| 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 | Smaller reporting company | Emerging growth company |
3 | ||||
43 | ||||
55 | ||||
55 | ||||
56 | ||||
56 | ||||
56 | ||||
56 | ||||
56 | ||||
56 | ||||
56 | ||||
56 | ||||
57 |
(UNAUDITED) | ||||||||||||||||
September 30, | December 31, | (UNAUDITED) | ||||||||||||||
2017 | 2016 | September 30, 2018 | December 31, 2017 | |||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 41,831 | $ | 41,443 | $ | 22,048 | $ | 40,814 | ||||||||
Interest bearing bank balances | 21,681 | 55,720 | 85,568 | 37,191 | ||||||||||||
Federal funds sold | 11,632 | 7,555 | 7,589 | 4,658 | ||||||||||||
Cash and cash equivalents | 75,144 | 104,718 | 115,205 | 82,663 | ||||||||||||
Time deposits with other banks | 2,582 | 2,332 | 2,086 | 2,582 | ||||||||||||
Securities available for sale | 289,203 | 288,607 | 315,225 | 278,466 | ||||||||||||
Loans | 1,055,324 | 1,024,823 | 1,037,066 | 1,049,052 | ||||||||||||
Allowance for loan losses | (12,359 | ) | (10,836 | ) | (13,483 | ) | (12,104 | ) | ||||||||
Net loans | 1,042,965 | 1,013,987 | 1,023,583 | 1,036,948 | ||||||||||||
Federal Home Loan Bank stock, at cost | 3,185 | 3,200 | 3,173 | 3,185 | ||||||||||||
Premises and equipment, net | 23,504 | 24,224 | 25,184 | 23,815 | ||||||||||||
Real estate and other property acquired through foreclosure | 11,458 | 12,665 | ||||||||||||||
Real estate acquired through foreclosure | 14,379 | 19,966 | ||||||||||||||
Interest receivable | 4,060 | 3,862 | 4,109 | 4,043 | ||||||||||||
Goodwill | 35,371 | 35,371 | 35,371 | 35,371 | ||||||||||||
Other intangible assets | 3,581 | 4,349 | 2,800 | 3,375 | ||||||||||||
Other assets | 1,622 | 2,878 | 3,355 | 3,010 | ||||||||||||
Total assets | $ | 1,492,675 | $ | 1,496,193 | $ | 1,544,470 | $ | 1,493,424 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Deposits | ||||||||||||||||
Non-interest bearing | $ | 327,965 | $ | 319,618 | $ | 365,629 | $ | 332,588 | ||||||||
Time deposits, $250,000 and over | 64,919 | 66,378 | 63,173 | 63,905 | ||||||||||||
Other interest bearing | 876,500 | 893,390 | 890,821 | 876,182 | ||||||||||||
Total deposits | 1,269,384 | 1,279,386 | 1,319,623 | 1,272,675 | ||||||||||||
Securities sold under agreements to repurchase | 25,116 | 23,820 | 24,728 | 23,310 | ||||||||||||
Other borrowed funds | 6,000 | 8,859 | 3,350 | 5,000 | ||||||||||||
Subordinated debt | 5,368 | 5,343 | 5,398 | 5,376 | ||||||||||||
Interest payable | 358 | 364 | 497 | 393 | ||||||||||||
Other liabilities | 3,192 | 4,237 | 3,296 | 3,315 | ||||||||||||
Total liabilities | 1,309,418 | 1,322,009 | 1,356,892 | 1,310,069 | ||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, no par value; 20,000,000 shares authorized; 10,668,589 shares issued and outstanding at September 30, 2017, and 10,640,735 shares issued and outstanding at December 31, 2016 | 110,353 | 109,911 | ||||||||||||||
Common stock, no par value; 30,000,000 shares authorized; 13,369,600 shares issued and outstanding at September 30, 2018, and 13,345,535 shares issued and outstanding at December 31, 2017 | 110,830 | 110,445 | ||||||||||||||
Retained earnings | 72,449 | 66,195 | 83,888 | 74,983 | ||||||||||||
Accumulated other comprehensive income (loss) | 455 | (1,922 | ) | (7,140 | ) | (2,073 | ) | |||||||||
Total stockholders' equity | 183,257 | 174,184 | 187,578 | 183,355 | ||||||||||||
Total liabilities and stockholders' equity | $ | 1,492,675 | $ | 1,496,193 | $ | 1,544,470 | $ | 1,493,424 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Loans, including fees | $ | 13,469 | $ | 13,375 | $ | 41,667 | $ | 39,084 | $ | 13,731 | $ | 13,469 | $ | 41,449 | $ | 41,667 | ||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Taxable | 1,427 | 1,285 | 4,236 | 4,075 | 1,745 | 1,427 | 4,787 | 4,236 | ||||||||||||||||||||||||
Tax-exempt | 62 | 82 | 198 | 254 | 52 | 62 | 166 | 198 | ||||||||||||||||||||||||
Federal funds sold and other | 176 | 123 | 515 | 328 | 473 | 176 | 1,151 | 515 | ||||||||||||||||||||||||
Total interest income | 15,134 | 14,865 | 46,616 | 43,741 | 16,001 | 15,134 | 47,553 | 46,616 | ||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Deposits | 954 | 965 | 2,854 | 2,917 | 1,355 | 954 | 3,583 | 2,854 | ||||||||||||||||||||||||
Repurchase agreements and other | 7 | 10 | 21 | 28 | 10 | 7 | 25 | 21 | ||||||||||||||||||||||||
FHLB advances | - | 10 | - | 32 | ||||||||||||||||||||||||||||
Other borrowings | 68 | 101 | 234 | 321 | 37 | 68 | 125 | 234 | ||||||||||||||||||||||||
Subordinated debt | 74 | 63 | 218 | 181 | 90 | 74 | 257 | 218 | ||||||||||||||||||||||||
Total interest expense | 1,103 | 1,149 | 3,327 | 3,479 | 1,492 | 1,103 | 3,990 | 3,327 | ||||||||||||||||||||||||
Net interest income | 14,031 | 13,716 | 43,289 | 40,262 | 14,509 | 14,031 | 43,563 | 43,289 | ||||||||||||||||||||||||
Provision for loan losses | 891 | 312 | 2,033 | 1,436 | 275 | 891 | 1,890 | 2,033 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 13,140 | 13,404 | 41,256 | 38,826 | 14,234 | 13,140 | 41,673 | 41,256 | ||||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,136 | 1,031 | 3,201 | 2,975 | 1,183 | 1,136 | 3,343 | 3,201 | ||||||||||||||||||||||||
Electronic banking income | 811 | 791 | 2,424 | 2,355 | 968 | 811 | 2,677 | 2,424 | ||||||||||||||||||||||||
Secondary market mortgage income | 67 | 64 | 173 | 163 | 29 | 67 | 142 | 173 | ||||||||||||||||||||||||
Other | 163 | 176 | 530 | 571 | 257 | 163 | 572 | 530 | ||||||||||||||||||||||||
2,177 | 2,062 | 6,328 | 6,064 | 2,437 | 2,177 | 6,734 | 6,328 | |||||||||||||||||||||||||
Non-interest expenses | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 4,760 | 4,817 | 14,703 | 15,025 | 4,846 | 4,760 | 14,667 | 14,703 | ||||||||||||||||||||||||
Occupancy and equipment expenses | 1,511 | 1,635 | 4,481 | 4,697 | 1,570 | 1,511 | 4,660 | 4,481 | ||||||||||||||||||||||||
Outside data processing | 1,344 | 1,300 | 4,019 | 3,935 | 1,315 | 1,344 | 3,841 | 4,019 | ||||||||||||||||||||||||
Professional fees | 196 | 167 | 721 | 500 | 526 | 196 | 1,261 | 721 | ||||||||||||||||||||||||
Taxes, other than payroll, property and income | 189 | 156 | 589 | 473 | 217 | 189 | 669 | 589 | ||||||||||||||||||||||||
Write-downs, expenses, sales of other real estate owned, net | 346 | 765 | 1,139 | 1,402 | 26 | 346 | (335 | ) | 1,139 | |||||||||||||||||||||||
Amortization of intangibles | 252 | 278 | 768 | 862 | 190 | 252 | 575 | 768 | ||||||||||||||||||||||||
FDIC insurance | 159 | 278 | 506 | 752 | 171 | 159 | 443 | 506 | ||||||||||||||||||||||||
Other expenses | 1,168 | 1,212 | 3,401 | 3,674 | 1,306 | 1,168 | 3,833 | 3,401 | ||||||||||||||||||||||||
9,925 | 10,608 | 30,327 | 31,320 | 10,167 | 9,925 | 29,614 | 30,327 | |||||||||||||||||||||||||
Income before income taxes | 5,392 | 4,858 | 17,257 | 13,570 | 6,504 | 5,392 | 18,793 | 17,257 | ||||||||||||||||||||||||
Provision for income taxes | 1,925 | 1,694 | 6,207 | 4,803 | 1,483 | 1,925 | 4,264 | 6,207 | ||||||||||||||||||||||||
Net income | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | $ | 5,021 | $ | 3,467 | $ | 14,529 | $ | 11,050 | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.33 | $ | 0.30 | $ | 1.04 | $ | 0.83 | $ | 0.38 | $ | 0.26 | $ | 1.09 | $ | 0.83 | ||||||||||||||||
Diluted | 0.32 | 0.30 | 1.03 | 0.83 | 0.37 | 0.26 | 1.08 | 0.82 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gains (losses) arising during the period | (68 | ) | 15 | 3,658 | 4,504 | |||||||||||
Reclassification of realized amount | - | - | - | (4 | ) | |||||||||||
Net change in unrealized gain on securities | (68 | ) | 15 | 3,658 | 4,500 | |||||||||||
Less tax impact | 24 | (5 | ) | (1,281 | ) | (1,576 | ) | |||||||||
Other comprehensive income (loss) | (44 | ) | 10 | 2,377 | 2,924 | |||||||||||
Comprehensive income | $ | 3,423 | $ | 3,174 | $ | 13,427 | $ | 11,691 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 5,021 | $ | 3,467 | $ | 14,529 | $ | 11,050 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gains (losses) arising during the period | (1,451 | ) | (68 | ) | (6,414 | ) | 3,658 | |||||||||
Reclassification of realized amount | - | - | - | - | ||||||||||||
Net change in unrealized gain (loss) on securities | (1,451 | ) | (68 | ) | (6,414 | ) | 3,658 | |||||||||
Less tax impact | 305 | 24 | 1,347 | (1,281 | ) | |||||||||||
Other comprehensive income (loss) | (1,146 | ) | (44 | ) | (5,067 | ) | 2,377 | |||||||||
Comprehensive income | $ | 3,875 | $ | 3,423 | $ | 9,462 | $ | 13,427 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total | |||||||||||||
