☑ | 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 |
Maryland | 52-1726127 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) |
200 Westgate Circle, Suite 200 Annapolis, Maryland | 21401 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ☐ | Accelerated filer ☐ |
Non- accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company ☑ |
PART I – FINANCIAL INFORMATION | Page | |
Item 1. | Financial Statements | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II – OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
45 |
· | general business and economic conditions nationally or in the markets that the Company serves could adversely affect, among other things, real estate prices, unemployment levels, and consumer and business confidence, which could lead to decreases in the demand for loans, deposits, and other financial services that we provide and increases in loan delinquencies and defaults; |
· | changes or volatility in the capital markets and interest rates may adversely impact the value of securities, loans, deposits, and other financial instruments and the interest rate sensitivity of our balance sheet as well as our liquidity; |
· | our liquidity requirements could be adversely affected by changes in our assets and liabilities; |
· | our investment securities portfolio is subject to credit risk, market risk, and liquidity risk as well as changes in the estimates we use to value certain of the securities in our portfolio; |
· | the effect of legislative or regulatory developments including changes in laws concerning taxes, banking, securities, insurance, and other aspects of the financial services industry; |
· | competitive factors among financial services companies, including product and pricing pressures, and our ability to attract, develop, and retain qualified banking professionals; |
· | the effect of fiscal and governmental policies of the United States (“U.S.”) federal government; |
· | the effect of any mergers, acquisitions, or other transactions to which we or our |
· | costs and potential disruption or interruption of operations due to cyber-security incidents; |
· | the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board, the SEC, the Public Company Accounting Oversight Board, and other regulatory agencies; and |
· | geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the U.S. and abroad. |
Item 1. | Financial Statements |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
ASSETS | (unaudited) | (unaudited) | ||||||||||||||
Cash and due from banks | $ | 19,759 | $ | 39,396 | $ | 1,654 | $ | 39,396 | ||||||||
Federal funds sold and interest-bearing deposits in other banks | 14,242 | 27,718 | 39,981 | 27,718 | ||||||||||||
Cash and cash equivalents | 34,001 | 67,114 | 41,635 | 67,114 | ||||||||||||
Securities available for sale, at fair value | 7,171 | - | 3,129 | - | ||||||||||||
Securities held to maturity (fair value of $64,747 at June 30, 2017 and $62,827 at December 31, 2016) | 64,442 | 62,757 | ||||||||||||||
Loans held for sale, at fair value at June 30, 2017 | 3,489 | 10,307 | ||||||||||||||
Securities held to maturity (fair value of $58,959 at September 30, 2017 and $62,827 at December 31, 2016) | 58,764 | 62,757 | ||||||||||||||
Loans held for sale, at fair value at September 30, 2017 | 4,871 | 10,307 | ||||||||||||||
Loans receivable | 631,444 | 610,278 | 650,964 | 610,278 | ||||||||||||
Allowance for loan losses | (7,718 | ) | (8,969 | ) | (7,936 | ) | (8,969 | ) | ||||||||
Loans, net | 623,726 | 601,309 | 643,028 | 601,309 | ||||||||||||
Real estate acquired through foreclosure | 1,015 | 973 | 1,104 | 973 | ||||||||||||
Restricted stock investments | 4,276 | 5,103 | 4,699 | 5,103 | ||||||||||||
Premises and equipment, net | 23,644 | 24,030 | 23,398 | 24,030 | ||||||||||||
Accrued interest receivable | 2,285 | 2,249 | 2,503 | 2,249 | ||||||||||||
Bank owned life insurance | 5,023 | - | ||||||||||||||
Deferred income taxes | 8,769 | 10,081 | 8,002 | 10,081 | ||||||||||||
Other assets | 2,626 | 3,562 | 5,174 | 3,562 | ||||||||||||
Total assets | $ | 775,444 | $ | 787,485 | $ | 801,330 | $ | 787,485 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Liabilities: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest bearing | $ | 92,605 | $ | 58,145 | $ | 71,515 | $ | 58,145 | ||||||||
Interest-bearing | 487,021 | 513,801 | 521,977 | 513,801 | ||||||||||||
Total deposits | 579,626 | 571,946 | 593,492 | 571,946 | ||||||||||||
Short-term borrowings | 4,950 | - | ||||||||||||||
Long-term borrowings | 83,500 | 103,500 | 88,500 | 103,500 | ||||||||||||
Subordinated debentures | 20,619 | 20,619 | 20,619 | 20,619 | ||||||||||||
Accrued expenses and other liabilities | 1,877 | 3,490 | 1,759 | 3,490 | ||||||||||||
Total liabilities | 685,622 | 699,555 | 709,320 | 699,555 | ||||||||||||
Stockholders' Equity: | ||||||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized: | ||||||||||||||||
Preferred stock series "A," 437,500 shares issued and outstanding and $3,500 liquidation preference at both June 30, 2017 and December 31, 2016 | 4 | 4 | ||||||||||||||
Common stock, $0.01 par value, 20,000,000 shares authorized; 12,125,340 and 12,123,179 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 121 | 121 | ||||||||||||||
Preferred stock series “A,” 437,500 shares issued and outstanding and $3,500 liquidation preference at both September 30, 2017 and December 31, 2016 | 4 | 4 | ||||||||||||||
Common stock, $0.01 par value, 20,000,000 shares authorized; 12,245,425 and 12,123,179 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 122 | 121 | ||||||||||||||
Additional paid-in capital | 64,214 | 63,960 | 65,290 | 63,960 | ||||||||||||
Retained earnings | 25,477 | 23,845 | 26,598 | 23,845 | ||||||||||||
Accumulated other comprehensive income | 6 | - | ||||||||||||||
Total stockholders' equity | 89,822 | 87,930 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 775,444 | $ | 787,485 | ||||||||||||
Accumulated other comprehensive loss | (4 | ) | - | |||||||||||||
Total stockholders’ equity | 92,010 | 87,930 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 801,330 | $ | 787,485 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Interest income: | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||
Loans | $ | 7,394 | $ | 7,261 | $ | 14,525 | $ | 14,368 | $ | 7,742 | $ | 7,479 | $ | 22,267 | $ | 21,847 | ||||||||||||||||
Securities | 328 | 299 | 597 | 610 | 330 | 280 | 927 | 890 | ||||||||||||||||||||||||
Other earning assets | 174 | 82 | 331 | 168 | 167 | 83 | 498 | 251 | ||||||||||||||||||||||||
Total interest income | 7,896 | 7,642 | 15,453 | 15,146 | 8,239 | 7,842 | 23,692 | 22,988 | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Deposits | 938 | 1,004 | 1,913 | 1,983 | 1,011 | 1,019 | 2,924 | 3,002 | ||||||||||||||||||||||||
Borrowings and subordinated debentures | 951 | 1,097 | 1,947 | 2,387 | 897 | 1,106 | 2,844 | 3,493 | ||||||||||||||||||||||||
Total interest expense | 1,889 | 2,101 | 3,860 | 4,370 | 1,908 | 2,125 | 5,768 | 6,495 | ||||||||||||||||||||||||
Net interest income | 6,007 | 5,541 | 11,593 | 10,776 | 6,331 | 5,717 | 17,924 | 16,493 | ||||||||||||||||||||||||
(Reversal of) provision for loan losses | (375 | ) | 100 | (650 | ) | 100 | ||||||||||||||||||||||||||
Net interest income after (reversal of) provision for loan losses | 6,382 | 5,441 | 12,243 | 10,676 | ||||||||||||||||||||||||||||
Provision for (reversal of) loan losses | - | 50 | (650 | ) | 150 | |||||||||||||||||||||||||||
Net interest income after provision for (reversal of) loan losses | 6,331 | 5,667 | 18,574 | 16,343 | ||||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||
Mortgage-banking revenue | 281 | 930 | 816 | 1,651 | 334 | 1,042 | 1,150 | 2,693 | ||||||||||||||||||||||||
Real estate commissions | 268 | 673 | 648 | 791 | 311 | 455 | 959 | 1,246 | ||||||||||||||||||||||||
Real estate management fees | 122 | 185 | 316 | 350 | 197 | 214 | 513 | 564 | ||||||||||||||||||||||||
Credit report and appraisal fees | 137 | 99 | 390 | 304 | ||||||||||||||||||||||||||||
Deposit service charges | 190 | 32 | 265 | 105 | ||||||||||||||||||||||||||||
Other noninterest income | 334 | 303 | 583 | 549 | 230 | 54 | 485 | 667 | ||||||||||||||||||||||||
Total noninterest income | 1,005 | 2,091 | 2,363 | 3,341 | 1,399 | 1,896 | 3,762 | 5,579 | ||||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||||||||
Compensation and related expenses | 3,674 | 3,814 | 7,431 | 7,450 | 3,288 | 3,928 | 10,719 | 11,218 | ||||||||||||||||||||||||
Occupancy | 325 | 449 | 661 | 901 | 354 | 333 | 1,015 | 942 | ||||||||||||||||||||||||
Legal fees | 35 | 6 | 63 | 136 | 41 | 81 | 104 | 217 | ||||||||||||||||||||||||
Write-downs, losses, and costs of real estate acquired through foreclsoure, net | 7 | 98 | 40 | 143 | 126 | 41 | 166 | 184 | ||||||||||||||||||||||||
Federal Deposit Insurance Corpation insurance premiums | 66 | 164 | 64 | 294 | 69 | 126 | 133 | 296 | ||||||||||||||||||||||||
Professional fees | 118 | 235 | 253 | 407 | 124 | 189 | 377 | 528 | ||||||||||||||||||||||||
Advertising | 245 | 208 | 451 | 341 | 198 | 158 | 649 | 510 | ||||||||||||||||||||||||
Online charges | 228 | 243 | 424 | 500 | 237 | 117 | 661 | 617 | ||||||||||||||||||||||||
Credit report and appraisal fees | 172 | 229 | 275 | 332 | 203 | 148 | 478 | 480 | ||||||||||||||||||||||||
Licensing and software | 152 | 115 | 326 | 345 | ||||||||||||||||||||||||||||
Mortgage leads purchased | 48 | 205 | 234 | 559 | ||||||||||||||||||||||||||||
Other | 954 | 805 | 1,837 | 1,325 | 681 | 689 | 2,158 | 2,405 | ||||||||||||||||||||||||
Total noninterest expense | 5,824 | 6,251 | 11,499 | 11,829 | 5,521 | 6,130 | 17,020 | 18,301 | ||||||||||||||||||||||||
Net income before income tax provision | 1,563 | 1,281 | 3,107 | 2,188 | ||||||||||||||||||||||||||||
Income before income tax provision (benefit) | 2,209 | 1,433 | 5,316 | 3,621 | ||||||||||||||||||||||||||||
Income tax provision (benefit) | 581 | (11,194 | ) | 1,200 | (11,194 | ) | 950 | 378 | 2,150 | (10,816 | ) | |||||||||||||||||||||
Net income | 982 | 12,475 | 1,907 | 13,382 | 1,259 | 1,055 | 3,166 | 14,437 | ||||||||||||||||||||||||
Amortization of discount on preferred stock | (67 | ) | (67 | ) | (135 | ) | (135 | ) | (68 | ) | (68 | ) | (203 | ) | (203 | ) | ||||||||||||||||
