QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Kentucky | 61-1206757 | |
(State or other jurisdiction of incorporation organization) | (I.R.S. Employer Identification No.) | |
2883 Fifth Avenue Huntington, West Virginia | 25702 | |
(Address of principal executive offices) | (Zip Code) | |
Large accelerated filer | Accelerated filer | |
Non-accelerated filer (Do not check if smaller reporting company) | Smaller reporting company | Emerging growth company |
3 | |
4 | |
5 | |
6 | |
6 | |
7 | |
9 |
(UNAUDITED) | (UNAUDITED) | |||||||||||||||
September 30, | December 31, | June 30, | December 31, | |||||||||||||
2016 | 2015 | 2017 | 2016 | |||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 40,250 | $ | 33,888 | $ | 42,934 | $ | 41,443 | ||||||||
Interest bearing bank balances | 47,577 | 32,816 | 37,538 | 55,720 | ||||||||||||
Federal funds sold | 6,861 | 5,835 | 2,396 | 7,555 | ||||||||||||
Cash and cash equivalents | 94,688 | 72,539 | 82,868 | 104,718 | ||||||||||||
Time deposits with other banks | 2,582 | 2,332 | ||||||||||||||
Securities available for sale | 295,211 | 255,466 | 301,224 | 288,607 | ||||||||||||
Loans | 1,033,945 | 849,746 | 1,037,954 | 1,024,823 | ||||||||||||
Allowance for loan losses | (10,863 | ) | (9,647 | ) | (11,695 | ) | (10,836 | ) | ||||||||
Net loans | 1,023,082 | 840,099 | 1,026,259 | 1,013,987 | ||||||||||||
Federal Home Loan Bank stock, at cost | 3,220 | 3,072 | 3,185 | 3,200 | ||||||||||||
Premises and equipment, net | 24,632 | 19,841 | 23,579 | 24,224 | ||||||||||||
Real estate and other property acquired through foreclosure | 12,293 | 13,040 | 11,525 | 12,665 | ||||||||||||
Interest receivable | 4,019 | 3,162 | 3,637 | 3,862 | ||||||||||||
Goodwill | 35,371 | 33,796 | 35,371 | 35,371 | ||||||||||||
Other intangible assets | 4,626 | 2,180 | 3,833 | 4,349 | ||||||||||||
Other assets | 978 | 1,498 | 1,279 | 2,878 | ||||||||||||
Total assets | $ | 1,498,120 | $ | 1,244,693 | $ | 1,495,342 | $ | 1,496,193 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Deposits | ||||||||||||||||
Non-interest bearing | $ | 314,348 | $ | 271,194 | $ | 319,060 | $ | 319,618 | ||||||||
Time deposits, $250,000 and over | 66,171 | 64,062 | 63,528 | 66,378 | ||||||||||||
Other interest bearing | 893,066 | 724,940 | 894,620 | 893,390 | ||||||||||||
Total deposits | 1,273,585 | 1,060,196 | 1,277,208 | 1,279,386 | ||||||||||||
Securities sold under agreements to repurchase | 27,145 | 21,694 | 20,478 | 23,820 | ||||||||||||
FHLB advances | 531 | - | ||||||||||||||
Other borrowed funds | 9,467 | 11,292 | 7,000 | 8,859 | ||||||||||||
Subordinated debt | 5,333 | - | 5,360 | 5,343 | ||||||||||||
Interest payable | 332 | 321 | 352 | 364 | ||||||||||||
Other liabilities | 4,296 | 3,958 | 3,646 | 4,237 | ||||||||||||
Total liabilities | 1,320,689 | 1,097,461 | 1,314,044 | 1,322,009 | ||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, no par value; 20,000,000 shares authorized; 9,665,128 shares issued and outstanding at September 30, 2016, and 8,179,731 shares issued and outstanding at December 31, 2015 | 92,165 | 69,319 | ||||||||||||||
Common stock, no par value; 20,000,000 shares authorized; 10,658,799 shares issued and outstanding at June 30, 2017, and 10,640,735 shares issued and outstanding at December 31, 2016 | 110,218 | 109,911 | ||||||||||||||
Retained earnings | 82,021 | 77,592 | 70,581 | 66,195 | ||||||||||||
Accumulated other comprehensive income | 3,245 | 321 | ||||||||||||||
Accumulated other comprehensive income (loss) | 499 | (1,922 | ) | |||||||||||||
Total stockholders' equity | 177,431 | 147,232 | 181,298 | 174,184 | ||||||||||||
Total liabilities and stockholders' equity | $ | 1,498,120 | $ | 1,244,693 | $ | 1,495,342 | $ | 1,496,193 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Loans, including fees | $ | 13,375 | $ | 12,506 | $ | 39,084 | $ | 35,812 | $ | 14,663 | $ | 13,108 | $ | 28,198 | $ | 25,709 | ||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Taxable | 1,285 | 1,176 | 4,075 | 3,639 | 1,464 | 1,362 | 2,809 | 2,790 | ||||||||||||||||||||||||
Tax-exempt | 82 | 51 | 254 | 162 | 64 | 88 | 136 | 172 | ||||||||||||||||||||||||
Federal funds sold and other | 123 | 49 | 328 | 137 | 182 | 108 | 339 | 205 | ||||||||||||||||||||||||
Total interest income | 14,865 | 13,782 | 43,741 | 39,750 | 16,373 | 14,666 | 31,482 | 28,876 | ||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Deposits | 965 | 858 | 2,917 | 2,661 | 951 | 975 | 1,900 | 1,952 | ||||||||||||||||||||||||
Repurchase agreements and other | 10 | 9 | 28 | 28 | 7 | 11 | 14 | 18 | ||||||||||||||||||||||||
FHLB advances | 10 | - | 32 | - | - | 15 | - | 22 | ||||||||||||||||||||||||
Other borrowings | 101 | 132 | 321 | 391 | 79 | 107 | 166 | 220 | ||||||||||||||||||||||||
Subordinated debt | 63 | - | 181 | - | 74 | 67 | 144 | 118 | ||||||||||||||||||||||||
Total interest expense | 1,149 | 999 | 3,479 | 3,080 | 1,111 | 1,175 | 2,224 | 2,330 | ||||||||||||||||||||||||
Net interest income | 13,716 | 12,783 | 40,262 | 36,670 | 15,262 | 13,491 | 29,258 | 26,546 | ||||||||||||||||||||||||
Provision for loan losses | 312 | 309 | 1,436 | 232 | 776 | 812 | 1,142 | 1,124 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 13,404 | 12,474 | 38,826 | 36,438 | 14,486 | 12,679 | 28,116 | 25,422 | ||||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,031 | 948 | 2,975 | 2,740 | 1,089 | 983 | 2,065 | 1,944 | ||||||||||||||||||||||||
Electronic banking income | 791 | 670 | 2,355 | 2,016 | 833 | 802 | 1,613 | 1,564 | ||||||||||||||||||||||||
Secondary market mortgage income | 64 | 38 | 163 | 98 | 39 | 59 | 106 | 99 | ||||||||||||||||||||||||
Other | 176 | 146 | 571 | 415 | 173 | 221 | 367 | 395 | ||||||||||||||||||||||||
2,062 | 1,802 | 6,064 | 5,269 | 2,134 | 2,065 | 4,151 | 4,002 | |||||||||||||||||||||||||
Non-interest expenses | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 4,817 | 4,149 | 15,025 | 12,965 | 4,973 | 5,217 | 9,943 | 10,208 | ||||||||||||||||||||||||
Occupancy and equipment expenses | 1,635 | 1,328 | 4,697 | 3,918 | 1,449 | 1,550 | 2,970 | 3,062 | ||||||||||||||||||||||||
Outside data processing | 1,300 | 1,104 | 3,935 | 3,275 | 1,355 | 1,314 | 2,675 | 2,635 | ||||||||||||||||||||||||
Professional fees | 167 | 189 | 500 | 497 | 277 | 183 | 525 | 333 | ||||||||||||||||||||||||
Taxes, other than payroll, property and income | 156 | 135 | 473 | 476 | 211 | 159 | 400 | 317 | ||||||||||||||||||||||||
Write-downs, expenses, sales of other real estate owned, net | 765 | 669 | 1,402 | 1,351 | 553 | 398 | 793 | 637 | ||||||||||||||||||||||||
Amortization of intangibles | 278 | 210 | 862 | 644 | 251 | 317 | 516 | 584 | ||||||||||||||||||||||||
FDIC insurance | 278 | 232 | 752 | 653 | 154 | 214 | 347 | 474 | ||||||||||||||||||||||||
Conversion expense | 1 | - | 196 | - | ||||||||||||||||||||||||||||
Other expenses | 1,211 | 1,070 | 3,478 | 3,028 | 1,181 | 1,285 | 2,233 | 2,462 | ||||||||||||||||||||||||
10,608 | 9,086 | 31,320 | 26,807 | 10,404 | 10,637 | 20,402 | 20,712 | |||||||||||||||||||||||||
Income before income taxes | 4,858 | 5,190 | 13,570 | 14,900 | 6,216 | 4,107 | 11,865 | 8,712 | ||||||||||||||||||||||||
Provision for income taxes | 1,694 | 1,865 | 4,803 | 5,306 | 2,297 | 1,483 | 4,282 | 3,109 | ||||||||||||||||||||||||
Net income | $ | 3,164 | $ | 3,325 | $ | 8,767 | $ | 9,594 | $ | 3,919 | $ | 2,624 | $ | 7,583 | $ | 5,603 | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.41 | $ | 0.92 | $ | 1.18 | $ | 0.37 | $ | 0.25 | $ | 0.71 | $ | 0.54 | ||||||||||||||||
Diluted | 0.33 | 0.40 | 0.91 | 1.14 | 0.36 | 0.25 | 0.71 | 0.53 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Net income | $ | 3,164 | $ | 3,325 | $ | 8,767 | $ | 9,594 | $ | 3,919 | $ | 2,624 | $ | 7,583 | $ | 5,603 | ||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | 15 | 732 | 4,504 | 456 | ||||||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||
Unrealized gains arising during the period | 1,451 | 1,862 | 3,725 | 4,494 | ||||||||||||||||||||||||||||
Reclassification of realized amount | - | - | (4 | ) | - | - | - | - | (4 | ) | ||||||||||||||||||||||
Net change in unrealized gain on securities | 15 | 732 | 4,500 | 456 | 1,451 | 1,862 | 3,725 | 4,490 | ||||||||||||||||||||||||
Less tax impact | (5 | ) | (249 | ) | (1,576 | ) | (155 | ) | (508 | ) | (665 | ) | (1,304 | ) | (1,576 | ) | ||||||||||||||||
Other comprehensive income (loss) | 10 | 483 | 2,924 | 301 | ||||||||||||||||||||||||||||
Other comprehensive income | 943 | 1,197 | 2,421 | 2,914 | ||||||||||||||||||||||||||||
