☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Symbol(s) on Which Registered ☒☑ Yes ☐ No☒☑ Yes ☐ NoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act.Large accelerated filer ☐ Accelerated filer ☒☑Non-accelerated filer ☐ Smaller Reporting Company ☒☑Emerging growth company ☐ ☒☑ NoMay 6,November 5, 2020: 5,590,131
March 31, | December 31, | |||||||
2020 | 2019 | |||||||
ASSETS | (Unaudited) | (Audited) | ||||||
Cash and due from banks | $ | 19,610 | $ | 15,937 | ||||
Interest bearing deposits with other banks | 61,909 | 58,557 | ||||||
Federal funds sold | — | 1,600 | ||||||
Investment securities available for sale, at fair value | 482,077 | 464,383 | ||||||
Loans, net of allowance for loan losses of | ||||||||
$3,816 in 2020 and $3,755 in 2019 | 573,163 | 573,312 | ||||||
Premises and equipment, net | 24,495 | 24,672 | ||||||
Other real estate owned, net | 3,643 | 3,552 | ||||||
Accrued interest receivable | 4,106 | 4,181 | ||||||
Cash surrender value of life insurance | 25,220 | 25,088 | ||||||
Deferred tax assets, net | 1,669 | 3,684 | ||||||
Other assets | 20,219 | 20,468 | ||||||
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TOTAL ASSETS | $ | 1,216,111 | $ | 1,195,434 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 195,843 | $ | 190,406 | ||||
Interest-bearing NOW and money market accounts | 410,485 | 369,354 | ||||||
Savings deposits | 87,422 | 83,065 | ||||||
Certificates of deposit | 232,138 | 256,171 | ||||||
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Total deposits | 925,888 | 898,996 | ||||||
Securities sold under agreement to repurchase | 159,442 | 170,410 | ||||||
Accrued interest payable | 722 | 1,128 | ||||||
Deferred compensation payable | 9,530 | 9,453 | ||||||
Other liabilities | 1,785 | 2,647 | ||||||
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Total liabilities | 1,097,367 | 1,082,634 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common stock, $0.20 par value, 22,500,000 shares authorized, 5,582,631 shares issued and outstanding at March 31, 2020 and 5,578,131 at December 31, 2019 | 1,117 | 1,116 | ||||||
Additionalpaid-in capital | 18,009 | 17,883 | ||||||
Retained earnings | 94,411 | 94,590 | ||||||
Accumulated other comprehensive loss, net of tax | ||||||||
(expense) benefit of ($1,731) at March 31, 2020 and | ||||||||
$262 at December 31, 2019 | 5,207 | (789 | ) | |||||
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Total shareholders’ equity | 118,744 | 112,800 | ||||||
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,216,111 | $ | 1,195,434 | ||||
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September 30, 2020 (Unaudited) | December 31, 2019 (Audited) | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 13,710 | $ | 15,937 | ||||
Interest bearing deposits with other banks | 42,543 | 58,557 | ||||||
Federal funds sold | — | 1,600 | ||||||
Investment securities available for sale, at fair value | 582,698 | 464,383 | ||||||
Loans, net of allowance for loan losses of $4,494 in 2020 and $3,755 in 2019 | 651,139 | 573,312 | ||||||
Premises and equipment, net | 25,141 | 24,672 | ||||||
Other real estate owned, net | 3,413 | 3,552 | ||||||
Accrued interest receivable | 5,861 | 4,181 | ||||||
Cash surrender value of life insurance | 25,515 | 25,088 | ||||||
Deferred tax assets, net | 2,145 | 3,684 | ||||||
Other assets | 22,052 | 20,468 | ||||||
TOTAL ASSETS | $ | 1,374,217 | $ | 1,195,434 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
LIABILITIES | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 253,762 | $ | 190,406 | ||||
Interest-bearing NOW and money market accounts | 469,777 | 369,354 | ||||||
Savings deposits | 100,527 | 83,065 | ||||||
Certificates of deposit | 225,091 | 256,171 | ||||||
Total deposits | 1,049,157 | 898,996 | ||||||
Securities sold under agreement to repurchase | 176,978 | 170,410 | ||||||
Federal Home Loan Bank advances | 15,000 | — | ||||||
Accrued interest payable | 561 | 1,128 | ||||||
Deferred compensation payable | 9,584 | 9,453 | ||||||
Other liabilities | 5,438 | 2,647 | ||||||
Total liabilities | 1,256,718 | 1,082,634 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common stock, $0.20 par value, 22,500,000 shares authorized, 5,587,070 shares issued and outstanding at September 30, 2020 and 5,578,131 at December 31, 2019 | 1,118 | 1,116 | ||||||
Additional paid-in capital | 18,092 | 17,883 | ||||||
Retained earnings | 95,273 | 94,590 | ||||||
Accumulated other comprehensive income (loss), net of tax (expense) benefit of ($1,003) at September 30, 2020 and $262 at December 31, 2019 | 3,016 | (789 | ) | |||||
Total shareholders’ equity | 117,499 | 112,800 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,374,217 | $ | 1,195,434 | ||||
(Unaudited)
(Unaudited) | ||||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2020 | 2019 | |||||||
INTEREST INCOME | ||||||||
Interest and fees on loans | $ | 7,480 | $ | 5,450 | ||||
Interest on securities | ||||||||
Taxable | 1,657 | 2,082 | ||||||
Nontaxable | 340 | 617 | ||||||
Other interest | 232 | 235 | ||||||
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Total interest income | 9,709 | 8,384 | ||||||
INTEREST EXPENSE | ||||||||
Deposits | 1,969 | 1,729 | ||||||
Other borrowed funds | 355 | 445 | ||||||
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Total interest expense | 2,324 | 2,174 | ||||||
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NET INTEREST INCOME | 7,385 | 6,210 | ||||||
PROVISION FOR LOAN LOSSES | 314 | 195 | ||||||
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NET INTEREST INCOME AFTER | ||||||||
PROVISION FOR LOAN LOSSES | 7,071 | 6,015 | ||||||
OTHER INCOME | ||||||||
Service charges on deposit accounts | 1,049 | 1,097 | ||||||
Other service charges and fees | 773 | 684 | ||||||
Other operating income | 559 | 266 | ||||||
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Total other income | 2,381 | 2,047 | ||||||
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OTHER EXPENSES | ||||||||
Salaries and employee benefits | 4,435 | 3,547 | ||||||
Occupancy expense | 1,659 | 1,423 | ||||||
Other expense | 1,973 | 1,670 | ||||||
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Total other expenses | 8,067 | 6,640 | ||||||
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INCOME BEFORE PROVISION | ||||||||
FOR INCOME TAXES | 1,385 | 1,422 | ||||||
PROVISION FOR INCOME TAXES | 225 | 195 | ||||||
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NET INCOME | $ | 1,160 | $ | 1,227 | ||||
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NET INCOME PER SHARE -Basic | $ | 0.21 | $ | 0.25 | ||||
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-Diluted | $ | 0.21 | $ | 0.25 | ||||
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DIVIDENDS PAID PER SHARE | $ | 0.24 | $ | 0.24 | ||||
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For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
INTEREST INCOME | ||||||||||||||||
Interest and fees on loans | $ | 7,805 | $ | 5,941 | $ | 22,917 | $ | 17,221 | ||||||||
Interest on securities | ||||||||||||||||
Taxable | 2,406 | 1,945 | 6,163 | 6,253 | ||||||||||||
Nontaxable | 360 | 345 | 1,064 | 1,475 | ||||||||||||
Other interest | 8 | 212 | 271 | 529 | ||||||||||||
Total interest income | 10,579 | 8,443 | 30,415 | 25,478 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 1,506 | 1,922 | 5,087 | 5,568 | ||||||||||||
Other borrowed funds | 167 | 603 | 687 | 1,575 | ||||||||||||
Total interest expense | 1,673 | 2,525 | 5,774 | 7,143 | ||||||||||||
NET INTEREST INCOME | 8,906 | 5,918 | 24,641 | 18,335 | ||||||||||||
PROVISION FOR LOAN LOSSES | 247 | 12 | 1,183 | 472 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,659 | 5,906 | 23,458 | 17,863 | ||||||||||||
OTHER INCOME | ||||||||||||||||
Service charges on deposit accounts | 771 | 1,126 | 2,488 | 3,268 | ||||||||||||
Other service charges and fees | 1,031 | 863 | 2,675 | 2,317 | ||||||||||||
Other operating income | 835 | 517 | 2,325 | 1,039 | ||||||||||||
Total other income | 2,637 | 2,506 | 7,488 | 6,624 | ||||||||||||
OTHER EXPENSES | ||||||||||||||||
Salaries and employee benefits | 4,389 | 3,509 | 13,131 | 10,525 | ||||||||||||
Occupancy expense | 1,861 | 1,287 | 5,556 | 4,120 | ||||||||||||
Other expense | 2,403 | 2,071 | 6,377 | 5,185 | ||||||||||||
Total other expenses | 8,653 | 6,867 | 25,064 | 19,830 | ||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 2,643 | 1,545 | 5,882 | 4,657 | ||||||||||||
PROVISION FOR INCOME TAXES | 560 | 212 | 1,177 | 727 | ||||||||||||
NET INCOME | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | ||||||||
NET INCOME PER SHARE -Basic | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | ||||||||
-Diluted | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | ||||||||
DIVIDENDS PAID PER SHARE | $ | 0.24 | $ | 0.24 | $ | 0.72 | $ | 0.72 | ||||||||
( Unaudited)
For the Three Months | ||||||||
Ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income | $ | 1,160 | $ | 1,227 | ||||
Other comprehensive income | ||||||||
Securitiesavailable-for-sale | ||||||||
Unrealized holding gains | 7,912 | 8,823 | ||||||
Income tax effect | (1,974 | ) | (2,201 | ) | ||||
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5,938 | 6,622 | |||||||
Reclassification adjustment for gains included in net income | 77 | — | ||||||
Income tax effect | (19 | ) | — | |||||
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58 | — | |||||||
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Total other comprehensive income | 5,996 | 6,622 | ||||||
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Comprehensive income | $ | 7,156 | $ | 7,849 | ||||
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For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | ||||||||
Other comprehensive (loss) income | ||||||||||||||||
Securities available-for-sale | ||||||||||||||||
Unrealized holding (losses) gains | (3,831 | ) | 3,311 | 4,367 | 19,283 | |||||||||||
Income tax benefit (expense) | 956 | (826 | ) | (1,090 | ) | (4,811 | ) | |||||||||
(2,875 | ) | 2,485 | 3,277 | 14,472 | ||||||||||||
Reclassification adjustment for gains included in net income | 293 | 244 | 703 | 190 | ||||||||||||
Income tax expense | (73 | ) | (61 | ) | (175 | ) | (47 | ) | ||||||||
220 | 183 | 528 | 143 | |||||||||||||
Total other comprehensive (loss) income | (2,655 | ) | 2,668 | 3,805 | 14,615 | |||||||||||
Comprehensive (loss) income | $ | (572 | ) | $ | 4,001 | $ | 8,510 | $ | 18,545 | |||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net cash provided by operating activities | $ | 2,340 | $ | 1,978 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from maturities and calls of securities available for sale | 74,267 | 8,336 | ||||||
Proceeds from sale of investment securities | 37,196 | — | ||||||
Purchases of investment securities available for sale | (122,722 | ) | (63,403 | ) | ||||
Purchases of bank premises and equipment | (70 | ) | (45 | ) | ||||
Decrease in federal funds sold | 1,600 | — | ||||||
Increase in interest bearing deposits with other banks | (3,352 | ) | (19,042 | ) | ||||
Proceeds from sale of other real estate | — | — | ||||||
Net increase in loans | (258 | ) | (18,200 | ) | ||||
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Net cash used in investing activities | (13,339 | ) | (92,354 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net increase in deposits | 26,892 | 83,938 | ||||||
(Decrease) increase in securities sold under agreement to repurchase | (10,968 | ) | 7,485 | |||||
Proceeds from exercise of stock options | 87 | — | ||||||
Payment of dividends | (1,339 | ) | (1,177 | ) | ||||
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Net cash provided by financing activities | 14,672 | 90,246 | ||||||
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Net increase (decrease) in cash and due from banks | 3,673 | (130 | ) | |||||
Cash and due from banks, beginning of period | 15,937 | 12,592 | ||||||
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Cash and due from banks, end of period | $ | 19,610 | $ | 12,462 | ||||
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For the Nine Months | ||||||||
Ended September 30, | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net cash provided by operating activities | $ | 10,240 | $ | 8,868 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from maturities and calls of securities available for sale | 179,028 | 39,517 | ||||||
Proceeds from sale of investment securities | 150,350 | 96,172 | ||||||
Purchases of investment securities available for sale | (446,873 | ) | (108,815 | ) | ||||
Purchases of bank premises and equipment | (1,271 | ) | (956 | ) | ||||
Proceeds from sales of bank premises and equipment | 124 | — | ||||||
Decrease in federal funds sold | 1,600 | — | ||||||
Decrease (increase) in interest bearing deposits with other banks | 16,014 | (53,155 | ) | |||||
Proceeds from sale of other real estate | 1,303 | 170 | ||||||
Net increase in loans | (80,536 | ) | (44,381 | ) | ||||
Net cash used in investing activities | (180,261 | ) | (71,448 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net increase in deposits | 150,162 | 38,092 | ||||||
Increase in securities sold under agreement to repurchase | 6,568 | 36,538 | ||||||
Increase in Federal Home Loan Bank advances | 15,000 | — | ||||||
Proceeds from exercise of stock options | 86 | — | ||||||
Payment of dividends | (4,022 | ) | (3,535 | ) | ||||
Net cash provided by financing activities | 167,794 | 71,095 | ||||||
Net (decrease) increase in cash and due from banks | (2,227 | ) | 8,515 | |||||
Cash and due from banks, beginning of period | 15,937 | 12,592 | ||||||
Cash and due from banks, end of period | $ | 13,710 | $ | 21,107 | ||||
Corporation.