Dividends on preferred stock | (70 | ) | (396 | ) | (140 | ) | (922 | ) | (70 | ) | (448 | ) | (210 | ) | (1,370 | ) | ||||||||||||||||
Net income available to common stockholders | $ | 845 | $ | 12,012 | $ | 1,632 | $ | 12,325 | $ | 1,121 | $ | 539 | $ | 2,753 | $ | 12,864 | ||||||||||||||||
Net income per common share - basic | $ | 0.07 | $ | 1.02 | $ | 0.13 | $ | 1.13 | $ | 0.09 | $ | 0.04 | $ | 0.23 | $ | 1.14 | ||||||||||||||||
Net income per common share - diluted | $ | 0.07 | $ | 1.02 | $ | 0.13 | $ | 1.12 | $ | 0.09 | $ | 0.04 | $ | 0.22 | $ | 1.13 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
Net income | $ | 982 | $ | 12,475 | $ | 1,907 | $ | 13,382 | $ | 1,259 | $ | 1,055 | $ | 3,166 | $ | 14,437 | ||||||||||||||||
Other comprehensive income item - unrealized holding gains on available-for-sale securities arising during the period (net of income taxes of $14 and $4, respectively, in 2017) | 21 | - | 6 | - | ||||||||||||||||||||||||||||
Total other comprehensive income | 21 | - | 6 | - | ||||||||||||||||||||||||||||
Other comprehensive loss items: | ||||||||||||||||||||||||||||||||
Unrealized holding losses on available-for-sale securities arising during the period (net of income tax benefit of $6 and $2, respectively, in 2017) | (9 | ) | - | (3 | ) | - | ||||||||||||||||||||||||||
Realized gains, net of income taxes of $1 and $1, respectively, in 2017 | (1 | ) | - | (1 | ) | - | ||||||||||||||||||||||||||
Total other comprehensive loss | (10 | ) | - | (4 | ) | - | ||||||||||||||||||||||||||
Total comprehensive income | $ | 1,003 | $ | 12,475 | $ | 1,913 | $ | 13,382 | $ | 1,249 | $ | 1,055 | $ | 3,162 | $ | 14,437 |
Six Months Ended June 30, 2017 (unaudited) | Nine Months Ended September 30, 2017 (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares of Preferred Stock | Number of Shares of Common Stock | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Comprehensive Income | Total Stockholders' Equity | Number of Shares of Preferred Stock | Number of Shares of Common Stock | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Comprehensive Loss | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017 | 437,500 | 12,123,179 | $ | 4 | $ | 121 | $ | 63,960 | $ | 23,845 | $ | - | $ | 87,930 | 437,500 | 12,123,179 | $ | 4 | $ | 121 | $ | 63,960 | $ | 23,845 | $ | - | $ | 87,930 | ||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | - | 1,907 | - | 1,907 | - | - | - | - | - | 3,166 | - | 3,166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 102 | - | - | 102 | - | - | - | - | 146 | - | - | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued in acquisition | - | 108,084 | - | 1 | 774 | - | - | 775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued, net of expense | - | 2,161 | - | - | 17 | - | - | 17 | - | 14,162 | - | - | 207 | - | - | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividend declared on Series A preferred stock | - | - | - | - | - | (140 | ) | - | (140 | ) | - | - | - | - | - | (210 | ) | - | (210 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of discount on Series B preferred stock | - | - | - | - | 135 | (135 | ) | - | - | - | - | - | - | 203 | (203 | ) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | - | - | - | - | - | - | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2017 | 437,500 | 12,125,340 | $ | 4 | $ | 121 | $ | 64,214 | $ | 25,477 | $ | 6 | $ | 89,822 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | - | (4 | ) | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2017 | 437,500 | 12,245,425 | $ | 4 | $ | 122 | $ | 65,290 | $ | 26,598 | $ | (4 | ) | $ | 92,010 |
Six Months Ended June 30, 2016 (unaudited) | Nine Months Ended September 30, 2016 (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares of Preferred Stock | Number of Shares of Common Stock | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Comprehensive Income | Total Stockholders' Equity | Number of Shares of Preferred Stock | Number of Shares of Common Stock | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Comprehensive Income | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2016 | 460,893 | 10,088,879 | $ | 4 | $ | 101 | $ | 76,335 | $ | 10,016 | $ | - | $ | 86,456 | 460,893 | 10,088,879 | $ | 4 | $ | 101 | $ | 76,335 | $ | 10,016 | $ | - | $ | 86,456 | ||||||||||||||||||||||||||||||||||||
Net income | - | - | - | - | - | 13,382 | - | 13,382 | - | - | - | - | - | 14,437 | - | 14,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 95 | - | - | 95 | - | - | - | - | 143 | - | - | 143 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued, net of expense | - | 2,015,500 | - | 20 | 10,490 | - | - | 10,510 | - | 2,015,500 | - | 20 | 10,490 | - | - | 10,510 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock redemption on Series B preferred stock | (10,000 | ) | - | - | - | (10,000 | ) | - | - | (10,000 | ) | (23,393 | ) | - | - | - | (23,393 | ) | - | - | (23,393 | ) | ||||||||||||||||||||||||||||||||||||||||||
Dividend declared on Series A preferred stock | - | - | - | - | - | (70 | ) | - | (70 | ) | - | - | - | - | - | (140 | ) | - | (140 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Dividend declared on Series B preferred stock | - | - | - | - | - | (852 | ) | - | (852 | ) | - | - | - | - | - | (1,230 | ) | - | (1,230 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of discount on Series B preferred stock | - | - | - | - | 135 | (135 | ) | - | - | - | - | - | - | 203 | (203 | ) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2016 | 450,893 | 12,104,379 | $ | 4 | $ | 121 | $ | 77,055 | $ | 22,341 | $ | - | $ | 99,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2016 | 437,500 | 12,104,379 | $ | 4 | $ | 121 | $ | 63,778 | $ | 22,880 | $ | - | $ | 86,783 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flows from operating activities: | (unaudited) | (unaudited) | ||||||||||||||
Net income | $ | 1,907 | $ | 13,382 | $ | 3,166 | $ | 14,437 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
Depreciation and amortization | 602 | 571 | 919 | 863 | ||||||||||||
Amortization of deferred loan fees | (521 | ) | (592 | ) | (847 | ) | (889 | ) | ||||||||
Net amortization of premiums and discounts | (262 | ) | 214 | |||||||||||||
Net amortization of premiums and discounts on securities | (202 | ) | 318 | |||||||||||||
(Reversal of) provision for loan losses | (650 | ) | 100 | (650 | ) | 150 | ||||||||||
Write-downs and losses on real estate acquired through foreclosure, net of gains | 40 | 87 | 139 | 149 | ||||||||||||
Gain on sale of mortgage loans | (816 | ) | (1,651 | ) | (1,150 | ) | (2,693 | ) | ||||||||
Gain on sale of securities | (2 | ) | - | |||||||||||||
Proceeds from sale of mortgage loans held for sale | 24,065 | 62,046 | 28,482 | 107,468 | ||||||||||||
Originations of loans held for sale | (16,849 | ) | (60,572 | ) | (22,556 | ) | (104,533 | ) | ||||||||
Stock-based compensation | 102 | 95 | 146 | 143 | ||||||||||||
Increase in cash surrender value of bank owned life insurance | (23 | ) | - | |||||||||||||
Deferred income taxes | 1,308 | (11,239 | ) | 2,081 | (10,916 | ) | ||||||||||
Increase in accrued interest receivable | (36 | ) | (44 | ) | (254 | ) | (44 | ) | ||||||||
Decrease (increase) in other assets | 936 | (178 | ) | |||||||||||||
(Increase) decrease in other assets | (837 | ) | 384 | |||||||||||||
Decrease in accrued expenses and other liabilities | (1,614 | ) | (358 | ) | (1,731 | ) | (2,938 | ) | ||||||||
Net cash provided by operating activities | 8,212 | 1,861 | 6,681 | 1,899 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Loan principal (disbursements), net of repayments | (21,343 | ) | (20,025 | ) | (40,265 | ) | (14,448 | ) | ||||||||
Redemption (purchase) of restricted stock investments | 827 | (369 | ) | |||||||||||||
Redemption of restricted stock investments | 404 | 396 | ||||||||||||||
Purchases of premises and equipment, net | (216 | ) | (288 | ) | (287 | ) | (740 | ) | ||||||||
Purchase of bank owned life insurance | (5,000 | ) | - | |||||||||||||
Activity in securities held to maturity: | ||||||||||||||||
Purchases | (6,679 | ) | (4,562 | ) | (6,679 | ) | (3,562 | ) | ||||||||
Maturities/calls/repayments | 5,096 | 7,901 | 10,730 | 11,700 | ||||||||||||
Activity in available-for-sale securities: | ||||||||||||||||
Purchases | (7,184 | ) | - | (7,184 | ) | - | ||||||||||
Sales | 4,011 | - | ||||||||||||||
Maturities/calls/repayments | 184 | - | 184 | - | ||||||||||||
Proceeds from sales of real estate acquired through foreclosure | 433 | 1,622 | 433 | 1,622 | ||||||||||||
Net cash used in investing activities | (28,882 | ) | (15,721 | ) | (43,653 | ) | (5,032 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Net increase in deposits | 7,680 | 15,906 | 21,546 | 32,839 | ||||||||||||
Additional borrowings | - | 10,000 | 39,950 | 10,500 | ||||||||||||
Repayment of borrowings | (20,000 | ) | - | (50,000 | ) | (18,500 | ) | |||||||||
Series A preferred stock dividends | (140 | ) | (70 | ) | (210 | ) | (140 | ) | ||||||||
Series B preferred stock dividends | - | (7,402 | ) | - | (7,781 | ) | ||||||||||
Stock redemption of Series B preferred stock | - | (10,000 | ) | - | (23,393 | ) | ||||||||||
Proceeds from common stock issuance | 17 | 10,510 | 207 | 10,510 | ||||||||||||
Net cash (used in) provided by financing activities | (12,443 | ) | 18,944 | |||||||||||||
Net cash provided by financing activities | 11,493 | 4,035 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (33,113 | ) | 5,084 | (25,479 | ) | 902 | ||||||||||
Cash and cash equivalents at beginning of period | 67,114 | 43,591 | 67,114 | 43,591 | ||||||||||||
Cash and cash equivalents at end of period | $ | 34,001 | $ | 48,675 | $ | 41,635 | $ | 44,493 | ||||||||
Supplemental Information: | ||||||||||||||||
Interest paid on deposits and borrowed funds | $ | 3,902 | $ | 7,099 | $ | 5,828 | $ | 9,104 | ||||||||
Income taxes paid (recovered) | 50 | (852 | ) | |||||||||||||
Real estate acquired in satisfaction of loans | 515 | 1,077 | 703 | 1,370 | ||||||||||||
Transfers of loans held for sale to portfolio | 419 | - | 660 | - |
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||
(dollars in thousands) | ||||||||||||||||
U.S. government agency notes | $ | 7,160 | $ | 13 | $ | 2 | $ | 7,171 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||