Comprehensive income | $ | 3,174 | $ | 3,808 | $ | 11,691 | $ | 9,895 | $ | 4,862 | $ | 3,821 | $ | 10,004 | $ | 8,517 | ||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total | |||||||||||||||||||||||||
Balances, January 1, 2016 | $ | 69,319 | $ | 77,592 | $ | 321 | $ | 147,232 | ||||||||||||||||||||||||
Balances, January 1, 2017 | $ | 109,911 | $ | 66,195 | $ | (1,922 | ) | $ | 174,184 | |||||||||||||||||||||||
Net income | - | 8,767 | - | 8,767 | - | 7,583 | - | 7,583 | ||||||||||||||||||||||||
Other comprehensive income | - | - | 2,924 | 2,924 | - | - | 2,421 | 2,421 | ||||||||||||||||||||||||
Cash dividends paid ($0.45 per share) | - | (4,338 | ) | - | (4,338 | ) | ||||||||||||||||||||||||||
Stock issued to acquire subsidiary | 22,041 | - | - | 22,041 | ||||||||||||||||||||||||||||
Cash dividends paid ($0.30 per share) | - | (3,197 | ) | - | (3,197 | ) | ||||||||||||||||||||||||||
Stock options exercised | 138 | - | - | 138 | ||||||||||||||||||||||||||||
Stock based compensation expense | 160 | - | - | 160 | 169 | - | - | 169 | ||||||||||||||||||||||||
Stock options exercised | 645 | - | - | 645 | ||||||||||||||||||||||||||||
Balances, September 30, 2016 | $ | 92,165 | $ | 82,021 | $ | 3,245 | $ | 177,431 | ||||||||||||||||||||||||
Balances, June 30, 2017 | $ | 110,218 | $ | 70,581 | $ | 499 | $ | 181,298 |
2016 | 2015 | 2017 | 2016 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income | $ | 8,767 | $ | 9,594 | $ | 7,583 | $ | 5,603 | ||||||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||||||||||
Depreciation | 1,461 | 1,290 | 879 | 976 | ||||||||||||
Provision for loan losses | 1,436 | 232 | 1,142 | 1,124 | ||||||||||||
Amortization (accretion), net | 2,010 | 154 | 616 | 1,189 | ||||||||||||
OREO writedowns, net | 508 | 625 | ||||||||||||||
OREO write-downs (gains on sales), net | 349 | (15 | ) | |||||||||||||
Stock compensation expense | 160 | 188 | 169 | 142 | ||||||||||||
Loans originated for sale | - | (1,679 | ) | |||||||||||||
Secondary market loans sold | - | 1,941 | ||||||||||||||
Secondary market income | - | (38 | ) | |||||||||||||
Changes in : | ||||||||||||||||
Interest receivable | (259 | ) | (188 | ) | 225 | (50 | ) | |||||||||
Other assets | (140 | ) | 221 | 294 | 158 | |||||||||||
Interest payable | (76 | ) | (95 | ) | (12 | ) | (57 | ) | ||||||||
Other liabilities | (2,071 | ) | 337 | (591 | ) | (2,798 | ) | |||||||||
Net cash from operating activities | 11,796 | 12,582 | 10,654 | 6,272 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||
Net change in time deposits with other banks | (250 | ) | - | |||||||||||||
Purchases of securities available for sale | (22,512 | ) | (51,610 | ) | (43,190 | ) | (12,010 | ) | ||||||||
Proceeds from maturities and calls of securities available for sale | 62,011 | 52,396 | 33,291 | 37,616 | ||||||||||||
Purchase of FHLB stock | - | (76 | ) | |||||||||||||
Redemption of FRB and FHLB stock | 190 | - | ||||||||||||||
Redemption of FHLB stock | 15 | 190 | ||||||||||||||
Net change in loans | (51,417 | ) | 19,330 | (13,077 | ) | (45,301 | ) | |||||||||
Acquisition of subsidiary, net of cash received | 16,385 | - | - | 16,385 | ||||||||||||
Purchases of premises and equipment, net | (413 | ) | (624 | ) | (305 | ) | (184 | ) | ||||||||
Improvements to OREO property | - | (29 | ) | |||||||||||||
Proceeds from sales of other real estate acquired through foreclosure | 870 | 4,424 | 1,462 | 553 | ||||||||||||
Net cash from investing activities | 5,114 | 23,811 | ||||||||||||||
Net cash from (used in) investing activities | (22,054 | ) | (2,751 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||
Net change in deposits | 8,246 | 3,648 | (2,190 | ) | 1,776 | |||||||||||
Net change in agreements to repurchase securities | 3,282 | 4,952 | (3,342 | ) | 8,075 | |||||||||||
Repayment of other borrowed funds | (1,824 | ) | (15,669 | ) | (1,859 | ) | (1,217 | ) | ||||||||
Proceeds from other borrowings | - | 15,946 | ||||||||||||||
Proceeds from stock option exercises | 645 | 218 | 138 | 520 | ||||||||||||
Purchase of warrant | - | (5,675 | ) | |||||||||||||
Repayment of FHLB advances, net | (772 | ) | - | |||||||||||||
Advances from FHLB | - | 5,000 | ||||||||||||||
Repayment of FHLB advances | - | (760 | ) | |||||||||||||
Common stock dividends paid | (4,338 | ) | (3,346 | ) | (3,197 | ) | (2,887 | ) | ||||||||
Net cash from financing activities | 5,239 | 74 | ||||||||||||||
Net cash from (used in) financing activities | (10,450 | ) | 10,507 | |||||||||||||
Net change in cash and cash equivalents | 22,149 | 36,467 | (21,850 | ) | 14,028 | |||||||||||
Cash and cash equivalents at beginning of period | 72,539 | 75,384 | 104,718 | 72,539 | ||||||||||||
Cash and cash equivalents at end of period | $ | 94,688 | $ | 111,851 | $ | 82,868 | $ | 86,567 |
2016 | 2015 | |||||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 3,555 | $ | 3,175 | ||||
Cash paid during period for income taxes | 5,122 | 4,686 | ||||||
Loans transferred to real estate acquired through foreclosure | 631 | 5,726 | ||||||
Stock issued to acquire subsidiary | 22,041 | - | ||||||
Premises transferred to other real estate owned | - | 760 | ||||||
2017 | 2016 | |||||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 2,236 | $ | 2,387 | ||||
Cash paid during period for income taxes | 3,632 | 3,387 | ||||||
Loans transferred to real estate acquired through foreclosure | 600 | 524 | ||||||
Stock issued to acquire subsidiary | - | 22,041 | ||||||
Premises transferred to other real estate owned | 71 | - |
September 30, 2016 | |||||||||||||||||
Year | Total | Net Income | |||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | ||||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 403,077 | $ | 1,035 | $ | 3,277 | |||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,093,654 | 2,566 | 6,933 | ||||||||||||
Parent and Intercompany Eliminations | 1,389 | (437 | ) | (1,443 | ) | ||||||||||||
Consolidated Total | $ | 1,498,120 | $ | 3,164 | $ | 8,767 |
June 30, 2017 | ||||||||||||||||
Year | Total | Net Income | ||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | |||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 419,236 | $ | 1,103 | $ | 2,300 | ||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,069,784 | 3,188 | 6,273 | |||||||||||
Parent and Intercompany Eliminations | 6,322 | (372 | ) | (990 | ) | |||||||||||
Consolidated Total | $ | 1,495,342 | $ | 3,919 | $ | 7,583 |
2016 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
2017 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 164,992 | $ | 3,148 | $ | (12 | ) | $ | 168,128 | $ | 203,134 | $ | 1,042 | $ | (652 | ) | $ | 203,524 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 81,114 | 1,482 | (74 | ) | 82,522 | |||||||||||||||||||||||||||
U. S. sponsored agency CMO's - residential | 61,844 | 649 | (375 | ) | 62,118 | |||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 246,106 | 4,630 | (86 | ) | 250,650 | 264,978 | 1,691 | (1,027 | ) | 265,642 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 25,700 | 167 | - | 25,867 | 21,374 | 9 | (68 | ) | 21,315 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 18,414 | 286 | (6 | ) | 18,694 | 14,105 | 174 | (12 | ) | 14,267 | ||||||||||||||||||||||
Total available for sale | $ | 290,220 | $ | 5,083 | $ | (92 | ) | $ | 295,211 | $ | 300,457 | $ | 1,874 | $ | (1,107 | ) | $ | 301,224 |
2015 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 132,661 | $ | 540 | $ | (854 | ) | $ | 132,347 | |||||||
U. S. sponsored agency CMO’s - residential | 104,530 | 1,330 | (738 | ) | 105,122 | |||||||||||
Total mortgage-backed securities of government sponsored agencies | 237,191 | 1,870 | (1,592 | ) | 237,469 | |||||||||||
U. S. government sponsored agency securities | 10,401 | 29 | (1 | ) | 10,429 | |||||||||||
Obligations of states and political subdivisions | 7,387 | 184 | (3 | ) | 7,568 | |||||||||||
Total available for sale | $ | 254,979 | $ | 2,083 | $ | (1,596 | ) | $ | 255,466 |
2016 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 177,105 | $ | 245 | $ | (3,173 | ) | $ | 174,177 | |||||||
U. S. sponsored agency CMO's - residential | 73,163 | 761 | (657 | ) | 73,267 | |||||||||||
Total mortgage-backed securities of government sponsored agencies | 250,268 | 1,006 | (3,830 | ) | 247,444 | |||||||||||
U. S. government sponsored agency securities | 24,652 | 23 | (174 | ) | 24,501 | |||||||||||
Obligations of states and political subdivisions | 16,645 | 111 | (94 | ) | 16,662 | |||||||||||
Total available for sale | $ | 291,565 | $ | 1,140 | $ | (4,098 | ) | $ | 288,607 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Available for sale | ||||||||||||||||
