| 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) | |
Registrant’s telephone number (304) 525-1600 |
Large accelerated filer | Accelerated filer | |
Non-accelerated filer | Smaller reporting company | Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, no par value | PFBI | The Nasdaq Stock Market LLC |
3 | ||||
40 | ||||
49 | ||||
49 | ||||
50 | ||||
50 | ||||
50 | ||||
50 | ||||
50 | ||||
50 | ||||
50 | ||||
50 | ||||
51 |
(UNAUDITED) | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 41,831 | $ | 41,443 | ||||
Interest bearing bank balances | 21,681 | 55,720 | ||||||
Federal funds sold | 11,632 | 7,555 | ||||||
Cash and cash equivalents | 75,144 | 104,718 | ||||||
Time deposits with other banks | 2,582 | 2,332 | ||||||
Securities available for sale | 289,203 | 288,607 | ||||||
Loans | 1,055,324 | 1,024,823 | ||||||
Allowance for loan losses | (12,359 | ) | (10,836 | ) | ||||
Net loans | 1,042,965 | 1,013,987 | ||||||
Federal Home Loan Bank stock, at cost | 3,185 | 3,200 | ||||||
Premises and equipment, net | 23,504 | 24,224 | ||||||
Real estate and other property acquired through foreclosure | 11,458 | 12,665 | ||||||
Interest receivable | 4,060 | 3,862 | ||||||
Goodwill | 35,371 | 35,371 | ||||||
Other intangible assets | 3,581 | 4,349 | ||||||
Other assets | 1,622 | 2,878 | ||||||
Total assets | $ | 1,492,675 | $ | 1,496,193 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 327,965 | $ | 319,618 | ||||
Time deposits, $250,000 and over | 64,919 | 66,378 | ||||||
Other interest bearing | 876,500 | 893,390 | ||||||
Total deposits | 1,269,384 | 1,279,386 | ||||||
Securities sold under agreements to repurchase | 25,116 | 23,820 | ||||||
Other borrowed funds | 6,000 | 8,859 | ||||||
Subordinated debt | 5,368 | 5,343 | ||||||
Interest payable | 358 | 364 | ||||||
Other liabilities | 3,192 | 4,237 | ||||||
Total liabilities | 1,309,418 | 1,322,009 | ||||||
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 | ||||||
Retained earnings | 72,449 | 66,195 | ||||||
Accumulated other comprehensive income (loss) | 455 | (1,922 | ) | |||||
Total stockholders' equity | 183,257 | 174,184 | ||||||
Total liabilities and stockholders' equity | $ | 1,492,675 | $ | 1,496,193 | ||||
(UNAUDITED) | ||||||||
March 31, 2019 | December 31, 2018 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 24,542 | $ | 22,992 | ||||
Interest bearing bank balances | 52,857 | 39,911 | ||||||
Federal funds sold | 24,722 | 17,872 | ||||||
Cash and cash equivalents | 102,121 | 80,775 | ||||||
Time deposits with other banks | 1,094 | 1,094 | ||||||
Securities available for sale | 369,082 | 365,731 | ||||||
Loans | 1,155,874 | 1,149,301 | ||||||
Allowance for loan losses | (13,479 | ) | (13,738 | ) | ||||
Net loans | 1,142,395 | 1,135,563 | ||||||
Federal Home Loan Bank stock, at cost | 3,568 | 3,628 | ||||||
Premises and equipment, net | 36,745 | 29,385 | ||||||
Real estate acquired through foreclosure | 14,378 | 14,024 | ||||||
Interest receivable | 4,638 | 4,295 | ||||||
Goodwill | 47,640 | 47,640 | ||||||
Other intangible assets | 5,040 | 5,268 | ||||||
Other assets | 1,764 | 2,712 | ||||||
Total assets | $ | 1,728,465 | $ | 1,690,115 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 394,130 | $ | 391,763 | ||||
Time deposits, $250,000 and over | 90,490 | 74,161 | ||||||
Other interest bearing | 969,199 | 964,203 | ||||||
Total deposits | 1,453,819 | 1,430,127 | ||||||
Securities sold under agreements to repurchase | 22,025 | 22,062 | ||||||
Other borrowed funds | 1,450 | 2,500 | ||||||
FHLB advances | 7,335 | 8,819 | ||||||
Subordinated debt | 5,413 | 5,406 | ||||||
Interest payable | 860 | 733 | ||||||
Other liabilities | 12,336 | 3,739 | ||||||
Total liabilities | 1,503,238 | 1,473,386 | ||||||
Stockholders' equity | ||||||||
Common stock, no par value; 30,000,000 shares authorized; 14,628,902 shares issued and outstanding at March 31, 2019, and 14,624,193 shares issued and outstanding at December 31, 2018 | 133,338 | 133,248 | ||||||
Retained earnings | 91,314 | 87,333 | ||||||
Accumulated other comprehensive income (loss) | 575 | (3,852 | ) | |||||
Total stockholders' equity | 225,227 | 216,729 | ||||||
Total liabilities and stockholders' equity | $ | 1,728,465 | $ | 1,690,115 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest income | ||||||||||||||||
Loans, including fees | $ | 13,469 | $ | 13,375 | $ | 41,667 | $ | 39,084 | ||||||||
Securities available for sale | ||||||||||||||||
Taxable | 1,427 | 1,285 | 4,236 | 4,075 | ||||||||||||
Tax-exempt | 62 | 82 | 198 | 254 | ||||||||||||
Federal funds sold and other | 176 | 123 | 515 | 328 | ||||||||||||
Total interest income | 15,134 | 14,865 | 46,616 | 43,741 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 954 | 965 | 2,854 | 2,917 | ||||||||||||
Repurchase agreements and other | 7 | 10 | 21 | 28 | ||||||||||||
FHLB advances | - | 10 | - | 32 | ||||||||||||
Other borrowings | 68 | 101 | 234 | 321 | ||||||||||||
Subordinated debt | 74 | 63 | 218 | 181 | ||||||||||||
Total interest expense | 1,103 | 1,149 | 3,327 | 3,479 | ||||||||||||
Net interest income | 14,031 | 13,716 | 43,289 | 40,262 | ||||||||||||
Provision for loan losses | 891 | 312 | 2,033 | 1,436 | ||||||||||||
Net interest income after provision for loan losses | 13,140 | 13,404 | 41,256 | 38,826 | ||||||||||||
Non-interest income | ||||||||||||||||
Service charges on deposit accounts | 1,136 | 1,031 | 3,201 | 2,975 | ||||||||||||
Electronic banking income | 811 | 791 | 2,424 | 2,355 | ||||||||||||
Secondary market mortgage income | 67 | 64 | 173 | 163 | ||||||||||||
Other | 163 | 176 | 530 | 571 | ||||||||||||
2,177 | 2,062 | 6,328 | 6,064 | |||||||||||||
Non-interest expenses | ||||||||||||||||
Salaries and employee benefits | 4,760 | 4,817 | 14,703 | 15,025 | ||||||||||||
Occupancy and equipment expenses | 1,511 | 1,635 | 4,481 | 4,697 | ||||||||||||
Outside data processing | 1,344 | 1,300 | 4,019 | 3,935 | ||||||||||||
Professional fees | 196 | 167 | 721 | 500 | ||||||||||||
Taxes, other than payroll, property and income | 189 | 156 | 589 | 473 | ||||||||||||
Write-downs, expenses, sales of other real estate owned, net | 346 | 765 | 1,139 | 1,402 | ||||||||||||
Amortization of intangibles | 252 | 278 | 768 | 862 | ||||||||||||
FDIC insurance | 159 | 278 | 506 | 752 | ||||||||||||
Other expenses | 1,168 | 1,212 | 3,401 | 3,674 | ||||||||||||
9,925 | 10,608 | 30,327 | 31,320 | |||||||||||||
Income before income taxes | 5,392 | 4,858 | 17,257 | 13,570 | ||||||||||||
Provision for income taxes | 1,925 | 1,694 | 6,207 | 4,803 | ||||||||||||
Net income | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.33 | $ | 0.30 | $ | 1.04 | $ | 0.83 | ||||||||
Diluted | 0.32 | 0.30 | 1.03 | 0.83 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Interest income | ||||||||
Loans, including fees | $ | 16,289 | $ | 14,034 | ||||
Securities available for sale | ||||||||
Taxable | 2,338 | 1,408 | ||||||
Tax-exempt | 92 | 59 | ||||||
Federal funds sold and other | 345 | 298 | ||||||
Total interest income | 19,064 | 15,799 | ||||||
Interest expense | ||||||||
Deposits | 2,050 | 1,031 | ||||||
Repurchase agreements and other | 9 | 8 | ||||||
Other borrowings | 21 | 47 | ||||||
FHLB advances | 55 | - | ||||||
Subordinated debt | 94 | 78 | ||||||
Total interest expense | 2,229 | 1,164 | ||||||
Net interest income | 16,835 | 14,635 | ||||||
Provision for loan losses | 560 | 1,115 | ||||||
Net interest income after provision for loan losses | 16,275 | 13,520 | ||||||
