| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Kentucky | 61-1206757 | |
(State or other jurisdiction of incorporation organization) | (I.R.S. Employer Identification No.) | |
2883 Fifth Avenue Huntington, West Virginia | 25702 | |
(Address of principal executive offices) | (Zip Code) | |
Large accelerated filer | Accelerated filer | |
Non-accelerated filer (Do not check if smaller reporting company) | Smaller reporting company | Emerging growth company |
3 | |
40 | |
53 | |
53 | |
54 | |
54 | |
54 | |
54 | |
54 | |
54 | |
54 | |
54 | |
55 |
4 | |
5 | |
6 | |
6 | |
7 | |
9 |
(UNAUDITED) | (UNAUDITED) | |||||||||||||||
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 42,934 | $ | 41,443 | $ | 41,831 | $ | 41,443 | ||||||||
Interest bearing bank balances | 37,538 | 55,720 | 21,681 | 55,720 | ||||||||||||
Federal funds sold | 2,396 | 7,555 | 11,632 | 7,555 | ||||||||||||
Cash and cash equivalents | 82,868 | 104,718 | 75,144 | 104,718 | ||||||||||||
Time deposits with other banks | 2,582 | 2,332 | 2,582 | 2,332 | ||||||||||||
Securities available for sale | 301,224 | 288,607 | 289,203 | 288,607 | ||||||||||||
Loans | 1,037,954 | 1,024,823 | 1,055,324 | 1,024,823 | ||||||||||||
Allowance for loan losses | (11,695 | ) | (10,836 | ) | (12,359 | ) | (10,836 | ) | ||||||||
Net loans | 1,026,259 | 1,013,987 | 1,042,965 | 1,013,987 | ||||||||||||
Federal Home Loan Bank stock, at cost | 3,185 | 3,200 | 3,185 | 3,200 | ||||||||||||
Premises and equipment, net | 23,579 | 24,224 | 23,504 | 24,224 | ||||||||||||
Real estate and other property acquired through foreclosure | 11,525 | 12,665 | 11,458 | 12,665 | ||||||||||||
Interest receivable | 3,637 | 3,862 | 4,060 | 3,862 | ||||||||||||
Goodwill | 35,371 | 35,371 | 35,371 | 35,371 | ||||||||||||
Other intangible assets | 3,833 | 4,349 | 3,581 | 4,349 | ||||||||||||
Other assets | 1,279 | 2,878 | 1,622 | 2,878 | ||||||||||||
Total assets | $ | 1,495,342 | $ | 1,496,193 | $ | 1,492,675 | $ | 1,496,193 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
Deposits | ||||||||||||||||
Non-interest bearing | $ | 319,060 | $ | 319,618 | $ | 327,965 | $ | 319,618 | ||||||||
Time deposits, $250,000 and over | 63,528 | 66,378 | 64,919 | 66,378 | ||||||||||||
Other interest bearing | 894,620 | 893,390 | 876,500 | 893,390 | ||||||||||||
Total deposits | 1,277,208 | 1,279,386 | 1,269,384 | 1,279,386 | ||||||||||||
Securities sold under agreements to repurchase | 20,478 | 23,820 | 25,116 | 23,820 | ||||||||||||
Other borrowed funds | 7,000 | 8,859 | 6,000 | 8,859 | ||||||||||||
Subordinated debt | 5,360 | 5,343 | 5,368 | 5,343 | ||||||||||||
Interest payable | 352 | 364 | 358 | 364 | ||||||||||||
Other liabilities | 3,646 | 4,237 | 3,192 | 4,237 | ||||||||||||
Total liabilities | 1,314,044 | 1,322,009 | 1,309,418 | 1,322,009 | ||||||||||||
Stockholders' equity | ||||||||||||||||
Common stock, no par value; 20,000,000 shares authorized; 10,658,799 shares issued and outstanding at June 30, 2017, and 10,640,735 shares issued and outstanding at December 31, 2016 | 110,218 | 109,911 | ||||||||||||||
Common stock, no par value; 20,000,000 shares authorized; 10,668,589 shares issued and outstanding at September 30, 2017, and 10,640,735 shares issued and outstanding at December 31, 2016 | 110,353 | 109,911 | ||||||||||||||
Retained earnings | 70,581 | 66,195 | 72,449 | 66,195 | ||||||||||||
Accumulated other comprehensive income (loss) | 499 | (1,922 | ) | 455 | (1,922 | ) | ||||||||||
