Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | COMMUNITY BANCORP /VT | |
Entity Central Index Key | 0000718413 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 5,363,403 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-16435 | |
Entity Incorporation State Country Code | VT | |
Entity Tax Identification Number | 03-0284070 | |
Entity Address Address Line 1 | 4811 US Route 5 | |
Entity Address City Or Town | Derby | |
Entity Address State Or Province | VT | |
Entity Address Postal Zip Code | 05829 | |
City Area Code | 802 | |
Local Phone Number | 334-7915 | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 32,717,906 | $ 10,850,787 |
Federal funds sold and overnight deposits | 97,034,130 | 104,199,133 |
Total cash and cash equivalents | 129,752,036 | 115,049,920 |
Securities available-for-sale | 110,676,139 | 60,705,178 |
Restricted equity securities, at cost | 1,447,150 | 1,446,550 |
Loans held-for-sale | 50,000 | 130,400 |
Loans | 692,638,375 | 709,355,330 |
Allowance for loan losses | (7,819,307) | (7,208,485) |
Deferred net loan fees | (1,149,278) | (1,195,741) |
Net loans | 683,669,790 | 700,951,104 |
Bank premises and equipment, net | 13,992,622 | 10,209,869 |
Accrued interest receivable | 2,730,415 | 2,987,977 |
Bank owned life insurance | 5,052,197 | 4,988,236 |
Goodwill | 11,574,269 | 11,574,269 |
Other Assets | 9,639,649 | 10,189,781 |
Total assets | 968,584,267 | 918,233,284 |
Liabilities | ||
Demand, non-interest bearing | 201,415,866 | 185,954,976 |
Interest-bearing transaction accounts | 237,282,454 | 228,712,371 |
Money market funds | 124,792,185 | 115,546,064 |
Savings | 168,966,595 | 138,745,468 |
Time deposits, $250,000 and over | 16,511,010 | 16,488,963 |
Other time deposits | 91,126,650 | 96,842,998 |
Total deposits | 840,094,760 | 782,290,840 |
Borrowed funds | 2,300,000 | 2,800,000 |
Repurchase agreements | 22,352,213 | 38,727,312 |
Junior subordinated debentures | 12,887,000 | 12,887,000 |
Accrued interest and other liabilities | 7,735,592 | 4,239,419 |
Total liabilities | 885,369,565 | 840,944,571 |
Shareholders' Equity | ||
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 09/30/21 and 12/31/20 ($100,000 liquidation value, per share) | 1,500,000 | 1,500,000 |
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,575,074 shares issued at 09/30/21 and 5,527,380 shares issued at 12/31/20 | 13,937,685 | 13,818,450 |
Additional paid-in capital | 35,098,086 | 34,309,646 |
Retained earnings | 35,583,213 | 29,368,046 |
Accumulated other comprehensive (loss) income | (281,505) | 915,348 |
Less: treasury stock, at cost; 210,101 shares at 09/30/21 and 12/31/20 | (2,622,777) | (2,622,777) |
Total shareholders' equity | 83,214,702 | 77,288,713 |
Total liabilities and shareholders' equity | $ 968,584,267 | $ 918,233,284 |
Book value per common share outstanding | $ 15.23 | $ 14.25 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets | ||
Time deposits, over | $ 250,000 | |
Shareholder's Equity | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 15 | 15 |
Preferred stock, shares outstanding | 15 | 15 |
Preferred stock, liquidation value | $ 100,000 | $ 100,000 |
Common stock par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 5,575,074 | 5,527,380 |
Treasury stock (in shares) | 210,101 | 210,101 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income | ||||
Interest and fees on loans | $ 8,778,173 | $ 7,742,914 | $ 24,919,892 | $ 22,951,272 |
Interest on taxable debt securities | 325,002 | 249,341 | 883,846 | 787,275 |
Dividends | 14,666 | 17,715 | 40,265 | 63,540 |
Interest on federal funds sold and overnight deposits | 92,923 | 76,896 | 260,811 | 248,373 |
Total interest income | 9,210,764 | 8,086,866 | 26,104,814 | 24,050,460 |
Interest expense | ||||
Interest on deposits | 594,327 | 877,466 | 1,930,664 | 3,154,211 |
Interest on borrowed funds | 19,721 | 1,806 | 49,111 | 18,335 |
Interest on repurchase agreements | 16,871 | 67,327 | 72,822 | 185,868 |
Interest on junior subordinated debentures | 97,776 | 104,181 | 296,486 | 375,669 |
Total interest expense | 728,695 | 1,050,780 | 2,349,083 | 3,734,083 |
Net interest income | 8,482,069 | 7,036,086 | 23,755,731 | 20,316,377 |
Provision for loan losses | 89,167 | 362,499 | 624,165 | 1,046,501 |
Net interest income after provision for loan losses | 8,392,902 | 6,673,587 | 23,131,566 | 19,269,876 |
Non-interest income | ||||
Service fees | 882,688 | 794,381 | 2,527,943 | 2,322,112 |
Income from sold loans | 242,560 | 601,825 | 704,627 | 1,138,579 |
Other income from loans | 223,388 | 281,959 | 653,377 | 803,555 |
Net realized gain on sale of securities AFS | 0 | 39,086 | ||
Other income | 351,950 | 263,130 | 1,155,405 | 753,772 |
Total non-interest income | 1,700,586 | 1,941,295 | 5,041,352 | 5,057,104 |
Non-interest expense | ||||
Salaries and wages | 2,002,999 | 1,958,754 | 5,923,001 | 5,773,491 |
Employee benefits | 811,817 | 791,172 | 2,467,237 | 2,324,055 |
Occupancy expenses, net | 743,219 | 601,093 | 2,140,141 | 1,921,597 |
Other expenses | 1,973,822 | 1,753,698 | 5,635,925 | 5,166,247 |
Total non-interest expense | 5,531,857 | 5,104,717 | 16,166,304 | 15,185,390 |
Income before income taxes | 4,561,632 | 3,510,165 | 12,006,614 | 9,141,590 |
Income tax expense | 862,429 | 629,722 | 2,235,305 | 1,557,598 |
Net income | $ 3,699,202 | $ 2,880,443 | $ 9,771,309 | $ 7,583,992 |
Earnings per common share | $ 0.69 | $ 0.54 | $ 1.82 | $ 1.43 |
Weighted average number of common shares used in computing earnings per share | 5,354,187 | 5,285,771 | 5,338,481 | 5,264,802 |
Dividends declared per common share | $ 0.22 | $ 0.19 | $ 0.66 | $ 0.57 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statements of Comprehensive Income (Unaudited) | ||||
Net income | $ 3,699,202 | $ 2,880,443 | $ 9,771,309 | $ 7,583,992 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized holding (loss) gain on securities AFS arising during the period | (475,176) | (49,737) | (1,515,004) | 939,486 |
Reclassification adjustment for gain realized in income | 0 | (39,086) | ||
Unrealized (loss) gain during the period | (1,515,004) | 900,400 | ||
Tax effect | 99,786 | 10,444 | 318,151 | (189,085) |
Other comprehensive (loss) income, net of tax | (375,390) | (39,293) | (1,196,853) | 711,315 |
Total comprehensive income | $ 3,323,812 | $ 2,841,150 | $ 8,574,456 | $ 8,295,307 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings | Accumulated other comprehensive (loss) income | Treasury Stock |
Balance, amount at Dec. 31, 2019 | $ 68,894,679 | $ 13,624,643 | $ 1,500,000 | $ 33,464,381 | $ 22,667,949 | $ 260,483 | $ (2,622,777) |
Issuance of common stock | 254,277 | 40,465 | 213,812 | ||||
Common stock | (995,536) | (995,536) | |||||
Preferred stock | (17,813) | (17,813) | |||||
Net income | 1,861,239 | 1,861,239 | |||||
Other comprehensive income | 586,646 | 586,646 | |||||
Balance, amount at Mar. 31, 2020 | 70,583,492 | 13,665,108 | 1,500,000 | 33,678,193 | 23,515,839 | 847,129 | (2,622,777) |
Balance, amount at Dec. 31, 2019 | 68,894,679 | 13,624,643 | 1,500,000 | 33,464,381 | 22,667,949 | 260,483 | (2,622,777) |
Net income | 7,583,992 | ||||||
Balance, amount at Sep. 30, 2020 | 74,930,305 | 13,775,780 | 1,500,000 | 34,093,154 | 27,212,350 | 971,798 | (2,622,777) |
Balance, amount at Mar. 31, 2020 | 70,583,492 | 13,665,108 | 1,500,000 | 33,678,193 | 23,515,839 | 847,129 | (2,622,777) |
Issuance of common stock | 261,887 | 47,752 | 214,135 | ||||
Common stock | (998,899) | (998,899) | |||||
Preferred stock | (12,187) | (12,187) | |||||
Net income | 2,842,311 | 2,842,311 | |||||
Other comprehensive income | 163,962 | 163,962 | |||||
Balance, amount at Jun. 30, 2020 | 72,840,566 | 13,712,860 | 1,500,000 | 33,892,328 | 25,347,064 | 1,011,091 | (2,622,777) |
Issuance of common stock | 263,746 | 62,920 | 200,826 | ||||
Common stock | (1,002,969) | (1,002,969) | |||||
Preferred stock | (12,188) | (12,188) | |||||
Net income | 2,880,443 | 2,880,443 | |||||
Other comprehensive income | (39,293) | (39,293) | |||||
Balance, amount at Sep. 30, 2020 | 74,930,305 | 13,775,780 | 1,500,000 | 34,093,154 | 27,212,350 | 971,798 | (2,622,777) |
Balance, amount at Dec. 31, 2020 | 77,288,713 | 13,818,450 | 1,500,000 | 34,309,646 | 29,368,046 | 915,348 | (2,622,777) |
Issuance of common stock | 264,779 | 42,523 | 222,256 | ||||
Common stock | (1,169,555) | (1,169,555) | |||||
Preferred stock | (12,188) | (12,188) | |||||
Net income | 3,025,701 | 3,025,701 | |||||
Other comprehensive income | (1,311,905) | (1,311,905) | |||||
Balance, amount at Mar. 31, 2021 | 78,085,545 | 13,860,973 | 1,500,000 | 34,531,902 | 31,212,004 | (396,557) | (2,622,777) |
Balance, amount at Dec. 31, 2020 | 77,288,713 | 13,818,450 | 1,500,000 | 34,309,646 | 29,368,046 | 915,348 | (2,622,777) |
Net income | 9,771,309 | ||||||
Balance, amount at Sep. 30, 2021 | 83,214,702 | 13,937,685 | 1,500,000 | 35,098,086 | 35,583,213 | (281,505) | (2,622,777) |
Balance, amount at Mar. 31, 2021 | 78,085,545 | 13,860,973 | 1,500,000 | 34,531,902 | 31,212,004 | (396,557) | (2,622,777) |
Issuance of common stock | 290,136 | 38,695 | 251,441 | ||||
Common stock | (1,173,253) | (1,173,253) | |||||
Preferred stock | (12,187) | (12,187) | |||||
Net income | 3,046,406 | 3,046,406 | |||||
Other comprehensive income | 490,442 | 490,442 | |||||
Balance, amount at Jun. 30, 2021 | 80,727,089 | 13,899,668 | 1,500,000 | 34,783,343 | 33,072,970 | 93,885 | (2,622,777) |
Issuance of common stock | 352,760 | 38,017 | 314,743 | ||||
Common stock | (1,176,771) | (1,176,771) | |||||
Preferred stock | (12,188) | (12,188) | |||||
Net income | 3,699,202 | 3,699,202 | |||||
Other comprehensive income | (375,390) | (375,390) | |||||
Balance, amount at Sep. 30, 2021 | $ 83,214,702 | $ 13,937,685 | $ 1,500,000 | $ 35,098,086 | $ 35,583,213 | $ (281,505) | $ (2,622,777) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net income | $ 9,771,309 | $ 7,583,992 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization, bank premises and equipment | 815,454 | 677,086 |
Provision for loan losses | 624,165 | 1,046,501 |
Deferred income tax | (75,779) | (128,103) |
Net realized gain on sale of securities AFS | 0 | (39,086) |
Gain on sale of loans | (404,428) | (766,440) |
Gain on sale of bank premises and equipment | (7,559) | 0 |
Gain on sale of OREO | 0 | (55,602) |
Capital loss on leases | 63,125 | 0 |
Income from CFS Partners | (834,781) | (462,964) |
Amortization of bond premium, net | 355,461 | 55,568 |
Proceeds from sales of loans held for sale | 6,487,773 | 31,538,375 |
Originations of loans held for sale | (6,002,945) | (32,015,674) |
Decrease in taxes payable | (376,202) | (145,105) |
Decrease (increase) in interest receivable | 257,562 | (873,638) |
Decrease (increase) in mortgage servicing rights | 23,797 | (31,463) |
Decrease in right-of-use assets | 147,125 | 182,475 |
Decrease in operating lease liabilities | (147,616) | (180,657) |
Increase in other assets | (141,037) | (54,430) |
Increase in cash surrender value of BOLI | (63,961) | (62,508) |
Amortization of limited partnerships | 272,286 | 252,513 |
Change in net deferred loan fees and costs | (46,463) | 2,615,453 |
Decrease in interest payable | (29,252) | (34,364) |
Decrease in accrued expenses | (126,996) | (53,918) |
Decrease in other liabilities | (40,317) | (103,646) |
Net cash provided by operating activities | 10,520,722 | 8,944,365 |
Cash Flows from Investing Activities: | ||
Maturities, calls, pay downs and sales | 14,130,683 | 14,407,740 |
Purchases | (65,972,109) | (12,745,042) |
Proceeds from redemption of restricted equity securities | 0 | 522,400 |
Purchases of restricted equity securities | (600) | (503,400) |
Decrease in limited partnership contributions payable | (150,000) | (288,000) |
Proceeds of distribution from CFS Partners | 2,000,000 | 0 |
Decrease (increase) in loans, net | 16,630,097 | (131,508,927) |
Capital expenditures net of proceeds from sales of bank premises and equipment | (782,522) | (240,919) |
Proceeds from sales of OREO | 0 | 1,022,340 |