Balances, January 1, 2017 | $ | 109,911 | $ | 66,195 | $ | (1,922 | ) | $ | 174,184 | |||||||
Net income | - | 11,050 | - | 11,050 | ||||||||||||
Other comprehensive income | - | - | 2,377 | 2,377 | ||||||||||||
Cash dividends paid ($0.45 per share) | - | (4,796 | ) | - | (4,796 | ) | ||||||||||
Stock based compensation expense | 194 | - | - | 194 | ||||||||||||
Stock options exercised | 248 | - | - | 248 | ||||||||||||
Balances, September 30, 2017 | $ | 110,353 | $ | 72,449 | $ | 455 | $ | 183,257 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | |||||||||||||
Balances, January 1, 2018 | $ | 110,445 | $ | 74,983 | $ | (2,073 | ) | $ | 183,355 | |||||||
Net income | - | 14,529 | - | 14,529 | ||||||||||||
Other comprehensive income (loss) | - | - | (5,067 | ) | (5,067 | ) | ||||||||||
Cash dividends paid ($0.42 per share) | - | (5,611 | ) | - | (5,611 | ) | ||||||||||
Cash in lieu of fractional share for 5 for 4 stock split | - | (13 | ) | - | (13 | ) | ||||||||||
Stock options exercised | 168 | - | - | 168 | ||||||||||||
Stock based compensation expense | 217 | - | - | 217 | ||||||||||||
Balances, September 30, 2018 | $ | 110,830 | $ | 83,888 | $ | (7,140 | ) | $ | 187,578 |
2017 | 2016 | 2018 | 2017 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income | $ | 11,050 | $ | 8,767 | $ | 14,529 | $ | 11,050 | ||||||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||||||||||
Depreciation | 1,303 | 1,461 | 1,274 | 1,303 | ||||||||||||
Provision for loan losses | 2,033 | 1,436 | 1,890 | 2,033 | ||||||||||||
Amortization (accretion), net | 1,166 | 2,010 | 984 | 1,166 | ||||||||||||
OREO writedowns, net | 434 | 508 | ||||||||||||||
Writedowns (gains on the sale) of other real estate owned, net | (909 | ) | 434 | |||||||||||||
Stock compensation expense | 194 | 160 | 217 | 194 | ||||||||||||
Changes in : | ||||||||||||||||
Changes in: | ||||||||||||||||
Interest receivable | (198 | ) | (259 | ) | (66 | ) | (198 | ) | ||||||||
Other assets | (24 | ) | (140 | ) | 1,002 | (24 | ) | |||||||||
Interest payable | (6 | ) | (76 | ) | 104 | (6 | ) | |||||||||
Other liabilities | (1,045 | ) | (2,071 | ) | (19 | ) | (1,045 | ) | ||||||||
Net cash from operating activities | 14,907 | 11,796 | 19,006 | 14,907 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||
Net change in time deposits with other banks | (250 | ) | - | |||||||||||||
Net change on time deposits with other banks | 496 | (250 | ) | |||||||||||||
Purchases of securities available for sale | (49,210 | ) | (22,512 | ) | (92,644 | ) | (49,210 | ) | ||||||||
Proceeds from maturities and calls of securities available for sale | 50,787 | 62,011 | 48,355 | 50,787 | ||||||||||||
Redemption of FRB and FHLB stock | 15 | 190 | ||||||||||||||
Redemption of FHLB stock | 12 | 15 | ||||||||||||||
Net change in loans | (30,865 | ) | (51,417 | ) | 11,156 | (30,865 | ) | |||||||||
Acquisition of subsidiary, net of cash received | - | 16,385 | ||||||||||||||
Purchases of premises and equipment, net | (654 | ) | (413 | ) | (2,643 | ) | (654 | ) | ||||||||
Proceeds from sales of other real estate acquired through foreclosure | 1,827 | 870 | 7,562 | 1,827 | ||||||||||||
Net cash from (used in) investing activities | (28,350 | ) | 5,114 | (27,706 | ) | (28,350 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||
Net change in deposits | (10,020 | ) | 8,246 | 46,930 | (10,020 | ) | ||||||||||
Net change in agreements to repurchase securities | 1,296 | 3,282 | 1,418 | 1,296 | ||||||||||||
Repayment of other borrowed funds | (2,859 | ) | (1,824 | ) | (1,650 | ) | (2,859 | ) | ||||||||
Proceeds from stock option exercises | 248 | 645 | 168 | 248 | ||||||||||||
Repayment of FHLB advances, net | - | (772 | ) | |||||||||||||
Cash in lieu of fractional shares | (13 | ) | - | |||||||||||||
Common stock dividends paid | (4,796 | ) | (4,338 | ) | (5,611 | ) | (4,796 | ) | ||||||||
Net cash from (used in) financing activities | (16,131 | ) | 5,239 | 41,242 | (16,131 | ) | ||||||||||
Net change in cash and cash equivalents | (29,574 | ) | 22,149 | 32,542 | (29,574 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 104,718 | 72,539 | 82,663 | 104,718 | ||||||||||||
Cash and cash equivalents at end of period | $ | 75,144 | $ | 94,688 | $ | 115,205 | $ | 75,144 |
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 3,886 | $ | 3,333 | ||||
Cash paid during period for income taxes | 2,807 | 6,395 | ||||||
Loans transferred to real estate acquired through foreclosure | 1,066 | 983 | ||||||
Premises transferred to other real estate owned | - | 71 |
2017 | 2016 | |||||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 3,333 | $ | 3,555 | ||||
Cash paid during period for income taxes | 6,395 | 5,122 | ||||||
Loans transferred to real estate acquired through foreclosure | 983 | 631 | ||||||
Stock issued to acquire subsidiary | - | 22,041 | ||||||
Premises transferred to other real estate owned | 71 | - |
September 30, 2017 | September 30, 2018 | |||||||||||||||||||||||||||||||
Year | Total | Net Income | Year | Total | Net Income | |||||||||||||||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | Location | Acquired | Assets | Qtr | YTD | ||||||||||||||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 425,115 | $ | 1,209 | $ | 3,509 | Vanceburg, Kentucky | 1991 | $ | 437,154 | $ | 1,470 | $ | 4,154 | ||||||||||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,060,991 | 2,734 | 9,007 | Huntington, West Virginia | 1998 | 1,100,317 | 4,162 | 12,240 | ||||||||||||||||||||||
Parent and Intercompany Eliminations | 6,569 | (476 | ) | (1,466 | ) | 6,999 | (611 | ) | (1,865 | ) | ||||||||||||||||||||||
Consolidated Total | $ | 1,492,675 | $ | 3,467 | $ | 11,050 | $ | 1,544,470 | $ | 5,021 | $ | 14,529 |
2017 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
2018 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 199,483 | $ | 1,028 | $ | (578 | ) | $ | 199,933 | $ | 229,307 | $ | 42 | $ | (7,192 | ) | $ | 222,157 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 56,330 | 553 | (369 | ) | 56,514 | |||||||||||||||||||||||||||
U. S. sponsored agency CMO's - residential | 72,971 | 13 | (1,604 | ) | 71,380 | |||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 255,813 | 1,581 | (947 | ) | 256,447 | 302,278 | 55 | (8,796 | ) | 293,537 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 19,344 | 5 | (74 | ) | 19,275 | 13,246 | - | (244 | ) | 13,002 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 13,346 | 140 | (5 | ) | 13,481 | 8,739 | 23 | (76 | ) | 8,686 | ||||||||||||||||||||||
Total available for sale | $ | 288,503 | $ | 1,726 | $ | (1,026 | ) | $ | 289,203 | $ | 324,263 | $ | 78 | $ | (9,116 | ) | $ | 315,225 |
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 | $ | 177,105 | $ | 245 | $ | (3,173 | ) | $ | 174,177 | $ | 198,631 | $ | 175 | $ | (2,216 | ) | $ | 196,590 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 73,163 | 761 | (657 | ) | 73,267 | |||||||||||||||||||||||||||
U. S. sponsored agency CMO's - residential | 51,548 | 241 | (681 | ) | 51,108 | |||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 250,268 | 1,006 | (3,830 | ) | 247,444 | 250,179 | 416 | (2,897 | ) | 247,698 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 24,652 | 23 | (174 | ) | 24,501 | 19,312 | 1 | (179 | ) | 19,134 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 16,645 | 111 | (94 | ) | 16,662 | 11,599 | 61 | (26 | ) | 11,634 | ||||||||||||||||||||||
Total available for sale | $ | 291,565 | $ | 1,140 | $ | (4,098 | ) | $ | 288,607 | $ | 281,090 | $ | 478 | $ | (3,102 | ) | $ | 278,466 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Available for sale | ||||||||||||||||
Due in one year or less | $ | 9,687 | $ | 9,701 | $ | 8,669 | $ | 8,644 | ||||||||
Due after one year through five years | 17,073 | 17,070 | 10,820 | 10,658 | ||||||||||||
Due after five years through ten years | 5,375 | 5,430 | 2,496 | 2,386 | ||||||||||||
Due after ten years | 555 | 555 | ||||||||||||||
Mortgage-backed securities of government sponsored agencies | 255,813 | 256,447 | 302,278 | 293,537 | ||||||||||||
Total available for sale | $ | 288,503 | $ | 289,203 | $ | 324,263 | $ | 315,225 |
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 | $ | 17,242 | $ | (74 | ) | $ | - | $ | - | $ | 17,242 | $ | (74 | ) | $ | - | $ | - | $ | 13,001 | $ | (244 | ) | $ | 13,001 | $ | (244 | ) | ||||||||||||||||||||
