| Pennsylvania | | | 25-1424278 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
| Main & Franklin Streets, P.O. Box 430, Johnstown, PA | | | 15907-0430 | |
| (Address of principal executive offices) | | | (Zip Code) | |
| Title Of Each Class | | | Trading Symbol | | | Name of Each Exchange On Which Registered | |
| Common Stock | | | ASRV | | | The NASDAQ Stock Market LLC | |
| 8.45% Beneficial Unsecured Securities, Series A (AmeriServ Financial Capital Trust I) | | | ASRVP | | | The NASDAQ Stock Market LLC | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ | | |||||||||
| Emerging growth company ☐ | |
| Class | | | Outstanding at May 1, | |
| Common Stock, par value $0.01 | | | ||
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PART I. FINANCIAL INFORMATION: | | | ||||||||||
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PART II. OTHER INFORMATION | | | ||||||||||
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| | March 31, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and due from depository institutions | | | $ | 21,675 | | | | $ | 27,970 | | | | | $ | 17,675 | | | | $ | 15,642 | | | ||||
Interest bearing deposits | | | | 3,940 | | | | | 2,740 | | | | | | 2,890 | | | | | 2,755 | | | ||||
Short-term investments in money market funds | | | | 4,056 | | | | | 4,184 | | | | | | 3,541 | | | | | 3,771 | | | ||||
Total cash and cash equivalents | | | | 29,671 | | | | | 34,894 | | | | | | 24,106 | | | | | 22,168 | | | ||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Available for sale, at fair value | | | | 154,025 | | | | | 146,731 | | | | | | 142,716 | | | | | 141,749 | | | ||||
Held to maturity (fair value $40,730 on March 31, 2019 and $40,324 on December 31, 2018) | | | | 40,528 | | | | | 40,760 | | | |||||||||||||||
Held to maturity (fair value $44,236 on March 31, 2020 and $41,082 on December 31, 2019) | | | | 42,068 | | | | | 39,936 | | | |||||||||||||||
Loans held for sale | | | | 619 | | | | | 847 | | | | | | 4,750 | | | | | 4,868 | | | ||||
Loans | | | | 862,882 | | | | | 862,604 | | | | | | 873,055 | | | | | 883,090 | | | ||||
Less: Unearned income | | | | 367 | | | | | 322 | | | | | | 406 | | | | | 384 | | | ||||
Allowance for loan losses | | | | 8,107 | | | | | 8,671 | | | | | | 9,334 | | | | | 9,279 | | | ||||
Net loans | | | | 854,408 | | | | | 853,611 | | | | | | 863,315 | | | | | 873,427 | | | ||||
Premises and equipment: | | | | | | | | | | | | | | | | | | | | | | | ||||
Operating lease right-of-use asset | | | | 911 | | | | | — | | | | | | 825 | | | | | 846 | | | ||||
Financing lease right-of-use asset | | | | 3,272 | | | | | — | | | | | | 3,074 | | | | | 3,078 | | | ||||
Other premises and equipment, net | | | | 14,378 | | | | | 13,348 | | | | | | 14,660 | | | | | 14,643 | | | ||||
Accrued interest income receivable | | | | 3,932 | | | | | 3,489 | | | | | | 3,759 | | | | | 3,449 | | | ||||
Goodwill | | | | 11,944 | | | | | 11,944 | | | | | | 11,944 | | | | | 11,944 | | | ||||
Bank owned life insurance | | | | 38,523 | | | | | 38,395 | | | | | | 39,041 | | | | | 38,916 | | | ||||
Net deferred tax asset | | | | 4,323 | | | | | 3,637 | | | | | | 3,705 | | | | | 3,976 | | | ||||
Federal Home Loan Bank stock | | | | 4,035 | | | | | 4,520 | | | | | | 3,988 | | | | | 3,985 | | | ||||
Federal Reserve Bank stock | | | | 2,125 | | | | | 2,125 | | | | | | 2,125 | | | | | 2,125 | | | ||||
Other assets | | | | 4,988 | | | | | 6,379 | | | | | | 8,279 | | | | | 6,074 | | | ||||
TOTAL ASSETS | | | $ | 1,167,682 | | | | $ | 1,160,680 | | | | | $ | 1,168,355 | | | | $ | 1,171,184 | | | ||||
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Non-interest bearing deposits | | | $ | 152,695 | | | | $ | 150,627 | | | | | $ | 145,630 | | | | $ | 136,462 | | | ||||
Interest bearing deposits | | | | 805,084 | | | | | 798,544 | | | | | | 811,963 | | | | | 824,051 | | | ||||
Total deposits | | | | 957,779 | | | | | 949,171 | | | | | | 957,593 | | | | | 960,513 | | | ||||
Short-term borrowings | | | | 30,912 | | | | | 41,029 | | | | | | 16,354 | | | | | 22,412 | | | ||||
Advances from Federal Home Loan Bank | | | | 48,571 | | | | | 46,721 | | | | | | 58,218 | | | | | 53,668 | | | ||||
Operating lease liabilities | | | | 928 | | | | | — | | | | | | 842 | | | | | 865 | | | ||||
Financing lease liabilities | | | | 3,295 | | | | | — | | | | | | 3,177 | | | | | 3,163 | | | ||||
Guaranteed junior subordinated deferrable interest debentures, net | | | | 12,943 | | | | | 12,939 | | | | | | 12,959 | | | | | 12,955 | | | ||||
Subordinated debt, net | | | | 7,493 | | | | | 7,488 | | | | | | 7,517 | | | | | 7,511 | | | ||||
Total borrowed funds | | | | 104,142 | | | | | 108,177 | | | | | | 99,067 | | | | | 100,574 | | | ||||
Other liabilities | | | | 6,700 | | | | | 5,355 | | | | | | 10,855 | | | | | 11,483 | | | ||||
TOTAL LIABILITIES | | | | 1,068,621 | | | | | 1,062,703 | | | | | | 1,067,515 | | | | | 1,072,570 | | | ||||
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | ||||
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,643,495 shares issued and 17,540,676 shares outstanding on March 31, 2019; 26,609,811 shares issued and 17,619,303 shares outstanding on December 31, 2018 | | | | 266 | | | | | 266 | | | |||||||||||||||
Treasury stock at cost, 9,102,819 shares on March 31, 2019 and 8,990,508 shares on December 31, 2018 | | | | (81,055) | | | | | (80,579) | | | |||||||||||||||
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,672,463 shares issued and 17,043,644 shares outstanding on March 31, 2020; 26,650,728 shares issued and 17,057,871 shares outstanding on December 31, 2019 | | | | 267 | | | | | 267 | | | |||||||||||||||
Treasury stock at cost, 9,628,819 shares on March 31, 2020 and 9,592,857 shares on December 31, 2019 | | | | (83,280) | | | | | (83,129) | | | |||||||||||||||
Capital surplus | | | | 145,870 | | | | | 145,782 | | | | | | 145,938 | | | | | 145,888 | | | ||||
Retained earnings | | | | 48,262 | | | | | 46,733 | | | | | | 52,745 | | | | | 51,759 | | | ||||
Accumulated other comprehensive loss, net | | | | (14,282) | | | | | (14,225) | | | | | | (14,830) | | | | | (16,171) | | | ||||
TOTAL SHAREHOLDERS’ EQUITY | | | | 99,061 | | | | | 97,977 | | | | | | 100,840 | | | | | 98,614 | | | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | | $ | 1,167,682 | | | | $ | 1,160,680 | | | | | $ | 1,168,355 | | | | $ | 1,171,184 | | | ||||
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| | Three months ended March 31, | | | Three months ended March 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | ||||
Interest and fees on loans | | | $ | 10,418 | | | | $ | 9,818 | | | | | $ | 10,332 | | | | $ | 10,418 | | | ||||
Interest bearing deposits | | | | 6 | | | | | 4 | | | | | | 4 | | | | | 6 | | | ||||
Short-term investments in money market funds | | | | 69 | | | | | 43 | | | | | | 72 | | | | | 69 | | | ||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Available for sale | | | | 1,319 | | | | | 1,029 | | | | | | 1,183 | | | | | 1,319 | | | ||||
Held to maturity | | | | 352 | | | | | 323 | | | | | | 353 | | | | | 352 | | | ||||
Total Interest Income | | | | 12,164 | | | | | 11,217 | | | | | | 11,944 | | | | | 12,164 | | | ||||
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | ||||
Deposits | | | | 2,730 | | | | | 1,781 | | | | | | 2,458 | | | | | 2,730 | | | ||||
Short-term borrowings | | | | 102 | | | | | 92 | | | | | | 12 | | | | | 102 | | | ||||
Advances from Federal Home Loan Bank | | | | 235 | | | | | 186 | | | | | | 284 | | | | | 235 | | | ||||
Financing lease liabilities | | | | 30 | | | | | — | | | | | | 29 | | | | | 30 | | | ||||
Guaranteed junior subordinated deferrable interest debentures | | | | 280 | | | | | 280 | | | | | | 280 | | | | | 280 | | | ||||
Subordinated debt | | | | 130 | | | | | 130 | | | | | | 130 | | | | | 130 | | | ||||
Total Interest Expense | | | | 3,507 | | | | | 2,469 | | | | | | 3,193 | | | | | 3,507 | | | ||||
NET INTEREST INCOME | | | | 8,657 | | | | | 8,748 | | | | | | 8,751 | | | | | 8,657 | | | ||||
Provision (credit) for loan losses | | | | (400) | | | | | 50 | | | | | | 175 | | | | | (400) | | | ||||
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES | | | | 9,057 | | | | | 8,698 | | | | | | 8,576 | | | | | 9,057 | | | ||||
NON-INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | ||||
Wealth management fees | | | | 2,396 | | | | | 2,426 | | | | | | 2,554 | | | | | 2,396 | | | ||||
Service charges on deposit accounts | | | | 310 | | | | | 383 | | | | | | 286 | | | | | 310 | | | ||||
Net gains on sale of loans | | | | 62 | | | | | 98 | | | | | | 237 | | | | | 62 | | | ||||
Mortgage related fees | | | | 44 | | | | | 39 | | | | | | 126 | | | | | 44 | | | ||||
Net realized losses on investment securities | | | | — | | | | | (148) | | | |||||||||||||||
Bank owned life insurance | | | | 128 | | | | | 132 | | | | | | 125 | | | | | 128 | | | ||||
Other income | | | | 665 | | | | | 705 | | | | | | 504 | | | | | 665 | | | ||||
Total Non-Interest Income | | | | 3,605 | | | | | 3,635 | | | | | | 3,832 | | | | | 3,605 | | | ||||
NON-INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | ||||
Salaries and employee benefits | | | | 6,301 | | | | | 6,093 | | | | | | 6,704 | | | | | 6,301 | | | ||||
Net occupancy expense | | | | 658 | | | | | 670 | | | | | | 671 | | | | | 658 | | | ||||
Equipment expense | | | | 361 | | | | | 391 | | | | | | 395 | | | | | 361 | | | ||||
Professional fees | | | | 1,120 | | | | | 1,184 | | | | | | 1,154 | | | | | 1,120 | | | ||||
Supplies, postage and freight | | | | 173 | | | | | 168 | | | | | | 179 | | | | | 173 | | | ||||
Miscellaneous taxes and insurance | | | | 277 | | | | | 290 | | | | | | 275 | | | | | 277 | | | ||||
Federal deposit insurance expense | | | | 80 | | | | | 162 | | | | | | 26 | | | | | 80 | | | ||||
Other expense | | | | 1,323 | | | | | 1,162 | | | | | | 1,229 | | | | | 1,323 | | | ||||
Total Non-Interest Expense | | | | 10,293 | | | | | 10,120 | | | | | | 10,633 | | | | | 10,293 | | | ||||
PRETAX INCOME | | | | 2,369 | | | | | 2,213 | | | | | | 1,775 | | | | | 2,369 | | | ||||
Provision for income tax expense | | | | 491 | | | | | 446 | | | | | | 366 | | | | | 491 | | | ||||
NET INCOME | | | | 1,878 | | | | | 1,767 | | | | | | 1,409 | | | | | 1,878 | | | ||||
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PER COMMON SHARE DATA: | | | | | | | | | | | | |||||||||||||||
Basic: | | | | | | | | | | | | |||||||||||||||
Net income | | | $ | 0.08 | | | | $ | 0.11 | | | |||||||||||||||
Average number of shares outstanding | | | | 17,043 | | | | | 17,578 | | | |||||||||||||||
Diluted: | | | | | | | | | | | | |||||||||||||||
Net income | | | $ | 0.08 | | | | $ | 0.11 | | | |||||||||||||||
Average number of shares outstanding | | | | 17,099 | | | | | 17,664 | | |
| | | Three months ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
PER COMMON SHARE DATA: | | | | | | | | | | | | | |
Basic: | | | | | | | | | | | | | |
Net income | | | | $ | 0.11 | | | | | $ | 0.10 | | |
Average number of shares outstanding | | | | | 17,578 | | | | | | 18,079 | | |
Diluted: | | | | | | | | | | | | | |
Net income | | | | $ | 0.11 | | | | | $ | 0.10 | | |