Recoveries of loans charged off | 73,515 | 65,208 |
Net cash used in investing activities | (34,070,936) | (129,268,600) |
Cash Flows from Financing Activities: | ||
Net increase in demand and interest-bearing transaction accounts | 24,030,973 | 91,052,024 |
Net increase in money market and savings accounts | 39,467,248 | 37,393,558 |
Net decrease in time deposits | (5,694,301) | (447,896) |
Net decrease in repurchase agreements | (16,375,099) | (2,592,200) |
Proceeds from long-term borrowings | 0 | 150,000 |
Repayments on long-term borrowings | (500,000) | 0 |
Decrease in finance lease obligations | (144,774) | (45,814) |
Dividends paid on preferred stock | (36,563) | (42,188) |
Dividends paid on common stock | (2,495,153) | (2,204,435) |
Net cash provided by financing activities | 38,252,331 | 123,263,049 |
Net increase in cash and cash equivalents | 14,702,116 | 2,938,814 |
Cash and cash equivalents: | ||
Beginning | 115,049,920 | 48,562,212 |
Ending | 129,752,036 | 51,501,026 |
Supplemental Schedule of Cash Paid During the Period: | ||
Interest | 2,378,335 | 3,768,447 |
Income taxes, net of refunds | 2,415,000 | 1,578,293 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ||
Change in unrealized (loss) gain on securities AFS | (1,515,004) | 900,400 |
Additions to finance lease obligations | 3,955,252 | 0 |
Common Shares Dividends Paid: | ||
Dividends declared | 3,519,579 | 2,997,403 |
Increase in dividends payable attributable to dividends declared | (116,751) | (13,058) |
Dividends reinvested | (907,675) | (779,910) |
Total dividends paid | 2,495,153 | 2,204,435 |
Total dividends paid | $ 2,495,153 | $ 2,204,435 |
Basis of Presentation and Conso
Basis of Presentation and Consolidation and Certain Definitions | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation and Consolidation and Certain Definitions | |
Note 1. Basis of Presentation and Consolidation and Certain Definitions | Note 1. Basis of Presentation and Consolidation and Certain Definitions Basis of Presentation and Consolidation. There were reclassifications to the consolidated financial statements for the periods presented. The Company is considered a “smaller reporting company” under the disclosure rules of the SEC, as amended in 2018. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and provides smaller reporting company scaled disclosures where management deems it appropriate. In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. “Financial Information” and Part II. “Other Information”, and are intended to aid the reader and provide a reference page when reviewing this report. ABS: Asset backed security FASB: Financial Accounting Standards Board ACBB: Atlantic Community Bankers Bank FDIC: Federal Deposit Insurance Corporation AFS: Available-for-sale FHLBB: Federal Home Loan Bank of Boston Agency MBS: MBS issued by a US government agency FHLMC: Federal Home Loan Mortgage Corporation or GSE FOMC: Federal Open Market Committee ALCO: Asset Liability Committee FRB: Federal Reserve Board ALL: Allowance for loan losses FRBB: Federal Reserve Bank of Boston AOCI: Accumulated other comprehensive income GAAP: Generally Accepted Accounting Principles ASC: Accounting Standards Codification in the United States ASU: Accounting Standards Update GSE: Government sponsored enterprise ATS: Automatic transfer service HTM: Held-to-maturity Bancorp: Community Bancorp. ICS: Insured Cash Sweeps of the Promontory Bank: Community National Bank Interfinancial Network BHG Bankers Healthcare Group IRS: Internal Revenue Service BIC: Borrower-in-Custody JNE: Jobs for New England Board: Board of Directors Jr: Junior BOLI: Bank owned life insurance MBS: Mortgage-backed security bp or bps: Basis point(s) MPF: Mortgage Partnership Finance BSA Bank Secrecy Act MSRs: Mortgage servicing rights CARES ACT: Coronavirus Aid Relief and Economic NII: Net interest income Security Act OAS: Other amortizing security CBLR: Community Bank Leverage Ratio OCI: Other comprehensive income (loss) CDARS: Certificate of Deposit Accounts Registry OREO: Other real estate owned Service of the Promontory Interfinancial OTTI: Other-than-temporary impairment Network PMI: Private mortgage insurance CDs: Certificates of deposit PPP: Paycheck Protection Program CDI: Core deposit intangible PPPLF: PPP Liquidity Facility of the FRBB CECL: Current Expected Credit Loss RD: USDA Rural Development CFSG: Community Financial Services Group, LLC SBA: U.S. Small Business Administration CFS Partners: Community Financial Services Partners, SEC: U.S. Securities and Exchange Commission LLC SERP: Supplemental Employee Retirement Plan CMO Collateralize Mortgage Obligation TDR: Troubled-debt restructuring Company: Community Bancorp. and Subsidiary USDA: U.S. Department of Agriculture COVID-19: Coronavirus Disease 2019 VA: U.S. Veterans Administration CRE: Commercial Real Estate 2017 Tax Act: Tax Cut and Jobs Act of 2017 DDA or DDAs: Demand Deposit Account(s) 2018 Economic Growth, Regulatory Relief and DTC: Depository Trust Company Regulatory Consumer Protection Act of 2018 DRIP: Dividend Reinvestment Plan Relief Act: Exchange Act: Securities Exchange Act of 1934 |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties | |
Note 2. Risks and Uncertainties | Note 2. Risks and Uncertainties The COVID-19 pandemic has adversely affected, and may continue to adversely affect, economic activity globally, nationally and locally. Government actions taken to help mitigate the spread of COVID-19 and its economic effects included restrictions on travel, quarantines in certain areas, forced closures for certain types of public places and businesses, extensions of unemployment benefits and direct stimulus payments to individuals. Although most COVID-19 related restrictions on businesses have been lifted, the effects of the pandemic and the measures taken in response to it are expected to continue to impact financial markets, consumer confidence, unemployment rates and the economy, including the local economy in the Company’s Vermont and New Hampshire markets, in ways that cannot be predicted. Moreover, the emergence of new strains of the COVID-19 virus could result in additional responsive government measures and economic disruption. In addition, due to the COVID-19 pandemic, market interest rates have declined significantly, with the 10-year Treasury bond falling below 1.00 percent on March 3, 2020 for the first time. On March 3, 2020, the FOMC reduced the targeted federal funds interest rate range by 50 bps to a range of 1.00% to 1.25%. This range was further reduced to a range of 0 percent to 0.25% on March 16, 2020. On April 29, 2020, the FOMC indicated that the federal funds target rate range will remain unchanged until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. Since that time, the FOMC has repeatedly reiterated that position, most recently in November, 2021. The duration of these reductions in interest rates and other lingering after-effects of the COVID-19 pandemic could adversely affect the Company’s business, financial condition and results of operations in future periods. It is reasonably possible that estimates made in the Company’s consolidated financial statements could be materially and adversely impacted as a result of the effects of the pandemic, including potential credit losses on loan receivables. |
Recent Accounting Developments
Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2021 | |
Recent Accounting Developments | |
Note 3. Recent Accounting Developments | Note 3. Recent Accounting Developments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, In March and April, 2020, federal banking regulators issued interagency guidance on accounting for loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interprets current accounting standards and indicates that a lender can conclude that a borrower is not experiencing financial difficulty if short-term (that is, six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant, provided that the loan is less than 30 days past due at the time a modification program is implemented. The banking agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs under ASC No. 310-40, Receivables - Troubled Debt Restructurings by Creditors |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings per Common Share | |
Note 4. Earnings per Common Share | Note 4. Earnings per Common Share Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury. The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Three Months Ended September 30, 2021 2020 Net income, as reported $ 3,699,202 $ 2,880,443 Less: dividends to preferred shareholders 12,188 12,188 Net income available to common shareholders $ 3,687,015 $ 2,868,255 Weighted average number of common shares used in calculating earnings per share 5,354,187 5,285,771 Earnings per common share $ 0.69 $ 0.54 Nine Months Ended September 30, 2021 2020 Net income, as reported $ 9,771,309 $ 7,583,992 Less: dividends to preferred shareholders 36,563 42,188 Net income available to common shareholders $ 9,734,746 $ 7,541,804 Weighted average number of common shares used in calculating earnings per share 5,338,481 5,264,802 Earnings per common share $ 1.82 $ 1.43 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investment Securities | |
Note 5. Investment Securities | Note 5. Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2021 U.S. GSE debt securities $ 10,003,253 $ 69,462 $ 105,637 $ 9,967,078 U.S. Government securities 10,128,255 6,498 33,931 10,100,822 Agency MBS 80,876,989 261,920 821,647 80,317,262 ABS and OAS 2,131,767 90,684 0 2,222,451 CMO 958,211 0 18,570 939,641 Other investments 6,934,000 195,068 183 7,128,885 Total $ 111,032,475 $ 623,632 $ 979,968 $ 110,676,139 December 31, 2020 U.S. GSE debt securities $ 8,007,142 $ 165,934 $ 3,245 $ 8,169,831 Agency MBS 40,861,370 547,930 30,951 41,378,349 ABS and OAS 2,508,997 160,999 0 2,669,996 Other investments 8,169,000 318,002 0 8,487,002 Total $ 59,546,509 $ 1,192,865 $ 34,196 $ 60,705,178 Investments pledged as collateral for repurchase agreements consisted of U.S. GSE debt securities, Agency MBS, ABS and OAS, and CMO. These repurchase agreements mature daily. These pledged investments as of the balance sheet dates were as follows: Amortized Fair Cost Value September 30, 2021 $ 66,394,672 $ 66,017,746 December 31, 2020 59,546,509 60,705,178 Proceeds from sales of debt securities were $884,137 for the first nine months of 2020, with gains of $39,086. There were no sales for the first nine months of 2021. The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value September 30, 2021 Due in one year or less $ 3,470,000 $ 3,519,638 Due from one to five years 11,990,364 12,117,682 Due from five to ten years 13,692,473 13,701,738 Due after ten years 1,002,649 1,019,819 Agency MBS 80,876,989 80,317,262 Total $ 111,032,475 $ 110,676,139 December 31, 2020 Due in one year or less $ 2,227,000 $ 2,247,603 Due from one to five years 5,942,000 6,239,399 Due from five to ten years 9,511,476 9,801,921 Due after ten years 1,004,663 1,037,906 Agency MBS 40,861,370 41,378,349 Total $ 59,546,509 $ 60,705,178 Agency MBS are not due at a single maturity date and have not been allocated to maturity groupings for purposes of the maturity table. Debt securities with unrealized losses as of the balance sheet dates are presented in the table below. Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss September 30, 2021 U.S. GSE debt securities $ 5,894,967 $ 105,637 $ 0 $ 0 6 $ 5,894,967 $ 105,637 U.S. Government securities 6,565,249 33,931 0 0 13 6,565,249 33,931 Agency MBS 64,902,217 817,068 252,509 4,579 50 65,154,726 821,647 CMO 939,641 18,570 0 0 2 939,641 18,570 Other investments 247,816 183 0 0 1 247,816 183 Total $ 78,549,890 $ 975,389 $ 252,509 $ 4,579 72 $ 78,802,399 $ 979,968 December 31, 2020 U.S. GSE debt securities $ 1,999,234 $ 3,245 $ 0 $ 0 2 $ 1,999,234 $ 3,245 Agency MBS 2,076,167 19,845 520,546 11,106 6 2,596,713 30,951 Total $ 4,075,401 $ 23,090 $ 520,546 $ 11,106 8 $ 4,595,947 $ 34,196 The unrealized losses for all periods presented were principally attributable to changes in prevailing interest rates for similar types of securities and not deterioration in the creditworthiness of the issuer. Management evaluates its debt securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions, or adverse developments relating to the issuer, warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than the carrying value, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies or other adverse developments in the status of the securities have occurred, and the results of reviews of the issuer’s financial condition. As of September 30, 2021 and December 31, 2020, there were no declines in the fair value of any of the securities reflected in the table above that were deemed by management to be OTTI. |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 9 Months Ended |
