Connecticut (State or other jurisdiction of incorporation or organization) | 20-8251355 (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Common Stock, no par value per share | BWFG | NASDAQ Global Market |
Large accelerated filer | Accelerated filer | ||||||||
Non-accelerated filer | Smaller reporting company | ||||||||
Emerging growth company |
| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||
| | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | | $ | 193,524 | | | | | | 12.54% | | | | | $ | 195,729 | | | | | | 14.33% | | | | | $ | 193,110 | | | | | | 16.83% | | |
Commercial | | | | | 987,242 | | | | | | 63.98 | | | | | | 845,322 | | | | | | 61.89 | | | | | | 697,542 | | | | | | 60.79 | | |
Construction | | | | | 101,636 | | | | | | 6.59 | | | | | | 107,441 | | | | | | 7.86 | | | | | | 82,273 | | | | | | 7.17 | | |
| | | | | 1,282,402 | | | | | | 83.11 | | | | | | 1,148,492 | | | | | | 84.08 | | | | | | 972,925 | | | | | | 84.79 | | |
Commercial business | | | | | 259,995 | | | | | | 16.85 | | | | | | 215,914 | | | | | | 15.81 | | | | | | 172,853 | | | | | | 15.06 | | |
Consumer | | | | | 619 | | | | | | 0.04 | | | | | | 1,533 | | | | | | 0.11 | | | | | | 1,735 | | | | | | 0.15 | | |
Total loans | | | | $ | 1,543,016 | | | | | | 100.00% | | | | | $ | 1,365,939 | | | | | | 100.00% | | | | | $ | 1,147,513 | | | | | | 100.00% | | |
|
| | | At December 31, | | |||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||
| | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential | | | | $ | 193,197 | | | | | | 20.78% | | | | | $ | 169,766 | | | | | | 26.86% | | |
Commercial | | | | | 521,181 | | | | | | 56.06 | | | | | | 316,533 | | | | | | 50.08 | | |
Construction | | | | | 63,229 | | | | | | 6.80 | | | | | | 51,545 | | | | | | 8.16 | | |
| | | | | 777,607 | | | | | | 83.64 | | | | | | 537,844 | | | | | | 85.10 | | |
Commercial business | | | | | 149,259 | | | | | | 16.05 | | | | | | 93,566 | | | | | | 14.80 | | |
Consumer | | | | | 2,896 | | | | | | 0.31 | | | | | | 602 | | | | | | 0.10 | | |
Total loans | | | | $ | 929,762 | | | | | | 100.00% | | | | | $ | 632,012 | | | | | | 100.00% | | |
|
At December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 113,557 | $ | 147,109 | $ | 178,079 | $ | 193,524 | $ | 195,729 | |||||||||||||||||||
Commercial | 1,148,383 | 1,128,614 | 1,094,066 | 987,242 | 845,322 | ||||||||||||||||||||||||
Construction | 87,007 | 98,583 | 73,191 | 101,636 | 107,441 | ||||||||||||||||||||||||
1,348,947 | 1,374,306 | 1,345,336 | 1,282,402 | 1,148,492 | |||||||||||||||||||||||||
Commercial business | 276,601 | 230,028 | 258,978 | 259,995 | 215,914 | ||||||||||||||||||||||||
Consumer | 79 | 150 | 412 | 619 | 1,533 | ||||||||||||||||||||||||
Total loans | $ | 1,625,627 | $ | 1,604,484 | $ | 1,604,726 | $ | 1,543,016 | $ | 1,365,939 |
At December 31, | |||||||||||||||||||||||||||||
Percent of Loan Portfolio | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 6.99 | % | 9.17 | % | 11.10 | % | 12.54 | % | 14.33 | % | |||||||||||||||||||
Commercial | 70.64 | 70.34 | 68.18 | 63.98 | 61.89 | ||||||||||||||||||||||||
Construction | 5.35 | 6.14 | 4.56 | 6.59 | 7.86 | ||||||||||||||||||||||||
82.98 | 85.65 | 83.84 | 83.11 | 84.08 | |||||||||||||||||||||||||
Commercial business | 17.02 | 14.34 | 16.14 | 16.85 | 15.81 | ||||||||||||||||||||||||
Consumer | — | 0.01 | 0.02 | 0.04 | 0.11 | ||||||||||||||||||||||||
Total loans | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Branch | Address | Owned or Leased | |||||||||||||||
Elm Street | 208 Elm Street New Canaan, CT 06840 | Lease (expires 2021) | |||||||||||||||
Cherry Street | 156 Cherry Street New Canaan, CT 06840 | Lease (expires 2021) | |||||||||||||||
612 Bedford Street Stamford, CT 06901 | |||||||||||||||||
High Ridge | 1095 High Ridge Road Stamford, CT 06905 | Lease (expires | |||||||||||||||
Black Rock | 2220 Black Rock Turnpike Fairfield, CT 06825 | Lease (expires 2024) | |||||||||||||||
Sasco Hill | One Sasco Hill Road Fairfield, CT 06824 | ||||||||||||||||
Lease (expires 2024) | |||||||||||||||||
Wilton | 47 Old Ridgefield Road Wilton, CT 06897 | Own | |||||||||||||||
Norwalk | 370 Westport Avenue Norwalk, CT 06851 | Lease (expires | |||||||||||||||
Hamden | 2704 Dixwell Avenue Hamden, CT 06518 | Own | |||||||||||||||
Lease (expires 2028) | |||||||||||||||||
Darien | 1065 Post Road Darien, CT |
| | | 2017 | | | 2016 | | ||||||||||||||||||||||||||||||
| | | Sales Price | | | Cash Dividends Declared | | | Sales Price | | | Cash Dividends Declared | | ||||||||||||||||||||||||
| | | High | | | Low | | | High | | | Low | | ||||||||||||||||||||||||
Quarter Ended | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
March 31 | | | | $ | 35.00 | | | | | $ | 28.79 | | | | | $ | 0.07 | | | | | $ | 20.00 | | | | | $ | 18.48 | | | | | $ | 0.05 | | |
June 30 | | | | | 38.50 | | | | | | 29.90 | | | | | | 0.07 | | | | | | 24.85 | | | | | | 19.60 | | | | | | 0.05 | | |
September 30 | | | | | 37.00 | | | | | | 30.92 | | | | | | 0.07 | | | | | | 23.74 | | | | | | 21.61 | | | | | | 0.05 | | |
December 31 | | | | | 37.95 | | | | | | 32.15 | | | | | | 0.07 | | | | | | 34.80 | | | | | | 23.00 | | | | | | 0.07 | | |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
October 1, 2020 - October 31, 2020 | — | $ | — | — | 307,333 | |||||||||||||||||||||
November 1, 2020 - November 30, 2020 | — | — | — | 307,333 | ||||||||||||||||||||||
December 1, 2020 - December 31, 2020 | — | — | — | 307,333 | ||||||||||||||||||||||
Total | — | $ | — | — | 307,333 |
Index | | | 05/15/14 | | | 12/31/14 | | | 12/31/15 | | | 12/31/16 | | | 12/31/17 | | |||||||||||||||
Bankwell Financial Group, Inc. | | | | | 100.00 | | | | | | 116.67 | | | | | | 110.28 | | | | | | 180.56 | | | | | | 190.78 | | |
Nasdaq Composite Index | | | | | 100.00 | | | | | | 116.39 | | | | | | 123.05 | | | | | | 132.29 | | | | | | 169.65 | | |
Nasdaq Bank Index | | | | | 100.00 | | | | | | 109.89 | | | | | | 117.17 | | | | | | 158.21 | | | | | | 163.76 | | |
At or For the Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
Statements of Income: | |||||||||||||||||||||||||||||
Interest income | $ | 77,487 | $ | 82,948 | $ | 80,064 | $ | 71,201 | $ | 60,990 | |||||||||||||||||||
Interest expense | 22,652 | 29,187 | 23,738 | 16,837 | 11,898 | ||||||||||||||||||||||||
Net interest income | 54,835 | 53,761 | 56,326 | 54,364 | 49,092 | ||||||||||||||||||||||||
Provision for loan losses | 7,605 | 437 | 3,440 | 1,341 | 3,914 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 47,230 | 53,324 | 52,886 | 53,023 | 45,178 | ||||||||||||||||||||||||
Noninterest income | 2,884 | 5,244 | 3,900 | 4,629 | 2,676 | ||||||||||||||||||||||||
Noninterest expense | 42,813 | 35,626 | 35,633 | 32,523 | 29,544 | ||||||||||||||||||||||||
Income before income tax | 7,301 | 22,942 | 21,153 | 25,129 | 18,310 | ||||||||||||||||||||||||
Income tax expense | 1,397 | 4,726 | 3,720 | 11,299 | 5,960 | ||||||||||||||||||||||||
Net income | 5,904 | 18,216 | 17,433 | 13,830 | 12,350 | ||||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.75 | $ | 2.32 | $ | 2.23 | $ | 1.80 | $ | 1.64 | |||||||||||||||||||
Diluted earnings per share | $ | 0.75 | $ | 2.31 | $ | 2.21 | $ | 1.78 | $ | 1.62 | |||||||||||||||||||
Book value per share (end of period)(a) | 22.77 | 23.51 | 22.43 | 20.98 | 19.39 | ||||||||||||||||||||||||
Tangible book value per share (end of period)(a)(b) | 22.43 | 23.15 | 22.06 | 20.59 | 18.98 | ||||||||||||||||||||||||
Dividend payout ratio(f) | 74.67 | % | 22.51 | % | 21.72 | % | 15.73 | % | 13.58 | % | |||||||||||||||||||
Shares outstanding (end of period)(a) | 7,755,909 | 7,757,828 | 7,764,647 | 7,676,238 | 7,524,069 | ||||||||||||||||||||||||
Weighted average shares outstanding–basic | 7,728,328 | 7,757,355 | 7,722,175 | 7,572,409 | 7,396,019 | ||||||||||||||||||||||||
Weighted average shares outstanding–diluted | 7,748,453 | 7,784,631 | 7,775,480 | 7,670,413 | 7,491,052 | ||||||||||||||||||||||||
Performance Ratios: | |||||||||||||||||||||||||||||
Return on average assets(c) | 0.28 | % | 0.97 | % | 0.94 | % | 0.80 | % | 0.85 | % | |||||||||||||||||||
Return on average common shareholders’ equity | 3.35 | % | 10.20 | % | 10.19 | % | 8.93 | % | 8.94 | % | |||||||||||||||||||
Average shareholders’ equity to average assets | 8.36 | % | 9.53 | % | 9.24 | % | 8.97 | % | 9.47 | % | |||||||||||||||||||
Net interest margin | 2.77 | % | 3.03 | % | 3.18 | % | 3.30 | % | 3.54 | % | |||||||||||||||||||
Efficiency ratio(b) | 73.9 | % | 60.2 | % | 59.2 | % | 54.9 | % | 56.5 | % | |||||||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||||||||
Total past due loans to total loans(d) | 0.93 | % | 0.77 | % | 0.78 | % | 1.67 | % | 0.47 | % | |||||||||||||||||||
Nonperforming loans to total loans(d) | 2.06 | % | 0.66 | % | 0.88 | % | 0.36 | % | 0.22 | % | |||||||||||||||||||
Nonperforming assets to total assets(e) | 1.48 | % | 0.56 | % | 0.75 | % | 0.31 | % | 0.20 | % | |||||||||||||||||||
Allowance for loan losses to nonperforming loans | 62.87 | % | 127.59 | % | 109.80 | % | 344.90 | % | 612.26 | % | |||||||||||||||||||
Allowance for loan losses to total loans(d) | 1.29 | % | 0.84 | % | 0.96 | % | 1.23 | % | 1.32 | % | |||||||||||||||||||
Net charge-offs (recoveries) to average loans(d) | 0.01 | % | 0.15 | % | 0.44 | % | 0.03 | % | 0.01 | % | |||||||||||||||||||
Statements of Financial Condition: | |||||||||||||||||||||||||||||
Total assets | $ | 2,253,747 | $ | 1,882,182 | $ | 1,873,665 | $ | 1,796,607 | $ | 1,628,919 | |||||||||||||||||||
Gross portfolio loans(d) | 1,625,627 | 1,604,484 | 1,604,726 | 1,543,016 | 1,365,939 | ||||||||||||||||||||||||
Investment securities | 106,890 | 100,865 | 116,584 | 113,767 | 104,610 | ||||||||||||||||||||||||
Deposits | 1,827,316 | 1,491,903 | 1,502,244 | 1,398,405 | 1,289,037 | ||||||||||||||||||||||||
FHLB borrowings | 175,000 | 150,000 | 160,000 | 199,000 | 160,000 | ||||||||||||||||||||||||
Subordinated debt | 25,258 | 25,207 | 25,155 | 25,103 | 25,051 | ||||||||||||||||||||||||
Total equity | 176,602 | 182,397 | 174,196 | 161,027 | 145,895 | ||||||||||||||||||||||||
Capital Ratios: | |||||||||||||||||||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||||||||||
Bankwell Bank | 8.44 | % | 10.99 | % | 10.14 | % | 9.61 | % | 10.10 | % | |||||||||||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||||||||||
Bankwell Bank | 11.06 | % | 12.53 | % | 11.56 | % | 10.99 | % | 11.59 | % | |||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||||||||||
Bankwell Bank | 12.28 | % | 13.35 | % | 12.50 | % | 12.19 | % | 12.85 | % | |||||||||||||||||||
Total shareholders’ equity to total assets | 7.84 | % | 9.69 | % | 9.30 | % | 8.96 | % | 8.96 | % | |||||||||||||||||||
Tangible common equity ratio(b) | 7.73 | % | 9.56 | % | 9.16 | % | 8.81 | % | 8.78 | % |
| | | At or For the Years Ended December 31, | | |||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||
| | | (Dollars in thousands, except per share data) | | |||||||||||||||||||||||||||
Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | $ | 71,201 | | | | | $ | 60,990 | | | | | $ | 50,754 | | | | | $ | 35,589 | | | | | $ | 28,092 | | |
Interest expense | | | | | 16,837 | | | | | | 11,898 | | | | | | 7,966 | | | | | | 3,929 | | | | | | 2,765 | | |
Net interest income | | | | | 54,364 | | | | | | 49,092 | | | | | | 42,788 | | | | | | 31,660 | | | | | | 25,327 | | |
Provision for loan losses | | | | | 1,341 | | | | | | 3,914 | | | | | | 3,230 | | | | �� | | 2,152 | | | | | | 585 | | |
Net interest income after provision for loan losses | | | | | 53,023 | | | | | | 45,178 | | | | | | 39,558 | | | | | | 29,508 | | | | | | 24,742 | | |
Noninterest income | | | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | | | | | 3,041 | | | | | | 4,723 | | |
Noninterest expense | | | | | 32,523 | | | | | | 29,544 | | | | | | 29,171 | | | | | | 25,812 | | | | | | 22,120 | | |
Income before income tax | | | | | 25,129 | | | | | | 18,310 | | | | | | 13,871 | | | | | | 6,737 | | | | | | 7,345 | | |
Income tax expense | | | | | 11,299 | | | | | | 5,960 | | | | | | 4,841 | | | | | | 2,169 | | | | | | 2,184 | | |
Net income | | | | | 13,830 | | | | | | 12,350 | | | | | | 9,030 | | | | | | 4,568 | | | | | | 5,161 | | |
Net income attributable to common shareholders | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 8,905 | | | | | $ | 4,458 | | | | | $ | 5,050 | | |
Per Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share | | | | $ | 1.80 | | | | | $ | 1.64 | | | | | $ | 1.23 | | | | | $ | 0.78 | | | | | $ | 1.46 | | |
Diluted earnings per share | | | | | 1.78 | | | | | | 1.62 | | | | | | 1.21 | | | | | | 0.78 | | | | | | 1.44 | | |
Book value per share (end of period)(a) | | | | | 20.98 | | | | | | 19.39 | | | | | | 17.87 | | | | | | 16.84 | | | | | | 15.58 | | |
Tangible book value per share (end of period)(a)(b) | | | | | 20.59 | | | | | | 18.98 | | | | | | 17.43 | | | | | | 16.35 | | | | | | 15.46 | | |
Shares outstanding (end of period)(a) | | | | | 7,676,238 | | | | | | 7,524,069 | | | | | | 7,372,968 | | | | | | 7,019,620 | | | | | | 3,754,253 | | |
Weighted average shares outstanding – basic | | | | | 7,572,409 | | | | | | 7,396,019 | | | | | | 7,071,550 | | | | | | 5,577,942 | | | | | | 3,395,779 | | |
Weighted average shares outstanding – diluted | | | | | 7,670,413 | | | | | | 7,491,052 | | | | | | 7,140,558 | | | | | | 5,605,512 | | | | | | 3,451,393 | | |
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets(c) | | | | | 0.80% | | | | | | 0.85% | | | | | | 0.75% | | | | | | 0.52% | | | | | | 0.77% | | |
Return on average common shareholders’ equity | | | | | 8.93% | | | | | | 8.94% | | | | | | 6.67% | | | | | | 5.13% | | | | | | 9.68% | | |
Return on average shareholders’ equity(c) | | | | | 8.93% | | | | | | 8.94% | | | | | | 6.76% | | | | | | 4.66% | | | | | | 8.17% | | |
Average shareholders’ equity to average assets | | | | | 8.97% | | | | | | 9.47% | | | | | | 11.08% | | | | | | 11.14% | | | | | | 9.32% | | |
Net interest margin | | | | | 3.30% | | | | | | 3.54% | | | | | | 3.77% | | | | | | 3.84% | | | | | | 3.94% | | |
Efficiency ratio(b) | | | | | 54.9% | | | | | | 56.5% | | | | | | 62.3% | | | | | | 68.7% | | | | | | 75.7% | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total past due loans to total loans(d) | | | | | 1.67% | | | | | | 0.47% | | | | | | 0.51% | | | | | | 0.86% | | | | | | 0.73% | | |
Nonperforming loans to total loans(d) | | | | | 0.36% | | | | | | 0.22% | | | | | | 0.33% | | | | | | 0.36% | | | | | | 0.16% | | |
Nonperforming assets to total assets(e) | | | | | 0.31% | | | | | | 0.20% | | | | | | 0.38% | | | | | | 0.39% | | | | | | 0.23% | | |
Allowance for loan losses to nonperforming loans | | | | | 344.90% | | | | | | 612.26% | | | | | | 373.76% | | | | | | 323.02% | | | | | | 835.69% | | |
Allowance for loan losses to total loans(d) | | | | | 1.23% | | | | | | 1.32% | | | | | | 1.23% | | | | | | 1.17% | | | | | | 1.33% | | |
Net charge-offs (recoveries) to average loans(d) | | | | | 0.03% | | | | | | 0.01% | | | | | | (0.01)% | | | | | | (0.05)% | | | | | | 0.03% | | |
Statements of Financial Condition: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,796,607 | | | | | $ | 1,628,919 | | | | | $ | 1,330,372 | | | | | $ | 1,099,531 | | | | | $ | 779,618 | | |
Gross portfolio loans(d) | | | | | 1,543,016 | | | | | | 1,365,939 | | | | | | 1,147,513 | | | | | | 929,762 | | | | | | 632,012 | | |
Investment securities | | | | | 113,767 | | | | | | 104,610 | | | | | | 50,807 | | | | | | 76,463 | | | | | | 42,413 | | |
Deposits | | | | | 1,398,405 | | | | | | 1,289,037 | | | | | | 1,046,942 | | | | | | 835,439 | | | | | | 661,545 | | |
FHLB borrowings | | | | | 199,000 | | | | | | 160,000 | | | | | | 120,000 | | | | | | 129,000 | | | | | | 44,000 | | |
Subordinated debt | | | | | 25,103 | | | | | | 25,051 | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Total equity | | | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | | | | | 129,210 | | | | | | 69,485 | | |
Capital Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 capital to average assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bankwell Bank | | | | | 9.61% | | | | | | 10.10% | | | | | | 10.84% | | | | | | 11.12% | | | | | | 7.91% | | |
Tier 1 capital to risk-weighted assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bankwell Bank | | | | | 10.99% | | | | | | 11.59% | | | | | | 12.18% | | | | | | 12.47% | | | | | | 9.49% | | |
Total capital to risk-weighted assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bankwell Bank | | | | | 12.19% | | | | | | 12.85% | | | | | | 13.39% | | | | | | 13.55% | | | | | | 10.74% | | |
Total shareholders’ equity to total assets | | | | | 8.96% | | | | | | 8.96% | | | | | | 9.90% | | | | | | 11.75% | | | | | | 8.91% | | |
Tangible common equity ratio(b) | | | | | 8.81% | | | | | | 8.78% | | | | | | 9.68% | | | | | | 10.47% | | | | | | 7.45% | | |
| | | Years Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Efficiency Ratio | | | | | | | | | | | | | | | | | | | |
Noninterest expense | | | | $ | 32,523 | | | | | $ | 29,544 | | | | | $ | 29,171 | | |
Less: foreclosed real estate expenses | | | | | 70 | | | | | | 157 | | | | | | 168 | | |
Less: Amortization of Intangibles | | | | | 118 | | | | | | 151 | | | | | | 196 | | |
Less: merger and acquisition expenses | | | | | — | | | | | | — | | | | | | 2 | | |
Adjusted noninterest expense (numerator) | | | | $ | 32,335 | | | | | $ | 29,236 | | | | | $ | 28,805 | | |
Net interest income | | | | $ | 54,364 | | | | | $ | 49,092 | | | | | $ | 42,788 | | |
Noninterest income | | | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | |
Adjustments for: gains/(losses) on sales of securities | | | | | 165 | | | | | | (115) | | | | | | — | | |
Adjustments for: (losses) gains on sale of foreclosed real estate | | | | | (78) | | | | | | 128 | | | | | | — | | |
Adjusted operating revenue (denominator) | | | | $ | 58,906 | | | | | $ | 51,755 | | | | | $ | 46,272 | | |
Efficiency ratio | | | | | 54.9% | | | | | | 56.5% | | | | | | 62.3% | | |
Tangible Common Equity and Tangible Common Equity/Tangible Assets | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | | $ | 161,027 | | | | | $ | 145,895 | | | | | $ | 131,769 | | |
Less: preferred stock | | | | | — | | | | | | — | | | | | | — | | |
Common shareholders’ equity | | | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | |
Less: Intangible assets | | | | | 2,971 | | | | | | 3,090 | | | | | | 3,241 | | |
Tangible Common shareholders’ equity | | | | $ | 158,056 | | | | | $ | 142,805 | | | | | $ | 128,528 | | |
Total assets | | | | $ | 1,796,607 | | | | | $ | 1,628,919 | | | | | $ | 1,330,372 | | |
Less: Intangible assets | | | | | 2,971 | | | | | | 3,090 | | | | | | 3,241 | | |
Tangible assets | | | | $ | 1,793,636 | | | | | $ | 1,625,829 | | | | | $ | 1,327,131 | | |
Tangible common shareholders’ equity to tangible assets | | | | | 8.81% | | | | | | 8.78% | | | | | | 9.68% | | |
Tangible Book Value per Share | | | | | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | | $ | 161,027 | | | | | $ | 145,895 | | | | | $ | 131,769 | | |
Less: preferred stock | | | | | — | | | | | | — | | | | | | — | | |
Common shareholders’ equity | | | | | 161,027 | | | | | | 145,895 | | | | | | 131,769 | | |
Less: Intangible assets | | | | | 2,971 | | | | | | 3,090 | | | | | | 3,241 | | |
Tangible common shareholders’ equity | | | | $ | 158,056 | | | | | $ | 142,805 | | | | | $ | 128,528 | | |
Common shares issued | | | | | 7,751,424 | | | | | | 7,620,663 | | | | | | 7,516,291 | | |
Less: shares of unvested restricted stock | | | | | 75,186 | | | | | | 96,594 | | | | | | 143,323 | | |
Common shares outstanding | | | | | 7,676,238 | | | | | | 7,524,069 | | | | | | 7,372,968 | | |
Book value per share | | | | $ | 20.98 | | | | | $ | 19.39 | | | | | $ | 17.87 | | |
Less: effects of intangible assets | | | | | 0.39 | | | | | | 0.41 | | | | | | 0.44 | | |
Tangible Book Value per Common Share | | | | $ | 20.59 | | | | | $ | 18.98 | | | | | $ | 17.43 | | |
Total Revenue | | | | | | | | | | | | | | | | | | | |
Net Interest income | | | | $ | 54,364 | | | | | $ | 49,092 | | | | | $ | 42,788 | | |
Add: noninterest income | | | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | |
Total Revenue | | | | $ | 58,993 | | | | | $ | 51,768 | | | | | $ | 46,272 | | |
Noninterest income as a percentage of total revenue | | | | | 7.85% | | | | | | 5.17% | | | | | | 7.53% | | |
Return on Average Common Shareholders’ Equity | | | | | | | | | | | | | | | | | | | |
Net Income Attributable to Common Shareholders | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 8,905 | | |
Total average shareholders’ equity | | | | $ | 154,929 | | | | | $ | 138,131 | | | | | $ | 133,553 | | |
Less: average preferred stock | | | | | — | | | | | | — | | | | | | — | | |
Average common shareholders’ equity | | | | $ | 154,929 | | | | | $ | 138,131 | | | | | $ | 133,553 | | |
Return on Average Common Shareholders’ Equity | | | | | 8.93% | | | | | | 8.94% | | | | | | 6.67% | | |
|
Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
Efficiency Ratio | |||||||||||||||||||||||||||||
Noninterest expense | $ | 42,813 | $ | 35,626 | $ | 35,633 | $ | 32,523 | $ | 29,544 | |||||||||||||||||||
Less: other real estate owned expenses | 6 | 37 | — | 70 | 157 | ||||||||||||||||||||||||
Less: Amortization of intangibles | 138 | 75 | 92 | 118 | 151 | ||||||||||||||||||||||||
Adjusted noninterest expense (numerator) | $ | 42,669 | $ | 35,514 | $ | 35,541 | $ | 32,335 | $ | 29,236 | |||||||||||||||||||
Net interest income | $ | 54,835 | $ | 53,761 | $ | 56,326 | $ | 54,364 | $ | 49,092 | |||||||||||||||||||
Noninterest income | 2,884 | 5,244 | 3,900 | 4,629 | 2,676 | ||||||||||||||||||||||||
Adjustments for: gains/(losses) on sales of securities | — | 76 | 222 | 165 | (115) | ||||||||||||||||||||||||
Adjustments for: gains (losses) on sale of other real estate owned | 19 | (102) | — | (78) | 128 | ||||||||||||||||||||||||
Adjusted operating revenue (denominator) | $ | 57,700 | $ | 59,031 | $ | 60,004 | $ | 58,906 | $ | 51,755 | |||||||||||||||||||
Efficiency ratio | 73.9 | % | 60.2 | % | 59.2 | % | 54.9 | % | 56.5 | % | |||||||||||||||||||
Tangible Common Equity and Tangible Common Equity/Tangible Assets | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 176,602 | $ | 182,397 | $ | 174,196 | $ | 161,027 | $ | 145,895 | |||||||||||||||||||
Less: preferred stock | — | — | — | — | — | ||||||||||||||||||||||||
Common shareholders’ equity | 176,602 | 182,397 | 174,196 | 161,027 | 145,895 | ||||||||||||||||||||||||
Less: Intangible assets | 2,665 | 2,803 | 2,879 | 2,971 | 3,090 | ||||||||||||||||||||||||
Tangible Common shareholders’ equity | $ | 173,937 | $ | 179,594 | $ | 171,317 | $ | 158,056 | $ | 142,805 | |||||||||||||||||||
Total assets | $ | 2,253,747 | $ | 1,882,182 | $ | 1,873,665 | $ | 1,796,607 | $ | 1,628,919 | |||||||||||||||||||
Less: Intangible assets | 2,665 | 2,803 | 2,879 | 2,971 | 3,090 | ||||||||||||||||||||||||
Tangible assets | $ | 2,251,082 | $ | 1,879,379 | $ | 1,870,786 | $ | 1,793,636 | $ | 1,625,829 | |||||||||||||||||||
Tangible common shareholders’ equity to tangible assets | 7.73 | % | 9.56 | % | 9.16 | % | 8.81 | % | 8.78 | % | |||||||||||||||||||
Tangible Book Value per Share | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 176,602 | $ | 182,397 | $ | 174,196 | $ | 161,027 | $ | 145,895 | |||||||||||||||||||
Less: preferred stock | — | — | — | — | — | ||||||||||||||||||||||||
Common shareholders’ equity | 176,602 | 182,397 | 174,196 | 161,027 | 145,895 | ||||||||||||||||||||||||
Less: Intangible assets | 2,665 | 2,803 | 2,879 | 2,971 | 3,090 | ||||||||||||||||||||||||
Tangible common shareholders’ equity | $ | 173,937 | $ | 179,594 | $ | 171,317 | $ | 158,056 | $ | 142,805 | |||||||||||||||||||
Common shares issued | 7,919,278 | 7,868,803 | 7,842,271 | 7,751,424 | 7,620,663 | ||||||||||||||||||||||||
Less: shares of unvested restricted stock | 163,369 | 110,975 | 77,624 | 75,186 | 96,594 | ||||||||||||||||||||||||
Common shares outstanding | 7,755,909 | 7,757,828 | 7,764,647 | 7,676,238 | 7,524,069 | ||||||||||||||||||||||||
Book value per share | $ | 22.77 | $ | 23.51 | $ | 22.43 | $ | 20.98 | $ | 19.39 | |||||||||||||||||||
Less: effects of intangible assets | 0.34 | 0.36 | 0.37 | 0.39 | 0.41 | ||||||||||||||||||||||||
Tangible Book Value per Common Share | $ | 22.43 | $ | 23.15 | $ | 22.06 | $ | 20.59 | $ | 18.98 | |||||||||||||||||||
Total Revenue | |||||||||||||||||||||||||||||
Net interest income | $ | 54,835 | $ | 53,761 | $ | 56,326 | $ | 54,364 | $ | 49,092 | |||||||||||||||||||
Add: noninterest income | 2,884 | 5,244 | 3,900 | 4,629 | 2,676 | ||||||||||||||||||||||||
Total Revenue | $ | 57,719 | $ | 59,005 | $ | 60,226 | $ | 58,993 | $ | 51,768 | |||||||||||||||||||
Noninterest income as a percentage of total revenue | 5.00 | % | 8.89 | % | 6.48 | % | 7.85 | % | 5.17 | % | |||||||||||||||||||
Return on Average Common Shareholders’ Equity | |||||||||||||||||||||||||||||
Net Income Attributable to Common Shareholders | $ | 5,904 | $ | 18,216 | $ | 17,433 | $ | 13,830 | $ | 12,350 | |||||||||||||||||||
Total average shareholders’ equity | $ | 176,489 | $ | 178,510 | $ | 171,024 | $ | 154,929 | $ | 138,131 | |||||||||||||||||||
Less: average preferred stock | — | — | — | — | — | ||||||||||||||||||||||||
Average Common Shareholders’ Equity | 176,489 | 178,510 | 171,024 | 154,929 | 138,131 | ||||||||||||||||||||||||
Return on Average Common Shareholders’ Equity | 3.35 | % | 10.20 | % | 10.19 | % | 8.93 | % | 8.94 | % |
| | Key Financial Measures(a) | | |||||||||||||||||||||||||||||||||
| | At or For the Years Ended December 31, | | |||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||
| | (Dollars in thousands, except per share data) | | |||||||||||||||||||||||||||||||||
Key Financial Measures(a) | ||||||||||||||||||||||||||||||||||||
At or For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Selected balance sheet measures: | | | | | | | | | | | | | | | | Selected balance sheet measures: | ||||||||||||||||||||
Total assets | | ��� | $ | 1,796,607 | | | | $ | 1,628,919 | | | | $ | 1,330,372 | | Total assets | $ | 2,253,747 | $ | 1,882,182 | $ | 1,873,665 | ||||||||||||||
Gross portfolio loans | | | | 1,543,016 | | | | | 1,365,939 | | | | | 1,147,513 | | Gross portfolio loans | 1,625,627 | 1,604,484 | 1,604,726 | |||||||||||||||||
Deposits | | | | 1,398,405 | | | | | 1,289,037 | | | | | 1,046,942 | | Deposits | 1,827,316 | 1,491,903 | 1,502,244 | |||||||||||||||||
FHLB borrowings | | | | 199,000 | | | | | 160,000 | | | | | 120,000 | | FHLB borrowings | 175,000 | 150,000 | 160,000 | |||||||||||||||||
Subordinated debt | | | | 25,103 | | | | | 25,051 | | | | | 25,000 | | Subordinated debt | 25,258 | 25,207 | 25,155 | |||||||||||||||||
Total equity | | | | 161,027 | | | | | 145,895 | | | | | 131,769 | | Total equity | 176,602 | 182,397 | 174,196 | |||||||||||||||||
Selected statement of income measures: | | | | | | | | | | | | | | | | Selected statement of income measures: | ||||||||||||||||||||
Total revenue(c) | | | | 58,993 | | | | | 51,768 | | | | | 46,272 | | Total revenue(c) | 57,719 | 59,005 | 60,226 | |||||||||||||||||
Net interest income before provision for loan losses | | | | 54,364 | | | | | 49,092 | | | | | 42,788 | | Net interest income before provision for loan losses | 54,835 | 53,761 | 56,326 | |||||||||||||||||
Income before income tax expense | | | | 25,129 | | | | | 18,310 | | | | | 13,871 | | Income before income tax expense | 7,301 | 22,942 | 21,153 | |||||||||||||||||
Net income | | | | 13,830 | | | | | 12,350 | | | | | 9,030 | | Net income | 5,904 | 18,216 | 17,433 | |||||||||||||||||
Basic earnings per share | | | | 1.80 | | | | | 1.64 | | | | | 1.23 | | Basic earnings per share | $ | 0.75 | $ | 2.32 | $ | 2.23 | ||||||||||||||
Diluted earnings per share | | | | 1.78 | | | | | 1.62 | | | | | 1.21 | | Diluted earnings per share | $ | 0.75 | $ | 2.31 | $ | 2.21 |
Key Financial Measures(a) | |||||||||||||||||
At or For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Other financial measures and ratios: | |||||||||||||||||
Return on average assets | 0.28 | % | 0.97 | % | 0.94 | % | |||||||||||
Return on average common shareholders’ equity(c) | 3.35 | % | 10.20 | % | 10.19 | % | |||||||||||
Net interest margin | 2.77 | % | 3.03 | % | 3.18 | % | |||||||||||
Efficiency ratio(c) | 73.9 | % | 60.2 | % | 59.2 | % | |||||||||||
Tangible book value per share (end of period)(c)(d) | $ | 22.43 | $ | 23.15 | $ | 22.06 | |||||||||||
Net charge-offs to average loans(b) | 0.01 | % | 0.15 | % | 0.44 | % | |||||||||||
Nonperforming assets to total assets(e) | 1.48 | % | 0.56 | % | 0.75 | % | |||||||||||
Allowance for loan losses to nonperforming loans | 62.87 | % | 127.59 | % | 109.80 | % | |||||||||||
Allowance for loan losses to total loans(b) | 1.29 | % | 0.84 | % | 0.96 | % |
| | | Key Financial Measures(a) | | |||||||||||||||
| | | At or For the Years Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (Dollars in thousands, except per share data) | | |||||||||||||||
Other financial measures and ratios: | | | | | | | | | | | | | | | | | | | |
Return on average assets(d) | | | | | 0.80% | | | | | | 0.85% | | | | | | 0.75% | | |
Return on average common shareholders’ equity(c)(d) | | | | | 8.93% | | | | | | 8.94% | | | | | | 6.67% | | |