Non-interest income | ||||||||
Service charges on deposit accounts | 1,094 | 1,094 | ||||||
Electronic banking income | 822 | 817 | ||||||
Secondary market mortgage income | 24 | 32 | ||||||
Other | 236 | 123 | ||||||
2,176 | 2,066 | |||||||
Non-interest expenses | ||||||||
Salaries and employee benefits | 5,199 | 4,778 | ||||||
Occupancy and equipment expenses | 1,664 | 1,610 | ||||||
Outside data processing | 1,384 | 1,249 | ||||||
Professional fees | 365 | 336 | ||||||
Taxes, other than payroll, property and income | 238 | 240 | ||||||
Write-downs, expenses, sales of other real estate owned, net | 249 | (886 | ) | |||||
Amortization of intangibles | 227 | 195 | ||||||
FDIC insurance | 124 | 148 | ||||||
Other expenses | 1,143 | 1,319 | ||||||
10,593 | 8,989 | |||||||
Income before income taxes | 7,858 | 6,597 | ||||||
Provision for income taxes | 1,682 | 1,464 | ||||||
Net income | $ | 6,176 | $ | 5,133 | ||||
Net income per share: | ||||||||
Basic | $ | 0.42 | $ | 0.38 | ||||
Diluted | 0.42 | 0.38 |
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 March 31, | ||||||||
2019 | 2018 | |||||||
Net income | $ | 6,176 | $ | 5,133 | ||||
Other comprehensive income (loss): | ||||||||
Unrealized gains (losses) arising during the period | 5,604 | (3,862 | ) | |||||
Reclassification of realized amount | - | - | ||||||
Net change in unrealized gain (loss) on securities | 5,604 | (3,862 | ) | |||||
Less tax impact | (1,177 | ) | 811 | |||||
Other comprehensive income (loss) | 4,427 | (3,051 | ) | |||||
Comprehensive income | $ | 10,603 | $ | 2,082 |
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 | - | 5,133 | - | 5,133 | ||||||||||||
Other comprehensive income | - | - | (3,051 | ) | (3,051 | ) | ||||||||||
Cash dividends paid ($0.12 per share) | - | (1,601 | ) | - | (1,601 | ) | ||||||||||
Stock options exercised | 13 | - | - | 13 | ||||||||||||
Stock based compensation expense | 27 | - | - | 27 | ||||||||||||
Balances, March 31, 2018 | $ | 110,485 | $ | 78,515 | $ | (5,124 | ) | $ | 183,876 |
2017 | 2016 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 11,050 | $ | 8,767 | ||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||
Depreciation | 1,303 | 1,461 | ||||||
Provision for loan losses | 2,033 | 1,436 | ||||||
Amortization (accretion), net | 1,166 | 2,010 | ||||||
OREO writedowns, net | 434 | 508 | ||||||
Stock compensation expense | 194 | 160 | ||||||
Changes in : | ||||||||
Interest receivable | (198 | ) | (259 | ) | ||||
Other assets | (24 | ) | (140 | ) | ||||
Interest payable | (6 | ) | (76 | ) | ||||
Other liabilities | (1,045 | ) | (2,071 | ) | ||||
Net cash from operating activities | 14,907 | 11,796 | ||||||
Cash flows from investing activities | ||||||||
Net change in time deposits with other banks | (250 | ) | - | |||||
Purchases of securities available for sale | (49,210 | ) | (22,512 | ) | ||||
Proceeds from maturities and calls of securities available for sale | 50,787 | 62,011 | ||||||
Redemption of FRB and FHLB stock | 15 | 190 | ||||||
Net change in loans | (30,865 | ) | (51,417 | ) | ||||
Acquisition of subsidiary, net of cash received | - | 16,385 | ||||||
Purchases of premises and equipment, net | (654 | ) | (413 | ) | ||||
Proceeds from sales of other real estate acquired through foreclosure | 1,827 | 870 | ||||||
Net cash from (used in) investing activities | (28,350 | ) | 5,114 | |||||
Cash flows from financing activities | ||||||||
Net change in deposits | (10,020 | ) | 8,246 | |||||
Net change in agreements to repurchase securities | 1,296 | 3,282 | ||||||
Repayment of other borrowed funds | (2,859 | ) | (1,824 | ) | ||||
Proceeds from stock option exercises | 248 | 645 | ||||||
Repayment of FHLB advances, net | - | (772 | ) | |||||
Common stock dividends paid | (4,796 | ) | (4,338 | ) | ||||
Net cash from (used in) financing activities | (16,131 | ) | 5,239 | |||||
Net change in cash and cash equivalents | (29,574 | ) | 22,149 | |||||
Cash and cash equivalents at beginning of period | 104,718 | 72,539 | ||||||
Cash and cash equivalents at end of period | $ | 75,144 | $ | 94,688 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | |||||||||||||
Balances, January 1, 2019 | $ | 133,248 | $ | 87,333 | $ | (3,852 | ) | $ | 216,729 | |||||||
Net income | - | 6,176 | - | 6,176 | ||||||||||||
Other comprehensive income | - | - | 4,427 | 4,427 | ||||||||||||
Cash dividends paid ($0.15 per share) | - | (2,195 | ) | - | (2,195 | ) | ||||||||||
Stock options exercised | 51 | - | - | 51 | ||||||||||||
Stock based compensation expense | 39 | - | - | 39 | ||||||||||||
Balances, March 31, 2019 | $ | 133,338 | $ | 91,314 | $ | 575 | $ | 225,227 |
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 | - |
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 6,176 | $ | 5,133 | ||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||
Depreciation | 467 | 433 | ||||||
Provision for loan losses | 560 | 1,115 | ||||||
Amortization (accretion), net | (47 | ) | 386 | |||||
Writedowns (gains on the sale) of other real estate owned, net | (15 | ) | (1,080 | ) | ||||
Stock compensation expense | 39 | 27 | ||||||
Changes in: | ||||||||
Interest receivable | (343 | ) | 342 | |||||
Other assets | (228 | ) | 1,137 | |||||
Interest payable | 127 | 14 | ||||||
Other liabilities | 1,131 | (495 | ) | |||||
Net cash from operating activities | 7,867 | 7,012 | ||||||
Cash flows from investing activities | ||||||||
Net change on time deposits with other banks | - | - | ||||||
Purchases of securities available for sale | (13,854 | ) | (15,527 | ) | ||||
Proceeds from maturities and calls of securities available for sale | 15,869 | 13,717 | ||||||
Redemption of FHLB stock | 60 | - | ||||||
Net change in loans | (7,555 | ) | 19,838 | |||||
Purchases of premises and equipment, net | (361 | ) | (346 | ) | ||||
Proceeds from sales of other real estate acquired through foreclosure | 414 | 7,145 | ||||||
Net cash from (used in) investing activities | (5,427 | ) | 24,827 | |||||
Cash flows from financing activities | ||||||||
Net change in deposits | 23,637 | 30,514 | ||||||
Net change in agreements to repurchase securities | (37 | ) | (2,517 | ) | ||||
Repayment of other borrowed funds | (1,050 | ) | (750 | ) | ||||
Repayment of FHLB advances | (1,500 | ) | - | |||||
Proceeds from stock option exercises | 51 | 13 | ||||||
Common stock dividends paid | (2,195 | ) | (1,601 | ) | ||||
Net cash from financing activities | 18,906 | 25,659 | ||||||
Net change in cash and cash equivalents | 21,346 | 57,498 | ||||||
Cash and cash equivalents at beginning of period | 80,775 | 82,663 | ||||||
Cash and cash equivalents at end of period | $ | 102,121 | $ | 140,161 |
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 2,102 | $ | 1,150 | ||||
Loans transferred to real estate acquired through foreclosure | 753 | 284 | ||||||
Securities purchased not yet settled | - | 5,059 | ||||||
Operating right-of-use asset resulting from lease liability | 7,453 | - |
September 30, 2017 | March 31, 2018 | |||||||||||||||||||||||||||
Year | Total | Net Income | Year | Total | Net Income | |||||||||||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | Location | Acquired | Assets | Qtr | |||||||||||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 425,115 | $ | 1,209 | $ | 3,509 | Vanceburg, Kentucky | 1991 | $ | 459,409 | $ | 1,379 | ||||||||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,060,991 | 2,734 | 9,007 | Huntington, West Virginia | 1998 | 1,261,402 | 5,374 | |||||||||||||||||||
