☑ | 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) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 23,455 | $ | 23,091 | ||||
Interest bearing bank balances | 37,894 | 65,465 | ||||||
Federal funds sold | 8,134 | 5,902 | ||||||
Cash and cash equivalents | 69,483 | 94,458 | ||||||
Time deposits with other banks | 598 | 598 | ||||||
Securities available for sale | 404,478 | 390,754 | ||||||
Loans | 1,185,043 | 1,195,295 | ||||||
Allowance for loan losses | (13,856 | ) | (13,542 | ) | ||||
Net loans | 1,171,187 | 1,181,753 | ||||||
Federal Home Loan Bank stock, at cost | 4,314 | 4,450 | ||||||
Premises and equipment, net | 37,148 | 37,257 | ||||||
Real estate acquired through foreclosure | 12,709 | 12,242 | ||||||
Interest receivable | 5,192 | 4,699 | ||||||
Goodwill | 47,640 | 47,640 | ||||||
Other intangible assets | 5,134 | 5,376 | ||||||
Other assets | 1,350 | 1,783 | ||||||
Total assets | $ | 1,759,233 | $ | 1,781,010 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 356,220 | $ | 367,870 | ||||
Time deposits, $250,000 and over | 98,460 | 100,638 | ||||||
Other interest bearing | 1,007,700 | 1,027,245 | ||||||
Total deposits | 1,462,380 | 1,495,753 | ||||||
Securities sold under agreements to repurchase | 19,694 | 20,428 | ||||||
FHLB advances | 7,986 | 6,375 | ||||||
Subordinated debt | 5,445 | 5,436 | ||||||
Interest payable | 865 | 912 | ||||||
Other liabilities | 13,938 | 11,865 | ||||||
Total liabilities | 1,510,308 | 1,540,769 | ||||||
Stockholders' equity | ||||||||
Common stock, no par value; 30,000,000 shares authorized; 14,662,257 shares issued and outstanding at March 31, 2020, and 14,657,432 shares issued and outstanding at December 31, 2019 | 133,866 | 133,795 | ||||||
Retained earnings | 105,911 | 102,743 | ||||||
Accumulated other comprehensive income | 9,148 | 3,703 | ||||||
Total stockholders' equity | 248,925 | 240,241 | ||||||
Total liabilities and stockholders' equity | $ | 1,759,233 | $ | 1,781,010 |
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 March 31, | ||||||||
2020 | 2019 | |||||||
Interest income | ||||||||
Loans, including fees | $ | 15,754 | $ | 16,289 | ||||
Securities available for sale | ||||||||
Taxable | 2,543 | 2,338 | ||||||
Tax-exempt | 89 | 92 | ||||||
Federal funds sold and other | 258 | 345 | ||||||
Total interest income | 18,644 | 19,064 | ||||||
Interest expense | ||||||||
Deposits | 2,165 | 2,050 | ||||||
Repurchase agreements and other | 24 | 9 | ||||||
Other borrowings | - | 21 | ||||||
FHLB advances | 30 | 55 | ||||||
Subordinated debt | 83 | 94 | ||||||
Total interest expense | 2,302 | 2,229 | ||||||
Net interest income | 16,342 | 16,835 | ||||||
Provision for loan losses | 1,000 | 560 | ||||||
Net interest income after provision for loan losses | 15,342 | 16,275 | ||||||
Non-interest income | ||||||||
Service charges on deposit accounts | 1,106 | 1,094 | ||||||
Electronic banking income | 818 | 822 | ||||||
Secondary market mortgage income | 66 | 24 | ||||||
Other | 259 | 236 | ||||||
2,249 | 2,176 | |||||||
Non-interest expenses | ||||||||
Salaries and employee benefits | 5,408 | 5,199 | ||||||
Occupancy and equipment expenses | 1,725 | 1,664 | ||||||
Outside data processing | 1,531 | 1,384 | ||||||
Professional fees | 244 | 365 | ||||||
Taxes, other than payroll, property and income | 275 | 238 | ||||||
Write-downs, expenses, sales of other real estate owned, net | 68 | 249 | ||||||
Amortization of intangibles | 242 | 227 | ||||||
FDIC insurance | (4 | ) | 124 | |||||
Other expenses | 1,248 | 1,143 | ||||||
10,737 | 10,593 | |||||||
Income before income taxes | 6,854 | 7,858 | ||||||
Provision for income taxes | 1,486 | 1,682 | ||||||
Net income | $ | 5,368 | $ | 6,176 | ||||
Net income per share: | ||||||||
Basic | $ | 0.37 | $ | 0.42 | ||||
Diluted | 0.36 | 0.42 |
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 March 31, | ||||||||
2020 | 2019 | |||||||
Net income | $ | 5,368 | $ | 6,176 | ||||
Other comprehensive income: | ||||||||
Unrealized gains arising during the period | 6,892 | 5,604 | ||||||
Reclassification of realized amount | - | - | ||||||
Net change in unrealized gain on securities | 6,892 | 5,604 | ||||||
Less tax impact | (1,447 | ) | (1,177 | ) | ||||
Other comprehensive income | 5,445 | 4,427 | ||||||
Comprehensive income | $ | 10,813 | $ | 10,603 |
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 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | |||||||||||||
Balances, January 1, 2019 | $ | 133,248 | $ | 87,333 | $ | (3,852 | ) | $ | 216,729 | |||||||
Net income | - | 6,176 | - | 6,176 | ||||||||||||
Other comprehensive income | - | - | 4,427 | 4,427 | ||||||||||||
Cash dividends paid ($0.15 per share) | - | (2,195 | ) | - | (2,195 | ) | ||||||||||
Stock options exercised | 51 | - | - | 51 | ||||||||||||
Stock based compensation expense | 39 | - | - | 39 | ||||||||||||
Balances, March 31, 2019 | $ | 133,338 | $ | 91,314 | $ | 575 | $ | 225,227 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total | |||||||||||||
Balances, January 1, 2020 | $ | 133,795 | $ | 102,743 | $ | 3,703 | $ | 240,241 | ||||||||
Net income | - | 5,368 | - | 5,368 | ||||||||||||
Other comprehensive income | - | - | 5,445 | 5,445 | ||||||||||||
Cash dividends paid ($0.15 per share) | - | (2,200 | ) | - | (2,200 | ) | ||||||||||
Stock options exercised | 31 | - | - | 31 | ||||||||||||
Stock based compensation expense | 40 | - | - | 40 | ||||||||||||
Balances, March 31, 2020 | $ | 133,866 | $ | 105,911 | $ | 9,148 | $ | 248,925 |
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 |
2020 | 2019 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 5,368 | $ | 6,176 | ||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||
Depreciation | 460 | 467 | ||||||
Provision for loan losses | 1,000 | 560 | ||||||
Amortization (accretion), net | 94 | (47 | ) | |||||
Writedowns (gains on the sale) of other real estate owned, net | 14 | (15 | ) | |||||
Stock compensation expense | 40 | 39 | ||||||
Changes in: | ||||||||
Interest receivable | (493 | ) | (343 | ) | ||||
Other assets | 434 | (228 | ) | |||||
Interest payable | (47 | ) | 127 | |||||
Other liabilities | 455 | 1,131 | ||||||