Net interest margin | | | | | 3.30% | | | | | | 3.54% | | | | | | 3.77% | | |
Efficiency ratio(c) | | | | | 54.9% | | | | | | 56.5% | | | | | | 62.3% | | |
Tangible book value per share (end of period)(c)(e) | | | | $ | 20.59 | | | | | $ | 18.98 | | | | | $ | 17.43 | | |
Net charge-offs (recoveries) to average loans(b) | | | | | 0.03% | | | | | | 0.01% | | | | | | (0.01)% | | |
Nonperforming assets to total assets(f) | | | | | 0.31% | | | | | | 0.20% | | | | | | 0.38% | | |
Allowance for loan losses to nonperforming loans | | | | | 344.90% | | | | | | 612.26% | | | | | | 373.76% | | |
Allowance for loan losses to total loans(b) | | | | | 1.23% | | | | | | 1.32% | | | | | | 1.23% | | |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate(5) | Average Balance | Interest | Yield/ Rate(5) | Average Balance | Interest | Yield/ Rate(5) | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and fed funds sold | $ | 261,689 | $ | 585 | 0.22 | % | $ | 85,678 | $ | 1,859 | 2.17 | % | $ | 77,923 | $ | 1,428 | 1.84 | % | |||||||||||||||||||||||||||||||||||
Securities(1) | 98,938 | 3,103 | 3.14 | 112,336 | 3,526 | 3.14 | 118,311 | 3,686 | 3.12 | ||||||||||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,095,367 | 51,218 | 4.60 | 1,067,290 | 50,818 | 4.70 | 1,014,255 | 47,967 | 4.66 | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 129,585 | 4,645 | 3.58 | 165,384 | 6,367 | 3.85 | 189,121 | 7,016 | 3.71 | ||||||||||||||||||||||||||||||||||||||||||||
Construction(2) | 97,230 | 4,262 | 4.31 | 85,591 | 4,538 | 5.23 | 90,773 | 4,667 | 5.07 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 295,662 | 13,530 | 4.50 | 255,779 | 15,599 | 6.01 | 282,425 | 15,037 | 5.25 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | 121 | 10 | 8.00 | 258 | 17 | 6.70 | 481 | 28 | 5.88 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | 1,617,965 | 73,665 | 4.48 | 1,574,302 | 77,339 | 4.85 | 1,577,055 | 74,715 | 4.67 | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 7,625 | 346 | 4.53 | 7,502 | 473 | 6.31 | 9,177 | 517 | 5.63 | ||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 1,986,217 | $ | 77,699 | 3.85 | % | 1,779,818 | $ | 83,197 | 4.61 | % | 1,782,466 | $ | 80,346 | 4.45 | % | ||||||||||||||||||||||||||||||||||||||
Other assets | 125,261 | 92,663 | 68,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,111,478 | $ | 1,872,481 | $ | 1,850,468 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW | $ | 80,805 | $ | 141 | 0.17 | % | $ | 62,254 | $ | 128 | 0.21 | % | $ | 60,410 | $ | 157 | 0.26 | % | |||||||||||||||||||||||||||||||||||
Money market | 516,527 | 4,071 | 0.79 | 439,867 | 7,139 | 1.62 | 482,886 | 6,431 | 1.33 | ||||||||||||||||||||||||||||||||||||||||||||
Savings | 169,763 | 1,368 | 0.81 | 177,854 | 2,968 | 1.67 | 124,214 | 1,649 | 1.33 | ||||||||||||||||||||||||||||||||||||||||||||
Time | 712,461 | 12,600 | 1.77 | 637,515 | 14,463 | 2.27 | 619,448 | 10,714 | 1.73 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 1,479,556 | 18,180 | 1.23 | 1,317,490 | 24,698 | 1.87 | 1,286,958 | 18,951 | 1.47 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowed money | 190,463 | 4,472 | 2.31 | 175,267 | 4,489 | 2.53 | 213,546 | 4,787 | 2.21 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,670,019 | $ | 22,652 | 1.36 | % | 1,492,757 | $ | 29,187 | 1.96 | % | 1,500,504 | $ | 23,738 | 1.58 | % | ||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 215,073 | 172,192 | 166,566 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 49,897 | 29,022 | 12,374 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,934,989 | 1,693,971 | 1,679,444 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 176,489 | 178,510 | 171,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,111,478 | $ | 1,872,481 | $ | 1,850,468 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income(3) | $ | 55,047 | $ | 54,010 | $ | 56,608 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 2.49 | % | 2.65 | % | 2.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin(4) | 2.77 | % | 3.03 | % | 3.18 | % |
| | | Years Ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Average Balance | | | Interest | | | Yield/ Rate(5) | | | Average Balance | | | Interest | | | Yield/ Rate(5) | | | Average Balance | | | Interest | | | Yield/ Rate(5) | | |||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and fed funds sold | | | | $ | 85,308 | | | | | $ | 790 | | | | | | 0.93% | | | | | $ | 41,838 | | | | | $ | 173 | | | | | | 0.41% | | | | | $ | 39,632 | | | | | $ | 98 | | | | | | 0.25% | | |
Securities(1) | | | | | 108,775 | | | | | | 3,830 | | | | | | 3.52 | | | | | | 99,905 | | | | | | 3,046 | | | | | | 3.05 | | | | | | 59,009 | | | | | | 2,243 | | | | | | 3.80 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | | 907,223 | | | | | | 41,638 | | | | | | 4.53 | | | | | | 772,890 | | | | | | 36,572 | | | | | | 4.65 | | | | | | 613,961 | | | | | | 30,058 | | | | | | 4.81 | | |
Residential real estate | | | | | 180,287 | | | | | | 6,323 | | | | | | 3.51 | | | | | | 179,096 | | | | | | 6,410 | | | | | | 3.58 | | | | | | 174,527 | | | | | | 6,280 | | | | | | 3.60 | | |
Construction(2) | | | | | 107,752 | | | | | | 5,195 | | | | | | 4.75 | | | | | | 100,611 | | | | | | 4,602 | | | | | | 4.50 | | | | | | 76,292 | | | | | | 3,504 | | | | | | 4.53 | | |
Commercial business | | | | | 253,868 | | | | | | 12,981 | | | | | | 5.04 | | | | | | 185,523 | | | | | | 9,791 | | | | | | 5.19 | | | | | | 156,039 | | | | | | 8,088 | | | | | | 5.11 | | |
Home equity | | | | | 14,057 | | | | | | 660 | | | | | | 4.70 | | | | | | 14,951 | | | | | | 621 | | | | | | 4.16 | | | | | | 17,163 | | | | | | 648 | | | | | | 3.78 | | |
Consumer | | | | | 1,227 | | | | | | 44 | | | | | | 3.62 | | | | | | 1,560 | | | | | | 81 | | | | | | 5.17 | | | | | | 2,350 | | | | | | 114 | | | | | | 4.85 | | |
Total loans | | | | | 1,464,414 | | | | | | 66,841 | | | | | | 4.50 | | | | | | 1,254,631 | | | | | | 58,077 | | | | | | 4.55 | | | | | | 1,040,332 | | | | | | 48,692 | | | | | | 4.62 | | |
Federal Home Loan Bank stock | | | | | 8,486 | | | | | | 337 | | | | | | 3.97 | | | | | | 7,366 | | | | | | 255 | | | | | | 3.46 | | | | | | 6,715 | | | | | | 168 | | | | | | 2.50 | | |
Total earning assets | | | | | 1,666,983 | | | | | $ | 71,798 | | | | | | 4.25% | | | | | | 1,403,740 | | | | | $ | 61,551 | | | | | | 4.31% | | | | | | 1,145,688 | | | | | $ | 51,201 | | | | | | 4.41% | | |
Other assets | | | | | 60,904 | | | | | | | | | | | | | | | | | | 54,580 | | | | | | | | | | | | | | | | | | 60,191 | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,727,887 | | | | | | | | | | | | | | | | | $ | 1,458,320 | | | | | | | | | | | | | | | | | $ | 1,205,879 | | | | | | | | | | | | | | |
Liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest -bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOW | | | | $ | 57,712 | | | | | $ | 93 | | | | | | 0.16% | | | | | $ | 56,123 | | | | | $ | 109 | | | | | | 0.19% | | | | | $ | 55,696 | | | | | $ | 62 | | | | | | 0.11% | | |
Money market | | | | | 404,848 | | | | | | 3,427 | | | | | | 0.85 | | | | | | 317,210 | | | | | | 1,836 | | | | | | 0.58 | | | | | | 263,900 | | | | | | 1,411 | | | | | | 0.53 | | |
Savings | | | | | 102,915 | | | | | | 763 | | | | | | 0.74 | | | | | | 72,800 | | | | | | 315 | | | | | | 0.43 | | | | | | 96,841 | | | | | | 693 | | | | | | 0.72 | | |
Time | | | | | 633,260 | | | | | | 8,411 | | | | | | 1.33 | | | | | | 524,237 | | | | | | 6,040 | | | | | | 1.15 | | | | | | 365,179 | | | | | | 3,515 | | | | | | 0.96 | | |
Total interest-bearing deposits | | | | | 1,198,735 | | | | | | 12,694 | | | | | | 1.06 | | | | | | 970,370 | | | | | | 8,300 | | | | | | 0.86 | | | | | | 781,616 | | | | | | 5,681 | | | | | | 0.73 | | |
Borrowed money | | | | | 194,875 | | | | | | 4,143 | | | | | | 2.10 | | | | | | 164,450 | | | | | | 3,598 | | | | | | 2.19 | | | | | | 129,390 | | | | | | 2,285 | | | | | | 1.77 | | |
Total interest-bearing liabilities | | | | | 1,393,610 | | | | | $ | 16,837 | | | | | | 1.21% | | | | | | 1,134,820 | | | | | $ | 11,898 | | | | | | 1.05% | | | | | | 911,006 | | | | | $ | 7,966 | | | | | | 0.87% | | |
Noninterest-bearing deposits | | | | | 169,250 | | | | | | | | | | | | | | | | | | 172,098 | | | | | | | | | | | | | | | | | | 154,950 | | | | | | | | | | | | | | |
Other liabilities | | | | | 10,098 | | | | | | | | | | | | | | | | | | 13,271 | | | | | | | | | | | | | | | | | | 6,370 | | | | | | | | | | | | | | |
Total liabilities | | | | | 1,572,958 | | | | | | | | | | | | | | | | | | 1,320,189 | | | | | | | | | | | | | | | | | | 1,072,326 | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | 154,929 | | | | | | | | | | | | | | | | | | 138,131 | | | | | | | | | | | | | | | | | | 133,553 | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | | | $ | 1,727,887 | | | | | | | | | | | | | | | | | $ | 1,458,320 | | | | | | | | | | | | | | | | | $ | 1,205,879 | | | | | | | | | | | | | | |
Net interest income(3) | | | | | | | | | | $ | 54,961 | | | | | | | | | | | | | | | | | $ | 49,653 | | | | | | | | | | | | | | | | | $ | 43,235 | | | | | | | | |
Interest rate spread | | | | | | | | | | | | | | | | | 3.04% | | | | | | | | | | | | | | | | | | 3.26% | | | | | | | | | | | | | | | | | | 3.54% | | |
Net interest margin(4) | | | | | | | | | | | | | | | | | 3.30% | | | | | | | | | | | | | | | | | | 3.54% | | | | | | | | | | | | | | | | | | 3.77% | | |
| | Year Ended December 31, 2017 vs 2016 Increase (Decrease) | | Year Ended December 31, 2016 vs 2015 Increase (Decrease) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Volume | | Rate | | Total | | Volume | | Rate | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 vs 2019 Increase (Decrease) | Year Ended December 31, 2019 vs 2018 Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest and dividend income: | |||||||||||||||||||||||||||||||||||||||||
Cash and fed funds sold | | | $ | 281 | | | | $ | 336 | | | | $ | 617 | | | | $ | 5 | | | | $ | 70 | | | | | 75 | | Cash and fed funds sold | $ | 1,435 | $ | (2,709) | $ | (1,274) | $ | 152 | $ | 279 | $ | 431 | |||||||||||||||||||||||||||||
Securities | | | | 286 | | | | | 498 | | | | | 784 | | | | | 1,315 | | | | | (512) | | | | | 803 | | Securities | (420) | (3) | (423) | (187) | 27 | (160) | |||||||||||||||||||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 6,206 | | | | | (1,140) | | | | | 5,066 | | | | | 7,523 | | | | | (1,009) | | | | | 6,514 | | Commercial real estate | 1,321 | (921) | 400 | 2,523 | 328 | 2,851 | |||||||||||||||||||||||||||||||||||
Residential real estate | | | | 42 | | | | | (129) | | | | | (87) | | | | | 164 | | | | | (34) | | | | | 130 | | Residential real estate | (1,306) | (416) | (1,722) | (906) | 257 | (649) | |||||||||||||||||||||||||||||||||||
Construction | | | | 337 | | | | | 256 | | | | | 593 | | | | | 1,110 | | | | | (12) | | | | | 1,098 | | Construction | 570 | (846) | (276) | (272) | 143 | (129) | |||||||||||||||||||||||||||||||||||
Commercial business | | | | 3,513 | | | | | (323) | | | | | 3,190 | | | | | 1,550 | | | | | 153 | | | | | 1,703 | | Commercial business | 2,201 | (4,270) | (2,069) | (1,498) | 2,060 | 562 | |||||||||||||||||||||||||||||||||||
Home equity | | | | (38) | | | | | 77 | | | | | 39 | | | | | (88) | | | | | 61 | | | | | (27) | | ||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | (15) | | | | | (22) | | | | | (37) | | | | | (40) | | | | | 7 | | | | | (33) | | | Consumer | (10) | 3 | (7) | (15) | 4 | (11) | ||||||||||||||||||||||||||||||||||
Total loans | | | | 10,045 | | | | | (1,281) | | | | | 8,764 | | | | | 10,219 | | | | | (834) | | | | | 9,385 | | Total loans | 2,776 | (6,450) | (3,674) | (168) | 2,792 | 2,624 | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | | | | 42 | | | | | 40 | | | | | 82 | | | | | 17 | | | | | 70 | | | | | 87 | | | Federal Home Loan Bank stock | 8 | (135) | (127) | (101) | 57 | (44) | ||||||||||||||||||||||||||||||||||
Total change in interest and dividend income | | | | 10,654 | | | | | (407) | | | | | 10,247 | | | | | 11,556 | | | | | (1,206) | | | | | 10,350 | | | Total change in interest and dividend income | $ | 3,799 | $ | (9,297) | $ | (5,498) | $ | (304) | $ | 3,155 | $ | 2,851 | ||||||||||||||||||||||||||||
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense: | |||||||||||||||||||||||||||||||||||||||||
Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deposits: | |||||||||||||||||||||||||||||||||||||||||
NOW | | | | 3 | | | | | (19) | | | | | (16) | | | | | 1 | | | | | 46 | | | | | 47 | | NOW | $ | 34 | $ | (21) | $ | 13 | $ | 5 | $ | (34) | $ | (29) | |||||||||||||||||||||||||||||
Money market | | | | 594 | | | | | 997 | | | | | 1,591 | | | | | 302 | | | | | 123 | | | | | 425 | | Money market | 1,082 | (4,150) | (3,068) | (609) | 1,317 | 708 | |||||||||||||||||||||||||||||||||||
Savings | | | | 164 | | | | | 284 | | | | | 448 | | | | | (146) | | | | | (232) | | | | | (378) | | Savings | (130) | (1,470) | (1,600) | 827 | 492 | 1,319 | |||||||||||||||||||||||||||||||||||
Time | | | | 1,366 | | | | | 1,005 | | | | | 2,371 | | | | | 1,739 | | | | | 786 | | | | | 2,525 | | | Time | 1,570 | (3,433) | (1,863) | 321 | 3,428 | 3,749 | ||||||||||||||||||||||||||||||||||
Total deposits | | | | 2,127 | | | | | 2,267 | | | | | 4,394 | | | | | 1,896 | | | | | 723 | | | | | 2,619 | | Total deposits | 2,556 | (9,074) | (6,518) | 544 | 5,203 | 5,747 | |||||||||||||||||||||||||||||||||||
Borrowed money | | | | 654 | | | | | (109) | | | | | 545 | | | | | 698 | | | | | 615 | | | | | 1,313 | | | Borrowed money | 373 | (390) | (17) | (925) | 627 | (298) | ||||||||||||||||||||||||||||||||||
Total change in interest expense | | | | 2,781 | | | | | 2,158 | | | | | 4,939 | | | | | 2,594 | | | | | 1,338 | | | | | 3,932 | | | Total change in interest expense | 2,929 | (9,464) | (6,535) | (381) | 5,830 | 5,449 | ||||||||||||||||||||||||||||||||||
Change in net interest income | | | $ | 7,873 | | | | $ | (2,565) | | | | $ | 5,308 | | | | $ | 8,962 | | | | $ | (2,544) | | | | $ | 6,418 | | Change in net interest income | $ | 870 | $ | 167 | $ | 1,037 | $ | 77 | $ | (2,675) | $ | (2,598) | |||||||||||||||||||||||||||||
|
| | | Years Ended December 31, | | | 2017/2016 Change | | | 2016/2015 Change | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | $ | | | % | | | $ | | | % | | |||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||
Gains and fees from sales of loans | | | | $ | 1,427 | | | | | $ | 466 | | | | | $ | 1,113 | | | | | $ | 961 | | | | | | 206% | | | | | $ | (647) | | | | | | (58)% | | |
Bank owned life insurance | | | | | 1,170 | | | | | | 693 | | | | | | 727 | | | | | | 477 | | | | | | 69 | | | | | | (34) | | | | | | (5) | | |
Service charges and fees | | | | | 1,007 | | | | | | 963 | | | | | | 933 | | | | | | 44 | | | | | | 5 | | | | | | 30 | | | | | | 3 | | |
Net gain (loss) on sale of available for sale securities | | | | | 165 | | | | | | (115) | | | | | | — | | | | | | 280 | | | | | | 243 | | | | | | (115) | | | | | | 100 | | |
(Loss) gain on sale of foreclosed real estate | | | | | (78) | | | | | | 128 | | | | | | — | | | | | | (206) | | | | | | (161) | | | | | | 128 | | | | | | 100 | | |
Other | | | | | 938 | | | | | | 541 | | | | | | 711 | | | | | | 397 | | | | | | 73 | | | | | | (170) | | | | | | (24) | | |
Total noninterest income | | | | $ | 4,629 | | | | | $ | 2,676 | | | | | $ | 3,484 | | | | | $ | 1,953 | | | | | | 73% | | | | | $ | (808) | | | | | | (23)% | | |
|
Years Ended December 31, | 2020/2019 Change | 2019/2018 Change | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | $ | % | $ | % | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | $ | 967 | $ | 1,008 | $ | 1,057 | $ | (41) | (4) | % | $ | (49) | (5) | % | |||||||||||||||||||||||||||
Service charges and fees | 788 | 1,023 | 1,090 | (235) | (23) | (67) | (6) | ||||||||||||||||||||||||||||||||||
Gains and fees from sales of loans | 43 | 1,791 | 984 | (1,748) | (98) | 807 | 82 | ||||||||||||||||||||||||||||||||||
Gain (loss) on sale of other real estate owned, net | 19 | (102) | — | 121 | (119) | (102) | N/A | ||||||||||||||||||||||||||||||||||
Net gain on sale of available for sale securities | — | 76 | 222 | (76) | (100) | (146) | (66) | ||||||||||||||||||||||||||||||||||
Other | 1,067 | 1,448 | 547 | (381) | (26) | 901 | 165 | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 2,884 | $ | 5,244 | $ | 3,900 | $ | (2,360) | (45) | % | $ | 1,344 | 34 | % |
| | Years Ended December 31, | | 2017/2016 Change | | 2016/2015 Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | $ | | % | | $ | | % | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | 2020/2019 Change | 2019/2018 Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | | | $ | 16,284 | | | | $ | 15,655 | | | | $ | 15,736 | | | | $ | 629 | | | | | 4% | | | | $ | (81) | | | | | (1)% | | Salaries and employee benefits | $ | 21,355 | $ | 19,434 | $ | 18,973 | $ | 1,921 | 10 | % | $ | 461 | 2 | % | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | | | | 6,165 | | | | | 5,811 | | | | | 5,341 | | | | | 354 | | | | | 6 | | | | | 470 | | | | | 9 | | Occupancy and equipment | 10,926 | 7,594 | 6,790 | 3,332 | 44 | 804 | 12 | |||||||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 3,216 | 2,067 | 2,033 | 1,149 | 56 | 34 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services | | | | 2,072 | | | | | 1,654 | | | | | 1,447 | | | | | 418 | | | | | 25 | | | | | 207 | | | | | 14 | | Professional services | 2,110 | 1,857 | 2,103 | 253 | 14 | (246) | (12) | |||||||||||||||||||||||||||||||||||||||||
Data processing | | | | 1,866 | | | | | 1,603 | | | | | 1,523 | | | | | 263 | | | | | 16 | | | | | 80 | | | | | 5 | | |||||||||||||||||||||||||||||||||||||||||||||||||
Director fees | Director fees | 1,214 | 863 | 1,044 | 351 | 41 | (181) | (17) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | FDIC insurance | 791 | 74 | 779 | 717 | 969 | (705) | (91) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | | | | 1,193 | | | | | 948 | | | | | 985 | | | | | 245 | | | | | 26 | | | | | (37) | | | | | (4) | | Marketing | 630 | 971 | 1,587 | (341) | (35) | (616) | (39) | |||||||||||||||||||||||||||||||||||||||||
FDIC insurance | | | | 1,116 | | | | | 660 | | | | | 672 | | | | | 456 | | | | | 69 | | | | | (12) | | | | | (2) | | |||||||||||||||||||||||||||||||||||||||||||||||||
Director fees | | | | 912 | | | | | 859 | | | | | 951 | | | | | 53 | | | | | 6 | | | | | (92) | | | | | (10) | | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | | | | 118 | | | | | 151 | | | | | 196 | | | | | (33) | | | | | (22) | | | | | (45) | | | | | (23) | | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed real estate | | | | 70 | | | | | 157 | | | | | 168 | | | | | (87) | | | | | (55) | | | | | (11) | | | | | (7) | | |||||||||||||||||||||||||||||||||||||||||||||||||
Merger and acquisition related expenses | | | | — | | | | | — | | | | | 2 | | | | | — | | | | | — | | | | | (2) | | | | | (100) | | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | 2,727 | | | | | 2,046 | | | | | 2,150 | | | | | 681 | | | | | 33 | | | | | (104) | | | | | (5) | | | Other | 2,571 | 2,766 | 2,324 | (195) | (7) | 442 | 19 | ||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | | | $ | 32,523 | | | | $ | 29,544 | | | | $ | 29,171 | | | | $ | 2,979 | | | | | 10% | | | | $ | 373 | | | | | 1% | | Total noninterest expense | $ | 42,813 | $ | 35,626 | $ | 35,633 | $ | 7,187 | 20 | % | $ | (7) | — | % | ||||||||||||||||||||||||||||||||||
|
| | 2017 | | 2016 | | Change | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | | % | | Total | | % | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | % | Total | % | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate loans: | ||||||||||||||||||||||||||||||||||
Residential | | | $ | 193,524 | | | | | 12.54% | | | | $ | 195,729 | | | | | 14.33% | | | | $ | (2,205) | | Residential | $ | 113,557 | 6.99 | % | $ | 147,109 | 9.17 | % | $ | (33,552) | ||||||||||||||||||||||||
Commercial | | | | 987,242 | | | | | 63.98 | | | | | 845,322 | | | | | 61.89 | | | | | 141,920 | | Commercial | 1,148,383 | 70.64 | 1,128,614 | 70.34 | 19,769 | |||||||||||||||||||||||||||||
Construction | | | | 101,636 | | | | | 6.59 | | | | | 107,441 | | | | | 7.86 | | | | | (5,805) | | | Construction | 87,007 | 5.35 | 98,583 | 6.14 | (11,576) | ||||||||||||||||||||||||||||
| | | | 1,282,402 | | | | | 83.11 | | | | | 1,148,492 | | | | | 84.08 | | | | | 133,910 | | |||||||||||||||||||||||||||||||||||
1,348,947 | 82.98 | 1,374,306 | 85.65 | (25,359) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 259,995 | | | | | 16.85 | | | | | 215,914 | | | | | 15.81 | | | | | 44,081 | | Commercial business | 276,601 | 17.02 | 230,028 | 14.34 | 46,573 | |||||||||||||||||||||||||||||
Consumer | | | | 619 | | | | | 0.04 | | | | | 1,533 | | | | | 0.11 | | | | | (914) | | | Consumer | 79 | — | 150 | 0.01 | (71) | ||||||||||||||||||||||||||||
Total loans | | | $ | 1,543,016 | | | | | 100.00% | | | | $ | 1,365,939 | | | | | 100.00% | | | | $ | 177,077 | | Total loans | $ | 1,625,627 | 100.00 | % | $ | 1,604,484 | 100.00 | % | $ | 21,143 | ||||||||||||||||||||||||
|
| | December 31, 2017 | | |||||||||||||||||||||||||||||||||||||||||||||
| | Commercial Real Estate | | Commercial Construction | | Commercial Business | | Total | | |||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Commercial Construction | Commercial Business | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amounts due: | | | | | | | | | | | | | | | | | | | | | Amounts due: | |||||||||||||||||||||||||||
One year or less | | | $ | 27,710 | | | | $ | 29,355 | | | | $ | 19,944 | | | | $ | 77,009 | | | One year or less | $ | 82,657 | $ | 26,364 | $ | 16,847 | $ | 125,868 | ||||||||||||||||||
After one year: | | | | | | | | | | | | | | | | | | | | | After one year: | |||||||||||||||||||||||||||
One to five years | | | | 252,223 | | | | | 35,155 | | | | | 112,565 | | | | | 399,943 | | One to five years | 655,541 | 38,118 | 144,136 | 837,795 | |||||||||||||||||||||||
Over five years | | | | 707,309 | | | | | 28,140 | | | | | 127,486 | | | | | 862,935 | | | Over five years | 410,185 | 22,525 | 115,618 | 548,328 | ||||||||||||||||||||||
Total due after one year | | | | 959,532 | | | | | 63,295 | | | | | 240,051 | | | | | 1,262,878 | | | Total due after one year | 1,065,726 | 60,643 | 259,754 | 1,386,123 | ||||||||||||||||||||||
Total | | | $ | 987,242 | | | | $ | 92,650 | | | | $ | 259,995 | | | | $ | 1,339,887 | | Total | $ | 1,148,383 | $ | 87,007 | $ | 276,601 | $ | 1,511,991 | |||||||||||||||||||
|
| | December 31, 2017 | | |||||||||||||||||||||||||||||||||
| | Adjustable Interest Rate | | Fixed Interest Rate | | Total | | |||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Adjustable Interest Rate | Fixed Interest Rate | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | | | $ | 305,107 | | | | $ | 654,425 | | | | $ | 959,532 | | Commercial real estate | $ | 314,197 | $ | 751,529 | $ | 1,065,726 | ||||||||||||||
Commercial construction | | | | 21,853 | | | | | 41,442 | | | | | 63,295 | | Commercial construction | 26,371 | 34,272 | 60,643 | |||||||||||||||||
Commercial business | | | | 142,563 | | | | | 97,488 | | | | | 240,051 | | | Commercial business | 133,162 | 126,592 | 259,754 | ||||||||||||||||
Total loans due after one year | | | $ | 469,523 | | | | $ | 793,355 | | | | $ | 1,262,878 | | Total loans due after one year | $ | 473,730 | $ | 912,393 | $ | 1,386,123 | ||||||||||||||
|
| | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans: | | | | | | | | | | | | | | | | | | | | | | | | | | Nonaccrual loans: | ||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate loans: | ||||||||||||||||||||||||||||||||||
Residential | | | $ | 1,590 | | | | $ | 1,612 | | | | $ | 1,365 | | | | $ | — | | | | $ | 1,003 | | Residential | $ | 1,492 | $ | 1,560 | $ | 3,812 | $ | 1,590 | $ | 1,612 | ||||||||||||||||||||||||
Commercial | | | | 3,371 | | | | | 446 | | | | | 1,264 | | | | | 3,220 | | | | | — | | Commercial | 21,093 | 5,222 | 5,950 | 3,371 | 446 | |||||||||||||||||||||||||||||
Commercial business | | | | 520 | | | | | 538 | | | | | 1,160 | | | | | — | | | | | — | | Commercial business | 1,834 | 3,806 | 4,320 | 520 | 538 | |||||||||||||||||||||||||||||
Construction | Construction | 8,997 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | — | | | | | 341 | | | | | 2 | | | | | 142 | | | | | — | | | Consumer | — | — | — | — | 341 | ||||||||||||||||||||||||||||
Total non accrual loans | | | | 5,481 | | | | | 2,937 | | | | | 3,791 | | | | | 3,362 | | | | | 1,003 | | |||||||||||||||||||||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | 33,416 | 10,588 | 14,082 | 5,481 | 2,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property acquired through foreclosure or repossession, net | | | | — | | | | | 272 | | | | | 1,248 | | | | | 950 | | | | | 829 | | | Property acquired through foreclosure or repossession, net | — | — | — | — | 272 | ||||||||||||||||||||||||||||
Total nonperforming assets | | | $ | 5,481 | | | | $ | 3,209 | | | | $ | 5,039 | | | | $ | 4,312 | | | | $ | 1,832 | | Total nonperforming assets | $ | 33,416 | $ | 10,588 | $ | 14,082 | $ | 5,481 | $ | 3,209 | ||||||||||||||||||||||||
Nonperforming assets to total assets | | | | 0.31% | | | | | 0.20% | | | | | 0.38% | | | | | 0.39% | | | | | 0.23% | | Nonperforming assets to total assets | 1.48 | % | 0.56 | % | 0.75 | % | 0.31 | % | 0.20 | % | ||||||||||||||||||||||||
Nonaccrual loans to total loans | | | | 0.36% | | | | | 0.22% | | | | | 0.33% | | | | | 0.36% | | | | | 0.16% | | |||||||||||||||||||||||||||||||||||
Nonperforming loans to total loans | Nonperforming loans to total loans | 2.06 | % | 0.66 | % | 0.88 | % | 0.36 | % | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total past due loans to total loans | | | | 1.67% | | | | | 0.47% | | | | | 0.51% | | | | | 0.86% | | | | | 0.73% | | Total past due loans to total loans | 0.93 | % | 0.77 | % | 0.78 | % | 1.67 | % | 0.47 | % |
| | | 31 – 60 Days Past Due | | | 61 – 90 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | |||||||||||
| | | (In thousands) | ||||||||||||||||||||
As of December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 1,092 | | | | | $ | 2,244 | | | | | $ | 969 | | | | | $ | 4,305 |
Commercial real estate | | | | | 9,529 | | | | | | 4,116 | | | | | | 1,444 | | | | | | 15,089 |
Commercial business | | | | | 4,223 | | | | | | — | | | | | | 142 | | | | | | 4,365 |
Total originated loans | | | | | 14,844 | | | | | | 6,360 | | | | | | 2,555 | | | | | | 23,759 |
Acquired Loans | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | 156 | | | | | | — | | | | | | 192 | | | | | | 348 |
Commercial real estate | | | | | 499 | | | | | | — | | | | | | 630 | | | | | | 1,129 |
Commercial business | | | | | 95 | | | | | | 162 | | | | | | 339 | | | | | | 596 |
Consumer | | | | | 3 | | | | | | — | | | | | | 2 | | | | | | 5 |
Total acquired loans | | | | | 753 | | | | | | 162 | | | | | | 1,163 | | | | | | 2,078 |
Total loans | | | | $ | 15,597 | | | | | $ | 6,522 | | | | | $ | 3,718 | | | | | $ | 25,837 |
As of December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | — | | | | | $ | 173 | | | | | $ | 969 | | | | | $ | 1,142 |
Commercial real estate | | | | | 147 | | | | | | 1,848 | | | | | | 302 | | | | | | 2,297 |
Commercial business | | | | | — | | | | | | — | | | | | | 378 | | | | | | 378 |
Total originated loans | | | | | 147 | | | | | | 2,021 | | | | | | 1,649 | | | | | | 3,817 |
Acquired Loans | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | — | | | | | | — | | | | | | 453 | | | | | | 453 |
Commercial real estate | | | | | 866 | | | | | | 722 | | | | | | 143 | | | | | | 1,731 |
Commercial business | | | | | 99 | | | | | | 249 | | | | | | — | | | | | | 348 |
Consumer | | | | | 6 | | | | | | — | | | | | | — | | | | | | 6 |
Total acquired loans | | | | | 971 | | | | | | 971 | | | | | | 596 | | | | | | 2,538 |
Total loans | | | | $ | 1,118 | | | | | $ | 2,992 | | | | | $ | 2,245 | | | | | $ | 6,355 |
|
30–59 Days Past Due | 60–89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||
Residential real estate | $ | 245 | $ | — | $ | 177 | $ | 422 | |||||||||||||||
Commercial real estate | 1,305 | 193 | 2,541 | 4,039 | |||||||||||||||||||
Construction | 8,997 | — | — | 8,997 | |||||||||||||||||||
Commercial business | 45 | 55 | 1,526 | 1,626 | |||||||||||||||||||
Total loans | $ | 10,592 | $ | 248 | $ | 4,244 | $ | 15,084 | |||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||
Residential real estate | $ | — | $ | 943 | $ | 281 | $ | 1,224 | |||||||||||||||
Commercial real estate | 355 | — | 5,935 | 6,290 | |||||||||||||||||||
Construction | 1,357 | — | — | 1,357 | |||||||||||||||||||
Commercial business | — | — | 3,455 | 3,455 | |||||||||||||||||||
Total loans | $ | 1,712 | $ | 943 | $ | 9,671 | $ | 12,326 |
| | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accruing troubled debt restructured loans: | | | | | | | | | | | | | | | | | | | | | | | | | | Accruing troubled debt restructured loans: | ||||||||||||||||||||||||||||||||||
Residential real estate | | | $ | 2,957 | | | | $ | 69 | | | | $ | 944 | | | | $ | 2,057 | | | | $ | 961 | | Residential real estate | $ | 2,399 | $ | 2,460 | $ | 2,722 | $ | 2,957 | $ | 69 | ||||||||||||||||||||||||
Commercial real estate | | | | 51 | | | | | 402 | | | | | 4,518 | | | | | 216 | | | | | — | | Commercial real estate | 4,929 | 4,952 | 37 | 51 | 402 | |||||||||||||||||||||||||||||