(dollars in thousands) | ||||||||||||||||
U.S. government agency notes | $ | 3,135 | $ | - | $ | 6 | $ | 3,129 |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,996 | $ | 127 | $ | 1 | $ | 11,122 | $ | 7,996 | $ | 106 | $ | - | $ | 8,102 | ||||||||||||||||
U.S. government agency notes | 20,015 | 158 | 37 | 20,136 | 19,008 | 137 | 43 | 19,102 | ||||||||||||||||||||||||
Mortgage-backed securities | 33,431 | 123 | 65 | 33,489 | 31,760 | 97 | 102 | 31,755 | ||||||||||||||||||||||||
$ | 64,442 | $ | 408 | $ | 103 | $ | 64,747 | $ | 58,764 | $ | 340 | $ | 145 | $ | 58,959 |
December 31, 2016 | ||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||
(dollars in thousands) | ||||||||||||||||
U.S. Treasury securities | $ | 12,998 | $ | 167 | $ | - | $ | 13,165 | ||||||||
U.S. government agency notes | 20,027 | 133 | 54 | 20,106 | ||||||||||||
Mortgage-backed securities | 29,732 | 52 | 228 | 29,556 | ||||||||||||
$ | 62,757 | $ | 352 | $ | 282 | $ | 62,827 |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 2,000 | $ | - | $ | 2,998 | $ | 1 | $ | 4,998 | $ | 1 | ||||||||||||||||||||||||||||||||||||
U.S. government agency notes | 1,000 | - | 8,014 | 37 | 9,014 | 37 | $ | 4,000 | $ | 2 | $ | 7,005 | $ | 41 | $ | 11,005 | $ | 43 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 9,265 | 15 | 7,938 | 50 | 17,203 | 65 | 11,687 | 39 | 7,501 | 63 | 19,188 | 102 | ||||||||||||||||||||||||||||||||||||
$ | 12,265 | $ | 15 | $ | 18,950 | $ | 88 | $ | 31,215 | $ | 103 | $ | 15,687 | $ | 41 | $ | 14,506 | $ | 104 | $ | 30,193 | $ | 145 |
December 31, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
U.S. government agency notes | $ | 5,002 | $ | 54 | $ | - | $ | - | $ | 5,002 | $ | 54 | ||||||||||||
Mortgage-backed securities | 23,457 | 228 | - | - | 23,457 | 228 | ||||||||||||||||||
$ | 28,459 | $ | 282 | $ | - | $ | - | $ | 28,459 | $ | 282 |
AFS Securities | HTM Securities | |||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Due in one year or less | $ | - | $ | - | $ | 10,009 | $ | 10,014 | ||||||||
Due after one through five years | 3,135 | 3,129 | 15,030 | 15,112 | ||||||||||||
Due after five years through ten years | - | - | 1,965 | 2,078 | ||||||||||||
Mortgage-backed securities | - | - | 31,760 | 31,755 | ||||||||||||
$ | 3,135 | $ | 3,129 | $ | 58,764 | $ | 58,959 |
AFS Securities | HTM Securities | |||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Due in one year or less | $ | - | $ | - | $ | 13,013 | $ | 13,021 | ||||||||
Due after one through five years | 7,160 | 7,171 | 16,034 | 16,149 | ||||||||||||
Due after five years through ten years | - | - | 1,964 | 2,088 | ||||||||||||
Mortgage-backed securities | - | - | 33,431 | 33,489 | ||||||||||||
$ | 7,160 | $ | 7,171 | $ | 64,442 | $ | 64,747 |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||
Residential mortgage | $ | 288,747 | $ | 260,603 | $ | 292,068 | $ | 260,603 | ||||||||
Commercial | 25,811 | 46,468 | 37,485 | 46,468 | ||||||||||||
Commercial real estate | 216,388 | 195,710 | 223,167 | 195,710 | ||||||||||||
Construction, land acquisition, and development | 85,898 | 90,102 | 84,164 | 90,102 | ||||||||||||
Home equity | 16,336 | 19,129 | ||||||||||||||
Home equity/2nds | 15,861 | 19,129 | ||||||||||||||
Consumer | 1,104 | 1,210 | 1,118 | 1,210 | ||||||||||||
Total loans receivable | 634,284 | 613,222 | 653,863 | 613,222 | ||||||||||||
Unearned loan fees | (2,840 | ) | (2,944 | ) | (2,899 | ) | (2,944 | ) | ||||||||
Net loans receivable | $ | 631,444 | $ | 610,278 | $ | 650,964 | $ | 610,278 |
· | Loans that are 90 days or more in arrears (nonaccrual loans); |
· | Loans where, based on current information and events, it is probable that a borrower will be unable to pay all amounts due according to the contractual terms of the loan agreement; or |
· | Loans that are modified and qualify as troubled debt restructured loans (“TDR” or “TDRs”). |
· | The loan has been foreclosed. At the time of foreclosure, a charge off is recorded for the difference between the recorded amount of the loan and the |
· | An agreement to accept less than the recorded balance of the loan has been made with the borrower. Once an agreement has been finalized, |
· | The loan is considered to be a collateral dependent impaired loan when its collateral valuation is less than the recorded balance. The loan is written down for accounting purposes by the amount of the difference between the recorded balance and collateral value. |
· | Levels and trends in delinquencies and nonaccruals; |
· | Inherent risk in the loan portfolio; |
· | Trends in volume and terms of the loan; |
· | Effects of any change in lending policies and procedures; |
· | Experience, ability, and depth of management; |
· | National and local economic trends and conditions; |
· | Effect of any changes in concentration of credit; and |
· | Industry conditions. |
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
Residential Mortgage | Commercial | Commercial Real Estate | ADC | Home Equity/ 2nds | Consumer | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Beginning Balance | $ | 3,403 | $ | 389 | $ | 2,571 | $ | 984 | $ | 367 | $ | 4 | $ | 7,718 | ||||||||||||||
Charge-offs | - | - | - | - | - | - | - | |||||||||||||||||||||
Recoveries | 156 | - | 40 | - | 22 | - | 218 | |||||||||||||||||||||
Net recoveries | 156 | - | 40 | - | 22 | - | 218 | |||||||||||||||||||||
(Reversal of) provision for loan losses | (137 | ) | 53 | (44 | ) | 158 | (28 | ) | (2 | ) | - | |||||||||||||||||
Ending Balance | $ | 3,422 | $ | 442 | $ | 2,567 | $ | 1,142 | $ | 361 | $ | 2 | $ | 7,936 |
Three Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Commercial | Commercial Real Estate | Construction, Acquisition, and Development | Home Equity/ 2nds | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 3,789 | $ | 473 | $ | 2,515 | $ | 1,097 | $ | 453 | $ | 5 | $ | 8,332 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (208 | ) | (27 | ) | - | - | (98 | ) | - | (333 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 32 | - | 60 | - | 2 | - | 94 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (176 | ) | (27 | ) | 60 | - | (96 | ) | - | (239 | ) | |||||||||||||||||||||||||||||||||||||||||||||
(Reversal of) provision for loan losses | (210 | ) | (57 | ) | (4 | ) | (113 | ) | 10 | (1 | ) | (375 | ) | |||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 3,403 | $ | 389 | $ | 2,571 | $ | 984 | $ | 367 | $ | 4 | $ | 7,718 | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2017 | Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 3,833 | $ | 478 | $ | 2,535 | $ | 1,390 | $ | 728 | $ | 5 | $ | 8,969 | $ | 3,833 | $ | 478 | $ | 2,535 | $ | 1,390 | $ | 728 | $ | 5 | $ | 8,969 | ||||||||||||||||||||||||||||
Charge-offs | (707 | ) | - | - | - | (98 | ) | - | (805 | ) | (707 | ) | - | - | - | (98 | ) | - | (805 | ) | ||||||||||||||||||||||||||||||||||||
Recoveries | 139 | - | 60 | - | 5 | - | 204 | 295 | - | 100 | - | 27 | - | 422 | ||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (568 | ) | - | 60 | - | (93 | ) | - | (601 | ) | (412 | ) | - | 100 | - | (71 | ) | - | (383 | ) | ||||||||||||||||||||||||||||||||||||
Provision for (reversal of) loan losses | 138 | (89 | ) | (24 | ) | (406 | ) | (268 | ) | (1 | ) | (650 | ) | 1 | (36 | ) | (68 | ) | (248 | ) | (296 | ) | (3 | ) | (650 | ) | ||||||||||||||||||||||||||||||
Ending Balance | $ | 3,403 | $ | 389 | $ | 2,571 | $ | 984 | $ | 367 | $ | 4 | $ | 7,718 | $ | 3,422 | $ | 442 | $ | 2,567 | $ | 1,142 | $ | 361 | $ | 2 | $ | 7,936 | ||||||||||||||||||||||||||||
Ending balance -individually evaluated for impairment | $ | 1,524 | $ | - | $ | 189 | $ | 51 | $ | - | $ | 3 | $ | 1,767 | ||||||||||||||||||||||||||||||||||||||||||
Ending balance - individually evaluated for impairment | $ | 1,544 | $ | - | $ | 186 | $ | 50 | $ | - | $ | 2 | $ | 1,782 | ||||||||||||||||||||||||||||||||||||||||||
Ending balance - collectively evaluated for impairment | 1,879 | 389 | 2,382 | 933 | 367 | 1 | 5,951 | 1,878 | 442 | 2,381 | 1,092 | 361 | - | 6,154 | ||||||||||||||||||||||||||||||||||||||||||
$ | 3,403 | $ | 389 | $ | 2,571 | $ | 984 | $ | 367 | $ | 4 | $ | 7,718 | $ | 3,422 | $ | 442 | $ | 2,567 | $ | 1,142 | $ | 361 | $ | 2 | $ | 7,936 | |||||||||||||||||||||||||||||
Ending loan balance - individually evaluated for impairment | $ | 15,919 | $ | - | $ | 6,078 | $ | 807 | $ | - | $ | 90 | $ | 22,894 | $ | 20,379 | $ | - | $ | 3,419 | $ | 1,003 | $ | - | $ | 87 | $ | 24,888 | ||||||||||||||||||||||||||||
Ending loan balance - collectively evaluated for impairment | 269,988 | 25,811 | 210,310 | 85,091 | 16,336 | 1,014 | 608,550 | 268,790 | 37,485 | 219,748 | 83,161 | 15,861 | 1,031 | 626,076 | ||||||||||||||||||||||||||||||||||||||||||
$ | 285,907 | $ | 25,811 | $ | 216,388 | $ | 85,898 | $ | 16,336 | $ | 1,104 | $ | 631,444 | $ | 289,169 | $ | 37,485 | $ | 223,167 | $ | 84,164 | $ | 15,861 | $ | 1,118 | $ | 650,964 |
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | Residential Mortgage | Commercial | Commercial Real Estate | ADC | Home Equity/ 2nds | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Commercial | Commercial Real Estate | Construction, Acquisition, and Development | Home Equity/ 2nds | Consumer | Total | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending Allowance balance - individually evaluated for impairment | $ | 1,703 | $ | 15 | $ | 196 | $ | 53 | $ | 402 | $ | 4 | $ | 2,373 | $ | 1,703 | $ | 15 | $ | 196 | $ | 53 | $ | 402 | $ | 4 | $ | 2,373 | ||||||||||||||||||||||||||||
Ending Allowance balance - collectively evaluated for impairment | 2,130 | 463 | 2,339 | 1,337 | 326 | 1 | 6,596 | 2,130 | 463 | 2,339 | 1,337 | 326 | 1 | 6,596 | ||||||||||||||||||||||||||||||||||||||||||
$ | 3,833 | $ | 478 | $ | 2,535 | $ | 1,390 | $ | 728 | $ | 5 | $ | 8,969 | $ | 3,833 | $ | 478 | $ | 2,535 | $ | 1,390 | $ | 728 | $ | 5 | $ | 8,969 | |||||||||||||||||||||||||||||
Ending loan balance - individually evaluated for impairment | $ | 20,403 | $ | 148 | $ | 5,656 | $ | 858 | $ | 3,137 | $ | 96 | $ | 30,298 | $ | 20,403 | $ | 148 | $ | 5,656 | $ | 858 | $ | 3,137 | $ | 96 | $ | 30,298 | ||||||||||||||||||||||||||||
