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 | ||||
41 | ||||
62 | ||||
62 | ||||
63 | ||||
63 | ||||
63 | ||||
63 | ||||
63 | ||||
63 | ||||
63 | ||||
64 | ||||
65 |
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 |
(UNAUDITED) | ||||||||
June 30, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 23,724 | $ | 23,091 | ||||
Interest bearing bank balances | 101,521 | 66,063 | ||||||
Federal funds sold | 8,365 | 5,902 | ||||||
Cash and cash equivalents | 133,610 | 95,056 | ||||||
Securities available for sale | 416,700 | 390,754 | ||||||
Loans | 1,265,002 | 1,195,295 | ||||||
Allowance for loan losses | (14,388 | ) | (13,542 | ) | ||||
Net loans | 1,250,614 | 1,181,753 | ||||||
Federal Home Loan Bank stock, at cost | 4,286 | 4,450 | ||||||
Premises and equipment, net | 36,708 | 37,257 | ||||||
Other real estate owned, net | 12,267 | 12,242 | ||||||
Interest receivable | 5,997 | 4,699 | ||||||
Goodwill | 47,640 | 47,640 | ||||||
Other intangible assets | 4,893 | 5,376 | ||||||
Other assets | 2,279 | 1,783 | ||||||
Total assets | $ | 1,914,994 | $ | 1,781,010 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 475,241 | $ | 367,870 | ||||
Time deposits, $250,000 and over | 71,523 | 100,638 | ||||||
Other interest bearing | 1,061,387 | 1,027,245 | ||||||
Total deposits | 1,608,151 | 1,495,753 | ||||||
Securities sold under agreements to repurchase | 27,737 | 20,428 | ||||||
FHLB advances | 2,995 | 6,375 | ||||||
Subordinated debt | 5,455 | 5,436 | ||||||
Interest payable | 638 | 912 | ||||||
Other liabilities | 16,023 | 11,865 | ||||||
Total liabilities | 1,660,999 | 1,540,769 | ||||||
Stockholders' equity | ||||||||
Common stock, 0 par value; 30,000,000 shares authorized; 14,673,257 shares issued and outstanding at June 30, 2020, and 14,657,432 shares issued and outstanding at December 31, 2019 | 134,052 | 133,795 | ||||||
Retained earnings | 109,216 | 102,743 | ||||||
Accumulated other comprehensive income (loss) | 10,727 | 3,703 | ||||||
Total stockholders' equity | 253,995 | 240,241 | ||||||
Total liabilities and stockholders' equity | $ | 1,914,994 | $ | 1,781,010 |
(UNAUDITED) | ||||||||
June 30, 2019 | December 31, 2018 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 26,376 | $ | 22,992 | ||||
Interest bearing bank balances | 36,842 | 39,911 | ||||||
Federal funds sold | 32,183 | 17,872 | ||||||
Cash and cash equivalents | 95,401 | 80,775 | ||||||
Time deposits with other banks | 1,094 | 1,094 | ||||||
Securities available for sale | 360,715 | 365,731 | ||||||
Loans | 1,148,253 | 1,149,301 | ||||||
Allowance for loan losses | (13,773 | ) | (13,738 | ) | ||||
Net loans | 1,134,480 | 1,135,563 | ||||||
Federal Home Loan Bank stock, at cost | 3,538 | 3,628 | ||||||
Premises and equipment, net | 36,669 | 29,385 | ||||||
Real estate acquired through foreclosure | 14,248 | 14,024 | ||||||
Interest receivable | 4,675 | 4,295 | ||||||
Goodwill | 47,640 | 47,640 | ||||||
Other intangible assets | 4,818 | 5,268 | ||||||
Other assets | 853 | 2,712 | ||||||
Total assets | $ | 1,704,131 | $ | 1,690,115 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 374,011 | $ | 391,763 | ||||
Time deposits, $250,000 and over | 91,286 | 74,161 | ||||||
Other interest bearing | 962,127 | 964,203 | ||||||
Total deposits | 1,427,424 | 1,430,127 | ||||||
Securities sold under agreements to repurchase | 20,834 | 22,062 | ||||||
Other borrowed funds | - | 2,500 | ||||||
FHLB advances | 6,349 | 8,819 | ||||||
Subordinated debt | 5,420 | 5,406 | ||||||
Interest payable | 885 | 733 | ||||||
Other liabilities | 10,917 | 3,739 | ||||||
Total liabilities | 1,471,829 | 1,473,386 | ||||||
Stockholders' equity | ||||||||
Common stock, no par value; 30,000,000 shares authorized; 14,643,230 shares issued and outstanding at June 30, 2019, and 14,624,193 shares issued and outstanding at December 31, 2018 | 133,597 | 133,248 | ||||||
Retained earnings | 94,978 | 87,333 | ||||||
Accumulated other comprehensive income (loss) | 3,727 | (3,852 | ) | |||||
Total stockholders' equity | 232,302 | 216,729 | ||||||
Total liabilities and stockholders' equity | $ | 1,704,131 | $ | 1,690,115 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Interest income | ||||||||||||||||
Loans, including fees | $ | 16,416 | $ | 16,227 | $ | 32,170 | $ | 32,516 | ||||||||
Securities available for sale | ||||||||||||||||
Taxable | 2,014 | 2,313 | 4,557 | 4,651 | ||||||||||||
Tax-exempt | 182 | 88 | 271 | 180 | ||||||||||||
Federal funds sold and other | 26 | 478 | 284 | 823 | ||||||||||||
Total interest income | 18,638 | 19,106 | 37,282 | 38,170 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 1,715 | 2,285 | 3,880 | 4,335 | ||||||||||||
Repurchase agreements and other | 15 | 12 | 39 | 21 | ||||||||||||
Other borrowings | - | 10 | - | 31 | ||||||||||||
FHLB advances | 23 | 48 | 53 | 103 | ||||||||||||
Subordinated debt | 76 | 96 | 159 | 190 | ||||||||||||
Total interest expense | 1,829 | 2,451 | 4,131 | 4,680 | ||||||||||||
Net interest income | 16,809 | 16,655 | 33,151 | 33,490 | ||||||||||||
Provision for loan losses | 590 | 330 | 1,590 | 890 | ||||||||||||
Net interest income after provision for loan losses | 16,219 | 16,325 | 31,561 | 32,600 | ||||||||||||
Non-interest income | ||||||||||||||||
Service charges on deposit accounts | 692 | 1,122 | 1,798 | 2,216 | ||||||||||||
Electronic banking income | 937 | 927 | 1,755 | 1,749 | ||||||||||||
Secondary market mortgage income | 85 | 33 | 151 | 57 | ||||||||||||
Other | 176 | 265 | 435 | 501 | ||||||||||||
1,890 | 2,347 | 4,139 | 4,523 | |||||||||||||
Non-interest expenses | ||||||||||||||||
Salaries and employee benefits | 5,267 | 5,427 | 10,675 | 10,626 | ||||||||||||
Occupancy and equipment expenses | 1,798 | 1,877 | 3,523 | 3,541 | ||||||||||||
Outside data processing | 1,702 | 1,426 | 3,233 | 2,810 | ||||||||||||
Professional fees | 246 | 306 | 490 | 671 | ||||||||||||
Taxes, other than payroll, property and income | 252 | 261 | 527 | 499 | ||||||||||||
Write-downs, expenses, sales of other real estate owned, net | 354 | 228 | 422 | 477 | ||||||||||||
Amortization of intangibles | 241 | 223 | 483 | 450 | ||||||||||||
FDIC insurance | 72 | 119 | 68 | 243 | ||||||||||||
Other expenses | 1,147 | 1,174 | 2,395 | 2,317 | ||||||||||||
11,079 | 11,041 | 21,816 | 21,634 | |||||||||||||
Income before income taxes | 7,030 | 7,631 | 13,884 | 15,489 | ||||||||||||
Provision for income taxes | 1,524 | 1,772 | 3,010 | 3,454 | ||||||||||||
Net income | $ | 5,506 | $ | 5,859 | $ | 10,874 | $ | 12,035 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.40 | $ | 0.74 | $ | 0.82 | ||||||||
Diluted | 0.37 | 0.40 | 0.74 | 0.82 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest income | ||||||||||||||||
Loans, including fees | $ | 16,227 | $ | 13,684 | $ | 32,516 | $ | 27,718 | ||||||||
Securities available for sale | ||||||||||||||||
Taxable | 2,313 | 1,634 | 4,651 | 3,042 | ||||||||||||
Tax-exempt | 88 | 55 | 180 | 114 | ||||||||||||
Federal funds sold and other | 478 | 380 | 823 | 678 | ||||||||||||
Total interest income | 19,106 | 15,753 | 38,170 | 31,552 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 2,285 | 1,197 | 4,335 | 2,228 | ||||||||||||
Repurchase agreements and other | 12 | 7 | 21 | 15 | ||||||||||||
Other borrowings | 10 | 41 | 31 | 88 | ||||||||||||
FHLB advances | 48 | - | 103 | - | ||||||||||||
Subordinated debt | 96 | 89 | 190 | 167 | ||||||||||||
Total interest expense | 2,451 | 1,334 | 4,680 | 2,498 | ||||||||||||
Net interest income | 16,655 | 14,419 | 33,490 | 29,054 | ||||||||||||
Provision for loan losses | 330 | 500 | 890 | 1,615 | ||||||||||||
Net interest income after provision for loan losses | 16,325 | 13,919 | 32,600 | 27,439 | ||||||||||||
Non-interest income | ||||||||||||||||
Service charges on deposit accounts | 1,122 | 1,066 | 2,216 | 2,160 | ||||||||||||
Electronic banking income | 927 | 892 | 1,749 | 1,709 | ||||||||||||
Secondary market mortgage income | 33 | 81 | 57 | 113 | ||||||||||||
Other | 265 | 192 | 501 | 315 | ||||||||||||
2,347 | 2,231 | 4,523 | 4,297 | |||||||||||||
Non-interest expenses | ||||||||||||||||
Salaries and employee benefits | 5,427 | 5,043 | 10,626 | 9,821 | ||||||||||||
Occupancy and equipment expenses | 1,877 | 1,480 | 3,541 | 3,090 | ||||||||||||
Outside data processing | 1,426 | 1,277 | 2,810 | 2,526 | ||||||||||||
Professional fees | 306 | 399 | 671 | 735 | ||||||||||||
Taxes, other than payroll, property and income | 261 | 212 | 499 | 452 | ||||||||||||
Write-downs, expenses, sales of other real estate owned, net | 228 | 525 | 477 | (361 | ) | |||||||||||
Amortization of intangibles | 223 | 190 | 450 | 385 | ||||||||||||
FDIC insurance | 119 | 124 | 243 | 272 | ||||||||||||
Other expenses | 1,174 | 1,208 | 2,317 | 2,527 | ||||||||||||
11,041 | 10,458 | 21,634 | 19,447 | |||||||||||||
Income before income taxes | 7,631 | 5,692 | 15,489 | 12,289 | ||||||||||||
Provision for income taxes | 1,772 | 1,317 | 3,454 | 2,781 | ||||||||||||
Net income | $ | 5,859 | $ | 4,375 | $ | 12,035 | $ | 9,508 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.40 | $ | 0.33 | $ | 0.82 | $ | 0.71 | ||||||||