Total stockholders' equity | 181,298 | 174,184 | 183,257 | 174,184 | ||||||||||||
Total liabilities and stockholders' equity | $ | 1,495,342 | $ | 1,496,193 | $ | 1,492,675 | $ | 1,496,193 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Loans, including fees | $ | 14,663 | $ | 13,108 | $ | 28,198 | $ | 25,709 | $ | 13,469 | $ | 13,375 | $ | 41,667 | $ | 39,084 | ||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||
Taxable | 1,464 | 1,362 | 2,809 | 2,790 | 1,427 | 1,285 | 4,236 | 4,075 | ||||||||||||||||||||||||
Tax-exempt | 64 | 88 | 136 | 172 | 62 | 82 | 198 | 254 | ||||||||||||||||||||||||
Federal funds sold and other | 182 | 108 | 339 | 205 | 176 | 123 | 515 | 328 | ||||||||||||||||||||||||
Total interest income | 16,373 | 14,666 | 31,482 | 28,876 | 15,134 | 14,865 | 46,616 | 43,741 | ||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||
Deposits | 951 | 975 | 1,900 | 1,952 | 954 | 965 | 2,854 | 2,917 | ||||||||||||||||||||||||
Repurchase agreements and other | 7 | 11 | 14 | 18 | 7 | 10 | 21 | 28 | ||||||||||||||||||||||||
FHLB advances | - | 15 | - | 22 | - | 10 | - | 32 | ||||||||||||||||||||||||
Other borrowings | 79 | 107 | 166 | 220 | 68 | 101 | 234 | 321 | ||||||||||||||||||||||||
Subordinated debt | 74 | 67 | 144 | 118 | 74 | 63 | 218 | 181 | ||||||||||||||||||||||||
Total interest expense | 1,111 | 1,175 | 2,224 | 2,330 | 1,103 | 1,149 | 3,327 | 3,479 | ||||||||||||||||||||||||
Net interest income | 15,262 | 13,491 | 29,258 | 26,546 | 14,031 | 13,716 | 43,289 | 40,262 | ||||||||||||||||||||||||
Provision for loan losses | 776 | 812 | 1,142 | 1,124 | 891 | 312 | 2,033 | 1,436 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 14,486 | 12,679 | 28,116 | 25,422 | 13,140 | 13,404 | 41,256 | 38,826 | ||||||||||||||||||||||||
Non-interest income | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 1,089 | 983 | 2,065 | 1,944 | 1,136 | 1,031 | 3,201 | 2,975 | ||||||||||||||||||||||||
Electronic banking income | 833 | 802 | 1,613 | 1,564 | 811 | 791 | 2,424 | 2,355 | ||||||||||||||||||||||||
Secondary market mortgage income | 39 | 59 | 106 | 99 | 67 | 64 | 173 | 163 | ||||||||||||||||||||||||
Other | 173 | 221 | 367 | 395 | 163 | 176 | 530 | 571 | ||||||||||||||||||||||||
2,134 | 2,065 | 4,151 | 4,002 | 2,177 | 2,062 | 6,328 | 6,064 | |||||||||||||||||||||||||
Non-interest expenses | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | 4,973 | 5,217 | 9,943 | 10,208 | 4,760 | 4,817 | 14,703 | 15,025 | ||||||||||||||||||||||||
Occupancy and equipment expenses | 1,449 | 1,550 | 2,970 | 3,062 | 1,511 | 1,635 | 4,481 | 4,697 | ||||||||||||||||||||||||
Outside data processing | 1,355 | 1,314 | 2,675 | 2,635 | 1,344 | 1,300 | 4,019 | 3,935 | ||||||||||||||||||||||||
Professional fees | 277 | 183 | 525 | 333 | 196 | 167 | 721 | 500 | ||||||||||||||||||||||||
Taxes, other than payroll, property and income | 211 | 159 | 400 | 317 | 189 | 156 | 589 | 473 | ||||||||||||||||||||||||
Write-downs, expenses, sales of other real estate owned, net | 553 | 398 | 793 | 637 | 346 | 765 | 1,139 | 1,402 | ||||||||||||||||||||||||
Amortization of intangibles | 251 | 317 | 516 | 584 | 252 | 278 | 768 | 862 | ||||||||||||||||||||||||
FDIC insurance | 154 | 214 | 347 | 474 | 159 | 278 | 506 | 752 | ||||||||||||||||||||||||
Other expenses | 1,181 | 1,285 | 2,233 | 2,462 | 1,168 | 1,212 | 3,401 | 3,674 | ||||||||||||||||||||||||
10,404 | 10,637 | 20,402 | 20,712 | 9,925 | 10,608 | 30,327 | 31,320 | |||||||||||||||||||||||||
Income before income taxes | 6,216 | 4,107 | 11,865 | 8,712 | 5,392 | 4,858 | 17,257 | 13,570 | ||||||||||||||||||||||||