U.S government sponsored agency MBS – residential | 56,820 | (429 | ) | 5,234 | (149 | ) | 62,054 | (578 | ) | 110,405 | (2,186 | ) | 110,867 | (5,006 | ) | 221,272 | (7,192 | ) | ||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 11,256 | (129 | ) | 11,184 | (240 | ) | 22,440 | (369 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO – residential | 51,733 | (597 | ) | 17,710 | (1,007 | ) | 69,443 | (1,604 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 619 | (4 | ) | 775 | (1 | ) | 1,394 | (5 | ) | 2,920 | (45 | ) | 1,456 | (31 | ) | 4,376 | (76 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 85,937 | $ | (636 | ) | $ | 17,193 | $ | (390 | ) | $ | 103,130 | $ | (1,026 | ) | $ | 165,058 | $ | (2,828 | ) | $ | 143,034 | $ | (6,288 | ) | $ | 308,092 | $ | (9,116 | ) |
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 | $ | 17,207 | $ | (174 | ) | $ | - | $ | - | $ | 17,207 | $ | (174 | ) | $ | 6,780 | $ | (41 | ) | $ | 10,335 | $ | (138 | ) | $ | 17,115 | $ | (179 | ) | |||||||||||||||||||
U.S government sponsored agency MBS – residential | 157,022 | (3,173 | ) | - | - | 157,022 | (3,173 | ) | 134,211 | (1,076 | ) | 47,682 | (1,140 | ) | 181,893 | (2,216 | ) | |||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 18,374 | (373 | ) | 8,750 | (284 | ) | 27,124 | (657 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO's – residential | 8,306 | (64 | ) | 17,868 | (617 | ) | 26,174 | (681 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 7,961 | (94 | ) | - | - | 7,961 | (94 | ) | 3,512 | (20 | ) | 474 | (6 | ) | 3,986 | (26 | ) | |||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 200,564 | $ | (3,814 | ) | $ | 8,750 | $ | (284 | ) | $ | 209,314 | $ | (4,098 | ) | $ | 152,809 | $ | (1,201 | ) | $ | 76,359 | $ | (1,901 | ) | $ | 229,168 | $ | (3,102 | ) |
2017 | 2016 | 2018 | 2017 | |||||||||||||
Residential real estate | $ | 337,502 | $ | 342,294 | $ | 340,478 | $ | 338,829 | ||||||||
Multifamily real estate | 70,698 | 74,165 | 54,602 | 62,151 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 134,773 | 129,370 | 135,884 | 136,048 | ||||||||||||
Non owner occupied | 237,655 | 220,836 | ||||||||||||||
Non-owner occupied | 226,710 | 230,702 | ||||||||||||||
Commercial and industrial | 82,332 | 76,736 | 85,585 | 78,259 | ||||||||||||
Consumer | 29,675 | 30,916 | 28,129 | 28,293 | ||||||||||||
Construction and land | 132,141 | 139,012 | ||||||||||||||
All other | 162,689 | 33,537 | 35,758 | |||||||||||||
$ | 1,055,324 | $ | 1,024,823 | |||||||||||||
Total | $ | 1,037,066 | $ | 1,049,052 |
Loan Class | Balance Dec 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | Balance Dec 31, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2018 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,948 | $ | 363 | $ | (362 | ) | $ | 52 | $ | 3,001 | $ | 2,986 | $ | (509 | ) | $ | (229 | ) | $ | 30 | $ | 2,278 | |||||||||||||||||
Multifamily real estate | 785 | 475 | - | - | 1,260 | 978 | (504 | ) | (11 | ) | - | 463 | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,543 | (161 | ) | (7 | ) | 242 | 1,617 | 1,653 | 174 | (21 | ) | 1 | 1,807 | |||||||||||||||||||||||||||
Non owner occupied | 2,350 | 265 | (8 | ) | - | 2,607 | ||||||||||||||||||||||||||||||||||
Non-owner occupied | 2,313 | 500 | (16 | ) | 2 | 2,799 | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,140 | 3 | (138 | ) | 95 | 1,100 | 1,101 | 1,108 | (525 | ) | 40 | 1,724 | ||||||||||||||||||||||||||||
Consumer | 347 | 148 | (214 | ) | 86 | 367 | 328 | 90 | (105 | ) | 50 | 363 | ||||||||||||||||||||||||||||
Construction and land | 2,408 | 651 | (20 | ) | 400 | 3,439 | ||||||||||||||||||||||||||||||||||
All other | 1,723 | 940 | (373 | ) | 117 | 2,407 | 337 | 380 | (203 | ) | 96 | 610 | ||||||||||||||||||||||||||||
Total | $ | 10,836 | $ | 2,033 | $ | (1,102 | ) | $ | 592 | $ | 12,359 | $ | 12,104 | $ | 1,890 | $ | (1,130 | ) | $ | 619 | $ | 13,483 |
Loan Class | Balance Dec 31, 2015 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2016 | |||||||||||||||
Residential real estate | $ | 2,501 | $ | 377 | $ | (107 | ) | $ | 19 | $ | 2,790 | |||||||||
Multifamily real estate | 821 | 92 | - | - | 913 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,509 | (140 | ) | - | 2 | 1,371 | ||||||||||||||
Non owner occupied | 2,070 | 645 | - | - | 2,715 | |||||||||||||||
Commercial and industrial | 1,033 | 83 | (29 | ) | 42 | 1,129 | ||||||||||||||
Consumer | 307 | 172 | (232 | ) | 71 | 318 | ||||||||||||||
All other | 1,406 | 207 | (207 | ) | 221 | 1,627 | ||||||||||||||
Total | $ | 9,647 | $ | 1,436 | $ | (575 | ) | $ | 355 | $ | 10,863 |
Loan Class | Balance Dec 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | |||||||||||||||
Residential real estate | $ | 2,948 | $ | 363 | $ | (362 | ) | $ | 52 | $ | 3,001 | |||||||||
Multifamily real estate | 785 | 451 | - | - | 1,236 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,543 | (161 | ) | (7 | ) | 242 | 1,617 | |||||||||||||
Non-owner occupied | 2,350 | 265 | (8 | ) | - | 2,607 | ||||||||||||||
Commercial and industrial | 1,140 | 3 | (138 | ) | 95 | 1,100 | ||||||||||||||
Consumer | 347 | 148 | (214 | ) | 86 | 367 | ||||||||||||||
Construction and land | 1,397 | 683 | (127 | ) | 10 | 1,963 | ||||||||||||||
All other | 326 | 281 | (246 | ) | 107 | 468 | ||||||||||||||
Total | $ | 10,836 | $ | 2,033 | $ | (1,102 | ) | $ | 592 | $ | 12,359 |
Loan Class | Balance June 30, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | Balance June 30, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2018 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,973 | $ | 170 | $ | (163 | ) | $ | 21 | $ | 3,001 | $ | 2,254 | $ | 100 | $ | (81 | ) | $ | 5 | $ | 2,278 | ||||||||||||||||||
Multifamily real estate | 1,337 | (77 | ) | - | - | 1,260 | 557 | (94 | ) | - | - | 463 | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,618 | 5 | (7 | ) | 1 | 1,617 | 1,917 | (92 | ) | (18 | ) | - | 1,807 | |||||||||||||||||||||||||||
Non owner occupied | 2,334 | 276 | (3 | ) | - | 2,607 | ||||||||||||||||||||||||||||||||||
Non-owner occupied | 2,437 | 360 | - | 2 | 2,799 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,093 | (6 | ) | (4 | ) | 17 | 1,100 | 1,599 | 132 | (21 | ) | 14 | 1,724 | |||||||||||||||||||||||||||
Consumer | 373 | 10 | (49 | ) | 33 | 367 | 354 | 39 | (42 | ) | 12 | 363 | ||||||||||||||||||||||||||||
Construction and land | 3,253 | (213 | ) | (1 | ) | 400 | 3,439 | |||||||||||||||||||||||||||||||||
All other | 1,967 | 513 | (110 | ) | 37 | 2,407 | 611 | 43 | (73 | ) | 29 | 610 | ||||||||||||||||||||||||||||
Total | $ | 11,695 | $ | 891 | $ | (336 | ) | $ | 109 | $ | 12,359 | $ | 12,982 | $ | 275 | $ | (236 | ) | $ | 462 | $ | 13,483 |
Loan Class | Balance June 30, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2016 | Balance June 30, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,747 | $ | 91 | $ | (51 | ) | $ | 3 | $ | 2,790 | $ | 2,973 | $ | 170 | $ | (163 | ) | $ | 21 | $ | 3,001 | ||||||||||||||||||
Multifamily real estate | 822 | 91 | - | - | 913 | 1,337 | (101 | ) | - | - | 1,236 | |||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,442 | (72 | ) | - | 1 | 1,371 | 1,618 | 5 | (7 | ) | 1 | 1,617 | ||||||||||||||||||||||||||||
Non owner occupied | 2,708 | 7 | - | - | 2,715 | |||||||||||||||||||||||||||||||||||
Non-owner occupied | 2,334 | 276 | (3 | ) | - | 2,607 | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,111 | 43 | (29 | ) | 4 | 1,129 | 1,093 | (6 | ) | (4 | ) | 17 | 1,100 | |||||||||||||||||||||||||||
Consumer | 306 | 139 | (142 | ) | 15 | 318 | 373 | 10 | (49 | ) | 33 | 367 | ||||||||||||||||||||||||||||
Construction and land | 1,675 | 292 | (4 | ) | - | 1,963 | ||||||||||||||||||||||||||||||||||
All other | 1,668 | 13 | (81 | ) | 27 | 1,627 | 292 | 245 | (106 | ) | 37 | 468 | ||||||||||||||||||||||||||||
Total | $ | 10,804 | $ | 312 | $ | (303 | ) | $ | 50 | $ | 10,863 | $ | 11,695 | $ | 891 | $ | (336 | ) | $ | 109 | $ | 12,359 |
2017 | 2016 | 2018 | 2017 | |||||||||||||
Residential real estate | $ | 1,515 | $ | 1,619 | $ | 1,099 | $ | 1,321 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 1,564 | 2,013 | 1,385 | 1,508 | ||||||||||||
Non owner occupied | - | 5,396 | ||||||||||||||
Commercial and industrial | 214 | 232 | 3 | 211 | ||||||||||||
Construction and land | 1,274 | 1,450 | ||||||||||||||
All other | 1,828 | 2,061 | 284 | 286 | ||||||||||||
Total carrying amount | $ | 5,121 | $ | 11,321 | $ | 4,045 | $ | 4,776 | ||||||||