For the Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Basic weighted average shares outstanding | 5,579,381 | 4,892,530 | ||||||
Dilutive effect of granted options | 2,030 | 2,598 | ||||||
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Diluted weighted average shares outstanding | 5,581,411 | 4,895,128 | ||||||
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Net income | $ | 1,160 | $ | 1,227 | ||||
Net income per share-basic | $ | 0.21 | $ | 0.25 | ||||
Net income per share-diluted | $ | 0.21 | $ | 0.25 |
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Basic weighted average shares outstanding | 5,578,281 | 4,900,030 | 5,574,060 | 4,896,871 | ||||||||||||
Dilutive effect of granted options | 2,447 | 1,465 | 2,824 | 2,321 | ||||||||||||
Diluted weighted average shares outstanding | 5,580,728 | 4,901,495 | 5,576,884 | 4,899,192 | ||||||||||||
Net income | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | ||||||||
Net income per share-basic | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | ||||||||
Net income per share-diluted | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 |
Directors’ Plan | 2013 Plan | |||||||||||||||
Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | |||||||||||||
Outstanding at December 31, 2019 | 40,500 | $ | 21.49 | — | $ | — | ||||||||||
Granted | — | — | — | — | ||||||||||||
Exercised | (4,500 | ) | 19.18 | — | — | |||||||||||
Expired | — | — | — | — | ||||||||||||
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Outstanding at March 31, 2020 | 36,000 | $ | 21.78 | — | $ | — | ||||||||||
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Directors’ Plan | 2013 Plan | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Number | Average | Number | Average | |||||||||||||
of | Exercise | of | Exercise | |||||||||||||
Shares | Price | Shares | Price | |||||||||||||
Outstanding at December 31, 2019 | 40,500 | $ | 21.49 | 0 | $ | 0 | ||||||||||
Granted | 0 | 0 | 0 | 0 | ||||||||||||
Exercised | (7,500 | ) | 19.26 | 0 | 0 | |||||||||||
Expired | (13,500 | ) | 25.72 | 0 | 0 | |||||||||||
Outstanding at September 30, 2020 | 19,500 | $ | 19.42 | 0 | $ | 0 | ||||||||||
March 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Securitiesavailable-for-sale | ||||||||||||||||
Obligations of U.S. Government agencies | $ | 44,574 | $ | 191 | $ | — | $ | 44,765 | ||||||||
Mortgage backed securities | 367,582 | 6,024 | 118 | 373,488 | ||||||||||||
State, County, Municipals | 62,484 | 931 | 94 | 63,321 | ||||||||||||
Other Securities | 500 | 3 | — | 503 | ||||||||||||
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Total | $ | 475,140 | $ | 7,149 | $ | 212 | $ | 482,077 | ||||||||
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December 31, 2019 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Securitiesavailable-for-sale | ||||||||||||||||
Obligations of U.S. Government agencies | $ | 97,400 | $ | — | $ | 289 | $ | 97,111 | ||||||||
Mortgage backed securities | 308,310 | 640 | 2,050 | 306,900 | ||||||||||||
State, County, Municipals | 59,724 | 708 | 60 | 60,372 | ||||||||||||
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Total | $ | 465,434 | $ | 1,348 | $ | 2,399 | $ | 464,383 | ||||||||
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Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
September 30, 2020 | Cost | Gains | Losses | Fair Value | ||||||||||||
Securities available-for-sale | ||||||||||||||||
Obligations of U.S. Government agencies | $ | 6,906 | $ | 193 | $ | — | $ | 7,099 | ||||||||
Mortgage backed securities | 506,070 | 5,225 | 4,003 | 507,292 | ||||||||||||
State, County, Municipals | 65,195 | 2,607 | 4 | 67,798 | ||||||||||||
Other Securities | 500 | 9 | — | 509 | ||||||||||||
Total | $ | 578,671 | $ | 8,034 | $ | 4,007 | $ | 582,698 | ||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
December 31, 2019 | Cost | Gains | Losses | Fair Value | ||||||||||||
Securities available-for-sale | ||||||||||||||||
Obligations of U.S. Government agencies | $ | 97,400 | $ | — | $ | 289 | $ | 97,111 | ||||||||
Mortgage backed securities | 308,310 | 640 | 2,050 | 306,900 | ||||||||||||
State, County, Municipals | 59,724 | 708 | 60 | 60,372 | ||||||||||||
Total | $ | 465,434 | $ | 1,348 | $ | 2,399 | $ | 464,383 | ||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
Available-for-sale | ||||||||||||||||
Due in one year or less | $ | 845 | $ | 848 | $ | 345 | $ | 345 | ||||||||
Due after one year through five years | 38,070 | 38,117 | 89,920 | 89,681 | ||||||||||||
Due after five years through ten years | 17,681 | 18,019 | 18,678 | 18,808 | ||||||||||||
Due after ten years | 50,962 | 51,605 | 48,181 | 48,649 | ||||||||||||
Residential mortgage backed securities | 320,902 | 326,742 | 259,309 | 258,415 | ||||||||||||
Commercial mortgage backed securities | 46,680 | 46,746 | 49,001 | 48,485 | ||||||||||||
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Total | $ | 475,140 | $ | 482,077 | $ | 465,434 | $ | 464,383 | ||||||||
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September 30, 2020 | December 31, 2019 | |||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Available-for-sale | ||||||||||||||||
Due in one year or less | $ | 500 | $ | 509 | $ | 345 | $ | 345 | ||||||||
Due after one year through five years | 3,230 | 3,314 | 89,920 | 89,681 | ||||||||||||
Due after five years through ten years | 17,644 | 18,381 | 18,678 | 18,808 | ||||||||||||
Due after ten years | 51,227 | 53,202 | 48,181 | 48,649 | ||||||||||||
Residential mortgage backed securities | 474,568 | 473,950 | 259,309 | 258,415 | ||||||||||||
Commercial mortgage backed securities | 31,502 | 33,342 | 49,001 | 48,485 | ||||||||||||
Total | $ | 578,671 | $ | 582,698 | $ | 465,434 | $ | 464,383 | ||||||||
March 31, 2020 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Mortgage backed securities | 25,319 | 93 | 5,566 | 25 | 30,885 | 118 | ||||||||||||||||||
State, County, Municipal | 12,380 | 92 | 651 | 2 | 13,031 | 94 | ||||||||||||||||||
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Total | $ | 37,699 | $ | 185 | $ | 6,217 | $ | 27 | $ | 43,916 | $ | 212 | ||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||
December 31, 2019 | Less than 12 months |
12 months or more | Total | |||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. government agencies | $ | 76,682 | $ | 217 | $ | 20,429 | $ | 72 | $ | 97,111 | $ | 289 | ||||||||||||
Mortgage backed securities | 101,730 | 871 | 76,630 | 1,179 | 178,360 | 2,050 | ||||||||||||||||||
State, County, Municipal | 8,280 | 37 | 3,731 | 23 | 12,011 | 60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 186,692 | $ | 1,125 | $ | 100,790 | $ | 1,274 | $ | 287,482 | $ | 2,399 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Mortgage backed securities | $ | 288,233 | $ | 4,003 | $ | — | $ | — | $ | 288,233 | $ | 4,003 | ||||||||||||
State, County, Municipal | 3,366 | 4 | — | — | 3,366 | 4 | ||||||||||||||||||
Total | $ | 291,599 | $ | 4,007 | $ | — | $ | — | $ | 291,599 | $ | 4,007 | ||||||||||||
December 31, 2019 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Obligations of U.S. government agencies | $ | 76,682 | $ | 217 | $ | 20,429 | $ | 72 | $ | 97,111 | $ | 289 | ||||||||||||
Mortgage backed securities | 101,730 | 871 | 76,630 | 1,179 | 178,360 | 2,050 | ||||||||||||||||||
State, County, Municipal | 8,280 | 37 | 3,731 | 23 | 12,011 | 60 | ||||||||||||||||||
Total | $ | 186,692 | $ | 1,125 | $ | 100,790 | $ | 1,274 | $ | 287,482 | $ | 2,399 | ||||||||||||
March 31, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 78,059 | $ | 66,428 | ||||
Farmland | 15,241 | 15,595 | ||||||
1-4 Family Mortgages | 88,400 | 87,631 | ||||||
Commercial Real Estate | 207,453 | 207,604 | ||||||
|
|
|
| |||||
Total Real Estate Loans | 389,153 | 377,258 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 82,207 | 84,611 | ||||||
Farm Production and Other Farm Loans | 649 | 683 | ||||||
|
|
|
| |||||
Total Business Loans | 82,856 | 85,294 | ||||||
Consumer Loans: | ||||||||
Credit Cards | 1,629 | 1,833 | ||||||
Other Consumer Loans | 11,445 | 12,060 | ||||||
|
|
|
| |||||
Total Consumer Loans | 13,074 | 13,893 | ||||||
|
|
|
| |||||
Total Gross Loans | 485,083 | 476,445 | ||||||
Unearned Income | (5 | ) | (8 | ) | ||||
Allowance for Loan Losses | (3,816 | ) | (3,755 | ) | ||||
|
|
|
| |||||
Loans, net | $ | 481,262 | $ | 472,682 | ||||
|
|
|
|
September 30, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 85,684 | $ | 66,428 | ||||
Farmland | 14,728 | 15,595 | ||||||
1-4 Family Mortgages | 90,040 | 87,631 | ||||||
Commercial Real Estate | 242,070 | 207,604 | ||||||
Total Real Estate Loans | 432,522 | 377,258 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans (1) | 136,559 | 84,611 | ||||||
Farm Production and Other Farm Loans | 572 | 683 | ||||||
Total Business Loans | 137,131 | 85,294 | ||||||
Consumer Loans: | ||||||||
Credit Cards | 1,742 | 1,833 | ||||||
Other Consumer Loans | 11,055 | 12,060 | ||||||
Total Consumer Loans | 12,797 | 13,893 | ||||||
Total Gross Loans | 582,450 | 476,445 | ||||||
Unearned Income | (2 | ) | (8 | ) | ||||
Allowance for Loan Losses | (4,494 | ) | (3,755 | ) | ||||
Loans, net | $ | 577,954 | $ | 472,682 | ||||
(1) | Includes PPP loans of $48,830 and $-0- |
March 31, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 111 | $ | 111 | ||||
Farmland | 230 | 232 | ||||||
1-4 Family Mortgages | 2,054 | 2,160 | ||||||
Commercial Real Estate | 8,966 | 9,082 | ||||||
|
|
|
| |||||
Total Real Estate Loans | 11,361 | 11,585 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 512 | 338 | ||||||
Farm Production and Other Farm Loans | 10 | 10 | ||||||
|
|
|
| |||||
Total Business Loans | 522 | 348 | ||||||
Consumer Loans: | ||||||||
Other Consumer Loans | 58 | 60 | ||||||
|
|
|
| |||||
Total Consumer Loans | 58 | 60 | ||||||
|
|
|
| |||||
Total Nonaccrual Loans | $ | 11,941 | $ | 11,993 | ||||
|
|
|
|
September 30, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 315 | $ | 111 | ||||
Farmland | 346 | 232 | ||||||
1-4 Family Mortgages | 1,975 | 2,160 | ||||||
Commercial Real Estate | 7,077 | 9,082 | ||||||
Total Real Estate Loans | 9,713 | 11,585 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 442 | 338 | ||||||
Farm Production and Other Farm Loans | 10 | 10 | ||||||
Total Business Loans | 452 | 348 | ||||||
Consumer Loans: | ||||||||
Other Consumer Loans | 40 | 60 | ||||||
Total Consumer Loans | 40 | 60 | ||||||
Total Nonaccrual Loans | $ | 10,205 | $ | 11,993 | ||||
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 567 | $ | 111 | $ | 678 | $ | 77,381 | $ | 78,059 | $ | — | ||||||||||||
Farmland | 376 | — | 376 | 14,865 | 15,241 | — | ||||||||||||||||||
1-4 Family Mortgages | 2,263 | 496 | 2,759 | 85,641 | 88,400 | — | ||||||||||||||||||
Commercial Real Estate | 18,676 | 2,890 | 21,566 | 185,887 | 207,453 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 21,882 | 3,497 | 25,379 | 363,774 | 389,153 | — | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 531 | 296 | 827 | 81,380 | 82,207 | 12 | ||||||||||||||||||
Farm Production and Other Farm Loans | 35 | — | 35 | 614 | 649 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 566 | 296 | 862 | 81,994 | 82,856 | 12 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 34 | 2 | 36 | 1,593 | 1,629 | 2 | ||||||||||||||||||
Other Consumer Loans | 117 | 44 | 161 | 11,284 | 11,445 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 151 | 46 | 197 | 12,877 | 13,074 | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 22,599 | $ | 3,839 | $ | 26,438 | $ | 458,645 | $ | 485,083 | $ | 14 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 5 | $ | 0 | $ | 5 | $ | 85,679 | $ | 85,684 | $ | — | ||||||||||||
Farmland | 171 | 0 | 171 | 14,557 | 14,728 | 0 | ||||||||||||||||||
1-4 Family Mortgages | 1,418 | 490 | 1,908 | 88,132 | 90,040 | 130 | ||||||||||||||||||
Commercial Real Estate | 312 | 1,145 | 1,457 | 240,613 | 242,070 | 116 | ||||||||||||||||||
Total Real Estate Loans | 1,906 | 1,635 | 3,541 | 428,981 | 432,522 | 246 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 116 | 415 | 531 | 136,028 | 136,559 | 0 | ||||||||||||||||||
Farm Production and Other Farm Loans | 8 | — | 8 | 564 | 572 | — | ||||||||||||||||||
Total Business Loans | 124 | 415 | 539 | 136,592 | 137,131 | 0 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 12 | 0 | 12 | 1,730 | 1,742 | 0 | ||||||||||||||||||