Provision for income taxes | 2,297 | 1,483 | 4,282 | 3,109 | 1,925 | 1,694 | 6,207 | 4,803 | ||||||||||||||||||||||||
Net income | $ | 3,919 | $ | 2,624 | $ | 7,583 | $ | 5,603 | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.25 | $ | 0.71 | $ | 0.54 | $ | 0.33 | $ | 0.30 | $ | 1.04 | $ | 0.83 | ||||||||||||||||
Diluted | 0.36 | 0.25 | 0.71 | 0.53 | 0.32 | 0.30 | 1.03 | 0.83 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Net income | $ | 3,919 | $ | 2,624 | $ | 7,583 | $ | 5,603 | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | ||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||
Unrealized gains arising during the period | 1,451 | 1,862 | 3,725 | 4,494 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (68 | ) | 15 | 3,658 | 4,504 | |||||||||||||||||||||||||||
Reclassification of realized amount | - | - | - | (4 | ) | - | - | - | (4 | ) | ||||||||||||||||||||||
Net change in unrealized gain on securities | 1,451 | 1,862 | 3,725 | 4,490 | (68 | ) | 15 | 3,658 | 4,500 | |||||||||||||||||||||||
Less tax impact | (508 | ) | (665 | ) | (1,304 | ) | (1,576 | ) | 24 | (5 | ) | (1,281 | ) | (1,576 | ) | |||||||||||||||||
Other comprehensive income | 943 | 1,197 | 2,421 | 2,914 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | (44 | ) | 10 | 2,377 | 2,924 | |||||||||||||||||||||||||||
Comprehensive income | $ | 4,862 | $ | 3,821 | $ | 10,004 | $ | 8,517 | $ | 3,423 | $ | 3,174 | $ | 13,427 | $ | 11,691 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total | |||||||||||||||||||||||||
Balances, January 1, 2017 | $ | 109,911 | $ | 66,195 | $ | (1,922 | ) | $ | 174,184 | $ | 109,911 | $ | 66,195 | $ | (1,922 | ) | $ | 174,184 | ||||||||||||||
Net income | - | 7,583 | - | 7,583 | - | 11,050 | - | 11,050 | ||||||||||||||||||||||||
Other comprehensive income | - | - | 2,421 | 2,421 | - | - | 2,377 | 2,377 | ||||||||||||||||||||||||
Cash dividends paid ($0.30 per share) | - | (3,197 | ) | - | (3,197 | ) | ||||||||||||||||||||||||||
Cash dividends paid ($0.45 per share) | - | (4,796 | ) | - | (4,796 | ) | ||||||||||||||||||||||||||
Stock based compensation expense | 194 | - | - | 194 | ||||||||||||||||||||||||||||
Stock options exercised | 138 | - | - | 138 | 248 | - | - | 248 | ||||||||||||||||||||||||
Stock based compensation expense | 169 | - | - | 169 | ||||||||||||||||||||||||||||
Balances, June 30, 2017 | $ | 110,218 | $ | 70,581 | $ | 499 | $ | 181,298 | ||||||||||||||||||||||||
Balances, September 30, 2017 | $ | 110,353 | $ | 72,449 | $ | 455 | $ | 183,257 |
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income | $ | 7,583 | $ | 5,603 | $ | 11,050 | $ | 8,767 | ||||||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||||||||||
Depreciation | 879 | 976 | 1,303 | 1,461 | ||||||||||||
Provision for loan losses | 1,142 | 1,124 | 2,033 | 1,436 | ||||||||||||
Amortization (accretion), net | 616 | 1,189 | 1,166 | 2,010 | ||||||||||||
OREO write-downs (gains on sales), net | 349 | (15 | ) | |||||||||||||
OREO writedowns, net | 434 | 508 | ||||||||||||||
Stock compensation expense | 169 | 142 | 194 | 160 | ||||||||||||
Changes in : | ||||||||||||||||
Interest receivable | 225 | (50 | ) | (198 | ) | (259 | ) | |||||||||
Other assets | 294 | 158 | (24 | ) | (140 | ) | ||||||||||
Interest payable | (12 | ) | (57 | ) | (6 | ) | (76 | ) | ||||||||
Other liabilities | (591 | ) | (2,798 | ) | (1,045 | ) | (2,071 | ) | ||||||||
Net cash from operating activities | 10,654 | 6,272 | 14,907 | 11,796 | ||||||||||||