Average number of shares outstanding | | | | | 17,664 | | | | | | 18,181 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
COMPREHENSIVE INCOME | | | | | | | | | | | | | |
Net income | | | | $ | 1,409 | | | | | $ | 1,878 | | |
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | |
Pension obligation change for defined benefit plan | | | | | 528 | | | | | | (1,835) | | |
Income tax effect | | | | | (111) | | | | | | 385 | | |
Unrealized holding gains on available for sale securities arising during period | | | | | 1,170 | | | | | | 1,763 | | |
Income tax effect | | | | | (246) | | | | | | (370) | | |
Other comprehensive income (loss) | | | | | 1,341 | | | | | | (57) | | |
Comprehensive income | | | | $ | 2,750 | | | | | $ | 1,821 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
COMPREHENSIVE INCOME | | | | | | | | | | | | | |
Net income | | | | $ | 1,878 | | | | | $ | 1,767 | | |
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | |
Pension obligation change for defined benefit plan | | | | | (1,835) | | | | | | 1,044 | | |
Income tax effect | | | | | 385 | | | | | | (219) | | |
Unrealized holding gains (losses) on available for sale securities arising during period | | | | | 1,763 | | | | | | (1,666) | | |
Income tax effect | | | | | (370) | | | | | | 350 | | |
Reclassification adjustment for (gains) losses on available for sale securities included in net income | | | | | — | | | | | | 148 | | |
Income tax effect | | | | | — | | | | | | (31) | | |
Other comprehensive loss | | | | | (57) | | | | | | (374) | | |
Comprehensive income | | | | $ | 1,821 | | | | | $ | 1,393 | | |
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| | | Three months ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
COMMON STOCK | | | | | | | | | | | | | |
Balance at beginning of period | | | | | 267 | | | | | | 266 | | |
New common shares issued for exercise of stock options (21,735 and 33,684 shares for the three months ended March 31, 2020 and 2019, respectively) | | | | | — | | | | | | — | | |
Balance at end of period | | | | | 267 | | | | | | 266 | | |
TREASURY STOCK | | | | | | | | | | | | | |
Balance at beginning of period | | | | | (83,129) | | | | | | (80,579) | | |
Treasury stock, purchased at cost (35,962 and 112,311 shares for the three months ended March 31, 2020 and 2019, respectively) | | | | | (151) | | | | | | (476) | | |
Balance at end of period | | | | | (83,280) | | | | | | (81,055) | | |
CAPITAL SURPLUS | | | | | | | | | | | | | |
Balance at beginning of period | | | | | 145,888 | | | | | | 145,782 | | |
New common shares issued for exercise of stock options (21,735 and 33,684 shares for the three months ended March 31, 2020 and 2019, respectively) | | | | | 49 | | | | | | 85 | | |
Stock option expense | | | | | 1 | | | | | | 3 | | |
Balance at end of period | | | | | 145,938 | | | | | | 145,870 | | |
RETAINED EARNINGS | | | | | | | | | | | | | |
Balance at beginning of period | | | | | 51,759 | | | | | | 46,733 | | |
Net income | | | | | 1,409 | | | | | | 1,878 | | |
Cash dividend declared on common stock ($0.025 and $0.020 per share for the three months ended March 31, 2020 and 2019, respectively) | | | | | (423) | | | | | | (349) | | |
Balance at end of period | | | | | 52,745 | | | | | | 48,262 | | |
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET | | | | | | | | | | | | | |
Balance at beginning of period | | | | | (16,171) | | | | | | (14,225) | | |
Other comprehensive income (loss) | | | | | 1,341 | | | | | | (57) | | |
Balance at end of period | | | | | (14,830) | | | | | | (14,282) | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | $ | 100,840 | | | | | $ | 99,061 | | |
| | | Three months ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
COMMON STOCK | | | | | | | | | | | | | |
Balance at beginning of period | | | | | 266 | | | | | | 266 | | |
New common shares issued for exercise of stock options | | | | | — | | | | | | — | | |
Balance at end of period | | | | | 266 | | | | | | 266 | | |
TREASURY STOCK | | | | | | | | | | | | | |
Balance at beginning of period | | | | | (80,579) | | | | | | (78,233) | | |
Treasury stock, purchased at cost (112,311 and 105,663 shares in 2019 and 2018, respectively) | | | | | (476) | | | | | | (445) | | |
Balance at end of period | | | | | (81,055) | | | | | | (78,678) | | |
CAPITAL SURPLUS | | | | | | | | | | | | | |
Balance at beginning of period | | | | | 145,782 | | | | | | 145,707 | | |
New common shares issued for exercise of stock options (33,684 and 10,817 shares in 2019 and 2018, respectively) | | | | | 85 | | | | | | 28 | | |
Stock option expense | | | | | 3 | | | | | | 4 | | |
Balance at end of period | | | | | 145,870 | | | | | | 145,739 | | |
RETAINED EARNINGS | | | | | | | | | | | | | |
Balance at beginning of period | | | | | 46,733 | | | | | | 40,312 | | |
Net income | | | | | 1,878 | | | | | | 1,767 | | |
Cash dividend declared on common stock | | | | | (349) | | | | | | (272) | | |
Balance at end of period | | | | | 48,262 | | | | | | 41,807 | | |
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET | | | | | | | | | | | | | |
Balance at beginning of period | | | | | (14,225) | | | | | | (12,950) | | |
Other comprehensive loss | | | | | (57) | | | | | | (374) | | |
Balance at end of period | | | | | (14,282) | | | | | | (13,324) | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | $ | 99,061 | | | | | $ | 95,810 | | |
|
| | | Three months ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net income | | | | $ | 1,409 | | | | | $ | 1,878 | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Provision (credit) for loan losses | | | | | 175 | | | | | | (400) | | |
Depreciation and amortization expense | | | | | 492 | | | | | | 450 | | |
Net amortization of investment securities | | | | | 65 | | | | | | 66 | | |
Net gains on loans held for sale | | | | | (237) | | | | | | (62) | | |
Amortization of deferred loan fees | | | | | (26) | | | | | | (30) | | |
Origination of mortgage loans held for sale | | | | | (15,264) | | | | | | (3,866) | | |
Sales of mortgage loans held for sale | | | | | 15,619 | | | | | | 4,156 | | |
Increase in accrued interest receivable | | | | | (310) | | | | | | (443) | | |
Decrease in accrued interest payable | | | | | (150) | | | | | | (17) | | |
Earnings on bank owned life insurance | | | | | (125) | | | | | | (128) | | |
Deferred income taxes | | | | | 351 | | | | | | 532 | | |
Stock compensation expense | | | | | 1 | | | | | | 3 | | |
Net change in operating leases | | | | | (23) | | | | | | (4) | | |
Other, net | | | | | (2,603) | | | | | | (434) | | |
Net cash provided by (used in) operating activities | | | | | (626) | | | | | | 1,701 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of investment securities – available for sale | | | | | (6,223) | | | | | | (9,063) | | |
Purchase of investment securities – held to maturity | | | | | (2,618) | | | | | | — | | |
Proceeds from maturities of investment securities – available for sale | | | | | 6,380 | | | | | | 3,484 | | |
Proceeds from maturities of investment securities – held to maturity | | | | | 467 | | | | | | 214 | | |
Purchase of regulatory stock | | | | | (2,010) | | | | | | (4,104) | | |
Proceeds from redemption of regulatory stock | | | | | 2,007 | | | | | | 4,589 | | |
Long-term loans originated | | | | | (42,615) | | | | | | (49,039) | | |
Principal collected on long-term loans | | | | | 52,578 | | | | | | 48,654 | | |
Proceeds from sale of other real estate owned | | | | | 21 | | | | | | 176 | | |
Purchase of premises and equipment | | | | | (421) | | | | | | (1,395) | | |
Net cash provided by (used in) investing activities | | | | | 7,566 | | | | | | (6,484) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase (decrease) in deposit balances | | | | | (2,920) | | | | | | 8,608 | | |
Net decrease in other short-term borrowings | | | | | (6,058) | | | | | | (10,117) | | |
Principal borrowings on advances from Federal Home Loan Bank | | | | | 11,050 | | | | | | 2,850 | | |
Principal repayments on advances from Federal Home Loan Bank | | | | | (6,500) | | | | | | (1,000) | | |
Principal payments on financing lease liabilities | | | | | (49) | | | | | | (41) | | |
Stock options exercised | | | | | 49 | | | | | | 85 | | |
Purchase of treasury stock | | | | | (151) | | | | | | (476) | | |
Common stock dividends | | | | | (423) | | | | | | (349) | | |
Net cash used in financing activities | | | | | (5,002) | | | | | | (440) | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | | | 1,938 | | | | | | (5,223) | | |
CASH AND CASH EQUIVALENTS AT JANUARY 1 | | | | | 22,168 | | | | | | 34,894 | | |
CASH AND CASH EQUIVALENTS AT MARCH 31 | | | | $ | 24,106 | | | | | $ | 29,671 | | |
| | | Three months ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net income | | | | $ | 1,878 | | | | | $ | 1,767 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision (credit) for loan losses | | | | | (400) | | | | | | 50 | | |
Depreciation and amortization expense | | | | | 450 | | | | | | 405 | | |
Net amortization of investment securities | | | | | 66 | | | | | | 103 | | |
Net realized losses on investment securities – available for sale | | | | | — | | | | | | 148 | | |
Net gains on loans held for sale | | | | | (62) | | | | | | (98) | | |
Amortization of deferred loan fees | | | | | (30) | | | | | | (35) | | |
Origination of mortgage loans held for sale | | | | | (3,866) | | | | | | (4,061) | | |
Sales of mortgage loans held for sale | | | | | 4,156 | | | | | | 6,441 | | |
(Increase) decrease in accrued interest receivable | | | | | (443) | | | | | | 48 | | |
Decrease in accrued interest payable | | | | | (17) | | | | | | (121) | | |
Earnings on bank owned life insurance | | | | | (128) | | | | | | (132) | | |
Deferred income taxes | | | | | 532 | | | | | | 447 | | |
Stock compensation expense | | | | | 3 | | | | | | 4 | | |
Net change in operating leases | | | | | (4) | | | | | | — | | |
Other, net | | | | | (434) | | | | | | (1,401) | | |
Net cash provided by operating activities | | | | | 1,701 | | | | | | 3,565 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of investment securities – available for sale | | | | | (9,063) | | | | | | (13,168) | | |
Purchase of investment securities – held to maturity | | | | | — | | | | | | (855) | | |
Proceeds from sales of investment securities – available for sale | | | | | — | | | | | | 4,479 | | |
Proceeds from maturities of investment securities – available for sale | | | | | 3,484 | | | | | | 3,695 | | |
Proceeds from maturities of investment securities – held to maturity | | | | | 214 | | | | | | 917 | | |
Purchase of regulatory stock | | | | | (4,104) | | | | | | (3,924) | | |
Proceeds from redemption of regulatory stock | | | | | 4,589 | | | | | | 4,334 | | |
Long-term loans originated | | | | | (40,640) | | | | | | (28,694) | | |
Principal collected on long-term loans | | | | | 48,654 | | | | | | 44,999 | | |
Loan participations purchased | | | | | (8,399) | | | | | | (2,000) | | |
Proceeds from sale of other real estate owned | | | | | 176 | | | | | | 12 | | |
Purchase of premises and equipment | | | | | (1,395) | | | | | | (77) | | |