Other Consumer Loans | 34 | 0 | 34 | 11,021 | 11,055 | 0 | ||||||||||||||||||
Total Consumer Loans | 46 | 0 | 46 | 12,751 | 12,797 | 0 | ||||||||||||||||||
Total Loans | $ | 2,076 | $ | 2,050 | $ | 4,126 | $ | 578,324 | $ | 582,450 | $ | 246 | ||||||||||||
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 736 | $ | — | $ | 736 | $ | 65,692 | $ | 66,428 | $ | — | ||||||||||||
Farmland | 171 | 39 | 210 | 15,385 | 15,595 | 39 | ||||||||||||||||||
1-4 Family Mortgages | 3,116 | 777 | 3,893 | 83,738 | 87,631 | 147 | ||||||||||||||||||
Commercial Real Estate | 8,511 | 2,080 | 10,591 | 197,013 | 207,604 | 18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 12,534 | 2,896 | 15,430 | 361,828 | 377,258 | 204 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 586 | 312 | 898 | 83,713 | 84,611 | 52 | ||||||||||||||||||
Farm Production and Other Farm Loans | 17 | — | 17 | 666 | 683 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 603 | 312 | 915 | 84,379 | 85,294 | 52 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 45 | 18 | 63 | 1,770 | 1,833 | 18 | ||||||||||||||||||
Other Consumer Loans | 172 | 42 | 214 | 11,846 | 12,060 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 217 | 60 | 277 | 13,616 | 13,893 | 18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 13,354 | $ | 3,268 | $ | 16,622 | $ | 459,823 | $ | 476,445 | $ | 274 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 736 | $ | — | $ | 736 | $ | 65,692 | $ | 66,428 | $ | — | ||||||||||||
Farmland | 171 | 39 | 210 | 15,385 | 15,595 | 39 | ||||||||||||||||||
1-4 Family Mortgages | 3,116 | 777 | 3,893 | 83,738 | 87,631 | 147 | ||||||||||||||||||
Commercial Real Estate | 8,511 | 2,080 | 10,591 | 197,013 | 207,604 | 18 | ||||||||||||||||||
Total Real Estate Loans | 12,534 | 2,896 | 15,430 | 361,828 | 377,258 | 204 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 586 | 312 | 898 | 83,713 | 84,611 | 52 | ||||||||||||||||||
Farm Production and Other Farm Loans | 17 | — | 17 | 666 | 683 | — | ||||||||||||||||||
Total Business Loans | 603 | 312 | 915 | 84,379 | 85,294 | 52 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 45 | 18 | 63 | 1,770 | 1,833 | 18 | ||||||||||||||||||
Other Consumer Loans | 172 | 42 | 214 | 11,846 | 12,060 | — | ||||||||||||||||||
Total Consumer Loans | 217 | 60 | 277 | 13,616 | 13,893 | 18 | ||||||||||||||||||
Total Loans | $ | 13,354 | $ | 3,268 | $ | 16,622 | $ | 459,823 | $ | 476,445 | $ | 274 | ||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Unpaid | Investment | Investment | Total | Average | ||||||||||||||||||||
Principal | With No | With | Recorded | Related | Recorded | |||||||||||||||||||
Balance | Allowance | Allowance | Investment | Allowance | Investment | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 111 | $ | 58 | $ | 53 | $ | 111 | $ | 16 | $ | 111 | ||||||||||||
Farmland | 250 | 250 | — | 250 | — | $ | 251 | |||||||||||||||||
1-4 Family Mortgages | 805 | 795 | 10 | 805 | 8 | $ | 822 | |||||||||||||||||
Commercial Real Estate | 11,463 | 6,011 | 3,736 | 9,747 | 559 | $ | 9,768 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 12,629 | 7,114 | 3,799 | 10,913 | 583 | $ | 10,952 | |||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 433 | 233 | 200 | 433 | 94 | $ | 289 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 433 | 233 | 200 | 433 | 94 | $ | 289 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 13,062 | $ | 7,347 | $ | 3,999 | $ | 11,346 | $ | 677 | $ | 11,241 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 316 | $ | 263 | $ | 53 | $ | 316 | $ | 13 | $ | 214 | ||||||||||||
Farmland | 152 | 152 | — | 152 | — | 202 | ||||||||||||||||||
1-4 Family Mortgages | 1,042 | 1,036 | 6 | 1,042 | 3 | 941 | ||||||||||||||||||
Commercial Real Estate | 7,984 | 3,273 | 4,519 | 7,792 | 649 | 8,791 | ||||||||||||||||||
Total Real Estate Loans | 9,494 | 4,724 | 4,578 | 9,302 | 665 | 10,147 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 416 | 56 | 360 | 416 | 129 | 280 | ||||||||||||||||||
Total Business Loans | 416 | 56 | 360 | 416 | 129 | 280 | ||||||||||||||||||
Total Loans | $ | 9,910 | $ | 4,780 | $ | 4,938 | $ | 9,718 | $ | 794 | $ | 10,427 | ||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Unpaid | Investment | Investment | Total | Average | ||||||||||||||||||||
Principal | With No | With | Recorded | Related | Recorded | |||||||||||||||||||
Balance | Allowance | Allowance | Investment | Allowance | Investment | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 111 | $ | 58 | $ | 53 | $ | 111 | $ | 16 | $ | 56 | ||||||||||||
Farmland | 252 | 252 | — | 252 | — | $ | 261 | |||||||||||||||||
1-4 Family Mortgages | 839 | 740 | 99 | 839 | 28 | $ | 996 | |||||||||||||||||
Commercial Real Estate | 11,506 | 5,949 | 3,840 | 9,789 | 566 | $ | 9,337 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 12,708 | 6,999 | 3,992 | 10,991 | 610 | $ | 10,650 | |||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 144 | — | 144 | 144 | 72 | $ | 72 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 144 | — | 144 | 144 | 72 | $ | 72 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 12,852 | $ | 6,999 | $ | 4,136 | $ | 11,135 | $ | 682 | $ | 10,722 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 111 | $ | 58 | $ | 53 | $ | 111 | $ | 16 | $ | 56 | ||||||||||||
Farmland | 252 | 252 | — | 252 | — | 261 | ||||||||||||||||||
1-4 Family Mortgages | 839 | 740 | 99 | 839 | 28 | 996 | ||||||||||||||||||
Commercial Real Estate | 11,506 | 5,949 | 3,840 | 9,789 | 566 | 9,337 | ||||||||||||||||||
Total Real Estate Loans | 12,708 | 6,999 | 3,992 | 10,991 | 610 | 10,650 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 144 | 0 | 144 | 144 | 72 | 72 | ||||||||||||||||||
Total Business Loans | 144 | 0 | 144 | 144 | 72 | 72 | ||||||||||||||||||
Total Loans | $ | 12,852 | $ | 6,999 | $ | 4,136 | $ | 11,135 | $ | 682 | $ | 10,722 | ||||||||||||
Pre-Modification | Post-Modification | |||||||||||
March 31, 2020 | Outstanding | Outstanding | ||||||||||
Number of Loans | Recorded Investment | Recorded Investment | ||||||||||
Commercial real estate | 3 | $ | 4,871 | $ | 2,427 | |||||||
|
|
|
|
|
| |||||||
Total | 3 | $ | 4,871 | $ | 2,427 | |||||||
|
|
|
|
|
|
Pre-Modification | Post-Modification | |||||||||||
December 31, 2019 | Outstanding | Outstanding | ||||||||||
Number of | Recorded | Recorded | ||||||||||
Loans | Investment | Investment | ||||||||||
Commercial real estate | 3 | $ | 4,871 | $ | 2,495 | |||||||
|
|
|
|
|
| |||||||
Total | 3 | $ | 4,871 | $ | 2,495 | |||||||
|
|
|
|
|
|
September 30, 2020 | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Commercial real estate | 3 | $ | 4,871 | $ | 2,377 | |||||||
Total | 3 | $ | 4,871 | $ | 2,377 | |||||||
December 31, 2019 | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Commercial real estate | 3 | $ | 4,871 | $ | 2,495 | |||||||
Total | 3 | $ | 4,871 | $ | 2,495 | |||||||
Number of Loans | Recorded Investment | |||||||
Totals at January 1, 2019 | 3 | $ | 2,782 | |||||
Reductions due to: | ||||||||
Principal paydowns | (287 | ) | ||||||
|
|
|
| |||||
Totals at January 1, 2020 | 3 | $ | 2,495 | |||||
Reductions due to: | ||||||||
Principal paydowns | (68 | ) | ||||||
|
|
|
| |||||
Total at March 31, 2020 | 3 | $ | 2,427 | |||||
|
|
|
|
Number of Loans | Recorded Investment | |||||||
Totals at January 1, 2019 | 3 | $ | 2,782 | |||||
Reductions due to: | ||||||||
Principal paydowns | (287 | ) | ||||||
Totals at January 1, 2020 | 3 | $ | 2,495 | |||||
Reductions due to: | ||||||||
Principal paydowns | (118 | ) | ||||||
Total at September 30, 2020 | 3 | $ | 2,377 | |||||
Special | ||||||||||||||||||||||||
Satisfactory | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
1,2,3,4 | 5,6 | 7 | 8 | 9 | Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 75,338 | $ | 2,099 | $ | 622 | $ | — | $ | — | $ | 78,059 | ||||||||||||
Farmland | 14,163 | 327 | 751 | — | — | 15,241 | ||||||||||||||||||
1-4 Family Mortgages | 79,860 | 2,346 | 6,168 | — | 26 | 88,400 | ||||||||||||||||||
Commercial Real Estate | 169,660 | 20,874 | 16,919 | — | — | 207,453 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 339,021 | 25,646 | 24,460 | — | 26 | 389,153 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 77,968 | 275 | 3,951 | 13 | — | 82,207 | ||||||||||||||||||
Farm Production and Other Farm Loans | 636 | — | 3 | — | 10 | 649 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 78,604 | 275 | 3,954 | 13 | 10 | 82,856 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 1,593 | — | 36 | — | — | 1,629 | ||||||||||||||||||
Other Consumer Loans | 11,295 | 45 | 59 | 41 | 5 | 11,445 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 12,888 | 45 | 95 | 41 | 5 | 13,074 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 430,513 | $ | 25,966 | $ | 28,509 | $ | 54 | $ | 41 | $ | 485,083 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 82,960 | $ | 1,921 | $ | 803 | $ | — | $ | — | $ | 85,684 | ||||||||||||
Farmland | 13,825 | 91 | 812 | — | — | 14,728 | ||||||||||||||||||
1-4 Family Mortgages | 81,766 | 2,274 | 6,000 | — | — | 90,040 | ||||||||||||||||||
Commercial Real Estate | 206,592 | 20,711 | 14,767 | — | — | 242,070 | ||||||||||||||||||
Total Real Estate Loans | 385,143 | 24,997 | 22,382 | — | — | 432,522 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 128,017 | 4,776 | 3,759 | — | 7 | 136,559 | ||||||||||||||||||
Farm Production and Other Farm Loans | 530 | 8 | 24 | — | 10 | 572 | ||||||||||||||||||
Total Business Loans | 128,547 | 4,784 | 3,783 | — | 17 | 137,131 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 1,730 | — | 12 | — | — | 1,742 | ||||||||||||||||||
Other Consumer Loans | 10,930 | 48 | 46 | 31 | — | 11,055 | ||||||||||||||||||
Total Consumer Loans | 12,660 | 48 | 58 | 31 | — | 12,797 | ||||||||||||||||||
Total Loans | $ | 526,350 | $ | 29,829 | $ | 26,223 | $ | 31 | $ | 17 | $ | 582,450 | ||||||||||||
Special | ||||||||||||||||||||||||
Satisfactory | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
1,2,3,4 | 5,6 | 7 | 8 | 9 | Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 64,112 | $ | 1,682 | $ | 634 | $ | — | $ | — | $ | 66,428 | ||||||||||||
Farmland | 14,533 | 331 | 731 | — | — | 15,595 | ||||||||||||||||||
1-4 Family Mortgages | 79,068 | 1,917 | 6,646 | — | — | 87,631 | ||||||||||||||||||
Commercial Real Estate | 169,270 | 21,266 | 17,068 | — | — | 207,604 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 326,983 | 25,196 | 25,079 | — | — | 377,258 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 80,289 | 128 | 4,194 | — | — | 84,611 | ||||||||||||||||||
Farm Production and Other Farm Loans | 669 | — | 4 | — | 10 | 683 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 80,958 | 128 | 4,198 | — | 10 | 85,294 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 1,770 | — | 63 | — | — | 1,833 | ||||||||||||||||||
Other Consumer Loans | 11,907 | 59 | 53 | 41 | — | 12,060 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 13,677 | 59 | 116 | 41 | — | 13,893 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 421,618 | $ | 25,383 | $ | 29,393 | $ | 41 | $ | 10 | $ | 476,445 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 64,112 | $ | 1,682 | $ | 634 | $ | — | $ | — | $ | 66,428 | ||||||||||||
Farmland | 14,533 | 331 | 731 | — | — | 15,595 | ||||||||||||||||||
1-4 Family Mortgages | 79,068 | 1,917 | 6,646 | — | — | 87,631 | ||||||||||||||||||
Commercial Real Estate | 169,270 | 21,266 | 17,068 | — | — | 207,604 | ||||||||||||||||||
�� | ||||||||||||||||||||||||
Total Real Estate Loans | 326,983 | 25,196 | 25,079 | — | — | 377,258 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 80,289 | 128 | 4,194 | — | — | 84,611 | ||||||||||||||||||
Farm Production and Other Farm Loans | 669 | — | 4 | — | 10 | 683 | ||||||||||||||||||
Total Business Loans | 80,958 | 128 | 4,198 | — | 10 | 85,294 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | 1,770 | — | 63 | — | — | 1,833 | ||||||||||||||||||
Other Consumer Loans | 11,907 | 59 | 53 | 41 | — | 12,060 | ||||||||||||||||||
Total Consumer Loans | 13,677 | 59 | 116 | 41 | — | 13,893 | ||||||||||||||||||
Total Loans | $ | 421,618 | $ | 25,383 | $ | 29,393 | $ | 41 | $ | 10 | $ | 476,445 | ||||||||||||
March 31, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 13,029 | $ | 14,722 | ||||
Farmland | 504 | 510 | ||||||
1-4 Family Mortgages | 32,157 | 35,952 | ||||||