Net cash from operating activities | 7,325 | 7,867 | ||||||
Cash flows from investing activities | ||||||||
Purchases of securities available for sale | (47,360 | ) | (13,854 | ) | ||||
Proceeds from maturities and calls of securities available for sale | 40,458 | 15,869 | ||||||
Redemption of FHLB stock | 136 | 60 | ||||||
Net change in loans | 8,960 | (7,555 | ) | |||||
Purchases of premises and equipment, net | (181 | ) | (361 | ) | ||||
Proceeds from sales of other real estate acquired through foreclosure | 380 | 414 | ||||||
Net cash from (used in) investing activities | 2,393 | (5,427 | ) | |||||
Cash flows from financing activities | ||||||||
Net change in deposits | (33,390 | ) | 23,637 | |||||
Net change in agreements to repurchase securities | (734 | ) | (37 | ) | ||||
Advances from FHLB | 5,000 | - | ||||||
Repayment of other borrowed funds | - | (1,050 | ) | |||||
Repayment of FHLB advances | (3,400 | ) | (1,500 | ) | ||||
Proceeds from stock option exercises | 31 | 51 | ||||||
Common stock dividends paid | (2,200 | ) | (2,195 | ) | ||||
Net cash from financing activities | (34,693 | ) | 18,906 | |||||
Net change in cash and cash equivalents | (24,975 | ) | 21,346 | |||||
Cash and cash equivalents at beginning of period | 94,458 | 80,775 | ||||||
Cash and cash equivalents at end of period | $ | 69,483 | $ | 102,121 |
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during period for interest | $ | 2,349 | $ | 2,102 | ||||
Loans transferred to real estate acquired through foreclosure | 891 | 753 | ||||||
Operating right-of-use asset resulting from lease liability | 171 | 7,453 |
March 31, 2020 | ||||||||||||||||||||||||||
Year | Net Income | |||||||||||||||||||||||||
Year | Year | Total | June 30, 2020 Net Income | |||||||||||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | Location | Acquired | Assets | Qtr | YTD | |||||||||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 554,340 | $ | 1,583 | Vanceburg, Kentucky | 1991 | $ | 578,556 | $ | 1,438 | $ | 3,021 | ||||||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,197,522 | 4,233 | Huntington, West Virginia | 1998 | 1,328,897 | 4,741 | 8,974 | |||||||||||||||||
Parent and Intercompany Eliminations | 7,371 | (448 | ) | 7,541 | (673 | ) | (1,121 | ) | ||||||||||||||||||
Consolidated Total | $ | 1,759,233 | $ | 5,368 | $ | 1,914,994 | $ | 5,506 | $ | 10,874 |
2020 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 282,478 | $ | 10,827 | $ | (14 | ) | $ | 293,291 | |||||||
U. S. sponsored agency CMO’s - residential | 56,361 | 566 | (159 | ) | 56,768 | |||||||||||
Total mortgage-backed securities of government sponsored agencies | 338,839 | 11,393 | (173 | ) | 350,059 | |||||||||||
U. S. government sponsored agency securities | 12,080 | 151 | - | 12,231 | ||||||||||||
Obligations of states and political subdivisions | 40,020 | 348 | (56 | ) | 40,312 | |||||||||||
Other securities | 1,959 | 46 | (129 | ) | 1,876 | |||||||||||
Total available for sale | $ | 392,898 | $ | 11,938 | $ | (358 | ) | $ | 404,478 |
2019 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 276,013 | $ | 3,618 | $ | (322 | ) | $ | 279,309 | |||||||
U. S. sponsored agency CMO’s - residential | 61,989 | 768 | (113 | ) | 62,644 | |||||||||||
Total mortgage-backed securities of government sponsored agencies | 338,002 | 4,386 | (435 | ) | 341,953 | |||||||||||
U. S. government sponsored agency securities | 30,538 | 280 | (88 | ) | 30,730 | |||||||||||
Obligations of states and political subdivisions | 15,570 | 453 | (6 | ) | 16,017 | |||||||||||
Other securities | 1,956 | 98 | - | 2,054 | ||||||||||||
Total available for sale | $ | 386,066 | $ | 5,217 | $ | (529 | ) | $ | 390,754 |
2020 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 305,338 | $ | 11,053 | $ | (248 | ) | $ | 316,143 | |||||||
U. S. sponsored agency CMO’s - residential | 47,888 | 1,308 | – | 49,196 | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 353,226 | 12,361 | (248 | ) | 365,339 | |||||||||||
U. S. government sponsored agency securities | 9,392 | 154 | – | 9,546 | ||||||||||||
Obligations of states and political subdivisions | 38,541 | 1,183 | – | 39,724 | ||||||||||||
Other securities | 1,963 | 135 | (7 | ) | 2,091 | |||||||||||
Total available for sale | $ | 403,122 | $ | 13,833 | $ | (255 | ) | $ | 416,700 |
2019 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 276,013 | $ | 3,618 | $ | (322 | ) | $ | 279,309 | |||||||
U. S. sponsored agency CMO’s - residential | 61,989 | 768 | (113 | ) | 62,644 | |||||||||||
Total mortgage-backed securities of government sponsored agencies | 338,002 | 4,386 | (435 | ) | 341,953 | |||||||||||
U. S. government sponsored agency securities | 30,538 | 280 | (88 | ) | 30,730 | |||||||||||
Obligations of states and political subdivisions | 15,570 | 453 | (6 | ) | 16,017 | |||||||||||
Other securities | 1,956 | 98 | – | 2,054 | ||||||||||||
Total available for sale | $ | 386,066 | $ | 5,217 | $ | (529 | ) | $ | 390,754 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Available for sale | ||||||||||||||||
Due in one year or less | $ | 7,085 | $ | 7,124 | $ | 8,742 | $ | 8,825 | ||||||||
Due after one year through five years | 29,988 | 29,948 | 26,090 | 26,718 | ||||||||||||
Due after five years through ten years | 10,543 | 10,647 | 9,437 | 9,716 | ||||||||||||
Due after ten years | 6,443 | 6,700 | 5,627 | 6,102 | ||||||||||||
Mortgage-backed securities of government sponsored agencies | 338,839 | 350,059 | 353,226 | 365,339 | ||||||||||||
Total available for sale | $ | 392,898 | $ | 404,478 | $ | 403,122 | $ | 416,700 |
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 MBS – residential | $ | 851 | $ | (14 | ) | $ | - | $ | - | $ | 851 | $ | (14 | ) | $ | 43,995 | $ | (248 | ) | $ | – | $ | – | $ | 43,995 | $ | (248 | ) | ||||||||||||||||||||
U.S government sponsored agency CMO – residential | 10,747 | (109 | ) | 2,449 | (50 | ) | 13,196 | (159 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 4,968 | (56 | ) | - | - | 4,968 | (56 | ) | ||||||||||||||||||||||||||||||||||||||||