Diluted | 0.40 | 0.32 | 0.82 | 0.71 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | 5,506 | $ | 5,859 | $ | 10,874 | $ | 12,035 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gains (losses) arising during the period | 1,998 | 3,989 | 8,890 | 9,593 | ||||||||||||
Reclassification of realized amount | - | - | - | - | ||||||||||||
Net change in unrealized gain (loss) on securities | 1,998 | 3,989 | 8,890 | 9,593 | ||||||||||||
Less tax impact | (419 | ) | (837 | ) | (1,866 | ) | (2,014 | ) | ||||||||
Other comprehensive income (loss) | 1,579 | 3,152 | 7,024 | 7,579 | ||||||||||||
Comprehensive income | $ | 7,085 | $ | 9,011 | $ | 17,898 | $ | 19,614 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | 5,859 | $ | 4,375 | $ | 12,035 | $ | 9,508 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Unrealized gains (losses) arising during the period | 3,989 | (1,101 | ) | 9,593 | (4,963 | ) | ||||||||||
Reclassification of realized amount | - | - | - | - | ||||||||||||
Net change in unrealized gain (loss) on securities | 3,989 | (1,101 | ) | 9,593 | (4,963 | ) | ||||||||||
Less tax impact | (837 | ) | 231 | (2,014 | ) | 1,042 | ||||||||||
Other comprehensive income (loss) | 3,152 | (870 | ) | 7,579 | (3,921 | ) | ||||||||||
Comprehensive income | $ | 9,011 | $ | 3,505 | $ | 19,614 | $ | 5,587 |
Three months ended June 30 | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | ||||||||||||
Balances, April 1, 2020 | $ | 133,866 | $ | 105,911 | $ | 9,148 | $ | 248,925 | ||||||||
Net income | - | 5,506 | - | 5,506 | ||||||||||||
Other comprehensive income (loss) | - | - | 1,579 | 1,579 | ||||||||||||
Cash dividends paid ($0.15 per share) | - | (2,201 | ) | - | (2,201 | ) | ||||||||||
Stock options exercised | - | - | - | - | ||||||||||||
Stock based compensation expense | 186 | - | - | 186 | ||||||||||||
Balances, June 30, 2020 | $ | 134,052 | $ | 109,216 | $ | 10,727 | $ | 253,995 | ||||||||
Balances, April 1, 2019 | $ | 133,338 | $ | 91,314 | $ | 575 | $ | 225,227 | ||||||||
Net income | - | 5,859 | - | 5,859 | ||||||||||||
Other comprehensive income (loss) | - | - | 3,152 | 3,152 | ||||||||||||
Cash dividends paid ($0.15 per share) | - | (2,195 | ) | - | (2,195 | ) | ||||||||||
Stock options exercised | 89 | - | - | 89 | ||||||||||||
Stock based compensation expense | 170 | - | - | 170 | ||||||||||||
Balances, June 30, 2019 | $ | 133,597 | $ | 94,978 | $ | 3,727 | $ | 232,302 |
Six months ended June 30 | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | ||||||||||||
Balances, January 1, 2020 | $ | 133,795 | $ | 102,743 | $ | 3,703 | $ | 240,241 | ||||||||
Net income | - | 10,874 | - | 10,874 | ||||||||||||
Other comprehensive income | - | - | 7,024 | 7,024 | ||||||||||||
Cash dividends paid ($0.30 per share) | - | (4,401 | ) | - | (4,401 | ) | ||||||||||
Stock options exercised | 31 | - | - | 31 | ||||||||||||
Stock based compensation expense | 226 | - | - | 226 | ||||||||||||
Balances, June 30, 2020 | $ | 134,052 | $ | 109,216 | $ | 10,727 | $ | 253,995 | ||||||||
Balances, January 1, 2019 | $ | 133,248 | $ | 87,333 | $ | (3,852 | ) | $ | 216,729 | |||||||
Net income | - | 12,035 | - | 12,035 | ||||||||||||
Other comprehensive income | - | - | 7,579 | 7,579 | ||||||||||||
Cash dividends paid ($0.30 per share) | - | (4,390 | ) | - | (4,390 | ) | ||||||||||
Stock options exercised | 140 | - | - | 140 | ||||||||||||
Stock based compensation expense | 209 | - | - | 209 | ||||||||||||
Balances, June 30, 2019 | $ | 133,597 | $ | 94,978 | $ | 3,727 | $ | 232,302 |
Three months ended June 30 | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | ||||||||||||
Balances, April 1, 2019 | $ | 133,338 | $ | 91,314 | $ | 575 | $ | 225,227 | ||||||||
Net income | - | 5,859 | - | 5,859 | ||||||||||||
Other comprehensive income (loss) | - | - | 3,152 | 3,152 | ||||||||||||
Cash dividends paid ($0.15 per share) | - | (2,195 | ) | - | (2,195 | ) | ||||||||||
Stock options exercised | 89 | - | - | 89 | ||||||||||||
Stock based compensation expense | 170 | - | - | 170 | ||||||||||||
Balances, June 30, 2019 | $ | 133,597 | $ | 94,978 | $ | 3,727 | $ | 232,302 | ||||||||
Balances, April 1, 2018 | $ | 110,485 | $ | 78,515 | $ | (5,124 | ) | $ | 183,876 | |||||||
Net income | - | 4,375 | - | 4,375 | ||||||||||||
Other comprehensive income (loss) | - | - | (870 | ) | (870 | ) | ||||||||||
Cash dividends paid ($0.15 per share) | - | (2,005 | ) | - | (2,005 | ) | ||||||||||
Cash in lieu of fractional share for 5 for 4 stock split | - | (13 | ) | - | (13 | ) | ||||||||||
Stock options exercised | 88 | - | - | 88 | ||||||||||||
Stock based compensation expense | 154 | - | - | 154 | ||||||||||||
Balances, June 30, 2018 | $ | 110,727 | $ | 80,872 | $ | (5,994 | ) | $ | 185,605 |
Six months ended June 30 | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | ||||||||||||
Balances, January 1, 2019 | $ | 133,248 | $ | 87,333 | $ | (3,852 | ) | $ | 216,729 | |||||||
Net income | - | 12,035 | - | 12,035 | ||||||||||||
Other comprehensive income | - | - | 7,579 | 7,579 | ||||||||||||
Cash dividends paid ($0.30 per share) | - | (4,390 | ) | - | (4,390 | ) | ||||||||||
Stock options exercised | 140 | - | - | 140 | ||||||||||||
Stock based compensation expense | 209 | - | - | 209 | ||||||||||||
Balances, June 30, 2019 | $ | 133,597 | $ | 94,978 | $ | 3,727 | $ | 232,302 | ||||||||
Balances, January 1, 2018 | $ | 110,445 | $ | 74,983 | $ | (2,073 | ) | $ | 183,355 | |||||||
Net income | - | 9,508 | - | 9,508 | ||||||||||||
Other comprehensive income | - | - | (3,921 | ) | (3,921 | ) | ||||||||||
Cash dividends paid ($0.27 per share) | - | (3,606 | ) | - | (3,606 | ) | ||||||||||
Cash in lieu of fractional share for 5 for 4 stock split | - | (13 | ) | - | (13 | ) | ||||||||||
Stock options exercised | 101 | - | - | 101 | ||||||||||||
Stock based compensation expense | 181 | - | - | 181 | ||||||||||||
Balances, June 30, 2018 | $ | 110,727 | $ | 80,872 | $ | (5,994 | ) | $ | 185,605 |
2020 | 2019 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 10,874 | $ | 12,035 | ||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||
Depreciation | 987 | 1,150 | ||||||
Provision for loan losses | 1,590 | 890 | ||||||
Amortization, net of accretion | 666 | 80 | ||||||
Writedowns of other real estate owned, net | 263 | 100 | ||||||
Stock compensation expense | 226 | 209 | ||||||
Changes in: | ||||||||
Interest receivable | (1,298 | ) | (380 | ) | ||||
Other assets | (496 | ) | (155 | ) | ||||
Interest payable | (274 | ) | 152 | |||||
Other liabilities | 2,213 | (380 | ) | |||||
Net cash from operating activities | 14,751 | 13,701 | ||||||
Cash flows from investing activities | ||||||||
Purchases of securities available for sale | (91,614 | ) | (21,020 | ) | ||||
Proceeds from maturities and calls of securities available for sale | 73,821 | 35,107 | ||||||
Purchase of FHLB stock | - | (10 | ) | |||||
Redemption of FHLB stock | 164 | 100 | ||||||
Net change in loans | (70,720 | ) | 273 | |||||
Purchases of premises and equipment, net | (360 | ) | (876 | ) | ||||
Proceeds from sales of other real estate acquired through foreclosure | 612 | 633 | ||||||
Net cash from (used in) investing activities | (88,097 | ) | 14,207 | |||||
Cash flows from financing activities | ||||||||
Net change in deposits | 112,361 | (2,804 | ) | |||||
Net change in agreements to repurchase securities | 7,309 | (1,228 | ) | |||||
Repayment of other borrowed funds | - | (2,500 | ) | |||||
Repayment of FHLB advances | (3,400 | ) | (2,500 | ) | ||||
Proceeds from stock option exercises | 31 | 140 | ||||||
Common stock dividends paid | (4,401 | ) | (4,390 | ) | ||||
Net cash from financing activities | 111,900 | (13,282 | ) | |||||
Net change in cash and cash equivalents | 38,554 | 14,626 | ||||||
Cash and cash equivalents at beginning of period | 95,056 | 80,775 | ||||||
Cash and cash equivalents at end of period | $ | 133,610 | $ | 95,401 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 4,404 | $ | 4,528 | ||||
Cash paid during period for income taxes | - | 3,500 | ||||||
Loans transferred to real estate acquired through foreclosure | 900 | 957 | ||||||
Operating right-of-use asset resulting from lease liability | 78 | 7,558 |
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 12,035 | $ | 9,508 | ||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||
Depreciation and real property impairment | 1,150 | 831 | ||||||
Provision for loan losses | 890 | 1,615 | ||||||
Amortization (accretion), net | 80 | 668 | ||||||
Writedowns (gains on the sale) of other real estate owned, net | 100 | (920 | ) | |||||
Stock compensation expense | 209 | 181 | ||||||
Changes in: | ||||||||
Interest receivable | (380 | ) | 279 | |||||
Other assets | (155 | ) | 1,011 | |||||
Interest payable | 152 | 69 | ||||||
Other liabilities | (380 | ) | (294 | ) | ||||
Net cash from operating activities | 13,701 | 12,948 | ||||||
Cash flows from investing activities | ||||||||
Purchases of securities available for sale | (21,020 | ) | (57,530 | ) | ||||
Proceeds from maturities and calls of securities available for sale | 35,107 | 32,574 | ||||||