Commercial Real Estate | 30,789 | 32,436 | ||||||
|
|
|
| |||||
Total Real Estate Loans | 76,479 | 83,620 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 12,903 | 14,153 | ||||||
Farm Production and Other Farm Loans | 871 | 884 | ||||||
|
|
|
| |||||
Total Business Loans | 13,774 | 15,037 | ||||||
Consumer Loans: | ||||||||
Credit Cards | — | — | ||||||
Other Consumer Loans | 1,648 | 1,973 | ||||||
|
|
|
| |||||
Total Consumer Loans | 1,648 | 1,973 | ||||||
|
|
|
| |||||
Total Purchased Loans | $ | 91,901 | $ | 100,630 | ||||
|
|
|
|
September 30, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 9,113 | $ | 14,722 | ||||
Farmland | 486 | 510 | ||||||
1-4 Family Mortgages | 26,097 | 35,952 | ||||||
Commercial Real Estate | 26,321 | 32,436 | ||||||
Total Real Estate Loans | 62,017 | 83,620 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 9,280 | 14,153 | ||||||
Farm Production and Other Farm Loans | 845 | 884 | ||||||
Total Business Loans | 10,125 | 15,037 | ||||||
Consumer Loans: | ||||||||
Other Consumer Loans | 1,043 | 1,973 | ||||||
Total Consumer Loans | 1,043 | 1,973 | ||||||
Total Purchased Loans | $ | 73,185 | $ | 100,630 | ||||
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 610 | $ | — | $ | 610 | $ | 12,419 | $ | 13,029 | $ | — | ||||||||||||
Farmland | 167 | — | 167 | 337 | 504 | — | ||||||||||||||||||
1-4 Family Mortgages | 189 | 53 | 242 | 31,915 | 32,157 | — | ||||||||||||||||||
Commercial Real Estate | 17 | 4 | 21 | 30,768 | 30,789 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 983 | 57 | 1,040 | 75,439 | 76,479 | — | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 74 | — | 74 | 12,829 | 12,903 | — | ||||||||||||||||||
Farm Production and Other Farm Loans | — | — | — | 871 | 871 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 74 | — | 74 | 13,700 | 13,774 | — | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | — | — | — | — | — | — | ||||||||||||||||||
Other Consumer Loans | 32 | — | 32 | 1,616 | 1,648 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 32 | — | 32 | 1,616 | 1,648 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 1,089 | $ | 57 | $ | 1,146 | $ | 90,755 | $ | 91,901 | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 397 | $ | — | $ | 397 | $ | 8,716 | $ | 9,113 | $ | — | ||||||||||||
Farmland | — | — | — | 486 | 486 | — | ||||||||||||||||||
1-4 Family Mortgages | 149 | 77 | 226 | 25,871 | 26,097 | — | ||||||||||||||||||
Commercial Real Estate | — | 2 | 2 | 26,319 | 26,321 | — | ||||||||||||||||||
Total Real Estate Loans | 546 | 79 | 625 | 61,392 | 62,017 | — | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 429 | — | 429 | 8,851 | 9,280 | — | ||||||||||||||||||
Farm Production and Other Farm Loans | — | — | — | 845 | 845 | — | ||||||||||||||||||
Total Business Loans | 429 | — | 429 | 9,696 | 10,125 | — | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Other Consumer Loans | — | — | — | 1,043 | 1,043 | — | ||||||||||||||||||
Total Consumer Loans | — | — | — | 1,043 | 1,043 | — | ||||||||||||||||||
Total Loans | $ | 975 | $ | 79 | $ | 1,054 | $ | 72,131 | $ | 73,185 | $ | — | ||||||||||||
Accruing | ||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||
Loans | 90 or more | 90 or more | ||||||||||||||||||||||
30-89 Days | Days | Total Past | Current | Total | Days | |||||||||||||||||||
Past Due | Past Due | Due Loans | Loans | Loans | Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 528 | $ | — | $ | 528 | $ | 14,194 | $ | 14,722 | $ | — | ||||||||||||
Farmland | — | — | — | 510 | 510 | — | ||||||||||||||||||
1-4 Family Mortgages | 444 | — | 444 | 35,508 | 35,952 | — | ||||||||||||||||||
Commercial Real Estate | 603 | — | 603 | 31,833 | 32,436 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 1,575 | — | 1,575 | 82,045 | 83,620 | — | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 379 | 3 | 382 | 13,771 | 14,153 | — | ||||||||||||||||||
Farm Production and Other Farm Loans | — | — | — | 884 | 884 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 379 | 3 | 382 | 14,655 | 15,037 | — | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | — | — | — | — | — | — | ||||||||||||||||||
Other Consumer Loans | 49 | 8 | 57 | 1,916 | 1,973 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 49 | 8 | 57 | 1,916 | 1,973 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 2,003 | $ | 11 | $ | 2,014 | $ | 98,616 | $ | 100,630 | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Loans 30-89 Days Past Due | Loans 90 or more Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or more Days Past Due | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 528 | $ | — | $ | 528 | $ | 14,194 | $ | 14,722 | $ | — | ||||||||||||
Farmland | — | — | — | 510 | 510 | — | ||||||||||||||||||
1-4 Family Mortgages | 444 | — | 444 | 35,508 | 35,952 | — | ||||||||||||||||||
Commercial Real Estate | 603 | — | 603 | 31,833 | 32,436 | — | ||||||||||||||||||
Total Real Estate Loans | 1,575 | — | 1,575 | 82,045 | 83,620 | — | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 379 | 3 | 382 | 13,771 | 14,153 | — | ||||||||||||||||||
Farm Production and Other Farm Loans | — | — | — | 884 | 884 | — | ||||||||||||||||||
Total Business Loans | 379 | 3 | 382 | 14,655 | 15,037 | — | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Other Consumer Loans | 49 | 8 | 57 | 1,916 | 1,973 | — | ||||||||||||||||||
Total Consumer Loans | 49 | 8 | 57 | 1,916 | 1,973 | — | ||||||||||||||||||
Total Loans | $ | 2,003 | $ | 11 | $ | 2,014 | $ | 98,616 | $ | 100,630 | $ | — | ||||||||||||
Special | ||||||||||||||||||||||||
Satisfactory | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
1,2,3,4 | 5,6 | 7 | 8 | 9 | Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 12,163 | $ | 780 | $ | 86 | $ | — | $ | — | $ | 13,029 | ||||||||||||
Farmland | 504 | — | — | — | — | 504 | ||||||||||||||||||
1-4 Family Mortgages | 29,975 | 1,516 | 666 | — | — | 32,157 | ||||||||||||||||||
Commercial Real Estate | 28,956 | 1,546 | 287 | — | — | 30,789 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 71,598 | 3,842 | 1,039 | — | — | 76,479 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 11,999 | 588 | 316 | — | — | 12,903 | ||||||||||||||||||
Farm Production and Other Farm Loans | 871 | — | — | — | — | 871 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 12,870 | 588 | 316 | — | — | 13,774 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | — | — | — | — | — | — | ||||||||||||||||||
Other Consumer Loans | 1,615 | 33 | — | — | — | 1,648 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 1,615 | 33 | — | — | — | 1,648 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 86,083 | $ | 4,463 | $ | 1,355 | $ | — | $ | — | $ | 91,901 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 7,787 | $ | 1,297 | $ | 29 | $ | — | $ | — | $ | 9,113 | ||||||||||||
Farmland | 320 | 166 | — | — | — | 486 | ||||||||||||||||||
1-4 Family Mortgages | 23,612 | 1,559 | 926 | — | — | 26,097 | ||||||||||||||||||
Commercial Real Estate | 24,529 | 1,506 | 286 | — | — | 26,321 | ||||||||||||||||||
Total Real Estate Loans | 56,248 | 4,528 | 1,241 | — | — | 62,017 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 8,674 | 434 | 172 | — | — | 9,280 | ||||||||||||||||||
Farm Production and Other Farm Loans | 845 | — | — | — | — | 845 | ||||||||||||||||||
Total Business Loans | 9,519 | 434 | 172 | — | — | 10,125 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Other Consumer Loans | 984 | 31 | 28 | — | — | 1,043 | ||||||||||||||||||
Total Consumer Loans | 984 | 31 | 28 | — | — | 1,043 | ||||||||||||||||||
Total Loans | $ | 66,751 | $ | 4,993 | $ | 1,441 | $ | — | $ | — | $ | 73,185 | ||||||||||||
Special | ||||||||||||||||||||||||
Satisfactory | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
1,2,3,4 | 5,6 | 7 | 8 | 9 | Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 13,890 | $ | 789 | $ | 43 | $ | — | $ | — | $ | 14,722 | ||||||||||||
Farmland | 510 | — | — | — | — | 510 | ||||||||||||||||||
1-4 Family Mortgages | 33,737 | 1,535 | 680 | — | — | 35,952 | ||||||||||||||||||
Commercial Real Estate | 30,780 | 1,656 | — | — | — | 32,436 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Real Estate Loans | 78,917 | 3,980 | 723 | — | — | 83,620 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 13,545 | 608 | — | — | — | 14,153 | ||||||||||||||||||
Farm Production and Other Farm Loans | 884 | — | — | — | — | 884 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Business Loans | 14,429 | 608 | — | — | — | 15,037 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Credit Cards | — | — | — | — | — | — | ||||||||||||||||||
Other Consumer Loans | 1,937 | 36 | — | — | — | 1,973 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Consumer Loans | 1,937 | 36 | — | — | — | 1,973 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Loans | $ | 95,283 | $ | 4,624 | $ | 723 | $ | — | $ | — | $ | 100,630 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 13,890 | $ | 789 | $ | 43 | $ | — | $ | — | $ | 14,722 | ||||||||||||
Farmland | 510 | — | — | — | — | 510 | ||||||||||||||||||
1-4 Family Mortgages | 33,737 | 1,535 | 680 | — | — | 35,952 | ||||||||||||||||||
Commercial Real Estate | 30,780 | 1,656 | — | — | — | 32,436 | ||||||||||||||||||
Total Real Estate Loans | 78,917 | 3,980 | 723 | — | — | 83,620 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 13,545 | 608 | — | — | — | 14,153 | ||||||||||||||||||
Farm Production and Other Farm Loans | 884 | — | — | — | — | 884 | ||||||||||||||||||
Total Business Loans | 14,429 | 608 | — | — | — | 15,037 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Other Consumer Loans | 1,937 | 36 | — | — | — | 1,973 | ||||||||||||||||||
Total Consumer Loans | 1,937 | 36 | — | — | — | 1,973 | ||||||||||||||||||
Total Loans | $ | 95,283 | $ | 4,624 | $ | 723 | $ | — | $ | — | $ | 100,630 | ||||||||||||
March 31, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 36 | $ | 43 | ||||
Farmland | — | — | ||||||
1-4 Family Mortgages | 692 | 706 | ||||||
Commercial Real Estate | 4 | — | ||||||
|
|
|
| |||||
Total Real Estate Loans | 732 | 749 | ||||||
|
|
|
| |||||
Total PCD Loans | $ | 732 | $ | 749 | ||||
|
|
|
|
Non-accrual
September 30, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 13 | $ | 43 | ||||
Farmland | 0 | 0 | ||||||
1-4 Family Mortgages | 330 | 706 | ||||||
Commercial Real Estate | 2 | 0 | ||||||
Total Real Estate Loans | 345 | 749 | ||||||
Total purchased credit deteriorated (PCD) loans | $ | 345 | $ | 749 | ||||
September 30, 2020 | December 31, 2019 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | — | $ | — | ||||
1-4 Family Mortgages | 151 | 33 | ||||||
Commercial Real Estate | 2 | — | ||||||
Total Real Estate Loans | 153 | 33 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 52 | — | ||||||
Total Business Loans | 52 | — | ||||||
Consumer Loans: | ||||||||
Other Consumer Loans | — | — | ||||||
Total Consumer Loans | — | — | ||||||
Total Purchased Nonaccrual Loans | $ | 205 | $ | 33 | ||||
Total Purchased Credit Deteriorated Loans | ||||
Contractually-required principal | $ | 993 | ||
Nonaccretable difference | (68 | ) | ||
|
| |||
Cash flows expected to be collected | 925 | |||
Accretable yield | (36 | ) | ||
|
| |||
Fair Value | $ | 889 | ||
|
|
Total Purchased Credit Deteriorated Loans | ||||
Contractually-required principal | $ | 993 | ||
Nonaccretable difference | (68 | ) | ||
Cash flows expected to be collected | 925 | |||
Accretable yield | (36 | ) | ||
Fair Value | $ | 889 | ||
Balance at January 1, 2020 | $ | (16 | ) | |
Additions through acquisition | — | |||
Reclasses from nonaccretable difference | (13 | ) | ||
Accretion | 5 | |||
Charge-off | — | |||
|
| |||
Balance at March 31, 2020 | $ | (24 | ) | |
|
|
Balance at January 1, 2020 | $ | (16 | ) | |
Additions through acquisition | — | |||
Reclasses from nonaccretable difference | (13 | ) | ||
Accretion | 11 | |||
Charge-off | — | |||
Balance at September 30, 2020 | $ | (18 | ) | |
The following table presents the fair value of loans purchased from Charter as of the October 1, 2019 acquisition date:
October 1, 2019 | ||||
At acquisition date: | ||||
Contractually-required principal | $ | 104,127 | ||
Nonaccretable difference | (68 | ) | ||
Cash flows expected to be collected | 104,059 | |||
Accretable yield | (394 | ) | ||
Fair Value | $ | 103,665 | ||
Real Estate | Business Loans | Consumer | Total | |||||||||||||