Due in one year or less | $ | 7,179 | $ | 7,208 | $ | 10,606 | $ | 10,632 | ||||||||
Due after one year through five years | 28,038 | 28,272 | 18,929 | 18,929 | ||||||||||||
Due after five years through ten years | 8,089 | 8,264 | 5,386 | 5,463 | ||||||||||||
Due after ten years | 808 | 817 | 558 | 558 | ||||||||||||
Mortgage-backed securities of government sponsored agencies | 246,106 | 250,650 | 264,978 | 265,642 | ||||||||||||
Total available for sale | $ | 290,220 | $ | 295,211 | $ | 300,457 | $ | 301,224 | ||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||
U.S government sponsored agency securities | $ | 15,007 | $ | (68 | ) | $ | - | $ | - | $ | 15,007 | $ | (68 | ) | ||||||||||||||||||||||||||||||||||
U.S government sponsored agency MBS – residential | $ | 10,494 | $ | (12 | ) | $ | - | $ | - | $ | 10,494 | $ | (12 | ) | 75,722 | (652 | ) | - | - | 75,722 | (652 | ) | ||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 6,833 | (3 | ) | 9,543 | (71 | ) | 16,376 | (74 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO – residential | 15,097 | (183 | ) | 7,860 | (192 | ) | 22,957 | (375 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,350 | (6 | ) | - | - | 2,350 | (6 | ) | 2,028 | (6 | ) | 599 | (6 | ) | 2,627 | (12 | ) | |||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 19,677 | $ | (21 | ) | $ | 9,543 | $ | (71 | ) | $ | 29,220 | $ | (92 | ) | $ | 107,854 | $ | (909 | ) | $ | 8,459 | $ | (198 | ) | $ | 116,313 | $ | (1,107 | ) |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||
U.S government sponsored agency securities | $ | 2,016 | $ | (1 | ) | $ | - | $ | - | $ | 2,016 | $ | (1 | ) | $ | 17,207 | $ | (174 | ) | $ | - | $ | - | $ | 17,207 | $ | (174 | ) | ||||||||||||||||||||
U.S government sponsored agency MBS – residential | 94,311 | (854 | ) | - | - | 94,311 | (854 | ) | 157,022 | (3,173 | ) | - | - | 157,022 | (3,173 | ) | ||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 11,604 | (161 | ) | 19,755 | (577 | ) | 31,359 | (738 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO's – residential | 18,374 | (373 | ) | 8,750 | (284 | ) | 27,124 | (657 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 571 | (3 | ) | - | - | 571 | (3 | ) | 7,961 | (94 | ) | - | - | 7,961 | (94 | ) | ||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 108,502 | $ | (1,019 | ) | $ | 19,755 | $ | (577 | ) | $ | 128,257 | $ | (1,596 | ) | $ | 200,564 | $ | (3,814 | ) | $ | 8,750 | $ | (284 | ) | $ | 209,314 | $ | (4,098 | ) |
2016 | 2015 | 2017 | 2016 | |||||||||||||
Residential real estate | $ | 345,375 | $ | 285,826 | $ | 340,288 | $ | 342,294 | ||||||||
Multifamily real estate | 68,483 | 50,452 | 78,352 | 74,165 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 138,906 | 119,265 | 133,846 | 129,370 | ||||||||||||
Non owner occupied | 225,027 | 188,918 | 227,700 | 220,836 | ||||||||||||
Commercial and industrial | 77,617 | 68,339 | 77,900 | 76,736 | ||||||||||||
Consumer | 32,205 | 31,445 | 29,747 | 30,916 | ||||||||||||
All other | 146,332 | 105,501 | 150,121 | 150,506 | ||||||||||||
$ | 1,033,945 | $ | 849,746 | $ | 1,037,954 | $ | 1,024,823 |
Loan Class | Balance Dec 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2017 | |||||||||||||||||||
2016 | ||||||||||||||||||||||||
Residential real estate | $ | 49,424 | $ | 2,948 | $ | 193 | $ | (199 | ) | $ | 31 | $ | 2,973 | |||||||||||
Multifamily real estate | 3,265 | 785 | 552 | - | - | 1,337 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 20,024 | 1,543 | (166 | ) | - | 241 | 1,618 | |||||||||||||||||
Non owner occupied | 9,650 | 2,350 | (12 | ) | (4 | ) | - | 2,334 | ||||||||||||||||
Commercial and industrial | 18,361 | 1,140 | 9 | (134 | ) | 78 | 1,093 | |||||||||||||||||
Consumer | 2,427 | 347 | 138 | (165 | ) | 53 | 373 | |||||||||||||||||
All other | 18,401 | 1,723 | 428 | (264 | ) | 80 | 1,967 | |||||||||||||||||
$ | 121,552 | |||||||||||||||||||||||
Total | $ | 10,836 | $ | 1,142 | $ | (766 | ) | $ | 483 | $ | 11,695 |
Loan Class | Balance Dec 31, 2015 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept. 30, 2016 | Balance Dec 31, 2015 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2016 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,501 | $ | 377 | $ | 107 | $ | 19 | $ | 2,790 | $ | 2,501 | $ | 286 | $ | (56 | ) | $ | 16 | $ | 2,747 | |||||||||||||||||||
Multifamily real estate | 821 | 92 | - | - | 913 | 821 | 1 | - | - | 822 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,509 | (140 | ) | - | 2 | 1,371 | 1,509 | (68 | ) | - | 1 | 1,442 | ||||||||||||||||||||||||||||
Non owner occupied | 2,070 | 645 | - | - | 2,715 | 2,070 | 638 | - | - | 2,708 | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,033 | 83 | 29 | 42 | 1,129 | 1,033 | 40 | - | 38 | 1,111 | ||||||||||||||||||||||||||||||
Consumer | 307 | 172 | 232 | 71 | 318 | 307 | 33 | (90 | ) | 56 | 306 | |||||||||||||||||||||||||||||
All other | 1,406 | 207 | 207 | 221 | 1,627 | 1,406 | 194 | (126 | ) | 194 | 1,668 | |||||||||||||||||||||||||||||
Total | $ | 9,647 | $ | 1,436 | $ | 575 | $ | 355 | $ | 10,863 | $ | 9,647 | $ | 1,124 | $ | (272 | ) | $ | 305 | $ | 10,804 |
Loan Class | Balance Dec 31, 2014 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept. 30, 2015 | |||||||||||||||
Residential real estate | $ | 2,093 | $ | 557 | $ | 102 | $ | 74 | $ | 2,622 | ||||||||||
Multifamily real estate | 304 | 291 | - | - | 595 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,501 | (3 | ) | 2 | 2 | 1,498 | ||||||||||||||
Non owner occupied | 2,316 | (599 | ) | - | 659 | 2,376 | ||||||||||||||
Commercial and industrial | 1,444 | 71 | 403 | 7 | 1,119 | |||||||||||||||
Consumer | 243 | 128 | 167 | 82 | 286 | |||||||||||||||
All other | 2,446 | (213 | ) | 1,058 | 154 | 1,329 | ||||||||||||||
Total | $ | 10,347 | $ | 232 | $ | 1,732 | $ | 978 | $ | 9,825 |
Loan Class | Balance June 30, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept. 30, 2016 | Balance March 31, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2017 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,747 | $ | 91 | $ | 51 | $ | 3 | $ | 2,790 | $ | 2,977 | $ | 64 | $ | (94 | ) | $ | 26 | $ | 2,973 | |||||||||||||||||||
Multifamily real estate | 822 | 91 | - | - | 913 | 770 | 567 | - | - | 1,337 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,442 | (72 | ) | - | 1 | 1,371 | 1,576 | (198 | ) | - | 240 | 1,618 | ||||||||||||||||||||||||||||
Non owner occupied | 2,708 | 7 | - | - | 2,715 | 2,422 | (88 | ) | - | - | 2,334 | |||||||||||||||||||||||||||||
Commercial and industrial | 1,111 | 43 | 29 | 4 | 1,129 | 1,129 | 43 | (134 | ) | 55 | 1,093 | |||||||||||||||||||||||||||||
Consumer | 306 | 139 | 142 | 15 | 318 | 370 | 22 | (48 | ) | 29 | 373 | |||||||||||||||||||||||||||||
All other | 1,668 | 13 | 81 | 27 | 1,627 | 1,650 | 366 | (81 | ) | 32 | 1,967 | |||||||||||||||||||||||||||||
Total | $ | 10,804 | $ | 312 | $ | 303 | $ | 50 | $ | 10,863 | $ | 10,894 | $ | 776 | $ | (357 | ) | $ | 382 | $ | 11,695 |
Loan Class | Balance June 30, 2015 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept. 30, 2015 | Balance March 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2016 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,466 | $ | 185 | $ | 35 | $ | 6 | $ | 2,622 | $ | 2,539 | $ | 208 | $ | (7 | ) | $ | 7 | $ | 2,747 | |||||||||||||||||||
Multifamily real estate | 512 | 83 | - | - | 595 | 745 | 77 | - | - | 822 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,476 | 21 | - | 1 | 1,498 | 1,531 | (89 | ) | - | - | 1,442 | |||||||||||||||||||||||||||||
Non owner occupied | 2,332 | 44 | - | - | 2,376 | 2,337 | 371 | - | - | 2,708 | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,139 | 211 | 234 | 3 | 1,119 | 933 | 176 | - | 2 | 1,111 | ||||||||||||||||||||||||||||||
Consumer | 274 | 23 | 35 | 24 | 286 | 288 | 44 | (46 | ) | 20 | 306 | |||||||||||||||||||||||||||||
All other | 2,495 | (258 | ) | 946 | 38 | 1,329 | 1,542 | 25 | (66 | ) | 167 | 1,668 | ||||||||||||||||||||||||||||
Total | $ | 10,694 | $ | 309 | $ | 1,250 | $ | 72 | $ | 9,825 | $ | 9,915 | $ | 812 | $ | (119 | ) | $ | 196 | $ | 10,804 |
2016 | 2015 | 2017 | 2016 | |||||||||||||
Residential real estate | $ | 1,793 | $ | - | $ | 1,537 | $ | 1,619 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 2,040 | 131 | 1,645 | 2,013 | ||||||||||||
Non owner occupied | 5,436 | 5,549 | - | 5,396 | ||||||||||||
Commercial and industrial | 361 | 80 | 216 | 232 | ||||||||||||
All other | 2,058 | - | 1,860 | 2,061 | ||||||||||||