Purchase of FHLB stock | (10 | ) | - | |||||
Redemption of FHLB stock | 100 | 12 | ||||||
Net change in loans | 273 | 20,599 | ||||||
Purchases of premises and equipment, net | (876 | ) | (2,310 | ) | ||||
Proceeds from sales of other real estate acquired through foreclosure | 633 | 7,266 | ||||||
Net cash from (used in) investing activities | 14,207 | 611 | ||||||
Cash flows from financing activities | ||||||||
Net change in deposits | (2,804 | ) | 21,469 | |||||
Net change in agreements to repurchase securities | (1,228 | ) | (1,445 | ) | ||||
Repayment of other borrowed funds | (2,500 | ) | (1,200 | ) | ||||
Repayment of FHLB advances | (2,500 | ) | - | |||||
Proceeds from stock option exercises | 140 | 101 | ||||||
Common stock dividends paid | (4,390 | ) | (3,619 | ) | ||||
Net cash from financing activities | (13,282 | ) | 15,306 | |||||
Net change in cash and cash equivalents | 14,626 | 28,865 | ||||||
Cash and cash equivalents at beginning of period | 80,775 | 82,663 | ||||||
Cash and cash equivalents at end of period | $ | 95,401 | $ | 111,528 |
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 4,528 | $ | 2,429 | ||||
Cash paid during period for income taxes | 3,500 | 1,545 | ||||||
Loans transferred to real estate acquired through foreclosure | 957 | 574 | ||||||
Operating right-of-use asset resulting from lease liability | 7,558 | - |
June 30, 2019 | ||||||||||||||||||||||||||||||
Year | Total | Net Income | ||||||||||||||||||||||||||||
Year | Year | Total | June 30, 2020 Net Income | |||||||||||||||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | Location | Acquired | Assets | Qtr | YTD | ||||||||||||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 469,673 | $ | 1,564 | $ | 2,943 | Vanceburg, Kentucky | 1991 | $ | 578,556 | $ | 1,438 | $ | 3,021 | ||||||||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,226,835 | 4,875 | 10,249 | Huntington, West Virginia | 1998 | 1,328,897 | 4,741 | 8,974 | ||||||||||||||||||||
Parent and Intercompany Eliminations | 7,623 | (580 | ) | (1,157 | ) | 7,541 | (673 | ) | (1,121 | ) | ||||||||||||||||||||
Consolidated Total | $ | 1,704,131 | $ | 5,859 | $ | 12,035 | $ | 1,914,994 | $ | 5,506 | $ | 10,874 |
2019 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
2020 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 246,578 | $ | 3,119 | $ | (242 | ) | $ | 249,455 | $ | 305,338 | $ | 11,053 | $ | (248 | ) | $ | 316,143 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 72,220 | 967 | (98 | ) | 73,089 | 47,888 | 1,308 | – | 49,196 | |||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 318,798 | 4,086 | (340 | ) | 322,544 | 353,226 | 12,361 | (248 | ) | 365,339 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 21,351 | 488 | (27 | ) | 21,812 | 9,392 | 154 | – | 9,546 | |||||||||||||||||||||||
Obligations of states and political subdivisions | 12,651 | 405 | (2 | ) | 13,054 | 38,541 | 1,183 | – | 39,724 | |||||||||||||||||||||||
Other securities | 3,198 | 107 | - | 3,305 | 1,963 | 135 | (7 | ) | 2,091 | |||||||||||||||||||||||
Total available for sale | $ | 355,998 | $ | 5,086 | $ | (369 | ) | $ | 360,715 | $ | 403,122 | $ | 13,833 | $ | (255 | ) | $ | 416,700 |
2018 | 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 | $ | 259,575 | $ | 513 | $ | (4,846 | ) | $ | 255,242 | $ | 276,013 | $ | 3,618 | $ | (322 | ) | $ | 279,309 | ||||||||||||||
U. S. sponsored agency CMO’s - residential | 69,231 | 94 | (782 | ) | 68,543 | 61,989 | 768 | (113 | ) | 62,644 | ||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 328,806 | 607 | (5,628 | ) | 323,785 | 338,002 | 4,386 | (435 | ) | 341,953 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 24,154 | 196 | (180 | ) | 24,170 | 30,538 | 280 | (88 | ) | 30,730 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 14,194 | 176 | (43 | ) | 14,327 | 15,570 | 453 | (6 | ) | 16,017 | ||||||||||||||||||||||
Other securities | 3,453 | 6 | (10 | ) | 3,449 | 1,956 | 98 | – | 2,054 | |||||||||||||||||||||||
Total available for sale | $ | 370,607 | $ | 985 | $ | (5,861 | ) | $ | 365,731 | $ | 386,066 | $ | 5,217 | $ | (529 | ) | $ | 390,754 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Available for sale | ||||||||||||||||
Due in one year or less | $ | 8,293 | $ | 8,299 | $ | 8,742 | $ | 8,825 | ||||||||
Due after one year through five years | 15,818 | 16,165 | 26,090 | 26,718 | ||||||||||||
Due after five years through ten years | 8,172 | 8,501 | 9,437 | 9,716 | ||||||||||||
Due after ten years | 4,417 | 4,706 | 5,627 | 6,102 | ||||||||||||
Corporate preferred securities | 500 | 500 | ||||||||||||||
Mortgage-backed securities of government sponsored agencies | 318,798 | 322,544 | 353,226 | 365,339 | ||||||||||||
Total available for sale | $ | 355,998 | $ | 360,715 | $ | 403,122 | $ | 416,700 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S government sponsored agency MBS – residential | $ | 43,995 | $ | (248 | ) | $ | – | $ | – | $ | 43,995 | $ | (248 | ) | ||||||||||
Other securities | 241 | (7 | ) | – | – | 241 | (7 | ) | ||||||||||||||||
Total temporarily impaired | $ | 44,236 | $ | (255 | ) | $ | – | $ | – | $ | 44,236 | $ | (255 | ) |
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 | $ | - | $ | - | $ | 7,701 | $ | (27 | ) | $ | 7,701 | $ | (27 | ) | $ | 10,851 | $ | (84 | ) | $ | 3,957 | $ | (4 | ) | $ | 14,808 | $ | (88 | ) | |||||||||||||||||||
U.S government sponsored agency MBS – residential | - | - | 35,474 | (242 | ) | 35,474 | (242 | ) | 50,945 | (199 | ) | 12,930 | (123 | ) | 63,875 | (322 | ) | |||||||||||||||||||||||||||||||
U.S government sponsored agency CMO – residential | - | - | 14,763 | (98 | ) | 14,763 | (98 | ) | ||||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 4,376 | (3 | ) | 8,815 | (110 | ) | 13,191 | (113 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | - | - | 328 | (2 | ) | 328 | (2 | ) | 1,866 | (6 | ) | – | – | 1,866 | (6 | ) | ||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | - | $ | - | $ | 58,266 | $ | (369 | ) | $ | 58,266 | $ | (369 | ) | $ | 68,038 | $ | (292 | ) | $ | 25,702 | $ | (237 | ) | $ | 93,740 | $ | (529 | ) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S government sponsored agency securities | $ | 999 | $ | - | $ | 11,057 | $ | (180 | ) | $ | 12,056 | $ | (180 | ) | ||||||||||
U.S government sponsored agency MBS – residential | 50,923 | (243 | ) | 158,791 | (4,603 | ) | 209,714 | (4,846 | ) | |||||||||||||||
U.S government sponsored agency CMO’s – residential | 16,359 | (41 | ) | 26,386 | (741 | ) | 42,745 | (782 | ) | |||||||||||||||
Obligations of states and political subdivisions | 679 | (6 | ) | 3,454 | (37 | ) | 4,133 | (43 | ) | |||||||||||||||
Other securities | 1,712 | (10 | ) | - | - | 1,712 | (10 | ) | ||||||||||||||||
Total temporarily impaired | $ | 70,672 | $ | (300 | ) | $ | 199,688 | $ | (5,561 | ) | $ | 270,360 | $ | (5,861 | ) |
2019 | 2018 | 2020 | 2019 | |||||||||||||
Residential real estate | $ | 381,525 | $ | 381,027 | $ | 390,150 | $ | 389,985 | ||||||||
Multifamily real estate | 39,298 | 54,016 | 37,376 | 36,684 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 134,423 | 138,209 | 164,121 | 164,218 | ||||||||||||
Non-owner occupied | 296,780 | 282,608 | 303,141 | 304,316 | ||||||||||||
Commercial and industrial | 104,437 | 103,624 | 85,073 | 105,079 | ||||||||||||
SBA PPP | 110,690 | – | ||||||||||||||
Consumer | 25,848 | 27,688 | 25,416 | 29,007 | ||||||||||||
Construction and land | 132,814 | 128,926 | 115,053 | 136,138 | ||||||||||||
All other | 33,128 | 33,203 | 33,982 | 29,868 | ||||||||||||
$ | 1,148,253 | $ | 1,149,301 | $ | 1,265,002 | $ | 1,195,295 |
Loan Class | Balance December 31, 2019 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2020 | |||||||||||||||
Residential real estate | $ | 1,711 | $ | 288 | $ | (94 | ) | $ | 10 | $ | 1,915 | |||||||||
Multifamily real estate | 1,954 | 161 | – | – | 2,115 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 2,441 | 590 | (566 | ) | 5 | 2,470 | ||||||||||||||
Non-owner occupied | 3,184 | 1,200 | (77 | ) | 3 | 4,310 | ||||||||||||||
Commercial and industrial | 1,767 | (247 | ) | (5 | ) | 39 | 1,554 | |||||||||||||
Consumer | 281 | 14 | (99 | ) | 34 | 230 | ||||||||||||||
Construction and land | 1,724 | (529 | ) | – | 38 | 1,233 | ||||||||||||||
All other | 480 | 113 | (94 | ) | 62 | 561 | ||||||||||||||
Total | $ | 13,542 | $ | 1,590 | $ | (935 | ) | $ | 191 | $ | 14,388 |
Loan Class | Balance Dec 31, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2019 | Balance December 31, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2019 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,808 | $ | 104 | $ | (59 | ) | $ | 27 | $ | 1,880 | $ | 1,808 | $ | 104 | $ | (59 | ) | $ | 27 | $ | 1,880 | ||||||||||||||||||
Multifamily real estate | 1,649 | 65 | - | 2 | 1,716 | 1,649 | 65 | – | 2 | 1,716 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2,120 | 200 | (533 | ) | 3 | 1,790 | 2,120 | 200 | (533 | ) | 3 | 1,790 | ||||||||||||||||||||||||||||
Non-owner occupied | 3,058 | 277 | (57 | ) | 2 | 3,280 | 3,058 | 277 | (57 | ) | 2 | 3,280 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,897 | 178 | (113 | ) | 38 | 2,000 | 1,897 | 178 | (113 | ) | 38 | 2,000 | ||||||||||||||||||||||||||||