Sep. 30, 2021 | |
Loans, Allowance for Loan Losses and Credit Quality | |
Note 6. Loans, Allowance for Loan Losses and Credit Quality | Note 6. Loans, Allowance for Loan Losses and Credit Quality The composition of net loans as of the balance sheet dates was as follows: September 30, December 31, 2021 2020 Commercial & industrial $ 139,061,736 $ 161,067,501 Commercial real estate 285,912,606 280,544,550 Municipal 53,774,882 54,807,367 Residential real estate - 1st lien 174,895,121 170,507,263 Residential real estate - Jr lien 34,917,009 38,147,659 Consumer 4,077,021 4,280,990 Total loans 692,638,375 709,355,330 ALL (7,819,307 ) (7,208,485 ) Deferred net loan fees (1,149,278 ) (1,195,741 ) Net loans $ 683,669,790 $ 700,951,104 The following is an age analysis of past due loans (including non-accrual) as of the balance sheet dates, by portfolio segment: September 30, 2021 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual Loans 90 Days or More and Accruing Commercial & industrial $ 2,286,922 $ 0 $ 2,286,922 $ 136,774,814 $ 139,061,736 $ 148,674 $ 0 Commercial real estate 776,299 233,042 1,009,341 284,903,265 285,912,606 3,671,880 0 Municipal 0 0 0 53,774,882 53,774,882 0 0 Residential real estate - 1st lien 805,094 1,251,352 2,056,446 172,838,675 174,895,121 1,183,306 657,604 - Jr lien 158,845 78,311 237,156 34,679,853 34,917,009 178,845 78,311 Consumer 15,177 0 15,177 4,061,844 4,077,021 0 0 Totals $ 4,042,337 $ 1,562,705 $ 5,605,042 $ 687,033,333 $ 692,638,375 $ 5,182,705 $ 735,915 December 31, 2020 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual Loans 90 Days or More and Accruing Commercial & industrial $ 119,413 $ 0 $ 119,413 $ 160,948,088 $ 161,067,501 $ 434,196 $ 0 Commercial real estate 127,343 567,957 695,300 279,849,250 280,544,550 1,875,942 0 Municipal 0 0 0 54,807,367 54,807,367 0 0 Residential real estate - 1st lien 1,872,439 828,344 2,700,783 167,806,480 170,507,263 2,173,315 390,288 - Jr lien 18,322 180,711 199,033 37,948,626 38,147,659 191,311 98,889 Consumer 14,388 0 14,388 4,266,602 4,280,990 0 0 Totals $ 2,151,905 $ 1,577,012 $ 3,728,917 $ 705,626,413 $ 709,355,330 $ 4,674,764 $ 489,177 For all loan segments, loans over 30 days past due are considered delinquent. As of the balance sheet dates presented, loans in process of foreclosure consisted of the following residential mortgage loans: Number of loans Balance September 30, 2021 5 $ 192,940 December 31, 2020 6 312,807 A Vermont state-imposed moratorium on residential foreclosure proceedings adopted in April 2020 in response to the COVID-19 pandemic, ended on July 15, 2021. Allowance for loan losses The ALL is established through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes that future payments of a loan balance are unlikely. Subsequent recoveries, if any, are credited to the allowance. Unsecured loans are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the “fair value” of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general, specific and unallocated components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of specific, general and unallocated components considered in determining the amount of the allowance. General component The general component of the ALL is based on historical loss experience and various qualitative factors and is stratified by the following loan segments: commercial and industrial, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. Loss ratios are calculated by loan segment using appropriate look back periods. Management uses an average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment in the current economic climate. During periods of economic stability, a relatively longer period (e.g., five years) may be appropriate. During periods of significant expansion or contraction, the Company may appropriately shorten the historical time period. Due primarily to the effects of COVID-19, during 2020 the Company shortened its look back period to one year, which remained in effect as of September 30, 2021. Qualitative factors include the levels of and trends in delinquencies and non-performing loans, levels of and trends in loan risk groups, trends in volumes and terms of loans, effects of any changes in loan related policies, experience, ability and the depth of management, documentation and credit data exception levels, national and local economic trends, external factors such as competition and regulation and lastly, concentrations of credit risk in a variety of areas, including portfolio product mix, the level of loans to individual borrowers and their related interests, loans to industry segments, and the geographic distribution of CRE loans. This evaluation is inherently subjective as it requires estimates that are susceptible to revision as more information becomes available. The qualitative factors are determined based on the various risk characteristics of each loan segment. The Company has policies, procedures and internal controls that management believes are commensurate with the risk profile of each of these segments. Major risk characteristics relevant to each portfolio segment are as follows: Commercial & Industrial - Commercial Real Estate - Municipal - Residential Real Estate - 1 st Residential Real Estate - Jr Lien - Consumer - Specific component The specific component of the ALL relates to loans that are impaired. Impaired loans are loans to a borrower that in the aggregate are greater than $100,000 and that are in non-accrual status or are TDRs regardless of amount. A specific allowance is established for an impaired loan when its estimated fair value or net present value of future cash flows is less than the carrying value of the loan. For all loan segments, except consumer loans, a loan is considered impaired when, based on current information and events, in management’s estimation it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant or temporary payment delays and payment shortfalls generally are not classified as impaired. Management evaluates the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and frequency of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans also include troubled loans that are restructured. A TDR occurs when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would otherwise not be granted. TDRs may include the transfer of assets to the Company in partial satisfaction of a troubled loan, a modification of a loan’s terms, or a combination of the two. As described above in Note 3, under March 2020 guidance from the federal banking agencies and concurrence by the FASB, certain short-term loan accommodations made in good faith for borrowers experiencing financial difficulties due to the COVID-19 health emergency will not be considered TDRs. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation, unless such loans are subject to a restructuring agreement. Unallocated component An unallocated component of the ALL is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component reflects management’s estimate of the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. The tables below summarize changes in the ALL and select loan information, by portfolio segment, for the periods indicated. As of or for the three months ended September 30, 2021 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 899,163 $ 3,932,846 $ 57,292 $ 1,655,042 $ 201,269 $ 61,224 $ 912,420 $ 7,719,256 Charge-offs 0 0 0 0 0 (30,638 ) 0 (30,638 ) Recoveries 0 20,162 0 2,275 8,641 10,444 0 41,522 Provision (credit) 3,201 (56,471 ) 28,748 (10,532 ) (20,684 ) 37,843 107,062 89,167 ALL ending balance $ 902,364 $ 3,896,537 $ 86,040 $ 1,646,785 $ 189,226 $ 78,873 $ 1,019,482 $ 7,819,307 As of or for the nine months ended September 30, 2021 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Charge-offs (18,847 ) 0 0 0 0 (68,011 ) 0 (86,858 ) Recoveries 4,761 27,160 0 4,602 9,601 27,391 0 73,515 Provision (credit) 73,903 15,224 3,829 (93,121 ) (55,271 ) 59,032 620,569 624,165 ALL ending balance $ 902,364 $ 3,896,537 $ 86,040 $ 1,646,785 $ 189,226 $ 78,873 $ 1,019,482 $ 7,819,307 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 88,874 $ 159 $ 0 $ 0 $ 89,033 Collectively 902,364 3,896,537 86,040 1,557,911 189,067 78,873 1,019,482 7,730,274 Total $ 902,364 $ 3,896,537 $ 86,040 $ 1,646,785 $ 189,226 $ 78,873 $ 1,019,482 $ 7,819,307 Loans evaluated for impairment Individually $ 140,098 $ 3,711,049 $ 0 $ 3,853,902 $ 134,383 $ 0 $ 7,839,432 Collectively 138,921,638 282,201,557 53,774,882 171,041,219 34,782,626 4,077,021 684,798,943 Total $ 139,061,736 $ 285,912,606 $ 53,774,882 $ 174,895,121 $ 34,917,009 $ 4,077,021 $ 692,638,375 As of or for the year ended December 31, 2020 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (39,148 ) (34,200 ) 0 (203,623 ) (28,673 ) (74,327 ) 0 (379,971 ) Recoveries 1,087 20,000 0 12,856 5,809 33,213 0 72,965 Provision (credit) 43,842 686,707 82,211 537,507 (31,924 ) 49,782 220,875 1,589,000 ALL ending balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 108,474 $ 307 $ 0 $ 0 $ 108,781 Collectively 842,547 3,854,153 82,211 1,626,830 234,589 60,461 398,913 7,099,704 Total $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Loans evaluated for impairment Individually $ 414,266 $ 1,943,723 $ 0 $ 4,657,050 $ 135,053 $ 0 $ 7,150,092 Collectively 160,653,235 278,600,827 54,807,367 165,850,213 38,012,606 4,280,990 702,205,238 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 As of or for the three months ended September 30, 2020 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 886,546 $ 3,406,502 $ 0 $ 1,511,897 $ 319,749 $ 48,653 $ 342,337 $ 6,515,684 Charge-offs (34,565 ) (2,200 ) 0 (56,500 ) 0 (7,560 ) 0 (100,825 ) Recoveries 0 0 0 4,742 533 5,475 0 10,750 Provision (credit) 90,770 222,268 41,866 36,383 6,434 8,709 (43,931 ) 362,499 ALL ending balance $ 942,751 $ 3,626,570 $ 41,866 $ 1,496,522 $ 326,716 $ 55,277 $ 298,406 $ 6,788,108 As of or for the nine months ended September 30, 2020 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (34,565 ) (2,200 ) 0 (134,196 ) (28,673 ) (50,458 ) 0 (250,092 ) Recoveries 1,087 20,000 0 10,552 5,280 28,289 0 65,208 Provision (credit) 139,463 427,124 41,866 231,602 60,425 25,653 120,368 1,046,501 ALL ending balance $ 942,751 $ 3,626,570 $ 41,866 $ 1,496,522 $ 326,716 $ 55,277 $ 298,406 $ 6,788,108 Impaired loans, by portfolio segment, were as follows: As of September 30, 2021 Recorded Investment(1) Unpaid Principal Balance Related Allowance Average Recorded Investment(1) (2) Average Recorded Investment(1) (3) Interest Income Recognized(3) Related allowance recorded Residential real estate 1st lien $ 793,401 $ 804,655 $ 88,874 $ 785,752 $ 897,008 $ 48,200 Jr lien 3,836 3,833 159 4,008 4,315 332 Total with related allowance 797,237 808,488 89,033 789,760 901,323 48,532 No related allowance recorded Commercial & industrial 140,098 161,331 261,153 339,386 204 Commercial real estate 3,711,470 4,210,006 2,795,979 2,295,473 78,462 Residential real estate 1st lien 3,094,255 3,991,516 3,253,698 3,402,302 155,005 Jr lien 130,551 176,460 133,148 133,861 0 Total with no related allowance 7,076,374 8,539,313 6,443,978 6,171,022 233,671 Total impaired