Commercial business | | | | 1,346 | | | | | 893 | | | | | 779 | | | | | 1,338 | | | | | 642 | | | Commercial business | 328 | 524 | 923 | 1,346 | 893 | ||||||||||||||||||||||||||||
Accruing troubled debt restructured loans | | | | 4,354 | | | | | 1,364 | | | | | 6,241 | | | | | 3,611 | | | | | 1,603 | | | Accruing troubled debt restructured loans | 7,656 | 7,936 | 3,682 | 4,354 | 1,364 | ||||||||||||||||||||||||||||
Nonaccrual troubled debt restructured loans: | | | | | | | | | | | | | | | | | | | | | | | | | | Nonaccrual troubled debt restructured loans: | ||||||||||||||||||||||||||||||||||
Residential real estate | Residential real estate | $ | 872 | $ | 943 | $ | 3,008 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 334 | | | | | — | | | | | 970 | | | | | — | | | | | — | | Commercial real estate | — | — | 334 | 334 | — | |||||||||||||||||||||||||||||
Commercial business | | | | 219 | | | | | 66 | | | | | 90 | | | | | — | | | | | — | | | Commercial business | 571 | 680 | 217 | 219 | 66 | ||||||||||||||||||||||||||||
Nonaccrual troubled debt restructured loans | | | | 553 | | | | | 66 | | | | | 1,060 | | | | | — | | | | | — | | | Nonaccrual troubled debt restructured loans | 1,443 | 1,623 | 3,559 | 553 | 66 | ||||||||||||||||||||||||||||
Total troubled debt restructured loans | | | $ | 4,907 | | | | $ | 1,430 | | | | $ | 7,301 | | | | $ | 3,611 | | | | $ | 1,603 | | Total troubled debt restructured loans | $ | 9,099 | $ | 9,559 | $ | 7,241 | $ | 4,907 | $ | 1,430 | ||||||||||||||||||||||||
|
| | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | | | $ | 17,982 | | | | $ | 14,169 | | | | $ | 10,860 | | | | $ | 8,382 | | | | $ | 7,941 | | Balance at beginning of period | $ | 13,509 | $ | 15,462 | $ | 18,904 | $ | 17,982 | $ | 14,169 | ||||||||||||||||||||||||
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | Charge-offs: | ||||||||||||||||||||||||||||||||||
Residential real estate | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | Residential real estate | — | (875) | (420) | — | — | |||||||||||||||||||||||||||||
Commercial real estate | | | | — | | | | | — | | | | | — | | | | | — | | | | | (166) | | Commercial real estate | — | (594) | (5,614) | — | — | |||||||||||||||||||||||||||||
Construction | | | | — | | | | | (7) | | | | | — | | | | | (100) | | | | | — | | Construction | — | — | — | — | (7) | |||||||||||||||||||||||||||||
Commercial business | | | | (521) | | | | | (69) | | | | | (15) | | | | | — | | | | | — | | Commercial business | (83) | (897) | (815) | (521) | (69) | |||||||||||||||||||||||||||||
Consumer | | | | (51) | | | | | (35) | | | | | (15) | | | | | (3) | | | | | (4) | | | Consumer | (40) | (75) | (77) | (51) | (35) | ||||||||||||||||||||||||||||
Total charge-offs | | | | (572) | | | | | (111) | | | | | (30) | | | | | (103) | | | | | (170) | | | Total charge-offs | (123) | (2,441) | (6,926) | (572) | (111) | ||||||||||||||||||||||||||||
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | | | Recoveries: | ||||||||||||||||||||||||||||||||||
Residential real estate | | | | 146 | | | | | — | | | | | — | | | | | — | | | | | — | | Residential real estate | — | — | — | 146 | — | |||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 15 | — | 18 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | 3 | | | | | 10 | | | | | 9 | | | | | 425 | | | | | 26 | | Consumer | 3 | 32 | 7 | 3 | 10 | |||||||||||||||||||||||||||||
Commercial Business | | | | 4 | | | | | — | | | | | 100 | | | | | 4 | | | | | — | | | Commercial Business | — | 19 | 19 | 4 | — | ||||||||||||||||||||||||||||
Total recoveries | | | | 153 | | | | | 10 | | | | | 109 | | | | | 429 | | | | | 26 | | | Total recoveries | 18 | 51 | 44 | 153 | 10 | ||||||||||||||||||||||||||||
Net (charge-offs) recoveries | | | | (419) | | | | | (101) | | | | | 79 | | | | | 326 | | | | | (144) | | |||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | (105) | (2,390) | (6,882) | (419) | (101) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision charged to earnings | | | | 1,341 | | | | | 3,914 | | | | | 3,230 | | | | | 2,152 | | | | | 585 | | | Provision charged to earnings | 7,605 | 437 | 3,440 | 1,341 | 3,914 | ||||||||||||||||||||||||||||
Balance at end of period | | | $ | 18,904 | | | | $ | 17,982 | | | | $ | 14,169 | | | | $ | 10,860 | | | | $ | 8,382 | | Balance at end of period | $ | 21,009 | $ | 13,509 | $ | 15,462 | $ | 18,904 | $ | 17,982 | ||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans | | | | 0.03% | | | | | 0.01% | | | | | (0.01%) | | | | | (0.05%) | | | | | 0.03% | | Net charge-offs (recoveries) to average loans | 0.01 | % | 0.15 | % | 0.44 | % | 0.03 | % | 0.01 | % | ||||||||||||||||||||||||
Allowance for loan losses to total loans | | | | 1.23% | | | | | 1.32% | | | | | 1.23% | | | | | 1.17% | | | | | 1.33% | | Allowance for loan losses to total loans | 1.29 | % | 0.84 | % | 0.96 | % | 1.23 | % | 1.32 | % | ||||||||||||||||||||||||
|
| | | At December 31, | | |||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||
| | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Residential real estate | | | | $ | 1,721 | | | | | | 12.54% | | | | | $ | 1,802 | | | | | | 14.33% | | | | | $ | 1,618 | | | | | | 16.83% | | |
Commercial real estate | | | | | 12,777 | | | | | | 63.98 | | | | | | 9,415 | | | | | | 61.89 | | | | | | 7,705 | | | | | | 60.79 | | |
Construction | | | | | 907 | | | | | | 6.59 | | | | | | 2,105 | | | | | | 7.86 | | | | | | 1,504 | | | | | | 7.17 | | |
Commercial business | | | | | 3,498 | | | | | | 16.85 | | | | | | 4,283 | | | | | | 15.81 | | | | | | 3,334 | | | | | | 15.06 | | |
Consumer | | | | | 1 | | | | | | 0.04 | | | | | | 377 | | | | | | 0.11 | | | | | | 8 | | | | | | 0.15 | | |
Total allowance for loan losses | | | | $ | 18,904 | | | | | | 100.00% | | | | | $ | 17,982 | | | | | | 100.00% | | | | | $ | 14,169 | | | | | | 100.00% | | |
|
| | | At December 31, | | |||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||
| | | Amount | | | Percent of Loan Portfolio | | | Amount | | | Percent of Loan Portfolio | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Residential real estate | | | | $ | 1,636 | | | | | | 20.78% | | | | | $ | 1,500 | | | | | | 26.86% | | |
Commercial real estate | | | | | 5,480 | | | | | | 56.06 | | | | | | 3,616 | | | | | | 50.08 | | |
Construction | | | | | 1,102 | | | | | | 6.80 | | | | | | 1,032 | | | | | | 8.16 | | |
Commercial business | | | | | 2,638 | | | | | | 16.05 | | | | | | 2,225 | | | | | | 14.80 | | |
Consumer | | | | | 4 | | | | | | 0.31 | | | | | | 9 | | | | | | 0.10 | | |
Total allowance for loan losses | | | | $ | 10,860 | | | | | | 100.00% | | | | | $ | 8,382 | | | | | | 100.00% | | |
|
At December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent of Loan Portfolio | Amount | Percent of Loan Portfolio | Amount | Percent of Loan Portfolio | Amount | Percent of Loan Portfolio | Amount | Percent of Loan Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 610 | 6.99 | % | $ | 730 | 9.17 | % | $ | 857 | 11.10 | % | $ | 1,721 | 12.54 | % | $ | 1,802 | 14.33 | % | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 16,425 | 70.64 | 10,551 | 70.34 | 11,562 | 68.18 | 12,777 | 63.98 | 9,415 | 61.89 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 221 | 5.35 | 324 | 6.14 | 140 | 4.56 | 907 | 6.59 | 2,105 | 7.86 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 3,753 | 17.02 | 1,903 | 14.34 | 2,902 | 16.14 | 3,498 | 16.85 | 4,283 | 15.81 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | — | — | 1 | 0.01 | 1 | 0.02 | 1 | 0.04 | 377 | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 21,009 | 100.00 | % | $ | 13,509 | 100.00 | % | $ | 15,462 | 100.00 | % | $ | 18,904 | 100.00 | % | $ | 17,982 | 100.00 | % |
| | December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | $ | 2,083 | $ | 2,207 | $ | 2,047 | $ | 2,118 | $ | 2,003 | $ | 2,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. Government and agency obligations | | | $ | 73,024 | | | | $ | 72,774 | | | | $ | 62,457 | | | | $ | 62,698 | | | | $ | 7,239 | | | | $ | 7,143 | | U.S. Government and agency obligations | 73,574 | 76,878 | 81,263 | 82,439 | 83,815 | 82,136 | |||||||||||||||||||||||||||||||||||
State agency and municipal obligations | | | | 11,959 | | | | | 12,277 | | | | | 14,495 | | | | | 14,763 | | | | | 17,060 | | | | | 17,504 | | State agency and municipal obligations | — | — | — | — | 4,023 | 4,007 | |||||||||||||||||||||||||||||||||||
Corporate bonds | | | | 7,096 | | | | | 7,137 | | | | | 10,167 | | | | | 10,290 | | | | | 11,256 | | | | | 11,437 | | Corporate bonds | 11,500 | 11,727 | — | — | 7,061 | 7,011 | |||||||||||||||||||||||||||||||||||
Government mortgage-backed securities | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,400 | | | | | 4,497 | | | |||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | | | $ | 92,079 | | | | $ | 92,188 | | | | $ | 87,119 | | | | $ | 87,751 | | | | $ | 39,955 | | | | $ | 40,581 | | Total securities available for sale | $ | 85,074 | $ | 88,605 | $ | 81,263 | $ | 82,439 | $ | 94,899 | $ | 93,154 | |||||||||||||||||||||||||||||
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||
State agency and municipal obligations | | | | 20,465 | | | | | 21,717 | | | | | 15,710 | | | | | 15,710 | | | | | 9,026 | | | | | 9,026 | | State agency and municipal obligations | $ | 16,018 | $ | 19,962 | $ | 16,231 | $ | 18,222 | $ | 20,328 | $ | 20,890 | |||||||||||||||||||||||||||||
Corporate bonds | | | | 1,000 | | | | | 995 | | | | | 1,000 | | | | | 977 | | | | | 1,000 | | | | | 981 | | Corporate bonds | — | — | — | — | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||
Government mortgage-backed securities | | | | 114 | | | | | 124 | | | | | 149 | | | | | 164 | | | | | 200 | | | | | 221 | | | Government mortgage-backed securities | 60 | 70 | 77 | 85 | 93 | 98 | ||||||||||||||||||||||||||||||||||
Total securities held to maturity | | | $ | 21,579 | | | | $ | 22,836 | | | | $ | 16,859 | | | | $ | 16,851 | | | | $ | 10,226 | | | | $ | 10,228 | | Total securities held to maturity | $ | 16,078 | $ | 20,032 | $ | 16,308 | $ | 18,307 | $ | 21,421 | $ | 21,988 | |||||||||||||||||||||||||||||
|
| | | Due Within 1 Year | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||
At December 31, 2017 | | | Amortized Cost | | | Yield | | | Amortized Cost | | | Yield | | | Amortized Cost | | | Yield | | | Amortized Cost | | | Yield | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | — | | | | | | —% | | | | | $ | 13,000 | | | | | | 1.90% | | | | | $ | 100 | | | | | | 2.50% | | | | | $ | 59,924 | | | | | | 2.48% | | |
State agency and municipal obligations | | | | | — | | | | | | — | | | | | | 2,873 | | | | | | 2.70 | | | | | | 7,386 | | | | | | 3.54 | | | | | | 1,700 | | | | | | 3.36 | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | 7,096 | | | | | | 2.46 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total securities available for sale | | | | $ | — | | | | | | —% | | | | | $ | 22,969 | | | | | | 2.17% | | | | | $ | 7,486 | | | | | | 3.53% | | | | | $ | 61,624 | | | | | | 2.50% | | |
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State agency and municipal obligations | | | | $ | 198 | | | | | | 4.90% | | | | | $ | 3,880 | | | | | | 4.08% | | | | | $ | — | | | | | | —% | | | | | $ | 16,387 | | | | | | 5.03% | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 2.23 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 114 | | | | | | 5.35 | | |
Total securities held to maturity | | | | $ | 198 | | | | | | 4.90% | | | | | $ | 4,880 | | | | | | 3.70% | | | | | $ | — | | | | | | —% | | | | | $ | 16,501 | | | | | | 5.04% | | |
|
| | | Due Within 1 Year | | | Due 1 – 5 Years | | | Due 5 – 10 Years | | | Due After 10 Years | | ||||||||||||||||||||||||||||||||||||
At December 31, 2016 | | | Amortized Cost | | | Yield | | | Amortized Cost | | | Yield | | | Amortized Cost | | | Yield | | | Amortized Cost | | | Yield | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | — | | | | | | —% | | | | | $ | 62,357 | | | | | | 1.99% | | | | | $ | — | | | | | | —% | | | | | $ | 100 | | | | | | 2.50% | | |
State agency and municipal obligations | | | | | — | | | | | | — | | | | | | 827 | | | | | | 2.68 | | | | | | 8,045 | | | | | | 3.54 | | | | | | 5,623 | | | | | | 4.03 | | |
Corporate bonds | | | | | 2,022 | | | | | | 4.78 | | | | | | 8,145 | | | | | | 2.43 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total securities available for sale | | | | $ | 2,022 | | | | | | 4.78% | | | | | $ | 71,329 | | | | | | 2.05% | | | | | $ | 8,045 | | | | | | 3.54% | | | | | $ | 5,723 | | | | | | 4.00% | | |
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State agency and municipal obligations | | | | $ | — | | | | | | —% | | | | | $ | 2,135 | | | | | | 3.02% | | | | | $ | — | | | | | | —% | | | | | $ | 13,575 | | | | | | 4.96% | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | 2.00 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Government mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 149 | | | | | | 5.32 | | |
Total securities held to maturity | | | | $ | — | | | | | | —% | | | | | $ | 3,135 | | | | | | 2.70% | | | | | $ | — | | | | | | —% | | | | | $ | 13,724 | | | | | | 4.96% | | |
|
Due Within 1 Year | Due 1–5 Years | Due 5–10 Years | Due After 10 Years or No Contractual Maturity | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2020 | Amortized Cost | Yield | Amortized Cost | Yield | Amortized Cost | Yield | Amortized Cost | Yield | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 2,083 | 2.20 | % | |||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and agency obligations | 9,976 | 2.02 | — | — | 8,038 | 2.88 | 55,560 | 2.49 | |||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | 4,000 | 4.09 | 6,000 | 4.65 | 1,500 | 4.50 | |||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 9,976 | 2.02 | % | $ | 4,000 | 4.09 | % | $ | 14,038 | 3.63 | % | $ | 57,060 | 2.54 | % | |||||||||||||||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
State agency and municipal obligations | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 16,018 | 5.01 | % | |||||||||||||||||||||||||||||||
Government mortgage-backed securities | — | — | — | — | — | — | 60 | 5.35 | |||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 16,078 | 5.01 | % |
Due Within 1 Year | Due 1–5 Years | Due 5–10 Years | Due After 10 Years or No Contractual Maturity | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | Amortized Cost | Yield | Amortized Cost | Yield | Amortized Cost | Yield | Amortized Cost | Yield | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 2,047 | 2.20 | % | |||||||||||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and agency obligations | 2,100 | 1.59 | 9,950 | 2.02 | 8,311 | 2.87 | 60,902 | 2.61 | |||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 2,100 | 1.59 | % | $ | 9,950 | 2.02 | % | $ | 8,311 | 2.87 | % | $ | 60,902 | 2.61 | % | |||||||||||||||||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
State agency and municipal obligations | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 16,231 | 5.05 | % | |||||||||||||||||||||||||||||||
Government mortgage-backed securities | — | — | — | — | — | — | 77 | 5.35 | |||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | — | — | % | $ | — | — | % | $ | — | —% | $ | 16,308 | 5.05 | % |
| | At December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percent | | Weighted Average Rate | | Amount | | Percent | | Weighted Average Rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Weighted Average Rate | Amount | Percent | Weighted Average Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | | | $ | 172,638 | | | | | 12.35% | | | | | —% | | | | $ | 187,593 | | | | | 14.55% | | | | | —% | | | Noninterest-bearing demand | $ | 270,235 | 14.79 | % | — | % | $ | 191,518 | 12.84 | % | — | % | ||||||||||||||||||||||||||||
NOW | | | | 58,942 | | | | | 4.21 | | | | | 0.16 | | | | | 53,950 | | | | | 4.19 | | | | | 0.19 | | | NOW | 101,737 | 5.57 | 0.17 | 70,020 | 4.69 | 0.21 | ||||||||||||||||||||||||||||||||||
Money market | | | | 451,804 | | | | | 32.31 | | | | | 0.85 | | | | | 349,131 | | | | | 27.09 | | | | | 0.58 | | | Money market | 669,364 | 36.63 | 0.79 | 419,495 | 28.12 | 1.62 | ||||||||||||||||||||||||||||||||||
Savings | | | | 83,758 | | | | | 5.99 | | | | | 0.74 | | | | | 96,502 | | | | | 7.48 | | | | | 0.43 | | | Savings | 158,750 | 8.69 | 0.81 | 183,729 | 12.31 | 1.67 | ||||||||||||||||||||||||||||||||||
Time | | | | 631,263 | | | | | 45.14 | | | | | 1.33 | | | | | 601,861 | | | | | 46.69 | | | | | 1.15 | | | Time | 627,230 | 34.32 | 1.77 | 627,141 | 42.04 | 2.27 | ||||||||||||||||||||||||||||||||||
Total deposits | | | $ | 1,398,405 | | | | | 100.00% | | | | | 1.06% | | | | $ | 1,289,037 | | | | | 100.00% | | | | | 0.86% | | | Total deposits | $ | 1,827,316 | 100.00 | % | 1.23 | % | $ | 1,491,903 | 100.00 | % | 1.87 | % | ||||||||||||||||||||||||||||
|
| | December 31, | | |||||||||||||||||||||
| | 2017 | | 2016 | | |||||||||||||||||||
| | (Dollars in thousands) | | |||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Maturing: | | | | | | | | | | | Maturing: | |||||||||||||
Within 3 months | | | $ | 45,263 | | | | $ | 54,546 | | Within 3 months | $ | 141,784 | $ | 114,636 | |||||||||
After 3 but within 6 months | | | | 95,989 | | | | | 80,091 | | After 3 but within 6 months | 67,064 | 139,852 | |||||||||||
After 6 months but within 1 year | | | | 142,380 | | | | | 81,205 | | After 6 months but within 1 year | 118,880 | 104,355 | |||||||||||
After 1 year | | | | 179,655 | | | | | 222,877 | | | After 1 year | 192,051 | 143,907 | ||||||||||
Total | | | $ | 463,287 | | | | $ | 438,719 | | Total | $ | 519,779 | $ | 502,750 | |||||||||
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||
As of and for the period ending: | | | | | | | | | | | | | | | | | | | |
Average amount outstanding during the period | | | | $ | 144,800 | | | | | $ | 114,426 | | | | | $ | 80,248 | | |
Amount outstanding at end of period | | | | | 174,000 | | | | | | 135,000 | | | | | | 75,000 | | |
Highest month end balance during the period | | | | | 175,000 | | | | | | 150,000 | | | | | | 101,000 | | |
Weighted average interest rate at end of period | | | | | 1.44% | | | | | | 0.73% | | | | | | 0.46% | | |
Weighted average interest rate during the period | | | | | 1.54% | | | | | | 0.69% | | | | | | 0.34% | | |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Average amount outstanding during the period | $ | 165,232 | $ | 145,921 | $ | 163,419 | |||||||||||
Amount outstanding at end of period | 175,000 | 150,000 | 135,000 | ||||||||||||||
Highest month end balance during the period | 175,000 | 150,000 | 174,000 | ||||||||||||||
Weighted average interest rate at end of period(1) | 1.84 | % | 1.93 | % | 2.55 | % |
| | | Notional Amount | | | Original Maturity | | | Received | | | Paid | | | Fair Value Asset (Liability) | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Cash flow hedge: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap on FHLB advance | | | | $ | 25,000 | | | | 4.7 years | | | 3-month LIBOR | | | | | 1.62% | | | | | $ | 62 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.83% | | | | | | 105 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.48% | | | | | | 398 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.22% | | | | | | 793 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 7.0 years | | | 3-month LIBOR | | | | | 2.04% | | | | | | 342 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 7.0 years | | | 3-month LIBOR | | | | | 2.04% | | | | | | 334 | | |
| | | | $ | 150,000 | | | | | | | | | | | | | | | | | $ | 2,034 | | |
|
Original Notional Amount | Original Maturity | Maturity Date | Received | Paid | Fair Value Asset (Liability) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 25,000 | 5.0 years | July 1, 2021 | 3-month LIBOR | 1.22% | $ | (128) | |||||||||||||||||||||||||||
Interest rate swap | 25,000 | 3.0 years | December 23, 2022 | 3-month LIBOR | 1.28% | (541) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month LIBOR | 2.04% | (1,622) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month LIBOR | 2.04% | (1,618) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | April 9, 2025 | 3-month LIBOR | 0.55% | (224) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | April 23, 2025 | 3-month LIBOR | 0.54% | (212) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | January 1, 2034 | 3-month LIBOR | 3.01% | (6,086) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | January 1, 2035 | 3-month LIBOR | 3.03% | (6,445) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | August 26, 2035 | 3-month LIBOR | 3.05% | (6,691) | |||||||||||||||||||||||||||||
$ | 225,000 | $ | (23,567) | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments:(1) | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 18,500 | 10.0 years | March 10, 2030 | 1-month LIBOR | 3.15% | $ | (648) | |||||||||||||||||||||||||||
Interest rate swap | 18,500 | 10.0 years | March 10, 2030 | 1-month LIBOR | 3.15% | 648 | |||||||||||||||||||||||||||||
Interest rate swap | 20,000 | 20.0 years | March 10, 2039 | 1-month LIBOR | 5.00% | (3,796) | |||||||||||||||||||||||||||||
Interest rate swap | 20,000 | 20.0 years | March 10, 2039 | 1-month LIBOR | 5.00% | 3,796 | |||||||||||||||||||||||||||||
$ | 77,000 | $ | — | ||||||||||||||||||||||||||||||||
Total Derivatives | $ | 302,000 | $ | (23,567) |
| | | Notional Amount | | | Original Maturity | | | Received | | | Paid | | | Fair Value Asset (Liability) | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Cash flow hedge: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap on FHLB advance | | | | $ | 25,000 | | | | 4.7 years | | | 3-month LIBOR | | | | | 1.62% | | | | | $ | (91) | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.83% | | | | | | (138) | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.48% | | | | | | 249 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.22% | | | | | | 717 | | |
| | | | $ | 100,000 | | | | | | | | | | | | | | | | | $ | 737 | | |
|
Original Notional Amount | Original Maturity | Maturity Date | Received | Paid | Fair Value Asset (Liability) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 25,000 | 5.0 years | January 1, 2020 | 3-month LIBOR | 1.83% | $ | — | |||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | August 26, 2020 | 3-month LIBOR | 1.48% | 51 | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | July 1, 2021 | 3-month LIBOR | 1.22% | 174 | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month LIBOR | 2.04% | (396) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month LIBOR | 2.04% | (402) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | January 1, 2034 | 3-month LIBOR | 3.01% | (3,328) | |||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 3.0 years | December 23, 2022 | 3-month LIBOR | 1.28% | 279 | |||||||||||||||||||||||||||||
Forward-starting interest rate swap(1) | 25,000 | 15.0 years | January 1, 2035 | 3-month LIBOR | 3.03% | (3,557) | |||||||||||||||||||||||||||||
Forward-starting interest rate swap(1) | 25,000 | 15.0 years | August 26, 2035 | 3-month LIBOR | 3.05% | (3,512) | |||||||||||||||||||||||||||||
$ | 225,000 | $ | (10,691) | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments:(2) | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 20,000 | 20.0 years | March 20, 2039 | 1-month USD LIBOR | 5.00% | $ | (1,762) | |||||||||||||||||||||||||||
Interest rate swap | 20,000 | 20.0 years | March 20, 2039 | 1-month USD LIBOR | 5.00% | 1,762 | |||||||||||||||||||||||||||||
$ | 40,000 | $ | — | ||||||||||||||||||||||||||||||||
Total Derivatives | $ | 265,000 | $ | (10,691) |
| | | Payments Due by Period | | |||||||||||||||||||||||||||
| | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | |||||||||||||||
| | | (in thousands) | | |||||||||||||||||||||||||||
Contractual Obligations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FHLB advances | | | | $ | 199,000 | | | | | $ | 174,000 | | | | | $ | 25,000 | | | | | $ | — | | | | | $ | — | | |
Subordinated Debt | | | | | 25,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,500 | | |
Operating lease agreements | | | | | 21,723 | | | | | | 1,808 | | | | | | 3,440 | | | | | | 2,498 | | | | | | 13,977 | | |
Time deposits with stated maturity dates | | | | | 631,263 | | | | | | 391,509 | | | | | | 238,849 | | | | | | 905 | | | | | | — | | |
Total contractual obligations | | | | $ | 877,486 | | | | | $ | 567,317 | | | | | $ | 267,289 | | | | | $ | 3,403 | | | | | $ | 39,477 | | |
|
Payments Due by Period | |||||||||||||||||||||||||||||
Total | Less Than 1 Year | 1–3 Years | 4–5 Years | After 5 Years | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Contractual Obligations: | |||||||||||||||||||||||||||||
FHLB advances | $ | 175,000 | $ | 175,000 | $ | — | $ | — | $ | — | |||||||||||||||||||
Subordinated debt | 25,500 | — | — | 25,500 | — | ||||||||||||||||||||||||
Operating lease agreements | 22,929 | 1,826 | 2,389 | 1,488 | 17,226 | ||||||||||||||||||||||||
Time deposits with stated maturity dates | 627,230 | 418,117 | 178,920 | 30,193 | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 850,659 | $ | 594,943 | $ | 181,309 | $ | 57,181 | $ | 17,226 |
| | | Amount of Commitment Expiration per Period | | |||||||||||||||||||||||||||
| | | Total | | | Less Than 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | |||||||||||||||
| | | (in thousands) | | |||||||||||||||||||||||||||
Other Commitments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan commitments | | | | $ | 112,649 | | | | | $ | 39,298 | | | | | $ | 35,372 | | | | | $ | 3,708 | | | | | $ | 34,271 | | |
Undisbursed construction loans | | | | | 80,064 | | | | | | 17,569 | | | | | | 6,441 | | | | | | 24,876 | | | | | | 31,178 | | |
Unused home equity lines of credit | | | | | 7,573 | | | | | | 365 | | | | | | 295 | | | | | | 343 | | | | | | 6,570 | | |
Total other commitments | | | | $ | 200,286 | | | | | $ | 57,232 | | | | | $ | 42,108 | | | | | $ | 28,927 | | | | | $ | 72,019 | | |
|
| | Amount of Commitment Expiration per Period | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | | Less Than 1 Year | | 1 – 3 Years | | 4 – 5 Years | | After 5 Years | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | (in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Commitment Expiration per Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Less Than 1 Year | 1–3 Years | 4–5 Years | After 5 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Commitments: | | | | | | | | | | | | | | | | | | | | | | | | | | Other Commitments: | ||||||||||||||||||||||||||||||||||
Loan commitments | | | $ | 89,825 | | | | $ | 32,418 | | | | $ | 37,681 | | | | $ | 3,601 | | | | $ | 16,125 | | Loan commitments | $ | 114,574 | $ | 70,958 | $ | 18,447 | $ | 17,030 | $ | 8,139 | ||||||||||||||||||||||||
Undisbursed construction loans | | | | 70,526 | | | | | 17,878 | | | | | 18,167 | | | | | 6,211 | | | | | 28,270 | | Undisbursed construction loans | 117,457 | 9,862 | 40,635 | 14,599 | 52,361 | |||||||||||||||||||||||||||||
Unused home equity lines of credit | | | | 8,083 | | | | | 367 | | | | | 33 | | | | | 456 | | | | | 7,227 | | | Unused home equity lines of credit | 5,029 | 250 | 210 | — | 4,569 | ||||||||||||||||||||||||||||
Total other commitments | | | $ | 168,434 | | | | $ | 50,663 | | | | $ | 55,881 | | | | $ | 10,268 | | | | $ | 51,622 | | Total other commitments | $ | 237,060 | $ | 81,070 | $ | 59,292 | $ | 31,629 | $ | 65,069 | ||||||||||||||||||||||||
|
Amount of Commitment Expiration per Period | |||||||||||||||||||||||||||||
Total | Less Than 1 Year | 1–3 Years | 4–5 Years | After 5 Years | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Other Commitments: | |||||||||||||||||||||||||||||
Loan commitments | $ | 102,986 | $ | 56,483 | $ | 12,628 | $ | 15,166 | $ | 18,709 | |||||||||||||||||||
Undisbursed construction loans | 80,472 | 1,715 | 26,281 | 15,340 | 37,136 | ||||||||||||||||||||||||
Unused home equity lines of credit | 6,284 | 368 | 200 | 10 | 5,706 | ||||||||||||||||||||||||
Total other commitments | $ | 189,742 | $ | 58,566 | $ | 39,109 | $ | 30,516 | $ | 61,551 |
| | | Estimated Percent Change in Net Interest Income | | |||||||||
| | | At December 31, | | |||||||||
Rate Changes (basis points) | | | 2017 | | | 2016 | | ||||||
-100 | | | | | (2.00)% | | | | | | (1.60)% | | |
+200 | | | | | (4.30) | | | | | | (2.23) | | |
Estimated Percent Change in Net Interest Income | ||||||||||||||
At December 31, | ||||||||||||||
Rate Changes (basis points) | 2020 | 2019 | ||||||||||||
(100) | 0.20 | % | 3.00 | % | ||||||||||
200 | (1.40) | (6.80) |
| | | Estimated Percent Change in Net Interest Income | | |||||||||
| | | At December 31, | | |||||||||
Rate Changes (basis points) | | | 2017 | | | 2016 | | ||||||
-100 | | | | | (4.70)% | | | | | | (3.36)% | | |
+100 | | | | | (3.40) | | | | | | (1.86) | | |
+200 | | | | | (7.30) | | | | | | (4.13) | | |
+300 | | | | | (11.50) | | | | | | (6.78) | | |
Estimated Percent Change in Net Interest Income | ||||||||||||||
At December 31, | ||||||||||||||
Rate Changes (basis points) | 2020 | 2019 | ||||||||||||
(100) | (0.30) | % | 5.00 | % | ||||||||||
100 | (1.00) | (6.20) | ||||||||||||