Consumer | 351 | 129 | (140 | ) | 28 | 368 | 351 | 129 | (140 | ) | 28 | 368 | ||||||||||||||||||||||||||||
Construction and land | 2,255 | (102 | ) | (13 | ) | - | 2,140 | 2,255 | (102 | ) | (13 | ) | – | 2,140 | ||||||||||||||||||||||||||
All other | 600 | 39 | (97 | ) | 57 | 599 | 600 | 39 | (97 | ) | 57 | 599 | ||||||||||||||||||||||||||||
Total | $ | 13,738 | $ | 890 | $ | (1,012 | ) | $ | 157 | $ | 13,773 | $ | 13,738 | $ | 890 | $ | (1,012 | ) | $ | 157 | $ | 13,773 |
Loan Class | Balance Dec 31, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2018 | |||||||||||||||
Residential real estate | $ | 2,986 | $ | (609 | ) | $ | (148 | ) | $ | 25 | $ | 2,254 | ||||||||
Multifamily real estate | 978 | (410 | ) | (11 | ) | - | 557 | |||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,653 | 266 | (3 | ) | 1 | 1,917 | ||||||||||||||
Non-owner occupied | 2,313 | 140 | (16 | ) | - | 2,437 | ||||||||||||||
Commercial and industrial | 1,101 | 976 | (504 | ) | 26 | 1,599 | ||||||||||||||
Consumer | 328 | 51 | (63 | ) | 38 | 354 | ||||||||||||||
Construction and land | 2,408 | 864 | (19 | ) | - | 3,253 | ||||||||||||||
All other | 337 | 337 | (130 | ) | 67 | 611 | ||||||||||||||
Total | $ | 12,104 | $ | 1,615 | $ | (894 | ) | $ | 157 | $ | 12,982 |
Loan Class | Balance March 31, 2020 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2020 | |||||||||||||||
Residential real estate | $ | 1,838 | $ | 72 | $ | (1 | ) | $ | 6 | $ | 1,915 | |||||||||
Multifamily real estate | 2,104 | 11 | – | – | 2,115 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 2,220 | 248 | – | 2 | 2,470 | |||||||||||||||
Non-owner occupied | 3,642 | 721 | (53 | ) | – | 4,310 | ||||||||||||||
Commercial and industrial | 1,817 | (269 | ) | (5 | ) | 11 | 1,554 | |||||||||||||
Consumer | 241 | 12 | (30 | ) | 7 | 230 | ||||||||||||||
Construction and land | 1,412 | (180 | ) | – | 1 | 1,233 | ||||||||||||||
All other | 582 | (25 | ) | (20 | ) | 24 | 561 | |||||||||||||
Total | $ | 13,856 | $ | 590 | $ | (109 | ) | $ | 51 | $ | 14,388 |
Loan Class | Balance March 31, 2019 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2019 | Balance March 31, 2019 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2019 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,823 | $ | 62 | $ | (27 | ) | $ | 22 | $ | 1,880 | $ | 1,823 | $ | 62 | $ | (27 | ) | $ | 22 | $ | 1,880 | ||||||||||||||||||
Multifamily real estate | 1,590 | 126 | - | - | 1,716 | 1,590 | 126 | – | – | 1,716 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,824 | (36 | ) | - | 2 | 1,790 | 1,824 | (36 | ) | – | 2 | 1,790 | ||||||||||||||||||||||||||||
Non-owner occupied | 3,401 | (123 | ) | - | 2 | 3,280 | 3,401 | (123 | ) | – | 2 | 3,280 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,721 | 275 | (3 | ) | 7 | 2,000 | 1,721 | 275 | (3 | ) | 7 | 2,000 | ||||||||||||||||||||||||||||
Consumer | 365 | 19 | (33 | ) | 17 | 368 | 365 | 19 | (33 | ) | 17 | 368 | ||||||||||||||||||||||||||||
Construction and land | 2,149 | (9 | ) | - | - | 2,140 | 2,149 | (9 | ) | – | – | 2,140 | ||||||||||||||||||||||||||||
All other | 606 | 16 | (46 | ) | 23 | 599 | 606 | 16 | (46 | ) | 23 | 599 | ||||||||||||||||||||||||||||
Total | $ | 13,479 | $ | 330 | $ | (109 | ) | $ | 73 | $ | 13,773 | $ | 13,479 | $ | 330 | $ | (109 | ) | $ | 73 | $ | 13,773 |
Loan Class | Balance March 31, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2018 | |||||||||||||||
Residential real estate | $ | 2,262 | $ | 82 | $ | (99 | ) | $ | 9 | $ | 2,254 | |||||||||
Multifamily real estate | 647 | (90 | ) | - | - | 557 | ||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,816 | 102 | (1 | ) | - | 1,917 | ||||||||||||||
Non-owner occupied | 2,187 | 250 | - | - | 2,437 | |||||||||||||||
Commercial and industrial | 1,651 | 163 | (237 | ) | 22 | 1,599 | ||||||||||||||
Consumer | 369 | 2 | (30 | ) | 13 | 354 | ||||||||||||||
Construction and land | 3,302 | (49 | ) | - | - | 3,253 | ||||||||||||||
All other | 606 | 40 | (63 | ) | 28 | 611 | ||||||||||||||
Total | $ | 12,840 | $ | 500 | $ | (430 | ) | $ | 72 | $ | 12,982 |
2020 | 2019 | |||||||
Residential real estate | $ | 2,384 | $ | 2,565 | ||||
Commercial real estate | ||||||||
Owner occupied | 1,108 | 1,804 | ||||||
Non-owner occupied | 2,482 | 2,628 | ||||||
Commercial and industrial | 19 | 305 | ||||||
Consumer | 17 | 22 | ||||||
Construction and land | 416 | 483 | ||||||
All other | 176 | 174 | ||||||
Total carrying amount | $ | 6,602 | $ | 7,981 | ||||
Contractual principal balance | $ | 9,880 | $ | 11,681 | ||||
Carrying amount, net of allowance | $ | 6,602 | $ | 7,981 |
2019 | 2018 | |||||||
Residential real estate | $ | 2,355 | $ | 2,665 | ||||
Commercial real estate | ||||||||
Owner occupied | 1,754 | 2,040 | ||||||
Non-owner occupied | 3,062 | 3,434 | ||||||
Commercial and industrial | 350 | 1,720 | ||||||
Construction and land | 587 | 1,212 | ||||||
All other | 231 | 225 | ||||||
Total carrying amount | $ | 8,339 | $ | 11,296 | ||||
Contractual principal balance | $ | 11,922 | $ | 15,436 | ||||
Carrying amount, net of allowance | $ | 8,339 | $ | 11,296 |
2019 | 2018 | 2020 | 2019 | |||||||||||||
Balance at January 1 | $ | 642 | $ | 754 | $ | 619 | $ | 642 | ||||||||
New loans purchased | - | - | – | – | ||||||||||||
Accretion of income | (94 | ) | (80 | ) | (59 | ) | (94 | ) | ||||||||
Loans placed on non-accrual | - | (41 | ) | – | – | |||||||||||
Income recognized upon full repayment | (73 | ) | (38 | ) | (65 | ) | (73 | ) | ||||||||
Reclassifications from non-accretable difference | - | - | ||||||||||||||
Reclassifications to accretable difference | (190 | ) | – | |||||||||||||
Disposals | - | - | – | – | ||||||||||||
Balance at June 30 | $ | 475 | $ | 595 | $ | 305 | $ | 475 |
June 30, 2019 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
June 30, 2020 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 4,248 | $ | 3,190 | $ | 1,066 | $ | 5,460 | $ | 4,197 | $ | 748 | ||||||||||||
Multifamily real estate | 4,112 | 3,810 | - | 4,088 | 3,708 | – | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 4,124 | 3,864 | 72 | 2,160 | 1,734 | 9 | ||||||||||||||||||
Non-owner occupied | 5,891 | 4,705 | 88 | 4,042 | 2,726 | – | ||||||||||||||||||
Commercial and industrial | 1,131 | 500 | 7 | 1,341 | 787 | 74 | ||||||||||||||||||
Consumer | 212 | 172 | - | 324 | 236 | – | ||||||||||||||||||
Construction and land | 539 | 525 | 13 | 355 | 313 | 149 | ||||||||||||||||||
All other | 75 | 73 | 38 | 75 | 60 | – | ||||||||||||||||||
Total | $ | 20,332 | $ | 16,839 | $ | 1,284 | $ | 17,845 | $ | 13,761 | $ | 980 |
December 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 | $ | 5,801 | $ | 4,618 | $ | 1,425 | ||||||
Multifamily real estate | 4,113 | 3,726 | – | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 3,399 | 2,995 | – | |||||||||
Non-owner occupied | 3,120 | 1,852 | 340 | |||||||||
Commercial and industrial | 1,026 | 420 | 451 | |||||||||
Consumer | 364 | 313 | 9 | |||||||||
Construction and land | 470 | 440 | 3 | |||||||||
All other | 75 | 73 | – | |||||||||
Total | $ | 18,368 | $ | 14,437 | $ | 2,228 |
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 | $ | 4,966 | $ | 3,708 | $ | 954 | ||||||
Multifamily real estate | 4,127 | 3,905 | - | |||||||||
Commercial real estate | �� | |||||||||||
Owner occupied | 3,692 | 3,436 | 56 | |||||||||
Non-owner occupied | 5,761 | 4,592 | 76 | |||||||||
Commercial and industrial | 1,303 | 625 | - | |||||||||
Consumer | 292 | 253 | - | |||||||||
Construction and land | 857 | 856 | - | |||||||||
All other | 75 | 73 | - | |||||||||
Total | $ | 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 | Total Loans | 30-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||||
Residential real estate | $ | 381,525 | $ | 8,441 | $ | 1,894 | $ | 10,335 | $ | 371,190 | $ | 390,150 | $ | 3,971 | $ | 2,802 | $ | 6,773 | $ | 383,377 | ||||||||||||||||||||
Multifamily real estate | 39,298 | 4,171 | 89 | 4,260 | 35,038 | 37,376 | – | 3,708 | 3,708 | 33,668 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 134,423 | 1,220 | 2,855 | 4,075 | 130,348 | 164,121 | 26 | 505 | 531 | 163,590 | ||||||||||||||||||||||||||||||
Non-owner occupied | 296,780 | 788 | 3,455 | 4,243 | 292,537 | 303,141 | – | 1,591 | 1,591 | 301,550 | ||||||||||||||||||||||||||||||
Commercial and industrial | 104,437 | 557 | 335 | 892 | 103,545 | 85,073 | 703 | 723 | 1,426 | 83,647 | ||||||||||||||||||||||||||||||
SBA PPP | 110,690 | – | – | – | 110,690 | |||||||||||||||||||||||||||||||||||
Consumer | 25,848 | 250 | 45 | 295 | 25,553 | 25,416 | 96 | 112 | 208 | 25,208 | ||||||||||||||||||||||||||||||
Construction and land | 132,814 | 350 | 55 | 405 | 132,409 | 115,053 | 4 | 152 | 156 | 114,897 | ||||||||||||||||||||||||||||||
All other | 33,128 | 60 | 111 | 171 | 32,957 | 33,982 | – | 60 | 60 | 33,922 | ||||||||||||||||||||||||||||||
Total | $ | 1,148,253 | $ | 15,837 | $ | 8,839 | $ | 24,676 | $ | 1,123,577 | $ | 1,265,002 | $ | 4,800 | $ | 9,653 | $ | 14,453 | $ | 1,250,549 |