Total carrying amount | $ | 11,688 | $ | 5,760 | $ | 5,258 | $ | 11,321 | ||||||||
Contractual principal balance | $ | 15,906 | $ | 7,251 | $ | 7,234 | $ | 14,784 | ||||||||
Carrying amount, net of allowance | $ | 11,676 | $ | 5,680 | $ | 5,208 | $ | 11,311 |
2016 | 2015 | 2017 | 2016 | |||||||||||||
Balance at January 1 | $ | 185 | $ | 204 | $ | 1,208 | $ | 185 | ||||||||
New loans purchased | 1,151 | - | - | 1,115 | ||||||||||||
Accretion of income | (64 | ) | (14 | ) | (403 | ) | (52 | ) | ||||||||
Reclassification to non-accretable | - | - | - | - | ||||||||||||
Disposals | - | - | - | - | ||||||||||||
Balance at September 30 | $ | 1,272 | $ | 190 | ||||||||||||
Balance at June 30 | $ | 805 | $ | 1,248 |
September 30, 2016 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
June 30, 2017 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 4,030 | $ | 2,893 | $ | 951 | $ | 3,767 | $ | 3,190 | $ | 693 | ||||||||||||
Multifamily real estate | 71 | 26 | - | 11,102 | 11,095 | 332 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,103 | 2,044 | - | 2,156 | 2,078 | - | ||||||||||||||||||
Non owner occupied | 244 | 148 | - | 311 | 212 | - | ||||||||||||||||||
Commercial and industrial | 2,449 | 1,167 | 26 | 1,833 | 830 | 1,134 | ||||||||||||||||||
Consumer | 362 | 342 | 48 | 276 | 252 | - | ||||||||||||||||||
All other | 1,884 | 1,814 | 5,747 | 2,913 | 2,791 | - | ||||||||||||||||||
Total | $ | 11,143 | $ | 8,434 | $ | 6,772 | $ | 22,358 | $ | 20,448 | $ | 2,159 | ||||||||||||
December 31, 2015 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
December 31, 2016 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 2,367 | $ | 2,091 | $ | 867 | $ | 3,467 | $ | 2,794 | $ | 606 | ||||||||||||
Multifamily real estate | 416 | 75 | - | 11,157 | 11,106 | 334 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 791 | 773 | 558 | 1,769 | 1,704 | 15 | ||||||||||||||||||
Non owner occupied | 3,732 | 3,400 | - | 294 | 196 | 36 | ||||||||||||||||||
Commercial and industrial | 1,460 | 337 | 870 | 2,537 | 1,209 | 1,008 | ||||||||||||||||||
Consumer | 257 | 234 | - | 366 | 347 | - | ||||||||||||||||||
All other | 287 | 231 | 737 | 8,408 | 8,391 | - | ||||||||||||||||||
Total | $ | 9,310 | $ | 7,141 | $ | 3,032 | $ | 27,998 | $ | 25,747 | $ | 1,999 | ||||||||||||
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||||
Residential real estate | $ | 345,375 | $ | 6,659 | $ | 2,478 | $ | 9,137 | $ | 336,238 | $ | 340,288 | $ | 4,920 | $ | 2,061 | $ | 6,981 | $ | 333,307 | ||||||||||||||||||||
Multifamily real estate | 68,483 | 12,503 | 26 | 12,529 | 55,954 | 78,352 | 108 | 11,427 | 11,535 | 66,817 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 138,906 | 361 | 1,752 | 2,113 | 136,793 | 133,846 | 364 | 2,015 | 2,379 | 131,467 | ||||||||||||||||||||||||||||||
Non owner occupied | 225,027 | 89 | 125 | 214 | 224,813 | 227,700 | 154 | 124 | 278 | 227,422 | ||||||||||||||||||||||||||||||
Commercial and industrial | 77,617 | 1,557 | 1,097 | 2,654 | 74,963 | 77,900 | 50 | 1,900 | 1,950 | 75,950 | ||||||||||||||||||||||||||||||
Consumer | 32,205 | 410 | 143 | 553 | 31,652 | 29,747 | 295 | 93 | 388 | 29,359 | ||||||||||||||||||||||||||||||
All other | 146,332 | 2,005 | 7,339 | 9,344 | 136,988 | 150,121 | 875 | 2,789 | 3,664 | 146,457 | ||||||||||||||||||||||||||||||
Total | $ | 1,033,945 | $ | 23,584 | $ | 12,960 | $ | 36,544 | $ | 997,401 | $ | 1,037,954 | $ | 6,766 | $ | 20,409 | $ | 27,175 | $ | 1,010,779 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||||
Residential real estate | $ | 285,826 | $ | 6,298 | $ | 1,681 | $ | 7,979 | $ | 277,847 | $ | 342,294 | $ | 6,113 | $ | 1,596 | $ | 7,709 | $ | 334,585 | ||||||||||||||||||||
Multifamily real estate | 50,452 | 1,415 | 75 | 1,490 | 48,962 | 74,165 | - | 11,440 | 11,440 | 62,725 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 119,265 | 1,354 | 1,195 | 2,549 | 116,716 | 129,370 | 1,746 | 1,474 | 3,220 | 126,150 | ||||||||||||||||||||||||||||||
Non owner occupied | 188,918 | 2,481 | 3,400 | 5,881 | 183,037 | 220,836 | 1,803 | 159 | 1,962 | 218,874 | ||||||||||||||||||||||||||||||
Commercial and industrial | 68,339 | 220 | 1,064 | 1,284 | 67,055 | 76,736 | 330 | 2,120 | 2,450 | 74,286 | ||||||||||||||||||||||||||||||
Consumer | 31,445 | 288 | 101 | 389 | 31,056 | 30,916 | 403 | 223 | 626 | 30,290 | ||||||||||||||||||||||||||||||
All other | 105,501 | 3,157 | 935 | 4,092 | 101,409 | 150,506 | 577 | 8,187 | 8,764 | 141,742 | ||||||||||||||||||||||||||||||
Total | $ | 849,746 | $ | 15,213 | $ | 8,451 | $ | 23,664 | $ | 826,082 | $ | 1,024,823 | $ | 10,972 | $ | 25,199 | $ | 36,171 | $ | 988,652 |
Allowance for Loan Losses | Loan Balances | Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 3 | $ | 2,787 | $ | - | $ | 2,790 | $ | 389 | $ | 343,193 | $ | 1,793 | $ | 345,375 | $ | - | $ | 2,973 | $ | - | $ | 2,973 | $ | 326 | $ | 338,425 | $ | 1,537 | $ | 340,288 | ||||||||||||||||||||||||||||||||
Multifamily real estate | - | 913 | - | 913 | 2,598 | 65,885 | - | 68,483 | 517 | 820 | - | 1,337 | 13,593 | 64,759 | - | 78,352 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 41 | 1,330 | - | 1,371 | 2,541 | 134,325 | 2,040 | 138,906 | 324 | 1,294 | - | 1,618 | 4,095 | 128,106 | 1,645 | 133,846 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 161 | 2,554 | - | 2,715 | 3,146 | 216,445 | 5,436 | 225,027 | - | 2,334 | - | 2,334 | 1,914 | 225,786 | - | 227,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 294 | 823 | 12 | 1,129 | 1,463 | 75,793 | 361 | 77,617 | 107 | 936 | 50 | 1,093 | 1,253 | 76,431 | 216 | 77,900 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | - | 318 | - | 318 | - | 32,205 | - | 32,205 | - | 373 | - | 373 | - | 29,747 | - | 29,747 | ||||||||||||||||||||||||||||||||||||||||||||||||
All other | 12 | 1,615 | - | 1,627 | 9,622 | 134,652 | 2,058 | 146,332 | 205 | 1,762 | - | 1,967 | 7,189 | 141,072 | 1,860 | 150,121 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 511 | $ | 10,340 | $ | 12 | $ | 10,863 | $ | 19,759 | $ | 1,002,498 | $ | 11,688 | $ | 1,033,945 | $ | 1,153 | $ | 10,492 | $ | 50 | $ | 11,695 | $ | 28,370 | $ | 1,004,326 | $ | 5,258 | $ | 1,037,954 |
Allowance for Loan Losses | Loan Balances | Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 2,501 | $ | - | $ | 2,501 | $ | 575 | $ | 285,251 | $ | - | $ | 285,826 | $ | - | $ | 2,948 | $ | - | $ | 2,948 | $ | 379 | $ | 340,296 | $ | 1,619 | $ | 342,294 | ||||||||||||||||||||||||||||||||
Multifamily real estate | - | 821 | - | 821 | 75 | 50,377 | - | 50,452 | - | 785 | - | 785 | 13,641 | 60,524 | - | 74,165 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 44 | 1,465 | - | 1,509 | 446 | 118,688 | 131 | 119,265 | 244 | 1,299 | - | 1,543 | 2,801 | 124,556 | 2,013 | 129,370 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 22 | 2,048 | - | 2,070 | 6,502 | 176,867 | 5,549 | 188,918 | - | 2,350 | - | 2,350 | 2,373 | 213,067 | 5,396 | 220,836 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 153 | 800 | 80 | 1,033 | 544 | 67,715 | 80 | 68,339 | 266 | 864 | 10 | 1,140 | 1,418 | 75,086 | 232 | 76,736 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | - | 307 | - | 307 | - | 31,445 | - | 31,445 | - | 347 | - | 347 | - | 30,916 | - | 30,916 | ||||||||||||||||||||||||||||||||||||||||||||||||
All other | - | 1,406 | - | 1,406 | 750 | 104,751 | - | 105,501 | 86 | 1,637 | - | 1,723 | 12,976 | 135,469 | 2,061 | 150,506 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 219 | $ | 9,348 | $ | 80 | $ | 9,647 | $ | 8,892 | $ | 835,094 | $ | 5,760 | $ | 849,746 | $ | 596 | $ | 10,230 | $ | 10 | $ | 10,836 | $ | 33,588 | $ | 979,914 | $ | 11,321 | $ | 1,024,823 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential real estate | $ | 1,034 | $ | 534 | $ | - | $ | 367 | $ | 326 | $ | - | ||||||||||||
Multifamily real estate | 2,940 | 2,598 | - | 2,498 | 2,498 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,236 | 2,190 | - | 3,129 | 3,079 | - | ||||||||||||||||||
Non owner occupied | 2,707 | 2,615 | - | 2,006 | 1,914 | - | ||||||||||||||||||
Commercial and industrial | 2,472 | 1,393 | - | 2,076 | 1,134 | - | ||||||||||||||||||
All other | 9,603 | 9,536 | - | 3,191 | 3,071 | - | ||||||||||||||||||
20,992 | 18,866 | - | 13,267 | 12,022 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential real estate | $ | 41 | $ | 3 | $ | 3 | ||||||||||||||||||
Multifamily real estate | $ | 11,102 | $ | 11,095 | $ | 517 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 357 | 351 | 41 | 1,044 | 1,016 | 324 | ||||||||||||||||||
Non owner occupied | 531 | 531 | 161 | |||||||||||||||||||||