Parent and Intercompany Eliminations | 6,569 | (476 | ) | (1,466 | ) | 7,654 | (577 | ) | ||||||||||||||||||||
Consolidated Total | $ | 1,492,675 | $ | 3,467 | $ | 11,050 | $ | 1,728,465 | $ | 6,176 |
2017 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
2019 | 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 | $ | 257,523 | $ | 1,635 | $ | (1,719 | ) | $ | 257,439 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 56,330 | 553 | (369 | ) | 56,514 | 71,470 | 552 | (386 | ) | 71,636 | ||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 255,813 | 1,581 | (947 | ) | 256,447 | 328,993 | 2,187 | (2,105 | ) | 329,075 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 19,344 | 5 | (74 | ) | 19,275 | 22,328 | 379 | (89 | ) | 22,618 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 13,346 | 140 | (5 | ) | 13,481 | 13,581 | 296 | (10 | ) | 13,867 | ||||||||||||||||||||||
Other securities | 3,452 | 70 | - | 3,522 | ||||||||||||||||||||||||||||
Total available for sale | $ | 288,503 | $ | 1,726 | $ | (1,026 | ) | $ | 289,203 | $ | 368,354 | $ | 2,932 | $ | (2,204 | ) | $ | 369,082 |
2016 | 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 | $ | 177,105 | $ | 245 | $ | (3,173 | ) | $ | 174,177 | $ | 259,575 | $ | 513 | $ | (4,846 | ) | $ | 255,242 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 73,163 | 761 | (657 | ) | 73,267 | 69,231 | 94 | (782 | ) | 68,543 | ||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 250,268 | 1,006 | (3,830 | ) | 247,444 | 328,806 | 607 | (5,628 | ) | 323,785 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 24,652 | 23 | (174 | ) | 24,501 | 24,154 | 196 | (180 | ) | 24,170 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 16,645 | 111 | (94 | ) | 16,662 | 14,194 | 176 | (43 | ) | 14,327 | ||||||||||||||||||||||
Other securities | 3,453 | 6 | (10 | ) | 3,449 | |||||||||||||||||||||||||||
Total available for sale | $ | 291,565 | $ | 1,140 | $ | (4,098 | ) | $ | 288,607 | $ | 370,607 | $ | 985 | $ | (5,861 | ) | $ | 365,731 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Available for sale | ||||||||||||||||
Due in one year or less | $ | 9,687 | $ | 9,701 | $ | 6,795 | $ | 6,762 | ||||||||
Due after one year through five years | 17,073 | 17,070 | 19,152 | 19,352 | ||||||||||||
Due after five years through ten years | 5,375 | 5,430 | 8,490 | 8,751 | ||||||||||||
Due after ten years | 555 | 555 | 4,424 | 4,642 | ||||||||||||
Corporate preferred securities | 500 | 500 | ||||||||||||||
Mortgage-backed securities of government sponsored agencies | 255,813 | 256,447 | 328,993 | 329,075 | ||||||||||||
Total available for sale | $ | 288,503 | $ | 289,203 | $ | 368,354 | $ | 369,082 |
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 | ) | $ | - | $ | - | $ | 10,288 | $ | (89 | ) | $ | 10,288 | $ | (89 | ) | ||||||||||||||||||||
U.S government sponsored agency MBS – residential | 56,820 | (429 | ) | 5,234 | (149 | ) | 62,054 | (578 | ) | 10,718 | (35 | ) | 145,531 | (1,684 | ) | 156,249 | (1,719 | ) | ||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 11,256 | (129 | ) | 11,184 | (240 | ) | 22,440 | (369 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO – residential | - | - | 18,953 | (386 | ) | 18,953 | (386 | ) | ||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 619 | (4 | ) | 775 | (1 | ) | 1,394 | (5 | ) | - | - | 1,847 | (10 | ) | 1,847 | (10 | ) | |||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 85,937 | $ | (636 | ) | $ | 17,193 | $ | (390 | ) | $ | 103,130 | $ | (1,026 | ) | $ | 10,718 | $ | (35 | ) | $ | 176,619 | $ | (2,169 | ) | $ | 187,337 | $ | (2,204 | ) |
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 | ) | $ | 999 | $ | - | $ | 11,057 | $ | (180 | ) | $ | 12,056 | $ | (180 | ) | ||||||||||||||||||||
U.S government sponsored agency MBS – residential | 157,022 | (3,173 | ) | - | - | 157,022 | (3,173 | ) | 50,923 | (243 | ) | 158,791 | (4,603 | ) | 209,714 | (4,846 | ) | |||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 18,374 | (373 | ) | 8,750 | (284 | ) | 27,124 | (657 | ) | 16,359 | (41 | ) | 26,386 | (741 | ) | 42,745 | (782 | ) | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 7,961 | (94 | ) | - | - | 7,961 | (94 | ) | 679 | (6 | ) | 3,454 | (37 | ) | 4,133 | (43 | ) | |||||||||||||||||||||||||||||||
Other securities | 1,712 | (10 | ) | - | - | 1,712 | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 200,564 | $ | (3,814 | ) | $ | 8,750 | $ | (284 | ) | $ | 209,314 | $ | (4,098 | ) | $ | 70,672 | $ | (300 | ) | $ | 199,688 | $ | (5,561 | ) | $ | 270,360 | $ | (5,861 | ) |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Residential real estate | $ | 337,502 | $ | 342,294 | $ | 375,905 | $ | 381,027 | ||||||||
Multifamily real estate | 70,698 | 74,165 | 52,929 | 54,016 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 134,773 | 129,370 | 138,366 | 138,209 | ||||||||||||
Non owner occupied | 237,655 | 220,836 | ||||||||||||||
Non-owner occupied | 291,124 | 282,608 | ||||||||||||||
Commercial and industrial | 82,332 | 76,736 | 106,383 | 103,624 | ||||||||||||
Consumer | 29,675 | 30,916 | 26,004 | 27,688 | ||||||||||||
Construction and land | 131,680 | 128,926 | ||||||||||||||
All other | 162,689 | 33,483 | 33,203 | |||||||||||||
$ | 1,055,324 | $ | 1,024,823 | $ | 1,155,874 | $ | 1,149,301 |
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 | 475 | - | - | 1,260 | |||||||||||||||
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 | ||||||||||||||
All other | 1,723 | 940 | (373 | ) | 117 | 2,407 | ||||||||||||||
Total | $ | 10,836 | $ | 2,033 | $ | (1,102 | ) | $ | 592 | $ | 12,359 |
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 June 30, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | Balance Dec 31, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance March 31, 2019 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,973 | $ | 170 | $ | (163 | ) | $ | 21 | $ | 3,001 | $ | 1,808 | $ | 42 | $ | (32 | ) | $ | 5 | $ | 1,823 | ||||||||||||||||||
Multifamily real estate | 1,337 | (77 | ) | - | - | 1,260 | 1,649 | (61 | ) | - | 2 | 1,590 | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,618 | 5 | (7 | ) | 1 | 1,617 | 2,120 | 236 | (533 | ) | 1 | 1,824 | ||||||||||||||||||||||||||||
Non owner occupied | 2,334 | 276 | (3 | ) | - | 2,607 | ||||||||||||||||||||||||||||||||||
Non-owner occupied | 3,058 | 400 | (57 | ) | - | 3,401 | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,093 | (6 | ) | (4 | ) | 17 | 1,100 | 1,897 | (97 | ) | (110 | ) | 31 | 1,721 | ||||||||||||||||||||||||||
Consumer | 373 | 10 | (49 | ) | 33 | 367 | 351 | 110 | (107 | ) | 11 | 365 | ||||||||||||||||||||||||||||
Construction and land | 2,255 | (93 | ) | (13 | ) | - | 2,149 | |||||||||||||||||||||||||||||||||
All other | 1,967 | 513 | (110 | ) | 37 | 2,407 | 600 | 23 | (51 | ) | 34 | 606 | ||||||||||||||||||||||||||||
Total | $ | 11,695 | $ | 891 | $ | (336 | ) | $ | 109 | $ | 12,359 | $ | 13,738 | $ | 560 | $ | (903 | ) | $ | 84 | $ | 13,479 |
Loan Class | Balance June 30, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2016 | Balance Dec 31, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance March 31, 2018 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,747 | $ | 91 | $ | (51 | ) | $ | 3 | $ | 2,790 | $ | 2,986 | $ | (691 | ) | $ | (49 | ) | $ | 16 | $ | 2,262 | |||||||||||||||||