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 | $ | 381,027 | $ | 7,078 | $ | 2,594 | $ | 9,672 | $ | 371,355 | $ | 389,985 | $ | 9,479 | $ | 3,192 | $ | 12,671 | $ | 377,314 | ||||||||||||||||||||
Multifamily real estate | 54,016 | - | 110 | 110 | 53,906 | 36,684 | – | 3,726 | 3,726 | 32,958 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 138,209 | 124 | 2,601 | 2,725 | 135,484 | 164,218 | 337 | 1,199 | 1,536 | 162,682 | ||||||||||||||||||||||||||||||
Non-owner occupied | 282,608 | 172 | 3,301 | 3,473 | 279,135 | 304,316 | 838 | 1,017 | 1,855 | 302,461 | ||||||||||||||||||||||||||||||
Commercial and industrial | 103,624 | 2,235 | 262 | 2,497 | 101,127 | 105,079 | 245 | 708 | 953 | 104,126 | ||||||||||||||||||||||||||||||
Consumer | 27,688 | 247 | 112 | 359 | 27,329 | 29,007 | 309 | 230 | 539 | 28,468 | ||||||||||||||||||||||||||||||
Construction and land | 128,926 | 388 | 810 | 1,198 | 127,728 | 136,138 | 3,856 | 4 | 3,860 | 132,278 | ||||||||||||||||||||||||||||||
All other | 33,203 | 546 | 73 | 619 | 32,584 | 29,868 | – | 73 | 73 | 29,795 | ||||||||||||||||||||||||||||||
Total | $ | 1,149,301 | $ | 10,790 | $ | 9,863 | $ | 20,653 | $ | 1,128,648 | $ | 1,195,295 | $ | 15,064 | $ | 10,149 | $ | 25,213 | $ | 1,170,082 |
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 | $ | 19 | $ | 1,861 | $ | - | $ | 1,880 | $ | 113 | $ | 379,057 | $ | 2,355 | $ | 381,525 | $ | – | $ | 1,915 | $ | – | $ | 1,915 | $ | 60 | $ | 387,706 | $ | 2,384 | $ | 390,150 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 1,483 | 233 | - | 1,716 | 3,810 | 35,488 | - | 39,298 | 1,865 | 250 | – | 2,115 | 3,708 | 33,668 | – | 37,376 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 113 | 1,677 | - | 1,790 | 3,223 | 129,446 | 1,754 | 134,423 | – | 2,470 | – | 2,470 | 1,440 | 161,573 | 1,108 | 164,121 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 233 | 3,047 | - | 3,280 | 10,047 | 283,671 | 3,062 | 296,780 | 448 | 3,862 | – | 4,310 | 4,022 | 296,637 | 2,482 | 303,141 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 447 | 1,553 | - | 2,000 | 684 | 103,403 | 350 | 104,437 | 446 | 1,108 | – | 1,554 | 763 | 84,291 | 19 | 85,073 | ||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | – | – | – | – | – | 110,690 | – | 110,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | - | 368 | - | 368 | - | 25,848 | - | 25,848 | – | 230 | – | 230 | – | 25,399 | 17 | 25,416 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 99 | 2,041 | 2,140 | 513 | 131,714 | 587 | 132,814 | – | 1,233 | – | 1,233 | 303 | 114,334 | 416 | 115,053 | |||||||||||||||||||||||||||||||||||||||||||||||||
All other | - | 599 | - | 599 | - | 32,897 | 231 | 33,128 | – | 561 | – | 561 | – | 33,806 | 176 | 33,982 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,394 | $ | 11,379 | $ | - | $ | 13,773 | $ | 18,390 | $ | 1,121,524 | $ | 8,339 | $ | 1,148,253 | $ | 2,759 | $ | 11,629 | $ | – | $ | 14,388 | $ | 10,296 | $ | 1,248,104 | $ | 6,602 | $ | 1,265,002 |
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 | $ | - | $ | 1,808 | $ | - | $ | 1,808 | $ | 298 | $ | 378,064 | $ | 2,665 | $ | 381,027 | $ | – | $ | 1,711 | $ | – | $ | 1,711 | $ | 63 | $ | 387,357 | $ | 2,565 | $ | 389,985 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 1,281 | 368 | - | 1,649 | 3,905 | 50,111 | - | 54,016 | 1,737 | 217 | – | 1,954 | 3,726 | 32,958 | – | 36,684 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 692 | 1,428 | - | 2,120 | 2,820 | 133,349 | 2,040 | 138,209 | 653 | 1,788 | – | 2,441 | 2,685 | 159,729 | 1,804 | 164,218 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 267 | 2,791 | - | 3,058 | 10,111 | 269,063 | 3,434 | 282,608 | 271 | 2,913 | – | 3,184 | 3,830 | 297,858 | 2,628 | 304,316 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 414 | 1,483 | - | 1,897 | 558 | 101,346 | 1,720 | 103,624 | 390 | 1,377 | – | 1,767 | 678 | 104,096 | 305 | 105,079 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | - | 351 | - | 351 | - | 27,688 | - | 27,688 | – | 281 | – | 281 | – | 28,985 | 22 | 29,007 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 142 | 2,113 | - | 2,255 | 1,351 | 126,363 | 1,212 | 128,926 | 51 | 1,673 | – | 1,724 | 431 | 135,224 | 483 | 136,138 | ||||||||||||||||||||||||||||||||||||||||||||||||
All other | - | 600 | - | 600 | - | 32,978 | 225 | 33,203 | – | 480 | – | 480 | – | 29,694 | 174 | 29,868 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,796 | $ | 10,942 | $ | - | $ | 13,738 | $ | 19,043 | $ | 1,118,962 | $ | 11,296 | $ | 1,149,301 | $ | 3,102 | $ | 10,440 | $ | – | $ | 13,542 | $ | 11,413 | $ | 1,175,901 | $ | 7,981 | $ | 1,195,295 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | ||||||||||
With no related allowance recorded: | ||||||||||||
Residential real estate | $ | 438 | $ | 228 | $ | - | ||||||
Multifamily real estate | 97 | 89 | - | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 2,652 | 2,419 | - | |||||||||
Non-owner occupied | 8,536 | 7,808 | - | |||||||||
Commercial and industrial | 552 | 43 | - | |||||||||
Construction and Land | 35 | 35 | - | |||||||||
12,310 | 10,622 | - | ||||||||||
With an allowance recorded: | ||||||||||||
Residential real estate | 47 | 47 | 19 | |||||||||
Multifamily real estate | 4,016 | 3,721 | 1,483 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,553 | 1,525 | 113 | |||||||||
Non-owner occupied | 2,793 | 2,701 | 233 | |||||||||
Commercial and industrial | 650 | 641 | 447 | |||||||||
Construction and land | 491 | 479 | 99 | |||||||||
9,550 | 9,114 | 2,394 | ||||||||||
Total | $ | 21,860 | $ | 19,736 | $ | 2,394 |
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 | $ | 426 | $ | 298 | $ | - | $ | 184 | $ | 60 | $ | - | ||||||||||||
Multifamily real estate | 110 | 110 | - | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,305 | 1,092 | - | 2,166 | 1,759 | - | ||||||||||||||||||
Non-owner occupied | 8,458 | 7,740 | - | 1,661 | 805 | - | ||||||||||||||||||
Commercial and industrial | 531 | - | - | 509 | – | - | ||||||||||||||||||
Construction and land | 786 | 786 | - | 344 | 303 | - | ||||||||||||||||||
11,616 | 10,026 | - | 4,864 | 2,927 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 4,016 | $ | 3,795 | $ | 1,281 | 4,088 | 3,708 | 1,865 | |||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,523 | 2,478 | 692 | |||||||||||||||||||||
Non-owner occupied | 2,852 | 2,781 | 267 | 3,748 | 3,599 | 448 | ||||||||||||||||||
Commercial and industrial | 562 | 558 | 414 | 781 | 763 | 446 | ||||||||||||||||||
Construction and land | 565 | 565 | 142 | |||||||||||||||||||||
10,518 | 10,177 | 2,796 | 8,617 | 8,070 | 2,759 | |||||||||||||||||||
Total | $ | 22,134 | $ | 20,203 | $ | 2,796 | $ | 13,481 | $ | 10,997 | $ | 2,759 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | ||||||||||
With no related allowance recorded: | ||||||||||||
Residential real estate | $ | 188 | $ | 63 | $ | - | ||||||
Multifamily real estate | 96 | 89 | - | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 2,201 | 1,842 | - | |||||||||
Non-owner occupied | 2,512 | 1,732 | - | |||||||||
Commercial and industrial | 509 | – | - | |||||||||
5,506 | 3,726 | - | ||||||||||
With an allowance recorded: | ||||||||||||
Multifamily real estate | $ | 4,017 | $ | 3,637 | $ | 1,737 | ||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,189 | 1,162 | 653 | |||||||||
Non-owner occupied | 2,654 | 2,537 | 271 | |||||||||
Commercial and industrial | 689 | 678 | 390 | |||||||||
Construction and land | 460 | 431 | 51 | |||||||||
9,009 | 8,445 | 3,102 | ||||||||||
Total | $ | 14,515 | $ | 12,171 | $ | 3,102 |
Six months ended June 30, 2019 | Six months ended June 30, 2018 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 267 | $ | - | $ | - | $ | 302 | $ | - | $ | - | $ | 62 | $ | – | $ | – | $ | 267 | $ | – | $ | – | ||||||||||||||||||||||||
Multifamily real estate | 3,855 | - | - | 2,287 | 11 | 11 | 3,744 | – | – | 3,855 | – | – | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 3,898 | 6 | 6 | 3,208 | 51 | 51 | 2,191 | 6 | 4 | 3,898 | 6 | 6 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 10,556 | 186 | 186 | 9,535 | 241 | 241 | 4,376 | 72 | 36 | 10,556 | 186 | 186 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 478 | 2 | 2 | 1,145 | 16 | 16 | 738 | 2 | 2 | 562 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Construction and land | 1,065 | 121 | 121 | 4,703 | 3 | 3 | 353 | – | – | 1,065 | 121 | 121 | ||||||||||||||||||||||||||||||||||||
All other | - | - | - | 288 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20,119 | $ | 315 | $ | 315 | $ | 21,468 | $ | 326 | $ | 326 | $ | 11,464 | $ | 80 | $ | 42 | $ | 20,203 | $ | 315 | $ | 315 |
Three months ended June 30, 2019 | Three months ended June 30, 2018 | Three months ended June 30, 2020 | Three months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 253 | $ | - | $ | - | $ | 299 | $ | - | $ | - | $ | 61 | $ | – | $ | – | $ | 253 | $ | – | $ | – | ||||||||||||||||||||||||