Other securities | 848 | (129 | ) | - | - | 848 | (129 | ) | 241 | (7 | ) | – | – | 241 | (7 | ) | ||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 17,414 | $ | (308 | ) | $ | 2,449 | $ | (50 | ) | $ | 19,863 | $ | (358 | ) | $ | 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 | $ | 10,851 | $ | (84 | ) | $ | 3,957 | $ | (4 | ) | $ | 14,808 | $ | (88 | ) | $ | 10,851 | $ | (84 | ) | $ | 3,957 | $ | (4 | ) | $ | 14,808 | $ | (88 | ) | ||||||||||||||||||
U.S government sponsored agency MBS – residential | 50,945 | (199 | ) | 12,930 | (123 | ) | 63,875 | (322 | ) | 50,945 | (199 | ) | 12,930 | (123 | ) | 63,875 | (322 | ) | ||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 4,376 | (3 | ) | 8,815 | (110 | ) | 13,191 | (113 | ) | 4,376 | (3 | ) | 8,815 | (110 | ) | 13,191 | (113 | ) | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 1,866 | (6 | ) | - | - | 1,866 | (6 | ) | 1,866 | (6 | ) | – | – | 1,866 | (6 | ) | ||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 68,038 | $ | (292 | ) | $ | 25,702 | $ | (237 | ) | $ | 93,740 | $ | (529 | ) | $ | 68,038 | $ | (292 | ) | $ | 25,702 | $ | (237 | ) | $ | 93,740 | $ | (529 | ) |
2020 | 2019 | |||||||
Residential real estate | $ | 387,909 | $ | 389,985 | ||||
Multifamily real estate | 40,286 | 36,684 | ||||||
Commercial real estate: | ||||||||
Owner occupied | 168,102 | 164,218 | ||||||
Non-owner occupied | 306,854 | 304,316 | ||||||
Commercial and industrial | 101,132 | 105,079 | ||||||
Consumer | 26,409 | 29,007 | ||||||
Construction and land | 119,415 | 136,138 | ||||||
All other | 34,936 | 29,868 | ||||||
$ | 1,185,043 | $ | 1,195,295 |
2020 | 2019 | |||||||
Residential real estate | $ | 390,150 | $ | 389,985 | ||||
Multifamily real estate | 37,376 | 36,684 | ||||||
Commercial real estate: | ||||||||
Owner occupied | 164,121 | 164,218 | ||||||
Non-owner occupied | 303,141 | 304,316 | ||||||
Commercial and industrial | 85,073 | 105,079 | ||||||
SBA PPP | 110,690 | – | ||||||
Consumer | 25,416 | 29,007 | ||||||
Construction and land | 115,053 | 136,138 | ||||||
All other | 33,982 | 29,868 | ||||||
$ | 1,265,002 | $ | 1,195,295 |
Loan Class | Balance Dec 31, 2019 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance March 31, 2020 | Balance December 31, 2019 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2020 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,711 | $ | 216 | $ | (93 | ) | $ | 4 | $ | 1,838 | $ | 1,711 | $ | 288 | $ | (94 | ) | $ | 10 | $ | 1,915 | ||||||||||||||||||
Multifamily real estate | 1,954 | 150 | - | - | 2,104 | 1,954 | 161 | – | – | 2,115 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2,441 | 342 | (566 | ) | 3 | 2,220 | 2,441 | 590 | (566 | ) | 5 | 2,470 | ||||||||||||||||||||||||||||
Non-owner occupied | 3,184 | 479 | (24 | ) | 3 | 3,642 | 3,184 | 1,200 | (77 | ) | 3 | 4,310 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,767 | 22 | - | 28 | 1,817 | 1,767 | (247 | ) | (5 | ) | 39 | 1,554 | ||||||||||||||||||||||||||||
Consumer | 281 | 2 | (69 | ) | 27 | 241 | 281 | 14 | (99 | ) | 34 | 230 | ||||||||||||||||||||||||||||
Construction and land | 1,724 | (349 | ) | - | 37 | 1,412 | 1,724 | (529 | ) | – | 38 | 1,233 | ||||||||||||||||||||||||||||
All other | 480 | 138 | (74 | ) | 38 | 582 | 480 | 113 | (94 | ) | 62 | 561 | ||||||||||||||||||||||||||||
Total | $ | 13,542 | $ | 1,000 | $ | (826 | ) | $ | 140 | $ | 13,856 | $ | 13,542 | $ | 1,590 | $ | (935 | ) | $ | 191 | $ | 14,388 |
Loan Class | Balance Dec 31, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance March 31, 2019 | Balance December 31, 2018 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2019 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 1,808 | $ | 42 | $ | (32 | ) | $ | 5 | $ | 1,823 | $ | 1,808 | $ | 104 | $ | (59 | ) | $ | 27 | $ | 1,880 | ||||||||||||||||||
Multifamily real estate | 1,649 | (61 | ) | - | 2 | 1,590 | 1,649 | 65 | – | 2 | 1,716 | |||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2,120 | 236 | (533 | ) | 1 | 1,824 | 2,120 | 200 | (533 | ) | 3 | 1,790 | ||||||||||||||||||||||||||||
Non-owner occupied | 3,058 | 400 | (57 | ) | - | 3,401 | 3,058 | 277 | (57 | ) | 2 | 3,280 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,897 | (97 | ) | (110 | ) | 31 | 1,721 | 1,897 | 178 | (113 | ) | 38 | 2,000 | |||||||||||||||||||||||||||
Consumer | 351 | 110 | (107 | ) | 11 | 365 | 351 | 129 | (140 | ) | 28 | 368 | ||||||||||||||||||||||||||||
Construction and land | 2,255 | (93 | ) | (13 | ) | - | 2,149 | 2,255 | (102 | ) | (13 | ) | – | 2,140 | ||||||||||||||||||||||||||
All other | 600 | 23 | (51 | ) | 34 | 606 | 600 | 39 | (97 | ) | 57 | 599 | ||||||||||||||||||||||||||||
Total | $ | 13,738 | $ | 560 | $ | (903 | ) | $ | 84 | $ | 13,479 | $ | 13,738 | $ | 890 | $ | (1,012 | ) | $ | 157 | $ | 13,773 |
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 | |||||||||||||||
Residential real estate | $ | 1,823 | $ | 62 | $ | (27 | ) | $ | 22 | $ | 1,880 | |||||||||
Multifamily real estate | 1,590 | 126 | – | – | 1,716 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,824 | (36 | ) | – | 2 | 1,790 | ||||||||||||||
Non-owner occupied | 3,401 | (123 | ) | – | 2 | 3,280 | ||||||||||||||
Commercial and industrial | 1,721 | 275 | (3 | ) | 7 | 2,000 | ||||||||||||||
Consumer | 365 | 19 | (33 | ) | 17 | 368 | ||||||||||||||
Construction and land | 2,149 | (9 | ) | – | – | 2,140 | ||||||||||||||
All other | 606 | 16 | (46 | ) | 23 | 599 | ||||||||||||||
Total | $ | 13,479 | $ | 330 | $ | (109 | ) | $ | 73 | $ | 13,773 |
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 |
2020 | 2019 | |||||||
Residential real estate | $ | 2,436 | $ | 2,565 | ||||
Commercial real estate | ||||||||
Owner occupied | 1,750 | 1,804 | ||||||
Non-owner occupied | 2,533 | 2,628 | ||||||
Commercial and industrial | 291 | 305 | ||||||
Consumer | 19 | 22 | ||||||
Construction and land | 476 | 483 | ||||||
All other | 171 | 174 | ||||||
Total carrying amount | $ | 7,676 | $ | 7,981 | ||||
Contractual principal balance | $ | 11,424 | $ | 11,681 | ||||
Carrying amount, net of allowance | $ | 7,676 | $ | 7,981 |
2020 | 2019 | 2020 | 2019 | |||||||||||||
Balance at January 1 | $ | 619 | $ | 642 | $ | 619 | $ | 642 | ||||||||
New loans purchased | - | - | – | – | ||||||||||||