Multifamily real estate | 822 | 91 | - | - | 913 | 978 | (320 | ) | (11 | ) | - | 647 | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,442 | (72 | ) | - | 1 | 1,371 | 1,653 | 164 | (2 | ) | 1 | 1,816 | ||||||||||||||||||||||||||||
Non owner occupied | 2,708 | 7 | - | - | 2,715 | |||||||||||||||||||||||||||||||||||
Non-owner occupied | 2,313 | (110 | ) | (16 | ) | - | 2,187 | |||||||||||||||||||||||||||||||||
Commercial and industrial | 1,111 | 43 | (29 | ) | 4 | 1,129 | 1,101 | 813 | (267 | ) | 4 | 1,651 | ||||||||||||||||||||||||||||
Consumer | 306 | 139 | (142 | ) | 15 | 318 | 328 | 49 | (33 | ) | 25 | 369 | ||||||||||||||||||||||||||||
Construction and land | 2,408 | 913 | (19 | ) | - | 3,302 | ||||||||||||||||||||||||||||||||||
All other | 1,668 | 13 | (81 | ) | 27 | 1,627 | 337 | 297 | (67 | ) | 39 | 606 | ||||||||||||||||||||||||||||
Total | $ | 10,804 | $ | 312 | $ | (303 | ) | $ | 50 | $ | 10,863 | $ | 12,104 | $ | 1,115 | $ | (464 | ) | $ | 85 | $ | 12,840 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Residential real estate | $ | 1,515 | $ | 1,619 | $ | 2,655 | $ | 2,665 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 1,564 | 2,013 | 1,979 | 2,040 | ||||||||||||
Non owner occupied | - | 5,396 | ||||||||||||||
Non-owner occupied | 3,142 | 3,434 | ||||||||||||||
Commercial and industrial | 214 | 232 | 358 | 1,720 | ||||||||||||
Construction and land | 629 | 1,212 | ||||||||||||||
All other | 1,828 | 2,061 | 229 | 225 | ||||||||||||
Total carrying amount | $ | 5,121 | $ | 11,321 | $ | 8,992 | $ | 11,296 | ||||||||
Contractual principal balance | $ | 7,116 | $ | 14,784 | $ | 12,859 | $ | 15,436 | ||||||||
Carrying amount, net of allowance | $ | 5,071 | $ | 11,311 | $ | 8,992 | $ | 11,296 |
2017 | 2016 | |||||||
Balance at January 1 | $ | 1,208 | $ | 185 | ||||
New loans purchased | - | 1,151 | ||||||
Accretion of income | (398 | ) | (64 | ) | ||||
Reclassification to non-accretable | - | - | ||||||
Disposals | - | - | ||||||
Balance at September 30 | $ | 810 | $ | 1,272 |
2019 | 2018 | |||||||
Balance at January 1 | $ | 642 | $ | 754 | ||||
New loans purchased | - | - | ||||||
Accretion of income | (53 | ) | (69 | ) | ||||
Loans placed on non-accrual | (14 | ) | (41 | ) | ||||
Income recognized upon full repayment | (42 | ) | - | |||||
Reclassifications from non-accretable difference | - | - | ||||||
Disposals | - | - | ||||||
Balance at March 31 | $ | 533 | $ | 644 |
September 30, 2017 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
March 31, 2019 | 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 | $ | 4,568 | $ | 3,311 | $ | 692 | ||||||||||||
Multifamily real estate | 11,101 | 11,095 | 334 | 4,127 | 3,849 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,052 | 1,974 | 63 | 4,332 | 4,050 | 118 | ||||||||||||||||||
Non owner occupied | 310 | 209 | 86 | |||||||||||||||||||||
Non-owner occupied | 5,890 | 4,726 | 362 | |||||||||||||||||||||
Commercial and industrial | 2,062 | 1,054 | 648 | 1,128 | 524 | 24 | ||||||||||||||||||
Consumer | 331 | 304 | - | 225 | 187 | - | ||||||||||||||||||
Construction and land | 1,346 | 1,345 | 13 | |||||||||||||||||||||
All other | 6,984 | 6,863 | - | 75 | 73 | - | ||||||||||||||||||
Total | $ | 26,088 | $ | 24,345 | $ | 1,716 | $ | 21,691 | $ | 18,065 | $ | 1,209 |
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, 2018 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 3,467 | $ | 2,794 | $ | 606 | $ | 4,966 | $ | 3,708 | $ | 954 | ||||||||||||
Multifamily real estate | 11,157 | 11,106 | 334 | 4,127 | 3,905 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,769 | 1,704 | 15 | 3,692 | 3,436 | 56 | ||||||||||||||||||
Non owner occupied | 294 | 196 | 36 | |||||||||||||||||||||
Non-owner occupied | 5,761 | 4,592 | 76 | |||||||||||||||||||||
Commercial and industrial | 2,537 | 1,209 | 1,008 | 1,303 | 625 | - | ||||||||||||||||||
Consumer | 366 | 347 | - | 292 | 253 | - | ||||||||||||||||||
Construction and land | 857 | 856 | - | |||||||||||||||||||||
All other | 8,408 | 8,391 | - | 75 | 73 | - | ||||||||||||||||||
Total | $ | 27,998 | $ | 25,747 | $ | 1,999 | $ | 21,073 | $ | 17,448 | $ | 1,086 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | |||||||||||||||
Residential real estate | $ | 375,905 | $ | 7,503 | $ | 1,719 | $ | 9,222 | $ | 366,683 | ||||||||||
Multifamily real estate | 52,929 | - | 111 | 111 | 52,818 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 138,366 | 1,609 | 1,747 | 3,356 | 135,010 | |||||||||||||||
Non-owner occupied | 291,124 | 461 | 3,674 | 4,135 | 286,989 | |||||||||||||||
Commercial and industrial | 106,383 | 142 | 361 | 503 | 105,880 | |||||||||||||||
Consumer | 26,004 | 149 | 52 | 201 | 25,803 | |||||||||||||||
Construction and land | 131,680 | 288 | 833 | 1,121 | 130,559 | |||||||||||||||
All other | 33,483 | 2 | 73 | 75 | 33,408 | |||||||||||||||
Total | $ | 1,155,874 | $ | 10,154 | $ | 8,570 | $ | 18,724 | $ | 1,137,150 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | |||||||||||||||
Residential real estate | $ | 381,027 | $ | 7,078 | $ | 2,594 | $ | 9,672 | $ | 371,355 | ||||||||||
Multifamily real estate | 54,016 | - | 110 | 110 | 53,906 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 138,209 | 124 | 2,601 | 2,725 | 135,484 | |||||||||||||||
Non-owner occupied | 282,608 | 172 | 3,301 | 3,473 | 279,135 | |||||||||||||||
Commercial and industrial | 103,624 | 2,235 | 262 | 2,497 | 101,127 | |||||||||||||||
Consumer | 27,688 | 247 | 112 | 359 | 27,329 | |||||||||||||||
Construction and land | 128,926 | 388 | 810 | 1,198 | 127,728 | |||||||||||||||
All other | 33,203 | 546 | 73 | 619 | 32,584 | |||||||||||||||
Total | $ | 1,149,301 | $ | 10,790 | $ | 9,863 | $ | 20,653 | $ | 1,128,648 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | 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 | $ | 337,502 | $ | 6,460 | $ | 1,717 | $ | 8,177 | $ | 329,325 | $ | - | $ | 1,823 | $ | - | $ | 1,823 | $ | 68 | $ | 373,182 | $ | 2,655 | $ | 375,905 | ||||||||||||||||||||||||||
Multifamily real estate | 70,698 | - | 11,429 | 11,429 | 59,269 | 1,231 | 359 | - | 1,590 | 3,849 | 49,080 | - | 52,929 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 134,773 | 172 | 1,979 | 2,151 | 132,622 | 140 | 1,684 | - | 1,824 | 3,274 | 133,113 | 1,979 | 138,366 | |||||||||||||||||||||||||||||||||||||||
Non owner occupied | 237,655 | 374 | 227 | 601 | 237,054 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 299 | 3,102 | - | 3,401 | 10,174 | 277,808 | 3,142 | 291,124 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 82,332 | 179 | 1,628 | 1,807 | 80,525 | 203 | 1,518 | - | 1,721 | 440 | 105,585 | 358 | 106,383 | |||||||||||||||||||||||||||||||||||||||
Consumer | 29,675 | 365 | 121 | 486 | 29,189 | - | 365 | - | 365 | - | 26,004 | - | 26,004 | |||||||||||||||||||||||||||||||||||||||
Construction and land | 106 | 2,043 | 2,149 | 1,332 | 129,719 | 629 | 131,680 | |||||||||||||||||||||||||||||||||||||||||||||
All other | 162,689 | 1,370 | 6,861 | 8,231 | 154,458 | - | 606 | - | 606 | - | 33,254 | 229 | 33,483 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,055,324 | $ | 8,920 | $ | 23,962 | $ | 32,882 | $ | 1,022,442 | $ | 1,979 | $ | 11,500 | $ | - | $ | 13,479 | $ | 19,137 | $ | 1,127,745 | $ | 8,992 | $ | 1,155,874 |
Loan Class | 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 | ||||||||||
Multifamily real estate | 74,165 | - | 11,440 | 11,440 | 62,725 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 129,370 | 1,746 | 1,474 | 3,220 | 126,150 | |||||||||||||||
Non owner occupied | 220,836 | 1,803 | 159 | 1,962 | 218,874 | |||||||||||||||