loans $ 7,873,611 $ 9,347,801 $ 89,033 $ 7,233,738 $ 7,072,345 $ 282,203 (1) Recorded investment in impaired loans as of September 30, 2021 includes accrued interest receivable and deferred net loan costs of $34,179. (2) For the three months ended September 30, 2021. (3) For the nine months ended September 30, 2021. As of December 31, 2020 Recorded Investment(1) Unpaid Principal Balance Related Allowance Average Recorded Investment(1) (2) Interest Income Recognized(2) Related allowance recorded Residential real estate 1st lien $ 900,581 $ 950,063 $ 108,474 $ 889,262 $ 72,713 Jr lien 4,777 4,775 307 5,416 541 Total with related allowance 905,358 954,838 108,781 894,678 73,254 No related allowance recorded Commercial & industrial 414,266 471,405 397,136 6,396 Commercial real estate 1,944,013 2,394,284 1,746,430 14,139 Residential real estate 1st lien 3,788,965 4,607,848 3,878,829 230,838 Jr lien 130,279 169,720 163,750 4,524 Total with no related allowance 6,277,523 7,643,257 6,186,145 255,897 Total impaired loans $ 7,182,881 $ 8,598,095 $ 108,781 $ 7,080,823 $ 329,151 (1) Recorded investment in impaired loans as of December 31, 2020 includes accrued interest receivable and deferred net loan costs of $32,789. (2) For the year ended December 31, 2020. As of September 30, 2020 Recorded Investment(1) Unpaid Principal Balance Related Allowance Average Recorded Investment(1) (2) Average Recorded Investment(1) (3) Interest Income Recognized(3) Related allowance recorded Residential real estate 1st lien $ 1,166,549 $ 1,207,778 $ 111,435 $ 1,015,521 $ 969,485 $ 81,313 Jr lien 5,083 5,079 361 5,249 5,576 415 Total with related allowance 1,171,632 1,212,857 111,796 1,020,770 975,061 81,728 No related allowance recorded Commercial & industrial 374,558 410,356 379,147 392,854 4,077 Commercial real estate 1,823,015 2,213,788 1,718,560 1,697,035 10,989 Residential real estate 1st lien 3,592,591 4,378,079 3,911,876 3,818,241 148,099 Jr lien 142,829 180,016 114,830 172,117 0 Total with no related allowance 5,932,993 7,182,239 6,124,413 6,080,247 163,165 Total impaired loans $ 7,104,625 $ 8,395,096 $ 111,796 $ 7,145,183 $ 7,055,308 $ 244,893 (1) Recorded investment in impaired loans as of September 30, 2020 includes accrued interest receivable and deferred net loan costs of $34,909. (2) For the three months ended September 30, 2020. (3) For the nine months ended September 30, 2020. For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower’s financial condition is such that collection of interest is considered by management to be doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on impaired loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and a satisfactory payment performance of six or more months has occurred. Credit Quality Grouping In developing the ALL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. Group A loans - Acceptable Risk Group B loans - Management Involved Group C loans - Unacceptable Risk Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower’s expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower’s financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Senior Credit Officer of any known increase in loan risk, even if considered temporary in nature. The risk ratings within the loan portfolio, by segment, as of the balance sheet dates were as follows: As of September 30, 2021 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 135,579,309 $ 270,522,821 $ 53,774,882 $ 172,862,774 $ 34,652,449 $ 4,077,021 $ 671,469,256 Group B 707,522 8,337,352 0 0 0 0 9,044,874 Group C 2,774,905 7,052,433 0 2,032,347 264,560 0 12,124,245 Total $ 139,061,736 $ 285,912,606 $ 53,774,882 $ 174,895,121 $ 34,917,009 $ 4,077,021 $ 692,638,375 As of December 31, 2020 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 156,748,590 $ 261,932,833 $ 54,807,367 $ 167,478,918 $ 37,850,056 $ 4,280,990 $ 683,098,754 Group B 998,641 12,784,078 0 0 0 0 13,782,719 Group C 3,320,270 5,827,639 0 3,028,345 297,603 0 12,473,857 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 Modifications of Loans and TDRs A loan is classified as a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. The Company is deemed to have granted such a concession if it has modified a troubled loan in any of the following ways: · Reduced accrued interest; · Reduced the original contractual interest rate to a rate that is below the current market rate for the borrower; · Converted a variable-rate loan to a fixed-rate loan; · Extended the term of the loan beyond an insignificant delay; · Deferred or forgiven principal in an amount greater than three months of payments; · Performed a refinancing and deferred or forgiven principal on the original loan; · Capitalized protective advance to pay delinquent real estate taxes; or · Capitalized delinquent accrued interest. An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as a TDR. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. The Company’s TDRs are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each TDR situation on its own merits and does not foreclose the granting of any particular type of concession. The Company has adopted the TDR guidance issued by the federal banking agencies in March and April 2020 regarding the treatment of certain short-term loan modifications relating to the COVID-19 pandemic (See Note 3). Under this guidance, qualifying concessions and modifications are not considered TDRs. As of September 30, 2021, the Company had granted short term loan concessions and/or modifications within the terms of this guidance to 593 borrowers, with respect to loans having an aggregate principal balance of $109.5 million as of September 30, 2021. These loans may bear a higher risk of default in future periods. New TDRs, by portfolio segment, during the periods presented were as follows: Three months ended September 30, 2021 Nine months ended September 30, 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial & industrial 0 $ 0 $ 0 1 $ 41,751 $ 41,751 Commercial real estate 1 2,250,000 2,250,000 1 2,250,000 2,250,000 1 $ 2,250,000 $ 2,250,000 2 $ 2,291,751 $ 2,291,751 Year ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 6 $ 591,826 $ 687,751 Three months ended September 30, 2020 Nine months ended September 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Residential real estate - 1st lien 1 $ 54,318 $ 57,053 6 $ 591,826 $ 687,751 The TDRs for which there was a payment default during the twelve month periods presented below were as follows: For the twelve months ended September 30, 2021 Number of Recorded Contracts Investment Commercial & industrial 1 $ 38,751 For the twelve months ended December 31, 2020 Number of Recorded Contracts Investment Residential real estate - 1st lien 1 $ 165,168 For the twelve months ended September 30, 2020 Number of Recorded Contracts Investment Commercial & industrial 3 $ 25,720 Residential real estate - 1st lien 3 408,505 Residential real estate - Jr lien 1 50,095 7 $ 484,320 TDRs are treated as other impaired loans and carry individual specific reserves with respect to the calculation of the ALL. These loans are categorized as non-performing, may be past due, and are generally adversely risk rated. The TDRs that have defaulted under their restructured terms are generally in collection status and their reserve is typically calculated using the fair value of collateral method. The specific allowances within the ALL related to TDRs as of the balance sheet dates are presented in the table below. September 30, December 31, 2021 2020 Specific Allocation $ 89,033 $ 108,781 As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend on one SBA guaranteed line of credit to a borrower whose lending relationship was previously restructured. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Other Intangible Assets | |
Note 7. Goodwill And Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets As a result of a merger with LyndonBank on December 31, 2007, the Company recorded goodwill amounting to $11,574,269. The goodwill is not amortizable and is not deductible for tax purposes. As of December 31, 2020, the most recent evaluation, management concluded that no impairment existed. Management evaluates its goodwill intangible for impairment at least annually, or more frequently as circumstances warrant, including, as applicable, circumstances arising out of the COVID-19 pandemic, including the disruptions to the economy and increased volatility in the financial markets and related impacts on the Company’s business. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value | |
Note 8. Fair Value | Note 8. Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings and comprehensive income. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a non-recurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as MSRs, loans held-for-sale, impaired loans, and OREO are recorded at fair value on a non-recurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury and other U.S. Government debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes MSRs, collateral-dependent impaired loans and OREO. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following methods and assumptions were used by the Company in estimating its fair value measurements: Debt Securities AFS: Impaired loans: Loans held-for-sale: MSRs: Assets and Liabilities Recorded at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below. There were no Level 3 assets or liabilities measured on a recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between Levels during either 2021 or 2020. September 30, December 31, Assets: (market approach) 2021 2020 Level 1 U.S. Government securities $ 10,100,822 $ 0 Level 2 U.S. GSE debt securities $ 9,967,078 $ 8,169,831 Agency MBS 80,317,262 41,378,349 ABS and OAS 2,222,451 2,669,996 CMO 939,641 0 Other investments 7,128,885 8,487,002 Total $ 100,575,317 $ 60,705,178 $ 110,676,139 $ 60,705,178 Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis The following table includes assets measured at fair value on a non-recurring basis that have had a fair value adjustment since their initial recognition. Impaired loans measured at fair value only include impaired loans with a partial write-down or with a related specific ALL and are presented net of the specific allowances as disclosed in Note 6. Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy level, are summarized below. There were no Level 1 or Level 3 assets or liabilities measured on a non-recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between levels during either 2021 or 2020. September 30, December 31, Level 2 2021 2020 Assets: (market approach) Impaired loans, net of related allowance $ 150,873 $ 323,645 Loans held-for-sale 50,000 130,400 MSRs (1) 898,349 922,146 (1) Represents MSRs at lower of cost or fair value. FASB ASC Topic 825, “Financial Instruments”, requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The estimated fair values of commitments to extend credit and letters of credit were immaterial as of the dates presented in the tables below. The estimated fair values of the Company’s financial instruments as of the balance sheet dates were as follows: September 30, 2021 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 129,752 $ 129,752 $ 0 $ 0 $ 129,752 Debt securities AFS 110,676 10,101 100,575 0 110,676 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 136,380 0 0 138,509 138,509 Commercial real estate 281,551 0 42 282,928 282,970 Municipal 53,610 0 0 55,437 55,437 Residential real estate - 1st lien 173,511 0 109 174,521 174,630 Residential real estate - Jr lien 34,676 0 0 34,573 34,573 Consumer 3,992 0 0 4,031 4,031 MSRs (1) 898 0 927 0 927 Accrued interest receivable 2,730 0 2,730 0 2,730 Financial liabilities: Deposits Other deposits 839,646 0 840,638 0 840,638 Brokered deposits 449 0 450 0 450 Long-term borrowings 2,300 0 2,191 0 2,191 Repurchase agreements 22,352 0 22,352 0 22,352 Operating lease obligations 913 0 913 0 913 Finance lease obligations 3,912 0 3,912 0 3,912 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 57 0 57 0 57 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount. December 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 115,050 $ 115,050 $ 0 $ 0 $ 115,050 Debt securities AFS 60,705 0 60,705 0 60,705 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 158,601 0 0 160,371 160,371 Commercial real estate 276,476 0 208 279,281 279,489 Municipal 54,694 0 0 55,601 55,601 Residential real estate - 1st lien 169,201 0 116 170,385 170,501 Residential real estate - Jr lien 37,892 0 0 37,991 37,991 Consumer 4,218 0 0 4,238 4,238 MSRs (1) 922 0 922 0 922 Accrued interest receivable 2,988 0 2,988 0 2,988 Financial liabilities: Deposits Other deposits 778,085 0 779,824 0 779,824 Brokered deposits 4,206 0 4,208 0 4,208 Long-term borrowings 2,800 0 2,724 0 2,724 Repurchase agreements 38,727 0 38,727 0 38,727 Operating lease obligations 1,060 0 1,060 0 1,060 Finance lease obligations 38 0 38 0 38 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 86 0 86 0 86 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount. |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2021 | |
