☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Michigan | 38-3391345 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common stock | MCBC | NASDAQ |
Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ | Smaller reporting company |
Emerging growth company ☐ |
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(dollars in thousands) | December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Nonperforming loans | $ | 395 | $ | 300 | $ | 756 | $ | 8,426 | $ | 12,335 | ||||||||||
Other repossessed assets | 11 | --- | --- | 38 | 40 | |||||||||||||||
Other real estate owned | 5,767 | 12,253 | 17,572 | 28,242 | 36,796 | |||||||||||||||
Total nonperforming assets | $ | 6,173 | $ | 12,553 | $ | 18,328 | $ | 36,706 | $ | 49,171 | ||||||||||
Total delinquencies 30 days or greater past due | $ | 995 | $ | 1,447 | $ | 1,371 | $ | 2,841 | $ | 5,520 |
December 31, | ||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||
Nonperforming loans | $ | 203 | $ | 1,304 | $ | 395 | ||||||
Other repossessed assets | — | — | 11 | |||||||||
Other real estate owned | 2,748 | 3,380 | 5,767 | |||||||||
Total nonperforming assets | $ | 2,951 | $ | 4,684 | $ | 6,173 | ||||||
Total delinquencies 30 days or greater past due | $ | 405 | $ | 877 | $ | 995 |
(dollars in thousands) | For the Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | For the Year Ended December 31, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||
Provision for loan losses | $ | (1,350 | ) | $ | (1,350 | ) | $ | (3,500 | ) | $ | (3,350 | ) | $ | (4,250 | ) | $ | (450 | ) | $ | 450 | $ | (1,350 | ) | |||||||||
Net charge-offs (recoveries) | (988 | ) | (1,231 | ) | (1,619 | ) | (1,514 | ) | (1,309 | ) | (774 | ) | 174 | (988 | ) | |||||||||||||||||
Net charge-offs (recoveries) to average loans | (0.08 | )% | (0.10 | )% | (0.14 | )% | (0.14 | )% | (0.13 | )% | (0.06 | )% | 0.01 | % | (0.08 | )% | ||||||||||||||||
Nonperforming loans to total loans | 0.03 | % | 0.02 | % | 0.06 | % | 0.75 | % | 1.18 | % | 0.01 | % | 0.09 | % | 0.03 | % | ||||||||||||||||
Loans transferred to ORE to average loans | 0.01 | % | 0.03 | % | 0.22 | % | 0.47 | % | 0.34 | % | — | 0.02 | % | 0.01 | % | |||||||||||||||||
Performing troubled debt restructurings ("TDRs") to average loans | 1.72 | % | 2.45 | % | 3.34 | % | 4.47 | % | 5.61 | % | ||||||||||||||||||||||
Performing troubled debt restructurings (“TDRs”) to average loans | 0.99 | % | 1.20 | % | 1.72 | % |
(Dollars in thousands) | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total Loans | Amount | % of Total Loans | Amount | % of Total Loans | Amount | % of Total Loans | Amount | % of Total Loans | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | % of Total Loans | Amount | % of Total Loans | Amount | % of Total Loans | Amount | % of Total Loans | Amount | % of Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction (1) | $ | 78,487 | 6 | % | $ | 64,968 | 5 | % | $ | 90,039 | 7 | % | $ | 77,564 | 6 | % | $ | 86,413 | 8 | % | $ | 72,404 | 5 | % | $ | 81,963 | 6 | % | $ | 78,487 | 6 | % | $ | 64,968 | 5 | % | $ | 90,039 | 7 | % | ||||||||||||||||||||||||||||||||||||||||
Real estate - mortgage | 463,448 | 35 | 453,013 | 34 | 418,633 | 33 | 412,967 | 34 | 385,927 | 35 | 526,054 | 38 | 486,748 | 35 | 463,448 | 35 | 453,013 | 35 | 418,633 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 465,208 | 35 | 449,342 | 34 | 377,298 | 29 | 327,674 | 27 | 274,099 | 25 | 499,572 | 36 | 513,345 | 36 | 465,208 | 35 | 449,342 | 35 | 377,298 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 1,007,143 | 76 | 967,323 | 73 | 885,970 | 69 | 818,205 | 67 | 746,439 | 68 | 1,098,030 | 79 | 1,082,056 | 77 | 1,007,143 | 76 | 967,323 | 76 | 885,970 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 224,452 | 17 | 217,614 | 16 | 209,972 | 16 | 190,249 | 16 | 188,648 | 17 | 211,049 | 15 | 238,174 | 17 | 224,452 | 17 | 217,614 | 17 | 209,972 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 88,714 | 7 | 95,875 | 8 | 101,990 | 7 | 110,029 | 9 | 107,290 | 10 | 76,548 | 6 | 85,428 | 6 | 88,714 | 7 | 95,875 | 7 | 101,990 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 1,320,309 | 100 | % | 1,280,812 | 97 | % | 1,197,932 | 92 | % | 1,118,483 | 92 | % | 1,042,377 | 95 | % | 1,385,627 | 100 | % | 1,405,658 | 100 | % | 1,320,309 | 100 | % | 1,280,812 | 100 | % | 1,197,932 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (16,600 | ) | (16,962 | ) | (17,081 | ) | (18,962 | ) | (20,798 | ) | (17,200 | ) | (16,876 | ) | (16,600 | ) | (16,962 | ) | (17,081 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 1,303,709 | $ | 1,263,850 | $ | 1,180,851 | $ | 1,099,521 | $ | 1,021,579 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 1,368,427 | $ | 1,388,782 | $ | 1,303,709 | $ | 1,263,850 | $ | 1,180,851 |
(1) | Consists of construction and development loans. |
Maturing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Maturing | Within One Year | After One, But Within Five Years | After Five Years | Total | |||||||||||||||||||||||||||
Within One Year | After One, But Within Five Years | After Five Years | Total | |||||||||||||||||||||||||||||
Real estate - construction (1) | $ | 39,709 | $ | 25,846 | $ | 12,932 | $ | 78,487 | $ | 39,387 | $ | 23,155 | $ | 9,862 | $ | 72,404 | ||||||||||||||||
Real estate - mortgage | 72,697 | 275,661 | 115,090 | 463,448 | 68,841 | 285,692 | 171,521 | 526,054 | ||||||||||||||||||||||||
Commercial and industrial | 241,915 | 189,054 | 34,239 | 465,208 | 269,361 | 180,091 | 50,120 | 499,572 | ||||||||||||||||||||||||
Total Commercial | 354,321 | 490,561 | 162,261 | 1,007,143 | ||||||||||||||||||||||||||||
Total commercial | 377,589 | 488,938 | 231,503 | 1,098,030 | ||||||||||||||||||||||||||||
Residential mortgage | 105 | 5,610 | 218,737 | 224,452 | 728 | 3,770 | 206,551 | 211,049 | ||||||||||||||||||||||||
Consumer | 4,273 | 20,571 | 63,870 | 88,714 | 2,221 | 19,366 | 54,961 | 76,548 | ||||||||||||||||||||||||
Total Loans | $ | 358,699 | $ | 516,742 | $ | 444,868 | $ | 1,320,309 | ||||||||||||||||||||||||
Total loans | $ | 380,538 | $ | 512,074 | $ | 493,015 | $ | 1,385,627 | ||||||||||||||||||||||||
Maturing or Repricing | Maturing or Repricing | |||||||||||||||||||||||||||||||
Loans above: | ||||||||||||||||||||||||||||||||
With predetermined interest rates | $ | 113,178 | $ | 402,538 | $ | 109,226 | $ | 624,942 | $ | 125,215 | $ | 411,989 | $ | 170,079 | $ | 707,283 | ||||||||||||||||
With floating or adjustable rates | 588,511 | 61,046 | 45,415 | 694,972 | 572,476 | 61,923 | 43,742 | 678,141 | ||||||||||||||||||||||||
Total (excluding nonaccrual loans) | $ | 701,689 | $ | 463,584 | $ | 154,641 | 1,319,914 | $ | 697,691 | $ | 473,912 | $ | 213,821 | 1,385,424 | ||||||||||||||||||
Nonaccrual loans | 395 | 203 | ||||||||||||||||||||||||||||||
Total Loans | $ | 1,320,309 | ||||||||||||||||||||||||||||||
Total loans | $ | 1,385,627 |
(1) | Consists of construction and development loans. |
(Dollars in thousands) | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Amount | Average Rate | Average Amount | Average Rate | Average Amount | Average Rate | Average Amount | Average Rate | Average Amount | Average Rate | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Amount | Average Rate | Average Amount | Average Rate | Average Amount | Average Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand | $ | 464,384 | --- | % | $ | 445,046 | --- | % | $ | 395,814 | --- | % | $ | 359,384 | --- | % | $ | 317,332 | --- | % | $ | 472,987 | --- | % | $ | 467,663 | --- | % | $ | 464,384 | --- | % | ||||||||||||||||||||||||||||||||
Interest bearing demand | 341,384 | 0.1 | 321,825 | 0.1 | 339,698 | 0.1 | 274,100 | 0.1 | 272,689 | 0.1 | 446,452 | 0.3 | 406,694 | 0.3 | 341,384 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market accounts | 557,703 | 0.3 | 521,857 | 0.2 | 487,087 | 0.2 | 449,623 | 0.2 | 472,920 | 0.4 | 625,307 | 0.7 | 602,676 | 0.6 | 557,703 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time | 85,921 | 0.8 | 84,170 | 0.6 | 106,746 | 0.9 | 138,300 | 1.0 | 171,657 | 0.9 | 148,189 | 1.9 | 109,715 | 1.3 | 85,921 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 1,449,392 | 0.3 | % | $ | 1,372,898 | 0.1 | % | $ | 1,329,345 | 0.2 | % | $ | 1,221,407 | 0.2 | % | $ | 1,234,598 | 0.3 | % | $ | 1,692,935 | 0.7 | % | $ | 1,586,748 | 0.5 | % | $ | 1,449,392 | 0.3 | % |
Three months or less | $ | 6,076 | $ | 19,819 | ||||
Over 3 months through 6 months | 4,489 | 16,452 | ||||||
Over 6 months through 1 year | 8,904 | 28,495 | ||||||
Over 1 year | 5,563 | 14,355 | ||||||
$ | 25,032 | $ | 79,121 |
December 31, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 101,964 | $ | 84,350 | $ | 74,392 | $ | 67,164 | $ | 54,439 | $ | 74,749 | $ | 95,398 | $ | 101,964 | ||||||||||||||||
U.S. Agency MBS and CMOs | 23,385 | 11,817 | 13,755 | 16,688 | 19,365 | 46,201 | 32,890 | 23,385 | ||||||||||||||||||||||||
Tax-exempt state and municipal bonds | 127,884 | 108,565 | 85,454 | 69,046 | 46,097 | 128,682 | 115,461 | 127,884 | ||||||||||||||||||||||||
Taxable state and municipal bonds | 43,735 | 33,883 | 28,763 | 25,293 | 26,328 | 52,022 | 45,934 | 43,735 | ||||||||||||||||||||||||
Corporate bonds | 8,109 | 13,726 | 14,813 | 13,766 | 11,212 | 6,315 | 7,637 | 8,109 | ||||||||||||||||||||||||
Other equity securities | 1,470 | 1,470 | 1,494 | 1,502 | 1,466 | — | — | 1,470 | ||||||||||||||||||||||||
Total | $ | 306,547 | $ | 253,811 | $ | 218,671 | $ | 193,459 | $ | 158,907 | $ | 307,969 | $ | 297,320 | $ | 306,547 |
Due Within One Year | One to Five Years | Five to Ten Years | After Ten Years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Average Yield | Amount | Average Yield | Amount | Average Yield | Amount | Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due Within One Year | One to Five Years | Five to Ten Years | After Ten Years | No Contractual Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Average Yield | Amount | Average Yield | Amount | Average Yield | Amount | Average Yield | Amount | Average Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 12,998 | 1.15 | % | $ | 72,236 | 1.65 | % | $ | 16,730 | 2.26 | % | $ | --- | --- | % | $ | --- | --- | % | $ | 18,038 | 1.58 | % | $ | 38,289 | 1.72 | % | $ | 18,422 | 2.49 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||
U.S. Agency MBS and CMOs | --- | --- | --- | --- | 2,017 | 2.32 | 21,367 | 2.28 | --- | --- | — | — | 183 | 2.35 | 1,360 | 2.69 | 44,658 | 2.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt state and municipal bonds (1) | 13,867 | 1.81 | 30,371 | 3.52 | 53,045 | 3.52 | 30,601 | 2.75 | --- | --- | 19,673 | 2.89 | 49,840 | 3.27 | 40,225 | 3.00 | 18,945 | 2.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable state and municipal bonds | 2,629 | 2.49 | 32,848 | 2.17 | 7,103 | 2.47 | 1,155 | 2.25 | --- | --- | 8,954 | 2.19 | 31,103 | 2.42 | 10,924 | 2.33 | 1,041 | 2.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 2,405 | 1.62 | 5,705 | 1.35 | --- | --- | --- | --- | --- | --- | 3,054 | 2.08 | 3,260 | 1.35 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other equity securities | --- | --- | --- | --- | --- | --- | --- | --- | 1,470 | 2.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (1) | $ | 31,899 | 1.58 | % | $ | 141,160 | 2.18 | % | $ | 78,895 | 3.12 | % | $ | 53,123 | 2.51 | % | $ | 1,470 | 2.23 | % | $ | 49,719 | 2.24 | % | $ | 122,675 | 2.55 | % | $ | 70,931 | 2.75 | % | $ | 64,644 | 2.68 | % |
(1) | Yields on tax-exempt securities are computed on a fully taxable-equivalent basis. |
CET1 Risk-Based Capital Ratio | Tier 1 Risk-Based Capital Ratio | Total Risk-Based Capital Ratio | ||||||
Leverage Ratio | ||||||||
Well capitalized | 6.5% or above | 8% or above | 10% or above | 5% or above | ||||
Adequately capitalized | 4.5% or above | 6% or above | 8% or above | 4% or above | ||||
Undercapitalized | Less than 4.5% | Less than | Less than 8% | Less than 4% | ||||
Significantly undercapitalized | Less than 3% | Less than 4% | Less than 6% | Less than 3% | ||||
Critically undercapitalized | | — | | — | | — | Ratio of tangible equity to total assets of 2% or less |
Location of Facility | Use |
10753 Macatawa Drive, Holland | Main Branch, Administrative, and Loan Processing Offices |
815 E. Main Street, Zeeland | Branch Office |
116 Ottawa Avenue N.W., Grand Rapids | Branch Office (Leased facility, lease expires August 2020) |
126 Ottawa Avenue N.W., Grand Rapids | Loan Center (Leased facility, lease expires August 2020) |
141 E. 8th Street, Holland | Branch Office |
489 Butternut Dr., Holland | Branch Office |
701 Maple Avenue, Holland | Branch Office |
699 E. 16th Street, Holland | Branch Office |
41 N. State Street, Zeeland | Branch Office |
2020 Baldwin Street, Jenison | Branch Office |
6299 Lake Michigan Dr., Allendale | Branch Office |
132 South Washington, Douglas | Branch Office |
4758 – 136th Street, Hamilton | Branch Office (Leased facility, lease expires December |
3526 Chicago Drive, Hudsonville | Branch Office |
20 E. Lakewood Blvd., Holland | Branch Office |
3191 – 44th Street, S.W., Grandville | Branch Office |
2261 Byron Center Avenue S.W., Byron Center | Branch Office |
5271 Clyde Park Avenue, S.W., Wyoming | Branch Office |
4590 Cascade Road, Grand Rapids | Branch Office |
3177 Knapp Street, N.E., Grand Rapids | Branch Office |
15135 Whittaker Way, Grand Haven | Branch Office |
12415 Riley Street, Holland | Branch Office |
2750 Walker N.W., Walker | Branch Office |
1575 – 68th Street S.E., Grand Rapids | Branch Office |
2820 – 10 Mile Road, Rockford | Branch Office |
520 Baldwin Street, Jenison | Branch Office |
2440 Burton Street, S.E., Grand Rapids | Branch Office |
6330 28th Street, S.E., Grand Rapids | Branch Office |
2017 | 2016 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Quarter | High | Low | Dividends Declared | High | Low | Dividends Declared | High | Low | Dividends Declared | High | Low | Dividends Declared | ||||||||||||||||||||||||||||||||||||
First Quarter | $ | 10.31 | $ | 9.61 | $ | 0.04 | $ | 6.24 | $ | 5.43 | $ | 0.03 | $ | 11.16 | $ | 9.32 | $ | 0.07 | $ | 10.63 | $ | 9.75 | $ | 0.06 | ||||||||||||||||||||||||
Second Quarter | 10.41 | 9.15 | 0.04 | 7.38 | 6.29 | 0.03 | 10.95 | 9.71 | 0.07 | 12.77 | 10.30 | 0.06 | ||||||||||||||||||||||||||||||||||||
Third Quarter | 10.40 | 9.14 | 0.05 | 8.08 | 7.25 | 0.03 | 10.98 | 9.67 | 0.07 | 12.77 | 11.64 | 0.06 | ||||||||||||||||||||||||||||||||||||
Fourth Quarter | 10.57 | 9.66 | 0.05 | 10.57 | 7.83 | 0.03 | 11.42 | 9.92 | 0.07 | 11.59 | 9.15 | 0.07 |
Period Ending | Period Ending | |||||||||||||||||||||||||||||||||||||||||||||||
Index | 12/31/12 | 12/31/13 | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | ||||||||||||||||||||||||||||||||||||
Macatawa Bank Corporation | 100.00 | 173.01 | 191.21 | 217.11 | 379.92 | 371.87 | 100.00 | 113.55 | 198.70 | 194.49 | 191.43 | 227.53 | ||||||||||||||||||||||||||||||||||||
Russell 2000 | 100.00 | 138.82 | 145.62 | 139.19 | 168.85 | 193.58 | 100.00 | 95.59 | 115.95 | 132.94 | 118.30 | 148.49 | ||||||||||||||||||||||||||||||||||||
SNL Bank NASDAQ | 100.00 | 143.73 | 148.86 | 160.70 | 222.81 | 234.58 | 100.00 | 107.95 | 149.68 | 157.58 | 132.82 | 166.75 |
Macatawa Bank Corporation Purchases of Equity Securities | Macatawa Bank Corporation Purchases of Equity Securities | Macatawa Bank Corporation Purchases of Equity Securities | ||||||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased | Average Price Paid Per Share | |||||||||||||
Period | ||||||||||||||||
October 1 - October 31, 2017 | ||||||||||||||||
October 1 - October 31, 2019 | ||||||||||||||||
Employee Transactions | --- | --- | — | — | ||||||||||||
November 1 - November 30, 2017 | ||||||||||||||||
November 1 - November 30, 2019 | ||||||||||||||||
Employee Transactions | 14,200 | $ | 9.83 | 6,034 | $ | 10.70 | ||||||||||
December 1 - December 31, 2017 | ||||||||||||||||
December 1 - December 31, 2019 | ||||||||||||||||
Employee Transactions | 3,796 | $ | 9.79 | 2,914 | $ | 11.08 | ||||||||||
Total for Fourth Quarter ended December 31, 2017 | ||||||||||||||||
Total for Fourth Quarter ended December 31, 2019 | ||||||||||||||||
Employee Transactions | 17,996 | $ | 9.82 | 8,948 | $ | 10.82 |
As of and for the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | As of and for the Year Ended December 31, | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Financial Condition | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,890,232 | $ | 1,741,013 | $ | 1,729,643 | $ | 1,583,846 | $ | 1,517,405 | $ | 2,068,770 | $ | 1,975,124 | $ | 1,890,232 | $ | 1,741,013 | $ | 1,729,643 | ||||||||||||||||||||
Securities | 306,547 | 253,811 | 218,671 | 193,459 | 158,907 | 307,969 | 297,320 | 306,547 | 253,811 | 218,671 | ||||||||||||||||||||||||||||||
Loans | 1,320,309 | 1,280,812 | 1,197,932 | 1,118,483 | 1,042,377 | 1,385,627 | 1,405,658 | 1,320,309 | 1,280,812 | 1,197,932 | ||||||||||||||||||||||||||||||
Deposits | 1,579,010 | 1,448,724 | 1,435,512 | 1,306,325 | 1,249,734 | 1,753,294 | 1,676,739 | 1,579,010 | 1,448,724 | 1,435,512 | ||||||||||||||||||||||||||||||
Long-term debt | 41,238 | 41,238 | 41,238 | 41,238 | 41,238 | 20,619 | 41,238 | 41,238 | 41,238 | 41,238 | ||||||||||||||||||||||||||||||
Other borrowed funds | 92,118 | 84,173 | 96,169 | 88,107 | 89,991 | 60,000 | 60,000 | 92,118 | 84,173 | 96,169 | ||||||||||||||||||||||||||||||
Shareholders' equity | 172,986 | 162,239 | 151,977 | 142,519 | 132,522 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 217,469 | 190,853 | 172,986 | 162,239 | 151,977 | |||||||||||||||||||||||||||||||||||
Share Information* | ||||||||||||||||||||||||||||||||||||||||