200 | (1.70) | (12.90) | ||||||||||||
300 | (2.00) | (19.50) |
| | | Estimated Percent Change in Economic Value of Equity | | |||||||||
| | | At December 31, | | |||||||||
Rate Changes (basis points) | | | 2017 | | | 2016 | | ||||||
-100 | | | | | (1.60)% | | | | | | 0.00% | | |
+100 | | | | | (10.10) | | | | | | (9.90) | | |
+200 | | | | | (22.90) | | | | | | (21.70) | | |
+300 | | | | | (32.80) | | | | | | (31.30) | | |
Estimated Percent Change in Economic Value of Equity | ||||||||||||||
At December 31, | ||||||||||||||
Rate Changes (basis points) | 2020 | 2019 | ||||||||||||
(100) | (47.30) | % | (2.00) | % | ||||||||||
100 | 9.30 | (6.50) | ||||||||||||
200 | 13.80 | (17.20) | ||||||||||||
300 | 18.40 | (25.50) |
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 70,545 | | | | | $ | 96,026 | | |
Federal funds sold | | | | | 186 | | | | | | 329 | | |
Cash and cash equivalents | | | | | 70,731 | | | | | | 96,355 | | |
Available for sale investment securities, at fair value | | | | | 92,188 | | | | | | 87,751 | | |
Held to maturity investment securities, at amortized cost | | | | | 21,579 | | | | | | 16,859 | | |
Loans held for sale | | | | | — | | | | | | 254 | | |
Loans receivable (net of allowance for loan losses of $18,904 and $17,982 at December 31, 2017 and 2016, respectively) | | | | | 1,520,879 | | | | | | 1,343,895 | | |
Foreclosed real estate | | | | | — | | | | | | 272 | | |
Accrued interest receivable | | | | | 5,910 | | | | | | 4,958 | | |
Federal Home Loan Bank stock, at cost | | | | | 9,183 | | | | | | 7,943 | | |
Premises and equipment, net | | | | | 18,196 | | | | | | 17,835 | | |
Bank-owned life insurance | | | | | 39,618 | | | | | | 33,448 | | |
Goodwill | | | | | 2,589 | | | | | | 2,589 | | |
Other intangible assets | | | | | 382 | | | | | | 501 | | |
Deferred income taxes, net | | | | | 4,904 | | | | | | 9,085 | | |
Other assets | | | | | 10,448 | | | | | | 7,174 | | |
Total assets | | | | $ | 1,796,607 | | | | | $ | 1,628,919 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | |
Noninterest bearing deposits | | | | $ | 172,638 | | | | | $ | 187,593 | | |
Interest bearing deposits | | | | | 1,225,767 | | | | | | 1,101,444 | | |
Total deposits | | | | | 1,398,405 | | | | | | 1,289,037 | | |
Advances from the Federal Home Loan Bank | | | | | 199,000 | | | | | | 160,000 | | |
Subordinated debentures | | | | | 25,103 | | | | | | 25,051 | | |
Accrued expenses and other liabilities | | | | | 13,072 | | | | | | 8,936 | | |
Total liabilities | | | | | 1,635,580 | | | | | | 1,483,024 | | |
Commitments and contingencies (Note 12) | | | | | — | | | | | | — | | |
Shareholders’ equity | | | | | | | | | | | | | |
Common stock, no par value; 10,000,000 shares authorized, 7,751,424 and 7,620,663 shares issued and outstanding at December 31, 2017 and 2016, respectively | | | | | 118,301 | | | | | | 115,353 | | |
Retained earnings | | | | | 41,032 | | | | | | 29,652 | | |
Accumulated other comprehensive income | | | | | 1,694 | | | | | | 890 | | |
Total shareholders’ equity | | | | | 161,027 | | | | | | 145,895 | | |
Total liabilities and shareholders’ equity | | | | $ | 1,796,607 | | | | | $ | 1,628,919 | | |
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 405,340 | $ | 78,051 | |||||||
Federal funds sold | 4,258 | 0 | |||||||||
Cash and cash equivalents | 409,598 | 78,051 | |||||||||
Investment securities | |||||||||||
Marketable equity securities, at fair value | 2,207 | 2,118 | |||||||||
Available for sale investment securities, at fair value | 88,605 | 82,439 | |||||||||
Held to maturity investment securities, at amortized cost (fair values of $20,032 and $18,307 at December 31, 2020 and 2019, respectively) | 16,078 | 16,308 | |||||||||
Total investment securities | 106,890 | 100,865 | |||||||||
Loans receivable (net of allowance for loan losses of $21,009 and $13,509 at December 31, 2020 and 2019, respectively) | 1,601,672 | 1,588,840 | |||||||||
Accrued interest receivable | 6,579 | 5,959 | |||||||||
Federal Home Loan Bank stock, at cost | 7,860 | 7,475 | |||||||||
Premises and equipment, net | 21,762 | 28,522 | |||||||||
Bank-owned life insurance | 42,651 | 41,683 | |||||||||
Goodwill | 2,589 | 2,589 | |||||||||
Other intangible assets | 76 | 214 | |||||||||
Deferred income taxes, net | 11,300 | 5,788 | |||||||||
Other assets | 42,770 | 22,196 | |||||||||
Total assets | $ | 2,253,747 | $ | 1,882,182 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest bearing deposits | $ | 270,235 | $ | 191,518 | |||||||
Interest bearing deposits | 1,557,081 | 1,300,385 | |||||||||
Total deposits | 1,827,316 | 1,491,903 | |||||||||
Advances from the Federal Home Loan Bank | 175,000 | 150,000 | |||||||||
Subordinated debentures ($25,500 face, less unamortized debt issuance costs of $242 and $293 at December 31, 2020 and 2019, respectively) | 25,258 | 25,207 | |||||||||
Accrued expenses and other liabilities | 49,571 | 32,675 | |||||||||
Total liabilities | 2,077,145 | 1,699,785 | |||||||||
Commitments and contingencies (Note 12) | 0 | 0 | |||||||||
Shareholders’ equity | |||||||||||
Common stock, 0 par value; 10,000,000 shares authorized, 7,919,278 and 7,868,803 shares issued and outstanding at December 31, 2020 and 2019, respectively | 121,338 | 120,589 | |||||||||
Retained earnings | 70,839 | 69,324 | |||||||||
Accumulated other comprehensive loss | (15,575) | (7,516) | |||||||||
Total shareholders’ equity | 176,602 | 182,397 | |||||||||
Total liabilities and shareholders’ equity | $ | 2,253,747 | $ | 1,882,182 |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Interest and dividend income | | | | | | | | | | | | | | | | | | | |
Interest and fees on loans | | | | $ | 66,841 | | | | | $ | 58,077 | | | | | $ | 48,692 | | |
Interest and dividends on securities | | | | | 3,570 | | | | | | 2,740 | | | | | | 1,964 | | |
Interest on cash and cash equivalents | | | | | 790 | | | | | | 173 | | | | | | 98 | | |
Total interest and dividend income | | | | | 71,201 | | | | | | 60,990 | | | | | | 50,754 | | |
Interest expense | | | | | | | | | | | | | | | | | | | |
Interest expense on deposits | | | | | 12,694 | | | | | | 8,300 | | | | | | 5,681 | | |
Interest on borrowings | | | | | 4,143 | | | | | | 3,598 | | | | | | 2,285 | | |
Total interest expense | | | | | 16,837 | | | | | | 11,898 | | | | | | 7,966 | | |
Net interest income | | | | | 54,364 | | | | | | 49,092 | | | | | | 42,788 | | |
Provision for loan losses | | | | | 1,341 | | | | | | 3,914 | | | | | | 3,230 | | |
Net interest income after provision for loan losses | | | | | 53,023 | | | | | | 45,178 | | | | | | 39,558 | | |
Noninterest income | | | | | | | | | | | | | | | | | | | |
Gains and fees from sales of loans | | | | | 1,427 | | | | | | 466 | | | | | | 1,113 | | |
Bank owned life insurance | | | | | 1,170 | | | | | | 693 | | | | | | 727 | | |
Service charges and fees | | | | | 1,007 | | | | | | 963 | | | | | | 933 | | |
Gain (Loss) on sale of available for sale securities, net | | | | | 165 | | | | | | (115) | | | | | | — | | |
(Loss) Gain on sale of foreclosed real estate | | | | | (78) | | | | | | 128 | | | | | | — | | |
Other | | | | | 938 | | | | | | 541 | | | | | | 711 | | |
Total noninterest income | | | | | 4,629 | | | | | | 2,676 | | | | | | 3,484 | | |
Noninterest expense | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | | 16,284 | | | | | | 15,655 | | | | | | 15,736 | | |
Occupancy and equipment | | | | | 6,165 | | | | | | 5,811 | | | | | | 5,341 | | |
Professional services | | | | | 2,072 | | | | | | 1,654 | | | | | | 1,447 | | |
Data processing | | | | | 1,866 | | | | | | 1,603 | | | | | | 1,523 | | |
Marketing | | | | | 1,193 | | | | | | 948 | | | | | | 985 | | |
FDIC insurance | | | | | 1,116 | | | | | | 660 | | | | | | 672 | | |
Director fees | | | | | 912 | | | | | | 859 | | | | | | 951 | | |
Amortization of intangibles | | | | | 118 | | | | | | 151 | | | | | | 196 | | |
Foreclosed real estate | | | | | 70 | | | | | | 157 | | | | | | 168 | | |
Merger and acquisition related expenses | | | | | — | | | | | | — | | | | | | 2 | | |
Other | | | | | 2,727 | | | | | | 2,046 | | | | | | 2,150 | | |
Total noninterest expense | | | | | 32,523 | | | | | | 29,544 | | | | | | 29,171 | | |
Income before income tax expense | | | | | 25,129 | | | | | | 18,310 | | | | | | 13,871 | | |
Income tax expense | | | | | 11,299 | | | | | | 5,960 | | | | | | 4,841 | | |
Net income | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 9,030 | | |
Net income attributable to common shareholders | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 8,905 | | |
Earnings Per Common Share: | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 1.80 | | | | | $ | 1.64 | | | | | $ | 1.23 | | |
Diluted | | | | $ | 1.78 | | | | | $ | 1.62 | | | | | $ | 1.21 | | |
Weighted Average Common Shares Outstanding: | | | | | | | | | | | | | | | | | | | |
Basic | | | | | 7,572,409 | | | | | | 7,396,019 | | | | | | 7,071,550 | | |
Diluted | | | | | 7,670,413 | | | | | | 7,491,052 | | | | | | 7,140,558 | | |
Dividends per common share | | | | $ | 0.28 | | | | | $ | 0.22 | | | | | $ | 0.05 | | |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest and dividend income | |||||||||||||||||
Interest and fees on loans | $ | 73,665 | $ | 77,339 | $ | 74,715 | |||||||||||
Interest and dividends on securities | 3,237 | 3,750 | 3,921 | ||||||||||||||
Interest on cash and cash equivalents | 585 | 1,859 | 1,428 | ||||||||||||||
Total interest and dividend income | 77,487 | 82,948 | 80,064 | ||||||||||||||
Interest expense | |||||||||||||||||
Interest expense on deposits | 18,180 | 24,698 | 18,951 | ||||||||||||||
Interest expense on borrowings | 4,472 | 4,489 | 4,787 | ||||||||||||||
Total interest expense | 22,652 | 29,187 | 23,738 | ||||||||||||||
Net interest income | 54,835 | 53,761 | 56,326 | ||||||||||||||
Provision for loan losses | 7,605 | 437 | 3,440 | ||||||||||||||
Net interest income after provision for loan losses | 47,230 | 53,324 | 52,886 | ||||||||||||||
Noninterest income | |||||||||||||||||
Bank owned life insurance | 967 | 1,008 | 1,057 | ||||||||||||||
Service charges and fees | 788 | 1,023 | 1,090 | ||||||||||||||
Gains and fees from sales of loans | 43 | 1,791 | 984 | ||||||||||||||
Gain (loss) on sale of other real estate owned, net | 19 | (102) | 0 | ||||||||||||||
Net gain on sale of available for sale securities | 0 | 76 | 222 | ||||||||||||||
Other | 1,067 | 1,448 | 547 | ||||||||||||||
Total noninterest income | 2,884 | 5,244 | 3,900 | ||||||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | 21,355 | 19,434 | 18,973 | ||||||||||||||
Occupancy and equipment | 10,926 | 7,594 | 6,790 | ||||||||||||||
Data processing | 3,216 | 2,067 | 2,033 | ||||||||||||||
Professional services | 2,110 | 1,857 | 2,103 | ||||||||||||||
Director fees | 1,214 | 863 | 1,044 | ||||||||||||||
FDIC insurance | 791 | 74 | 779 | ||||||||||||||
Marketing | 630 | 971 | 1,587 | ||||||||||||||
Other | 2,571 | 2,766 | 2,324 | ||||||||||||||
Total noninterest expense | 42,813 | 35,626 | 35,633 | ||||||||||||||
Income before income tax expense | 7,301 | 22,942 | 21,153 | ||||||||||||||
Income tax expense | 1,397 | 4,726 | 3,720 | ||||||||||||||
Net income | $ | 5,904 | $ | 18,216 | $ | 17,433 | |||||||||||
Earnings Per Common Share: | |||||||||||||||||
Basic | $ | 0.75 | $ | 2.32 | $ | 2.23 | |||||||||||
Diluted | $ | 0.75 | $ | 2.31 | $ | 2.21 | |||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||
Basic | 7,728,328 | 7,757,355 | 7,722,175 | ||||||||||||||
Diluted | 7,748,453 | 7,784,631 | 7,775,480 | ||||||||||||||
Dividends per common share | $ | 0.56 | $ | 0.52 | $ | 0.48 |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Net income | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 9,030 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
Unrealized (losses) gains on securities: | | | | | | | | | | | | | | | | | | | |
Unrealized holding losses on available for sale securities | | | | | (357) | | | | | | (109) | | | | | | (431) | | |
Reclassification adjustment for (gain) loss realized in net income | | | | | (165) | | | | | | 115 | | | | | | — | | |
Net change in unrealized (loss) gain | | | | | (522) | | | | | | 6 | | | | | | (431) | | |
Income tax effect – benefit (expense) | | | | | 182 | | | | | | (2) | | | | | | 192 | | |
Unrealized (losses) gains on securities, net of tax | | | | | (340) | | | | | | 4 | | | | | | (239) | | |
Unrealized gains (losses) on interest rate swaps: | | | | | | | | | | | | | | | | | | | |
Unrealized gain (losses) on interest rate swaps designated as cash flow hedges | | | | | 1,297 | | | | | | 1,013 | | | | | | (89) | | |
Tax effect – (expense) benefit | | | | | (454) | | | | | | (354) | | | | | | 24 | | |
Unrealized gains (losses) on interest rate swaps, net of tax | | | | | 843 | | | | | | 659 | | | | | | (65) | | |
Total other comprehensive income (loss), net of tax | | | | | 503 | | | | | | 663 | | | | | | (304) | | |
Comprehensive income | | | | $ | 14,333 | | | | | $ | 13,013 | | | | | $ | 8,726 | | |
|
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income | $ | 5,904 | $ | 18,216 | $ | 17,433 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Unrealized gains (losses) on securities: | |||||||||||||||||
Unrealized holding gains (losses) on available for sale securities | 2,355 | 2,997 | (1,632) | ||||||||||||||
Reclassification adjustment for gains realized in net income | 0 | (76) | (222) | ||||||||||||||
Net change in unrealized gains (losses) | 2,355 | 2,921 | (1,854) | ||||||||||||||
Income tax (expense) benefit | (539) | (614) | 390 | ||||||||||||||
Unrealized gains (losses) on securities, net of tax | 1,816 | 2,307 | (1,464) | ||||||||||||||
Unrealized losses on interest rate swaps: | |||||||||||||||||
Unrealized losses on interest rate swaps | (12,876) | (11,121) | (1,604) | ||||||||||||||
Income tax benefit | 3,001 | 2,335 | 337 | ||||||||||||||
Unrealized losses on interest rate swaps, net of tax | (9,875) | (8,786) | (1,267) | ||||||||||||||
Total other comprehensive loss, net of tax | (8,059) | (6,479) | (2,731) | ||||||||||||||
Comprehensive (loss) income | $ | (2,155) | $ | 11,737 | $ | 14,702 |
| | | Number of Outstanding Shares | | | Preferred Stock | | | Common Stock | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||
Balance at January 1, 2015 | | | | | 7,185,482 | | | | | $ | 10,980 | | | | | $ | 107,265 | | | | | $ | 10,434 | | | | | $ | 531 | | | | | $ | 129,210 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | 9,030 | | | | | | — | | | | | | 9,030 | | |
Other comprehensive loss, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (304) | | | | | | (304) | | |
Cash dividends declared ($0.05 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | (376) | | | | | | — | | | | | | (376) | | |
Preferred stock cash dividends | | | | | — | | | | | | — | | | | | | — | | | | | | (125) | | | | | | — | | | | | | (125) | | |
Redemption of SBLF preferred stock | | | | | — | | | | | | (10,980) | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,980) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 1,033 | | | | | | — | | | | | | — | | | | | | 1,033 | | |
Warrants exercised | | | | | 269,992 | | | | | | — | | | | | | 3,780 | | | | | | — | | | | | | — | | | | | | 3,780 | | |
Issuance of restricted stock | | | | | 51,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeitures of restricted stock | | | | | (25,573) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock options exercised | | | | | 34,590 | | | | | | — | | | | | | 501 | | | | | | — | | | | | | — | | | | | | 501 | | |
Balance at December 31, 2015 | | | | | 7,516,291 | | | | | | — | | | | | | 112,579 | | | | | | 18,963 | | | | | | 227 | | | | | | 131,769 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | 12,350 | | | | | | — | | | | | | 12,350 | | |
Other comprehensive income, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 663 | | | | | | 663 | | |
Cash dividends declared ($0.22 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | (1,661) | | | | | | — | | | | | | (1,661) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 1,188 | | | | | | — | | | | | | — | | | | | | 1,188 | | |
Warrants exercised | | | | | 11,200 | | | | | | — | | | | | | 200 | | | | | | — | | | | | | — | | | | | | 200 | | |
Issuance of restricted stock | | | | | 29,935 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeitures of restricted stock | | | | | (883) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock options exercised | | | | | 64,120 | | | | | | — | | | | | | 1,106 | | | | | | — | | | | | | — | | | | | | 1,106 | | |
Net tax benefit related to stock-based compensation | | | | | — | | | | | | — | | | | | | 280 | | | | | | — | | | | | | — | | | | | | 280 | | |
Balance at December 31, 2016 | | | | | 7,620,663 | | | | | | — | | | | | | 115,353 | | | | | | 29,652 | | | | | | 890 | | | | | | 145,895 | | |
Net income | | | | | — | | | | | | | | | | | | — | | | | | | 13,830 | | | | | | — | | | | | | 13,830 | | |
Other comprehensive income, net of tax | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 503 | | | | | | 503 | | |
Cash dividends declared ($0.28 per share) | | | | | — | | | | | | — | | | | | | — | | | | | | (2,149) | | | | | | — | | | | | | (2,149) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 917 | | | | | | — | | | | | | — | | | | | | 917 | | |
Warrants exercised | | | | | 35,000 | | | | | | — | | | | | | 663 | | | | | | — | | | | | | — | | | | | | 663 | | |
Issuance of restricted stock | | | | | 40,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeitures of restricted stock | | | | | (18,228) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock options exercised | | | | | 73,738 | | | | | | — | | | | | | 1,368 | | | | | | — | | | | | | — | | | | | | 1,368 | | |
Reclass adjustment resulting from tax law change | | | | | — | | | | | | — | | | | | | — | | | | | | (301) | | | | | | 301 | | | | | | — | | |
Balance at December 31, 2017 | | | | | 7,751,423 | | | | | $ | — | | | | | $ | 118,301 | | | | | $ | 41,032 | | | | | $ | 1,694 | | | | | $ | 161,027 | | |
|
Number of Outstanding Shares | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
Balance at January 1, 2018 | 7,751,424 | $ | 118,301 | $ | 41,032 | $ | 1,694 | $ | 161,027 | ||||||||||||||||||||
Net income | — | — | 17,433 | — | 17,433 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (2,731) | (2,731) | ||||||||||||||||||||||||
Cash dividends declared ($0.48 per share) | — | — | (3,759) | — | (3,759) | ||||||||||||||||||||||||
Stock-based compensation expense | — | 1,290 | — | — | 1,290 | ||||||||||||||||||||||||
Warrants exercised | 22,400 | 400 | — | — | 400 | ||||||||||||||||||||||||
Issuance of restricted stock | 44,300 | — | — | — | — | ||||||||||||||||||||||||
Forfeitures of restricted stock | (3,873) | — | — | — | — | ||||||||||||||||||||||||
Stock options exercised | 28,020 | 536 | — | — | 536 | ||||||||||||||||||||||||
Balance at December 31, 2018 | 7,842,271 | 120,527 | 54,706 | (1,037) | 174,196 | ||||||||||||||||||||||||
Net income | — | — | 18,216 | — | 18,216 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (6,479) | (6,479) | ||||||||||||||||||||||||
Cash dividends declared ($0.52 per share) | — | — | (4,079) | — | (4,079) | ||||||||||||||||||||||||
Stock-based compensation expense | — | 1,020 | — | — | 1,020 | ||||||||||||||||||||||||
Issuance of restricted stock | 64,150 | — | — | — | — | ||||||||||||||||||||||||
Forfeitures of restricted stock | (5,800) | — | — | — | — | ||||||||||||||||||||||||
Stock options exercised | 2,350 | 30 | — | — | 30 | ||||||||||||||||||||||||
Repurchase of common stock | (34,168) | (988) | — | — | (988) | ||||||||||||||||||||||||
ASU 2016-12 transition adjustment, net of tax | — | — | 481 | — | 481 | ||||||||||||||||||||||||
Balance at December 31, 2019 | 7,868,803 | 120,589 | 69,324 | (7,516) | 182,397 | ||||||||||||||||||||||||
Net income | — | — | 5,904 | — | 5,904 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (8,059) | (8,059) | ||||||||||||||||||||||||
Cash dividends declared ($0.56 per share) | — | — | (4,389) | — | (4,389) | ||||||||||||||||||||||||
Stock-based compensation expense | — | 1,770 | — | — | 1,770 | ||||||||||||||||||||||||
Issuance of restricted stock | 109,199 | — | — | — | — | ||||||||||||||||||||||||
Forfeitures of restricted stock | (1,725) | — | — | — | — | ||||||||||||||||||||||||
Stock options exercised | 1,500 | 16 | — | — | 16 | ||||||||||||||||||||||||
Repurchase of common stock | (58,499) | (1,037) | — | — | (1,037) | ||||||||||||||||||||||||
Balance at December 31, 2020 | 7,919,278 | $ | 121,338 | $ | 70,839 | $ | (15,575) | $ | 176,602 |
Bankwell Financial Group, Inc. Consolidated Statements of Cash Flows (In thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 5,904 | $ | 18,216 | $ | 17,433 | |||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||
Net amortization (accretion) of premiums and discounts on investment securities | 95 | (368) | (54) | ||||||||||||||
Provision for loan losses | 7,605 | 437 | 3,440 | ||||||||||||||
(Credit) provision for deferred income taxes | (3,516) | 276 | 1,284 | ||||||||||||||
Net gain on sales of available for sale securities | 0 | (76) | (222) | ||||||||||||||
Change in fair value of marketable equity securities | (54) | (66) | 0 | ||||||||||||||
Depreciation and amortization | 3,276 | 3,377 | 1,732 | ||||||||||||||
Impairment of right-of-use asset | 280 | 0 | 0 | ||||||||||||||
Amortization of debt issuance costs | 52 | 52 | 52 | ||||||||||||||
Increase in cash surrender value of bank-owned life insurance | (967) | (1,008) | (1,057) | ||||||||||||||
Gains and fees from sales of loans | (43) | (1,791) | (984) | ||||||||||||||
Stock-based compensation | 1,770 | 1,020 | 1,290 | ||||||||||||||
Net amortization of purchase accounting adjustments | 138 | 76 | 239 | ||||||||||||||
Loss on sale of premises and equipment | 35 | 10 | 44 | ||||||||||||||
(Gain) loss on sale and write-downs of other real estate owned, net | (19) | 102 | 0 | ||||||||||||||
Write down of assets held for sale | 1,652 | 0 | 0 | ||||||||||||||
Net change in: | |||||||||||||||||
Deferred loan fees | 809 | (360) | (745) | ||||||||||||||
Accrued interest receivable | (620) | 416 | (465) | ||||||||||||||
Other assets | (19,582) | (12,883) | (1,008) | ||||||||||||||
Accrued expenses and other liabilities | 1,673 | (799) | (1,002) | ||||||||||||||
Net cash (used in) provided by operating activities | (1,512) | 6,631 | 19,977 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Proceeds from principal repayments on available for sale securities | 14,522 | 9,881 | 9,430 | ||||||||||||||
Proceeds from principal repayments on held to maturity securities | 238 | 226 | 180 | ||||||||||||||
Net proceeds from sales and calls of available for sale securities | 2,200 | 16,455 | 12,377 | ||||||||||||||
Net proceeds from sales and calls of held to maturity securities | 0 | 4,900 | 0 | ||||||||||||||
Purchases of available for sale securities | (20,636) | (12,270) | (24,379) | ||||||||||||||
Purchases of marketable equity securities | (35) | (43) | (2,003) | ||||||||||||||
Net increase in loans | (21,426) | (3,359) | (68,923) | ||||||||||||||
Loan principal sold from loans not originated for sale | (2,265) | (25,510) | (8,980) | ||||||||||||||
Proceeds from sales of loans not originated for sale | 2,307 | 27,301 | 9,964 | ||||||||||||||
Disposals (purchases) of premises and equipment, net | 3,337 | (645) | (3,351) | ||||||||||||||
(Purchase) reduction of Federal Home Loan Bank stock | (385) | 635 | 1,073 | ||||||||||||||
Proceeds from sale of other real estate owned | 199 | 1,115 | 0 | ||||||||||||||
Net cash (used in) provided by investing activities | (21,944) | 18,686 | (74,612) | ||||||||||||||
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net income | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 9,030 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | |
Net (accretion) amortization of premiums and discounts on investment securities | | | | | (31) | | | | | | 1,737 | | | | | | 99 | | |
Provision for loan losses | | | | | 1,341 | | | | | | 3,914 | | | | | | 3,230 | | |
Deferred income taxes | | | | | 3,908 | | | | | | (1,104) | | | | | | (966) | | |
Net (gain) loss on sales of available for sale securities | | | | | (165) | | | | | | 115 | | | | | | — | | |
Depreciation and amortization | | | | | 1,513 | | | | | | 1,729 | | | | | | 1,685 | | |
Amortization of debt issuance costs | | | | | 52 | | | | | | 51 | | | | | | — | | |
Increase in cash surrender value of bank-owned life insurance | | | | | (1,170) | | | | | | (693) | | | | | | (727) | | |
Loan principal sold from loans originated for sale | | | | | (3,485) | | | | | | (3,313) | | | | | | (6,929) | | |
Proceeds from sales of loans originated for sale | | | | | 4,626 | | | | | | 3,381 | | | | | | 7,546 | | |
Originations of loans held for sale | | | | | — | | | | | | (254) | | | | | | — | | |
Net gain on sales of loans | | | | | (1,427) | | | | | | (466) | | | | | | (1,113) | | |
Stock-based compensation | | | | | 917 | | | | | | 1,188 | | | | | | 1,033 | | |
Net accretion of purchase accounting adjustments | | | | | (80) | | | | | | (136) | | | | | | (104) | | |
Loss on sale and write-downs of foreclosed real estate | | | | | 128 | | | | | | 25 | | | | | | 184 | | |
Net change in: | | | | | | | | | | | | | | | | | | | |
Deferred loan fees | | | | | (829) | | | | | | 466 | | | | | | 668 | | |
Accrued interest receivable | | | | | (952) | | | | | | (887) | | | | | | (748) | | |
Other assets | | | | | (1,740) | | | | | | (3,006) | | | | | | (519) | | |
Accrued expenses and other liabilities | | | | | 4,136 | | | | | | 2,275 | | | | | | 779 | | |
Net cash provided by operating activities | | | | | 20,572 | | | | | | 17,372 | | | | | | 13,148 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from principal repayments on available for sale securities | | | | | 5,217 | | | | | | 770 | | | | | | 1,877 | | |
Proceeds from principal repayments on held to maturity securities | | | | | 212 | | | | | | 205 | | | | | | 220 | | |
Net proceeds from sales and calls of available for sale securities | | | | | 54,705 | | | | | | 60,696 | | | | | | 22,030 | | |
Net proceeds from sales and calls of held to maturity securities | | | | | 5,690 | | | | | | — | | | | | | 1,000 | | |
Purchases of available for sale securities | | | | | (64,700) | | | | | | (110,485) | | | | | | — | | |
Purchase of held to maturity securities | | | | | (10,609) | | | | | | (6,835) | | | | | | — | | |
Purchase of bank-owned life insurance | | | | | (5,000) | | | | | | (9,000) | | | | | | — | | |
Net increase in loans | | | | | (177,549) | | | | | | (218,603) | | | | | | (218,772) | | |
Loan principal sold from loans not originated for sale | | | | | (14,264) | | | | | | (4,069) | | | | | | (23,380) | | |
Proceeds from sales of loans not originated for sale | | | | | 14,805 | | | | | | 4,467 | | | | | | 24,462 | | |
Purchases of premises and equipment | | | | | (1,874) | | | | | | (8,401) | | | | | | (938) | | |
Purchase of Federal Home Loan Bank stock | | | | | (1,239) | | | | | | (1,389) | | | | | | (445) | | |
Proceeds from sale of foreclosed real estate | | | | | 144 | | | | | | 951 | | | | | | 400 | | |
Net cash used by investing activities | | | | | (194,462) | | | | | | (291,693) | | | | | | (193,546) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Net change in time certificates of deposit | | | | | 29,417 | | | | | | 165,224 | | | | | | 128,379 | | |
Net change in other deposits | | | | | 79,967 | | | | | | 76,930 | | | | | | 83,257 | | |
Net change in FHLB advances | | | | | 39,000 | | | | | | 40,000 | | | | | | (9,000) | | |
Proceeds from exercise of warrants | | | | | 663 | | | | | | 200 | | | | | | 3,780 | | |
Proceeds from exercise of options | | | | | 1,368 | | | | | | 1,106 | | | | | | 501 | | |
Issuance of subordinated debt | | | | | — | | | | | | — | | | | | | 25,000 | | |
Redemption of SBLF preferred stock | | | | | — | | | | | | — | | | | | | (10,980) | | |
Dividends paid on common stock | | | | | (2,149) | | | | | | (1,661) | | | | | | (376) | | |
Dividends paid on preferred stock | | | | | — | | | | | | — | | | | | | (125) | | |
Net tax benefit related to stock-based compensation | | | | | — | | | | | | 280 | | | | | | — | | |
Net cash provided by financing activities | | | | | 148,266 | | | | | | 282,079 | | | | | | 220,436 | | |
Net (decrease) increase in cash and cash equivalents | | | | | (25,624) | | | | | | 7,758 | | | | | | 40,038 | | |
Cash and cash equivalents: | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 96,355 | | | | | | 88,597 | | | | | | 48,559 | | |
End of period | | | | $ | 70,731 | | | | | $ | 96,355 | | | | | $ | 88,597 | | |
Supplemental disclosures of cash flows information: | | | | | | | | | | | | | | | | | | | |
Cash paid for: | | | | | | | | | | | | | | | | | | | |
Interest | | | | $ | 16,582 | | | | | $ | 11,793 | | | | | $ | 7,544 | | |
Income taxes | | | | | 8,020 | | | | | | 8,584 | | | | | | 6,136 | | |
Noncash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Loans transferred to foreclosed real estate | | | | | — | | | | | | — | | | | | | 883 | | |
Net change in unrealized gains on available-for-sale securities | | | | | (522) | | | | | | 6 | | | | | | (430) | | |