Loan Servicing | |
Note 9. Loan Servicing | Note 9. Loan Servicing The following table shows the changes in the carrying amount of the MSRs, included in other assets in the consolidated balance sheets, for the periods indicated: Nine Months Ended Year Ended September 30, 2021 December 31, 2020 Balance at beginning of year $ 922,146 $ 939,577 MSRs capitalized 97,083 292,654 MSRs amortized (174,530 ) (256,435 ) Change in valuation allowance 53,650 (53,650 ) Balance at end of period $ 898,349 $ 922,146 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2021 | |
Legal Proceedings | |
Note 10. Legal Proceedings | Note 10. Legal Proceedings In the normal course of business, the Company is involved in litigation that is considered incidental to its business. Management does not expect that any such litigation will be material to the Company’s consolidated financial condition or results of operations. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Note 11. Subsequent Events | Note 11. Subsequent Events The Company has evaluated events and transactions through the date that the financial statements were issued for potential recognition or disclosure in these financial statements, as required by GAAP. On September 23, 2021, the Company’s Board declared a cash dividend of $0.22 per common share, payable November 1, 2021 to shareholders of record as of October 15, 2021. This dividend has been recorded in the Company’s consolidated financial statements as of the declaration date, including shares issuable under the DRIP. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings per Common Share | |
Schedule of Earnings per Common Share | Three Months Ended September 30, 2021 2020 Net income, as reported $ 3,699,202 $ 2,880,443 Less: dividends to preferred shareholders 12,188 12,188 Net income available to common shareholders $ 3,687,015 $ 2,868,255 Weighted average number of common shares used in calculating earnings per share 5,354,187 5,285,771 Earnings per common share $ 0.69 $ 0.54 Nine Months Ended September 30, 2021 2020 Net income, as reported $ 9,771,309 $ 7,583,992 Less: dividends to preferred shareholders 36,563 42,188 Net income available to common shareholders $ 9,734,746 $ 7,541,804 Weighted average number of common shares used in calculating earnings per share 5,338,481 5,264,802 Earnings per common share $ 1.82 $ 1.43 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment Securities | |
Schedule of available for debt securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2021 U.S. GSE debt securities $ 10,003,253 $ 69,462 $ 105,637 $ 9,967,078 U.S. Government securities 10,128,255 6,498 33,931 10,100,822 Agency MBS 80,876,989 261,920 821,647 80,317,262 ABS and OAS 2,131,767 90,684 0 2,222,451 CMO 958,211 0 18,570 939,641 Other investments 6,934,000 195,068 183 7,128,885 Total $ 111,032,475 $ 623,632 $ 979,968 $ 110,676,139 December 31, 2020 U.S. GSE debt securities $ 8,007,142 $ 165,934 $ 3,245 $ 8,169,831 Agency MBS 40,861,370 547,930 30,951 41,378,349 ABS and OAS 2,508,997 160,999 0 2,669,996 Other investments 8,169,000 318,002 0 8,487,002 Total $ 59,546,509 $ 1,192,865 $ 34,196 $ 60,705,178 |
Schedule of investments pledged for collateral | Amortized Fair Cost Value September 30, 2021 $ 66,394,672 $ 66,017,746 December 31, 2020 59,546,509 60,705,178 |
Schedule of maturities of debt securities available for sale | Amortized Fair Cost Value September 30, 2021 Due in one year or less $ 3,470,000 $ 3,519,638 Due from one to five years 11,990,364 12,117,682 Due from five to ten years 13,692,473 13,701,738 Due after ten years 1,002,649 1,019,819 Agency MBS 80,876,989 80,317,262 Total $ 111,032,475 $ 110,676,139 December 31, 2020 Due in one year or less $ 2,227,000 $ 2,247,603 Due from one to five years 5,942,000 6,239,399 Due from five to ten years 9,511,476 9,801,921 Due after ten years 1,004,663 1,037,906 Agency MBS 40,861,370 41,378,349 Total $ 59,546,509 $ 60,705,178 |
Schedule of unrealized loss | Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss September 30, 2021 U.S. GSE debt securities $ 5,894,967 $ 105,637 $ 0 $ 0 6 $ 5,894,967 $ 105,637 U.S. Government securities 6,565,249 33,931 0 0 13 6,565,249 33,931 Agency MBS 64,902,217 817,068 252,509 4,579 50 65,154,726 821,647 CMO 939,641 18,570 0 0 2 939,641 18,570 Other investments 247,816 183 0 0 1 247,816 183 Total $ 78,549,890 $ 975,389 $ 252,509 $ 4,579 72 $ 78,802,399 $ 979,968 December 31, 2020 U.S. GSE debt securities $ 1,999,234 $ 3,245 $ 0 $ 0 2 $ 1,999,234 $ 3,245 Agency MBS 2,076,167 19,845 520,546 11,106 6 2,596,713 30,951 Total $ 4,075,401 $ 23,090 $ 520,546 $ 11,106 8 $ 4,595,947 $ 34,196 |
Loans Allowance for Loan Losses
Loans Allowance for Loan Losses and Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans, Allowance for Loan Losses and Credit Quality | |
Schedule of composition of net loans | September 30, December 31, 2021 2020 Commercial & industrial $ 139,061,736 $ 161,067,501 Commercial real estate 285,912,606 280,544,550 Municipal 53,774,882 54,807,367 Residential real estate - 1st lien 174,895,121 170,507,263 Residential real estate - Jr lien 34,917,009 38,147,659 Consumer 4,077,021 4,280,990 Total loans 692,638,375 709,355,330 ALL (7,819,307 ) (7,208,485 ) Deferred net loan fees (1,149,278 ) (1,195,741 ) Net loans $ 683,669,790 $ 700,951,104 |
Schedule of past due loans by segment | September 30, 2021 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual Loans 90 Days or More and Accruing Commercial & industrial $ 2,286,922 $ 0 $ 2,286,922 $ 136,774,814 $ 139,061,736 $ 148,674 $ 0 Commercial real estate 776,299 233,042 1,009,341 284,903,265 285,912,606 3,671,880 0 Municipal 0 0 0 53,774,882 53,774,882 0 0 Residential real estate - 1st lien 805,094 1,251,352 2,056,446 172,838,675 174,895,121 1,183,306 657,604 - Jr lien 158,845 78,311 237,156 34,679,853 34,917,009 178,845 78,311 Consumer 15,177 0 15,177 4,061,844 4,077,021 0 0 Totals $ 4,042,337 $ 1,562,705 $ 5,605,042 $ 687,033,333 $ 692,638,375 $ 5,182,705 $ 735,915 December 31, 2020 30-89 Days 90 Days or More Total Past Due Current Total Loans Non-Accrual Loans 90 Days or More and Accruing Commercial & industrial $ 119,413 $ 0 $ 119,413 $ 160,948,088 $ 161,067,501 $ 434,196 $ 0 Commercial real estate 127,343 567,957 695,300 279,849,250 280,544,550 1,875,942 0 Municipal 0 0 0 54,807,367 54,807,367 0 0 Residential real estate - 1st lien 1,872,439 828,344 2,700,783 167,806,480 170,507,263 2,173,315 390,288 - Jr lien 18,322 180,711 199,033 37,948,626 38,147,659 191,311 98,889 Consumer 14,388 0 14,388 4,266,602 4,280,990 0 0 Totals $ 2,151,905 $ 1,577,012 $ 3,728,917 $ 705,626,413 $ 709,355,330 $ 4,674,764 $ 489,177 |
Residential mortgage loans in process of foreclosure | Number of loans Balance September 30, 2021 5 $ 192,940 December 31, 2020 6 312,807 |
Changes in the allowance for loan losses | As of or for the three months ended September 30, 2021 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 899,163 $ 3,932,846 $ 57,292 $ 1,655,042 $ 201,269 $ 61,224 $ 912,420 $ 7,719,256 Charge-offs 0 0 0 0 0 (30,638 ) 0 (30,638 ) Recoveries 0 20,162 0 2,275 8,641 10,444 0 41,522 Provision (credit) 3,201 (56,471 ) 28,748 (10,532 ) (20,684 ) 37,843 107,062 89,167 ALL ending balance $ 902,364 $ 3,896,537 $ 86,040 $ 1,646,785 $ 189,226 $ 78,873 $ 1,019,482 $ 7,819,307 As of or for the nine months ended September 30, 2021 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Charge-offs (18,847 ) 0 0 0 0 (68,011 ) 0 (86,858 ) Recoveries 4,761 27,160 0 4,602 9,601 27,391 0 73,515 Provision (credit) 73,903 15,224 3,829 (93,121 ) (55,271 ) 59,032 620,569 624,165 ALL ending balance $ 902,364 $ 3,896,537 $ 86,040 $ 1,646,785 $ 189,226 $ 78,873 $ 1,019,482 $ 7,819,307 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 88,874 $ 159 $ 0 $ 0 $ 89,033 Collectively 902,364 3,896,537 86,040 1,557,911 189,067 78,873 1,019,482 7,730,274 Total $ 902,364 $ 3,896,537 $ 86,040 $ 1,646,785 $ 189,226 $ 78,873 $ 1,019,482 $ 7,819,307 Loans evaluated for impairment Individually $ 140,098 $ 3,711,049 $ 0 $ 3,853,902 $ 134,383 $ 0 $ 7,839,432 Collectively 138,921,638 282,201,557 53,774,882 171,041,219 34,782,626 4,077,021 684,798,943 Total $ 139,061,736 $ 285,912,606 $ 53,774,882 $ 174,895,121 $ 34,917,009 $ 4,077,021 $ 692,638,375 As of or for the year ended December 31, 2020 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (39,148 ) (34,200 ) 0 (203,623 ) (28,673 ) (74,327 ) 0 (379,971 ) Recoveries 1,087 20,000 0 12,856 5,809 33,213 0 72,965 Provision (credit) 43,842 686,707 82,211 537,507 (31,924 ) 49,782 220,875 1,589,000 ALL ending balance $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 108,474 $ 307 $ 0 $ 0 $ 108,781 Collectively 842,547 3,854,153 82,211 1,626,830 234,589 60,461 398,913 7,099,704 Total $ 842,547 $ 3,854,153 $ 82,211 $ 1,735,304 $ 234,896 $ 60,461 $ 398,913 $ 7,208,485 Loans evaluated for impairment Individually $ 414,266 $ 1,943,723 $ 0 $ 4,657,050 $ 135,053 $ 0 $ 7,150,092 Collectively 160,653,235 278,600,827 54,807,367 165,850,213 38,012,606 4,280,990 702,205,238 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 As of or for the three months ended September 30, 2020 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 886,546 $ 3,406,502 $ 0 $ 1,511,897 $ 319,749 $ 48,653 $ 342,337 $ 6,515,684 Charge-offs (34,565 ) (2,200 ) 0 (56,500 ) 0 (7,560 ) 0 (100,825 ) Recoveries 0 0 0 4,742 533 5,475 0 10,750 Provision (credit) 90,770 222,268 41,866 36,383 6,434 8,709 (43,931 ) 362,499 ALL ending balance $ 942,751 $ 3,626,570 $ 41,866 $ 1,496,522 $ 326,716 $ 55,277 $ 298,406 $ 6,788,108 As of or for the nine months ended September 30, 2020 Commercial & Industrial Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Unallocated Total ALL beginning balance $ 836,766 $ 3,181,646 $ 0 $ 1,388,564 $ 289,684 $ 51,793 $ 178,038 $ 5,926,491 Charge-offs (34,565 ) (2,200 ) 0 (134,196 ) (28,673 ) (50,458 ) 0 (250,092 ) Recoveries 1,087 20,000 0 10,552 5,280 28,289 0 65,208 Provision (credit) 139,463 427,124 41,866 231,602 60,425 25,653 120,368 1,046,501 ALL ending balance $ 942,751 $ 3,626,570 $ 41,866 $ 1,496,522 $ 326,716 $ 55,277 $ 298,406 $ 6,788,108 |