Commercial and industrial | 460 | 318 | 306 | 469 | 318 | 157 | ||||||||||||||||||
All other | 92 | 86 | 12 | 4,123 | 4,118 | 205 | ||||||||||||||||||
1,481 | 1,289 | 523 | 16,738 | 16,547 | 1,203 | |||||||||||||||||||
Total | $ | 22,473 | $ | 20,155 | $ | 523 | $ | 30,005 | $ | 28,569 | $ | 1,203 | ||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential real estate | $ | 636 | $ | 575 | $ | - | $ | 743 | $ | 379 | $ | - | ||||||||||||
Multifamily real estate | 416 | 75 | - | 13,692 | 13,641 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 276 | 269 | - | 1,803 | 1,766 | - | ||||||||||||||||||
Non owner occupied | 6,554 | 6,222 | - | 2,465 | 2,373 | - | ||||||||||||||||||
Commercial and industrial | 1,160 | 391 | - | 2,429 | 1,338 | - | ||||||||||||||||||
All other | 805 | 750 | - | 9,868 | 9,853 | - | ||||||||||||||||||
9,847 | 8,282 | - | 31,000 | 29,350 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 177 | $ | 177 | $ | 44 | $ | 1,055 | $ | 1,035 | $ | 244 | ||||||||||||
Non owner occupied | 280 | 280 | 22 | |||||||||||||||||||||
Commercial and industrial | 528 | 233 | 233 | 431 | 288 | 276 | ||||||||||||||||||
All other | - | - | - | 3,124 | 3,123 | 86 | ||||||||||||||||||
985 | 690 | 299 | 4,610 | 4,446 | 606 | |||||||||||||||||||
Total | $ | 10,832 | $ | 8,972 | $ | 299 | $ | 35,610 | $ | 33,796 | $ | 606 | ||||||||||||
Nine months ended Sept 30, 2016 | Nine months ended Sept 30, 2015 | Six months ended June 30, 2017 | Six months ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 612 | $ | 16 | $ | 14 | $ | 329 | $ | 5 | $ | 5 | $ | 345 | $ | 1 | $ | 1 | $ | 638 | $ | 11 | $ | 9 | ||||||||||||||||||||||||
Multifamily real estate | 1,580 | 121 | 121 | 1,051 | 685 | 685 | 13,611 | 130 | 121 | 1,241 | 58 | 58 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,144 | 3 | 3 | 1,157 | 25 | 25 | 3,211 | 22 | 22 | 678 | - | - | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 5,066 | 275 | 273 | 4,552 | 137 | 115 | 2,079 | 61 | 61 | 5,706 | 100 | 97 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,155 | 26 | 26 | 856 | 20 | 20 | 1,523 | 101 | 101 | 969 | 16 | 16 | ||||||||||||||||||||||||||||||||||||
All other | 3,011 | 40 | 6 | 4,841 | 43 | 28 | 9,129 | 289 | 286 | 802 | 7 | 6 | ||||||||||||||||||||||||||||||||||||
Total | $ | 12,568 | $ | 481 | $ | 443 | $ | 12,786 | $ | 915 | $ | 878 | $ | 29,898 | $ | 604 | $ | 592 | $ | 10,034 | $ | 192 | $ | 186 |
Three months ended Sept 30, 2016 | Three months ended Sept 30, 2015 | Three months ended June 30, 2017 | Three months ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 667 | $ | 5 | $ | 5 | $ | 523 | $ | 3 | $ | 3 | $ | 328 | $ | - | $ | - | $ | 669 | $ | 5 | $ | 5 | ||||||||||||||||||||||||
Multifamily real estate | 2,594 | 63 | 63 | 305 | 671 | 671 | 13,596 | 65 | 59 | 1,824 | 45 | 45 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,847 | 3 | 3 | 857 | 7 | 7 | 3,417 | 16 | 16 | 795 | - | - | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 4,240 | 175 | 175 | 4,304 | 43 | 34 | 1,932 | 29 | 29 | 5,308 | 51 | 51 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,809 | 10 | 10 | 726 | 6 | 6 | 1,471 | 27 | 27 | 1,141 | 13 | 12 | ||||||||||||||||||||||||||||||||||||
All other | 5,243 | 33 | - | 3,487 | 14 | - | 7,205 | 57 | 55 | 850 | 7 | 6 | ||||||||||||||||||||||||||||||||||||
Total | $ | 16,400 | $ | 289 | $ | 256 | $ | 10,202 | $ | 744 | $ | 721 | $ | 27,949 | $ | 194 | $ | 186 | $ | 10,587 | $ | 121 | $ | 119 |
September 30, 2016 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
June 30, 2017 | TDR's on Non-accrual | Other TDR's | Total TDR's | |||||||||||||||||||||
Residential real estate | $ | 88 | $ | 471 | $ | 559 | $ | 324 | $ | 133 | $ | 457 | ||||||||||||
Multifamily real estate | - | 2,206 | 2,206 | - | 2,166 | 2,166 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | 864 | 864 | 601 | 1,771 | 2,372 | ||||||||||||||||||
Non owner occupied | - | 100 | 100 | |||||||||||||||||||||
Commercial and industrial | - | 447 | 447 | 59 | 520 | 579 | ||||||||||||||||||
Consumer | - | 48 | 48 | |||||||||||||||||||||
All other | 751 | 4,419 | 5,170 | 751 | 4,340 | 5,091 | ||||||||||||||||||
Total | $ | 839 | $ | 8,555 | $ | 9,394 | $ | 1,735 | $ | 8,930 | $ | 10,665 | ||||||||||||
December 31, 2015 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
December 31, 2016 | TDR's on Non-accrual | Other TDR's | Total TDR's | |||||||||||||||||||||
Residential real estate | $ | 7 | $ | 222 | $ | 229 | $ | 129 | $ | 464 | $ | 593 | ||||||||||||
Multifamily real estate | - | 2,201 | 2,201 | - | 2,201 | 2,201 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non owner occupied | - | 454 | 454 | |||||||||||||||||||||
Owner occupied | - | 856 | 856 | |||||||||||||||||||||
Commercial and industrial | - | 396 | 396 | 62 | 352 | 414 | ||||||||||||||||||
All other | - | 723 | 723 | 751 | 4,395 | 5,146 | ||||||||||||||||||
Total | $ | 7 | $ | 3,996 | $ | 4,003 | $ | 942 | $ | 8,268 | $ | 9,210 | ||||||||||||
Nine months ended Sept 30, 2016 | Nine months ended Sept 30, 2015 | |||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential real estate | 8 | $ | 483 | $ | 483 | - | $ | - | $ | - | ||||||||||||||
Multifamily real estate | - | - | - | 1 | 1,543 | 1,543 | ||||||||||||||||||
Commercial real estate | - | |||||||||||||||||||||||
Owner occupied | 3 | 865 | 865 | - | - | - | ||||||||||||||||||
Non owner occupied | 1 | 100 | 100 | - | - | - | ||||||||||||||||||
Commercial and industrial | 1 | 20 | 20 | - | - | - | ||||||||||||||||||
All other | 1 | 4,106 | 4,106 | - | - | - | ||||||||||||||||||
Total | 14 | $ | 5,574 | $ | 5,574 | 1 | $ | 1,543 | $ | 1,543 |
Three months ended June 30, 2017 | Six months ended June 30, 2017 | |||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2 | $ | 1,525 | $ | 1,525 | 2 | $ | 1,525 | $ | 1,525 | ||||||||||||||
Commercial & industrial | 1 | 191 | 191 | 1 | 191 | 191 | ||||||||||||||||||
Total | 3 | $ | 1,716 | $ | 1,716 | 3 | $ | 1,716 | $ | 1,716 |
Three months ended Sept 30, 2016 | Three months ended Sept 30, 2015 | |||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential real estate | 6 | $ | 184 | $ | 184 | - | $ | - | $ | - | ||||||||||||||
Commercial real estate | - | |||||||||||||||||||||||
Owner occupied | 1 | 255 | 255 | - | - | - | ||||||||||||||||||
All other | 1 | 4,106 | 4,106 | - | - | - | ||||||||||||||||||
Total | 8 | $ | 4,545 | $ | 4,545 | - | $ | - | $ | - |
Three months ended June 30, 2016 | Six months ended June 30, 2016 | |||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential real estate | - | $ | - | $ | - | 2 | $ | 299 | $ | 299 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | - | - | 2 | 610 | 610 | ||||||||||||||||||
Non-owner occupied | - | - | - | 1 | 100 | 100 | ||||||||||||||||||
Commercial & industrial | - | - | - | 1 | 20 | 20 | ||||||||||||||||||
Total | - | $ | - | $ | - | 6 | $ | 1,029 | $ | 1,029 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 327,595 | $ | 3,114 | $ | 9,578 | $ | 1 | $ | 340,288 | ||||||||||
Multifamily real estate | 63,630 | 75 | 12,035 | 2,612 | 78,352 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 121,638 | 6,826 | 5,382 | - | 133,846 | |||||||||||||||
Non-owner occupied | 219,011 | 6,408 | 2,281 | - | 227,700 | |||||||||||||||
Commercial and industrial | 72,032 | 3,779 | 2,089 | - | 77,900 | |||||||||||||||
Consumer | 29,343 | 155 | 249 | - | 29,747 | |||||||||||||||
All other | 140,829 | 1,728 | 7,564 | �� | - | 150,121 | ||||||||||||||
Total | $ | 974,078 | $ | 22,085 | $ | 39,178 | $ | 2,613 | $ | 1,037,954 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 330,422 | $ | 5,048 | $ | 9,902 | $ | 3 | $ | 345,375 | ||||||||||
Multifamily real estate | 64,717 | 80 | 3,686 | - | 68,483 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 127,557 | 6,781 | 4,568 | - | 138,906 | |||||||||||||||
Non-owner occupied | 217,023 | 4,419 | 3,585 | - | 225,027 | |||||||||||||||
Commercial and industrial | 72,553 | 2,660 | 2,370 | 34 | 77,617 | |||||||||||||||
Consumer | 31,670 | 201 | 334 | - | 32,205 | |||||||||||||||
All other | 130,469 | 5,551 | 10,312 | - | 146,332 | |||||||||||||||
Total | $ | 974,411 | $ | 24,740 | $ | 34,757 | $ | 37 | $ | 1,033,945 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 273,741 | $ | 5,389 | $ | 6,689 | $ | 7 | $ | 285,826 | ||||||||||
Multifamily real estate | 46,135 | 2,041 | 2,276 | - | 50,452 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 112,989 | 3,964 | 2,312 | - | 119,265 | |||||||||||||||
Non-owner occupied | 179,179 | 2,891 | 6,848 | - | 188,918 | |||||||||||||||