Accretion of income | (36 | ) | (53 | ) | (59 | ) | (94 | ) | ||||||||
Loans placed on non-accrual | - | (14 | ) | – | – | |||||||||||
Income recognized upon full repayment | (7 | ) | (42 | ) | (65 | ) | (73 | ) | ||||||||
Reclassifications from non-accretable difference | - | - | ||||||||||||||
Reclassifications to accretable difference | (190 | ) | – | |||||||||||||
Disposals | - | - | – | – | ||||||||||||
Balance at March 31 | $ | 576 | $ | 533 | ||||||||||||
Balance at June 30 | $ | 305 | $ | 475 |
March 31, 2020 | 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 | $ | 5,478 | $ | 4,266 | $ | 710 | $ | 5,460 | $ | 4,197 | $ | 748 | ||||||||||||
Multifamily real estate | 4,184 | 3,797 | - | 4,088 | 3,708 | – | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 3,125 | 2,396 | 10 | 2,160 | 1,734 | 9 | ||||||||||||||||||
Non-owner occupied | 4,214 | 2,872 | 66 | 4,042 | 2,726 | – | ||||||||||||||||||
Commercial and industrial | 1,047 | 498 | 300 | 1,341 | 787 | 74 | ||||||||||||||||||
Consumer | 367 | 283 | 16 | 324 | 236 | – | ||||||||||||||||||
Construction and land | 374 | 337 | - | 355 | 313 | 149 | ||||||||||||||||||
All other | 75 | 60 | - | 75 | 60 | – | ||||||||||||||||||
Total | $ | 18,864 | $ | 14,509 | $ | 1,102 | $ | 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 | 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 | $ | 5,801 | $ | 4,618 | $ | 1,425 | ||||||||||||
Multifamily real estate | 4,113 | 3,726 | - | 4,113 | 3,726 | – | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 3,399 | 2,995 | - | 3,399 | 2,995 | – | ||||||||||||||||||
Non-owner occupied | 3,120 | 1,852 | 340 | 3,120 | 1,852 | 340 | ||||||||||||||||||
Commercial and industrial | 1,026 | 420 | 451 | 1,026 | 420 | 451 | ||||||||||||||||||
Consumer | 364 | 313 | 9 | 364 | 313 | 9 | ||||||||||||||||||
Construction and land | 470 | 440 | 3 | 470 | 440 | 3 | ||||||||||||||||||
All other | 75 | 73 | - | 75 | 73 | – | ||||||||||||||||||
Total | $ | 18,368 | $ | 14,437 | $ | 2,228 | $ | 18,368 | $ | 14,437 | $ | 2,228 |
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 | $ | 387,909 | $ | 5,829 | $ | 2,505 | $ | 8,334 | $ | 379,575 | $ | 390,150 | $ | 3,971 | $ | 2,802 | $ | 6,773 | $ | 383,377 | ||||||||||||||||||||
Multifamily real estate | 40,286 | - | 3,797 | 3,797 | 36,489 | 37,376 | – | 3,708 | 3,708 | 33,668 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 168,102 | 786 | 964 | 1,750 | 166,352 | 164,121 | 26 | 505 | 531 | 163,590 | ||||||||||||||||||||||||||||||
Non-owner occupied | 306,854 | 3,058 | 849 | 3,907 | 302,947 | 303,141 | – | 1,591 | 1,591 | 301,550 | ||||||||||||||||||||||||||||||
Commercial and industrial | 101,132 | 1,370 | 655 | 2,025 | 99,107 | 85,073 | 703 | 723 | 1,426 | 83,647 | ||||||||||||||||||||||||||||||
SBA PPP | 110,690 | – | – | – | 110,690 | |||||||||||||||||||||||||||||||||||
Consumer | 26,409 | 128 | 152 | 280 | 26,129 | 25,416 | 96 | 112 | 208 | 25,208 | ||||||||||||||||||||||||||||||
Construction and land | 119,415 | 150 | 5 | 155 | 119,260 | 115,053 | 4 | 152 | 156 | 114,897 | ||||||||||||||||||||||||||||||
All other | 34,936 | - | 60 | 60 | 34,876 | 33,982 | – | 60 | 60 | 33,922 | ||||||||||||||||||||||||||||||
Total | $ | 1,185,043 | $ | 11,321 | $ | 8,987 | $ | 20,308 | $ | 1,164,735 | $ | 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 | |||||||||||||||
Residential real estate | $ | 389,985 | $ | 9,479 | $ | 3,192 | $ | 12,671 | $ | 377,314 | ||||||||||
Multifamily real estate | 36,684 | - | 3,726 | 3,726 | 32,958 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 164,218 | 337 | 1,199 | 1,536 | 162,682 | |||||||||||||||
Non-owner occupied | 304,316 | 838 | 1,017 | 1,855 | 302,461 | |||||||||||||||
Commercial and industrial | 105,079 | 245 | 708 | 953 | 104,126 | |||||||||||||||
Consumer | 29,007 | 309 | 230 | 539 | 28,468 | |||||||||||||||
Construction and land | 136,138 | 3,856 | 4 | 3,860 | 132,278 | |||||||||||||||
All other | 29,868 | - | 73 | 73 | 29,795 | |||||||||||||||
Total | $ | 1,195,295 | $ | 15,064 | $ | 10,149 | $ | 25,213 | $ | 1,170,082 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Loans Not Past Due | |||||||||||||||
Residential real estate | $ | 389,985 | $ | 9,479 | $ | 3,192 | $ | 12,671 | $ | 377,314 | ||||||||||
Multifamily real estate | 36,684 | – | 3,726 | 3,726 | 32,958 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 164,218 | 337 | 1,199 | 1,536 | 162,682 | |||||||||||||||
Non-owner occupied | 304,316 | 838 | 1,017 | 1,855 | 302,461 | |||||||||||||||
Commercial and industrial | 105,079 | 245 | 708 | 953 | 104,126 | |||||||||||||||
Consumer | 29,007 | 309 | 230 | 539 | 28,468 | |||||||||||||||
Construction and land | 136,138 | 3,856 | 4 | 3,860 | 132,278 | |||||||||||||||
All other | 29,868 | – | 73 | 73 | 29,795 | |||||||||||||||
Total | $ | 1,195,295 | $ | 15,064 | $ | 10,149 | $ | 25,213 | $ | 1,170,082 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | – | $ | 1,915 | $ | – | $ | 1,915 | $ | 60 | $ | 387,706 | $ | 2,384 | $ | 390,150 | ||||||||||||||||
Multifamily real estate | 1,865 | 250 | – | 2,115 | 3,708 | 33,668 | – | 37,376 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | – | 2,470 | – | 2,470 | 1,440 | 161,573 | 1,108 | 164,121 | ||||||||||||||||||||||||
Non-owner occupied | 448 | 3,862 | – | 4,310 | 4,022 | 296,637 | 2,482 | 303,141 | ||||||||||||||||||||||||
Commercial and industrial | 446 | 1,108 | – | 1,554 | 763 | 84,291 | 19 | 85,073 | ||||||||||||||||||||||||
SBA PPP | – | – | – | – | – | 110,690 | – | 110,690 | ||||||||||||||||||||||||
Consumer | – | 230 | – | 230 | – | 25,399 | 17 | 25,416 | ||||||||||||||||||||||||
Construction and land | – | 1,233 | – | 1,233 | 303 | 114,334 | 416 | 115,053 | ||||||||||||||||||||||||
All other | – | 561 | – | 561 | – | 33,806 | 176 | 33,982 | ||||||||||||||||||||||||
Total | $ | 2,759 | $ | 11,629 | $ | – | $ | 14,388 | $ | 10,296 | $ | 1,248,104 | $ | 6,602 | $ | 1,265,002 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,838 | $ | - | $ | 1,838 | $ | 62 | $ | 385,411 | $ | 2,436 | $ | 387,909 | ||||||||||||||||