Net cash (used in) provided by investing activities | | | | | (6,484) | | | | | | 9,718 | | |
|
| | | Three months ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase (decrease) in deposit balances | | | | | 8,608 | | | | | | (3,739) | | |
Net decrease in other short-term borrowings | | | | | (10,117) | | | | | | (12,189) | | |
Principal borrowings on advances from Federal Home Loan Bank | | | | | 2,850 | | | | | | 1,740 | | |
Principal repayments on advances from Federal Home Loan Bank | | | | | (1,000) | | | | | | (2,000) | | |
Principal payments on financing lease liabilities | | | | | (41) | | | | | | — | | |
Stock options exercised | | | | | 85 | | | | | | 28 | | |
Purchase of treasury stock | | | | | (476) | | | | | | (445) | | |
Common stock dividends | | | | | (349) | | | | | | (272) | | |
Net cash used in financing activities | | | | | (440) | | | | | | (16,877) | | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | | | | | (5,223) | | | | | | (3,594) | | |
CASH AND CASH EQUIVALENTS AT JANUARY 1 | | | | | 34,894 | | | | | | 34,188 | | |
CASH AND CASH EQUIVALENTS AT MARCH 31 | | | | $ | 29,671 | | | | | $ | 30,594 | | |
|
| | Three months ended March 31, | | | Three months ended March 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Noninterest income: | | | | | | | | | | | | |||||||||||||||
Non-interest income: | | | | | | | | | | | | |||||||||||||||
In-scope of Topic 606 | | | | | | | | | | | | | | | | | | | | | | | ||||
Wealth management fees | | | $ | 2,396 | | | | $ | 2,426 | | | | | $ | 2,554 | | | | $ | 2,396 | | | ||||
Service charges on deposit accounts | | | | 310 | | | | | 383 | | | | | | 286 | | | | | 310 | | | ||||
Other | | | | 420 | | | | | 417 | | | | | | 390 | | | | | 420 | | | ||||
Noninterest income (in-scope of topic 606) | | | | 3,126 | | | | | 3,226 | | | |||||||||||||||
Noninterest income (out-of-scope of topic 606) | | | | 479 | | | | | 409 | | | |||||||||||||||
Total noninterest income | | | $ | 3,605 | | | | $ | 3,635 | | | |||||||||||||||
| ||||||||||||||||||||||||||
Non-interest income (in-scope of Topic 606) | | | | 3,230 | | | | | 3,126 | | | |||||||||||||||
Non-interest income (out-of-scope of Topic 606) | | | | 602 | | | | | 479 | | | |||||||||||||||
Total non-interest income | | | $ | 3,832 | | | | $ | 3,605 | | |
| | Three months ended March 31, | | | Three months ended March 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
| | (In thousands, except per share data) | | | (In thousands, except per share data) | | ||||||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net income | | | $ | 1,878 | | | | $ | 1,767 | | | | | $ | 1,409 | | | | $ | 1,878 | | | ||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Weighted average common shares outstanding (basic) | | | | 17,578 | | | | | 18,079 | | | | | | 17,043 | | | | | 17,578 | | | ||||
Effect of stock options | | | | 86 | | | | | 102 | | | | | | 56 | | | | | 86 | | | ||||
Weighted average common shares outstanding (diluted) | | | | 17,664 | | | | | 18,181 | | | | | | 17,099 | | | | | 17,664 | | | ||||
Earnings per common share: | | | | | | | | | | | | |||||||||||||||
Earnings per common share: | | | | | | | | | | | | |||||||||||||||
Basic | | | $ | 0.11 | | | | $ | 0.10 | | | | | $ | 0.08 | | | | $ | 0.11 | | | ||||
Diluted | | | | 0.11 | | | | | 0.10 | | | | | | 0.08 | | | | | 0.11 | | |
| | March 31, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency | | | $ | 7,606 | | | | $ | 3 | | | | $ | (65) | | | | $ | 7,544 | | | | | $ | 3,895 | | | | $ | 72 | | | | $ | — | | | | $ | 3,967 | | | ||||||||
US Agency mortgage-backed securities | | | | 94,806 | | | | | 983 | | | | | (537) | | | | | 95,252 | | | | | | 78,862 | | | | | 3,278 | | | | | (56) | | | | | 82,084 | | | ||||||||
Municipal | | | | 13,298 | | | | | 228 | | | | | (110) | | | | | 13,416 | | | | | | 14,925 | | | | | 899 | | | | | — | | | | | 15,824 | | | ||||||||
Corporate bonds | | | | 38,334 | | | | | 127 | | | | | (648) | | | | | 37,813 | | | | | | 41,693 | | | | | 470 | | | | | (1,322) | | | | | 40,841 | | | ||||||||
Total | | | $ | 154,044 | | | | $ | 1,341 | | | | $ | (1,360) | | | | $ | 154,025 | | | | | $ | 139,375 | | | | $ | 4,719 | | | | $ | (1,378) | | | | $ | 142,716 | | | ||||||||
|
| | March 31, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency mortgage-backed securities | | | $ | 9,764 | | | | $ | 137 | | | | $ | (53) | | | | $ | 9,848 | | | | | $ | 10,510 | | | | $ | 508 | | | | $ | — | | | | $ | 11,018 | | | ||||||||
Municipal | | | | 24,729 | | | | | 341 | | | | | (151) | | | | | 24,919 | | | | | | 25,527 | | | | | 1,674 | | | | | (50) | | | | | 27,151 | | | ||||||||
Corporate bonds and other securities | | | | 6,035 | | | | | 6 | | | | | (78) | | | | | 5,963 | | | | | | 6,031 | | | | | 42 | | | | | (6) | | | | | 6,067 | | | ||||||||
Total | | | $ | 40,528 | | | | $ | 484 | | | | $ | (282) | | | | $ | 40,730 | | | | | $ | 42,068 | | | | $ | 2,224 | | | | $ | (56) | | | | $ | 44,236 | | | ||||||||
|
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency | | | $ | 7,685 | | | | $ | 4 | | | | $ | (160) | | | | $ | 7,529 | | | | | $ | 5,084 | | | | $ | 32 | | | | $ | — | | | | $ | 5,116 | | | ||||||||
US Agency mortgage-backed securities | | | | 90,169 | | | | | 516 | | | | | (1,158) | | | | | 89,527 | | | | | | 80,046 | | | | | 1,681 | | | | | (94) | | | | | 81,633 | | | ||||||||
Municipal | | | | 13,301 | | | | | 114 | | | | | (234) | | | | | 13,181 | | | | | | 14,678 | | | | | 509 | | | | | (17) | | | | | 15,170 | | | ||||||||
Corporate bonds | | | | 37,359 | | | | | 131 | | | | | (996) | | | | | 36,494 | | | | | | 39,769 | | | | | 342 | | | | | (281) | | | | | 39,830 | | | ||||||||
Total | | | $ | 148,514 | | | | $ | 765 | | | | $ | (2,548) | | | | $ | 146,731 | | | | | $ | 139,577 | | | | $ | 2,564 | | | | $ | (392) | | | | $ | 141,749 | | | |
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency mortgage-backed securities | | | $ | 9,983 | | | | $ | 78 | | | | $ | (132) | | | | $ | 9,929 | | | | | $ | 9,466 | | | | $ | 251 | | | | $ | (4) | | | | $ | 9,713 | | | ||||||||
Municipal | | | | 24,740 | | | | | 131 | | | | | (404) | | | | | 24,467 | | | | | | 24,438 | | | | | 941 | | | | | (53) | | | | | 25,326 | | | ||||||||
Corporate bonds and other securities | | | | 6,037 | | | | | 13 | | | | | (122) | | | | | 5,928 | | | | | | 6,032 | | | | | 58 | | | | | (47) | | | | | 6,043 | | | ||||||||
Total | | | $ | 40,760 | | | | $ | 222 | | | | $ | (658) | | | | $ | 40,324 | | | | | $ | 39,936 | | | | $ | 1,250 | | | | $ | (104) | | | | $ | 41,082 | | | ||||||||
|
| | March 31, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Less than 12 months | | 12 months or longer | | Total | | | Less than 12 months | | 12 months or longer | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
US Agency | | | $ | — | | | | $ | — | | | | $ | 5,891 | | | | $ | (65) | | | | $ | 5,891 | | | | $ | (65) | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||
US Agency mortgage-backed securities | | | | — | | | | | — | | | | | 40,841 | | | | | (590) | | | | | 40,841 | | | | | (590) | | | | | | 2,363 | | | | | (19) | | | | | 1,885 | | | | | (37) | | | | | 4,248 | | | | | (56) | | | ||||||||||||
Municipal | | | | — | | | | | — | | | | | 13,384 | | | | | (261) | | | | | 13,384 | | | | | (261) | | | | | | 144 | | | | | (1) | | | | | 757 | | | | | (49) | | | | | 901 | | | | | (50) | | | ||||||||||||
Corporate bonds and other securities | | | | 12,344 | | | | | (213) | | | | | 19,229 | | | | | (513) | | | | | 31,573 | | | | | (726) | | | | | | 12,784 | | | | | (786) | | | | | 6,958 | | | | | (542) | | | | | 19,742 | | | | | (1,328) | | | ||||||||||||
Total | | | $ | 12,344 | | | | $ | (213) | | | | $ | 79,345 | | | | $ | (1,429) | | | | $ | 91,689 | | | | $ | (1,642) | | | | | $ | 15,291 | | | | $ | (806) | | | | $ | 9,600 | | | | $ | (628) | | | | $ | 24,891 | | | | $ | (1,434 | | | ||||||||||||
|
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Less than 12 months | | 12 months or longer | | Total | | | Less than 12 months | | 12 months or longer | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
US Agency | | | $ | 244 | | | | $ | (6) | | | | $ | 5,631 | | | | $ | (154) | | | | $ | 5,875 | | | | $ | (160) | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||
US Agency mortgage-backed securities | | | | 17,718 | | | | | (177) | | | | | 39,983 | | | | | (1,113) | | | | | 57,701 | | | | | (1,290) | | | | | | 7,084 | | | | | (23) | | | | | 8,562 | | | | | (75) | | | | | 15,646 | | | | | (98) | | | ||||||||||||
Municipal | | | | 6,601 | | | | | (71) | | | | | 15,880 | | | | | (567) | | | | | 22,481 | | | | | (638) | | | | | | 2,269 | | | | | (18) | | | | | 1,123 | | | | | (52) | | | | | 3,392 | | | | | (70) | | | ||||||||||||
Corporate bonds and other securities | | | | 15,221 | | | | | (440) | | | | | 17,038 | | | | | (678) | | | | | 32,259 | | | | | (1,118) | | | | | | 7,797 | | | | | (85) | | | | | 11,783 | | | | | (243) | | | | | 19,580 | | | | | (328) | | | ||||||||||||
Total | | | $ | 39,784 | | | | $ | (694) | | | | $ | 78,532 | | | | $ | (2,512) | | | | $ | 118,316 | | | | $ | (3,206) | | | | | $ | 17,150 | | | | $ | (126) | | | | $ | 21,468 | | | | $ | (370) | | | | $ | 38,618 | | | | $ | (496) | | | ||||||||||||
|
| | March 31, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Available for sale | | Held to maturity | | | Available for sale | | Held to maturity | | ||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Fair Value | | Cost Basis | | Fair Value | | | Cost Basis | | Fair Value | | Cost Basis | | Fair Value | | ||||||||||||||||||||||||||||||||
Within 1 year | | | $ | 1,006 | | | | $ | 1,005 | | | | $ | 1,000 | | | | $ | 953 | | | | | $ | 3,491 | | | | $ | 3,486 | | | | $ | — | | | | $ | — | | | ||||||||
After 1 year but within 5 years | | | | 22,552 | | | | | 22,456 | | | | | 5,192 | | | | | 5,168 | | | | | | 23,276 | | | | | 23,068 | | | | | 7,530 | | | | | 7,732 | | | ||||||||
After 5 years but within 10 years | | | | 44,406 | | | | | 44,189 | | | | | 19,023 | | | | | 19,149 | | | | | | 39,693 | | | | | 40,334 | | | | | 20,094 | | | | | 21,386 | | | ||||||||
After 10 years but within 15 years | | | | 29,382 | | | | | 29,521 | | | | | 9,816 | | | | | 9,971 | | | | | | 21,766 | | | | | 22,749 | | | | | 7,707 | | | | | 8,116 | | | ||||||||
Over 15 years | | | | 56,698 | | | | | 56,854 | | | | | 5,497 | | | | | 5,489 | | | | | | 51,149 | | | | | 53,079 | | | | | 6,737 | | | | | 7,002 | | | ||||||||
Total | | | $ | 154,044 | | | | $ | 154,025 | | | | $ | 40,528 | | | | $ | 40,730 | | | | | $ | 139,375 | | | | $ | 142,716 | | | | $ | 42,068 | | | | $ | 44,236 | | | ||||||||
|
| | March 31, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Commercial: | | | | | | | | | | | | | | |||||||||||||
Commercial and industrial | | | $ | 157,555 | | | | $ | 158,279 | | | | | $ | 166,911 | | | | $ | 173,922 | | | ||||
Commercial loans secured by owner occupied real estate | | | | 86,934 | | | | | 91,905 | | | | | | 87,310 | | | | | 91,655 | | | ||||
Commercial loans secured by non-owner occupied real estate | | | | 365,281 | | | | | 356,543 | | | | | | 370,266 | | | | | 363,635 | | | ||||