Bankwell Financial Group, Inc. Consolidated Statements of Cash Flows - Continued (In thousands) | |||||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Net change in time certificates of deposit | 89 | 12,419 | (16,541) | ||||||||||||||
Net change in other deposits | 335,324 | (22,760) | 120,380 | ||||||||||||||
Net change in FHLB advances | 25,000 | (10,000) | (39,000) | ||||||||||||||
Proceeds from exercise of warrants | 0 | 0 | 400 | ||||||||||||||
Proceeds from exercise of options | 16 | 30 | 536 | ||||||||||||||
Dividends paid on common stock | (4,389) | (4,079) | (3,759) | ||||||||||||||
Repurchase of common stock | (1,037) | (988) | 0 | ||||||||||||||
Net cash provided by (used in) financing activities | 355,003 | (25,378) | 62,016 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 331,547 | (61) | 7,381 | ||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Beginning of year | 78,051 | 78,112 | 70,731 | ||||||||||||||
End of period | $ | 409,598 | $ | 78,051 | $ | 78,112 | |||||||||||
Supplemental disclosures of cash flows information: | |||||||||||||||||
Cash paid for: | |||||||||||||||||
Interest | $ | 23,044 | $ | 23,937 | $ | 18,662 | |||||||||||
Income taxes | 4,030 | 2,893 | 3,685 | ||||||||||||||
Noncash investing and financing activities | |||||||||||||||||
Loans transferred to other real estate owned | 180 | 1,217 | 0 | ||||||||||||||
Premises and equipment transferred to held for sale | 4,265 | 0 | 0 | ||||||||||||||
Net change in unrealized losses or gains on available-for-sale securities | 2,355 | 2,921 | (1,854) | ||||||||||||||
Net change in unrealized losses or gains on interest rate swaps | (12,876) | (11,121) | (1,604) | ||||||||||||||
Establishment of right-of-use-asset and lease liability | 169 | 11,493 | 0 | ||||||||||||||
ASU 2016-02 transition adjustment, net of tax | 0 | 481 | 0 |
| | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | |||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
Balance, beginning of the period | | | $ | 2,589 | | | | $ | 2,589 | | | Balance, beginning of the period | $ | 2,589 | $ | 2,589 | $ | 2,589 | ||||||||||||
Impairment | | | | — | | | | | — | | | Impairment | 0 | 0 | 0 | |||||||||||||||
Balance, end of the period | | | $ | 2,589 | | | | $ | 2,589 | | | Balance, end of the period | $ | 2,589 | $ | 2,589 | $ | 2,589 | ||||||||||||
|
| | | Gross Intangible Asset | | | Accumulated Amortization | | | Net Intangible Asset | | |||||||||
| | | (In thousands) | | |||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | |
Core deposit intangible | | | | $ | 1,029 | | | | | $ | 647 | | | | | $ | 382 | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | |
Core deposit intangible | | | | $ | 1,029 | | | | | $ | 528 | | | | | $ | 501 | | |
|
Gross Intangible Asset | Accumulated Amortization | Net Intangible Asset | |||||||||||||||
(In thousands) | |||||||||||||||||
December 31, 2020 | |||||||||||||||||
Core deposit intangible | $ | 1,029 | $ | 953 | $ | 76 | |||||||||||
December 31, 2019 | |||||||||||||||||
Core deposit intangible | $ | 1,029 | $ | 815 | $ | 214 |
| | December 31, 2017 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized | | | Fair Value | | ||||||||||||||||||||||||||||||||||||||
| | Gains | | Losses | | |||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | Available for sale securities: | ||||||||||||||||||||||||||
U.S. Government and agency obligations | | | | | | | | | | | | | | | | | | | | | | U.S. Government and agency obligations | ||||||||||||||||||||||||||
Less than one year | Less than one year | $ | 9,976 | $ | 172 | $ | 0 | $ | 10,148 | |||||||||||||||||||||||||||||||||||||||
Due from five through ten years | Due from five through ten years | 8,038 | 848 | 0 | 8,886 | |||||||||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 55,560 | 2,284 | 0 | 57,844 | |||||||||||||||||||||||||||||||||||||||||||
Total U.S. Government and agency obligations | Total U.S. Government and agency obligations | 73,574 | 3,304 | 0 | 76,878 | |||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | Corporate bonds | |||||||||||||||||||||||||||||||||||||||||||||||
Due from one through five years | | | $ | 13,000 | | | | $ | — | | | | $ | (82) | | | | $ | 12,918 | | | Due from one through five years | 4,000 | 57 | 0 | 4,057 | ||||||||||||||||||||||
Due from five through ten years | | | | 100 | | | | | — | | | | | (4) | | | | | 96 | | | Due from five through ten years | 6,000 | 163 | 0 | 6,163 | ||||||||||||||||||||||
Due after ten years | | | | 59,924 | | | | | 10 | | | | | (174) | | | | | 59,760 | | | Due after ten years | 1,500 | 7 | 0 | 1,507 | ||||||||||||||||||||||
| | | | 73,024 | | | | | 10 | | | | | (260) | | | | | 72,774 | | | |||||||||||||||||||||||||||
State agency and municipal obligations | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Due from one through five years | | | | 2,873 | | | | | 84 | | | | | — | | | | | 2,957 | | | |||||||||||||||||||||||||||
Due from five through ten years | | | | 7,386 | | | | | 228 | | | | | — | | | | | 7,614 | | | |||||||||||||||||||||||||||
Due after ten years | | | | 1,700 | | | | | 33 | | | | | (27) | | | | | 1,706 | | | |||||||||||||||||||||||||||
| | | | 11,959 | | | | | 345 | | | | | (27) | | | | | 12,277 | | | |||||||||||||||||||||||||||
Corporate bonds | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Due from one through five years | | | | 7,096 | | | | | 41 | | | | | — | | | | | 7,137 | | | |||||||||||||||||||||||||||
| | | | 7,096 | | | | | 41 | | | | | — | | | | | 7,137 | | | |||||||||||||||||||||||||||
Total Corporate bonds | Total Corporate bonds | 11,500 | 227 | 0 | 11,727 | |||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | | | $ | 92,079 | | | | $ | 396 | | | | $ | (287) | | | | $ | 92,188 | | | Total available for sale securities | $ | 85,074 | $ | 3,531 | $ | 0 | $ | 88,605 | ||||||||||||||||||
Held to maturity securities: | | | | | | | | | | | | | | | | | | | | | | Held to maturity securities: | ||||||||||||||||||||||||||
State agency and municipal obligations | | | | | | | | | | | | | | | | | | | | | | State agency and municipal obligations | ||||||||||||||||||||||||||
Less Than 1 Year | | | $ | 198 | | | | | 5 | | | | | — | | | | $ | 203 | | | |||||||||||||||||||||||||||
Due from one through five years | | | | 3,880 | | | | | 20 | | | | | — | | | | | 3,900 | | | |||||||||||||||||||||||||||
Due after ten years | | | | 16,387 | | | | | 1,227 | | | | | — | | | | | 17,614 | | | Due after ten years | $ | 16,018 | $ | 3,944 | $ | 0 | $ | 19,962 | ||||||||||||||||||
| | | | 20,465 | | | | | 1,252 | | | | | — | | | | | 21,717 | | | |||||||||||||||||||||||||||
Corporate bonds | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Due from one through five years | | | | 1,000 | | | | | — | | | | | (5) | | | | | 995 | | | |||||||||||||||||||||||||||
Government-sponsored mortgage backed securities | | | | | | | | | | | | | | | | | | | | | | Government-sponsored mortgage backed securities | ||||||||||||||||||||||||||
No contractual maturity | | | | 114 | | | | | 10 | | | | | — | | | | | 124 | | | No contractual maturity | 60 | 10 | 0 | 70 | ||||||||||||||||||||||
Total held to maturity securities | | | $ | 21,579 | | | | $ | 1,262 | | | | $ | (5) | | | | $ | 22,836 | | | Total held to maturity securities | $ | 16,078 | $ | 3,954 | $ | 0 | $ | 20,032 | ||||||||||||||||||
|
| | December 31, 2016 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized | | | Fair Value | | ||||||||||||||||||||||||||||||||||||||
| | Gains | | Losses | | |||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | Available for sale securities: | ||||||||||||||||||||||||||
U.S. Government and agency obligations | | | | | | | | | | | | | | | | | | | | | | U.S. Government and agency obligations | ||||||||||||||||||||||||||
Due from one through five years | | | $ | 62,357 | | | | $ | 295 | | | | $ | (49) | | | | $ | 62,603 | | | |||||||||||||||||||||||||||
Due after ten years | | | | 100 | | | | | — | | | | | (5) | | | | | 95 | | | |||||||||||||||||||||||||||
| | | | 62,457 | | | | | 295 | | | | | (54) | | | | | 62,698 | | | |||||||||||||||||||||||||||
State agency and municipal obligations | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Less than one year | Less than one year | $ | 2,100 | $ | 0 | $ | (1) | $ | 2,099 | |||||||||||||||||||||||||||||||||||||||
Due from one through five years | | | | 827 | | | | | 24 | | | | | (3) | | | | | 848 | | | Due from one through five years | 9,950 | 81 | 0 | 10,031 | ||||||||||||||||||||||
Due from five through ten years | | | | 8,045 | | | | | 189 | | | | | (1) | | | | | 8,233 | | | Due from five through ten years | 8,311 | 218 | (1) | 8,528 | ||||||||||||||||||||||
Due after ten years | | | | 5,623 | | | | | 178 | | | | | (119) | | | | | 5,682 | | | Due after ten years | 60,902 | 879 | 0 | 61,781 | ||||||||||||||||||||||
| | | | 14,495 | | | | | 391 | | | | | (123) | | | | | 14,763 | | | |||||||||||||||||||||||||||
Corporate bonds | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Due in less than one year | | | | 2,022 | | | | | 56 | | | | | — | | | | | 2,078 | | | |||||||||||||||||||||||||||
Due from one through five years | | | | 8,145 | | | | | 67 | | | | | — | | | | | 8,212 | | | |||||||||||||||||||||||||||
| | | | 10,167 | | | | | 123 | | | | | ��� | | | | | 10,290 | | | |||||||||||||||||||||||||||
Total available for sale securities | | | $ | 87,119 | | | | $ | 809 | | | | $ | (177) | | | | $ | 87,751 | | | Total available for sale securities | $ | 81,263 | $ | 1,178 | $ | (2) | $ | 82,439 | ||||||||||||||||||
Held to maturity securities: | | | | | | | | | | | | | | | | | | | | | | Held to maturity securities: | ||||||||||||||||||||||||||
State agency and municipal obligations | | | | | | | | | | | | | | | | | | | | | | State agency and municipal obligations | ||||||||||||||||||||||||||
Due from one through five years | | | $ | 2,135 | | | | $ | — | | | | $ | — | | | | $ | 2,135 | | | |||||||||||||||||||||||||||
Due after ten years | | | | 13,575 | | | | | — | | | | | — | | | | | 13,575 | | | Due after ten years | $ | 16,231 | $ | 1,991 | $ | 0 | $ | 18,222 | ||||||||||||||||||
| | | | 15,710 | | | | | — | | | | | — | | | | | 15,710 | | | |||||||||||||||||||||||||||
Corporate bonds | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Due from one through five years | | | | 1,000 | | | | | — | | | | | (23) | | | | | 977 | | | |||||||||||||||||||||||||||
Government-sponsored mortgage backed securities | | | | | | | | | | | | | | | | | | | | | | Government-sponsored mortgage backed securities | ||||||||||||||||||||||||||
No contractual maturity | | | | 149 | | | | | 15 | | | | | — | | | | | 164 | | | No contractual maturity | 77 | 8 | 0 | 85 | ||||||||||||||||||||||
Total held to maturity securities | | | $ | 16,859 | | | | $ | 15 | | | | $ | (23) | | | | $ | 16,851 | | | Total held to maturity securities | $ | 16,308 | $ | 1,999 | $ | 0 | $ | 18,307 | ||||||||||||||||||
|
| | | Length of Time in Continuous Unrealized Loss Position | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | Less Than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Fair Value | | | Unrealized Loss | | | Percent Decline from Amortized Cost | | | Fair Value | | | Unrealized Loss | | | Percent Decline from Amortized Cost | | | Fair Value | | | Unrealized Loss | | | Percent Decline from Amortized Cost | | |||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 70,419 | | | | | | (225) | | | | | | 0.32% | | | | | $ | 2,064 | | | | | | (35) | | | | | | 1.67% | | | | | $ | 72,483 | | | | | $ | (260) | | | | | | 0.36% | | |
State agency and municipal obligations | | | | | 92 | | | | | | — | | | | | | 0.16 | | | | | | 656 | | | | | | (27) | | | | | | 3.95 | | | | | | 748 | | | | | | (27) | | | | | | 3.50 | | |
Corporate bonds | | | | | — | | | | | | — | | | | | | — | | | | | | 995 | | | | | | (5) | | | | | | 0.50 | | | | | | 995 | | | | | | (5) | | | | | | 0.50 | | |
Total investment securities | | | | $ | 70,511 | | | | | $ | (225) | | | | | | 0.32% | | | | | $ | 3,715 | | | | | $ | (67) | | | | | | 1.77% | | | | | $ | 74,226 | | | | | $ | (292) | | | | | | 0.39% | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 3,045 | | | | | $ | (54) | | | | | | 1.74% | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | 3,045 | | | | | $ | (54) | | | | | | 1.74% | | |
State agency and municipal obligations | | | | | 2,756 | | | | | | (123) | | | | | | 4.29 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,756 | | | | | | (123) | | | | | | 4.29 | | |
Corporate bonds | | | | | 978 | | | | | | (23) | | | | | | 2.25 | | | | | | — | | | | | | — | | | | | | — | | | | | | 978 | | | | | | (23) | | | | | | 2.25 | | |
Total investment securities | | | | $ | 6,779 | | | | | $ | (200) | | | | | | 2.86% | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | 6,779 | | | | | $ | (200) | | | | | | 2.86% | | |
|
Length of Time in Continuous Unrealized Loss Position | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Percent Decline from Amortized Cost | Fair Value | Unrealized Loss | Percent Decline from Amortized Cost | Fair Value | Unrealized Loss | Percent Decline from Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 99 | $ | (1) | 1.01 | % | $ | 998 | $ | (1) | 0.13 | % | $ | 1,097 | $ | (2) | 0.21 | % | |||||||||||||||||||||||||||||||||||
Total investment securities | $ | 99 | $ | (1) | 1.01 | % | $ | 998 | $ | (1) | 0.13 | % | $ | 1,097 | $ | (2) | 0.21 | % |
| | December 31, 2017 | | December 31, 2016 | | |||||||||||||||||||||||||||||||||||||||||||
| | Originated | | Acquired | | Total | | Originated | | Acquired | | Total | | |||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate loans: | |||||||||||||||||
Residential | | | $ | 186,107 | | | | $ | 7,417 | | | | $ | 193,524 | | | | $ | 187,098 | | | | $ | 8,631 | | | | $ | 195,729 | | Residential | $ | 113,557 | $ | 147,109 | |||||||||||||
Commercial | | | | 945,277 | | | | | 41,965 | | | | | 987,242 | | | | | 802,156 | | | | | 43,166 | | | | | 845,322 | | Commercial | 1,148,383 | 1,128,614 | |||||||||||||||
Construction | | | | 101,636 | | | | | — | | | | | 101,636 | | | | | 107,329 | | | | | 112 | | | | | 107,441 | | | Construction | 87,007 | 98,583 | ||||||||||||||
| | | | 1,233,020 | | | | | 49,382 | | | | | 1,282,402 | | | | | 1,096,583 | | | | | 51,909 | | | | | 1,148,492 | | ||||||||||||||||||
1,348,947 | 1,374,306 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 249,719 | | | | | 10,276 | | | | | 259,995 | | | | | 198,456 | | | | | 17,458 | | | | | 215,914 | | 276,601 | 230,028 | ||||||||||||||||
Consumer | | | | 192 | | | | | 427 | | | | | 619 | | | | | 672 | | | | | 861 | | | | | 1,533 | | | Consumer | 79 | 150 | ||||||||||||||
Total loans | | | | 1,482,931 | | | | | 60,085 | | | | | 1,543,016 | | | | | 1,295,711 | | | | | 70,228 | | | | | 1,365,939 | | Total loans | 1,625,627 | 1,604,484 | |||||||||||||||
Allowance for loan losses | | | | (18,848) | | | | | (56) | | | | | (18,904) | | | | | (17,883) | | | | | (99) | | | | | (17,982) | | Allowance for loan losses | (21,009) | (13,509) | |||||||||||||||
Deferred loan origination fees, net | | | | (3,242) | | | | | — | | | | | (3,242) | | | | | (4,071) | | | | | — | | | | | (4,071) | | Deferred loan origination fees, net | (2,946) | (2,137) | |||||||||||||||
Unamortized loan premiums | | | | 8 | | | | | — | | | | | 8 | | | | | 9 | | | | | — | | | | | 9 | | | Unamortized loan premiums | 0 | 2 | ||||||||||||||
Loans receivable, net | | | $ | 1,460,849 | | | | $ | 60,029 | | | | $ | 1,520,878 | | | | $ | 1,273,766 | | | | $ | 70,129 | | | | $ | 1,343,895 | | Loans receivable, net | $ | 1,601,672 | $ | 1,588,840 | |||||||||||||
|
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
Balance at beginning of period | | | | $ | 666 | | | | | $ | 871 | | |
Accretion | | | | | (113) | | | | | | (154) | | |
Other(a) | | | | | — | | | | | | (51) | | |
Balance at end of period | | | | $ | 553 | | | | | $ | 666 | | |
|
| | | Residential Real Estate | | | Commercial Real Estate | | | Construction | | | Commercial Business | | | Consumer | | | Total | | | ||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Originated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 1,802 | | | | | $ | 9,386 | | | | | $ | 2,105 | | | | | $ | 4,240 | | | | | $ | 350 | | | | | $ | 17,883 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | (478) | | | | | | (32) | | | | | | (510) | | | | ||
Recoveries | | | | | 146 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 3 | | | | | | 153 | | | | ||
Provisions | | | | | (227) | | | | | | 3,355 | | | | | | (1,198) | | | | | | (288) | | | | | | (320) | | | | | | 1,322 | | | | ||
Ending balance | | | | $ | 1,721 | | | | | $ | 12,741 | | | | | $ | 907 | | | | | $ | 3,478 | | | | | $ | 1 | | | | | $ | 18,848 | | | | ||
Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | — | | | | | $ | 29 | | | | | $ | — | | | | | $ | 43 | | | | | $ | 27 | | | | | $ | 99 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | (43) | | | | | | (19) | | | | | | (62) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Provisions | | | | | — | | | | | | 7 | | | | | | — | | | | | | 20 | | | | | | (8) | | | | | | 19 | | | | ||
Ending balance | | | | $ | — | | | | | $ | 36 | | | | | $ | — | | | | | $ | 20 | | | | | $ | — | | | | | $ | 56 | | | | ||
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 1,802 | | | | | $ | 9,415 | | | | | $ | 2,105 | | | | | $ | 4,283 | | | | | $ | 377 | | | | | $ | 17,982 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | (521) | | | | | | (51) | | | | | | (572) | | | | ||
Recoveries | | | | | 146 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 3 | | | | | | 153 | | | | ||
Provisions | | | | | (227) | | | | | | 3,362 | | | | | | (1,198) | | | | | | (268) | | | | | | (328) | | | | | | 1,341 | | | | ||
Ending balance | | | | $ | 1,721 | | | | | $ | 12,777 | | | | | $ | 907 | | | | | $ | 3,498 | | | | | $ | 1 | | | | | $ | 18,904 | | | | ||
|
| | | Residential Real Estate | | | Commercial Real Estate | | | Construction | | | Commercial Business | | | Consumer | | | Total | | | ||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Originated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 1,618 | | | | | $ | 7,693 | | | | | $ | 1,504 | | | | | $ | 3,310 | | | | | $ | 3 | | | | | $ | 14,128 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | (59) | | | | | | (10) | | | | | | (69) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | | | 8 | | | | ||
Provisions | | | | | 184 | | | | | | 1,693 | | | | | | 601 | | | | | | 989 | | | | | | 349 | | | | | | 3,816 | | | | ||
Ending balance | | | | $ | 1,802 | | | | | $ | 9,386 | | | | | $ | 2,105 | | | | | $ | 4,240 | | | | | $ | 350 | | | | | $ | 17,883 | | | | ||
Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | — | | | | | $ | 12 | | | | | $ | — | | | | | $ | 24 | | | | | $ | 5 | | | | | $ | 41 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | (7) | | | | | | (10) | | | | | | (25) | | | | | | (42) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 2 | | | | ||
Provisions | | | | | — | | | | | | 17 | | | | | | 7 | | | | | | 29 | | | | | | 45 | | | | | | 98 | | | | ||
Ending balance | | | | $ | — | | | | | $ | 29 | | | | | $ | — | | | | | $ | 43 | | | | | $ | 27 | | | | | $ | 99 | | | | ||
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 1,618 | | | | | $ | 7,705 | | | | | $ | 1,504 | | | | | $ | 3,334 | | | | | $ | 8 | | | | | $ | 14,169 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | (7) | | | | | | (69) | | | | | | (35) | | | | | | (111) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10 | | | | | | 10 | | | | ||
Provisions | | | | | 184 | | | | | | 1,710 | | | | | | 608 | | | | | | 1,018 | | | | | | 394 | | | | | | 3,914 | | | | ||
Ending balance | | | | $ | 1,802 | | | | | $ | 9,415 | | | | | $ | 2,105 | | | | | $ | 4,283 | | | | | $ | 377 | | | | | $ | 17,982 | | | | ||
|
Residential Real Estate | Commercial Real Estate | Construction | Commercial Business | Consumer | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 730 | $ | 10,551 | $ | 324 | $ | 1,903 | $ | 1 | $ | 13,509 | |||||||||||||||||||||||
Charge-offs | 0 | 0 | 0 | (83) | (40) | (123) | |||||||||||||||||||||||||||||
Recoveries | 0 | 15 | 0 | 0 | 3 | 18 | |||||||||||||||||||||||||||||
(Credits) Provisions | (120) | 5,859 | (103) | 1,933 | 36 | 7,605 | |||||||||||||||||||||||||||||
Ending balance | $ | 610 | $ | 16,425 | $ | 221 | $ | 3,753 | $ | 0 | $ | 21,009 |
Residential Real Estate | Commercial Real Estate | Construction | Commercial Business | Consumer | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 857 | $ | 11,562 | $ | 140 | $ | 2,902 | $ | 1 | $ | 15,462 | |||||||||||||||||||||||
Charge-offs | (875) | (594) | 0 | (897) | (75) | (2,441) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 19 | 32 | 51 | |||||||||||||||||||||||||||||
Provisions (Credits) | 748 | (417) | 184 | (121) | 43 | 437 | |||||||||||||||||||||||||||||
Ending balance | $ | 730 | $ | 10,551 | $ | 324 | $ | 1,903 | $ | 1 | $ | 13,509 |
Residential Real Estate | Commercial Real Estate | Construction | Commercial Business | Consumer | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,721 | $ | 12,777 | $ | 907 | $ | 3,498 | $ | 1 | $ | 18,904 | |||||||||||||||||||||||
Charge-offs | (420) | (5,614) | 0 | (815) | (77) | (6,926) | |||||||||||||||||||||||||||||
Recoveries | 0 | 18 | 0 | 19 | 7 | 44 | |||||||||||||||||||||||||||||
(Credits) provisions | (444) | 4,381 | (767) | 200 | 70 | 3,440 | |||||||||||||||||||||||||||||
Ending balance | $ | 857 | $ | 11,562 | $ | 140 | $ | 2,902 | $ | 1 | $ | 15,462 |
| | | Residential Real Estate | | | Commercial Real Estate | | | Construction | | | Commercial Business | | | Consumer | | | Total | | | ||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||
December 31, 2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Originated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 1,636 | | | | | $ | 5,480 | | | | | $ | 1,102 | | | | | $ | 2,638 | | | | | $ | 4 | | | | | $ | 10,860 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | (6) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 7 | | | | ||
Provisions | | | | | (18) | | | | | | 2,213 | | | | | | 402 | | | | | | 672 | | | | | | (2) | | | | | | 3,267 | | | | ||
Ending balance | | | | $ | 1,618 | | | | | $ | 7,693 | | | | | $ | 1,504 | | | | | $ | 3,310 | | | | | $ | 3 | | | | | $ | 14,128 | | | | ||
Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | (9) | | | | | | (24) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 2 | | | | | | 102 | | | | ||
Provisions | | | | | — | | | | | | 12 | | | | | | — | | | | | | (61) | | | | | | 12 | | | | | | (37) | | | | ||
Ending balance | | | | $ | — | | | | | $ | 12 | | | | | $ | — | | | | | $ | 24 | | | | | $ | 5 | | | | | $ | 41 | | | | ||
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Beginning balance | | | | $ | 1,636 | | | | | $ | 5,480 | | | | | $ | 1,102 | | | | | $ | 2,638 | | | | | $ | 4 | | | | | $ | 10,860 | | | | ||
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | (15) | | | | | | (30) | | | | ||
Recoveries | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | 9 | | | | | | 109 | | | | ||
Provisions | | | | | (18) | | | | | | 2,225 | | | | | | 402 | | | | | | 611 | | | | | | 10 | | | | | | 3,230 | | | | ||
Ending balance | | | | $ | 1,618 | | | | | $ | 7,705 | | | | | $ | 1,504 | | | | | $ | 3,334 | | | | | $ | 8 | | | | | $ | 14,169 | | | | ||
|
| | Originated Loans | | Acquired Loans | | Total | ||||||||||||||||||||||||||||||||||||||||
| | Portfolio | | Allowance | | Portfolio | | Allowance | | Portfolio | | Allowance | ||||||||||||||||||||||||||||||||||
| | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Portfolio | Allowance | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans individually evaluated for impairment: | ||||||||||||||||
Residential real estate | | | $ | 4,168 | | | | $ | 8 | | | | $ | 439 | | | | $ | — | | | | $ | 4,607 | | | | $ | 8 | Residential real estate | $ | 4,604 | $ | 0 | ||||||||||||
Commercial real estate | | | | 6,416 | | | | | 842 | | | | | 1,170 | | | | | 34 | | | | | 7,586 | | | | | 876 | Commercial real estate | 37,579 | 4,960 | ||||||||||||||
Construction | Construction | 8,997 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 2,126 | | | | | 51 | | | | | 534 | | | | | 20 | | | | | 2,660 | | | | | 71 | Commercial business | 6,507 | 85 | ||||||||||||||
Subtotal | | | | 12,710 | | | | | 901 | | | | | 2,143 | | | | | 54 | | | | | 14,853 | | | | | 955 | Subtotal | 57,687 | 5,045 | ||||||||||||||
Loans collectively evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans collectively evaluated for impairment: | ||||||||||||||||
Residential real estate | | | | 181,939 | | | | | 1,713 | | | | | 6,978 | | | | | — | | | | | 188,917 | | | | | 1,713 | Residential real estate | 108,953 | 610 | ||||||||||||||
Commercial real estate | | | | 938,861 | | | | | 11,899 | | | | | 40,795 | | | | | 2 | | | | | 979,656 | | | | | 11,901 | Commercial real estate | 1,110,804 | 11,465 | ||||||||||||||
Construction | | | | 101,636 | | | | | 907 | | | | | — | | | | | — | | | | | 101,636 | | | | | 907 | Construction | 78,010 | 221 | ||||||||||||||
Commercial business | | | | 247,593 | | | | | 3,427 | | | | | 9,742 | | | | | — | | | | | 257,335 | | | | | 3,427 | Commercial business | 270,094 | 3,668 | ||||||||||||||
Consumer | | | | 192 | | | | | 1 | | | | | 427 | | | | | — | | | | | 619 | | | | | 1 | Consumer | 79 | 0 | ||||||||||||||
Subtotal | | | | 1,470,221 | | | | | 17,947 | | | | | 57,942 | | | | | 2 | | | | | 1,528,163 | | | | | 17,949 | Subtotal | 1,567,940 | 15,964 | ||||||||||||||
Total | | | $ | 1,482,931 | | | | $ | 18,848 | | | | $ | 60,085 | | | | $ | 56 | | | | $ | 1,543,016 | | | | $ | 18,904 | Total | $ | 1,625,627 | $ | 21,009 | ||||||||||||
|
Portfolio | Allowance | ||||||||||
(In thousands) | |||||||||||
December 31, 2019 | |||||||||||
Loans individually evaluated for impairment: | |||||||||||
Residential real estate | $ | 4,020 | $ | 0 | |||||||
Commercial real estate | 14,203 | 372 | |||||||||
Commercial business | 4,330 | 134 | |||||||||
Subtotal | 22,553 | 506 | |||||||||
Loans collectively evaluated for impairment: | |||||||||||
Residential real estate | 143,089 | 730 | |||||||||
Commercial real estate | 1,114,411 | 10,179 | |||||||||
Construction | 98,583 | 324 | |||||||||
Commercial business | 225,698 | 1,769 | |||||||||
Consumer | 150 | 1 | |||||||||
Subtotal | 1,581,931 | 13,003 | |||||||||
Total | $ | 1,604,484 | $ | 13,509 |
| | | Originated Loans | | | Acquired Loans | | | Total | ||||||||||||||||||||||||||
| | | Portfolio | | | Allowance | | | Portfolio | | | Allowance | | | Portfolio | | | Allowance | |||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans individually evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 1,228 | | | | | $ | — | | | | | $ | 453 | | | | | $ | — | | | | | $ | 1,681 | | | | | $ | — |
Commercial real estate | | | | | 774 | | | | | | 1 | | | | | | 144 | | | | | | 7 | | | | | | 918 | | | | | | 8 |
Commercial business | | | | | 920 | | | | | | 5 | | | | | | 962 | | | | | | 37 | | | | | | 1,882 | | | | | | 42 |
Consumer | | | | | 341 | | | | | | 341 | | | | | | 27 | | | | | | 27 | | | | | | 368 | | | | | | 368 |
Subtotal | | | | | 3,263 | | | | | | 347 | | | | | | 1,586 | | | | | | 71 | | | | | | 4,849 | | | | | | 418 |
Loans collectively evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | 185,870 | | | | | | 1,802 | | | | | | 8,178 | | | | | | — | | | | | | 194,048 | | | | | | 1,802 |
Commercial real estate | | | | | 801,382 | | | | | | 9,385 | | | | | | 43,022 | | | | | | 22 | | | | | | 844,404 | | | | | | 9,407 |
Construction | | | | | 107,329 | | | | | | 2,105 | | | | | | 112 | | | | | | — | | | | | | 107,441 | | | | | | 2,105 |
Commercial business | | | | | 197,536 | | | | | | 4,235 | | | | | | 16,496 | | | | | | 6 | | | | | | 214,032 | | | | | | 4,241 |
Consumer | | | | | 331 | | | | | | 9 | | | | | | 834 | | | | | | — | | | | | | 1,165 | | | | | | 9 |
Subtotal | | | | | 1,292,448 | | | | | | 17,536 | | | | | | 68,642 | | | | | | 28 | | | | | | 1,361,090 | | | | | | 17,564 |
Total | | | | $ | 1,295,711 | | | | | $ | 17,883 | | | | | $ | 70,228 | | | | | $ | 99 | | | | | $ | 1,365,939 | | | | | $ | 17,982 |
|
| | | Commercial Credit Quality Indicators | | |||||||||||||||||||||||||||||||||||||||||||||
| | | At December 31, 2017 | | | At December 31, 2016 | | ||||||||||||||||||||||||||||||||||||||||||
| | | Commercial Real Estate | | | Construction | | | Commercial Business | | | Total | | | Commercial Real Estate | | | Construction | | | Commercial Business | | | Total | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | | | $ | 920,216 | | | | | $ | 101,636 | | | | | $ | 242,828 | | | | | $ | 1,264,680 | | | | | $ | 797,249 | | | | | $ | 107,329 | | | | | $ | 196,436 | | | | | $ | 1,101,014 | | |
Special mention | | | | | 9,262 | | | | | | — | | | | | | 4,019 | | | | | | 13,281 | | | | | | 4,605 | | | | | | — | | | | | | 115 | | | | | | 4,720 | | |
Substandard | | | | | 15,799 | | | | | | — | | | | | | 2,872 | | | | | | 18,671 | | | | | | 302 | | | | | | — | | | | | | 1,905 | | | | | | 2,207 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total originated loans | | | | | 945,277 | | | | | | 101,636 | | | | | | 249,719 | | | | | | 1,296,632 | | | | | | 802,156 | | | | | | 107,329 | | | | | | 198,456 | | | | | | 1,107,941 | | |
