☒ | 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 |
Mississippi | 64-0666512 | |
(State or other jurisdiction of | (IRS Employer | |
In Company or organization) | Identification No.) |
521 Main Street, Philadelphia, MS | 39350 | |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Common Stock, $0.20 par value | CIZN | NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ||||
Non-accelerated filer | Smaller Reporting Company | |||||
Emerging growth company | ☐ |
Title | Outstanding | |||
Common Stock, $0.20 par value | 5,595,320 |
September 30, 2020 (Unaudited) | December 31, 2019 (Audited) | March 31, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||||
(Unaudited) | (Audited) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 13,710 | $ | 15,937 | $ | 26,667 | $ | 16,840 | ||||||||
Interest bearing deposits with other banks | 42,543 | 58,557 | 25,009 | 25,468 | ||||||||||||
Federal funds sold | — | 1,600 | ||||||||||||||
Investment securities available for sale, at fair value | 582,698 | 464,383 | 774,249 | 678,749 | ||||||||||||
Loans, net of allowance for loan losses of $4,494 in 2020 and $3,755 in 2019 | 651,139 | 573,312 | ||||||||||||||
Loans, net of allowance for loan losses of $4,772 in 2021 and $4,735 in 2020 | 634,401 | 647,521 | ||||||||||||||
Premises and equipment, net | 25,141 | 24,672 | 25,634 | 25,630 | ||||||||||||
Other real estate owned, net | 3,413 | 3,552 | 4,884 | 3,073 | ||||||||||||
Accrued interest receivable | 5,861 | 4,181 | 5,665 | 5,983 | ||||||||||||
Cash surrender value of life insurance | 25,515 | 25,088 | 25,970 | 25,814 | ||||||||||||
Deferred tax assets, net | 2,145 | 3,684 | 5,844 | 1,548 | ||||||||||||
Identifiable intangible assets, net | 13,633 | 13,660 | ||||||||||||||
Other assets | 22,052 | 20,468 | 6,391 | 6,406 | ||||||||||||
TOTAL ASSETS | $ | 1,374,217 | $ | 1,195,434 | $ | 1,548,347 | $ | 1,450,692 | ||||||||
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 | ||||||||||||||
Non-interest bearing deposits | $ | 284,266 | $ | 276,033 | ||||||||||||
Interest bearing deposits | 945,355 | 819,156 | ||||||||||||||
Total deposits | 1,049,157 | 898,996 | 1,229,621 | 1,095,189 | ||||||||||||
Securities sold under agreement to repurchase | 176,978 | 170,410 | 197,709 | 196,272 | ||||||||||||
Federal Home Loan Bank advances | 15,000 | — | ||||||||||||||
Federal Home Loan Bank (FHLB) advances | — | 25,000 | ||||||||||||||
Accrued interest payable | 561 | 1,128 | 432 | 522 | ||||||||||||
Deferred compensation payable | 9,584 | 9,453 | 9,736 | 9,665 | ||||||||||||
Other liabilities | 5,438 | 2,647 | 4,369 | 4,496 | ||||||||||||
Total liabilities | 1,256,718 | 1,082,634 | 1,441,867 | 1,331,144 | ||||||||||||
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 | ||||||||||||||
Common stock, $0.20 par value, 22,500,000 shares authorized, 5,587,070 shares issued and outstanding at March 31, 2021 and at December 31, 2020 | 1,118 | 1,118 | ||||||||||||||
Additional paid-in capital | 18,092 | 17,883 | 18,176 | 18,134 | ||||||||||||
Accumulated other comprehensive (loss) income, net of tax benefit (expense) of $3,168 at March 31, 2021 and ($1,376) at December 31, 2020 | (9,528 | ) | 4,138 | |||||||||||||
Retained earnings | 95,273 | 94,590 | 96,714 | 96,158 | ||||||||||||
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 | 106,480 | 119,548 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,374,217 | $ | 1,195,434 | $ | 1,548,347 | $ | 1,450,692 | ||||||||
For the Three Months | For the Nine Months | For the Three Months | ||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended March 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||
Interest and fees on loans | $ | 7,805 | $ | 5,941 | $ | 22,917 | $ | 17,221 | $ | 8,131 | $ | 7,480 | ||||||||||||
Interest on securities | ||||||||||||||||||||||||
Taxable | 2,406 | 1,945 | 6,163 | 6,253 | 262 | 1,657 | ||||||||||||||||||
Nontaxable | 360 | 345 | 1,064 | 1,475 | 671 | 340 | ||||||||||||||||||
Other interest | 8 | 212 | 271 | 529 | 15 | 232 | ||||||||||||||||||
Total interest income | 10,579 | 8,443 | 30,415 | 25,478 | 9,079 | 9,709 | ||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||
Deposits | 1,506 | 1,922 | 5,087 | 5,568 | 1,266 | 1,969 | ||||||||||||||||||
Other borrowed funds | 167 | 603 | 687 | 1,575 | 180 | 355 | ||||||||||||||||||
Total interest expense | 1,673 | 2,525 | 5,774 | 7,143 | 1,446 | 2,324 | ||||||||||||||||||
NET INTEREST INCOME | 8,906 | 5,918 | 24,641 | 18,335 | 7,633 | 7,385 | ||||||||||||||||||
PROVISION FOR LOAN LOSSES | 247 | 12 | 1,183 | 472 | 87 | 314 | ||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,659 | 5,906 | 23,458 | 17,863 | 7,546 | 7,071 | ||||||||||||||||||
OTHER INCOME | ||||||||||||||||||||||||
Service charges on deposit accounts | 771 | 1,126 | 2,488 | 3,268 | 814 | 1,049 | ||||||||||||||||||
Other service charges and fees | 1,031 | 863 | 2,675 | 2,317 | 975 | 773 | ||||||||||||||||||
Other operating income | 835 | 517 | 2,325 | 1,039 | 1,443 | 559 | ||||||||||||||||||
Total other income | 2,637 | 2,506 | 7,488 | 6,624 | 3,232 | 2,381 | ||||||||||||||||||
OTHER EXPENSES | ||||||||||||||||||||||||
Salaries and employee benefits | 4,389 | 3,509 | 13,131 | 10,525 | 4,568 | 4,435 | ||||||||||||||||||
Occupancy expense | 1,861 | 1,287 | 5,556 | 4,120 | 1,817 | 1,659 | ||||||||||||||||||
Other expense | 2,403 | 2,071 | 6,377 | 5,185 | 2,083 | 1,973 | ||||||||||||||||||
Total other expenses | 8,653 | 6,867 | 25,064 | 19,830 | 8,468 | 8,067 | ||||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 2,643 | 1,545 | 5,882 | 4,657 | 2,310 | 1,385 | ||||||||||||||||||
PROVISION FOR INCOME TAXES | 560 | 212 | 1,177 | 727 | 413 | 225 | ||||||||||||||||||
NET INCOME | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | $ | 1,897 | $ | 1,160 | ||||||||||||
NET INCOME PER SHARE -Basic | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | $ | 0.34 | $ | 0.21 | ||||||||||||
-Diluted | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | $ | 0.34 | $ | 0.21 | ||||||||||||
DIVIDENDS PAID PER SHARE | $ | 0.24 | $ | 0.24 | $ | 0.72 | $ | 0.72 | $ | 0.24 | $ | 0.24 | ||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | For the Three Months | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Ended March 31, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Net income | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | $ | 1,897 | $ | 1,160 | ||||||||||||
Other comprehensive (loss) income | ||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||
Unrealized holding (losses) gains | (3,831 | ) | 3,311 | 4,367 | 19,283 | (18,735 | ) | 7,912 | ||||||||||||||||
Income tax benefit (expense) | 956 | (826 | ) | (1,090 | ) | (4,811 | ) | |||||||||||||||||
Income tax effect | 4,674 | (1,974 | ) | |||||||||||||||||||||
Net unrealized (losses) gains | (14,061 | ) | 5,938 | |||||||||||||||||||||
Reclassification adjustment for gains included in net income | 526 | 77 | ||||||||||||||||||||||
Income tax effect | (131 | ) | (19 | ) | ||||||||||||||||||||
(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 | |||||||||||||||||||||
Net gains included in net income | 395 | 58 | ||||||||||||||||||||||
Total other comprehensive (loss) income | (2,655 | ) | 2,668 | 3,805 | 14,615 | (13,666 | ) | 5,996 | ||||||||||||||||
Comprehensive (loss) income | $ | (572 | ) | $ | 4,001 | $ | 8,510 | $ | 18,545 | $ | (11,771 | ) | $ | 7,156 | ||||||||||
For the Nine Months | ||||||||||||||||
Ended September 30, | For the Three Months | |||||||||||||||