March 31, 2020 | ||||||||||||||||
Beginning Balance, January 1, 2020 | $ | 3,075 | $ | 371 | $ | 309 | $ | 3,755 | ||||||||
Provision for loan losses | 184 | 3 | 127 | 314 | ||||||||||||
Chargeoffs | 222 | 23 | 55 | 300 | ||||||||||||
Recoveries | 14 | 24 | 9 | 47 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net (recoveries) chargeoffs | 208 | (1 | ) | 46 | 253 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Ending Balance | $ | 3,051 | $ | 375 | $ | 390 | $ | 3,816 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Period end allowance allocated to: | ||||||||||||||||
Loans individually evaluated for impairment | $ | 582 | $ | 95 | $ | — | $ | 677 | ||||||||
Loans collectively evaluated for impairment | 2,469 | 280 | 390 | 3,139 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Ending Balance, March 31, 2020 | $ | 3,051 | $ | 375 | $ | 390 | $ | 3,816 | ||||||||
|
|
|
|
|
|
|
|
September 30, 2020 | Real Estate | Business Loans | Consumer | Total | ||||||||||||
Beginning Balance, January 1, 2020 | $ | 3,075 | $ | 371 | $ | 309 | $ | 3,755 | ||||||||
Provision for loan losses | 729 | 450 | 4 | 1,183 | ||||||||||||
Charge-offs | 309 | 222 | 91 | 622 | ||||||||||||
Recoveries | 104 | 35 | 39 | 178 | ||||||||||||
Net charge-offs | 205 | 187 | 52 | 444 | ||||||||||||
Ending Balance | $ | 3,599 | $ | 634 | $ | 261 | $ | 4,494 | ||||||||
Period end allowance allocated to: | ||||||||||||||||
Loans individually evaluated for impairment | $ | 665 | $ | 129 | $ | — | $ | 794 | ||||||||
Loans collectively evaluated for impairment | 2,934 | 505 | 261 | 3,700 | ||||||||||||
Ending Balance, September 30, 2020 | $ | 3,599 | $ | 634 | $ | 261 | $ | 4,494 | ||||||||
Real Estate | Business Loans | Consumer | Total | |||||||||||||
March 31, 2019 | ||||||||||||||||
Beginning Balance, January 1, 2019 | $ | 2,845 | $ | 222 | $ | 305 | $ | 3,372 | ||||||||
Provision for loan losses | (63 | ) | 99 | 159 | 195 | |||||||||||
Chargeoffs | — | 12 | 25 | 37 | ||||||||||||
Recoveries | 12 | 4 | 14 | 30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net (recoveries) chargeoffs | (12 | ) | 8 | 11 | 7 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Ending Balance | $ | 2,794 | $ | 313 | $ | 453 | $ | 3,560 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Period end allowance allocated to: | ||||||||||||||||
Loans individually evaluated for impairment | $ | 417 | $ | 5 | $ | — | $ | 422 | ||||||||
Loans collectively evaluated for impairment | 2,377 | 308 | 453 | 3,138 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Ending Balance, March 31, 2019 | $ | 2,794 | $ | 313 | $ | 453 | $ | 3,560 | ||||||||
|
|
|
|
|
|
|
|
September 30, 2019 | Real Estate | Business Loans | Consumer | Total | ||||||||||||
Beginning Balance, January 1, 2019 | $ | 2,845 | $ | 222 | $ | 305 | $ | 3,372 | ||||||||
Provision for loan losses | (1 | ) | 270 | 203 | 472 | |||||||||||
Charge-offs | 15 | 92 | 77 | 184 | ||||||||||||
Recoveries | 101 | 9 | 35 | 145 | ||||||||||||
Net (recoveries) charge-offs | (86 | ) | 83 | 42 | 39 | |||||||||||
Ending Balance | $ | 2,930 | $ | 409 | $ | 466 | $ | 3,805 | ||||||||
Period end allowance allocated to: | ||||||||||||||||
Loans individually evaluated for impairment | $ | 506 | $ | 72 | $ | — | $ | 578 | ||||||||
Loans collectively evaluated for impairment | 2,424 | 337 | 466 | 3,227 | ||||||||||||
Ending Balance, September 30, 2019 | $ | 2,930 | $ | 409 | $ | 466 | $ | 3,805 | ||||||||
Real Estate | Business Loans | Consumer | Total | |||||||||||||
March 31, 2020 | ||||||||||||||||
Loans individually evaluated for specific impairment | $ | 10,913 | $ | 433 | $ | — | $ | 11,346 | ||||||||
Loans collectively evaluated for general impairment | 453,987 | 96,197 | 14,722 | 564,906 | ||||||||||||
Acquired with deteriorated credit quality | 732 | — | — | 732 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 465,632 | $ | 96,630 | $ | 14,722 | $ | 576,984 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate | Business Loans | Consumer | Total | |||||||||||||
December 31, 2019 | ||||||||||||||||
Loans individually evaluated for specific impairment | $ | 10,991 | $ | 144 | $ | — | $ | 11,135 | ||||||||
Loans collectively evaluated for general impairment | 449,138 | 100,187 | 15,866 | 565,191 | ||||||||||||
Acquired with deteriorated credit quality | 749 | — | — | 749 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 460,878 | $ | 100,331 | $ | 15,866 | $ | 577,075 | |||||||||
|
|
|
|
|
|
|
|
September 30, 2020 | Real Estate | Business Loans | Consumer | Total | ||||||||||||
Loans individually evaluated for specific impairment | $ | 9,302 | $ | 416 | $ | — | $ | 9,718 | ||||||||
Loans collectively evaluated for general impairment | 484,892 | 146,840 | 13,840 | 645,572 | ||||||||||||
Acquired with deteriorated credit quality | 345 | — | — | 345 | ||||||||||||
$494,539 | $147,256 | $13,840 | $655,635 | |||||||||||||
December 31, 2019 | Real Estate | Business Loans | Consumer | Total | ||||||||||||
Loans individually evaluated for specific impairment | $ | 10,991 | $ | 144 | $ | — | $ | 11,135 | ||||||||
Loans collectively evaluated for general impairment | 449,138 | 100,187 | 15,866 | 565,191 | ||||||||||||
Acquired with deteriorated credit quality | 749 | — | — | 749 | ||||||||||||
$460,878 | $100,331 | $15,866 | $577,075 | |||||||||||||
Three Months Ended | ||||
March 31, 2020 | ||||
(in thousands) | ||||
Operating lease cost | $ | 92 | ||
Short-term lease cost | 6 | |||
Variable lease cost | — | |||
|
| |||
$ | 98 | |||
|
|
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||
(in thousands) | ||||||||
Operating lease cost | $ | 118 | $ | 303 | ||||
Short-term lease cost | 6 | 17 | ||||||
Variable lease cost | — | — | ||||||
$ | 124 | $ | 320 | |||||
Three Months Ended | ||||
March 31, 2020 | ||||
(in thousands) | ||||
Lease payments due: | ||||
Within one year | $ | 348 | ||
After one year but within two years | 306 | |||
After two years but within three years | 60 | |||
After three year but within four years | — | |||
After four years but within five years | — | |||
After five years | — | |||
|
| |||
Total undiscounted cash flows | 714 | |||
Discount on cash flows | (24 | ) | ||
|
| |||
Total lease liability | $ | 690 | ||
|
|
Nine Months Ended September 30, 2020 | ||||
(in thousands) | ||||
Lease payments due: | ||||
Within one year | $ | 415 | ||
After one year but within two years | 1,994 | |||
After two years but within three years | 22 | |||
After three year but within four years | 0 | |||
After four years but within five years | — | |||
After five years | — | |||
Total undiscounted cash flows | 2,431 | |||
Discount on cash flows | (9 | ) | ||
Total lease liability | $ | 2,422 | ||
Total | ||||
Balance at January 1, 2020 | $ | 13,103 | ||
Measurement period adjustment to goodwill from Charter acquisition | 27 | |||
|
| |||
Balance at March 31, 2020 | $ | 13,130 | ||
|
|
Total | ||||
Balance at January 1, 2020 | $ | 13,103 | ||
Measurement period adjustment to goodwill from Charter acquisition | (73 | ) | ||
Balance at September 30, 2020 | $ | 13,030 | ||
March 31, 2020 | December 31, 2019 | |||||||
Core deposit intangible | $ | 739 | $ | 766 | ||||
Accumulated amortization | (27 | ) | (27 | ) | ||||
|
|
|
| |||||
Total finite-lived intangible assets | $ | 712 | $ | 739 | ||||
|
|
|
|
September 30, 2020 | December 31, 2019 | |||||||
Core deposit intangible | $ | 766 | $ | 766 | ||||
Accumulated amortization | (109 | ) | (27 | ) | ||||
Total finite-lived intangible assets | $ | 657 | $ | 739 | ||||
Year ending December 31, | Amount | |||
2020 | $ | 82 | ||
2021 | 109 | |||
2022 | 109 | |||
2023 | 109 | |||
2024 | 109 | |||
Thereafter | 194 | |||
|
| |||
$ | 712 | |||
|
|
Year ending December 31, | Amount | |||
2020 | $ | 27 | ||
2021 | 109 | |||
2022 | 109 | |||
2023 | 109 | |||
2024 | 109 | |||
Thereafter | 194 | |||
$ | 657 | |||
Accumulated | ||||||||||||||||||||||||
Number | Additional | Other | ||||||||||||||||||||||
of Shares | Common | Paid-In | Comprehensive | Retained | ||||||||||||||||||||
Issued | Stock | Capital | Income (Loss) | Earnings | Total | |||||||||||||||||||
Balance, January 1, 2020 | 5,578,131 | $ | 1,116 | $ | 17,883 | $ | (789 | ) | $ | 94,590 | $ | 112,800 | ||||||||||||
Net income | — | — | — | — | 1,160 | 1,160 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,339 | ) | (1,339 | ) | ||||||||||||||||
Options exercised | 4,500 | 1 | 86 | — | — | 87 | ||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense | — | — | 40 | — | — | 40 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 5,996 | — | 5,996 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance, March 31, 2020 | 5,582,631 | $ | 1,117 | $ | 18,009 | $ | 5,207 | $ | 94,411 | $ | 118,744 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated | ||||||||||||||||||||||||
Number | Additional | Other | ||||||||||||||||||||||
of Shares | Common | Paid-In | Comprehensive | Retained | ||||||||||||||||||||
Issued | Stock | Capital | Income (Loss) | Earnings | Total | |||||||||||||||||||
Balance, January 1, 2019 | 4,904,530 | $ | 981 | $ | 4,298 | $ | (14,975 | ) | $ | 93,562 | $ | 83,866 | ||||||||||||
Net income | — | — | — | — | 1,227 | 1,227 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,177 | ) | (1,177 | ) | ||||||||||||||||
Options exercised | — | — | — | — | — | — | ||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense | — | — | 41 | — | — | 41 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 6,622 | — | 6,622 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance, March 31, 2019 | 4,904,530 | $ | 981 | $ | 4,339 | $ | (8,353 | ) | $ | 93,612 | $ | 90,579 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | |||||||||||||||||||
Balance, January 1, 2020 | 5,578,131 | $ | 1,116 | $ | 17,883 | $ | (789 | ) | $ | 94,590 | $ | 112,800 | ||||||||||||
Net income | — | — | — | — | 1,160 | 1,160 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,339 | ) | (1,339 | ) | ||||||||||||||||
Options exercised | 4,500 | 1 | 86 | — | — | 87 | ||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense | — | — | 40 | — | — | 40 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 5,996 | — | 5,996 | ||||||||||||||||||
Balance, March 31, 2020 | 5,582,631 | $ | 1,117 | $ | 18,009 | $ | 5,207 | $ | 94,411 | $ | 118,744 | |||||||||||||
Net income | — | — | — | — | 1,462 | 1,462 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,342 | ) | (1,342 | ) | ||||||||||||||||
Restricted stock forfeited | (4,500 | ) | (1 | ) | 1 | — | — | — | ||||||||||||||||
Restricted stock granted | 8,250 | 2 | (2 | ) | — | — | — | |||||||||||||||||
Stock compensation expense | — | — | 41 | — | — | 41 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 464 | — | 464 | ||||||||||||||||||
Balance, June 30, 2020 | 5,586,381 | $ | 1,118 | $ | 18,049 | $ | 5,671 | $ | 94,531 | $ | 119,369 | |||||||||||||
Net income | — | — | — | — | 2,083 | 2,083 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,341 | ) | (1,341 | ) | ||||||||||||||||
Options exercised | 689 | — | — | — | — | — | ||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense | — | — | 43 | — | — | 43 | ||||||||||||||||||
Other comprehensive loss, net | — | — | — | (2,655 | ) | — | (2,655 | ) | ||||||||||||||||
Balance, September 30, 2020 | 5,587,070 | $ | 1,118 | $ | 18,092 | $ | 3,016 | $ | 95,273 | $ | 117,499 | |||||||||||||
Number of Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | |||||||||||||||||||
Balance, January 1, 2019 | 4,904,530 | $ | 981 | $ | 4,298 | $ | (14,975 | ) | $ | 93,562 | $ | 83,866 | ||||||||||||
Net income | — | — | — | — | 1,227 | 1,227 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,177 | ) | (1,177 | ) | ||||||||||||||||
Options exercised | — | — | — | — | — | — | ||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense | — | — | 41 | — | — | 41 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 6,622 | — | 6,622 | ||||||||||||||||||
Balance, March 31, 2019 | 4,904,530 | $ | 981 | $ | 4,339 | $ | (8,353 | ) | $ | 93,612 | $ | 90,579 | ||||||||||||
Net income | — | — | — | — | 1,371 | 1,371 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,179 | ) | (1,179 | ) | ||||||||||||||||
Options exercised | — | — | — | — | — | — | ||||||||||||||||||
Restricted stock granted | 7,500 | 2 | (2 | ) | — | — | — | |||||||||||||||||