Commercial and industrial | 76,736 | 330 | 2,120 | 2,450 | 74,286 | |||||||||||||||
Consumer | 30,916 | 403 | 223 | 626 | 30,290 | |||||||||||||||
All other | 150,506 | 577 | 8,187 | 8,764 | 141,742 | |||||||||||||||
Total | $ | 1,024,823 | $ | 10,972 | $ | 25,199 | $ | 36,171 | $ | 988,652 |
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 | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,808 | $ | - | $ | 1,808 | $ | 298 | $ | 378,064 | $ | 2,665 | $ | 381,027 | ||||||||||||||||
Multifamily real estate | 1,281 | 368 | - | 1,649 | 3,905 | 50,111 | - | 54,016 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 692 | 1,428 | - | 2,120 | 2,820 | 133,349 | 2,040 | 138,209 | ||||||||||||||||||||||||
Non-owner occupied | 267 | 2,791 | - | 3,058 | 10,111 | 269,063 | 3,434 | 282,608 | ||||||||||||||||||||||||
Commercial and industrial | 414 | 1,483 | - | 1,897 | 558 | 101,346 | 1,720 | 103,624 | ||||||||||||||||||||||||
Consumer | - | 351 | - | 351 | - | 27,688 | - | 27,688 | ||||||||||||||||||||||||
Construction and land | 142 | 2,113 | - | 2,255 | 1,351 | 126,363 | 1,212 | 128,926 | ||||||||||||||||||||||||
All other | - | 600 | - | 600 | - | 32,978 | 225 | 33,203 | ||||||||||||||||||||||||
Total | $ | 2,796 | $ | 10,942 | $ | - | $ | 13,738 | $ | 19,043 | $ | 1,118,962 | $ | 11,296 | $ | 1,149,301 |
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 | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 3,001 | $ | - | $ | 3,001 | $ | 320 | $ | 335,667 | $ | 1,515 | $ | 337,502 | ||||||||||||||||
Multifamily real estate | 517 | 743 | - | 1,260 | 13,588 | 57,110 | - | 70,698 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 301 | 1,316 | - | 1,617 | 3,725 | 129,484 | 1,564 | 134,773 | ||||||||||||||||||||||||
Non-owner occupied | 88 | 2,519 | - | 2,607 | 5,583 | 232,072 | - | 237,655 | ||||||||||||||||||||||||
Commercial and industrial | 105 | 945 | 50 | 1,100 | 1,129 | 80,989 | 214 | 82,332 | ||||||||||||||||||||||||
Consumer | 19 | 348 | - | 367 | 19 | 29,656 | - | 29,675 | ||||||||||||||||||||||||
All other | 518 | 1,889 | - | 2,407 | 7,177 | 153,684 | 1,828 | 162,689 | ||||||||||||||||||||||||
Total | $ | 1,548 | $ | 10,761 | $ | 50 | $ | 12,359 | $ | 31,541 | $ | 1,018,662 | $ | 5,121 | $ | 1,055,324 |
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 | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 2,948 | $ | - | $ | 2,948 | $ | 379 | $ | 340,296 | $ | 1,619 | $ | 342,294 | ||||||||||||||||
Multifamily real estate | - | 785 | - | 785 | 13,641 | 60,524 | - | 74,165 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 244 | 1,299 | - | 1,543 | 2,801 | 124,556 | 2,013 | 129,370 | ||||||||||||||||||||||||
Non-owner occupied | - | 2,350 | - | 2,350 | 2,373 | 213,067 | 5,396 | 220,836 | ||||||||||||||||||||||||
Commercial and industrial | 266 | 864 | 10 | 1,140 | 1,418 | 75,086 | 232 | 76,736 | ||||||||||||||||||||||||
Consumer | - | 347 | - | 347 | - | 30,916 | - | 30,916 | ||||||||||||||||||||||||
All other | 86 | 1,637 | - | 1,723 | 12,976 | 135,469 | 2,061 | 150,506 | ||||||||||||||||||||||||
Total | $ | 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 | $ | 360 | $ | 320 | $ | - | $ | 442 | $ | 230 | $ | - | ||||||||||||
Multifamily real estate | 2,492 | 2,492 | - | 110 | 110 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,916 | 2,855 | - | 2,916 | 2,639 | - | ||||||||||||||||||
Non owner occupied | 3,604 | 3,512 | - | |||||||||||||||||||||
Non-owner occupied | 8,552 | 7,830 | - | |||||||||||||||||||||
Commercial and industrial | 1,767 | 1,012 | - | 552 | 42 | - | ||||||||||||||||||
All other | 3,186 | 3,066 | - | |||||||||||||||||||||
Construction and Land | 821 | 821 | - | |||||||||||||||||||||
14,325 | 13,257 | - | 13,393 | 11,672 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 11,102 | $ | 11,095 | $ | 517 | 4,017 | 3,739 | 1,231 | |||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 888 | 870 | 301 | 1,548 | 1,540 | 140 | ||||||||||||||||||
Non owner occupied | 2,072 | 2,072 | 88 | |||||||||||||||||||||
Non-owner occupied | 2,886 | 2,808 | 299 | |||||||||||||||||||||
Commercial and industrial | 468 | 316 | 155 | 403 | 398 | 203 | ||||||||||||||||||
Consumer | 19 | 19 | 19 | |||||||||||||||||||||
All other | 4,116 | 4,111 | 518 | |||||||||||||||||||||
Construction and land | 511 | 511 | 106 | |||||||||||||||||||||
18,665 | 18,483 | 1,598 | 9,365 | 8,996 | 1,979 | |||||||||||||||||||
Total | $ | 32,990 | $ | 31,740 | $ | 1,598 | $ | 22,758 | $ | 20,668 | $ | 1,979 | ||||||||||||
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 | $ | - | $ | 426 | $ | 298 | $ | - | ||||||||||||
Multifamily real estate | 13,692 | 13,641 | - | 110 | 110 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,803 | 1,766 | - | 1,305 | 1,092 | - | ||||||||||||||||||
Non owner occupied | 2,465 | 2,373 | - | |||||||||||||||||||||
Non-owner occupied | 8,458 | 7,740 | - | |||||||||||||||||||||
Commercial and industrial | 2,429 | 1,338 | - | 531 | - | - | ||||||||||||||||||
All other | 9,868 | 9,853 | - | |||||||||||||||||||||
Construction and land | 786 | 786 | - | |||||||||||||||||||||
31,000 | 29,350 | - | 11,616 | 10,026 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 4,016 | $ | 3,795 | $ | 1,281 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 1,055 | $ | 1,035 | $ | 244 | 2,523 | 2,478 | 692 | |||||||||||||||
Non-owner occupied | 2,852 | 2,781 | 267 | |||||||||||||||||||||
Commercial and industrial | 431 | 288 | 276 | 562 | 558 | 414 | ||||||||||||||||||
All other | 3,124 | 3,123 | 86 | |||||||||||||||||||||
Construction and land | 565 | 565 | 142 | |||||||||||||||||||||
4,610 | 4,446 | 606 | 10,518 | 10,177 | 2,796 | |||||||||||||||||||
Total | $ | 35,610 | $ | 33,796 | $ | 606 | $ | 22,134 | $ | 20,203 | $ | 2,796 |
Three months ended March 31, 2019 | Three months ended March 31, 2018 | |||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||
Residential real estate | $ | 264 | $ | - | $ | - | $ | 303 | $ | - | $ | - | ||||||||||||
Multifamily real estate | 3,877 | - | - | 2,444 | 9 | - | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 3,874 | 3 | 3 | 3,284 | 25 | 25 | ||||||||||||||||||
Non-owner occupied | 10,580 | 94 | 91 | 10,521 | 136 | 136 | ||||||||||||||||||
Commercial and industrial | 500 | 1 | 1 | 1,448 | 8 | 8 | ||||||||||||||||||
Construction and land | 1,341 | 8 | 8 | 4,799 | - | - | ||||||||||||||||||
All other | - | - | - | 291 | 4 | 4 | ||||||||||||||||||
Total | $ | 20,436 | $ | 106 | $ | 103 | $ | 23,090 | $ | 182 | $ | 173 |
Nine months ended Sept 30, 2017 | Nine months ended Sept 30, 2016 | |||||||||||||||||||||||
Loan Class | 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 | ||||||||||||
Multifamily real estate | 13,605 | 196 | 181 | 1,580 | 121 | 121 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 3,340 | 49 | 49 | 1,144 | 3 | 3 | ||||||||||||||||||
Non-owner occupied | 2,955 | 124 | 124 | 5,066 | 275 | 273 | ||||||||||||||||||
Commercial and industrial | 1,474 | 114 | 114 | 1,155 | 26 | 26 | ||||||||||||||||||
Consumer | 5 | - | - | - | - | - | ||||||||||||||||||
All other | 8,641 | 342 | 341 | 3,011 | 40 | 6 | ||||||||||||||||||
Total | $ | 30,359 | $ | 826 | $ | 810 | $ | 12,568 | $ | 481 | $ | 443 |
Three months ended Sept 30, 2017 | Three months ended Sept 30, 2016 | |||||||||||||||||||||||
Loan Class | 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 | ||||||||||||