Multifamily real estate | 1,855 | 249 | - | 2,104 | 3,797 | 36,489 | - | 40,286 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | - | 2,220 | - | 2,220 | 1,492 | 164,860 | 1,750 | 168,102 | ||||||||||||||||||||||||
Non-owner occupied | 407 | 3,235 | - | 3,642 | 4,064 | 300,257 | 2,533 | 306,854 | ||||||||||||||||||||||||
Commercial and industrial | 456 | 1,361 | - | 1,817 | 773 | 100,068 | 291 | 101,132 | ||||||||||||||||||||||||
Consumer | - | 241 | - | 241 | - | 26,390 | 19 | 26,409 | ||||||||||||||||||||||||
Construction and land | - | 1,412 | 1,412 | 325 | 118,614 | 476 | 119,415 | |||||||||||||||||||||||||
All other | - | 582 | - | 582 | - | 34,765 | 171 | 34,936 | ||||||||||||||||||||||||
Total | $ | 2,718 | $ | 11,138 | $ | - | $ | 13,856 | $ | 10,513 | $ | 1,166,854 | $ | 7,676 | $ | 1,185,043 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | – | $ | 1,711 | $ | – | $ | 1,711 | $ | 63 | $ | 387,357 | $ | 2,565 | $ | 389,985 | ||||||||||||||||
Multifamily real estate | 1,737 | 217 | – | 1,954 | 3,726 | 32,958 | – | 36,684 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 653 | 1,788 | – | 2,441 | 2,685 | 159,729 | 1,804 | 164,218 | ||||||||||||||||||||||||
Non-owner occupied | 271 | 2,913 | – | 3,184 | 3,830 | 297,858 | 2,628 | 304,316 | ||||||||||||||||||||||||
Commercial and industrial | 390 | 1,377 | – | 1,767 | 678 | 104,096 | 305 | 105,079 | ||||||||||||||||||||||||
Consumer | – | 281 | – | 281 | – | 28,985 | 22 | 29,007 | ||||||||||||||||||||||||
Construction and land | 51 | 1,673 | – | 1,724 | 431 | 135,224 | 483 | 136,138 | ||||||||||||||||||||||||
All other | – | 480 | – | 480 | – | 29,694 | 174 | 29,868 | ||||||||||||||||||||||||
Total | $ | 3,102 | $ | 10,440 | $ | – | $ | 13,542 | $ | 11,413 | $ | 1,175,901 | $ | 7,981 | $ | 1,195,295 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,711 | $ | - | $ | 1,711 | $ | 63 | $ | 387,357 | $ | 2,565 | $ | 389,985 | ||||||||||||||||
Multifamily real estate | 1,737 | 217 | - | 1,954 | 3,726 | 32,958 | - | 36,684 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 653 | 1,788 | - | 2,441 | 2,685 | 159,729 | 1,804 | 164,218 | ||||||||||||||||||||||||
Non-owner occupied | 271 | 2,913 | - | 3,184 | 3,830 | 297,858 | 2,628 | 304,316 | ||||||||||||||||||||||||
Commercial and industrial | 390 | 1,377 | - | 1,767 | 678 | 104,096 | 305 | 105,079 | ||||||||||||||||||||||||
Consumer | - | 281 | - | 281 | - | 28,985 | 22 | 29,007 | ||||||||||||||||||||||||
Construction and land | 51 | 1,673 | - | 1,724 | 431 | 135,224 | 483 | 136,138 | ||||||||||||||||||||||||
All other | - | 480 | - | 480 | - | 29,694 | 174 | 29,868 | ||||||||||||||||||||||||
Total | $ | 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 | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential real estate | $ | 184 | $ | 62 | $ | - | $ | 184 | $ | 60 | $ | - | ||||||||||||
Multifamily real estate | 97 | 89 | - | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,189 | 1,811 | - | 2,166 | 1,759 | - | ||||||||||||||||||
Non-owner occupied | 1,668 | 830 | - | 1,661 | 805 | - | ||||||||||||||||||
Commercial and industrial | 509 | - | - | 509 | – | - | ||||||||||||||||||
Construction and land | 361 | 326 | - | 344 | 303 | - | ||||||||||||||||||
5,008 | 3,118 | - | 4,864 | 2,927 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | 4,088 | 3,708 | 1,855 | 4,088 | 3,708 | 1,865 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied | 3,760 | 3,624 | 407 | 3,748 | 3,599 | 448 | ||||||||||||||||||
Commercial and industrial | 786 | 773 | 456 | 781 | 763 | 446 | ||||||||||||||||||
8,634 | 8,105 | 2,718 | 8,617 | 8,070 | 2,759 | |||||||||||||||||||
Total | $ | 13,642 | $ | 11,223 | $ | 2,718 | $ | 13,481 | $ | 10,997 | $ | 2,759 |
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 | $ | 188 | $ | 63 | $ | - | $ | 188 | $ | 63 | $ | - | ||||||||||||
Multifamily real estate | 96 | 89 | - | 96 | 89 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,201 | 1,842 | - | 2,201 | 1,842 | - | ||||||||||||||||||
Non-owner occupied | 2,512 | 1,732 | - | 2,512 | 1,732 | - | ||||||||||||||||||
Commercial and industrial | 509 | - | - | 509 | – | - | ||||||||||||||||||
5,506 | 3,726 | - | 5,506 | 3,726 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 4,017 | $ | 3,637 | $ | 1,737 | $ | 4,017 | $ | 3,637 | $ | 1,737 | ||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,189 | 1,162 | 653 | 1,189 | 1,162 | 653 | ||||||||||||||||||
Non-owner occupied | 2,654 | 2,537 | 271 | 2,654 | 2,537 | 271 | ||||||||||||||||||
Commercial and industrial | 689 | 678 | 390 | 689 | 678 | 390 | ||||||||||||||||||
Construction and land | 460 | 431 | 51 | 460 | 431 | 51 | ||||||||||||||||||
9,009 | 8,445 | 3,102 | 9,009 | 8,445 | 3,102 | |||||||||||||||||||
Total | $ | 14,515 | $ | 12,171 | $ | 3,102 | $ | 14,515 | $ | 12,171 | $ | 3,102 |
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 | ||||||||||||||||||
Residential real estate | $ | 62 | $ | – | $ | – | $ | 267 | $ | – | $ | – | ||||||||||||
Multifamily real estate | 3,744 | – | – | 3,855 | – | – | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 2,191 | 6 | 4 | 3,898 | 6 | 6 | ||||||||||||||||||
Non-owner occupied | 4,376 | 72 | 36 | 10,556 | 186 | 186 | ||||||||||||||||||
Commercial and industrial | 738 | 2 | 2 | 562 | 2 | 2 | ||||||||||||||||||
Construction and land | 353 | – | – | 1,065 | 121 | 121 | ||||||||||||||||||
Total | $ | 11,464 | $ | 80 | $ | 42 | $ | 20,203 | $ | 315 | $ | 315 |
Three months ended March 31, 2020 | Three months ended March 31, 2019 | 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 | $ | 62 | $ | - | $ | - | $ | 264 | $ | - | $ | - | $ | 61 | $ | – | $ | – | $ | 253 | $ | – | $ | – | ||||||||||||||||||||||||
Multifamily real estate | 3,761 | - | - | 3,877 | - | - | 3,753 | – | – | 3,830 | – | – | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2,408 | 3 | 3 | 3,874 | 3 | 3 | 1,785 | 3 | 1 | 4,062 | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 4,362 | 36 | 36 | 10,580 | 94 | 91 | 4,429 | 36 | – | 10,573 | 92 | 92 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 726 | 1 | 1 | 500 | 1 | 1 | 768 | 1 | 1 | 562 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Construction and land | 378 | - | - | 1,341 | 8 | 8 | 314 | – | – | 922 | 113 | 113 | ||||||||||||||||||||||||||||||||||||