Impaired loans by segment | As of September 30, 2021 Recorded Investment(1) Unpaid Principal Balance Related Allowance Average Recorded Investment(1) (2) Average Recorded Investment(1) (3) Interest Income Recognized(3) Related allowance recorded Residential real estate 1st lien $ 793,401 $ 804,655 $ 88,874 $ 785,752 $ 897,008 $ 48,200 Jr lien 3,836 3,833 159 4,008 4,315 332 Total with related allowance 797,237 808,488 89,033 789,760 901,323 48,532 No related allowance recorded Commercial & industrial 140,098 161,331 261,153 339,386 204 Commercial real estate 3,711,470 4,210,006 2,795,979 2,295,473 78,462 Residential real estate 1st lien 3,094,255 3,991,516 3,253,698 3,402,302 155,005 Jr lien 130,551 176,460 133,148 133,861 0 Total with no related allowance 7,076,374 8,539,313 6,443,978 6,171,022 233,671 Total impaired loans $ 7,873,611 $ 9,347,801 $ 89,033 $ 7,233,738 $ 7,072,345 $ 282,203 As of December 31, 2020 Recorded Investment(1) Unpaid Principal Balance Related Allowance Average Recorded Investment(1) (2) Interest Income Recognized(2) Related allowance recorded Residential real estate 1st lien $ 900,581 $ 950,063 $ 108,474 $ 889,262 $ 72,713 Jr lien 4,777 4,775 307 5,416 541 Total with related allowance 905,358 954,838 108,781 894,678 73,254 No related allowance recorded Commercial & industrial 414,266 471,405 397,136 6,396 Commercial real estate 1,944,013 2,394,284 1,746,430 14,139 Residential real estate 1st lien 3,788,965 4,607,848 3,878,829 230,838 Jr lien 130,279 169,720 163,750 4,524 Total with no related allowance 6,277,523 7,643,257 6,186,145 255,897 Total impaired loans $ 7,182,881 $ 8,598,095 $ 108,781 $ 7,080,823 $ 329,151 As of September 30, 2020 Recorded Investment(1) Unpaid Principal Balance Related Allowance Average Recorded Investment(1) (2) Average Recorded Investment(1) (3) Interest Income Recognized(3) Related allowance recorded Residential real estate 1st lien $ 1,166,549 $ 1,207,778 $ 111,435 $ 1,015,521 $ 969,485 $ 81,313 Jr lien 5,083 5,079 361 5,249 5,576 415 Total with related allowance 1,171,632 1,212,857 111,796 1,020,770 975,061 81,728 No related allowance recorded Commercial & industrial 374,558 410,356 379,147 392,854 4,077 Commercial real estate 1,823,015 2,213,788 1,718,560 1,697,035 10,989 Residential real estate 1st lien 3,592,591 4,378,079 3,911,876 3,818,241 148,099 Jr lien 142,829 180,016 114,830 172,117 0 Total with no related allowance 5,932,993 7,182,239 6,124,413 6,080,247 163,165 Total impaired loans $ 7,104,625 $ 8,395,096 $ 111,796 $ 7,145,183 $ 7,055,308 $ 244,893 |
Risk ratings portfolio | As of September 30, 2021 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 135,579,309 $ 270,522,821 $ 53,774,882 $ 172,862,774 $ 34,652,449 $ 4,077,021 $ 671,469,256 Group B 707,522 8,337,352 0 0 0 0 9,044,874 Group C 2,774,905 7,052,433 0 2,032,347 264,560 0 12,124,245 Total $ 139,061,736 $ 285,912,606 $ 53,774,882 $ 174,895,121 $ 34,917,009 $ 4,077,021 $ 692,638,375 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 156,748,590 $ 261,932,833 $ 54,807,367 $ 167,478,918 $ 37,850,056 $ 4,280,990 $ 683,098,754 Group B 998,641 12,784,078 0 0 0 0 13,782,719 Group C 3,320,270 5,827,639 0 3,028,345 297,603 0 12,473,857 Total $ 161,067,501 $ 280,544,550 $ 54,807,367 $ 170,507,263 $ 38,147,659 $ 4,280,990 $ 709,355,330 |
Loans modified as TDRs | Three months ended September 30, 2021 Nine months ended September 30, 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial & industrial 0 $ 0 $ 0 1 $ 41,751 $ 41,751 Commercial real estate 1 2,250,000 2,250,000 1 2,250,000 2,250,000 1 $ 2,250,000 $ 2,250,000 2 $ 2,291,751 $ 2,291,751 Year ended December 31, 2020 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate - 1st lien 6 $ 591,826 $ 687,751 Three months ended September 30, 2020 Nine months ended September 30, 2020 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Residential real estate - 1st lien 1 $ 54,318 $ 57,053 6 $ 591,826 $ 687,751 |
TDRs payment default | For the twelve months ended September 30, 2021 Number of Recorded Contracts Investment Commercial & industrial 1 $ 38,751 For the twelve months ended December 31, 2020 Number of Recorded Contracts Investment Residential real estate - 1st lien 1 $ 165,168 For the twelve months ended September 30, 2020 Number of Recorded Contracts Investment Commercial & industrial 3 $ 25,720 Residential real estate - 1st lien 3 408,505 Residential real estate - Jr lien 1 50,095 7 $ 484,320 |
Specific allowances | September 30, December 31, 2021 2020 Specific Allocation $ 89,033 $ 108,781 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value | |
Schedule of fair value assets and liabilities on recurring basis | September 30, December 31, Assets: (market approach) 2021 2020 Level 1 U.S. Government securities $ 10,100,822 $ 0 Level 2 U.S. GSE debt securities $ 9,967,078 $ 8,169,831 Agency MBS 80,317,262 41,378,349 ABS and OAS 2,222,451 2,669,996 CMO 939,641 0 Other investments 7,128,885 8,487,002 Total $ 100,575,317 $ 60,705,178 $ 110,676,139 $ 60,705,178 |
Schedule of fair value assets and liabilities non-recurring basis | September 30, December 31, Level 2 2021 2020 Assets: (market approach) Impaired loans, net of related allowance $ 150,873 $ 323,645 Loans held-for-sale 50,000 130,400 MSRs (1) 898,349 922,146 |
Schedule of estimated fair values of financial instruments | September 30, 2021 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 129,752 $ 129,752 $ 0 $ 0 $ 129,752 Debt securities AFS 110,676 10,101 100,575 0 110,676 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 136,380 0 0 138,509 138,509 Commercial real estate 281,551 0 42 282,928 282,970 Municipal 53,610 0 0 55,437 55,437 Residential real estate - 1st lien 173,511 0 109 174,521 174,630 Residential real estate - Jr lien 34,676 0 0 34,573 34,573 Consumer 3,992 0 0 4,031 4,031 MSRs (1) 898 0 927 0 927 Accrued interest receivable 2,730 0 2,730 0 2,730 Financial liabilities: Deposits Other deposits 839,646 0 840,638 0 840,638 Brokered deposits 449 0 450 0 450 Long-term borrowings 2,300 0 2,191 0 2,191 Repurchase agreements 22,352 0 22,352 0 22,352 Operating lease obligations 913 0 913 0 913 Finance lease obligations 3,912 0 3,912 0 3,912 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 57 0 57 0 57 December 31, 2020 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 115,050 $ 115,050 $ 0 $ 0 $ 115,050 Debt securities AFS 60,705 0 60,705 0 60,705 Restricted equity securities 1,447 0 1,447 0 1,447 Loans and loans held-for-sale, net of ALL Commercial & industrial 158,601 0 0 160,371 160,371 Commercial real estate 276,476 0 208 279,281 279,489 Municipal 54,694 0 0 55,601 55,601 Residential real estate - 1st lien 169,201 0 116 170,385 170,501 Residential real estate - Jr lien 37,892 0 0 37,991 37,991 Consumer 4,218 0 0 4,238 4,238 MSRs (1) 922 0 922 0 922 Accrued interest receivable 2,988 0 2,988 0 2,988 Financial liabilities: Deposits Other deposits 778,085 0 779,824 0 779,824 Brokered deposits 4,206 0 4,208 0 4,208 Long-term borrowings 2,800 0 2,724 0 2,724 Repurchase agreements 38,727 0 38,727 0 38,727 Operating lease obligations 1,060 0 1,060 0 1,060 Finance lease obligations 38 0 38 0 38 Subordinated debentures 12,887 0 12,876 0 12,876 Accrued interest payable 86 0 86 0 86 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loan Servicing (Tables) | |
Schedule of mortgage servicing rights | Nine Months Ended Year Ended September 30, 2021 December 31, 2020 Balance at beginning of year $ 922,146 $ 939,577 MSRs capitalized 97,083 292,654 MSRs amortized (174,530 ) (256,435 ) Change in valuation allowance 53,650 (53,650 ) Balance at end of period $ 898,349 $ 922,146 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings per Common Share | ||||||||
Net income | $ 3,699,202 | $ 3,046,406 | $ 3,025,701 | $ 2,880,443 | $ 2,842,311 | $ 1,861,239 | $ 9,771,309 | $ 7,583,992 |
Less: dividends to preferred shareholders | 12,188 | 12,188 | 36,563 | 42,188 | ||||
Net income available to common shareholders | $ 3,687,015 | $ 2,868,255 | $ 9,734,746 | $ 7,541,804 | ||||
Weighted average number of common shares used in calculating earnings per share | 5,354,187 | 5,285,771 | 5,338,481 | 5,264,802 | ||||
Earnings per common share | $ 0.69 | $ 0.54 | $ 1.82 | $ 1.43 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Amortized cost | $ 111,032,475 | $ 59,546,509 |
Gross unrealized gains | 623,632 | 1,192,865 |
Gross unrealized losses | 979,968 | 34,196 |
Fair value | 110,676,139 | 60,705,178 |
Other investments [Member] | ||
Amortized cost | 6,934,000 | 8,169,000 |
Gross unrealized gains | 195,068 | 318,002 |
Gross unrealized losses | 183 | 0 |
Fair value | 7,128,885 | 8,487,002 |
CMO [Member] | ||
Amortized cost | 958,211 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 18,570 | 0 |
Fair value | 939,641 | 0 |
U.S. Government securities [Member] | ||
Amortized cost | 10,128,255 | |
Gross unrealized gains | 6,498 | |
Gross unrealized losses | 33,931 | |
Fair value | 10,100,822 | |
Agency mortgage-backed securities (Agency MBS) [Member] | ||
Amortized cost | 80,876,989 | 40,861,370 |
Gross unrealized gains | 261,920 | 547,930 |
Gross unrealized losses | 821,647 | 30,951 |
Fair value | 80,317,262 | 41,378,349 |
U.S. GSE debt securities [Member] | ||
Amortized cost | 10,003,253 | 8,007,142 |
Gross unrealized gains | 69,462 | 165,934 |
Gross unrealized losses | 105,637 | 3,245 |
Fair value | 9,967,078 | 8,169,831 |
ABS and OAS [Member] | ||
Amortized cost | 2,131,767 | 2,508,997 |
Gross unrealized gains | 90,684 | 160,999 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 2,222,451 | $ 2,669,996 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost | $ 111,032,475 | $ 59,546,509 |
U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member] | ||
Amortized cost | 66,394,672 | 59,546,509 |
Fair value | $ 66,017,746 | $ 60,705,178 |
Investment Securities (Detail_2
Investment Securities (Details 2) - Available for sale Securities [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Due in one year or less | $ 3,470,000 | $ 2,227,000 |
Due from one to five years | 11,990,364 | 5,942,000 |
Due from five to ten years | 13,692,473 | 9,511,476 |
Due after ten years | 1,002,649 | 1,004,663 |
Agency MBS | 80,876,989 | 40,861,370 |
Total | 111,032,475 | 59,546,509 |
Due in one year or less, Fair value | 3,519,638 | 2,247,603 |
Due from one to five years, Fair value | 12,117,682 | 6,239,399 |
Due from five to ten years, Fair value | 13,701,738 | 9,801,921 |
Due after ten years, Fair value | 1,019,819 | 1,037,906 |
Agency MBS, Fair value | 80,317,262 | 41,378,349 |
Total, fair value | $ 110,676,139 | $ 60,705,178 |
Investment Securities (Detail_3
Investment Securities (Details 3) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)integer | Dec. 31, 2020USD ($)integer | |
Fair value less than 12 months | $ 78,549,890 | $ 4,075,401 |
Unrealized loss less than 12 months | 975,389 | 23,090 |
Fair value 12 months or more | 252,509 | 520,546 |
Unrealized loss 12 months or more | $ 4,579 | $ 11,106 |
Number of securities | integer | 72 | 8 |
Fair value | $ 78,802,399 | $ 4,595,947 |
Unrealized loss | 979,968 | 34,196 |
Other investments [Member] | ||
Fair value less than 12 months | 247,816 | |
Unrealized loss less than 12 months | 183 | |
Fair value 12 months or more | 0 | |
Unrealized loss 12 months or more | $ 0 | |
Number of securities | integer | 1 | |
Fair value | $ 247,816 | |
Unrealized loss | 183 | 0 |
Agency mortgage-backed securities (Agency MBS) [Member] | ||
Fair value less than 12 months | 64,902,217 | 2,076,167 |
Unrealized loss less than 12 months | 817,068 | 19,845 |
Fair value 12 months or more | 4,579 | 520,546 |
Unrealized loss 12 months or more | $ 252,509 | $ 11,106 |
Number of securities | integer | 50 | 6 |
Fair value | $ 65,154,726 | $ 2,596,713 |
Unrealized loss | 821,647 | 30,951 |
U.S. GSE debt securities [Member] | ||
Fair value less than 12 months | 5,894,967 | 1,999,234 |
Unrealized loss less than 12 months | 105,637 | 3,245 |
Fair value 12 months or more | 0 | 0 |
Unrealized loss 12 months or more | $ 0 | $ 0 |
Number of securities | integer | 6 | 2 |
Fair value | $ 5,894,967 | $ 1,999,234 |
Unrealized loss | 105,637 | 3,245 |
CMO [Member] | ||
Fair value less than 12 months | 939,641 | |
Unrealized loss less than 12 months | 18,570 | |
Fair value 12 months or more | 0 | |
Unrealized loss 12 months or more | $ 0 | |
Number of securities | integer | 2 | |
Fair value | $ 939,641 | |
Unrealized loss | 18,570 | $ 0 |
U.S. Government securitie [Member] | ||
Fair value less than 12 months | 6,565,249 | |
Unrealized loss less than 12 months | 33,931 | |
Fair value 12 months or more | 0 | |
Unrealized loss 12 months or more | $ 0 | |
Number of securities | integer | 13 | |
Fair value | $ 6,565,249 | |
Unrealized loss | $ 33,931 |
Investment Securities (Detail_4
Investment Securities (Details Narrative) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Investment Securities (Details) | |
Net realized gain on sale of securities AFS | $ 39,086 |
Proceeds from sales of debt securities | $ 884,137 |
Loans Allowance for Loan Loss_2
Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans, Allowance for Loan Losses and Credit Quality | ||
Commercial & industrial | $ 139,061,736 | $ 161,067,501 |
Commercial real estate | 285,912,606 | 280,544,550 |
Municipal | 53,774,882 | 54,807,367 |
Residential real estate - 1st lien | 174,895,121 | 170,507,263 |
Residential real estate - Jr lien | 34,917,009 | 38,147,659 |
Consumer | 4,077,021 | 4,280,990 |
Total loans | 692,638,375 | 709,355,330 |
Deduct (add): | ||
Allowance for loan losses | (7,819,307) | (7,208,485) |
Deferred net loan fees | (1,149,278) | (1,195,741) |
Net loans | $ 683,669,790 | $ 700,951,104 |
Loans Allowance for Loan Loss_3
Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
30-89 days | $ 4,042,337 | $ 2,151,905 |
90 days or more | 1,562,705 | 1,577,012 |
Total past due | 5,605,042 | 3,728,917 |
Current | 687,033,333 | 705,626,413 |
Total loans | 692,638,375 | 709,355,330 |
Non-accrual loans | 5,182,705 | 4,674,764 |
90 days or more and accruing | 735,915 | 489,177 |
Commercial Real Estate [Member] | ||
30-89 days | 776,299 | 127,343 |
90 days or more | 233,042 | 567,957 |
Total past due | 1,009,341 | 695,300 |
Current | 284,903,265 | 279,849,250 |
Total loans | 285,912,606 | 280,544,550 |
Non-accrual loans | 3,671,880 | 1,875,942 |
90 days or more and accruing | 0 | 0 |
Residential real estate - 1st lien [Member] | ||
30-89 days | 805,094 | 1,872,439 |
90 days or more | 1,251,352 | 828,344 |
Total past due | 2,056,446 | 2,700,783 |
Current | 172,838,675 | 167,806,480 |
Total loans | 174,895,121 | 170,507,263 |
Non-accrual loans | 1,183,306 | 2,173,315 |
90 days or more and accruing | 657,604 | 390,288 |
Commercial & industrial [Member] | ||
30-89 days | 2,286,922 | 119,413 |
90 days or more | 0 | 0 |
Total past due | 2,286,922 | 119,413 |
Current | 136,774,814 | 160,948,088 |
Total loans | 139,061,736 | 161,067,501 |
Non-accrual loans | 148,674 | 434,196 |
90 days or more and accruing | 0 | 0 |
Municipal [Member] | ||
30-89 days | 0 | 0 |
90 days or more | 0 | 0 |
Total past due | 0 | 0 |
Current | 53,774,882 | 54,807,367 |
Total loans | 53,774,882 | 54,807,367 |
Non-accrual loans | 0 | 0 |
90 days or more and accruing | 0 | 0 |
Residential real estate - Jr lien [Member] | ||
30-89 days | 158,845 | 18,322 |
90 days or more | 78,311 | 180,711 |
Total past due | 237,156 | 199,033 |
Current | 34,679,853 | 37,948,626 |
Total loans | 34,917,009 | 38,147,659 |
Non-accrual loans | 178,845 | 191,311 |
90 days or more and accruing | 78,311 | 98,889 |
Consumer [Member] | ||
30-89 days | 15,177 | 14,388 |
90 days or more | 0 | 0 |
Total past due | 15,177 | 14,388 |
Current | 4,061,844 | 4,266,602 |
Total loans | 4,077,021 | 4,280,990 |
Non-accrual loans | 0 | 0 |
90 days or more and accruing | $ 0 | $ 0 |
Loans Allowance for Loan Loss_4
Loans Allowance for Loan Losses and Credit Quality (Details 2) | Sep. 30, 2021USD ($)integer | Dec. 31, 2020USD ($)integer |
Loans, Allowance for Loan Losses and Credit Quality | ||
Residential mortgage loans in process of foreclosure, number of loans | integer | 5 | 6 |
Residential mortgage loans in process of foreclosure, current balance | $ | $ 192,940 | $ 312,807 |
Loans Allowance for Loan Loss_5
Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses, beginning balance | $ 7,719,256 | $ 6,515,684 | $ 7,208,485 | $ 5,926,491 | $ 5,926,491 |
Charge-offs | (30,638) | (100,825) | (86,858) | (250,092) | (379,971) |
Recoveries | 41,522 | 10,750 | 73,515 | 65,208 | 72,965 |
Provisions (credit) | 89,167 | 362,499 | 624,165 | 1,046,501 | 1,589,000 |
Allowance for loan losses, ending balance | 7,819,307 | 6,788,108 | 7,819,307 | 6,788,108 | 7,208,485 |
Allowance for loan losses evaluated for impairment, individually | 89,033 | 89,033 | 108,781 | ||
Allowance for loan losses evaluated for impairment, collectively | 7,730,274 | 7,730,274 | 7,099,704 | ||
Total ALL evaluted for impairment | 7,819,307 | 7,208,485 | |||
Loans evaluated for impairment, individually | 7,839,432 | 7,839,432 | 7,150,092 | ||
Loans evaluated for impairment, collectively | 684,798,943 | 684,798,943 | 702,205,238 | ||
Total, Loans evaluted for impairment | 692,638,375 | 709,355,330 | |||
Unallocated [Member] | |||||
Allowance for loan losses, beginning balance | 912,420 | 342,337 | 398,913 | 178,038 | 178,038 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provisions (credit) | 107,062 | (43,931) | 620,569 | 120,368 | 220,875 |
Allowance for loan losses, ending balance | 1,019,482 | 298,406 | 1,019,482 | 298,406 | 398,913 |
Allowance for loan losses evaluated for impairment, individually | 0 | 0 | 0 | ||
Allowance for loan losses evaluated for impairment, collectively | 1,019,482 | 1,019,482 | 398,913 | ||
Total ALL evaluted for impairment | 1,019,482 | 398,913 | |||
Residential Real Estate Jr Lien | |||||
Allowance for loan losses, beginning balance | 201,269 | 319,749 | 234,896 | 289,684 | 289,684 |
Charge-offs | 0 | 0 | 0 | 28,673 | 28,673 |
Recoveries | 8,641 | 533 | 9,601 | 5,280 | 5,809 |
Provisions (credit) | (20,684) | 6,434 | (55,271) | 60,425 | (31,924) |
Allowance for loan losses, ending balance | 189,226 | 326,716 | 189,226 | 326,716 | 234,896 |
Allowance for loan losses evaluated for impairment, individually | 159 | 159 | 307 | ||
Allowance for loan losses evaluated for impairment, collectively | 189,067 | 189,067 | 234,589 | ||
Total ALL evaluted for impairment | 189,226 | 234,896 | |||
Loans evaluated for impairment, individually | 134,383 | 134,383 | 135,053 | ||
Loans evaluated for impairment, collectively | 34,782,626 | 34,782,626 | 38,012,606 | ||
Total, Loans evaluted for impairment | 34,917,009 | 38,147,659 | |||
Commercial & industrial [Member] | |||||
Allowance for loan losses, beginning balance | 899,163 | 886,546 | 842,547 | 836,766 | 836,766 |
Charge-offs | 0 | 34,565 | 18,847 | 34,565 | 39,148 |
Recoveries | 0 | 0 | 4,761 | 1,087 | 1,087 |
Provisions (credit) | 3,201 | 90,770 | 73,903 | 139,463 | 43,842 |
Allowance for loan losses, ending balance | 902,364 | 942,751 | 902,364 | 942,751 | 842,547 |
Allowance for loan losses evaluated for impairment, individually | 0 | 0 | 0 | ||
Allowance for loan losses evaluated for impairment, collectively | 902,364 | 902,364 | 842,547 | ||
Total ALL evaluted for impairment | 902,364 | 842,547 | |||
Loans evaluated for impairment, individually | 140,098 | 140,098 | 414,266 | ||
Loans evaluated for impairment, collectively | 138,921,638 | 138,921,638 | 160,653,235 | ||
Total, Loans evaluted for impairment | 139,061,736 | 161,067,501 | |||
Municipal [Member] | |||||
Allowance for loan losses, beginning balance | 57,292 | 0 | 82,211 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provisions (credit) | 28,748 | 41,866 | 3,829 | 41,866 | 82,211 |
Allowance for loan losses, ending balance | 86,040 | 41,866 | 86,040 | 41,866 | 82,211 |
Allowance for loan losses evaluated for impairment, individually | 0 | 0 | 0 | ||
Allowance for loan losses evaluated for impairment, collectively | 86,040 | 86,040 | 82,211 | ||
Total ALL evaluted for impairment | 86,040 | 82,211 | |||
Loans evaluated for impairment, individually | 0 | 0 | 0 | ||
Loans evaluated for impairment, collectively | 53,774,882 | 53,774,882 | 54,807,367 | ||
Total, Loans evaluted for impairment | 53,774,882 | 54,807,367 | |||
Consumer [Member] | |||||
Allowance for loan losses, beginning balance | 61,224 | 48,653 | 60,461 | 51,793 | 51,793 |
Charge-offs | 30,638 | 7,560 | 68,011 | 50,458 | 74,327 |
Recoveries | 10,444 | 5,475 | 27,391 | 28,289 | 33,213 |
Provisions (credit) | 37,843 | 8,709 | 59,032 | 25,653 | 49,782 |
Allowance for loan losses, ending balance | 78,873 | 55,277 | 78,873 | 55,277 | 60,461 |
Allowance for loan losses evaluated for impairment, individually | 0 | 0 | 0 | ||
Allowance for loan losses evaluated for impairment, collectively | 78,873 | 78,873 | 60,461 | ||
Total ALL evaluted for impairment | 78,873 | 60,461 | |||
Loans evaluated for impairment, individually | 0 | 0 | 0 | ||
Loans evaluated for impairment, collectively | 4,077,021 | 4,077,021 | 4,280,990 | ||
Total, Loans evaluted for impairment | 4,077,021 | 4,280,990 | |||
Commercial Real Estate [Member] | |||||
Allowance for loan losses, beginning balance | 3,932,846 | 3,406,502 | 3,854,153 | 3,181,646 | 3,181,646 |
Charge-offs | 0 | 2,200 | 0 | 2,200 | 34,200 |
Recoveries | 20,162 | 0 | 27,160 | 20,000 | 20,000 |
Provisions (credit) | (56,471) | 222,268 | 15,224 | 427,124 | 686,707 |
Allowance for loan losses, ending balance | 3,896,537 | 3,626,570 | 3,896,537 | 3,626,570 | 3,854,153 |
Allowance for loan losses evaluated for impairment, individually | 0 | 0 | 0 | ||
Allowance for loan losses evaluated for impairment, collectively | 3,896,537 | 3,896,537 | 3,854,153 | ||
Total ALL evaluted for impairment | 3,896,537 | 3,854,153 | |||
Loans evaluated for impairment, individually | 3,711,049 | 3,711,049 | 1,943,723 | ||
Loans evaluated for impairment, collectively | 282,201,557 | 282,201,557 | 278,600,827 | ||
Total, Loans evaluted for impairment | 285,912,606 | 280,544,550 | |||
Residential real estate - 1st lien [Member] | |||||
Allowance for loan losses, beginning balance | 1,655,042 | 1,511,897 | 1,735,304 | 1,388,564 | 1,388,564 |
Charge-offs | 0 | 56,500 | 0 | 134,196 | 203,623 |
Recoveries | 2,275 | 4,742 | 4,602 | 10,552 | 12,856 |
Provisions (credit) | (10,532) | 36,383 | (93,121) | 231,602 | 537,507 |
Allowance for loan losses, ending balance | 1,646,785 | $ 1,496,522 | 1,646,785 | $ 1,496,522 | 1,735,304 |
Allowance for loan losses evaluated for impairment, individually | 88,874 | 88,874 | 108,474 | ||
Allowance for loan losses evaluated for impairment, collectively | 1,557,911 | 1,557,911 | 1,626,830 | ||
Total ALL evaluted for impairment | 1,646,785 | 1,735,304 | |||
Loans evaluated for impairment, individually | 3,853,902 | 3,853,902 | 4,657,050 | ||
Loans evaluated for impairment, collectively | $ 171,041,219 | 171,041,219 | 165,850,213 | ||
Total, Loans evaluted for impairment | $ 174,895,121 | $ 170,507,263 |
Loans Allowance for Loan Loss_6
Loans Allowance for Loan Losses and Credit Quality (Details 4) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Recorded investment allowance recorded | $ 7,873,611 | $ 7,104,625 | $ 7,873,611 | $ 7,104,625 | $ 7,182,881 |
Unpaid principal balance allowance recorded | 9,347,801 | 8,395,096 | 9,347,801 | 8,395,096 | 8,598,095 |
Related allowance with an allowance recorded | 89,033 | 111,796 | 89,033 | 111,796 | 108,781 |
Average recorded investment allowance recorded | 7,233,738 | 7,145,183 | 7,072,345 | 7,055,308 | 7,080,823 |
Interest income recognized | 282,203 | 244,893 | 329,151 | ||
Commercial & industrial [Member] | |||||
Recorded investment with no related allowance recorded | 140,098 | 374,558 | 140,098 | 374,558 | 414,266 |
Unpaid principal balance with no related allowance recorded | 161,331 | 410,356 | 161,331 | 410,356 | 471,405 |
Average recorded investment with no related allowance recorded | 261,153 | 379,147 | 339,386 | 392,854 | 397,136 |
Interest income recognized with no related allowance recorded | 204 | 4,077 | 6,396 | ||
Residential real estate - Jr lien [Member] | |||||
Related allowance with an allowance recorded | 159 | 361 | 159 | 361 | 307 |
Average recorded investment with Related allowance recorded | 4,008 | 5,249 | 4,315 | 5,576 | 5,416 |
Recorded investment with an allowance recorded | 3,836 | 5,083 | 3,836 | 5,083 | 4,777 |
Unpaid principal balance with an allowance recorded | 3,833 | 5,079 | 3,833 | 5,079 | 4,775 |
Interest income recognized with an allowance recorded | 332 | 415 | 541 | ||
Recorded investment with no related allowance recorded | 130,551 | 142,829 | 130,551 | 142,829 | 130,279 |