Ending loan balance - collectively evaluated for impairment | 237,256 | 46,320 | 190,054 | 89,244 | 15,992 | 1,114 | 579,980 | 237,256 | 46,320 | 190,054 | 89,244 | 15,992 | 1,114 | 579,980 | ||||||||||||||||||||||||||||||||||||||||||
$ | 257,659 | $ | 46,468 | $ | 195,710 | $ | 90,102 | $ | 19,129 | $ | 1,210 | $ | 610,278 | $ | 257,659 | $ | 46,468 | $ | 195,710 | $ | 90,102 | $ | 19,129 | $ | 1,210 | $ | 610,278 |
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||||
Residential Mortgage | Commercial | Commercial Real Estate | ADC | Home Equity/ 2nds | Consumer | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Beginning Balance | $ | 3,892 | $ | 752 | $ | 2,577 | $ | 983 | $ | 593 | $ | 7 | $ | 8,804 | ||||||||||||||
Charge-offs | - | - | - | (72 | ) | - | - | (72 | ) | |||||||||||||||||||
Recoveries | 137 | 10 | 4 | - | 2 | 50 | 203 | |||||||||||||||||||||
Net recoveries (charge-offs) | 137 | 10 | 4 | (72 | ) | 2 | 50 | 131 | ||||||||||||||||||||
(Reversal of) provision for loan losses | (161 | ) | (63 | ) | (189 | ) | 289 | 226 | (52 | ) | 50 | |||||||||||||||||
Ending Balance | $ | 3,868 | $ | 699 | $ | 2,392 | $ | 1,200 | $ | 821 | $ | 5 | $ | 8,985 |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Beginning Balance | $ | 4,188 | $ | 291 | $ | 2,792 | $ | 956 | $ | 528 | $ | 3 | $ | 8,758 | ||||||||||||||
Charge-offs | (151 | ) | (17 | ) | (178 | ) | (72 | ) | (28 | ) | - | (446 | ) | |||||||||||||||
Recoveries | 322 | 43 | 4 | 100 | 4 | 50 | 523 | |||||||||||||||||||||
Net recoveries (charge-offs) | 171 | 26 | (174 | ) | 28 | (24 | ) | 50 | 77 | |||||||||||||||||||
(Reversal of) provision for loan losses | (491 | ) | 382 | (226 | ) | 216 | 317 | (48 | ) | 150 | ||||||||||||||||||
Ending Balance | $ | 3,868 | $ | 699 | $ | 2,392 | $ | 1,200 | $ | 821 | $ | 5 | $ | 8,985 | ||||||||||||||
Ending balance - individually evaluated for impairment | $ | 1,583 | $ | 15 | $ | 200 | $ | 55 | $ | 402 | $ | 4 | $ | 2,259 | ||||||||||||||
Ending balance - collectively evaluated for impairment | 2,285 | 684 | 2,192 | 1,145 | 419 | 1 | 6,726 | |||||||||||||||||||||
$ | 3,868 | $ | 699 | $ | 2,392 | $ | 1,200 | $ | 821 | $ | 5 | $ | 8,985 | |||||||||||||||
Ending loan balance - individually evaluated for impairment | $ | 22,521 | $ | 495 | $ | 5,696 | $ | 1,446 | $ | 3,519 | $ | 100 | $ | 33,777 | ||||||||||||||
Ending loan balance - collectively evaluated for impairment | 246,375 | 41,864 | 193,219 | 79,894 | 16,220 | 1,109 | 578,681 | |||||||||||||||||||||
$ | 268,896 | $ | 42,359 | $ | 198,915 | $ | 81,340 | $ | 19,739 | $ | 1,209 | $ | 612,458 |
Three Months Ended June 30, 2016 | ||||||||||||||||||||||||||||
Residential Mortgage | Commercial | Commercial Real Estate | Construction, Acquisition, and Development | Home Equity/ 2nds | Consumer | Total | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Beginning Balance | $ | 4,223 | $ | 390 | $ | 2,348 | $ | 1,019 | $ | 650 | $ | 3 | $ | 8,633 | ||||||||||||||
Charge-offs | (11 | ) | - | (131 | ) | - | - | - | (142 | ) | ||||||||||||||||||
Recoveries | 103 | 9 | - | 100 | 1 | - | 213 | |||||||||||||||||||||
Net recoveries (charge-offs) | 92 | 9 | (131 | ) | 100 | 1 | - | 71 | ||||||||||||||||||||
(Reversal of) provision for loan losses | (423 | ) | 353 | 360 | (136 | ) | (58 | ) | 4 | 100 | ||||||||||||||||||
Ending Balance | $ | 3,892 | $ | 752 | $ | 2,577 | $ | 983 | $ | 593 | $ | 7 | $ | 8,804 | ||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Beginning Balance | $ | 4,188 | $ | 291 | $ | 2,792 | $ | 956 | $ | 528 | $ | 3 | $ | 8,758 | ||||||||||||||
Charge-offs | (151 | ) | (17 | ) | (178 | ) | - | (28 | ) | - | (374 | ) | ||||||||||||||||
Recoveries | 185 | 33 | - | 100 | 2 | - | 320 | |||||||||||||||||||||
Net recoveries (charge-offs) | 34 | 16 | (178 | ) | 100 | (26 | ) | - | (54 | ) | ||||||||||||||||||
(Reversal of) provision for loan losses | (330 | ) | 445 | (37 | ) | (73 | ) | 91 | 4 | 100 | ||||||||||||||||||
Ending Balance | $ | 3,892 | $ | 752 | $ | 2,577 | $ | 983 | $ | 593 | $ | 7 | $ | 8,804 | ||||||||||||||
Ending balance - individually evaluated for impairment | $ | 1,663 | $ | 15 | $ | 203 | $ | 60 | $ | 2 | $ | 5 | $ | 1,948 | ||||||||||||||
Ending balance - collectively evaluated for impairment | 2,229 | 737 | 2,374 | 923 | 591 | 2 | 6,856 | |||||||||||||||||||||
$ | 3,892 | $ | 752 | $ | 2,577 | $ | 983 | $ | 593 | $ | 7 | $ | 8,804 | |||||||||||||||
Ending loan balance - individually evaluated for impairment | $ | 23,078 | $ | 279 | $ | 5,949 | $ | 1,676 | $ | 1,928 | $ | 105 | $ | 33,015 | ||||||||||||||
Ending loan balance - collectively evaluated for impairment | 251,250 | 42,168 | 196,535 | 72,922 | 20,469 | 1,541 | 584,885 | |||||||||||||||||||||
$ | 274,328 | $ | 42,447 | $ | 202,484 | $ | 74,598 | $ | 22,397 | $ | 1,646 | $ | 617,900 |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Total | Pass | Special Mention | Substandard | Total | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Residential mortgage | $ | 278,100 | $ | 2,970 | $ | 4,837 | $ | 285,907 | $ | 281,954 | $ | 1,397 | $ | 5,818 | $ | 289,169 | ||||||||||||||||
Commercial | 25,571 | 103 | 137 | 25,811 | 37,299 | 50 | 136 | 37,485 | ||||||||||||||||||||||||
Commercial real estate | 209,246 | 4,994 | 2,148 | 216,388 | 216,373 | 4,668 | 2,126 | 223,167 | ||||||||||||||||||||||||
ADC | 84,886 | - | 1,012 | 85,898 | 82,958 | - | 1,206 | 84,164 | ||||||||||||||||||||||||
Home equity/2nds | 14,988 | 471 | 877 | 16,336 | 14,531 | 471 | 859 | 15,861 | ||||||||||||||||||||||||
Consumer | 1,104 | - | - | 1,104 | 1,118 | - | - | 1,118 | ||||||||||||||||||||||||
$ | 613,895 | $ | 8,538 | $ | 9,011 | $ | 631,444 | $ | 634,233 | $ | 6,586 | $ | 10,145 | $ | 650,964 |
December 31, 2016 | ||||||||||||||||
Pass | Special Mention | Substandard | Total | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Residential mortgage | $ | 248,819 | $ | 4,316 | $ | 4,524 | $ | 257,659 | ||||||||
Commercial | 46,011 | 204 | 253 | 46,468 | ||||||||||||
Commercial real estate | 184,820 | 7,420 | 3,470 | 195,710 | ||||||||||||
ADC | 89,324 | - | 778 | 90,102 | ||||||||||||
Home equity/2nds | 16,056 | 472 | 2,601 | 19,129 | ||||||||||||
Consumer | 1,210 | - | - | 1,210 | ||||||||||||
$ | 586,240 | $ | 12,412 | $ | 11,626 | $ | 610,278 |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total | Non- Accrual | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total | Non- Accrual | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | 842 | $ | 2,427 | $ | 3,269 | $ | 282,638 | $ | 285,907 | $ | 3,388 | $ | 1,173 | $ | 1,216 | $ | 2,364 | $ | 4,753 | $ | 284,416 | $ | 289,169 | $ | 4,531 | ||||||||||||||||||||||||||||
Commercial | - | - | - | - | 25,811 | 25,811 | 90 | - | - | - | - | 37,485 | 37,485 | 84 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | 164 | - | 164 | 216,224 | 216,388 | 164 | - | 478 | - | 478 | 222,689 | 223,167 | 160 | ||||||||||||||||||||||||||||||||||||||||||
ADC | 84 | - | 6 | 90 | 85,808 | 85,898 | 90 | - | - | 239 | 239 | 83,925 | 84,164 | 318 | ||||||||||||||||||||||||||||||||||||||||||
Home equity/2nds | 15 | - | 463 | 478 | 15,858 | 16,336 | 1,310 | - | - | 458 | 458 | 15,403 | 15,861 | 1,284 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | 1,104 | 1,104 | - | - | - | - | - | 1,118 | 1,118 | - | ||||||||||||||||||||||||||||||||||||||||||
$ | 99 | $ | 1,006 | $ | 2,896 | $ | 4,001 | $ | 627,443 | $ | 631,444 | $ | 5,042 | $ | 1,173 | $ | 1,694 | $ | 3,061 | $ | 5,928 | $ | 645,036 | $ | 650,964 | $ | 6,377 |
December 31, 2016 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Past Due | Current | Total | Non- Accrual | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Residential mortgage | $ | 1,472 | $ | 2,074 | $ | 964 | $ | 4,510 | $ | 253,149 | $ | 257,659 | $ | 3,580 | ||||||||||||||
Commercial | - | - | - | - | 46,468 | 46,468 | 151 | |||||||||||||||||||||
Commercial real estate | - | 171 | 515 | 686 | 195,024 | 195,710 | 2,938 | |||||||||||||||||||||
ADC | 106 | - | 6 | 112 | 89,990 | 90,102 | 269 | |||||||||||||||||||||
Home equity/2nds | 34 | - | 2,174 | 2,208 | 16,921 | 19,129 | 2,914 | |||||||||||||||||||||
Consumer | 4 | - | - | 4 | 1,206 | 1,210 | - | |||||||||||||||||||||
$ | 1,616 | $ | 2,245 | $ | 3,659 | $ | 7,520 | $ | 602,758 | $ | 610,278 | $ | 9,852 |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | 2017 | 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | ||||||||||||||||||||||||||||||||||||||||
With no related Allowance: | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 9,546 | $ | 7,954 | $ | - | $ | 9,160 | $ | 215 | $ | 13,669 | $ | 285 | $ | 12,856 | $ | 11,306 | $ | - | $ | 9,854 | $ | 9,338 | $ | - | ||||||||||||||||||||||||||
Commercial | - | - | - | - | - | 88 | 1 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,618 | 4,174 | - | 3,027 | 47 | 4,090 | 77 | 1,576 | 1,527 | - | 3,900 | 3,698 | - | |||||||||||||||||||||||||||||||||||||||
ADC | 432 | 432 | - | 437 | 12 | 1,227 | 27 | 636 | 636 | - | 441 | 441 | - | |||||||||||||||||||||||||||||||||||||||
Home equity/2nds | - | - | - | 905 | 25 | 2,030 | 41 | - | - | - | 2,139 | 1,529 | - | |||||||||||||||||||||||||||||||||||||||
Consumer | 617 | - | - | - | - | 34 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
With a related Allowance: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 7,699 | 7,965 | 1,524 | 9,284 | 170 | 11,381 | 250 | 9,306 | 9,073 | 1,544 | 11,176 | 11,065 | 1,703 | |||||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | 49 | - | 200 | 5 | - | - | - | 148 | 148 | 15 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,904 | 1,904 | 189 | 1,928 | 50 | 2,071 | 52 | 1,892 | 1,892 | 186 | 1,958 | 1,958 | 196 | |||||||||||||||||||||||||||||||||||||||
ADC | 407 | 375 | 51 | 391 | 10 | 556 | 14 | 402 | 367 | 50 | 417 | 417 | 53 | |||||||||||||||||||||||||||||||||||||||
Home equity/2nds | - | - | - | 953 | - | 16 | 1 | - | - | - | 1,608 | 1,608 | 402 | |||||||||||||||||||||||||||||||||||||||
Consumer | 90 | 90 | 3 | 93 | 1 | 58 | 1 | 87 | 87 | 2 | 96 | 96 | 4 | |||||||||||||||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 17,245 | 15,919 | 1,524 | 18,444 | 385 | 25,050 | 535 | 22,162 | 20,379 | 1,544 | 21,030 | 20,403 | 1,703 | |||||||||||||||||||||||||||||||||||||||