Contractual principal balance | $ | 7,116 | $ | 14,784 | $ | 5,646 | $ | 6,728 | ||||||||
Carrying amount, net of allowance | $ | 5,071 | $ | 11,311 | $ | 4,045 | $ | 4,676 |
2017 | 2016 | 2018 | 2017 | |||||||||||||
Balance at January 1 | $ | 1,208 | $ | 185 | $ | 754 | $ | 1,208 | ||||||||
New loans purchased | - | 1,151 | - | - | ||||||||||||
Accretion of income | (398 | ) | (64 | ) | (141 | ) | (201 | ) | ||||||||
Reclassification to non-accretable | - | - | ||||||||||||||
Loans placed on non-accrual | (52 | ) | - | |||||||||||||
Income recognized upon full repayment | (38 | ) | (197 | ) | ||||||||||||
Reclassifications from non-accretable difference | - | - | ||||||||||||||
Disposals | - | - | - | - | ||||||||||||
Balance at September 30 | $ | 810 | $ | 1,272 | $ | 523 | $ | 810 |
September 30, 2017 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
September 30, 2018 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 3,248 | $ | 2,846 | $ | 585 | $ | 4,015 | $ | 3,265 | $ | 917 | ||||||||||||
Multifamily real estate | 11,101 | 11,095 | 334 | 2,118 | 2,012 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,052 | 1,974 | 63 | 3,114 | 3,063 | - | ||||||||||||||||||
Non owner occupied | 310 | 209 | 86 | |||||||||||||||||||||
Non-owner occupied | 4,373 | 4,285 | 75 | |||||||||||||||||||||
Commercial and industrial | 2,062 | 1,054 | 648 | 1,043 | 481 | - | ||||||||||||||||||
Consumer | 331 | 304 | - | 373 | 342 | - | ||||||||||||||||||
Construction and land | 4,842 | 4,669 | - | |||||||||||||||||||||
All other | 6,984 | 6,863 | - | 176 | 176 | - | ||||||||||||||||||
Total | $ | 26,088 | $ | 24,345 | $ | 1,716 | $ | 20,054 | $ | 18,293 | $ | 992 |
December 31, 2016 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
December 31, 2017 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 3,467 | $ | 2,794 | $ | 606 | $ | 2,944 | $ | 2,422 | $ | 869 | ||||||||||||
Multifamily real estate | 11,157 | 11,106 | 334 | 2,128 | 2,128 | 334 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,769 | 1,704 | 15 | 2,623 | 2,483 | 134 | ||||||||||||||||||
Non owner occupied | 294 | 196 | 36 | |||||||||||||||||||||
Non-owner occupied | 1,862 | 1,755 | 85 | |||||||||||||||||||||
Commercial and industrial | 2,537 | 1,209 | 1,008 | 1,313 | 544 | 1,139 | ||||||||||||||||||
Consumer | 366 | 347 | - | 268 | 241 | - | ||||||||||||||||||
All other | 8,408 | 8,391 | - | |||||||||||||||||||||
Construction and land | 5,824 | 5,673 | 830 | |||||||||||||||||||||
Total | $ | 27,998 | $ | 25,747 | $ | 1,999 | $ | 16,962 | $ | 15,246 | $ | 3,391 |
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 | $ | 337,502 | $ | 6,460 | $ | 1,717 | $ | 8,177 | $ | 329,325 | $ | 340,478 | $ | 5,366 | $ | 1,697 | $ | 7,063 | $ | 333,415 | ||||||||||||||||||||
Multifamily real estate | 70,698 | - | 11,429 | 11,429 | 59,269 | 54,602 | - | 1,165 | 1,165 | 53,437 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 134,773 | 172 | 1,979 | 2,151 | 132,622 | 135,884 | 1,719 | 1,343 | 3,062 | 132,822 | ||||||||||||||||||||||||||||||
Non owner occupied | 237,655 | 374 | 227 | 601 | 237,054 | |||||||||||||||||||||||||||||||||||
Non-owner occupied | 226,710 | 281 | 2,889 | 3,170 | 223,540 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 82,332 | 179 | 1,628 | 1,807 | 80,525 | 85,585 | 328 | 237 | 565 | 85,020 | ||||||||||||||||||||||||||||||
Consumer | 29,675 | 365 | 121 | 486 | 29,189 | 28,129 | 198 | 163 | 361 | 27,768 | ||||||||||||||||||||||||||||||
Construction and land | 132,141 | 1,869 | 4,657 | 6,526 | 125,615 | |||||||||||||||||||||||||||||||||||
All other | 162,689 | 1,370 | 6,861 | 8,231 | 154,458 | 33,537 | 9 | 176 | 185 | 33,352 | ||||||||||||||||||||||||||||||
Total | $ | 1,055,324 | $ | 8,920 | $ | 23,962 | $ | 32,882 | $ | 1,022,442 | $ | 1,037,066 | $ | 9,770 | $ | 12,327 | $ | 22,097 | $ | 1,014,969 |
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 | $ | 342,294 | $ | 6,113 | $ | 1,596 | $ | 7,709 | $ | 334,585 | $ | 338,829 | $ | 5,242 | $ | 1,835 | $ | 7,077 | $ | 331,752 | ||||||||||||||||||||
Multifamily real estate | 74,165 | - | 11,440 | 11,440 | 62,725 | 62,151 | - | 334 | 334 | 61,817 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 129,370 | 1,746 | 1,474 | 3,220 | 126,150 | 136,048 | 311 | 1,784 | 2,095 | 133,953 | ||||||||||||||||||||||||||||||
Non owner occupied | 220,836 | 1,803 | 159 | 1,962 | 218,874 | |||||||||||||||||||||||||||||||||||
Non-owner occupied | 230,702 | 12 | 225 | 237 | 230,465 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 76,736 | 330 | 2,120 | 2,450 | 74,286 | 78,259 | 123 | 1,611 | 1,734 | 76,525 | ||||||||||||||||||||||||||||||
Consumer | 30,916 | 403 | 223 | 626 | 30,290 | 28,293 | 492 | 87 | 579 | 27,714 | ||||||||||||||||||||||||||||||
Construction and land | 139,012 | 144 | 2,508 | 2,652 | 136,360 | |||||||||||||||||||||||||||||||||||
All other | 150,506 | 577 | 8,187 | 8,764 | 141,742 | 35,758 | - | - | - | 35,758 | ||||||||||||||||||||||||||||||
Total | $ | 1,024,823 | $ | 10,972 | $ | 25,199 | $ | 36,171 | $ | 988,652 | $ | 1,049,052 | $ | 6,324 | $ | 8,384 | $ | 14,708 | $ | 1,034,344 |
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 | $ | - | $ | 3,001 | $ | - | $ | 3,001 | $ | 320 | $ | 335,667 | $ | 1,515 | $ | 337,502 | $ | - | $ | 2,278 | $ | - | $ | 2,278 | $ | 298 | $ | 339,081 | $ | 1,099 | $ | 340,478 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 517 | 743 | - | 1,260 | 13,588 | 57,110 | - | 70,698 | 6 | 457 | - | 463 | 1,906 | 52,696 | - | 54,602 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 301 | 1,316 | - | 1,617 | 3,725 | 129,484 | 1,564 | 134,773 | 385 | 1,422 | - | 1,807 | 3,029 | 131,470 | 1,385 | 135,884 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 88 | 2,519 | - | 2,607 | 5,583 | 232,072 | - | 237,655 | 256 | 2,543 | - | 2,799 | 7,415 | 219,295 | - | 226,710 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 105 | 945 | 50 | 1,100 | 1,129 | 80,989 | 214 | 82,332 | 111 | 1,613 | - | 1,724 | 525 | 85,057 | 3 | 85,585 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 19 | 348 | - | 367 | 19 | 29,656 | - | 29,675 | - | 363 | - | 363 | - | 28,129 | - | 28,129 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 1,195 | 2,244 | 3,439 | 4,423 | 126,444 | 1,274 | 132,141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other | 518 | 1,889 | - | 2,407 | 7,177 | 153,684 | 1,828 | 162,689 | - | 610 | - | 610 | - | 33,253 | 284 | 33,537 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,548 | $ | 10,761 | $ | 50 | $ | 12,359 | $ | 31,541 | $ | 1,018,662 | $ | 5,121 | $ | 1,055,324 | $ | 1,953 | $ | 11,530 | $ | - | $ | 13,483 | $ | 17,596 | $ | 1,015,425 | $ | 4,045 | $ | 1,037,066 |
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 | $ | - | $ | 2,948 | $ | - | $ | 2,948 | $ | 379 | $ | 340,296 | $ | 1,619 | $ | 342,294 | $ | - | $ | 2,986 | $ | - | $ | 2,986 | $ | 308 | $ | 337,200 | $ | 1,321 | $ | 338,829 | ||||||||||||||||||||||||||||||||
Multifamily real estate | - | 785 | - | 785 | 13,641 | 60,524 | - | 74,165 | 218 | 760 | - | 978 | 2,462 | 59,689 | - | 62,151 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 244 | 1,299 | - | 1,543 | 2,801 | 124,556 | 2,013 | 129,370 | 307 | 1,346 | - | 1,653 | 3,314 | 131,226 | 1,508 | 136,048 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | - | 2,350 | - | 2,350 | 2,373 | 213,067 | 5,396 | 220,836 | 88 | 2,225 | - | 2,313 | 11,578 | 219,124 | - | 230,702 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 266 | 864 | 10 | 1,140 | 1,418 | 75,086 | 232 | 76,736 | 104 | 897 | 100 | 1,101 | 1,304 | 76,744 | 211 | 78,259 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | - | 347 | - | 347 | - | 30,916 | - | 30,916 | - | 328 | - | 328 | - | 28,293 | - | 28,293 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 685 | 1,723 | - | 2,408 | 5,672 | 131,890 | 1,450 | 139,012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other | 86 | 1,637 | - | 1,723 | 12,976 | 135,469 | 2,061 | 150,506 | - | 337 | - | 337 | 293 | 35,179 | 286 | 35,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 596 | $ | 10,230 | $ | 10 | $ | 10,836 | $ | 33,588 | $ | 979,914 | $ | 11,321 | $ | 1,024,823 | $ | 1,402 | $ | 10,602 | $ | 100 | $ | 12,104 | $ | 24,931 | $ | 1,019,345 | $ | 4,776 | $ | 1,049,052 |
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 | $ | 360 | $ | 320 | $ | - | $ | 430 | $ | 298 | $ | - | ||||||||||||