Total | $ | 11,697 | $ | 40 | $ | 40 | $ | 20,436 | $ | 106 | $ | 103 | $ | 11,110 | $ | 40 | $ | 2 | $ | 20,202 | $ | 209 | $ | 209 |
March 31, 2020 | 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 | $ | 28 | $ | 153 | $ | 181 | $ | 25 | $ | 151 | $ | 176 | ||||||||||||
Multifamily real estate | 3,708 | - | 3,708 | 3,708 | – | 3,708 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | 202 | 202 | – | 201 | 201 | ||||||||||||||||||
Non-owner occupied | - | 2,637 | 2,637 | 856 | 1,781 | 2,637 | ||||||||||||||||||
Commercial and industrial | 191 | - | 191 | 191 | – | 191 | ||||||||||||||||||
Total | $ | 3,927 | $ | 2,992 | $ | 6,919 | $ | 4,780 | $ | 2,133 | $ | 6,913 |
December 31, 2019 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||
Residential real estate | $ | 32 | $ | 157 | $ | 189 | $ | 32 | $ | 157 | $ | 189 | ||||||||||||
Multifamily real estate | 3,636 | - | 3,636 | 3,636 | – | 3,636 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,162 | 207 | 1,369 | 1,162 | 207 | 1,369 | ||||||||||||||||||
Non-owner occupied | - | 2,656 | 2,656 | – | 2,656 | 2,656 | ||||||||||||||||||
Commercial and industrial | 191 | - | 191 | 191 | – | 191 | ||||||||||||||||||
Total | $ | 5,021 | $ | 3,020 | $ | 8,041 | $ | 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 | Pass | Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||||
Residential real estate | $ | 373,530 | $ | 3,210 | $ | 11,169 | $ | - | $ | 387,909 | $ | 376,261 | $ | 2,992 | $ | 10,897 | $ | – | $ | 390,150 | ||||||||||||||||||||
Multifamily real estate | 32,269 | 4,220 | 3,797 | - | 40,286 | 29,216 | 4,452 | 3,708 | – | 37,376 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 158,862 | 4,766 | 4,474 | - | 168,102 | 155,443 | 4,284 | 4,394 | – | 164,121 | ||||||||||||||||||||||||||||||
Non-owner occupied | 290,508 | 10,782 | 5,564 | - | 306,854 | 288,198 | 9,597 | 5,346 | – | 303,141 | ||||||||||||||||||||||||||||||
Commercial and industrial | 96,476 | 3,250 | 1,406 | - | 101,132 | 80,192 | 3,498 | 1,383 | – | 85,073 | ||||||||||||||||||||||||||||||
SBA PPP | 110,690 | – | – | – | 110,690 | |||||||||||||||||||||||||||||||||||
Consumer | 26,063 | 4 | 342 | - | 26,409 | 25,107 | 2 | 307 | – | 25,416 | ||||||||||||||||||||||||||||||
Construction and land | 111,084 | 7,667 | 664 | - | 119,415 | 110,807 | 3,676 | 570 | – | 115,053 | ||||||||||||||||||||||||||||||
All other | 34,876 | - | 60 | - | 34,936 | 33,922 | – | 60 | – | 33,982 | ||||||||||||||||||||||||||||||
Total | $ | 1,123,668 | $ | 33,899 | $ | 27,476 | $ | - | $ | 1,185,043 | $ | 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 | $ | 374,835 | $ | 3,477 | $ | 11,673 | $ | - | $ | 389,985 | $ | 374,835 | $ | 3,477 | $ | 11,673 | $ | - | $ | 389,985 | ||||||||||||||||||||
Multifamily real estate | 28,103 | 4,855 | 3,726 | - | 36,684 | 28,103 | 4,855 | 3,726 | - | 36,684 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 152,695 | 5,123 | 6,400 | - | 164,218 | 152,695 | 5,123 | 6,400 | - | 164,218 | ||||||||||||||||||||||||||||||
Non-owner occupied | 290,096 | 8,617 | 5,603 | - | 304,316 | 290,096 | 8,617 | 5,603 | - | 304,316 | ||||||||||||||||||||||||||||||
Commercial and industrial | 101,085 | 2,693 | 1,301 | - | 105,079 | 101,085 | 2,693 | 1,301 | - | 105,079 | ||||||||||||||||||||||||||||||
Consumer | 28,618 | 5 | 384 | - | 29,007 | 28,618 | 5 | 384 | - | 29,007 | ||||||||||||||||||||||||||||||
Construction and land | 123,473 | 11,868 | 797 | 136,138 | 123,473 | 11,868 | 797 | - | 136,138 | |||||||||||||||||||||||||||||||
All other | 29,698 | 97 | 73 | - | 29,868 | 29,698 | 97 | 73 | - | 29,868 | ||||||||||||||||||||||||||||||
Total | $ | 1,128,603 | $ | 36,735 | $ | 29,957 | $ | - | $ | 1,195,295 | $ | 1,128,603 | $ | 36,735 | $ | 29,957 | $ | - | $ | 1,195,295 |
Mar 31, 2020 | December 31, 2019 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | |||||||||||||
Tier 1 Capital to average assets (CBLR): | 11.5 | % | 11.3 | % | 9.0 | % | 9.0 | % |
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 | % |
2020 | $ | 834 | ||
2021 | 1,067 | |||
2022 | 1,050 | |||
2023 | 805 | |||
2024 | 680 | |||
2025 and thereafter | 3,494 | |||
Total undiscounted cash flows | 7,930 | |||
Discounted cash flows | (607 | ) | ||
Total lease liability | $ | 7,323 |
2020 | $ | 556 | ||
2021 | 1,067 | |||
2022 | 1,050 | |||
2023 | 805 | |||
2024 | 680 | |||
2025 and Thereafter | 3,494 | |||
Total undiscounted cash flows | 7,652 | |||
Discounted cash flows | (422 | ) | ||
Total lease liability | $ | 7,230 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||
Income available to common stockholders | $ | 5,368 | $ | 6,176 | $ | 5,506 | $ | 5,859 | $ | 10,874 | $ | 12,035 | ||||||||||||
Weighted average common shares outstanding | 14,658,998 | 14,626,234 | 14,664,916 | 14,636,569 | 14,661,957 | 14,631,430 | ||||||||||||||||||
Earnings per share | $ | 0.37 | $ | 0.42 | $ | 0.38 | $ | 0.40 | $ | 0.74 | $ | 0.82 | ||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||
Income available to common stockholders | $ | 5,368 | $ | 6,176 | $ | 5,506 | $ | 5,859 | $ | 10,874 | $ | 12,035 | ||||||||||||
Weighted average common shares outstanding | 14,658,998 | 14,626,234 | 14,725,075 | 14,718,419 | 14,728,208 | 14,708,377 | ||||||||||||||||||
Add dilutive effects of potential additional common stock | 67,473 | 72,865 | 60,159 | 81,850 | 66,251 | 76,947 | ||||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 14,726,471 | 14,699,099 | 14,725,075 | 14,718,419 | 14,728,208 | 14,708,377 | ||||||||||||||||||
Earnings per share assuming dilution | $ | 0.36 | $ | 0.42 | $ | 0.37 | $ | 0.40 | $ | 0.74 | $ | 0.82 |
Fair Value Measurements at March 31, 2020 Using | Carrying | Fair Value Measurements at June 30, 2020 Using | ||||||||||||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 61,349 | $ | 61,349 | $ | - | $ | - | $ | 61,349 | $ | 124,647 | $ | 124,647 | $ | - | $ | - | $ | 124,647 | ||||||||||||||||||||
Time deposits with other banks | 598 | - | 598 | - | 598 | 598 | – | 601 | – | 601 | ||||||||||||||||||||||||||||||