Cash flows from investing activities | ||||||||||||||||
Net change in time deposits with other banks | (250 | ) | - | (250 | ) | - | ||||||||||
Purchases of securities available for sale | (43,190 | ) | (12,010 | ) | (49,210 | ) | (22,512 | ) | ||||||||
Proceeds from maturities and calls of securities available for sale | 33,291 | 37,616 | 50,787 | 62,011 | ||||||||||||
Redemption of FHLB stock | 15 | 190 | ||||||||||||||
Redemption of FRB and FHLB stock | 15 | 190 | ||||||||||||||
Net change in loans | (13,077 | ) | (45,301 | ) | (30,865 | ) | (51,417 | ) | ||||||||
Acquisition of subsidiary, net of cash received | - | 16,385 | - | 16,385 | ||||||||||||
Purchases of premises and equipment, net | (305 | ) | (184 | ) | (654 | ) | (413 | ) | ||||||||
Proceeds from sales of other real estate acquired through foreclosure | 1,462 | 553 | 1,827 | 870 | ||||||||||||
Net cash from (used in) investing activities | (22,054 | ) | (2,751 | ) | (28,350 | ) | 5,114 | |||||||||
Cash flows from financing activities | ||||||||||||||||
Net change in deposits | (2,190 | ) | 1,776 | (10,020 | ) | 8,246 | ||||||||||
Net change in agreements to repurchase securities | (3,342 | ) | 8,075 | 1,296 | 3,282 | |||||||||||
Repayment of other borrowed funds | (1,859 | ) | (1,217 | ) | (2,859 | ) | (1,824 | ) | ||||||||
Proceeds from stock option exercises | 138 | 520 | 248 | 645 | ||||||||||||
Advances from FHLB | - | 5,000 | ||||||||||||||
Repayment of FHLB advances | - | (760 | ) | |||||||||||||
Repayment of FHLB advances, net | - | (772 | ) | |||||||||||||
Common stock dividends paid | (3,197 | ) | (2,887 | ) | (4,796 | ) | (4,338 | ) | ||||||||
Net cash from (used in) financing activities | (10,450 | ) | 10,507 | (16,131 | ) | 5,239 | ||||||||||
Net change in cash and cash equivalents | (21,850 | ) | 14,028 | (29,574 | ) | 22,149 | ||||||||||
Cash and cash equivalents at beginning of period | 104,718 | 72,539 | 104,718 | 72,539 | ||||||||||||
Cash and cash equivalents at end of period | $ | 82,868 | $ | 86,567 | $ | 75,144 | $ | 94,688 |
2017 | 2016 | 2017 | 2016 | |||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||
Cash paid during period for interest | $ | 2,236 | $ | 2,387 | $ | 3,333 | $ | 3,555 | ||||||||
Cash paid during period for income taxes | 3,632 | 3,387 | 6,395 | 5,122 | ||||||||||||
Loans transferred to real estate acquired through foreclosure | 600 | 524 | 983 | 631 | ||||||||||||
Stock issued to acquire subsidiary | - | 22,041 | - | 22,041 | ||||||||||||
Premises transferred to other real estate owned | 71 | - | 71 | - |
September 30, 2017 | ||||||||||||||||
Year | Total | Net Income | ||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | |||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 425,115 | $ | 1,209 | $ | 3,509 | ||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,060,991 | 2,734 | 9,007 | |||||||||||
Parent and Intercompany Eliminations | 6,569 | (476 | ) | (1,466 | ) | |||||||||||
Consolidated Total | $ | 1,492,675 | $ | 3,467 | $ | 11,050 |
June 30, 2017 | ||||||||||||||||
Year | Total | Net Income | ||||||||||||||
Subsidiary | Location | Acquired | Assets | Qtr | YTD | |||||||||||
Citizens Deposit Bank & Trust | Vanceburg, Kentucky | 1991 | $ | 419,236 | $ | 1,103 | $ | 2,300 | ||||||||
Premier Bank, Inc. | Huntington, West Virginia | 1998 | 1,069,784 | 3,188 | 6,273 | |||||||||||
Parent and Intercompany Eliminations | 6,322 | (372 | ) | (990 | ) | |||||||||||
Consolidated Total | $ | 1,495,342 | $ | 3,919 | $ | 7,583 |