Commercial | - | - | - | 49 | - | 288 | 6 | - | - | - | 148 | 148 | 15 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 6,522 | 6,078 | 189 | 4,955 | 97 | 6,161 | 129 | 3,468 | 3,419 | 186 | 5,858 | 5,656 | 196 | |||||||||||||||||||||||||||||||||||||||
ADC | 839 | 807 | 51 | 828 | 22 | 1,783 | 41 | 1,038 | 1,003 | 50 | 858 | 858 | 53 | |||||||||||||||||||||||||||||||||||||||
Home equity/2nds | - | - | - | 1,858 | 25 | 2,046 | 42 | - | - | - | 3,747 | 3,137 | 402 | |||||||||||||||||||||||||||||||||||||||
Consumer | 707 | 90 | 3 | 93 | 1 | 92 | 1 | 87 | 87 | 2 | 96 | 96 | 4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||||
With no related Allowance: | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 9,854 | $ | 9,338 | $ | - | $ | 10,423 | $ | 138 | $ | 12,734 | $ | 132 | $ | 9,696 | $ | 353 | $ | 13,774 | $ | 417 | ||||||||||||||||||||||
Commercial | - | - | - | - | - | 274 | 2 | - | - | 150 | 3 | |||||||||||||||||||||||||||||||||
Commercial real estate | 3,900 | 3,698 | - | 1,531 | 22 | 3,730 | 57 | 2,652 | 69 | 4,655 | 134 | |||||||||||||||||||||||||||||||||
ADC | 441 | 441 | - | 637 | 9 | 1,031 | 9 | 487 | 21 | 1,431 | 36 | |||||||||||||||||||||||||||||||||
Home equity/2nds | 2,139 | 1,529 | - | 918 | 15 | 1,911 | 18 | 679 | 40 | 1,991 | 59 | |||||||||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | - | 23 | - | |||||||||||||||||||||||||||||||||
With a related Allowance: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 11,176 | 11,065 | 1,703 | 8,910 | 116 | 9,831 | 106 | 9,231 | 286 | 10,684 | 356 | |||||||||||||||||||||||||||||||||
Commercial | 148 | 148 | 15 | - | - | 149 | 2 | 37 | - | 182 | 7 | |||||||||||||||||||||||||||||||||
Commercial real estate | 1,958 | 1,958 | 196 | 1,896 | 23 | 1,977 | 25 | 1,919 | 73 | 2,040 | 77 | |||||||||||||||||||||||||||||||||
ADC | 417 | 417 | 53 | 369 | 6 | 426 | 6 | 385 | 16 | 513 | 20 | |||||||||||||||||||||||||||||||||
Home equity/2nds | 1,608 | 1,608 | 402 | 180 | - | 1,078 | 6 | 715 | - | 370 | 7 | |||||||||||||||||||||||||||||||||
Consumer | 96 | 96 | 4 | 88 | 1 | 102 | 1 | 91 | 2 | 73 | 2 | |||||||||||||||||||||||||||||||||
Totals: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 21,030 | 20,403 | 1,703 | 19,333 | 254 | 22,565 | 238 | 18,927 | 639 | 24,458 | 773 | |||||||||||||||||||||||||||||||||
Commercial | 148 | 148 | 15 | - | - | 423 | 4 | 37 | - | 332 | 10 | |||||||||||||||||||||||||||||||||
Commercial real estate | 5,858 | 5,656 | 196 | 3,427 | 45 | 5,707 | 82 | 4,571 | 142 | 6,695 | 211 | |||||||||||||||||||||||||||||||||
ADC | 858 | 858 | 53 | 1,006 | 15 | 1,457 | 15 | 872 | 37 | 1,944 | 56 | |||||||||||||||||||||||||||||||||
Home equity/2nds | 3,747 | 3,137 | 402 | 1,098 | 15 | 2,989 | 24 | 1,394 | 40 | 2,361 | 66 | |||||||||||||||||||||||||||||||||
Consumer | 96 | 96 | 4 | 88 | 1 | 102 | 1 | 91 | 2 | 96 | 2 |
2017 | 2016 | |||||||||||||||||||||||
Number of Modifications | Recorded Investment Prior to Modification | Recorded Investment After Modification | Number of Modifications | Recorded Investment Prior to Modification | Recorded Investment After Modification | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Residential Mortgage | - | $ | - | $ | - | 3 | $ | 624 | $ | 624 | ||||||||||||||
- | $ | - | $ | - | 3 | $ | 624 | $ | 624 |
2017 | 2016 | |||||||||||||||||||||||
Number of Modifications | Recorded Investment Prior to Modification | Recorded Investment After Modification | Number of Modifications | Recorded Investment Prior to Modification | Recorded Investment After Modification | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Residential Mortgage | 3 | $ | 624 | $ | 624 | |||||||||||||||||||
- | $ | - | $ | - | 3 | $ | 624 | $ | 624 |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Modifications | Accrual Status | Number of Modifications | Nonaccrual Status | Total Number of Modifications | Total Balance of Modifications | Number of Modifications | Accrual Status | Number of Modifications | Nonaccrual Status | Total Number of | Total Balance of | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 43 | $ | 13,490 | 4 | $ | 2,287 | 47 | $ | 15,777 | 43 | $ | 13,086 | 4 | $ | 2,285 | 47 | $ | 15,371 | ||||||||||||||||||||||||||||||
Commercial real estate | 3 | 1,886 | 1 | 90 | 4 | 1,976 | 3 | 1,875 | 1 | 84 | 4 | 1,959 | ||||||||||||||||||||||||||||||||||||
ADC | 2 | 166 | 1 | 6 | 3 | 172 | 1 | 138 | 1 | 6 | 2 | 144 | ||||||||||||||||||||||||||||||||||||
Home equity/2nds | 1 | 232 | - | - | 1 | 232 | 1 | 230 | - | - | 1 | 230 | ||||||||||||||||||||||||||||||||||||
Consumer | 4 | 90 | - | - | 4 | 90 | 4 | 87 | - | - | 4 | 87 | ||||||||||||||||||||||||||||||||||||
53 | $ | 15,864 | 6 | $ | 2,383 | 59 | $ | 18,247 | 52 | $ | 15,416 | 6 | $ | 2,375 | 58 | $ | 17,791 |
December 31, 2016 | ||||||||||||||||||||||||
Number of Modifications | Accrual Status | Number of Modifications | Nonaccrual Status | Total Number of | Total Balance of | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Residential mortgage | 48 | $ | 15,886 | 4 | $ | 2,137 | 52 | $ | 18,023 | |||||||||||||||
Commercial real estate | 3 | 1,914 | 2 | 249 | 5 | 2,163 | ||||||||||||||||||
ADC | 2 | 170 | 1 | 6 | 3 | 176 | ||||||||||||||||||
Consumer | 5 | 96 | - | - | 5 | 96 | ||||||||||||||||||
58 | $ | 18,066 | 7 | $ | 2,392 | 65 | $ | 20,458 |
June 30, 2017 | December 31, 2016 | |||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||
Standby letters of credit | $ | 4,314 | $ | 4,022 | $ | 3,854 | $ | 4,022 | ||||||||
Home equity lines of credit | 12,369 | 7,736 | 12,425 | 7,736 | ||||||||||||
Unadvanced construction commitments | 70,131 | 15,728 | 72,045 | 15,728 | ||||||||||||
Mortgage loan commitments | 1,060 | 574 | - | 574 | ||||||||||||
Lines of credit | 12,996 | 34,125 | 13,092 | 34,125 | ||||||||||||
Loans sold and serviced with limited repurchase provisions | 24,446 | 70,773 | 19,979 | 70,773 |
Actual Amount | Ratio | Minimum Requirements for Capital Adequacy Purposes | Minimum Requirements with Capital Conservation Buffer | To be Well Capitalized Under Prompt Corrective Action Provision | Actual | Minimum Requirements | Minimum Requirements | To be Well Capitalized Under | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | $ | 101,643 | 16.9 | % | $ | 27,117 | 4.5 | % | $ | 34,650 | 5.8 | % | $ | 39,170 | 6.5 | % | $ | 104,318 | 16.8 | % | $ | 27,907 | 4.5 | % | $ | 35,658 | 5.8 | % | $ | 40,309 | 6.5 | % | ||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 109,192 | 18.1 | % | 48,209 | 8.0 | % | 55,742 | 9.3 | % | 60,261 | 10.0 | % | 112,086 | 18.1 | % | 49,612 | 8.0 | % | 57,363 | 9.3 | % | 62,015 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 101,643 | 16.9 | % | 36,157 | 6.0 | % | 43,689 | 7.3 | % | 48,209 | 8.0 | % | 104,318 | 16.8 | % | 37,209 | 6.0 | % | 44,961 | 7.3 | % | 49,612 | 8.0 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average quarterly assets) | 101,643 | 13.3 | % | 30,654 | 4.0 | % | 40,233 | 5.3 | % | 38,318 | 5.0 | % | 104,318 | 13.3 | % | 31,313 | 4.0 | % | 41,099 | 5.3 | % | 39,142 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital (to risk-weighted assets) | $ | 98,970 | 16.5 | % | $ | 26,983 | 4.5 | % | $ | 30,730 | 5.1 | % | $ | 38,975 | 6.5 | % | $ | 98,970 | 16.5 | % | $ | 26,983 | 4.5 | % | $ | 30,730 | 5.1 | % | $ | 38,975 | 6.5 | % | ||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 106,517 | 17.8 | % | 47,969 | 8.0 | % | 51,717 | 8.6 | % | 59,962 | 10.0 | % | 106,517 | 17.8 | % | 47,969 | 8.0 | % | 51,717 | 8.6 | % | 59,962 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 98,970 | 16.5 | % | 35,977 | 6.0 | % | 39,725 | 6.6 | % | 47,969 | 8.0 | % | 98,970 | 16.5 | % | 35,977 | 6.0 | % | 39,725 | 6.6 | % | 47,969 | 8.0 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average quarterly assets) | 98,970 | 12.9 | % | 30,634 | 4.0 | % | 35,420 | 4.6 | % | 38,292 | 5.0 | % | 98,970 | 12.9 | % | 30,634 | 4.0 | % | 35,420 | 4.6 | % | 38,292 | 5.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
(dollars in thousands, except for per share data) | (dollars in thousands, except for per share data) | |||||||||||||||||||||||||||||||
Weighted-average shares outstanding - basic | 12,125,324 | 11,772,195 | 12,124,566 | 10,930,537 | 12,172,586 | 12,104,379 | 12,140,689 | 11,324,660 | ||||||||||||||||||||||||
Dilution | 83,926 | 55,447 | 85,345 | 47,788 | 150,986 | 79,360 | 107,525 | 51,193 | ||||||||||||||||||||||||
Weighted-average share outstanding - diluted | 12,209,250 | 11,827,642 | 12,209,911 | 10,978,325 | 12,323,572 | 12,183,739 | 12,248,214 | 11,375,853 | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 845 | $ | 12,012 | $ | 1,632 | $ | 12,325 | $ | 1,121 | $ | 539 | $ | 2,753 | $ | 12,864 | ||||||||||||||||
Net income per share - basic | $ | 0.07 | $ | 1.02 | $ | 0.13 | $ | 1.13 | $ | 0.09 | $ | 0.04 | $ | 0.23 | $ | 1.14 | ||||||||||||||||
Net income per share - diluted | $ | 0.07 | $ | 1.02 | $ | 0.13 | $ | 1.12 | $ | 0.09 | $ | 0.04 | $ | 0.22 | $ | 1.13 |
Dividend yield | 0.00 | % | ||
Expected volatility | 36.02 | % | ||
Risk-free interest rate | 1.76 | % | ||
Expected lives | 5.5 years |
2017 | 2016 | |||||||||||||||||||||||||||||||
Number of Shares | Weighted- Average | Weighted- Average | Aggregate Intrinsic | Number of Shares | Weighted- Average | Weighted- Average | Aggregate Intrinsic | |||||||||||||||||||||||||
Outstanding at beginning of period | 339,500 | $ | 5.31 | 339,800 | $ | 4.83 | ||||||||||||||||||||||||||
Granted | 20,000 | 7.10 | - | - | ||||||||||||||||||||||||||||
Exercised | (5,025 | ) | 3.37 | - | - | |||||||||||||||||||||||||||
Forfeited | (16,000 | ) | 4.59 | (54,500 | ) | 5.07 | ||||||||||||||||||||||||||
Outstanding at end of period | 338,475 | 5.48 | 7.2 | $ | 526 | 285,300 | 4.79 | 8.2 | $ | 491 | ||||||||||||||||||||||
Exercisable at end of period | 173,702 | 4.78 | 6.5 | $ | 398 | 136,125 | 4.37 | 7.0 | $ | 292 |
2017 | 2016 | |||||||||||||||||||||||||||||||
Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | Number of Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||||||||
Outstanding at beginning of period | 339,500 | $ | 5.31 | 339,800 | $ | 4.83 | ||||||||||||||||||||||||||
Exercised | (5,025 | ) | 3.37 | - | - | |||||||||||||||||||||||||||
Forfeited | (15,000 | ) | 4.67 | - | - | |||||||||||||||||||||||||||
Outstanding at end of period | 319,475 | 5.37 | 7.5 | $ | 604 | 339,800 | 4.83 | 7.8 | $ | 403 | ||||||||||||||||||||||