Basic earnings (loss) per common share | $ | 0.48 | $ | 0.47 | $ | 0.38 | $ | 0.31 | $ | (0.29 | ) | $ | 0.94 | $ | 0.78 | $ | 0.48 | $ | 0.47 | $ | 0.38 | |||||||||||||||||||
Diluted earnings (loss) per common share | 0.48 | 0.47 | 0.38 | 0.31 | (0.29 | ) | 0.94 | 0.78 | 0.48 | 0.47 | 0.38 | |||||||||||||||||||||||||||||
Book value per common share | 5.09 | 4.78 | 4.48 | 4.21 | 3.92 | 6.38 | 5.61 | 5.09 | 4.78 | 4.48 | ||||||||||||||||||||||||||||||
Tangible book value per common share | 5.09 | 4.78 | 4.48 | 4.21 | 3.92 | 6.38 | 5.61 | 5.09 | 4.78 | 4.48 | ||||||||||||||||||||||||||||||
Dividends per common share | 0.18 | 0.12 | 0.11 | 0.08 | --- | 0.28 | 0.25 | 0.18 | 0.12 | 0.11 | ||||||||||||||||||||||||||||||
Dividend payout ratio | 37.50 | % | 25.53 | % | 28.95 | % | 25.81 | % | --- | % | 29.79 | % | 32.05 | % | 37.50 | % | 25.53 | % | 28.95 | % | ||||||||||||||||||||
Average dilutive common shares outstanding | 33,952,872 | 33,922,548 | 33,891,429 | 33,803,030 | 27,161,888 | 34,056,200 | 34,018,554 | 33,952,872 | 33,922,548 | 33,891,429 | ||||||||||||||||||||||||||||||
Common shares outstanding at period end | 33,972,977 | 33,940,788 | 33,925,113 | 33,866,789 | 33,801,097 | 34,103,542 | 34,045,411 | 33,972,977 | 33,940,788 | 33,925,113 | ||||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 57,676 | $ | 52,499 | $ | 49,386 | $ | 46,988 | $ | 48,620 | $ | 75,942 | $ | 69,037 | $ | 57,676 | $ | 52,499 | $ | 49,386 | ||||||||||||||||||||
Interest expense | 5,732 | 4,959 | 5,306 | 5,596 | 7,337 | 12,455 | 9,411 | 5,732 | 4,959 | 5,306 | ||||||||||||||||||||||||||||||
Net interest income | 51,944 | 47,540 | 44,080 | 41,392 | 41,283 | 63,487 | 59,626 | 51,944 | 47,540 | 44,080 | ||||||||||||||||||||||||||||||
Provision for loan losses | (1,350 | ) | (1,350 | ) | (3,500 | ) | (3,350 | ) | (4,250 | ) | (450 | ) | 450 | (1,350 | ) | (1,350 | ) | (3,500 | ) | |||||||||||||||||||||
Net interest income after provision for loan losses | 53,294 | 48,890 | 47,580 | 44,742 | 45,533 | 63,937 | 59,176 | 53,294 | 48,890 | 47,580 | ||||||||||||||||||||||||||||||
Total noninterest income | 17,419 | 19,074 | 17,793 | 16,214 | 16,141 | 19,728 | 17,503 | 17,419 | 19,074 | 17,793 | ||||||||||||||||||||||||||||||
Total noninterest expense | 43,688 | 45,782 | 46,953 | 45,910 | 47,855 | 44,224 | 44,329 | 43,688 | 45,782 | 46,953 | ||||||||||||||||||||||||||||||
Income before income tax | 27,025 | 22,182 | 18,420 | 15,046 | 13,819 | 39,441 | 32,350 | 27,025 | 22,182 | 18,420 | ||||||||||||||||||||||||||||||
Federal income tax*** | 10,733 | 6,231 | 5,626 | 4,573 | 4,270 | |||||||||||||||||||||||||||||||||||
Net income | 16,292 | 15,951 | 12,794 | 10,473 | 9,549 | |||||||||||||||||||||||||||||||||||
Dividend declared on preferred shares** | --- | --- | --- | --- | (17,575 | ) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shares | 16,292 | 15,951 | 12,794 | 10,473 | (8,026 | ) | ||||||||||||||||||||||||||||||||||
Federal income tax** | 7,462 | 5,971 | 10,733 | 6,231 | 5,626 | |||||||||||||||||||||||||||||||||||
Net income attributable to common shares | 31,979 | 26,379 | 16,292 | 15,951 | 12,794 | |||||||||||||||||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||||||||||||||
Return on average equity | 9.60 | % | 10.06 | % | 8.68 | % | 7.58 | % | 7.11 | % | 15.66 | % | 14.69 | % | 9.60 | % | 10.06 | % | 8.68 | % | ||||||||||||||||||||
Return on average assets | 0.93 | 0.95 | 0.79 | 0.70 | 0.63 | 1.59 | 1.40 | 0.93 | 0.95 | 0.79 | ||||||||||||||||||||||||||||||
Yield on average interest-earning assets | 3.59 | 3.42 | 3.36 | 3.48 | 3.58 | 4.04 | 3.91 | 3.59 | 3.42 | 3.36 | ||||||||||||||||||||||||||||||
Cost on average interest-bearing liabilities | 0.51 | 0.46 | 0.49 | 0.56 | 0.69 | 0.94 | 0.76 | 0.51 | 0.46 | 0.49 | ||||||||||||||||||||||||||||||
Average net interest spread | 3.08 | 2.96 | 2.87 | 2.92 | 2.89 | 3.10 | 3.15 | 3.08 | 2.96 | 2.87 | ||||||||||||||||||||||||||||||
Average net interest margin | 3.24 | 3.11 | 3.01 | 3.07 | 3.05 | 3.38 | 3.38 | 3.24 | 3.11 | 3.01 | ||||||||||||||||||||||||||||||
Efficiency ratio | 62.98 | 68.73 | 75.89 | 79.70 | 83.34 | 53.14 | 57.47 | 62.98 | 68.73 | 75.89 | ||||||||||||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||||||||||||||||||
Period-end equity to total assets | 9.15 | % | 9.32 | % | 8.79 | % | 9.00 | % | 8.73 | % | 10.51 | % | 9.66 | % | 9.15 | % | 9.32 | % | 8.79 | % | ||||||||||||||||||||
Average equity to average assets | 9.69 | 9.47 | 9.10 | 9.25 | 8.90 | 10.17 | 9.51 | 9.69 | 9.47 | 9.10 | ||||||||||||||||||||||||||||||
Total risk-based capital ratio (consolidated) | 14.99 | 14.88 | 14.80 | 15.55 | 15.69 | 15.78 | 15.54 | 14.99 | 14.88 | 14.80 | ||||||||||||||||||||||||||||||
Credit Quality Ratios | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses to total loans | 1.26 | % | 1.32 | % | 1.43 | % | 1.70 | % | 2.00 | % | 1.24 | % | 1.20 | % | 1.26 | % | 1.32 | % | 1.43 | % | ||||||||||||||||||||
Nonperforming assets to total assets | 0.33 | 0.72 | 1.06 | 2.32 | 3.24 | 0.14 | 0.24 | 0.33 | 0.72 | 1.06 | ||||||||||||||||||||||||||||||
Net charge-offs / (recoveries) to average loans | (0.08 | ) | (0.10 | ) | (0.14 | ) | (0.14 | ) | (0.13 | ) | (0.06 | ) | 0.01 | (0.08 | ) | (0.10 | ) | (0.14 | ) |
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||||||||
Nonperforming loans | $ | 395 | $ | 300 | $ | 756 | $ | 8,426 | $ | 12,335 | ||||||||||
Other repossessed assets | 11 | --- | --- | 38 | 40 | |||||||||||||||
Other real estate owned | 5,767 | 12,253 | 17,572 | 28,242 | 36,796 | |||||||||||||||
Total nonperforming assets | $ | 6,173 | $ | 12,553 | $ | 18,328 | $ | 36,706 | $ | 49,171 | ||||||||||
Total loan delinquencies 30 days or greater past due | $ | 995 | $ | 1,447 | $ | 1,371 | $ | 2,841 | $ | 5,520 |
(Dollars in thousands) | December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||
Nonperforming loans | $ | 203 | $ | 1,304 | $ | 395 | ||||||
Other repossessed assets | — | — | 11 | |||||||||
Other real estate owned | 2,748 | 3,380 | 5,767 | |||||||||
Total nonperforming assets | $ | 2,951 | $ | 4,684 | $ | 6,173 | ||||||
Total loan delinquencies 30 days or greater past due | $ | 405 | $ | 877 | $ | 995 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
Provision for loan losses | $ | (1,350 | ) | $ | (1,350 | ) | $ | (3,500 | ) | $ | (3,350 | ) | $ | (4,250 | ) | $ | (450 | ) | $ | 450 | $ | (1,350 | ) | |||||||||
Net charge-offs / (recoveries) | (988 | ) | (1,231 | ) | (1,619 | ) | (1,514 | ) | (1,309 | ) | (774 | ) | 174 | (988 | ) | |||||||||||||||||
Net charge-offs to average loans | (0.08 | )% | (0.10 | )% | (0.14 | )% | (0.14 | )% | (0.13 | )% | -0.06 | % | 0.01 | % | -0.08 | % | ||||||||||||||||
Nonperforming loans to total loans | 0.03 | % | 0.02 | % | 0.06 | % | 0.75 | % | 1.18 | % | 0.01 | % | 0.09 | % | 0.03 | % | ||||||||||||||||
Loans transferred to ORE to average loans | 0.01 | % | 0.03 | % | 0.22 | % | 0.47 | % | 0.34 | % | 0.00 | % | 0.02 | % | 0.01 | % | ||||||||||||||||
Performing troubled debt restructurings to average loans | 1.72 | % | 2.45 | % | 3.34 | % | 4.47 | % | 5.61 | % | 0.99 | % | 1.20 | % | 1.72 | % |
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned or Paid | Average Yield or Cost | Average Balance | Interest Earned or Paid | Average Yield or Cost | Average Balance | Interest Earned or Paid | Average Yield or Cost | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Taxable securities | $ | 174,121 | $ | 3,864 | 2.22 | % | $ | 180,787 | $ | 3,716 | 2.06 | % | $ | 158,805 | $ | 2,869 | 1.81 | % | ||||||||||||||||||
Tax-exempt securities (1) | 121,905 | 3,518 | 3.71 | 123,923 | 3,464 | 3.60 | 105,460 | 2,244 | 3.38 | |||||||||||||||||||||||||||
Commercial loans (2) | 1,062,549 | 50,873 | 4.72 | 1,012,413 | 46,369 | 4.52 | 957,987 | 39,658 | 4.08 | |||||||||||||||||||||||||||
Residential mortgage loans | 230,551 | 8,572 | 3.72 | 235,378 | 8,399 | 3.57 | 219,111 | 7,608 | 3.46 | |||||||||||||||||||||||||||
Consumer loans | 80,277 | 4,164 | 5.19 | 85,175 | 4,084 | 4.79 | 90,565 | 3,802 | 4.20 | |||||||||||||||||||||||||||
Federal Home Loan Bank stock | 11,558 | 614 | 5.24 | 11,558 | 578 | 4.94 | 11,558 | 491 | 4.19 | |||||||||||||||||||||||||||
Federal funds sold and other short-term investments | 206,140 | 4,337 | 2.08 | 124,374 | 2,427 | 1.92 | 83,844 | 1,004 | 1.18 | |||||||||||||||||||||||||||
Total interest earning assets (1) | 1,887,101 | 75,942 | 4.04 | 1,773,608 | 69,037 | 3.91 | 1,627,330 | 57,676 | 3.59 | |||||||||||||||||||||||||||
Noninterest earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 31,704 | 31,025 | 29,077 | |||||||||||||||||||||||||||||||||
Other | 89,497 | 83,808 | 95,896 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,008,302 | $ | 1,888,441 | $ | 1,752,303 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing demand | $ | 446,452 | $ | 1,443 | 0.33 | % | $ | 406,694 | $ | 1,130 | 0.28 | % | $ | 341,384 | $ | 366 | 0.11 | % | ||||||||||||||||||
Savings and money market accounts | 625,307 | 4,554 | 0.73 | 602,676 | 3,317 | 0.55 | 557,703 | 1,591 | 0.28 | |||||||||||||||||||||||||||
Time deposits | 148,189 | 2,857 | 1.93 | 109,715 | 1,434 | 1.30 | 85,921 | 654 | 0.76 | |||||||||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | 59,976 | 1,369 | 2.25 | 74,751 | 1,403 | 1.85 | 85,893 | 1,407 | 1.62 | |||||||||||||||||||||||||||
Long-term debt | 41,182 | 2,232 | 5.35 | 41,238 | 2,127 | 5.09 | 41,238 | 1,714 | 4.10 | |||||||||||||||||||||||||||
Total interest bearing liabilities | 1,321,106 | 12,455 | 0.94 | 1,235,074 | 9,411 | 0.76 | 1,112,139 | 5,732 | 0.51 | |||||||||||||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Noninterest bearing demand accounts | 472,987 | 467,663 | 464,384 | |||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 10,018 | 6,077 | 6,004 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 204,191 | 179,627 | 169,776 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,008,302 | $ | 1,888,441 | $ | 1,752,303 | ||||||||||||||||||||||||||||||
Net interest income | $ | 63,487 | $ | 59,626 | $ | 51,944 | ||||||||||||||||||||||||||||||
Net interest spread (1) | 3.10 | % | 3.15 | % | 3.08 | % | ||||||||||||||||||||||||||||||
Net interest margin (1) | 3.38 | % | 3.38 | % | 3.24 | % | ||||||||||||||||||||||||||||||
Ratio of average interest earning assets to average interest bearing liabilities | 142.84 | % | 143.60 | % | 146.32 | % |
For the years ended December 31, | ||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Earned or Paid | Average Yield or Cost | Average Balance | Interest Earned or Paid | Average Yield or Cost | Average Balance | Interest Earned or Paid | Average Yield or Cost | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Taxable securities | $ | 158,805 | $ | 2,869 | 1.81 | % | $ | 136,051 | $ | 2,322 | 1.71 | % | $ | 123,126 | $ | 2,065 | 1.67 | % | ||||||||||||||||||
Tax-exempt securities (1) | 105,460 | 2,244 | 3.38 | 89,442 | 1,819 | 3.25 | 77,418 | 1,557 | 3.26 | |||||||||||||||||||||||||||
Commercial loans (2) | 957,987 | 39,658 | 4.08 | 906,506 | 35,946 | 3.90 | 845,070 | 33,449 | 3.90 | |||||||||||||||||||||||||||
Residential mortgage loans | 219,111 | 7,608 | 3.46 | 217,776 | 7,647 | 3.51 | 202,845 | 7,305 | 3.60 | |||||||||||||||||||||||||||
Consumer loans | 90,565 | 3,802 | 4.20 | 96,616 | 3,806 | 3.94 | 105,350 | 4,103 | 3.89 | |||||||||||||||||||||||||||
Federal Home Loan Bank stock | 11,558 | 491 | 4.19 | 11,558 | 491 | 4.18 | 11,430 | 472 | 4.07 | |||||||||||||||||||||||||||
Federal funds sold and other short-term investments | 83,844 | 1,004 | 1.18 | 90,243 | 468 | 0.51 | 119,036 | 435 | 0.36 | |||||||||||||||||||||||||||
Total interest earning assets (1) | 1,627,330 | 57,676 | 3.59 | 1,548,192 | 52,499 | 3.42 | 1,484,275 | 49,386 | 3.36 | |||||||||||||||||||||||||||
Noninterest earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 29,077 | 26,593 | 25,956 | |||||||||||||||||||||||||||||||||
Other | 95,896 | 98,799 | 108,544 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,752,303 | $ | 1,673,584 | $ | 1,618,775 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing demand | $ | 341,384 | $ | 366 | 0.11 | % | $ | 321,825 | $ | 293 | 0.09 | % | $ | 339,698 | $ | 381 | 0.12 | % | ||||||||||||||||||
Savings and money market accounts | 557,703 | 1,591 | 0.28 | 521,857 | 961 | 0.19 | 487,087 | 893 | 0.19 | |||||||||||||||||||||||||||
Time deposits | 85,921 | 654 | 0.76 | 84,170 | 517 | 0.62 | 106,746 | 936 | 0.87 | |||||||||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | 85,893 | 1,407 | 1.62 | 94,264 | 1,685 | 1.76 | 94,893 | 1,765 | 1.83 | |||||||||||||||||||||||||||
Long-term debt | 41,238 | 1,714 | 4.10 | 41,238 | 1,503 | 3.59 | 41,238 | 1,331 | 3.18 | |||||||||||||||||||||||||||
Total interest bearing liabilities | 1,112,139 | 5,732 | 0.51 | 1,063,354 | 4,959 | 0.46 | 1,069,662 | 5,306 | 0.49 | |||||||||||||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Noninterest bearing demand accounts | 464,384 | 445,046 | 395,814 | |||||||||||||||||||||||||||||||||
Other noninterest bearing liabilities | 6,004 | 6,618 | 5,963 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 169,776 | 158,566 | 147,336 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,752,303 | $ | 1,673,584 | $ | 1,618,775 | ||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||
Net interest income | $ | 51,944 | $ | 47,540 | $ | 44,080 | ||||||||||||||||||||||||||||||
Net interest spread (1) | 3.08 | % | 2.96 | % | 2.87 | % | ||||||||||||||||||||||||||||||
Net interest margin (1) | 3.24 | % | 3.11 | % | 3.01 | % | ||||||||||||||||||||||||||||||
Ratio of average interest earning assets to average interest bearing liabilities | 146.32 | % | 145.60 | % | 138.76 | % |
(1) | Yields are presented on a tax equivalent basis using a 21% tax rate for 2019 and 2018 and a 35% tax |
(2) | Loan fees of $946,000, $701,000 |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 vs 2016 Increase (Decrease) Due to | 2016 vs 2015 Increase (Decrease) Due to | 2019 vs 2018 Increase (Decrease) Due to | 2018 vs 2017 Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Total | Volume | Rate | Total | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable securities | $ | 405 | $ | 142 | $ | 547 | $ | 220 | $ | 37 | $ | 257 | $ | (140 | ) | $ | 288 | $ | 148 | $ | 425 | $ | 422 | $ | 847 | |||||||||||||||||||||||
Tax-exempt securities | 338 | 87 | 425 | 244 | 18 | 262 | (78 | ) | 132 | 54 | 834 | 386 | 1,220 | |||||||||||||||||||||||||||||||||||
Commercial loans | 2,092 | 1,620 | 3,712 | 2,436 | 61 | 2,497 | 2,351 | 2,153 | 4,504 | 2,337 | 4,374 | 6,711 | ||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 46 | (85 | ) | (39 | ) | 524 | (182 | ) | 342 | (171 | ) | 344 | 173 | 576 | 215 | 791 | ||||||||||||||||||||||||||||||||
Consumer loans | (243 | ) | 239 | (4 | ) | (342 | ) | 45 | (297 | ) | (243 | ) | 323 | 80 | (236 | ) | 518 | 282 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | --- | --- | --- | 5 | 14 | 19 | — | 36 | 36 | — | 87 | 87 | ||||||||||||||||||||||||||||||||||||
Federal funds sold and other short-term investments | (35 | ) | 571 | 536 | (120 | ) | 153 | 33 | 1,707 | 203 | 1,910 | 618 | 805 | 1,423 | ||||||||||||||||||||||||||||||||||
Total interest income | 2,603 | 2,574 | 5,177 | 2,967 | 146 | 3,113 | 3,426 | 3,479 | 6,905 | 4,554 | 6,807 | 11,361 | ||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand | $ | 19 | $ | 54 | $ | 73 | $ | (19 | ) | $ | (69 | ) | $ | (88 | ) | $ | 117 | $ | 196 | $ | 313 | $ | 82 | $ | 682 | $ | 764 | |||||||||||||||||||||
Savings and money market accounts | 70 | 560 | 630 | 64 | 4 | 68 | 129 | 1,108 | 1,237 | 138 | 1,588 | 1,726 | ||||||||||||||||||||||||||||||||||||
Time deposits | 11 | 126 | 137 | (173 | ) | (246 | ) | (419 | ) | 604 | 819 | 1,423 | 217 | 563 | 780 | |||||||||||||||||||||||||||||||||
Other borrowed funds | (143 | ) | (135 | ) | (278 | ) | (12 | ) | (68 | ) | (80 | ) | (302 | ) | 268 | (34 | ) | (192 | ) | 188 | (4 | ) | ||||||||||||||||||||||||||
Long-term debt | --- | 211 | 211 | --- | 172 | 172 | (3 | ) | 108 | 105 | — | 413 | 413 | |||||||||||||||||||||||||||||||||||
Total interest expense | (43 | ) | 816 | 773 | (140 | ) | (207 | ) | (347 | ) | 545 | 2,499 | 3,044 | 245 | 3,434 | 3,679 | ||||||||||||||||||||||||||||||||
Net interest income | $ | 2,646 | $ | 1,758 | $ | 4,404 | $ | 3,107 | $ | 353 | $ | 3,460 | $ | 2,881 | $ | 980 | $ | 3,861 | $ | 4,309 | $ | 3,373 | $ | 7,682 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Service charges and fees on deposit accounts | $ | 4,466 | $ | 4,425 | $ | 4,377 | $ | 4,415 | $ | 4,377 | ||||||||||
Net gains on mortgage loans | 1,574 | 3,024 | 2,925 | 2,347 | 924 | |||||||||||||||
Trust fees | 3,277 | 3,096 | 2,927 | 3,812 | 3,643 | |||||||||||||||
Gain on sales of securities | 3 | 124 | 129 | |||||||||||||||||
ATM and debit card fees | 5,207 | 4,980 | 4,750 | 5,753 | 5,535 | |||||||||||||||
Bank owned life insurance (“BOLI”) income | 969 | 977 | 663 | 972 | 942 | |||||||||||||||
Investment services fees | 910 | 1,044 | 1,068 | 1,246 | 989 | |||||||||||||||
Other income | 1,013 | 1,404 | 954 | 1,183 | 1,093 | |||||||||||||||
Total noninterest income | $ | 17,419 | $ | 19,074 | $ | 17,793 | $ | 19,728 | $ | 17,503 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Gain on sales of loans | $ | 1,574 | $ | 3,024 | $ | 2,925 | $ | 2,347 | $ | 924 | ||||||||||
Real estate mortgage loans originated for sale | $ | 56,985 | $ | 103,385 | $ | 99,998 | $ | 82,281 | $ | 33,907 | ||||||||||
Real estate mortgage loans sold | 59,532 | 107,003 | 102,494 | 81,749 | 35,624 | |||||||||||||||
Net gain on the sale of mortgage loans as a percent of real estate mortgage loans sold ("Loan sale margin") | 2.64 | % | 2.83 | % | 2.85 | % | ||||||||||||||
Net gain on the sale of mortgage loans as a percent of real estate mortgage loans sold (“Loan sale margin”) | 2.87 | % | 2.59 | % |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Salaries and benefits | $ | 24,803 | $ | 24,867 | $ | 24,668 | $ | 24,679 | $ | 25,207 | ||||||||||
Occupancy of premises | 3,864 | 3,789 | 3,714 | 3,994 | 3,931 | |||||||||||||||
Furniture and equipment | 3,050 | 3,256 | 3,237 | 3,420 | 3,125 | |||||||||||||||
Legal and professional | 812 | 863 | 833 | 952 | 806 | |||||||||||||||
Marketing and promotion | 882 | 1,000 | 951 | 919 | 881 | |||||||||||||||
Data processing | 2,759 | 2,787 | 2,483 | 2,980 | 2,986 | |||||||||||||||
FDIC assessment | 539 | 778 | 1,137 | 239 | 518 | |||||||||||||||
Interchange and other card expense | 1,306 | 1,286 | 1,151 | 1,414 | 1,409 | |||||||||||||||
Bond and D&O insurance | 471 | 527 | 584 | 413 | 440 | |||||||||||||||
Net (gains) losses on repossessed and foreclosed properties | (428 | ) | 318 | 1,651 | (24 | ) | (207 | ) | ||||||||||||
Administration and disposition of problem assets | 493 | 977 | 1,381 | 277 | 276 | |||||||||||||||
Outside services | 1,677 | 1,639 | 1,469 | 1,778 | 1,696 | |||||||||||||||
Other noninterest expense | 3,460 | 3,695 | 3,694 | 3,183 | 3,261 | |||||||||||||||
Total noninterest expense | $ | 43,688 | $ | 45,782 | $ | 46,953 | $ | 44,224 | $ | 44,329 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Legal and professional – nonperforming assets | $ | 107 | $ | 152 | $ | 278 | $ | 121 | $ | 93 | ||||||||||
Repossessed and foreclosed property administration | 386 | 825 | 1,103 | 156 | 183 | |||||||||||||||
Net (gains) losses on repossessed and foreclosed properties | (428 | ) | 318 | 1,651 | (24 | ) | (207 | ) | ||||||||||||
Total | $ | 65 | $ | 1,295 | $ | 3,032 | $ | 253 | $ | 69 |
December 31, 2017 | December 31, 2016 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||
Balance | Percent of Total Loans | Balance | Percent of Total Loans | Balance | Percent of Total Loans | Balance | Percent of Total Loans | |||||||||||||||||||||||||
Commercial real estate: (1) | ||||||||||||||||||||||||||||||||
Residential developed | $ | 11,888 | 0.9 | % | $ | 11,970 | 0.9 | % | $ | 14,705 | 1.1 | % | $ | 14,825 | 1.1 | % | ||||||||||||||||
Unsecured to residential developers | 2,332 | 0.2 | 4,734 | 0.4 | — | — | — | — | ||||||||||||||||||||||||
Vacant and unimproved | 39,752 | 3.1 | 40,286 | 3.1 | 41,796 | 3.0 | 44,169 | 3.1 | ||||||||||||||||||||||||
Commercial development | 1,103 | --- | 378 | --- | 665 | 0.1 | 712 | 0.1 | ||||||||||||||||||||||||
Residential improved | 90,467 | 6.9 | 75,348 | 5.9 | 130,861 | 9.4 | 98,500 | 7.0 | ||||||||||||||||||||||||
Commercial improved | 298,714 | 22.6 | 289,478 | 22.6 | 292,799 | 21.1 | 295,618 | 21.0 | ||||||||||||||||||||||||
Manufacturing and industrial | 97,679 | 7.4 | 95,787 | 7.5 | 117,632 | 8.5 | 114,887 | 8.2 | ||||||||||||||||||||||||
Total commercial real estate | 541,935 | 41.1 | 517,981 | 40.4 | 598,458 | 43.2 | 568,711 | 40.5 | ||||||||||||||||||||||||
Commercial and industrial | 465,208 | 35.2 | 449,342 | 35.1 | 499,572 | 36.0 | 513,345 | 36.5 | ||||||||||||||||||||||||
Total commercial | 1,007,143 | 76.3 | 967,323 | 75.5 | 1,098,030 | 79.2 | 1,082,056 | 77.0 | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Residential mortgage | 224,452 | 17.0 | 217,614 | 17.0 | 211,049 | 15.3 | 238,174 | 16.9 | ||||||||||||||||||||||||
Unsecured | 226 | --- | 396 | --- | 274 | — | 130 | — | ||||||||||||||||||||||||
Home equity | 82,157 | 6.2 | 88,113 | 6.9 | 70,936 | 5.1 | 78,503 | 5.6 | ||||||||||||||||||||||||
Other secured | 6,331 | 0.5 | 7,366 | 0.6 | 5,338 | 0.4 | 6,795 | 0.5 | ||||||||||||||||||||||||
Total consumer | 313,166 | 23.7 | 313,489 | 24.5 | 287,597 | 20.8 | 323,602 | 23.0 | ||||||||||||||||||||||||
Total loans | $ | 1,320,309 | 100.0 | % | $ | 1,280,812 | 100.0 | % | $ | 1,385,627 | 100.0 | % | $ | 1,405,658 | 100.0 | % |
(1) | Includes both owner occupied and non-owner occupied commercial real estate. |
Year ended December 31, 2017 | Year ended December 31, 2016 | Year ended December 31, 2019 | Year ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Portfolio Originations | Percent of Total Originations | Average Loan Size | Portfolio Originations | Percent of Total Originations | Average Loan Size | Portfolio Originations | Percent of Total Originations | Average Loan Size | Portfolio Originations | Percent of Total Originations | Average Loan Size | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential developed | $ | 12,938 | 3.0 | % | $ | 863 | $ | 5,626 | 1.6 | % | $ | 625 | $ | 7,896 | 1.9 | % | $ | 316 | $ | 16,237 | 3.1 | % | $ | 649 | ||||||||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | --- | --- | --- | 5,500 | 1.3 | 2,750 | — | — | — | ||||||||||||||||||||||||||||||||||||
Vacant and unimproved | 6,417 | 1.5 | 458 | 947 | 0.3 | 158 | 6,788 | 1.6 | 617 | 21,568 | 4.2 | 830 | ||||||||||||||||||||||||||||||||||||
Commercial development | 800 | 0.2 | 267 | 2,342 | 0.7 | 1,171 | — | — | — | 350 | 0.1 | 175 | ||||||||||||||||||||||||||||||||||||
Residential improved | 60,135 | 13.8 | 278 | 68,149 | 19.2 | 364 | 56,482 | 13.4 | 362 | 104,229 | 20.2 | 617 | ||||||||||||||||||||||||||||||||||||
Commercial improved | 87,319 | 20.0 | 1,164 | 45,176 | 12.7 | 1,189 | 95,628 | 22.8 | 1,275 | 41,096 | 8.0 | 685 | ||||||||||||||||||||||||||||||||||||
Manufacturing and industrial | 26,249 | 6.0 | 640 | 25,903 | 7.3 | 1,233 | 21,752 | 5.2 | 906 | 50,642 | 9.8 | 1,178 | ||||||||||||||||||||||||||||||||||||
Total commercial real estate | 193,858 | 44.5 | 533 | 148,143 | 41.8 | 563 | 194,046 | 46.2 | 667 | 234,122 | 45.4 | 780 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 136,445 | 31.3 | 578 | 86,615 | 24.4 | 516 | 143,926 | 34.2 | 702 | 163,852 | 31.7 | 618 | ||||||||||||||||||||||||||||||||||||
Total commercial | 330,303 | 75.8 | 551 | 234,758 | 66.2 | 545 | 337,972 | 80.4 | 679 | 397,974 | 77.1 | 704 | ||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 57,919 | 13.3 | 234 | 75,847 | 21.4 | 226 | 41,712 | 9.9 | 262 | 73,440 | 14.2 | 271 | ||||||||||||||||||||||||||||||||||||
Unsecured | --- | --- | --- | 14 | --- | 7 | — | — | — | 32 | — | 16 | ||||||||||||||||||||||||||||||||||||
Home equity | 45,076 | 10.4 | 85 | 41,313 | 11.7 | 82 | 38,231 | 9.1 | 108 | 41,357 | 8.0 | 88 | ||||||||||||||||||||||||||||||||||||
Other secured | 2,412 | 0.5 | 16 | 2,464 | 0.7 | 16 | 2,395 | 0.6 | 21 | 3,417 | 0.7 | 22 | ||||||||||||||||||||||||||||||||||||
Total consumer | 105,407 | 24.2 | 113 | 119,638 | 33.8 | 96 | 82,338 | 19.6 | 132 | 118,246 | 22.9 | 132 | ||||||||||||||||||||||||||||||||||||
Total loans | $ | 435,710 | 100.0 | % | 284 | $ | 354,396 | 100.0 | % | 211 | $ | 420,310 | 100.0 | % | 374 | $ | 516,220 | 100.0 | % | 353 |
December 31, 2017 | December 31, 2016 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Foreclosed Asset Property Type | Carrying Value | Foreclosed Asset Writedown | Combined Writedown (Loan and Foreclosed Asset) | Carrying Value | Foreclosed Asset Writedown | Combined Writedown (Loan and Foreclosed Asset) | Carrying Value | Foreclosed Asset Writedown | Combined Writedown (Loan and Foreclosed Asset) | Carrying Value | Foreclosed Asset Writedown | Combined Writedown (Loan and Foreclosed Asset) | ||||||||||||||||||||||||||||||||||||
Single Family | $ | 60 | --- | % | 24.3 | % | $ | 136 | --- | % | 20.3 | % | $ | — | — | % | — | % | $ | — | — | % | — | % | ||||||||||||||||||||||||
Residential Lot | 109 | 46.9 | 73.1 | 438 | 30.1 | 48.0 | — | — | — | 38 | 57.6 | 70.1 | ||||||||||||||||||||||||||||||||||||
Multi-Family | --- | --- | --- | --- | --- | --- | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Vacant Land | 1,345 | 56.1 | 60.5 | 3,096 | 47.2 | 58.3 | 79 | 66.6 | 74.1 | 352 | 40.5 | 46.6 | ||||||||||||||||||||||||||||||||||||
Residential Development | 2,167 | 30.0 | 71.8 | 2,570 | 36.2 | 74.2 | 326 | 38.7 | 69.1 | 815 | 38.6 | 82.3 | ||||||||||||||||||||||||||||||||||||
Commercial Office | --- | --- | --- | 240 | 49.3 | 51.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Industrial | --- | --- | --- | --- | --- | --- | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial Improved | 2,086 | 6.7 | 8.0 | 5,773 | 48.7 | 51.2 | 2,343 | — | — | 2,175 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 5,767 | 33.4 | 58.3 | $ | 12,253 | 45.2 | 60.1 | $ | 2,748 | 11.7 | 25.8 | $ | 3,380 | 19.2 | 55.4 |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 395 | $ | 300 | $ | 739 | $ | 8,292 | $ | 12,182 | $ | 203 | $ | 1,303 | $ | 395 | $ | 300 | $ | 739 | ||||||||||||||||||||
Loans 90 days or more delinquent and still accruing | --- | --- | 17 | 134 | 153 | — | 1 | — | — | 17 | ||||||||||||||||||||||||||||||
Total nonperforming loans (NPLs) | 395 | 300 | 756 | 8,426 | 12,335 | 203 | 1,304 | 395 | 300 | 756 | ||||||||||||||||||||||||||||||
Foreclosed assets | 5,767 | 12,253 | 17,572 | 28,242 | 36,796 | 2,748 | 3,380 | 5,767 | 12,253 | 17,572 | ||||||||||||||||||||||||||||||
Repossessed assets | 11 | --- | --- | 38 | 40 | — | — | 11 | — | — | ||||||||||||||||||||||||||||||
Total nonperforming assets (NPAs) | $ | 6,173 | $ | 12,553 | $ | 18,328 | $ | 36,706 | $ | 49,171 | $ | 2,951 | $ | 4,684 | $ | 6,173 | $ | 12,553 | $ | 18,328 | ||||||||||||||||||||
NPLs to total loans | 0.03 | % | 0.02 | % | 0.06 | % | 0.75 | % | 1.18 | % | 0.01 | % | 0.09 | % | 0.03 | % | 0.02 | % | 0.06 | % | ||||||||||||||||||||
NPAs to total assets | 0.33 | % | 0.73 | % | 1.06 | % | 2.32 | % | 3.24 | % | 0.14 | % | 0.24 | % | 0.33 | % | 0.73 | % | 1.06 | % |
December 31, 2017 | December 31, 2016 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Consumer | Total | Commercial | Consumer | Total | Commercial | Consumer | Total | Commercial | Consumer | Total | |||||||||||||||||||||||||||||||||||||
Performing TDRs | $ | 13,420 | $ | 8,344 | $ | 21,764 | $ | 17,786 | $ | 12,051 | $ | 29,837 | $ | 8,469 | $ | 5,140 | $ | 13,609 | $ | 9,682 | $ | 6,347 | $ | 16,029 | ||||||||||||||||||||||||
Nonperforming TDRs (1) | 315 | 1 | 316 | 141 | 8 | 149 | 98 | — | 98 | 124 | — | 124 | ||||||||||||||||||||||||||||||||||||
Total TDRs | $ | 13,735 | $ | 8,345 | $ | 22,080 | $ | 17,927 | $ | 12,059 | $ | 29,986 | $ | 8,567 | $ | 5,140 | $ | 13,707 | $ | 9,806 | $ | 6,347 | $ | 16,153 |
(1) | Included in nonperforming asset table above |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Commercial and industrial TDRs | $ | 6,403 | $ | 5,994 | $ | 7,611 | $ | 9,085 | $ | 7,787 | $ | 5,797 | $ | 6,502 | $ | 6,403 | $ | 5,994 | $ | 7,611 | ||||||||||||||||||||
Commercial real estate TDRs | 7,332 | 11,933 | 17,871 | 29,817 | 45,774 | 2,770 | 3,305 | 7,332 | 11,933 | 17,871 | ||||||||||||||||||||||||||||||
Consumer TDRs | 8,345 | 12,059 | 13,570 | 14,495 | 14,531 | 5,140 | 6,346 | 8,345 | 12,059 | 13,570 | ||||||||||||||||||||||||||||||
Total TDRs | $ | 22,080 | $ | 29,986 | $ | 39,052 | $ | 53,397 | $ | 68,092 | $ | 13,707 | $ | 16,153 | $ | 22,080 | $ | 29,986 | $ | 39,052 |
December 31 | December 31 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Portfolio loans: | ||||||||||||||||||||||||||||||||||||||||
Average daily balance of loans for the year | $ | 1,265,353 | $ | 1,218,901 | $ | 1,151,101 | $ | 1,048,496 | $ | 1,030,766 | $ | 1,372,905 | $ | 1,332,450 | $ | 1,265,353 | $ | 1,218,901 | $ | 1,151,101 | ||||||||||||||||||||
Amount of loans outstanding at end of period | 1,320,309 | 1,280,812 | 1,197,932 | 1,118,483 | 1,042,377 | 1,385,627 | 1,405,658 | 1,320,309 | 1,280,812 | 1,197,932 | ||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | 16,962 | 17,081 | 18,962 | 20,798 | 23,739 | 16,876 | 16,600 | 16,962 | 17,081 | 18,962 | ||||||||||||||||||||||||||||||
Provision for loan losses | (1,350 | ) | (1,350 | ) | (3,500 | ) | (3,350 | ) | (4,250 | ) | (450 | ) | 450 | (1,350 | ) | (1,350 | ) | (3,500 | ) | |||||||||||||||||||||
Loans charged-off: | ||||||||||||||||||||||||||||||||||||||||
Real estate - construction | --- | --- | --- | --- | (55 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Real estate - mortgage | --- | --- | (218 | ) | (133 | ) | (1,010 | ) | (132 | ) | — | — | — | (218 | ) | |||||||||||||||||||||||||
Commercial and industrial | (108 | ) | --- | (172 | ) | (43 | ) | (317 | ) | — | (1,206 | ) | (108 | ) | — | (172 | ) | |||||||||||||||||||||||
Total Commercial | (108 | ) | --- | (390 | ) | (176 | ) | (1,382 | ) | (132 | ) | (1,206 | ) | (108 | ) | — | (390 | ) | ||||||||||||||||||||||
Residential mortgage | (19 | ) | (10 | ) | (158 | ) | (9 | ) | (433 | ) | — | — | (19 | ) | (10 | ) | (158 | ) | ||||||||||||||||||||||
Consumer | (139 | ) | (195 | ) | (154 | ) | (491 | ) | (389 | ) | (147 | ) | (129 | ) | (139 | ) | (195 | ) | (154 | ) | ||||||||||||||||||||
(266 | ) | (205 | ) | (702 | ) | (676 | ) | (2,204 | ) | (279 | ) | (1,335 | ) | (266 | ) | (205 | ) | (702 | ) | |||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||||||||||
Real estate - construction | 333 | 426 | 699 | 869 | 1,568 | 177 | 238 | 333 | 426 | 699 | ||||||||||||||||||||||||||||||
Real estate - mortgage | 488 | 664 | 565 | 510 | 573 | 211 | 685 | 488 | 664 | 565 | ||||||||||||||||||||||||||||||
Commercial and industrial | 123 | 162 | 406 | 522 | 1,134 | 528 | 86 | 123 | 162 | 406 | ||||||||||||||||||||||||||||||
Total Commercial | 944 | 1,252 | 1,670 | 1,901 | 3,275 | 916 | 1,009 | 944 | 1,252 | 1,670 | ||||||||||||||||||||||||||||||
Residential mortgage | 66 | 33 | 415 | 142 | 65 | 64 | 55 | 66 | 33 | 415 | ||||||||||||||||||||||||||||||
Consumer | 244 | 151 | 236 | 147 | 173 | 73 | 97 | 244 | 151 | 236 | ||||||||||||||||||||||||||||||
1,254 | 1,436 | 2,321 | 2,190 | 3,513 | 1,053 | 1,161 | 1,254 | 1,436 | 2,321 | |||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | 988 | 1,231 | 1,619 | 1,514 | 1,309 | 774 | (174 | ) | 988 | 1,231 | 1,619 | |||||||||||||||||||||||||||||
Balance at end of year | $ | 16,600 | $ | 16,962 | $ | 17,081 | $ | 18,962 | $ | 20,798 | $ | 17,200 | $ | 16,876 | $ | 16,600 | $ | 16,962 | $ | 17,081 | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans outstanding | (0.08 | )% | (0.10 | )% | (0.14 | )% | (0.13 | )% | 0.08 | % | (0.06 | )% | 0.01 | % | (0.08 | )% | (0.10 | )% | (0.14 | )% | ||||||||||||||||||||
Allowance for loan losses to loans outstanding at year-end | 1.26 | % | 1.32 | % | 1.70 | % | 2.00 | % | 2.26 | % | 1.24 | % | 1.20 | % | 1.26 | % | 1.32 | % | 1.70 | % | ||||||||||||||||||||
Allowance for loan losses to nonperforming loans at year-end | 4,202.53 | % | 5,654.00 | % | 2,259.39 | % | 225.04 | % | 168.61 | % | 8,473 | % | 1,294 | % | 4,203 | % | 5,654 | % | 2,259 | % |
(Dollars in millions) | 2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Commercial loans | $ | 1,007.1 | $ | 967.3 | $ | 886.0 | $ | 818.2 | $ | 746.4 | $ | 1,098.0 | $ | 1,082.1 | $ | 1,007.1 | $ | 967.3 | $ | 886.0 | ||||||||||||||||||||
Nonperforming loans | 0.4 | 0.3 | 0.8 | 8.4 | 12.3 | 0.2 | 1.3 | 0.4 | 0.3 | 0.8 | ||||||||||||||||||||||||||||||
Other real estate owned and repo assets | 5.8 | 12.3 | 17.6 | 28.3 | 36.8 | 2.7 | 3.4 | 5.8 | 12.3 | 17.6 | ||||||||||||||||||||||||||||||
Total nonperforming assets | 6.2 | 12.6 | 18.3 | 36.7 | 49.2 | 3.0 | 4.7 | 6.2 | 12.6 | 18.3 | ||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | (1.0 | ) | (1.2 | ) | (1.6 | ) | (1.5 | ) | (1.3 | ) | (0.8 | ) | 0.2 | (1.0 | ) | (1.2 | ) | (1.6 | ) | |||||||||||||||||||||
Total delinquencies | 1.0 | 1.4 | 1.4 | 2.8 | 5.5 | 0.4 | 0.9 | 1.0 | 1.4 | 1.4 |
(Dollars in thousands) | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance Amount | % of Each Category to total Loans | Allowance Amount | % of Each Category to total Loans | Allowance Amount | % of Each Category to total Loans | Allowance Amount | % of Each Category to total Loans | Amount | % of Each Category to total Loans | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allowance Amount | % of Each Category to Total Loans | Allowance Amount | % of Each Category to Total Loans | Allowance Amount | % of Each Category to Total Loans | Allowance Amount | % of Each Category to Total Loans | Allowance Amount | % of Each Category to Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and commercial real estate | $ | 13,106 | 76 | % | $ | 13,092 | 76 | % | $ | 13,320 | 75 | % | $ | 14,916 | 73 | % | $ | 17,095 | 72 | % | $ | 14,191 | 79 | % | $ | 13,427 | 77 | % | $ | 13,106 | 76 | % | $ | 13,092 | 76 | % | $ | 13,320 | 75 | % | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 2,508 | 17 | 2,646 | 17 | 2,557 | 17 | 2,689 | 17 | 2,368 | 18 | 2,224 | 15 | 2,477 | 17 | 2,508 | 17 | 2,646 | 17 | 2,557 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 986 | 7 | 1,224 | 7 | 1,204 | 8 | 1,357 | 10 | 1,335 | 10 | 785 | 6 | 972 | 6 | 986 | 7 | 1,224 | 7 | 1,204 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 16,600 | 100 | % | $ | 16,962 | 100 | % | $ | 17,081 | 100 | % | $ | 18,962 | 100 | % | $ | 20,798 | 100 | % | $ | 17,200 | 100 | % | $ | 16,876 | 100 | % | $ | 16,600 | 100 | % | $ | 16,962 | 100 | % | $ | 17,081 | 100 | % |
December 31, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
(Dollars in thousands) | Balance of Loans | Allowance Amount | Balance of Loans | Allowance Amount | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||
Impaired with allowance recorded | $ | 6,658 | $ | 1,245 | $ | 7,541 | $ | 630 | ||||||||
Impaired with no allowance recorded | 2,067 | — | 3,333 | — | ||||||||||||
Loss allocation factor on non-impaired loans | 1,089,305 | 12,946 | 1,071,182 | 12,797 | ||||||||||||
1,098,030 | 14,191 | 1,082,056 | 13,427 | |||||||||||||
Residential mortgage and consumer: | ||||||||||||||||
Reserves on troubled debt restructurings | 5,140 | 379 | 6,347 | 468 | ||||||||||||
Loss allocation factor | 282,457 | 2,630 | 317,255 | 2,981 | ||||||||||||
Total | $ | 1,385,627 | $ | 17,200 | $ | 1,405,658 | $ | 16,876 |
December 31, | ||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | ||||||||||||||
Balance of Loans | Allowance Amount | Balance of Loans | Allowance Amount | |||||||||||||
Commercial and commercial real estate: | ||||||||||||||||
Impaired with allowance recorded | $ | 10,091 | $ | 694 | $ | 15,253 | $ | 973 | ||||||||
Impaired with no allowance recorded | 3,643 | --- | 2,675 | --- | ||||||||||||
Loss allocation factor on non-impaired loans | 993,409 | 12,412 | 949,395 | 12,118 | ||||||||||||
1,007,143 | 13,106 | 967,323 | 13,091 | |||||||||||||
Residential mortgage and consumer: | ||||||||||||||||
Reserves on troubled debt restructurings | 8,345 | 514 | 11,726 | 723 | ||||||||||||
Loss allocation factor | 304,821 | 2,980 | 301,763 | 3,148 | ||||||||||||
Total | $ | 1,320,309 | $ | 16,600 | $ | 1,280,812 | $ | 16,962 |
December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Total capital to risk weighted assets | 15.0 | % | 14.9 | % | 14.8 | % | 15.6 | % | 15.7 | % | ||||||||||
Common Equity Tier 1 to risk weighted assets | 11.3 | 11.0 | 10.8 | N/A | N/A | |||||||||||||||
Tier 1 capital to risk weighted assets | 13.9 | 13.7 | 13.6 | 14.3 | 14.4 | |||||||||||||||
Tier 1 capital to average assets | 11.9 | 12.0 | 11.5 | 11.6 | 10.6 |
December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Total capital to risk weighted assets | 15.8 | % | 15.5 | % | 15.0 | % | ||||||
Common Equity Tier 1 to risk weighted assets | 13.5 | 12.0 | 11.3 | |||||||||
Tier 1 capital to risk weighted assets | 14.7 | 14.5 | 13.9 | |||||||||
Tier 1 capital to average assets | 11.5 | 12.1 | 11.9 |
December 31, | December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Average equity to average assets | 11.6 | % | 11.5 | % | 11.2 | % | 11.6 | % | 11.2 | % | 11.8 | % | 11.3 | % | 11.6 | % | ||||||||||||||||
Total capital to risk weighted assets | 14.6 | 14.5 | 14.4 | 15.3 | 15.4 | 15.3 | 15.1 | 14.6 | ||||||||||||||||||||||||
Common Equity Tier 1 to risk weighted assets | 13.5 | 13.4 | 13.2 | N/A | N/A | 14.3 | 14.1 | 13.5 | ||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 13.5 | 13.4 | 13.2 | 14.0 | 14.2 | 14.3 | 14.1 | 13.5 | ||||||||||||||||||||||||
Tier 1 capital to average assets | 11.6 | 11.7 | 11.2 | 11.4 | 10.5 | 11.2 | 11.8 | 11.6 |
Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||
Long term debt | $ | --- | $ | --- | $ | --- | $ | 41,238 | $ | — | $ | — | $ | — | $ | 20,619 | |||||||||||||||||
Time deposit maturities | 62,875 | 26,246 | 2,510 | --- | 120,799 | 29,474 | 1,852 | — | |||||||||||||||||||||||||
Other borrowed funds | 52,118 | 10,000 | 10,000 | 20,000 | — | 10,000 | 50,000 | — | |||||||||||||||||||||||||
Operating lease obligations | 241 | 370 | --- | --- | 331 | 236 | 66 | — | |||||||||||||||||||||||||
Total | $ | 115,234 | $ | 36,616 | $ | 12,510 | $ | 61,238 | $ | 121,130 | $ | 39,710 | $ | 51,918 | $ | 20,619 |
Interest Rate Scenario | Economic Value of Equity | Percent Change | Net Interest Income | Percent Change | Economic Value of Equity | Percent Change | Net Interest Income | Percent Change | ||||||||||||||||||||||||
Interest rates up 200 basis points | $ | 239,116 | (3.61 | )% | $ | 60,594 | 3.64 | % | $ | 288,239 | (1.19 | )% | $ | 66,859 | 5.05 | % | ||||||||||||||||
Interest rates up 100 basis points | 244,548 | (1.42 | ) | 59,507 | 1.78 | 291,433 | (0.10 | ) | 65,388 | 2.74 | ||||||||||||||||||||||
No change | 248,075 | --- | 58,464 | --- | 291,725 | — | 63,643 | — | ||||||||||||||||||||||||
Interest rates down 100 basis points | 240,866 | (2.91 | ) | 56,417 | (3.50 | ) | 271,864 | (6.81 | ) | 61,861 | (2.80 | ) | ||||||||||||||||||||
Interest rates down 200 basis points | 225,157 | (9.24 | ) | 53,988 | (7.66 | ) | 271,598 | (6.90 | ) | 59,588 | (6.37 | ) |
2017 | 2016 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 34,945 | $ | 27,690 | ||||
Federal funds sold and other short-term investments | 126,522 | 62,129 | ||||||
Cash and cash equivalents | 161,467 | 89,819 | ||||||
Securities available for sale, at fair value | 220,720 | 184,433 | ||||||
Securities held to maturity (fair value 2017 - $86,452 and 2016 - $69,849) | 85,827 | 69,378 | ||||||
Federal Home Loan Bank (FHLB) stock | 11,558 | 11,558 | ||||||
Loans held for sale, at fair value | 1,208 | 2,181 | ||||||
Total loans | 1,320,309 | 1,280,812 | ||||||
Allowance for loan losses | (16,600 | ) | (16,962 | ) | ||||
Net loans | 1,303,709 | 1,263,850 | ||||||
Premises and equipment – net | 46,629 | 50,026 | ||||||
Accrued interest receivable | 4,680 | 4,092 | ||||||
Bank-owned life insurance | 40,243 | 39,274 | ||||||
Other real estate owned - net | 5,767 | 12,253 | ||||||
Net deferred tax asset | 3,785 | 8,863 | ||||||
Other assets | 4,639 | 5,286 | ||||||
Total assets | $ | 1,890,232 | $ | 1,741,013 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Deposits | ||||||||
Noninterest-bearing | $ | 490,583 | $ | 501,478 | ||||
Interest-bearing | 1,088,427 | 947,246 | ||||||
Total deposits | 1,579,010 | 1,448,724 | ||||||
Other borrowed funds | 92,118 | 84,173 | ||||||
Long-term debt | 41,238 | 41,238 | ||||||
Accrued expenses and other liabilities | 4,880 | 4,639 | ||||||
Total liabilities | 1,717,246 | 1,578,774 | ||||||
Commitments and contingent liabilities | --- | --- | ||||||
Shareholders' equity | ||||||||
Common stock, no par value, 200,000,000 shares authorized; 33,972,977 and 33,940,788 shares issued and outstanding at December 31, 2017 and December 31, 2016 | 217,081 | 216,731 | ||||||
Retained deficit | (42,804 | ) | (53,008 | ) | ||||
Accumulated other comprehensive income (loss) | (1,291 | ) | (1,484 | ) | ||||
Total shareholders' equity | 172,986 | 162,239 | ||||||
Total liabilities and shareholders' equity | $ | 1,890,232 | $ | 1,741,013 |
2019 | 2018 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 31,942 | $ | 40,526 | ||||
Federal funds sold and other short-term investments | 240,508 | 130,758 | ||||||
Cash and cash equivalents | 272,450 | 171,284 | ||||||
Securities available for sale, at fair value | 225,249 | 226,986 | ||||||
Securities held to maturity (fair value 2019 - $85,128 and 2018 - $71,505) | 82,720 | 70,334 | ||||||
Federal Home Loan Bank (FHLB) stock | 11,558 | 11,558 | ||||||
Loans held for sale, at fair value | 3,294 | 415 | ||||||
Total loans | 1,385,627 | 1,405,658 | ||||||
Allowance for loan losses | (17,200 | ) | (16,876 | ) | ||||
Net loans | 1,368,427 | 1,388,782 | ||||||
Premises and equipment – net | 43,417 | 44,862 | ||||||
Accrued interest receivable | 4,866 | 5,279 | ||||||
Bank-owned life insurance (BOLI) | 42,156 | 41,185 | ||||||
Other real estate owned - net | 2,748 | 3,380 | ||||||
Net deferred tax asset | 2,078 | 3,380 | ||||||
Other assets | 9,807 | 7,679 | ||||||
Total assets | $ | 2,068,770 | $ | 1,975,124 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits | ||||||||
Noninterest-bearing | $ | 482,499 | $ | 485,530 | ||||
Interest-bearing | 1,270,795 | 1,191,209 | ||||||
Total deposits | 1,753,294 | 1,676,739 | ||||||
Other borrowed funds | 60,000 | 60,000 | ||||||
Long-term debt | 20,619 | 41,238 | ||||||
Accrued expenses and other liabilities | 17,388 | 6,294 | ||||||
Total liabilities | 1,851,301 | 1,784,271 | ||||||
Commitments and Contingencies | — | — | ||||||
Shareholders’ equity | ||||||||
Common stock, no par value, 200,000,000 shares authorized; 34,103,542 and 34,045,411 shares issued and outstanding at December 31, 2019 and December 31, 2018 | 218,109 | 217,783 | ||||||
Retained deficit | (2,184 | ) | (24,652 | ) | ||||
Accumulated other comprehensive income (loss) | 1,544 | (2,278 | ) | |||||
Total shareholders’ equity | 217,469 | 190,853 | ||||||
Total liabilities and shareholders’ equity | $ | 2,068,770 | $ | 1,975,124 |
2017 | 2016 | 2015 | ||||||||||
Interest income | ||||||||||||
Loans, including fees | $ | 51,068 | $ | 47,400 | $ | 44,857 | ||||||
Securities | ||||||||||||
Taxable | 2,869 | 2,322 | 2,065 | |||||||||
Tax-exempt | 2,244 | 1,819 | 1,557 | |||||||||
FHLB Stock | 491 | 491 | 472 | |||||||||
Federal funds sold and other short-term investments | 1,004 | 467 | 435 | |||||||||
Total interest income | 57,676 | 52,499 | 49,386 | |||||||||
Interest expense | ||||||||||||
Deposits | 2,612 | 1,771 | 2,210 | |||||||||
Other borrowings | 1,407 | 1,685 | 1,765 | |||||||||
Long-term debt | 1,713 | 1,503 | 1,331 | |||||||||
Total interest expense | 5,732 | 4,959 | 5,306 | |||||||||
Net interest income | 51,944 | 47,540 | 44,080 | |||||||||
Provision for loan losses | (1,350 | ) | (1,350 | ) | (3,500 | ) | ||||||
Net interest income after provision for loan losses | 53,294 | 48,890 | 47,580 | |||||||||
Noninterest income | ||||||||||||
Service charges and fees | 4,466 | 4,425 | 4,377 | |||||||||
Net gains on mortgage loans | 1,574 | 3,024 | 2,925 | |||||||||
Trust fees | 3,277 | 3,096 | 2,927 | |||||||||
ATM and debit card fees | 5,207 | 4,980 | 4,750 | |||||||||
Gain on sales of securities | 3 | 124 | 129 | |||||||||
Bank owned life insurance ("BOLI") income | 969 | 977 | 663 | |||||||||
Other | 1,923 | 2,448 | 2,022 | |||||||||
Total noninterest income | 17,419 | 19,074 | 17,793 | |||||||||
Noninterest expense | ||||||||||||
Salaries and benefits | 24,803 | 24,867 | 24,668 | |||||||||
Occupancy of premises | 3,864 | 3,789 | 3,714 | |||||||||
Furniture and equipment | 3,050 | 3,256 | 3,237 | |||||||||
Legal and professional | 812 | 863 | 833 | |||||||||
Marketing and promotion | 882 | 1,000 | 951 | |||||||||
Data processing | 2,759 | 2,787 | 2,483 | |||||||||
FDIC assessment | 539 | 778 | 1,137 | |||||||||
Interchange and other card expense | 1,306 | 1,286 | 1,151 | |||||||||
Bond and D&O Insurance | 471 | 527 | 584 | |||||||||
Net (gains) losses on repossessed and foreclosed properties | (428 | ) | 318 | 1,651 | ||||||||
Administration and disposition of problem assets | 493 | 977 | 1,381 | |||||||||
Other | 5,137 | 5,334 | 5,163 | |||||||||
Total noninterest expenses | 43,688 | 45,782 | 46,953 | |||||||||
Income before income tax | 27,025 | 22,182 | 18,420 | |||||||||
Income tax expense | 10,733 | 6,231 | 5,626 | |||||||||
Net income | $ | 16,292 | $ | 15,951 | $ | 12,794 | ||||||
Basic earnings per common share | $ | 0.48 | $ | 0.47 | $ | 0.38 | ||||||
Diluted earnings per common share | $ | 0.48 | $ | 0.47 | $ | 0.38 | ||||||
Cash dividends per common share | $ | 0.18 | $ | 0.12 | $ | 0.11 |
2019 | 2018 | |||||||
Interest income | ||||||||
Loans, including fees | $ | 63,609 | $ | 58,852 | ||||
Securities | ||||||||
Taxable | 3,864 | 3,716 | ||||||
Tax-exempt | 3,518 | 3,464 | ||||||
FHLB Stock | 614 | 578 | ||||||
Federal funds sold and other short-term investments | 4,337 | 2,427 | ||||||
Total interest income | 75,942 | 69,037 | ||||||
Interest expense | ||||||||
Deposits | 8,854 | 5,881 | ||||||
Other borrowings | 1,369 | 1,403 | ||||||
Long-term debt | 2,232 | 2,127 | ||||||
Total interest expense | 12,455 | 9,411 | ||||||
Net interest income | 63,487 | 59,626 | ||||||
Provision for loan losses | (450 | ) | 450 | |||||
Net interest income after provision for loan losses | 63,937 | 59,176 | ||||||
Noninterest income | ||||||||
Service charges and fees | 4,415 | 4,377 | ||||||
Net gains on mortgage loans | 2,347 | 924 | ||||||
Trust fees | 3,812 | 3,643 | ||||||
ATM and debit card fees | 5,753 | 5,535 | ||||||
BOLI income | 972 | 942 | ||||||
Other | 2,429 | 2,082 | ||||||
Total noninterest income | 19,728 | 17,503 | ||||||
Noninterest expense | ||||||||
Salaries and benefits | 24,679 | 25,207 | ||||||
Occupancy of premises | 3,994 | 3,931 | ||||||
Furniture and equipment | 3,420 | 3,125 | ||||||
Legal and professional | 952 | 806 | ||||||
Marketing and promotion | 919 | 881 | ||||||
Data processing | 2,980 | 2,986 | ||||||
FDIC assessment | 239 | 518 | ||||||
Interchange and other card expense | 1,414 | 1,409 | ||||||
Bond and D&O Insurance | 413 | 440 | ||||||
Net gains on repossessed and foreclosed properties | (24 | ) | (207 | ) | ||||
Administration and disposition of problem assets | 277 | 276 | ||||||
Other | 4,961 | 4,957 | ||||||
Total noninterest expenses | 44,224 | 44,329 | ||||||
Income before income tax | 39,441 | 32,350 | ||||||
Income tax expense | 7,462 | 5,971 | ||||||
Net income | $ | 31,979 | $ | 26,379 | ||||
Basic earnings per common share | $ | 0.94 | $ | 0.78 | ||||
Diluted earnings per common share | $ | 0.94 | $ | 0.78 | ||||
Cash dividends per common share | $ | 0.28 | $ | 0.25 |
2017 | 2016 | 2015 | ||||||||||
Net income | $ | 16,292 | $ | 15,951 | $ | 12,794 | ||||||
Other comprehensive income: | ||||||||||||
Unrealized gains (losses): | ||||||||||||
Net change in unrealized gains (losses) on securities available for sale | 300 | (2,694 | ) | 569 | ||||||||
Tax effect | (105 | ) | 943 | (199 | ) | |||||||
Net change in unrealized gains (losses) on securities available for sale, net of tax | 195 | (1,751 | ) | 370 | ||||||||
Less: reclassification adjustments: | ||||||||||||
Reclassification for gains included in net income | 3 | 124 | 129 | |||||||||
Tax effect | (1 | ) | (44 | ) | (45 | ) | ||||||
Reclassification for gains included in net income, net of tax | 2 | 80 | 84 | |||||||||
Other comprehensive income (loss), net of tax | 193 | (1,831 | ) | 286 | ||||||||
Comprehensive income | $ | 16,485 | $ | 14,120 | $ | 13,080 |
2019 | 2018 | |||||||
Net income | $ | 31,979 | $ | 26,379 | ||||
Other comprehensive income: | ||||||||
Unrealized gains (losses): | ||||||||
Net change in unrealized gains (losses) on securities available for sale | 4,834 | (927 | ) | |||||
Tax effect | (1,012 | ) | 194 | |||||
Net change in unrealized gains (losses) on securities available for sale, net of tax | 3,822 | (733 | ) | |||||
Less: reclassification adjustments: | ||||||||
Reclassification for gains included in net income | — | — | ||||||
Tax effect | — | — | ||||||
Reclassification for gains included in net income, net of tax | — | — | ||||||
Other comprehensive income (loss), net of tax | 3,822 | (733 | ) | |||||
Comprehensive income | $ | 35,801 | $ | 25,646 |
Common Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |||||||||||||
Balance, January 1, 2015 | $ | 216,460 | $ | (74,002 | ) | $ | 61 | $ | 142,519 | |||||||
Net income | --- | 12,794 | --- | 12,794 | ||||||||||||
Cash dividends at $0.11 per share | --- | (3,702 | ) | --- | (3,702 | ) | ||||||||||
Repurchase of 29,676 shares for taxes withheld on vested restricted stock | (171 | ) | --- | --- | (171 | ) | ||||||||||
Tax effect of vested stock awards | 53 | --- | --- | 53 | ||||||||||||
Net change in unrealized gain on securities available for sale, net of tax | --- | --- | 286 | 286 | ||||||||||||
Tax effect of expired common stock warrants | (280 | ) | --- | --- | (280 | ) | ||||||||||
Stock compensation expense | 478 | --- | --- | 478 | ||||||||||||
Balance, December 31, 2015 | $ | 216,540 | $ | (64,910 | ) | $ | 347 | $ | 151,977 | |||||||
Net income | --- | 15,951 | --- | 15,951 | ||||||||||||
Cash dividends at $0.12 per share | --- | (4,049 | ) | --- | (4,049 | ) | ||||||||||
Repurchase of 30,350 shares for taxes withheld on vested restricted stock | (269 | ) | --- | --- | (269 | ) | ||||||||||
Tax effect of vested stock awards | 143 | --- | --- | 143 | ||||||||||||
Net change in unrealized loss on securities available for sale, net of tax | --- | --- | (1,831 | ) | (1,831 | ) | ||||||||||
Tax effect of expired common stock options | (219 | ) | --- | --- | (219 | ) | ||||||||||
Stock compensation expense | 536 | --- | --- | 536 | ||||||||||||
Balance, December 31, 2016 | $ | 216,731 | $ | (53,008 | ) | $ | (1,484 | ) | $ | 162,239 | ||||||
Net income | --- | 16,292 | --- | 16,292 | ||||||||||||
Cash dividends at $0.18 per share | --- | (6,088 | ) | --- | (6,088 | ) | ||||||||||
Repurchase of 18,529 shares for taxes withheld on vested restricted stock | (183 | ) | --- | --- | (183 | ) | ||||||||||
Issuance of 8,000 shares for stock option exercise | 68 | --- | --- | 68 | ||||||||||||
Net change in unrealized loss on securities available for sale, net of tax | --- | --- | 193 | 193 | ||||||||||||
Stock compensation expense | 465 | --- | --- | 465 | ||||||||||||
Balance, December 31, 2017 | $ | 217,081 | $ | (42,804 | ) | $ | (1,291 | ) | $ | 172,986 |
Common Stock | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||
Balance, December 31, 2017 | $ | 217,081 | $ | (42,804 | ) | $ | (1,291 | ) | $ | 172,986 | ||||||
Cumulative effect adjustment upon adoption of ASU 2018-02 | — | 278 | (278 | ) | — | |||||||||||
Balance, January 1, 2018, adjusted | $ | 217,081 | $ | (42,526 | ) | $ | (1,569 | ) | $ | 172,986 | ||||||
Reclassification for equity securities upon adoption of ASU 2016-01 | — | (24 | ) | 24 | — | |||||||||||
Net income | — | 26,379 | — | 26,379 | ||||||||||||
Cash dividends at $0.25 per share | — | (8,481 | ) | — | (8,481 | ) | ||||||||||
Repurchase of 13,351 shares for taxes withheld on vested restricted stock | (136 | ) | — | — | (136 | ) | ||||||||||
Issuance of 45,000 shares for stock option exercise | 386 | — | — | 386 | ||||||||||||
Net change in unrealized gain (loss) on securities available for sale, net of tax | — | — | (733 | ) | (733 | ) | ||||||||||
Stock compensation expense | 452 | — | — | 452 | ||||||||||||
Balance, December 31, 2018 | $ | 217,783 | $ | (24,652 | ) | $ | (2,278 | ) | $ | 190,853 | ||||||
Net income | — | 31,979 | — | 31,979 | ||||||||||||
Cash dividends at $0.28 per share | — | (9,511 | ) | — | (9,511 | ) | ||||||||||
Repurchase of 9,400 shares for taxes withheld on vested restricted stock | (101 | ) | — | — | (101 | ) | ||||||||||
Net change in unrealized gain (loss) on securities available for sale, net of tax | — | — | 3,822 | 3,822 | ||||||||||||
Stock compensation expense | 427 | — | — | 427 | ||||||||||||
Balance, December 31, 2019 | $ | 218,109 | $ | (2,184 | ) | $ | 1,544 | $ | 217,469 |
2017 | 2016 | 2015 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 16,292 | $ | 15,951 | $ | 12,794 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Depreciation, amortization and accretion | 2,285 | 2,805 | 2,969 | |||||||||
Stock compensation expense | 465 | 536 | 478 | |||||||||
Tax effect of vested stock awards | --- | 143 | 53 | |||||||||
Tax effect of expired common stock options and warrants | --- | (219 | ) | (280 | ) | |||||||
Provision for loan losses | (1,350 | ) | (1,350 | ) | (3,500 | ) | ||||||
Origination of loans for sale | (56,985 | ) | (103,385 | ) | (99,998 | ) | ||||||
Proceeds from sales of loans originated for sale | 59,532 | 107,004 | 102,494 | |||||||||
Net gains on mortgage loans | (1,574 | ) | (3,024 | ) | (2,925 | ) | ||||||
Gain on sales of securities | (3 | ) | (124 | ) | (129 | ) | ||||||
Write-down of other real estate | 129 | 964 | 724 | |||||||||
Net (gain) loss on sales of other real estate | (557 | ) | (645 | ) | 926 | |||||||
Net loss on sale of premises and equipment | 240 | --- | --- | |||||||||
Deferred income tax expense | 4,974 | 942 | 3,291 | |||||||||
Change in accrued interest receivable and other assets | 59 | (1,585 | ) | (1,323 | ) | |||||||
Earnings in bank-owned life insurance | (969 | ) | (977 | ) | (663 | ) | ||||||
Change in accrued expenses and other liabilities | 241 | (108 | ) | (910 | ) | |||||||
Net cash from operating activities | 22,779 | 16,928 | 14,001 | |||||||||
Cash flows from investing activities | ||||||||||||
Loan originations and payments, net | (38,629 | ) | (81,988 | ) | (80,350 | ) | ||||||
Change in interest-bearing deposits in other financial institutions | --- | 20,000 | --- | |||||||||
Purchases of securities available for sale | (62,093 | ) | (89,159 | ) | (59,807 | ) | ||||||
Purchases of securities held to maturity | (42,547 | ) | (33,702 | ) | (36,547 | ) | ||||||
Purchase of bank-owned life insurance | --- | (10,000 | ) | --- | ||||||||
Purchase of FHLB stock | --- | --- | (320 | ) | ||||||||
Proceeds from: | ||||||||||||
Maturities and calls of securities | 40,726 | 68,952 | 47,056 | |||||||||
Sales of securities available for sale | 5,807 | 11,729 | 20,625 | |||||||||
Principal paydowns on securities | 5,992 | 4,159 | 3,670 | |||||||||
Sales of other real estate | 7,034 | 5,339 | 11,540 | |||||||||
Sales of premises and equipment | 1,742 | --- | --- | |||||||||
Death benefit from bank-owned life insurance | --- | 518 | --- | |||||||||
Additions to premises and equipment | (1,191 | ) | (1,188 | ) | (1,170 | ) | ||||||
Net cash from investing activities | (83,159 | ) | (105,340 | ) | (95,303 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Change in deposits | 130,286 | 13,212 | 129,187 | |||||||||
Repayments and maturities of other borrowed funds | (32,055 | ) | (21,996 | ) | (1,938 | ) | ||||||
Proceeds from other borrowed funds | 40,000 | 10,000 | 10,000 | |||||||||
Proceeds from issuance of common stock | 68 | --- | --- | |||||||||
Cash paid related to tax impact of vested stock awards | --- | (143 | ) | (53 | ) | |||||||
Cash dividends paid | (6,088 | ) | (4,049 | ) | (3,702 | ) | ||||||
Repurchase of shares for taxes withheld on vested restricted stock | (183 | ) | (269 | ) | (171 | ) | ||||||
Net cash from financing activities | 132,028 | (3,245 | ) | 133,323 | ||||||||
Net change in cash and cash equivalents | 71,648 | (91,657 | ) | 52,021 | ||||||||
Cash and cash equivalents at beginning of period | 89,819 | 181,476 | 129,455 | |||||||||
Cash and cash equivalents at end of period | $ | 161,467 | $ | 89,819 | $ | 181,476 |
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 31,979 | $ | 26,379 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation, amortization and accretion | 2,212 | 2,562 | ||||||
Stock compensation expense | 427 | 452 | ||||||
Provision for loan losses | (450 | ) | 450 | |||||
Origination of loans for sale | (82,281 | ) | (33,907 | ) | ||||
Proceeds from sales of loans originated for sale | 81,749 | 35,624 | ||||||
Net gains on mortgage loans | (2,347 | ) | (924 | ) | ||||
Gain on sales of securities | — | — | ||||||
Write-down of other real estate | 14 | 323 | ||||||
Write-down of other assets held for sale | — | 234 | ||||||
Net gain on sales of other real estate and repossessed assets | (38 | ) | (530 | ) | ||||
Net gain on sales of premises and equipment held for sale | (19 | ) | — | |||||
Deferred income tax expense | 290 | 502 | ||||||
Deferred tax asset valuation allowance change | — | 92 | ||||||
Change in accrued interest receivable and other assets | (2,037 | ) | (1,841 | ) | ||||
Earnings in bank-owned life insurance | (972 | ) | (942 | ) | ||||
Change in accrued expenses and other liabilities | 1,193 | 1,161 | ||||||
Net cash from operating activities | 29,720 | 29,635 | ||||||
Cash flows from investing activities | ||||||||
Loan originations and payments, net | 20,805 | (85,816 | ) | |||||
Purchases of securities available for sale | (58,403 | ) | (34,391 | ) | ||||
Purchases of securities held to maturity | (20,478 | ) | (7,623 | ) | ||||
Proceeds from: | ||||||||
Maturities and calls of securities | 72,188 | 31,706 | ||||||
Sales of securities available for sale | — | — | ||||||
Principal paydowns on securities | 11,053 | 17,322 | ||||||
Sales of other real estate and repossessed assets | 656 | 2,887 | ||||||
Sales of premises and equipment held for sale | 342 | — | ||||||
Additions to premises and equipment | (1,041 | ) | (1,283 | ) | ||||
Net cash from investing activities | 25,122 | (77,198 | ) | |||||
Cash flows from financing activities | ||||||||
Change in deposits | 76,555 | 97,729 | ||||||
Repayments and maturities of other borrowed funds | (30,619 | ) | (52,118 | ) | ||||
Proceeds from other borrowed funds | 10,000 | 20,000 | ||||||
Proceeds from exercise of stock options | — | 386 | ||||||
Cash dividends paid | (9,511 | ) | (8,481 | ) | ||||
Repurchase of shares for taxes withheld on vested restricted stock | (101 | ) | (136 | ) | ||||
Net cash from financing activities | 46,324 | 57,380 | ||||||
Net change in cash and cash equivalents | 101,166 | 9,817 | ||||||
Cash and cash equivalents at beginning of period | 171,284 | 161,467 | ||||||
Cash and cash equivalents at end of period | $ | 272,450 | $ | 171,284 |
2017 | 2016 | 2015 | ||||||||||
Supplemental cash flow information | ||||||||||||
Interest paid | $ | 5,410 | $ | 4,950 | $ | 5,322 | ||||||
Income taxes paid | 4,725 | 6,160 | 4,300 | |||||||||
Supplemental noncash disclosures: | ||||||||||||
Transfers from loans to other real estate | 120 | 339 | 2,520 |
2019 | 2018 | |||||||
Supplemental cash flow information | ||||||||
Interest paid | $ | 12,440 | $ | 9,513 | ||||
Income taxes paid | 7,200 | 5,300 | ||||||
Supplemental noncash disclosures: | ||||||||
Transfers from loans to other real estate | — | �� | 293 | |||||
Security settlement | 9,901 | — | ||||||
Transfer from premises and equipment to other assets held for sale | — | 557 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 103,309 | $ | --- | $ | (1,345 | ) | $ | 101,964 | $ | 74,839 | $ | 95 | $ | (185 | ) | $ | 74,749 | ||||||||||||||
U.S. Agency MBS and CMOs | 23,797 | 7 | (419 | ) | 23,385 | 45,795 | 474 | (68 | ) | 46,201 | ||||||||||||||||||||||
Tax-exempt state and municipal bonds | 41,684 | 519 | (146 | ) | 42,057 | 44,718 | 1,244 | — | 45,962 | |||||||||||||||||||||||
Taxable state and municipal bonds | 44,267 | 10 | (542 | ) | 43,735 | 51,683 | 404 | (65 | ) | 52,022 | ||||||||||||||||||||||
Corporate bonds and other debt securities | 8,149 | 1 | (41 | ) | 8,109 | 6,263 | 55 | (3 | ) | 6,315 | ||||||||||||||||||||||
Other equity securities | 1,500 | --- | (30 | ) | 1,470 | |||||||||||||||||||||||||||
$ | 222,706 | $ | 537 | $ | (2,523 | ) | $ | 220,720 | $ | 223,298 | $ | 2,272 | $ | (321 | ) | $ | 225,249 | |||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||||
Tax-exempt state and municipal bonds | $ | 85,827 | $ | 806 | $ | (181 | ) | $ | 86,452 | $ | 82,720 | $ | 2,408 | $ | — | $ | 85,128 | |||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 85,582 | $ | 49 | $ | (1,281 | ) | $ | 84,350 | $ | 97,102 | $ | 6 | $ | (1,710 | ) | $ | 95,398 | ||||||||||||||
U. S. Agency MBS and CMOs | 12,037 | 11 | (231 | ) | 11,817 | |||||||||||||||||||||||||||
U.S. Agency MBS and CMOs | 33,287 | 97 | (494 | ) | 32,890 | |||||||||||||||||||||||||||
Tax-exempt state and municipal bonds | 39,578 | 212 | (603 | ) | 39,187 | 45,212 | 246 | (331 | ) | 45,127 | ||||||||||||||||||||||
Taxable state and municipal bonds | 34,255 | 65 | (437 | ) | 33,883 | 46,565 | 59 | (690 | ) | 45,934 | ||||||||||||||||||||||
Corporate bonds and other debt securities | 13,765 | 16 | (55 | ) | 13,726 | 7,703 | 2 | (68 | ) | 7,637 | ||||||||||||||||||||||
Other equity securities | 1,500 | --- | (30 | ) | 1,470 | |||||||||||||||||||||||||||
$ | 186,717 | $ | 353 | $ | (2,637 | ) | $ | 184,433 | $ | 229,869 | $ | 410 | $ | (3,293 | ) | $ | 226,986 | |||||||||||||||
Held to Maturity: | ||||||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||||
Tax-exempt state and municipal bonds | $ | 69,378 | $ | 573 | $ | (102 | ) | $ | 69,849 | $ | 70,334 | $ | 1,488 | $ | (317 | ) | $ | 71,505 |
Held–to-Maturity Securities | Available-for-Sale Securities | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Due in one year or less | $ | 18,952 | $ | 19,049 | $ | 30,757 | $ | 30,767 | ||||||||
Due from one to five years | 28,302 | 29,114 | 93,541 | 94,373 | ||||||||||||
Due from five to ten years | 16,841 | 17,505 | 53,366 | 54,090 | ||||||||||||
Due after ten years | 18,625 | 19,460 | 45,634 | 46,019 | ||||||||||||
$ | 82,720 | $ | 85,128 | $ | 223,298 | $ | 225,249 |
Held–to-Maturity Securities | Available-for-Sale Securities | |||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Due in one year or less | $ | 13,255 | $ | 13,257 | $ | 19,180 | $ | 19,169 | ||||||||
Due from one to five years | 23,772 | 24,069 | 121,100 | 119,712 | ||||||||||||
Due from five to ten years | 16,408 | 16,799 | 57,358 | 57,209 | ||||||||||||
Due after ten years | 32,392 | 32,327 | 23,568 | 23,160 | ||||||||||||
$ | 85,827 | $ | 86,452 | $ | 221,206 | $ | 219,250 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2019 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 15,009 | $ | (97 | ) | $ | 27,026 | $ | (87 | ) | $ | 42,035 | $ | (184 | ) | |||||||||
U.S. Agency MBS and CMOs | 19,117 | (56 | ) | 1,196 | (12 | ) | 20,313 | (68 | ) | |||||||||||||||
Tax-exempt state and municipal bonds | 319 | — | — | — | 319 | — | ||||||||||||||||||
Taxable state and municipal bonds | 8,569 | (57 | ) | 2,981 | (9 | ) | 11,550 | (66 | ) | |||||||||||||||
Corporate bonds and other debt securities | 932 | — | 852 | (3 | ) | 1,784 | (3 | ) | ||||||||||||||||
Total | $ | 43,946 | $ | (210 | ) | $ | 32,055 | $ | (111 | ) | $ | 76,001 | $ | (321 | ) | |||||||||
Held to Maturity: | ||||||||||||||||||||||||
Tax-exempt state and municipal bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
December 31, 2017 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 50,614 | $ | (439 | ) | $ | 43,787 | $ | (876 | ) | $ | 94,401 | $ | (1,315 | ) | |||||||||
U.S. Agency MBS and CMOs | 16,719 | (249 | ) | 6,228 | (170 | ) | 22,947 | (419 | ) | |||||||||||||||
Tax-exempt state and municipal bonds | 20,124 | (243 | ) | 4,208 | (82 | ) | 24,332 | (325 | ) | |||||||||||||||
Taxable state and municipal bonds | 30,331 | (279 | ) | 9,781 | (265 | ) | 40,112 | (544 | ) | |||||||||||||||
Corporate bonds and other debt securities | 8,021 | (42 | ) | 2,250 | (29 | ) | 10,271 | (71 | ) | |||||||||||||||
Other equity securities | --- | --- | 1,470 | (30 | ) | 1,470 | (30 | ) | ||||||||||||||||
Total temporarily impaired | $ | 125,809 | $ | (1,252 | ) | $ | 67,724 | $ | (1,452 | ) | $ | 193,533 | $ | (2,704 | ) |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency securities | $ | 59,129 | $ | (1,271 | ) | $ | 3,053 | $ | (10 | ) | $ | 62,182 | $ | (1,281 | ) | $ | 1,974 | $ | (26 | ) | $ | 82,895 | $ | (1,684 | ) | $ | 84,869 | $ | (1,710 | ) | ||||||||||||||||||
U.S. Agency MBS and CMOs | 10,702 | (231 | ) | --- | --- | 10,702 | (231 | ) | 1,728 | (13 | ) | 18,712 | (481 | ) | 20,440 | (494 | ) | |||||||||||||||||||||||||||||||
Tax-exempt state and municipal bonds | 49,508 | (698 | ) | 1,672 | (7 | ) | 51,180 | (705 | ) | 8,987 | (69 | ) | 10,785 | (262 | ) | 19,772 | (331 | ) | ||||||||||||||||||||||||||||||
Taxable state and municipal bonds | 22,633 | (437 | ) | --- | --- | 22,633 | (437 | ) | 4,035 | (19 | ) | 37,021 | (671 | ) | 41,056 | (690 | ) | |||||||||||||||||||||||||||||||
Corporate bonds and other debt securities | 5,745 | (50 | ) | 500 | (5 | ) | 6,245 | (55 | ) | 2,698 | (12 | ) | 8,170 | (56 | ) | 10,868 | (68 | ) | ||||||||||||||||||||||||||||||
Other equity securities | 1,470 | (30 | ) | --- | --- | 1,470 | (30 | ) | ||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 149,187 | $ | (2,717 | ) | $ | 5,225 | $ | (22 | ) | $ | 154,412 | $ | (2,739 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 19,422 | $ | (139 | ) | $ | 157,583 | $ | (3,154 | ) | $ | 177,005 | $ | (3,293 | ) | |||||||||||||||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt state and municipal bonds | $ | 8,533 | $ | (76 | ) | $ | 4,683 | $ | (241 | ) | $ | 13,216 | $ | (317 | ) |
December 31, 2017 | December 31, 2016 | |||||||
Commercial and industrial | $ | 465,208 | $ | 449,342 | ||||
Commercial real estate: | ||||||||
Residential developed | 11,888 | 11,970 | ||||||
Unsecured to residential developers | 2,332 | 4,734 | ||||||
Vacant and unimproved | 39,752 | 40,286 | ||||||
Commercial development | 1,103 | 378 | ||||||
Residential improved | 90,467 | 75,348 | ||||||
Commercial improved | 298,714 | 289,478 | ||||||
Manufacturing and industrial | 97,679 | 95,787 | ||||||
Total commercial real estate | 541,935 | 517,981 | ||||||
Consumer | ||||||||
Residential mortgage | 224,452 | 217,614 | ||||||
Unsecured | 226 | 396 | ||||||
Home equity | 82,234 | 88,113 | ||||||
Other secured | 6,254 | 7,366 | ||||||
Total consumer | 313,166 | 313,489 | ||||||
Total loans | 1,320,309 | 1,280,812 | ||||||
Allowance for loan losses | (16,600 | ) | (16,962 | ) | ||||
$ | 1,303,709 | $ | 1,263,850 |
2019 | 2018 | |||||||
Commercial and industrial | $ | 499,572 | $ | 513,345 | ||||
Commercial real estate: | ||||||||
Residential developed | 14,705 | 14,825 | ||||||
Unsecured to residential developers | — | — | ||||||
Vacant and unimproved | 41,796 | 44,169 | ||||||
Commercial development | 665 | 712 | ||||||
Residential improved | 130,861 | 98,500 | ||||||
Commercial improved | 292,799 | 295,618 | ||||||
Manufacturing and industrial | 117,632 | 114,887 | ||||||
Total commercial real estate | 598,458 | 568,711 | ||||||
Consumer | ||||||||
Residential mortgage | 211,049 | 238,174 | ||||||
Unsecured | 274 | 130 | ||||||
Home equity | 70,936 | 78,503 | ||||||
Other secured | 5,338 | 6,795 | ||||||
Total consumer | 287,597 | 323,602 | ||||||
Total loans | 1,385,627 | 1,405,658 | ||||||
Allowance for loan losses | (17,200 | ) | (16,876 | ) | ||||
$ | 1,368,427 | $ | 1,388,782 |
2017 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
2019 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,345 | $ | 6,703 | $ | 3,871 | $ | 43 | $ | 16,962 | $ | 6,856 | $ | 6,544 | $ | 3,449 | $ | 27 | $ | 16,876 | ||||||||||||||||||||
Charge-offs | (108 | ) | --- | (158 | ) | --- | (266 | ) | — | (132 | ) | (147 | ) | — | (279 | ) | ||||||||||||||||||||||||
Recoveries | 123 | 821 | 310 | --- | 1,254 | 528 | 388 | 137 | — | 1,053 | ||||||||||||||||||||||||||||||
Provision for loan losses | 118 | (934 | ) | (529 | ) | (5 | ) | (1,350 | ) | 274 | (279 | ) | (430 | ) | (15 | ) | (450 | ) | ||||||||||||||||||||||
Ending Balance | $ | 6,478 | $ | 6,590 | $ | 3,494 | $ | 38 | $ | 16,600 | $ | 7,658 | $ | 6,521 | $ | 3,009 | $ | 12 | $ | 17,200 |
2016 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
2018 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,826 | $ | 8,457 | $ | 3,761 | $ | 37 | $ | 17,081 | $ | 6,478 | $ | 6,590 | $ | 3,494 | $ | 38 | $ | 16,600 | ||||||||||||||||||||
Charge-offs | --- | --- | (205 | ) | --- | (205 | ) | (1,206 | ) | — | (129 | ) | — | (1,335 | ) | |||||||||||||||||||||||||
Recoveries | 162 | 1,090 | 184 | --- | 1,436 | 86 | 922 | 153 | — | 1,161 | ||||||||||||||||||||||||||||||
Provision for loan losses | 1,357 | (2,844 | ) | 131 | 6 | (1,350 | ) | 1,498 | (968 | ) | (69 | ) | (11 | ) | 450 | |||||||||||||||||||||||||
Ending Balance | $ | 6,345 | $ | 6,703 | $ | 3,871 | $ | 43 | $ | 16,962 | $ | 6,856 | $ | 6,544 | $ | 3,449 | $ | 27 | $ | 16,876 |
2015 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||
Beginning balance | $ | 6,173 | $ | 8,690 | $ | 4,046 | $ | 53 | $ | 18,962 | ||||||||||
Charge-offs | (172 | ) | (218 | ) | (312 | ) | --- | (702 | ) | |||||||||||
Recoveries | 406 | 1,264 | 651 | --- | 2,321 | |||||||||||||||
Provision for loan losses | (1,581 | ) | (1,279 | ) | (624 | ) | (16 | ) | (3,500 | ) | ||||||||||
Ending Balance | $ | 4,826 | $ | 8,457 | $ | 3,761 | $ | 37 | $ | 17,081 |
December 31, 2017 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
December 31, 2019 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Ending allowance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||
Individually reviewed for impairment | $ | 497 | $ | 197 | $ | 514 | $ | --- | $ | 1,208 | $ | 1,213 | $ | 32 | $ | 379 | $ | — | $ | 1,624 | ||||||||||||||||||||
Collectively evaluated for impairment | 5,981 | 6,393 | 2,980 | 38 | 15,392 | 6,445 | 6,489 | 2,630 | 12 | 15,576 | ||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 6,478 | $ | 6,590 | $ | 3,494 | $ | 38 | $ | 16,600 | $ | 7,658 | $ | 6,521 | $ | 3,009 | $ | 12 | $ | 17,200 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||
Individually reviewed for impairment | $ | 6,402 | $ | 7,332 | $ | 8,345 | $ | --- | $ | 22,079 | $ | 5,797 | $ | 2,928 | $ | 5,140 | $ | — | $ | 13,865 | ||||||||||||||||||||
Collectively evaluated for impairment | 458,806 | 534,603 | 304,821 | --- | 1,298,230 | 493,775 | 595,530 | 282,457 | — | 1,371,762 | ||||||||||||||||||||||||||||||
Total ending loans balance | $ | 465,208 | $ | 541,935 | $ | 313,166 | $ | --- | $ | 1,320,309 | $ | 499,572 | $ | 598,458 | $ | 287,597 | $ | — | $ | 1,385,627 |
December 31, 2016 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
December 31, 2018 | Commercial and Industrial | Commercial Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Ending allowance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||
Individually reviewed for impairment | $ | 605 | $ | 368 | $ | 723 | $ | --- | $ | 1,696 | $ | 449 | $ | 181 | $ | 468 | $ | — | $ | 1,098 | ||||||||||||||||||||
Collectively evaluated for impairment | 5,740 | 6,335 | 3,148 | 43 | 15,266 | 6,407 | 6,363 | 2,981 | 27 | 15,778 | ||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 6,345 | $ | 6,703 | $ | 3,871 | $ | 43 | $ | 16,962 | $ | 6,856 | $ | 6,544 | $ | 3,449 | $ | 27 | $ | 16,876 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||
Individually reviewed for impairment | $ | 5,994 | $ | 11,934 | $ | 11,726 | $ | --- | $ | 29,654 | $ | 7,375 | $ | 3,499 | $ | 6,347 | $ | — | $ | 17,221 | ||||||||||||||||||||
Collectively evaluated for impairment | 443,348 | 506,047 | 301,763 | --- | 1,251,158 | 505,970 | 565,212 | 317,255 | — | 1,388,437 | ||||||||||||||||||||||||||||||
Total ending loans balance | $ | 449,342 | $ | 517,981 | $ | 313,489 | $ | --- | $ | 1,280,812 | $ | 513,345 | $ | 568,711 | $ | 323,602 | $ | — | $ | 1,405,658 |
December 31, 2017 | Unpaid Principal | Recorded Investment | Allowance Allocated | |||||||||||||||||||||
December 31, 2019 | Unpaid Principal Balance | Recorded Investment | Allowance Allocated | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 3,438 | $ | 3,438 | $ | --- | $ | 180 | $ | 180 | $ | — | ||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Residential developed | --- | --- | --- | — | — | — | ||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | — | — | — | ||||||||||||||||||
Vacant and unimproved | --- | --- | --- | 130 | 130 | — | ||||||||||||||||||
Commercial development | 190 | 190 | --- | — | — | — | ||||||||||||||||||
Residential improved | 15 | 15 | --- | 377 | 377 | — | ||||||||||||||||||
Commercial improved | --- | --- | --- | 1,380 | 1,380 | — | ||||||||||||||||||
Manufacturing and industrial | --- | --- | --- | — | — | — | ||||||||||||||||||
205 | 205 | --- | 1,887 | 1,887 | — | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Residential mortgage | --- | --- | --- | — | — | — | ||||||||||||||||||
Unsecured | --- | --- | --- | — | — | — | ||||||||||||||||||
Home equity | --- | --- | --- | — | — | — | ||||||||||||||||||
Other secured | --- | --- | --- | — | — | — | ||||||||||||||||||
--- | --- | --- | — | — | — | |||||||||||||||||||
Total with no related allowance recorded | $ | 3,643 | $ | 3,643 | $ | --- | $ | 2,067 | $ | 2,067 | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 2,964 | $ | 2,964 | $ | 497 | $ | 5,617 | $ | 5,617 | $ | 1,213 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Residential developed | 179 | 179 | 4 | 76 | 76 | 3 | ||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | — | — | — | ||||||||||||||||||
Vacant and unimproved | 126 | 126 | 3 | — | — | — | ||||||||||||||||||
Commercial development | --- | --- | --- | — | — | — | ||||||||||||||||||
Residential improved | 1,715 | 1,715 | 69 | 28 | 28 | 2 | ||||||||||||||||||
Commercial improved | 4,928 | 4,928 | 119 | 578 | 578 | 16 | ||||||||||||||||||
Manufacturing and industrial | 179 | 179 | 2 | 359 | 359 | 11 | ||||||||||||||||||
7,127 | 7,127 | 197 | 1,041 | 1,041 | 32 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Residential mortgage | 6,638 | 6,638 | 409 | 4,242 | 4,242 | 313 | ||||||||||||||||||
Unsecured | --- | --- | --- | 198 | 198 | 14 | ||||||||||||||||||
Home equity | 1,707 | 1,707 | 105 | 677 | 677 | 50 | ||||||||||||||||||
Other secured | --- | --- | --- | 23 | 23 | 2 | ||||||||||||||||||
8,345 | 8,345 | 514 | 5,140 | 5,140 | 379 | |||||||||||||||||||
Total with an allowance recorded | $ | 18,436 | $ | 18,436 | $ | 1,208 | $ | 11,798 | $ | 11,798 | $ | 1,624 | ||||||||||||
Total | $ | 22,079 | $ | 22,079 | $ | 1,208 | $ | 13,865 | $ | 13,865 | $ | 1,624 |
December 31, 2016 | Unpaid Principal | Recorded Investment | Allowance Allocated | |||||||||||||||||||||
December 31, 2018 | Unpaid Principal Balance | Recorded Investment | Allowance Allocated | |||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 2,298 | $ | 2,298 | $ | --- | $ | 2,515 | $ | 1,375 | $ | — | ||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Residential developed | --- | --- | --- | — | — | — | ||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | — | — | — | ||||||||||||||||||
Vacant and unimproved | --- | --- | --- | 143 | 143 | — | ||||||||||||||||||
Commercial development | --- | --- | --- | — | — | — | ||||||||||||||||||
Residential improved | 27 | 27 | --- | 140 | 140 | — | ||||||||||||||||||
Commercial improved | 350 | 350 | --- | 1,675 | 1,675 | — | ||||||||||||||||||
Manufacturing and industrial | --- | --- | --- | — | — | — | ||||||||||||||||||
377 | 377 | --- | 1,958 | 1,958 | — | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Residential mortgage | --- | --- | --- | — | — | — | ||||||||||||||||||
Unsecured | --- | --- | --- | — | — | — | ||||||||||||||||||
Home equity | --- | --- | --- | — | — | — | ||||||||||||||||||
Other secured | --- | --- | --- | — | — | — | ||||||||||||||||||
--- | --- | --- | — | — | — | |||||||||||||||||||
Total with no related allowance recorded | $ | 2,675 | $ | 2,675 | $ | --- | $ | 4,473 | $ | 3,333 | $ | — | ||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial and industrial | $ | 3,696 | $ | 3,696 | $ | 605 | $ | 6,000 | $ | 6,000 | $ | 449 | ||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Residential developed | 187 | 187 | 4 | 172 | 172 | 2 | ||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | — | — | — | ||||||||||||||||||
Vacant and unimproved | 387 | 387 | 9 | — | — | — | ||||||||||||||||||
Commercial development | 189 | 189 | 6 | — | — | — | ||||||||||||||||||
Residential improved | 4,687 | 4,687 | 216 | 193 | 193 | 13 | ||||||||||||||||||
Commercial improved | 5,879 | 5,879 | 128 | 794 | 794 | 155 | ||||||||||||||||||
Manufacturing and industrial | 228 | 228 | 5 | 382 | 382 | 11 | ||||||||||||||||||
11,557 | 11,557 | 368 | 1,541 | 1,541 | 181 | |||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Residential mortgage | 7,523 | 7,523 | 464 | 5,029 | 5,029 | 371 | ||||||||||||||||||
Unsecured | --- | --- | --- | — | — | — | ||||||||||||||||||
Home equity | 4,203 | 4,203 | 259 | 1,318 | 1,318 | 97 | ||||||||||||||||||
Other secured | --- | --- | --- | — | — | — | ||||||||||||||||||
11,726 | 11,726 | 723 | 6,347 | 6,347 | 468 | |||||||||||||||||||
Total with an allowance recorded | $ | 26,979 | $ | 26,979 | $ | 1,696 | $ | 13,888 | $ | 13,888 | $ | 1,098 | ||||||||||||
Total | $ | 29,654 | $ | 29,654 | $ | 1,696 | $ | 18,361 | $ | 17,221 | $ | 1,098 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Average of impaired loans during the period: | ||||||||||||||||||||
Commercial and industrial | $ | 5,505 | $ | 6,468 | $ | 7,296 | $ | 5,257 | $ | 5,398 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Residential developed | 182 | 78 | 577 | 139 | 175 | |||||||||||||||
Unsecured to residential developers | --- | --- | --- | — | — | |||||||||||||||
Vacant and unimproved | 287 | 422 | 1,231 | 99 | 208 | |||||||||||||||
Commercial development | 189 | 191 | 195 | — | 32 | |||||||||||||||
Residential improved | 2,732 | 5,273 | 6,425 | 430 | 845 | |||||||||||||||
Commercial improved | 5,768 | 7,332 | 15,106 | 2,114 | 3,303 | |||||||||||||||
Manufacturing and industrial | 230 | 235 | 1,944 | 368 | 357 | |||||||||||||||
Consumer | 9,889 | 12,602 | 14,259 | 5,724 | 7,191 | |||||||||||||||
Interest income recognized during impairment: | ||||||||||||||||||||
Commercial and industrial | 935 | 993 | 1,110 | 945 | �� | 1,034 | ||||||||||||||
Commercial real estate | 411 | 643 | 967 | 188 | 219 | |||||||||||||||
Consumer | 390 | 444 | 497 | 262 | 295 | |||||||||||||||
Cash-basis interest income recognized | ||||||||||||||||||||
Commercial and industrial | 931 | 992 | 1,066 | 955 | 1,034 | |||||||||||||||
Commercial real estate | 414 | 647 | 970 | 192 | 172 | |||||||||||||||
Consumer | 392 | 443 | 502 | 264 | 293 |
December 31, 2017 | Nonaccrual | Over 90 days | ||||||||||||||
December 31, 2019 | Nonaccrual | Over 90 days Accruing | ||||||||||||||
Commercial and industrial | $ | 4 | $ | --- | $ | — | $ | — | ||||||||
Commercial real estate: | ||||||||||||||||
Residential developed | --- | --- | — | — | ||||||||||||
Unsecured to residential developers | --- | --- | — | — | ||||||||||||
Vacant and unimproved | --- | --- | — | — | ||||||||||||
Commercial development | 190 | --- | — | — | ||||||||||||
Residential improved | 89 | --- | 98 | — | ||||||||||||
Commercial improved | 106 | --- | — | — | ||||||||||||
Manufacturing and industrial | --- | --- | — | — | ||||||||||||
385 | --- | 98 | — | |||||||||||||
Consumer: | ||||||||||||||||
Residential mortgage | 2 | --- | 105 | — | ||||||||||||
Unsecured | 4 | --- | — | — | ||||||||||||
Home equity | --- | --- | — | — | ||||||||||||
Other secured | --- | --- | — | — | ||||||||||||
6 | --- | 105 | — | |||||||||||||
Total | $ | 395 | $ | --- | $ | 203 | $ | — |
December 31, 2016 | Nonaccrual | Over 90 days | ||||||||||||||
December 31, 2018 | Nonaccrual | Over 90 days Accruing | ||||||||||||||
Commercial and industrial | $ | 36 | $ | --- | $ | 874 | $ | — | ||||||||
Commercial real estate: | ||||||||||||||||
Residential developed | --- | --- | — | — | ||||||||||||
Unsecured to residential developers | --- | --- | — | — | ||||||||||||
Vacant and unimproved | --- | --- | — | — | ||||||||||||
Commercial development | 49 | --- | — | — | ||||||||||||
Residential improved | 6 | --- | 15 | — | ||||||||||||
Commercial improved | 128 | --- | 303 | — | ||||||||||||
Manufacturing and industrial | --- | --- | — | — | ||||||||||||
183 | --- | 318 | — | |||||||||||||
Consumer: | ||||||||||||||||
Residential mortgage | 58 | --- | 111 | — | ||||||||||||
Unsecured | 16 | --- | — | — | ||||||||||||
Home equity | 7 | --- | — | 1 | ||||||||||||
Other secured | --- | --- | — | — | ||||||||||||
81 | --- | 111 | 1 | |||||||||||||
Total | $ | 300 | $ | --- | $ | 1,303 | $ | 1 |
December 31, 2019 | 30-90 Days | Greater Than 90 Days | Total Past Due | Loans Not Past Due | Total | |||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | 499,572 | $ | 499,572 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Residential developed | — | — | — | 14,705 | 14,705 | |||||||||||||||
Unsecured to residential developers | — | — | — | — | — | |||||||||||||||
Vacant and unimproved | — | — | — | 41,796 | 41,796 | |||||||||||||||
Commercial development | — | — | — | 665 | 665 | |||||||||||||||
Residential improved | 171 | 15 | 186 | 130,675 | 130,861 | |||||||||||||||
Commercial improved | 103 | — | 103 | 292,696 | 292,799 | |||||||||||||||
Manufacturing and industrial | — | — | — | 117,632 | 117,632 | |||||||||||||||
274 | 15 | 289 | 598,169 | 598,458 | ||||||||||||||||
Consumer: | ||||||||||||||||||||
Residential mortgage | 2 | 103 | 105 | 210,944 | 211,049 | |||||||||||||||
Unsecured | — | — | — | 274 | 274 | |||||||||||||||
Home equity | 8 | — | 8 | 70,928 | 70,936 | |||||||||||||||
Other secured | 3 | — | 3 | 5,335 | 5,338 | |||||||||||||||
13 | 103 | 116 | 287,481 | 287,597 | ||||||||||||||||
Total | $ | 287 | $ | 118 | $ | 405 | $ | 1,385,222 | $ | 1,385,627 |
December 31, 2017 | 30-90 Days | Greater Than 90 Days | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||||||||||||||
December 31, 2018 | 30-90 Days | Greater Than 90 Days | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 290 | $ | --- | $ | 290 | $ | 464,918 | $ | 465,208 | $ | — | $ | — | $ | — | $ | 513,345 | $ | 513,345 | ||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Residential developed | --- | --- | --- | 11,888 | 11,888 | — | — | — | 14,825 | 14,825 | ||||||||||||||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | 2,332 | 2,332 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Vacant and unimproved | --- | --- | --- | 39,752 | 39,752 | 57 | — | 57 | 44,112 | 44,169 | ||||||||||||||||||||||||||||||
Commercial development | --- | 190 | 190 | 913 | 1,103 | — | — | — | 712 | 712 | ||||||||||||||||||||||||||||||
Residential improved | --- | 89 | 89 | 90,378 | 90,467 | 86 | 16 | 102 | 98,398 | 98,500 | ||||||||||||||||||||||||||||||
Commercial improved | 125 | --- | 125 | 298,589 | 298,714 | 100 | 303 | 403 | 295,215 | 295,618 | ||||||||||||||||||||||||||||||
Manufacturing and industrial | --- | --- | --- | 97,679 | 97,679 | — | — | — | 114,887 | 114,887 | ||||||||||||||||||||||||||||||
125 | 279 | 404 | 541,531 | 541,935 | 243 | 319 | 562 | 568,149 | 568,711 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 215 | --- | 215 | 224,237 | 224,452 | — | 110 | 110 | 238,064 | 238,174 | ||||||||||||||||||||||||||||||
Unsecured | 10 | --- | 10 | 216 | 226 | 7 | — | 7 | 123 | 130 | ||||||||||||||||||||||||||||||
Home equity | 76 | --- | 76 | 82,158 | 82,234 | 67 | 1 | 68 | 78,435 | 78,503 | ||||||||||||||||||||||||||||||
Other secured | --- | --- | --- | 6,254 | 6,254 | 130 | — | 130 | 6,665 | 6,795 | ||||||||||||||||||||||||||||||
301 | --- | 301 | 312,865 | 313,166 | 204 | 111 | 315 | 323,287 | 323,602 | |||||||||||||||||||||||||||||||
Total | $ | 716 | $ | 279 | $ | 995 | $ | 1,319,314 | $ | 1,320,309 | $ | 447 | $ | 430 | $ | 877 | $ | 1,404,781 | $ | 1,405,658 |
December 31, 2016 | 30-90 Days | Greater Than 90 Days | Total Past Due | Loans Not Past Due | Total | |||||||||||||||
Commercial and industrial | $ | 425 | $ | 28 | $ | 453 | $ | 448,889 | $ | 449,342 | ||||||||||
Commercial real estate: | ||||||||||||||||||||
Residential developed | --- | --- | --- | 11,970 | 11,970 | |||||||||||||||
Unsecured to residential developers | --- | --- | --- | 4,734 | 4,734 | |||||||||||||||
Vacant and unimproved | --- | --- | --- | 40,286 | 40,286 | |||||||||||||||
Commercial development | --- | 49 | 49 | 329 | 378 | |||||||||||||||
Residential improved | 74 | 5 | 79 | 75,269 | 75,348 | |||||||||||||||
Commercial improved | 478 | --- | 478 | 289,000 | 289,478 | |||||||||||||||
Manufacturing and industrial | --- | --- | --- | 95,787 | 95,787 | |||||||||||||||
552 | 54 | 606 | 517,375 | 517,981 | ||||||||||||||||
Consumer: | ||||||||||||||||||||
Residential mortgage | 64 | 56 | 120 | 217,494 | 217,614 | |||||||||||||||
Unsecured | --- | --- | --- | 396 | 396 | |||||||||||||||
Home equity | 187 | --- | 187 | 87,926 | 88,113 | |||||||||||||||
Other secured | 81 | --- | 81 | 7,285 | 7,366 | |||||||||||||||
332 | 56 | 388 | 313,101 | 313,489 | ||||||||||||||||
Total | $ | 1,309 | $ | 138 | $ | 1,447 | $ | 1,279,365 | $ | 1,280,812 |
2017 | 2016 | |||||||||||||||
Number of Loans | Outstanding Recorded Balance | Number of Loans | Outstanding Recorded Balance | |||||||||||||
Commercial and industrial | 19 | $ | 6,403 | 25 | $ | 5,994 | ||||||||||
Commercial real estate | 33 | 7,332 | 49 | 11,933 | ||||||||||||
Consumer | 99 | 8,345 | 116 | 12,059 | ||||||||||||
151 | $ | 22,080 | 190 | $ | 29,986 |
2019 | 2018 | |||||||||||||||
Number of Loans | Outstanding Recorded Balance | Number of Loans | Outstanding Recorded Balance | |||||||||||||
Commercial and industrial | 7 | $ | 5,797 | 18 | $ | 6,502 | ||||||||||
Commercial real estate | 15 | 2,770 | 22 | 3,305 | ||||||||||||
Consumer | 69 | 5,140 | 83 | 6,346 | ||||||||||||
91 | $ | 13,707 | 123 | $ | 16,153 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Accruing TDR - nonaccrual at restructuring | $ | --- | $ | --- | $ | --- | $ | — | $ | — | ||||||||||
Accruing TDR - accruing at restructuring | 16,809 | 25,665 | 33,691 | 8,295 | 10,336 | |||||||||||||||
Accruing TDR - upgraded to accruing after six consecutive payments | 4,955 | 4,172 | 4,784 | 5,314 | 5,693 | |||||||||||||||
$ | 21,764 | $ | 29,837 | $ | 38,475 | $ | 13,609 | $ | 16,029 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of Loans | Pre-TDR Balance | Writedown Upon | # of Loans | Pre-TDR Balance | Writedown Upon | # of Loans | Pre-TDR Balance | Writedown Upon | Number of Loans | Pre-TDR Balance | Writedown Upon TDR | Number of Loans | Pre-TDR Balance | Writedown Upon TDR | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | --- | $ | --- | $ | --- | --- | $ | --- | $ | --- | 6 | $ | 745 | $ | --- | — | $ | — | $ | — | 2 | $ | 244 | $ | — | |||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | 1,018 | --- | 1 | 56 | --- | 3 | 301 | --- | — | — | — | 3 | 492 | — | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | 6 | 410 | --- | 7 | 289 | --- | 34 | 1,000 | --- | 3 | 53 | — | 10 | 456 | — | |||||||||||||||||||||||||||||||||||||||||||||
7 | $ | 1,428 | $ | --- | 8 | 345 | $ | --- | 43 | $ | 2,046 | $ | --- | 3 | $ | 53 | $ | — | 15 | $ | 1,192 | $ | — |
December 31, 2017 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | --- | $ | 15,002 | $ | 137,774 | $ | 291,373 | $ | 15,170 | $ | 5,885 | $ | 4 | $ | --- | $ | 465,208 | $ | 15,000 | $ | 11,768 | $ | 158,851 | $ | 290,267 | $ | 17,664 | $ | 6,022 | $ | — | $ | — | $ | 499,572 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential developed | --- | --- | 48 | 11,068 | 772 | --- | --- | --- | 11,888 | — | — | 312 | 14,393 | — | — | — | — | 14,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | 2,332 | --- | --- | --- | --- | 2,332 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vacant and unimproved | --- | --- | 19,244 | 17,332 | 3,176 | --- | --- | --- | 39,752 | — | 9,201 | 8,085 | 22,819 | 1,691 | — | — | — | 41,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial development | --- | --- | 104 | 809 | --- | --- | 190 | --- | 1,103 | — | — | 79 | 586 | — | — | — | — | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential improved | --- | --- | 7,275 | 80,818 | 1,533 | 752 | 89 | --- | 90,467 | — | — | 20,142 | 109,932 | 518 | 171 | 98 | — | 130,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial improved | --- | 1,398 | 64,043 | 228,888 | 3,353 | 926 | 106 | --- | 298,714 | — | 6,893 | 67,915 | 213,790 | 3,847 | 354 | — | — | 292,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manufacturing & industrial | --- | 927 | 44,714 | 49,238 | 2,311 | 489 | --- | --- | 97,679 | — | 2,404 | 36,401 | 77,435 | 1,392 | — | — | — | 117,632 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | --- | $ | 17,327 | $ | 273,202 | $ | 681,858 | $ | 26,315 | $ | 8,052 | $ | 389 | $ | --- | $ | 1,007,143 | $ | 15,000 | $ | 30,266 | $ | 291,785 | $ | 729,222 | $ | 25,112 | $ | 6,547 | $ | 98 | $ | — | $ | 1,098,030 |
December 31, 2016 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | --- | $ | 27,619 | $ | 118,243 | $ | 282,527 | $ | 14,610 | $ | 6,307 | $ | 36 | $ | --- | $ | 449,342 | $ | 15,000 | $ | 15,708 | $ | 164,901 | $ | 299,622 | $ | 11,186 | $ | 6,054 | $ | 874 | $ | — | $ | 513,345 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential developed | --- | --- | 2,328 | 8,786 | 856 | --- | --- | --- | 11,970 | — | — | — | 14,220 | 605 | — | — | — | 14,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured to residential developers | --- | --- | --- | 4,734 | --- | --- | --- | --- | 4,734 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vacant and unimproved | --- | --- | 17,672 | 19,028 | 3,586 | --- | --- | --- | 40,286 | — | 7,635 | 3,543 | 30,688 | 2,303 | — | — | — | 44,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial development | --- | --- | --- | 140 | --- | 189 | 49 | --- | 378 | — | — | 86 | 626 | — | — | — | — | 712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential improved | --- | --- | 7,100 | 63,957 | 2,628 | 1,657 | 6 | --- | 75,348 | — | — | 19,645 | 78,337 | 311 | 192 | 15 | — | 98,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial improved | --- | 2,433 | 66,259 | 210,449 | 9,084 | 1,125 | 128 | --- | 289,478 | — | 5,292 | 62,756 | 222,152 | 4,751 | 364 | 303 | — | 295,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manufacturing & industrial | --- | 1,665 | 38,719 | 51,718 | 3,076 | 609 | --- | --- | 95,787 | — | 3,372 | 24,799 | 81,261 | 5,455 | — | — | — | 114,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | --- | $ | 31,717 | $ | 250,321 | $ | 641,339 | $ | 33,840 | $ | 9,887 | $ | 219 | $ | --- | $ | 967,323 | $ | 15,000 | $ | 32,007 | $ | 275,730 | $ | 726,906 | $ | 24,611 | $ | 6,610 | $ | 1,192 | $ | — | $ | 1,082,056 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Not classified as impaired | $ | 2,010 | $ | 2,608 | $ | 591 | $ | — | ||||||||
Classified as impaired | 6,431 | 7,498 | 6,054 | 7,802 | ||||||||||||
Total commercial loans classified substandard or worse | $ | 8,441 | $ | 10,106 | $ | 6,645 | $ | 7,802 |
December 31, 2017 | Residential Mortgage | Consumer Unsecured | Home Equity | Consumer Other | ||||||||||||||||||||||||||||
December 31, 2019 | Residential Mortgage | Consumer Unsecured | Home Equity | Consumer Other | ||||||||||||||||||||||||||||
Performing | $ | 224,452 | $ | 226 | $ | 82,234 | $ | 6,254 | $ | 210,946 | $ | 274 | $ | 70,936 | $ | 5,338 | ||||||||||||||||
Nonperforming | --- | --- | --- | --- | 103 | — | — | — | ||||||||||||||||||||||||
Total | $ | 224,452 | $ | 226 | $ | 82,234 | $ | 6,254 | $ | 211,049 | $ | 274 | $ | 70,936 | $ | 5,338 |
December 31, 2016 | Residential Mortgage | Consumer Unsecured | Home Equity | Consumer Other | ||||||||||||
Performing | $ | 217,558 | $ | 396 | $ | 88,113 | $ | 7,366 | ||||||||
Nonperforming | 56 | --- | --- | --- | ||||||||||||
Total | $ | 217,614 | $ | 396 | $ | 88,113 | $ | 7,366 |
December 31, 2018 | Residential Mortgage | Consumer Unsecured | Home Equity | Consumer Other | ||||||||||||
Performing | $ | 238,064 | $ | 130 | $ | 78,502 | $ | 6,795 | ||||||||
Nonperforming | 110 | — | 1 | — | ||||||||||||
Total | $ | 238,174 | $ | 130 | $ | 78,503 | $ | 6,795 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Beginning balance | $ | 22,864 | $ | 28,377 | $ | 43,071 | $ | 4,183 | $ | 9,140 | ||||||||||
Additions, transfers from loans | 120 | 339 | 2,520 | — | 293 | |||||||||||||||
Proceeds from sales of other real estate owned | (7,034 | ) | (5,339 | ) | (11,540 | ) | (589 | ) | (2,212 | ) | ||||||||||
Valuation allowance reversal upon sale | (7,367 | ) | (1,158 | ) | (4,748 | ) | (453 | ) | (2,893 | ) | ||||||||||
Gain (loss) on sales of other real estate owned | 557 | 645 | (926 | ) | (29 | ) | (145 | ) | ||||||||||||
9,140 | 22,864 | 28,377 | 3,112 | 4,183 | ||||||||||||||||
Less: valuation allowance | (3,373 | ) | (10,611 | ) | (10,805 | ) | (364 | ) | (803 | ) | ||||||||||
Ending balance | $ | 5,767 | $ | 12,253 | $ | 17,572 | $ | 2,748 | $ | 3,380 |
2017 | 2016 | 2015 | ||||||||||
Beginning balance | $ | 10,611 | $ | 10,805 | $ | 14,829 | ||||||
Additions charged to expense | 129 | 964 | 724 | |||||||||
Reversals upon sale | (7,367 | ) | (1,158 | ) | (4,748 | ) | ||||||
Ending balance | $ | 3,373 | $ | 10,611 | $ | 10,805 |
2019 | 2018 | |||||||
Beginning balance | $ | 803 | $ | 3,373 | ||||
Additions charged to expense | 14 | 323 | ||||||
Reversals upon sale | (453 | ) | (2,893 | ) | ||||
Ending balance | $ | 364 | $ | 803 |
Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. |
Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |
Significant unobservable inputs that reflect a reporting |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
December 31, 2019 | ||||||||||||||||
Available for sale securities | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 74,749 | $ | — | $ | 74,749 | $ | — | ||||||||
U.S. Agency MBS and CMOs | 46,201 | — | 46,201 | — | ||||||||||||
Tax-exempt state and municipal bonds | 45,962 | — | 45,962 | — | ||||||||||||
Taxable state and municipal bonds | 52,022 | — | 52,022 | — | ||||||||||||
Corporate bonds and other debt securities | 6,315 | — | 6,315 | — | ||||||||||||
Other equity securities | 1,481 | — | 1,481 | — | ||||||||||||
Loans held for sale | 3,294 | — | 3,294 | — | ||||||||||||
Interest rate swaps | 1,830 | — | — | 1,830 | ||||||||||||
Interest rate swaps | (1,830 | ) | — | — | (1,830 | ) | ||||||||||
December 31, 2018 | ||||||||||||||||
Available for sale securities | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 95,398 | $ | — | $ | 95,398 | $ | — | ||||||||
U.S. Agency MBS and CMOs | 32,890 | — | 32,890 | — | ||||||||||||
Tax-exempt state and municipal bonds | 45,127 | — | 45,127 | — | ||||||||||||
Taxable state and municipal bonds | 45,934 | — | 45,934 | — | ||||||||||||
Corporate bonds and other debt securities | 7,637 | — | 7,637 | — | ||||||||||||
Other equity securities | 1,438 | — | 1,438 | — | ||||||||||||
Loans held for sale | 415 | — | 415 | — | ||||||||||||
Interest rate swaps | 700 | — | — | 700 | ||||||||||||
Interest rate swaps | (700 | ) | — | — | (700 | ) |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
December 31, 2017 | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 101,964 | $ | --- | $ | 101,964 | $ | --- | ||||||||
U.S. Agency MBS and CMOs | 23,385 | --- | 23,385 | --- | ||||||||||||
Tax-exempt state and municipal bonds | 42,057 | --- | 42,057 | --- | ||||||||||||
Taxable state and municipal bonds | 43,735 | --- | 43,735 | --- | ||||||||||||
Corporate bonds and other debt securities | 8,109 | --- | 8,109 | --- | ||||||||||||
Other equity securities | 1,470 | --- | 1,470 | --- | ||||||||||||
Loans held for sale | 1,208 | --- | 1,208 | --- | ||||||||||||
Interest rate swaps | 197 | --- | --- | 197 | ||||||||||||
Interest rate swaps | (197 | ) | --- | --- | (197 | ) | ||||||||||
December 31, 2016 | ||||||||||||||||
U.S. Treasury and federal agency securities | $ | 84,350 | $ | --- | $ | 84,350 | $ | --- | ||||||||
U.S. Agency MBS and CMOs | 11,817 | --- | 11,817 | --- | ||||||||||||
Tax-exempt state and municipal bonds | 13,187 | --- | 13,187 | --- | ||||||||||||
Taxable state and municipal bonds | 33,883 | --- | 33,883 | --- | ||||||||||||
Corporate bonds and other debt securities | 13,726 | --- | 13,726 | --- | ||||||||||||
Other equity securities | 1,470 | --- | 1,470 | --- | ||||||||||||
Loans held for sale | 2,181 | --- | 2,181 | --- | ||||||||||||
Interest rate swaps | 494 | --- | --- | 494 | ||||||||||||
Interest rate swaps | (494 | ) | --- | --- | (494 | ) |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 2,278 | $ | --- | $ | --- | $ | 2,278 | $ | 5,151 | $ | — | $ | — | $ | 5,151 | ||||||||||||||||
Other real estate owned | 3,658 | --- | --- | 3,658 | 405 | — | — | 405 | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
Impaired loans | $ | 3,436 | $ | --- | $ | --- | $ | 3,436 | $ | 3,211 | $ | — | $ | — | $ | 3,211 | ||||||||||||||||
Other real estate owned | 9,542 | --- | --- | 9,542 | 1,205 | — | — | 1,205 |
Asset Fair Value | Valuation Technique | Unobservable Inputs | Range (%) | ||||||||
December 31, 2017 | |||||||||||
Impaired Loans | $ | 2,278 | Sales comparison approach | Adjustment for differences between comparable sales | 2.0 to 15.0 | ||||||
Income approach | Capitalization rate | 9.5 to 11.0 | |||||||||
Other real estate owned | 3,658 | Sales comparison approach | Adjustment for differences between comparable sales | 3.0 to 22.0 | |||||||
Income approach | Capitalization rate | 9.5 to 11.0 |
Asset Fair Value | Valuation Technique | Unobservable Inputs | Range (%) | ||||||
December 31, 2019 | |||||||||
Impaired loans | $ | 5,151 | Sales comparison approach | Adjustment for differences between comparable sales | 1.5 to 20.0 | ||||
Income approach | Capitalization rate | 9.5 to 11.0 | |||||||
Other real estate owned | 405 | Sales comparison approach | Adjustment for differences between comparable sales | 3.0 to 20.0 | |||||
Income approach | Capitalization rate | 9.5 to 11.0 |
Asset Fair Value | Valuation Technique | Unobservable Inputs | Range (%) | ||||||||
December 31, 2016 | |||||||||||
Impaired Loans | $ | 3,436 | Sales comparison approach | Adjustment for differences between comparable sales | 1.0 to 35.0 | ||||||
Income approach | Capitalization rate | 9.5 to 11.5 | |||||||||
Other real estate owned | 9,542 | Sales comparison approach | Adjustment for differences between comparable sales | 2.0 to 32.5 | |||||||
Income approach | Capitalization rate | 9.5 to 11.5 |
Asset Fair Value | Valuation Technique | Unobservable Inputs | Range (%) | ||||||
December 31, 2018 | |||||||||
Impaired loans | $ | 3,211 | Sales comparison approach | Adjustment for differences between comparable sales | 1.0 to 15.0 | ||||
Income approach | Capitalization rate | 9.5 to 11.0 | |||||||
Other real estate owned | 1,205 | Sales comparison approach | Adjustment for differences between comparable sales | 3.0 to 20.0 | |||||
Income approach | Capitalization rate | 9.5 to 11.0 |
Level in Fair Value Hierarchy | 2017 | 2016 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Level in Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||||||||
Cash and due from banks | Level 1 | $ | 34,945 | $ | 34,945 | $ | 27,690 | $ | 27,690 | Level 1 | $ | 31,942 | $ | 31,942 | $ | 40,526 | $ | 40,526 | |||||||||||||||||
Cash equivalents | Level 2 | 126,522 | 126,522 | 62,129 | 62,129 | ||||||||||||||||||||||||||||||
Federal funds sold and other short-term investments | Level 2 | 240,508 | 240,508 | 130,758 | 130,758 | ||||||||||||||||||||||||||||||
Securities held to maturity | Level 3 | 85,827 | 86,452 | 69,378 | 69,849 | Level 3 | 82,720 | 85,128 | 70,334 | 71,505 | |||||||||||||||||||||||||
FHLB stock | 11,558 | NA | 11,558 | NA | 11,558 | NA | 11,558 | NA | |||||||||||||||||||||||||||
Loans, net | Level 2 | 1,301,431 | 1,296,633 | 1,260,414 | 1,247,842 | Level 2 | 1,363,276 | 1,395,446 | 1,385,571 | 1,403,005 | |||||||||||||||||||||||||
Bank owned life insurance | Level 3 | 40,243 | 40,243 | 39,274 | 39,274 | Level 3 | 42,156 | 42,156 | 41,185 | 41,185 | |||||||||||||||||||||||||
Accrued interest receivable | Level 2 | 4,680 | 4,680 | 4,092 | 4,092 | Level 2 | 4,866 | 4,866 | 5,279 | 5,279 | |||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||||||||
Deposits | Level 2 | (1,579,010 | ) | (1,579,016 | ) | (1,448,724 | ) | (1,448,692 | ) | Level 2 | (1,753,294 | ) | (1,753,877 | ) | (1,676,739 | ) | (1,677,634 | ) | |||||||||||||||||
Other borrowed funds | Level 2 | (92,118 | ) | (91,313 | ) | (84,173 | ) | (84,051 | ) | Level 2 | (60,000 | ) | (61,006 | ) | (60,000 | ) | (59,092 | ) | |||||||||||||||||
Long-term debt | Level 2 | (41,238 | ) | (36,546 | ) | (41,238 | ) | (36,112 | ) | Level 2 | (20,619 | ) | (18,167 | ) | (41,238 | ) | (37,046 | ) | |||||||||||||||||
Accrued interest payable | Level 2 | (604 | ) | (604 | ) | (282 | ) | (282 | ) | Level 2 | (518 | ) | (518 | ) | (503 | ) | (503 | ) | |||||||||||||||||
Off-balance sheet credit-related items | |||||||||||||||||||||||||||||||||||
Loan commitments | --- | --- | --- | --- | — | — | — | — |
2017 | 2016 | |||||||
Land | $ | 16,384 | $ | 18,227 | ||||
Building | 43,625 | 43,600 | ||||||
Leasehold improvements | 782 | 779 | ||||||
Furniture and equipment | 21,680 | 20,576 | ||||||
Construction in progress | 243 | 358 | ||||||
82,714 | 83,540 | |||||||
Less accumulated depreciation | (36,085 | ) | (33,514 | ) | ||||
$ | 46,629 | $ | 50,026 |
2019 | 2018 | |||||||
Land | $ | 15,861 | $ | 15,861 | ||||
Building | 44,283 | 43,912 | ||||||
Leasehold improvements | 263 | 263 | ||||||
Furniture and equipment | 21,230 | 20,176 | ||||||
Construction in progress | 124 | 508 | ||||||
81,761 | 80,720 | |||||||
Less accumulated depreciation | (38,344 | ) | (35,858 | ) | ||||
$ | 43,417 | $ | 44,862 |
2018 | $ | 241 | ||||||
2019 | 238 | |||||||
2020 | 132 | $ | 331 | |||||
2021 | --- | 125 | ||||||
2022 | --- | 111 | ||||||
2023 | 53 | |||||||
2024 | 14 | |||||||
Thereafter | --- | — | ||||||
$ | 611 | $ | 634 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Noninterest-bearing demand | $ | 490,583 | $ | 501,478 | $ | 482,499 | $ | 485,530 | ||||||||
Interest bearing demand | 408,865 | 340,715 | 479,341 | 456,260 | ||||||||||||
Savings and money market accounts | 587,931 | 532,853 | 639,329 | 609,425 | ||||||||||||
Certificates of deposit | 91,631 | 73,678 | 152,125 | 125,524 | ||||||||||||
$ | 1,579,010 | $ | 1,448,724 | $ | 1,753,294 | $ | 1,676,739 |
2018 | $ | 62,875 | ||||||
2019 | 19,769 | |||||||
2020 | 6,477 | $ | 120,799 | |||||
2021 | 1,604 | 25,074 | ||||||
2022 | 906 | 4,400 | ||||||
2023 | 1,481 | |||||||
2024 | 371 | |||||||
Thereafter | --- | — | ||||||
$ | 91,631 | $ | 152,125 |
Principal Terms | Advance Amount | Range of Maturities | Weighted Average | Advance Amount | Range of Maturities | Weighted Average Interest Rate | ||||||||||||
December 31, 2017 | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||
Single maturity fixed rate advances | $ | 70,000 | February 2018 to April 2021 | 1.59 | % | $ | 40,000 | April 2021 to July 2024 | 2.50 | % | ||||||||
Amortizable mortgage advances | 2,118 | March 2018 to July 2018 | 3.78 | % | ||||||||||||||
Putable Advances | 20,000 | November 2024 | 1.81 | % | 20,000 | November 2024 | 1.81 | % | ||||||||||
$ | 92,118 | $ | 60,000 |
Principal Terms | Advance Amount | Range of Maturities | Weighted Average | Advance Amount | Range of Maturities | Weighted Average Interest Rate | ||||||||||||
December 31, 2016 | ||||||||||||||||||
December 31, 2018 | ||||||||||||||||||
Single maturity fixed rate advances | $ | 80,000 | February 2018 to April 2021 | 1.60 | % | $ | 40,000 | February 2019 to July 2024 | 2.27 | % | ||||||||
Amortizable mortgage advances | 4,173 | March 2018 to July 2018 | 3.78 | % | ||||||||||||||
Putable Advances | 20,000 | November 2024 | 1.81 | % | ||||||||||||||
$ | 84,173 | $ | 60,000 |
2018 | $ | 52,118 | ||||||
2019 | 10,000 | |||||||
2020 | --- | $ | — | |||||
2021 | 10,000 | 10,000 | ||||||
2022 | --- | — | ||||||
2023 | 10,000 | |||||||
2024 | 40,000 | |||||||
Thereafter | 20,000 | — | ||||||
$ | 92,118 | $ | 60,000 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Beginning balance | $ | 24,333 | $ | 17,351 | $ | 28,743 | $ | 28,538 | ||||||||
New loans and renewals | 31,560 | 13,223 | 3,343 | 19,200 | ||||||||||||
Repayments and renewals | (27,355 | ) | (12,648 | ) | (3,548 | ) | (18,995 | ) | ||||||||
Effect of changes in related parties | --- | 6,407 | (144 | ) | — | |||||||||||
Ending balance | $ | 28,538 | $ | 24,333 | $ | 28,394 | $ | 28,743 |
Options | Number Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | ||||||||||||
Outstanding at January 1, 2017 | 53,000 | $ | 8.57 | --- | --- | |||||||||||
Exercised | (8,000 | ) | 8.57 | --- | --- | |||||||||||
Expired | --- | --- | --- | --- | ||||||||||||
Outstanding at December 31, 2017 | 45,000 | $ | 8.57 | 0.05 | $ | 64,350 | ||||||||||
Exercisable at December 31, 2017 | 45,000 | $ | 8.57 | 0.05 | $ | 64,350 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Intrinsic value of options exercised | $ | --- | $ | --- | $ | --- | $ | — | $ | 72 | ||||||||||
Cash received from option exercises | 68 | --- | --- | — | 386 | |||||||||||||||
Tax benefit realized from option exercises | 8 | --- | --- | — | 19 |
Nonvested Stock Awards | Shares | Weighted- Average Grant-Date Fair Value | Aggregate Intrinsic Value | Shares | Weighted- Average Grant-Date Fair Value | Aggregate Intrinsic Value | ||||||||||||||||||
Outstanding at January 1, 2017 | 132,548 | $ | 6.88 | $ | 1,325,480 | |||||||||||||||||||
Outstanding at January 1, 2019 | 90,226 | $ | 10.13 | $ | 1,004,215 | |||||||||||||||||||
Granted | 49,770 | 9.87 | 497,700 | 83,910 | 10.32 | 933,918 | ||||||||||||||||||
Vested | (70,215 | ) | 6.26 | 702,150 | (36,770 | ) | 10.00 | 409,250 | ||||||||||||||||
Forfeited | (7,055 | ) | 6.60 | 70,550 | (16,379 | ) | 10.14 | 182,298 | ||||||||||||||||
Outstanding at December 31, 2017 | 105,048 | $ | 8.73 | $ | 1,050,480 | |||||||||||||||||||
Outstanding at December 31, 2019 | 120,987 | $ | 10.30 | $ | 1,346,585 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Net income available to common shares | $ | 16,292 | $ | 15,951 | $ | 12,794 | ||||||||||||||
Net income | $ | 31,979 | $ | 26,379 | ||||||||||||||||
Weighted average shares outstanding, including participating stock awards - Basic | 33,946,520 | 33,922,548 | 33,872,814 | 34,056,200 | 34,018,259 | |||||||||||||||
Dilutive potential common shares: | ||||||||||||||||||||
Stock options | 6,352 | --- | --- | — | 295 | |||||||||||||||
Stock warrants | --- | --- | --- | |||||||||||||||||
Weighted average shares outstanding - Diluted | 33,952,872 | 33,922,548 | 33,872,814 | 34,056,200 | 34,018,554 | |||||||||||||||
Basic earnings per common share | $ | 0.48 | $ | 0.47 | $ | 0.38 | $ | 0.94 | $ | 0.78 | ||||||||||
Diluted earnings per common share | $ | 0.48 | $ | 0.47 | $ | 0.38 | $ | 0.94 | $ | 0.78 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Current | $ | 5,759 | $ | 5,289 | $ | 2,335 | $ | 7,172 | $ | 5,377 | ||||||||||
Deferred | 2,450 | 942 | 3,291 | 290 | 502 | |||||||||||||||
Effect of change in enacted federal income tax rate on deferred items | 2,524 | --- | --- | |||||||||||||||||
Change in valuation allowance | — | 92 | ||||||||||||||||||
$ | 10,733 | $ | 6,231 | $ | 5,626 | $ | 7,462 | $ | 5,971 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | 21 | % | 21 | % | ||||||||||
Statutory rate applied to income before taxes | $ | 9,459 | $ | 7,764 | $ | 6,447 | $ | 8,283 | $ | 6,794 | ||||||||||
Adjust for: | ||||||||||||||||||||
Tax-exempt interest income | (762 | ) | (620 | ) | (529 | ) | (703 | ) | (700 | ) | ||||||||||
Bank-owned life insurance | (339 | ) | (342 | ) | (232 | ) | (204 | ) | (198 | ) | ||||||||||
Tax return credits and other adjustments | (5 | ) | (513 | ) | --- | |||||||||||||||
Effect of change in enacted federal income tax rate on deferred items | 2,524 | --- | --- | |||||||||||||||||
Change in valuation allowance | — | 92 | ||||||||||||||||||
Other, net | (144 | ) | (58 | ) | (60 | ) | 86 | (17 | ) | |||||||||||
$ | 10,733 | $ | 6,231 | $ | 5,626 | $ | 7,462 | $ | 5,971 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Deferred tax assets | ||||||||||||||||
Allowance for loan losses | $ | 3,486 | $ | 5,937 | $ | 3,612 | $ | 3,544 | ||||||||
Nonaccrual loan interest | 346 | 718 | 182 | 268 | ||||||||||||
Valuation allowance on other real estate owned | 708 | 3,714 | ||||||||||||||
Valuation allowance on other real estate owned and property held for sale | 76 | 218 | ||||||||||||||
Unrealized loss on securities available for sale | 417 | 799 | — | 606 | ||||||||||||
Other | 229 | 176 | 248 | 302 | ||||||||||||
Gross deferred tax assets | 5,186 | 11,344 | 4,118 | 4,938 | ||||||||||||
Valuation allowance | --- | --- | (92 | ) | (92 | ) | ||||||||||
Total net deferred tax assets | 5,186 | 11,344 | 4,026 | 4,846 | ||||||||||||
Deferred tax liabilities | ||||||||||||||||
Depreciation | (977 | ) | (1,705 | ) | $ | (1,053 | ) | $ | (1,005 | ) | ||||||
Prepaid expenses | (183 | ) | (399 | ) | (172 | ) | (200 | ) | ||||||||
Unrealized gain on securities available for sale | --- | --- | (406 | ) | — | |||||||||||
Other | (241 | ) | (377 | ) | (317 | ) | (261 | ) | ||||||||
Gross deferred tax liabilities | (1,401 | ) | (2,481 | ) | (1,948 | ) | (1,466 | ) | ||||||||
Net deferred tax asset | $ | 3,785 | $ | 8,863 | $ | 2,078 | $ | 3,380 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
Commitments to make loans | $ | 111,681 | $ | 90,293 | ||||||||||||
Commitments to extend credit | $ | 65,648 | $ | 77,391 | ||||||||||||
Letters of credit | 11,317 | 13,823 | 15,303 | 15,802 | ||||||||||||
Unused lines of credit | 457,485 | 437,435 | 502,200 | 486,203 |
Actual | Minimum Capital | Minimum Capital Adequacy With | To Be Well Capitalized Under | Actual | Minimum Capital Adequacy | Minimum Capital Adequacy With Capital Buffer | To Be Well Capitalized Under Prompt Corrective Action Regulations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 174,258 | 11.3 | % | $ | 69,326 | 4.5 | % | $ | 88,583 | 5.8 | % | N/A | N/A | $ | 215,925 | 13.5 | % | $ | 72,187 | 4.5 | % | $ | 112,290 | 7.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Bank | 208,356 | 13.5 | 69,257 | 4.5 | 88,495 | 5.8 | $ | 100,038 | 6.5 | % | 228,761 | 14.3 | 72,182 | 4.5 | 112,284 | 7.0 | $ | 104,263 | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 214,258 | 13.9 | 92,435 | 6.0 | 111,692 | 7.3 | N/A | N/A | 235,925 | 14.7 | 96,249 | 6.0 | 136,353 | 8.5 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank | 208,356 | 13.5 | 92,343 | 6.0 | 111,581 | 7.3 | 123,124 | 8.0 | 228,761 | 14.3 | 96,243 | 6.0 | 136,344 | 8.5 | 128,324 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 230,858 | 15.0 | 123,246 | 8.0 | 142,504 | 9.3 | N/A | N/A | 253,125 | 15.8 | 128,332 | 8.0 | 168,436 | 10.5 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank | 224,956 | 14.6 | 123,124 | 8.0 | 142,362 | 9.3 | 153,905 | 10.0 | 245,961 | 15.3 | 128,324 | 8.0 | 168,425 | 10.5 | 160,405 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 214,258 | 11.9 | 72,138 | 4.0 | N/A | N/A | N/A | N/A | 235,925 | 11.5 | 82,130 | 4.0 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank | 208,356 | 11.6 | 72,076 | 4.0 | N/A | N/A | 90,095 | 5.0 | 228,761 | 11.2 | 82,070 | 4.0 | N/A | N/A | 102,587 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | $ | 163,663 | 11.0 | % | $ | 66,743 | 4.5 | % | $ | 76,013 | 5.1 | % | N/A | N/A | $ | 193,131 | 12.0 | % | $ | 72,381 | 4.5 | % | $ | 102,540 | 6.4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Bank | 197,972 | 13.4 | 66,737 | 4.5 | 76,006 | 5.1 | $ | 96,398 | 6.5 | % | 226,531 | 14.1 | 72,371 | 4.5 | 102,526 | 6.4 | $ | 104,536 | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 203,663 | 13.7 | 88,991 | 6.0 | 98,261 | 6.6 | N/A | N/A | 233,131 | 14.5 | 96,508 | 6.0 | 126,667 | 7.9 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank | 197,972 | 13.4 | 88,983 | 6.0 | 98,252 | 6.6 | 118,644 | 8.0 | 226,531 | 14.1 | 96,495 | 6.0 | 126,649 | 7.9 | 128,660 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 220,625 | 14.9 | 118,655 | 8.0 | 127,925 | 8.6 | N/A | N/A | 250,007 | 15.5 | 128,678 | 8.0 | 158,837 | 9.9 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank | 214,934 | 14.5 | 118,644 | 8.0 | 127,913 | 8.6 | 148,305 | 10.0 | 243,407 | 15.1 | 128,660 | 8.0 | 158,814 | 9.9 | 160,825 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | 203,663 | 12.0 | 67,810 | 4.0 | N/A | N/A | N/A | N/A | 233,131 | 12.1 | 76,963 | 4.0 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Bank | 197,972 | 11.7 | 67,742 | 4.0 | N/A | N/A | 84,677 | 5.0 | 226,531 | 11.8 | 76,902 | 4.0 | N/A | N/A | 96,128 | 5.0 |
2017 | 2016 | 2019 | 2018 | |||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 5,972 | $ | 5,542 | $ | 7,289 | $ | 6,425 | ||||||||
Investment in Bank subsidiary | 207,084 | 196,548 | 230,305 | 224,253 | ||||||||||||
Investment in other subsidiaries | 1,459 | 1,471 | 650 | 1,441 | ||||||||||||
Other assets | 73 | 134 | 107 | 227 | ||||||||||||
Total assets | $ | 214,588 | $ | 203,695 | $ | 238,351 | $ | 232,346 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Long-term debt | 41,238 | 41,238 | 20,619 | 41,238 | ||||||||||||
Other liabilities | 364 | 218 | 263 | 255 | ||||||||||||
Total liabilities | 41,602 | 41,456 | 20,882 | 41,493 | ||||||||||||
Total shareholders' equity | 172,986 | 162,239 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 214,588 | $ | 203,695 | ||||||||||||
Total shareholders’ equity | 217,469 | 190,853 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 238,351 | $ | 232,346 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
INCOME | ||||||||||||||||||||
Dividends from subsidiaries | $ | 7,918 | $ | 6,238 | $ | 5,160 | $ | 32,610 | $ | 11,121 | ||||||||||
Other | --- | --- | --- | — | — | |||||||||||||||
Total income | 7,918 | 6,238 | 5,160 | 32,610 | 11,121 | |||||||||||||||
EXPENSE | ||||||||||||||||||||
Interest expense | 1,713 | 1,503 | 1,331 | 2,232 | 2,127 | |||||||||||||||
Other expense | 655 | 665 | 592 | 720 | 679 | |||||||||||||||
Total expense | 2,368 | 2,168 | 1,923 | 2,952 | 2,806 | |||||||||||||||
Income before income tax and equity in undistributed earnings of subsidiaries | 5,550 | 4,070 | 3,237 | 29,658 | 8,315 | |||||||||||||||
Equity in undistributed earnings of subsidiaries | 9,921 | 11,128 | 8,893 | 1,678 | 17,484 | |||||||||||||||
Income before income tax | 15,471 | 15,198 | 12,130 | 31,336 | 25,799 | |||||||||||||||
Income tax benefit | (821 | ) | (753 | ) | (664 | ) | (643 | ) | (580 | ) | ||||||||||
Net income | $ | 16,292 | $ | 15,951 | $ | 12,794 | $ | 31,979 | $ | 26,379 | ||||||||||
Comprehensive income | $ | 16,485 | $ | 14,120 | $ | 13,080 | $ | 35,801 | $ | 25,646 |
2017 | 2016 | 2015 | 2019 | 2018 | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | 16,292 | $ | 15,951 | $ | 12,794 | $ | 31,979 | $ | 26,379 | ||||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
Equity in undistributed earnings of subsidiaries | (9,921 | ) | (11,128 | ) | (8,893 | ) | (1,678 | ) | (17,484 | ) | ||||||||||
Stock compensation expense | 55 | 33 | 18 | 47 | 52 | |||||||||||||||
Change in other assets | 61 | 148 | 2,237 | 120 | (154 | ) | ||||||||||||||
Change in other liabilities | 146 | 38 | (9 | ) | 8 | (109 | ) | |||||||||||||
Net cash from operating activities | 6,633 | 5,042 | 6,147 | 30,476 | 8,684 | |||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Investment in subsidiaries | --- | --- | --- | 619 | — | |||||||||||||||
Net cash from investing activities | --- | --- | --- | 619 | — | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from issuance of common stock | 68 | --- | --- | — | 386 | |||||||||||||||
Repayment of other borrowings | (20,619 | ) | ||||||||||||||||||
Cash dividends paid | (6,088 | ) | (4,049 | ) | (3,702 | ) | (9,511 | ) | (8,481 | ) | ||||||||||
Common stock issuance costs | --- | --- | --- | — | — | |||||||||||||||
Repurchases of shares | (183 | ) | (269 | ) | (171 | ) | (101 | ) | (136 | ) | ||||||||||
Net cash from financing activities | (6,203 | ) | (4,318 | ) | (3,873 | ) | (30,231 | ) | (8,231 | ) | ||||||||||
Net change in cash and cash equivalents | 430 | 724 | 2,274 | 864 | 453 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,542 | 4,818 | 2,544 | 6,425 | 5,972 | |||||||||||||||
Cash and cash equivalents at end of year | $ | 5,972 | $ | 5,542 | $ | 4,818 | $ | 7,289 | $ | 6,425 |
Earnings Per Common Share | Earnings Per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Income | Net Interest Income | Provision for Loan Losses | Net Income | Basic | Diluted | Interest Income | Net Interest Income | Provision for Loan Losses | Net Income | Basic | Diluted | |||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 13,848 | $ | 12,583 | $ | (500 | ) | $ | 4,460 | $ | 0.13 | $ | 0.13 | $ | 19,189 | $ | 16,021 | $ | (250 | ) | $ | 7,646 | $ | 0.22 | $ | 0.22 | ||||||||||||||||||||||
Second quarter | 14,042 | 12,705 | (500 | ) | 4,762 | 0.14 | 0.14 | 19,239 | 15,955 | (200 | ) | 8,003 | 0.24 | 0.24 | ||||||||||||||||||||||||||||||||||
Third quarter | 14,626 | 13,138 | (350 | ) | 4,876 | 0.15 | 0.15 | 19,079 | 15,836 | — | 8,158 | 0.24 | 0.24 | |||||||||||||||||||||||||||||||||||
Fourth quarter | 15,160 | 13,517 | --- | 2,194 | 0.06 | 0.06 | 18,435 | 15,675 | — | 8,172 | 0.24 | 0.24 | ||||||||||||||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 13,008 | $ | 11,738 | $ | (100 | ) | $ | 3,495 | $ | 0.10 | $ | 0.10 | $ | 16,019 | $ | 14,182 | $ | (100 | ) | $ | 5,755 | $ | 0.17 | $ | 0.17 | ||||||||||||||||||||||
Second quarter | 12,873 | 11,608 | (750 | ) | 3,745 | 0.11 | 0.11 | 16,836 | 14,653 | (300 | ) | 6,728 | 0.20 | 0.20 | ||||||||||||||||||||||||||||||||||
Third quarter | 13,122 | 11,902 | (250 | ) | 4,603 | 0.14 | 0.14 | 17,687 | 15,162 | — | 6,852 | 0.20 | 0.20 | |||||||||||||||||||||||||||||||||||
Fourth quarter | 13,496 | 12,292 | (250 | ) | 4,108 | 0.12 | 0.12 | 18,496 | 15,628 | 850 | 7,043 | 0.21 | 0.21 |
(a) Evaluation of Disclosure Controls and Procedures. |
(b) Changes in Internal Controls. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
Equity Compensation Plan Information | Equity Compensation Plan Information | ||||||||||||||
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average Exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted-average Exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||
Equity compensation plans approved by security holders (1) | 45,000 | $8.57 | 1,322,092 | 0 | N/A | 1,213,776 | |||||||||
Equity compensation plans not approved by security holders | 0 | N/A | 0 | 0 | N/A | 0 | |||||||||
Total | 45,000 | $8.57 | 1,322,092 | 0 | N/A | 1,213,776 |
(1) | Consists of |
(a) 1. | The following documents are filed as part of Item 8 of this report: |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets as of December 31, | |
Consolidated Statements of Income for the years ended December 31, | |
Consolidated Statements of Comprehensive Income for the years ended December 31, | |
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, Consolidated Statements of Cash Flows for the years ended December 31, | |
Notes to Consolidated Financial Statements | |
(a) 2. | Financial statement schedules are omitted because they are not required or because the information is set forth in the consolidated financial statements or related notes. |
(a) 3. | The following exhibits are filed as part of this report: |
Restated Articles of Incorporation. Previously filed with the Commission on October 27, 2016 in Macatawa Bank Corporation’s Quarterly Report on Form 10-Q, Exhibit 3.1. Here incorporated by reference. | |
Bylaws. Previously filed with the Commission on February 19, 2015 in Macatawa Bank Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014, Exhibit 3.2. Here incorporated by reference. | |
Restated Articles of Incorporation. Exhibit 3.1 is here incorporated by reference. | |
Bylaws. Exhibit 3.2 is here incorporated by reference. | |
4.3 | Long-Term Debt. The registrant has outstanding long-term debt which at the time of this report does not exceed 10% of the |
Description of Rights of Shareholders. | |
Form of Restricted Stock Agreement. Previously filed with the Commission on February | |
Macatawa Bank Corporation Stock Incentive Plan of | |
Change in control agreements between Macatawa Bank Corporation and its Chief Executive Officer, its Chief Operating Officer, and its Chief Financial Officer. Previously filed with the Commission on Form 8-K on June 22, 2015, Exhibits 10.1 and 10.2, and on Form 8-K on February 1, 2017, Exhibit 10.1. Here incorporated by reference. | |
Form of Indemnity Agreement between Macatawa Bank Corporation and certain of its directors. Previously filed with the Commission on February 18, 2016 in Macatawa Bank Corporation’s Annual Report on Form 10-K for the year ended December 31, 2015, Exhibit 10.10. Here incorporated by reference. | |
Board Representation Agreement dated November 5, 2008, between Macatawa Bank Corporation and White Bay Capital, LLC. Previously filed with the Commission on | |
Subsidiaries of the Registrant. One or more subsidiaries were omitted from this exhibit in accordance with Item 601(b)(21)(ii) of Regulation S-K. | |
Consent of BDO USA, LLP, independent registered public accounting firm. | |
Powers of Attorney. | |
Certification of Chief Executive Officer. | |
Certification of Chief Financial Officer. | |
Certification pursuant to 18 U.S.C. § 1350. | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Management contract or compensatory plan. |
MACATAWA BANK CORPORATION | |
/s/ Ronald L. Haan | |
Ronald L. Haan | |
Chief Executive Officer | |
(Principal Executive Officer) | |
/s/ Jon W. Swets | |
Jon W. Swets | |
Senior Vice President and Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
Signature | ||
*/s/ Richard L. Postma | February | |
Richard L. Postma, Chairman of the Board | ||
/s/ Ronald L. Haan | February | |
Ronald L. Haan, Chief Executive Officer | ||
*/s/ | ||
February | ||
Douglas B. Padnos, Director | ||
*/s/ Michael K. Le Roy | February | |
Michael K. Le Roy, Director | ||
*/s/ Charles A. Geenen | February | |
Charles A. Geenen, Director | ||
*/s/ Birgit M. Klohs | February | |
Birgit M. Klohs, Director | ||
*/s/ Robert L. Herr | February | |
Robert L. Herr, Director | ||
*/s/ Thomas P. Rosenbach | February | |
Thomas P. Rosenbach, Director |
*By: | /s/ Jon W. Swets | |
Jon W. Swets | ||
Attorney-in-Fact |