Multifamily real estate | 2,492 | 2,492 | - | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,916 | 2,855 | - | 2,184 | 2,175 | - | ||||||||||||||||||
Non owner occupied | 3,604 | 3,512 | - | |||||||||||||||||||||
Non-owner occupied | 4,022 | 4,022 | - | |||||||||||||||||||||
Commercial and industrial | 1,767 | 1,012 | - | 801 | 270 | - | ||||||||||||||||||
All other | 3,186 | 3,066 | - | |||||||||||||||||||||
Construction and land | 578 | 578 | - | |||||||||||||||||||||
14,325 | 13,257 | - | 8,015 | 7,343 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 11,102 | $ | 11,095 | $ | 517 | 2,012 | 1,906 | 6 | |||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 888 | 870 | 301 | 887 | 854 | 385 | ||||||||||||||||||
Non owner occupied | 2,072 | 2,072 | 88 | |||||||||||||||||||||
Non-owner occupied | 3,474 | 3,393 | 256 | |||||||||||||||||||||
Commercial and industrial | 468 | 316 | 155 | 263 | 255 | 111 | ||||||||||||||||||
Consumer | 19 | 19 | 19 | |||||||||||||||||||||
All other | 4,116 | 4,111 | 518 | |||||||||||||||||||||
Construction and land | 4,017 | 3,845 | 1,195 | |||||||||||||||||||||
18,665 | 18,483 | 1,598 | 10,653 | 10,253 | 1,953 | |||||||||||||||||||
Total | $ | 32,990 | $ | 31,740 | $ | 1,598 | $ | 18,668 | $ | 17,596 | $ | 1,953 | ||||||||||||
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 | $ | 743 | $ | 379 | $ | - | $ | 446 | $ | 308 | $ | - | ||||||||||||
Multifamily real estate | 13,692 | 13,641 | - | 334 | 334 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,803 | 1,766 | - | 2,451 | 2,439 | - | ||||||||||||||||||
Non owner occupied | 2,465 | 2,373 | - | |||||||||||||||||||||
Non-owner occupied | 9,602 | 9,506 | - | |||||||||||||||||||||
Commercial and industrial | 2,429 | 1,338 | - | 1,719 | 1,188 | - | ||||||||||||||||||
Construction and land | 1,798 | 1,678 | - | |||||||||||||||||||||
All other | 9,868 | 9,853 | - | 293 | 293 | - | ||||||||||||||||||
31,000 | 29,350 | - | 16,643 | 15,746 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 2,128 | $ | 2,128 | $ | 218 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 1,055 | $ | 1,035 | $ | 244 | 895 | 875 | 307 | |||||||||||||||
Non-owner occupied | 2,072 | 2,072 | 88 | |||||||||||||||||||||
Commercial and industrial | 431 | 288 | 276 | 466 | 315 | 204 | ||||||||||||||||||
All other | 3,124 | 3,123 | 86 | |||||||||||||||||||||
Construction and land | 4,024 | 3,994 | 685 | |||||||||||||||||||||
4,610 | 4,446 | 606 | 9,585 | 9,384 | 1,502 | |||||||||||||||||||
Total | $ | 35,610 | $ | 33,796 | $ | 606 | $ | 26,228 | $ | 25,130 | $ | 1,502 |
Nine months ended Sept 30, 2017 | Nine months ended Sept 30, 2016 | Nine months ended Sept 30, 2018 | Nine months ended Sept 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 339 | $ | 1 | $ | 1 | $ | 612 | $ | 16 | $ | 14 | $ | 301 | $ | - | $ | - | $ | 339 | $ | 1 | $ | 1 | ||||||||||||||||||||||||
Multifamily real estate | 13,605 | 196 | 181 | 1,580 | 121 | 121 | 2,192 | 11 | 11 | 13,605 | 196 | 181 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 3,340 | 49 | 49 | 1,144 | 3 | 3 | 3,163 | 54 | 54 | 3,340 | 49 | 49 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 2,955 | 124 | 124 | 5,066 | 275 | 273 | 9,005 | 327 | 327 | 2,955 | 124 | 124 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,474 | 114 | 114 | 1,155 | 26 | 26 | 990 | 21 | 21 | 1,474 | 114 | 114 | ||||||||||||||||||||||||||||||||||||
Consumer | 5 | - | - | - | - | - | - | - | - | 5 | - | - | ||||||||||||||||||||||||||||||||||||
Construction and land | 4,633 | 12 | 12 | 8,337 | 328 | 327 | ||||||||||||||||||||||||||||||||||||||||||
All other | 8,641 | 342 | 341 | 3,011 | 40 | 6 | 216 | 10 | 10 | 304 | 14 | 14 | ||||||||||||||||||||||||||||||||||||
Total | $ | 30,359 | $ | 826 | $ | 810 | $ | 12,568 | $ | 481 | $ | 443 | $ | 20,500 | $ | 435 | $ | 435 | $ | 30,359 | $ | 826 | $ | 810 |
Three months ended Sept 30, 2017 | Three months ended Sept 30, 2016 | Three months ended Sept 30, 2018 | Three months ended Sept 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 323 | $ | - | $ | - | $ | 667 | $ | 5 | $ | 5 | $ | 299 | $ | - | $ | - | $ | 323 | $ | - | $ | - | ||||||||||||||||||||||||
Multifamily real estate | 13,590 | 66 | 60 | 2,594 | 63 | 63 | 1,939 | - | - | 13,590 | 66 | 60 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 3,910 | 27 | 27 | 1,847 | 3 | 3 | 3,041 | 3 | 3 | 3,910 | 27 | 27 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 3,749 | 63 | 63 | 4,240 | 175 | 175 | 7,489 | 86 | 86 | 3,749 | 63 | 63 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,390 | 13 | 13 | 1,809 | 10 | 10 | 532 | 5 | 5 | 1,390 | 13 | 13 | ||||||||||||||||||||||||||||||||||||
Consumer | 9 | - | - | - | - | - | - | - | - | 9 | - | - | ||||||||||||||||||||||||||||||||||||
Construction and land | 4,467 | 9 | 9 | 6,884 | 48 | 48 | ||||||||||||||||||||||||||||||||||||||||||
All other | 7,183 | 53 | 53 | 5,243 | 33 | - | 142 | 6 | 6 | 299 | 5 | 5 | ||||||||||||||||||||||||||||||||||||
Total | $ | 30,154 | $ | 222 | $ | 216 | $ | 16,400 | $ | 289 | $ | 256 | $ | 17,909 | $ | 109 | $ | 109 | $ | 30,154 | $ | 222 | $ | 216 |
September 30, 2017 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||
Residential real estate | $ | 317 | $ | 110 | $ | 427 | ||||||
Multifamily real estate | - | 2,159 | 2,159 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 602 | 1,766 | 2,368 | |||||||||
Non owner occupied | - | 3,875 | 3,875 | |||||||||
Commercial and industrial | 57 | 508 | 565 | |||||||||
Consumer | - | - | - | |||||||||
All other | 4,783 | 297 | 5,080 | |||||||||
Total | $ | 5,759 | $ | 8,715 | $ | 14,474 | ||||||
September 30, 2018 | TDR's on Non-accrual | Other TDR's | Total TDR's | |||||||||
Residential real estate | $ | 351 | $ | 100 | $ | 451 | ||||||
Multifamily real estate | 1,906 | - | 1,906 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,949 | 226 | 2,175 | |||||||||
Non-owner occupied | - | 5,981 | 5,981 | |||||||||
Commercial and industrial | 191 | 270 | 461 | |||||||||
Construction and land | 3,846 | - | 3,846 | |||||||||
Total | $ | 8,243 | $ | 6,577 | $ | 14,820 |
December 31, 2016 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
December 31, 2017 | TDR's on Non-accrual | Other TDR's | Total TDR's | |||||||||||||||||||||
Residential real estate | $ | 129 | $ | 464 | $ | 593 | $ | 393 | $ | 107 | $ | 500 | ||||||||||||
Multifamily real estate | - | 2,201 | 2,201 | 2,128 | - | 2,128 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | 856 | 856 | 601 | 1,783 | 2,384 | ||||||||||||||||||
Non-owner occupied | - | 9,904 | 9,904 | |||||||||||||||||||||
Commercial and industrial | 62 | 352 | 414 | 56 | 497 | 553 | ||||||||||||||||||
Construction and land | 3,994 | - | 3,994 | |||||||||||||||||||||
All other | 751 | 4,395 | 5,146 | - | 293 | 293 | ||||||||||||||||||
Total | $ | 942 | $ | 8,268 | $ | 9,210 | $ | 7,172 | $ | 12,584 | $ | 19,756 | ||||||||||||
Nine months ended Sept 30, 2017 | Nine months ended Sept 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 | - | $ | - | $ | - | 8 | $ | 483 | $ | 483 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2 | 1,525 | 1,525 | 3 | 865 | 865 | ||||||||||||||||||
Non owner occupied | 2 | 3,875 | 3,875 | 1 | 100 | 100 | ||||||||||||||||||
Commercial and industrial | 1 | 191 | 191 | 1 | 20 | 20 | ||||||||||||||||||
All other | - | - | - | 1 | 4,106 | 4,106 | ||||||||||||||||||
Total | 5 | $ | 5,591 | $ | 5,591 | 14 | $ | 5,574 | $ | 5,574 |
Three months ended Sept 30, 2017 | Three months ended Sept 30, 2016 | Three months ended Sept 30, 2017 | Nine months ended Sept 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 | 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 | - | $ | - | $ | - | 2 | $ | 1,525 | $ | 1,525 | ||||||||||||||||||||||||||||||||
Non owner occupied | 2 | 3,875 | 3,875 | - | - | - | 2 | 3,875 | 3,875 | 2 | 3,875 | 3,875 | ||||||||||||||||||||||||||||||||||||
All other | - | - | - | 1 | 4,106 | 4,106 | ||||||||||||||||||||||||||||||||||||||||||
Commercial & industrial | - | - | - | 1 | 191 | 191 | ||||||||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 3,875 | $ | 3,875 | 8 | $ | 4,545 | $ | 4,545 | 2 | $ | 3,875 | $ | 3,875 | 5 | $ | 5,591 | $ | 5,591 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 330,283 | $ | 1,107 | $ | 9,088 | $ | - | $ | 340,478 | ||||||||||
Multifamily real estate | 47,634 | 4,956 | 2,012 | - | 54,602 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 124,609 | 4,950 | 6,325 | - | 135,884 | |||||||||||||||