Exercisable at end of period | 158,129 | 4.70 | 6.7 | $ | 407 | 137,210 | 4.34 | 6.7 | $ | 229 |
Three Months | Six Months | |||||||
(dollars in thousands) | ||||||||
Balance at beginning of period | $ | (15 | ) | $ | - | |||
Other comprehensive income before reclassification | 21 | 6 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | - | - | ||||||
Net other comprehensive income during period | 21 | 6 | ||||||
Balance at end of period | $ | 6 | $ | 6 |
Three Months | Nine Months | |||||||
(dollars in thousands) | ||||||||
Balance at beginning of period | $ | 6 | $ | - | ||||
Other comprehensive loss before reclassification | (9 | ) | (3 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | (1 | ) | (1 | ) | ||||
Net other comprehensive loss during period | (10 | ) | (4 | ) | ||||
Balance at end of period | $ | (4 | ) | $ | (4 | ) |
Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets, or liabilities. |
Level 2: | Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. |
Level 3: | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). |
Carrying Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Changes In Fair Values Included In Period Income | ||||||||||||||||
Assets: | (dollars in thousands) | |||||||||||||||||||
AFS Securities - U.S. government agency notes | $ | 7,171 | $ | - | $ | 7,171 | $ | - | $ | - | ||||||||||
Loans held for sale ("LHFS") | 3,489 | - | 3,489 | - | 104 | |||||||||||||||
Mortgage servicing rights ("MSRs") | 511 | - | - | 511 | (46 | ) | ||||||||||||||
Interest-rate lock commitments ("IRLCs") | 23 | - | 23 | - | (139 | ) | ||||||||||||||
Mandatory forward contracts | 8 | - | 8 | - | (145 | ) | ||||||||||||||
Best efforts forward contracts | 4 | - | 4 | - | 4 |
Carrying Value | Quoted Prices | Significant Other | Significant Unobservable | Total Changes In Fair Values | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
AFS Securities - U.S. government agency notes | $ | 3,129 | $ | - | $ | 3,129 | $ | - | $ | - | ||||||||||
Loans held for sale (“LHFS”) | 4,871 | - | 4,871 | - | 139 | |||||||||||||||
Mortgage servicing rights (“MSRs”) | 473 | - | - | 473 | (84 | ) | ||||||||||||||
Interest-rate lock commitments (“IRLCs”) | 42 | - | 42 | - | (120 | ) | ||||||||||||||
Mandatory forward contracts | 7 | - | 7 | - | (146 | ) | ||||||||||||||
Best efforts forward contracts | 6 | - | 6 | - | 6 |
Carrying Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Changes In Fair Values Included In Period Income | Carrying Value | Quoted Prices | Significant Other | Significant Unobservable | Total Changes In Fair Values | |||||||||||||||||||||||||||||||
Assets: | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
MSRs | $ | 557 | $ | - | $ | - | $ | 557 | $ | 66 | $ | 557 | $ | - | $ | - | $ | 557 | $ | 66 | ||||||||||||||||||||
IRLCs | 162 | - | 162 | - | (21 | ) | 162 | - | 162 | - | (21 | ) | ||||||||||||||||||||||||||||
Mandatory forward contracts | 153 | - | 153 | - | 42 | 153 | - | 153 | - | 42 |
Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted-Average) | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted-Average) | |||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||
June 30, 2017: | ||||||||||||||||||||||||
September 30, 2017: | ||||||||||||||||||||||||
MSRs | $ | 511 | Market Approach | Weighted average prepayment speed | 3.96% | $ | 473 | Market Approach | Weighted average prepayment speed | 3.95 | % | |||||||||||||
December 31, 2016: | ||||||||||||||||||||||||
MSRs | $ | 557 | Market Approach | Weighted average prepayment speed | 3.95% | $ | 557 | Market Approach | Weighted average prepayment speed | 3.95 | % |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Range of Discount | Weighted Average | Carrying Value | Quoted Prices | Significant Other | Significant Unobservable | Range of Discount | Weighted Average | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 1,597 | $ | - | $ | - | $ | 1,597 | 0% - 36 | % | 26.4 | % | $ | 1,597 | $ | - | $ | - | $ | 1,597 | 0% - 33 | % | 25.5 | % | ||||||||||||||||||||||||
Real estate acquired through foreclosure | 789 | - | - | 789 | 0% - 26 | % | 6.0 | % | 691 | - | - | 691 | 0% - 26 | % | 20.9 | % |
December 31, 2016 | ||||||||||||||||||||||||
Carrying Value | Quoted Prices | Significant Other | Significant Unobservable | Range of Discount | Weighted Average | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Impaired loans | $ | 2,136 | $ | - | $ | - | $ | 2,136 | 0% - 2 | % | 2.0 | % | ||||||||||||
Real estate acquired through foreclosure | 767 | - | - | 767 | 0% - 10 | % | 10.0 | % |
December 31, 2016 | ||||||||||||||||||||||||
Carrying Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Range of Discount | Weighted Average | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Impaired loans | $ | 2,136 | $ | - | $ | - | $ | 2,136 | 0% - 2 | % | 2.0 | % | ||||||||||||
Real estate acquired through foreclosure | 767 | - | - | 767 | 0% - 10 | % | 10.0 | % |
June 30, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Assets: | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 34,001 | $ | 34,001 | $ | - | $ | - | $ | 34,001 | $ | 41,635 | $ | 41,635 | $ | - | $ | - | $ | 41,635 | ||||||||||||||||||||
AFS securities | 7,171 | - | 7,171 | - | 7,171 | 3,129 | - | 3,129 | - | 3,129 | ||||||||||||||||||||||||||||||
HTM securities | 64,442 | 11,122 | 53,625 | - | 64,747 | 58,764 | 8,102 | 50,857 | - | 58,959 | ||||||||||||||||||||||||||||||
LHFS | 3,489 | - | 3,489 | - | 3,489 | 4,871 | - | 4,871 | - | 4,871 | ||||||||||||||||||||||||||||||
Loans receivable | 623,726 | - | - | 640,282 | 640,282 | 643,028 | - | - | 653,381 | 653,381 | ||||||||||||||||||||||||||||||
Restricted stock investments | 4,276 | - | 4,276 | - | 4,276 | 4,699 | - | 4,699 | - | 4,699 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 2,285 | - | 2,285 | - | 2,285 | 2,503 | - | 2,503 | - | 2,503 | ||||||||||||||||||||||||||||||
MSRs | 511 | - | - | 511 | 511 | 473 | - | - | 473 | 473 | ||||||||||||||||||||||||||||||
IRLCs | 23 | - | 23 | - | 23 | 42 | - | 42 | - | 42 | ||||||||||||||||||||||||||||||
Mandatory forward contracts | 8 | - | 8 | - | 8 | 7 | - | 7 | - | 7 | ||||||||||||||||||||||||||||||
Best effort forward contracts | 4 | - | 4 | - | 4 | 6 | - | 6 | - | 6 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 579,626 | - | 574,109 | - | 574,109 | 593,492 | - | 586,594 | - | 586,594 | ||||||||||||||||||||||||||||||
Borrowings | 83,500 | - | 83,436 | - | 83,436 | 93,450 | - | 87,909 | - | 87,909 | ||||||||||||||||||||||||||||||
Subordinated debentures | 20,619 | - | - | 20,619 | 20,619 | 20,619 | - | - | 20,619 | 20,619 | ||||||||||||||||||||||||||||||
Accrued interest payable | 496 | - | 496 | - | 496 | 478 | - | 478 | - | 478 |
December 31, 2016 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | (dollars in thousands) | |||||||||||||||||||
Cash and cash equivalents | $ | 67,114 | $ | 67,114 | $ | - | $ | - | $ | 67,114 | ||||||||||
HTM securities | 62,757 | 13,165 | 49,662 | - | 62,827 | |||||||||||||||
LHFS | 10,307 | - | 10,313 | - | 10,313 | |||||||||||||||
Loans receivable | 601,309 | - | - | 602,953 | 602,953 | |||||||||||||||
Restricted stock investments | 5,103 | - | 5,103 | - | 5,103 | |||||||||||||||
Accrued interest receivable | 2,249 | - | 2,249 | - | 2,249 | |||||||||||||||
MSRs | 557 | - | - | 557 | 557 | |||||||||||||||
IRLCs | 162 | - | 162 | - | 162 | |||||||||||||||
Mandatory forward contracts | 153 | - | 153 | - | 153 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | 571,946 | - | 572,556 | - | 572,556 | |||||||||||||||
Borrowings | 103,500 | - | 97,961 | - | 97,961 | |||||||||||||||
Subordinated debentures | 20,619 | - | - | 20,619 | 20,619 | |||||||||||||||
Accrued interest payable | 538 | - | 538 | - | 538 |
· | Levels and trends in delinquencies and nonaccruals; |
· | Inherent risk in the loan portfolio; |
· | Trends in volume and terms of the loan; |
· | Effects of any change in lending policies and procedures; |
· | Experience, ability, and depth of management; |
· | National and local economic trends and conditions; |
· | Effect of any changes in concentration of credit; and |
· | Industry conditions. |
· | Loans that are 90 days or more in arrears (nonaccrual loans); |
· | Loans where, based on current information and events, it is probable that a borrower will be unable to pay all amounts due according to the contractual terms of the loan agreement; or |
· | Loans that are modified and qualify as troubled debt restructured loans (“TDR” or “TDRs”). |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance (1) | Interest (2) | Yield/ Rate (4) | Average Balance (1) | Interest (2) | Yield/ Rate (4) | Average Balance (1) | Interest (2) | Yield/ Rate (4) | Average Balance (1) | Interest (2) | Yield/ Rate (4) | |||||||||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 611,906 | $ | 7,352 | 4.82 | % | $ | 603,827 | $ | 7,195 | 4.79 | % | $ | 621,177 | $ | 7,702 | 4.92 | % | $ | 609,096 | $ | 7,346 | 4.80 | % | ||||||||||||||||||||||||
Loans held for sale ("LHFS") | 3,535 | 42 | 4.76 | % | 7,910 | 66 | 3.36 | % | ||||||||||||||||||||||||||||||||||||||||
Loans held for sale (“LHFS”) | 3,117 | 40 | 5.09 | % | 10,384 | 133 | 5.10 | % | ||||||||||||||||||||||||||||||||||||||||
AFS securities | 7,161 | 30 | 1.68 | % | - | - | - | 5,853 | 26 | 1.76 | % | - | - | - | ||||||||||||||||||||||||||||||||||
HTM securities | 60,371 | 298 | 1.98 | % | 75,453 | 299 | 1.59 | % | 62,249 | 304 | 1.94 | % | 73,872 | 280 | 1.51 | % | ||||||||||||||||||||||||||||||||
Other interest-earning assets (3) | 50,938 | 114 | 0.90 | % | 15,006 | 14 | 0.38 | % | 46,825 | 106 | 0.90 | % | 14,134 | 16 | 0.45 | % | ||||||||||||||||||||||||||||||||
Restricted stock investments, at cost | 4,742 | 60 | 5.07 | % | 5,881 | 68 | 4.65 | % | 4,676 | 61 | 5.18 | % | 5,885 | 67 | 4.53 | % | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 738,653 | 7,896 | 4.29 | % | 708,077 | 7,642 | 4.34 | % | 743,897 | 8,239 | 4.39 | % | 713,371 | 7,842 | 4.37 | % | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (8,678 | ) | (8,763 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance | (8,383 | ) | (8,808 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash and other noninterest-earning assets | 62,929 | 69,376 | 56,589 | 71,805 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 792,904 | 7,896 | $ | 768,690 | 7,642 | $ | 792,103 | 8,239 | $ | 776,368 | 7,842 | ||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Checking and savings | $ | 282,149 | 314 | 0.45 | % | $ | 271,883 | 172 | 0.25 | % | $ | 287,299 | 89 | 0.12 | % | $ | 271,003 | 154 | 0.23 | % | ||||||||||||||||||||||||||||