Multifamily real estate | 13,590 | 66 | 60 | 2,594 | 63 | 63 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 3,910 | 27 | 27 | 1,847 | 3 | 3 | ||||||||||||||||||
Non-owner occupied | 3,749 | 63 | 63 | 4,240 | 175 | 175 | ||||||||||||||||||
Commercial and industrial | 1,390 | 13 | 13 | 1,809 | 10 | 10 | ||||||||||||||||||
Consumer | 9 | - | - | - | - | - | ||||||||||||||||||
All other | 7,183 | 53 | 53 | 5,243 | 33 | - | ||||||||||||||||||
Total | $ | 30,154 | $ | 222 | $ | 216 | $ | 16,400 | $ | 289 | $ | 256 |
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 | ||||||
March 31, 2019 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||
Residential real estate | $ | 126 | $ | 93 | $ | 219 | ||||||
Multifamily real estate | 3,739 | - | 3,739 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,540 | 218 | 1,758 | |||||||||
Non-owner occupied | - | 5,946 | 5,946 | |||||||||
Commercial and industrial | 191 | - | 191 | |||||||||
Total | $ | 5,596 | $ | 6,257 | $ | 11,853 |
December 31, 2016 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
December 31, 2018 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
Residential real estate | $ | 129 | $ | 464 | $ | 593 | $ | 347 | $ | 97 | $ | 444 | ||||||||||||
Multifamily real estate | - | 2,201 | 2,201 | 3,795 | - | 3,795 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | 856 | 856 | 1,647 | 222 | 1,869 | ||||||||||||||||||
Non-owner occupied | - | 5,964 | 5,964 | |||||||||||||||||||||
Commercial and industrial | 62 | 352 | 414 | 191 | - | 191 | ||||||||||||||||||
All other | 751 | 4,395 | 5,146 | |||||||||||||||||||||
Total | $ | 942 | $ | 8,268 | $ | 9,210 | $ | 5,980 | $ | 6,283 | $ | 12,263 | ||||||||||||
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 | |||||||||||||||||||||||
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 | ||||||||||||||||||
Non owner occupied | 2 | 3,875 | 3,875 | - | - | - | ||||||||||||||||||
All other | - | - | - | 1 | 4,106 | 4,106 | ||||||||||||||||||
Total | 2 | $ | 3,875 | $ | 3,875 | 8 | $ | 4,545 | $ | 4,545 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 364,956 | $ | 1,624 | $ | 9,163 | $ | 162 | $ | 375,905 | ||||||||||
Multifamily real estate | 44,251 | 4,829 | 3,849 | - | 52,929 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 126,681 | 4,391 | 7,294 | - | 138,366 | |||||||||||||||
Non-owner occupied | 274,620 | 3,567 | 12,937 | - | 291,124 | |||||||||||||||
Commercial and industrial | 102,187 | 3,111 | 1,085 | - | 106,383 | |||||||||||||||
Consumer | 25,693 | 37 | 274 | - | 26,004 | |||||||||||||||
Construction and land | 114,764 | 14,996 | 1,920 | - | 131,680 | |||||||||||||||
All other | 33,163 | 247 | 73 | - | 33,483 | |||||||||||||||
Total | $ | 1,086,315 | $ | 32,802 | $ | 36,595 | $ | 162 | $ | 1,155,874 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 369,808 | $ | 1,376 | $ | 9,681 | $ | 162 | $ | 381,027 | ||||||||||
Multifamily real estate | 45,187 | 4,924 | 3,905 | - | 54,016 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 126,422 | 4,840 | 6,947 | - | 138,209 | |||||||||||||||
Non-owner occupied | 262,149 | 7,647 | 12,812 | - | 282,608 | |||||||||||||||
Commercial and industrial | 96,066 | 5,280 | 2,278 | - | 103,624 | |||||||||||||||
Consumer | 27,344 | 31 | 313 | - | 27,688 | |||||||||||||||
Construction and land | 107,196 | 19,728 | 2,002 | 128,926 | ||||||||||||||||
All other | 32,749 | 381 | 73 | - | 33,203 | |||||||||||||||
Total | $ | 1,066,921 | $ | 44,207 | $ | 38,011 | $ | 162 | $ | 1,149,301 |
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 | |||||||||||||||
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, 2017 | December 31, 2016 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | Mar 31, 2019 | December 31, 2018 | 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 | % | 14.4 | % | 14.2 | % | 4.5 | % | 6.5 | % | ||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 14.4 | % | 13.9 | % | 6.0 | % | 8.0 | % | 14.9 | % | 14.7 | % | 6.0 | % | 8.0 | % | ||||||||||||||||
Total Capital (to Risk-Weighted Assets) | 15.5 | % | 15.0 | % | 8.0 | % | 10.0 | % | 16.0 | % | 15.9 | % | 8.0 | % | 10.0 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 10.7 | % | 10.1 | % | 4.0 | % | 5.0 | % | 11.0 | % | 10.7 | % | 4.0 | % | 5.0 | % |
2019 | $ | 750 | ||
2020 | 987 | |||
2021 | 995 | |||
2022 | 995 | |||
2023 | 799 | |||
2024 and thereafter | 4,172 | |||
Total undiscounted cash flows | 8,698 | |||
Discounted cash flows | (1,245 | ) | ||
Total lease liability | $ | 7,453 |
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | |||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||
Income available to common stockholders | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | $ | 6,176 | $ | 5,133 | ||||||||||||
Weighted average common shares outstanding | 10,661,157 | 10,626,185 | 10,653,594 | 10,508,809 | 14,626,234 | 13,346,375 | ||||||||||||||||||
Earnings per share | $ | 0.33 | $ | 0.30 | $ | 1.04 | $ | 0.83 | $ | 0.42 | $ | 0.38 | ||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||
Income available to common stockholders | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | $ | 6,176 | $ | 5,133 | ||||||||||||
Weighted average common shares outstanding | 10,661,157 | 10,626,185 | 10,653,594 | 10,508,809 | 14,626,234 | 13,346,375 | ||||||||||||||||||
Add dilutive effects of potential additional common stock | 77,794 | 60,742 | 80,418 | 60,372 | 72,865 | 77,825 | ||||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 10,738,951 | 10,686,927 | 10,734,012 | 10,569,181 | 14,699,099 | 13,424,200 | ||||||||||||||||||
Earnings per share assuming dilution | $ | 0.32 | $ | 0.30 | $ | 1.03 | $ | 0.83 | $ | 0.42 | $ | 0.38 |
Fair Value Measurements at March 31, 2019 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 77,399 | $ | 77,399 | $ | - | $ | - | $ | 77,399 | ||||||||||
Time deposits with other banks | 1,094 | - | 1,089 | - | 1,089 | |||||||||||||||
Federal funds sold | 24,722 | 24,722 | - | - | 24,722 | |||||||||||||||
Securities available for sale | 369,082 | - | 368,582 | 500 | 369,082 | |||||||||||||||
Loans, net | 1,142,395 | - | - | 1,127,961 | 1,127,961 | |||||||||||||||
Federal Home Loan Bank stock | 3,568 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 4,638 | - | 1,100 | 3,538 | 4,638 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,453,819 | ) | $ | (1,047,126 | ) | $ | (403,128 | ) | $ | - | $ | (1,450,254 | ) | ||||||
Securities sold under agreements to repurchase | (22,025 | ) | - | (22,025 | ) | - | (22,025 | ) | ||||||||||||
FHLB advance | (7,335 | ) | - | (7,308 | ) | - | (7,308 | ) | ||||||||||||
Other borrowed funds | (1,450 | ) | - | (1,444 | ) | - | (1,444 | ) | ||||||||||||
Subordinated debt | (5,413 | ) | - | (5,484 | ) | - | (5,484 | ) | ||||||||||||
Interest payable | (860 | ) | (23 | ) | (837 | ) | - | (860 | ) |
Fair Value Measurements at December 31, 2018 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 62,903 | $ | 62,903 | $ | - | $ | - | $ | 62,903 | ||||||||||
Time deposits with other banks | 1,094 | - | 1,085 | - | 1,085 | |||||||||||||||
Federal funds sold | 17,872 | 17,872 | - | - | 17,872 | |||||||||||||||
Securities available for sale | 365,731 | - | 365,231 | 500 | 365,731 | |||||||||||||||
Loans, net | 1,135,563 | - | - | 1,121,517 | 1,121,517 | |||||||||||||||
Federal Home Loan Bank stock | 3,628 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 4,295 | - | 1,032 | 3,263 | 4,295 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,430,127 | ) | $ | (1,039,430 | ) | $ | (384,496 | ) | $ | - | $ | (1,423,926 | ) | ||||||