Stock compensation expense | — | — | 41 | — | — | 41 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 5,325 | — | 5,325 | ||||||||||||||||||
Balance, June 30, 2019 | 4,912,030 | $ | 983 | $ | 4,378 | $ | (3,028 | ) | $ | 93,804 | $ | 96,137 | ||||||||||||
Net income | — | — | — | — | 1,333 | 1,333 | ||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,179 | ) | (1,179 | ) | ||||||||||||||||
Options exercised | — | — | — | — | — | — | ||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | ||||||||||||||||||
Stock compensation expense | — | — | 40 | — | — | 40 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | 2,668 | — | 2,668 | ||||||||||||||||||
Balance, September 30, 2019 | 4,912,030 | $ | 983 | $ | 4,418 | $ | (360 | ) | $ | 93,958 | $ | 98,999 | ||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities; | |
Level 2 | Inputs other than quoted prices in active markets for identical assets and liabilities included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active; or | |
Level 3 | Unobservable inputs for an asset or liability, such as discounted cash flow models or valuations. |
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Securities available for sale | ||||||||||||||||
Obligations of U.S. | ||||||||||||||||
Government Agencies | $ | — | $ | 44,765 | $ | — | $ | 44,765 | ||||||||
Mortgage-backed securities | — | 373,488 | — | 373,488 | ||||||||||||
State, county and municipal obligations | — | 63,321 | — | 63,321 | ||||||||||||
Other securities | 503 | — | — | 503 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 503 | $ | 481,574 | $ | — | $ | 482,077 | ||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Securities available for sale | ||||||||||||||||
Obligations of U.S. Government Agencies | $ | — | $ | 7,099 | $ | — | $ | 7,099 | ||||||||
Mortgage-backed securities | — | 507,292 | — | 507,292 | ||||||||||||
State, county and municipal obligations | — | 67,798 | — | 67,798 | ||||||||||||
Other securities | 509 | — | — | 509 | ||||||||||||
Total | $ | 509 | $ | 582,189 | $ | — | $ | 582,698 | ||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Securities available for sale | ||||||||||||||||
Obligations of U.S. Government Agencies | $ | — | $ | 97,111 | $ | — | $ | 97,111 | ||||||||
Mortgage-backed securities | — | 306,900 | — | 306,900 | ||||||||||||
State, county and municipal obligations | — | 60,372 | — | 60,372 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | 464,383 | $ | — | $ | 464,383 | ||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Securities available for sale | ||||||||||||||||
Obligations of U.S. Government Agencies | $ | — | $ | 97,111 | $ | — | $ | 97,111 | ||||||||
Mortgage-backed securities | — | 306,900 | — | 306,900 | ||||||||||||
State, county and municipal obligations | — | 60,372 | — | 60,372 | ||||||||||||
Total | $ | — | $ | 464,383 | $ | — | $ | 464,383 | ||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans | $ | — | $ | — | $ | 254 | $ | 254 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | — | $ | 254 | $ | 254 | ||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,543 | $ | 3,543 | ||||||||
Other real estate owned | — | — | 163 | 163 | ||||||||||||
Total | $ | — | $ | — | $ | 3,706 | $ | 3,706 | ||||||||
Significant Unobservable | Range of | |||||||||||||||
Financial instrument | Fair Value | Valuation Technique | Inputs | Inputs | ||||||||||||
Impaired loans | $ | 254 | Appraised value of collateral less | Estimated costs to sell | 25 | % | ||||||||||
estimated costs to sell |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | ||||||||
Impaired loans | $ | 3,543 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 25 | % | ||||||
OREO | $ | 163 | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 25 | % |
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans | $ | — | $ | — | $ | 4,576 | $ | 4,576 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | — | $ | 4,576 | $ | 4,576 | ||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements Using: | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans | $ | — | $ | — | $ | 4,576 | $ | 4,576 | ||||||||
Total | $ | — | $ | — | $ | 4,576 | $ | 4,576 | ||||||||
2019, respectively.
The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at March 31,September 30, 2020:
Fair Value Measurements Using: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | |||||||||||||||||||
Markets for | Other | Significant | Total | |||||||||||||||||
Carrying | Identical | Observable | Unobservable | Fair | ||||||||||||||||
March 31, 2020 | Value | Assets | Inputs | Inputs | Value | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 19,610 | $ | 19,610 | $ | — | $ | — | $ | 19,610 | ||||||||||
Interest bearing deposits with banks | 61,909 | 61,909 | — | — | 61,909 | |||||||||||||||
Securitiesavailable-for-sale | 482,077 | 503 | 481,574 | — | 482,077 | |||||||||||||||
Net loans | 573,163 | — | — | 566,944 | 566,944 | |||||||||||||||
Financial liabilities Deposits | $ | 925,888 | $ | 693,750 | $ | 234,138 | $ | — | $ | 927,888 | ||||||||||
Securities sold under agreement to repurchase | 159,442 | 159,442 | — | — | 159,442 |
Fair Value Measurements Using: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | |||||||||||||||||||
Markets for | Other | Significant | Total | |||||||||||||||||
Carrying | Identical | Observable | Unobservable | Fair | ||||||||||||||||
September 30, 2020 | Value | Assets | Inputs | Inputs | Value | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 13,710 | $ | 13,710 | $ | — | $ | — | $ | 13,710 | ||||||||||
Interest bearing deposits with banks | 42,543 | 42,543 | — | — | 42,543 | |||||||||||||||
Securities available-for-sale | 582,698 | 509 | 582,189 | — | 582,698 | |||||||||||||||
Net loans | 651,139 | — | — | 643,680 | 643,680 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 1,049,157 | $ | 824,066 | $ | 226,439 | $ | — | $ | 1,050,505 | ||||||||||
Securities sold under agreement to repurchase | 176,978 | 176,978 | — | — | 176,978 | |||||||||||||||
Federal Home Loan Bank advances | 15,000 | 15,000 | — | — | 15,000 |
Fair Value Measurements Using: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | |||||||||||||||||||
Markets for | Other | Significant | Total | |||||||||||||||||
Carrying | Identical | Observable | Unobservable | Fair | ||||||||||||||||
December 31, 2019 | Value | Assets | Inputs | Inputs | Value | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 15,937 | $ | 15,937 | $ | — | $ | — | $ | 15,937 | ||||||||||
Federal funds sold | 1,600 | 1,600 | — | — | 1,600 | |||||||||||||||
Interest bearing deposits with banks | 58,557 | 58,557 | — | — | 58,557 | |||||||||||||||
Securitiesavailable-for-sale | 464,383 | — | 464,383 | — | 464,383 | |||||||||||||||
Net loans | 573,312 | — | — | 569,640 | 569,640 | |||||||||||||||
Financial liabilities Deposits | $ | 898,996 | $ | 642,825 | $ | 258,100 | $ | — | $ | 900,925 | ||||||||||
Securities sold under agreement to repurchase | 170,410 | 170,410 | — | — | 170,410 |
Fair Value Measurements Using: | ||||||||||||||||||||
Quoted Prices | ||||||||||||||||||||
in Active | Significant | |||||||||||||||||||
Markets for | Other | Significant | Total | |||||||||||||||||
Carrying | Identical | Observable | Unobservable | Fair | ||||||||||||||||
December 31, 2019 | Value | Assets | Inputs | Inputs | Value | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 15,937 | $ | 15,937 | $ | — | $ | — | $ | 15,937 | ||||||||||
Interest bearing deposits with banks | 58,557 | 58,557 | — | — | 58,557 | |||||||||||||||
Federal funds sold | 1,600 | 1,600 | — | — | 1,600 | |||||||||||||||
Securities available-for-sale | 464,383 | — | 464,383 | — | 464,383 | |||||||||||||||
Net loans | 573,312 | — | — | 569,640 | 569,640 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 898,996 | $ | 642,825 | $ | 258,100 | $ | — | $ | 900,925 | ||||||||||
Securities sold under agreement to repurchase | 170,410 | 170,410 | — | — | 170,410 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
Corporation.
rates.
Minimum Capital | ||||||||||||||||||||||||
Minimum Capital | Requirement to be | |||||||||||||||||||||||
Requirement to be | Adequately | |||||||||||||||||||||||
Actual | Well Capitalized | Capitalized | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||
Citizens Holding Company Tier 1 leverage ratio | $ | 98,695 | 8.30 | % | $ | 59,432 | 5.00 | % | $ | 47,546 | 4.00 | % | ||||||||||||
Common Equity tier 1 capital ratio | 98,695 | 13.82 | % | 77,262 | 6.50 | % | 53,489 | 4.50 | % | |||||||||||||||
Tier 1 risk-based capital ratio | 98,695 | 13.82 | % | 57,147 | 8.00 | % | 42,861 | 6.00 | % | |||||||||||||||
Total risk-based capital ratio | 102,510 | 14.35 | % | 71,434 | 10.00 | % | 57,147 | 8.00 | % | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Citizens Holding Company Tier 1 leverage ratio | $ | 98,733 | 8.33 | % | $ | 59,270 | 5.00 | % | $ | 47,416 | 4.00 | % | ||||||||||||
Common Equity tier 1 capital ratio | 98,733 | 13.86 | % | 77,051 | 6.50 | % | 53,343 | 4.50 | % | |||||||||||||||
Tier 1 risk-based capital ratio | 98,733 | 13.86 | % | 56,972 | 8.00 | % | 42,729 | 6.00 | % | |||||||||||||||
Total risk-based capital ratio | 102,488 | 14.39 | % | 71,215 | 10.00 | % | 56,972 | 8.00 | % |
Minimum Capital | ||||||||||||||||||||||||
Minimum Capital | Requirement to be | |||||||||||||||||||||||
Requirement to be | Adequately | |||||||||||||||||||||||
Actual | Well Capitalized | Capitalized | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||
Citizens Holding Company | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 100,649 | 7.31 | % | $ | 68,799 | 5.00 | % | $ | 55,039 | 4.00 | % | ||||||||||||
Common Equity tier 1 capital ratio | 100,649 | 13.01 | % | 89,439 | 6.50 | % | 61,919 | 4.50 | % | |||||||||||||||
Tier 1 risk-based capital ratio | 100,649 | 13.01 | % | 61,872 | 8.00 | % | 46,404 | 6.00 | % | |||||||||||||||
Total risk-based capital ratio | 105,143 | 13.59 | % | 77,340 | 10.00 | % | 61,872 | 8.00 | % | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Citizens Holding Company | ||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 98,733 | 8.33 | % | $ | 59,270 | 5.00 | % | $ | 47,416 | 4.00 | % | ||||||||||||
Common Equity tier 1 capital ratio | 98,733 | 13.86 | % | 77,051 | 6.50 | % | 53,343 | 4.50 | % | |||||||||||||||
Tier 1 risk-based capital ratio | 98,733 | 13.86 | % | 56,972 | 8.00 | % | 42,729 | 6.00 | % | |||||||||||||||
Total risk-based capital ratio | 102,488 | 14.39 | % | 71,215 | 10.00 | % | 56,972 | 8.00 | % |
For the Three Months | ||||||||
Ended March 31, | ||||||||
2020 | 2019 | |||||||
Interest Income, including fees | $ | 9,709 | $ | 8,384 | ||||
Interest Expense | 2,324 | 2,174 | ||||||
|
|
|
| |||||
Net Interest Income | 7,385 | 6,210 | ||||||
Provision for loan losses | 314 | 195 | ||||||
|
|
|
| |||||
Net Interest Income after | ||||||||
Provision for loan losses | 7,071 | 6,015 | ||||||
Other Income | 2,381 | 2,047 | ||||||
Other Expense | 8,067 | 6,640 | ||||||
|
|
|
| |||||
Income Before Provision For | ||||||||
Income Taxes | 1,385 | 1,422 | ||||||
Provision for Income Taxes | 225 | 195 | ||||||
|
|
|
| |||||
Net Income | $ | 1,160 | $ | 1,227 | ||||
|
|
|
| |||||
Net Income Per share - Basic | $ | 0.21 | $ | 0.25 | ||||
|
|
|
| |||||
Net Income Per Share - Diluted | $ | 0.21 | $ | 0.25 | ||||
|
|
|
|
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Interest Income, including fees | $ | 10,579 | $ | 8,443 | $ | 30,415 | $ | 25,478 | ||||||||
Interest Expense | 1,673 | 2,525 | 5,774 | 7,143 | ||||||||||||
Net Interest Income | 8,906 | 5,918 | 24,641 | 18,335 | ||||||||||||
Provision for loan losses | 247 | 12 | 1,183 | 472 | ||||||||||||
Net Interest Income after | ||||||||||||||||
Provision for loan losses | 8,659 | 5,906 | 23,458 | 17,863 | ||||||||||||
Other Income | 2,637 | 2,506 | 7,488 | 6,624 | ||||||||||||
Other Expense | 8,653 | 6,867 | 25,064 | 19,830 | ||||||||||||
Income Before Provision For | ||||||||||||||||
Income Taxes | 2,643 | 1,545 | 5,882 | 4,657 | ||||||||||||
Provision for Income Taxes | 560 | 212 | 1,177 | 727 | ||||||||||||
Net Income | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | ||||||||
Net Income Per share - Basic | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | ||||||||
Net Income Per Share-Diluted | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | ||||||||
securities.