Certificates of deposit | 214,760 | 624 | 1.16 | % | 221,778 | 832 | 1.51 | % | 214,282 | 922 | 1.71 | % | 221,778 | 865 | 1.55 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 496,909 | 938 | 0.76 | % | 493,661 | 1,004 | 0.82 | % | 501,581 | 1,011 | 0.80 | % | 492,781 | 1,019 | 0.82 | % | ||||||||||||||||||||||||||||||||
Borrowings | 115,334 | 951 | 3.31 | % | 141,537 | 1,097 | 3.12 | % | 113,719 | 897 | 3.13 | % | 141,537 | 1,106 | 3.11 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 612,243 | 1,889 | 1.24 | % | 635,198 | 2,101 | 1.33 | % | 615,300 | 1,908 | 1.23 | % | 634,318 | 2,125 | 1.33 | % | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 89,777 | 38,019 | 86,437 | 39,685 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 2,493 | 6,434 | 2,665 | 4,530 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 88,391 | 89,039 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 792,904 | 1,889 | $ | 768,690 | 2,101 | ||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 87,701 | 97,835 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 792,103 | 1,908 | $ | 776,368 | 2,125 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest spread | Net interest income/net interest spread | $ | 6,007 | 3.05 | % | $ | 5,541 | 3.01 | % | Net interest income/net interest spread | $ | 6,331 | 3.16 | % | $ | 5,717 | 3.04 | % | ||||||||||||||||||||||||||||||
Net interest margin | 3.26 | % | 3.15 | % | 3.38 | % | 3.19 | % |
(1) | Nonaccrual loans are included in average loans. |
(2) | There are no tax equivalency adjustments. |
(3) | Other interest-earning assets include interest-earning deposits and federal funds sold |
(4) | Annualized |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance (1) | Interest (2) | Yield/ Rate (4) | Average Balance (1) | Interest (2) | Yield/ Rate (4) | Average Balance (1) | Interest (2) | Yield/ Rate (4) | Average Balance (1) | Interest (2) | Yield/ Rate (4) | |||||||||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 610,162 | $ | 14,433 | 4.77 | % | $ | 606,122 | $ | 14,215 | 4.72 | % | $ | 613,833 | $ | 22,105 | 4.81 | % | $ | 607,113 | $ | 21,561 | 4.74 | % | ||||||||||||||||||||||||
LHFS | 3,976 | 92 | 4.67 | % | 6,163 | 153 | 4.99 | % | 3,690 | 162 | 5.87 | % | 7,570 | 286 | 5.05 | % | ||||||||||||||||||||||||||||||||
AFS securities | 4,549 | 45 | 1.99 | % | - | - | - | 4,984 | 71 | 1.90 | % | - | - | - | ||||||||||||||||||||||||||||||||||
HTM securities | 61,433 | 552 | 1.81 | % | 69,942 | 610 | 1.75 | % | 61,705 | 856 | 1.85 | % | 71,253 | 890 | 1.67 | % | ||||||||||||||||||||||||||||||||
Other interest-earning assets (3) | 50,618 | 211 | 0.84 | % | 32,652 | 34 | 0.21 | % | 49,353 | 317 | 0.86 | % | 26,479 | 50 | 0.25 | % | ||||||||||||||||||||||||||||||||
Restricted stock investments, at cost | 4,848 | 120 | 4.99 | % | 5,418 | 134 | 4.97 | % | 4,791 | 181 | 5.05 | % | 5,573 | 201 | 4.82 | % | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 735,586 | 15,453 | 4.24 | % | 720,297 | 15,146 | 4.23 | % | 738,356 | 23,692 | 4.29 | % | 717,988 | 22,988 | 4.28 | % | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (8,839 | ) | (8,881 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance | (8,687 | ) | (8,857 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash and other noninterest-earning assets | 64,343 | 67,566 | 61,758 | 69,151 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 791,090 | 15,453 | $ | 778,982 | 15,146 | $ | 791,427 | 23,692 | $ | 778,282 | 22,988 | ||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Checking and savings | $ | 280,324 | 529 | 0.38 | % | $ | 299,896 | 327 | 0.22 | % | $ | 282,649 | 618 | 0.29 | % | $ | 290,518 | 481 | 0.22 | % | ||||||||||||||||||||||||||||
Certificates of deposit | 216,108 | 1,384 | 1.29 | % | 219,617 | 1,656 | 1.52 | % | 215,499 | 2,306 | 1.43 | % | 220,337 | 2,521 | 1.53 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 496,432 | 1,913 | 0.78 | % | 519,513 | 1,983 | 0.77 | % | 498,148 | 2,924 | 0.78 | % | 510,855 | 3,002 | 0.78 | % | ||||||||||||||||||||||||||||||||
Borrowings | 117,949 | 1,947 | 3.33 | % | 131,050 | 2,387 | 3.66 | % | 116,539 | 2,844 | 3.26 | % | 134,546 | 3,493 | 3.47 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 614,381 | 3,860 | 1.27 | % | 650,563 | 4,370 | 1.35 | % | 614,687 | 5,768 | 1.25 | % | 645,401 | 6,495 | 1.34 | % | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 85,673 | 35,089 | 85,928 | 36,725 | ||||||||||||||||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 2,605 | 4,575 | 2,624 | 4,559 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 88,431 | 88,755 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 791,090 | 3,860 | $ | 778,982 | 4,370 | ||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 88,188 | 91,597 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 791,427 | 5,768 | $ | 778,282 | 6,495 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest spread | Net interest income/net interest spread | $ | 11,593 | 2.97 | % | $ | 10,776 | 2.88 | % | Net interest income/net interest spread | $ | 17,924 | 3.04 | % | $ | 16,493 | 2.94 | % | ||||||||||||||||||||||||||||||
Net interest margin | 3.18 | % | 3.01 | % | 3.25 | % | 3.07 | % |
(1) | Nonaccrual loans are included in average loans. |
(2) | There are no tax equivalency adjustments. |
(3) | Other interest-earning assets include interest-earning deposits and federal funds sold |
(4) | Annualized |
Three Months Ended June 30, 2017 vs. 2016 | Six Months Ended June 30, 2017 vs. 2016 | Three Months Ended September 30, 2017 vs. 2016 | Nine Months Ended September 30, 2017 vs. 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Due to Variances in | Due to Variances in | Due to Variances in | Due to Variances in | |||||||||||||||||||||||||||||||||||||||||||||
Rate | Volume | Total | Rate | Volume | Total | Rate | Volume | Total | Rate | Volume | Total | |||||||||||||||||||||||||||||||||||||
Interest earned on: | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 47 | $ | 110 | $ | 157 | $ | 138 | $ | 80 | $ | 218 | $ | 169 | $ | 187 | $ | 356 | $ | 312 | $ | 232 | $ | 544 | ||||||||||||||||||||||||
LHFS | 116 | (140 | ) | (24 | ) | (9 | ) | (52 | ) | (61 | ) | - | (93 | ) | (93 | ) | 65 | (189 | ) | (124 | ) | |||||||||||||||||||||||||||
AFS securities | - | 30 | 30 | - | 45 | 45 | - | 26 | 26 | - | 71 | 71 | ||||||||||||||||||||||||||||||||||||
HTM Securities | 232 | (233 | ) | (1 | ) | 14 | (72 | ) | (58 | ) | 240 | (216 | ) | 24 | 109 | (143 | ) | (34 | ) | |||||||||||||||||||||||||||||
Other interest-earning assets | 35 | 65 | 100 | 148 | 29 | 177 | 28 | 62 | 90 | 196 | 71 | 267 | ||||||||||||||||||||||||||||||||||||
Restricted stock investments, at cost | 31 | (39 | ) | (8 | ) | 1 | (15 | ) | (14 | ) | 39 | (45 | ) | (6 | ) | 14 | (34 | ) | (20 | ) | ||||||||||||||||||||||||||||
Total interest income | 461 | (207 | ) | 254 | 292 | 15 | 307 | 476 | (79 | ) | 397 | 696 | 8 | 704 | ||||||||||||||||||||||||||||||||||
Interest paid on: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||
Checking and savings | 138 | 4 | 142 | 265 | (63 | ) | 202 | (123 | ) | 58 | (65 | ) | 158 | (21 | ) | 137 | ||||||||||||||||||||||||||||||||
Certificates of deposit | (181 | ) | (27 | ) | (208 | ) | (246 | ) | (26 | ) | (272 | ) | 217 | (160 | ) | 57 | (160 | ) | (55 | ) | (215 | ) | ||||||||||||||||||||||||||
Total interest-bearing deposits | (43 | ) | (23 | ) | (66 | ) | 19 | (89 | ) | (70 | ) | 94 | (102 | ) | (8 | ) | (2 | ) | (76 | ) | (78 | ) | ||||||||||||||||||||||||||
Borrowings | 365 | (511 | ) | (146 | ) | (210 | ) | (230 | ) | (440 | ) | 53 | (262 | ) | (209 | ) | (199 | ) | (450 | ) | (649 | ) | ||||||||||||||||||||||||||
Total interest expense | 322 | (534 | ) | (212 | ) | (191 | ) | (319 | ) | (510 | ) | 147 | (364 | ) | (217 | ) | (201 | ) | (526 | ) | (727 | ) | ||||||||||||||||||||||||||
Net interest income | $ | 139 | $ | 327 | $ | 466 | $ | 483 | $ | 334 | $ | 817 | $ | 329 | $ | 285 | $ | 614 | $ | 897 | $ | 534 | $ | 1,431 |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||
U.S. Treasury securities | $ | 10,996 | $ | 12,998 | $ | 7,996 | $ | 12,998 | ||||||||
U.S. government agency notes | 20,015 | 20,027 | 19,008 | 20,027 | ||||||||||||
Mortgage-backed securities | 33,431 | 29,732 | 31,760 | 29,732 | ||||||||||||
$ | 64,442 | $ | 62,757 | $ | 58,764 | $ | 62,757 |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Residential Mortgage | $ | 285,907 | 45.3 | % | $ | 257,659 | 42.2 | % | $ | 289,169 | 44.4 | % | $ | 257,659 | 42.2 | % | ||||||||||||||||
Commercial | 25,811 | 4.1 | % | 46,468 | 7.6 | % | 37,485 | 5.8 | % | 46,468 | 7.6 | % | ||||||||||||||||||||
Commercial real estate | 216,388 | 34.2 | % | 195,710 | 32.1 | % | 223,167 | 34.3 | % | 195,710 | 32.1 | % | ||||||||||||||||||||
Construction, land acquisition, and development ("ADC") | 85,898 | 13.6 | % | 90,102 | 14.8 | % | ||||||||||||||||||||||||||
Construction, land acquisition, and development (“ADC”) | 84,164 | 12.9 | % | 90,102 | 14.8 | % | ||||||||||||||||||||||||||
Home equity/2nds | 16,336 | 2.6 | % | 19,129 | 3.1 | % | 15,861 | 2.4 | % | 19,129 | 3.1 | % | ||||||||||||||||||||
Consumer | 1,104 | 0.2 | % | 1,210 | 0.2 | % | 1,118 | 0.2 | % | 1,210 | 0.2 | % | ||||||||||||||||||||
$ | 631,444 | 100.0 | % | $ | 610,278 | 100.0 | % | $ | 650,964 | 100.0 | % | $ | 610,278 | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | 8,332 | $ | 8,633 | $ | 8,969 | $ | 8,758 | $ | 7,718 | $ | 8,804 | $ | 8,969 | $ | 8,758 | ||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||
Residential mortgage | (208 | ) | (11 | ) | (707 | ) | (151 | ) | - | - | (707 | ) | (151 | ) | ||||||||||||||||||
Commercial | (27 | ) | - | - | (17 | ) | - | - | - | (17 | ) | |||||||||||||||||||||
Commercial real estate | - | (131 | ) | - | (178 | ) | - | - | - | (178 | ) | |||||||||||||||||||||
ADC | - | - | - | - | - | (72 | ) | - | (72 | ) | ||||||||||||||||||||||