Securities sold under agreements to repurchase | (22,062 | ) | - | (22,062 | ) | - | (22,062 | ) | ||||||||||||
FHLB advance | (8,819 | ) | - | (8,688 | ) | - | (8,688 | ) | ||||||||||||
Other borrowed funds | (2,500 | ) | - | (2,478 | ) | - | (2,478 | ) | ||||||||||||
Subordinated debt | (5,406 | ) | - | (5,509 | ) | - | (5,509 | ) | ||||||||||||
Interest payable | (733 | ) | (22 | ) | (711 | ) | - | (733 | ) |
Fair Value Measurements at March 31, 2019 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 | $ | 257,439 | $ | - | $ | 257,439 | $ | - | ||||||||
U. S. agency CMO’s - residential | 71,636 | - | 71,636 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 329,075 | - | 329,075 | - | ||||||||||||
U. S. government sponsored agency securities | 22,618 | - | 22,618 | - | ||||||||||||
Obligations of states and political subdivisions | 13,867 | - | 13,867 | - | ||||||||||||
Other securities | 3,522 | - | 3,022 | 500 | ||||||||||||
Total securities available for sale | $ | 369,082 | $ | - | $ | 368,582 | $ | 500 |
Fair Value Measurements at December 31, 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) | |||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. agency MBS - residential | $ | 255,242 | $ | - | $ | 255,242 | $ | - | ||||||||
U. S. agency CMO’s | 68,543 | - | 68,543 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 323,785 | - | 323,785 | - | ||||||||||||
U. S. government sponsored agency securities | 24,170 | - | 24,170 | - | ||||||||||||
Obligations of states and political subdivisions | 14,327 | - | 14,327 | - | ||||||||||||
Other securities | 3,449 | - | 2,949 | 500 | ||||||||||||
Total securities available for sale | $ | 365,731 | $ | - | $ | 365,231 | $ | 500 |
Securities Available-for-sale | ||||
Three Months Ended March 31, 2019 | ||||
Balance of recurring Level 3 assets at beginning of period | $ | 500 | ||
Total gains or losses (realized/unrealized): | ||||
Included in earnings – realized | - | |||
Included in earnings – unrealized | - | |||
Included in other comprehensive income | - | |||
Purchases, sales, issuances and settlements, net | - | |||
Transfers in and/or out of Level 3 | - | |||
Balance of recurring Level 3 assets at period-end | $ | 500 |
Fair Value Measurements at March 31, 2019 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 | $ | 2,508 | $ | - | $ | - | $ | 2,508 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 1,400 | - | - | 1,400 | ||||||||||||
Non-owner occupied | 2,510 | - | - | 2,510 | ||||||||||||
Commercial and industrial | 194 | - | - | 194 | ||||||||||||
Construction and land | 405 | - | - | 405 | ||||||||||||
Total impaired loans | $ | 7,017 | $ | - | $ | - | $ | 7,017 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate | $ | 925 | $ | - | $ | - | $ | 925 | ||||||||
Multifamily real estate | 10,307 | - | - | 10,307 | ||||||||||||
Commercial real estate | ||||||||||||||||
Non-owner occupied | 200 | - | - | 200 | ||||||||||||
Construction and land | 150 | - | - | 150 | ||||||||||||
Total OREO | $ | 11,582 | $ | - | $ | - | $ | 11,582 |
March 31, 2019 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Multifamily real estate | $ | 2,508 | sales comparison | adjustment for estimated realizable value | 45.4%-45.4% (45.4%) | ||||
Commercial real estate | |||||||||
Owner occupied | 1,400 | sales comparison | adjustment for estimated realizable value | 31.5%-31.5% (31.5%) | |||||
Non-owner occupied | 2,510 | income approach | adjustment for differences in net operating income expectations | 16.1%-67.4% (54.2%) | |||||
Commercial and industrial | 194 | sales comparison | adjustment for estimated realizable value | 0.0%-0.0% (0.0%) | |||||
Construction and land | 405 | sales comparison | adjustment for estimated realizable value | 53.2%-53.2% (53.2%) | |||||
Total impaired loans | $ | 7,017 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 925 | sales comparison | adjustment for estimated realizable value | 21.0%-59.8% (22.0%) | ||||
Multifamily real estate | 10,307 | income approach | adjustment for differences in net operating income expectations | 20.0%-20.0% (20.0%) | |||||
Commercial real estate | |||||||||
Non-owner occupied | 200 | sales comparison | adjustment for estimated realizable value | 57.9%-57.9% (57.9%) | |||||
Construction and land | 150 | sales comparison | adjustment for estimated realizable value | 50.3%-50.3% (50.3%) | |||||
Total OREO | $ | 11,582 |
Fair Value Measurements at December 31, 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 | $ | 2,514 | $ | - | $ | - | $ | 2,514 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 1,786 | - | - | 1,786 | ||||||||||||
Non-owner occupied | 2,514 | - | - | 2,514 | ||||||||||||
Commercial and industrial | 144 | - | - | 144 | ||||||||||||
Construction and land | 423 | - | - | 423 | ||||||||||||
Total impaired loans | $ | 7,381 | $ | - | $ | - | $ | 7,381 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate | $ | 984 | $ | - | $ | - | $ | 984 | ||||||||
Multifamily real estate | 10,307 | - | - | 10,307 | ||||||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 125 | - | - | 125 | ||||||||||||
Non-owner occupied | 200 | - | - | 200 | ||||||||||||
Construction and land | 150 | - | - | 150 | ||||||||||||
Total OREO | $ | 11,766 | $ | - | $ | - | $ | 11,766 |
December 31, 2018 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Multifamily real estate | $ | 2,514 | sales comparison | adjustment for estimated realizable value | 45.3%-45.3% (45.3%) | ||||
Commercial real estate | |||||||||
Owner occupied | 1,786 | sales comparison | adjustment for estimated realizable value | 31.5%-50.6% (35.5%) | |||||
Non-owner occupied | 2,514 | income approach | adjustment for differences in net operating income expectations | 16.1%-67.2% (54.1%) | |||||
Commercial and industrial | 144 | sales comparison | adjustment for estimated realizable value | 0.0%-0.0% (0.0%) | |||||
Construction and land | 423 | sales comparison | adjustment for estimated realizable value | 53.2%-83.6% (54.5%) | |||||
Total impaired loans | $ | 7,381 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 984 | sales comparison | adjustment for estimated realizable value | 19.2%-59.8% (21.9%) | ||||
Multifamily real estate | 10,307 | income approach | adjustment for differences in net operating income expectations | 20.0%-20.0% (20.0%) | |||||
Commercial real estate | |||||||||
Owner occupied | 125 | sales comparison | adjustment for estimated realizable value | 42.4%-42.4% (42.4%) | |||||
Non-owner occupied | 200 | sales comparison | adjustment for estimated realizable value | 57.9%-57.9% (57.9%) | |||||
Construction and land | 150 | sales comparison | adjustment for estimated realizable value | 50.3%-50.3% (50.3%) | |||||
Total OREO | $ | 11,766 |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 51,145 | $ | 345 | 2.74 | % | $ | 62,579 | $ | 298 | 1.93 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 352,106 | 2,338 | 2.66 | 265,697 | 1,408 | 2.12 | ||||||||||||||||||
Tax-exempt | 13,569 | 92 | 3.43 | 10,186 | 59 | 2.93 | ||||||||||||||||||
Total investment securities | 365,675 | 2,430 | 2.68 | 275,883 | 1,467 | 2.15 | ||||||||||||||||||
Total loans | 1,153,448 | 16,288 | 5.73 | 1,045,044 | 14,034 | 5.45 | ||||||||||||||||||
Total interest-earning assets | 1,570,268 | 19,063 | 4.92 | % | 1,383,506 | 15,799 | 4.63 | % | ||||||||||||||||
Allowance for loan losses | (13,817 | ) | (12,309 | ) | ||||||||||||||||||||