Acquired loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | | | | 40,686 | | | | | | — | | | | | | 9,742 | | | | | | 50,428 | | | | | | 41,582 | | | | | | 112 | | | | | | 16,836 | | | | | | 58,530 | | |
Special mention | | | | | 109 | | | | | | — | | | | | | — | | | | | | 109 | | | | | | 1,584 | | | | | | — | | | | | | 86 | | | | | | 1,670 | | |
Substandard | | | | | 1,170 | | | | | | — | | | | | | 425 | | | | | | 1,595 | | | | | | — | | | | | | — | | | | | | 536 | | | | | | 536 | | |
Doubtful | | | | | — | | | | | | — | | | | | | 109 | | | | | | 109 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total acquired loans | | | | | 41,965 | | | | | | — | | | | | | 10,276 | | | | | | 52,241 | | | | | | 43,166 | | | | | | 112 | | | | | | 17,458 | | | | | | 60,736 | | |
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | | | | 960,902 | | | | | | 101,636 | | | | | | 252,570 | | | | | | 1,315,108 | | | | | | 838,831 | | | | | | 107,441 | | | | | | 213,272 | | | | | | 1,159,544 | | |
Special mention | | | | | 9,371 | | | | | | — | | | | | | 4,019 | | | | | | 13,390 | | | | | | 6,189 | | | | | | — | | | | | | 201 | | | | | | 6,390 | | |
Substandard | | | | | 16,969 | | | | | | — | | | | | | 3,297 | | | | | | 20,266 | | | | | | 302 | | | | | | — | | | | | | 2,441 | | | | | | 2,743 | | |
Doubtful | | | | | — | | | | | | — | | | | | | 109 | | | | | | 109 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total loans | | | | $ | 987,242 | | | | | $ | 101,636 | | | | | $ | 259,995 | | | | | $ | 1,348,873 | | | | | $ | 845,322 | | | | | $ | 107,441 | | | | | $ | 215,914 | | | | | $ | 1,168,677 | | |
|
| | | Residential and Consumer Credit Quality Indicators | | |||||||||||||||||||||||||||||||||
| | | At December 31, 2017 | | | At December 31, 2016 | | ||||||||||||||||||||||||||||||
| | | Residential Real Estate | | | Consumer | | | Total | | | Residential Real Estate | | | Consumer | | | Total | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | | | $ | 181,939 | | | | | $ | 192 | | | | | $ | 182,131 | | | | | $ | 185,252 | | | | | $ | 331 | | | | | $ | 185,583 | | |
Special mention | | | | | — | | | | | | — | | | | | | — | | | | | | 216 | | | | | | — | | | | | | 216 | | |
Substandard | | | | | 4,168 | | | | | | — | | | | | | 4,168 | | | | | | 1,630 | | | | | | — | | | | | | 1,630 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 341 | | | | | | 341 | | |
Total originated loans | | | | | 186,107 | | | | | | 192 | | | | | | 186,299 | | | | | | 187,098 | | | | | | 672 | | | | | | 187,770 | | |
Acquired loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | | | | 6,978 | | | | | | 427 | | | | | | 7,405 | | | | | | 7,646 | | | | | | 835 | | | | | | 8,481 | | |
Special mention | | | | | — | | | | | | — | | | | | | — | | | | | | 49 | | | | | | — | | | | | | 49 | | |
Substandard | | | | | 439 | | | | | | — | | | | | | 439 | | | | | | 936 | | | | | | 2 | | | | | | 938 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24 | | | | | | 24 | | |
Total acquired loans | | | | | 7,417 | | | | | | 427 | | | | | | 7,844 | | | | | | 8,631 | | | | | | 861 | | | | | | 9,492 | | |
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass | | | | | 188,917 | | | | | | 619 | | | | | | 189,536 | | | | | | 192,898 | | | | | | 1,166 | | | | | | 194,064 | | |
Special mention | | | | | — | | | | | | — | | | | | | — | | | | | | 265 | | | | | | — | | | | | | 265 | | |
Substandard | | | | | 4,607 | | | | | | — | | | | | | 4,607 | | | | | | 2,566 | | | | �� | | 2 | | | | | | 2,568 | | |
Doubtful | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 365 | | | | | | 365 | | |
Total loans | | | | $ | 193,524 | | | | | $ | 619 | | | | | $ | 194,143 | | | | | $ | 195,729 | | | | | $ | 1,533 | | | | | $ | 197,262 | | |
|
Commercial Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Construction | Commercial Business | Total | Commercial Real Estate | Construction | Commercial Business | Total | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,105,825 | $ | 78,010 | $ | 269,728 | $ | 1,453,563 | $ | 1,104,164 | $ | 98,583 | $ | 208,932 | $ | 1,411,679 | |||||||||||||||||||||||||||||||
Special mention | 12,560 | 0 | 2,055 | 14,615 | 10,247 | 0 | 16,766 | 27,013 | |||||||||||||||||||||||||||||||||||||||
Substandard | 29,998 | 8,997 | 3,247 | 42,242 | 14,203 | 0 | 854 | 15,057 | |||||||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 1,571 | 1,571 | 0 | 0 | 3,476 | 3,476 | |||||||||||||||||||||||||||||||||||||||
Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,148,383 | $ | 87,007 | $ | 276,601 | $ | 1,511,991 | $ | 1,128,614 | $ | 98,583 | $ | 230,028 | $ | 1,457,225 |
Residential and Consumer Credit Quality Indicators | |||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Residential Real Estate | Consumer | Total | Residential Real Estate | Consumer | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Pass | $ | 108,953 | $ | 79 | $ | 109,032 | $ | 143,089 | $ | 150 | $ | 143,239 | |||||||||||||||||||||||
Special mention | 713 | 0 | 713 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Substandard | 3,714 | 0 | 3,714 | 3,832 | 0 | 3,832 | |||||||||||||||||||||||||||||
Doubtful | 177 | 0 | 177 | 188 | 0 | 188 | |||||||||||||||||||||||||||||
Loss | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total loans | $ | 113,557 | $ | 79 | $ | 113,636 | $ | 147,109 | $ | 150 | $ | 147,259 |
| | As of December 31, 2017 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 31 – 60 Days Past Due | | 61 – 90 Days Past Due | | Greater Than 90 Days | | Total Past Due | | Current | | Total Loans | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30–59 Days Past Due | 60–89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Residential real estate | | | $ | 1,092 | | | | $ | 2,244 | | | | $ | 969 | | | | $ | 4,305 | | | | $ | 181,802 | | | | $ | 186,107 | | Residential real estate | $ | 245 | $ | 0 | $ | 177 | $ | 422 | $ | 113,135 | $ | 113,557 | |||||||||||||||||||||||||||||
Commercial real estate | | | | 9,529 | | | | | 4,116 | | | | | 1,444 | | | | | 15,089 | | | | | 930,188 | | | | | 945,277 | | Commercial real estate | 1,305 | 193 | 2,541 | 4,039 | 1,144,344 | 1,148,383 | |||||||||||||||||||||||||||||||||||
Construction | | | | — | | | | | — | | | | | — | | | | | — | | | | | 101,636 | | | | | 101,636 | | Construction | 8,997 | 0 | 0 | 8,997 | 78,010 | 87,007 | |||||||||||||||||||||||||||||||||||
Commercial business | | | | 4,223 | | | | | — | | | | | 142 | | | | | 4,365 | | | | | 245,354 | | | | | 249,719 | | Commercial business | 45 | 55 | 1,526 | 1,626 | 274,975 | 276,601 | |||||||||||||||||||||||||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | 192 | | | | | 192 | | | Consumer | 0 | 0 | 0 | 0 | 79 | 79 | ||||||||||||||||||||||||||||||||||
Total originated loans | | | | 14,844 | | | | | 6,360 | | | | | 2,555 | | | | | 23,759 | | | | | 1,459,172 | | | | | 1,482,931 | | | |||||||||||||||||||||||||||||||||||||||||
Acquired Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
Residential real estate | | | | 156 | | | | | — | | | | | 192 | | | | | 348 | | | | | 7,069 | | | | | 7,417 | | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 499 | | | | | — | | | | | 630 | | | | | 1,129 | | | | | 40,836 | | | | | 41,965 | | ||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 95 | | | | | 162 | | | | | 339 | | | | | 596 | | | | | 9,680 | | | | | 10,276 | | ||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | 3 | | | | | — | | | | | 2 | | | | | 5 | | | | | 422 | | | | | 427 | | | |||||||||||||||||||||||||||||||||||||||||
Total acquired loans | | | | 753 | | | | | 162 | | | | | 1,163 | | | | | 2,078 | | | | | 58,007 | | | | | 60,085 | | | |||||||||||||||||||||||||||||||||||||||||
Total loans | | | $ | 15,597 | | | | $ | 6,522 | | | | $ | 3,718 | | | | $ | 25,837 | | | | $ | 1,517,179 | | | | $ | 1,543,016 | | Total loans | $ | 10,592 | $ | 248 | $ | 4,244 | $ | 15,084 | $ | 1,610,543 | $ | 1,625,627 | |||||||||||||||||||||||||||||
|
December 31, 2019 | |||||||||||||||||||||||||||||||||||
30–59 Days Past Due | 60–89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Residential real estate | $ | 0 | $ | 943 | $ | 281 | $ | 1,224 | $ | 145,885 | $ | 147,109 | |||||||||||||||||||||||
Commercial real estate | 355 | 0 | 5,935 | 6,290 | 1,122,324 | 1,128,614 | |||||||||||||||||||||||||||||
Construction | 1,357 | 0 | 0 | 1,357 | 97,226 | 98,583 | |||||||||||||||||||||||||||||
Commercial business | 0 | 0 | 3,455 | 3,455 | 226,573 | 230,028 | |||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 150 | 150 | |||||||||||||||||||||||||||||
Total loans | $ | 1,712 | $ | 943 | $ | 9,671 | $ | 12,326 | $ | 1,592,158 | $ | 1,604,484 |
| | | As of December 31, 2016 | | |||||||||||||||||||||||||||||||||
| | | 31 – 60 Days Past Due | | | 61 – 90 Days Past Due | | | Greater Than 90 Days | | | Total Past Due | | | Current | | | Total Loans | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Originated Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | — | | | | | $ | 173 | | | | | $ | 969 | | | | | $ | 1,142 | | | | | $ | 185,956 | | | | | $ | 187,098 | | |
Commercial real estate | | | | | 147 | | | | | | 1,848 | | | | | | 302 | | | | | | 2,297 | | | | | | 799,859 | | | | | | 802,156 | | |
Construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 107,329 | | | | | | 107,329 | | |
Commercial business | | | | | — | | | | | | — | | | | | | 378 | | | | | | 378 | | | | | | 198,078 | | | | | | 198,456 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 672 | | | | | | 672 | | |
Total originated loans | | | | | 147 | | | | | | 2,021 | | | | | | 1,649 | | | | | | 3,817 | | | | | | 1,291,894 | | | | | | 1,295,711 | | |
Acquired Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | | — | | | | | | — | | | | | | 453 | | | | | | 453 | | | | | | 8,178 | | | | | | 8,631 | | |
Commercial real estate | | | | | 866 | | | | | | 722 | | | | | | 143 | | | | | | 1,731 | | | | | | 41,435 | | | | | | 43,166 | | |
Construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 112 | | | | | | 112 | | |
Commercial business | | | | | 99 | | | | | | 249 | | | | | | — | | | | | | 348 | | | | | | 17,110 | | | | | | 17,458 | | |
Consumer | | | | | 6 | | | | | | — | | | | | | — | | | | | | 6 | | | | | | 855 | | | | | | 861 | | |
Total acquired loans | | | | | 971 | | | | | | 971 | | | | | | 596 | | | | | | 2,538 | | | | | | 67,690 | | | | | | 70,228 | | |
Total loans | | | | $ | 1,118 | | | | | $ | 2,992 | | | | | $ | 2,245 | | | | | $ | 6,355 | | | | | $ | 1,359,584 | | | | | $ | 1,365,939 | | |
|
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
Residential real estate | | | | $ | 1,590 | | | | | $ | 1,612 | | |
Commercial real estate | | | | | 3,371 | | | | | | 446 | | |
Commercial business | | | | | 520 | | | | | | 538 | | |
Consumer | | | | | — | | | | | | 341 | | |
Total | | | | $ | 5,481 | | | | | $ | 2,937 | | |
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In thousands) | |||||||||||
Residential real estate | $ | 1,492 | $ | 1,560 | |||||||
Commercial real estate | 21,093 | 5,222 | |||||||||
Commercial business | 1,834 | 3,806 | |||||||||
Construction | 8,997 | 0 | |||||||||
Total | $ | 33,416 | $ | 10,588 |
| | | As of and for the Year Ended December 31, 2017 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Unpaid Principal Balance | | | Associated Allowance | | | Average Carrying Amount | | | Interest Income Recognized | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Originated | | | | | | | |||||||||||||||||||||||||
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 3,076 | | | | | $ | 3,094 | | | | | $ | — | | | | | $ | 3,080 | | | | | $ | — | | |
Commercial real estate | | | | | 859 | | | | | | 875 | | | | | | — | | | | | | 881 | | | | | | 11 | | |
Construction | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial business | | | | | 1,548 | | | | | | 1,548 | | | | | | — | | | | | | 1,621 | | | | | | 70 | | |
Total impaired loans without a valuation allowance | | | | $ | 5,483 | | | | | $ | 5,517 | | | | | $ | — | | | | | $ | 5,582 | | | | | $ | 81 | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 1,092 | | | | | $ | 1,092 | | | | | $ | 8 | | | | | $ | 1,100 | | | | | $ | — | | |
Commercial real estate | | | | | 5,557 | | | | | | 5,557 | | | | | | 842 | | | | | | 5,603 | | | | | | 261 | | |
Commercial business | | | | | 578 | | | | | | 578 | | | | | | 51 | | | | | | 588 | | | | | | 47 | | |
Total impaired loans with a valuation allowance | | | | | 7,227 | | | | | | 7,227 | | | | | | 901 | | | | | | 7,291 | | | | | | 308 | | |
Total originated impaired loans | | | | $ | 12,710 | | | | | $ | 12,744 | | | | | $ | 901 | | | | | $ | 12,873 | | | | | $ | 389 | | |
Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 439 | | | | | $ | 462 | | | | | $ | — | | | | | $ | 450 | | | | | $ | — | | |
Commercial real estate | | | | | 982 | | | | | | 1,040 | | | | | | — | | | | | | 1,035 | | | | | | 10 | | |
Commercial Business | | | | | 402 | | | | | | 476 | | | | | | — | | | | | | 488 | | | | | | 19 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total impaired loans without a valuation allowance | | | | $ | 1,823 | | | | | $ | 1,978 | | | | | $ | — | | | | | $ | 1,973 | | | | | $ | 29 | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | $ | 188 | | | | | $ | 188 | | | | | $ | 34 | | | | | $ | 251 | | | | | $ | — | | |
Commercial business | | | | | 132 | | | | | | 134 | | | | | | 20 | | | | | | 285 | | | | | | — | | |
Total impaired loans with a valuation allowance | | | | | 320 | | | | | | 322 | | | | | | 54 | | | | | | 536 | | | | | | — | | |
Total acquired impaired loans | | | | $ | 2,143 | | | | | $ | 2,300 | | | | | $ | 54 | | | | | $ | 2,509 | | | | | $ | 29 | | |
|
As of and for the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Carrying Amount | Unpaid Principal Balance | Associated Allowance | Average Carrying Amount | Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 3,891 | $ | 4,108 | $ | — | $ | 3,985 | $ | 89 | |||||||||||||||||||
Commercial real estate | 8,964 | 9,282 | — | 9,246 | 149 | ||||||||||||||||||||||||
Construction | 8,997 | 8,997 | — | 8,997 | 0 | ||||||||||||||||||||||||
Commercial business | 1,899 | 2,512 | — | 1,971 | 19 | ||||||||||||||||||||||||
Total impaired loans without a valuation allowance | 23,751 | 24,899 | — | 24,199 | 257 | ||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Commercial real estate | 21,035 | 21,049 | 4,960 | 20,852 | 283 | ||||||||||||||||||||||||
Commercial business | 2,920 | 2,922 | 85 | 2,965 | 0 | ||||||||||||||||||||||||
Total impaired loans with a valuation allowance | 23,955 | 23,971 | 5,045 | 23,817 | 283 | ||||||||||||||||||||||||
Total impaired loans | $ | 47,706 | $ | 48,870 | $ | 5,045 | $ | 48,016 | $ | 540 |
As of and for the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Carrying Amount | Unpaid Principal Balance | Associated Allowance | Average Carrying Amount | Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 4,020 | $ | 4,144 | $ | — | $ | 4,094 | $ | 123 | |||||||||||||||||||
Commercial real estate | 8,571 | 8,859 | — | 8,250 | 203 | ||||||||||||||||||||||||
Commercial business | 3,915 | 5,126 | — | 3,887 | 25 | ||||||||||||||||||||||||
Total impaired loans without a valuation allowance | 16,506 | 18,129 | — | 16,231 | 351 | ||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Commercial real estate | 5,632 | 5,647 | 372 | 5,682 | 25 | ||||||||||||||||||||||||
Commercial business | 415 | 417 | 134 | 441 | 9 | ||||||||||||||||||||||||
Total impaired loans with a valuation allowance | 6,047 | 6,064 | 506 | 6,123 | 34 | ||||||||||||||||||||||||
Total impaired loans | $ | 22,553 | $ | 24,193 | $ | 506 | $ | 22,354 | $ | 385 |
As of and for the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
Carrying Amount | Unpaid Principal Balance | Associated Allowance | Average Carrying Amount | Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | $ | 4,520 | $ | 4,613 | $ | — | $ | 4,906 | $ | 106 | |||||||||||||||||||
Commercial real estate | 6,383 | 12,191 | — | 11,713 | 20 | ||||||||||||||||||||||||
Commercial business | 5,212 | 6,051 | — | 4,945 | 297 | ||||||||||||||||||||||||
Consumer | 3 | 3 | — | 4 | 0 | ||||||||||||||||||||||||
Total impaired loans without a valuation allowance | 16,118 | 22,858 | — | 21,568 | 423 | ||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Residential real estate | 2,014 | 2,054 | 233 | 2,049 | 0 | ||||||||||||||||||||||||
Commercial real estate | 943 | 945 | 133 | 684 | 25 | ||||||||||||||||||||||||
Total impaired loans with a valuation allowance | 2,957 | 2,999 | 366 | 2,733 | 25 | ||||||||||||||||||||||||
Total impaired loans | $ | 19,075 | $ | 25,857 | $ | 366 | $ | 24,301 | $ | 448 |
| | | As of and for the Year Ended December 31, 2016 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Unpaid Principal Balance | | | Associated Allowance | | | Average Carrying Amount | | | Interest Income Recognized | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Originated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 1,228 | | | | | $ | 1,238 | | | | | $ | — | | | | | $ | 1,236 | | | | | $ | 10 | | |
Commercial real estate | | | | | 651 | | | | | | 651 | | | | | | — | | | | | | 668 | | | | | | 29 | | |
Commercial business | | | | | 551 | | | | | | 584 | | | | | | — | | | | | | 987 | | | | | | 76 | | |
Total impaired loans without a valuation allowance | | | | $ | 2,430 | | | | | $ | 2,473 | | | | | $ | — | | | | | $ | 2,891 | | | | | $ | 115 | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | $ | 123 | | | | | $ | 123 | | | | | $ | 1 | | | | | $ | 128 | | | | | $ | 6 | | |
Commercial business | | | | | 369 | | | | | | 369 | | | | | | 5 | | | | | | 417 | | | | | | 22 | | |
Consumer | | | | | 341 | | | | | | 341 | | | | | | 341 | | | | | | 341 | | | | | | — | | |
Total impaired loans with a valuation allowance | | | | | 833 | | | | | | 833 | | | | | | 347 | | | | | | 886 | | | | | | 28 | | |
Total originated impaired loans | | | | $ | 3,263 | | | | | $ | 3,306 | | | | | $ | 347 | | | | | $ | 3,777 | | | | | $ | 143 | | |
Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 453 | | | | | $ | 462 | | | | | $ | — | | | | | $ | 456 | | | | | $ | 9 | | |
Commercial Business | | | | | 572 | | | | | | 593 | | | | | | — | | | | | | 629 | | | | | | 36 | | |
Total impaired loans without a valuation allowance | | | | $ | 1,025 | | | | | $ | 1,055 | | | | | $ | — | | | | | $ | 1,085 | | | | | $ | 45 | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | $ | 144 | | | | | $ | 144 | | | | | $ | 7 | | | | | $ | 144 | | | | | $ | — | | |
Commercial business | | | | | 390 | | | | | | 390 | | | | | | 37 | | | | | | 406 | | | | | | 19 | | |
Consumer | | | | | 27 | | | | | | 27 | | | | | | 27 | | | | | | 27 | | | | | | — | | |
Total impaired loans with a valuation allowance | | | | | 561 | | | | | | 561 | | | | | | 71 | | | | | | 577 | | | | | | 19 | | |
Total acquired impaired loans | | | | $ | 1,586 | | | | | $ | 1,616 | | | | | $ | 71 | | | | | $ | 1,662 | | | | | $ | 64 | | |
|
| | | As of and for the Year Ended December 31, 2015 | | |||||||||||||||||||||||||||
| | | Carrying Amount | | | Unpaid Principal Balance | | | Associated Allowance | | | Average Carrying Amount | | | Interest Income Recognized | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Originated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 1,391 | | | | | $ | 1,393 | | | | | $ | — | | | | | $ | 1,402 | | | | | $ | 37 | | |
Commercial real estate | | | | | 4,291 | | | | | | 4,291 | | | | | | — | | | | | | 4,308 | | | | | | 124 | | |
Commercial business | | | | | 1,351 | | | | | | 1,372 | | | | | | — | | | | | | 1,374 | | | | | | 49 | | |
Total impaired loans without a valuation allowance | | | | $ | 7,033 | | | | | $ | 7,056 | | | | | $ | — | | | | | $ | 7,084 | | | | | $ | 210 | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 864 | | | | | $ | 864 | | | | | $ | 2 | | | | | $ | 864 | | | | | $ | 28 | | |
Commercial business | | | | | 626 | | | | | | 690 | | | | | | 71 | | | | | | 673 | | | | | | 34 | | |
Total impaired loans with a valuation allowance | | | | | 1,490 | | | | | | 1,554 | | | | | | 73 | | | | | | 1,537 | | | | | | 62 | | |
Total originated impaired loans | | | | $ | 8,523 | | | | | $ | 8,610 | | | | | $ | 73 | | | | | $ | 8,621 | | | | | $ | 272 | | |
Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans without a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate | | | | $ | 197 | | | | | $ | 200 | | | | | $ | — | | | | | $ | 198 | | | | | $ | 2 | | |
Commercial real estate | | | | | 611 | | | | | | 678 | | | | | | — | | | | | | 602 | | | | | | 6 | | |
Commercial Business | | | | | 963 | | | | | | 963 | | | | | | — | | | | | | 999 | | | | | | 54 | | |
Total impaired loans without a valuation allowance | | | | $ | 1,771 | | | | | $ | 1,841 | | | | | $ | — | | | | | $ | 1,799 | | | | | $ | 62 | | |
Impaired loans with a valuation allowance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | $ | 151 | | | | | $ | 151 | | | | | $ | 12 | | | | | $ | 151 | | | | | $ | 3 | | |
Commercial business | | | | | 470 | | | | | | 480 | | | | | | 21 | | | | | | 506 | | | | | | 14 | | |
Consumer | | | | | 7 | | | | | | 7 | | | | | | 5 | | | | | | 7 | | | | | | 1 | | |
Total impaired loans with a valuation allowance | | | | | 628 | | | | | | 638 | | | | | | 38 | | | | | | 664 | | | | | | 18 | | |
Total acquired impaired loans | | | | $ | 2,399 | | | | | $ | 2,479 | | | | | $ | 38 | | | | | $ | 2,463 | | | | | $ | 80 | | |
|
| | | | | | | | | | | | | | | | | | | | | Outstanding Recorded Investment | | |||||||||||||||||||||||||||||||||
| | | Number of Loans | | | Pre-Modification | | | Post-Modification | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | | 2017 | | | 2016 | | | 2015 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | | | — | | | | | | 1 | | | | | | 3 | | | | | $ | — | | | | | $ | 62 | | | | | $ | 4,044 | | | | | $ | — | | | | | $ | 62 | | | | | $ | 4,044 | | |
Residential real estate | | | | | 2 | | | | | | — | | | | | | — | | | | | | 2,957 | | | | | | — | | | | | | — | | | | | | 2,957 | | | | | | — | | | | | | — | | |
Commercial business | | | | | 4 | | | | | | 2 | | | | | | 1 | | | | | | 741 | | | | | | 237 | | | | | | 39 | | | | | | 741 | | | | | | 237 | | | | | | 39 | | |
Total | | | | | 6 | | | | | | 3 | | | | | | 4 | | | | | $ | 3,698 | | | | | $ | 299 | | | | | $ | 4,083 | | | | | $ | 3,698 | | | | | $ | 299 | | | | | $ | 4,083 | | |
|
Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 0 | 1 | 1 | $ | 0 | $ | 4,898 | $ | 37 | $ | 0 | $ | 4,676 | $ | 29 | ||||||||||||||||||||||||||||||||||||||
Residential real estate | 0 | 1 | 3 | 0 | 34 | 3,394 | 0 | 34 | 3,390 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 0 | 2 | 1 | 0 | 465 | 608 | 0 | 465 | 608 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 0 | 4 | 5 | $ | 0 | $ | 5,397 | $ | 4,039 | $ | 0 | $ | 5,175 | $ | 4,027 |
| | | December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (In thousands) | | |||||||||||||||
Maturity Concession | | | | $ | 638 | | | | | $ | 299 | | | | | $ | — | | |
Maturity/amortization concession | | | | | — | | | | | | — | | | | | | 825 | | |
Maturity and payment concession | | | | | 1,925 | | | | | | — | | | | | | 3,258 | | |
Maturity and rate concession | | | | | 1,032 | | | | | | — | | | | | | — | | |
Payment concession | | | | | 103 | | | | | | — | | | | | | — | | |
Total | | | | $ | 3,698 | | | | | $ | 299 | | | | | $ | 4,083 | | |
|
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Maturity Concession | $ | 0 | $ | 125 | $ | 0 | |||||||||||
Maturity and payment concession | 0 | 0 | 750 | ||||||||||||||
Maturity and rate concession | 0 | 0 | 608 | ||||||||||||||
Payment concession | 0 | 4,676 | 2,669 | ||||||||||||||
Rate and payment concession | 0 | 374 | 0 | ||||||||||||||
Total | $ | 0 | $ | 5,175 | $ | 4,027 |
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
Land | | | | $ | 2,300 | | | | | $ | 2,300 | | |
Building | | | | | 14,030 | | | | | | 14,061 | | |
Leasehold improvements | | | | | 4,558 | | | | | | 4,532 | | |
Furniture and fixtures | | | | | 3,096 | | | | | | 2,118 | | |
Equipment | | | | | 4,478 | | | | | | 4,249 | | |
Automobiles | | | | | 67 | | | | | | 67 | | |
| | | | | 28,529 | | | | | | 27,327 | | |
Accumulated depreciation and amortization | | | | | (10,333) | | | | | | (9,492) | | |
Premises and equipment, net | | | | $ | 18,196 | | | | | $ | 17,835 | | |
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In thousands) | |||||||||||
Land | $ | 850 | $ | 2,300 | |||||||
Building | 9,866 | 14,169 | |||||||||
Right-of-use asset | 8,591 | 10,084 | |||||||||
Leasehold improvements | 5,418 | 5,339 | |||||||||
Furniture and fixtures | 2,954 | 2,505 | |||||||||
Equipment | 3,581 | 3,337 | |||||||||
Automobiles | 67 | 67 | |||||||||
Premises and equipment, gross | 31,327 | 37,801 | |||||||||
Accumulated depreciation and amortization | (9,565) | (9,279) | |||||||||
Premises and equipment, net | $ | 21,762 | $ | 28,522 |
December 31, 2020 | |||||
(In thousands) | |||||
2021 | $ | 1,826 | |||
2022 | 1,200 | ||||
2023 | 1,189 | ||||
2024 | 773 | ||||
2025 | 715 | ||||
Thereafter | 17,226 | ||||
Total | $ | 22,929 |
December 31, 2020 | |||||
(In thousands) | |||||
Undiscounted cash flows | $ | 22,929 | |||
Discount effect of cash flows | (13,956) | ||||
Lease liability | $ | 8,973 |
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
Deferred Compensation | | | | $ | 4,097 | | | | | $ | 3,582 | | |
Servicing Asset | | | | | 1,113 | | | | | | — | | |
Derivative Assets | | | | | 2,035 | | | | | | 966 | | |
Other | | | | | 3,203 | | | | | | 2,626 | | |
Total Other Assets | | | | $ | 10,448 | | | | | $ | 7,174 | | |
|
December 31, 2020 | December 31, 2019 | ||||||||||
(In thousands) | |||||||||||
Deferred compensation | $ | 2,121 | $ | 2,763 | |||||||
Servicing assets, net of valuation allowance | 628 | 978 | |||||||||
Derivative assets | 4,444 | 2,266 | |||||||||
Collateral posted related to interest rate swaps | 28,205 | 13,450 | |||||||||
Assets held for sale | 2,613 | 0 | |||||||||
Other | 4,759 | 2,739 | |||||||||
Total Other Assets | $ | 42,770 | $ | 22,196 |
| | | December 31, 2017 | | |||
| | | (In thousands) | | |||
Loan Servicing Rights: | | | | | | | |
Balance at beginning of year | | | | $ | — | | |
Servicing rights capitalized | | | | | 115 | | |
Servicing rights amortized | | | | | (58) | | |
Servicing rights not previously capitalized | | | | | 1,056 | | |
Balance at end of year | | | | $ | 1,113 | | |
|
December 31, 2020 | December 31, 2019 | ||||||||||
(In thousands) | |||||||||||
Loan servicing rights: | |||||||||||
Balance at beginning of year | $ | 978 | $ | 870 | |||||||
Servicing rights capitalized | 16 | 440 | |||||||||
Servicing rights amortized | (128) | (141) | |||||||||
Servicing rights disposed | (338) | (153) | |||||||||
Change in valuation allowance | 100 | (38) | |||||||||
Balance at end of year | $ | 628 | $ | 978 |
| | December 31, | | |||||||||||||||||||||
| | 2017 | | 2016 | | |||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Noninterest bearing demand deposit accounts | | | $ | 172,638 | | | | $ | 187,593 | | | Noninterest bearing demand deposit accounts | $ | 270,235 | $ | 191,518 | ||||||||
Interest bearing accounts: | | | | | | | | | | | | Interest bearing accounts: | ||||||||||||
NOW and money market | | | | 510,746 | | | | | 403,081 | | | |||||||||||||
NOW | NOW | 101,737 | 70,020 | |||||||||||||||||||||
Money market | Money market | 669,364 | 419,495 | |||||||||||||||||||||
Savings | | | | 83,758 | | | | | 96,502 | | | Savings | 158,750 | 183,729 | ||||||||||
Time certificates of deposit | | | | 631,263 | | | | | 601,861 | | | Time certificates of deposit | 627,230 | 627,141 | ||||||||||
Total interest bearing accounts | | | | 1,225,767 | | | | | 1,101,444 | | | Total interest bearing accounts | 1,557,081 | 1,300,385 | ||||||||||
Total deposits | | | $ | 1,398,405 | | | | $ | 1,289,037 | | | Total deposits | $ | 1,827,316 | $ | 1,491,903 | ||||||||
|
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
2017 | | | | $ | — | | | | | $ | 323,742 | | |
2018 | | | | | 391,509 | | | | | | 247,517 | | |
2019 | | | | | 214,383 | | | | | | 29,778 | | |
2020 | | | | | 24,466 | | | | | | 433 | | |
2021 | | | | | 373 | | | | | | 391 | | |
2022 | | | | | 532 | | | | | | — | | |
| | | | $ | 631,263 | | | | | $ | 601,861 | | |
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In thousands) | |||||||||||
2020 | $ | 0 | $ | 430,361 | |||||||
2021 | 418,117 | 167,933 | |||||||||
2022 | 50,425 | 28,515 | |||||||||
2023 | 128,495 | 239 | |||||||||
2024 | 30,160 | 93 | |||||||||
2025 | 33 | 0 | |||||||||
Total | $ | 627,230 | $ | 627,141 |
| | | Years Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (In thousands) | | |||||||||||||||
NOW and money market | | | | $ | 3,520 | | | | | $ | 1,945 | | | | | $ | 1,473 | | |
Savings | | | | | 763 | | | | | | 315 | | | | | | 693 | | |
Time certificates of deposit | | | | | 8,411 | | | | | | 6,040 | | | | | | 3,515 | | |
Total interest expense on deposits | | | | $ | 12,694 | | | | | $ | 8,300 | | | | | $ | 5,681 | | |
|
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
NOW | $ | 141 | $ | 128 | $ | 157 | |||||||||||
Money market | 4,071 | 7,139 | 6,431 | ||||||||||||||
Savings | 1,368 | 2,968 | 1,649 | ||||||||||||||