Commercial and industrial | 64,563 | 2,859 | 873 | 44 | 68,339 | |||||||||||||||
Consumer | 31,000 | 269 | 176 | - | 31,445 | |||||||||||||||
All other | 101,839 | 2,490 | 1,172 | - | 105,501 | |||||||||||||||
Total | $ | 809,446 | $ | 19,903 | $ | 20,346 | $ | 51 | $ | 849,746 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 328,905 | $ | 4,880 | $ | 8,507 | $ | 2 | $ | 342,294 | ||||||||||
Multifamily real estate | 59,375 | 78 | 14,712 | - | 74,165 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 118,134 | 6,720 | 4,516 | - | 129,370 | |||||||||||||||
Non-owner occupied | 213,641 | 4,391 | 2,804 | - | 220,836 | |||||||||||||||
Commercial and industrial | 72,094 | 2,337 | 2,275 | 30 | 76,736 | |||||||||||||||
Consumer | 30,369 | 242 | 305 | - | 30,916 | |||||||||||||||
All other | 134,945 | 1,958 | 13,603 | - | 150,506 | |||||||||||||||
Total | $ | 957,463 | $ | 20,606 | $ | 46,722 | $ | 32 | $ | 1,024,823 |
September 30, 2016 | December 31, 2015 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | June 30, 2017 | December 31, 2016 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | |||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 13.2% | 13.6% | 4.5% | 6.5% | 13.9 | % | 13.4 | % | 4.5 | % | 6.5 | % | ||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 13.7% | 13.6% | 6.0% | 8.0% | 14.4 | % | 13.9 | % | 6.0 | % | 8.0 | % | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | 14.8% | 14.7% | 8.0% | 10.0% | 15.5 | % | 15.0 | % | 8.0 | % | 10.0 | % | ||||||||||||||||||||
Tier 1 Capital (to Average Assets) | 9.9% | 9.4% | 4.0% | 5.0% | 10.4 | % | 10.1 | % | 4.0 | % | 5.0 | % | ||||||||||||||||||||
2016 | $ | 12 | ||
2017 | 50 | |||
2018 | 53 | |||
2019 | 55 | |||
2020 | 58 | |||
Thereafter | 262 | |||
Principal amount outstanding at September 30, 2016 | $ | 490 | ||
Carrying amount, net of fair value adjustment at September 30, 2016 | $ | 531 | ||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 3,164 | $ | 3,325 | $ | 8,767 | $ | 9,594 | $ | 3,9193,918 | $ | 2,624 | $ | 7,583 | $ | 5,603 | ||||||||||||||||
Weighted average common shares outstanding | 9,660,168 | 8,172,577 | 9,553,463 | 8,158,003 | 10,656,350 | 10,587,223 | 10,649,750 | 10,449,476 | ||||||||||||||||||||||||
Earnings per share | $ | 0.33 | $ | 0.41 | $ | 0.92 | $ | 1.18 | $ | 0.37 | $ | 0.25 | $ | 0.71 | $ | 0.54 | ||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 3,164 | $ | 3,325 | $ | 8,767 | $ | 9,594 | $ | 3,9193,918 | $ | 2,624 | $ | 7,583 | $ | 5,603 | ||||||||||||||||
Weighted average common shares outstanding | 9,660,168 | 8,172,577 | 9,553,463 | 8,158,003 | 10,656,350 | 10,587,223 | 10,649,750 | 10,449,476 | ||||||||||||||||||||||||
Add dilutive effects of potential additional common stock | 55,220 | 65,090 | 54,883 | 259,466 | 88,984 | 59,127 | 83,140 | 59,605 | ||||||||||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 9,715,388 | 8,237,667 | 9,608,346 | 8,417,469 | 10,745,334 | 10,646,350 | 10,732,890 | 10,509,081 | ||||||||||||||||||||||||
Earnings per share assuming dilution | $ | 0.33 | $ | 0.40 | $ | 0.91 | $ | 1.14 | $ | 0.36 | $ | 0.25 | $ | 0.71 | $ | 0.53 |
Fair Value Measurements at September 30, 2016 Using | Fair Value Measurements at June 30, 2017 Using | |||||||||||||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 87,827 | $ | 87,827 | $ | - | $ | - | $ | 87,827 | $ | 80,472 | $ | 80,472 | $ | - | $ | - | $ | 80,472 | ||||||||||||||||||||
Federal funds sold | 6,861 | 6,861 | - | - | 6,861 | 2,396 | 2,396 | - | - | 2,396 | ||||||||||||||||||||||||||||||
Time deposits with other banks | 2,582 | - | 2,592 | - | 2,592 | |||||||||||||||||||||||||||||||||||
Securities available for sale | 295,211 | - | 295,211 | - | 295,211 | 301,224 | - | 301,224 | - | 301,224 | ||||||||||||||||||||||||||||||
Loans, net | 1,023,082 | - | - | 1,020,364 | 1,020,364 | 1,026,259 | - | - | 1,012,953 | 1,012,953 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 3,220 | n/a | n/a | n/a | n/a | 3,185 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
Interest receivable | 4,019 | - | 895 | 3,124 | 4,019 | 3,637 | - | 762 | 2,875 | 3,637 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,273,585 | ) | $ | (911,302 | ) | $ | (360,793 | ) | $ | - | $ | (1,272,095 | ) | $ | (1,277,208 | ) | $ | (931,962 | ) | $ | (341,484 | ) | $ | - | $ | (1,273,446 | ) | ||||||||||||
Securities sold under agreements to repurchase | (27,145 | ) | - | (27,145 | ) | - | (27,145 | ) | (20,478 | ) | - | (20,478 | ) | - | (20,478 | ) | ||||||||||||||||||||||||
FHLB advances | (531 | ) | - | (547 | ) | - | (547 | ) | ||||||||||||||||||||||||||||||||
Other borrowed funds | (9,467 | ) | - | (9,720 | ) | - | (9,720 | ) | (7,000 | ) | - | (6,957 | ) | - | (6,957 | ) | ||||||||||||||||||||||||
Subordinated Debt | (5,333 | ) | - | (5,326 | ) | - | (5,326 | ) | (5,360 | ) | - | (5,387 | ) | - | (5,387 | ) | ||||||||||||||||||||||||
Interest payable | (332 | ) | (8 | ) | (324 | ) | - | (332 | ) | (352 | ) | (8 | ) | (344 | ) | - | (352 | ) | ||||||||||||||||||||||
Fair Value Measurements at December 31, 2015 Using | Fair Value Measurements at December 31, 2016 Using | |||||||||||||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 66,704 | $ | 66,704 | $ | - | $ | - | $ | 66,704 | $ | 97,163 | $ | 97,163 | $ | - | $ | - | $ | 97,163 | ||||||||||||||||||||
Federal funds sold | 5,835 | 5,835 | - | - | 5,835 | 7,555 | 7,555 | - | - | 7,555 | ||||||||||||||||||||||||||||||
Time deposits with other banks | 2,332 | - | 2,352 | - | 2,352 | |||||||||||||||||||||||||||||||||||
Securities available for sale | 255,466 | - | 255,466 | - | 255,466 | 288,607 | - | 288,607 | - | 288,607 | ||||||||||||||||||||||||||||||
Loans, net | 840,099 | - | - | 838,867 | 838,867 | 1,013,987 | - | - | 1,004,388 | 1,004,388 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 3,072 | n/a | n/a | n/a | n/a | 3,200 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
Interest receivable | 3,162 | - | 633 | 2,529 | 3,162 | 3,862 | - | 771 | 3,091 | 3,862 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,060,196 | ) | $ | (726,018 | ) | $ | (331,747 | ) | $ | - | $ | (1,057,765 | ) | $ | (1,279,386 | ) | $ | (920,745 | ) | $ | (354,885 | ) | $ | - | $ | (1,275,630 | ) | ||||||||||||
Securities sold under agreements to repurchase | (21,694 | ) | - | (21,694 | ) | - | (21,694 | ) | (23,820 | ) | - | (23,820 | ) | - | (23,820 | ) | ||||||||||||||||||||||||
Other borrowed funds | (11,292 | ) | - | (11,318 | ) | - | (11,318 | ) | (8,859 | ) | - | (8,906 | ) | - | (8,906 | ) | ||||||||||||||||||||||||
Subordinated debt | (5,343 | ) | - | (5,341 | ) | - | (5,341 | ) | ||||||||||||||||||||||||||||||||
Interest payable | (321 | ) | (6 | ) | (315 | ) | - | (321 | ) | (364 | ) | (7 | ) | (357 | ) | - | (364 | ) | ||||||||||||||||||||||
Fair Value Measurements at September 30, 2016 Using: | Fair Value Measurements at June 30, 2017 Using: | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. agency MBS - residential | $ | 168,128 | $ | - | $ | 168,128 | $ | - | $ | 203,524 | $ | - | $ | 203,524 | $ | - | ||||||||||||||||
U. S. agency CMO’s - residential | 82,522 | - | 82,522 | - | ||||||||||||||||||||||||||||
U. S. agency CMO's - residential | 62,118 | - | 62,118 | - | ||||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 250,650 | - | 250,650 | - | 265,642 | - | 265,642 | - | ||||||||||||||||||||||||
U. S. government sponsored agency securities | 25,867 | - | 25,867 | - | 21,315 | - | 21,315 | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 18,694 | - | 18,694 | - | 14,267 | - | 14,267 | - | ||||||||||||||||||||||||
Total available for sale | $ | 295,211 | $ | - | $ | 295,211 | $ | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 301,224 | $ | - | $ | 301,224 | $ | - |
Fair Value Measurements at December 31, 2015 Using: | Fair Value Measurements at December 31, 2016 Using: | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. agency MBS - residential | $ | 132,347 | $ | - | $ | 132,347 | $ | - | $ | 174,177 | $ | - | $ | 174,177 | $ | - | ||||||||||||||||
U. S. agency CMO’s - residential | 105,122 | - | 105,122 | - | ||||||||||||||||||||||||||||
U. S. agency CMO's | 73,267 | - | 73,267 | - | ||||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 237,469 | - | 237,469 | - | 247,444 | - | 247,444 | - | ||||||||||||||||||||||||
U. S. government sponsored agency securities | 10,429 | - | 10,429 | - | 24,501 | - | 24,501 | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 7,568 | - | 7,568 | - | 16,662 | - | 16,662 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 255,466 | $ | - | $ | 255,466 | $ | - | $ | 288,607 | $ | - | $ | 288,607 | $ | - | ||||||||||||||||