Non-owner occupied | 209,611 | 6,223 | 10,876 | - | 226,710 | |||||||||||||||
Commercial and industrial | 78,626 | 4,224 | 2,735 | - | 85,585 | |||||||||||||||
Consumer | 27,649 | - | 480 | - | 28,129 | |||||||||||||||
Construction and land | 106,328 | 20,441 | 5,372 | - | 132,141 | |||||||||||||||
All other | 32,343 | 440 | 754 | - | 33,537 | |||||||||||||||
Total | $ | 957,083 | $ | 42,341 | $ | 37,642 | $ | - | $ | 1,037,066 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 324,121 | $ | 3,502 | $ | 9,878 | $ | 1 | $ | 337,502 | ||||||||||
Multifamily real estate | 52,472 | 3,590 | 12,024 | 2,612 | 70,698 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 122,983 | 4,305 | 7,485 | - | 134,773 | |||||||||||||||
Non-owner occupied | 220,173 | 11,243 | 6,239 | - | 237,655 | |||||||||||||||
Commercial and industrial | 71,850 | 7,400 | 3,082 | - | 82,332 | |||||||||||||||
Consumer | 29,145 | 136 | 375 | 19 | 29,675 | |||||||||||||||
All other | 148,216 | 5,479 | 8,994 | - | 162,689 | |||||||||||||||
Total | $ | 968,960 | $ | 35,655 | $ | 48,077 | $ | 2,632 | $ | 1,055,324 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||||
Residential real estate | $ | 328,905 | $ | 4,880 | $ | 8,507 | $ | 2 | $ | 342,294 | $ | 327,185 | $ | 667 | $ | 10,976 | $ | 1 | $ | 338,829 | ||||||||||||||||||||
Multifamily real estate | 59,375 | 78 | 14,712 | - | 74,165 | 55,084 | 4,605 | 2,462 | - | 62,151 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 118,134 | 6,720 | 4,516 | - | 129,370 | 124,244 | 4,937 | 6,867 | - | 136,048 | ||||||||||||||||||||||||||||||
Non-owner occupied | 213,641 | 4,391 | 2,804 | - | 220,836 | 216,079 | 2,428 | 12,195 | - | 230,702 | ||||||||||||||||||||||||||||||
Commercial and industrial | 72,094 | 2,337 | 2,275 | 30 | 76,736 | 70,078 | 5,851 | 2,330 | - | 78,259 | ||||||||||||||||||||||||||||||
Consumer | 30,369 | 242 | 305 | - | 30,916 | 27,889 | - | 404 | - | 28,293 | ||||||||||||||||||||||||||||||
Construction and land | 126,323 | 5,460 | 7,229 | 139,012 | ||||||||||||||||||||||||||||||||||||
All other | 134,945 | 1,958 | 13,603 | - | 150,506 | 34,468 | 795 | 495 | - | 35,758 | ||||||||||||||||||||||||||||||
Total | $ | 957,463 | $ | 20,606 | $ | 46,722 | $ | 32 | $ | 1,024,823 | $ | 981,350 | $ | 24,743 | $ | 42,958 | $ | 1 | $ | 1,049,052 |
September 30, 2017 | December 31, 2016 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | September 30, 2018 | December 31, 2017 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | |||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 13.8 | % | 13.4 | % | 4.5 | % | 6.5 | % | 14.9 | % | 13.9 | % | 4.5 | % | 6.5 | % | ||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 14.4 | % | 13.9 | % | 6.0 | % | 8.0 | % | 15.4 | % | 14.4 | % | 6.0 | % | 8.0 | % | ||||||||||||||||
Total Capital (to Risk-Weighted Assets) | 15.5 | % | 15.0 | % | 8.0 | % | 10.0 | % | 16.7 | % | 15.6 | % | 8.0 | % | 10.0 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 10.7 | % | 10.1 | % | 4.0 | % | 5.0 | % | 11.1 | % | 10.7 | % | 4.0 | % | 5.0 | % |
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | Three Months Ended Sept 30, | Nine Months Ended Sept 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | $ | 5,021 | $ | 3,467 | $ | 14,529 | $ | 11,050 | ||||||||||||||||
Weighted average common shares outstanding | 10,661,157 | 10,626,185 | 10,653,594 | 10,508,809 | 13,368,782 | 13,326,446 | 13,356,998 | 13,316,993. | ||||||||||||||||||||||||
Earnings per share | $ | 0.33 | $ | 0.30 | $ | 1.04 | $ | 0.83 | $ | 0.38 | $ | 0.26 | $ | 1.09 | $ | 0.83 | ||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | $ | 5,021 | $ | 3,467 | $ | 14,529 | $ | 11,050 | ||||||||||||||||
Weighted average common shares outstanding | 10,661,157 | 10,626,185 | 10,653,594 | 10,508,809 | 13,368,782 | 13,326,446 | 13,356,998 | 13,316,993 | ||||||||||||||||||||||||
Add dilutive effects of potential additional common stock | 77,794 | 60,742 | 80,418 | 60,372 | 123,624 | 97,243 | 102,578 | 100,522 | ||||||||||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 10,738,951 | 10,686,927 | 10,734,012 | 10,569,181 | 13,492,406 | 13,423,689 | 13,459,576 | 13,417,515 | ||||||||||||||||||||||||
Earnings per share assuming dilution | $ | 0.32 | $ | 0.30 | $ | 1.03 | $ | 0.83 | $ | 0.37 | $ | 0.26 | $ | 1.08 | $ | 0.82 |
Fair Value Measurements at September 30, 2017 Using | Fair Value Measurements at September 30, 2018 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 | $ | 63,512 | $ | 63,512 | $ | - | $ | - | $ | 63,512 | $ | 107,616 | $ | 107,616 | $ | - | $ | - | $ | 107,616 | ||||||||||||||||||||
Time deposits with other banks | 2,582 | - | 2,589 | - | 2,589 | 2,086 | - | 2,075 | - | 2,075 | ||||||||||||||||||||||||||||||
Federal funds sold | 11,632 | 11,632 | - | - | 11,632 | 7,589 | 7,589 | - | - | 7,589 | ||||||||||||||||||||||||||||||
Securities available for sale | 289,203 | - | 289,203 | - | 289,203 | 315,225 | - | 315,225 | - | 315,225 | ||||||||||||||||||||||||||||||
Loans, net | 1,042,965 | - | - | 1,029,145 | 1,029,145 | 1,023,583 | - | - | 1,012,036 | 1,012,036 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 3,185 | n/a | n/a | n/a | n/a | 3,173 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
Interest receivable | 4,060 | - | 829 | 3,231 | 4,060 | 4,109 | - | 858 | 3,251 | 4,109 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,269,384 | ) | $ | (925,328 | ) | $ | (340,134 | ) | $ | - | $ | (1,265,462 | ) | $ | (1,319,623 | ) | $ | (979,382 | ) | $ | (333,508 | ) | $ | - | $ | (1,312,890 | ) | ||||||||||||
Securities sold under agreements to repurchase | (25,116 | ) | - | (25,116 | ) | - | (25,116 | ) | (24,728 | ) | - | (24,728 | ) | - | (24,728 | ) | ||||||||||||||||||||||||
Other borrowed funds | (6,000 | ) | - | (5,966 | ) | - | (5,966 | ) | (3,350 | ) | - | (3,301 | ) | - | (3,301 | ) | ||||||||||||||||||||||||
Subordinated Debt | (5,368 | ) | - | (5,381 | ) | - | (5,381 | ) | ||||||||||||||||||||||||||||||||
Subordinated debt | (5,398 | ) | - | (5,482 | ) | - | (5,482 | ) | ||||||||||||||||||||||||||||||||
Interest payable | (358 | ) | (7 | ) | (351 | ) | - | (358 | ) | (497 | ) | (14 | ) | (483 | ) | - | (497 | ) |
Fair Value Measurements at December 31, 2016 Using | Fair Value Measurements at December 31, 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 | $ | 97,163 | $ | 97,163 | $ | - | $ | - | $ | 97,163 | $ | 78,005 | $ | 78,005 | $ | - | $ | - | $ | 78,005 | ||||||||||||||||||||
Time deposits with other banks | 2,332 | - | 2,352 | - | 2,352 | 2,582 | - | 2,581 | - | 2,581 | ||||||||||||||||||||||||||||||
Federal funds sold | 7,555 | 7,555 | - | - | 7,555 | 4,658 | 4,658 | - | - | 4,658 | ||||||||||||||||||||||||||||||
Securities available for sale | 288,607 | - | 288,607 | - | 288,607 | 278,466 | - | 278,466 | - | 278,466 | ||||||||||||||||||||||||||||||
Loans, net | 1,013,987 | - | - | 1,004,388 | 1,004,388 | 1,036,948 | - | - | 1,016,723 | 1,016,723 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 3,200 | n/a | n/a | n/a | n/a | 3,185 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
Interest receivable | 3,862 | - | 771 | 3,091 | 3,862 | 4,043 | - | 700 | 3,343 | 4,043 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,279,386 | ) | $ | (920,745 | ) | $ | (354,885 | ) | $ | - | $ | (1,275,630 | ) | $ | (1,272,675 | ) | $ | (929,202 | ) | $ | (338,291 | ) | $ | - | $ | (1,267,493 | ) | ||||||||||||
Securities sold under agreements to repurchase | (23,820 | ) | - | (23,820 | ) | - | (23,820 | ) | (23,310 | ) | - | (23,310 | ) | - | (23,310 | ) | ||||||||||||||||||||||||
Other borrowed funds | (8,859 | ) | - | (8,906 | ) | - | (8,906 | ) | (5,000 | ) | - | (4,955 | ) | - | (4,955 | ) | ||||||||||||||||||||||||
Subordinated debt | (5,343 | ) | - | (5,341 | ) | - | (5,341 | ) | (5,376 | ) | - | (5,439 | ) | - | (5,439 | ) | ||||||||||||||||||||||||
Interest payable | (364 | ) | (7 | ) | (357 | ) | - | (364 | ) | (393 | ) | (7 | ) | (386 | ) | - | (393 | ) |
Fair Value Measurements at September 30, 2017 Using: | Fair Value Measurements at September 30, 2018 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 | $ | 199,933 | $ | - | $ | 199,933 | $ | - | $ | 222,157 | $ | - | $ | 222,157 | $ | - | ||||||||||||||||
U. S. agency CMO’s - residential | 56,514 | - | 56,514 | - | ||||||||||||||||||||||||||||
U. S. agency CMO's - residential | 71,380 | - | 71,380 | - | ||||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 256,447 | - | 256,447 | - | 293,537 | - | 293,537 | - | ||||||||||||||||||||||||