2017 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 203,134 | $ | 1,042 | $ | (652 | ) | $ | 203,524 | $ | 199,483 | $ | 1,028 | $ | (578 | ) | $ | 199,933 | ||||||||||||||
U. S. sponsored agency CMO's - residential | 61,844 | 649 | (375 | ) | 62,118 | |||||||||||||||||||||||||||
U. S. sponsored agency CMO’s - residential | 56,330 | 553 | (369 | ) | 56,514 | |||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 264,978 | 1,691 | (1,027 | ) | 265,642 | 255,813 | 1,581 | (947 | ) | 256,447 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 21,374 | 9 | (68 | ) | 21,315 | 19,344 | 5 | (74 | ) | 19,275 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 14,105 | 174 | (12 | ) | 14,267 | 13,346 | 140 | (5 | ) | 13,481 | ||||||||||||||||||||||
Total available for sale | $ | 300,457 | $ | 1,874 | $ | (1,107 | ) | $ | 301,224 | $ | 288,503 | $ | 1,726 | $ | (1,026 | ) | $ | 289,203 |
2016 | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. sponsored agency MBS - residential | $ | 177,105 | $ | 245 | $ | (3,173 | ) | $ | 174,177 | $ | 177,105 | $ | 245 | $ | (3,173 | ) | $ | 174,177 | ||||||||||||||
U. S. sponsored agency CMO's - residential | 73,163 | 761 | (657 | ) | 73,267 | |||||||||||||||||||||||||||
U. S. sponsored agency CMO’s - residential | 73,163 | 761 | (657 | ) | 73,267 | |||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 250,268 | 1,006 | (3,830 | ) | 247,444 | 250,268 | 1,006 | (3,830 | ) | 247,444 | ||||||||||||||||||||||
U. S. government sponsored agency securities | 24,652 | 23 | (174 | ) | 24,501 | 24,652 | 23 | (174 | ) | 24,501 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 16,645 | 111 | (94 | ) | 16,662 | 16,645 | 111 | (94 | ) | 16,662 | ||||||||||||||||||||||
Total available for sale | $ | 291,565 | $ | 1,140 | $ | (4,098 | ) | $ | 288,607 | $ | 291,565 | $ | 1,140 | $ | (4,098 | ) | $ | 288,607 |
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||
Available for sale | ||||||||||||||||
Due in one year or less | $ | 10,606 | $ | 10,632 | $ | 9,687 | $ | 9,701 | ||||||||
Due after one year through five years | 18,929 | 18,929 | 17,073 | 17,070 | ||||||||||||
Due after five years through ten years | 5,386 | 5,463 | 5,375 | 5,430 | ||||||||||||
Due after ten years | 558 | 558 | 555 | 555 | ||||||||||||
Mortgage-backed securities of government sponsored agencies | 264,978 | 265,642 | 255,813 | 256,447 | ||||||||||||
Total available for sale | $ | 300,457 | $ | 301,224 | $ | 288,503 | $ | 289,203 | ||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||
U.S government sponsored agency securities | $ | 15,007 | $ | (68 | ) | $ | - | $ | - | $ | 15,007 | $ | (68 | ) | $ | 17,242 | $ | (74 | ) | $ | - | $ | - | $ | 17,242 | $ | (74 | ) | ||||||||||||||||||||
U.S government sponsored agency MBS – residential | 75,722 | (652 | ) | - | - | 75,722 | (652 | ) | 56,820 | (429 | ) | 5,234 | (149 | ) | 62,054 | (578 | ) | |||||||||||||||||||||||||||||||
U.S government sponsored agency CMO – residential | 15,097 | (183 | ) | 7,860 | (192 | ) | 22,957 | (375 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 11,256 | (129 | ) | 11,184 | (240 | ) | 22,440 | (369 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 2,028 | (6 | ) | 599 | (6 | ) | 2,627 | (12 | ) | 619 | (4 | ) | 775 | (1 | ) | 1,394 | (5 | ) | ||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 107,854 | $ | (909 | ) | $ | 8,459 | $ | (198 | ) | $ | 116,313 | $ | (1,107 | ) | $ | 85,937 | $ | (636 | ) | $ | 17,193 | $ | (390 | ) | $ | 103,130 | $ | (1,026 | ) |