One
The annualizedprimary concerns in managing net interest marginincome are the volume, mix and repricing of assets and liabilities.
Three Months Ended September 30, | ||||||||||||||||||||||||
Average Balance | Income/Expense | Average Yield/Rate | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Loans, net of unearned (1) | $ | 647,530 | $ | 468,310 | $ | 7,814 | $ | 5,951 | 4.83 | % | 5.08 | % | ||||||||||||
Investment Securities | ||||||||||||||||||||||||
Taxable | 566,102 | 395,281 | 2,406 | 1,945 | 1.70 | % | 1.97 | % | ||||||||||||||||
Tax-exempt | 67,729 | 61,133 | 481 | 513 | 2.84 | % | 3.36 | % | ||||||||||||||||
Total Investment Securities | 633,831 | 456,414 | 2,887 | 2,458 | 0.46 | % | 0.54 | % | ||||||||||||||||
Federal Funds Sold and Other | 18,408 | 43,696 | 8 | 212 | 0.17 | % | 1.94 | % | ||||||||||||||||
Total Interest Earning Assets (1)(2) | 1,299,769 | 968,420 | 10,709 | 8,621 | 3.30 | % | 3.56 | % | ||||||||||||||||
Non-Earning Assets | 89,905 | 73,068 | ||||||||||||||||||||||
Total Assets | $ | 1,389,674 | $ | 1,041,488 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Interest-bearing Demand | ||||||||||||||||||||||||
Deposits (3) | $ | 475,857 | $ | 336,998 | $ | 715 | $ | 801 | 0.60 | % | 0.95 | % | ||||||||||||
Savings | 98,756 | 77,884 | 27 | 32 | 0.11 | % | 0.16 | % | ||||||||||||||||
Time | 225,248 | 220,096 | 764 | 1,089 | 1.36 | % | 1.98 | % | ||||||||||||||||
Total Deposits | 799,861 | 634,978 | 1,506 | 1,922 | 0.19 | % | 0.30 | % | ||||||||||||||||
Borrowed Funds | ||||||||||||||||||||||||
Short-term Borrowings | 198,656 | 131,269 | 167 | 602 | 0.34 | % | 1.83 | % | ||||||||||||||||
Long-term Borrowings | — | — | — | — | 0.00 | % | 0.00 | % | ||||||||||||||||
Total Borrowed Funds | 198,656 | 131,269 | 167 | 602 | 0.34 | % | 1.83 | % | ||||||||||||||||
Total Interest-Bearing Liabilities (3) | 998,517 | 766,247 | 1,673 | 2,524 | 0.67 | % | 1.32 | % | ||||||||||||||||
Non-Interest Bearing Liabilities | ||||||||||||||||||||||||
Demand Deposits | 257,222 | 172,252 | ||||||||||||||||||||||
Other Liabilities | 13,543 | 6,417 | ||||||||||||||||||||||
Shareholders’ Equity | 120,392 | 96,572 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,389,674 | $ | 1,041,488 | ||||||||||||||||||||
Interest Rate Spread | 2.63 | % | 2.24 | % | ||||||||||||||||||||
Net Interest Margin | $ | 9,036 | $ | 6,097 | 2.81 | % | 2.49 | % | ||||||||||||||||
Less | ||||||||||||||||||||||||
Tax Equivalent Adjustment | 130 | 179 | ||||||||||||||||||||||
Net Interest Income | $ | 8,906 | $ | 5,918 | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Average Balance | Income/Expense | Average Yield/Rate | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Loans, net of unearned (1) | $ | 613,155 | $ | 453,044 | $ | 22,943 | $ | 17,250 | 4.99 | % | 5.08 | % | ||||||||||||
Investment Securities | ||||||||||||||||||||||||
Taxable | 481,077 | 392,896 | 6,157 | 6,253 | 1.71 | % | 2.12 | % | ||||||||||||||||
Tax-exempt | 63,546 | 85,252 | 1,434 | 1,976 | 3.01 | % | 3.09 | % | ||||||||||||||||
Total Investment Securities | 544,623 | 478,148 | 7,591 | 8,229 | 1.86 | % | 2.29 | % | ||||||||||||||||
Federal Funds Sold and Other | 49,677 | 29,141 | 243 | 488 | 0.65 | % | 2.23 | % | ||||||||||||||||
Total Interest Earning Assets (1)(2) | 1,207,455 | 960,333 | 30,777 | 25,967 | 3.40 | % | 3.61 | % | ||||||||||||||||
Non-Earning Assets | 100,843 | 66,367 | ||||||||||||||||||||||
Total Assets | $ | 1,308,298 | $ | 1,026,700 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Interest-bearing Demand Deposits (3) | $ | 442,907 | $ | 343,294 | $ | 2,395 | $ | 2,349 | 0.72 | % | 0.91 | % | ||||||||||||
Savings | 92,335 | 77,166 | 84 | 92 | 0.12 | % | 0.16 | % | ||||||||||||||||
Time | 232,082 | 219,449 | 2,610 | 3,127 | 1.50 | % | 1.90 | % | ||||||||||||||||
Total Deposits | 767,324 | 639,909 | 5,089 | 5,568 | 0.88 | % | 1.16 | % | ||||||||||||||||
Borrowed Funds | ||||||||||||||||||||||||
Short-term Borrowings | 182,644 | 117,393 | 687 | 1,575 | 0.50 | % | 1.79 | % | ||||||||||||||||
Long-term Borrowings | — | — | — | — | 0.00 | % | 0.00 | % | ||||||||||||||||
Total Borrowed Funds | 182,644 | 117,393 | 687 | 1,575 | 0.50 | % | 1.79 | % | ||||||||||||||||
Total Interest-Bearing Liabilities (3) | 949,968 | 757,302 | 5,776 | 7,143 | 0.81 | % | 1.26 | % | ||||||||||||||||
Non-Interest Bearing Liabilities | ||||||||||||||||||||||||
Demand Deposits | 228,078 | 167,321 | ||||||||||||||||||||||
Other Liabilities | 12,713 | 11,192 | ||||||||||||||||||||||
Shareholders’ Equity | 117,539 | 90,885 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,308,298 | $ | 1,026,700 | ||||||||||||||||||||
Interest Rate Spread | 2.59 | % | 2.35 | % | ||||||||||||||||||||
Net Interest Margin | $ | 25,001 | $ | 18,824 | 2.76 | % | 2.62 | % | ||||||||||||||||
Less | ||||||||||||||||||||||||
Tax Equivalent Adjustment | 360 | 489 | ||||||||||||||||||||||
Net Interest Income | $ | 24,641 | $ | 18,335 | ||||||||||||||||||||
(1) | Overdrafts, while not considered an earning asset, are included in Loans, net of unearned in the average volume calculation due to the immaterial impact on the yield. |
(2) | Earnings Assets in the table above does include the dividend paying stock of the Federal Home Loan Bank. |
(3) | Demand deposits are not included in the average volume calculation as they are not interest bearing liabilities. They are included within the non-interest bearing liabilities section above. |
Three Months Ended September 30, 2020 | ||||||||||||
2020 Change from 2019 | ||||||||||||
Volume | Rate | Total | ||||||||||
INTEREST INCOME | ||||||||||||
Loans | $ | 2,289 | (414 | ) | $ | 1,875 | ||||||
Taxable Securities | 841 | (380 | ) | 461 | ||||||||
Non-Taxable Securities | 175 | (87 | ) | 88 | ||||||||
Federal Funds Sold and Other | (123 | ) | (81 | ) | (204 | ) | ||||||
TOTAL INTEREST INCOME | $ | 3,183 | $ | (963 | ) | $ | 2,220 | |||||
INTEREST EXPENSE | ||||||||||||
Interest-bearing demand deposits | $ | 330 | (295 | ) | 35 | |||||||
Savings Deposits | 9 | (11 | ) | (2 | ) | |||||||
Time Deposits | 25 | (342 | ) | (317 | ) | |||||||
Short-term borrowings | 309 | (744 | ) | (435 | ) | |||||||
Long-term borrowings | — | — | — | |||||||||
TOTAL INTEREST EXPENSE | $ | 673 | $ | (1,392 | ) | (719 | ) | |||||
NET INTEREST INCOME | $ | 2,509 | $ | 429 | $ | 2,939 | ||||||
The following table shows the interest and fees and corresponding yields for loans only.
For the Three Months | ||||||||
Ended March 31, | ||||||||
2020 | 2019 | |||||||
Interest and Fees | $ | 7,480 | $ | 5,450 | ||||
Average Gross Loans | 574,755 | 435,070 | ||||||
Annualized Yield | 5.21 | % | 5.01 | % |
Nine Months Ended September 30, 2020 | ||||||||||||
2020 Change from 2019 | ||||||||||||
Volume | Rate | Total | ||||||||||
INTEREST INCOME | ||||||||||||
Loans | $ | 6,134 | (403 | ) | $ | 5,731 | ||||||
Taxable Securities | 1,403 | (1,499 | ) | (96 | ) | |||||||
Non-Taxable Securities | (356 | ) | (39 | ) | (395 | ) | ||||||
Federal Funds Sold and Other | 344 | (589 | ) | (245 | ) | |||||||
TOTAL INTEREST INCOME | $ | 7,526 | $ | (2,531 | ) | $ | 4,995 | |||||
INTEREST EXPENSE | ||||||||||||
Interest-bearing demand deposits | $ | 682 | (493 | ) | 189 | |||||||
Savings Deposits | 18 | (22 | ) | (4 | ) | |||||||
Time Deposits | 180 | (659 | ) | (479 | ) | |||||||
Short-term borrowings | 875 | (1,763 | ) | (888 | ) | |||||||
Long-term borrowings | — | — | — | |||||||||
TOTAL INTEREST EXPENSE | $ | 1,755 | $ | (2,937 | ) | (1,182 | ) | |||||
NET INTEREST INCOME | $ | 5,770 | $ | 406 | $ | 6,177 | ||||||
Quarter Ended | Year Ended | Amount of | Percent of | |||||||||||||
March 31, | December 31, | Increase | Increase | |||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||
BALANCES: | ||||||||||||||||
Gross Loans | $ | 576,984 | $ | 577,075 | $ | (91 | ) | -0.02 | % | |||||||
Allowance for Loan Losses | 3,816 | 3,755 | 61 | 1.62 | % | |||||||||||
Nonaccrual Loans | 11,941 | 11,993 | (52 | ) | -0.43 | % | ||||||||||
Ratios: | ||||||||||||||||
Allowance for loan losses to gross loans | 0.66 | % | 0.65 | % | ||||||||||||
Net loans charged off (recovered) to allowance for loan losses | 6.63 | % | 5.06 | % |
Quarter Ended | Year Ended | Amount of | Percent of | |||||||||||||
September 30, | December 31, | Increase | Increase | |||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||
BALANCES: | ||||||||||||||||
Gross Loans | $ | 655,633 | $ | 577,075 | $ | 78,558 | 13.61 | % | ||||||||
Allowance for Loan Losses | 4,494 | 3,755 | 739 | 19.68 | % | |||||||||||
Nonaccrual Loans | 10,410 | 11,993 | (1,583 | ) | -13.20 | % | ||||||||||
Ratios: | ||||||||||||||||
Allowance for loan losses to gross loans | 0.69 | % | 0.65 | % | ||||||||||||
Net loans charged off (recovered) to allowance for loan losses | 9.90 | % | 5.06 | % |
rates driving increased mortgage volume.