U. S. government sponsored agency securities | 19,275 | - | 19,275 | - | 13,002 | - | 13,002 | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 13,481 | - | 13,481 | - | 8,686 | - | 8,686 | - | ||||||||||||||||||||||||
Total available for sale | $ | 289,203 | $ | - | $ | 289,203 | $ | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 315,225 | $ | - | $ | 315,225 | $ | - |
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) | |||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. agency MBS - residential | $ | 174,177 | $ | - | $ | 174,177 | $ | - | ||||||||
U. S. agency CMO’s - residential | 73,267 | - | 73,267 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 247,444 | - | 247,444 | - | ||||||||||||
U. S. government sponsored agency securities | 24,501 | - | 24,501 | - | ||||||||||||
Obligations of states and political subdivisions | 16,662 | - | 16,662 | - | ||||||||||||
Total securities available for sale | $ | 288,607 | $ | - | $ | 288,607 | $ | - |
Fair Value Measurements at December 31, 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) | |||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. agency MBS - residential | $ | 196,590 | $ | - | $ | 196,590 | $ | - | ||||||||
U. S. agency CMO's | 51,108 | - | 51,108 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 247,698 | - | 247,698 | - | ||||||||||||
U. S. government sponsored agency securities | 19,134 | - | 19,134 | - | ||||||||||||
Obligations of states and political subdivisions | 11,634 | - | 11,634 | - | ||||||||||||
Total securities available for sale | $ | 278,466 | $ | - | $ | 278,466 | $ | - |
Fair Value Measurements at September 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) | |||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Multifamily real estate | $ | 10,578 | $ | - | $ | - | $ | 10,578 | ||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 569 | - | - | 569 | ||||||||||||
Non-owner occupied | 1,984 | - | - | 1,984 | ||||||||||||
Commercial and industrial | 161 | - | - | 161 | ||||||||||||
All other | 3,593 | - | - | 3,593 | ||||||||||||
Total impaired loans | $ | 16,885 | $ | - | $ | - | $ | 16,885 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate | $ | 370 | $ | - | $ | - | $ | 370 | ||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 175 | - | - | 175 | ||||||||||||
Non-owner occupied | 1,853 | - | - | 1,853 | ||||||||||||
All other | 2,855 | - | - | 2,855 | ||||||||||||
Total OREO | $ | 5,253 | $ | - | $ | - | $ | 5,253 |
September 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 | 569 | sales comparison | adjustment for estimated realizable value | 23.1%-23.1% (23.1%) | |||||
Non-owner occupied | 1,984 | income approach | adjustment for differences in net operating income expectations | 67.4%-67.4% (67.4%) | |||||
Commercial and industrial | 161 | sales comparison | adjustment for estimated realizable value | 8.0%-56.5% (52.8%) | |||||
All other | 3,593 | sales comparison | adjustment for percentage of completion of construction | 8.0%-23.0% (22.7%) | |||||
Total impaired loans | $ | 16,885 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 370 | sales comparison | adjustment for differences between the comparable sales | 0.0%-50.2% (16.4%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 175 | sales comparison | adjustment for estimated realizable value | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 1,853 | sales comparison | adjustment for estimated realizable value | 31.8%-58.9% (34.7%) | |||||
All other | 2,855 | sales comparison | adjustment for estimated realizable value | 15.1%-69.0% (18.8%) | |||||
Total OREO | $ | 5,253 |
Fair Value Measurements at September 30, 2018 Using | ||||||||||||||||
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 | $ | 1,900 | $ | - | $ | - | $ | 1,900 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 469 | - | - | 469 | ||||||||||||
Non-owner occupied | 3,137 | - | - | 3,137 | ||||||||||||
Commercial and industrial | 144 | - | - | 144 | ||||||||||||
Construction and land | 2,650 | - | - | 2,650 | ||||||||||||
Total impaired loans | $ | 8,300 | $ | - | $ | - | $ | 8,300 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate | $ | 281 | $ | - | $ | - | $ | 281 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 175 | - | - | 175 | ||||||||||||
Non-owner occupied | 200 | - | - | 200 | ||||||||||||
Construction and land | 150 | - | - | 150 | ||||||||||||
Total OREO | $ | 806 | $ | - | $ | - | $ | 806 |
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) | |||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | $ | 793 | $ | - | $ | - | $ | 793 | ||||||||
Commercial and Industrial | 12 | - | - | 12 | ||||||||||||
All Other | 3,036 | - | - | 3,036 | ||||||||||||
Total impaired loans | $ | 3,841 | $ | - | $ | - | $ | 3,841 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate: | $ | 613 | $ | - | $ | - | $ | 613 | ||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 175 | - | - | 175 | ||||||||||||
Non-owner occupied | 2,153 | - | - | 2,153 | ||||||||||||
All other | 3,683 | - | - | 3,683 | ||||||||||||
Total OREO | $ | 6,624 | $ | - | $ | - | $ | 6,624 |
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 differences between the comparable sales | 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 |
September 30, 2018 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Multifamily real estate | $ | 1,900 | sales comparison | adjustment for estimated realizable value | 46.7%-46.7% (46.7%) | ||||
Commercial real estate | |||||||||
Owner occupied | 469 | sales comparison | adjustment for estimated realizable value | 36.9%-36.9% (36.9%) | |||||
Non-owner occupied | 3,137 | income approach | adjustment for differences in net operating income expectations | 65.9%-93.6% (70.5%) | |||||
Commercial and industrial | 144 | discounted cash flows | recovery probability | N/A | |||||
Construction and land | 2,650 | sales comparison | adjustment for percentage of completion of construction | 42.3%-42.3% (42.3%) | |||||
Total impaired loans | $ | 8,300 | �� | ||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 281 | sales comparison | adjustment for estimated realizable value | 11.0%-19.2% (14.2%) | ||||
Commercial real estate | |||||||||
Owner occupied | 175 | sales comparison | adjustment for estimated realizable value | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 200 | sales comparison | adjustment for estimated realizable value | 58.9%-58.9% (58.9%) | |||||
Construction and land | 150 | sales comparison | adjustment for estimated realizable value | 50.3%-50.3% (50.3%) | |||||
Total OREO | $ | 806 |
Fair Value Measurements at December 31, 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) | |||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Multifamily real estate | $ | 1,910 | $ | - | $ | - | $ | 1,910 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 568 | - | - | 568 | ||||||||||||
Non-owner occupied | 1,984 | - | - | 1,984 | ||||||||||||
Commercial and industrial | 111 | - | - | 111 | ||||||||||||
Construction and land | 3,309 | - | - | 3,309 | ||||||||||||
Total impaired loans | $ | 7,882 | $ | - | $ | - | $ | 7,882 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate | $ | 352 | $ | - | $ | - | $ | 352 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 175 | - | - | 175 | ||||||||||||
Non-owner occupied | 200 | - | - | 200 | ||||||||||||
Construction and land | 1,914 | - | - | 1,914 | ||||||||||||
Total OREO | $ | 2,641 | $ | - | $ | - | $ | 2,641 |
December 31, 2017 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Multifamily real estate | $ | 1,910 | sales comparison | adjustment for estimated realizable value | 46.0%-46.7% (46.4%) | ||||
Commercial real estate | |||||||||
Owner occupied | 568 | sales comparison | adjustment for estimated realizable value | 23.1%-23.1% (23.1%) | |||||
Non-owner occupied | 1,984 | income approach | adjustment for differences in net operating income expectations | 67.4%-67.4% (67.4%) | |||||
Commercial and industrial | 111 | sales comparison | adjustment for estimated realizable value | 8.0%-71.1% (64.2%) | |||||
Construction and land | 3,309 | sales comparison | adjustment for percentage of completion of construction | 27.7%-27.7% (27.7%) | |||||
Total impaired loans | $ | 7,882 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 352 | �� | sales comparison | adjustment for estimated realizable value | 8.8%-50.2% (20.0%) | |||