Federal funds sold | 8,134 | 8,134 | - | - | 8,134 | 8,365 | 8,365 | – | – | 8,365 | ||||||||||||||||||||||||||||||
Securities available for sale | 404,478 | - | 404,478 | - | 404,478 | 416,700 | - | 416,700 | - | 416,700 | ||||||||||||||||||||||||||||||
Loans, net | 1,171,187 | - | - | 1,160,850 | 1,160,850 | 1,250,614 | - | - | 1,251,278 | 1,251,278 | ||||||||||||||||||||||||||||||
Interest receivable | 5,192 | - | 1,579 | 3,613 | 5,192 | 5,997 | - | 1,282 | 4,715 | 5,997 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,462,380 | ) | $ | (1,052,200 | ) | $ | (409,834 | ) | $ | - | $ | (1,462,034 | ) | $ | 1,608,151 | $ | 1,243,622 | $ | 365,688 | $ | - | $ | 1,609,310 | ||||||||||||||||
Securities sold under agreements to repurchase | (19,694 | ) | - | (19,694 | ) | - | (19,694 | ) | 27,737 | - | 27,737 | - | 27,737 | |||||||||||||||||||||||||||
FHLB advance | (7,986 | ) | - | (8,007 | ) | - | (8,007 | ) | 2,995 | - | 3,003 | - | 3,003 | |||||||||||||||||||||||||||
Subordinated debt | (5,445 | ) | - | (5,383 | ) | - | (5,383 | ) | 5,455 | - | 5,354 | - | 5,354 | |||||||||||||||||||||||||||
Interest payable | (865 | ) | (10 | ) | (855 | ) | - | (865 | ) | 638 | 7 | 631 | - | 638 |
Fair Value Measurements at December 31, 2019 Using | Carrying | Fair Value Measurements at December 31, 2019 Using | ||||||||||||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 88,556 | $ | 88,556 | $ | - | $ | - | $ | 88,556 | $ | 88,556 | $ | 88,556 | $ | – | $ | – | $ | 88,556 | ||||||||||||||||||||
Time deposits with other banks | 598 | - | 599 | - | 599 | 598 | – | 599 | – | 599 | ||||||||||||||||||||||||||||||
Federal funds sold | 5,902 | 5,902 | - | - | 5,902 | 5,902 | 5,902 | – | – | 5,902 | ||||||||||||||||||||||||||||||
Securities available for sale | 390,754 | - | 390,754 | - | 390,754 | 390,754 | – | 390,754 | – | 390,754 | ||||||||||||||||||||||||||||||
Loans, net | 1,181,753 | - | - | 1,172,575 | 1,172,575 | 1,181,753 | – | – | 1,172,755 | 1,172,755 | ||||||||||||||||||||||||||||||
Interest receivable | 4,699 | 4 | 1,110 | 3,585 | 4,699 | 4,699 | 4 | 1,110 | 3,585 | 4,699 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,495,753 | ) | $ | (1,070,610 | ) | $ | (424,886 | ) | $ | - | $ | (1,495,496 | ) | $ | 1,495,753 | $ | 1,068,399 | $ | 424,886 | $ | – | $ | 1,493,285 | ||||||||||||||||
Securities sold under agreements to repurchase | (20,428 | ) | - | (20,428 | ) | - | (20,428 | ) | 20,428 | – | 20,428 | – | 20,428 | |||||||||||||||||||||||||||
FHLB advance | (6,375 | ) | - | (6,406 | ) | - | (6,406 | ) | 6,375 | – | 6,352 | – | 6,352 | |||||||||||||||||||||||||||
Subordinated debt | (5,436 | ) | - | (5,527 | ) | - | (5,527 | ) | 5,436 | – | 5,527 | – | 5,527 | |||||||||||||||||||||||||||
Interest payable | (912 | ) | (15 | ) | (897 | ) | - | (912 | ) | 912 | 15 | 897 | – | 912 |
Fair Value Measurements at March 31, 2020 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) | |||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. agency MBS - residential | $ | 293,291 | $ | - | $ | 293,291 | $ | - | $ | 316,143 | $ | - | $ | 316,143 | $ | - | ||||||||||||||||
U. S. agency CMO’s - residential | 56,768 | - | 56,768 | - | 49,196 | - | 49,196 | - | ||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 350,059 | - | 350,059 | - | 365,339 | - | 365,339 | - | ||||||||||||||||||||||||
U. S. government sponsored agency securities | 12,231 | - | 12,231 | - | 9,546 | - | 9,546 | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 40,312 | - | 40,312 | - | 39,724 | - | 39,724 | - | ||||||||||||||||||||||||
Other securities | 1,876 | - | 1,876 | - | 2,091 | - | 2,091 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 404,478 | $ | - | $ | 404,478 | $ | - | $ | 416,700 | $ | - | $ | 416,700 | $ | - |
Fair Value Measurements at December 31, 2019 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) | |||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. agency MBS - residential | $ | 279,309 | $ | - | $ | 279,309 | $ | - | $ | 279,309 | $ | - | $ | 279,309 | $ | - | ||||||||||||||||
U. S. agency CMO’s | 62,644 | - | 62,644 | - | 62,644 | - | 62,644 | - | ||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 341,953 | - | 341,953 | - | 341,953 | - | 341,953 | - | ||||||||||||||||||||||||
U. S. government sponsored agency securities | 30,730 | - | 30,730 | - | 30,730 | - | 30,730 | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 16,017 | - | 16,017 | - | 16,017 | - | 16,017 | - | ||||||||||||||||||||||||
Other securities | 2,054 | - | 2,054 | - | 2,054 | - | 2,054 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 390,754 | $ | - | $ | 390,754 | $ | - | $ | 390,754 | $ | - | $ | 390,754 | $ | - |
Fair Value Measurements at March 31, 2020 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: | ||||||||||||||||||||||||||||||||
Multifamily real estate | $ | 1,853 | $ | - | $ | - | $ | 1,853 | $ | 1,843 | $ | - | $ | - | $ | 1,843 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Non-owner occupied | 3,217 | - | - | 3,217 | 3,151 | - | - | 3,151 | ||||||||||||||||||||||||
Commercial and industrial | 317 | - | - | 317 | 317 | - | - | 317 | ||||||||||||||||||||||||
Total impaired loans | $ | 5,387 | $ | - | $ | - | $ | 5,387 | $ | 5,311 | $ | - | $ | - | $ | 5,311 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 249 | $ | - | $ | - | $ | 249 | $ | 205 | $ | - | $ | - | $ | 205 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 529 | – | – | 529 | ||||||||||||||||||||||||||||
Multifamily real estate | 9,533 | - | - | 9,533 | 9,503 | - | - | 9,503 | ||||||||||||||||||||||||
Construction and land | 750 | - | - | 750 | 551 | - | - | 551 | ||||||||||||||||||||||||
Total OREO | $ | 10,532 | $ | - | $ | - | $ | 10,532 | $ | 10,788 | $ | - | $ | - | $ | 10,788 |
March 31, 2020 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | June 30, 2020 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||||||||
Impaired loans: | |||||||||||||||||||