2020 | 2019 | Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net cash provided by operating activities | $ | 10,240 | $ | 8,868 | $ | 4,845 | $ | 2,340 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Proceeds from maturities and calls of securities available for sale | 179,028 | 39,517 | 77,734 | 74,267 | ||||||||||||
Proceeds from sale of investment securities | 150,350 | 96,172 | 206,125 | 37,196 | ||||||||||||
Purchases of investment securities available for sale | (446,873 | ) | (108,815 | ) | (400,134 | ) | (122,722 | ) | ||||||||
Purchases of bank premises and equipment | (1,271 | ) | (956 | ) | (259 | ) | (70 | ) | ||||||||
Proceeds from sales of bank premises and equipment | 124 | — | ||||||||||||||
Decrease in federal funds sold | 1,600 | — | — | 1,600 | ||||||||||||
Decrease (increase) in interest bearing deposits with other banks | 16,014 | (53,155 | ) | 460 | (3,352 | ) | ||||||||||
Proceeds from sale of other real estate | 1,303 | 170 | ||||||||||||||
Net increase in loans | (80,536 | ) | (44,381 | ) | ||||||||||||
Proceeds from sale of other real estate owned | 364 | — | ||||||||||||||
Net decrease (increase) in loans | 11,165 | (258 | ) | |||||||||||||
Net cash used in investing activities | (180,261 | ) | (71,448 | ) | (104,545 | ) | (13,339 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Net increase in deposits | 150,162 | 38,092 | 134,432 | 26,892 | ||||||||||||
Increase in securities sold under agreement to repurchase | 6,568 | 36,538 | ||||||||||||||
Increase in Federal Home Loan Bank advances | 15,000 | — | ||||||||||||||
Increase (decrease) in securities sold under agreement to repurchase | 1,436 | (10,968 | ) | |||||||||||||
Proceeds from exercise of stock options | 86 | — | — | 87 | ||||||||||||
Payment of FHLB advances | (25,000 | ) | — | |||||||||||||
Payment of dividends | (4,022 | ) | (3,535 | ) | (1,341 | ) | (1,339 | ) | ||||||||
Net cash provided by financing activities | 167,794 | 71,095 | 109,527 | 14,672 | ||||||||||||
Net (decrease) increase in cash and due from banks | (2,227 | ) | 8,515 | |||||||||||||
Net increase in cash and due from banks | 9,827 | 3,673 | ||||||||||||||
Cash and due from banks, beginning of period | 15,937 | 12,592 | 16,840 | 15,937 | ||||||||||||
Cash and due from banks, end of period | $ | 13,710 | $ | 21,107 | $ | 26,667 | $ | 19,610 | ||||||||
For the Three Months | For the Nine Months | For the Three Months | ||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended March 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Basic weighted average shares outstanding | 5,578,281 | 4,900,030 | 5,574,060 | 4,896,871 | 5,578,820 | 5,579,381 | ||||||||||||||||||
Dilutive effect of granted options | 2,447 | 1,465 | 2,824 | 2,321 | 994 | 2,030 | ||||||||||||||||||
Diluted weighted average shares outstanding | 5,580,728 | 4,901,495 | 5,576,884 | 4,899,192 | 5,579,814 | 5,581,411 | ||||||||||||||||||
Net income | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | $ | 1,897 | $ | 1,160 | ||||||||||||
Net income per share-basic | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | $ | 0.34 | $ | 0.21 | ||||||||||||
Net income per share-diluted | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | $ | 0.34 | $ | 0.21 |
Directors’ Plan | 2013 Plan | Directors’ Plan | 2013 Plan | |||||||||||||||||||||||||||||
Weighted | Weighted | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | |||||||||||||||||||||||||||
Number | Average | Number | Average | |||||||||||||||||||||||||||||
of | Exercise | of | Exercise | |||||||||||||||||||||||||||||
Shares | Price | Shares | Price | |||||||||||||||||||||||||||||
Outstanding at December 31, 2019 | 40,500 | $ | 21.49 | 0 | $ | 0 | ||||||||||||||||||||||||||
Outstanding at December 31, 2020 | 19,500 | $ | 19.42 | 0 | $ | 0 | ||||||||||||||||||||||||||
Granted | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Exercised | (7,500 | ) | 19.26 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Expired | (13,500 | ) | 25.72 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Outstanding at September 30, 2020 | 19,500 | $ | 19.42 | 0 | $ | 0 | ||||||||||||||||||||||||||
Outstanding at March 31, 2021 | 19,500 | $ | 19.42 | 0 | $ | 0 | ||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||||||||||
September 30, 2020 | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||
March 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Obligations of U.S. Government agencies | $ | 6,906 | $ | 193 | $ | — | $ | 7,099 | $ | 11,318 | $ | 180 | $ | 263 | $ | 11,235 | ||||||||||||||||
Mortgage backed securities | 506,070 | 5,225 | 4,003 | 507,292 | 609,285 | 999 | 11,468 | 598,816 | ||||||||||||||||||||||||
State, County, Municipals | 65,195 | 2,607 | 4 | 67,798 | 165,842 | 2,012 | 4,156 | 163,698 | ||||||||||||||||||||||||
Other Securities | 500 | 9 | — | 509 | ||||||||||||||||||||||||||||
Other securities | 500 | — | — | 500 | ||||||||||||||||||||||||||||
Total | $ | 578,671 | $ | 8,034 | $ | 4,007 | $ | 582,698 | $ | 786,945 | $ | 3,191 | $ | 15,887 | $ | 774,249 | ||||||||||||||||
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 | ||||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Securities available-for-sale | ||||||||||||||||
Obligations of U.S. Government agencies | $ | 11,870 | $ | 191 | $ | — | $ | 12,061 | ||||||||
Mortgage backed securities | 560,033 | 4,550 | 2,600 | 561,983 | ||||||||||||
State, County, Municipals | 100,823 | 3,410 | 36 | 104,197 | ||||||||||||
Other securities | 500 | 8 | — | 508 | ||||||||||||
Total | $ | 673,226 | $ | 8,159 | $ | 2,636 | $ | 678,749 | ||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||
Available-for-sale | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||
Due in one year or less | $ | 500 | $ | 509 | $ | 345 | $ | 345 | $ | 0 | $ | 0 | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 3,230 | 3,314 | 89,920 | 89,681 | 9,940 | 10,206 | 3,594 | 3,701 | ||||||||||||||||||||||||
Due after five years through ten years | 17,644 | 18,381 | 18,678 | 18,808 | 13,370 | 13,934 | 20,538 | 21,446 | ||||||||||||||||||||||||
Due after ten years | 51,227 | 53,202 | 48,181 | 48,649 | 154,350 | 151,293 | 89,061 | 91,619 | ||||||||||||||||||||||||
Residential mortgage backed securities | 474,568 | 473,950 | 259,309 | 258,415 | 591,951 | 581,017 | 536,215 | 537,027 | ||||||||||||||||||||||||
Commercial mortgage backed securities | 31,502 | 33,342 | 49,001 | 48,485 | 17,334 | 17,799 | 23,818 | 24,956 | ||||||||||||||||||||||||
Total | $ | 578,671 | $ | 582,698 | $ | 465,434 | $ | 464,383 | $ | 786,945 | $ | 774,249 | $ | 673,226 | $ | 678,749 | ||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||
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 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||||||||
Obligations of U.S. government agencies | $ | 76,682 | $ | 217 | $ | 20,429 | $ | 72 | $ | 97,111 | $ | 289 | $ | 4,705 | $ | 263 | $ | 0 | $ | 0 | $ | 4,705 | $ | 263 | ||||||||||||||||||||||||
Mortgage backed securities | 101,730 | 871 | 76,630 | 1,179 | 178,360 | 2,050 | 501,437 | 11,468 | 0 | 0 | 501,437 | 11,468 | ||||||||||||||||||||||||||||||||||||
State, County, Municipal | 8,280 | 37 | 3,731 | 23 | 12,011 | 60 | 97,153 | 4,156 | 0 | 0 | 97,153 | 4,156 | ||||||||||||||||||||||||||||||||||||
Total | $ | 186,692 | $ | 1,125 | $ | 100,790 | $ | 1,274 | $ | 287,482 | $ | 2,399 | $ | 603,295 | $ | 15,887 | $ | 0 | $ | 0 | $ | 603,295 | $ | 15,887 | ||||||||||||||||||||||||
December 31, 2020 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
�� | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Description of Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Mortgage backed securities | $ | 278,162 | $ | 2,600 | $ | — | $ | — | $ | 278,162 | $ | 2,600 | ||||||||||||
State, County, Municipal | 6,541 | 36 | — | — | 6,541 | 36 | ||||||||||||||||||
Total | $ | 284,703 | $ | 2,636 | $ | — | $ | — | $ | 284,703 | $ | 2,636 | ||||||||||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 50,209 | $ | 42,677 | ||||
Farmland | 14,154 | 15,616 | ||||||
1-4 Family Mortgages | 91,915 | 94,280 | ||||||
Commercial Real Estate | 302,306 | 306,875 | ||||||
Total Real Estate Loans | 458,584 | 459,448 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans (1) | 111,323 | 115,679 | ||||||
Farm Production and Other Farm Loans | 491 | 541 | ||||||
Total Business Loans | 111,814 | 116,220 | ||||||
Consumer Loans: | ||||||||
Credit Cards | 1,710 | 1,878 | ||||||
Other Consumer Loans | 10,118 | 10,929 | ||||||
Total Consumer Loans | 11,828 | 12,807 | ||||||
Total Gross Loans | 582,226 | 588,475 | ||||||
Unearned Income | (1 | ) | (1 | ) | ||||
Allowance for Loan Losses | (4,772 | ) | (4,735 | ) | ||||
Loans, net | $ | 577,453 | $ | 583,739 | ||||
(1) | Includes PPP loans of $23,649 and $29,523 as of March 31, 2021 and December 31, 2020, respectively. |
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 | ||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: | ||||||||
Land Development and Construction | $ | 192 | $ | 308 | ||||
Farmland | 275 | 287 | ||||||
1-4 Family Mortgages | 1,836 | 1,809 | ||||||
Commercial Real Estate | 3,791 | 5,600 | ||||||
Total Real Estate Loans | 6,094 | 8,004 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 476 | 413 | ||||||
Farm Production and Other Farm Loans | 7 | 9 | ||||||
Total Business Loans | 483 | 422 | ||||||
Consumer Loans: | ||||||||
Other Consumer Loans | 26 | 33 | ||||||
Total Consumer Loans | 26 | 33 | ||||||
Total Nonaccrual Loans | $ | 6,603 | $ | 8,459 | ||||
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 | 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 | $ | — | $ | 13 | $ | — | $ | 13 | $ | 50,196 | $ | 50,209 | $ | — | ||||||||||||||||||||||||
Farmland | 171 | 0 | 171 | 14,557 | 14,728 | 0 | 60 | 75 | 135 | 14,019 | 14,154 | 0 | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 1,418 | 490 | 1,908 | 88,132 | 90,040 | 130 | 1,083 | 89 | 1,172 | 90,743 | 91,915 | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 312 | 1,145 | 1,457 | 240,613 | 242,070 | 116 | 184 | 814 | 998 | 301,308 | 302,306 | — | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 1,906 | 1,635 | 3,541 | 428,981 | 432,522 | 246 | 1,340 | 978 | 2,318 | 456,266 | 458,584 | 0 | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 116 | 415 | 531 | 136,028 | 136,559 | 0 | 106 | 472 | 578 | 110,745 | 111,323 | 0 | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | 8 | — | 8 | 564 | 572 | — | 11 | — | 11 | 480 | 491 | — | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 124 | 415 | 539 | 136,592 | 137,131 | 0 | 117 | 472 | 589 | 111,225 | 111,814 | 0 | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Cards | 12 | 0 | 12 | 1,730 | 1,742 | 0 | 19 | 10 | 29 | 1,681 | 1,710 | 10 | ||||||||||||||||||||||||||||||||||||
Other Consumer Loans | 34 | 0 | 34 | 11,021 | 11,055 | 0 | 40 | — | 40 | 10,078 | 10,118 | — | ||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 46 | 0 | 46 | 12,751 | 12,797 | 0 | 59 | 10 | 69 | 11,759 | 11,828 | 10 | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 2,076 | $ | 2,050 | $ | 4,126 | $ | 578,324 | $ | 582,450 | $ | 246 | $ | 1,516 | $ | 1,460 | $ | 2,976 | $ | 579,250 | $ | 582,226 | $ | 10 | ||||||||||||||||||||||||
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 | 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 | $ | — | $ | 112 | $ | — | $ | 112 | $ | 42,565 | $ | 42,677 | $ | — | ||||||||||||||||||||||||
Farmland | 171 | 39 | 210 | 15,385 | 15,595 | 39 | 183 | 75 | 258 | 15,358 | 15,616 | — | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 3,116 | 777 | 3,893 | 83,738 | 87,631 | 147 | 1,301 | 246 | 1,547 | 92,733 | 94,280 | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 8,511 | 2,080 | 10,591 | 197,013 | 207,604 | 18 | 1,407 | 700 | 2,107 | 304,768 | 306,875 | — | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 12,534 | 2,896 | 15,430 | 361,828 | 377,258 | 204 | 3,003 | 1,021 | 4,024 | 455,424 | 459,448 | — | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 586 | 312 | 898 | 83,713 | 84,611 | 52 | 97 | 405 | 502 | 115,177 | 115,679 | 5 | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | 17 | — | 17 | 666 | 683 | — | 2 | — | 2 | 539 | 541 | — | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 603 | 312 | 915 | 84,379 | 85,294 | 52 | 99 | 405 | 504 | 115,716 | 116,220 | 5 | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Cards | 45 | 18 | 63 | 1,770 | 1,833 | 18 | 25 | 9 | 34 | 1,844 | 1,878 | 9 | ||||||||||||||||||||||||||||||||||||
Other Consumer Loans | 172 | 42 | 214 | 11,846 | 12,060 | — | 66 | — | 66 | 10,863 | 10,929 | — | ||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 217 | 60 | 277 | 13,616 | 13,893 | 18 | 91 | 9 | 100 | 12,707 | 12,807 | 9 | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 13,354 | $ | 3,268 | $ | 16,622 | $ | 459,823 | $ | 476,445 | $ | 274 | $ | 3,193 | $ | 1,435 | $ | 4,628 | $ | 583,847 | $ | 588,475 | $ | 14 | ||||||||||||||||||||||||
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 | $ | 192 | $ | 192 | $ | — | $ | 192 | $ | — | $ | 250 | ||||||||||||
Farmland | 35 | 35 | — | 35 | — | 73 | ||||||||||||||||||
1-4 Family Mortgages | 1,105 | 1,105 | — | 1,105 | — | 1,061 | ||||||||||||||||||
Commercial Real Estate | 4,157 | 1,463 | 2,501 | 3,964 | 766 | 4,896 | ||||||||||||||||||
Total Real Estate Loans | 5,489 | 2,795 | 2,501 | 5,296 | 766 | $ | 6,280 | |||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 304 | — | 304 | 304 | 108 | $ | 359 | |||||||||||||||||
Total Business Loans | 304 | — | 304 | 304 | 108 | $ | 359 | |||||||||||||||||
Total Loans | $ | 5,793 | $ | 2,795 | $ | 2,805 | $ | 5,600 | $ | 874 | $ | 6,639 | ||||||||||||
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 | ||||||||||||
Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | 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 | $ | 308 | $ | 256 | $ | 52 | $ | 308 | $ | 13 | $ | 210 | ||||||||||||||||||||||||
Farmland | 252 | 252 | — | 252 | — | 261 | 111 | 111 | — | 111 | — | 182 | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 839 | 740 | 99 | 839 | 28 | 996 | 1,016 | 1,012 | 4 | 1,016 | 1 | 928 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 11,506 | 5,949 | 3,840 | 9,789 | 566 | 9,337 | 6,021 | 3,323 | 2,504 | 5,827 | 768 | 7,808 | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 12,708 | 6,999 | 3,992 | 10,991 | 610 | 10,650 | 7,456 | 4,702 | 2,560 | 7,262 | 782 | $ | 9,127 | |||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 144 | 0 | 144 | 144 | 72 | 72 | 413 | 54 | 359 | 413 | 125 | $ | 279 | |||||||||||||||||||||||||||||||||||
Total Business Loans | 144 | 0 | 144 | 144 | 72 | 72 | 413 | 54 | 359 | 413 | 125 | $ | 279 | |||||||||||||||||||||||||||||||||||
Total Loans | $ | 12,852 | $ | 6,999 | $ | 4,136 | $ | 11,135 | $ | 682 | $ | 10,722 | $ | 7,869 | $ | 4,756 | $ | 2,919 | $ | 7,675 | $ | 907 | $ | 9,405 | ||||||||||||||||||||||||
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 | ) | ||||||||||||||
Number of Loans | Recorded Investment | |||||||||||||||
Totals at January 1, 2020 | 3 | $ | 2,495 | 3 | $ | 2,495 | ||||||||||
Reductions due to: | ||||||||||||||||
Principal paydowns | (118 | ) | (382 | ) | ||||||||||||
Totals at December 31, 2020 | 3 | $ | 2,113 | |||||||||||||
Reductions due to: | ||||||||||||||||
Principal paydowns | (39 | ) | ||||||||||||||
Reclassification to OREO | 2 | (1,788 | ) | |||||||||||||
Total at September 30, 2020 | 3 | $ | 2,377 | |||||||||||||
Total at March 31, 2021 | 1 | $ | 286 | |||||||||||||
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | 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 | $ | 48,774 | $ | 785 | $ | 650 | $ | — | $ | — | $ | 50,209 | ||||||||||||||||||||||||
Farmland | 13,825 | 91 | 812 | — | — | 14,728 | 13,394 | 128 | 632 | — | — | 14,154 | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 81,766 | 2,274 | 6,000 | — | — | 90,040 | 82,707 | 3,451 | 5,757 | — | — | 91,915 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 206,592 | 20,711 | 14,767 | — | — | 242,070 | 257,164 | 23,443 | 21,699 | — | — | 302,306 | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 385,143 | 24,997 | 22,382 | — | — | 432,522 | 402,039 | 27,807 | 28,738 | — | — | 458,584 | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 128,017 | 4,776 | 3,759 | — | 7 | 136,559 | 104,909 | 4,443 | 1,966 | — | 5 | 111,323 | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | 530 | 8 | 24 | — | 10 | 572 | 466 | — | 18 | — | 7 | 491 | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 128,547 | 4,784 | 3,783 | — | 17 | 137,131 | 105,375 | 4,443 | 1,984 | — | 12 | 111,814 | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Cards | 1,730 | — | 12 | — | — | 1,742 | 1,681 | — | 29 | — | — | 1,710 | ||||||||||||||||||||||||||||||||||||
Other Consumer Loans | 10,930 | 48 | 46 | 31 | — | 11,055 | 9,997 | 63 | 39 | 19 | — | 10,118 | ||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 12,660 | 48 | 58 | 31 | — | 12,797 | 11,678 | 63 | 68 | 19 | — | 11,828 | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 526,350 | $ | 29,829 | $ | 26,223 | $ | 31 | $ | 17 | $ | 582,450 | $ | 519,092 | $ | 32,313 | $ | 30,790 | $ | 19 | $ | 12 | $ | 582,226 | ||||||||||||||||||||||||
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | 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 | $ | 41,775 | $ | 120 | $ | 782 | $ | — | $ | — | $ | 42,677 | ||||||||||||||||||||||||
Farmland | 14,533 | 331 | 731 | — | — | 15,595 | 14,801 | 95 | 720 | — | — | 15,616 | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 79,068 | 1,917 | 6,646 | — | — | 87,631 | 85,203 | 3,210 | 5,867 | — | — | 94,280 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 169,270 | 21,266 | 17,068 | — | — | 207,604 | 258,339 | 35,769 | 12,767 | — | — | 306,875 | ||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 326,983 | 25,196 | 25,079 | — | — | 377,258 | 400,118 | 39,194 | 20,136 | — | — | 459,448 | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 80,289 | 128 | 4,194 | — | — | 84,611 | 109,525 | 4,409 | 1,738 | — | 7 | 115,679 | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | 669 | — | 4 | — | 10 | 683 | 512 | — | 20 | — | 9 | 541 | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 80,958 | 128 | 4,198 | — | 10 | 85,294 | 110,037 | 4,409 | 1,758 | — | 16 | 116,220 | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Cards | 1,770 | — | 63 | — | — | 1,833 | 1,845 | — | 33 | — | — | 1,878 | ||||||||||||||||||||||||||||||||||||
Other Consumer Loans | 11,907 | 59 | 53 | 41 | — | 12,060 | 10,820 | 43 | 41 | 25 | — | 10,929 | ||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 13,677 | 59 | 116 | 41 | — | 13,893 | 12,665 | 43 | 74 | 25 | — | 12,807 | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 421,618 | $ | 25,383 | $ | 29,393 | $ | 41 | $ | 10 | $ | 476,445 | $ | 522,820 | $ | 43,646 | $ | 21,968 | $ | 25 | $ | 16 | $ | 588,475 | ||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||
Real Estate: | ||||||||||||||||
Land Development and Construction | $ | 9,113 | $ | 14,722 | $ | 5,606 | $ | 6,153 | ||||||||
Farmland | 486 | 510 | 476 | 520 | ||||||||||||
1-4 Family Mortgages | 26,097 | 35,952 | 20,089 | 23,306 | ||||||||||||
Commercial Real Estate | 26,321 | 32,436 | 23,273 | 24,237 | ||||||||||||
Total Real Estate Loans | 62,017 | 83,620 | 49,444 | 54,216 | ||||||||||||
Business Loans: | ||||||||||||||||
Commercial and Industrial Loans | 9,280 | 14,153 | 6,176 | 7,871 | ||||||||||||
Farm Production and Other Farm Loans | 845 | 884 | 518 | 755 | ||||||||||||
Total Business Loans | 10,125 | 15,037 | 6,694 | 8,626 | ||||||||||||
Consumer Loans: | ||||||||||||||||
Other Consumer Loans | 1,043 | 1,973 | 810 | 940 | ||||||||||||
Total Consumer Loans | 1,043 | 1,973 | 810 | 940 | ||||||||||||
Total Purchased Loans | $ | 73,185 | $ | 100,630 | $ | 56,948 | $ | 63,782 | ||||||||
March 31, 2021 | December 31, 2020 | |||||||
Real Estate: | ||||||||
1-4 Family Mortgages | $ | 170 | $ | 73 | ||||
Total Real Estate Loans | 170 | 73 | ||||||
Business Loans: | ||||||||
Commercial and Industrial Loans | 16 | 18 | ||||||
Total Business Loans | 16 | 18 | ||||||
Consumer Loans: | ||||||||
Other Consumer Loans | 0 | 14 | ||||||
Total Consumer Loans | 0 | 14 | ||||||
Total Nonaccrual Loans | $ | 186 | $ | 105 | ||||
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 | 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 | $ | — | $ | — | $ | — | $ | — | $ | 5,606 | $ | 5,606 | $ | — | ||||||||||||||||||||||||
Farmland | — | — | — | 486 | 486 | — | — | — | — | 476 | 476 | — | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 149 | 77 | 226 | 25,871 | 26,097 | — | — | 162 | 162 | 19,927 | 20,089 | 39 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | — | 2 | 2 | 26,319 | 26,321 | — | — | — | — | 23,273 | 23,273 | — | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 546 | 79 | 625 | 61,392 | 62,017 | — | — | 162 | 162 | 49,282 | 49,444 | 39 | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 429 | — | 429 | 8,851 | 9,280 | — | 48 | — | 48 | 6,128 | 6,176 | — | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | — | — | — | 845 | 845 | — | — | — | — | 518 | 518 | — | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 429 | — | 429 | 9,696 | 10,125 | — | 48 | — | 48 | 6,646 | 6,694 | — | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Consumer Loans | — | — | — | 1,043 | 1,043 | — | 18 | — | 18 | 792 | 810 | — | ||||||||||||||||||||||||||||||||||||
Total Consumer Loans | — | — | — | 1,043 | 1,043 | — | 18 | — | 18 | 792 | 810 | — | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 975 | $ | 79 | $ | 1,054 | $ | 72,131 | $ | 73,185 | $ | — | $ | 66 | $ | 162 | $ | 228 | $ | 56,720 | $ | 56,948 | $ | 39 | ||||||||||||||||||||||||
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 | 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 | $ | — | $ | 332 | $ | — | $ | 332 | $ | 5,821 | $ | 6,153 | $ | — | ||||||||||||||||||||||||
Farmland | — | — | — | 510 | 510 | — | — | — | — | 520 | 520 | — | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 444 | — | 444 | 35,508 | 35,952 | — | 401 | — | 401 | 22,905 | 23,306 | — | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 603 | — | 603 | 31,833 | 32,436 | — | 0 | — | 0 | 24,237 | 24,237 | — | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 1,575 | — | 1,575 | 82,045 | 83,620 | — | 733 | — | 733 | 53,483 | 54,216 | — | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 379 | 3 | 382 | 13,771 | 14,153 | — | 849 | 0 | 849 | 7,022 | 7,871 | — | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | — | — | — | 884 | 884 | — | — | — | — | 755 | 755 | — | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 379 | 3 | 382 | 14,655 | 15,037 | — | 849 | 0 | 849 | 7,777 | 8,626 | — | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Consumer Loans | 49 | 8 | 57 | 1,916 | 1,973 | — | 35 | 0 | 35 | 905 | 940 | — | ||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 49 | 8 | 57 | 1,916 | 1,973 | — | 35 | 0 | 35 | 905 | 940 | — | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 2,003 | $ | 11 | $ | 2,014 | $ | 98,616 | $ | 100,630 | $ | — | $ | 1,617 | $ | 0 | $ | 1,617 | $ | 62,165 | $ | 63,782 | $ | — | ||||||||||||||||||||||||
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 | ||||||||||||
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | |||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||
Land Development and Construction | $ | 4,832 | $ | 754 | $ | 20 | $ | — | $ | — | $ | 5,606 | ||||||||||||
Farmland | 315 | 161 | — | — | — | 476 | ||||||||||||||||||
1-4 Family Mortgages | 17,532 | 1,870 | 687 | — | — | 20,089 | ||||||||||||||||||
Commercial Real Estate | 21,704 | 1,286 | 283 | — | — | 23,273 | ||||||||||||||||||
Total Real Estate Loans | 44,383 | 4,071 | 990 | — | — | 49,444 | ||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||
Commercial and Industrial Loans | 5,612 | 441 | 123 | — | — | 6,176 | ||||||||||||||||||
Farm Production and Other Farm Loans | 518 | — | — | — | — | 518 | ||||||||||||||||||
Total Business Loans | 6,130 | 441 | 123 | — | — | 6,694 | ||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||
Other Consumer Loans | 741 | 23 | 45 | — | 1 | 810 | ||||||||||||||||||
Total Consumer Loans | 741 | 23 | 45 | — | 1 | 810 | ||||||||||||||||||
Total Loans | $ | 51,254 | $ | 4,535 | $ | 1,158 | $ | — | $ | 1 | $ | 56,948 | ||||||||||||
Satisfactory 1,2,3,4 | Special Mention 5,6 | Substandard 7 | Doubtful 8 | Loss 9 | Total Loans | 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 | $ | 5,364 | $ | 766 | $ | 23 | $ | — | $ | — | $ | 6,153 | ||||||||||||||||||||||||
Farmland | 510 | — | — | — | — | 510 | 357 | 163 | — | — | — | 520 | ||||||||||||||||||||||||||||||||||||
1-4 Family Mortgages | 33,737 | 1,535 | 680 | — | — | 35,952 | 21,116 | 1,655 | 535 | — | — | 23,306 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | 30,780 | 1,656 | — | — | — | 32,436 | 22,469 | 1,484 | 284 | — | — | 24,237 | ||||||||||||||||||||||||||||||||||||
Total Real Estate Loans | 78,917 | 3,980 | 723 | — | — | 83,620 | 49,306 | 4,068 | 842 | — | — | 54,216 | ||||||||||||||||||||||||||||||||||||
Business Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial Loans | 13,545 | 608 | — | — | — | 14,153 | 7,121 | 397 | 353 | — | — | 7,871 | ||||||||||||||||||||||||||||||||||||
Farm Production and Other Farm Loans | 884 | — | — | — | — | 884 | 755 | — | — | — | — | 755 | ||||||||||||||||||||||||||||||||||||
Total Business Loans | 14,429 | 608 | — | — | — | 15,037 | 7,876 | 397 | 353 | — | — | 8,626 | ||||||||||||||||||||||||||||||||||||
Consumer Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Consumer Loans | 1,937 | 36 | — | — | — | 1,973 | 862 | 29 | 35 | — | 14 | 940 | ||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 1,937 | 36 | — | — | — | 1,973 | 862 | 29 | 35 | — | 14 | 940 | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 95,283 | $ | 4,624 | $ | 723 | $ | — | $ | — | $ | 100,630 | $ | 58,044 | $ | 4,494 | $ | 1,230 | $ | — | $ | 14 | $ | 63,782 | ||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||
Real Estate: | ||||||||||||||||
Land Development and Construction | $ | 13 | $ | 43 | $ | 6 | $ | 8 | ||||||||
Farmland | 0 | 0 | ||||||||||||||
1-4 Family Mortgages | 330 | 706 | — | 25 | ||||||||||||
Commercial Real Estate | 2 | 0 | ||||||||||||||
Total Real Estate Loans | 345 | 749 | 6 | 33 | ||||||||||||
Business Loans: | ||||||||||||||||
Commercial and Industrial Loans | 307 | 305 | ||||||||||||||
Total purchased credit deteriorated (PCD) loans | $ | 345 | $ | 749 | ||||||||||||
Total Business Loans | 307 | 305 | ||||||||||||||
Total Purchased Credit Deteriorated Loans | $ | 313 | $ | 338 | ||||||||||||
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 | ||
Balance at January 1, 2020 | $ | (16 | ) | |
Additions through acquisition | — | |||
Reclasses from nonaccretable difference | (13 | ) | ||
Accretion | 11 | |||
Charge-off | — | |||
Balance at September 30, 2020 | $ | (18 | ) | |
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 | ||
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 | ||
September 30, 2020 | Real Estate | Business Loans | Consumer | Total | ||||||||||||||||||||||||||||
Beginning Balance, January 1, 2020 | $ | 3,075 | $ | 371 | $ | 309 | $ | 3,755 | ||||||||||||||||||||||||
March 31, 2021 | Real Estate | Business Loans | Consumer | Total | ||||||||||||||||||||||||||||
Beginning Balance, January 1, 2021 | $ | 3,885 | $ | 611 | $ | 239 | $ | 4,735 | ||||||||||||||||||||||||
Provision for loan losses | 729 | 450 | 4 | 1,183 | 33 | 22 | 32 | 87 | ||||||||||||||||||||||||
Charge-offs | 309 | 222 | 91 | 622 | ||||||||||||||||||||||||||||
Chargeoffs | 31 | 31 | 35 | 97 | ||||||||||||||||||||||||||||
Recoveries | 104 | 35 | 39 | 178 | 36 | 3 | 8 | 47 | ||||||||||||||||||||||||
Net charge-offs | 205 | 187 | 52 | 444 | ||||||||||||||||||||||||||||
Net (recoveries) chargeoffs | (5 | ) | 28 | 27 | 50 | |||||||||||||||||||||||||||
Ending Balance | $ | 3,599 | $ | 634 | $ | 261 | $ | 4,494 | $ | 3,923 | $ | 605 | $ | 244 | $ | 4,772 | ||||||||||||||||
Period end allowance allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 665 | $ | 129 | $ | — | $ | 794 | $ | 766 | $ | 108 | $ | — | $ | 874 | ||||||||||||||||
Loans collectively evaluated for impairment | 2,934 | 505 | 261 | 3,700 | 3,157 | 497 | 244 | 3,898 | ||||||||||||||||||||||||
Ending Balance, September 30, 2020 | $ | 3,599 | $ | 634 | $ | 261 | $ | 4,494 | ||||||||||||||||||||||||
Ending Balance, March 31, 2021 | $ | 3,923 | $ | 605 | $ | 244 | $ | 4,772 | ||||||||||||||||||||||||
September 30, 2019 | Real Estate | Business Loans | Consumer | Total | ||||||||||||||||||||||||||||
Beginning Balance, January 1, 2019 | $ | 2,845 | $ | 222 | $ | 305 | $ | 3,372 | ||||||||||||||||||||||||
March 31, 2020 | Real Estate | Business Loans | Consumer | Total | ||||||||||||||||||||||||||||
Beginning Balance, January 1, 2020 | $ | 3,075 | $ | 371 | $ | 309 | $ | 3,755 | ||||||||||||||||||||||||
Provision for loan losses | (1 | ) | 270 | 203 | 472 | 184 | 3 | 127 | 314 | |||||||||||||||||||||||
Charge-offs | 15 | 92 | 77 | 184 | ||||||||||||||||||||||||||||
Chargeoffs | 222 | 23 | 55 | 300 | ||||||||||||||||||||||||||||
Recoveries | 101 | 9 | 35 | 145 | 14 | 24 | 9 | 47 | ||||||||||||||||||||||||
Net (recoveries) charge-offs | (86 | ) | 83 | 42 | 39 | |||||||||||||||||||||||||||
Net (recoveries) chargeoffs | 208 | (1 | ) | 46 | 253 | |||||||||||||||||||||||||||
Ending Balance | $ | 2,930 | $ | 409 | $ | 466 | $ | 3,805 | $ | 3,051 | $ | 375 | $ | 390 | $ | 3,816 | ||||||||||||||||
Period end allowance allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 506 | $ | 72 | $ | — | $ | 578 | $ | 582 | $ | 95 | $ | — | $ | 677 | ||||||||||||||||
Loans collectively evaluated for impairment | 2,424 | 337 | 466 | 3,227 | 2,469 | 280 | 390 | 3,139 | ||||||||||||||||||||||||
Ending Balance, September 30, 2019 | $ | 2,930 | $ | 409 | $ | 466 | $ | 3,805 | ||||||||||||||||||||||||
Ending Balance, March 31, 2020 | $ | 3,051 | $ | 375 | $ | 390 | $ | 3,816 | ||||||||||||||||||||||||
September 30, 2020 | Real Estate | Business Loans | Consumer | Total | ||||||||||||||||||||||||||||
March 31, 2021 | Real Estate | Business Loans | Consumer | Total | ||||||||||||||||||||||||||||
Loans individually evaluated for specific impairment | $ | 9,302 | $ | 416 | $ | — | $ | 9,718 | $ | 5,296 | $ | 304 | $ | — | $ | 5,600 | ||||||||||||||||
Loans collectively evaluated for general impairment | 484,892 | 146,840 | 13,840 | 645,572 | 502,726 | 117,897 | 12,638 | 633,261 | ||||||||||||||||||||||||
Acquired with deteriorated credit quality | 345 | — | — | 345 | 6 | 307 | — | 313 | ||||||||||||||||||||||||
$494,539 | $147,256 | $13,840 | $655,635 | $ | 508,028 | $ | 118,508 | $ | 12,638 | $ | 639,174 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
December 31, 2020 | Real Estate | Business Loans | Consumer | Total | ||||||||||||
Loans individually evaluated for specific impairment | $ | 7,262 | $ | 413 | $ | — | $ | 7,675 | ||||||||
Loans collectively evaluated for general impairment | 506,368 | 124,128 | 13,748 | 644,244 | ||||||||||||
Acquired with deteriorated credit quality | 33 | 305 | — | 338 | ||||||||||||
$ | 513,663 | $ | 124,846 | $ | 13,748 | $ | 652,257 | |||||||||
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||
(in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||
Operating lease cost | $ | 118 | $ | 303 | $ | 117 | $ | 92 | ||||||||
Short-term lease cost | 6 | 17 | 6 | 6 | ||||||||||||
Variable lease cost | — | — | 0— | — | ||||||||||||
$ | 124 | $ | 320 | $ | 123 | $ | 98 | |||||||||
Nine Months Ended September 30, 2020 | ||||||||
(in thousands) | Three Months Ended March 31, 2021 | |||||||
Lease payments due: | ||||||||
Within one year | $ | 415 | $ | 2,218 | ||||
After one year but within two years | 1,994 | 121 | ||||||
After two years but within three years | 22 | 63 | ||||||
After three year but within four years | 0 | 64 | ||||||
After four years but within five years | — | 65 | ||||||
After five years | — | 123 | ||||||
Total undiscounted cash flows | 2,431 | 2,654 | ||||||
Discount on cash flows | (9 | ) | (24 | ) | ||||
Total lease liability | $ | 2,422 | $ | 2,630 | ||||
Total | ||||
Balance at January 1, 2020 | $ | 13,103 | ||
Measurement period adjustment to goodwill from Charter acquisition | (73 | ) | ||
Balance at September 30, 2020 | $ | 13,030 | ||
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||
Core deposit intangible | $ | 766 | $ | 766 | $ | 630 | $ | 739 | ||||||||
Accumulated amortization | (109 | ) | (27 | ) | (27 | ) | (109 | ) | ||||||||
Total finite-lived intangible assets | $ | 657 | $ | 739 | $ | 603 | $ | 630 | ||||||||
Year ending December 31, | Amount | |||
2020 | $ | 27 | ||
2021 | 109 | |||
2022 | 109 | |||
2023 | 109 | |||
2024 | 109 | |||
Thereafter | 194 | |||
$ | 657 | |||
Year ending December 31, | Amount | |||
2021 | $ | 82 | ||
2022 | 109 | |||
2023 | 109 | |||
2024 | 109 | |||
2025 | 109 | |||
Thereafter | 85 | |||
$ | 603 | |||
Number of Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | 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 | |||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | 5,587,070 | $ | 1,118 | $ | 18,134 | $ | 4,138 | $ | 96,158 | $ | 119,548 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 2,083 | 2,083 | — | — | — | — | 1,897 | 1,897 | ||||||||||||||||||||||||||||||||||||
Dividends paid ($0.24 per share) | — | — | — | — | (1,341 | ) | (1,341 | ) | — | — | — | — | (1,341 | ) | (1,341 | ) | ||||||||||||||||||||||||||||||||
Options exercised | 689 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock granted | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 43 | — | — | 43 | — | — | 42 | — | — | 42 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | (2,655 | ) | — | (2,655 | ) | — | — | — | (13,666 | ) | — | (13,666 | ) | ||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 5,587,070 | $ | 1,118 | $ | 18,092 | $ | 3,016 | $ | 95,273 | $ | 117,499 | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 5,587,070 | $ | 1,118 | $ | 18,176 | $ | (9,528) | $ | 96,714 | $ | 106,480 | |||||||||||||||||||||||||||||||||||||
Number of Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | 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 | |||||||||||||
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 Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | (Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Obligations of U.S. Government Agencies | $ | — | $ | 7,099 | $ | — | $ | 7,099 | $ | — | $ | 11,235 | $ | — | $ | 11,235 | ||||||||||||||||
Mortgage-backed securities | — | 507,292 | — | 507,292 | — | 598,816 | — | 598,816 | ||||||||||||||||||||||||
State, county and municipal obligations | — | 67,798 | — | 67,798 | ||||||||||||||||||||||||||||
State, county and municipal | — | 163,698 | — | 163,698 | ||||||||||||||||||||||||||||
Other securities | 509 | — | — | 509 | — | 500 | — | 500 | ||||||||||||||||||||||||
Total | $ | 509 | $ | 582,189 | $ | — | $ | 582,698 | $ | — | $ | 774,249 | $ | — | $ | 774,249 | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | (Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Obligations of U.S. Government Agencies | $ | — | $ | 97,111 | $ | — | $ | 97,111 | $ | — | $ | 12,061 | $ | — | $ | 12,061 | ||||||||||||||||
Mortgage-backed securities | — | 306,900 | — | 306,900 | — | 561,983 | — | 561,983 | ||||||||||||||||||||||||
State, county and municipal obligations | — | 60,372 | — | 60,372 | ||||||||||||||||||||||||||||
State, county and municipal | — | 104,197 | — | 104,197 | ||||||||||||||||||||||||||||
Other securities | — | 508 | — | 508 | ||||||||||||||||||||||||||||
Total | $ | — | $ | 464,383 | $ | — | $ | 464,383 | $ | — | $ | 678,749 | $ | — | $ | 678,749 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans | $ | — | $ | — | $ | 109 | $ | 109 | ||||||||
Other real estate owned | — | — | 42 | 42 | ||||||||||||
Total | $ | — | $ | — | $ | 151 | $ | 151 | ||||||||
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 | ||||||||
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | 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 | % | $ | 109 | 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 | % | 42 | 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 | ||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Totals | |||||||||||||
Impaired loans | $ | — | $ | — | $ | 2,013 | $ | 2,013 | ||||||||
Total | $ | — | $ | — | $ | 2,013 | $ | 2,013 | ||||||||
March 31, 2021 | Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Fair Value | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 26,667 | $ | 26,667 | $ | — | $ | — | $ | 26,667 | ||||||||||
Interest bearing deposits with banks | 25,009 | 25,009 | — | — | 25,009 | |||||||||||||||
Securities available-for-sale | 774,249 | 0 | 774,249 | — | 774,249 | |||||||||||||||
Net loans | 634,401 | — | — | 628,207 | 628,207 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | 1,229,621 | $ | 972,079 | $ | 258,733 | $ | — | $ | 1,230,812 | ||||||||||
Securities sold under agreement to repurchase | 197,709 | 197,709 | — | — | 197,709 |
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 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | Carrying Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Fair Value | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 15,937 | $ | 15,937 | $ | — | $ | — | $ | 15,937 | $ | 16,840 | $ | 16,840 | $ | — | $ | — | $ | 16,840 | ||||||||||||||||||||
Interest bearing deposits with banks | 58,557 | 58,557 | — | — | 58,557 | 25,468 | 25,468 | — | — | 25,468 | ||||||||||||||||||||||||||||||
Federal funds sold | 1,600 | 1,600 | — | — | 1,600 | |||||||||||||||||||||||||||||||||||
Securities available-for-sale | 464,383 | — | 464,383 | — | 464,383 | 678,749 | — | 678,749 | — | 678,749 | ||||||||||||||||||||||||||||||
Net loans | 573,312 | — | — | 569,640 | 569,640 | 647,521 | — | — | 638,362 | 638,362 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 898,996 | $ | 642,825 | $ | 258,100 | $ | — | $ | 900,925 | $ | 1,095,189 | $ | 861,552 | $ | 234,909 | $ | — | $ | 1,096,461 | ||||||||||||||||||||
Securities sold under agreement to repurchase | 170,410 | 170,410 | — | — | 170,410 | 196,272 | 196,272 | — | — | 196,272 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 25,000 | 25,000 | — | — | 25,000 |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
Minimum Capital | Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized | |||||||||||||||||||||||||||||||||||||||||||||
Minimum Capital | Requirement to be | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||
Requirement to be | Adequately | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Well Capitalized | Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Citizens Holding Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 100,649 | 7.31 | % | $ | 68,799 | 5.00 | % | $ | 55,039 | 4.00 | % | $ | 102,303 | 6.93 | % | $ | 73,852 | 5.00 | % | $ | 59,082 | 4.00 | % | ||||||||||||||||||||||||
Common Equity tier 1 capital ratio | 100,649 | 13.01 | % | 89,439 | 6.50 | % | 61,919 | 4.50 | % | 102,303 | 11.96 | % | 96,007 | 6.50 | % | 66,467 | 4.50 | % | ||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 100,649 | 13.01 | % | 61,872 | 8.00 | % | 46,404 | 6.00 | % | 102,303 | 11.96 | % | 68,450 | 8.00 | % | 51,338 | 6.00 | % | ||||||||||||||||||||||||||||||
Total risk-based capital ratio | 105,143 | 13.59 | % | 77,340 | 10.00 | % | 61,872 | 8.00 | % | 107,075 | 12.51 | % | 85,563 | 10.00 | % | 68,450 | 8.00 | % | ||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Citizens Holding Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | $ | 98,733 | 8.33 | % | $ | 59,270 | 5.00 | % | $ | 47,416 | 4.00 | % | $ | 101,640 | 7.22 | % | $ | 70,344 | 5.00 | % | $ | 56,275 | 4.00 | % | ||||||||||||||||||||||||
Common Equity tier 1 capital ratio | 98,733 | 13.86 | % | 77,051 | 6.50 | % | 53,343 | 4.50 | % | 101,640 | 12.55 | % | 91,448 | 6.50 | % | 63,310 | 4.50 | % | ||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 98,733 | 13.86 | % | 56,972 | 8.00 | % | 42,729 | 6.00 | % | 101,640 | 12.55 | % | 64,780 | 8.00 | % | 48,585 | 6.00 | % | ||||||||||||||||||||||||||||||
Total risk-based capital ratio | 102,488 | 14.39 | % | 71,215 | 10.00 | % | 56,972 | 8.00 | % | 106,375 | 13.14 | % | 80,975 | 10.00 | % | 64,780 | 8.00 | % |
For the Three Months | For the Nine Months | For the Three Months | ||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended March 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Interest Income, including fees | $ | 10,579 | $ | 8,443 | $ | 30,415 | $ | 25,478 | $ | 9,079 | $ | 9,709 | ||||||||||||
Interest Expense | 1,673 | 2,525 | 5,774 | 7,143 | 1,446 | 2,324 | ||||||||||||||||||
Net Interest Income | 8,906 | 5,918 | 24,641 | 18,335 | 7,633 | 7,385 | ||||||||||||||||||
Provision for loan losses | 247 | 12 | 1,183 | 472 | 87 | 314 | ||||||||||||||||||
Net Interest Income after | ||||||||||||||||||||||||
Provision for loan losses | 8,659 | 5,906 | 23,458 | 17,863 | 7,546 | 7,071 | ||||||||||||||||||
Other Income | 2,637 | 2,506 | 7,488 | 6,624 | 3,232 | 2,381 | ||||||||||||||||||
Other Expense | 8,653 | 6,867 | 25,064 | 19,830 | 8,468 | 8,067 | ||||||||||||||||||
Income Before Provision For | ||||||||||||||||||||||||
Income Taxes | 2,643 | 1,545 | 5,882 | 4,657 | 2,310 | 1,385 | ||||||||||||||||||
Provision for Income Taxes | 560 | 212 | 1,177 | 727 | 413 | 225 | ||||||||||||||||||
Net Income | $ | 2,083 | $ | 1,333 | $ | 4,705 | $ | 3,930 | $ | 1,897 | $ | 1,160 | ||||||||||||
Net Income Per share - Basic | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | $ | 0.34 | $ | 0.21 | ||||||||||||
Net Income Per Share-Diluted | $ | 0.37 | $ | 0.27 | $ | 0.84 | $ | 0.80 | $ | 0.34 | $ | 0.21 | ||||||||||||
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 | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
Average Balance | Income/Expense | Average Yield/Rate | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Loans, net of unearned (1) | $ | 652,783 | $ | 574,030 | $ | 8,173 | $ | 7,489 | 5.01 | % | 5.22 | % | ||||||||||||
Investment Securities | ||||||||||||||||||||||||
Taxable | 545,923 | 418,685 | 262 | 1,657 | 0.19 | % | 1.58 | % | ||||||||||||||||
Tax-exempt | 128,612 | 61,013 | 899 | 458 | 2.80 | % | 3.00 | % | ||||||||||||||||
Total Investment Securities | 674,535 | 479,698 | 1,161 | 2,115 | 0.17 | % | 0.44 | % | ||||||||||||||||
Federal Funds Sold and Other | 51,206 | 52,838 | 15 | 218 | 0.12 | % | 1.65 | % | ||||||||||||||||
Total Interest Earning Assets (1)(2) | 1,378,524 | 1,106,566 | 9,349 | 9,822 | 2.71 | % | 3.55 | % | ||||||||||||||||
Non-Earning Assets | 112,146 | 95,917 | ||||||||||||||||||||||
Total Assets | $ | 1,490,670 | $ | 1,202,483 | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Interest-bearing Demand | ||||||||||||||||||||||||
Deposits (3) | $ | 513,117 | $ | 402,535 | $ | 518 | $ | 914 | 0.40 | % | 0.91 | % | ||||||||||||
Savings | 107,314 | 84,656 | 27 | 32 | 0.10 | % | 0.15 | % | ||||||||||||||||
Time | 242,861 | 243,748 | 721 | 1,023 | 1.19 | % | 1.68 | % | ||||||||||||||||
Total Deposits | 863,292 | 730,939 | 1,266 | 1,969 | 0.15 | % | 0.27 | % | ||||||||||||||||
Borrowed Funds | ||||||||||||||||||||||||
Short-term Borrowings | 212,849 | 158,480 | 180 | 355 | 0.34 | % | 0.90 | % | ||||||||||||||||
Long-term Borrowings | — | — ` | — | — | 0.00 | % | 0.00 | % | ||||||||||||||||
Total Borrowed Funds | 212,849 | 158,480 | 180 | 355 | 0.34 | % | 0.90 | % | ||||||||||||||||
Total Interest-Bearing Liabilities (3) | 1,076,141 | 889,419 | 1,446 | 2,324 | 0.53 | % | 1.05 | % | ||||||||||||||||
Non-Interest Bearing Liabilities | ||||||||||||||||||||||||
Demand Deposits | 269,051 | 184,734 | ||||||||||||||||||||||
Other Liabilities | 27,866 | 15,385 | ||||||||||||||||||||||
Shareholders’ Equity | 117,612 | 112,945 | ||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,490,670 | $ | 1,202,483 | ||||||||||||||||||||
Interest Rate Spread | 2.19 | % | 2.51 | % | ||||||||||||||||||||
Net Interest Margin | $ | 7,903 | $ | 7,498 | 2.32 | % | 2.72 | % | ||||||||||||||||
Less | ||||||||||||||||||||||||
Tax Equivalent Adjustment | 270 | 113 | ||||||||||||||||||||||
Net Interest Income | $ | 7,633 | $ | 7,385 | ||||||||||||||||||||
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 | ||||||
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 | ||||||
Three Months Ended March 31, 2021 2021 Change from 2020 | ||||||||||||
Volume | Rate | Total | ||||||||||
INTEREST INCOME | ||||||||||||
Loans | $ | 1,027 | (343 | ) | $ | 684 | ||||||
Taxable Securities | 504 | (1,899 | ) | (1,395 | ) | |||||||
Non-Taxable Securities | 491 | (66 | ) | 425 | ||||||||
Federal Funds Sold and Other | (7 | ) | (196 | ) | (203 | ) | ||||||
TOTAL INTEREST INCOME | $ | 2,016 | $ | (2,505 | ) | $ | (489 | ) | ||||
INTEREST EXPENSE | ||||||||||||
Interest-bearing demand deposits | $ | 251 | (508 | ) | (257 | ) | ||||||
Savings Deposits | 9 | (11 | ) | (2 | ) | |||||||
Time Deposits | (4 | ) | (299 | ) | (303 | ) | ||||||
Short-term borrowings | 122 | (297 | ) | (175 | ) | |||||||
TOTAL INTEREST EXPENSE | $ | 378 | $ | (1,114 | ) | (737 | ) | |||||
NET INTEREST INCOME | $ | 1,638 | $ | (1,390 | ) | $ | 248 | |||||
Quarter Ended | Year Ended | Amount of | Percent of | |||||||||||||||||||||||||||||
September 30, | December 31, | Increase | Increase | |||||||||||||||||||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | |||||||||||||||||||||||||||||
Quarter Ended March 31, 2021 | Year Ended December 31, 2020 | Amount of Increase (Decrease) | Percent of Increase (Decrease) | |||||||||||||||||||||||||||||
BALANCES: | ||||||||||||||||||||||||||||||||
Gross Loans | $ | 655,633 | $ | 577,075 | $ | 78,558 | 13.61 | % | $ | 639,174 | $ | 652,257 | $ | (13,083 | ) | -2.01 | % | |||||||||||||||
Allowance for Loan Losses | 4,494 | 3,755 | 739 | 19.68 | % | 4,772 | 4,735 | 37 | 0.78 | % | ||||||||||||||||||||||
Nonaccrual Loans | 10,410 | 11,993 | (1,583 | ) | -13.20 | % | 6,789 | 8,484 | (1,695 | ) | -19.98 | % | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||
Allowance for loan losses to gross loans | 0.69 | % | 0.65 | % | 0.75 | % | 0.73 | % | ||||||||||||||||||||||||
Net loans charged off (recovered) to allowance for loan losses | 9.90 | % | 5.06 | % | ||||||||||||||||||||||||||||
Net loans charged off to allowance for loan losses | 1.05 | % | 10.67 | % |
For the Three Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
Other operating income | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | ||||||||||||||||||
BOLI income | $ | 123 | $ | 120 | $ | 352 | $ | 366 | ||||||||||||||||
Mortgage loan origination income | 361 | 73 | 890 | 179 | ||||||||||||||||||||
BOLI Income | $ | 130 | $ | 106 | ||||||||||||||||||||
Mortgage Loan Origination Income | 395 | 252 | ||||||||||||||||||||||
Income from security sales, net | 293 | 244 | 703 | 190 | 526 | 77 | ||||||||||||||||||
Other income | 58 | 80 | 380 | 304 | ||||||||||||||||||||
Other Income | 392 | 124 | ||||||||||||||||||||||
Total Other Income | $ | 835 | $ | 517 | $ | 2,325 | $ | 1,039 | $ | 1,443 | $ | 559 | ||||||||||||
For the Three Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||
Other Operating Expense | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | ||||||||||||||||||
Advertising | $ | 159 | $ | 128 | $ | 519 | $ | 431 | $ | 141 | $ | 204 | ||||||||||||
Office Supplies | 270 | 265 | 873 | 718 | 249 | 292 | ||||||||||||||||||
Professional Fees | 272 | 442 | 791 | 1,114 | 237 | 258 | ||||||||||||||||||
Telephone expense | 139 | 119 | 435 | 353 | 155 | 158 | ||||||||||||||||||
Postage and Freight | 142 | 121 | 421 | (177 | ) | 169 | 141 | |||||||||||||||||
Loan Collection Expense | 57 | 187 | 100 | 196 | 54 | 23 | ||||||||||||||||||
Writedown of other real estate owned | 230 | — | 230 | — | ||||||||||||||||||||
Regulatory and related expense | 203 | 90 | 442 | 259 | 235 | 66 | ||||||||||||||||||
Debit Card/ATM expense | 162 | 172 | 445 | 409 | 168 | 135 | ||||||||||||||||||
Travel and Convention | 29 | 79 | 100 | 179 | 26 | 53 | ||||||||||||||||||
Other expenses | 740 | 468 | 2,021 | 1,703 | 649 | 643 | ||||||||||||||||||
Total Other Expense | $ | 2,403 | $ | 2,071 | $ | 6,377 | $ | 5,185 | $ | 2,083 | $ | 1,973 | ||||||||||||
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 | % |
March 31, 2021 | December 31, 2020 | Amount of Increase (Decrease) | Percent of Increase (Decrease) | |||||||||||||
Cash and Due From Banks | $ | 26,667 | $ | 16,840 | $ | 9,827 | 58.36 | % | ||||||||
Interest Bearing deposits with Other Banks | 25,009 | 25,468 | (459 | ) | -1.80 | % | ||||||||||
Investment Securities | 774,249 | 678,749 | 95,500 | 14.07 | % | |||||||||||
Loans, net | 634,401 | 647,521 | (13,120 | ) | -2.03 | % | ||||||||||
Premises and Equipment | 25,634 | 25,630 | 4 | 0.02 | % | |||||||||||
Total Assets | 1,548,347 | 1,450,692 | 97,655 | 6.73 | % | |||||||||||
Total Deposits | 1,229,621 | 1,095,189 | 134,432 | 12.27 | % | |||||||||||
Total Shareholders’ Equity | 106,480 | 119,548 | (13,068 | ) | -10.93 | % |
Amount of | Percent of | |||||||||||||||||||||||||||||||
September 30, | December 31, | Increase | Increase | |||||||||||||||||||||||||||||
2020 | 2019 | (Decrease) | (Decrease) | March 31, 2021 | December 31, 2020 | Amount of Increase (Decrease) | Percent of Increase (Decrease) | |||||||||||||||||||||||||
Noninterest-Bearing Deposits | $ | 253,762 | $ | 190,406 | $ | 63,356 | 33.27 | % | $ | 284,266 | $ | 276,033 | $ | 8,233 | 2.98 | % | ||||||||||||||||
Interest-Bearing Deposits | 469,777 | 369,354 | 100,423 | 27.19 | % | 574,706 | 480,987 | 93,719 | 19.48 | % | ||||||||||||||||||||||
Savings Deposits | 100,527 | 83,065 | 17,462 | 21.02 | % | 113,107 | 104,532 | 8,575 | 8.20 | % | ||||||||||||||||||||||
Certificates of Deposit | 225,091 | 256,171 | (31,080 | ) | -12.13 | % | 257,542 | 233,637 | 23,905 | 10.23 | % | |||||||||||||||||||||
Total deposits | $ | 1,049,157 | $ | 898,996 | $ | 150,161 | 16.70 | % | $ | 1,229,621 | $ | 1,095,189 | $ | 134,432 | 12.27 | % | ||||||||||||||||
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Following | Months | Following | Months | Following | Months | Following | Months | |||||||||||||||||||||||||
12 months | 13-24 | 12 months | 13-24 | 12 months | 13-24 | 12 months | 13-24 | |||||||||||||||||||||||||
+400 basis points | 14.3 | % | 6.6 | % | 6.4 | % | 20.9 | % | -16.7 | % | -12.3 | % | 9.1 | % | 8.9 | % | ||||||||||||||||
+300 basis points | 15.5 | % | 6.1 | % | 6.3 | % | 17.5 | % | -10.6 | % | -6.7 | % | 10.7 | % | 8.4 | % | ||||||||||||||||
+200 basis points | 16.0 | % | 5.2 | % | 5.7 | % | 13.3 | % | -5.4 | % | -2.1 | % | 11.6 | % | 7.3 | % | ||||||||||||||||
+100 basis points | 14.0 | % | 3.9 | % | 3.0 | % | 7.0 | % | -1.0 | % | 1.0 | % | 10.9 | % | 5.3 | % | ||||||||||||||||
Flat rates | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
-100 basis points | -10.4 | % | -8.3 | % | -7.3 | % | -7.5 | % | -9.5 | % | -9.3 | % | -12.2 | % | -9.0 | % | ||||||||||||||||
-200 basis points | -16.8 | % | -18.0 | % | -14.5 | % | -15.1 | % | -14.1 | % | -13.8 | % | -19.8 | % | -19.9 | % |
Economic Value of Equity at Risk (%) | Economic Value of Equity at Risk (%) | |||||||||||||||
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||
+400 basis points | 26.0 | % | 7.1 | % | -26.2 | % | 11.3 | % | ||||||||
+300 basis points | 31.7 | % | 8.0 | % | -18.4 | % | 18.8 | % | ||||||||
+200 basis points | 34.9 | % | 7.8 | % | -10.5 | % | 24.6 | % | ||||||||
+100 basis points | 25.7 | % | 5.4 | % | -3.4 | % | 21.9 | % | ||||||||
Flat rates | — | — | — | — | ||||||||||||
-100 basis points | -31.0 | % | -18.5 | % | -16.5 | % | -29.4 | % | ||||||||
-200 basis points | -44.1 | % | -42.3 | % | -38.6 | % | -43.1 | % |
ITEM 4. CONTROLS AND PROCEDURES. |
ITEM 1. LEGAL PROCEEDINGS. |
ITEM 1A. RISK FACTORS. |
ITEM 6. EXHIBITS. |
Exhibits | ||
31(a) | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | |
31(b) | Certification of the Chief Financial Officer pursuant to Rule 13a-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/ Phillip R. Branch | ||
Phillip R. Branch | |||
Treasurer and Chief Financial Officer | |||
(Principal Financial Officer and Chief | |||
Accounting Officer) | |||
DATE: |