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||
U.S government sponsored agency securities | $ | 17,207 | $ | (174 | ) | $ | - | $ | - | $ | 17,207 | $ | (174 | ) | $ | 17,207 | $ | (174 | ) | $ | - | $ | - | $ | 17,207 | $ | (174 | ) | ||||||||||||||||||||
U.S government sponsored agency MBS – residential | 157,022 | (3,173 | ) | - | - | 157,022 | (3,173 | ) | 157,022 | (3,173 | ) | - | - | 157,022 | (3,173 | ) | ||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO's – residential | 18,374 | (373 | ) | 8,750 | (284 | ) | 27,124 | (657 | ) | |||||||||||||||||||||||||||||||||||||||
U.S government sponsored agency CMO’s – residential | 18,374 | (373 | ) | 8,750 | (284 | ) | 27,124 | (657 | ) | |||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 7,961 | (94 | ) | - | - | 7,961 | (94 | ) | 7,961 | (94 | ) | - | - | 7,961 | (94 | ) | ||||||||||||||||||||||||||||||||
Total temporarily impaired | $ | 200,564 | $ | (3,814 | ) | $ | 8,750 | $ | (284 | ) | $ | 209,314 | $ | (4,098 | ) | $ | 200,564 | $ | (3,814 | ) | $ | 8,750 | $ | (284 | ) | $ | 209,314 | $ | (4,098 | ) |
2017 | 2016 | 2017 | 2016 | |||||||||||||
Residential real estate | $ | 340,288 | $ | 342,294 | $ | 337,502 | $ | 342,294 | ||||||||
Multifamily real estate | 78,352 | 74,165 | 70,698 | 74,165 | ||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 133,846 | 129,370 | 134,773 | 129,370 | ||||||||||||
Non owner occupied | 227,700 | 220,836 | 237,655 | 220,836 | ||||||||||||
Commercial and industrial | 77,900 | 76,736 | 82,332 | 76,736 | ||||||||||||
Consumer | 29,747 | 30,916 | 29,675 | 30,916 | ||||||||||||
All other | 150,121 | 150,506 | 162,689 | |||||||||||||
$ | 1,037,954 | $ | 1,024,823 | $ | 1,055,324 | $ | 1,024,823 |
Loan Class | Balance Dec 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2017 | |||||||||||||||
Residential real estate | $ | 2,948 | $ | 193 | $ | (199 | ) | $ | 31 | $ | 2,973 | |||||||||
Multifamily real estate | 785 | 552 | - | - | 1,337 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,543 | (166 | ) | - | 241 | 1,618 | ||||||||||||||
Non owner occupied | 2,350 | (12 | ) | (4 | ) | - | 2,334 | |||||||||||||
Commercial and industrial | 1,140 | 9 | (134 | ) | 78 | 1,093 | ||||||||||||||
Consumer | 347 | 138 | (165 | ) | 53 | 373 | ||||||||||||||
All other | 1,723 | 428 | (264 | ) | 80 | 1,967 | ||||||||||||||
Total | $ | 10,836 | $ | 1,142 | $ | (766 | ) | $ | 483 | $ | 11,695 |
Loan Class | Balance Dec 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | |||||||||||||||
Residential real estate | $ | 2,948 | $ | 363 | $ | (362 | ) | $ | 52 | $ | 3,001 | |||||||||
Multifamily real estate | 785 | 475 | - | - | 1,260 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,543 | (161 | ) | (7 | ) | 242 | 1,617 | |||||||||||||
Non owner occupied | 2,350 | 265 | (8 | ) | - | 2,607 | ||||||||||||||
Commercial and industrial | 1,140 | 3 | (138 | ) | 95 | 1,100 | ||||||||||||||
Consumer | 347 | 148 | (214 | ) | 86 | 367 | ||||||||||||||
All other | 1,723 | 940 | (373 | ) | 117 | 2,407 | ||||||||||||||
Total | $ | 10,836 | $ | 2,033 | $ | (1,102 | ) | $ | 592 | $ | 12,359 |
Loan Class | Balance Dec 31, 2015 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2016 | Balance Dec 31, 2015 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2016 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,501 | $ | 286 | $ | (56 | ) | $ | 16 | $ | 2,747 | $ | 2,501 | $ | 377 | $ | (107 | ) | $ | 19 | $ | 2,790 | ||||||||||||||||||