Unpaid principal balance with no related allowance recorded | 176,460 | 180,016 | 176,460 | 180,016 | 169,720 |
Average recorded investment with no related allowance recorded | 133,148 | 114,830 | 133,861 | 172,117 | 163,750 |
Interest income recognized with no related allowance recorded | 4,524 | ||||
Commercial Real Estate [Member] | |||||
Recorded investment with no related allowance recorded | 3,711,470 | 1,823,015 | 3,711,470 | 1,823,015 | 1,944,013 |
Unpaid principal balance with no related allowance recorded | 4,210,006 | 2,213,788 | 4,210,006 | 2,213,788 | 2,394,284 |
Average recorded investment with no related allowance recorded | 2,795,979 | 1,718,560 | 2,295,473 | 1,697,035 | 1,746,430 |
Interest income recognized with no related allowance recorded | 78,462 | 10,989 | 14,139 | ||
Residential real estate - 1st lien [Member] | |||||
Related allowance with an allowance recorded | 88,874 | 111,435 | 88,874 | 111,435 | 108,474 |
Average recorded investment with Related allowance recorded | 785,752 | 1,015,521 | 897,008 | 969,485 | 889,262 |
Recorded investment with an allowance recorded | 793,401 | 1,166,549 | 793,401 | 1,166,549 | 900,581 |
Unpaid principal balance with an allowance recorded | 804,655 | 1,207,778 | 804,655 | 1,207,778 | 950,063 |
Interest income recognized with an allowance recorded | 48,200 | 81,313 | 72,713 | ||
Recorded investment with no related allowance recorded | 3,094,255 | 3,592,591 | 3,094,255 | 3,592,591 | 3,788,965 |
Unpaid principal balance with no related allowance recorded | 3,991,516 | 4,378,079 | 3,991,516 | 4,378,079 | 4,607,848 |
Average recorded investment with no related allowance recorded | 3,253,698 | 3,911,876 | 3,402,302 | 3,818,241 | 3,878,829 |
Interest income recognized with no related allowance recorded | 155,005 | 148,099 | 230,838 | ||
Total Related Allowance | |||||
Related allowance with an allowance recorded | 89,033 | 111,796 | 89,033 | 111,796 | 108,781 |
Average recorded investment with Related allowance recorded | 789,760 | 1,020,770 | 901,323 | 975,061 | 894,678 |
Recorded investment with an allowance recorded | 797,237 | 1,171,632 | 797,237 | 1,171,632 | 905,358 |
Unpaid principal balance with an allowance recorded | 808,488 | 1,212,857 | 808,488 | 1,212,857 | 954,838 |
Interest income recognized with an allowance recorded | 48,532 | 81,728 | 73,254 | ||
Total No Related Allowance | |||||
Recorded investment with no related allowance recorded | 7,076,374 | 5,932,993 | 7,076,374 | 5,932,993 | 6,277,523 |
Unpaid principal balance with no related allowance recorded | 8,539,313 | 7,182,239 | 8,539,313 | 7,182,239 | 7,643,257 |
Average recorded investment with no related allowance recorded | $ 6,443,978 | $ 6,124,413 | 6,171,022 | 6,080,247 | 6,186,145 |
Interest income recognized with no related allowance recorded | $ 233,671 | $ 163,165 | $ 255,897 |
Loans Allowance for Loan Loss_7
Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Group A | $ 671,469,256 | $ 683,098,754 |
Group B | 9,044,874 | 13,782,719 |
Group C | 12,124,245 | 12,473,857 |
Total loans | 692,638,375 | 709,355,330 |
Commercial Real Estate [Member] | ||
Group A | 270,522,821 | 261,932,833 |
Group B | 8,337,352 | 12,784,078 |
Group C | 7,052,433 | 5,827,639 |
Total loans | 285,912,606 | 280,544,550 |
Residential real estate - 1st lien [Member] | ||
Group A | 172,862,774 | 167,478,918 |
Group B | 0 | 0 |
Group C | 2,032,347 | 3,028,345 |
Total loans | 174,895,121 | 170,507,263 |
Commercial & industrial [Member] | ||
Group A | 135,579,309 | 156,748,590 |
Group B | 707,522 | 998,641 |
Group C | 2,774,905 | 3,320,270 |
Total loans | 139,061,736 | 161,067,501 |
Municipal [Member] | ||
Group A | 53,774,882 | 54,807,367 |
Group B | 0 | 0 |
Group C | 0 | 0 |
Total loans | 53,774,882 | 54,807,367 |
Residential real estate - Jr lien [Member] | ||
Group A | 34,652,449 | 37,850,056 |
Group B | 0 | 0 |
Group C | 264,560 | 297,603 |
Total loans | 34,917,009 | 38,147,659 |
Consumer [Member] | ||
Group A | 4,077,021 | 4,280,990 |
Group B | 0 | 0 |
Group C | 0 | 0 |
Total loans | $ 4,077,021 | $ 4,280,990 |
Loans Allowance for Loan Loss_8
Loans Allowance for Loan Losses and Credit Quality (Details 6) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)integer | Sep. 30, 2020USD ($)integer | Sep. 30, 2021USD ($)integer | Sep. 30, 2020USD ($)integer | Dec. 31, 2020USD ($)integer | |
Number of contracts modified as TDRs | integer | 1 | 2 | |||
Pre-Modification outstanding recorded investment | $ 2,250,000 | $ 2,291,751 | |||
Post-Modification outstanding recorded investment | $ 2,250,000 | 2,291,751 | |||
Commercial Real Estate [Member] | |||||
Number of contracts modified as TDRs | integer | 1 | 1 | |||
Pre-Modification outstanding recorded investment | $ 2,250,000 | 2,250,000 | |||
Post-Modification outstanding recorded investment | $ 2,250,000 | $ 2,250,000 | |||
Residential real estate - 1st lien [Member] | |||||
Number of contracts modified as TDRs | integer | 1 | 6 | 6 | ||
Pre-Modification outstanding recorded investment | $ 54,318 | $ 591,826 | $ 591,826 | ||
Post-Modification outstanding recorded investment | $ 57,053 | $ 687,751 | $ 687,751 | ||
Commercial & industrial [Member] | |||||
Number of contracts modified as TDRs | integer | 1 | ||||
Pre-Modification outstanding recorded investment | $ 41,751 | ||||
Post-Modification outstanding recorded investment | $ 41,751 |
Loans Allowance for Loan Loss_9
Loans Allowance for Loan Losses and Credit Quality (Details 7) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($)integer | Sep. 30, 2020USD ($)integer | Dec. 31, 2020USD ($)integer | |
Number of contracts | integer | 7 | ||
Recorded investment | $ | $ 484,320 | ||
Residential Real Estate Jr Lien | |||
Number of contracts | integer | 1 | ||
Recorded investment | $ | $ 50,095 | ||
Residential real estate - 1st lien [Member] | |||
Number of contracts | integer | 3 | 1 | |
Recorded investment | $ | $ 408,505 | $ 165,168 | |
Commercial & industrial [Member] | |||
Number of contracts | integer | 1 | 3 | |
Recorded investment | $ | $ 38,751 | $ 25,720 |
Loans Allowance for Loan Los_10
Loans Allowance for Loan Losses and Credit Quality (Details 8) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans, Allowance for Loan Losses and Credit Quality | ||
Specific allocation | $ 89,033 | $ 108,781 |
Loans Allowance for Loan Los_11
Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Loans, Allowance for Loan Losses and Credit Quality | |||
Aggregate principal balance | $ 109,500,000 | ||
Accrued interest receivable and deferred net loan costs | $ 34,179 | $ 32,789 | $ 34,909 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2007 |
Goodwill | $ 11,574,269 | $ 11,574,269 | |
LyndonBank [Member] | |||
Goodwill | $ 11,574,269 |
Fair Value (Details)
Fair Value (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value | $ 110,676,139 | $ 60,705,178 |
Other investments [Member] | ||
Fair value | 7,128,885 | 8,487,002 |
U.S. Government securities [Member] | ||
Fair value | 10,100,822 | 0 |
Fair Value Level 2 | ||
Fair value | 100,575,317 | 60,705,178 |
Fair Value Level 2 | Agency MBS | ||
Fair value | 80,317,262 | 41,378,349 |
Fair Value Level 2 | ABS and OAS | ||
Fair value | 2,222,451 | 2,669,996 |
Fair Value Level 2 | Other investments [Member] | ||
Fair value | 7,128,885 | 8,487,002 |
CMO [Member] | ||
Fair value | 939,641 | 0 |
U.S. GSE debt securities [Member] | Fair Value Level 2 | ||
Fair value | $ 9,967,078 | $ 8,169,831 |
Fair Value (Details 1)
Fair Value (Details 1) - Fair Value Level 2 - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: (market approach) | ||
Impaired loans, net of related allowance | $ 150,873 | $ 323,645 |
Loans held-for-sale | 50,000 | 130,400 |
MSRs | $ 898,349 | $ 922,146 |
Fair Value (Details 2)
Fair Value (Details 2) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Level 1 | ||
Financial assets: (in thousands) | ||
Cash and cash equivalents | $ 129,752 | $ 115,050 |
Debt securities AFS | 10,101 | 0 |
Restricted equity securities | 0 | 0 |
Commercial & industrial | 0 | 0 |
Commercial real estate | 0 | 0 |
Municipal | 0 | 0 |
Residential real estate - 1st lien | 0 | 0 |
Residential real estate - Jr lien | 0 | 0 |
Consumer | 0 | 0 |
MSRs | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Repurchase agreements | 0 | 0 |
Operating lease obligations | 0 | 0 |
Finance lease obligations | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value Level 2 | ||
Financial assets: (in thousands) | ||
Cash and cash equivalents | 0 | 0 |
Debt securities AFS | 100,575 | 60,705 |
Restricted equity securities | 1,447 | 1,447 |
Commercial & industrial | 0 | 0 |
Commercial real estate | 42 | 208 |
Municipal | 0 | 0 |
Residential real estate - 1st lien | 109 | 116 |
Residential real estate - Jr lien | 0 | 0 |
Consumer | 0 | 0 |
MSRs | 927 | 922 |
Accrued interest receivable | 2,730 | 2,988 |
Other deposits | 840,638 | 779,824 |
Brokered deposits | 450 | 4,208 |
Long-term borrowings | 2,191 | 2,724 |
Repurchase agreements | 22,352 | 38,727 |
Operating lease obligations | 913 | 1,060 |
Finance lease obligations | 3,912 | 38 |
Subordinated debentures | 12,876 | 12,876 |
Accrued interest payable | 57 | 86 |
Fair Value Level 3 | ||
Financial assets: (in thousands) | ||
Cash and cash equivalents | 0 | 0 |
Debt securities AFS | 0 | 0 |
Restricted equity securities | 0 | 0 |
Commercial & industrial | 138,509 | 160,371 |
Commercial real estate | 282,928 | 279,281 |
Municipal | 55,437 | 55,601 |
Residential real estate - 1st lien | 174,521 | 170,385 |
Residential real estate - Jr lien | 34,573 | 37,991 |
Consumer | 4,031 | 4,238 |
MSRs | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Long-term borrowings | 0 | 0 |
Repurchase agreements | 0 | 0 |
Operating lease obligations | 0 | 0 |
Finance lease obligations | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount | ||
Financial assets: (in thousands) | ||
Cash and cash equivalents | 129,752 | 115,050 |
Debt securities AFS | 110,676 | 60,705 |
Restricted equity securities | 1,447 | 1,447 |
Commercial & industrial | 136,380 | 158,601 |
Commercial real estate | 281,551 | 276,476 |
Municipal | 53,610 | 54,694 |
Residential real estate - 1st lien | 173,511 | 169,201 |
Residential real estate - Jr lien | 34,676 | 37,892 |
Consumer | 3,992 | 4,218 |
MSRs | 898 | 922 |
Accrued interest receivable | 2,730 | 2,988 |
Other deposits | 839,646 | 778,085 |
Brokered deposits | 449 | 4,206 |
Long-term borrowings | 2,300 | 2,800 |
Repurchase agreements | 22,352 | 38,727 |
Operating lease obligations | 913 | 1,060 |
Finance lease obligations | 3,912 | 38 |
Subordinated debentures | 12,887 | 12,887 |
Accrued interest payable | 57 | 86 |
Fair Value | ||
Financial assets: (in thousands) | ||
Cash and cash equivalents | 129,752 | 115,050 |
Debt securities AFS | 110,676 | 60,705 |
Restricted equity securities | 1,447 | 1,447 |
Commercial & industrial | 138,509 | 160,371 |
Commercial real estate | 282,970 | 279,489 |
Municipal | 55,437 | 55,601 |
Residential real estate - 1st lien | 174,630 | 170,501 |
Residential real estate - Jr lien | 34,573 | 37,991 |
Consumer | 4,031 | 4,238 |
MSRs | 927 | 922 |
Accrued interest receivable | 2,730 | 2,988 |
Other deposits | 840,638 | 779,824 |
Brokered deposits | 450 | 4,208 |
Long-term borrowings | 2,191 | 2,724 |
Repurchase agreements | 22,352 | 38,727 |
Operating lease obligations | 913 | 1,060 |
Finance lease obligations | 3,912 | 38 |
Subordinated debentures | 12,876 | 12,876 |
Accrued interest payable | $ 57 | $ 86 |
Loan Servicing (Details)
Loan Servicing (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loan Servicing | ||
Balance at beginning of year | $ 922,146 | $ 939,577 |
MSRs capitalized | 97,083 | 292,654 |
MSRs amortized | (174,530) | (256,435) |
Change in valuation allowance | 53,650 | (53,650) |
Balance at end of period | $ 898,349 | $ 922,146 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Subsequent Events | |||||
Dividends declared per common share | $ 0.22 | $ 0.22 | $ 0.19 | $ 0.66 | $ 0.57 |