Real estate – residential mortgage | | | | 235,109 | | | | | 237,964 | | | | | | 230,207 | | | | | 235,239 | | | ||||
Consumer | | | | 17,636 | | | | | 17,591 | | | | | | 17,955 | | | | | 18,255 | | | ||||
Loans, net of unearned income | | | $ | 862,515 | | | | $ | 862,282 | | | | | $ | 872,649 | | | | $ | 882,706 | | | ||||
|
| | | Commercial and industrial | | | Commercial loans secured by owner occupied real estate | | | Commercial loans secured by non-owner occupied real estate | | | Total | | ||||||||||||
1 – 4 unit residential | | | | $ | 1,603 | | | | | $ | 133 | | | | | $ | 3,439 | | | | | $ | 5,175 | | |
Multifamily/apartments/student housing | | | | | — | | | | | | 359 | | | | | | 53,065 | | | | | | 53,424 | | |
Office | | | | | 37,929 | | | | | | 10,280 | | | | | | 38,218 | | | | | | 86,427 | | |
Retail | | | | | 4,129 | | | | | | 21,333 | | | | | | 108,763 | | | | | | 134,225 | | |
Industrial/manufacturing/warehouse | | | | | 101,464 | | | | | | 17,698 | | | | | | 40,115 | | | | | | 159,277 | | |
Hotels | | | | | 419 | | | | | | — | | | | | | 45,764 | | | | | | 46,183 | | |
Eating and drinking places | | | | | 887 | | | | | | 4,434 | | | | | | 597 | | | | | | 5,918 | | |
Amusement and recreation | | | | | 210 | | | | | | 3,384 | | | | | | 57 | | | | | | 3,651 | | |
Mixed use | | | | | — | | | | | | 1,574 | | | | | | 65,631 | | | | | | 67,205 | | |
Other | | | | | 20,270 | | | | | | 28,115 | | | | | | 14,617 | | | | | | 63,002 | | |
Total | | | | $ | 166,911 | | | | | $ | 87,310 | | | | | $ | 370,266 | | | | | $ | 624,487 | | |
| | | Three months ended March 31, 2019 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2018 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at March 31, 2019 | | |||||||||||||||
Commercial | | | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (448) | | | | | $ | 2,614 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,389 | | | | | | (63) | | | | | | 11 | | | | | | 36 | | | | | | 3,373 | | |
Real estate-residential mortgage | | | | | 1,235 | | | | | | (61) | | | | | | 8 | | | | | | 31 | | | | | | 1,213 | | |
Consumer | | | | | 127 | | | | | | (82) | | | | | | 18 | | | | | | 62 | | | | | | 125 | | |
Allocation for general risk | | | | | 863 | | | | | | — | | | | | | — | | | | | | (81) | | | | | | 782 | | |
Total | | | | $ | 8,671 | | | | | $ | (206) | | | | | $ | 42 | | | | | $ | (400) | | | | | $ | 8,107 | | |
|
| | | Three months ended March 31, 2018 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2017 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at March 31, 2018 | | |||||||||||||||
Commercial | | | | $ | 4,298 | | | | | $ | (162) | | | | | $ | 8 | | | | | $ | (160) | | | | | $ | 3,984 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,666 | | | | | | — | | | | | | 13 | | | | | | (129) | | | | | | 3,550 | | |
Real estate-residential mortgage | | | | | 1,102 | | | | | | (114) | | | | | | 10 | | | | | | 269 | | | | | | 1,267 | | |
Consumer | | | | | 128 | | | | | | (99) | | | | | | 12 | | | | | | 101 | | | | | | 142 | | |
Allocation for general risk | | | | | 1,020 | | | | | | — | | | | | | — | | | | | | (31) | | | | | | 989 | | |
Total | | | | $ | 10,214 | | | | | $ | (375) | | | | | $ | 43 | | | | | $ | 50 | | | | | $ | 9,932 | | |
|
| | | Three months ended March 31, 2020 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2019 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at March 31, 2020 | | |||||||||||||||
Commercial | | | | $ | 3,951 | | | | | $ | — | | | | | $ | — | | | | | $ | (91) | | | | | $ | 3,860 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,119 | | | | | | — | | | | | | 14 | | | | | | 155 | | | | | | 3,288 | | |
Real estate-residential mortgage | | | | | 1,159 | | | | | | (92) | | | | | | 6 | | | | | | 68 | | | | | | 1,141 | | |
Consumer | | | | | 126 | | | | | | (62) | | | | | | 14 | | | | | | 42 | | | | | | 120 | | |
Allocation for general risk | | | | | 924 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 925 | | |
Total | | | | $ | 9,279 | | | | | $ | (154) | | | | | $ | 34 | | | | | $ | 175 | | | | | $ | 9,334 | | |
|
| | | Three months ended March 31, 2019 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2018 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at March 31, 2019 | | |||||||||||||||
Commercial | | | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (448) | | | | | $ | 2,614 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,389 | | | | | | (63) | | | | | | 11 | | | | | | 36 | | | | | | 3,373 | | |
Real estate-residential mortgage | | | | | 1,235 | | | | | | (61) | | | | | | 8 | | | | | | 31 | | | | | | 1,213 | | |
Consumer | | | | | 127 | | | | | | (82) | | | | | | 18 | | | | | | 62 | | | | | | 125 | | |
Allocation for general risk | | | | | 863 | | | | | | — | | | | | | — | | | | | | (81) | | | | | | 782 | | |
Total | | | | $ | 8,671 | | | | | $ | (206) | | | | | $ | 42 | | | | | $ | (400) | | | | | $ | 8,107 | | |
| | | At March 31, 2019 | | |||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment | | | | | 244,489 | | | | | | 365,270 | | | | | | 235,109 | | | | | | 17,636 | | | | | | | | | | | | 862,504 | | |
Total loans | | | | $ | 244,489 | | | | | $ | 365,281 | | | | | $ | 235,109 | | | | | $ | 17,636 | | | | | | | | | | | $ | 862,515 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation | | | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation | | | | | 2,614 | | | | | | 3,362 | | | | | | 1,213 | | | | | | 125 | | | | | | 782 | | | | | | 8,096 | | |
Total allowance for loan losses | | | | $ | 2,614 | | | | | $ | 3,373 | | | | | $ | 1,213 | | | | | $ | 125 | | | | | $ | 782 | | | | | $ | 8,107 | | |
|
| | | At December 31, 2018 | | |||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment | | | | | 250,184 | | | | | | 356,532 | | | | | | 237,964 | | | | | | 17,591 | | | | | | | | | | | | 862,271 | | |
Total loans | | | | $ | 250,184 | | | | | $ | 356,543 | | | | | $ | 237,964 | | | | | $ | 17,591 | | | | | | | | | | | $ | 862,282 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation | | | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation | | | | | 3,057 | | | | | | 3,378 | | | | | | 1,235 | | | | | | 127 | | | | | | 863 | | | | | | 8,660 | | |
Total allowance for loan losses | | | | $ | 3,057 | | | | | $ | 3,389 | | | | | $ | 1,235 | | | | | $ | 127 | | | | | $ | 863 | | | | | $ | 8,671 | | |
|
| | | At March 31, 2020 | | |||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | ||||||||||||||||||
Loans: | | | | | | | | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 833 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 841 | | |
Collectively evaluated for impairment | | | | | 253,388 | | | | | | 370,258 | | | | | | 230,207 | | | | | | 17,955 | | | | | | | | | | | | 871,808 | | |
Total loans | | | | $ | 254,221 | | | | | $ | 370,266 | | | | | $ | 230,207 | | | | | $ | 17,955 | | | | | | | | | | | $ | 872,649 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation | | | | $ | 79 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 87 | | |
General reserve allocation | | | | | 3,781 | | | | | | 3,280 | | | | | | 1,141 | | | | | | 120 | | | | | | 925 | | | | | | 9,247 | | |
Total allowance for loan losses | | | | $ | 3,860 | | | | | $ | 3,288 | | | | | $ | 1,141 | | | | | $ | 120 | | | | | $ | 925 | | | | | $ | 9,334 | | |
|
| | | At December 31, 2019 | | | |||||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | | ||||||||||||||||||||
Loans: | | | | | | | | | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 816 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 824 | | | | | |
Collectively evaluated for impairment | | | | | 264,761 | | | | | | 363,627 | | | | | | 235,239 | | | | | | 18,255 | | | | | | | | | | | | 881,882 | | | | | |
Total loans | | | | $ | 265,577 | | | | | $ | 363,635 | | | | | $ | 235,239 | | | | | $ | 18,255 | | | | | | | | | | | $ | 882,706 | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Specific reserve allocation | | | | $ | 84 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 92 | | | | ||
General reserve allocation | | | | | 3,867 | | | | | | 3,111 | | | | | | 1,159 | | | | | | 126 | | | | | | 924 | | | | | | 9,187 | | | | ||
Total allowance for loan losses | | | | $ | 3,951 | | | | | $ | 3,119 | | | | | $ | 1,159 | | | | | $ | 126 | | | | | $ | 924 | | | | | $ | 9,279 | | | |
| | | March 31, 2019 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans | | | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans | | | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
|
| | | March 31, 2020 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial | | | | $ | 833 | | | | | $ | 79 | | | | | $ | — | | | | | $ | 833 | | | | | $ | 833 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | 30 | | |
Total impaired loans | | | | $ | 841 | | | | | $ | 87 | | | | | $ | — | | | | | $ | 841 | | | | | $ | 863 | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial | | | | $ | 816 | | | | | $ | 84 | | | | | $ | — | | | | | $ | 816 | | | | | $ | 816 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | 30 | | |
Total impaired loans | | | | $ | 824 | | | | | $ | 92 | | | | | $ | — | | | | | $ | 824 | | | | | $ | 846 | | |
| | Three months ended March 31, | | | Three months ended March 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Average loan balance: | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial | | | $ | — | | | | $ | 1,063 | | | | | $ | 825 | | | | $ | — | | | ||||
Commercial loans secured by non-owner occupied real estate | | | | 11 | | | | | 280 | | | | | | 8 | | | | | 11 | | | ||||
Average investment in impaired loans | | | $ | 11 | | | | $ | 1,343 | | | | | $ | 833 | | | | $ | 11 | | | ||||
Interest income recognized: | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial | | | $ | — | | | | $ | — | | | | | $ | 12 | | | | $ | — | | | ||||
Commercial loans secured by non-owner occupied real estate | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Interest income recognized on a cash basis on impaired loans | | | $ | — | | | | $ | — | | | | | $ | 12 | | | | $ | — | | | ||||
|
| | | March 31, 2019 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 154,114 | | | | | $ | 1,702 | | | | | $ | 1,739 | | | | | $ | — | | | | | $ | 157,555 | | |
Commercial loans secured by owner occupied real estate | | | | | 84,301 | | | | | | 1,496 | | | | | | 1,137 | | | | | | — | | | | | | 86,934 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 358,806 | | | | | | 6,271 | | | | | | 193 | | | | | | 11 | | | | | | 365,281 | | |
Total | | | | $ | 597,221 | | | | | $ | 9,469 | | | | | $ | 3,069 | | | | | $ | 11 | | | | | $ | 609,770 | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 154,510 | | | | | $ | 2,089 | | | | | $ | 1,680 | | | | | $ | — | | | | | $ | 158,279 | | |
Commercial loans secured by owner occupied real estate | | | | | 86,997 | | | | | | 3,769 | | | | | | 1,139 | | | | | | — | | | | | | 91,905 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 349,954 | | | | | | 6,316 | | | | | | 262 | | | | | | 11 | | | | | | 356,543 | | |