Fair Value Measurements at September 30, 2016 Using | Fair Value Measurements at June 30, 2017 Using | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||
Multifamily real estate | $ | 10,578 | $ | - | $ | - | $ | 10,578 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | $ | 310 | $ | - | $ | - | $ | 310 | 692 | - | - | 692 | ||||||||||||||||||||
Non-owner occupied | 370 | - | - | 370 | ||||||||||||||||||||||||||||
Commercial and industrial | 12 | - | - | 12 | 161 | - | - | 161 | ||||||||||||||||||||||||
All other | 74 | - | - | 74 | 3,913 | - | - | 3,913 | ||||||||||||||||||||||||
Total impaired loans | $ | 766 | $ | - | $ | - | $ | 766 | $ | 15,344 | $ | - | $ | - | $ | 15,344 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 608 | $ | - | $ | - | $ | 608 | $ | 509 | $ | - | $ | - | $ | 509 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 259 | - | - | 259 | 175 | - | - | 175 | ||||||||||||||||||||||||
Non-owner occupied | 2,253 | - | - | 2,253 | 1,953 | - | - | 1,953 | ||||||||||||||||||||||||
All other | 4,421 | - | - | 4,421 | 2,855 | - | - | 2,855 | ||||||||||||||||||||||||
Total OREO | $ | 7,541 | $ | - | $ | - | $ | 7,541 | $ | 5,492 | $ | - | $ | - | $ | 5,492 |
September 30, 2016 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | June 30, 2017 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||
Impaired loans: | |||||||||||||||||||
Multifamily real estate | $ | 10,578 | sales comparison | adjustment for differences between the comparable sales | 4.0%-4.0% (4.0%) | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Owner occupied | $ | 310 | sales comparison | adjustment for limited salability of specialized property | 44.8%-76.3% (56.1%) | 692 | sales comparison | adjustment for limited salability of specialized property | 23.1%-76.4% (29.5%) | ||||||||||
Non-owner occupied | 370 | sales comparison | adjustment for differences between the comparable sales | 16.3%-16.3% (16.3%) | |||||||||||||||
Commercial and industrial | 12 | sales comparison | adjustment for estimated realizable value | 8.0%-8.0% (8.0%) | 161 | sales comparison | adjustment for differences between the comparable sales | 8.0%-56.5% (52.8%) | |||||||||||
All other | 74 | sales comparison | adjustment for percentage of completion of construction | 8.0%-8.0% (8.0%) | 3,913 | sales comparison | adjustment for differences between the comparable sales | 8.0%-14.9% (14.7%) | |||||||||||
Total impaired loans | $ | 766 | $ | 15,344 | |||||||||||||||
Other real estate owned: | |||||||||||||||||||
Residential real estate | $ | 608 | sales comparison | adjustment for differences between the comparable sales | 0.7%-31.6% (24.7%) | $ | 509 | sales comparison | adjustment for differences between the comparable sales | 0.1%-50.2% (14.7%) | |||||||||
Commercial real estate: | |||||||||||||||||||
Owner occupied | 259 | sales comparison | adjustment for estimated realizable value | 1.3%-25.4% (5.0%) | 175 | sales comparison | adjustment for differences between the comparable sales | 21.8%-21.8% (21.8%) | |||||||||||
Non-owner occupied | 2,253 | sales comparison | adjustment for differences between the comparable sales | 17.2%-23.4% (22.3%) | 1,953 | sales comparison | adjustment for differences between the comparable sales | 27.6%-58.9% (30.8%) | |||||||||||
All other | 4,421 | sales comparison | adjustment for estimated realizable value | 15.7%-40.4% (19.9%) | 2,855 | sales comparison | adjustment for estimated realizable value | 15.1%-69.0% (18.8%) | |||||||||||
Total OREO | $ | 7,541 | $ | 5,492 |
Fair Value Measurements at December 31, 2015 Using | Fair Value Measurements at December 31, 2016 Using | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | $ | 133 | $ | - | $ | - | $ | 133 | $ | 793 | $ | - | $ | - | $ | 793 | ||||||||||||||||
Non-owner occupied | 258 | - | - | 258 | ||||||||||||||||||||||||||||
Commercial and Industrial | 12 | - | - | 12 | ||||||||||||||||||||||||||||
All Other | 3,036 | - | - | 3,036 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 391 | $ | - | $ | - | $ | 391 | $ | 3,841 | $ | - | $ | - | $ | 3,841 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate: | $ | 648 | $ | - | $ | - | $ | 648 | $ | 613 | $ | - | $ | - | $ | 613 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 260 | - | - | 260 | 175 | - | - | 175 | ||||||||||||||||||||||||
Non-owner occupied | 2,253 | - | - | 2,253 | 2,153 | - | - | 2,153 | ||||||||||||||||||||||||
All other | 4,898 | - | - | 4,898 | 3,683 | - | - | 3,683 | ||||||||||||||||||||||||
Total OREO | $ | 8,059 | $ | - | $ | - | $ | 8,059 | $ | 6,624 | $ | - | $ | - | $ | 6,624 |
December 31, 2015 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | |||||||
Impaired loans: | ||||||||||
Commercial real estate: | ||||||||||
Owner occupied | $ | 133 | sales comparison | adjustment for limited salability of specialized property | 60.7%-72.4% (66.3%) | |||||
Non-owner occupied | 258 | sales comparison | adjustment for differences between the comparable sales | 8.0%-8.0% (8.0%) | ||||||
Total impaired loans | $ | 391 | ||||||||
Other real estate owned: | ||||||||||
Residential real estate | $ | 648 | sales comparison | adjustment for differences between the comparable sales | 0.7%-31.6% (24.7%) | |||||
Commercial real estate: | ||||||||||
Owner occupied | 260 | sales comparison | adjustment for differences between the comparable sales | 25.4%-41.3% (38.8%) | ||||||
Non-owner occupied | 2,253 | sales comparison | adjustment for differences between the comparable sales | 21.9%-23.4% (23.1%) | ||||||
All other | 4,898 | sales comparison | adjustment for estimated realizable value | 18.9%-46.6% (27.5%) | ||||||
Total OREO | $ | 8,059 |
December 31, 2016 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Commercial real estate: | |||||||||
Owner occupied | $ | 793 | sales comparison | adjustment for limited salability of specialized property | 9.3%-76.4% (19.3%) | ||||
Commercial and Industrial | 12 | sales comparison | adjustment for limited salability of specialized property | 8.0%-8.0% (8.0%) | |||||
All Other | 3,036 | sales comparison | adjustment for differences between the comparable sales | 5.7%-9.0% (8.0%) | |||||
Total impaired loans | $ | 3,841 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 613 | sales comparison | adjustment for differences between the comparable sales | 0.7%-86.8% (25.2%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 175 | sales comparison | adjustment for differences between the comparable sales | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 2,153 | sales comparison | adjustment for differences between the comparable sales | 17.2%-27.6% (25.7%) | |||||
All Other | 3,683 | sales comparison | adjustment for estimated realizable value | 15.1%-45.4% (21.8%) | |||||
Total OREO | $ | 6,624 |
2016 | $ | 455 | ||
2017 | 428 | |||
2018 | 364 | |||
2019 | 309 | |||
2020 | 289 | |||
Thereafter | 1,463 | |||
Total core deposit intangible acquired | $ | 3,308 | ||
As Initially Reported | Recast Adjustments during 2nd Quarter 2016 | First National Bankshares | ||||||||||
Cash and due from banks | $ | 16,385 | $ | - | $ | 16,385 | ||||||
Securities available for sale | 76,612 | - | 76,612 | |||||||||
Loans, net | 132,954 | - | 132,954 | |||||||||
Premises and equipment | 4,606 | 1,233 | 5,839 | |||||||||
Goodwill and other intangible assets | 5,176 | (293 | ) | 4,883 | ||||||||
Other assets | 1,764 | (940 | ) | 824 | ||||||||
Total assets acquired | 237,497 | - | 237,497 | |||||||||
Deposits | (205,174 | ) | - | (205,174 | ) | |||||||
Repurchase agreements | (2,168 | ) | - | (2,168 | ) | |||||||
FHLB borrowings | (1,347 | ) | - | (1,347 | ) | |||||||
Subordinated debt | (5,307 | ) | - | (5,307 | ) | |||||||
Other liabilities | (1,460 | ) | - | (1,460 | ) | |||||||
Total liabilities assumed | (215,456 | ) | - | (215,456 | ) | |||||||
Net assets acquired | $ | 22,041 | $ | - | $ | 22,041 |
PREMIER FINANCIAL BANCORP, INC. | PREMIER FINANCIAL BANCORP, INC. | PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | AVERAGE CONSOLIDATED BALANCE SHEETS | AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | AND NET INTEREST INCOME ANALYSIS | AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended Sept. 30, 2016 | Nine Months Ended Sept. 30, 2015 | Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other | $ | 66,518 | $ | 328 | 0.66 | % | $ | 69,725 | $ | 137 | 0.26 | % | $ | 54,253 | $ | 339 | 1.26 | % | $ | 65,063 | $ | 205 | 0.63 | % | ||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 294,926 | 4,075 | 1.84 | 221,184 | 3,639 | 2.19 | 285,769 | 2,809 | 1.97 | 298,133 | 2,790 | 1.87 | ||||||||||||||||||||||||||||||||||||