Multifamily real estate | 821 | 1 | - | - | 822 | 821 | 92 | - | - | 913 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,509 | (68 | ) | - | 1 | 1,442 | 1,509 | (140 | ) | - | 2 | 1,371 | ||||||||||||||||||||||||||||
Non owner occupied | 2,070 | 638 | - | - | 2,708 | 2,070 | 645 | - | - | 2,715 | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,033 | 40 | - | 38 | 1,111 | 1,033 | 83 | (29 | ) | 42 | 1,129 | |||||||||||||||||||||||||||||
Consumer | 307 | 33 | (90 | ) | 56 | 306 | 307 | 172 | (232 | ) | 71 | 318 | ||||||||||||||||||||||||||||
All other | 1,406 | 194 | (126 | ) | 194 | 1,668 | 1,406 | 207 | (207 | ) | 221 | 1,627 | ||||||||||||||||||||||||||||
Total | $ | 9,647 | $ | 1,124 | $ | (272 | ) | $ | 305 | $ | 10,804 | $ | 9,647 | $ | 1,436 | $ | (575 | ) | $ | 355 | $ | 10,863 |
Loan Class | Balance March 31, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2017 | |||||||||||||||
Residential real estate | $ | 2,977 | $ | 64 | $ | (94 | ) | $ | 26 | $ | 2,973 | |||||||||
Multifamily real estate | 770 | 567 | - | - | 1,337 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,576 | (198 | ) | - | 240 | 1,618 | ||||||||||||||
Non owner occupied | 2,422 | (88 | ) | - | - | 2,334 | ||||||||||||||
Commercial and industrial | 1,129 | 43 | (134 | ) | 55 | 1,093 | ||||||||||||||
Consumer | 370 | 22 | (48 | ) | 29 | 373 | ||||||||||||||
All other | 1,650 | 366 | (81 | ) | 32 | 1,967 | ||||||||||||||
Total | $ | 10,894 | $ | 776 | $ | (357 | ) | $ | 382 | $ | 11,695 |
Loan Class | Balance June 30, 2017 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2017 | |||||||||||||||
Residential real estate | $ | 2,973 | $ | 170 | $ | (163 | ) | $ | 21 | $ | 3,001 | |||||||||
Multifamily real estate | 1,337 | (77 | ) | - | - | 1,260 | ||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 1,618 | 5 | (7 | ) | 1 | 1,617 | ||||||||||||||
Non owner occupied | 2,334 | 276 | (3 | ) | - | 2,607 | ||||||||||||||
Commercial and industrial | 1,093 | (6 | ) | (4 | ) | 17 | 1,100 | |||||||||||||
Consumer | 373 | 10 | (49 | ) | 33 | 367 | ||||||||||||||
All other | 1,967 | 513 | (110 | ) | 37 | 2,407 | ||||||||||||||
Total | $ | 11,695 | $ | 891 | $ | (336 | ) | $ | 109 | $ | 12,359 |
Loan Class | Balance March 31, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance June 30, 2016 | Balance June 30, 2016 | Provision (credit) for loan losses | Loans charged-off | Recoveries | Balance Sept 30, 2016 | ||||||||||||||||||||||||||||||
Residential real estate | $ | 2,539 | $ | 208 | $ | (7 | ) | $ | 7 | $ | 2,747 | $ | 2,747 | $ | 91 | $ | (51 | ) | $ | 3 | $ | 2,790 | ||||||||||||||||||
Multifamily real estate | 745 | 77 | - | - | 822 | 822 | 91 | - | - | 913 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 1,531 | (89 | ) | - | - | 1,442 | 1,442 | (72 | ) | - | 1 | 1,371 | ||||||||||||||||||||||||||||
Non owner occupied | 2,337 | 371 | - | - | 2,708 | 2,708 | 7 | - | - | 2,715 | ||||||||||||||||||||||||||||||
Commercial and industrial | 933 | 176 | - | 2 | 1,111 | 1,111 | 43 | (29 | ) | 4 | 1,129 | |||||||||||||||||||||||||||||
Consumer | 288 | 44 | (46 | ) | 20 | 306 | 306 | 139 | (142 | ) | 15 | 318 | ||||||||||||||||||||||||||||
All other | 1,542 | 25 | (66 | ) | 167 | 1,668 | 1,668 | 13 | (81 | ) | 27 | 1,627 | ||||||||||||||||||||||||||||
Total | $ | 9,915 | $ | 812 | $ | (119 | ) | $ | 196 | $ | 10,804 | $ | 10,804 | $ | 312 | $ | (303 | ) | $ | 50 | $ | 10,863 |
2017 | 2016 | 2017 | 2016 | |||||||||||||