Total | | | | $ | 591,461 | | | | | $ | 12,174 | | | | | $ | 3,081 | | | | | $ | 11 | | | | | $ | 606,727 | | |
|
| | | March 31, 2020 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 154,456 | | | | | $ | 790 | | | | | $ | 11,665 | | | | | $ | — | | | | | $ | 166,911 | | |
Commercial loans secured by owner occupied real estate | | | | | 84,661 | | | | | | 1,345 | | | | | | 1,304 | | | | | | — | | | | | | 87,310 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 368,681 | | | | | | — | | | | | | 1,577 | | | | | | 8 | | | | | | 370,266 | | |
Total | | | | $ | 607,798 | | | | | $ | 2,135 | | | | | $ | 14,546 | | | | | $ | 8 | | | | | $ | 624,487 | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 161,147 | | | | | $ | 853 | | | | | $ | 11,922 | | | | | $ | — | | | | | $ | 173,922 | | |
Commercial loans secured by owner occupied real estate | | | | | 88,942 | | | | | | 1,384 | | | | | | 1,329 | | | | | | — | | | | | | 91,655 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 362,027 | | | | | | — | | | | | | 1,600 | | | | | | 8 | | | | | | 363,635 | | |
Total | | | | $ | 612,116 | | | | | $ | 2,237 | | | | | $ | 14,851 | | | | | $ | 8 | | | | | $ | 629,212 | | |
|
| | | March 31, 2019 | | |||||||||
| | | Performing | | | Non-Performing | | ||||||
Real estate – residential mortgage | | | | $ | 233,970 | | | | | $ | 1,139 | | |
Consumer | | | | | 17,636 | | | | | | — | | |
Total | | | | $ | 251,606 | | | | | $ | 1,139 | | |
|
| | | December 31, 2018 | | |||||||||
| | | Performing | | | Non-Performing | | ||||||
Real estate – residential mortgage | | | | $ | 236,754 | | | | | $ | 1,210 | | |
Consumer | | | | | 17,591 | | | | | | — | | |
Total | | | | $ | 254,345 | | | | | $ | 1,210 | | |
|
| | | March 31, 2020 | | |||||||||||||||
| | | Performing | | | Non-Performing | | | Total | | |||||||||
Real estate – residential mortgage | | | | $ | 228,803 | | | | | $ | 1,404 | | | | | $ | 230,207 | | |
Consumer | | | | | 17,955 | | | | | | — | | | | | | 17,955 | | |
Total | | | | $ | 246,758 | | | | | $ | 1,404 | | | | | $ | 248,162 | | |
|
| | | December 31, 2019 | | |||||||||||||||
| | | Performing | | | Non-Performing | | | Total | | |||||||||
Real estate – residential mortgage | | | | $ | 233,760 | | | | | $ | 1,479 | | | | | $ | 235,239 | | |
Consumer | | | | | 18,255 | | | | | | — | | | | | | 18,255 | | |
Total | | | | $ | 252,015 | | | | | $ | 1,479 | | | | | $ | 253,494 | | |
| | | March 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Past Due | | | Total Past Due | | | Total Loans | | | 90 Days Past Due and Still Accruing | | |||||||||||||||||||||
Commercial and industrial | | | | $ | 157,555 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 157,555 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate | | | | | 86,934 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,934 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | 365,281 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 365,281 | | | | | | — | | |
Real estate – residential mortgage | | | | | 231,558 | | | | | | 2,213 | | | | | | 753 | | | | | | 585 | | | | | | 3,551 | | | | | | 235,109 | | | | | | — | | |
Consumer | | | | | 17,463 | | | | | | 172 | | | | | | 1 | | | | | | — | | | | | | 173 | | | | | | 17,636 | | | | | | — | | |
Total | | | | $ | 858,791 | | | | | $ | 2,385 | | | | | $ | 754 | | | | | $ | 585 | | | | | $ | 3,724 | | | | | $ | 862,515 | | | | | $ | — | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Past Due | | | Total Past Due | | | Total Loans | | | 90 Days Past Due and Still Accruing | | |||||||||||||||||||||
Commercial and industrial | | | | $ | 158,279 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 158,279 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate | | | | | 91,905 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 91,905 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | 355,963 | | | | | | 580 | | | | | | — | | | | | | — | | | | | | 580 | | | | | | 356,543 | | | | | | — | | |
Real estate – residential mortgage | | | | | 232,465 | | | | | | 3,651 | | | | | | 472 | | | | | | 1,376 | | | | | | 5,499 | | | | | | 237,964 | | | | | | — | | |
Consumer | | | | | 17,408 | | | | | | 153 | | | | | | 30 | | | | | | — | | | | | | 183 | | | | | | 17,591 | | | | | | — | | |
Total | | | | $ | 856,020 | | | | | $ | 4,384 | | | | | $ | 502 | | | | | $ | 1,376 | | | | | $ | 6,262 | | | | | $ | 862,282 | | | | | $ | — | | |
|
| | | March 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Past Due | | | Total Past Due | | | Total Loans | | | 90 Days Past Due and Still Accruing | | |||||||||||||||||||||
Commercial and industrial | | | | $ | 160,550 | | | | | $ | 6,361 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,361 | | | | | $ | 166,911 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate | | | | | 87,197 | | | | | | 113 | | | | | | — | | | | | | — | | | | | | 113 | | | | | | 87,310 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | 370,266 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 370,266 | | | | | | — | | |
Real estate – residential mortgage | | | | | 226,532 | | | | | | 1,445 | | | | | | 1,259 | | | | | | 971 | | | | | | 3,675 | | | | | | 230,207 | | | | | | — | | |
Consumer | | | | | 17,901 | | | | | | 42 | | | | | | 12 | | | | | | — | | | | | | 54 | | | | | | 17,955 | | | | | | — | | |
Total | | | | $ | 862,446 | | | | | $ | 7,961 | | | | | $ | 1,271 | | | | | $ | 971 | | | | | $ | 10,203 | | | | | $ | 872,649 | | | | | $ | — | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Current | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days Past Due | | | Total Past Due | | | Total Loans | | | 90 Days Past Due and Still Accruing | | |||||||||||||||||||||
Commercial and industrial | | | | $ | 173,922 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 173,922 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate | | | | | 91,538 | | | | | | 117 | | | | | | — | | | | | | — | | | | | | 117 | | | | | | 91,655 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | 363,635 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 363,635 | | | | | | — | | |
Real estate – residential mortgage | | | | | 231,022 | | | | | | 2,331 | | | | | | 864 | | | | | | 1,022 | | | | | | 4,217 | | | | | | 235,239 | | | | | | — | | |
Consumer | | | | | 18,190 | | | | | | 42 | | | | | | 23 | | | | | | — | | | | | | 65 | | | | | | 18,255 | | | | | | — | | |
Total | | | | $ | 878,307 | | | | | $ | 2,490 | | | | | $ | 887 | | | | | $ | 1,022 | | | | | $ | 4,399 | | | | | $ | 882,706 | | | | | $ | — | | |
| | March 31, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Non-accrual loans | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial and industrial | | | $ | 25 | | | | $ | — | | | |||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | $ | 11 | | | | $ | 11 | | | | | | 8 | | | | | 8 | | | ||||
Real estate-residential mortgage | | | | 1,139 | | | | | 1,210 | | | |||||||||||||||
Real estate – residential mortgage | | | | 1,404 | | | | | 1,479 | | | |||||||||||||||
Total | | | | 1,150 | | | | | 1,221 | | | | | | 1,437 | | | | | 1,487 | | | ||||
Other real estate owned | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial loans secured by owner occupied real estate | | | | — | | | | | 157 | | | |||||||||||||||
Real estate-residential mortgage | | | | 18 | | | | | — | | | | | | — | | | | | 37 | | | ||||
Total | | | | 18 | | | | | 157 | | | | | | — | | | | | 37 | | | ||||
TDR’s not in non-accrual | | | | — | | | | | — | | | | | | | | | | | | | | ||||
Commercial and industrial | | | | 807 | | | | | 815 | | | |||||||||||||||
Total | | | | 807 | | | | | 815 | | | |||||||||||||||
Total non-performing assets including TDR | | | $ | 1,168 | | | | $ | 1,378 | | | | | $ | 2,244 | | | | $ | 2,339 | | | ||||
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | | | | 0.14% | | | | | 0.16% | | | | | | 0.26% | | | | | 0.26% | | |
| | | Three months ended March 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Interest income due in accordance with original terms | | | | $ | 15 | | | | | $ | 27 | | |
Interest income recorded | | | | | — | | | | | | — | | |
Net reduction in interest income | | | | $ | 15 | | | | | $ | 27 | | |
|
| | | Three months ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Interest income due in accordance with original terms | | | | $ | 17 | | | | | $ | 15 | | |
Interest income recorded | | | | | — | | | | | | — | | |
Net reduction in interest income | | | | $ | 17 | | | | | $ | 15 | | |
| | | At March 31, 2019 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 30,912 | | | | | | 2.70% | | |
Advances | | | 2019 | | | | | 11,500 | | | | | | 1.53 | | |
| | | 2020 | | | | | 16,729 | | | | | | 1.74 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 7,996 | | | | | | 2.81 | | |
| | | 2023 | | | | | 2,850 | | | | | | 2.65 | | |
Total advances | | | | | | | | 48,571 | | | | | | 2.02 | | |
Total FHLB borrowings | | | | | | | $ | 79,483 | | | | | | 2.29% | | |
|
| | | At December 31, 2018 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 41,029 | | | | | | 2.62% | | |
Advances | | | 2019 | | | | | 12,500 | | | | | | 1.51 | | |
| | | 2020 | | | | | 16,729 | | | | | | 1.74 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 6,996 | | | | | | 2.86 | | |
| | | 2023 | | | | | 1,000 | | | | | | 2.86 | | |
Total advances | | | | | | | | 46,721 | | | | | | 1.98 | | |
Total FHLB borrowings | | | | | | | $ | 87,750 | | | | | | 2.28% | | |
|
| | | At March 31, 2020 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 16,354 | | | | | | 0.36% | | |
Advances | | | 2020 | | | | | 12,229 | | | | | | 1.74 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 20,888 | | | | | | 2.03 | | |
| | | 2023 | | | | | 13,568 | | | | | | 1.76 | | |
| | | 2024 | | | | | 2,037 | | | | | | 1.86 | | |
Total advances | | | | | | | | 58,218 | | | | | | 1.94 | | |
Total FHLB borrowings | | | | | | | $ | 74,572 | | | | | | 1.59% | | |
|
| | | At December 31, 2019 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 22,412 | | | | | | 1.81% | | |
Advances | | | 2020 | | | | | 18,729 | | | | | | 1.75 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 17,838 | | | | | | 2.21 | | |
| | | 2023 | | | | | 5,568 | | | | | | 2.48 | | |
| | | 2024 | | | | | 2,037 | | | | | | 1.86 | | |
Total advances | | | | | | | | 53,668 | | | | | | 2.08 | | |
Total FHLB borrowings | | | | | | | $ | 76,080 | | | | | | 2.00% | | |
| | Three months ended March 31, 2019 | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | ||||||||||||
Lease cost | | | | | | | | | | | | | | | | | | |||
Financing lease cost: | | | | | | | | | | | | | | | | | | |||
Amortization of right-of-use asset | | | $ | 64 | | | | | $ | 67 | | | | $ | 64 | | | |||
Interest expense | | | | 30 | | | | | | 29 | | | | | 30 | | | |||
Operating lease cost | | | | 29 | | | | | | 29 | | | | | 29 | | | |||
Total lease cost | | | $ | 123 | | | | | $ | 125 | | | | $ | 123 | | | |||
|
| | | Operating | | | Financing | | ||||||
Weighted-average remaining term (years) | | | | | 12.4 | | | | | | 17.5 | | |
Weighted-average discount rate | | | | | 3.44% | | | | | | 3.59% | | |
| | | March 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