Multifamily real estate | $ | 1,853 | sales comparison | adjustment for estimated realizable value | 60.0%-60.0% (60.0%) | $ | 1,843 | sales comparison | adjustment for estimated realizable value | 13.9%-67.4% (43.9 | %) | ||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | 3,217 | income approach | adjustment for differences in net operating income expectations | 13.9%-67.4% (43.3%) | 3,151 | income approach | adjustment for differences in net operating income expectations | 13.9%-67.4% (43.9 | %) | ||||||||||
Commercial and industrial | 317 | sales comparison | adjustment for estimated realizable value | 25.0%-86.5% (45.9%) | 317 | sales comparison | adjustment for estimated realizable value | 25.0%-86.1% (45.8 | %) | ||||||||||
Total impaired loans | $ | 5,387 | $ | 5,311 | |||||||||||||||
Other real estate owned: | |||||||||||||||||||
Residential real estate | $ | 249 | sales comparison | adjustment for estimated realizable value | 0.2%-59.8% (17.5%) | $ | 205 | sales comparison | adjustment for estimated realizable value | 0.2%-59.8% (18.1 | %) | ||||||||
Multifamily real estate | 9,533 | income approach | adjustment for differences in net operating income expectations | 26.0%-26.0% (26.0%) | 9,503 | income approach | adjustment for differences in net operating income expectations | 26.2%-26.2% (26.2 | %) | ||||||||||
Commercial real estate | |||||||||||||||||||
Owner occupied | 529 | sales comparison | adjustment for estimated realizable value | 29.5%-29.5% (29.5 | %) | ||||||||||||||
Construction and land | 750 | sales comparison | adjustment for estimated realizable value | 50.3%-69.9% (66.0%) | 551 | sales comparison | adjustment for estimated realizable value | 50.3%-86.3% (76.5 | %) | ||||||||||
Total OREO | $ | 10,532 | $ | 10,788 |
Fair Value Measurements at December 31, 2019 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 | $ | 1,900 | $ | - | $ | - | $ | 1,900 | $ | 1,900 | $ | - | $ | - | $ | 1,900 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 509 | - | - | 509 | 509 | - | - | 509 | ||||||||||||||||||||||||
Non-owner occupied | 2,266 | - | - | 2,266 | 2,266 | - | - | 2,266 | ||||||||||||||||||||||||
Commercial and industrial | 288 | - | - | 288 | 288 | - | - | 288 | ||||||||||||||||||||||||
Construction and land | 380 | - | - | 380 | 380 | - | - | 380 | ||||||||||||||||||||||||
Total impaired loans | $ | 5,343 | $ | - | $ | - | $ | 5,343 | $ | 5,343 | $ | - | $ | - | $ | 5,343 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 249 | $ | - | $ | - | $ | 249 | $ | 249 | $ | - | $ | - | $ | 249 | ||||||||||||||||
Multifamily real estate | 9,588 | - | - | 9,588 | 9,588 | - | - | 9,588 | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | 288 | - | - | 288 | 288 | - | - | 288 | ||||||||||||||||||||||||
Construction and land | 750 | - | - | 750 | 750 | - | - | 750 | ||||||||||||||||||||||||
Total OREO | $ | 10,875 | $ | - | $ | - | $ | 10,875 | $ | 10,875 | $ | - | $ | - | $ | 10,875 |
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 |
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, 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, 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 | % |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 71,171 | $ | 258 | 1.46 | % | $ | 51,145 | $ | 345 | 2.74 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 374,278 | 2,543 | 2.72 | 352,106 | 2,338 | 2.66 | ||||||||||||||||||
Tax-exempt | 14,780 | 89 | 3.05 | 13,569 | 92 | 3.43 | ||||||||||||||||||
Total investment securities | 389,058 | 2,632 | 2.73 | 365,675 | 2,430 | 2.68 | ||||||||||||||||||
Total loans | 1,184,383 | 15,754 | 5.35 | 1,153,448 | 16,289 | 5.73 | ||||||||||||||||||
Total interest-earning assets | 1,644,612 | 18,644 | 4.56 | % | 1,570,268 | 19,064 | 4.92 | % | ||||||||||||||||
Allowance for loan losses | (13,593 | ) | (13,817 | ) | ||||||||||||||||||||
Cash and due from banks | 22,674 | 24,078 | ||||||||||||||||||||||
Other assets | 106,876 | 110,478 | ||||||||||||||||||||||
Total assets | $ | 1,760,569 | $ | 1,691,007 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,110,990 | 2,165 | 0.78 | $ | 1,042,947 | 2,050 | 0.80 | ||||||||||||||||
Short-term borrowings | 19,847 | 24 | 0.49 | 22,171 | 9 | 0.16 | ||||||||||||||||||
FHLB Advances | 4,149 | 30 | 2.91 | 7,675 | 55 | 2.91 | ||||||||||||||||||
Other borrowings | - | - | - | 1,991 | 21 | 4.28 | ||||||||||||||||||
Subordinated debt | 5,440 | 83 | 6.14 | 5,408 | 94 | 7.05 | ||||||||||||||||||
Total interest-bearing liabilities | 1,140,426 | 2,302 | 0.81 | % | 1,080,192 | 2,229 | 0.84 | % | ||||||||||||||||
Non-interest bearing deposits | 363,560 | 377,442 | ||||||||||||||||||||||
Other liabilities | 11,400 | 11,690 | ||||||||||||||||||||||
Stockholders’ equity | 245,183 | 221,683 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,760,569 | $ | 1,691,007 | ||||||||||||||||||||
Net interest earnings | $ | 16,342 | $ | 16,835 | ||||||||||||||||||||
Net interest spread | 3.75 | % | 4.08 | % | ||||||||||||||||||||
Net interest margin | 4.00 | % | 4.35 | % |
(In Thousands) | (In Thousands) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Non-accrual loans | $ | 14,509 | $ | 14,437 | $ | 13,761 | $ | 14,437 | ||||||||
Accruing loans which are contractually past due 90 days or more | 1,102 | 2,228 | 980 | 2,228 | ||||||||||||
Accruing restructured loans | 2,992 | 3,020 | 2,133 | 3,020 | ||||||||||||
Total non-performing loans | 18,603 | 19,685 | 16,874 | 19,685 | ||||||||||||
Other real estate acquired through foreclosure (OREO) | 12,709 | 12,242 | 12,267 | 12,242 | ||||||||||||
Total non-performing assets | $ | 31,312 | $ | 31,927 | $ | 29,141 | $ | 31,927 | ||||||||
Non-performing loans as a percentage of total loans | 1.57 | % | 1.65 | % | 1.33 | % | 1.65 | % | ||||||||
Non-performing assets as a percentage of total assets | 1.78 | % | 1.79 | % | 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 | |
Please refer to Premier’s Annual Report on Form 10-K for the year ended December 31, 2019 for disclosures with respect to Premier’s risk factors at December 31, 2019. Other than the additional risk factor below, there have been no material changes since year-end 2019 in the specified risk factors disclosed in the Annual Report on Form 10-K. |
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 |
Exhibits |
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 |