Multifamily real estate | 3,830 | - | - | 2,199 | 1 | 1 | 3,753 | – | – | 3,830 | – | – | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 4,062 | 3 | 3 | 3,154 | 26 | 26 | 1,785 | 3 | 1 | 4,062 | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 10,573 | 92 | 92 | 8,514 | 105 | 105 | 4,429 | 36 | – | 10,573 | 92 | 92 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 437 | 1 | 1 | 966 | 8 | 8 | 768 | 1 | 1 | 562 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Construction and land | 922 | 113 | 113 | 4,218 | 3 | 3 | 314 | – | – | 922 | 113 | 113 | ||||||||||||||||||||||||||||||||||||
All other | - | - | - | 286 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20,077 | $ | 209 | $ | 209 | $ | 19,636 | $ | 143 | $ | 143 | $ | 11,110 | $ | 40 | $ | 2 | $ | 20,202 | $ | 209 | $ | 209 |
June 30, 2019 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
June 30, 2020 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
Residential real estate | $ | 43 | $ | 165 | $ | 208 | $ | 25 | $ | 151 | $ | 176 | ||||||||||||
Multifamily real estate | 3,721 | - | 3,721 | 3,708 | – | 3,708 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,526 | 214 | 1,740 | – | 201 | 201 | ||||||||||||||||||
Non-owner occupied | - | 5,893 | 5,893 | 856 | 1,781 | 2,637 | ||||||||||||||||||
Commercial and industrial | 191 | - | 191 | 191 | – | 191 | ||||||||||||||||||
Total | $ | 5,481 | $ | 6,272 | $ | 11,753 | $ | 4,780 | $ | 2,133 | $ | 6,913 |
December 31, 2018 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
December 31, 2019 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
Residential real estate | $ | 347 | $ | 97 | $ | 444 | $ | 32 | $ | 157 | $ | 189 | ||||||||||||
Multifamily real estate | 3,795 | - | 3,795 | 3,636 | – | 3,636 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,647 | 222 | 1,869 | 1,162 | 207 | 1,369 | ||||||||||||||||||
Non-owner occupied | - | 5,964 | 5,964 | – | 2,656 | 2,656 | ||||||||||||||||||
Commercial and industrial | 191 | - | 191 | 191 | – | 191 | ||||||||||||||||||
Total | $ | 5,980 | $ | 6,283 | $ | 12,263 | $ | 5,021 | $ | 3,020 | $ | 8,041 |
June 30, 2020 | Modified to Interest Only Payment | Modified to Defer Principal and Interest Payment | Total | |||||||||
Residential real estate | $ | 9,756 | $ | 6,444 | $ | 16,200 | ||||||
Multifamily real estate | 2,526 | 5,280 | 7,806 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 16,880 | 23,856 | 40,736 | |||||||||
Non-owner occupied | 56,735 | 79,410 | 136,145 | |||||||||
Commercial and industrial | 3,510 | 6,634 | 10,144 | |||||||||
Consumer | 218 | 313 | 531 | |||||||||
Construction and land | 21,979 | 6,817 | 28,796 | |||||||||
All other | 10 | 334 | 344 | |||||||||
Total | $ | 111,614 | $ | 129,088 | $ | 240,702 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 376,261 | $ | 2,992 | $ | 10,897 | $ | – | $ | 390,150 | ||||||||||
Multifamily real estate | 29,216 | 4,452 | 3,708 | – | 37,376 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 155,443 | 4,284 | 4,394 | – | 164,121 | |||||||||||||||
Non-owner occupied | 288,198 | 9,597 | 5,346 | – | 303,141 | |||||||||||||||
Commercial and industrial | 80,192 | 3,498 | 1,383 | – | 85,073 | |||||||||||||||
SBA PPP | 110,690 | – | – | – | 110,690 | |||||||||||||||
Consumer | 25,107 | 2 | 307 | – | 25,416 | |||||||||||||||
Construction and land | 110,807 | 3,676 | 570 | – | 115,053 | |||||||||||||||
All other | 33,922 | – | 60 | – | 33,982 | |||||||||||||||
Total | $ | 1,209,836 | $ | 28,501 | $ | 26,665 | $ | – | $ | 1,265,002 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||||
Residential real estate | $ | 369,315 | $ | 2,745 | $ | 9,256 | $ | 209 | $ | 381,525 | $ | 374,835 | $ | 3,477 | $ | 11,673 | $ | - | $ | 389,985 | ||||||||||||||||||||
Multifamily real estate | 33,698 | 1,790 | 3,810 | - | 39,298 | 28,103 | 4,855 | 3,726 | - | 36,684 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 122,600 | 4,746 | 7,077 | - | 134,423 | 152,695 | 5,123 | 6,400 | - | 164,218 | ||||||||||||||||||||||||||||||
Non-owner occupied | 280,181 | 3,821 | 12,778 | - | 296,780 | 290,096 | 8,617 | 5,603 | - | 304,316 | ||||||||||||||||||||||||||||||
Commercial and industrial | 100,151 | 2,989 | 1,004 | 293 | 104,437 | 101,085 | 2,693 | 1,301 | - | 105,079 | ||||||||||||||||||||||||||||||
Consumer | 25,588 | - | 260 | - | 25,848 | 28,618 | 5 | 384 | - | 29,007 | ||||||||||||||||||||||||||||||
Construction and land | 119,870 | 11,893 | 1,016 | 35 | 132,814 | 123,473 | 11,868 | 797 | - | 136,138 | ||||||||||||||||||||||||||||||
All other | 32,807 | 248 | 73 | - | 33,128 | 29,698 | 97 | 73 | - | 29,868 | ||||||||||||||||||||||||||||||
Total | $ | 1,084,210 | $ | 28,232 | $ | 35,274 | $ | 537 | $ | 1,148,253 | $ | 1,128,603 | $ | 36,735 | $ | 29,957 | $ | - | $ | 1,195,295 |
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 |
June 30, 2019 | December 31, 2018 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | |||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 14.8 | % | 14.2 | % | 4.5 | % | 6.5 | % | ||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 15.3 | % | 14.7 | % | 6.0 | % | 8.0 | % | ||||||||
Total Capital (to Risk-Weighted Assets) | 16.4 | % | 15.9 | % | 8.0 | % | 10.0 | % | ||||||||
Tier 1 Capital (to Average Assets) | 11.1 | % | 10.7 | % | 4.0 | % | 5.0 | % |
June 30, 2020 | December 31, 2019 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | |||||||||||||
Tier 1 Capital to average assets (CBLR): | 10.9 | % | 11.3 | % | 8.0 | % | 8.0 | % |
2019 | $ | 535 | ||||||
2020 | 1,059 | $ | 556 | |||||
2021 | 1,013 | 1,067 | ||||||
2022 | 995 | 1,050 | ||||||
2023 | 799 | 805 | ||||||
2024 and thereafter | 4,172 | |||||||
2024 | 680 | |||||||
2025 and Thereafter | 3,494 | |||||||
Total undiscounted cash flows | 8,573 | 7,652 | ||||||
Discounted cash flows | (1,015 | ) | (422 | ) | ||||
Total lease liability | $ | 7,558 | $ | 7,230 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 5,859 | $ | 4,375 | $ | 12,035 | $ | 9,508 | $ | 5,506 | $ | 5,859 | $ | 10,874 | $ | 12,035 | ||||||||||||||||
Weighted average common shares outstanding | 14,636,569 | 13,355,564 | 14,631,430 | 13,350,995 | 14,664,916 | 14,636,569 | 14,661,957 | 14,631,430 | ||||||||||||||||||||||||
Earnings per share | $ | 0.40 | $ | 0.33 | $ | 0.82 | $ | 0.71 | $ | 0.38 | $ | 0.40 | $ | 0.74 | $ | 0.82 | ||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 5,859 | $ | 4,375 | $ | 12,035 | $ | 9,508 | $ | 5,506 | $ | 5,859 | $ | 10,874 | $ | 12,035 | ||||||||||||||||
Weighted average common shares outstanding | 14,636,569 | 13,355,564 | 14,631,430 | 13,350,995 | 14,725,075 | 14,718,419 | 14,728,208 | 14,708,377 | ||||||||||||||||||||||||
Add dilutive effects of potential additional common stock | 81,850 | 106,593 | 76,947 | 91,381 | 60,159 | 81,850 | 66,251 | 76,947 | ||||||||||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 14,718,419 | 13,462,157 | 14,708,377 | 13,442,376 | 14,725,075 | 14,718,419 | 14,728,208 | 14,708,377 | ||||||||||||||||||||||||
Earnings per share assuming dilution | $ | 0.40 | $ | 0.32 | $ | 0.82 | $ | 0.71 | $ | 0.37 | $ | 0.40 | $ | 0.74 | $ | 0.82 |
Carrying | Fair Value Measurements at June 30, 2020 Using | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 124,647 | $ | 124,647 | $ | - | $ | - | $ | 124,647 | ||||||||||
Time deposits with other banks | 598 | – | 601 | – | 601 | |||||||||||||||
Federal funds sold | 8,365 | 8,365 | – | – | 8,365 | |||||||||||||||
Securities available for sale | 416,700 | - | 416,700 | - | 416,700 | |||||||||||||||
Loans, net | 1,250,614 | - | - | 1,251,278 | 1,251,278 | |||||||||||||||
Interest receivable | 5,997 | - | 1,282 | 4,715 | 5,997 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 1,608,151 | $ | 1,243,622 | $ | 365,688 | $ | - | $ | 1,609,310 | ||||||||||
Securities sold under agreements to repurchase | 27,737 | - | 27,737 | - | 27,737 | |||||||||||||||
FHLB advance | 2,995 | - | 3,003 | - | 3,003 | |||||||||||||||
Subordinated debt | 5,455 | - | 5,354 | - | 5,354 | |||||||||||||||
Interest payable | 638 | 7 | 631 | - | 638 |
Carrying | Fair Value Measurements at December 31, 2019 Using | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 88,556 | $ | 88,556 | $ | – | $ | – | $ | 88,556 | ||||||||||
Time deposits with other banks | 598 | – | 599 | – | 599 | |||||||||||||||
Federal funds sold | 5,902 | 5,902 | – | – | 5,902 | |||||||||||||||
Securities available for sale | 390,754 | – | 390,754 | – | 390,754 | |||||||||||||||
Loans, net | 1,181,753 | – | – | 1,172,755 | 1,172,755 | |||||||||||||||
Interest receivable | 4,699 | 4 | 1,110 | 3,585 | 4,699 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 1,495,753 | $ | 1,068,399 | $ | 424,886 | $ | – | $ | 1,493,285 | ||||||||||
Securities sold under agreements to repurchase | 20,428 | – | 20,428 | – | 20,428 | |||||||||||||||
FHLB advance | 6,375 | – | 6,352 | – | 6,352 | |||||||||||||||
Subordinated debt | 5,436 | – | 5,527 | – | 5,527 | |||||||||||||||
Interest payable | 912 | 15 | 897 | – | 912 |
Fair Value Measurements at June 30, 2020 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 | $ | 316,143 | $ | - | $ | 316,143 | $ | - | ||||||||
U. S. agency CMO’s - residential | 49,196 | - | 49,196 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 365,339 | - | 365,339 | - | ||||||||||||
U. S. government sponsored agency securities | 9,546 | - | 9,546 | - | ||||||||||||