Time certificates of deposit | 12,600 | 14,463 | 10,714 | ||||||||||||||
Total interest expense on deposits | $ | 18,180 | $ | 24,698 | $ | 18,951 |
| | | December 31, | | |||||||||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||
| | | Amount Due | | | Weighted Average Rate | | | Amount Due | | | Weighted Average Rate | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Year of Maturity: | | | | | | | | | | | | | | | | | | | | | | | | | |
2017 | | | | $ | — | | | | | | —% | | | | | $ | 135,000 | | | | | | 0.73% | | |
2018 | | | | | 174,000 | | | | | | 1.44 | | | | | | — | | | | | | — | | |
2020 | | | | | 25,000 | | | | | | 1.99 | | | | | | 25,000 | | | | | | 1.99 | | |
Total advances | | | | $ | 199,000 | | | | | | 1.51% | | | | | $ | 160,000 | | | | | | 0.92% | | |
|
December 31, | |||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Amount Due | Weighted Average Rate(1) | Amount Due | Weighted Average Rate(1) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Year of Maturity: | |||||||||||||||||||||||
2020 | $ | 0 | 0 | % | $ | 150,000 | 1.93 | % | |||||||||||||||
2021 | 175,000 | 1.84 | 0 | 0 | |||||||||||||||||||
Total advances | $ | 175,000 | 1.84 | % | $ | 150,000 | 1.93 | % |
December 31, 2020 | |||||||||||
Total Letter or Line of Credit | Total Outstanding | ||||||||||
(In thousands) | |||||||||||
FHLB | $ | 20,000 | $ | 0 | |||||||
Atlantic Community Bankers Bank | 12,000 | 0 | |||||||||
Zions Bank | 25,000 | 0 | |||||||||
Texas Capital Bank | 5,000 | 0 | |||||||||
Total | $ | 62,000 | $ | 0 |
| | | 2017 | | |||
| | | (In thousands) | | |||
Period Ending December 31, | | | | | | | |
2018 | | | | $ | 1,808 | | |
2019 | | | | | 1,774 | | |
2020 | | | | | 1,666 | | |
2021 | | | | | 1,561 | | |
2022 | | | | | 937 | | |
Thereafter | | | | | 13,977 | | |
| | | | $ | 21,723 | | |
|
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
Commitments to extend credit: | | | | | | | | | | | | | |
Loan commitments | | | | $ | 112,649 | | | | | $ | 89,825 | | |
Undisbursed construction loans | | | | | 80,064 | | | | | | 70,526 | | |
Unused home equity lines of credit | | | | | 7,573 | | | | | | 8,083 | | |
| | | | $ | 200,286 | | | | | $ | 168,434 | | |
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In thousands) | |||||||||||
Commitments to extend credit: | |||||||||||
Loan commitments | $ | 114,574 | $ | 102,986 | |||||||
Undisbursed construction loans | 117,457 | 80,472 | |||||||||
Unused home equity lines of credit | 5,029 | 6,284 | |||||||||
$ | 237,060 | $ | 189,742 |
| | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Current provision: | | | | | | | | | | | | | | | | | Current provision: | |||||||||||||||||||
Federal | | | $ | 7,468 | | | | $ | 6,838 | | | | $ | 5,113 | | | Federal | $ | 4,295 | $ | 4,137 | $ | 2,251 | |||||||||||||
State | | | | 431 | | | | | 226 | | | | | 694 | | | State | 618 | 313 | 185 | ||||||||||||||||
Total current | | | | 7,899 | | | | | 7,064 | | | | | 5,807 | | | Total current | 4,913 | 4,450 | 2,436 | ||||||||||||||||
Deferred provision (benefit): | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Deferred (credit) provision: | Deferred (credit) provision: | |||||||||||||||||||||||||||||||||||
Federal | | | | 3,400 | | | | | (1,104) | | | | | (1,749) | | | Federal | (3,071) | 276 | 1,284 | ||||||||||||||||
State | | | | — | | | | | — | | | | | 783 | | | State | (445) | 0 | 0 | ||||||||||||||||
Total deferred | | | | 3,400 | | | | | (1,104) | | | | | (966) | | | Total deferred | (3,516) | 276 | 1,284 | ||||||||||||||||
Total income tax expense | | | $ | 11,299 | | | | $ | 5,960 | | | | $ | 4,841 | | | Total income tax expense | $ | 1,397 | $ | 4,726 | $ | 3,720 | |||||||||||||
|
| | | December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (In thousands) | | |||||||||||||||
Income tax expense at statutory federal rate | | | | $ | 8,795 | | | | | $ | 6,409 | | | | | $ | 4,855 | | |
State tax expense, net of federal tax effect | | | | | 280 | | | | | | 147 | | | | | | 566 | | |
Statutory rate reductions | | | | | 3,270 | | | | | | — | | | | | | 811 | | |
Income exempt from tax | | | | | (822) | | | | | | (687) | | | | | | (627) | | |
Benefits related to stock compensation | | | | | (490) | | | | | | — | | | | | | — | | |
Other items, net | | | | | 266 | | | | | | 91 | | | | | | 42 | | |
Income tax expense before change in valuation allowance | | | | | 11,299 | | | | | | 5,960 | | | | | | 5,647 | | |
Change in valuation allowance | | | | | — | | | | | | — | | | | ��� | | (806) | | |
Income tax expense | | | | $ | 11,299 | | | | | $ | 5,960 | | | | | $ | 4,841 | | |
|
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Income tax expense at statutory federal rate | $ | 1,533 | $ | 4,818 | $ | 4,442 | |||||||||||
State tax expense, net of federal tax effect | 174 | 223 | 99 | ||||||||||||||
Income exempt from tax | (345) | (368) | (403) | ||||||||||||||
Stock compensation | 101 | (3) | (68) | ||||||||||||||
Deferred director fees | 2 | (14) | (100) | ||||||||||||||
Other items, net | (68) | 70 | (250) | ||||||||||||||
Income tax expense | $ | 1,397 | $ | 4,726 | $ | 3,720 |
| | December 31, | | |||||||||||||||||||||
| | 2017 | | 2016 | | |||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Deferred tax assets: | | | | | | | | | | | | Deferred tax assets: | ||||||||||||
Allowance for loan losses | | | $ | 4,022 | | | | $ | 6,378 | | | Allowance for loan losses | $ | 4,724 | $ | 2,862 | ||||||||
Net operating loss carryforwards | | | | 555 | | | | | 996 | | | Net operating loss carryforwards | 444 | 481 | ||||||||||
Purchase accounting adjustments | | | | 14 | | | | | 20 | | | |||||||||||||
Deferred fees | | | | 1,162 | | | | | 1,437 | | | Deferred fees | 1,433 | 1,120 | ||||||||||
Deferred expenses | | | | — | | | | | 716 | | | |||||||||||||
Deferred director fees | Deferred director fees | 341 | 174 | |||||||||||||||||||||
Start-up costs | | | | 144 | | | | | 275 | | | Start-up costs | 70 | 91 | ||||||||||
Depreciation | | | | 67 | | | | | — | | | |||||||||||||
Unrealized loss on derivatives | Unrealized loss on derivatives | 5,246 | 2,245 | |||||||||||||||||||||
Lease liabilities | Lease liabilities | 2,009 | 2,132 | |||||||||||||||||||||
Other | | | | 88 | | | | | 192 | | | Other | 1,311 | 302 | ||||||||||
Gross deferred tax assets | | | | 6,052 | | | | | 10,014 | | | Gross deferred tax assets | 15,578 | 9,407 | ||||||||||
Deferred tax liabilities: | | | | | | | | | | | | Deferred tax liabilities: | ||||||||||||
Deferred Expenses | | | | 482 | | | | | — | | | |||||||||||||
Servicing Rights | | | | 216 | | | | | — | | | |||||||||||||
Tax bad debt reserve | | | | — | | | | | 195 | | | |||||||||||||
Deferred expenses | Deferred expenses | 774 | 671 | |||||||||||||||||||||
Servicing rights | Servicing rights | 136 | 192 | |||||||||||||||||||||
Core deposit intangible | Core deposit intangible | 17 | 45 | |||||||||||||||||||||
Depreciation | | | | — | | | | | 255 | | | Depreciation | 309 | 210 | ||||||||||
Unrealized gain on derivatives | | | | 427 | | | | | 258 | | | |||||||||||||
Unrealized gain on available for sale securities | | | | 23 | | | | | 221 | | | Unrealized gain on available for sale securities | 786 | 247 | ||||||||||
Right-of-use-assets | Right-of-use-assets | 1,986 | 2,117 | |||||||||||||||||||||
Other | Other | 270 | 137 | |||||||||||||||||||||
Gross deferred tax liabilities | | | | 1,148 | | | | | 929 | | | Gross deferred tax liabilities | 4,278 | 3,619 | ||||||||||
Net deferred tax asset | | | $ | 4,904 | | | | $ | 9,085 | | | Net deferred tax asset | $ | 11,300 | $ | 5,788 | ||||||||
|
| | | December 31, | ||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | ||||||||
| | | (In thousands) | ||||||||||||||
Balance, beginning of year | | | | $ | 95 | | | | | $ | — | | | | | $ | — |
Additions relating to potential liability with taxing authorities | | | | | 298 | | | | | | 95 | | | | | | — |
Balance, end of year | | | | $ | 393 | | | | | $ | 95 | | | | | $ | — |
|
At December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance, beginning of year | $ | 269 | $ | 193 | $ | 393 | |||||||||||
Net additions (reductions) relating to potential liability with taxing authorities | 125 | 76 | (200) | ||||||||||||||
Balance, end of year | $ | 394 | $ | 269 | $ | 193 |
| | | For the Years Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (In thousands, except per share data) | | |||||||||||||||
Net income | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 9,030 | | |
Preferred stock dividends | | | | | — | | | | | | — | | | | | | (125) | | |
Dividends to participating securities(1) | | | | | (28) | | | | | | (27) | | | | | | (5) | | |
Undistributed earnings allocated to participating securities(1) | | | | | (151) | | | | | | (211) | | | | | | (226) | | |
Net income for earnings per share calculation | | | | $ | 13,651 | | | | | $ | 12,112 | | | | | $ | 8,674 | | |
Weighted average shares outstanding, basic | | | | | 7,572 | | | | | | 7,396 | | | | | | 7,072 | | |
Effect of dilutive equity-based awards(2) | | | | | 98 | | | | | | 95 | | | | | | 69 | | |
Weighted average shares outstanding, diluted | | | | | 7,670 | | | | | | 7,491 | | | | | | 7,141 | | |
Net earnings per common share: | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share | | | | $ | 1.80 | | | | | $ | 1.64 | | | | | $ | 1.23 | | |
Diluted earnings per common share | | | | | 1.78 | | | | | | 1.62 | | | | | | 1.21 | | |
For the Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net income | $ | 5,904 | $ | 18,216 | $ | 17,433 | |||||||||||
Dividends to participating securities(1) | (70) | (46) | (51) | ||||||||||||||
Undistributed earnings allocated to participating securities(1) | (23) | (166) | (178) | ||||||||||||||
Net income for earnings per share calculation | $ | 5,811 | $ | 18,004 | $ | 17,204 | |||||||||||
Weighted average shares outstanding, basic | 7,728 | 7,757 | 7,722 | ||||||||||||||
Effect of dilutive equity-based awards(2) | 20 | 28 | 53 | ||||||||||||||
Weighted average shares outstanding, diluted | 7,748 | 7,785 | 7,775 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||
Basic earnings per common share | $ | 0.75 | $ | 2.32 | $ | 2.23 | |||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 2.31 | $ | 2.21 |
| | | December 31, 2017 | | |||||||||
| | | Number of Shares | | | Weighted Average Exercise Price | | ||||||
Options outstanding at beginning of period | | | | | 120,988 | | | | | $ | 18.58 | | |
Exercised | | | | | (73,738) | | | | | | 19.06 | | |
Forfeited | | | | | (200) | | | | | | 15.00 | | |
Options outstanding at end of period | | | | | 47,050 | | | | | | 17.83 | | |
Options exercisable at end of period | | | | | 47,050 | | | | | | 17.83 | | |
|
December 31, 2020 | |||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
Options outstanding at beginning of period | 16,680 | $ | 16.30 | ||||||||
Exercised | (1,500) | 11.00 | |||||||||
Options outstanding at end of period | 15,180 | 16.82 | |||||||||
Options exercisable at end of period | 15,180 | 16.82 |
Range of Exercise Prices | | | Number of Shares | | | Weighted- Average Remaining Contractual Life (years) | | | Weighted- Average Exercise Price | | |||||||||
$17.86 – 20.81 | | | | | 34,700 | | | | | | 2.8 | | | | | $ | 19.28 | | |
$11.00 – 15.00 | | | | | 12,350 | | | | | | 3.0 | | | | | | 13.77 | | |
| | | | | 47,050 | | | | | | 2.8 | | | | | $ | 17.83 | | |
|
| | December 31, 2017 | | |||||||||||||||||||||
| | Number of Shares | | Weighted Average Grant Date Fair Value | | |||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Unvested at beginning of period | | | | 96,594 | | | | $ | 19.80 | | | Unvested at beginning of period | 110,975 | (1) | $ | 30.88 | ||||||||
Granted | | | | 40,250 | | | | | 34.03 | | | Granted | 109,199 | (2) | 23.75 | |||||||||
Vested | | | | (43,430) | | | | | 21.35 | | | Vested | (55,080) | (3) | 30.55 | |||||||||
Forfeited | | | | (18,228) | | | | | 20.52 | | | Forfeited | (1,725) | 31.37 | ||||||||||
Unvested at end of period | | | | 75,186 | | | | | 26.39 | | | Unvested at end of period | 163,369 | 26.22 | ||||||||||
|
| | | Net Unrealized Gain (Loss) on Available for Sale Securities | | | Net Unrealized Gain (Loss) on Interest Rate Swap | | | Total | | |||||||||
| | | (In thousands) | | |||||||||||||||
Balance at December 31, 2016 | | | | $ | 409 | | | | | $ | 481 | | | | | $ | 890 | | |
Other comprehensive (loss) income before reclassifications, net of tax | | | | | (232) | | | | | | 843 | | | | | | 611 | | |
Amounts reclassified from accumulated other comprehensive income, net of tax | | | | | (108) | | | | | | — | | | | | | (108) | | |
Net other comprehensive income | | | | | (340) | | | | | | 843 | | | | | | 503 | | |
Amount reclassified for tax rate changes | | | | | 16 | | | | | | 285 | | | | | | 301 | | |
Balance at December 31, 2017 | | | | $ | 85 | | | | | $ | 1,609 | | | | | $ | 1,694 | | |
|
| | | Net Unrealized Gain (Loss) on Available for Sale Securities | | | Net Unrealized Gain (Loss) on Interest Rate Swap | | | Total | | |||||||||
| | | (In thousands) | | |||||||||||||||
Balance at December 31, 2015 | | | | $ | 405 | | | | | $ | (178) | | | | | $ | 227 | | |
Other comprehensive (loss) income before reclassifications, net of tax | | | | | (71) | | | | | | 659 | | | | | | 588 | | |
Amounts reclassified from accumulated other comprehensive income, net of tax | | | | | 75 | | | | | | — | | | | | | 75 | | |
Net other comprehensive income | | | | | 4 | | | | | | 659 | | | | | | 663 | | |
Balance at December 31, 2016 | | | | $ | 409 | | | | | $ | 481 | | | | | $ | 890 | | |
|
| | | Net Unrealized Gain (Loss) on Available for Sale Securities | | | Net Unrealized Gain (Loss) on Interest Rate Swap | | | Total | | | | |||||||
| | | (In thousands) | | |||||||||||||||
Balance at December 31, 2014 | | | | $ | 644 | | | | $(113) | | | $531 | | | | ||||
Other comprehensive (loss) income before reclassifications, net of tax | | | | | (239) | | | | (65) | | | (304) | | | | ||||
Amounts reclassified from accumulated other comprehensive income | | | | | — | | | | — | | | — | | | | ||||
Net other comprehensive loss | | | | | (239) | | | | (65) | | | (304) | | | | ||||
Balance at December 31, 2015 | | | | $ | 405 | | | | $(178) | | | $227 | | | | ||||
|
Net Unrealized Gain (Loss) on Available for Sale Securities | Net Unrealized Gain (Loss) on Interest Rate Swaps | Total | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2019 | $ | 928 | $ | (8,444) | $ | (7,516) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 1,816 | (11,481) | (9,665) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 1,606 | 1,606 | ||||||||||||||
Net other comprehensive income (loss) | 1,816 | (9,875) | (8,059) | ||||||||||||||
Balance at December 31, 2020 | $ | 2,744 | $ | (18,319) | $ | (15,575) |
Net Unrealized Gain (Loss) on Available for Sale Securities | Net Unrealized Gain (Loss) on Interest Rate Swaps | Total | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2018 | $ | (1,379) | $ | 342 | $ | (1,037) | |||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 2,367 | (8,186) | (5,819) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (60) | (600) | (660) | ||||||||||||||
Net other comprehensive income ( loss) | 2,307 | (8,786) | (6,479) | ||||||||||||||
Balance at December 31, 2019 | $ | 928 | $ | (8,444) | $ | (7,516) |
Net Unrealized Gain (Loss) on Available for Sale Securities | Net Unrealized Gain (Loss) on Interest Rate Swaps | Total | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2017 | $ | 85 | $ | 1,609 | $ | 1,694 | |||||||||||
Other comprehensive loss before reclassifications, net of tax | (1,289) | (722) | (2,011) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (175) | (545) | (720) | ||||||||||||||
Net other comprehensive loss | (1,464) | (1,267) | (2,731) | ||||||||||||||
Balance at December 31, 2018 | $ | (1,379) | $ | 342 | $ | (1,037) |
Accumulated Other Comprehensive Income (Loss) Components | | | For the Years Ended December 31, | | | Associated Line Item in the Consolidated Statements Of Income | | |||||||||||||||
| 2017 | | | 2016 | | | 2015 | | ||||||||||||||
| | | (In thousands) | | | | | |||||||||||||||
Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | |
Unrealized gains (losses) on investments | | | | $ | 165 | | | | | $ | (115) | | | | | $ | — | | | | Gain (loss) on sale of available for sale securities, net | |
Tax (expense) benefit | | | | | (57) | | | | | | 40 | | | | | | — | | | | Income tax expense | |
Net of tax | | | | $ | 108 | | | | | $ | (75) | | | | | $ | — | | | | | |
|
Accumulated Other Comprehensive Income (Loss) Components | For the Years Ended December 31, | Associated Line Item in the Consolidated Statements Of Income | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Unrealized gains on investments | $ | 0 | $ | 76 | $ | 222 | Net gain on sale of available for sale securities | |||||||||||||||||||
Tax expense | 0 | (16) | (47) | Income tax expense | ||||||||||||||||||||||
Net of tax | $ | 0 | $ | 60 | $ | 175 | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Unrealized (losses) gains on derivatives | $ | (2,094) | $ | 760 | $ | 690 | Interest expense on borrowings | |||||||||||||||||||
Tax benefit (expense) | 488 | (160) | (145) | Income tax expense | ||||||||||||||||||||||
Net of tax | $ | (1,606) | $ | 600 | $ | 545 |
| | | Notional Amount | | | Original Maturity | | | Received | | | Paid | | | Fair Value Asset (Liability) | | |||||||||
| | | (Dollars in thousands) | | | | |||||||||||||||||||
Cash flow hedge: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap on FHLB advance | | | | $ | 25,000 | | | | 4.7 years | | | 3-month USD LIBOR | | | | | 1.62% | | | | | $ | 62 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month USD LIBOR | | | | | 1.83% | | | | | | 105 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month USD LIBOR | | | | | 1.48% | | | | | | 398 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month USD LIBOR | | | | | 1.22% | | | | | | 793 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 7.0 years | | | 3-month USD LIBOR | | | | | 2.04% | | | | | | 342 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 7.0 years | | | 3-month USD LIBOR | | | | | 2.04% | | | | | | 334 | | |
| | | | $ | 150,000 | | | | | | | | | | | | | | | | | $ | 2,034 | | |
|
Original Notional Amount | Original Maturity | Maturity Date | Received | Paid | Fair Value Asset (Liability) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 25,000 | 5.0 years | July 1, 2021 | 3-month USD LIBOR | 1.22 | % | $ | (128) | ||||||||||||||||||||||||||
Interest rate swap | 25,000 | 3.0 years | December 23, 2022 | 3-month USD LIBOR | 1.28 | % | (541) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month USD LIBOR | 2.04 | % | (1,622) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month USD LIBOR | 2.04 | % | (1,618) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | April 9, 2025 | 3-month USD LIBOR | 0.55 | % | (224) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | April 23, 2025 | 3-month USD LIBOR | 0.54 | % | (212) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | January 1, 2034 | 3-month USD LIBOR | 3.01 | % | (6,086) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | January 1, 2035 | 3-month USD LIBOR | 3.03 | % | (6,445) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | August 26, 2035 | 3-month USD LIBOR | 3.05 | % | (6,691) | ||||||||||||||||||||||||||||
$ | 225,000 | $ | (23,567) | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments:(1) | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 18,500 | 10.0 years | March 10, 2030 | 1-month USD LIBOR | 3.15 | % | $ | (648) | ||||||||||||||||||||||||||
Interest rate swap | 18,500 | 10.0 years | March 10, 2030 | 1-month USD LIBOR | 3.15 | % | 648 | ||||||||||||||||||||||||||||
Interest rate swap | 20,000 | 20.0 years | March 10, 2039 | 1-month USD LIBOR | 5.00 | % | (3,796) | ||||||||||||||||||||||||||||
Interest rate swap | 20,000 | 20.0 years | March 10, 2039 | 1-month USD LIBOR | 5.00 | % | 3,796 | ||||||||||||||||||||||||||||
$ | 77,000 | $ | 0 | ||||||||||||||||||||||||||||||||
Total Derivatives | $ | 302,000 | $ | (23,567) |
| | | Notional Amount | | | Original Maturity | | | Received | | | Paid | | | Fair Value Asset (Liability) | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Cash flow hedge: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest rate swap on FHLB advance | | | | $ | 25,000 | | | | 4.7 years | | | 3-month LIBOR | | | | | 1.62% | | | | | $ | (91) | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.83% | | | | | | (138) | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.48% | | | | | | 249 | | |
Interest rate swap on FHLB advance | | | | | 25,000 | | | | 5.0 years | | | 3-month LIBOR | | | | | 1.22% | | | | | | 717 | | |
| | | | $ | 100,000 | | | | | | | | | | | | | | | | | $ | 737 | | |
|
Original Notional Amount | Original Maturity | Maturity Date | Received | Paid | Fair Value Asset (Liability) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 25,000 | 5.0 years | January 1, 2020 | 3-month USD LIBOR | 1.83 | % | $ | 0 | ||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | August 26, 2020 | 3-month USD LIBOR | 1.48 | % | 51 | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 5.0 years | July 1, 2021 | 3-month USD LIBOR | 1.22 | % | 174 | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month USD LIBOR | 2.04 | % | (396) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 7.0 years | August 25, 2024 | 3-month USD LIBOR | 2.04 | % | (402) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 15.0 years | January 1, 2034 | 3-month USD LIBOR | 3.01 | % | (3,328) | ||||||||||||||||||||||||||||
Interest rate swap | 25,000 | 3.0 years | December 23, 2022 | 3-month USD LIBOR | 1.28 | % | 279 | ||||||||||||||||||||||||||||
Forward-starting interest rate swap(1) | 25,000 | 15.0 years | January 1, 2035 | 3-month USD LIBOR | 3.03 | % | (3,557) | ||||||||||||||||||||||||||||
Forward-starting interest rate swap(1) | 25,000 | 15.0 years | August 26, 2035 | 3-month USD LIBOR | 3.05 | % | (3,512) | ||||||||||||||||||||||||||||
$ | 225,000 | $ | (10,691) | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments:(2) | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 20,000 | 20.0 years | March 20, 2039 | 1-month USD LIBOR | 5.00% | $ | (1,762) | |||||||||||||||||||||||||||
Interest rate swap | 20,000 | 20.0 years | March 20, 2039 | 1-month USD LIBOR | 5.00% | 1,762 | |||||||||||||||||||||||||||||
$ | 40,000 | $ | 0 | ||||||||||||||||||||||||||||||||
Total Derivatives | $ | 265,000 | $ | (10,691) |
| | | Notional Amount | | | Effective Date of Hedged Borrowing | | | Duration of Borrowing | | | Counterparty | | |||
| | | (Dollars in thousands) | | ||||||||||||
Type of borrowing: | | | | | | | | | | | | | | | | |
FHLB 90-day advance | | | | $ | 25,000 | | | | April 1, 2014 | | | 4.7 years | | | Bank of Montreal | |
FHLB 90-day advance | | | | | 25,000 | | | | January 2, 2015 | | | 5.0 years | | | Bank of Montreal | |
FHLB 90-day advance | | | | | 25,000 | | | | August 26, 2015 | | | 5.0 years | | | Bank of Montreal | |
FHLB 90-day advance | | | | | 25,000 | | | | July 1, 2016 | | | 5.0 years | | | Bank of Montreal | |
FHLB 90-day advance | | | | | 25,000 | | | | August 25, 2017 | | | 7.0 years | | | Bank of Montreal | |
FHLB 90-day advance | | | | | 25,000 | | | | August 25, 2017 | | | 7.0 years | | | FTN Financial Capital Markets | |
| | | | $ | 150,000 | | | | | | | | | | | |
|
Notional Amount | Effective Date of Hedging Relationship | Duration of Interest Rate Swap | Counterparty | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
$25,000 | July 1, 2016 | 5.0 years | Bank of Montreal | |||||||||||||||||
25,000 | August 25, 2017 | 7.0 years | Bank of Montreal | |||||||||||||||||
25,000 | August 25, 2017 | 7.0 years | FHN Financial Capital Markets | |||||||||||||||||
25,000 | January 2, 2019 | 15.0 years | Bank of Montreal | |||||||||||||||||
25,000 | December 27, 2019 | 3.0 years | Bank of Montreal | |||||||||||||||||
25,000 | January 2, 2020 | 15.0 years | Bank of Montreal | |||||||||||||||||
25,000 | April 15, 2020 | 5.0 years | Goldman Sachs Bank USA | |||||||||||||||||
25,000 | April 29, 2020 | 5.0 years | Goldman Sachs Bank USA | |||||||||||||||||
25,000 | August 26, 2020 | 15.0 years | FHN Financial Capital Markets | |||||||||||||||||
$225,000 |
| | | December 31, 2017 | | | December 31, 2016 | | ||||||
| | | (In thousands) | | |||||||||
Interest rate swap on FHLB advance: | | | | | | | | | | | | | |
Unrealized gain recognized in accumulated other comprehensive income | | | | $ | 1,297 | | | | | $ | 1,013 | | |
Income tax expense on items recognized in accumulated other comprehensive income | | | | | (454) | | | | | | (354) | | |
Other comprehensive income | | | | $ | 843 | | | | | $ | 659 | | |
Amount recognized in interest expense on hedged FHLB advance | | | | $ | 1,909 | | | | | $ | 1,386 | | |
|
December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Interest rate swaps designated as cash flow hedges: | |||||||||||||||||
Unrealized loss recognized in accumulated other comprehensive (loss) income before reclassifications | $ | (14,970) | $ | (10,361) | $ | (914) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 2,094 | (760) | (690) | ||||||||||||||
Income tax benefit on items recognized in accumulated other comprehensive (loss) income | 3,001 | 2,335 | 337 | ||||||||||||||
Other comprehensive loss | $ | (9,875) | $ | (8,786) | $ | (1,267) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets(1) | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
Derivative Assets | $ | 4,484 | $ | 0 | $ | 4,484 | $ | 0 | $ | 0 | $ | 4,484 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities(1) | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Liabilities presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Posted(2) | Net Amount | ||||||||||||||||||||||||||||||
Derivative Liabilities | $ | 28,673 | $ | 0 | $ | 28,673 | $ | 0 | $ | 28,205 | $ | 468 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets(1) | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
Derivative Assets | $ | 2,363 | $ | 0 | $ | 2,363 | $ | 591 | $ | 0 | $ | 1,772 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
Derivative Liabilities | $ | 13,032 | $ | 0 | $ | 13,032 | $ | 591 | $ | 12,441 | $ | 0 |
| | December 31, 2017 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | |||||||||||||||||||||||||||||||||||||||||||||||||
| | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | | | $ | 70,545 | | | | $ | 70,545 | | | | $ | 70,545 | | | | $ | — | | | | $ | — | | Cash and due from banks | $ | 405,340 | $ | 405,340 | $ | 405,340 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Federal funds sold | | | | 186 | | | | | 186 | | | | | 186 | | | | | — | | | | | — | | Federal funds sold | 4,258 | 4,258 | 4,258 | 0 | 0 | |||||||||||||||||||||||||||||
Marketable equity securities | Marketable equity securities | 2,207 | 2,207 | 2,207 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale securities | | | | 92,188 | | | | | 92,188 | | | | | — | | | | | 92,188 | | | | | — | | Available for sale securities | 88,605 | 88,605 | 10,148 | 78,457 | 0 | |||||||||||||||||||||||||||||
Held to maturity securities | | | | 21,579 | | | | | 22,836 | | | | | — | | | | | 1,119 | | | | | 21,717 | | Held to maturity securities | 16,078 | 20,032 | 0 | 70 | 19,962 | |||||||||||||||||||||||||||||
Loans receivable, net | | | | 1,520,879 | | | | | 1,494,599 | | | | | — | | | | | — | | | | | 1,494,599 | | Loans receivable, net | 1,601,672 | 1,605,402 | 0 | 0 | 1,605,402 | |||||||||||||||||||||||||||||
Accrued interest receivable | | | | 5,910 | | | | | 5,910 | | | | | — | | | | | 5,910 | | | | | — | | Accrued interest receivable | 6,579 | 6,579 | 0 | 6,579 | 0 | |||||||||||||||||||||||||||||
FHLB stock | | | | 9,183 | | | | | 9,183 | | | | | — | | | | | 9,183 | | | | | — | | FHLB stock | 7,860 | 7,860 | 0 | 7,860 | 0 | |||||||||||||||||||||||||||||
Servicing asset | | | | 1,113 | | | | | 1,113 | | | | | — | | | | | — | | | | | 1,113 | | |||||||||||||||||||||||||||||||||||
Servicing asset, net of valuation allowance | Servicing asset, net of valuation allowance | 628 | 628 | 0 | 0 | 628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative asset | | | | 2,034 | | | | | 2,034 | | | | | — | | | | | 2,034 | | | | | — | | Derivative asset | 4,444 | 4,444 | 0 | 4,444 | 0 | |||||||||||||||||||||||||||||
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Demand deposits | | | $ | 172,638 | | | | $ | 172,638 | | | | $ | — | | | | $ | 172,638 | | | | $ | — | | |||||||||||||||||||||||||||||||||||
Assets held for sale | Assets held for sale | 2,613 | 2,613 | 0 | 0 | 2,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | Noninterest bearing deposits | $ | 270,235 | $ | 270,235 | $ | 0 | $ | 270,235 | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
NOW and money market | | | | 510,746 | | | | | 510,746 | | | | | — | | | | | 510,746 | | | | | — | | NOW and money market | 771,101 | 771,101 | 0 | 771,101 | 0 | |||||||||||||||||||||||||||||
Savings | | | | 83,758 | | | | | 83,758 | | | | | — | | | | | 83,758 | | | | | — | | Savings | 158,750 | 158,750 | 0 | 158,750 | 0 | |||||||||||||||||||||||||||||