Tax-exempt | 18,048 | 254 | 2.89 | 8,723 | 162 | 3.96 | 13,003 | 136 | 3.22 | 18,681 | 172 | 2.83 | ||||||||||||||||||||||||||||||||||||
Total investment securities | 312,974 | 4,329 | 1.90 | 229,457 | 3,801 | 2.26 | 298,772 | 2,945 | 2.02 | 316,814 | 2,962 | 1.93 | ||||||||||||||||||||||||||||||||||||
Total loans | 995,517 | 39,084 | 5.24 | 873,884 | 35,812 | 5.48 | 1,034,407 | 28,198 | 5.50 | 979,597 | 25,709 | 5.28 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,375,009 | 43,741 | 4.26 | % | 1,173,066 | 39,750 | 4.54 | % | 1,387,432 | 31,482 | 4.58 | % | 1,361,474 | 28,876 | 4.28 | % | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (10,235 | ) | (10,436 | ) | (10,962 | ) | (9,929 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 38,291 | 32,040 | 40,419 | 36,303 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 81,678 | 73,471 | 81,444 | 81,899 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,484,743 | $ | 1,268,141 | $ | 1,498,333 | $ | 1,469,747 | ||||||||||||||||||||||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 960,668 | 2,917 | 0.41 | $ | 823,933 | 2,661 | 0.43 | $ | 966,214 | 1,900 | 0.40 | $ | 955,948 | 1,952 | 0.41 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 25,068 | 28 | 0.15 | 16,102 | 28 | 0.23 | 22,374 | 14 | 0.13 | 22,792 | 18 | 0.16 | ||||||||||||||||||||||||||||||||||||
FHLB advances | 2,904 | 32 | 1.47 | - | - | - | - | - | - | 1,792 | 22 | 2.47 | ||||||||||||||||||||||||||||||||||||
Other borrowings | 10,396 | 321 | 4.12 | 12,008 | 391 | 4.35 | 8,111 | 166 | 4.13 | 10,708 | 220 | 4.13 | ||||||||||||||||||||||||||||||||||||
Subordinated debentures | 5,027 | 181 | 4.81 | - | - | - | 5,350 | 144 | 5.43 | 4,875 | 118 | 4.87 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,004,063 | 3,479 | 0.46 | % | 852,043 | 3,080 | 0.48 | % | 1,002,049 | 2,224 | 0.45 | % | 996,115 | 2,330 | 0.47 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 302,558 | 263,475 | 312,031 | 297,331 | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 3,918 | 4,888 | 4,604 | 4,111 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 174,204 | 147,735 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 179,649 | 172,190 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,484,743 | $ | 1,268,141 | $ | 1,498,333 | $ | 1,469,747 | ||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 40,262 | $ | 36,670 | $ | 29,258 | $ | 26,546 | ||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.80 | % | 4.06 | % | 4.13 | % | 3.81 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.92 | % | 4.19 | % | 4.26 | % | 3.93 | % | ||||||||||||||||||||||||||||||||||||||||
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 52,893 | $ | 182 | 1.38 | % | $ | 71,529 | $ | 108 | 0.61 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 293,437 | 1,464 | 2.00 | 297,233 | 1,362 | 1.83 | ||||||||||||||||||
Tax-exempt | 12,453 | 64 | 3.16 | 19,251 | 88 | 2.81 | ||||||||||||||||||
Total investment securities | 305,890 | 1,528 | 2.04 | 316,484 | 1,450 | 1.89 | ||||||||||||||||||
Total loans | 1,036,258 | 14,663 | 5.68 | 995,501 | 13,108 | 5.30 | ||||||||||||||||||
Total interest-earning assets | 1,395,041 | 16,373 | 4.72 | % | 1,383,514 | 14,666 | 4.27 | % | ||||||||||||||||
Allowance for loan losses | (11,012 | ) | (10,116 | ) | ||||||||||||||||||||
Cash and due from banks | 40,912 | 39,612 | ||||||||||||||||||||||
Other assets | 80,497 | 82,944 | ||||||||||||||||||||||
Total assets | $ | 1,505,438 | $ | 1,495,954 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 969,483 | 951 | 0.39 | $ | 971,266 | 975 | 0.40 | ||||||||||||||||
Short-term borrowings | 21,252 | 7 | 0.13 | 25,256 | 11 | 0.18 | ||||||||||||||||||
FHLB advances | - | - | - | 2,525 | 15 | 2.39 | ||||||||||||||||||
Other borrowings | 7,663 | 79 | 4.14 | 10,402 | 107 | 4.14 | ||||||||||||||||||
Subordinated debentures | 5,355 | 74 | 5.54 | 5,371 | 67 | 5.02 | ||||||||||||||||||
Total interest-bearing liabilities | 1,003,753 | 1,111 | 0.44 | % | 1,014,820 | 1,175 | 0.47 | % | ||||||||||||||||
Non-interest bearing deposits | 315,848 | 302,079 | ||||||||||||||||||||||
Other liabilities | 4,140 | 3,574 | ||||||||||||||||||||||
Stockholders' equity | 181,697 | 175,481 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,505,438 | $ | 1,495,954 | ||||||||||||||||||||
Net interest earnings | $ | 15,262 | $ | 13,491 | ||||||||||||||||||||
Net interest spread | 4.28 | % | 3.80 | % | ||||||||||||||||||||
Net interest margin | 4.40 | % | 3.93 | % | ||||||||||||||||||||
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended Sept. 30, 2016 | Three Months Ended Sept. 30, 2015 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 69,396 | $ | 123 | 0.71 | % | $ | 76,900 | $ | 49 | 0.25 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 288,582 | 1,285 | 1.78 | 216,468 | 1,176 | 2.17 | ||||||||||||||||||
Tax-exempt | 16,796 | 82 | 3.00 | 7,917 | 51 | 3.98 | ||||||||||||||||||
Total investment securities | 305,378 | 1,367 | 1.85 | 224,385 | 1,227 | 2.24 | ||||||||||||||||||
Total loans | 1,027,011 | 13,375 | 5.18 | 868,372 | 12,506 | 5.71 | ||||||||||||||||||
Total interest-earning assets | 1,401,785 | 14,865 | 4.23 | % | 1,169657 | 13,782 | 4.69 | % | ||||||||||||||||
Allowance for loan losses | (10,840 | ) | (10,310 | ) | ||||||||||||||||||||
Cash and due from banks | 42,224 | 31,656 | ||||||||||||||||||||||
Other assets | 81,240 | 73,902 | ||||||||||||||||||||||
Total assets | $ | 1,514,409 | $ | 1,264,905 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 970,005 | 965 | 0.40 | $ | 816,673 | 858 | 0.42 | ||||||||||||||||
Short-term borrowings | 29,571 | 10 | 0.13 | 15,215 | 9 | 0.23 | ||||||||||||||||||
FHLB advances | 5,104 | 10 | 0.78 | - | - | - | ||||||||||||||||||
Other borrowings | 9,779 | 101 | 4.11 | 12,254 | 132 | 4.27 | ||||||||||||||||||
Subordinated debentures | 5,328 | 63 | 4.70 | - | - | - | ||||||||||||||||||
Total interest-bearing liabilities | 1,019,787 | 1,149 | 0.45 | % | 844,142 | 999 | 0.47 | % | ||||||||||||||||
Non-interest bearing deposits | 312,898 | 268,661 | ||||||||||||||||||||||
Other liabilities | 3,536 | 4,941 | ||||||||||||||||||||||
Stockholders’ equity | 178,188 | 147,161 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,514,409 | $ | 1,264,905 | ||||||||||||||||||||
Net interest earnings | $ | 13,716 | $ | 12,783 | ||||||||||||||||||||
Net interest spread | 3.78 | % | 4.22 | % | ||||||||||||||||||||
Net interest margin | 3.91 | % | 4.35 | % | ||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
2016 | 2015 | 2017 | 2016 | |||||||||||||
Non-accrual loans | $ | 8,434 | $ | 7,141 | $ | 20,448 | $ | 25,747 | ||||||||
Accruing loans which are contractually past due 90 days or more | 6,772 | 3,032 | 2,159 | 1,999 | ||||||||||||
Accruing restructured loans | 8,555 | 4,003 | 8,930 | 8,268 | ||||||||||||
Total non-performing and restructured loans | 23,761 | 14,176 | 31,537 | 36,014 | ||||||||||||
Other real estate acquired through foreclosure (OREO) | 12,293 | 13,040 | 11,525 | 12,665 | ||||||||||||
Total non-performing assets | $ | 36,054 | $ | 27,216 | $ | 43,062 | $ | 48,679 | ||||||||
Non-performing loans as a percentage of total loans | 2.30 | % | 1.67 | % | 3.04 | % | 3.51 | % | ||||||||
Non-performing assets as a percentage of total assets | 2.41 | % | 2.19 | % | 2.88 | % | 3.25 | % |
1. | Core deposits consisting of both consumer and commercial deposits and certificates of deposit of $250,000 or more. Management believes that the majority of its $250,000 or more certificates of deposit are no more volatile than its other deposits. This is due to the nature of the markets in which the subsidiaries operate. |
2. | Cash flow generated by repayment of loans and interest. |
3. | Arrangements with correspondent banks for purchase of unsecured federal funds. |
4. | The sale of securities under repurchase agreements and borrowing from the Federal Home Loan Bank. |
5. | Maintenance of an adequate available-for-sale security portfolio. The Company owns |
Item 1. | Legal Proceedings | None |
Item 1A. | Risk Factors | |
Please refer to Premier's Annual Report on Form 10-K for the year ended December 31, | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | None |
Item 3. | Defaults Upon Senior Securities | None |
Item 4. | Mine Safety Disclosures | Not Applicable |
Item 5. | Other Information | None |
Item 6. | Exhibits |