Home equity/2nds | (98 | ) | - | (98 | ) | (28 | ) | - | - | (98 | ) | (28 | ) | |||||||||||||||||||
Consumer | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total charge-offs | (333 | ) | (142 | ) | (805 | ) | (374 | ) | - | (72 | ) | (805 | ) | (446 | ) | |||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Residential mortgage | 32 | 103 | 139 | 185 | 156 | 137 | 295 | 322 | ||||||||||||||||||||||||
Commercial | - | 9 | - | 33 | - | 10 | - | 43 | ||||||||||||||||||||||||
Commercial real estate | 60 | - | 60 | - | 40 | 4 | 100 | 4 | ||||||||||||||||||||||||
ADC | - | 100 | - | 100 | - | - | - | 100 | ||||||||||||||||||||||||
Home equity/2nds | 2 | 1 | 5 | 2 | 22 | 2 | 27 | 4 | ||||||||||||||||||||||||
Consumer | - | - | - | - | - | 50 | - | 50 | ||||||||||||||||||||||||
Total recoveries | 94 | 213 | 204 | 320 | 218 | 203 | 422 | 523 | ||||||||||||||||||||||||
Net (charge offs) recoveries | (239 | ) | 71 | (601 | ) | (54 | ) | |||||||||||||||||||||||||
(Reversal of) provision for loan losses | (375 | ) | 100 | (650 | ) | 100 | ||||||||||||||||||||||||||
Net recoveries (charge offs) | 218 | 131 | (383 | ) | 77 | |||||||||||||||||||||||||||
Provision for (reversal of) loan losses | - | 50 | (650 | ) | 150 | |||||||||||||||||||||||||||
Allowance, end of period | $ | 7,718 | $ | 8,804 | $ | 7,718 | $ | 8,804 | $ | 7,936 | $ | 8,985 | $ | 7,936 | $ | 8,985 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Period-end balance | $ | 631,444 | $ | 617,900 | $ | 631,444 | $ | 617,900 | $ | 650,964 | $ | 612,458 | $ | 650,964 | $ | 612,458 | ||||||||||||||||
Average balance during period | 611,906 | 603,827 | 610,162 | 606,122 | 621,177 | 609,096 | 613,833 | 607,113 | ||||||||||||||||||||||||
Allowance as a percentage of period-end loan balance | 1.22 | % | 1.42 | % | 1.22 | % | 1.42 | % | 1.22 | % | 1.47 | % | 1.22 | % | 1.47 | % | ||||||||||||||||
Percent of average loans (annualized) : | ||||||||||||||||||||||||||||||||
(Reversal of) provision for loan losses | (0.25 | )% | 0.07 | % | (0.21 | )% | 0.03 | % | ||||||||||||||||||||||||
Net (charge offs) recoveries | (0.16 | )% | 0.05 | % | (0.20 | )% | (0.02 | )% | ||||||||||||||||||||||||
Percent of average loans (annualized): | ||||||||||||||||||||||||||||||||
Provision for (reversal of) loan losses | - | 0.03 | % | (0.14 | )% | 0.03 | % | |||||||||||||||||||||||||
Net recoveries (charge offs) | 0.14 | % | 0.09 | % | (0.08 | )% | 0.02 | % |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent of Total | Percent of Loans to Total Loans | Amount | Percent of Total | Percent of Loans to Total Loans | Amount | Percent of Total | Percent of Loans | Amount | Percent of Total | Percent of Loans | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 3,403 | 44.1 | % | 45.3 | % | $ | 3,833 | 42.7 | % | 42.2 | % | $ | 3,422 | 43.1 | % | 44.4 | % | $ | 3,833 | 42.7 | % | 42.2 | % | ||||||||||||||||||||||||
Commercial | 389 | 5.0 | % | 4.1 | % | 478 | 5.3 | % | 7.6 | % | 442 | 5.6 | % | 5.8 | % | 478 | 5.3 | % | 7.6 | % | ||||||||||||||||||||||||||||
Commercial real estate | 2,571 | 33.3 | % | 34.2 | % | 2,535 | 28.3 | % | 32.1 | % | 2,567 | 32.3 | % | 34.3 | % | 2,535 | 28.3 | % | 32.1 | % | ||||||||||||||||||||||||||||
ADC | 984 | 12.7 | % | 13.6 | % | 1,390 | 15.5 | % | 14.8 | % | 1,142 | 14.4 | % | 12.9 | % | 1,390 | 15.5 | % | 14.8 | % | ||||||||||||||||||||||||||||
Home equity/2nds | 367 | 4.8 | % | 2.6 | % | 728 | 8.1 | % | 3.1 | % | 361 | 4.6 | % | 2.4 | % | 728 | 8.1 | % | 3.1 | % | ||||||||||||||||||||||||||||
Consumer | 4 | 0.1 | % | 0.2 | % | 5 | 0.1 | % | 0.2 | % | 2 | - | 0.2 | % | 5 | 0.1 | % | 0.2 | % | |||||||||||||||||||||||||||||
Total | $ | 7,718 | 100.0 | % | 100.0 | % | $ | 8,969 | 100.0 | % | 100.0 | % | $ | 7,936 | 100.0 | % | 100.0 | % | $ | 8,969 | 100.0 | % | 100.0 | % |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
Nonaccrual Loans: | (dollars in thousands) | (dollars in thousands) | ||||||||||||||
Residential mortgage | $ | 3,388 | $ | 3,580 | $ | 4,531 | $ | 3,580 | ||||||||
Commercial | 90 | 151 | 84 | 151 | ||||||||||||
Commercial real estate | 164 | 2,938 | 160 | 2,938 | ||||||||||||
ADC | 90 | 269 | 318 | 269 | ||||||||||||
Home equity/2nds | 1,310 | 2,914 | 1,284 | 2,914 | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
5,042 | 9,852 | 6,377 | 9,852 | |||||||||||||
Real Estate Acquired Through Foreclosure: | ||||||||||||||||
Residential mortgage | 99 | 393 | 287 | 393 | ||||||||||||
Commercial | - | - | - | - | ||||||||||||
Commercial real estate | 700 | 341 | 601 | 341 | ||||||||||||
ADC | 216 | 239 | 216 | 239 | ||||||||||||
Home equity/2nds | - | - | - | - | ||||||||||||
Consumer | - | - | - | - | ||||||||||||
1,015 | 973 | 1,104 | 973 | |||||||||||||
Total Nonperforming Assets | $ | 6,057 | $ | 10,825 | $ | 7,481 | $ | 10,825 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,243 | $ | 1,737 | $ | 973 | $ | 1,744 | $ | 1,015 | $ | 1,112 | $ | 973 | $ | 1,744 | ||||||||||||||||
Real estate acquired in satisfaction of loans | - | 493 | 515 | 1,077 | 188 | 293 | 703 | 1,370 | ||||||||||||||||||||||||
Write-downs and losses | - | (74 | ) | (40 | ) | (87 | ) | (99 | ) | (62 | ) | (139 | ) | (149 | ) | |||||||||||||||||
Proceeds from sales | (228 | ) | (1,044 | ) | (433 | ) | (1,622 | ) | - | - | (433 | ) | (1,622 | ) | ||||||||||||||||||
Balance at end of period | $ | 1,015 | $ | 1,112 | $ | 1,015 | $ | 1,112 | $ | 1,104 | $ | 1,343 | $ | 1,104 | $ | 1,343 |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
Residential mortgage: | (dollars in thousands) | (dollars in thousands) | ||||||||||||||
Nonaccrual | $ | 2,287 | $ | 2,137 | $ | 2,285 | $ | 2,137 | ||||||||
<90 days past due/current | 13,490 | 15,886 | 13,086 | 15,886 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Nonaccrual | 90 | 249 | 84 | 249 | ||||||||||||
<90 days past due/current | 1,886 | 1,914 | 1,875 | 1,914 | ||||||||||||
ADC: | ||||||||||||||||
Nonaccrual | 6 | 6 | 6 | 6 | ||||||||||||
<90 days past due/current | 166 | 170 | 138 | 170 | ||||||||||||
Home equity/2nds: | ||||||||||||||||
Nonaccrual | - | - | - | - | ||||||||||||
<90 days past due/current | 232 | - | 230 | - | ||||||||||||
Consumer | ||||||||||||||||
Nonaccrual | - | - | - | - | ||||||||||||
<90 days past due/current | 90 | 96 | 87 | 96 | ||||||||||||
Totals | ||||||||||||||||
Nonaccrual | 2,383 | 2,392 | 2,375 | 2,392 | ||||||||||||
<90 days past due/current | 15,864 | 18,066 | 15,416 | 18,066 | ||||||||||||
$ | 18,247 | $ | 20,458 | $ | 17,791 | $ | 20,458 |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
Balance | Percent of Total | Balance | Percent of Total | Balance | Percent of Total | Balance | Percent of Total | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Checking and savings | $ | 236,969 | 40.88 | % | $ | 239,985 | 41.96 | % | $ | 261,581 | 44.1 | % | $ | 239,985 | 41.9 | % | ||||||||||||||||
Certificates of deposit | 250,052 | 43.14 | % | 273,816 | 47.87 | % | 260,396 | 43.9 | % | 273,816 | 47.9 | % | ||||||||||||||||||||
Total interest-bearing deposits | 487,021 | 84.02 | % | 513,801 | 89.83 | % | 521,977 | 88.0 | % | 513,801 | 89.8 | % | ||||||||||||||||||||
Noninterest-bearing deposits | 92,605 | 15.98 | % | 58,145 | 10.17 | % | 71,515 | 12.0 | % | 58,145 | 10.2 | % | ||||||||||||||||||||
Total deposits | $ | 579,626 | 100.00 | % | $ | 571,946 | 100.00 | % | $ | 593,492 | 100.0 | % | $ | 571,946 | 100.0 | % |
Principal | |||||||||||||||||
Amount (in thousands) | Rate | Maturity | |||||||||||||||
Principal Amount (in thousands) | Principal Amount (in thousands) | Rate | Maturity | ||||||||||||||
$ | 50,000 | 3.06% to 4.05% | 2017 | 24,950 | 1.21% to 4.05% | 2017 | |||||||||||
15,000 | 2.58% to 3.43% | 2018 | 15,000 | 2.58% to 3.43% | 2018 | ||||||||||||
15,000 | 4.00% | 2019 | 35,000 | 1.55% to 4.00% | 2019 | ||||||||||||
15,000 | 1.75% | 2020 | |||||||||||||||
$ | 80,000 | 89,950 |
June 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Asset - IRLCs | $ | 1,304 | $ | 23 | $ | 9,725 | $ | 162 | $ | 2,329 | $ | 42 | $ | 9,725 | $ | 162 | ||||||||||||||||
Asset - Mandatory forward contracts | 3,384 | 8 | 10,302 | 153 | 4,731 | 7 | 10,302 | 153 | ||||||||||||||||||||||||
Asset - Best effort forward contracts | 1,304 | 4 | - | - | 2,329 | 6 | - | - |
Change in Rates | Amount | $ Change | % Change | |||||||||||
(dollars in thousands) | ||||||||||||||
+400 | bp | $ | 142,159 | $ | (21,685 | ) | -13.24 | % | ||||||
+300 | bp | 148,992 | (14,852 | ) | -9.06 | % | ||||||||
+200 | bp | 154,921 | (8,923 | ) | -5.45 | % | ||||||||
+100 | bp | 159,872 | (3,972 | ) | -2.42 | % | ||||||||
0 | bp | 163,844 | ||||||||||||
-100 | bp | 164,564 | 720 | 0.44 | % | |||||||||
-200 | bp | 159,507 | (4,337 | ) | -2.65 | % |
Change in Rates | Amount | $ Change | % Change | ||||||||||
(dollars in thousands) | |||||||||||||
+400 | bp | $ | 160,130 | $ | (16,836 | ) | -9.51 | % | |||||
+300 | bp | 166,030 | (10,936 | ) | -6.18 | % | |||||||
+200 | bp | 170,894 | (6,072 | ) | -3.43 | % | |||||||
+100 | bp | 174,580 | (2,386 | ) | -1.35 | % | |||||||
0 | bp | 176,966 | |||||||||||
-100 | bp | 176,569 | (397 | ) | -0.22 | % | |||||||
-200 | bp | 169,398 | (7,568 | ) | -4.28 | % |
Exhibit No. | Description | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101 | The following financial statements from the Severn Bancorp, Inc. Quarterly Report on Form 10-Q as of |
Exhibit No. | Description | |
Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | ||
Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | ||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101 | The following financial statements from the Severn Bancorp, Inc. Quarterly Report on Form 10-Q as of September 30, 2017 and for the three and nine months ended September 30, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Accumulated Comprehensive Income; (iv) the Consolidated Statements of Changes in Stockholders’ Equity; (v) the Consolidated Statements of Cash Flows; and (vi) the Notes to Consolidated Financial Statements. |
SEVERN BANCORP, INC. | ||
/s/ Alan J. Hyatt | ||
Alan J. Hyatt, Chairman of the Board, President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
/s/ Paul B. Susie | ||
Paul B. Susie, | ||
Executive Vice President, Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |