| Delaware (State or other jurisdiction of incorporation or organization) | | | 6712 (Primary Standard Industrial Classification Code Number) | | | 26-1135778 (I.R.S. Employer Identification Number) | |
| Benjamin M. Azoff, Esq. Jeffrey M. Cardone, Esq. Luse Gorman, PC 5335 Wisconsin Avenue, N.W., Suite 780 Washington, D.C. 20015 (202) 274-2000 | | | Christina M. Gattuso, Esq. Stephen F. Donahoe, Esq. Kilpatrick Townsend & Stockton LLP 607 14th Street, NW, Suite 900 Washington, DC 20005 (202) 508-5800 | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
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Title of each class of securities to be registered | | | | Proposed maximum aggregate offering price(1)(2) | | | | Amount of registration fee | | | | | Proposed maximum aggregate offering price(1)(2) | | | | Amount of registration fee(3) | |
Common Stock, $0.50 par value per share | | | | $1,000,000 | | | | $110.00 | | | | | $30,000,000 | | | | $3,274 | |
| | | Per Share | | | Total | |
Public offering price | | | | | | ||
Underwriting discounts(1) | | | | | | | |
Proceeds to us, | |||||||
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Announcement Date | | | Acquiror Name | | | Acquiror State | | | Target Name | | | Target State | | | Target County | |
6/29/2021 | | | Valley National Bancorp | | | NY | | | The Westchester Bank Holding Company | | | NY | | | Westchester | |
6/16/2021 | | | Rhodium BA Holdings LLC | | | NY | | | Sunnyside Bancorp Inc. | | | NY | | | Westchester | |
4/19/2021 | | | Webster Financial Corp. | | | CT | | | Sterling Bancorp | | | NY | | | Rockland | |
Announcement Date | | | Acquiror Name | | | Acquiror State | | | Target Name | | | Target State | | | Target County | |
7/12/2018 | | | ConnectOne Bancorp, Inc. | | | NJ | | | Greater Hudson Bank | | | NY | | | Rockland | |
12/16/2016 | | | Wallkill Valley FS&LA | | | NY | | | Hometown Bancorp Inc (MHC) | | | NY | | | Orange | |
11/5/2014 | | | Sterling Bancorp | | | NY | | | Hudson Valley Holding Corp. | | | NY | | | Westchester | |
9/25/2014 | | | Putnam County SB | | | NY | | | CMS Bancorp Inc. | | | NY | | | Westchester | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,908,754 | | | | | | 1,664,936 | | | | | $ | 1,229,552 | | | | | $ | 1,065,612 | | |
Cash and due from banks | | | | | 253,091 | | | | | | 121,232 | | | | | | 25,112 | | | | | | 18,374 | | |
Securities available for sale | | | | | 359,372 | | | | | | 330,105 | | | | | | 254,915 | | | | | | 255,536 | | |
Loans, net | | | | | 1,215,345 | | | | | | 1,136,566 | | | | | | 879,849 | | | | | | 727,349 | | |
Cash surrender value of BOLI | | | | | 28,691 | | | | | | 28,520 | | | | | | 27,818 | | | | | | 27,128 | | |
Deposits | | | | | 1,733,559 | | | | | | 1,489,294 | | | | | | 1,083,132 | | | | | | 905,008 | | |
FHLB advances | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | 35,500 | | |
Subordinated debt | | | | | 19,340 | | | | | | 19,323 | | | | | | — | | | | | | — | | |
Note payable | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,057 | | |
Stockholders’ equity | | | | | 135,081 | | | | | | 135,423 | | | | | | 122,063 | | | | | | 109,279 | | |
| | | For the Three Months Ended March 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 14,762 | | | | | $ | 12,643 | | | | | $ | 53,461 | | | | | $ | 48,121 | | | | | $ | 38,699 | | |
Interest expense | | | | | 1,022 | | | | | | 1,289 | | | | | | 4,722 | | | | | | 4,840 | | | | | | 2,787 | | |
Net interest income | | | | | 13,740 | | | | | | 11,354 | | | | | | 48,739 | | | | | | 43,281 | | | | | | 35,912 | | |
Provision for loan losses | | | | | 66 | | | | | | 1,200 | | | | | | 5,413 | | | | | | 2,195 | | | | | | 2,465 | | |
Net interest income after provision for loan losses | | | | | 13,674 | | | | | | 10,154 | | | | | | 43,326 | | | | | | 41,086 | | | | | | 33,447 | | |
Noninterest income | | | | | 2,892 | | | | | | 2,541 | | | | | | 11,423 | | | | | | 9,814 | | | | | | 10,019 | | |
Noninterest expense | | | | | 10,316 | | | | | | 9,591 | | | | | | 40,231 | | | | | | 36,491 | | | | | | 34,286 | | |
Income before income taxes | | | | | 6,250 | | | | | | 3,104 | | | | | | 14,518 | | | | | | 14,409 | | | | | | 9,180 | | |
Income tax expense | | | | | 1,225 | | | | | | 628 | | | | | | 2,839 | | | | | | 2,928 | | | | | | 1,628 | | |
Net income | | | | $ | 5,025 | | | | | $ | 2,476 | | | | | $ | 11,679 | | | | | $ | 11,481 | | | | | $ | 7,552 | | |
| | | At or For the Three Months Ended March 31,(1) | | | At or For the Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | | | 1.13% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.97% | | | | | | 0.73% | | |
Return on average equity | | | | | 14.94% | | | | | | 8.06% | | | | | | 9.02% | | | | | | 9.94% | | | | | | 8.18% | | |
Return on average tangible equity(2) | | | | | 16.01% | | | | | | 8.64% | | | | | | 9.57% | | | | | | 10.66% | | | | | | 8.96% | | |
Interest rate spread(3) | | | | | 3.13% | | | | | | 3.49% | | | | | | 3.17% | | | | | | 3.67% | | | | | | 3.60% | | |
Net interest margin(4) | | | | | 3.28% | | | | | | 3.69% | | | | | | 3.36% | | | | | | 3.88% | | | | | | 3.71% | | |
Efficiency ratio(5) | | | | | 62.03% | | | | | | 69.02% | | | | | | 66.87% | | | | | | 68.73% | | | | | | 74.65% | | |
Efficiency ratio, as adjusted(6) | | | | | 62.03% | | | | | | 69.02% | | | | | | 67.78% | | | | | | 68.45% | | | | | | 74.65% | | |
Noninterest income to average total assets | | | | | 0.66% | | | | | | 0.78% | | | | | | 0.75% | | | | | | 0.83% | | | | | | 0.97% | | |
Noninterest income to total revenue(7) | | | | | 17.39% | | | | | | 18.29% | | | | | | 19.24% | | | | | | 18.41% | | | | | | 21.81% | | |
Noninterest expense to average total assets | | | | | 2.35% | | | | | | 2.95% | | | | | | 2.63% | | | | | | 3.08% | | | | | | 3.31% | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 158.20% | | | | | | 149.83% | | | | | | 156.00% | | | | | | 147.06% | | | | | | 137.91% | | |
Average equity to average total assets | | | | | 7.56% | | | | | | 9.39% | | | | | | 8.48% | | | | | | 9.75% | | | | | | 8.90% | | |
Share and Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings | | | | $ | 1.12 | | | | | $ | 0.55 | | | | | $ | 2.59 | | | | | $ | 2.56 | | | | | $ | 1.87 | | |
Cash dividends paid | | | | $ | 0.20 | | | | | $ | 0.20 | | | | | $ | 0.80 | | | | | $ | 0.80 | | | | | $ | 0.80 | | |
Book value | | | | $ | 30.08 | | | | | $ | 28.22 | | | | | $ | 30.21 | | | | | $ | 27.10 | | | | | $ | 24.28 | | |
Tangible book value(8) | | | | $ | 28.46 | | | | | $ | 26.55 | | | | | $ | 28.57 | | | | | $ | 25.41 | | | | | $ | 22.52 | | |
Dividend payout ratio(9) | | | | | 17.86% | | | | | | 36.36% | | | | | | 30.89% | | | | | | 31.25% | | | | | | 42.78% | | |
Weighted average number of shares Outstanding | | | | | 4,483,139 | | | | | | 4,510,420 | | | | | | 4,508,508 | | | | | | 4,484,317 | | | | | | 4,034,633 | | |
Number of shares outstanding | | | | | 4,490,973 | | | | | | 4,518,128 | | | | | | 4,483,102 | | | | | | 4,504,389 | | | | | | 4,501,125 | | |
Capital Ratios:(10) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible common equity to tangible assets(11) | | | | | 6.72% | | | | | | 8.90% | | | | | | 7.73% | | | | | | 9.37% | | | | | | 9.59% | | |
Total capital to risk weighted assets | | | | | 13.64% | | | | | | 13.54% | | | | | | 13.49% | | | | | | 13.87% | | | | | | 14.93% | | |
Tier 1 capital to risk weighted assets | | | | | 12.39% | | | | | | 12.29% | | | | | | 12.24% | | | | | | 12.62% | | | | | | 13.67% | | |
Common equity tier 1 capital to risk weighted assets | | | | | 12.39% | | | | | | 12.29% | | | | | | 12.24% | | | | | | 12.62% | | | | | | 13.67% | | |
Tier 1 capital to average assets | | | | | 8.19% | | | | | | 9.13% | | | | | | 8.16% | | | | | | 9.47% | | | | | | 9.67% | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-performing assets to total assets | | | | | 0.13% | | | | | | 0.25% | | | | | | 0.15% | | | | | | 0.18% | | | | | | 0.19% | | |
Non-performing loans to total loans | | | | | 0.20% | | | | | | 0.36% | | | | | | 0.22% | | | | | | 0.25% | | | | | | 0.27% | | |
Allowance for loan losses to non-performing loans | | | | | 667.61% | | | | | | 401.46% | | | | | | 641.24% | | | | | | 550.20% | | | | | | 530.76% | | |
Allowance for loan losses to total loans | | | | | 1.32% | | | | | | 1.44% | | | | | | 1.40% | | | | | | 1.38% | | | | | | 1.44% | | |
Net charge-offs to average outstanding loans during the period | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.15% | | | | | | 0.07% | | | | | | 0.05% | | |
Other: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of offices | | | | | 14 | | | | | | 14 | | | | | | 14 | | | | | | 13 | | | | | | 14 | | |
Number of full-time equivalent employees | | | | | 195 | | | | | | 187 | | | | | | 192 | | | | | | 184 | | | | | | 166 | | |
| | | At March 31, 2021 | | |||||||||
| | | Actual | | | As Adjusted | | ||||||
| | | (dollars in thousands except per share data) | | |||||||||
| | | (unaudited) | | |||||||||
Debt: | | | | | | | | | | | | | |
Short term debt | | | | $ | — | | | | | $ | | | |
Long term debt | | | | | 22,340 | | | | | | | | |
Total debt | | | | | 22,340 | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, par value $0.50 per share; authorized – 15,000,000 shares; outstanding – 4,490,973 shares actual and shares as adjusted | | | | $ | 2,266 | | | | | $ | | | |
Surplus | | | | | 84,774 | | | | | | | | |
Retained earnings | | | | | 51,818 | | | | | | | | |
Treasury stock, at cost, 42,331 shares | | | | | (1,218) | | | | | | | | |
Accumulated other comprehensive income (loss), net of taxes | | | | | (2,559) | | | | | | | | |
Total stockholders’ equity | | | | $ | 135,081 | | | | | $ | | | |
Total capitalization | | | | $ | 157,421 | | | | | $ | | | |
Capital ratios(1) | | | | | | | | | | | | | |
Tier 1 capital to average assets | | | | | 8.19% | | | | | | % | | |
Tier 1 capital to risk-weighted assets | | | | | 12.39% | | | | | | % | | |
Total capital to risk-weighted assets | | | | | 13.64% | | | | | | % | | |
Common equity tier 1 capital to risk-weighted assets | | | | | 12.39% | | | | | | % | | |
Per share data | | | | | | | | | | | | | |
Book value per common share | | | | $ | 30.08 | | | | | $ | | | |
Tangible book value per common share(2) | | | | $ | 28.46 | | | | | $ | | | |
| Assumed initial public offering price per share | | | | | | | | | | $ | [•] | | |
| Net tangible book value per share at March 31, 2021 | | | | $ | 28.46 | | | | | | | | |
| Increase in net tangible book value per share attributable to this offering | | | | | [•] | | | | | | | | |
| As adjusted tangible book value per share after this offering | | | | | | | | | | | [•] | | |
| Dilution in net tangible book value per share to new investors | | | | | | | | | | $ | [•] | | |
| | | Shares Purchased | | | Total Consideration | | | Average Price Per Share | | |||||||||||||||||||||
| Number | | | Percentage | | | Amount | | | Percentage | | ||||||||||||||||||||
Existing stockholders as of March 31, 2021 | | | | | | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
New Investors | | | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | |
Total | | | | | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | |
Quarterly Period | | | Amount Per Share | | |||
June 30, 2021 | | | | $ | 0.20 | | |
March 31, 2021 | | | | $ | 0.20 | | |
December 31, 2020 | | | | $ | 0.20 | | |
September 30, 2020 | | | | $ | 0.20 | | |
June 30, 2020 | | | | $ | 0.20 | | |
March 31, 2020 | | | | $ | 0.20 | | |
December 31, 2019 | | | | $ | 0.20 | | |
September 30, 2019 | | | | $ | 0.20 | | |
June 30, 2019 | | | | $ | 0.20 | | |
March 31, 2019 | | | | $ | 0.20 | | |
Fiscal Year Ending December 31, 2021 | | | High | | | Low | | ||||||
Third Quarter through [•], 2021 | | | | $ | | | | | $ | | | ||
Second Quarter | | | | | 35.00 | | | | | | 31.00 | | |
First Quarter | | | | | 30.95 | | | | | | 27.25 | | |
Fiscal Year Ending December 31, 2020 | | | High | | | Low | | ||||||
Fourth Quarter | | | | $ | 27.75 | | | | | $ | 22.00 | | |
Third Quarter | | | | | 24.00 | | | | | | 23.31 | | |
Second Quarter | | | | | 26.00 | | | | | | 23.75 | | |
First Quarter | | | | | 30.95 | | | | | | 24.75 | | |
Fiscal Year Ending December 31, 2019 | | | High | | | Low | | ||||||
Fourth Quarter | | | | $ | 31.00 | | | | | $ | 27.50 | | |
Third Quarter | | | | | 28.50 | | | | | | 26.51 | | |
Second Quarter | | | | | 27.40 | | | | | | 26.51 | | |
First Quarter | | | | | 29.00 | | | | | | 26.50 | | |
| | | | | | | | | At December 31, | | |||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,908,754 | | | | | | 1,664,936 | | | | | $ | 1,229,552 | | | | | $ | 1,065,612 | | |
Cash and due from banks | | | | | 253,091 | | | | | | 121,232 | | | | | | 25,112 | | | | | | 18,374 | | |
Securities available for sale | | | | | 359,372 | | | | | | 330,105 | | | | | | 254,915 | | | | | | 255,536 | | |
Loans, net | | | | | 1,215,345 | | | | | | 1,136,566 | | | | | | 879,849 | | | | | | 727,349 | | |
Cash surrender value of BOLI | | | | | 28,691 | | | | | | 28,520 | | | | | | 27,818 | | | | | | 27,128 | | |
Deposits | | | | | 1,733,559 | | | | | | 1,489,294 | | | | | | 1,083,132 | | | | | | 905,008 | | |
FHLB advances | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | 35,500 | | |
Subordinated debt | | | | | 19,340 | | | | | | 19,323 | | | | | | — | | | | | | — | | |
Note payable | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,057 | | |
Stockholders’ equity | | | | | 135,081 | | | | | | 135,423 | | | | | | 122,063 | | | | | | 109,279 | | |
| | | For the Three Months Ended March 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 14,762 | | | | | $ | 12,643 | | | | | $ | 53,461 | | | | | $ | 48,121 | | | | | $ | 38,699 | | |
Interest expense | | | | | 1,022 | | | | | | 1,289 | | | | | | 4,722 | | | | | | 4,840 | | | | | | 2,787 | | |
Net interest income | | | | | 13,740 | | | | | | 11,354 | | | | | | 48,739 | | | | | | 43,281 | | | | | | 35,912 | | |
Provision for loan losses | | | | | 66 | | | | | | 1,200 | | | | | | 5,413 | | | | | | 2,195 | | | | | | 2,465 | | |
Net interest income after provision for loan losses | | | | | 13,674 | | | | | | 10,154 | | | | | | 43,326 | | | | | | 41,086 | | | | | | 33,447 | | |
Noninterest income | | | | | 2,892 | | | | | | 2,541 | | | | | | 11,423 | | | | | | 9,814 | | | | | | 10,019 | | |
Noninterest expense | | | | | 10,316 | | | | | | 9,591 | | | | | | 40,231 | | | | | | 36,491 | | | | | | 34,286 | | |
Income before income taxes | | | | | 6,250 | | | | | | 3,104 | | | | | | 14,518 | | | | | | 14,409 | | | | | | 9,180 | | |
Income tax expense | | | | | 1,225 | | | | | | 628 | | | | | | 2,839 | | | | | | 2,928 | | | | | | 1,628 | | |
Net income | | | | $ | 5,025 | | | | | $ | 2,476 | | | | | $ | 11,679 | | | | | $ | 11,481 | | | | | $ | 7,552 | | |
| | | At or For the Three Months Ended March 31,(1) | | | At or For the Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | | | 1.13% | | | | | | 0.76% | | | | | | 0.76% | | | | | | 0.97% | | | | | | 0.73% | | |
Return on average equity | | | | | 14.94% | | | | | | 8.06% | | | | | | 9.02% | | | | | | 9.94% | | | | | | 8.18% | | |
Return on average tangible stockholders’ equity(2) | | | | | 16.01% | | | | | | 8.64% | | | | | | 9.57% | | | | | | 10.66% | | | | | | 8.96% | | |
Interest rate spread(3) | | | | | 3.13% | | | | | | 3.49% | | | | | | 3.17% | | | | | | 3.67% | | | | | | 3.60% | | |
Net interest margin(4) | | | | | 3.28% | | | | | | 3.69% | | | | | | 3.36% | | | | | | 3.88% | | | | | | 3.71% | | |
Efficiency ratio(5) | | | | | 62.03% | | | | | | 69.02% | | | | | | 66.87% | | | | | | 68.73% | | | | | | 74.65% | | |
Efficiency ratio, as adjusted(6) | | | | | 62.03% | | | | | | 69.02% | | | | | | 67.78% | | | | | | 68.45% | | | | | | 74.65% | | |
Noninterest income to average total assets | | | | | 0.66% | | | | | | 0.78% | | | | | | 0.75% | | | | | | 0.83% | | | | | | 0.97% | | |
Noninterest income to total revenue(7) | | | | | 17.39% | | | | | | 18.29% | | | | | | 19.24% | | | | | | 18.41% | | | | | | 21.81% | | |
Noninterest expense to average total assets | | | | | 2.35% | | | | | | 2.95% | | | | | | 2.63% | | | | | | 3.08% | | | | | | 3.31% | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 158.20% | | | | | | 149.83% | | | | | | 156.00% | | | | | | 147.06% | | | | | | 137.91% | | |
Average equity to average total assets | | | | | 7.56% | | | | | | 9.39% | | | | | | 8.48% | | | | | | 9.75% | | | | | | 8.90% | | |
Share and Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings | | | | $ | 1.12 | | | | | $ | 0.55 | | | | | $ | 2.59 | | | | | $ | 2.56 | | | | | $ | 1.87 | | |
Cash dividends paid | | | | $ | 0.20 | | | | | $ | 0.20 | | | | | $ | 0.80 | | | | | $ | 0.80 | | | | | $ | 0.80 | | |
Book value | | | | $ | 30.08 | | | | | $ | 28.22 | | | | | $ | 30.21 | | | | | $ | 27.10 | | | | | $ | 24.28 | | |
Tangible book value(8) | | | | $ | 28.46 | | | | | $ | 26.55 | | | | | $ | 28.57 | | | | | $ | 25.41 | | | | | $ | 22.52 | | |
Dividend payout ratio(9) | | | | | 17.86% | | | | | | 36.36% | | | | | | 30.89% | | | | | | 31.25% | | | | | | 42.78% | | |
Weighted average number of shares Outstanding | | | | | 4,483,139 | | | | | | 4,510,420 | | | | | | 4,508,508 | | | | | | 4,484,317 | | | | | | 4,034,633 | | |
Number of shares outstanding | | | | | 4,490,973 | | | | | | 4,518,128 | | | | | | 4,483,102 | | | | | | 4,504,389 | | | | | | 4,501,125 | | |
Capital Ratios:(10) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible common equity to tangible assets(11) | | | | | 6.72% | | | | | | 8.90% | | | | | | 7.73% | | | | | | 9.37% | | | | | | 9.59% | | |
Total capital to risk weighted assets | | | | | 13.64% | | | | | | 13.54% | | | | | | 13.49% | | | | | | 13.87% | | | | | | 14.93% | | |
Tier 1 capital to risk weighted assets | | | | | 12.39% | | | | | | 12.29% | | | | | | 12.24% | | | | | | 12.62% | | | | | | 13.67% | | |
Common equity tier 1 capital to risk weighted assets | | | | | 12.39% | | | | | | 12.29% | | | | | | 12.24% | | | | | | 12.62% | | | | | | 13.67% | | |
Tier 1 capital to average assets | | | | | 8.19% | | | | | | 9.13% | | | | | | 8.16% | | | | | | 9.47% | | | | | | 9.67% | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-performing assets to total assets | | | | | 0.13% | | | | | | 0.25% | | | | | | 0.15% | | | | | | 0.18% | | | | | | 0.19% | | |
Non-performing loans to total loans | | | | | 0.20% | | | | | | 0.36% | | | | | | 0.22% | | | | | | 0.25% | | | | | | 0.27% | | |
Allowance for loan losses to non-performing loans | | | | | 667.61% | | | | | | 401.46% | | | | | | 641.24% | | | | | | 550.20% | | | | | | 530.76% | | |
Allowance for loan losses to total loans | | | | | 1.32% | | | | | | 1.44% | | | | | | 1.40% | | | | | | 1.38% | | | | | | 1.44% | | |
Net charge-offs to average outstanding loans during the period | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.15% | | | | | | 0.07% | | | | | | 0.05% | | |
Other: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of offices | | | | | 14 | | | | | | 14 | | | | | | 14 | | | | | | 13 | | | | | | 14 | | |
Number of full-time equivalent employees | | | | | 195 | | | | | | 187 | | | | | | 192 | | | | | | 184 | | | | | | 166 | | |
| | | At March 31, | | | At December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (Dollars in thousands, except for share data) | | |||||||||||||||||||||||||||
Tangible Common Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | | $ | 135,081 | | | | | $ | 127,488 | | | | | $ | 135,423 | | | | | $ | 122,063 | | | | | $ | 109,279 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | | | (5,359) | | | | | | (5,359) | | | | | | (5,359) | | | | | | (5,359) | | | | | | (5,359) | | |
Other intangible assets | | | | | (1,892) | | | | | | (2,178) | | | | | | (1,963) | | | | | | (2,249) | | | | | | (2,535) | | |
Tangible common equity | | | | $ | 127,830 | | | | | $ | 119,951 | | | | | $ | 128,101 | | | | | $ | 114,455 | | | | | $ | 101,385 | | |
Common shares outstanding | | | | | 4,490,973 | | | | | | 4,518,128 | | | | | | 4,483,102 | | | | | | 4,504,389 | | | | | | 4,501,125 | | |
Book value per common share | | | | $ | 30.08 | | | | | $ | 28.22 | | | | | $ | 30.21 | | | | | $ | 27.10 | | | | | $ | 24.28 | | |
Tangible book value per common share | | | | $ | 28.46 | | | | | $ | 26.55 | | | | | $ | 28.57 | | | | | $ | 25.41 | | | | | $ | 22.52 | | |
Tangible Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,908,754 | | | | | $ | 1,355,242 | | | | | $ | 1,664,936 | | | | | $ | 1,229,552 | | | | | $ | 1,065,612 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | | | (5,359) | | | | | | (5,359) | | | | | | (5,359) | | | | | | (5,359) | | | | | | (5,359) | | |
Other intangible assets | | | | | (1,892) | | | | | | (2,178) | | | | | | (1,963) | | | | | | (2,249) | | | | | | (2,535) | | |
Tangible assets | | | | $ | 1,901,503 | | | | | $ | 1,347,705 | | | | | $ | 1,657,614 | | | | | $ | 1,221,944 | | | | | $ | 1,057,718 | | |
Tangible common equity to tangible assets | | | | | 6.72% | | | | | | 8.90% | | | | | | 7.73% | | | | | | 9.37% | | | | | | 9.59% | | |
| | | For the Three Months Ended March 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||
GAAP-based efficiency ratio | | | | | 62.03% | | | | | | 69.02% | | | | | | 66.87% | | | | | | 68.73% | | | | | | 74.65% | | |
Net interest income | | | | $ | 13,740 | | | | | $ | 11,354 | | | | | $ | 48,739 | | | | | $ | 43,281 | | | | | $ | 35,912 | | |
Noninterest income | | | | | 2,892 | | | | | | 2,541 | | | | | | 11,423 | | | | | | 9,814 | | | | | | 10,019 | | |
Less: net gains (losses) on sales of securities | | | | | — | | | | | | — | | | | | | 804 | | | | | | (219) | | | | | | — | | |
Adjusted revenue | | | | $ | 16,632 | | | | | $ | 13,895 | | | | | $ | 59,358 | | | | | $ | 53,314 | | | | | $ | 45,931 | | |
Total noninterest expense | | | | | 10,316 | | | | | | 9,591 | | | | | | 40,231 | | | | | | 36,491 | | | | | | 34,286 | | |
Efficiency ratio, as adjusted | | | | | 62.03% | | | | | | 69.02% | | | | | | 67.78% | | | | | | 68.45% | | | | | | 74.65% | | |
COVID-19 Loan Modifications Outstanding As Of | COVID-19 Loan Modifications Outstanding As Of | | COVID-19 Loan Modifications Outstanding As Of | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | June 30, 2020 | | September 30, 2020 | | December 31, 2020 | | March 31, 2021 | | | June 30, 2020 | | September 30, 2020 | | December 31, 2020 | | March 31, 2021 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Classification | | # Loans | | Total Loan Balance | | # Loans | | Total Loan Balance | | # Loans | | Total Loan Balance | | # Loans | | Total Loan Balance | | | # Loans | | Total Loan Balance | | # Loans | | Total Loan Balance | | # Loans | | Total Loan Balance | | # Loans | | Total Loan Balance | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | | (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate and rental & leasing | | | | 101 | | | | $ | 132,807 | | | | | 24 | | | | $ | 50,561 | | | | | 6 | | | | $ | 4,516 | | | | | 5 | | | | $ | 6,677 | | | | | | 101 | | | | $ | 132,807 | | | | | 24 | | | | $ | 50,561 | | | | | 6 | | | | $ | 4,516 | | | | | 5 | | | | $ | 6,677 | | | ||||||||||||||||
Healthcare | | | | 134 | | | | | 39,348 | | | | | 49 | | | | | 16,362 | | | | | 12 | | | | | 11,757 | | | | | 6 | | | | | 7,484 | | | | | | 134 | | | | | 39,348 | | | | | 49 | | | | | 16,362 | | | | | 12 | | | | | 11,757 | | | | | 6 | | | | | 7,484 | | | ||||||||||||||||
Construction | | | | 10 | | | | | 8,339 | | | | | 1 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 10 | | | | | 8,339 | | | | | 1 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Retail trade | | | | 11 | | | | | 20,374 | | | | | 4 | | | | | 19,322 | | | | | 1 | | | | | 11,178 | | | | | — | | | | | — | | | | | | 11 | | | | | 20,374 | | | | | 4 | | | | | 19,322 | | | | | 1 | | | | | 11,178 | | | | | — | | | | | — | | | ||||||||||||||||
Company & enterprise mgmt. | | | | 8 | | | | | 19,122 | | | | | 1 | | | | | 3,353 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 8 | | | | | 19,122 | | | | | 1 | | | | | 3,353 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Wholesale trade | | | | 14 | | | | | 13,786 | | | | | 1 | | | | | 43 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 14 | | | | | 13,786 | | | | | 1 | | | | | 43 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Manufacturing | | | | 17 | | | | | 6,504 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 17 | | | | | 6,504 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Hotel/motel | | | | 7 | | | | | 7,997 | | | | | 1 | | | | | 912 | | | | | 3 | | | | | 7,593 | | | | | 3 | | | | | 7,588 | | | | | | 7 | | | | | 7,997 | | | | | 1 | | | | | 912 | | | | | 3 | | | | | 7,593 | | | | | 3 | | | | | 7,588 | | | ||||||||||||||||
Professional | | | | 9 | | | | | 2,871 | | | | | 1 | | | | | 145 | | | | | — | | | | | — | | | | | 2 | | | | | 52 | | | | | | 9 | | | | | 2,871 | | | | | 1 | | | | | 145 | | | | | — | | | | | — | | | | | 2 | | | | | 52 | | | ||||||||||||||||
Finance & insurance | | | | 1 | | | | | 54 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 1 | | | | | 54 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Contractors | | | | 14 | | | | | 6,891 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 14 | | | | | 6,891 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Educational & childcare | | | | 3 | | | | | 4,185 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 3 | | | | | 4,185 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Administration management.. | | | | 5 | | | | | 8,757 | | | | | 2 | | | | | 7,764 | | | | | 2 | | | | | 6,884 | | | | | 2 | | | | | 6,882 | | | | | | 5 | | | | | 8,757 | | | | | 2 | | | | | 7,764 | | | | | 2 | | | | | 6,884 | | | | | 2 | | | | | 6,882 | | | ||||||||||||||||
Food services | | | | 11 | | | | | 10,597 | | | | | 1 | | | | | 6,495 | | | | | 1 | | | | | 443 | | | | | 3 | | | | | 650 | | | | | | 11 | | | | | 10,597 | | | | | 1 | | | | | 6,495 | | | | | 1 | | | | | 443 | | | | | 3 | | | | | 650 | | | ||||||||||||||||
Art, entertainment & recreation | | | | 3 | | | | | 2,992 | | | | | 2 | | | | | 2,931 | | | | | 1 | | | | | 2,878 | | | | | 1 | | | | | 2,878 | | | | | | 3 | | | | | 2,992 | | | | | 2 | | | | | 2,931 | | | | | 1 | | | | | 2,878 | | | | | 1 | | | | | 2,878 | | | ||||||||||||||||
Transportation & warehouse | | | | 6 | | | | $ | 1,400 | | | | | 3 | | | | $ | 1,307 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 6 | | | | | 1,400 | | | | | 3 | | | | | 1,307 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
Residential real estate & other | | | | 57 | | | | $ | 24,328 | | | | | 9 | | | | $ | 2,149 | | | | | 3 | | | | | 3,520 | | | | | — | | | | | — | | | | | | 57 | | | | | 24,328 | | | | | 9 | | | | | 2,149 | | | | | 3 | | | | | 3,520 | | | | | — | | | | | — | | | ||||||||||||||||
Total deferred | | | | 411 | | | | $ | 310,352 | | | | | 99 | | | | $ | 111,344 | | | | | 29 | | | | $ | 48,769 | | | | | 22 | | | | $ | 32,211 | | | | | | 411 | | | | $ | 310,352 | | | | | 99 | | | | $ | 111,344 | | | | | 29 | | | | $ | 48,769 | | | | | 22 | | | | $ | 32,211 | | | ||||||||||||||||
Unpaid principal balance of total loans | | | | | | | | $ | 1,052,726 | | | | | | | | | $ | 1,081,961 | | | | | | | | | $ | 1,155,659 | | | | | | | | | $ | 1,235,737 | | | | | | | | | | $ | 1,052,726 | | | | | | | | | $ | 1,081,961 | | | | | | | | | $ | 1,155,659 | | | | | | | | | $ | 1,235,737 | | | ||||||||||||||||
% of loans deferred | | | | | | | | | 29.5% | | | | | | | | | | 10.3% | | | | | | | | | | 4.2% | | | | | | | | | | 2.6% | | | | | | | | | | | 29.5% | | | | | | | | | | 10.3% | | | | | | | | | | 4.2% | | | | | | | | | | 2.6% | | |
| | | | | | | | | | | | | | | | | | | | | Change | | |||||||||||||||||||||
| | | As of March 31, | | | As of December 31, | | | March 31, 2021 vs. December 31, 2020 | | | December 31, 2020 vs. December 31, 2019 | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2019 | | | Amount ($) | | | Percentage (%) | | | Amount ($) | | | Percentage (%) | | |||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||
Assets | | | | | 1,908,754 | | | | | | 1,664,936 | | | | | | 1,229,552 | | | | | | 243,818 | | | | | | 14.6% | | | | | | 435,384 | | | | | | 35.4% | | |
Cash and due from banks | | | | | 253,091 | | | | | | 121,232 | | | | | | 25,112 | | | | | | 131,859 | | | | | | 108.8% | | | | | | 96,120 | | | | | | 382.8% | | |
Loans, net | | | | | 1,215,345 | | | | | | 1,136,566 | | | | | | 879,849 | | | | | | 78,779 | | | | | | 6.9% | | | | | | 256,717 | | | | | | 29.2% | | |
Securities, available for sale | | | | | 359,372 | | | | | | 330,105 | | | | | | 254,915 | | | | | | 29,267 | | | | | | 8.9% | | | | | | 75,190 | | | | | | 29.5% | | |
Deposits | | | | | 1,733,559 | | | | | | 1,489,294 | | | | | | 1,083,132 | | | | | | 244,265 | | | | | | 16.4% | | | | | | 406,162 | | | | | | 37.5% | | |
FHLB advances | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | (5,000) | | | | | | (100.0)% | | |
Subordinated debt and note payable | | | | | 22,340 | | | | | | 22,323 | | | | | | 3,000 | | | | | | 17 | | | | | | 0.1% | | | | | | 19,323 | | | | | | 644.1% | | |
Stockholders’ Equity | | | | | 135,081 | | | | | | 135,423 | | | | | | 122,063 | | | | | | (342) | | | | | | (0.3)% | | | | | | 13,360 | | | | | | 10.9% | | |
| | | | | | | | | | | | | | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||
| | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | | | | $ | 233,636 | | | | | | 18.97% | | | | | $ | 229,175 | | | | | | 19.88% | | | | | $ | 222,111 | | | | | | 24.90% | | | | | $ | 179,542 | | | | | | 24.33% | | |
Commercial real estate | | | | | 709,760 | | | | | | 57.63% | | | | | | 698,130 | | | | | | 60.56% | | | | | | 534,407 | | | | | | 59.90% | | | | | | 457,510 | | | | | | 61.99% | | |
Commercial real estate construction | | | | | 76,570 | | | | | | 6.22% | | | | | | 63,544 | | | | | | 5.51% | | | | | | 56,412 | | | | | | 6.32% | | | | | | 28,863 | | | | | | 3.91% | | |
Residential real estate | | | | | 58,123 | | | | | | 4.72% | | | | | | 57,941 | | | | | | 5.03% | | | | | | 65,290 | | | | | | 7.32% | | | | | | 59,215 | | | | | | 8.02% | | |
Home equity | | | | | 13,197 | | | | | | 1.07% | | | | | | 13,960 | | | | | | 1.21% | | | | | | 11,668 | | | | | | 1.31% | | | | | | 10,641 | | | | | | 1.44% | | |
Consumer | | | | | 18,563 | | | | | | 1.51% | | | | | | 20,114 | | | | | | 1.74% | | | | | | 2,236 | | | | | | 0.25% | | | | | | 2,241 | | | | | | 0.30% | | |
PPP loans | | | | | 121,779 | | | | | | 9.89% | | | | | | 69,874 | | | | | | 6.06% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total loans | | | | | 1,231,628 | | | | | | 100.00% | | | | | | 1,152,738 | | | | | | 100.00% | | | | | | 892,124 | | | | | | 100.00% | | | | | | 738,012 | | | | | | 100.00% | | |
Allowance for loan losses | | | | | 16,283 | | | | | | | | | | | | 16,172 | | | | | | | | | | | | 12,275 | | | | | | | | | | | | 10,663 | | | | | | | | |
Total loans, net | | | | $ | 1,215,345 | | | | | | | | | | | $ | 1,136,566 | | | | | | | | | | | $ | 879,849 | | | | | | | | | | | $ | 727,349 | | | | | | | | |
Time to Reprice/Mature | | | Commercial and Industrial(1) | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
One year or less | | | | $ | 56,099 | | | | | $ | 20,104 | | | | | $ | 58,341 | | | | | $ | 212 | | | | | $ | 2 | | | | | $ | 621 | | | | | $ | 135,378 | | |
More than one year to five years | | | | | 212,096 | | | | | | 109,031 | | | | | | 18,229 | | | | | | 3,684 | | | | | | 155 | | | | | | 3,915 | | | | | | 347,110 | | |
More than five years to fifteen years | | | | | 86,856 | | | | | | 563,160 | | | | | | — | | | | | | 26,003 | | | | | | 1,834 | | | | | | 14,027 | | | | | | 691,880 | | |
After fifteen years | | | | | 364 | | | | | | 17,466 | | | | | | — | | | | | | 28,225 | | | | | | 11,205 | | | | | | — | | | | | | 57,259 | | |
Total | | | | $ | 355,415 | | | | | $ | 709,760 | | | | | $ | 76,570 | | | | | $ | 58,123 | | | | | $ | 13,197 | | | | | $ | 18,563 | | | | | $ | 1,231,628 | | |
| | | Due After March 31, 2022 | | |||||||||||||||
| | | Fixed | | | Adjustable | | | Total | | |||||||||
| | | (In thousands) | | |||||||||||||||
Commercial and industrial(1) | | | | $ | 229,534 | | | | | $ | 72,200 | | | | | $ | 301,734 | | |
Commercial real estate | | | | | 237,172 | | | | | | 452,982 | | | | | | 690,153 | | |
Commercial real estate construction : | | | | | 15,291 | | | | | | 3,002 | | | | | | 18,293 | | |
Residential real estate | | | | | 53,341 | | | | | | 4,911 | | | | | | 58,252 | | |
Home equity | | | | | 283 | | | | | | 12,911 | | | | | | 13,195 | | |
Consumer | | | | | 15,019 | | | | | | 2,923 | | | | | | 17,943 | | |
Total loans | | | | $ | 550,640 | | | | | $ | 548,930 | | | | | $ | 1,099,570 | | |
| | | | | | | | | | | | | | | | | | | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | ||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | | | | $ | 181 | | | | | $ | 173 | | | | | $ | 345 | | | | | $ | 123 | | | | | $ | 201 | | | | | $ | 457 | | | | | $ | 525 | | | | | $ | 118 | | | | | $ | 717 | | | | | $ | 738 | | | | | $ | 117 | | | | | $ | 169 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | 1,345 | | | | | | — | | | | | | — | | | | | | 1,345 | | | | | | 4,149 | | | | | | 183 | | | | | | 959 | | | | | | 1,413 | | | | | | — | | | | | | 1,449 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 597 | | | | | | — | | | | | | 579 | | | | | | 570 | | | | | | — | | | | | | 580 | | | | | | 875 | | | | | | — | | | | | | 416 | | | | | | 896 | | | | | | 504 | | | | | | 115 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 125 | | | | | | 59 | | | | | | 51 | | | | | | 1,098 | | | | | | 47 | | | | | | 98 | | |
Consumer | | | | | 210 | | | | | | 293 | | | | | | 93 | | | | | | 132 | | | | | | 272 | | | | | | 61 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | — | | |
Total | | | | $ | 988 | | | | | $ | 466 | | | | | $ | 2,362 | | | | | $ | 825 | | | | | $ | 473 | | | | | $ | 2,443 | | | | | $ | 5,674 | | | | | $ | 360 | | | | | $ | 2,143 | | | | | $ | 4,145 | | | | | $ | 681 | | | | | | 1,831 | | |
| | | | | | | | | | | | | | | | | | | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | 90 Days or More Past Due | | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | | | | | 0.05% | | | | | | 0.05% | | | | | | 0.10% | | | | | | 0.04% | | | | | | 0.07% | | | | | | 0.15% | | | | | | 0.24% | | | | | | 0.05% | | | | | | 0.32% | | | | | | 0.41% | | | | | | 0.07% | | | | | | 0.09% | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | 0.19% | | | | | | — | | | | | | — | | | | | | 0.19% | | | | | | 0.78% | | | | | | 0.03% | | | | | | 0.18% | | | | | | 0.31% | | | | | | — | | | | | | 0.32% | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 1.03% | | | | | | — | | | | | | 1.00% | | | | | | 0.98% | | | | | | — | | | | | | 1.00% | | | | | | 1.34% | | | | | | — | | | | | | 0.64% | | | | | | 1.51% | | | | | | 0.85% | | | | | | 0.19% | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1.07% | | | | | | 0.51% | | | | | | 0.44% | | | | | | 10.32% | | | | | | 0.44% | | | | | | 0.92% | | |
Consumer | | | | | 1.13% | | | | | | 1.58% | | | | | | 0.50% | | | | | | 0.66% | | | | | | 1.35% | | | | | | 0.30% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.58% | | | | | | — | | |
Total | | | | | 0.08% | | | | | | 0.04% | | | | | | 0.19% | | | | | | 0.07% | | | | | | 0.04% | | | | | | 0.21% | | | | | | 0.64% | | | | | | 0.04% | | | | | | 0.24% | | | | | | 0.56% | | | | | | 0.09% | | | | | | 0.25% | | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Non-accrual loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | — | | | | | $ | — | | | | | $ | 502 | | | | | $ | 104 | | |
Commercial real estate | | | | | 1,345 | | | | | | 1,345 | | | | | | 959 | | | | | | 1,419 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 655 | | | | | | 657 | | | | | | 88 | | | | | | 204 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | 98 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total non-accrual loans | | | | | 2,000 | | | | | | 2,002 | | | | | | 1,549 | | | | | | 1,825 | | |
Accruing loans 90 days or more past due: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | | 345 | | | | | | 457 | | | | | | 215 | | | | | | 145 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | 30 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 2 | | | | | | 2 | | | | | | 416 | | | | | | 9 | | |
Home equity | | | | | — | | | | | | — | | | | | | 51 | | | | | | — | | |
Consumer | | | | | 93 | | | | | | 61 | | | | | | — | | | | | | — | | |
Total accruing loans 90 days or more past due | | | | | 440 | | | | | | 520 | | | | | | 682 | | | | | | 184 | | |
Total non-performing loans | | | | | 2,440 | | | | | | 2,522 | | | | | | 2,231 | | | | | | 2,009 | | |
Other real estate owned | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other non-performing assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total non-performing assets | | | | $ | 2,440 | | | | | $ | 2,522 | | | | | $ | 2,231 | | | | | | 2,009 | | |
Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-performing loans to total loans | | | | | 0.20% | | | | | | 0.22% | | | | | | 0.25% | | | | | | 0.27% | | |
Total non-performing loans to total assets | | | | | 0.13% | | | | | | 0.15% | | | | | | 0.18% | | | | | | 0.19% | | |
Total non-performing assets to total assets | | | | | 0.13% | | | | | | 0.15% | | | | | | 0.18% | | | | | | 0.27% | | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Classification of Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Substandard | | | | $ | 11,446 | | | | | $ | 11,693 | | | | | $ | 14,021 | | | | | $ | 15,299 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Classified Assets | | | | $ | 11,446 | | | | | $ | 11,693 | | | | | $ | 14,021 | | | | | | 15,299 | | |
Special Mention | | | | $ | 7,133 | | | | | $ | 7,187 | | | | | $ | 5,630 | | | | | | 9,334 | | |
| | | At or for the Three Months Ended March 31, | | | At or For the Years Ended December 31, | | ||||||||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||
Balance at beginning of period | | | | $ | 16,172 | | | | | $ | 12,275 | | | | | $ | 12,275 | | | | | $ | 10,663 | | | | | $ | 8,526 | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | | 16 | | | | | | — | | | | | | 1,239 | | | | | | 352 | | | | | | 232 | | |
Commercial real estate | | | | | 43 | | | | | | — | | | | | | 219 | | | | | | 453 | | | | | | 33 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | — | | | | | | — | | | | | | 51 | | | | | | 41 | | | | | | 52 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 158 | | |
Consumer | | | | | 5 | | | | | | 3 | | | | | | 28 | | | | | | 59 | | | | | | 10 | | |
PPP loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total charge-offs | | | | | 64 | | | | | | 3 | | | | | | 1,537 | | | | | | 906 | | | | | | 485 | | |
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | | 87 | | | | | | 6 | | | | | | 10 | | | | | | 107 | | | | | | 5 | | |
Commercial real estate | | | | | 1 | | | | | | 1 | | | | | | 4 | | | | | | 51 | | | | | | 54 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | — | | | | | | — | | | | | | — | | | | | | 156 | | | | | | 88 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 21 | | | | | | 2 | | | | | | 7 | | | | | | 9 | | | | | | 10 | | |
Total recoveries | | | | | 109 | | | | | | 9 | | | | | | 21 | | | | | | 323 | | | | | | 157 | | |
Net charge-offs (recoveries) | | | | | (45) | | | | | | (6) | | | | | | 1,516 | | | | | | 583 | | | | | | 328 | | |
Provision for loan losses | | | | | 66 | | | | | | 1,200 | | | | | | 5,413 | | | | | | 2,195 | | | | | | 2,465 | | |
Balance at end of period | | | | $ | 16,283 | | | | | $ | 13,481 | | | | | $ | 16,172 | | | | | $ | 12,275 | | | | | | 10,663 | | |
Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans outstanding | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.15% | | | | | | 0.07% | | | | | | 0.05% | | |
Allowance for loan losses to non-performing loans at end of period | | | | | 667.61% | | | | | | 534.55% | | | | | | 641.23% | | | | | | 550.20% | | | | | | 530.76% | | |
Allowance for loan losses to total loans at end of period | | | | | 1.32% | | | | | | 1.44% | | | | | | 1.40% | | | | | | 1.38% | | | | | | 1.44% | | |
Allowance for loan losses to total loans (excluding PPP Loans) at end of period | | | | | 1.47% | | | | | | 1.44% | | | | | | 1.49% | | | | | | 1.38% | | | | | | 1.44% | | |
| | | | | | | | | | | | | | | | | | | | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Amount | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | | Amount | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | | Amount | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | |||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(1) | | | | $ | 5,015 | | | | | | 30.80% | | | | | | 28.86% | | | | | $ | 4,795 | | | | | | 29.65% | | | | | | 25.94% | | | | | $ | 5,107 | | | | | | 41.60% | | | | | | 24.90% | | |
Commercial real estate | | | | | 9,545 | | | | | | 58.62% | | | | | | 57.63% | | | | | | 9,782 | | | | | | 60.49% | | | | | | 60.56% | | | | | | 5,951 | | | | | | 48.48% | | | | | | 59.90% | | |
Commercial real estate construction | | | | | 1,002 | | | | | | 6.15% | | | | | | 6.22% | | | | | | 801 | | | | | | 4.95% | | | | | | 5.51% | | | | | | 713 | | | | | | 5.81% | | | | | | 6.32% | | |
Residential real estate | | | | | 346 | | | | | | 2.12% | | | | | | 4.72% | | | | | | 381 | | | | | | 2.36% | | | | | | 5.03% | | | | | | 384 | | | | | | 3.13% | | | | | | 7.32% | | |
Home equity | | | | | 65 | | | | | | 0.40% | | | | | | 1.07% | | | | | | 77 | | | | | | 0.48% | | | | | | 1.21% | | | | | | 43 | | | | | | 0.35% | | | | | | 1.31% | | |
Consumer | | | | | 310 | | | | | | 1.90% | | | | | | 1.51% | | | | | | 336 | | | | | | 2.08% | | | | | | 1.74% | | | | | | 77 | | | | | | 0.63% | | | | | | 0.25% | | |
Total allocated allowance | | | | | 16,283 | | | | | | 100.00% | | | | | | 100.00% | | | | | | 16,172 | | | | | | 100.00% | | | | | | 100.00% | | | | | | 12,275 | | | | | | 100.00% | | | | | | 100.00% | | |
Unallocated allowance | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total allowance for loan losses | | | | $ | 16,283 | | | | | | 100.00% | | | | | | 100.00% | | | | | $ | 16,172 | | | | | | 100.00% | | | | | | 100.00% | | | | | $ | 12,275 | | | | | | 100.00% | | | | | | 100.00% | | |
| | | At December 31, 2018 | | |||||||||||||||
| | | Amount | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||
Commercial and industrial | | | | $ | 3,883 | | | | | | 36.42% | | | | | | 24.33% | | |
Commercial real estate | | | | | 5,708 | | | | | | 53.53% | | | | | | 61.99% | | |
Commercial real estate construction | | | | | 567 | | | | | | 5.32% | | | | | | 3.91% | | |
Residential real estate | | | | | 353 | | | | | | 3.31% | | | | | | 8.02% | | |
Home equity | | | | | 105 | | | | | | 0.98% | | | | | | 1.44% | | |
Consumer | | | | | 47 | | | | | | 0.44% | | | | | | 0.30% | | |
Total allocated allowance | | | | | 10,663 | | | | | | 100.00% | | | | | | 100.00% | | |
Unallocated allowance | | | | | — | | | | | | — | | | | | | — | | |
Total allowance for loan losses | | | | $ | 10,663 | | | | | | 100.00% | | | | | | 100.00% | | |
| | | | | | | | | | | | | | | At December 31, | | |||||||||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | |||||||||||||||||||||||||||
| | | Amortized Cost | | | Estimated Fair Value | | | Amortized Cost | | | Estimated Fair Value | | | Amortize d Cost | | | Estimated Fair Value | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government agencies | | | | $ | 81,125 | | | | | $ | 80,571 | | | | | $ | 82,409 | | | | | $ | 83,421 | | | | | $ | 84,746 | | | | | $ | 84,289 | | |
Mortgage-backed securities | | | | | 175,979 | | | | | | 176,679 | | | | | | 157,408 | | | | | | 160,784 | | | | | | 158,246 | | | | | | 159,089 | | |
Corporate securities | | | | | 13,098 | | | | | | 13,138 | | | | | | 10,603 | | | | | | 10,627 | | | | | | — | | | | | | — | | |
Municipal securities | | | | | 88,444 | | | | | | 88,984 | | | | | | 73,421 | | | | | | 75,273 | | | | | | 11,367 | | | | | | 11,537 | | |
Total | | | | $ | 358,646 | | | | | $ | 359,372 | | | | | $ | 323,841 | | | | | $ | 330,105 | | | | | $ | 254,359 | | | | | $ | 254,915 | | |
| | | | | | | | | | | | | | | | | | | | | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | At March 31, 2021 | | | 2020 | | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Amount | | | Percent | | | Average Rate | | | Amount | | | Percent | | | Average Rate | | | Amount | | | Percent | | | Average Rate | | | Amount | | | Percent | | | Average Rate | | ||||||||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | | | | $ | 598,493 | | | | | | 34.52% | | | | | | — | | | | | $ | 521,093 | | | | | | 34.99% | | | | | | — | | | | | $ | 335,469 | | | | | | 30.97% | | | | | | — | | | | | $ | 240,432 | | | | | | 26.57% | | | | | | — | | |
Interest-bearing demand deposits | | | | | 276,987 | | | | | | 15.98% | | | | | | 0.13% | | | | | | 236,951 | | | | | | 15.91% | | | | | | 0.15% | | | | | | 166,907 | | | | | | 15.41% | | | | | | 0.22% | | | | | | 159,465 | | | | | | 17.62% | | | | | | 0.10% | | |
Money market deposits | | | | | 599,127 | | | | | | 34.56% | | | | | | 0.31% | | | | | | 483,044 | | | | | | 32.43% | | | | | | 0.36% | | | | | | 368,799 | | | | | | 34.05% | | | | | | 0.87% | | | | | | 294,497 | | | | | | 32.54% | | | | | | 0.47% | | |
Savings deposits | | | | | 168,933 | | | | | | 9.74% | | | | | | 0.10% | | | | | | 157,007 | | | | | | 10.54% | | | | | | 0.12% | | | | | | 123,300 | | | | | | 11.38% | | | | | | 0.25% | | | | | | 111,936 | | | | | | 12.37% | | | | | | 0.14% | | |
Certificates of deposit | | | | | 90,019 | | | | | | 5.19% | | | | | | 0.66% | | | | | | 91,199 | | | | | | 6.12% | | | | | | 0.75% | | | | | | 88,657 | | | | | | 8.19% | | | | | | 1.36% | | | | | | 98,678 | | | | | | 10.90% | | | | | | 1.14% | | |
Total | | | | $ | 1,733,559 | | | | | | 100.00% | | | | | | 0.17% | | | | | $ | 1,489,294 | | | | | | 100.00% | | | | | | 0.20% | | | | | $ | 1,083,132 | | | | | | 100.00% | | | | | | 0.47% | | | | | $ | 905,008 | | | | | | 100.00% | | | | | | 0.31% | | |
| | | At March 31, 2021 | | |||
| | | (In thousands) | | |||
Maturing period: | | | | | | | |
Three months or less | | | | $ | 9,088 | | |
Over three months through six months | | | | | 6,348 | | |
Over six months through twelve months | | | | | 8,296 | | |
Over twelve months | | | | | 635 | | |
Total | | | | $ | 24,367 | | |
| | | For the Three Months Ended March 31, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Average Outstanding Balance | | | Interest | | | Average Yield/Rate(1) | | | Average Outstanding Balance | | | Interest | | | Average Yield/Rate(1) | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (excluding PPP loans) | | | | $ | 1,084,848 | | | | | $ | 12,036 | | | | | | 4.50% | | | | | $ | 915,124 | | | | | $ | 11,002 | | | | | | 4.84% | | |
PPP loans | | | | | 94,479 | | | | | | 1,192 | | | | | | 5.12% | | | | | | — | | | | | | — | | | | | | — | | |
Investment securities available for sale | | | | | 340,682 | | | | | | 1,471 | | | | | | 1.75% | | | | | | 258,327 | | | | | | 1,444 | | | | | | 2.25% | | |
Cash and due from banks and other | | | | | 177,393 | | | | | | 44 | | | | | | 0.10% | | | | | | 58,187 | | | | | | 180 | | | | | | 1.24% | | |
Restricted stock | | | | | 1,520 | | | | | | 19 | | | | | | 5.07% | | | | | | 1,275 | | | | | | 17 | | | | | | 5.36% | | |
Total interest-earning assets | | | | | 1,698,922 | | | | | | 14,762 | | | | | | 3.52% | | | | | | 1,232,913 | | | | | | 12,643 | | | | | | 4.12% | | |
Noninterest-earning assets | | | | | 81,012 | | | | | | | | | | | | | | | | | | 74,808 | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,779,934 | | | | | | | | | | | | | | | | | $ | 1,307,721 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | | | $ | 262,565 | | | | | | 82 | | | | | | 0.13% | | | | | $ | 201,566 | | | | | | 103 | | | | | | 0.21% | | |
Money market deposits | | | | | 539,295 | | | | | | 459 | | | | | | 0.35% | | | | | | 403,892 | | | | | | 775 | | | | | | 0.77% | | |
Savings deposits | | | | | 158,893 | | | | | | 51 | | | | | | 0.13% | | | | | | 124,085 | | | | | | 78 | | | | | | 0.25% | | |
Certificates of deposit | | | | | 90,796 | | | | | | 158 | | | | | | 0.71% | | | | | | 87,996 | | | | | | 281 | | | | | | 1.28% | | |
Total interest-bearing deposits | | | | | 1,051,549 | | | | | | 750 | | | | | | 0.29% | | | | | | 817,539 | | | | | | 1,237 | | | | | | 0.61% | | |
Federal Home Loan Bank advances | | | | | — | | | | | | — | | | | | | — | | | | | | 2,326 | | | | | | 10 | | | | | | 1.77% | | |
Note payable | | | | | 3,000 | | | | | | 42 | | | | | | 5.68% | | | | | | 3,000 | | | | | | 42 | | | | | | 5.62% | | |
Subordinated notes | | | | | 19,335 | | | | | | 230 | | | | | | 4.82% | | | | | | — | | | | | | — | | | | | | — | | |
Total interest-bearing liabilities | | | | | 1,073,885 | | | | | | 1,022 | | | | | | 0.39% | | | | | | 822,865 | | | | | | 1,289 | | | | | | 0.63% | | |
Noninterest-bearing demand deposits | | | | | 552,441 | | | | | | | | | | | | | | | | | | 345,146 | | | | | | | | | | | | | | |
Other noninterest-bearing liabilities | | | | | 19,057 | | | | | | | | | | | | | | | | | | 16,867 | | | | | | | | | | | | | | |
Total liabilities | | | | | 1,645,382 | | | | | | | | | | | | | | | | | | 1,184,879 | | | | | | | | | | | | | | |
Total stockholders’ equity | | | | | 134,552 | | | | | | | | | | | | | | | | | | 122,842 | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | | | $ | 1,779,934 | | | | | | | | | | | | | | | | | $ | 1,307,721 | | | | | | | | | | | | | | |
Net interest income | | | | | | | | | | $ | 13,740 | | | | | | | | | | | | | | | | | $ | 11,354 | | | | | | | | |
Net interest rate spread(2) | | | | | | | | | | | | | | | | | 3.13% | | | | | | | | | | | | | | | | | | 3.49% | | |
Net interest-earning assets(3) | | | | $ | 625,017 | | | | | | | | | | | | | | | | | $ | 409,684 | | | | | | | | | | | | | | |
Net interest margin(4) | | | | | | | | | | | | | | | | | 3.28% | | | | | | | | | | | | | | | | | | 3.69% | | |
Average interest-earning assets to interest-bearing liabilities | | | | | 158.2% | | | | | | | | | | | | | | | | | | 149.8% | | | | | | | | | | | | | | |
| | | For the Year Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
| | | Average Outstanding Balance | | | Interest | | | Average Yield/Rate | | | Average Outstanding Balance | | | Interest | | | Average Yield/Rate | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (excluding PPP loans) | | | | $ | 963,333 | | | | | $ | 45,488 | | | | | | 4.72% | | | | | $ | 819,205 | | | | | $ | 40,803 | | | | | | 4.98% | | |
PPP loans | | | | | 59,205 | | | | | | 2,034 | | | | | | 3.44% | | | | | | — | | | | | | — | | | | | | — | | |
Investment securities available for sale | | | | | 295,303 | | | | | | 5,575 | | | | | | 1.89% | | | | | | 254,388 | | | | | | 6,373 | | | | | | 2.51% | | |
Cash and due from banks and other | | | | | 132,840 | | | | | | 294 | | | | | | 0.22% | | | | | | 40,677 | | | | | | 853 | | | | | | 2.10% | | |
Restricted stock | | | | | 1,405 | | | | | | 70 | | | | | | 4.98% | | | | | | 1,436 | | | | | | 92 | | | | | | 6.41% | | |
Total interest-earning assets | | | | | 1,452,086 | | | | | | 53,461 | | | | | | 3.68% | | | | | | 1,115,705 | | | | | | 48,121 | | | | | | 4.31% | | |
Noninterest-earning assets | | | | | 75,141 | | | | | | | | | | | | | | | | | | 68,602 | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,527,227 | | | | | | | | | | | | | | | | | $ | 1,184,308 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | | | $ | 214,012 | | | | | | 414 | | | | | | 0.19% | | | | | $ | 181,446 | | | | | | 300 | | | | | | 0.17% | | |
Money market deposits | | | | | 480,149 | | | | | | 2,709 | | | | | | 0.56% | | | | | | 346,776 | | | | | | 2,687 | | | | | | 0.77% | | |
Savings deposits | | | | | 137,906 | | | | | | 266 | | | | | | 0.19% | | | | | | 126,056 | | | | | | 304 | | | | | | 0.24% | | |
Certificates of deposit | | | | | 90,232 | | | | | | 917 | | | | | | 1.02% | | | | | | 92,878 | | | | | | 1,221 | | | | | | 1.31% | | |
Total interest-bearing deposits | | | | | 922,299 | | | | | | 4,306 | | | | | | 0.47% | | | | | | 747,155 | | | | | | 4,512 | | | | | | 0.60% | | |
Federal Home Loan Bank advances | | | | | 578 | | | | | | 10 | | | | | | 1.73% | | | | | | 8,506 | | | | | | 147 | | | | | | 1.73% | | |
Note payable | | | | | 3,000 | | | | | | 160 | | | | | | 5.33% | | | | | | 3,028 | | | | | | 181 | | | | | | 5.98% | | |
Subordinated notes | | | | | 4,918 | | | | | | 246 | | | | | | 5.00% | | | | | | — | | | | | | — | | | | | | — | | |
Total interest-bearing liabilities | | | | | 930,796 | | | | | | 4,722 | | | | | | 0.51% | | | | | | 758,689 | | | | | | 4,840 | | | | | | 0.64% | | |
Noninterest-bearing demand deposits | | | | | 449,454 | | | | | | | | | | | | | | | | | | 296,360 | | | | | | | | | | | | | | |
Other noninterest-bearing liabilities | | | | | 17,469 | | | | | | | | | | | | | | | | | | 13,787 | | | | | | | | | | | | | | |
Total liabilities | | | | | 1,397,718 | | | | | | | | | | | | | | | | | | 1,068,836 | | | | | | | | | | | | | | |
Total stockholders’ equity | | | | | 129,509 | | | | | | | | | | | | | | | | | | 115,472 | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | | | $ | 1,527,227 | | | | | | | | | | | | | | | | | $ | 1,184,308 | | | | | | | | | | | | | | |
Net interest income | | | | | | | | | | $ | 48,739 | | | | | | | | | | | | | | | | | $ | 43,281 | | | | | | | | |
Net interest rate spread(1) | | | | | | | | | | | | | | | | | 3.17% | | | | | | | | | | | | | | | | | | 3.67% | | |
Net interest-earning assets(2) | | | | $ | 514,733 | | | | | | | | | | | | | | | | | $ | 357,409 | | | | | | | | | | | | | | |
Net interest margin(3) | | | | | | | | | | | | | | | | | 3.36% | | | | | | | | | | | | | | | | | | 3.88% | | |
Average interest-earning assets to interest-bearing liabilities | | | | | 156.0% | | | | | | | | | | | | | | | | | | 147.1% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, 2021 vs. 2020 | | | Year Ended December 31, 2020 vs. 2019 | | ||||||||||||||||||||||||||||||
| | | Increase (Decrease) Due to | | | Total Increase (Decrease) | | | Increase (Decrease) Due to | | | Total Increase (Decrease) | | ||||||||||||||||||||||||
| | | Volume | | | Rate | | | Volume | | | Rate | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (excluding PPP loans) | | | | $ | 1,871 | | | | | $ | (837) | | | | | $ | 1,034 | | | | | $ | 6,891 | | | | | $ | (2,206) | | | | | $ | 4,685 | | |
PPP loans | | | | | 1,192 | | | | | | — | | | | | | 1,192 | | | | | | 2,034 | | | | | | — | | | | | | 2,034 | | |
Investment securities available for sale | | | | | 394 | | | | | | (367) | | | | | | 27 | | | | | | 925 | | | | | | (1,723) | | | | | | (798) | | |
Cash and due from banks | | | | | 136 | | | | | | (272) | | | | | | (136) | | | | | | 693 | | | | | | (1,252) | | | | | | (559) | | |
Other | | | | | 3 | | | | | | (1) | | | | | | 2 | | | | | | (2) | | | | | | (20) | | | | | | (22) | | |
Total interest-earning assets | | | | | 3,596 | | | | | | (1,477) | | | | | | 2,119 | | | | | | 10,541 | | | | | | (5,201) | | | | | | 5,340 | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | | | | | 26 | | | | | | (47) | | | | | | (21) | | | | | | 59 | | | | | | 55 | | | | | | 114 | | |
Money market deposits | | | | | 204 | | | | | | (520) | | | | | | (316) | | | | | | 869 | | | | | | (847) | | | | | | 22 | | |
Savings deposits | | | | | 18 | | | | | | (45) | | | | | | (27) | | | | | | 26 | | | | | | (64) | | | | | | (38) | | |
Certificates of deposit | | | | | 8 | | | | | | (131) | | | | | | (123) | | | | | | (34) | | | | | | (270) | | | | | | (304) | | |
Total interest-bearing deposits | | | | | 256 | | | | | | (743) | | | | | | (487) | | | | | | 920 | | | | | | (1,126) | | | | | | (206) | | |
Federal Home Loan Bank advances | | | | | (10) | | | | | | — | | | | | | (10) | | | | | | (141) | | | | | | 3 | | | | | | (137) | | |
Note payable | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | (19) | | | | | | (21) | | |
Subordinated notes | | | | | 230 | | | | | | — | | | | | | 230 | | | | | | 246 | | | | | | — | | | | | | 246 | | |
Total interest-bearing liabilities | | | | | 477 | | | | | | (743) | | | | | | (267) | | | | | | 1,024 | | | | | | (1,141) | | | | | | (118) | | |
Change in net interest income | | | | $ | 3,120 | | | | | $ | (734) | | | | | $ | 2,386 | | | | | $ | 9,517 | | | | | $ | (4,060) | | | | | $ | 5,458 | | |
| | | Three Months Ended March 31, | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Change | | |||||||||
| | | 2021 | | | 2020 | | | Amount | | | Percentage | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Interest income | | | | $ | 14,762 | | | | | $ | 12,643 | | | | | $ | 2,119 | | | | | | 16.8% | | |
Interest expense | | | | | 1,022 | | | | | | 1,289 | | | | | | (267) | | | | | | (20.7)% | | |
Net interest income | | | | | 13,740 | | | | | | 11,354 | | | | | | 2,386 | | | | | | 21.0% | | |
Provision for loan losses | | | | | 66 | | | | | | 1,200 | | | | | | (1,134) | | | | | | (94.5)% | | |
Noninterest income | | | | | 2,892 | | | | | | 2,541 | | | | | | 351 | | | | | | 13.8% | | |
Noninterest expense | | | | | 10,316 | | | | | | 9,591 | | | | | | 725 | | | | | | 7.6% | | |
Provision for income taxes | | | | | 1,225 | | | | | | 628 | | | | | | 597 | | | | | | 95.1% | | |
Net income | | | | $ | 5,025 | | | | | $ | 2,476 | | | | | $ | 2,549 | | | | | | 102.9% | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | Amount | | | Percent | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Service charges on deposit accounts | | | | $ | 175 | | | | | $ | 208 | | | | | $ | (33) | | | | | | (15.9)% | | |
Trust income | | | | | 1,124 | | | | | | 1,038 | | | | | | 86 | | | | | | 8.3% | | |
Investment advisory income | | | | | 1,176 | | | | | | 901 | | | | | | 275 | | | | | | 30.5% | | |
Earnings on BOLI | | | | | 171 | | | | | | 165 | | | | | | 6 | | | | | | 3.6% | | |
Other | | | | | 246 | | | | | | 229 | | | | | | 17 | | | | | | 7.4% | | |
Total noninterest income | | | | $ | 2,892 | | | | | $ | 2,541 | | | | | $ | 351 | | | | | | 13.8% | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | Amount | | | Percent | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Salaries | | | | $ | 4,547 | | | | | $ | 4,185 | | | | | $ | 362 | | | | | | 8.6% | | |
Employee benefits | | | | | 1,126 | | | | | | 1,148 | | | | | | (22) | | | | | | (1.9)% | | |
Occupancy expense | | | | | 965 | | | | | | 938 | | | | | | 27 | | | | | | 2.9% | | |
Professional fees | | | | | 907 | | | | | | 584 | | | | | | 323 | | | | | | 55.3% | | |
Directors’ fees and expenses | | | | | 242 | | | | | | 293 | | | | | | (51) | | | | | | (17.4)% | | |
Computer software expense | | | | | 1,058 | | | | | | 794 | | | | | | 264 | | | | | | 33.2% | | |
FDIC assessment | | | | | 289 | | | | | | 169 | | | | | | 120 | | | | | | 71.0% | | |
Advertising expenses | | | | | 283 | | | | | | 314 | | | | | | (31) | | | | | | (9.9)% | | |
Advisor expenses related to trust income | | | | | 121 | | | | | | 155 | | | | | | (34) | | | | | | (21.9)% | | |
Telephone expenses | | | | | 133 | | | | | | 128 | | | | | | 5 | | | | | | 3.9% | | |
Intangible amortization | | | | | 71 | | | | | | 71 | | | | | | — | | | | | | — | | |
Other | | | | | 574 | | | | | | 812 | | | | | | (238) | | | | | | (29.3)% | | |
Total noninterest expense | | | | $ | 10,316 | | | | | $ | 9,591 | | | | | $ | 725 | | | | | | 7.6% | | |
| | | Year Ended December 31, | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Change | | |||||||||
| | | 2020 | | | 2019 | | | Amount | | | Percentage | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Interest income | | | | $ | 53,461 | | | | | $ | 48,121 | | | | | $ | 5,340 | | | | | | 11.1% | | |
Interest expense | | | | | 4,722 | | | | | | 4,840 | | | | | | (118) | | | | | | (2.4)% | | |
Net interest income | | | | | 48,739 | | | | | | 43,281 | | | | | | 5,458 | | | | | | 12.6% | | |
Provision for loan losses | | | | | 5,413 | | | | | | 2,195 | | | | | | 3,218 | | | | | | 146.6% | | |
Noninterest income | | | | | 11,423 | | | | | | 9,814 | | | | | | 1,609 | | | | | | 16.4% | | |
Noninterest expense | | | | | 40,231 | | | | | | 36,491 | | | | | | 3,740 | | | | | | 10.2% | | |
Provision for income taxes | | | | | 2,839 | | | | | | 2,928 | | | | | | (89) | | | | | | (3.0)% | | |
Net income | | | | $ | 11,679 | | | | | $ | 11,481 | | | | | $ | 198 | | | | | | 1.7% | | |
| | | Years Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | Amount | | | Percent | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Service charges on deposit accounts | | | | $ | 682 | | | | | $ | 921 | | | | | $ | (239) | | | | | | (26.0)% | | |
Trust income | | | | | 4,074 | | | | | | 3,531 | | | | | | 543 | | | | | | 15.4% | | |
Investment advisory income | | | | | 4,105 | | | | | | 3,927 | | | | | | 178 | | | | | | 4.5% | | |
Investment securities gains (losses) | | | | | 804 | | | | | | (219) | | | | | | 1,023 | | | | | | 467.1% | | |
Earnings on BOLI | | | | | 702 | | | | | | 690 | | | | | | 12 | | | | | | 1.7% | | |
Other | | | | | 1,056 | | | | | | 964 | | | | | | 92 | | | | | | 9.5% | | |
Total noninterest income | | | | $ | 11,423 | | | | | $ | 9,814 | | | | | $ | 1,609 | | | | | | 16.4% | | |
| | | Years Ended December 31, | | | Change | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | Amount | | | Percent | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Salaries | | | | $ | 17,788 | | | | | $ | 16,407 | | | | | $ | 1,381 | | | | | | 8.4% | | |
Employee benefits | | | | | 4,163 | | | | | | 4,128 | | | | | | 35 | | | | | | 0.8% | | |
Occupancy expense | | | | | 3,744 | | | | | | 3,523 | | | | | | 221 | | | | | | 6.3% | | |
Professional fees | | | | | 3,318 | | | | | | 2,342 | | | | | | 976 | | | | | | 41.7% | | |
Directors’ fees and expenses | | | | | 1,088 | | | | | | 1,108 | | | | | | (20) | | | | | | (1.8)% | | |
Computer software expense | | | | | 4,038 | | | | | | 3,133 | | | | | | 905 | | | | | | 28.9% | | |
FDIC assessment | | | | | 910 | | | | | | 370 | | | | | | 540 | | | | | | 145.9% | | |
Advertising expenses | | | | | 1,191 | | | | | | 1,177 | | | | | | 14 | | | | | | 1.2% | | |
Advisor expenses related to trust income | | | | | 455 | | | | | | 377 | | | | | | 78 | | | | | | 20.7% | | |
Telephone expenses | | | | | 552 | | | | | | 459 | | | | | | 93 | | | | | | 20.3% | | |
Intangible amortization | | | | | 286 | | | | | | 286 | | | | | | — | | | | | | — | | |
Other | | | | | 2,698 | | | | | | 3,181 | | | | | | (483) | | | | | | (15.2)% | | |
Total noninterest expense | | | | $ | 40,231 | | | | | $ | 36,491 | | | | | $ | 3,740 | | | | | | 10.2% | | |
| | | At or For the Three Months Ended March 31, | | |||||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Banking | | | Wealth Management | | | Total Segments | | | Banking | | | Wealth Management | | | Total Segments | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Net Interest Income | | | | $ | 13,740 | | | | | $ | — | | | | | $ | 13,740 | | | | | $ | 11,354 | | | | | $ | — | | | | | $ | 11,354 | | |
Noninterest income | | | | | 592 | | | | | | 2,300 | | | | | | 2,892 | | | | | | 602 | | | | | | 1,939 | | | | | | 2,541 | | |
Provision for loan losses | | | | | (66) | | | | | | — | | | | | | (66) | | | | | | (1,200) | | | | | | — | | | | | | (1,200) | | |
Noninterest expenses | | | | | (8,672) | | | | | | (1,644) | | | | | | (10,316) | | | | | | (8,084) | | | | | | (1,507) | | | | | | (9,591) | | |
Income tax expense | | | | | (1,087) | | | | | | (138) | | | | | | (1,225) | | | | | | (537) | | | | | | (91) | | | | | | (628) | | |
Net income | | | | $ | 4,507 | | | | | $ | 518 | | | | | $ | 5,025 | | | | | $ | 2,135 | | | | | $ | 341 | | | | | $ | 2,476 | | |
Assets under management and/or administration (AUM) (market value) | | | | $ | — | | | | | $ | 1,230,150 | | | | | $ | 1,230,150 | | | | | $ | — | | | | | $ | 956,591 | | | | | $ | 956,591 | | |
Total assets | | | | | 1,900,373 | | | | | | 8,381 | | | | | | 1,908,754 | | | | | | 1,656,974 | | | | | | 7,962 | | | | | | 1,664,936 | | |
| | | At or For the Year Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
| | | Banking | | | Wealth Management | | | Total Segments | | | Banking | | | Wealth Management | | | Total Segments | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Net Interest Income | | | | $ | 48,739 | | | | | $ | — | | | | | $ | 48,739 | | | | | $ | 43,281 | | | | | $ | — | | | | | $ | 43,281 | | |
Other non-interest income | | | | | 3,365 | | | | | | 8,058 | | | | | | 11,423 | | | | | | 2,009 | | | | | | 7,805 | | | | | | 9,814 | | |
Provision for loan losses | | | | | (5,413) | | | | | | — | | | | | | (5,413) | | | | | | (2,195) | | | | | | — | | | | | | (2,195) | | |
Noninterest expenses | | | | | (33,838) | | | | | | (6,393) | | | | | | (40,231) | | | | | | (31,104) | | | | | | (5,387) | | | | | | (36,491) | | |
Income tax expense | | | | | (2,510) | | | | | | (329) | | | | | | (2,839) | | | | | | (2,601) | | | | | | (327) | | | | | | (2,928) | | |
Net income | | | | $ | 10,343 | | | | | $ | 1,336 | | | | | $ | 11,679 | | | | | $ | 9,390 | | | | | $ | 2,091 | | | | | $ | 11,481 | | |
Assets under management and/or administration (AUM) (market value) | | | | $ | — | | | | | $ | 1,189,119 | | | | | $ | 1,189,119 | | | | | $ | — | | | | | $ | 1,102,794 | | | | | $ | 1,102,794 | | |
Total assets | | | | | 1,656,517 | | | | | | 8,419 | | | | | | 1,664,936 | | | | | | 1,221,397 | | | | | | 8,155 | | | | | | 1,229,552 | | |
| | | At March 31, 2021 | | |||||||||||||||
| | | Change in Interest Rates (basis points)(1) | | | Net Interest Income Year 1 Forecast | | | Year 1 Change from Level | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||
| | | | | +400 | | | | | $ | 62,650 | | | | | | 12.2% | | |
| | | | | +300 | | | | | | 60,888 | | | | | | 9.0% | | |
| | | | | +200 | | | | | | 59,072 | | | | | | 5.8% | | |
| | | | | +100 | | | | | | 57,447 | | | | | | 2.8% | | |
| | | | | Level | | | | | | 55,860 | | | | | | — | | |
| | | | | -100 | | | | | | 54,775 | | | | | | (1.9)% | | |
At March 31, 2021 | | | ||||||||||||||||||||||||||||||||||||||
| | | | | | | | | Estimated Increase (Decrease) in EVE | | | EVE as a Percentage of Present Value of Assets(3) | | | Present Value of Assets | | | |||||||||||||||||||||||
Change in Interest Rates (basis points)(1) | | | Estimated EVE(2) | | | Amount | | | Percent | | | EVE Ratio(4) | | | Increase (Decrease) (basis points) | | | Amount | | | ||||||||||||||||||||
(Dollars in thousands) | | | ||||||||||||||||||||||||||||||||||||||
+400 | | | | $ | 312,302 | | | | | $ | 9,024 | | | | | | 3.0% | | | | | | 17.9% | | | | | | 21 | | | | | $ | 1,741,479 | | | | ||
+300 | | | | | 313,364 | | | | | | 10,086 | | | | | | 3.3% | | | | | | 17.6% | | | | | | 17 | | | | | | 1,781,330 | | | | ||
+200 | | | | | 312,705 | | | | | | 9,427 | | | | | | 3.1% | | | | | | 17.2% | | | | | | 13 | | | | | | 1,823,050 | | | | ||
+100 | | | | | 311,524 | | | | | | 8,246 | | | | | | 2.7% | | | | | | 16.7% | | | | | | 8 | | | | | | 1,868,379 | | | | ||
— | | | | | 303,278 | | | | | | — | | | | | | —% | | | | | | 15.9% | | | | | | — | | | | | | 1,911,125 | | | | ||
-100 | | | | | 260,606 | | | | | | (42,672) | | | | | | (14.1)% | | | | | | 13.5% | | | | | | (24) | | | | | | 1,937,303 | | | | | |
| | | |
Announcement Date | | | Acquiror Name | | | Acquiror State | | | Target Name | | | Target State | | | Target County | |
6/29/2021 | | | Valley National Bancorp | | | NY | | | The Westchester Bank Holding Corporation | | | NY | | | Westchester | |
6/16/2021 | | | Rhodium BA Holdings LLC | | | NY | | | Sunnyside Bancorp Inc. | | | NY | | | Westchester | |
4/19/2021 | | | Webster Financial Corp. | | | CT | | | Sterling Bancorp | | | NY | | | Rockland | |
7/12/2018 | | | ConnectOne Bancorp, Inc. | | | NJ | | | Greater Hudson Bank | | | NY | | | Rockland | |
Announcement Date | | | Acquiror Name | | | Acquiror State | | | Target Name | | | Target State | | | Target County | |
12/16/2016 | | | Wallkill Valley FS&LA | | | NY | | | Hometown Bancorp Inc (MHC) | | | NY | | | Orange | |
11/5/2014 | | | Sterling Bancorp | | | NY | | | Hudson Valley Holding Corp. | | | NY | | | Westchester | |
9/25/2014 | | | Putnam County SB | | | NY | | | CMS Bancorp Inc. | | | NY | | | Westchester | |
| | | At March 31, 2021 | | |||||||||||||||
| | | Amount | | | Percent | | | Avg Loan Size | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||
Commercial and industrial | | | | $ | 233,636 | | | | | | 18.97% | | | | | $ | 185 | | |
Commercial real estate | | | | | 709,760 | | | | | | 57.63% | | | | | | 1,094 | | |
Commercial real estate construction | | | | | 76,570 | | | | | | 6.22% | | | | | | 3,190 | | |
Residential real estate | | | | | 58,123 | | | | | | 4.72% | | | | | | 194 | | |
Home equity | | | | | 13,197 | | | | | | 1.07% | | | | | | 54 | | |
Consumer | | | | | 18,563 | | | | | | 1.51% | | | | | | 21 | | |
PPP loans | | | | | 121,779 | | | | | | 9.89% | | | | | | 156 | | |
Total loans | | | | | 1,231,628 | | | | | | 100.00% | | | | | | 297 | | |
Allowance for loan losses | | | | | 16,283 | | | | | | | | | | | | | | |
Total loans, net | | | | $ | 1,215,345 | | | | | | | | | | | | | | |
| | Number of Loans | | Total Commitment | | Outstanding Balance | | | Number of Loans | | Total Commitment | | Outstanding Balance | | ||||||||||||||||||||||||
| | (Dollars in Thousands) | | | (Dollars in Thousands) | | ||||||||||||||||||||||||||||||||
Relationship 1(a) | | | | 8 | | | | $ | 21,918 | | | | $ | 15,342 | | | | | | 8 | | | | $ | 21,918 | | | | $ | 15,342 | | | ||||||
Relationship 2(b) | | | | 5 | | | | | 16,552 | | | | | 13,552 | | | | | | 5 | | | | | 16,552 | | | | | 13,552 | | | ||||||
Relationship 3 | | | | 3 | | | | | 15,970 | | | | | 13,870 | | | | | | 3 | | | | | 15,970 | | | | | 13,870 | | | ||||||
Relationship 4(c) | | | | 5 | | | | | 15,639 | | | | | 15,638 | | | | | | 5 | | | | | 15,639 | | | | | 15,638 | | | ||||||
Relationship 5 | | | | 15 | | | | | 15,261 | | | | | 14,181 | | | | | | 15 | | | | | 15,261 | | | | | 14,181 | | | ||||||
Relationship 6 | | | | 4 | | | | | 14,463 | | | | | 14,463 | | | | | | 1 | | | | | 15,000 | | | | | 15,000 | | | ||||||
Relationship 7 | | | | 21 | | | | | 14,371 | | | | | 14,049 | | | | | | 4 | | | | | 14,463 | | | | | 14,463 | | | ||||||
Relationship 8 | | | | 7 | | | | | 14,128 | | | | | 14,126 | | | | | | 21 | | | | | 14,371 | | | | | 14,049 | | | ||||||
Relationship 9 | | | | 1 | | | | | 12,412 | | | | | 12,412 | | | | | | 7 | | | | | 14,128 | | | | | 14,126 | | | ||||||
Relationship 10 | | | | 7 | | | | | 12,341 | | | | | 12,341 | | | | | | 1 | | | | | 12,412 | | | | | 12,412 | | | ||||||
Top 10 Relationship Total | | | | 76 | | | | $ | 153,055 | | | | $ | 139,974 | | | | | | 70 | | | | $ | 155,715 | | | | $ | 142,634 | | |
| | | At or For The Three Months Ended March 31, 2021 | | |||||||||||||||
| | | Amount | | | Percent | | | Average Rate | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||
Noninterest-bearing demand accounts | | | | $ | 598,493 | | | | | | 34.52% | | | | | | 0.00% | | |
Interest bearing demand accounts | | | | | 276,987 | | | | | | 15.98% | | | | | | 0.13% | | |
Money market accounts | | | | | 599,127 | | | | | | 34.56% | | | | | | 0.31% | | |
Savings accounts | | | | | 168,933 | | | | | | 9.74% | | | | | | 0.10% | | |
Certificates of Deposit | | | | | 90,019 | | | | | | 5.19% | | | | | | 0.66% | | |
Total | | | | $ | 1,733,559 | | | | | | 100.00% | | | | | | 0.16% | | |
Name | | | Position(s) With the Company | | | Age at March 31, 2021 | | | Director Since(1) | | | Expiration of Term | | |||||||||
Louis Heimbach | | | Chairman | | | | | 87 | | | | | | 1990 | | | | | | 2024 | | |
Michael J. Gilfeather | | | President, CEO and Director | | | | | 63 | | | | | | 2014 | | | | | | 2023 | | |
Gregory F. Holcombe | | | Director | | | | | 60 | | | | | | 2017 | | | | | | 2024 | | |
Susan G. Metzger | | | Director | | | | | 76 | | | | | | 2007 | | | | | | 2023 | | |
William D. Morrison | | | Director | | | | | 66 | | | | | | 2004 | | | | | | 2022 | | |
Virginia K. Rizzo | | | Director | | | | | 77 | | | | | | 2003 | | | | | | 2022 | | |
Jonathan F. Rouis | | | Director | | | | | 50 | | | | | | 2018 | | | | | | 2022 | | |
Richard B. Rowley | | | Director | | | | | 67 | | | | | | 2009 | | | | | | 2023 | | |
Terry R. Saturno | | | Director | | | | | 70 | | | | | | 2004 | | | | | | 2024 | | |
Gustave J. Scacco | | | Director | | | | | 59 | | | | | | 2018 | | | | | | 2022 | | |
Name | | | Position(s) With the Company or Bank | | | Age at March 31, 2021 | | |||
Michael J. Gilfeather | | | President, Chief Executive Officer and Director | | | | | 63 | | |
Robert L. Peacock | | | Senior Executive Vice President and Chief Financial Officer | | | | | 65 | | |
Michael J. Coulter | | | Executive Vice President and Chief Lending Officer | | | | | 64 | | |
Joseph A. Ruhl | | | Regional President, Westchester County | | | | | 56 | | |
Gregory Sousa | | | Executive Vice President and Chief Commercial Banking Officer | | | | | 42 | | |
Michael Listner | | | Senior Vice President and Chief Credit Officer | | | | | 43 | | |
Frank Skuthan | | | Senior Vice President, Director of Trust Services | | | | | 67 | | |
Summary Compensation Table | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Stock Awards ($)(2) | | | Option Awards ($) | | | Non-Equity Incentive Plan Compensation ($) | | | Nonqualified Deferred Comp Earnings ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||||||||
Michael J. Gilfeather President, Chief Executive Officer and Director | | | | | 2020 | | | | | | 440,000 | | | | | | ― | | | | | | 110,000 | | | | | | ― | | | | | | 220,000 | | | | | | 8,497 | | | | | | 113,161 | | | | | | 891,658 | | |
Joseph A. Ruhl Executive Vice President and Regional President | | | | | 2020 | | | | | | 300,000 | | | | | | 5,000 | | | | | | 48,000 | | | | | | ― | | | | | | 130,000 | | | | | | 12,514 | | | | | | 78,606 | | | | | | 574,120 | | |
John P. Bartolotta Former Executive Vice President and Regional President(1) | | | | | 2020 | | | | | | 300,000 | | | | | | ― | | | | | | 48,000 | | | | | | ― | | | | | | 122,000 | | | | | | 12,514 | | | | | | 82,775 | | | | | | 565,289 | | |
Officer | | | Perquisites ($)(a) | | | Life Insurance ($)(b) | | | KSOP ($)(c) | | | SERP ($)(d) | | | Total ($) | | |||||||||||||||
Michael J. Gilfeather | | | | | 18,000 | | | | | | 2,386 | | | | | | 32,775 | | | | | | 60,000 | | | | | | 113,161 | | |
Joseph A. Ruhl | | | | | — | | | | | | ― | | | | | | 28,606 | | | | | | 50,000 | | | | | | 78,606 | | |
John P. Bartolotta | | | | | — | | | | | | ― | | | | | | 32,775 | | | | | | 50,000 | | | | | | 82,775 | | |
| | | Number of securities to be issued upon exercise of outstanding options and rights | | | Weighted average option exercise price | | | Number of securities remaining available for issuance under plan | | |||||||||
2019 Equity Incentive Plan | | | | | — | | | | | $ | — | | | | | | 107,745 | | |
| | | | | | | | | Stock Awards | | |||||||||
Name | | | Grant Date | | | Number of shares of stock that have not vested(1) | | | Market value of shares of stock that have not vested(2) | | |||||||||
Michael J. Gilfeather | | | | | 3/16/2018 | | | | | | 720 | | | | | $ | 19,620 | | |
| | | | | 2/15/2019 | | | | | | 2,716 | | | | | | 74,011 | | |
| | | | | 2/21/2020 | | | | | | 3,636 | | | | | | 99,081 | | |
Joseph A. Ruhl | | | | | 3/16/2018 | | | | | | 473 | | | | | $ | 12,889 | | |
| | | | | 2/15/2019 | | | | | | 1,146 | | | | | | 31,229 | | |
| | | | | 2/21/2020 | | | | | | 1,586 | | | | | | 43,219 | | |
John P. Bartolotta(3) | | | | | 3/16/2018 | | | | | | 473 | | | | | $ | 12,889 | | |
| | | | | 2/15/2019 | | | | | | 1,146 | | | | | | 31,229 | | |
| | | | | 2/21/2020 | | | | | | 1,586 | | | | | | 43,219 | | |
Name | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(1) | | | All Other Compensation ($)(2) | | | Total ($) | | ||||||||||||
Louis Heimbach | | | | $ | 117,380 | | | | | | ― | | | | | | ― | | | | | $ | 117,380 | | |
Gregory F. Holcombe | | | | $ | 70,368 | | | | | | ― | | | | | | ― | | | | | $ | 70,368 | | |
Susan G. Metzger | | | | $ | 67,860 | | | | | | ― | | | | | | ― | | | | | $ | 67,860 | | |
William D. Morrison | | | | $ | 70,368 | | | | | | ― | | | | | | ― | | | | | $ | 70,368 | | |
Virginia K. Rizzo | | | | $ | 67,860 | | | | | | ― | | | | | | ― | | | | | $ | 67,860 | | |
Jonathan F. Rouis | | | | $ | 70,368 | | | | | | ― | | | | | | ― | | | | | $ | 70,368 | | |
Richard B. Rowley | | | | $ | 70,368 | | | | | | ― | | | | | | ― | | | | | $ | 70,368 | | |
Terry R. Saturno | | | | $ | 67,860 | | | | | | ― | | | | | | ― | | | | | $ | 67,860 | | |
| | | Shares Beneficially Owned as of | | | | | | Shares Beneficially Owned After the Offering | | |||||||||||||||
Name and Address of Beneficial Owner | | | Number of Shares | | | Percent | | | Shares to be the Offering | | | Number of Shares | | | Percent, assuming no exercise of underwriters’ purchase option | | | Percent, assuming full exercise of underwriters’ purchase option | | ||||||
Directors: | | | | | | | | | | | | | | | | | | | | | | | | | |
Louis Heimbach | | | | | 53,459(1) | | | | | | 1.2% | | | | | | | | | | | | | | |
Michael J. Gilfeather | | | | | 30,657(2) | | | | | | * | | | | | | | | | | | | | | |
Gregory F. Holcombe | | | | | 70,944(3) | | | | | | 1.6% | | | | | | | | | | | | | | |
Susan G. Metzger | | | | | 7,098(4) | | | | | | * | | | | | | | | | | | | | | |
William D. Morrison | | | | | 51,948(5) | | | | | | 1.2% | | | | | | | | | | | | | | |
Virginia K. Rizzo | | | | | 5,000(6) | | | | | | * | | | | | | | | | | | | | | |
Jonathan F. Rouis | | | | | 1,100(7) | | | | | | * | | | | | | | | | | | | | | |
Richard B. Rowley | | | | | 245,634(8) | | | | | | 5.5% | | | | | | | | | | | | | | |
Terry R. Saturno | | | | | 18,451(9) | | | | | | * | | | | | | | | | | | | | | |
Gustave J. Scacco | | | | | 1,000(10) | | | | | | * | | | | | | | | | | | | | | |
Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert L. Peacock | | | | | 13,596(11) | | | | | | * | | | | | | | | | | | | | | |
Michael J. Coulter | | | | | 6,292(12) | | | | | | * | | | | | | | | | | | | | | |
Joseph A. Ruhl | | | | | 9,373(13) | | | | | | * | | | | | | | | | | | | | | |
John P. Bartolotta | | | | | 8,950(14) | | | | | | * | | | | | | | | | | | | | | |
Gregory Sousa | | | | | 2,763(15) | | | | | | * | | | | | | | | | | | | | | |
Michael Listner | | | | | 690(16) | | | | | | * | | | | | | | | | | | | | | |
| | Shares Beneficially Owned as of March 31, 2021 | | | | Shares Beneficially Owned After the Offering | | | Shares Beneficially Owned as of June 30, 2021 | | | | Shares Beneficially Owned After the Offering | | ||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner | | Number of Shares | | Percent | | Shares to be Sold in the Offering | | Number of Shares | | Percent, assuming no exercise of underwriters’ purchase option | | Percent, assuming full exercise of underwriters’ purchase option | | | Number of Shares | | Percent | | Shares to be Purchased in the Offering | | Number of Shares | | Percent, assuming no exercise of underwriters’ purchase option | | Percent, assuming full exercise of underwriters’ purchase option | | ||||||||||||||||||||||||
Michael Listner | | | | 690(16) | | | | | * | | | | | | | | | | | |||||||||||||||||||||||||||||||
All directors and executive officers as a group (16 persons total) | | | | 526,955 | | | | | 11.7% | | | | | | | | | | | |||||||||||||||||||||||||||||||
Frank Skuthan | | | | 3,500(17) | | | | | * | | | | | | | | | | ||||||||||||||||||||||||||||||||
All directors and executive officers as a group (17 persons total) | | | | 530,455 | | | | | 11.8% | | | | | | | | | | | |||||||||||||||||||||||||||||||
5% Stockholders (other than above): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Charles J. Moore Banc Fund IX LP Banc Fund VIII LP 20 North Wacker, Suite 3300, Chicago, Illinois 60606 | | | | 243,181(17) | | | | | 5.4% | | | | | | | | | | | | | | 243,181(18) | | | | | 5.4% | | | | | | | | | | | ||||||||||||
John Morrison, IV 12210 Aspen Lane Stafford, Texas 77477 | | | | 277,094(18) | | | | | 6.2% | | | | | | | | | | | | | | 277,094(19) | | | | | 6.2% | | | | | | | | | | | ||||||||||||
Robert Morrison 35 Front Jacques Street, Apt. #2 Somerville, Massachusetts 02145 | | | | 327,092(19) | | | | | 7.3% | | | | | | | | | | | | | | 327,092(20) | | | | | 7.3% | | | | | | | | | | | ||||||||||||
Eugene Morrison, II and Jean Morrison 4969 Bakersfield Drive Nesbit, Mississippi 38651 | | | | 250,000(20) | | | | | 5.6% | | | | | | | | | | | | | | 250,000(21) | | | | | 5.6% | | | | | | | | | | | ||||||||||||
Selling Stockholders: | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
[•] | | | | | | | | | | | | | | | | | | | |
Name | | | Number of Shares | |
Piper Sandler & Co. | | | | |
Stephens Inc. | | | | |
Total | | | | |
| | | Per Share | | | Total Without Over-Allotment | | | Total With Over-Allotment | |
Price to public | | | | | | | | | | |
Underwriting discount | | | | | | | | | | |
Proceeds to us, before expenses | | | | | | | | | | |
| Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| Consolidated Financial Statements | | | | | | | |
| | | | | F-25 | | | |
| Consolidated Financial Statements | | | |||||
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 253,091 | | | | | $ | 121,232 | | |
Investment securities – available-for-sale | | | | | 359,372 | | | | | | 330,105 | | |
Restricted investment in bank stocks | | | | | 1,752 | | | | | | 1,449 | | |
Loans | | | | | 1,231,628 | | | | | | 1,152,738 | | |
Allowance for loan losses | | | | | (16,283) | | | | | | (16,172) | | |
Loans, net | | | | | 1,215,345 | | | | | | 1,136,566 | | |
Net Premises and equipment | | | | | 14,048 | | | | | | 14,017 | | |
Accrued interest receivable | | | | | 7,319 | | | | | | 6,295 | | |
Bank owned life insurance | | | | | 28,691 | | | | | | 28,520 | | |
Goodwill | | | | | 5,359 | | | | | | 5,359 | | |
Intangible assets | | | | | 1,892 | | | | | | 1,963 | | |
Other assets | | | | | 21,885 | | | | | | 19,430 | | |
TOTAL ASSETS | | | | $ | 1,908,754 | | | | | $ | 1,664,936 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Noninterest bearing | | | | $ | 598,493 | | | | | $ | 521,093 | | |
Interest bearing | | | | | 1,135,066 | | | | | | 968,201 | | |
Total deposits | | | | | 1,733,559 | | | | | | 1,489,294 | | |
Note payable | | | | | 3,000 | | | | | | 3,000 | | |
Subordinated notes, net of issuance costs | | | | | 19,340 | | | | | | 19,323 | | |
Accrued expenses and other liabilities | | | | | 17,774 | | | | | | 17,896 | | |
TOTAL LIABILITIES | | | | | 1,773,673 | | | | | | 1,529,513 | | |
STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Common stock, $0.50 par value; 15,000,000 shares authorized; 4,533,304 issued; 4,490,973 and 4,483,102 outstanding, at March 31, 2021 and December 31, 2020, respectively | | | | | 2,266 | | | | | | 2,266 | | |
Surplus | | | | | 84,774 | | | | | | 85,111 | | |
Retained Earnings | | | | | 51,818 | | | | | | 47,683 | | |
Accumulated other comprehensive income (loss), net of taxes | | | | | (2,559) | | | | | | 1,819 | | |
Treasury stock, at cost; 42,331 and 50,202 shares at March 31, 2021 and December 31, 2020, respectively | | | | | (1,218) | | | | | | (1,456) | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 135,081 | | | | | | 135,423 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 1,908,754 | | | | | $ | 1,664,936 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
INTEREST INCOME | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 13,228 | | | | | $ | 11,002 | | |
Interest on investment securities: | | | | | | | | | | | | | |
Taxable | | | | | 1,127 | | | | | | 1,335 | | |
Tax exempt | | | | | 363 | | | | | | 126 | | |
Interest on Federal funds sold and other | | | | | 44 | | | | | | 180 | | |
TOTAL INTEREST INCOME | | | | | 14,762 | | | | | | 12,643 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Interest on savings and NOW accounts | | | | | 592 | | | | | | 956 | | |
Interest on time deposits | | | | | 158 | | | | | | 281 | | |
Interest on FHLB advances | | | | | — | | | | | | 10 | | |
Interest on note payable | | | | | 42 | | | | | | 42 | | |
Interest on subordinated notes | | | | | 230 | | | | | | — | | |
TOTAL INTEREST EXPENSE | | | | | 1,022 | | | | | | 1,289 | | |
NET INTEREST INCOME | | | | | 13,740 | | | | | | 11,354 | | |
Provision for loan losses | | | | | 66 | | | | | | 1,200 | | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | | | | | 13,674 | | | | | | 10,154 | | |
NONINTEREST INCOME | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 175 | | | | | | 208 | | |
Trust income | | | | | 1,124 | | | | | | 1,038 | | |
Investment advisory income | | | | | 1,176 | | | | | | 901 | | |
Earnings on bank owned life insurance | | | | | 171 | | | | | | 165 | | |
Other | | | | | 246 | | | | | | 229 | | |
TOTAL NONINTEREST INCOME | | | | | 2,892 | | | | | | 2,541 | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | |
Salaries | | | | | 4,547 | | | | | | 4,185 | | |
Employee benefits | | | | | 1,126 | | | | | | 1,148 | | |
Occupancy expense | | | | | 965 | | | | | | 938 | | |
Professional fees | | | | | 907 | | | | | | 584 | | |
Directors’ fees and expenses | | | | | 242 | | | | | | 293 | | |
Computer software expense | | | | | 1,058 | | | | | | 794 | | |
FDIC assessment | | | | | 289 | | | | | | 169 | | |
Advertising expenses | | | | | 283 | | | | | | 314 | | |
Advisor expenses related to trust income | | | | | 121 | | | | | | 155 | | |
Telephone expenses | | | | | 133 | | | | | | 128 | | |
Intangible amortization | | | | | 71 | | | | | | 71 | | |
Other | | | | | 574 | | | | | | 812 | | |
TOTAL NONINTEREST EXPENSE | | | | | 10,316 | | | | | | 9,591 | | |
Income before income taxes | | | | | 6,250 | | | | | | 3,104 | | |
Provision for income taxes | | | | | 1,225 | | | | | | 628 | | |
NET INCOME | | | | $ | 5,025 | | | | | $ | 2,476 | | |
Basic and diluted earnings per share | | | | $ | 1.12 | | | | | $ | 0.55 | | |
Weighted average shares outstanding | | | | | 4,483,139 | | | | | | 4,510,420 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Net Income | | | | $ | 5,025 | | | | | $ | 2,476 | | |
Other comprehensive income: | | | | | | | | | | | | | |
Unrealized gains/losses on securities: | | | | | | | | | | | | | |
Unrealized holding gains/(losses) arising during the period | | | | | (5,538) | | | | | | 4,790 | | |
Tax effect | | | | | (1,162) | | | | | | 1,006 | | |
Net of tax | | | | | (4,376) | | | | | | 3,784 | | |
Deferred compensation liability: | | | | | | | | | | | | | |
Unrealized loss | | | | | (3) | | | | | | (4) | | |
Tax effect | | | | | (1) | | | | | | (1) | | |
Net of tax | | | | | (2) | | | | | | (3) | | |
Total other comprehensive income/(loss) | | | | | (4,378) | | | | | | 3,781 | | |
Total comprehensive income | | | | $ | 647 | | | | | $ | 6,257 | | |
| | | Common Stock | | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Treasury Stock | | | Total | | ||||||||||||||||||
Balance, January 1, 2020 | | | | $ | 2,266 | | | | | $ | 85,178 | | | | | $ | 39,589 | | | | | $ | (4,044) | | | | | $ | (926) | | | | | $ | 122,063 | | |
Net income | | | | | — | | | | | | — | | | | | | 2,476 | | | | | | — | | | | | | — | | | | | | 2,476 | | |
Other comprehensive income/(loss), net of taxes | | | | | — | | | | | | — | | | | | | — | | | | | | 3,781 | | | | | | — | | | | | | 3,781 | | |
Cash dividends declared ($0.20 per share) | | | | | — | | | | | | — | | | | | | (896) | | | | | | — | | | | | | — | | | | | | (896) | | |
Issue of restricted stock (14,532 shares) | | | | | — | | | | | | (442) | | | | | | — | | | | | | — | | | | | | 442 | | | | | | — | | |
Treasury stock purchased (5,125 shares) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (152) | | | | | | (152) | | |
Restricted stock expense | | | | | — | | | | | | 87 | | | | | | — | | | | | | — | | | | | | — | | | | | | 87 | | |
Stock-based compensation (4,332 shares) | | | | | — | | | | | | (31) | | | | | | — | | | | | | — | | | | | | 160 | | | | | | 129 | | |
Balance, March 31, 2020 | | | | $ | 2,266 | | | | | $ | 84,792 | | | | | $ | 41,169 | | | | | $ | (263) | | | | | $ | (476) | | | | | $ | 127,488 | | |
Balance, January 1, 2021 | | | | $ | 2,266 | | | | | $ | 85,111 | | | | | $ | 47,683 | | | | | $ | 1,819 | | | | | $ | (1,456) | | | | | $ | 135,423 | | |
Net income | | | | | — | | | | | | — | | | | | | 5,025 | | | | | | — | | | | | | — | | | | | | 5,025 | | |
Other comprehensive income/(loss), net of taxes | | | | | — | | | | | | — | | | | | | — | | | | | | (4,378) | | | | | | — | | | | | | (4,378) | | |
Cash dividends declared ($0.20 per share) | | | | | — | | | | | | — | | | | | | (890) | | | | | | — | | | | | | — | | | | | | (890) | | |
Issue of restricted stock (15,162 shares) | | | | | — | | | | | | (436) | | | | | | — | | | | | | — | | | | | | 436 | | | | | | — | | |
Treasury stock purchased (9,695 shares) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (269) | | | | | | (269) | | |
Restricted stock expense | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | |
Stock-based compensation (2,404 shares) | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | 71 | | | | | | 70 | | |
Balance, March 31, 2021 | | | | $ | 2,266 | | | | | $ | 84,774 | | | | | $ | 51,818 | | | | | $ | (2,559) | | | | | $ | (1,218) | | | | | $ | 135,081 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income | | | | $ | 5,025 | | | | | $ | 2,476 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for loan losses | | | | | 66 | | | | | | 1,200 | | |
Depreciation | | | | | 327 | | | | | | 318 | | |
Accretion on loans | | | | | (1,184) | | | | | | (94) | | |
Amortization of intangibles | | | | | 71 | | | | | | 71 | | |
Amortization of subordinated notes issuance costs | | | | | 17 | | | | | | — | | |
Restricted stock expense | | | | | 100 | | | | | | 87 | | |
Stock-based compensation | | | | | 70 | | | | | | 129 | | |
Net amortization of investment premiums | | | | | 524 | | | | | | 545 | | |
Earnings on bank owned life insurance | | | | | (171) | | | | | | (165) | | |
Net change in: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | (1,024) | | | | | | (1,439) | | |
Other assets | | | | | (1,293) | | | | | | (533) | | |
Other liabilities | | | | | (124) | | | | | | (1,050) | | |
Net cash from operating activities | | | | | 2,404 | | | | | | 1,545 | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of investment securities available-for-sale | | | | | (68,980) | | | | | | (42,040) | | |
Proceeds from sales and paydowns of investment securities available-for-sale | | | | | 28,094 | | | | | | 15,373 | | |
Proceeds from maturities and calls of investment securities available-for-sale | | | | | 5,557 | | | | | | 10,900 | | |
Purchase of restricted investment in bank stocks | | | | | (303) | | | | | | (3,215) | | |
Proceeds from calls of restricted investment in bank stocks | | | | | — | | | | | | 3,373 | | |
Loans purchased | | | | | (3,025) | | | | | | (14,174) | | |
Principal returned on loans purchased | | | | | 4,328 | | | | | | 2,976 | | |
Net increase in loans | | | | | (78,964) | | | | | | (36,639) | | |
Additions to premises and equipment | | | | | (358) | | | | | | (304) | | |
Net cash from investing activities | | | | | (113,651) | | | | | | (63,750) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Net increase in deposits | | | | | 244,265 | | | | | | 127,488 | | |
Net change in FHLB term advances | | | | | — | | | | | | (5,000) | | |
Cash dividends paid | | | | | (890) | | | | | | (896) | | |
Purchases of treasury stock | | | | | (269) | | | | | | (152) | | |
Net cash from financing activities | | | | | 243,106 | | | | | | 121,440 | | |
Net change in cash and cash equivalents | | | | | 131,859 | | | | | | 59,235 | | |
Beginning cash and cash equivalents | | | | | 121,232 | | | | | | 25,112 | | |
Ending cash and cash equivalents | | | | $ | 253,091 | | | | | $ | 84,347 | | |
Supplementary Cash Flow Information | | | | | | | | | | | | | |
Interest paid | | | | | 1,246 | | | | | | 1,298 | | |
Income taxes paid | | | | | 15 | | | | | | 31 | | |
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available-for-sale March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 81,125 | | | | | $ | 751 | | | | | $ | (1,305) | | | | | $ | 80,571 | | |
Mortgage-backed securities | | | | | 175,979 | | | | | | 2,606 | | | | | | (1,906) | | | | | | 176,679 | | |
Corporate Securities | | | | | 13,098 | | | | | | 116 | | | | | | (76) | | | | | | 13,138 | | |
Obligations of states and political subdivisions | | | | | 88,444 | | | | | | 1,006 | | | | | | (466) | | | | | | 88,984 | | |
Total debt securities | | | | $ | 358,646 | | | | | $ | 4,479 | | | | | $ | (3,753) | | | | | $ | 359,372 | | |
Available-for-sale December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 82,409 | | | | | $ | 1,394 | | | | | $ | (382) | | | | | $ | 83,421 | | |
Mortgage-backed securities | | | | | 157,408 | | | | | | 3,633 | | | | | | (257) | | | | | | 160,784 | | |
Corporate Securities | | | | | 10,603 | | | | | | 57 | | | | | | (33) | | | | | | 10,627 | | |
Obligations of states and political subdivisions | | | | | 73,421 | | | | | | 1,883 | | | | | | (31) | | | | | | 75,273 | | |
Total debt securities | | | | $ | 323,841 | | | | | $ | 6,967 | | | | | $ | (703) | | | | | $ | 330,105 | | |
| | | Available-for-sale | | |||||||||
| | | Amortized Cost | | | Fair Value | | ||||||
Due in one year or less | | | | $ | 22,713 | | | | | $ | 22,765 | | |
Due after one through five years | | | | | 9,622 | | | | | | 9,713 | | |
Due after five through ten years | | | | | 51,869 | | | | | | 51,403 | | |
Due after ten years | | | | | 98,463 | | | | | | 98,812 | | |
| | | | | 182,667 | | | | | | 182,693 | | |
Mortgage-backed securities | | | | | 175,979 | | | | | | 176,679 | | |
Total debt securities | | | | $ | 358,646 | | | | | $ | 359,372 | | |
| | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||
Available-for-sale March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 28,547 | | | | | $ | (1,019) | | | | | $ | 20,060 | | | | | $ | (286) | | | | | $ | 48,607 | | | | | $ | (1,305) | | |
Mortgage-backed securities | | | | | 66,667 | | | | | | (1,857) | | | | | | 13,770 | | | | | | (49) | | | | | | 80,437 | | | | | | (1,906) | | |
Corporate Securities | | | | | 3,505 | | | | | | (76) | | | | | | — | | | | | | — | | | | | | 3,505 | | | | | | (76) | | |
Obligations of states and political subdivisions | | | | | 24,640 | | | | | | (466) | | | | | | — | | | | | | — | | | | | | 24,640 | | | | | | (466) | | |
Total debt securities | | | | $ | 123,359 | | | | | $ | (3,418) | | | | | $ | 33,830 | | | | | $ | (335) | | | | | $ | 157,189 | | | | | $ | (3,753) | | |
Available-for-sale December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 17,948 | | | | | $ | (52) | | | | | $ | 20,779 | | | | | $ | (330) | | | | | $ | 38,727 | | | | | $ | (382) | | |
Mortgage-backed securities | | | | | 35,580 | | | | | | (208) | | | | | | 1,887 | | | | | | (49) | | | | | | 37,467 | | | | | | (257) | | |
Corporate Securities | | | | | 1,551 | | | | | | (33) | | | | | | — | | | | | | — | | | | | | 1,551 | | | | | | (33) | | |
Obligations of states and political subdivisions | | | | | 15,373 | | | | | | (31) | | | | | | — | | | | | | — | | | | | | 15,373 | | | | | | (31) | | |
Total debt securities | | | | $ | 70,452 | | | | | $ | (324) | | | | | $ | 22,666 | | | | | $ | (379) | | | | | $ | 93,118 | | | | | $ | (703) | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Commercial and industrial | | | | $ | 355,415 | | | | | $ | 299,049 | | |
Commercial real estate | | | | | 709,760 | | | | | | 698,130 | | |
Commercial real estate construction | | | | | 76,570 | | | | | | 63,544 | | |
Residential real estate | | | | | 58,123 | | | | | | 57,941 | | |
Home equity | | | | | 13,197 | | | | | | 13,960 | | |
Consumer | | | | | 18,563 | | | | | | 20,114 | | |
Total | | | | $ | 1,231,628 | | | | | $ | 1,152,738 | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 4,795 | | | | | $ | 9,782 | | | | | $ | 801 | | | | | $ | 381 | | | | | $ | 77 | | | | | $ | 336 | | | | | $ | 16,172 | | |
Provision for loan losses | | | | | 149 | | | | | | (195) | | | | | | 201 | | | | | | (35) | | | | | | (12) | | | | | | (42) | | | | | | 66 | | |
Loans charged-off | | | | | (16) | | | | | | (43) | | | | | | — | | | | | | — | | | | | | — | | | | | | (5) | | | | | | (64) | | |
Recoveries | | | | | 87 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 21 | | | | | | 109 | | |
Ending balance | | | | $ | 5,015 | | | | | $ | 9,545 | | | | | $ | 1,002 | | | | | $ | 346 | | | | | $ | 65 | | | | | $ | 310 | | | | | $ | 16,283 | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
March 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 5,107 | | | | | $ | 5,951 | | | | | $ | 713 | | | | | $ | 384 | | | | | $ | 43 | | | | | $ | 77 | | | | | $ | 12,275 | | |
Provision for loan losses | | | | | (426) | | | | | | 1,603 | | | | | | (113) | | | | | | 2 | | | | | | 12 | | | | | | 122 | | | | | | 1,200 | | |
Loans charged-off | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | (3) | | |
Recoveries | | | | | 6 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 9 | | |
Ending balance | | | | $ | 4,687 | | | | | $ | 7,555 | | | | | $ | 600 | | | | | $ | 386 | | | | | $ | 55 | | | | | $ | 198 | | | | | $ | 13,481 | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 456 | | | | | $ | 1,058 | | | | | $ | — | | | | | $ | 9 | | | | | $ | — | | | | | $ | 26 | | | | | $ | 1,549 | | |
collectively evaluated for impairment | | | | | 4,559 | | | | | | 8,487 | | | | | | 1,002 | | | | | | 337 | | | | | | 65 | | | | | | 284 | | | | | | 14,734 | | |
Total ending allowance balance | | | | $ | 5,015 | | | �� | | $ | 9,545 | | | | | $ | 1,002 | | | | | $ | 346 | | | | | $ | 65 | | | | | $ | 310 | | | | | $ | 16,283 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 3,694 | | | | | $ | 18,937 | | | | | $ | — | | | | | $ | 1,223 | | | | | $ | — | | | | | $ | 122 | | | | | $ | 23,976 | | |
collectively evaluated for impairment | | | | | 351,721 | | | | | | 690,823 | | | | | | 76,570 | | | | | | 56,900 | | | | | | 13,197 | | | | | | 18,441 | | | | | | 1,207,652 | | |
Total ending loans balance | | | | $ | 355,415 | | | | | $ | 709,760 | | | | | $ | 76,570 | | | | | $ | 58,123 | | | | | $ | 13,197 | | | | | $ | 18,563 | | | | | $ | 1,231,628 | | |
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 206 | | | | | $ | 1,084 | | | | | $ | — | | | | | $ | 15 | | | | | $ | — | | | | | $ | 27 | | | | | $ | 1,332 | | |
collectively evaluated for impairment | | | | | 4,589 | | | | | | 8,698 | | | | | | 801 | | | | | | 366 | | | | | | 77 | | | | | | 309 | | | | | | 14,840 | | |
Total ending allowance balance | | | | $ | 4,795 | | | | | $ | 9,782 | | | | | $ | 801 | | | | | $ | 381 | | | | | $ | 77 | | | | | $ | 336 | | | | | $ | 16,172 | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 2,410 | | | | | $ | 19,759 | | | | | $ | — | | | | | $ | 1,358 | | | | | $ | — | | | | | $ | 124 | | | | | $ | 23,651 | | |
collectively evaluated for impairment | | | | | 296,639 | | | | | | 678,371 | | | | | | 63,544 | | | | | | 56,583 | | | | | | 13,960 | | | | | | 19,990 | | | | | | 1,129,087 | | |
Total ending loans balance | | | | $ | 299,049 | | | | | $ | 698,130 | | | | | $ | 63,544 | | | | | $ | 57,941 | | | | | $ | 13,960 | | | | | $ | 20,114 | | | | | $ | 1,152,738 | | |
|
| | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | |||||||||
March 31, 2021 | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 320 | | | | | $ | 320 | | | | | $ | — | | |
Commercial real estate | | | | | 10,573 | | | | | | 9,164 | | | | | | — | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 578 | | | | | | 578 | | | | | | — | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 11,471 | | | | | $ | 10,062 | | | | | $ | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 3,374 | | | | | $ | 3,374 | | | | | $ | 456 | | |
Commercial real estate | | | | | 10,265 | | | | | | 9,773 | | | | | | 1,058 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 655 | | | | | | 645 | | | | | | 9 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 122 | | | | | | 122 | | | | | | 26 | | |
Total | | | | $ | 14,416 | | | | | $ | 13,914 | | | | | $ | 1,549 | | |
December 31, 2020 | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 331 | | | | | $ | 331 | | | | | $ | — | | |
Commercial real estate | | | | | 10,621 | | | | | | 9,248 | | | | | | — | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | |
| | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | |||||||||
Residential real estate | | | | | 1,148 | | | | | | 1,148 | | | | | | — | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 12,100 | | | | | $ | 10,727 | | | | | $ | — | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 2,079 | | | | | $ | 2,079 | | | | | $ | 206 | | |
Commercial real estate | | | | | 11,001 | | | | | | 10,511 | | | | | | 1,084 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 219 | | | | | | 210 | | | | | | 15 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 124 | | | | | | 124 | | | | | | 27 | | |
Total | | | | $ | 13,423 | | | | | $ | 12,924 | | | | | $ | 1,332 | | |
|
| | | Average Recorded Investment | | | Interest Income Recognized(1) | | ||||||
Three Months Ended March 31, 2021 | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 326 | | | | | $ | 4 | | |
Commercial real estate | | | | | 9,206 | | | | | | 89 | | |
Commercial real estate construction | | | | | — | | | | | | — | | |
Residential real estate | | | | | 578 | | | | | | — | | |
Home equity | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | |
Total | | | | $ | 10,110 | | | | | $ | 93 | | |
With an allowance recorded: | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 3,477 | | | | | $ | 45 | | |
Commercial real estate | | | | | 9,800 | | | | | | 89 | | |
Commercial real estate construction | | | | | — | | | | | | — | | |
Residential real estate | | | | | 647 | | | | | | 6 | | |
Home equity | | | | | — | | | | | | — | | |
Consumer | | | | | 123 | | | | | | 2 | | |
Total | | | | $ | 14,047 | | | | | $ | 142 | | |
| | | Average Recorded Investment | | | Interest Income Recognized(1) | | ||||||
Three Months Ended March 31, 2020 | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 74 | | | | | $ | 1 | | |
Commercial real estate | | | | | 1,328 | | | | | | 20 | | |
Commercial real estate construction | | | | | — | | | | | | — | | |
Residential real estate | | | | | 412 | | | | | | — | | |
Home equity | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | |
Total | | | | $ | 1,814 | | | | | $ | 21 | | |
With an allowance recorded: | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 2,896 | | | | | $ | 32 | | |
Commercial real estate | | | | | 14,633 | | | | | | 229 | | |
Commercial real estate construction | | | | | — | | | | | | — | | |
Residential real estate | | | | | 229 | | | | | | 2 | | |
Home equity | | | | | 51 | | | | | | — | | |
Consumer | | | | | 131 | | | | | | 2 | | |
Total | | | | $ | 17,940 | | | | | $ | 265 | | |
|
| | | Non-accrual | | | Loans Past Due Over 90 Days Still Accruing | | ||||||||||||||||||
| | | March 31, 2021 | | | December 31, 2020 | | | March 31, 2021 | | | December 31, 2020 | | ||||||||||||
Commercial and industrial | | | | $ | — | | | | | $ | — | | | | | $ | 345 | | | | | $ | 457 | | |
Commercial real estate | | | | | 1,345 | | | | | | 1,345 | | | | | | — | | | | | | — | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 655 | | | | | | 657 | | | | | | 2 | | | | | | 2 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | 93 | | | | | | 61 | | |
Total | | | | $ | 2,000 | | | | | $ | 2,002 | | | | | $ | 440 | | | | | $ | 520 | | |
| | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Loans Not Past Due | | |||||||||||||||
March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 181 | | | | | $ | 173 | | | | | $ | 345 | | | | | $ | 699 | | | | | $ | 354,716 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | 1,345 | | | | | | 1,345 | | | | | | 708,415 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,570 | | |
Residential real estate | | | | | 597 | | | | | | — | | | | | | 579 | | | | | | 1,176 | | | | | | 56,947 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,197 | | |
Consumer | | | | | 210 | | | | | | 293 | | | | | | 93 | | | | | | 596 | | | | | | 17,967 | | |
Total | | | | $ | 988 | | | | | $ | 466 | | | | | $ | 2,362 | | | | | $ | 3,816 | | | | | $ | 1,227,812 | | |
| | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Loans Not Past Due | | |||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 123 | | | | | $ | 201 | | | | | $ | 457 | | | | | $ | 781 | | | | | $ | 298,268 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | 1,345 | | | | | | 1,345 | | | | | | 696,785 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,544 | | |
Residential real estate | | | | | 570 | | | | | | — | | | | | | 580 | | | | | | 1,150 | | | | | | 56,791 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,960 | | |
Consumer | | | | | 132 | | | | | | 272 | | | | | | 61 | | | | | | 465 | | | | | | 19,649 | | |
Total | | | | $ | 825 | | | | | $ | 473 | | | | | $ | 2,443 | | | | | $ | 3,741 | | | | | $ | 1,148,997 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||||||||||||||
| | | Number of Loans | | | Unpaid Principal Balance | | | Number of Loans | | | Unpaid Principal Balance | | ||||||||||||
Commercial and industrial | | | | | 7 | | | | | $ | 796 | | | | | | 9 | | | | | $ | 3,390 | | |
Commercial real estate | | | | | 15 | | | | | | 31,415 | | | | | | 19 | | | | | $ | 44,782 | | |
Consumer | | | | | — | | | | | | — | | | | | | 1 | | | | | | 596 | | |
Total | | | | | 22 | | | | | $ | 32,211 | | | | | | 29 | | | | | $ | 48,768 | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 350,348 | | | | | $ | 3,001 | | | | | $ | 2,066 | | | | | $ | — | | | | | $ | — | | | | | $ | 355,415 | | |
Commercial real estate | | | | | 697,515 | | | | | | 4,132 | | | | | | 8,113 | | | | | | — | | | | | | — | | | | | | 709,760 | | |
Commercial real estate construction | | | | | 76,570 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,570 | | |
Residential real estate | | | | | 56,978 | | | | | | — | | | | | | 1,145 | | | | | | — | | | | | | — | | | | | | 58,123 | | |
Home equity | | | | | 13,197 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,197 | | |
Consumer | | | | | 18,441 | | | | | | — | | | | | | 122 | | | | | | — | | | | | | — | | | | | | 18,563 | | |
Total | | | | $ | 1,213,049 | | | | | $ | 7,133 | | | | | $ | 11,446 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,231,628 | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 293,763 | | | | | $ | 3,023 | | | | | $ | 2,263 | | | | | $ | — | | | | | $ | — | | | | | $ | 299,049 | | |
Commercial real estate | | | | | 685,808 | | | | | | 4,164 | | | | | | 8,158 | | | | | | — | | | | | | — | | | | | | 698,130 | | |
Commercial real estate construction | | | | | 63,544 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,544 | | |
Residential real estate | | | | | 56,793 | | | | | | — | | | | | | 1,148 | | | | | | — | | | | | | — | | | | | | 57,941 | | |
Home equity | | | | | 13,960 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,960 | | |
Consumer | | | | | 19,990 | | | | | | — | | | | | | 124 | | | | | | — | | | | | | — | | | | | | 20,114 | | |
Total | | | | $ | 1,133,858 | | | | | $ | 7,187 | | | | | $ | 11,693 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,152,738 | | |
| | | Total at March 31, 2021 | | | Fair Value Measurements Using: | | ||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
U.S. government agencies | | | | $ | 80,571 | | | | | $ | — | | | | | $ | 80,571 | | | | | $ | — | | |
Mortgage-backed securities | | | | | 176,679 | | | | | | — | | | | | | 176,679 | | | | | | — | | |
Corporate securities | | | | | 13,138 | | | | | | — | | | | | | 13,138 | | | | | | — | | |
Obligations of states and political subdivisions | | | | | 88,984 | | | | | | — | | | | | | 88,984 | | | | | | — | | |
Total securities available for sale | | | | $ | 359,372 | | | | | $ | — | | | | | $ | 359,372 | | | | | $ | — | | |
| | | Total at December 31, 2020 | | | Fair Value Measurements Using: | | ||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | |||||||||||||||
U.S. government agencies | | | | | 83,421 | | | | | $ | — | | | | | $ | 83,421 | | | | | $ | — | | |
Mortgage-backed securities | | | | | 160,784 | | | | | | — | | | | | | 160,784 | | | | | | — | | |
Corporate securities | | | | | 10,627 | | | | | | — | | | | | | 10,627 | | | | | | — | | |
Obligations of states and political subdivisions | | | | | 75,273 | | | | | | — | | | | | | 75,273 | | | | | | — | | |
Total securities available for sale | | | | $ | 330,105 | | | | | $ | — | | | | | $ | 330,105 | | | | | $ | — | | |
| | | March 31, 2021 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 253,091 | | | | | $ | 253,091 | | | | | $ | 253,091 | | | | | $ | — | | | | | $ | — | | |
Loans, net | | | | | 1,215,345 | | | | | | 1,218,031 | | | | | | — | | | | | | — | | | | | | 1,218,031 | | |
Accrued interest receivable | | | | | 7,319 | | | | | | 7,319 | | | | | | — | | | | | | 1,639 | | | | | | 5,680 | | |
Restricted investment in bank stocks | | | | | 1,752 | | | | | | NA | | | | | | — | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 1,733,559 | | | | | | 1,733,805 | | | | | | 1,643,180 | | | | | | 90,625 | | | | | | — | | |
Note payable | | | | | 3,000 | | | | | | 3,065 | | | | | | — | | | | | | 3,065 | | | | | | — | | |
Subordinated notes, net of issuance costs | | | | | 19,340 | | | | | | 19,978 | | | | | | — | | | | | | 19,978 | | | | | | — | | |
Accrued interest payable | | | | | 83 | | | | | | 83 | | | | | | — | | | | | | 83 | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | December 31, 2020 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 121,232 | | | | | $ | 121,232 | | | | | $ | 121,232 | | | | | $ | — | | | | | $ | — | | |
Loans, net | | | | | 1,136,566 | | | | | | 1,139,472 | | | | | | — | | | | | | — | | | | | | 1,139,472 | | |
Accrued interest receivable | | | | | 6,295 | | | | | | 6,295 | | | | | | — | | | | | | 1,389 | | | | | | 4,906 | | |
Restricted investment in bank stocks | | | | | 1,449 | | | | | | NA | | | | | | — | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 1,489,294 | | | | | | 1,489,615 | | | | | | 1,398,095 | | | | | | 91,520 | | | | | | — | | |
Note payable | | | | | 3,000 | | | | | | 3,087 | | | | | | — | | | | | | 3,087 | | | | | | — | | |
Subordinated notes, net of issuance costs | | | | | 19,323 | | | | | | 19,758 | | | | | | — | | | | | | 19,758 | | | | | | — | | |
Accrued interest payable | | | | | 307 | | | | | | 307 | | | | | | — | | | | | | 307 | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Non-interest bearing demand accounts | | | | $ | 598,493 | | | | | $ | 521,093 | | |
Interest-bearing demand accounts | | | | | 276,987 | | | | | | 236,951 | | |
Money market accounts | | | | | 599,127 | | | | | | 483,044 | | |
Savings accounts | | | | | 168,933 | | | | | | 157,007 | | |
Certificates of Deposit | | | | | 90,019 | | | | | | 91,199 | | |
Total deposits | | | | $ | 1,733,559 | | | | | $ | 1,489,294 | | |
| 2021 | | | | $ | 63,743 | | |
| 2022 | | | | | 20,434 | | |
| 2023 | | | | | 5,468 | | |
| 2024 | | | | | 374 | | |
| | | | | $ | 90,019 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Service cost | | | | $ | 47 | | | | | $ | 35 | | |
Interest cost | | | | | 190 | | | | | | 230 | | |
Expected return on plan assets | | | | | (515) | | | | | | (465) | | |
Amortization of transition cost | | | | | (12) | | | | | | (12) | | |
Amortization of net loss | | | | | 5 | | | | | | 28 | | |
Net periodic benefit cost/(income) | | | | $ | (285) | | | | | $ | (184) | | |
| | | Shares | | | Weighted Average Fair Value | | ||||||
Non-vested at beginning of period | | | | | 25,369 | | | | | $ | 28.78 | | |
Granted | | | | | 15,162 | | | | | $ | 28.75 | | |
Vested | | | | | (11,653) | | | | | $ | 28.34 | | |
Forfeited | | | | | — | | | | | $ | — | | |
Non-vested at end of period | | | | | 28,878 | | | | | $ | 28.95 | | |
| | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Deferred Compensation Liability | | | Total | | ||||||||||||
Three Months Ended March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 4,949 | | | | | $ | (3,277) | | | | | $ | 147 | | | | | $ | 1,819 | | |
Other comprehensive income/(loss) before reclassification | | | | | (4,376) | | | | | | — | | | | | | (2) | | | | | | (4,378) | | |
| | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Deferred Compensation Liability | | | Total | | ||||||||||||
Less amounts reclassified from accumulated other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net current period other comprehensive income/(loss) | | | | | (4,376) | | | | | | — | | | | | | (2) | | | | | | (4,378) | | |
Ending balance | | | | $ | 573 | | | | | $ | (3,277) | | | | | $ | 145 | | | | | $ | (2,559) | | |
|
| | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Deferred Compensation Liability | | | Total | | ||||||||||||
Three Months Ended March 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 439 | | | | | $ | (4,642) | | | | | $ | 159 | | | | | $ | (4,044) | | |
Other comprehensive income/(loss) before reclassification | | | | | 3,784 | | | | | | — | | | | | | (3) | | | | | | 3,781 | | |
Less amounts reclassified from accumulated other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net current period other comprehensive income/(loss) | | | | | 3,784 | | | | | | — | | | | | | (3) | | | | | | 3,781 | | |
Ending balance | | | | $ | 4,223 | | | | | $ | (4,642) | | | | | $ | 156 | | | | | $ | (263) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Noninterest Income | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | $ | 175 | | | | | $ | 208 | | |
Trust income | | | | | 1,124 | | | | | | 1,038 | | |
Investment advisory income | | | | | 1,176 | | | | | | 901 | | |
Earnings on bank owned life insurance(a) | | | | | 171 | | | | | | 165 | | |
Other(b) | | | | | 246 | | | | | | 229 | | |
Total Noninterest Income | | | | $ | 2,892 | | | | | $ | 2,541 | | |
As of and for the three months ended March 31, 2021 | | | Banking | | | Wealth Management | | | Total Segments | | |||||||||
Net interest income | | | | $ | 13,740 | | | | | $ | — | | | | | $ | 13,740 | | |
Noninterest income | | | | | 592 | | | | | | 2,300 | | | | | | 2,892 | | |
Provision for loan loss | | | | | (66) | | | | | | — | | | | | | (66) | | |
Noninterest expenses | | | | | (8,672) | | | | | | (1,644) | | | | | | (10,316) | | |
Income tax expense | | | | | (1,087) | | | | | | (138) | | | | | | (1,225) | | |
Net income | | | | $ | 4,507 | | | | | $ | 518 | | | | | $ | 5,025 | | |
Total assets | | | | $ | 1,900,373 | | | | | $ | 8,381 | | | | | $ | 1,908,754 | | |
As of and for the three months ended March 31, 2020 | | | Banking | | | Wealth Management | | | Total Segments | | |||||||||
Net interest income | | | | $ | 11,354 | | | | | $ | — | | | | | $ | 11,354 | | |
Noninterest income | | | | | 602 | | | | | | 1,939 | | | | | | 2,541 | | |
Provision for loan loss | | | | | (1,200) | | | | | | — | | | | | | (1,200) | | |
Noninterest expenses | | | | | (8,084) | | | | | | (1,507) | | | | | | (9,591) | | |
Income tax expense | | | | | (537) | | | | | | (91) | | | | | | (628) | | |
Net income | | | | $ | 2,135 | | | | | $ | 341 | | | | | $ | 2,476 | | |
Total assets | | | | $ | 1,656,974 | | | | | $ | 7,962 | | | | | $ | 1,664,936 | | |
| | | Actual | | | For Capital Adequacy Purposes | | | For Capital Adequacy Purposes with Capital Buffer | | | To be Well Capitalized under Prompt Corrective Action Provisions | | ||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||||||
March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk weighted assets | | | | $ | 159,270 | | | | | | 13.64% | | | | | $ | 93,434 | | | | | | 8.00% | | | | | $ | 115,333 | | | | | | 9.875% | | | | | $ | 116,793 | | | | | | 10.00% | | |
Tier 1 (Core) capital to risk weighted assets | | | | | 144,648 | | | | | | 12.39% | | | | | | 70,076 | | | | | | 6.00% | | | | | | 91,974 | | | | | | 7.875% | | | | | | 93,434 | | | | | | 8.00% | | |
Common Tier 1 (CET1) to risk weighted assets | | | | | 144,648 | | | | | | 12.39% | | | | | | 52,557 | | | | | | 4.50% | | | | | | 74,455 | | | | | | 6.375% | | | | | | 75,915 | | | | | | 6.50% | | |
Tier 1 (Core) Capital to average assets | | | | | 144,648 | | | | | | 8.19% | | | | | | 70,681 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | | | | | 88,351 | | | | | | 5.00% | | |
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk weighted assets | | | | $ | 150,397 | | | | | | 13.49% | | | | | $ | 89,207 | | | | | | 8.00% | | | | | $ | 110,115 | | | | | | 9.875% | | | | | $ | 111,509 | | | | | | 10.00% | | |
Tier 1 (Core) capital to risk weighted assets | | | | | 136,446 | | | | | | 12.24% | | | | | | 66,906 | | | | | | 6.00% | | | | | | 87,814 | | | | | | 7.875% | | | | | | 89,207 | | | | | | 8.00% | | |
Common Tier 1 (CET1) to risk weighted assets | | | | | 136,446 | | | | | | 12.24% | | | | | | 50,179 | | | | | | 4.50% | | | | | | 71,087 | | | | | | 6.375% | | | | | | 72,481 | | | | | | 6.50% | | |
Tier 1 (Core) Capital to average assets | | | | | 136,446 | | | | | | 8.16% | | | | | | 66,891 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | | | | | 83,613 | | | | | | 5.00% | | |
| | | |
| | | 2020 | | | 2019 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 121,232 | | | | | $ | 25,112 | | |
Investment securities – available-for-sale | | | | | 330,105 | | | | | | 254,915 | | |
Restricted investment in bank stocks | | | | | 1,449 | | | | | | 1,474 | | |
Loans | | | | | 1,152,738 | | | | | | 892,124 | | |
Allowance for loan losses | | | | | (16,172) | | | | | | (12,275) | | |
Loans, net | | | | | 1,136,566 | | | | | | 879,849 | | |
Net Premises and equipment | | | | | 14,017 | | | | | | 14,599 | | |
Accrued interest receivable | | | | | 6,295 | | | | | | 3,202 | | |
Bank owned life insurance | | | | | 28,520 | | | | | | 27,818 | | |
Goodwill | | | | | 5,359 | | | | | | 5,359 | | |
Intangible assets | | | | | 1,963 | | | | | | 2,249 | | |
Other assets | | | | | 19,430 | | | | | | 14,975 | | |
TOTAL ASSETS | | | | $ | 1,664,936 | | | | | $ | 1,229,552 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Noninterest bearing | | | | $ | 521,093 | | | | | $ | 335,469 | | |
Interest bearing | | | | | 968,201 | | | | | | 747,663 | | |
Total deposits | | | | | 1,489,294 | | | | | | 1,083,132 | | |
FHLB advances | | | | | — | | | | | | 5,000 | | |
Note payable | | | | | 3,000 | | | | | | 3,000 | | |
Subordinated notes, net of issuance costs | | | | | 19,323 | | | | | | — | | |
Accrued expenses and other liabilities | | | | | 17,896 | | | | | | 16,357 | | |
TOTAL LIABILITIES | | | | | 1,529,513 | | | | | | 1,107,489 | | |
STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Common stock, $0.50 par value; 15,000,000 shares authorized; 4,533,304 issued; 4,483,102 and 4,504,389 outstanding, at December 31, 2020 and 2019, respectively | | | | | 2,266 | | | | | | 2,266 | | |
Surplus | | | | | 85,111 | | | | | | 85,178 | | |
Retained Earnings | | | | | 47,683 | | | | | | 39,589 | | |
Accumulated other comprehensive income (loss), net of taxes | | | | | 1,819 | | | | | | (4,044) | | |
Treasury stock, at cost; 50,202 and 28,915 shares at December 31, | | | | | | | | | | | | | |
2020 and 2019, respectively | | | | | (1,456) | | | | | | (926) | | |
TOTAL STOCKHOLDERS’ EQUITY | | | | | 135,423 | | | | | | 122,063 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 1,664,936 | | | | | $ | 1,229,552 | | |
| | | 2020 | | | 2019 | | ||||||
INTEREST INCOME | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 47,522 | | | | | $ | 40,803 | | |
Interest on investment securities: | | | | | | | | | | | | | |
Taxable | | | | | 4,651 | | | | | | 5,724 | | |
Tax exempt | | | | | 994 | | | | | | 641 | | |
Interest on Federal funds sold and other | | | | | 294 | | | | | | 853 | | |
TOTAL INTEREST INCOME | | | | | 53,461 | | | | | | 48,121 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Interest on savings and NOW accounts | | | | | 3,389 | | | | | | 3,291 | | |
Interest on time deposits | | | | | 917 | | | | | | 1,221 | | |
Interest on FHLB advances | | | | | 10 | | | | | | 147 | | |
Interest on note payable | | | | | 160 | | | | | | 181 | | |
Interest on subordinated notes | | | | | 246 | | | | | | — | | |
TOTAL INTEREST EXPENSE | | | | | 4,722 | | | | | | 4,840 | | |
NET INTEREST INCOME | | | | | 48,739 | | | | | | 43,281 | | |
Provision for loan losses | | | | | 5,413 | | | | | | 2,195 | | |
NET INTEREST INCOME AFTER | | | | | | | | | | | | | |
PROVISION FOR LOAN LOSSES | | | | | 43,326 | | | | | | 41,086 | | |
NONINTEREST INCOME | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 682 | | | | | | 921 | | |
Trust income | | | | | 4,074 | | | | | | 3,531 | | |
Investment advisory income | | | | | 4,105 | | | | | | 3,927 | | |
Investment securities gains(losses) | | | | | 804 | | | | | | (219) | | |
Earnings on bank owned life insurance | | | | | 702 | | | | | | 690 | | |
Other | | | | | 1,056 | | | | | | 964 | | |
TOTAL NONINTEREST INCOME | | | | | 11,423 | | | | | | 9,814 | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | |
Salaries | | | | | 17,788 | | | | | | 16,407 | | |
Employee benefits | | | | | 4,163 | | | | | | 4,128 | | |
Occupancy expense | | | | | 3,744 | | | | | | 3,523 | | |
Professional fees | | | | | 3,318 | | | | | | 2,342 | | |
Directors’ fees and expenses | | | | | 1,088 | | | | | | 1,108 | | |
Computer software expense | | | | | 4,038 | | | | | | 3,133 | | |
FDIC assessment | | | | | 910 | | | | | | 370 | | |
Advertising expenses | | | | | 1,191 | | | | | | 1,177 | | |
Advisor expenses related to trust income | | | | | 455 | | | | | | 377 | | |
Telephone expenses | | | | | 552 | | | | | | 459 | | |
Intangible amortization | | | | | 286 | | | | | | 286 | | |
Other | | | | | 2,698 | | | | | | 3,181 | | |
TOTAL NONINTEREST EXPENSE | | | | | 40,231 | | | | | | 36,491 | | |
Income before income taxes | | | | | 14,518 | | | | | | 14,409 | | |
Provision for income taxes | | | | | 2,839 | | | | | | 2,928 | | |
NET INCOME | | | | $ | 11,679 | | | | | $ | 11,481 | | |
Basic and diluted earnings per share | | | | $ | 2.59 | | | | | $ | 2.56 | | |
Weighted average shares outstanding | | | | | 4,508,508 | | | | | | 4,484,317 | | |
| | | 2020 | | | 2019 | | ||||||
Net Income | | | | $ | 11,679 | | | | | $ | 11,481 | | |
Other comprehensive income: | | | | | | | | | | | | | |
Unrealized gains/losses on securities: | | | | | ��� | | | | | | | | |
Unrealized holding gain arising during the year | | | | | 6,512 | | | | | | 5,356 | | |
Reclassification adjustment for (gains)/losses included in net income | | | | | (804) | | | | | | 219 | | |
Tax effect | | | | | 1,198 | | | | | | 1,171 | | |
Net of tax | | | | | 4,510 | | | | | | 4,404 | | |
Defined benefit pension plans: | | | | | | | | | | | | | |
Net gain arising during the period | | | | | 1,664 | | | | | | 584 | | |
Reclassification adjustment for amortization of prior service cost and net gains included in net periodic pension cost | | | | | 65 | | | | | | 111 | | |
Tax effect | | | | | 364 | | | | | | 146 | | |
Net of tax | | | | | 1,365 | | | | | | 549 | | |
Deferred compensation liability: | | | | | | | | | | | | | |
Unrealized loss | | | | | (15) | | | | | | (13) | | |
Tax effect | | | | | (3) | | | | | | (2) | | |
Net of tax | | | | | (12) | | | | | | (11) | | |
Total other comprehensive income | | | | | 5,863 | | | | | | 4,942 | | |
Total comprehensive income | | | | $ | 17,542 | | | | | $ | 16,423 | | |
| | | Common Stock | | | Surplus | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Treasury Stock | | | Total | | ||||||||||||||||||
Balance, January 1, 2019 | | | | $ | 2,266 | | | | | $ | 85,496 | | | | | $ | 31,695 | | | | | $ | (8,986) | | | | | $ | (1,192) | | | | | $ | 109,279 | | |
Net income | | | | | — | | | | | | — | | | | | | 11,481 | | | | | | — | | | | | | — | | | | | | 11,481 | | |
Other comprehensive income, net of taxes | | | | | — | | | | | | — | | | | | | — | | | | | | 4,942 | | | | | | — | | | | | | 4,942 | | |
Cash dividends declared ($0.80 per share) | | | | | — | | | | | | — | | | | | | (3,587) | | | | | | — | | | | | | — | | | | | | (3,587) | | |
Issue of restricted stock (13,873 shares) | | | | | — | | | | | | (375) | | | | | | — | | | | | | — | | | | | | 375 | | | | | | — | | |
Treasury stock purchased (16,873 shares) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (455) | | | | | | (455) | | |
Restricted stock expense | | | | | — | | | | | | 319 | | | | | | — | | | | | | — | | | | | | — | | | | | | 319 | | |
Stock-based compensation (6,264 shares) | | | | | — | | | | | | (175) | | | | | | — | | | | | | — | | | | | | 346 | | | | | | 171 | | |
Stock issuance costs | | | | | — | | | | | | (87) | | | | | | — | | | | | | — | | | | | | — | | | | | | (87) | | |
Balance, December 31, 2019 | | | | | 2,266 | | | | | | 85,178 | | | | | | 39,589 | | | | | | (4,044) | | | | | | (926) | | | | | | 122,063 | | |
Net income | | | | | — | | | | | | — | | | | | | 11,679 | | | | | | — | | | | | | — | | | | | | 11,679 | | |
Other comprehensive income, net of taxes | | | | | — | | | | | | — | | | | | | — | | | | | | 5,863 | | | | | | — | | | | | | 5,863 | | |
Cash dividends declared ($0.80 per share) | | | | | — | | | | | | — | | | | | | (3,585) | | | | | | — | | | | | | — | | | | | | (3,585) | | |
Issue of restricted stock (14,532 shares) | | | | | — | | | | | | (442) | | | | | | — | | | | | | — | | | | | | 442 | | | | | | — | | |
Treasury stock purchased (41,201 shares) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,164) | | | | | | (1,164) | | |
Restricted stock expense | | | | | — | | | | | | 413 | | | | | | — | | | | | | — | | | | | | — | | | | | | 413 | | |
Stock-based compensation (5,382 shares) | | | | | — | | | | | | (38) | | | | | | — | | | | | | — | | | | | | 192 | | | | | | 154 | | |
Balance, December 31, 2020 | | | | $ | 2,266 | | | | | $ | 85,111 | | | | | $ | 47,683 | | | | | $ | 1,819 | | | | | $ | (1,456) | | | | | $ | 135,423 | | |
| | | 2020 | | | 2019 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income | | | | $ | 11,679 | | | | | | 11,481 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision for loan losses | | | | | 5,413 | | | | | | 2,195 | | |
Depreciation | | | | | 1,274 | | | | | | 1,189 | | |
Accretion on loans | | | | | (2,843) | | | | | | (1,258) | | |
Amortization of intangibles | | | | | 286 | | | | | | 286 | | |
Deferred income tax provision (benefit) | | | | | (260) | | | | | | (426) | | |
Investment securities (gains) losses | | | | | (804) | | | | | | 219 | | |
Restricted stock expense | | | | | 413 | | | | | | 319 | | |
Stock-based compensation | | | | | 154 | | | | | | 171 | | |
Net amortization of investment premiums | | | | | 2,329 | | | | | | 2,242 | | |
Earnings on bank owned life insurance | | | | | (702) | | | | | | (690) | | |
Net change in: | | | | | | | | | | | | | |
Accrued interest receivable | | | | | (3,093) | | | | | | (194) | | |
Other assets | | | | | (4,029) | | | | | | (5,331) | | |
Other liabilities | | | | | 1,527 | | | | | | 3,530 | | |
Net cash from operating activities | | | | | 11,344 | | | | | | 13,733 | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchases of investment securities available-for-sale | | | | | (218,813) | | | | | | (99,355) | | |
Proceeds from sales and paydowns of investment securities available-for-sale | | | | | 100,947 | | | | | | 82,388 | | |
Proceeds from maturities and calls of investment securities available-for-sale | | | | | 46,860 | | | | | | 20,702 | | |
Decrease (increase) in restricted investment in bank stocks, net | | | | | 25 | | | | | | 1,048 | | |
Loans purchased | | | | | (43,305) | | | | | | (24,540) | | |
Principal returned on loans purchased | | | | | 17,322 | | | | | | 3,821 | | |
Net increase in loans | | | | | (233,304) | | | | | | (132,718) | | |
Additions to premises and equipment | | | | | (692) | | | | | | (1,854) | | |
Net cash from investing activities | | | | | (330,960) | | | | | | (150,508) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Net increase in deposits | | | | | 406,162 | | | | | | 178,124 | | |
Net change in FHLB overnight advances | | | | | (5,000) | | | | | | (20,500) | | |
Net change in FHLB term advances | | | | | — | | | | | | (10,000) | | |
Repayments of note payable | | | | | — | | | | | | (57) | | |
Issuance of subordinated notes, net of issuance costs | | | | | 19,323 | | | | | | — | | |
Expenses for proceeds from issuance of common stock | | | | | — | | | | | | (87) | | |
Cash dividends paid | | | | | (3,585) | | | | | | (3,587) | | |
Purchases of treasury stock | | | | | (1,164) | | | | | | (380) | | |
Net cash from financing activities | | | | | 415,736 | | | | | | 143,513 | | |
Net change in cash and cash equivalents | | | | | 96,120 | | | | | | 6,738 | | |
Beginning cash and cash equivalents | | | | | 25,112 | | | | | | 18,374 | | |
Ending cash and cash equivalents | | | | $ | 121,232 | | | | | $ | 25,112 | | |
Supplementary Cash Flow Information | | | | | | | | | | | | | |
Interest paid | | | | | 4,616 | | | | | | 4,840 | | |
Income taxes paid | | | | | 3,015 | | | | | | 2,876 | | |
Supplementary Schedule of Non Cash Investing Activities | | | | | | | | | | | | | |
Initial recognition of operating lease right-of-use asset | | | | | — | | | | | | 1,368 | | |
Initial recognition of operating lease liabilities | | | | | — | | | | | | 1,368 | | |
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available-for-sale December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 82,409 | | | | | $ | 1,394 | | | | | $ | (382) | | | | | $ | 83,421 | | |
Mortgage-backed securities | | | | | 157,408 | | | | | | 3,633 | | | | | | (257) | | | | | $ | 160,784 | | |
Corporate Securities | | | | | 10,603 | | | | | | 57 | | | | | | (33) | | | | | $ | 10,627 | | |
Obligations of states and political subdivisions | | | | | 73,421 | | | | | | 1,883 | | | | | | (31) | | | | | $ | 75,273 | | |
Total debt securities | | | | $ | 323,841 | | | | | $ | 6,967 | | | | | $ | (703) | | | | | $ | 330,105 | | |
Available-for-sale December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 84,746 | | | | | $ | 273 | | | | | $ | (730) | | | | | $ | 84,289 | | |
Mortgage-backed securities | | | | | 158,246 | | | | | | 1,463 | | | | | | (620) | | | | | $ | 159,089 | | |
Obligations of states and political subdivisions | | | | | 11,367 | | | | | | 170 | | | | | | — | | | | | $ | 11,537 | | |
Total debt securities | | | | $ | 254,359 | | | | | $ | 1,906 | | | | | $ | (1,350) | | | | | $ | 254,915 | | |
| | | 2020 | | | 2019 | | ||||||
Proceeds | | | | $ | 23,238 | | | | | $ | 30,280 | | |
Gross gains | | | | | 954 | | | | | | 41 | | |
Gross losses | | | | | 150 | | | | | | 260 | | |
| | | Available-for-sale | | |||||||||
| | | Amortized Cost | | | Fair Value | | ||||||
Due in one year or less | | | | $ | 35,891 | | | | | $ | 36,033 | | |
Due after one through five years | | | | | 33,585 | | | | | | 34,030 | | |
Due after five through ten years | | | | | 49,248 | | | | | | 49,797 | | |
Due after ten years | | | | | 47,709 | | | | | | 49,461 | | |
| | | | | 166,433 | | | | | | 169,321 | | |
Mortgage-backed securities | | | | | 157,408 | | | | | | 160,784 | | |
Total debt securities | | | | $ | 323,841 | | | | | $ | 330,105 | | |
| | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | | Fair Value | | | Unrealized Losses | | ||||||||||||||||||
Available-for-sale December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 17,948 | | | | | $ | (52) | | | | | $ | 20,779 | | | | | $ | (330) | | | | | $ | 38,727 | | | | | $ | (382) | | |
Mortgage-backed securities | | | | | 35,580 | | | | | | (208) | | | | | | 1,887 | | | | | | (49) | | | | | | 37,467 | | | | | | (257) | | |
Corporate Securities | | | | | 1,551 | | | | | | (33) | | | | | | | | | | | | | | | | | | 1,551 | | | | | | (33) | | |
Obligations of states and political subdivisions | | | | | 15,373 | | | | | | (31) | | | | | | — | | | | | | — | | | | | | 15,373 | | | | | | (31) | | |
Total debt securities | | | | $ | 70,452 | | | | | $ | (324) | | | | | $ | 22,666 | | | | | $ | (379) | | | | | $ | 93,118 | | | | | $ | (703) | | |
Available-for-sale December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. government agencies | | | | $ | 18,502 | | | | | $ | (87) | | | | | $ | 26,404 | | | | | $ | (643) | | | | | $ | 44,906 | | | | | $ | (730) | | |
Mortgage-backed securities | | | | | 23,941 | | | | | | (182) | | | | | | 36,272 | | | | | | (438) | | | | | | 60,213 | | | | | | (620) | | |
Obligations of states and political subdivisions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total debt securities | | | | $ | 42,443 | | | | | $ | (269) | | | | | $ | 62,676 | | | | | $ | (1,081) | | | | | $ | 105,119 | | | | | $ | (1,350) | | |
| | | 2020 | | | 2019 | | ||||||
Commercial and industrial | | | | $ | 299,049 | | | | | $ | 222,111 | | |
Commercial real estate | | | | | 698,130 | | | | | | 534,407 | | |
Commercial real estate construction | | | | | 63,544 | | | | | | 56,412 | | |
Residential real estate | | | | | 57,941 | | | | | | 65,290 | | |
Home equity | | | | | 13,960 | | | | | | 11,668 | | |
Consumer | | | | | 20,114 | | | | | | 2,236 | | |
Total | | | | $ | 1,152,738 | | | | | $ | 892,124 | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | | |||||||||||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 5,107 | | | | | $ | 5,951 | | | | | $ | 713 | | | | | $ | 384 | | | | | $ | 43 | | | | | $ | 77 | | | | | $ | 12,275 | | | | ||
Provision for loan losses | | | | | 917 | | | | | | 4,046 | | | | | | 88 | | | | | | 48 | | | | | | 34 | | | | | | 280 | | | | | | 5,413 | | | | ||
Loans charged-off | | | | | (1,239) | | | | | | (219) | | | | | | — | | | | | | (51) | | | | | | — | | | | | | (28) | | | | | | (1,537) | | | | | |
Recoveries | | | | | 10 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 21 | | | | ||
Ending balance | | | | $ | 4,795 | | | | | $ | 9,782 | | | | | $ | 801 | | | | | $ | 381 | | | | | $ | 77 | | | | | $ | 336 | | | | | $ | 16,172 | | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | | |||||||||||||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 3,883 | | | | | $ | 5,708 | | | | | $ | 567 | | | | | $ | 353 | | | | | $ | 105 | | | | | $ | 47 | | | | | $ | 10,663 | | | | ||
Provision for loan losses | | | | | 1,469 | | | | | | 645 | | | | | | 146 | | | | | | (84) | | | | | | (61) | | | | | | 80 | | | | | | 2,195 | | | | ||
Loans charged-off | | | | | (352) | | | | | | (453) | | | | | | — | | | | | | (41) | | | | | | (1) | | | | | | (59) | | | | | | (906) | | | | | |
Recoveries | | | | | 107 | | | | | | 51 | | | | | | — | | | | | | 156 | | | | | | — | | | | | | 9 | | | | | | 323 | | | | ||
Ending balance | | | | $ | 5,107 | | | | | $ | 5,951 | | | | | $ | 713 | | | | | $ | 384 | | | | | $ | 43 | | | | | $ | 77 | | | | | $ | 12,275 | | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 206 | | | | | $ | 1,084 | | | | | $ | — | | | | | $ | 15 | | | | | $ | — | | | | | $ | 27 | | | | | $ | 1,332 | | |
collectively evaluated for impairment | | | | | 4,589 | | | | | | 8,698 | | | | | | 801 | | | | | | 366 | | | | | | 77 | | | | | | 309 | | | | | | 14,840 | | |
Total ending allowance balance | | | | $ | 4,795 | | | | | $ | 9,782 | | | | | $ | 801 | | | | | $ | 381 | | | | | $ | 77 | | | | | $ | 336 | | | | | $ | 16,172 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 2,410 | | | | | $ | 19,759 | | | | | $ | — | | | | | $ | 1,358 | | | | | $ | — | | | | | $ | 124 | | | | | $ | 23,651 | | |
collectively evaluated for impairment | | | | | 296,639 | | | | | | 678,371 | | | | | | 63,544 | | | | | | 56,583 | | | | | | 13,960 | | | | | | 19,990 | | | | | | 1,129,087 | | |
Total ending loans balance | | | | $ | 299,049 | | | | | $ | 698,130 | | | | | $ | 63,544 | | | | | $ | 57,941 | | | | | $ | 13,960 | | | | | $ | 20,114 | | | | | $ | 1,152,738 | | |
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 446 | | | | | $ | 655 | | | | | $ | — | | | | | $ | 24 | | | | | $ | — | | | | | $ | 28 | | | | | $ | 1,153 | | |
collectively evaluated for impairment | | | | | 4,661 | | | | | | 5,296 | | | | | | 713 | | | | | | 360 | | | | | | 43 | | | | | | 49 | | | | | | 11,122 | | |
Total ending allowance balance | | | | $ | 5,107 | | | | | $ | 5,951 | | | | | $ | 713 | | | | | $ | 384 | | | | | $ | 43 | | | | | $ | 77 | | | | | $ | 12,275 | | |
| | | Commercial and Industrial | | | Commercial Real Estate | | | Commercial Real Estate Construction | | | Residential Real Estate | | | Home Equity | | | Consumer | | | Total | | |||||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
individually evaluated for impairment | | | | $ | 502 | | | | | $ | 12,127 | | | | | $ | — | | | | | $ | 224 | | | | | $ | — | | | | | $ | 132 | | | | | $ | 12,985 | | |
collectively evaluated for impairment | | | | | 221,609 | | | | | | 522,280 | | | | | | 56,412 | | | | | | 65,066 | | | | | | 11,668 | | | | | | 2,104 | | | | | | 879,139 | | |
Total ending loans balance | | | | $ | 222,111 | | | | | $ | 534,407 | | | | | $ | 56,412 | | | | | $ | 65,290 | | | | | $ | 11,668 | | | | | $ | 2,236 | | | | | $ | 892,124 | | |
|
| | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | | Average Recorded Investment | | | Interest Income Recognized | | | Cash Basis Interest Recognized | | ||||||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 331 | | | | | $ | 331 | | | | | $ | — | | | | | $ | 169 | | | | | $ | 23 | | | | | $ | 23 | | |
Commercial real estate | | | | | 10,621 | | | | | | 9,248 | | | | | | — | | | | | | 4,937 | | | | | | 296 | | | | | | 296 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 1,148 | | | | | | 1,148 | | | | | | — | | | | | | 574 | | | | | | 44 | | | | | | 44 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 12,100 | | | | | $ | 10,727 | | | | | $ | — | | | | | $ | 5,680 | | | | | $ | 363 | | | | | $ | 363 | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 2,079 | | | | | $ | 2,079 | | | | | $ | 206 | | | | | $ | 1,287 | | | | | $ | 147 | | | | | $ | 147 | | |
Commercial real estate | | | | | 11,001 | | | | | | 10,511 | | | | | | 1,084 | | | | | | 11,005 | | | | | | 466 | | | | | | 466 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 219 | | | | | | 210 | | | | | | 15 | | | | | | 217 | | | | | | 5 | | | | | | 5 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 124 | | | | | | 124 | | | | | | 27 | | | | | | 128 | | | | | | 7 | | | | | | 7 | | |
Total | | | | $ | 13,423 | | | | | $ | 12,924 | | | | | $ | 1,332 | | | | | $ | 12,637 | | | | | $ | 625 | | | | | $ | 625 | | |
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With no related allowance recorded | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 7 | | | | | $ | 7 | | | | | $ | — | | | | | $ | 28 | | | | | $ | 1 | | | | | $ | 1 | | |
Commercial real estate | | | | | 627 | | | | | | 627 | | | | | | — | | | | | | 641 | | | | | | 40 | | | | | | 40 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Unpaid Principal Balance | | | Recorded Investment | | | Allowance for Loan Losses Allocated | | | Average Recorded Investment | | | Interest Income Recognized | | | Cash Basis Interest Recognized | | ||||||||||||||||||
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 634 | | | | | $ | 634 | | | | | $ | — | | | | | $ | 669 | | | | | $ | 41 | | | | | $ | 41 | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 495 | | | | | $ | 495 | | | | | $ | 446 | | | | | $ | 472 | | | | | $ | 9 | | | | | $ | 9 | | |
Commercial real estate | | | | | 13,357 | | | | | | 11,500 | | | | | | 655 | | | | | | 11,774 | | | | | | 708 | | | | | | 708 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 224 | | | | | | 224 | | | | | | 24 | | | | | | 232 | | | | | | 10 | | | | | | 10 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 132 | | | | | | 132 | | | | | | 28 | | | | | | 137 | | | | | | 8 | | | | | | 8 | | |
Total | | | | $ | 14,208 | | | | | $ | 12,351 | | | | | $ | 1,153 | | | | | $ | 12,615 | | | | | $ | 735 | | | | | $ | 735 | | |
|
| | | Non-accrual | | | Loans Past Due Over 90 Days Still Accruing | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Commercial and industrial | | | | $ | — | | | | | $ | 502 | | | | | $ | 457 | | | | | $ | 215 | | |
Commercial real estate | | | | | 1,345 | | | | | | 959 | | | | | | — | | | | | | — | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential real estate | | | | | 657 | | | | | | 88 | | | | | | 2 | | | | | | 416 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | 51 | | |
Consumer | | | | | — | | | | | | — | | | | | | 61 | | | | | | — | | |
Total | | | | $ | 2,002 | | | | | $ | 1,549 | | | | | $ | 520 | | | | | $ | 682 | | |
| | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Loans Not Past Due | | |||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 123 | | | | | $ | 201 | | | | | $ | 457 | | | | | $ | 781 | | | | | $ | 298,268 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | 1,345 | | | | | | 1,345 | | | | | | 696,785 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,544 | | |
Residential real estate | | | | | 570 | | | | | | — | | | | | | 580 | | | | | | 1,150 | | | | | | 56,791 | | |
Home equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,960 | | |
Consumer | | | | | 132 | | | | | | 272 | | | | | | 61 | | | | | | 465 | | | | | | 19,649 | | |
Total | | | | $ | 825 | | | | | $ | 473 | | | | | $ | 2,443 | | | | | $ | 3,741 | | | | | $ | 1,148,997 | | |
| | | 30 – 59 Days Past Due | | | 60 – 89 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Loans Not Past Due | | |||||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 525 | | | | | $ | 118 | | | | | $ | 717 | | | | | $ | 1,360 | | | | | $ | 220,751 | | |
Commercial real estate | | | | | 4,149 | | | | | | 183 | | | | | | 959 | | | | | | 5,291 | | | | | | 529,116 | | |
Commercial real estate construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56,412 | | |
Residential real estate | | | | | 875 | | | | | | — | | | | | | 416 | | | | | | 1,291 | | | | | | 63,999 | | |
Home equity | | | | | 125 | | | | | | 59 | | | | | | 51 | | | | | | 235 | | | | | | 11,433 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,236 | | |
Total | | | | $ | 5,674 | | | | | $ | 360 | | | | | $ | 2,143 | | | | | $ | 8,177 | | | | | $ | 883,947 | | |
| | | Number of Loans | | | Unpaid Principal Balance | | ||||||
Commercial and industrial | | | | | 9 | | | | | $ | 3,390 | | |
Commercial real estate | | | | | 19 | | | | | | 44,782 | | |
Consumer | | | | | 1 | | | | | | 596 | | |
Total | | | | | 29 | | | | | $ | 48,768 | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 293,763 | | | | | $ | 3,023 | | | | | $ | 2,263 | | | | | $ | — | | | | | $ | — | | | | | $ | 299,049 | | |
Commercial real estate | | | | | 685,808 | | | | | | 4,164 | | | | | | 8,158 | | | | | | — | | | | | | — | | | | | | 698,130 | | |
Commercial real estate construction | | | | | 63,544 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,544 | | |
Residential real estate | | | | | 56,793 | | | | | | — | | | | | | 1,148 | | | | | | — | | | | | | — | | | | | | 57,941 | | |
Home equity | | | | | 13,960 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,960 | | |
Consumer | | | | | 19,990 | | | | | | — | | | | | | 124 | | | | | | — | | | | | | — | | | | | | 20,114 | | |
Total | | | | $ | 1,133,858 | | | | | $ | 7,187 | | | | | $ | 11,693 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,152,738 | | |
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Loss | | | Total | | ||||||||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | | $ | 217,994 | | | | | $ | 1,581 | | | | | $ | 2,536 | | | | | $ | — | | | | | $ | — | | | | | $ | 222,111 | | |
Commercial real estate | | | | | 519,416 | | | | | | 4,049 | | | | | | 10,942 | | | | | | — | | | | | | — | | | | | | 534,407 | | |
Commercial real estate construction | | | | | 56,412 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 56,412 | | |
Residential real estate | | | | | 64,879 | | | | | | — | | | | | | 411 | | | | | | — | | | | | | — | | | | | | 65,290 | | |
Home equity | | | | | 11,668 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,668 | | |
Consumer | | | | | 2,104 | | | | | | — | | | | | | 132 | | | | | | — | | | | | | — | | | | | | 2,236 | | |
Total | | | | $ | 872,473 | | | | | $ | 5,630 | | | | | $ | 14,021 | | | | | $ | — | | | | | $ | — | | | | | $ | 892,124 | | |
| | | 2020 | | | 2019 | | ||||||
Balance, beginning of year | | | | $ | 5,443 | | | | | $ | 418 | | |
Additions | | | | | — | | | | | | 5,069 | | |
Repayments | | | | | (51) | | | | | | (44) | | |
Balance, end of year | | | | $ | 5,392 | | | | | $ | 5,443 | | |
| | | | | | | | | Fair Value Measurements Using: | | |||||||||||||||
| | | Total at December 31, 2020 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
| ��� | | | | | | | | | | |||||||||||||||
U.S. government agencies | | | | | 83,421 | | | | | $ | — | | | | | $ | 83,421 | | | | | $ | — | | |
Mortgage-backed securities | | | | | 160,784 | | | | | | — | | | | | | 160,784 | | | | | | — | | |
Corporate securities | | | | | 10,627 | | | | | | — | | | | | | 10,627 | | | | | | — | | |
Obligations of states and political subdivisions | | | | | 75,273 | | | | | | — | | | | | | 75,273 | | | | | | — | | |
Total securities available for sale | | | | $ | 330,105 | | | | | $ | — | | | | | $ | 330,105 | | | | | $ | — | | |
| | | | | | | | | Fair Value Measurements Using: | | |||||||||||||||
| | | Total at December 31, 2019 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
U.S. government agencies | | | | | 84,289 | | | | | $ | — | | | | | $ | 84,289 | | | | | $ | — | | |
Mortgage-backed securities | | | | | 159,089 | | | | | | — | | | | | | 159,089 | | | | | | — | | |
Obligations of states and political subdivisions | | | | | 11,537 | | | | | | — | | | | | | 11,537 | | | | | | — | | |
Total securities available for sale | | | | $ | 254,915 | | | | | $ | — | | | | | $ | 254,915 | | | | | $ | — | | |
| | | Fair Value Measurements Using: | | |||||||||||||||||||||
| | | Total at December 31, 2019 | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 1,622 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,622 | | |
| December 31, 2020 | | | Fair Value Value | | | Valuation Technique | | | Unobservable Input | | | Range (Average) | |
| Impaired loans | | | $1,622 | | | Appraisal of collateral(1) | | | Appraisal and liquidation adjustments(2) | | | 5 – 20% (10)% | |
| | | December 31, 2020 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 121,232 | | | | | $ | 121,232 | | | | | $ | 121,232 | | | | | $ | — | | | | | $ | — | | |
Loans, net | | | | | 1,136,566 | | | | | | 1,139,472 | | | | | | — | | | | | | — | | | | | | 1,139,472 | | |
Accrued interest receivable | | | | | 6,295 | | | | | | 6,295 | | | | | | — | | | | | | 1,389 | | | | | | 4,906 | | |
Restricted investment in bank stocks | | | | | 1,449 | | | | | | NA | | | | | | — | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 1,489,294 | | | | | | 1,489,615 | | | | | | 1,398,095 | | | | | | 91,520 | | | | | | — | | |
Note payable | | | | | 3,000 | | | | | | 3,087 | | | | | | — | | | | | | 3,087 | | | | | | — | | |
Subordinated notes | | | | | 19,323 | | | | | | 19,758 | | | | | | — | | | | | | 19,758 | | | | | | — | | |
Accrued interest payable | | | | | 307 | | | | | | 307 | | | | | | — | | | | | | 307 | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 25,112 | | | | | $ | 25,112 | | | | | $ | 25,112 | | | | | $ | — | | | | | $ | — | | |
Loans, net | | | | | 879,849 | | | | | | 879,551 | | | | | | — | | | | | | — | | | | | | 879,551 | | |
Accrued interest receivable | | | | | 3,202 | | | | | | 3,202 | | | | | | — | | | | | | 1,202 | | | | | | 2,000 | | |
Restricted investment in bank stocks | | | | | 1,474 | | | | | | NA | | | | | | — | | | | | | — | | | | | | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 1,083,132 | | | | | | 1,086,740 | | | | | | 994,475 | | | | | | 92,265 | | | | | | — | | |
FHLB advances | | | | | 5,000 | | | | | | 4,996 | | | | | | — | | | | | | 4,996 | | | | | | — | | |
Note payable | | | | | 3,000 | | | | | | 3,000 | | | | | | — | | | | | | 3,000 | | | | | | — | | |
Accrued interest payable | | | | | 200 | | | | | | 200 | | | | | | — | | | | | | 200 | | | | | | — | | |
Off-balance sheet financial instruments | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2020 | | | 2019 | | ||||||
Land | | | | $ | 3,152 | | | | | $ | 3,152 | | |
Buildings and improvements | | | | | 12,727 | | | | | | 12,545 | | |
Furniture and equipment | | | | | 6,514 | | | | | | 6,183 | | |
Leasehold improvements | | | | | 5,332 | | | | | | 5,521 | | |
| | | | | 27,725 | | | | | | 27,401 | | |
Accumulated depreciation and amortization | | | | | (13,708) | | | | | | (12,802) | | |
Premises and equipment, net | | | | $ | 14,017 | | | | | $ | 14,599 | | |
| | | 2020 | | | 2019 | | ||||||
Beginning of year | | | | $ | 5,359 | | | | | $ | 5,359 | | |
Acquired goodwill impairment | | | | | — | | | | | | — | | |
End of year | | | | $ | 5,359 | | | | | $ | 5,359 | | |
| | | Gross Intangible Asset | | | Accumulated Amortization | | ||||||
December 31, 2020 | | | | | | | | | | | | | |
Customer lists and intangible assets | | | | $ | 4,284 | | | | | | (2,321) | | |
| | | | $ | 4,284 | | | | | | (2,321) | | |
December 31, 2019 | | | | | | | | | | | | | |
Customer lists and intangible assets | | | | $ | 4,284 | | | | | | (2,035) | | |
| | | | $ | 4,284 | | | | | | (2,035) | | |
| | | 2020 | | | 2019 | | ||||||
Non-interest bearing demand accounts | | | | $ | 521,093 | | | | | $ | 335,469 | | |
Interest-bearing demand accounts | | | | | 236,951 | | | | | | 166,907 | | |
Money market accounts | | | | | 483,044 | | | | | | 368,799 | | |
Savings accounts | | | | | 157,007 | | | | | | 123,300 | | |
Certificates of Deposit | | | | | 91,199 | | | | | | 88,657 | | |
Total deposits | | | | $ | 1,489,294 | | | | | $ | 1,083,132 | | |
| 2020 (matured not renewed) | | | | $ | 700 | | |
| 2021 | | | | | 74,061 | | |
| 2022 | | | | | 11,347 | | |
| 2023 | | | | | 5,091 | | |
| | | | | $ | 91,199 | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||
| | | Amount | | | Rate | | | Amount | | | Rate | | ||||||||||||
