
Company | $ 103,185 | 11.08% | $ 99,692 | 10.99% | ||
For capital adequacy purposes | 37,259 | 4.00% | 36,272 | 4.00% | ||
To be well capitalized | 46,574 | 5.00% | 45,341 | 5.00% |
June 30, | December 31, | |||||
2015 | 2014 | |||||
Total capital (to risk-weighted assets) | Amount | Ratio | Amount | Ratio | ||
Bank | $ 101,796 | 17.62% | $ 97,498 | 16.97% | ||
For capital adequacy purposes | 46,217 | 8.00% | 45,969 | 8.00% | ||
To be well capitalized | 57,772 | 10.00% | 57,462 | 10.00% | ||
Tier I capital (to risk-weighted assets) | ||||||
Bank | $ 94,656 | 16.38% | $ 90,500 | 15.75% | ||
For capital adequacy purposes | 34,663 | 6.00% | 22,985 | 4.00% | ||
To be well capitalized | 46,217 | 8.00% | 34,477 | 6.00% | ||
Community Equity Tier I capital (to risk-weighted assets) | ||||||
Bank | $ 94,656 | 16.38% | N/A | N/A | ||
For capital adequacy purposes | 41,848 | 4.50% | N/A | N/A | ||
To be well capitalized | 60,447 | 6.50% | N/A | N/A | ||
Tier I capital (to average assets) | ||||||
Bank | $ 94,656 | 10.18% | $ 90,500 | 10.00% | ||
For capital adequacy purposes | 37,198 | 4.00% | 36,218 | 4.00% | ||
To be well capitalized | 46,497 | 5.00% | 45,273 | 5.00% |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
June 30, 2016 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Company | $ | 117,683 | 16.16 | % | $ | 58,248 | 8.00 | % | $ | 72,810 | 10.00 | % | ||||||||||||
Bank | $ | 112,026 | 15.43 | % | $ | 58,077 | 8.00 | % | $ | 72,596 | 10.00 | % | ||||||||||||
Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Company | $ | 109,928 | 15.10 | % | $ | 43,686 | 6.00 | % | $ | 58,248 | 8.00 | % | ||||||||||||
Bank | $ | 104,450 | 14.39 | % | $ | 43,558 | 6.00 | % | $ | 58,077 | 8.00 | % | ||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Company | $ | 102,428 | 14.07 | % | $ | 32,765 | 4.50 | % | $ | 47,327 | 6.50 | % | ||||||||||||
Bank | $ | 104,450 | 14.39 | % | $ | 32,668 | 4.50 | % | $ | 47,188 | 6.50 | % | ||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||||||
Company | $ | 109,928 | 9.40 | % | $ | 46,793 | 4.00 | % | $ | 58,491 | 5.00 | % | ||||||||||||
Bank | $ | 104,450 | 8.95 | % | $ | 46,691 | 4.00 | % | $ | 58,364 | 5.00 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
December 31, 2015 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Company | $ | 114,886 | 16.23 | % | $ | 56,630 | 8.00 | % | $ | 70,787 | 10.00 | % | ||||||||||||
Bank | $ | 108,232 | 15.34 | % | $ | 56,443 | 8.00 | % | $ | 70,554 | 10.00 | % | ||||||||||||
Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Company | $ | 107,612 | 15.20 | % | $ | 42,472 | 6.00 | % | $ | 56,630 | 8.00 | % | ||||||||||||
Bank | $ | 100,958 | 14.31 | % | $ | 42,332 | 6.00 | % | $ | 56,443 | 8.00 | % | ||||||||||||
Common Equity Tier 1 Capital (to Risk Weighted Assets): | ||||||||||||||||||||||||
Company | $ | 100,112 | 14.14 | % | $ | 31,854 | 4.50 | % | $ | 46,012 | 6.50 | % | ||||||||||||
Bank | $ | 100,958 | 14.31 | % | $ | 31,749 | 4.50 | % | $ | 45,860 | 6.50 | % | ||||||||||||
Tier 1 Capital (to Average Assets): | ||||||||||||||||||||||||