For the Three Months | ||||||||
Ended March 31, | ||||||||
Other operating income | 2020 | 2019 | ||||||
BOLI Income | $ | 106 | $ | 126 | ||||
Mortgage Loan Origination Income | 247 | 48 | ||||||
Income from security sales, net | 77 | — | ||||||
Other Income | 129 | 92 | ||||||
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Total Other Income | $ | 559 | $ | 266 | ||||
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|
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
Other operating income | 2020 | 2019 | 2020 | 2019 | ||||||||||||
BOLI income | $ | 123 | $ | 120 | $ | 352 | $ | 366 | ||||||||
Mortgage loan origination income | 361 | 73 | 890 | 179 | ||||||||||||
Income from security sales, net | 293 | 244 | 703 | 190 | ||||||||||||
Other income | 58 | 80 | 380 | 304 | ||||||||||||
Total Other Income | $ | 835 | $ | 517 | $ | 2,325 | $ | 1,039 | ||||||||
For the Three Months | ||||||||
Ended March 31, | ||||||||
Other Operating Expense | 2020 | 2019 | ||||||
Advertising | $ | 204 | $ | 179 | ||||
Office Supplies | 292 | 217 | ||||||
Professional Fees | 258 | 133 | ||||||
Telephone expense | 158 | 112 | ||||||
Postage and Freight | 141 | 149 | ||||||
Loan Collection Expense | 23 | 8 | ||||||
Regulatory and related expense | 66 | 84 | ||||||
Debit Card/ATM expense | 135 | 121 | ||||||
Travel and Convention | 53 | 37 | ||||||
Other expenses | 643 | 630 | ||||||
|
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| |||||
Total Other Expense | $ | 1,973 | $ | 1,670 | ||||
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For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
Other Operating Expense | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Advertising | $ | 159 | $ | 128 | $ | 519 | $ | 431 | ||||||||
Office Supplies | 270 | 265 | 873 | 718 | ||||||||||||
Professional Fees | 272 | 442 | 791 | 1,114 | ||||||||||||
Telephone expense | 139 | 119 | 435 | 353 | ||||||||||||
Postage and Freight | 142 | 121 | 421 | (177 | ) | |||||||||||
Loan Collection Expense | 57 | 187 | 100 | 196 | ||||||||||||
Writedown of other real estate owned | 230 | — | 230 | — | ||||||||||||
Regulatory and related expense | 203 | 90 | 442 | 259 | ||||||||||||
Debit Card/ATM expense | 162 | 172 | 445 | 409 | ||||||||||||
Travel and Convention | 29 | 79 | 100 | 179 | ||||||||||||
Other expenses | 740 | 468 | 2,021 | 1,703 | ||||||||||||
Total Other Expense | $ | 2,403 | $ | 2,071 | $ | 6,377 | $ | 5,185 | ||||||||
Amount of | Percent of | |||||||||||||||
March 31, | December 31, | Increase | Increase | |||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||
Cash and Due From Banks | $ | 19,610 | $ | 15,937 | $ | 3,673 | 23.05 | % | ||||||||
Interest Bearing deposits with | ||||||||||||||||
Other Banks | 61,909 | 58,557 | 3,352 | 5.72 | % | |||||||||||
Investment Securities | 482,077 | 464,383 | 17,694 | 3.81 | % | |||||||||||
Loans, net | 573,163 | 573,312 | (149 | ) | -0.03 | % | ||||||||||
Premises and Equipment | 24,495 | 24,672 | (177 | ) | -0.72 | % | ||||||||||
Total Assets | 1,216,111 | 1,195,434 | 20,677 | 1.73 | % | |||||||||||
Total Deposits | 925,888 | 898,996 | 26,892 | 2.99 | % | |||||||||||
Total Shareholders’ Equity | 118,744 | 112,800 | 5,944 | 5.27 | % |
September 30, | December 31, | Amount of Increase | Percent of Increase | |||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||
Cash and Due From Banks | $ | 13,710 | $ | 15,937 | $ | (2,227 | ) | -13.97 | % | |||||||
Interest Bearing deposits with Other Banks | 42,543 | 58,557 | (16,014 | ) | -27.35 | % | ||||||||||
Investment Securities | 582,698 | 464,383 | 118,315 | 25.48 | % | |||||||||||
Loans, net | 651,139 | 573,312 | 77,827 | 13.57 | % | |||||||||||
Premises and Equipment | 25,141 | 24,672 | 469 | 1.90 | % | |||||||||||
Total Assets | 1,374,217 | 1,195,434 | 178,783 | 14.96 | % | |||||||||||
Total Deposits | 1,049,157 | 898,996 | 150,161 | 16.70 | % | |||||||||||
Total Shareholders’ Equity | 117,499 | 112,800 | 4,699 | 4.17 | % |
Amount of | Percent of | |||||||||||||||
March 31, | December 31, | Increase | Increase | |||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||
Noninterest-Bearing Deposits | $ | 195,843 | $ | 190,406 | $ | 5,437 | 2.86 | % | ||||||||
Interest-Bearing Deposits | 410,485 | 369,354 | 41,131 | 11.14 | % | |||||||||||
Savings Deposits | 87,422 | 83,065 | 4,357 | 5.25 | % | |||||||||||
Certificates of Deposit | 232,138 | 256,171 | (24,033 | ) | -9.38 | % | ||||||||||
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Total deposits | $ | 925,888 | $ | 898,996 | $ | 26,892 | 2.99 | % | ||||||||
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Amount of | Percent of | |||||||||||||||
September 30, | December 31, | Increase | Increase | |||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||
Noninterest-Bearing Deposits | $ | 253,762 | $ | 190,406 | $ | 63,356 | 33.27 | % | ||||||||
Interest-Bearing Deposits | 469,777 | 369,354 | 100,423 | 27.19 | % | |||||||||||
Savings Deposits | 100,527 | 83,065 | 17,462 | 21.02 | % | |||||||||||
Certificates of Deposit | 225,091 | 256,171 | (31,080 | ) | -12.13 | % | ||||||||||
Total deposits | $ | 1,049,157 | $ | 898,996 | $ | 150,161 | 16.70 | % | ||||||||
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
March 31, 2020 | December 31, 2019 | |||||||||||||||
Following | Months | Following | Months | |||||||||||||
12 months | 13-24 | 12 months | 13-24 | |||||||||||||
+400 basis points | 24.4 | % | 32.7 | % | 6.4 | % | 20.9 | % | ||||||||
+300 basis points | 22.3 | % | 27.6 | % | 6.3 | % | 17.5 | % | ||||||||
+200 basis points | 18.3 | % | 20.7 | % | 5.7 | % | 13.3 | % | ||||||||
+100 basis points | 11.8 | % | 11.4 | % | 3.0 | % | 7.0 | % | ||||||||
Flat rates | — | — | — | — | ||||||||||||
-100 basis points | -7.0 | % | -7.4 | % | -7.3 | % | -7.5 | % | ||||||||
-200 basis points | -8.0 | % | -7.5 | % | -14.5 | % | -15.1 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||
Following | Months | Following | Months | |||||||||||||
12 months | 13-24 | 12 months | 13-24 | |||||||||||||
+400 basis points | 14.3 | % | 6.6 | % | 6.4 | % | 20.9 | % | ||||||||
+300 basis points | 15.5 | % | 6.1 | % | 6.3 | % | 17.5 | % | ||||||||
+200 basis points | 16.0 | % | 5.2 | % | 5.7 | % | 13.3 | % | ||||||||
+100 basis points | 14.0 | % | 3.9 | % | 3.0 | % | 7.0 | % | ||||||||
Flat rates | — | — | — | — | ||||||||||||
-100 basis points | -10.4 | % | -8.3 | % | -7.3 | % | -7.5 | % | ||||||||
-200 basis points | -16.8 | % | -18.0 | % | -14.5 | % | -15.1 | % |
Economic Value of Equity at Risk (%) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
+400 basis points | 30.9 | % | 7.1 | % | ||||
+300 basis points | 32.4 | % | 8.0 | % | ||||
+200 basis points | 29.6 | % | 7.8 | % | ||||
+100 basis points | 17.9 | % | 5.4 | % | ||||
Flat rates | — | — | ||||||
-100 basis points | -27.1 | % | -18.5 | % | ||||
-200 basis points | -46.7 | % | -42.3 | % |
Economic Value of Equity at Risk (%) | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
+400 basis points | 26.0 | % | 7.1 | % | ||||
+300 basis points | 31.7 | % | 8.0 | % | ||||
+200 basis points | 34.9 | % | 7.8 | % | ||||
+100 basis points | 25.7 | % | 5.4 | % | ||||
Flat rates | — | — | ||||||
-100 basis points | -31.0 | % | -18.5 | % | ||||
-200 basis points | -44.1 | % | -42.3 | % |
ITEM 4. | CONTROLS AND PROCEDURES. |
ITEM 1. | LEGAL PROCEEDINGS. |
ITEM 1A. | RISK FACTORS. |
The outbreak
employees contractingCOVID-19;
a work stoppage, forced quarantine, or other interruption of the Corporation’s business;
unavailability of key personnel necessary to conduct the Corporation’s business activities;
sustained closures of the Bank’s branch lobbies or the offices of the Bank’s customers;
declines in demand for loans and other banking services and products;
reduced consumer spending due to both job losses and other effects attributable to the pandemic;
unprecedented volatility in United States financial markets;
volatile performance of the Corporation’s investment securities portfolio;
decline in the credit quality of the Bank’s loan portfolio, owing to the effects ofCOVID-19 in the markets the Bank serves, leading to a need to increase the Corporation’s allowance for loan losses;
declines in value of collateral for loans, including real estate collateral;
declines in the net worth and liquidity of borrowers and loan guarantors, impairing their ability to honor commitments to us; and
declines in demand resulting from businesses being deemed to be“non-essential” by governments in the markets the Bank serves, and from“non-essential” and “essential” businesses suffering adverse effects from reduced levels of economic activity in the Corporation’s markets.
These factors, together or in combination with other events or occurrences that may not yet be known or anticipated, may materially and adversely affect the Company’s business, financial condition and results of operations.
The ongoingCOVID-19 pandemic has resulted in meaningfully lower stock prices for many companies, as well as the trading prices for many other securities. The further spread of theCOVID-19 outbreak, as well as ongoing or new governmental, regulatory and private sector responses to the pandemic, may materially disrupt banking and other economic activity generally and in the areas in which the Bank operates. This could result in further decline in demand for the Bank’s banking products and services, and could negatively impact, among other things, our liquidity, regulatory capital and growth strategy of the Corporation.
The Corporation is taking precautions to protect the safety and well-being of its employees and customers. However, no assurance can be given that the steps being taken will be adequate or deemed to be appropriate, nor can the Corporation predict the level of disruption which will occur to employee’s ability to provide customer support and service. If the Corporation is unable to recover from a business disruption on a timely basis, its business, financial condition and results of operations could be materially and adversely affected. The Corporation may also incur additional costs to remedy damages caused by such disruptions, which could further adversely affect its business, financial condition and results of operations.
Since the Bank is a participating lender in the SBA Paycheck Protection Program (“PPP”), the Company and the Bank are subject to additional risks of litigation from the Bank’s clients or other parties regarding the Bank’s processing of loans for the PPP.
On March 27, 2020, President Trump signed the CARES Act, which included a $349 billion loan program administered through the SBA referred to as the PPP. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. The Bank is participating as a lender in the PPP. The PPP opened on April 3, 2020; however, because of the short timeframe between the passing of the CARES Act and the opening of the PPP, there is some ambiguity in the laws, rules and guidance regarding the operation of the PPP, which exposes the Company to risks relating to noncompliance with the PPP. Since the opening of the PPP, several other larger banks have been subject to litigation regarding the process and procedures that such banks used in processing applications for the PPP. The Company and the Bank may be exposed to the risk of litigation, from both clients andnon-clients that approached the Bank regarding PPP loans, regarding its process and procedures used in processing applications for the PPP. If any such litigation is filed against the Company or the Bank and is not resolved in a manner favorable to the Company or the Bank, it may result in significant financial liability or adversely affect the Company’s reputation. In addition, litigation can be costly, regardless of outcome. Any financial liability, litigation costs or reputational damage caused by PPP related litigation could have a material adverse impact on our business, financial condition and results of operations.
ITEM 6. | EXHIBITS. |
Exhibits
Exhibits | ||
31(a) | Certification of the Chief Executive Officer pursuant to Rule13a-14(a)/15d-14(a). | |
31(b) | Certification of the Chief Financial Officer pursuant to Rule13a-14(a)/15d-14(a). | |
32(a) | Certification of the Chief Executive Officer pursuant to 18 U.S.C. § 1350. | |
32(b) | Certification of the Chief Financial Officer pursuant to 18 U.S.C. § 1350. | |
101 | Financial Statements submitted in XBRL format. |
CITIZENS HOLDING COMPANY | ||
BY: | /s/ Greg L. McKee | |
Greg L. McKee | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
BY: | /s/ | |
Treasurer and Chief Financial Officer | ||
(Principal Financial Officer and Chief | ||
Accounting Officer) | ||
DATE: |
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