Federal Home Loan Bank (FHLB) advances | | | | $ | — | | | | | | 0.00% | | | | | $ | 5,000 | | | | | | 1.81% | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||
| | | Amount | | | Rate | | | Amount | | | Rate | | ||||||||||||
Note payable | | | | $ | 3,000 | | | | | | 5.60% | | | | | $ | 3,000 | | | | | | 5.60% | | |
| | | 2020 | | | 2019 | | ||||||
Change in projected benefit obligation: | | | | | | | | | | | | | |
Beginning of year | | | | $ | 26,665 | | | | | $ | 23,829 | | |
Service cost | | | | | 141 | | | | | | 163 | | |
Interest cost | | | | | 920 | | | | | | 1,043 | | |
Benefits paid | | | | | (1,407) | | | | | | (1,472) | | |
Actuarial loss | | | | | 3,109 | | | | | | 3,102 | | |
End of year | | | | $ | 29,428 | | | | | $ | 26,665 | | |
Change in fair value of assets: | | | | | | | | | | | | | |
Beginning of year | | | | $ | 31,738 | | | | | $ | 24,955 | | |
Contributions | | | | | 3,000 | | | | | | 3,000 | | |
Actual return on plan assets | | | | | 6,680 | | | | | | 5,238 | | |
Benefits paid and expenses | | | | | (1,455) | | | | | | (1,455) | | |
End of year | | | | $ | 39,963 | | | | | $ | 31,738 | | |
| | | 2020 | | | 2019 | | ||||||
Funded status at end of year (plan assets less benefit obligation) | | | | $ | 10,535 | | | | | $ | 5,073 | | |
| | | 2020 | | | 2019 | | ||||||
Total net actuarial loss | | | | $ | (4,544) | | | | | $ | (6,320) | | |
Transition asset | | | | | 76 | | | | | | 123 | | |
| | | | $ | (4,468) | | | | | $ | (6,197) | | |
| | | 2020 | | | 2019 | | ||||||
Service cost | | | | $ | 141 | | | | | $ | 163 | | |
Interest cost | | | | | 920 | | | | | | 1,043 | | |
Expected return on plan assets | | | | | (1,860) | | | | | | (1,569) | | |
Amortization of transition cost | | | | | (48) | | | | | | (48) | | |
Amortization of net loss | | | | | 113 | | | | | | 159 | | |
Net periodic benefit cost | | | | $ | (734) | | | | | $ | (252) | | |
Net gain | | | | $ | (1,664) | | | | | $ | (584) | | |
Amortization of transition asset | | | | | 48 | | | | | | 48 | | |
Amortization of prior service cost | | | | | (113) | | | | | | (159) | | |
Total recognized in other comprehensive income | | | | $ | (1,729) | | | | | | (695) | | |
Total recognized in net periodic benefit cost and other comprehensive income | | | | $ | (2,463) | | | | | $ | (947) | | |
| | | 2020 | | | 2019 | | ||||||
Discount rate | | | | | 2.65% | | | | | | 3.55% | | |
Rate of compensation increase | | | | | 0.00% | | | | | | 0.00% | | |
| | | 2020 | | | 2019 | | ||||||
Discount rate | | | | | 3.55% | | | | | | 4.53% | | |
Expected long-term rate of return on plan assets | | | | | 6.00% | | | | | | 6.50% | | |
Rate of compensation increase | | | | | 0.00% | | | | | | 0.00% | | |
| Equity securities | | | Dividend discount model, the smoothed earnings yield model and the equity risk premium model | |
| Fixed income securities | | | Current yield-to-maturity and forecasts of future yields | |
| Other financial instruments | | | Comparison of the specific investment’s risk to that of fixed income and equity instruments and other judgments | |
| | | 2020 | | | 2019 | | ||||||||||||||||||
| | | Target Allocation | | | Actual Allocation | | | Target Allocation | | | Actual Allocation | | ||||||||||||
Asset category: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
Equity securities | | | | | 28.25% | | | | | | 31.56% | | | | | | 28.25% | | | | | | 31.75% | | |
Fixed income securities | | | | | 59.75% | | | | | | 62.60% | | | | | | 59.75% | | | | | | 57.65% | | |
Other financial instruments | | | | | 12.00% | | | | | | 5.84% | | | | | | 12.00% | | | | | | 10.60% | | |
Total | | | | | | | | | | | 100.00% | | | | | | | | | | | | 100.00% | | |
| | | Fair Value Measurements at December 31, 2020 Using: | | |||||||||||||||||||||
| | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currencies | | | | $ | 2 | | | | | $ | 2 | | | | | $ | — | | | | | $ | — | | |
| | | | | 2 | | | | | | 2 | | | | | | — | | | | | | — | | |
Fixed income securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
| | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
Other investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Commingled pension trust funds-realty | | | | | 39,959 | | | | | | — | | | | | | 39,959 | | | | | | — | | |
| | | | | 39,959 | | | | | | — | | | | | | 39,959 | | | | | | — | | |
Total plan assets | | | | $ | 39,963 | | | | | $ | 2 | | | | | $ | 39,961 | | | | | $ | — | | |
| | | Fair Value Measurements at December 31, 2019 Using: | | |||||||||||||||||||||
| | | Total | | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currencies | | | | $ | 6 | | | | | $ | 6 | | | | | $ | — | | | | | $ | — | | |
| | | | | 6 | | | | | | 6 | | | | | | — | | | | | | — | | |
Fixed income securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
| | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
Other Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Commingled pension trust funds-realty | | | | | 31,730 | | | | | | — | | | | | | 31,730 | | | | | | — | | |
| | | | | 31,730 | | | | | | — | | | | | | 31,730 | | | | | | — | | |
Total plan assets | | | | $ | 31,738 | | | | | $ | 6 | | | | | $ | 31,732 | | | | | $ | — | | |
| | | Pension Benefits | | |||
2021 | | | | $ | 1,336 | | |
2022 | | | | | 1,416 | | |
2023 | | | | | 1,478 | | |
2024 | | | | | 1,517 | | |
2025 | | | | | 1,544 | | |
Following 5 years | | | | $ | 7,704 | | |
Percentage of Compensation | | | Participant Age Range | |
1.0% | | | Under age 35 | |
2.0% | | | 35 years of age, but less than 45 | |
5.0% | | | 45 years of age, but less than 55 | |
8.5% | | | 55 years of age or older | |
| | | Shares | | | Weighted Average Fair Value | | ||||||
Non-vested at December 31, 2019 | | | | | 24,012 | | | | | $ | 26.31 | | |
Granted | | | | | 14,532 | | | | | $ | 30.40 | | |
Vested | | | | | (10,567) | | | | | $ | 25.84 | | |
Forfeited | | | | | (2,608) | | | | | $ | 26.98 | | |
Non-vested at December 31, 2020 | | | | | 25,369 | | | | | $ | 28.78 | | |
| | | 2020 | | | 2019 | | ||||||
Current expense | | | | | | | | | | | | | |
Federal | | | | $ | 3,007 | | | | | $ | 3,236 | | |
State | | | | | 92 | | | | | | 118 | | |
Total | | | | | 3,099 | | | | | | 3,354 | | |
Deferred expense (benefit) | | | | | | | | | | | | | |
Federal | | | | | (140) | | | | | | (339) | | |
State | | | | | (393) | | | | | | (766) | | |
Total | | | | | (533) | | | | | | (1,105) | | |
Change in valuation allowance | | | | | 273 | | | | | | 679 | | |
Total provision for income taxes | | | | $ | 2,839 | | | | | $ | 2,928 | | |
| | | 2020 | | | 2019 | | ||||||
Tax expense at statutory rate | | | | $ | 3,049 | | | | | $ | 3,026 | | |
(Decrease) increase in taxes resulting from: | | | | | | | | | | | | | |
Net earnings on bank-owned life insurance | | | | | (147) | | | | | | (145) | | |
Tax-exempt municipal bond income, net of disallowed interest expense | | | | | (198) | | | | | | (134) | | |
State income tax, net of federal tax benefit | | | | | (349) | | | | | | (498) | | |
Valuation allowance | | | | | 273 | | | | | | 679 | | |
Other | | | | | 211 | | | | | | — | | |
Total provision for income tax | | | | $ | 2,839 | | | | | $ | 2,928 | | |
| | | 2020 | | | 2019 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for loan losses | | | | $ | 4,181 | | | | | $ | 3,237 | | |
Reserve for unfunded commitments | | | | | 52 | | | | | | 167 | | |
Deferred loan fees, net of costs | | | | | 292 | | | | | | 268 | | |
Deferred compensation | | | | | 2,319 | | | | | | 2,218 | | |
Accumulated depreciation | | | | | — | | | | | | 70 | | |
Non accrual interest | | | | | 355 | | | | | | 387 | | |
State NOL | | | | | 1,977 | | | | | | 1,651 | | |
Pension/deferred compensation OCI | | | | | 1,098 | | | | | | 1,576 | | |
| | | | | 10,274 | | | | | | 9,574 | | |
| | | 2020 | | | 2019 | | ||||||
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangible assets | | | | | (761) | | | | | | (683) | | |
Organization costs – holding company | | | | | (18) | | | | | | (16) | | |
Organization costs – HVIA | | | | | (20) | | | | | | (17) | | |
Pension | | | | | (2,349) | | | | | | (1,670) | | |
Available for sale securities | | | | | (1,279) | | | | | | (116) | | |
Accumulated depreciation | | | | | (353) | | | | | | — | | |
Accretion | | | | | (54) | | | | | | (41) | | |
| | | | | (4,834) | | | | | | (2,543) | | |
Net deferred tax asset before valuation allowance | | | | | 5,440 | | | | | | 7,031 | | |
Valuation allowance | | | | | (2,780) | | | | | | (2,838) | | |
Net deferred tax asset | | | | $ | 2,660 | | | | | $ | 4,193 | | |
|
| | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Deferred Compensation Liability | | | Total | | ||||||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | 439 | | | | | $ | (4,642) | | | | | $ | 159 | | | | | $ | (4,044) | | |
Other comprehensive income (loss) before reclassification | | | | | 5,145 | | | | | | 1,314 | | | | | | (12) | | | | | | 6,447 | | |
Less amounts reclassified from accumulated other comprehensive income | | | | | (635) | | | | | | 51 | | | | | | — | | | | | | (584) | | |
Net current period other comprehensive income | | | | | 4,510 | | | | | | 1,365 | | | | | | (12) | | | | | | 5,863 | | |
Ending balance | | | | $ | 4,949 | | | | | $ | (3,277) | | | | | $ | 147 | | | | | $ | 1,819 | | |
| | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Deferred Compensation Liability | | | Total | | ||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | | | $ | (3,965) | | | | | $ | (5,191) | | | | | $ | 170 | | | | | $ | (8,986) | | |
Other comprehensive income (loss) before reclassification | | | | | 4,577 | | | | | | 461 | | | | | | (11) | | | | | | 5,027 | | |
Less amounts reclassified from accumulated other comprehensive income (loss) | | | | | (173) | | | | | | 88 | | | | | | — | | | | | | (85) | | |
Net current period other comprehensive income | | | | | 4,404 | | | | | | 549 | | | | | | (11) | | | | | | 4,942 | | |
Ending balance | | | | $ | 439 | | | | | $ | (4,642) | | | | | $ | 159 | | | | | $ | (4,044) | | |
Details about Accumulated Other Comprehensive Income Components | | | Amount Reclassified from Accumulated Other Comprehensive Income | | | Affected Line Item in the Statement where Net Income is Presented | | |||||||||
| | | 2020 | | | 2019 | | | | | ||||||
Unrealized gains and losses on available- for-sale securities | | | | | | | | | | | | | | | | |
Realized (losses) gains on securities available-for-sale | | | | $ | 804 | | | | | $ | (219) | | | | Investment security gains (losses) | |
Total before tax | | | | | 804 | | | | | | (219) | | | | | |
Tax effect | | | | | 169 | | | | | | (46) | | | | Provision for income taxes | |
Net of tax | | | | $ | 635 | | | | | $ | (173) | | | | | |
Amortization of defined benefit pension items | | | | | | | | | | | | | | | | |
Transition asset | | | | | (48) | | | | | | (48) | | | | Other expense | |
Actuarial gains (losses) | | | | $ | 113 | | | | | $ | 159 | | | | Other expense | |
Total before tax | | | | | 65 | | | | | | 111 | | | | | |
Tax effect | | | | | 14 | | | | | | 23 | | | | Provision for income taxes | |
Net of tax | | | | $ | 51 | | | | | $ | 88 | | | | | |
Total reclassifications for the | | | | | | | | | | | | | | | | |
period, net of tax | | | | $ | 686 | | | | | $ | (85) | | | | | |
| | | Actual | | | For Capital Adequacy Purposes | | | For Capital Adequacy Purposes with Capital Buffer | | | To be Well Capitalized under Prompt Corrective Action Provisions | | ||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk weighted assets | | | | $ | 150,397 | | | | | | 13.49% | | | | | $ | 89,207 | | | | | | 8.00% | | | | | $ | 110,115 | | | | | | 9.875% | | | | | $ | 111,509 | | | | | | 10.00% | | |
Tier 1 (Core) capital to risk weighted assets | | | | | 136,446 | | | | | | 12.24% | | | | | | 66,906 | | | | | | 6.00% | | | | | | 87,814 | | | | | | 7.875% | | | | | | 89,207 | | | | | | 8.00% | | |
Common Tier 1 (CET1) to risk weighted assets | | | | | 136,446 | | | | | | 12.24% | | | | | | 50,179 | | | | | | 4.50% | | | | | | 71,087 | | | | | | 6.375% | | | | | | 72,481 | | | | | | 6.50% | | |
Tier 1 (Core) Capital to average assets | | | | | 136,446 | | | | | | 8.16% | | | | | | 66,891 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | | | | | 83,613 | | | | | | 5.00% | | |
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital to risk weighted assets | | | | $ | 129,233 | | | | | | 13.87% | | | | | $ | 74,517 | | | | | | 8.00% | | | | | $ | 91,982 | | | | | | 9.875% | | | | | $ | 93,147 | | | | | | 10.00% | | |
Tier 1 (Core) capital to risk weighted assets | | | | | 117,588 | | | | | | 12.62% | | | | | | 55,888 | | | | | | 6.00% | | | | | | 73,353 | | | | | | 7.875% | | | | | | 74,517 | | | | | | 8.00% | | |
Common Tier 1 (CET1) to risk weighted assets | | | | | 117,588 | | | | | | 12.62% | | | | | | 41,916 | | | | | | 4.50% | | | | | | 59,381 | | | | | | 6.375% | | | | | | 60,545 | | | | | | 6.50% | | |
Tier 1 (Core) Capital to average assets | | | | | 117,588 | | | | | | 9.47% | | | | | | 49,664 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | | | | | 62,079 | | | | | | 5.00% | | |
| Years Ending December 31, | | | | | | | |
| 2021 | | | | $ | 625 | | |
| 2022 | | | | | 326 | | |
| 2023 | | | | | 278 | | |
| 2024 | | | | | 220 | | |
| 2025 | | | | | 143 | | |
| Thereafter | | | | | 451 | | |
| Total undiscounted lease payments | | | | $ | 2,043 | | |
| Discount | | | | $ | 114 | | |
| Total discounted lease payments | | | | $ | 1,929 | | |
| Operating lease weighted average remaining lease term (years) | | | 5.69 years | | |||
| Operating lease weighted average discount rate | | | | | 2.93% | | |
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
Noninterest Income | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | $ | 682 | | | | | $ | 921 | | |
Trust income | | | | | 4,074 | | | | | | 3,531 | | |
Investment advisory income | | | | | 4,105 | | | | | | 3,927 | | |
Investment securities gains (losses)(a) | | | | | 804 | | | | | | (219) | | |
Earnings on bank owned life insurance(a) | | | | | 702 | | | | | | 689 | | |
Other(b) | | | | | 1,056 | | | | | | 965 | | |
Total Noninterest Income | | | | $ | 11,423 | | | | | $ | 9,814 | | |
| | | 2020 | | | 2019 | | ||||||
Commitments to extend credit | | | | $ | 230,200 | | | | | $ | 207,733 | | |
Standby letters of credit | | | | | 6,510 | | | | | | 4,738 | | |
| | | December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 10,929 | | | | | $ | 2,359 | | |
Investment in subsidiaries | | | | | 145,497 | | | | | | 120,832 | | |
Goodwill and intangible assets | | | | | 2,136 | | | | | | 2,421 | | |
Other assets | | | | | 26 | | | | | | 24 | | |
Total assets | | | | $ | 158,588 | | | | | $ | 125,636 | | |
| | | December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Liabilities and stockholders’ equity | | | | | | | | | | | | | |
Subordinated notes, net of issuance costs | | | | $ | 19,323 | | | | | $ | — | | |
Note payable | | | | | 3,000 | | | | | | 3,000 | | |
Other liabilities | | | | | 842 | | | | | | 573 | | |
Total liabilities | | | | | 23,165 | | | | | | 3,573 | | |
Total stockholders’ equity | | | | | 135,423 | | | | | | 122,063 | | |
Total liabilities and stockholders’ equity | | | | $ | 158,588 | | | | | $ | 125,636 | | |
|
| | | Years ended December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Operating Income | | | | | | | | | | | | | |
Dividend income from operating subsidiaries | | | | $ | 4,511 | | | | | $ | 4,591 | | |
Total operating income | | | | | 4,511 | | | | | | 4,591 | | |
Operating Expenses | | | | | | | | | | | | | |
Interest on borrowings | | | | | 407 | | | | | | 181 | | |
Salaries and employee benefits | | | | | 514 | | | | | | 362 | | |
Professional fees | | | | | 142 | | | | | | 141 | | |
Directors’ fees and expenses | | | | | 164 | | | | | | 223 | | |
Intangible amortization | | | | | 286 | | | | | | 286 | | |
Other expenses and income taxes | | | | | 450 | | | | | | 140 | | |
Total operating expenses | | | | | 1,963 | | | | | | 1,333 | | |
Equity in undistributed earnings of subsidiary | | | | | 9,131 | | | | | | 8,223 | | |
Net income | | | | $ | 11,679 | | | | | $ | 11,481 | | |
Comprehensive income | | | | $ | 17,542 | | | | | $ | 16,423 | | |
| | | Years ended December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income after equity in undistributed earnings of subsidiary | | | | $ | 11,679 | | | | | $ | 11,481 | | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | | | | | | |
Equity in undistributed earnings of subsidiary companies | | | | | (9,131) | | | | | | (8,223) | | |
Stock-based compensation | | | | | 154 | | | | | | 171 | | |
Amortization of intangibles | | | | | 286 | | | | | | 286 | | |
Restricted stock expense | | | | | 413 | | | | | | 319 | | |
Other, net | | | | | 595 | | | | | | 68 | | |
Net cash provided by (used in) operating activities | | | | | 3,996 | | | | | | 4,102 | | |
| | | Years ended December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash flows from investing activities | | | | | | | | | | | | | |
Investment in operating subsidiary | | | | | (10,000) | | | | | | (6,500) | | |
Net cash used in investing activities | | | | | (10,000) | | | | | | (6,500) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from the issuance of common stock (net of costs) | | | | | — | | | | | | (87) | | |
Repayment of note payable | | | | | — | | | | | | (57) | | |
Issuance of subordinated notes, net of issuance costs | | | | | 19,323 | | | | | | | | |
Dividends paid, common stock | | | | | (3,585) | | | | | | (3,587) | | |
Purchases of treasury stock | | | | | (1,164) | | | | | | (380) | | |
Net cash (used in) provided by financing activities | | | | | 14,574 | | | | | | (4,111) | | |
Net increase in cash and cash equivalents | | | | | 8,570 | | | | | | (6,509) | | |
Cash and cash equivalents at beginning of year | | | | | 2,359 | | | | | | 8,868 | | |
Cash and cash equivalents at end of year | | | | $ | 10,929 | | | | | $ | 2,359 | | |
|
2020 | | | Banking | | | Wealth Management | | | Total Segments | | |||||||||
Net interest income | | | | $ | 48,739 | | | | | $ | — | | | | | $ | 48,739 | | |
Noninterest income | | | | | 3,365 | | | | | | 8,058 | | | | | | 11,423 | | |
Provision for loan loss | | | | | (5,413) | | | | | | — | | | | | | (5,413) | | |
Noninterest expenses | | | | | (33,838) | | | | | | (6,393) | | | | | | (40,231) | | |
Income tax expense | | | | | (2,510) | | | | | | (329) | | | | | | (2,839) | | |
Net income | | | | $ | 10,343 | | | | | $ | 1,336 | | | | | $ | 11,679 | | |
Total assets | | | | $ | 1,656,517 | | | | | $ | 8,419 | | | | | $ | 1,664,936 | | |
2019 | | | Banking | | | Wealth Management | | | Total Segments | | |||||||||
Net interest income | | | | $ | 43,281 | | | | | $ | — | | | | | $ | 43,281 | | |
Noninterest income | | | | | 2,009 | | | | | | 7,805 | | | | | | 9,814 | | |
Provision for loan loss | | | | | (2,195) | | | | | | — | | | | | | (2,195) | | |
Noninterest expenses | | | | | (31,104) | | | | | | (5,387) | | | | | | (36,491) | | |
Income tax expense | | | | | (2,601) | | | | | | (327) | | | | | | (2,928) | | |
Net income | | | | $ | 9,390 | | | | | $ | 2,091 | | | | | $ | 11,481 | | |
Total assets | | | | $ | 1,221,397 | | | | | $ | 8,155 | | | | | $ | 1,229,552 | | |
| | | |
| SEC registration fee | | | $ | 110.00 | | | SEC registration fee | | | $ | 3,274 | | | ||
| NASDAQ listing fee | | | | * | | | NASDAQ listing fee | | | | * | | | ||
| FINRA filing fee | | | | * | | | FINRA filing fee | | | | * | | | ||
| Printing fees and expenses | | | | * | | | Printing fees and expenses | | | | * | | | ||
| Legal fees and expenses | | | | * | | | Legal fees and expenses | | | | * | | | ||
| Accounting fees and expenses | | | | * | | | Accounting fees and expenses | | | | * | | | ||
| Transfer agent fees and expenses | | | | * | | | Transfer agent fees and expenses | | | | * | | | ||
| Miscellaneous | | | | * | | | Miscellaneous | | | | * | | | ||
| Total | | | $ | * | | | Total | | | $ | * | | |
| Exhibit No. | | | Description | |
| 1.1 | | | Underwriting | |
| 3.1 | | | | |
| 3.2 | | | | |
| 4.1 | | | | |
| 4.2 | | | | |
| 5 | | | Opinion of Luse Gorman, PC regarding legality of securities being registered** | |
| 10.1 | | | | |
| 10.2 | | | | |
| 10.3 | | | | |
| 10.4 | | | | |
| 10.5 | | | | |
| 10.6 | | | | |
| 10.7 | | | |
| Exhibit No. | | | Description | |
| 10.8 | | | | |
| 10.9 | | | | |
| 10.10 | | | | |
| 10.11 | | | | |
| 10.12 | | | | |
| 10.13 | | | Orange County Trust Company Deferred Compensation | |
| 21 | | | | |
| 23.1 | | | | |
| 23.2 | | | Consent of Luse Gorman, PC (set forth in Exhibit 5)** | |
| 24.1 | | | |
| Signatures | | | Title | | | Date | |
| /s/ Michael J. Gilfeather Michael J. Gilfeather | | | President and Chief Executive Officer and Director (Principal Executive Officer) | | | July | |
| /s/ Robert L. Peacock Robert L. Peacock | | | Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | | | July | |
| Louis Heimbach | | | Chairman of the Board | | | July | |
| Gregory F. Holcombe | | | Director | | | July | |
| Susan G. Metzger | | | Director | | | July | |
| William D. Morrison | | | Director | | | July | |
| Virginia K. Rizzo | | | Director | | | July |
| ||||||||
| Jonathan F. Rouis | | | Director | | | July | |
| Richard B. Rowley | | | Director | | | July | |
| Terry R. Saturno | | | Director | | | July | |
| Gustave J. Scacco | | | Director | | | July | |
| *By: | | | /s/ Michael J. Gilfeather Michael J. Gilfeather Attorney-in-Fact | | | | | | | |