| | | Operating | | | Financing | | | Operating | | | Financing | | ||||||||||||
Weighted-average remaining term (years) | | | | | 11.7 | | | | | | 16.7 | | | | | | 11.9 | | | | | | 17.1 | | |
Weighted-average discount rate | | | | | 3.46% | | | | | | 3.57% | | | | | | 3.46% | | | | | | 3.60% | | |
| | March 31, 2020 | | |||||||||||||||||||||||
| | Operating | | Financing | | | Operating | | Financing | | ||||||||||||||||
Undiscounted cash flows due: | | | | | | | | | | | | | | | | | | | | | | | ||||
Within 1 year | | | $ | 117 | | | | $ | 295 | | | | | $ | 118 | | | | $ | 302 | | | ||||
After 1 year but within 2 years | | | | 118 | | | | | 289 | | | | | | 120 | | | | | 289 | | | ||||
After 2 years but within 3 years | | | | 120 | | | | | 276 | | | | | | 85 | | | | | 291 | | | ||||
After 3 years but within 4 years | | | | 85 | | | | | 278 | | | | | | 69 | | | | | 276 | | | ||||
After 4 years but within 5 years | | | | 69 | | | | | 262 | | | | | | 69 | | | | | 251 | | | ||||
After 5 years | | | | 641 | | | | | 3,184 | | | | | | 573 | | | | | 2,943 | | | ||||
Total undiscounted cash flows | | | | 1,150 | | | | | 4,584 | | | | | | 1,034 | | | | | 4,352 | | | ||||
Discount on cash flows | | | | (222) | | | | | (1,289) | | | | | | (192) | | | | | (1,175) | | | ||||
Total lease liabilities | | | $ | 928 | | | | $ | 3,295 | | | | | $ | 842 | | | | $ | 3,177 | | | |
| | | December 31, 2019 | | |||||||||
| | | Operating | | | Financing | | ||||||
Undiscounted cash flows due: | | | | | | | | | | | | | |
Within 1 year | | | | $ | 118 | | | | | $ | 296 | | |
After 1 year but within 2 years | | | | | 120 | | | | | | 275 | | |
After 2 years but within 3 years | | | | | 98 | | | | | | 277 | | |
After 3 years but within 4 years | | | | | 69 | | | | | | 274 | | |
After 4 years but within 5 years | | | | | 69 | | | | | | 236 | | |
After 5 years | | | | | 589 | | | | | | 3,007 | | |
Total undiscounted cash flows | | | | | 1,063 | | | | | | 4,365 | | |
Discount on cash flows | | | | | (198) | | | | | | (1,202) | | |
Total lease liabilities | | | | $ | 865 | | | | | $ | 3,163 | | |
| | Three months ended March 31, 2019 | | Three months ended March 31, 2018 | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | | | $ | (1,409) | | | | $ | (12,816) | | | | $ | (14,225) | | | | $ | (327) | | | | $ | (12,623) | | | | $ | (12,950) | | | | | $ | 1,715 | | | | $ | (17,886) | | | | $ | (16,171) | | | | $ | (1,409) | | | | $ | (12,816) | | | | $ | (14,225) | | | ||||||||||||
Other comprehensive income (loss) before reclassifications | | | | 1,393 | | | | | (1,739) | | | | | (346) | | | | | (1,316) | | | | | 517 | | | | | (799) | | | | | | 924 | | | | | (95) | | | | | 829 | | | | | 1,393 | | | | | (1,739) | | | | | (346) | | | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | | | | — | | | | | 289 | | | | | 289 | | | | | 117 | | | | | 308 | | | | | 425 | | | | | | — | | | | | 512 | | | | | 512 | | | | | — | | | | | 289 | | | | | 289 | | | ||||||||||||
Net current period other comprehensive income (loss) | | | | 1,393 | | | | | (1,450) | | | | | (57) | | | | | (1,199) | | | | | 825 | | | | | (374) | | | | | | 924 | | | | | 417 | | | | | 1,341 | | | | | 1,393 | | | | | (1,450) | | | | | (57) | | | ||||||||||||
Ending balance | | | $ | (16) | | | | $ | (14,266) | | | | $ | (14,282) | | | | $ | (1,526) | | | | $ | (11,798) | | | | $ | (13,324) | | | | | $ | 2,639 | | | | $ | (17,469) | | | | $ | (14,830) | | | | $ | (16) | | | | $ | (14,266) | | | | $ | (14,282) | | | ||||||||||||
|
| | Amount reclassified from accumulated other comprehensive loss(1) | | | | Amount reclassified from accumulated other comprehensive loss(1) | | | | |||||||||||||||||||||||
Details about accumulated other comprehensive loss components | | For the three months ended March 31, 2019 | | For the three months ended March 31, 2018 | | Affected line item in the consolidated statement of operations | | | For the three months ended March 31, 2020 | | For the three months ended March 31, 2019 | | Affected line item in the consolidated statement of operations | | ||||||||||||||||||
Realized loss on sale of securities | | | $ | — | | | | $ | 148 | | | Net realized loss on investment securities | | |||||||||||||||||||
Realized gains on sale of securities | | | $ | — | | | | $ | — | | | Net realized (gains) losses on investment securities | | |||||||||||||||||||
| | | | — | | | | | (31) | | | Provision for income tax expense | | | | | — | | | | | — | | | Provision for income tax expense | | ||||||
| | | $ | — | | | | $ | 117 | | | Net of tax | | | | $ | — | | | | $ | — | | | Net of tax | | ||||||
Amortization of estimated defined benefit pension plan loss | | | $ | 366 | | | | $ | 390 | | | Other expense | | | | $ | 648 | | | | $ | 366 | | | Other expense | | ||||||
| | | | (77) | | | | | (82) | | | Provision for income tax expense | | | | | (136) | | | | | (77) | | | Provision for income tax expense | | ||||||
| | | $ | 289 | | | | $ | 308 | | | Net of tax | | | | $ | 512 | | | | $ | 289 | | | Net of tax | | ||||||
Total reclassifications for the period | | | $ | 289 | | | | $ | 425 | | | Net income | | | | $ | 512 | | | | $ | 289 | | | Net income | | ||||||
|
| | | At March 31, 2019 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 129,825 | | | | | | 13.37% | | | | | $ | 116,107 | | | | | | 12.01% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 101,399 | | | | | | 10.44 | | | | | | 107,050 | | | | | | 11.08 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 113,275 | | | | | | 11.67 | | | | | | 107,050 | | | | | | 11.08 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 113,275 | | | | | | 9.87 | | | | | | 107,050 | | | | | | 9.45 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At December 31, 2018 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 129,178 | | | | | | 13.53% | | | | | $ | 115,451 | | | | | | 12.14% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 100,258 | | | | | | 10.50 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 112,130 | | | | | | 11.74 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 112,130 | | | | | | 9.71 | | | | | | 105,891 | | | | | | 9.28 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At March 31, 2020 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 133,286 | | | | | | 13.41% | | | | | $ | 120,917 | | | | | | 12.23% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 103,726 | | | | | | 10.44 | | | | | | 110,766 | | | | | | 11.20 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 115,618 | | | | | | 11.64 | | | | | | 110,766 | | | | | | 11.20 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 115,618 | | | | | | 9.94 | | | | | | 110,766 | | | | | | 9.64 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At December 31, 2019 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 132,544 | | | | | | 13.49% | | | | | $ | 119,477 | | | | | | 12.23% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 102,841 | | | | | | 10.47 | | | | | | 109,173 | | | | | | 11.17 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 114,729 | | | | | | 11.68 | | | | | | 109,173 | | | | | | 11.17 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 114,729 | | | | | | 9.87 | | | | | | 109,173 | | | | | | 9.50 | | | | | | 4.00 | | | | | | 5.00 | | |
At March 31, 2019 | | ||||||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | |||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 21,744,694 | | | | | | 4.79% | | | | MONTHLY | | | | $ | 9,008 | | |
SWAP LIABILITIES | | | FAIR VALUE | | | | | (21,744,694) | | | | | | (4.79) | | | | MONTHLY | | | | | (9,008) | | |
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
At March 31, 2018 | | ||||||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | |||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 16,813,329 | | | | | | 3.88% | | | | MONTHLY | | | | $ | (23,543) | | |
SWAP LIABILITIES | | | FAIR VALUE | | | | | (16,813,329) | | | | | | (3.88) | | | | MONTHLY | | | | | 23,543 | | |
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
| | | At March 31, 2020 | | |||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | |||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 33,037 | | | | | | 3.93% | | | | MONTHLY | | | | $ | (45) | | |
SWAP LIABILITIES | | | FAIR VALUE | | | | | (33,037) | | | | | | (3.93) | | | | MONTHLY | | | | | 45 | | |
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | At March 31, 2019 | | |||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | |||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 21,745 | | | | | | 4.79% | | | | MONTHLY | | | | $ | 9 | | |
SWAP LIABILITIES | | | FAIR VALUE | | | | | (21,745) | | | | | | (4.79) | | | | MONTHLY | | | | | (9) | | |
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | Three months ended March 31, 2019 | | |||||||||
| | | Total revenue | | | Net income (loss) | | ||||||
Retail banking | | | | $ | 6,674 | | | | | $ | 1,181 | | |
Commercial banking | | | | | 4,419 | | | | | | 1,767 | | |
Wealth management | | | | | 2,417 | | | | | | 444 | | |
Investment/Parent | | | | | (1,248) | | | | | | (1,514) | | |
Total | | | | $ | 12,262 | | | | | $ | 1,878 | | |
|
| | | Three months ended March 31, 2018 | | |||||||||
| | | Total revenue | | | Net income (loss) | | ||||||
Retail banking | | | | $ | 6,139 | | | | | $ | 706 | | |
Commercial banking | | | | | 4,455 | | | | | | 1,560 | | |
Wealth management | | | | | 2,443 | | | | | | 508 | | |
Investment/Parent | | | | | (653) | | | | | | (1,007) | | |
Total | | | | $ | 12,384 | | | | | $ | 1,767 | | |
|
| | | Three months ended March 31, 2020 | | |||||||||
| | | Total revenue | | | Net income (loss) | | ||||||
Community banking | | | | $ | 11,448 | | | | | $ | 2,524 | | |
Wealth management | | | | | 2,568 | | | | | | 487 | | |
Investment/Parent | | | | | (1,433) | | | | | | (1,602) | | |
Total | | | | $ | 12,583 | | | | | $ | 1,409 | | |
|
| | | Three months ended March 31, 2019 | | |||||||||
| | | Total revenue | | | Net income (loss) | | ||||||
Community banking | | | | $ | 11,093 | | | | | $ | 2,948 | | |
Wealth management | | | | | 2,417 | | | | | | 444 | | |
Investment/Parent | | | | | (1,248) | | | | | | (1,514) | | |
Total | | | | $ | 12,262 | | | | | $ | 1,878 | | |
| | Three months ended March 31, | | | Three months ended March 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Components of net periodic benefit cost | | | | | | | | | | | | | | | | | | | | | | | ||||
Service cost | | | $ | 374 | | | | $ | 409 | | | | | $ | 441 | | | | $ | 374 | | | ||||
Interest cost | | | | 402 | | | | | 303 | | | | | | 319 | | | | | 402 | | | ||||
Expected return on plan assets | | | | (762) | | | | | (711) | | | | | | (817) | | | | | (762) | | | ||||
Recognized net actuarial loss | | | | 366 | | | | | 386 | | | | | | 648 | | | | | 366 | | | ||||
Net periodic pension cost | | | $ | 380 | | | | $ | 387 | | | | | $ | 591 | | | | $ | 380 | | | ||||
|
| | | Fair Value Measurements at March 31, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
US Agency securities | | | | $ | 7,544 | | | | | $ | — | | | | | $ | 7,544 | | | | | $ | — | | |