Company | $ | 107,612 | 11.01 | % | $ | 39,083 | 4.00 | % | $ | 48,854 | 5.00 | % | ||||||||||||
Bank | $ | 100,958 | 10.35 | % | $ | 39,006 | 4.00 | % | $ | 48,757 | 5.00 | % |
June 30, 2016 | December 31, 2015 | |||||||
Commitments to extend credit | $ | 186,943 | $ | 143,134 | ||||
Standby letters of credit | 13,884 | 13,751 | ||||||
$ | 200,827 | $ | 156,885 |
June 30, 2015 | December 31, 2014 | |
Commitments to extend credit | $ 118,876 | $ 108,951 |
Standby letters of credit | 10,024 | 10,389 |
$ 128,900 | $ 119,340 |
Change In | % Change In | ||||
Prospective One-Year | Prospective | Prospective | |||
Changes in Rates | Net Interest Income | Net Interest Income | Net Interest Income | ||
-100 Shock | $ 29,428 | $ (267) | (0.90) | ||
Base | 29,695 | - | - | ||
+100 Shock | 28,707 | (988) | (3.33) | ||
+200 Shock | 27,910 | (1,785) | (6.01) | ||
+300 Shock | 27,045 | (2,650) | (8.92) | ||
+400 Shock | 26,061 | (3,634) | (12.24) |
Change In | % Change In | |||||||||||
Prospective One-Year | Prospective | Prospective | ||||||||||
Changes in Rates | Net Interest Income | Net Interest Income | Net Interest Income | |||||||||
-100 Shock | $ | 35,090 | $ | (757 | ) | (2.11 | ) | |||||
Base | 35,847 | - | - | |||||||||
+100 Shock | 35,293 | (554 | ) | (1.55 | ) | |||||||
+200 Shock | 34,816 | (1,031 | ) | (2.88 | ) | |||||||
+300 Shock | 34,157 | (1,690 | ) | (4.71 | ) | |||||||
+400 Shock | 33,400 | (2,447 | ) | (6.83 | ) |
ISSUER PURCHASES OF EQUITY SECURITIES | ISSUER PURCHASES OF EQUITY SECURITIES | ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||
Period | Total Number of Shares (or units Purchased) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans of Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) | Total Number of Shares (or units Purchased) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans of Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||
4/1/15 to 4/30/15 | - | - | - | 54,577 | ||||||||||||||||
5/1/15 to 5/31/15 | 364 | $48.50 | 364 | 54,213 | ||||||||||||||||
6/1/15 to 6/30/15 | - | - | - | 54,213 | ||||||||||||||||
4/1/16 to 4/30/16 | 29 | $ | 47.00 | 29 | 155,610 | |||||||||||||||
5/1/16 to 5/31/16 | 7,271 | $ | 47.78 | 7,271 | 148,339 | |||||||||||||||
6/1/16 to 6/30/16 | 5,717 | $ | 47.65 | 5,717 | 142,622 | |||||||||||||||
Total | 364 | $48.50 | 364 | 54,577 | 13,017 | $ | 47.72 | 13,017 | 142,622 |
(1) | On |
3.1 | Articles of Incorporation of Citizens Financial Services, Inc., as amended | ||
3.2 | Bylaws of Citizens Financial Services, Inc. | ||
4.1 | Form of Common Stock Certificate. | ||
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer | ||
31.2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer |
32.1 | Section 1350 Certification of Chief Executive Officer and Chief Financial Officer | ||
101 ** | The following materials from the |
Citizens Financial Services, Inc. | |||
August | By: | /s/ Randall E. Black | |
Randall E. Black | |||
President and Chief Executive Officer (Principal Executive Officer) | |||
August | By: | /s/ Mickey L. Jones | |
Mickey L. Jones | |||
Chief Financial Officer (Principal Accounting Officer) | |||