Cash and due from banks | 24,078 | 33,797 | ||||||||||||||||||||||
Other assets | 110,478 | 88,743 | ||||||||||||||||||||||
Total assets | $ | 1,691,007 | $ | 1,493,737 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,042,947 | 2,050 | 0.80 | $ | 943,475 | 1,031 | 0.44 | ||||||||||||||||
Short-term borrowings | 22,171 | 9 | 0.16 | 22,551 | 8 | 0.14 | ||||||||||||||||||
FHLB Advances | 7,675 | 55 | 2.91 | - | - | |||||||||||||||||||
Other borrowings | 1,991 | 21 | 4.28 | 4,620 | 47 | 4.13 | ||||||||||||||||||
Subordinated debt | 5,408 | 94 | 7.05 | 5,379 | 78 | 5.88 | ||||||||||||||||||
Total interest-bearing liabilities | 1,080,192 | 2,229 | 0.84 | % | 976,025 | 1,164 | 0.48 | % | ||||||||||||||||
Non-interest bearing deposits | 377,442 | 328,527 | ||||||||||||||||||||||
Other liabilities | 11,690 | 3,802 | ||||||||||||||||||||||
Stockholders’ equity | 221,683 | 185,383 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,691,007 | $ | 1,493,737 | ||||||||||||||||||||
Net interest earnings | $ | 16,834 | $ | 14,635 | ||||||||||||||||||||
Net interest spread | 4.08 | % | 4.15 | % | ||||||||||||||||||||
Net interest margin | 4.35 | % | 4.29 | % |
(In Thousands) | ||||||||
2019 | 2018 | |||||||
Non-accrual loans | $ | 18,065 | $ | 17,448 | ||||
Accruing loans which are contractually past due 90 days or more | 1,209 | 1,086 | ||||||
Accruing restructured loans | 6,257 | 6,283 | ||||||
Total non-performing loans | 25,531 | 24,817 | ||||||
Other real estate acquired through foreclosure (OREO) | 14,378 | 14,024 | ||||||
Total non-performing assets | $ | 39,909 | $ | 38,841 | ||||
Non-performing loans as a percentage of total loans | 2.21 | % | 2.16 | % | ||||
Non-performing assets as a percentage of total assets | 2.31 | % | 2.30 | % |
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 $369.1 million of securities at fair value as of March 31, 2019. |
Fair Value Measurements at September 30, 2017 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 63,512 | $ | 63,512 | $ | - | $ | - | $ | 63,512 | ||||||||||
Time deposits with other banks | 2,582 | - | 2,589 | - | 2,589 | |||||||||||||||
Federal funds sold | 11,632 | 11,632 | - | - | 11,632 | |||||||||||||||
Securities available for sale | 289,203 | - | 289,203 | - | 289,203 | |||||||||||||||
Loans, net | 1,042,965 | - | - | 1,029,145 | 1,029,145 | |||||||||||||||
Federal Home Loan Bank stock | 3,185 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 4,060 | - | 829 | 3,231 | 4,060 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,269,384 | ) | $ | (925,328 | ) | $ | (340,134 | ) | $ | - | $ | (1,265,462 | ) | ||||||
Securities sold under agreements to repurchase | (25,116 | ) | - | (25,116 | ) | - | (25,116 | ) | ||||||||||||
Other borrowed funds | (6,000 | ) | - | (5,966 | ) | - | (5,966 | ) | ||||||||||||
Subordinated Debt | (5,368 | ) | - | (5,381 | ) | - | (5,381 | ) | ||||||||||||
Interest payable | (358 | ) | (7 | ) | (351 | ) | - | (358 | ) |
Fair Value Measurements at December 31, 2016 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 97,163 | $ | 97,163 | $ | - | $ | - | $ | 97,163 | ||||||||||
Time deposits with other banks | 2,332 | - | 2,352 | - | 2,352 | |||||||||||||||
Federal funds sold | 7,555 | 7,555 | - | - | 7,555 | |||||||||||||||
Securities available for sale | 288,607 | - | 288,607 | - | 288,607 | |||||||||||||||
Loans, net | 1,013,987 | - | - | 1,004,388 | 1,004,388 | |||||||||||||||
Federal Home Loan Bank stock | 3,200 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 3,862 | - | 771 | 3,091 | 3,862 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,279,386 | ) | $ | (920,745 | ) | $ | (354,885 | ) | $ | - | $ | (1,275,630 | ) | ||||||
Securities sold under agreements to repurchase | (23,820 | ) | - | (23,820 | ) | - | (23,820 | ) | ||||||||||||
Other borrowed funds | (8,859 | ) | - | (8,906 | ) | - | (8,906 | ) | ||||||||||||
Subordinated debt | (5,343 | ) | - | (5,341 | ) | - | (5,341 | ) | ||||||||||||
Interest payable | (364 | ) | (7 | ) | (357 | ) | - | (364 | ) |
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) | |||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. agency MBS - residential | $ | 199,933 | $ | - | $ | 199,933 | $ | - | ||||||||
U. S. agency CMO’s - residential | 56,514 | - | 56,514 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 256,447 | - | 256,447 | - | ||||||||||||
U. S. government sponsored agency securities | 19,275 | - | 19,275 | - | ||||||||||||
Obligations of states and political subdivisions | 13,481 | - | 13,481 | - | ||||||||||||
Total available for sale | $ | 289,203 | $ | - | $ | 289,203 | $ | - |
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 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 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 |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Nine Months Ended Sept 30, 2017 | Nine Months Ended Sept 30, 2016 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 46,851 | $ | 515 | 1.47 | % | $ | 66,518 | $ | 328 | 0.66 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 286,602 | 4,236 | 1.97 | 294,926 | 4,075 | 1.84 | ||||||||||||||||||
Tax-exempt | 12,523 | 198 | 3.24 | 18,048 | 254 | 2.89 | ||||||||||||||||||
Total investment securities | 299,125 | 4,434 | 2.02 | 312,974 | 4,329 | 1.90 | ||||||||||||||||||
Total loans | 1,038,719 | 41,667 | 5.36 | 995,517 | 39,084 | 5.24 | ||||||||||||||||||
Total interest-earning assets | 1,384,695 | 46,616 | 4.51 | % | 1,375,009 | 43,741 | 4.26 | % | ||||||||||||||||
Allowance for loan losses | (11,231 | ) | (10,235 | ) | ||||||||||||||||||||
Cash and due from banks | 40,700 | 38,291 | ||||||||||||||||||||||
Other assets | 80,857 | 81,678 | ||||||||||||||||||||||
Total assets | $ | 1,495,021 | $ | 1,484,743 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 959,489 | 2,854 | 0.40 | $ | 960,668 | 2,917 | 0.41 | ||||||||||||||||
Short-term borrowings | 22,512 | 21 | 0.12 | 25,068 | 28 | 0.15 | ||||||||||||||||||
FHLB advances | - | - | - | 2,904 | 32 | 1.47 | ||||||||||||||||||
Other borrowings | 7,586 | 234 | 4.12 | 10,396 | 321 | 4.12 | ||||||||||||||||||
Subordinated debentures | 5,355 | 218 | 5.44 | 5,027 | 181 | 4.81 | ||||||||||||||||||
Total interest-bearing liabilities | 994,942 | 3,327 | 0.45 | % | 1,004,063 | 3,479 | 0.46 | % | ||||||||||||||||
Non-interest bearing deposits | 314,344 | 302,558 | ||||||||||||||||||||||
Other liabilities | 4,582 | 3,918 | ||||||||||||||||||||||
Stockholders’ equity | 181,153 | 174,204 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,495,021 | $ | 1,484,743 | ||||||||||||||||||||
Net interest earnings | $ | 43,289 | $ | 40,262 | ||||||||||||||||||||
Net interest spread | 4.06 | % | 3.80 | % | ||||||||||||||||||||
Net interest margin | 4.19 | % | 3.92 | % |
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) | ||||||||
2017 | 2016 | |||||||
Non-accrual loans | $ | 24,345 | $ | 25,747 | ||||
Accruing loans which are contractually past due 90 days or more | 1,716 | 1,999 | ||||||
Accruing restructured loans | 8,715 | 8,268 | ||||||
Total non-performing and restructured loans | 34,776 | 36,014 | ||||||
Other real estate acquired through foreclosure (OREO) | 11,458 | 12,665 | ||||||
Total non-performing assets | $ | 46,234 | $ | 48,679 | ||||
Non-performing loans as a percentage of total loans | 3.30 | % | 3.51 | % | ||||
Non-performing assets as a percentage of total assets | 3.10 | % | 3.25 | % |
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 |
32 |