Time deposits | | | | 631,263 | | | | | 629,532 | | | | | — | | | | | — | | | | | 629,532 | | Time deposits | 627,230 | 631,891 | 0 | 0 | 631,891 | |||||||||||||||||||||||||||||
Accrued interest payable | | | | 1,092 | | | | | 1,092 | | | | | — | | | | | 1,092 | | | | | — | | Accrued interest payable | 1,750 | 1,750 | 0 | 1,750 | 0 | |||||||||||||||||||||||||||||
Advances from the FHLB | | | | 199,000 | | | | | 198,932 | | | | | — | | | | | — | | | | | 198,932 | | Advances from the FHLB | 175,000 | 174,997 | 0 | 0 | 174,997 | |||||||||||||||||||||||||||||
Subordinated debentures | | | | 25,103 | | | | | 25,457 | | | | | — | | | | | — | | | | | 25,457 | | Subordinated debentures | 25,258 | 25,447 | 0 | 0 | 25,447 | |||||||||||||||||||||||||||||
Servicing liability | | | | 83 | | | | | 83 | | | | | — | | | | | — | | | | | 83 | | Servicing liability | 21 | 21 | 0 | 0 | 21 | |||||||||||||||||||||||||||||
Derivative liability | Derivative liability | 28,011 | 28,011 | 0 | 28,011 | 0 |
December 31, 2019 | |||||||||||||||||||||||||||||
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 78,051 | $ | 78,051 | $ | 78,051 | $ | 0 | $ | 0 | |||||||||||||||||||
Marketable equity securities | 2,118 | 2,118 | 2,118 | 0 | 0 | ||||||||||||||||||||||||
Available for sale securities | 82,439 | 82,439 | 10,031 | 72,408 | 0 | ||||||||||||||||||||||||
Held to maturity securities | 16,308 | 18,307 | 0 | 85 | 18,222 | ||||||||||||||||||||||||
Loans receivable, net | 1,588,840 | 1,589,732 | 0 | 0 | 1,589,732 | ||||||||||||||||||||||||
Accrued interest receivable | 5,959 | 5,959 | 0 | 5,959 | 0 | ||||||||||||||||||||||||
FHLB stock | 7,475 | 7,475 | 0 | 7,475 | 0 | ||||||||||||||||||||||||
Servicing asset, net of valuation allowance | 978 | 978 | 0 | 0 | 978 | ||||||||||||||||||||||||
Derivative asset | 2,266 | 2,266 | 0 | 2,266 | 0 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing deposits | $ | 191,518 | $ | 191,518 | $ | 0 | $ | 191,518 | $ | 0 | |||||||||||||||||||
NOW and money market | 489,515 | 489,515 | 0 | 489,515 | 0 | ||||||||||||||||||||||||
Savings | 183,729 | 183,729 | 0 | 183,729 | 0 | ||||||||||||||||||||||||
Time deposits | 627,141 | 632,436 | 0 | 0 | 632,436 | ||||||||||||||||||||||||
Accrued interest payable | 2,142 | 2,142 | 0 | 2,142 | 0 | ||||||||||||||||||||||||
Advances from the FHLB | 150,000 | 150,006 | 0 | 0 | 150,006 | ||||||||||||||||||||||||
Subordinated debentures | 25,207 | 25,530 | 0 | 0 | 25,530 | ||||||||||||||||||||||||
Servicing liability | 63 | 63 | 0 | 0 | 63 | ||||||||||||||||||||||||
Derivative liability | 12,957 | 12,957 | 0 | 12,957 | 0 |
| | | December 31, 2016 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 96,026 | | | | | $ | 96,026 | | | | | $ | 96,026 | | | | | $ | — | | | | | $ | — | | |
Federal funds sold | | | | | 329 | | | | | | 329 | | | | | | 329 | | | | | | — | | | | | | — | | |
Available for sale securities | | | | | 87,751 | | | | | | 87,751 | | | | | | — | | | | | | 87,751 | | | | | | — | | |
Held to maturity securities | | | | | 16,859 | | | | | | 16,851 | | | | | | — | | | | | | 1,141 | | | | | | 15,710 | | |
Loans held for sale | | | | | 254 | | | | | | 254 | | | | | | — | | | | | | 254 | | | | | | — | | |
Loans receivable, net | | | | | 1,343,895 | | | | | | 1,339,055 | | | | | | — | | | | | | — | | | | | | 1,339,055 | | |
Accrued interest receivable | | | | | 4,958 | | | | | | 4,958 | | | | | | — | | | | | | 4,958 | | | | | | — | | |
FHLB stock | | | | | 7,943 | | | | | | 7,943 | | | | | | — | | | | | | 7,943 | | | | | | — | | |
Derivative asset | | | | | 966 | | | | | | 966 | | | | | | — | | | | | | 966 | | | | | | — | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits | | | | $ | 187,593 | | | | | $ | 187,593 | | | | | $ | — | | | | | $ | 187,593 | | | | | $ | — | | |
NOW and money market | | | | | 402,982 | | | | | | 402,982 | | | | | | — | | | | | $ | 402,982 | | | | | | — | | |
Savings | | | | | 96,601 | | | | | | 96,601 | | | | | | — | | | | | $ | 96,601 | | | | | | — | | |
Time deposits | | | | | 601,861 | | | | | | 603,456 | | | | | | — | | | | | | — | | | | | | 603,456 | | |
Accrued interest payable | | | | | 837 | | | | | | 837 | | | | | | — | | | | | | 837 | | | | | | — | | |
Advances from the FHLB | | | | | 160,000 | | | | | | 160,118 | | | | | | — | | | | | | — | | | | | | 160,118 | | |
Subordinated debentures | | | | | 25,051 | | | | | | 25,645 | | | | | | — | | | | | | — | | | | | | 25,645 | | |
Derivative liability | | | | | 229 | | | | | | 229 | | | | | | — | | | | | | 229 | | | | | | — | | |
| | | Fair Value | | |||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||
| | | (In thousands) | | |||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | |
Available for sale investment securities: | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | — | | | | | $ | 72,774 | | | | | $ | — | | |
State agency and municipal obligations | | | | | — | | | | | | 12,277 | | | | | | — | | |
Corporate bonds | | | | | — | | | | | | 7,137 | | | | | | — | | |
Derivative asset, net | | | | | — | | | | | | 2,034 | | | | | | — | | |
December 31, 2016: | | | | | | | | | | | | | | | | | | | |
Available for sale investment securities: | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | — | | | | | $ | 62,698 | | | | | $ | — | | |
State agency and municipal obligations | | | | | — | | | | | | 14,763 | | | | | | — | | |
Corporate bonds | | | | | — | | | | | | 10,290 | | | | | | — | | |
Derivative asset, net | | | | | — | | | | | | 737 | | | | | | — | | |
Fair Value | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||
December 31, 2020 | |||||||||||||||||
Marketable equity securities | $ | 2,207 | $ | 0 | $ | 0 | |||||||||||
Available for sale investment securities: | |||||||||||||||||
U.S. Government and agency obligations | 10,148 | 66,730 | 0 | ||||||||||||||
Corporate bonds | 0 | 11,727 | 0 | ||||||||||||||
Derivative asset | 0 | 4,444 | 0 | ||||||||||||||
Derivative liability | 0 | 28,011 | 0 | ||||||||||||||
December 31, 2019 | |||||||||||||||||
Marketable equity securities | $ | 2,118 | $ | 0 | $ | 0 | |||||||||||
Available for sale investment securities: | |||||||||||||||||
U.S. Government and agency obligations | 10,031 | 72,408 | 0 | ||||||||||||||
Derivative asset | 0 | 2,266 | 0 | ||||||||||||||
Derivative liability | 0 | 12,957 | 0 |
| | | Fair Value | | |||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||
| | | (In thousands) | | |||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 14,853 | | |
Foreclosed real estate | | | | | — | | | | | | — | | | | | | — | | |
December 31, 2016: | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 4,849 | | |
Foreclosed real estate | | | | | — | | | | | | — | | | | | | 272 | | |
Fair Value | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||
December 31, 2020 | |||||||||||||||||
Impaired loans | $ | 0 | $ | 0 | $ | 42,661 | |||||||||||
Servicing asset, net | 0 | 0 | 607 | ||||||||||||||
Assets held for sale | 0 | 0 | 2,613 | ||||||||||||||
December 31, 2019 | |||||||||||||||||
Impaired loans | $ | 0 | $ | 0 | $ | 22,047 | |||||||||||
Servicing asset, net | 0 | 0 | 915 |
| | | Fair Value | | | Valuation Methodology | | | Unobservable Input | | | Range | | |||
| | | (Dollars in thousands) | | ||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 7,711 | | | | Appraisals | | | Discount to appraised value | | | 8.00 – 24.00% | |
| | | | | 7,142 | | | | Discounted cash flows | | | Discount rate | | | 3.25 – 6.75% | |
| | | | $ | 14,853 | | | | | | | | | | | |
Foreclosed real estate | | | | $ | — | | | | Appraisals | | | Discount to appraised value | | | — | |
December 31, 2016: | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 2,127 | | | | Appraisals | | | Discount to appraised value | | | 8.00 – 28.00% | |
| | | | | 2,722 | | | | Discounted cash flows | | | Discount rate | | | 4.25 – 6.25% | |
| | | | $ | 4,849 | | | | | | | | | | | |
Foreclosed real estate | | | | $ | 272 | | | | Appraisals | | | Discount to appraised value | | | 20% | |
Fair Value | Valuation Methodology | Unobservable Input | Range | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Impaired loans | $ | 20,703 | Appraisals | Discount to appraised value | 8.00–33.00% | |||||||||||||||||||||
21,958 | Discounted cash flows | Discount rate | 3.00–12.00% | |||||||||||||||||||||||
$ | 42,661 | |||||||||||||||||||||||||
Servicing asset, net | $ | 607 | Discounted cash flows | Discount rate | 10.00% | (1) | ||||||||||||||||||||
Prepayment rate | 3.00-16.00% | |||||||||||||||||||||||||
Assets held for sale | $ | 2,613 | Sale & Income Approach | Adjustment to valuation and cost to sell | N/A | |||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
Impaired loans | $ | 12,300 | Appraisals | Discount to appraised value | 8.00–28.00% | |||||||||||||||||||||
9,747 | Discounted cash flows | Discount rate | 3.60–7.00% | |||||||||||||||||||||||
$ | 22,047 | |||||||||||||||||||||||||
Servicing asset, net | $ | 915 | Discounted cash flows | Discount rate | 10.00-11.00% | (2) | ||||||||||||||||||||
Prepayment rate | 3.00-19.00% |
| | Actual Capital | | For Capital Adequacy Purposes | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Ratio | | Amount | | Ratio | | Amount | | Ratio | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Capital | Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer | Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bankwell Bank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Bankwell Bank | |||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | | | $ | 173,728 | | | | | 10.99% | | | | $ | 71,106 | | | | | 4.50% | | | | $ | 102,709 | | | | | 6.50% | | Common Equity Tier 1 Capital to Risk-Weighted Assets | $ | 191,579 | 11.06 | % | $ | 121,216 | 7.00 | % | $ | 112,558 | 6.50 | % | |||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | | | | 192,632 | | | | | 12.19% | | | | | 126,411 | | | | | 8.00% | | | | | 158,014 | | | | | 10.00% | | Total Capital to Risk-Weighted Assets | 212,588 | 12.28 | % | 181,825 | 10.50 | % | 173,166 | 10.00 | % | ||||||||||||||||||||||||||||||||
Tier I Capital to Risk-Weighted Assets | | | | 173,728 | | | | | 10.99% | | | | | 94,808 | | | | | 6.00% | | | | | 126,411 | | | | | 8.00% | | Tier I Capital to Risk-Weighted Assets | 191,579 | 11.06 | % | 147,191 | 8.50 | % | 138,533 | 8.00 | % | ||||||||||||||||||||||||||||||||
Tier I Capital to Average Assets | | | | 173,728 | | | | | 9.61% | | | | | 72,349 | | | | | 4.00% | | | | | 90,437 | | | | | 5.00% | | Tier I Capital to Average Assets | 191,579 | 8.44 | % | 90,836 | 4.00 | % | 113,545 | 5.00 | % | ||||||||||||||||||||||||||||||||
Bankwell Financial Group, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Bankwell Financial Group, Inc. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | | | $ | 155,977 | | | | | 9.83% | | | | $ | 71,369 | | | | | 4.50% | | | | | N/A | | | | | N/A | | Common Equity Tier 1 Capital to Risk-Weighted Assets | 189,529 | 10.93 | % | 121,408 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | | | | 199,984 | | | | | 12.61% | | | | | 126,878 | | | | | 8.00% | | | | | N/A | | | | | N/A | | Total Capital to Risk-Weighted Assets | 230,696 | 13.30 | % | 182,111 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Tier I Capital to Risk-Weighted Assets | | | | 155,977 | | | | | 9.83% | | | | | 95,159 | | | | | 6.00% | | | | | N/A | | | | | N/A | | Tier I Capital to Risk-Weighted Assets | 189,529 | 10.93 | % | 147,423 | 8.50 | % | N/A | N/A | |||||||||||||||||||||||||||||||||
Tier I Capital to Average Assets | | | | 155,977 | | | | | 8.59% | | | | | 72,663 | | | | | 4.00% | | | | | N/A | | | | | N/A | | Tier I Capital to Average Assets | 189,529 | 8.34 | % | 90,916 | 4.00 | % | N/A | N/A |
| | | Actual Capital | | | For Capital Adequacy Purposes | | | To be Well Capitalized Under Prompt Corrective Action Provisions | | |||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Bankwell Bank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Equity Tier 1 Capital to Risk-Weighted Assets | | | | $ | 157,604 | | | | | | 11.59% | | | | | $ | 61,168 | | | | | | 4.50% | | | | | $ | 88,353 | | | | | | 6.50% | | |
Total Capital to Risk-Weighted Assets | | | | | 174,610 | | | | | | 12.85% | | | | | | 108,742 | | | | | | 8.00% | | | | | | 135,928 | | | | | | 10.00% | | |
Tier I Capital to Risk-Weighted Assets | | | | | 157,604 | | | | | | 11.59% | | | | | | 81,557 | | | | | | 6.00% | | | | | | 108,742 | | | | | | 8.00% | | |
Tier I Capital to Average Assets | | | | | 157,604 | | | | | | 10.10% | | | | | | 62,428 | | | | | | 4.00% | | | | | | 78,035 | | | | | | 5.00% | | |
Bankwell Financial Group, Inc. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Equity Tier 1 Capital to Risk-Weighted Assets | | | | $ | 141,338 | | | | | | 10.39% | | | | | $ | 61,231 | | | | | | 4.50% | | | | | | N/A | | | | | | N/A | | |
Total Capital to Risk-Weighted Assets | | | | | 184,371 | | | | | | 13.55% | | | | | | 108,855 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Tier I Capital to Risk-Weighted Assets | | | | | 141,338 | | | | | | 10.39% | | | | | | 81,641 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Tier I Capital to Average Assets | | | | | 141,338 | | | | | | 9.06% | | | | | | 62,415 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Actual Capital | Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer | Minimum Regulatory Capital to be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Bankwell Bank | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | $ | 205,856 | 12.53 | % | $ | 115,040 | 7.00 | % | $ | 106,823 | 6.50 | % | |||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | 219,365 | 13.35 | % | 172,560 | 10.50 | % | 164,343 | 10.00 | % | ||||||||||||||||||||||||||
Tier I Capital to Risk-Weighted Assets | 205,856 | 12.53 | % | 139,691 | 8.50 | % | 131,474 | 8.00 | % | ||||||||||||||||||||||||||
Tier I Capital to Average Assets | 205,856 | 10.99 | % | 74,951 | 4.00 | % | 93,689 | 5.00 | % | ||||||||||||||||||||||||||
Bankwell Financial Group, Inc. | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 187,155 | 11.37 | % | 115,253 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | 225,871 | 13.72 | % | 172,880 | 10.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Tier I Capital to Risk-Weighted Assets | 187,155 | 11.37 | % | 139,950 | 8.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Tier I Capital to Average Assets | 187,155 | 9.97 | % | 75,067 | 4.00 | % | N/A | N/A |
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
| | | (In thousands) | | |||||||||
Balance, beginning of year | | | | $ | 22,471 | | | | | $ | 12,891 | | |
Additional loans | | | | | 3,082 | | | | | | 9,722 | | |
Repayments and changes in status | | | | | (4,832) | | | | | | (142) | | |
Balance, end of year | | | | $ | 20,721 | | | | | $ | 22,471 | | |
|
December 31, | |||||||||||
2020 | 2019 | ||||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 66 | $ | 8,673 | |||||||
Additional loans | 30,529 | 0 | |||||||||
Repayments | (3) | (3,573) | |||||||||
Effect of changes in related parties | 0 | (5,034) | |||||||||
Balance, end of year | $ | 30,592 | $ | 66 |
| | December 31, | | |||||||||||||||||||||
| | 2017 | | 2016 | | |||||||||||||||||||
| | (Dollars in Thousands) | | |||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | ASSETS | ||||||||||||
Cash and due from banks | | | $ | 2,494 | | | | $ | 5,677 | | | Cash and due from banks | $ | 22,780 | $ | 6,418 | ||||||||
Investment in subsidiary | | | | 178,778 | | | | | 162,162 | | | Investment in subsidiary | 178,651 | 201,097 | ||||||||||
Premises and equipment, net | | | | 17 | | | | | 55 | | | Premises and equipment, net | 3 | 7 | ||||||||||
Deferred income taxes, net | | | | 53 | | | | | 3,063 | | | Deferred income taxes, net | 205 | 187 | ||||||||||
Other assets | | | | 9,068 | | | | | 3,889 | | | Other assets | 2,525 | 2,853 | ||||||||||
Total assets | | | $ | 190,410 | | | | $ | 174,846 | | | Total assets | $ | 204,164 | $ | 210,562 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Subordinated debentures | | | $ | 25,103 | | | | $ | 25,051 | | | Subordinated debentures | $ | 25,258 | $ | 25,207 | ||||||||
Accrued expenses and other liabilities | | | | 4,280 | | | | | 3,900 | | | Accrued expenses and other liabilities | 2,304 | 2,958 | ||||||||||
Stockholders’ equity | | | | 161,027 | | | | | 145,895 | | | |||||||||||||
Total liabilities and stockholders’ equity | | | $ | 190,410 | | | | $ | 174,846 | | | |||||||||||||
| ||||||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | 176,602 | 182,397 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 204,164 | $ | 210,562 |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
| | | (Dollars in Thousands) | | |||||||||||||||
Interest income | | | | $ | 13 | | | | | $ | 23 | | | | | $ | 38 | | |
Other income | | | | | — | | | | | | — | | | | | | — | | |
Total income | | | | | 13 | | | | | | 23 | | | | | | 38 | | |
Expenses | | | | | 2,295 | | | | | | 3,444 | | | | | | 2,714 | | |
Loss before equity in undistributed earnings of subsidiaries | | | | | (2,282) | | | | | | (3,421) | | | | | | (2,676) | | |
Equity in undistributed earnings of subsidiaries | | | | | 16,112 | | | | | | 15,771 | | | | | | 11,706 | | |
Net Income | | | | $ | 13,830 | | | | | $ | 12,350 | | | | | $ | 9,030 | | |
|
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Interest income | $ | 16 | $ | 17 | $ | 15 | |||||||||||
Dividend income from subsidiary | 24,600 | 7,500 | 4,000 | ||||||||||||||
Total income | 24,616 | 7,517 | 4,015 | ||||||||||||||
Expenses | 4,325 | 3,488 | 3,444 | ||||||||||||||
Income before equity in undistributed earnings of subsidiaries | 20,291 | 4,029 | 571 | ||||||||||||||
Equity in undistributed earnings of subsidiaries | (14,387) | 14,187 | 16,862 | ||||||||||||||
Net Income | $ | 5,904 | $ | 18,216 | $ | 17,433 |
| | For the Years Ended December 31, | | |||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | 2015 | | |||||||||||||||||||||||||||||
| | (Dollars in Thousands) | | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | Cash flows from operating activities | |||||||||||||||||||
Net income | | | $ | 13,830 | | | | $ | 12,350 | | | | $ | 9,030 | | | Net income | $ | 5,904 | $ | 18,216 | $ | 17,433 | |||||||||||||
Adjustments to reconcile net income to net cash used by operating activities: | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||
Equity in undistributed earnings | | | | (16,112) | | | | | (15,771) | | | | | (11,706) | | | Equity in undistributed earnings | 14,387 | (14,187) | (16,862) | ||||||||||||||||
Increase in other assets | | | | (5,179) | | | | | (1,828) | | | | | (418) | | | ||||||||||||||||||||
Decrease (Increase) in deferred income taxes, net | | | | 3,010 | | | | | 2,385 | | | | | (2,192) | | | ||||||||||||||||||||
Increase in other liabilities | | | | 380 | | | | | 1,620 | | | | | 421 | | | ||||||||||||||||||||
Decrease in other assets | Decrease in other assets | 327 | 84 | 6,131 | ||||||||||||||||||||||||||||||||
Increase in deferred income taxes, net | Increase in deferred income taxes, net | (18) | (57) | (76) | ||||||||||||||||||||||||||||||||
Decrease in other liabilities | Decrease in other liabilities | (654) | (26) | (1,296) | ||||||||||||||||||||||||||||||||
Stock-based compensation | | | | 917 | | | | | 1,188 | | | | | 1,033 | | | Stock-based compensation | 1,770 | 1,020 | 1,290 | ||||||||||||||||
Amortization of debt issuance costs | | | | 52 | | | | | 51 | | | | | — | | | Amortization of debt issuance costs | 52 | 52 | 52 | ||||||||||||||||
Net cash used by operating activities | | | | (3,102) | | | | | (5) | | | | | (3,832) | | | ||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 21,768 | 5,102 | 6,672 | ||||||||||||||||||||||||||||||||
Cash flows from investing activities | | | | | | | | | | | | | | | | | Cash flows from investing activities | |||||||||||||||||||
Capital contribution to Bankwell Bank | | | | — | | | | | — | | | | | (15,000) | | | ||||||||||||||||||||
Decrease in premises and equipment, net | | | | 37 | | | | | 65 | | | | | 84 | | | Decrease in premises and equipment, net | 4 | 4 | 6 | ||||||||||||||||
Net cash provided by (used by) investing activities | | | | 37 | | | | | 65 | | | | | (14,916) | | | ||||||||||||||||||||
Net cash provided by investing activities | Net cash provided by investing activities | 4 | 4 | 6 | ||||||||||||||||||||||||||||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | Cash flows from financing activities | |||||||||||||||||||
Proceeds from issuance of subordinated debt | | | | — | | | | | — | | | | | 25,000 | | | ||||||||||||||||||||
Redemption of SBLF Preferred Stock | | | | — | | | | | — | | | | | (10,980) | | | ||||||||||||||||||||
Proceeds from exercise of options & warrants | | | | 2,031 | | | | | 1,106 | | | | | 501 | | | Proceeds from exercise of options & warrants | 16 | 30 | 936 | ||||||||||||||||
Dividends paid on common stock | | | | (2,149) | | | | | (1,661) | | | | | (376) | | | Dividends paid on common stock | (4,389) | (4,079) | (3,759) | ||||||||||||||||
Dividends paid on preferred stock | | | | — | | | | | — | | | | | (125) | | | ||||||||||||||||||||
Proceeds from issuance of common stock | | | | — | | | | | 200 | | | | | 3,780 | | | ||||||||||||||||||||
Net tax benefit related to stock-based compensation | | | | — | | | | | 280 | | | | | — | | | ||||||||||||||||||||
Net cash (used by) provided by financing activities | | | | (118) | | | | | (75) | | | | | 17,800 | | | ||||||||||||||||||||
Net decrease in cash and cash equivalents | | | | (3,183) | | | | | (15) | | | | | (948) | | | ||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (1,037) | (988) | 0 | ||||||||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (5,410) | (5,037) | (2,823) | ||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 16,362 | 69 | 3,855 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents: | | | | | | | | | | | | | | | | | Cash and cash equivalents: | |||||||||||||||||||
Beginning of year | | | | 5,677 | | | | | 5,692 | | | | | 6,640 | | | Beginning of year | 6,418 | 6,349 | 2,494 | ||||||||||||||||
End of year | | | $ | 2,494 | | | | $ | 5,677 | | | | $ | 5,692 | | | End of year | $ | 22,780 | $ | 6,418 | $ | 6,349 | |||||||||||||
Supplemental disclosures of cash flows information: | | | | | | | | | | | | | | | | | Supplemental disclosures of cash flows information: | |||||||||||||||||||
Cash paid for: | | | | | | | | | | | | | | | | | Cash paid for: | |||||||||||||||||||
Interest | | | $ | — | | | | $ | — | | | | $ | — | | | Interest | 0 | 0 | 0 | ||||||||||||||||
Income taxes | | | | — | | | | | — | | | | | — | | | Income taxes | 0 | 0 | 0 |
| | | | | | | | | 2017 | | |||||||||||||||
| | | 4th Quarter | | | 3rd Quarter | | | 2nd Quarter | | | 1st Quarter | | ||||||||||||
Total interest income | | | | $ | 18,729 | | | | | $ | 18,348 | | | | | $ | 17,688 | | | | | $ | 16,436 | | |
Total interest expense | | | | | 4,815 | | | | | | 4,487 | | | | | | 4,047 | | | | | | 3,488 | | |
Net interest income | | | | | 13,914 | | | | | | 13,861 | | | | | | 13,641 | | | | | | 12,948 | | |
(Credit) Provision for loan losses | | | | | (495) | | | | | | 398 | | | | | | 895 | | | | | | 543 | | |
Non-interest income | | | | | 1,541 | | | | | | 824 | | | | | | 998 | | | | | | 1,266 | | |
Non-interest expense | | | | | 8,579 | | | | | | 8,129 | | | | | | 7,581 | | | | | | 8,234 | | |
Income before income taxes | | | | | 7,371 | | | | | | 6,158 | | | | | | 6,163 | | | | | | 5,437 | | |
Provision from income taxes | | | | | 5,275 | | | | | | 1,895 | | | | | | 2,394 | | | | | | 1,735 | | |
Net income | | | | $ | 2,096 | | | | | $ | 4,263 | | | | | $ | 3,769 | | | | | $ | 3,702 | | |
Net income attributable to common stockholders | | | | $ | 2,096 | | | | | $ | 4,263 | | | | | $ | 3,769 | | | | | $ | 3,702 | | |
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 0.27 | | | | | $ | 0.55 | | | | | $ | 0.49 | | | | | $ | 0.49 | | |
Diluted | | | | $ | 0.27 | | | | | $ | 0.55 | | | | | $ | 0.49 | | | | | $ | 0.48 | | |
| | | 2016 | | |||||||||||||||||||||
| | | 4th Quarter | | | 3rd Quarter | | | 2nd Quarter | | | 1st Quarter | | ||||||||||||
Total interest income | | | | $ | 16,642 | | | | | $ | 15,633 | | | | | $ | 14,711 | | | | | $ | 14,004 | | |
Total interest expense | | | | | 3,354 | | | | | | 3,106 | | | | | | 2,832 | | | | | | 2,606 | | |
Net interest income | | | | | 13,288 | | | | | | 12,527 | | | | | | 11,879 | | | | | | 11,398 | | |
Provision for loan losses | | | | | 748 | | | | | | 1,219 | | | | | | 1,301 | | | | | | 646 | | |
Non-interest income | | | | | 401 | | | | | | 750 | | | | | | 853 | | | | | | 672 | | |
Non-interest expense | | | | | 7,768 | | | | | | 7,481 | | | | | | 7,215 | | | | | | 7,080 | | |
Income before income taxes | | | | | 5,173 | | | | | | 4,577 | | | | | | 4,216 | | | | | | 4,344 | | |
Provision from income taxes | | | | | 1,850 | | | | | | 1,437 | | | | | | 1,320 | | | | | | 1,353 | | |
Net income | | | | $ | 3,323 | | | | | $ | 3,140 | | | | | $ | 2,896 | | | | | $ | 2,991 | | |
Net income attributable to common stockholders | | | | $ | 3,323 | | | | | $ | 3,140 | | | | | $ | 2,896 | | | | | $ | 2,991 | | |
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | $ | 0.44 | | | | | $ | 0.42 | | | | | $ | 0.38 | | | | | $ | 0.40 | | |
Diluted | | | | $ | 0.43 | | | | | $ | 0.41 | | | | | $ | 0.38 | | | | | $ | 0.40 | | |
December 31, 2020 | |||||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||
Total interest and dividend income | $ | 19,146 | $ | 18,922 | $ | 19,323 | $ | 20,096 | |||||||||||||||
Total interest expense | 4,842 | 5,314 | 5,686 | 6,810 | |||||||||||||||||||
Net interest income | 14,304 | 13,608 | 13,637 | 13,286 | |||||||||||||||||||
Provision for loan losses | 709 | 712 | 2,999 | 3,185 | |||||||||||||||||||
Total noninterest income | 621 | 614 | 577 | 1,072 | |||||||||||||||||||
Total noninterest expense | 13,703 | 9,729 | 9,722 | 9,659 | |||||||||||||||||||
Income before income tax expense | 513 | 3,781 | 1,493 | 1,514 | |||||||||||||||||||
Income tax expense | 177 | 790 | 279 | 151 | |||||||||||||||||||
Net income | $ | 336 | $ | 2,991 | $ | 1,214 | $ | 1,363 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.04 | $ | 0.38 | $ | 0.16 | $ | 0.17 | |||||||||||||||
Diluted | $ | 0.04 | $ | 0.38 | $ | 0.16 | $ | 0.17 |
December 31, 2019 | |||||||||||||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||
Total interest and dividend income | $ | 19,933 | $ | 20,493 | $ | 21,046 | $ | 21,476 | |||||||||||||||
Total interest expense | 7,051 | 7,482 | 7,451 | 7,203 | |||||||||||||||||||
Net interest income | 12,882 | 13,011 | 13,595 | 14,273 | |||||||||||||||||||
Provision (credit) for loan losses | 310 | 773 | (841) | 195 | |||||||||||||||||||
Total noninterest income | 1,048 | 1,552 | 1,336 | 1,308 | |||||||||||||||||||
Total noninterest expense | 9,224 | 8,672 | 8,755 | 8,975 | |||||||||||||||||||
Income before income tax expense | 4,396 | 5,118 | 7,017 | 6,411 | |||||||||||||||||||
Income tax expense | 924 | 1,030 | 1,441 | 1,331 | |||||||||||||||||||
Net income | $ | 3,472 | $ | 4,088 | $ | 5,576 | $ | 5,080 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.44 | $ | 0.52 | $ | 0.71 | $ | 0.65 | |||||||||||||||
Diluted | $ | 0.44 | $ | 0.52 | $ | 0.71 | $ | 0.65 |
Number | Description | |||||||||
Exhibit 3.1 | ||||||||||
Exhibit 3.2 | ||||||||||
Exhibit 4.1 | ||||||||||
Exhibit 10.1† | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit | ||||||||||
Exhibit 10.12† | ||||||||||
Exhibit 10.13 | ||||||||||
Exhibit 10.14† | ||||||||||
Exhibit 10.15† | ||||||||||
Exhibit 21.1 | ||||||||||
Exhibit | ||||||||||
Exhibit 31.1 | ||||||||||
Exhibit 31.2 | ||||||||||
Exhibit 32 | ||||||||||
101 | The following materials from Bankwell Financial Group, Inc.’s Annual Report on Form 10-K for the period ended December 31, | |||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
BANKWELL FINANCIAL GROUP, INC. | |||||||||||||
By: | /s/ Christopher R. Gruseke | ||||||||||||
Christopher R. Gruseke President and Chief Executive Officer |
Signature & Title | Date | ||||||||||||
/s/ Christopher R. Gruseke | March 10, 2021 | ||||||||||||
Christopher R. Gruseke President, (principal executive officer) | |||||||||||||
/s/ Penko Ivanov | March 10, 2021 | ||||||||||||
Penko Ivanov Executive Vice President & Chief Financial Officer (principal financial and accounting officer) | |||||||||||||
/s/ George P. Bauer | March 10, 2021 | ||||||||||||
George P. Bauer Director | |||||||||||||
/s/ Gail Brathwaite | March | ||||||||||||
Gail Brathwaite Director | |||||||||||||
/s/ Richard Castiglioni | March | ||||||||||||
Richard Castiglioni Director | |||||||||||||
/s/ Eric J. Dale | March 10, 2021 | ||||||||||||
Eric J. Dale Director | |||||||||||||
/s/ Blake S. Drexler | March 10, 2021 | ||||||||||||
Blake S. Drexler Director | |||||||||||||
/s/ James | March | ||||||||||||
James M. Garnett Director | |||||||||||||
/s/ Daniel S. Jones | March 10, 2021 | ||||||||||||
Daniel S. Jones Director | |||||||||||||
/s/ Todd Lampert | March |
Todd Lampert Director | |||||||||||||
/s/ Victor S. Liss | March 10, 2021 | ||||||||||||
Victor S. Liss Director | |||||||||||||
/s/ Carl M. Porto | March 10, 2021 | ||||||||||||
Carl M. Porto Director | |||||||||||||
/s/ Lawrence B. Seidman | |||||||||||||
Lawrence B. Seidman Director |