US Agency mortgage-backed securities | | | | | 95,252 | | | | | | — | | | | | | 95,252 | | | | | | — | | |
Municipal securities | | | | | 13,416 | | | | | | — | | | | | | 13,416 | | | | | | — | | |
Corporate bonds | | | | | 37,813 | | | | | | — | | | | | | 37,813 | | | | | | — | | |
Fair value swap asset | | | | | 210 | | | | | | — | | | | | | 210 | | | | | | — | | |
Fair value swap liability | | | | | (210) | | | | | | — | | | | | | (210) | | | | | | — | | |
| | | Fair Value Measurements at December 31, 2018 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
US Agency securities | | | | $ | 7,529 | | | | | $ | — | | | | | $ | 7,529 | | | | | $ | — | | |
US Agency mortgage-backed securities | | | | | 89,527 | | | | | | — | | | | | | 89,527 | | | | | | — | | |
Municipal securities | | | | | 13,181 | | | | | | — | | | | | | 13,181 | | | | | | — | | |
Corporate bonds | | | | | 36,494 | | | | | | — | | | | | | 36,494 | | | | | | — | | |
Fair value swap asset | | | | | 257 | | | | | | — | | | | | | 257 | | | | | | — | | |
Fair value swap liability | | | | | (257) | | | | | | — | | | | | | (257) | | | | | | — | | |
| | | Fair Value Measurements at March 31, 2020 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Equity securities | | | | $ | 386 | | | | | $ | 386 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency | | | | | 3,967 | | | | | | — | | | | | | 3,967 | | | | | | — | | |
US Agency mortgage-backed securities | | | | | 82,084 | | | | | | — | | | | | | 82,084 | | | | | | — | | |
Municipal | | | | | 15,824 | | | | | | — | | | | | | 15,824 | | | | | | — | | |
Corporate bonds | | | | | 40,841 | | | | | | — | | | | | | 40,841 | | | | | | — | | |
Fair value swap asset | | | | | 3,520 | | | | | | — | | | | | | 3,520 | | | | | | — | | |
Fair value swap liability | | | | | (3,520) | | | | | | — | | | | | | (3,520) | | | | | | — | | |
| | | Fair Value Measurements at December 31, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Equity securities | | | | $ | 366 | | | | | $ | 366 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency | | | | | 5,116 | | | | | | — | | | | | | 5,116 | | | | | | — | | |
US Agency mortgage-backed securities | | | | | 81,633 | | | | | | — | | | | | | 81,633 | | | | | | — | | |
Municipal | | | | | 15,170 | | | | | | — | | | | | | 15,170 | | | | | | — | | |
Corporate bonds | | | | | 39,830 | | | | | | — | | | | | | 39,830 | | | | | | — | | |
Fair value swap asset | | | | | 959 | | | | | | — | | | | | | 959 | | | | | | — | | |
Fair value swap liability | | | | | (959) | | | | | | — | | | | | | (959) | | | | | | — | | |
| | | Fair Value Measurements at March 31, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned | | | | | 18 | | | | | | — | | | | | | — | | | | | | 18 | | |
| | | Fair Value Measurements at December 31, 2018 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned | | | | | 157 | | | | | | — | | | | | | — | | | | | | 157 | | |
| | | Fair Value Measurements at March 31, 2020 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 258 | | | | | $ | — | | | | | $ | — | | | | | $ | 258 | | |
| | | Fair Value Measurements at December 31, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 255 | | | | | $ | — | | | | | $ | — | | | | | $ | 255 | | |
Other real estate owned | | | | | 37 | | | | | | — | | | | | | — | | | | | | 37 | | |
| | | Quantitative Information About Level 3 Fair Value Measurements | | ||||||||||||
March 31, 2020 | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range(Wgtd Avg) | | |||
Impaired loans | | | | $ | 258 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0% to 100% (3)% | |
| | | Quantitative Information About Level 3 Fair Value Measurements | | ||||||||||||
December 31, 2019 | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range(Wgtd Avg) | | |||
Impaired loans | | | | $ | 255 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0% to 100% (3%) | |
Other real estate owned | | | | | 37 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) Liquidation expenses | | | 0% to 57% (38%) 21% to 134% (30%) | |
| | | March 31, 2019 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM | | | | $ | 40,528 | | | | | $ | 40,730 | | | | | $ | — | | | | | $ | 37,807 | | | | | $ | 2,923 | | |
Loans held for sale | | | | | 619 | | | | | | 658 | | | | | | 658 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 854,408 | | | | | | 844,344 | | | | | | — | | | | | | — | | | | | | 844,344 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with stated maturities | | | | $ | 287,671 | | | | | $ | 287,582 | | | | | $ | — | | | | | $ | — | | | | | $ | 287,582 | | |
All other borrowings(1) | | | | | 69,007 | | | | | | 72,010 | | | | | | — | | | | | | — | | | | | | 72,010 | | |
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM | | | | $ | 40,760 | | | | | $ | 40,324 | | | | | $ | — | | | | | $ | 37,398 | | | | | $ | 2,926 | | |
Loans held for sale | | | | | 847 | | | | | | 871 | | | | | | 871 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 853,611 | | | | | | 836,122 | | | | | | — | | | | | | — | | | | | | 836,122 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with stated maturities | | | | $ | 277,505 | | | | | $ | 277,010 | | | | | $ | — | | | | | $ | — | | | | | $ | 277,010 | | |
All other borrowings(1) | | | | | 67,148 | | | | | | 69,692 | | | | | | — | | | | | | — | | | | | | 69,692 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM | | | | $ | 42,068 | | | | | $ | 44,236 | | | | | $ | — | | | | | $ | 41,242 | | | | | $ | 2,994 | | |
Loans held for sale | | | | | 4,750 | | | | | | 4,889 | | | | | | 4,889 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 863,315 | | | | | | 867,308 | | | | | | — | | | | | | — | | | | | | 867,308 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with no stated maturities | | | | $ | 646,074 | | | | | $ | 642,965 | | | | | $ | — | | | | | $ | — | | | | | $ | 642,965 | | |
Deposits with stated maturities | | | | | 311,519 | | | | | | 315,616 | | | | | | — | | | | | | — | | | | | | 315,616 | | |
All other borrowings(1) | | | | | 78,694 | | | | | | 85,321 | | | | | | — | | | | | | — | | | | | | 85,321 | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM | | | | $ | 39,936 | | | | | $ | 41,082 | | | | | $ | — | | | | | $ | 38,129 | | | | | $ | 2,953 | | |
Loans held for sale | | | | | 4,868 | | | | | | 4,970 | | | | | | 4,970 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 873,427 | | | | | | 873,908 | | | | | | — | | | | | | — | | | | | | 873,908 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with no stated maturities | | | | $ | 651,469 | | | | | $ | 631,023 | | | | | $ | — | | | | | $ | — | | | | | $ | 631,023 | | |
Deposits with stated maturities | | | | | 309,044 | | | | | | 310,734 | | | | | | — | | | | | | — | | | | | | 310,734 | | |
All other borrowings(1) | | | | | 74,134 | | | | | | 76,323 | | | | | | — | | | | | | — | | | | | | 76,323 | | |
| | | Balance | | | % of Outstanding Loans | | ||||||
| | | (in thousands) | | | | | | | | |||
CRE/Commercial | | | | $ | 201,658 | | | | | | 31.2% | | |
Home Equity/Consumer | | | | | 5,551 | | | | | | 5.5 | | |
Residential Mortgage | | | | | 4,033 | | | | | | 3.1 | | |
Total | | | | $ | 211,242 | | | | | | 24.1 | | |
Type of Payment Relief | | | Number of Loans | | | Balance | | ||||||
| | | | | | | | | (in thousands) | | |||
Interest only payments | | | | | 84 | | | | | $ | 96,163 | | |
Complete payment deferrals | | | | | 304 | | | | | | 115,079 | | |
Total | | | | | 388 | | | | | $ | 211,242 | | |
| | Three months ended March 31, 2019 | | Three months ended March 31, 2018 | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | ||||||||||||||||
Net income | | | $ | 1,878 | | | | $ | 1,767 | | | | | $ | 1,409 | | | | $ | 1,878 | | | ||||
Diluted earnings per share | | | | 0.11 | | | | | 0.10 | | | | | | 0.08 | | | | | 0.11 | | | ||||
Return on average assets (annualized) | | | | 0.66% | | | | | 0.62% | | | | | | 0.48% | | | | | 0.66% | | | ||||
Return on average equity (annualized) | | | | 7.84% | | | | | 7.55% | | | | | | 5.69% | | | | | 7.84% | | |
| | Three months ended March 31, 2019 | | Three months ended March 31, 2018 | | $ Change | | % Change | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | $ Change | | % Change | | ||||||||||||||||||||||||||||||||
Interest income | | | $ | 12,164 | | | | $ | 11,217 | | | | $ | 947 | | | | | 8.4% | | | | | $ | 11,944 | | | | $ | 12,164 | | | | $ | (220) | | | | | (1.8)% | | | ||||||||
Interest expense | | | | 3,507 | | | | | 2,469 | | | | | 1,038 | | | | | 42.0 | | | | | | 3,193 | | | | | 3,507 | | | | | (314) | | | | | (9.0) | | | ||||||||
Net interest income | | | $ | 8,657 | | | | $ | 8,748 | | | | $ | (91) | | | | | (1.0) | | | | | $ | 8,751 | | | | $ | 8,657 | | | | $ | 94 | | | | | 1.1 | | | ||||||||
Net interest margin | | | | 3.24% | | | | | 3.29% | | | | | (0.05)% | | | | | N/M | | | | | | 3.21% | | | | | 3.24% | | | | | (0.03)% | | | | | N/M | | |
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Loans and loans held for sale, net of unearned income | | | $ | 860,169 | | | | $ | 10,424 | | | | | 4.80% | | | | $ | 881,485 | | | | $ | 9,824 | | | | | 4.47% | | | | | $ | 877,097 | | | | $ | 10,339 | | | | | 4.68% | | | | $ | 860,169 | | | | $ | 10,424 | | | | | 4.80% | | | ||||||||||||
Interest bearing deposits | | | | 1,020 | | | | | 6 | | | | | 2.45 | | | | | 1,025 | | | | | 4 | | | | | 1.51 | | | |||||||||||||||||||||||||||||||||||||||||||
Short-term investment in money market funds | | | | 7,773 | | | | | 69 | | | | | 3.55 | | | | | 7,133 | | | | | 43 | | | | | 2.44 | | | |||||||||||||||||||||||||||||||||||||||||||
Short-term investment in money market funds and bank deposits | | | | 18,527 | | | | | 76 | | | | | 1.63 | | | | | 8,793 | | | | | 75 | | | | | 3.42 | | | |||||||||||||||||||||||||||||||||||||||||||
Investment securities – AFS | | | | 157,112 | | | | | 1,319 | | | | | 3.38 | | | | | 138,027 | | | | | 1,029 | | | | | 2.98 | | | | | | 147,656 | | | | | 1,183 | | | | | 3.27 | | | | | 157,112 | | | | | 1,319 | | | | | 3.38 | | | ||||||||||||
Investment securities – HTM | | | | 41,252 | | | | | 352 | | | | | 3.34 | | | | | 39,106 | | | | | 323 | | | | | 3.30 | | | | | | 41,224 | | | | | 353 | | | | | 3.43 | | | | | 41,252 | | | | | 352 | | | | | 3.34 | | | ||||||||||||
Total investment securities | | | | 198,364 | | | | | 1,671 | | | | | 3.37 | | | | | 177,133 | | | | | 1,352 | | | | | 3.05 | | | | | | 188,880 | | | | | 1,536 | | | | | 3.31 | | | | | 198,364 | | | | | 1,671 | | | | | 3.37 | | | ||||||||||||
Total interest earning assets/interest income | | | | 1,067,326 | | | | | 12,170 | | | | | 4.57 | | | | | 1,066,776 | | | | | 11,223 | | | | | 4.22 | | | | | | 1,084,504 | | | | | 11,951 | | | | | 4.40 | | | | | 1,067,326 | | | | | 12,170 | | | | | 4.57 | | | ||||||||||||
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Cash and due from banks | | | | 21,899 | | | | | | | | | | | | | | | 21,859 | | | | | | | | | | | | | | | | 19,087 | | | | | | | | | | | | | | | 21,899 | | | | | | | | | | | | | ||||||||||||
Premises and equipment | | | | 18,128 | | | | | | | | | | | | | | | 12,623 | | | | | | | | | | | | | | | | 18,593 | | | | | | | | | | | | | | | 18,128 | | | | | | | | | | | | | ||||||||||||