Obligations of states and political subdivisions | 39,724 | - | 39,724 | - | ||||||||||||
Other securities | 2,091 | - | 2,091 | - | ||||||||||||
Total securities available for sale | $ | 416,700 | $ | - | $ | 416,700 | $ | - |
Fair Value Measurements at December 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 | $ | 279,309 | $ | - | $ | 279,309 | $ | - | ||||||||
U. S. agency CMO’s | 62,644 | - | 62,644 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 341,953 | - | 341,953 | - | ||||||||||||
U. S. government sponsored agency securities | 30,730 | - | 30,730 | - | ||||||||||||
Obligations of states and political subdivisions | 16,017 | - | 16,017 | - | ||||||||||||
Other securities | 2,054 | - | 2,054 | - | ||||||||||||
Total securities available for sale | $ | 390,754 | $ | - | $ | 390,754 | $ | - |
Fair Value Measurements at June 30, 2019 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 63,218 | $ | 63,218 | $ | - | $ | - | $ | 63,218 | ||||||||||
Time deposits with other banks | 1,094 | - | 1,093 | - | 1,093 | |||||||||||||||
Federal funds sold | 32,183 | 32,183 | - | - | 32,183 | |||||||||||||||
Securities available for sale | 360,715 | - | 360,215 | 500 | 360,715 | |||||||||||||||
Loans, net | 1,134,480 | - | - | 1,120,657 | 1,120,657 | |||||||||||||||
Federal Home Loan Bank stock | 3,538 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 4,675 | - | 1,013 | 3,662 | 4,675 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,427,424 | ) | $ | (1,018,529 | ) | $ | (407,548 | ) | $ | - | $ | (1,426,077 | ) | ||||||
Securities sold under agreements to repurchase | (20,834 | ) | - | (20,834 | ) | - | (20,834 | ) | ||||||||||||
FHLB advance | (6,349 | ) | - | (6,329 | ) | - | (6,329 | ) | ||||||||||||
Subordinated debt | (5,420 | ) | - | (5,459 | ) | - | (5,459 | ) | ||||||||||||
Interest payable | (885 | ) | (21 | ) | (864 | ) | - | (885 | ) |
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 June 30, 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 | $ | 249,455 | $ | - | $ | 249,455 | $ | - | ||||||||
U. S. agency CMO’s - residential | 73,089 | - | 73,089 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 322,544 | - | 322,544 | - | ||||||||||||
U. S. government sponsored agency securities | 21,812 | - | 21,812 | - | ||||||||||||
Obligations of states and political subdivisions | 13,054 | - | 13,054 | - | ||||||||||||
Other securities | 3,305 | - | 2,805 | 500 | ||||||||||||
Total securities available for sale | $ | 360,715 | $ | - | $ | 360,215 | $ | 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 | ||||
Six Months Ended June 30, 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 June 30, 2019 Using | Fair Value Measurements at June 30, 2020 Using | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 28 | $ | - | $ | - | $ | 28 | ||||||||||||||||||||||||
Multifamily real estate | 2,238 | - | - | 2,238 | $ | 1,843 | $ | - | $ | - | $ | 1,843 | ||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 1,412 | - | - | 1,412 | ||||||||||||||||||||||||||||
Non-owner occupied | 2,468 | - | - | 2,468 | 3,151 | - | - | 3,151 | ||||||||||||||||||||||||
Commercial and industrial | 194 | - | - | 194 | 317 | - | - | 317 | ||||||||||||||||||||||||
Construction and land | 380 | - | - | 380 | ||||||||||||||||||||||||||||
Total impaired loans | $ | 6,720 | $ | - | $ | - | $ | 6,720 | $ | 5,311 | $ | - | $ | - | $ | 5,311 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,149 | $ | - | $ | - | $ | 1,149 | $ | 205 | $ | - | $ | - | $ | 205 | ||||||||||||||||
Multifamily real estate | 10,307 | - | - | 10,307 | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 103 | - | - | 103 | 529 | – | – | 529 | ||||||||||||||||||||||||
Non-owner occupied | 200 | - | - | 200 | ||||||||||||||||||||||||||||
Multifamily real estate | 9,503 | - | - | 9,503 | ||||||||||||||||||||||||||||
Construction and land | 229 | - | - | 229 | 551 | - | - | 551 | ||||||||||||||||||||||||
Total OREO | $ | 11,988 | $ | - | $ | - | $ | 11,988 | $ | 10,788 | $ | - | $ | - | $ | 10,788 |
June 30, 2019 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | June 30, 2020 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||
Impaired loans: | |||||||||||||||||||
Residential real estate | $ | 28 | sales comparison | adjustment for estimated realizable value | 70.3%-70.3% (70.3%) | ||||||||||||||
Multifamily real estate | 2,238 | sales comparison | adjustment for estimated realizable value | 51.4%-51.4% (51.4%) | $ | 1,843 | sales comparison | adjustment for estimated realizable value | 13.9%-67.4% (43.9 | %) | |||||||||
Commercial real estate | |||||||||||||||||||
Owner occupied | 1,412 | sales comparison | adjustment for estimated realizable value | 30.9%-30.9% (30.9%) | |||||||||||||||
Non-owner occupied | 2,468 | income approach | adjustment for differences in net operating income expectations | 16.1%-67.4% (54.0%) | 3,151 | income approach | adjustment for differences in net operating income expectations | 13.9%-67.4% (43.9 | %) | ||||||||||
Commercial and industrial | 194 | sales comparison | adjustment for estimated realizable value | 0.0%-0.0% (0.0%) | 317 | sales comparison | adjustment for estimated realizable value | 25.0%-86.1% (45.8 | %) | ||||||||||
Construction and land | 380 | sales comparison | adjustment for estimated realizable value | 56.5%-56.5% (56.5%) | |||||||||||||||
Total impaired loans | $ | 6,720 | $ | 5,311 | |||||||||||||||
Other real estate owned: | |||||||||||||||||||
Residential real estate | $ | 1,149 | sales comparison | adjustment for estimated realizable value | 0.2%-59.8% (20.3%) | $ | 205 | sales comparison | adjustment for estimated realizable value | 0.2%-59.8% (18.1 | %) | ||||||||
Multifamily real estate | 10,307 | income approach | adjustment for differences in net operating income expectations | 20.0%-20.0% (20.0%) | 9,503 | income approach | adjustment for differences in net operating income expectations | 26.2%-26.2% (26.2 | %) | ||||||||||
Commercial real estate | |||||||||||||||||||
Owner occupied | 103 | sales comparison | adjustment for estimated realizable value | 83.2%-83.2% (83.2%) | 529 | sales comparison | adjustment for estimated realizable value | 29.5%-29.5% (29.5 | %) | ||||||||||
Non-owner occupied | 200 | sales comparison | adjustment for estimated realizable value | 57.9%-57.9% (57.9%) | |||||||||||||||
Construction and land | 229 | sales comparison | adjustment for estimated realizable value | 37.5%-55.1% (48.9%) | 551 | sales comparison | adjustment for estimated realizable value | 50.3%-86.3% (76.5 | %) | ||||||||||
Total OREO | $ | 11,988 | $ | 10,788 |
Fair Value Measurements at December 31, 2018 Using | Fair Value Measurements at December 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) | 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 | $ | 1,900 | $ | - | $ | - | $ | 1,900 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 1,786 | - | - | 1,786 | 509 | - | - | 509 | ||||||||||||||||||||||||
Non-owner occupied | 2,514 | - | - | 2,514 | 2,266 | - | - | 2,266 | ||||||||||||||||||||||||
Commercial and industrial | 144 | - | - | 144 | 288 | - | - | 288 | ||||||||||||||||||||||||
Construction and land | 423 | - | - | 423 | 380 | - | - | 380 | ||||||||||||||||||||||||
Total impaired loans | $ | 7,381 | $ | - | $ | - | $ | 7,381 | $ | 5,343 | $ | - | $ | - | $ | 5,343 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 984 | $ | - | $ | - | $ | 984 | $ | 249 | $ | - | $ | - | $ | 249 | ||||||||||||||||
Multifamily real estate | 10,307 | - | - | 10,307 | 9,588 | - | - | 9,588 | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 125 | - | - | 125 | 288 | - | - | 288 | ||||||||||||||||||||||||
Non-owner occupied | 200 | - | - | 200 | ||||||||||||||||||||||||||||
Construction and land | 150 | - | - | 150 | 750 | - | - | 750 | ||||||||||||||||||||||||
Total OREO | $ | 11,766 | $ | - | $ | - | $ | 11,766 | $ | 10,875 | $ | - | $ | - | $ | 10,875 |
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 |
December 31, 2019 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | |||||||
Impaired loans: | ||||||||||
Multifamily real estate | $ | 1,900 | sales comparison | adjustment for estimated realizable value | 58.9%-58.9% (58.9 | %) | ||||
Commercial real estate | ||||||||||
Owner occupied | 509 | sales comparison | adjustment for estimated realizable value | 76.1%-76.1% (76.1 | %) | |||||
Non-owner occupied | 2,266 | income approach | adjustment for differences in net operating income expectations | 36.6%-67.4% (60.6 | %) | |||||
Commercial and industrial | 288 | sales comparison | adjustment for estimated realizable value | 25.0%-87.0% (43.6 | %) | |||||
Construction and land | 380 | sales comparison | adjustment for estimated realizable value | 56.5%-56.5% (56.5 | %) | |||||
Total impaired loans | $ | 5,343 | ||||||||
Other real estate owned: | ||||||||||
Residential real estate | $ | 249 | sales comparison | adjustment for estimated realizable value | 0.2%-59.8% (17.5 | %) | ||||
Multifamily real estate | 9,588 | income approach | adjustment for differences in net operating income expectations | 25.6%-25.6% (25.6 | %) | |||||