Commercial real estate | |||||||||
Owner occupied | 175 | sales comparison | adjustment for estimated realizable value | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 200 | sales comparison | adjustment for estimated realizable value | 58.9%-58.9% (58.9%) | |||||
Construction and land | 1,914 | sales comparison | adjustment for estimated realizable value | 25.2%-69.0% (27.8%) | |||||
Total OREO | $ | 2,641 |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Nine Months Ended Sept 30, 2018 | Nine Months Ended Sept 30, 2017 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 80,960 | $ | 1,151 | 1.90 | % | $ | 46,851 | $ | 515 | 1.47 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 284,136 | 4,787 | 2.25 | 286,602 | 4,236 | 1.97 | ||||||||||||||||||
Tax-exempt | 9,362 | 166 | 3.01 | 12,523 | 198 | 3.24 | ||||||||||||||||||
Total investment securities | 293,498 | 4,953 | 2.27 | 299,125 | 4,434 | 2.02 | ||||||||||||||||||
Total loans | 1,035,634 | 41,449 | 5.35 | 1,038,719 | 41,667 | 5.36 | ||||||||||||||||||
Total interest-earning assets | 1,410,092 | 47,553 | 4.51 | % | 1,384,695 | 46,616 | 4.51 | % | ||||||||||||||||
Allowance for loan losses | (12,843 | ) | (11,231 | ) | ||||||||||||||||||||
Cash and due from banks | 25,967 | 40,700 | ||||||||||||||||||||||
Other assets | 86,392 | 80,857 | ||||||||||||||||||||||
Total assets | $ | 1,509,608 | $ | 1,495,021 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 946,718 | 3,583 | 0.51 | $ | 959,489 | 2,854 | 0.40 | ||||||||||||||||
Short-term borrowings | 21,769 | 25 | 0.15 | 22,512 | 21 | 0.12 | ||||||||||||||||||
Other borrowings | 4,080 | 125 | 4.10 | 7,586 | 234 | 4.12 | ||||||||||||||||||
Subordinated debt | 5,386 | 257 | 6.38 | 5,355 | 218 | 5.44 | ||||||||||||||||||
Total interest-bearing liabilities | 977,953 | 3,990 | 0.55 | % | 994,942 | 3,327 | 0.45 | % | ||||||||||||||||
Non-interest bearing deposits | 340,922 | 314,344 | ||||||||||||||||||||||
Other liabilities | 4,121 | 4,582 | ||||||||||||||||||||||
Stockholders' equity | 186,612 | 181,153 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,509,608 | $ | 1,495,021 | ||||||||||||||||||||
Net interest earnings | $ | 43,563 | $ | 43,289 | ||||||||||||||||||||
Net interest spread | 3.96 | % | 4.06 | % | ||||||||||||||||||||
Net interest margin | 4.13 | % | 4.19 | % |
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, 2017 | Nine Months Ended Sept 30, 2016 | Three Months Ended Sept 30, 2018 | Three Months Ended Sept 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other | $ | 46,851 | $ | 515 | 1.47 | % | $ | 66,518 | $ | 328 | 0.66 | % | $ | 89,644 | $ | 473 | 2.09 | % | $ | 32,288 | $ | 176 | 2.16 | % | ||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 286,602 | 4,236 | 1.97 | 294,926 | 4,075 | 1.84 | 297,367 | 1,745 | 2.35 | 288,241 | 1,427 | 1.98 | ||||||||||||||||||||||||||||||||||||
Tax-exempt | 12,523 | 198 | 3.24 | 18,048 | 254 | 2.89 | 8,555 | 52 | 3.14 | 11,579 | 62 | 3.30 | ||||||||||||||||||||||||||||||||||||
Total investment securities | 299,125 | 4,434 | 2.02 | 312,974 | 4,329 | 1.90 | 305,922 | 1,797 | 2.37 | 299,820 | 1,489 | 2.03 | ||||||||||||||||||||||||||||||||||||
Total loans | 1,038,719 | 41,667 | 5.36 | 995,517 | 39,084 | 5.24 | 1,032,099 | 13,731 | 5.28 | 1,047,202 | 13,469 | 5.10 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,384,695 | 46,616 | 4.51 | % | 1,375,009 | 43,741 | 4.26 | % | 1,427,665 | 16,001 | 4.46 | % | 1,379,310 | 15,134 | 4.37 | % | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (11,231 | ) | (10,235 | ) | (13,252 | ) | (11,760 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 40,700 | 38,291 | 22,410 | 41,253 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 80,857 | 81,678 | 85,166 | 79,702 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,495,021 | $ | 1,484,743 | $ | 1,521,989 | $ | 1,488,505 | ||||||||||||||||||||||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 959,489 | 2,854 | 0.40 | $ | 960,668 | 2,917 | 0.41 | $ | 947,588 | 1,355 | 0.57 | $ | 946,258 | 954 | 0.40 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 22,512 | 21 | 0.12 | 25,068 | 28 | 0.15 | 23,233 | 10 | 0.17 | 22,784 | 7 | 0.12 | ||||||||||||||||||||||||||||||||||||
FHLB advances | - | - | - | 2,904 | 32 | 1.47 | ||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 7,586 | 234 | 4.12 | 10,396 | 321 | 4.12 | 3,592 | 37 | 4.09 | 6,553 | 68 | 4.12 | ||||||||||||||||||||||||||||||||||||
Subordinated debentures | 5,355 | 218 | 5.44 | 5,027 | 181 | 4.81 | 5,394 | 90 | 6.62 | 5,365 | 74 | 5.47 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 994,942 | 3,327 | 0.45 | % | 1,004,063 | 3,479 | 0.46 | % | 979,807 | 1,492 | 0.60 | % | 980,960 | 1,103 | 0.45 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 314,344 | 302,558 | 349,028 | 318,894 | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 4,582 | 3,918 | 4,634 | 4,539 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 181,153 | 174,204 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 188,520 | 184,112 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,495,021 | $ | 1,484,743 | $ | 1,521,989 | $ | 1,488,505 | ||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 43,289 | $ | 40,262 | $ | 14,509 | $ | 14,031 | ||||||||||||||||||||||||||||||||||||||||
Net interest spread | 4.06 | % | 3.80 | % | 3.86 | % | 3.92 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin | 4.19 | % | 3.92 | % | 4.04 | % | 4.05 | % |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended Sept 30, 2017 | Three Months Ended Sept 30, 2016 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 32,288 | $ | 176 | 2.16 | % | $ | 69,396 | $ | 123 | 0.71 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 288,241 | 1,427 | 1.98 | 288,582 | 1,285 | 1.78 | ||||||||||||||||||
Tax-exempt | 11,579 | 62 | 3.30 | 16,796 | 82 | 3.00 | ||||||||||||||||||
Total investment securities | 299,820 | 1,489 | 2.03 | 305,378 | 1,367 | 1.85 | ||||||||||||||||||
Total loans | 1,047,202 | 13,469 | 5.10 | 1,027,011 | 13,375 | 5.18 | ||||||||||||||||||
Total interest-earning assets | 1,379,310 | 15,134 | 4.37 | % | 1,401,785 | 14,865 | 4.23 | % | ||||||||||||||||
Allowance for loan losses | (11,760 | ) | (10,840 | ) | ||||||||||||||||||||
Cash and due from banks | 41,253 | 42,224 | ||||||||||||||||||||||
Other assets | 79,702 | 81,240 | ||||||||||||||||||||||
Total assets | $ | 1,488,505 | $ | 1,514,409 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 946,258 | 954 | 0.40 | $ | 970,005 | 965 | 0.40 | ||||||||||||||||
Short-term borrowings | 22,784 | 7 | 0.12 | 29,571 | 10 | 0.13 | ||||||||||||||||||
FHLB advances | - | - | - | 5,104 | 10 | 0.78 | ||||||||||||||||||
Other borrowings | 6,553 | 68 | 4.12 | 9,779 | 101 | 4.11 | ||||||||||||||||||
Subordinated debentures | 5,365 | 74 | 5.47 | 5,328 | 63 | 4.70 | ||||||||||||||||||
Total interest-bearing liabilities | 980,960 | 1,103 | 0.45 | % | 1,019,787 | 1,149 | 0.45 | % | ||||||||||||||||
Non-interest bearing deposits | 318,894 | 312,898 | ||||||||||||||||||||||
Other liabilities | 4,539 | 3,536 | ||||||||||||||||||||||
Stockholders’ equity | 184,112 | 178,188 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,488,505 | $ | 1,514,409 | ||||||||||||||||||||
Net interest earnings | $ | 14,031 | $ | 13,716 | ||||||||||||||||||||
Net interest spread | 3.92 | % | 3.78 | % | ||||||||||||||||||||
Net interest margin | 4.05 | % | 3.91 | % |
(In Thousands) | (In Thousands) | |||||||||||||||
2017 | 2016 | 2018 | 2017 | |||||||||||||
Non-accrual loans | $ | 24,345 | $ | 25,747 | $ | 18,293 | $ | 15,246 | ||||||||
Accruing loans which are contractually past due 90 days or more | 1,716 | 1,999 | 992 | 3,391 | ||||||||||||
Accruing restructured loans | 8,715 | 8,268 | 6,577 | 12,584 | ||||||||||||
Total non-performing and restructured loans | 34,776 | 36,014 | ||||||||||||||
Total non-performing loans | 25,862 | 31,221 | ||||||||||||||
Other real estate acquired through foreclosure (OREO) | 11,458 | 12,665 | 14,379 | 19,966 | ||||||||||||
Total non-performing assets | $ | 46,234 | $ | 48,679 | $ | 40,241 | $ | 51,187 | ||||||||
Non-performing loans as a percentage of total loans | 3.30 | % | 3.51 | % | 2.49 | % | 2.98 | % | ||||||||
Non-performing assets as a percentage of total assets | 3.10 | % | 3.25 | % | 2.61 | % | 3.43 | % |
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 |