Other assets | | | | 62,081 | | | | | | | | | | | | | | | 62,374 | | | | | | | | | | | | | | | | 65,146 | | | | | | | | | | | | | | | 62,081 | | | | | | | | | | | | | ||||||||||||
Allowance for loan losses | | | | (8,665) | | | | | | | | | | | | | | | (10,251) | | | | | | | | | | | | | | | | (9,317) | | | | | | | | | | | | | | | (8,665) | | | | | | | | | | | | | ||||||||||||
TOTAL ASSETS | | | $ | 1,160,769 | | | | | | | | | | | | | | $ | 1,153,381 | | | | | | | | | | | | | | | $ | 1,178,013 | | | | | | | | | | | | | | $ | 1,160,769 | | | | | | | | | | | | | ||||||||||||
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Interest bearing demand | | | $ | 163,893 | | | | $ | 409 | | | | | 1.01% | | | | $ | 133,379 | | | | $ | 242 | | | | | 0.74% | | | | | $ | 167,066 | | | | $ | 242 | | | | | 0.60% | | | | $ | 163,893 | | | | $ | 409 | | | | | 1.01% | | | ||||||||||||
Savings | | | | 97,851 | | | | | 40 | | | | | 0.17 | | | | | 97,304 | | | | | 40 | | | | | 0.17 | | | | | | 97,166 | | | | | 41 | | | | | 0.17 | | | | | 97,851 | | | | | 40 | | | | | 0.17 | | | ||||||||||||
Money markets | | | | 241,727 | | | | | 674 | | | | | 1.13 | | | | | 253,665 | | | | | 422 | | | | | 0.67 | | | | | | 229,838 | | | | | 464 | | | | | 0.81 | | | | | 241,727 | | | | | 674 | | | | | 1.13 | | | ||||||||||||
Time deposits | | | | 315,389 | | | | | 1,607 | | | | | 2.07 | | | | | 293,858 | | | | | 1,077 | | | | | 1.49 | | | | | | 341,948 | | | | | 1,711 | | | | | 2.01 | | | | | 315,389 | | | | | 1,607 | | | | | 2.07 | | | ||||||||||||
Total interest bearing deposits | | | | 818,860 | | | | | 2,730 | | | | | 1.35 | | | | | 778,206 | | | | | 1,781 | | | | | 0.93 | | | | | | 836,018 | | | | | 2,458 | | | | | 1.18 | | | | | 818,860 | | | | | 2,730 | | | | | 1.35 | | | ||||||||||||
Short-term borrowings | | | | 15,413 | | | | | 102 | | | | | 2.64 | | | | | 22,261 | | | | | 92 | | | | | 1.64 | | | | | | 2,908 | | | | | 12 | | | | | 1.67 | | | | | 15,413 | | | | | 102 | | | | | 2.64 | | | ||||||||||||
Advances from Federal Home Loan Bank | | | | 46,984 | | | | | 235 | | | | | 2.03 | | | | | 45,838 | | | | | 186 | | | | | 1.64 | | | | | | 55,292 | | | | | 284 | | | | | 2.07 | | | | | 46,984 | | | | | 235 | | | | | 2.03 | | | ||||||||||||
Guaranteed junior subordinated deferrable interest debentures | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | ||||||||||||
Subordinated debt | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | ||||||||||||
Lease liabilities | | | | 4,224 | | | | | 30 | | | | | 2.83 | | | | | — | | | | | — | | | | | — | | | | | | 3,993 | | | | | 29 | | | | | 2.86 | | | | | 4,224 | | | | | 30 | | | | | 2.83 | | | ||||||||||||
Total interest bearing liabilities/interest expense | | | | 906,216 | | | | | 3,507 | | | | | 1.57 | | | | | 867,040 | | | | | 2,469 | | | | | 1.15 | | | | | | 918,946 | | | | | 3,193 | | | | | 1.40 | | | | | 906,216 | | | | | 3,507 | | | | | 1.57 | | | ||||||||||||
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Demand deposits | | | | 150,246 | | | | | | | | | | | | | | | 182,215 | | | | | | | | | | | | | | | | 146,840 | | | | | | | | | | | | | | | 150,246 | | | | | | | | | | | | | ||||||||||||
Other liabilities | | | | 7,141 | | | | | | | | | | | | | | | 9,170 | | | | | | | | | | | | | | | | 12,615 | | | | | | | | | | | | | | | 7,141 | | | | | | | | | | | | | ||||||||||||
Shareholders’ equity | | | | 97,166 | | | | | | | | | | | | | | | 94,956 | | | | | | | | | | | | | | | | 99,612 | | | | | | | | | | | | | | | 97,166 | | | | | | | | | | | | | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | | $ | 1,160,769 | | | | | | | | | | | | | | $ | 1,153,381 | | | | | | | | | | | | | | | $ | 1,178,013 | | | | | | | | | | | | | | $ | 1,160,769 | | | | | | | | | | | | | ||||||||||||
Interest rate spread | | | | | | | | | | | | | | 3.00 | | | | | | | | | | | | | | | 3.07 | | | | | | | | | | | | | | | | 3.00 | | | | | | | | | | | | | | | 3.00 | | | ||||||||||||
Net interest income/Net interest margin | | | | | | | | | 8,663 | | | | | 3.24% | | | | | | | | | | 8,754 | | | | | 3.29% | | | |||||||||||||||||||||||||||||||||||||||||||
Net interest income/ Net interest margin | | | | | | | | | 8,758 | | | | | 3.21% | | | | | | | | | | 8,663 | | | | | 3.24% | | | |||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | | | | | | | | | (6) | | | | | | | | | | | | | | | (6) | | | | | | | | | | | | | | | | (7) | | | | | | | | | | | | | | | (6) | | | | | | | | ||||||||||||
Net Interest Income | | | | | | | | $ | 8,657 | | | | | | | | | | | | | | $ | 8,748 | | | | | | | | | | | | | | | $ | 8,751 | | | | | | | | | | | | | | $ | 8,657 | | | | | | | | |
| | March 31, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Total shareholders’ equity | | | $ | 99,061 | | | | $ | 97,977 | | | | | $ | 100,840 | | | | $ | 98,614 | | | ||||
Less: Goodwill | | | | 11,944 | | | | | 11,944 | | | | | | 11,944 | | | | | 11,944 | | | ||||
Tangible equity | | | | 87,117 | | | | | 86,033 | | | | | | 88,896 | | | | | 86,670 | | | ||||
Total assets | | | | 1,167,682 | | | | | 1,160,680 | | | | | | 1,168,355 | | | | | 1,171,184 | | | ||||
Less: Goodwill | | | | 11,944 | | | | | 11,944 | | | | | | 11,944 | | | | | 11,944 | | | ||||
Tangible assets | | | | 1,155,738 | | | | | 1,148,736 | | | | | | 1,156,411 | | | | | 1,159,240 | | | ||||
Tangible common equity ratio | | | | 7.54% | | | | | 7.49% | | | |||||||||||||||
Tangible common equity ratio (non-GAAP) | | | | 7.69% | | | | | 7.48% | | | |||||||||||||||
Total shares outstanding | | | | 17,540,676 | | | | | 17,619,303 | | | | | | 17,043,644 | | | | | 17,057,871 | | | ||||
Tangible book value per share | | | | 4.97% | | | | | 4.88% | | | |||||||||||||||
Tangible book value per share (non-GAAP) | | | $ | 5.22 | | | | $ | 5.08 | | |
| | March 31, 2019 | | December 31, 2018 | | March 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | March 31, 2019 | | ||||||||||||||||||||||||
Total accruing loan delinquency (past due 30 to 89 days) | | | $ | 2,568 | | | | $ | 4,752 | | | | $ | 8,155 | | | | | $ | 8,525 | | | | $ | 2,956 | | | | $ | 2,568 | | | ||||||
Total non-accrual loans | | | | 1,150 | | | | | 1,221 | | | | | 1,989 | | | | | | 1,437 | | | | | 1,487 | | | | | 1,150 | | | ||||||
Total non-performing assets including TDR* | | | | 1,168 | | | | | 1,378 | | | | | 2,157 | | | | | | 2,244 | | | | | 2,339 | | | | | 1,168 | | | ||||||
Accruing loan delinquency, as a percentage of total loans, net of unearned income | | | | 0.30% | | | | | 0.55% | | | | | 0.93% | | | | | | 0.97% | | | | | 0.33% | | | | | 0.30% | | | ||||||
Non-accrual loans, as a percentage of total loans, net of unearned income | | | | 0.13 | | | | | 0.14 | | | | | 0.23 | | | | | | 0.16 | | | | | 0.17 | | | | | 0.13 | | | ||||||
Non-performing assets, as a percentage of total loans, net of unearned income, and other real estate owned | | | | 0.14 | | | | | 0.16 | | | | | 0.25 | | | | | | 0.26 | | | | | 0.26 | | | | | 0.14 | | | ||||||
Non-performing assets as a percentage of total assets | | | | 0.10 | | | | | 0.12 | | | | | 0.19 | | | | | | 0.19 | | | | | 0.20 | | | | | 0.10 | | | ||||||
As a percent of average loans, net of unearned income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Annualized net charge-offs | | | | 0.08 | | | | | 0.11 | | | | | 0.15 | | | | | | 0.06 | | | | | 0.02 | | | | | 0.08 | | | ||||||
Annualized provision (credit) for loan losses | | | | (0.19) | | | | | (0.07) | | | | | 0.02 | | | | | | 0.08 | | | | | 0.09 | | | | | (0.19) | | | ||||||
Total classified loans (loans rated substandard or doubtful) | | | $ | 4,219 | | | | $ | 4,302 | | | | $ | 4,355 | | | ||||||||||||||||||||||
Total classified loans (loans rated substandard or doubtful)** | | | $ | 15,958 | | | | $ | 16,338 | | | | $ | 4,219 | | |
| | March 31, 2019 | | December 31, 2018 | | March 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | March 31, 2019 | | ||||||||||||||||||||||||
Allowance for loan losses | | | $ | 8,107 | | | | $ | 8,671 | | | | $ | 9,932 | | | | | $ | 9,334 | | | | $ | 9,279 | | | | $ | 8,107 | | | ||||||
Allowance for loan losses as a percentage of each of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
total loans, net of unearned income | | | | 0.94% | | | | | 1.00% | | | | | 1.14% | | | | | | 1.06% | | | | | 1.05% | | | | | 0.94% | | | ||||||
total accruing delinquent loans (past due 30 to 89 days) | | | | 315.69 | | | | | 182.47 | | | | | 121.79 | | | | | | 109.49 | | | | | 313.90 | | | | | 315.69 | | | ||||||
total non-accrual loans | | | | 704.96 | | | | | 710.16 | | | | | 499.35 | | | | | | 649.55 | | | | | 624.01 | | | | | 704.96 | | | ||||||
total non-performing assets | | | | 694.09 | | | | | 629.25 | | | | | 460.45 | | | | | | 415.94 | | | | | 396.71 | | | | | 694.09 | | |
| | | MINIMUM CAPITAL RATIO | | | MINIMUM CAPITAL RATIO PLUS CAPITAL CONSERVATION BUFFER | | ||||||
Common equity tier 1 capital to risk-weighted assets | | | | | 4.5% | | | | | | 7.0% | | |
Tier 1 capital to risk-weighted assets | | | | | 6.0 | | | | | | 8.5 | | |
Total capital to risk-weighted assets | | | | | 8.0 | | | | | | 10.5 | | |
Tier 1 capital to total average consolidated assets | | | | | 4.0 | | | | | | | | |
Interest Rate Scenario | | Variability of Net Interest Income | | Change in Market Value of Portfolio Equity | | | Variability of Net Interest Income | | Change in Market Value of Portfolio Equity | | ||||||||||||||||
200bp increase | | | | 0.4% | | | | | 14.5% | | | | | | 8.7% | | | | | 43.9% | | | ||||
100bp increase | | | | 0.7 | | | | | 9.4 | | | | | | 4.8 | | | | | 25.0 | | | ||||
100bp decrease | | | | (1.8) | | | | | (16.0) | | | | | | (3.0) | | | | | (29.8) | | |
Period | | | Total number of shares purchased | | | Average price paid per share | | | Total number of shares purchased as part of publicly announced plan | | | Maximum number of shares that may yet be purchased under the plan | | ||||||||||||
January 1 – 31, 2019 | | | | | 9,765 | | | | | $ | 4.20 | | | | | | 9,765 | | | | | | 102,546 | | |
February 1 – 28, 2019 | | | | | 97,255 | | | | | | 4.24 | | | | | | 97,255 | | | | | | 5,291 | | |
March 1 – 31, 2019 | | | | | 5,291 | | | | | | 4.29 | | | | | | 5,291 | | | | | | — | | |
Total | | | | | 112,311 | | | | | | | | | | | | 112,311 | | | | | | | | |
Period | | | Total number of shares purchased | | | Average price paid per share | | | Total number of shares purchased as part of publicly announced plan | | | Maximum number of shares that may yet be purchased under the plan | | ||||||||||||
January 1 – 31, 2020 | | | | | 14,500 | | | | | $ | 4.20 | | | | | | 14,500 | | | | | | 21,462 | | |
February 1 – 29, 2020 | | | | | 21,462 | | | | | | 4.20 | | | | | | 21,462 | | | | | | — | | |
March 1 – 31, 2020 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 35,962 | | | | | | | | | | | | 35,962 | | | | | | | | |
| | | | AmeriServ Financial, Inc. Registrant | |
| Date: May | | | /s/ Jeffrey A. Stopko Jeffrey A. Stopko President and Chief Executive Officer | |
| Date: May | | | /s/ Michael D. Lynch Michael D. Lynch Senior Vice President and Chief Financial Officer | |