Commercial real estate | ||||||||||
Owner occupied | 288 | sales comparison | adjustment for estimated realizable value | 14.6%-70.4% (34.0 | %) | |||||
Construction and land | 750 | sales comparison | adjustment for estimated realizable value | 50.3%-69.9% (66.0 | %) | |||||
Total OREO | $ | 10,875 |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 66,493 | $ | 823 | 2.50 | % | $ | 76,546 | $ | 679 | 1.79 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 354,497 | 4,651 | 2.62 | 277,411 | 3,041 | 2.19 | ||||||||||||||||||
Tax-exempt | 13,291 | 180 | 3.43 | 9,772 | 114 | 2.95 | ||||||||||||||||||
Total investment securities | 367,788 | 4,831 | 2.65 | 287,183 | 3,155 | 2.22 | ||||||||||||||||||
Total loans | 1,154,691 | 32,516 | 5.68 | 1,037,431 | 27,718 | 5.39 | ||||||||||||||||||
Total interest-earning assets | 1,588,972 | 38,170 | 4.85 | % | 1,401,160 | 31,552 | 4.54 | % | ||||||||||||||||
Allowance for loan losses | (13,751 | ) | (12,635 | ) | ||||||||||||||||||||
Cash and due from banks | 23,768 | 27,775 | ||||||||||||||||||||||
Other assets | 109,922 | 87,015 | ||||||||||||||||||||||
Total assets | $ | 1,708,911 | $ | 1,503,315 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,053,286 | 4,335 | 0.83 | $ | 946,276 | 2,228 | 0.47 | ||||||||||||||||
Short-term borrowings | 22,054 | 21 | 0.19 | 21,025 | 15 | 0.14 | ||||||||||||||||||
FHLB Advances | 7,082 | 103 | 2.93 | - | - | - | ||||||||||||||||||
Other borrowings | 1,432 | 31 | 4.37 | 4,328 | 88 | 4.10 | ||||||||||||||||||
Subordinated debt | 5,412 | 190 | 7.08 | 5,382 | 167 | 6.26 | ||||||||||||||||||
Total interest-bearing liabilities | 1,089,266 | 4,680 | 0.87 | % | 977,011 | 2,498 | 0.52 | % | ||||||||||||||||
Non-interest bearing deposits | 383,128 | 336,802 | ||||||||||||||||||||||
Other liabilities | 11,468 | 3,860 | ||||||||||||||||||||||
Stockholders’ equity | 225,049 | 185,642 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,708,911 | $ | 1,503,315 | ||||||||||||||||||||
Net interest earnings | $ | 33,490 | $ | 29,054 | ||||||||||||||||||||
Net interest spread | 3.98 | % | 4.02 | % | ||||||||||||||||||||
Net interest margin | 4.25 | % | 4.18 | % |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 91,842 | $ | 284 | 0.62 | % | $ | 66,493 | $ | 823 | 2.50 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 369,836 | 4,557 | 2.46 | 354,497 | 4,651 | 2.62 | ||||||||||||||||||
Tax-exempt | 25,632 | 271 | 2.68 | 13,291 | 180 | 3.43 | ||||||||||||||||||
Total investment securities | 395,468 | 4,828 | 2.48 | 367,788 | 4,831 | 2.65 | ||||||||||||||||||
Total loans | 1,218,360 | 32,170 | 5.31 | 1,154,691 | 32,516 | 5.68 | ||||||||||||||||||
Total interest-earning assets | 1,705,670 | 37,282 | 4.40 | % | 1,588,972 | 38,170 | 4.85 | % | ||||||||||||||||
Allowance for loan losses | (13,816 | ) | (13,751 | ) | ||||||||||||||||||||
Cash and due from banks | 22,827 | 23,768 | ||||||||||||||||||||||
Other assets | 107,310 | 109,922 | ||||||||||||||||||||||
Total assets | $ | 1,821,991 | $ | 1,708,911 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,121,858 | 3,880 | 0.70 | $ | 1,053,286 | 4,335 | 0.83 | ||||||||||||||||
Short-term borrowings | 22,750 | 39 | 0.34 | 22,054 | 21 | 0.19 | ||||||||||||||||||
FHLB Advances | 4,201 | 53 | 2.54 | 7,082 | 103 | 2.93 | ||||||||||||||||||
Other borrowings | - | - | 0.00 | 1,432 | 31 | 4.37 | ||||||||||||||||||
Subordinated debt | 5,444 | 159 | 5.87 | 5,412 | 190 | 7.08 | ||||||||||||||||||
Total interest-bearing liabilities | 1,154,253 | 4,131 | 0.72 | % | 1,089,266 | 4,680 | 0.87 | % | ||||||||||||||||
Non-interest bearing deposits | 406,163 | 383,128 | ||||||||||||||||||||||
Other liabilities | 12,106 | 11,468 | ||||||||||||||||||||||
Stockholders’ equity | 249,469 | 225,049 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,821,991 | $ | 1,708,911 | ||||||||||||||||||||
Net interest earnings | $ | 33,151 | $ | 33,490 | ||||||||||||||||||||
Net interest spread | 3.68 | % | 3.98 | % | ||||||||||||||||||||
Net interest margin | 3.91 | % | 4.25 | % |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 81,672 | $ | 478 | 2.35 | % | $ | 90,360 | $ | 381 | 1.69 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 356,862 | 2,313 | 2.59 | 288,996 | 1,633 | 2.26 | ||||||||||||||||||
Tax-exempt | 13,016 | 88 | 3.42 | 9,363 | 55 | 2.97 | ||||||||||||||||||
Total investment securities | 369,878 | 2,401 | 2.62 | 298,359 | 1,688 | 2.28 | ||||||||||||||||||
Total loans | 1,155,920 | 16,227 | 5.63 | 1,029,901 | 13,684 | 5.33 | ||||||||||||||||||
Total interest-earning assets | 1,607,470 | 19,106 | 4.78 | % | 1,418,620 | 15,753 | 4.46 | % | ||||||||||||||||
Allowance for loan losses | (13,685 | ) | (12,957 | ) | ||||||||||||||||||||
Cash and due from banks | 23,461 | 21,819 | ||||||||||||||||||||||
Other assets | 109,372 | 85,306 | ||||||||||||||||||||||
Total assets | $ | 1,726,618 | $ | 1,512,788 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,063,511 | 2,285 | 0.86 | $ | 949,046 | 1,197 | 0.51 | ||||||||||||||||
Short-term borrowings | 21,938 | 12 | 0.22 | 19,516 | 7 | 0.14 | ||||||||||||||||||
FHLB Advances | 6,496 | 48 | 2.96 | - | - | - | ||||||||||||||||||
Other borrowings | 879 | 10 | 4.56 | 4,039 | 41 | 4.07 | ||||||||||||||||||
Subordinated debentures | 5,416 | 96 | 7.11 | 5,385 | 89 | 6.63 | ||||||||||||||||||
Total interest-bearing liabilities | 1,098,240 | 2,451 | 0.90 | % | 977,986 | 1,334 | 0.55 | % | ||||||||||||||||
Non-interest bearing deposits | 388,752 | 344,986 | ||||||||||||||||||||||
Other liabilities | 11,248 | 3,918 | ||||||||||||||||||||||
Stockholders’ equity | 228,378 | 185,898 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,726,618 | $ | 1,512,788 | ||||||||||||||||||||
Net interest earnings | $ | 16,655 | $ | 14,419 | ||||||||||||||||||||
Net interest spread | 3.88 | % | 3.91 | % | ||||||||||||||||||||
Net interest margin | 4.16 | % | 4.08 | % |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 112,513 | $ | 26 | 0.09 | % | $ | 81,672 | $ | 478 | 2.35 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 365,394 | 2,014 | 2.20 | 356,862 | 2,313 | 2.59 | ||||||||||||||||||
Tax-exempt | 36,484 | 182 | 2.53 | 13,016 | 88 | 3.42 | ||||||||||||||||||
Total investment securities | 401,878 | 2,196 | 2.23 | 369,878 | 2,401 | 2.62 | ||||||||||||||||||
Total loans | 1,252,337 | 16,416 | 5.27 | 1,155,920 | 16,227 | 5.63 | ||||||||||||||||||
Total interest-earning assets | 1,766,728 | 18,638 | 4.25 | % | 1,607,470 | 19,106 | 4.78 | % | ||||||||||||||||
Allowance for loan losses | (14,039 | ) | (13,685 | ) | ||||||||||||||||||||
Cash and due from banks | 22,980 | 23,461 | ||||||||||||||||||||||
Other assets | 107,744 | 109,372 | ||||||||||||||||||||||
Total assets | $ | 1,883,413 | �� | $ | 1,726,618 | |||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,132,726 | 1,715 | 0.61 | $ | 1,063,511 | 2,285 | 0.86 | ||||||||||||||||
Short-term borrowings | 25,653 | 15 | 0.24 | 21,938 | 12 | 0.22 | ||||||||||||||||||
FHLB Advances | 4,253 | 23 | 2.18 | 6,496 | 48 | 2.96 | ||||||||||||||||||
Other borrowings | - | - | 0.00 | 879 | 10 | 4.56 | ||||||||||||||||||
Subordinated debentures | 5,448 | 76 | 5.61 | 5,416 | 96 | 7.11 | ||||||||||||||||||
Total interest-bearing liabilities | 1,168,080 | 1,829 | 0.63 | % | 1,098,240 | 2,451 | 0.90 | % | ||||||||||||||||
Non-interest bearing deposits | 448,766 | 388,752 | ||||||||||||||||||||||
Other liabilities | 12,812 | 11,248 | ||||||||||||||||||||||
Stockholders’ equity | 253,755 | 228,378 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,883,413 | $ | 1,726,618 | ||||||||||||||||||||
Net interest earnings | $ | 16,809 | $ | 16,655 | ||||||||||||||||||||
Net interest spread | 3.62 | % | 3.88 | % | ||||||||||||||||||||
Net interest margin | 3.83 | % | 4.16 | % |
(In Thousands) | (In Thousands) | |||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||
Non-accrual loans | $ | 16,839 | $ | 17,448 | $ | 13,761 | $ | 14,437 | ||||||||
Accruing loans which are contractually past due 90 days or more | 1,284 | 1,086 | 980 | 2,228 | ||||||||||||
Accruing restructured loans | 6,272 | 6,283 | 2,133 | 3,020 | ||||||||||||
Total non-performing loans | 24,395 | 24,817 | 16,874 | 19,685 | ||||||||||||
Other real estate acquired through foreclosure (OREO) | 14,248 | 14,024 | 12,267 | 12,242 | ||||||||||||
Total non-performing assets | $ | 38,643 | $ | 38,841 | $ | 29,141 | $ | 31,927 | ||||||||
Non-performing loans as a percentage of total loans | 2.12 | % | 2.16 | % | 1.33 | % | 1.65 | % | ||||||||
Non-performing assets as a percentage of total assets | 2.27 | % | 2.30 | % | 1.52 | % | 1.79 | % |
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 |
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 |
31.1 |
31.2 |
32 |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
PREMIER FINANCIAL BANCORP, INC. | ||||
Date: August 6, 2020 | /s/ Robert W. Walker | |||
Robert W. Walker | ||||
President & Chief Executive Officer | ||||
Date: August 6, 2020 | /s/ Brien M. Chase | |||
Brien M. Chase | ||||
Senior Vice President & Chief Financial Officer |