Residential real estate | $ | 1,537 | $ | 1,619 | $ | 1,515 | $ | 1,619 | ||||||||
Commercial real estate | ||||||||||||||||
Owner occupied | 1,645 | 2,013 | 1,564 | 2,013 | ||||||||||||
Non owner occupied | - | 5,396 | - | 5,396 | ||||||||||||
Commercial and industrial | 216 | 232 | 214 | 232 | ||||||||||||
All other | 1,860 | 2,061 | 1,828 | 2,061 | ||||||||||||
Total carrying amount | $ | 5,258 | $ | 11,321 | $ | 5,121 | $ | 11,321 | ||||||||
Contractual principal balance | $ | 7,234 | $ | 14,784 | $ | 7,116 | $ | 14,784 | ||||||||
Carrying amount, net of allowance | $ | 5,208 | $ | 11,311 | $ | 5,071 | $ | 11,311 |
2017 | 2016 | 2017 | 2016 | |||||||||||||
Balance at January 1 | $ | 1,208 | $ | 185 | $ | 1,208 | $ | 185 | ||||||||
New loans purchased | - | 1,115 | - | 1,151 | ||||||||||||
Accretion of income | (403 | ) | (52 | ) | (398 | ) | (64 | ) | ||||||||
Reclassification to non-accretable | - | - | - | - | ||||||||||||
Disposals | - | - | - | - | ||||||||||||
Balance at June 30 | $ | 805 | $ | 1,248 | ||||||||||||
Balance at September 30 | $ | 810 | $ | 1,272 |
June 30, 2017 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
September 30, 2017 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||||||||||||||
Residential real estate | $ | 3,767 | $ | 3,190 | $ | 693 | $ | 3,248 | $ | 2,846 | $ | 585 | ||||||||||||
Multifamily real estate | 11,102 | 11,095 | 332 | 11,101 | 11,095 | 334 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2,156 | 2,078 | - | 2,052 | 1,974 | 63 | ||||||||||||||||||
Non owner occupied | 311 | 212 | - | 310 | 209 | 86 | ||||||||||||||||||
Commercial and industrial | 1,833 | 830 | 1,134 | 2,062 | 1,054 | 648 | ||||||||||||||||||
Consumer | 276 | 252 | - | 331 | 304 | - | ||||||||||||||||||
All other | 2,913 | 2,791 | - | 6,984 | 6,863 | - | ||||||||||||||||||
Total | $ | 22,358 | $ | 20,448 | $ | 2,159 | $ | 26,088 | $ | 24,345 | $ | 1,716 |
December 31, 2016 | Principal Owed on Non-accrual Loans | Recorded Investment in Non-accrual Loans | Loans Past Due Over 90 Days, still accruing | |||||||||
Residential real estate | $ | 3,467 | $ | 2,794 | $ | 606 | ||||||
Multifamily real estate | 11,157 | 11,106 | 334 | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,769 | 1,704 | 15 | |||||||||
Non owner occupied | 294 | 196 | 36 | |||||||||
Commercial and industrial | 2,537 | 1,209 | 1,008 | |||||||||
Consumer | 366 | 347 | - | |||||||||
All other | 8,408 | 8,391 | - | |||||||||
Total | $ | 27,998 | $ | 25,747 | $ | 1,999 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | |||||||||||||||
Residential real estate | $ | 340,288 | $ | 4,920 | $ | 2,061 | $ | 6,981 | $ | 333,307 | ||||||||||
Multifamily real estate | 78,352 | 108 | 11,427 | 11,535 | 66,817 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 133,846 | 364 | 2,015 | 2,379 | 131,467 | |||||||||||||||
Non owner occupied | 227,700 | 154 | 124 | 278 | 227,422 | |||||||||||||||
Commercial and industrial | 77,900 | 50 | 1,900 | 1,950 | 75,950 | |||||||||||||||
Consumer | 29,747 | 295 | 93 | 388 | 29,359 | |||||||||||||||
All other | 150,121 | 875 | 2,789 | 3,664 | 146,457 | |||||||||||||||
Total | $ | 1,037,954 | $ | 6,766 | $ | 20,409 | $ | 27,175 | $ | 1,010,779 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | |||||||||||||||
Residential real estate | $ | 337,502 | $ | 6,460 | $ | 1,717 | $ | 8,177 | $ | 329,325 | ||||||||||
Multifamily real estate | 70,698 | - | 11,429 | 11,429 | 59,269 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 134,773 | 172 | 1,979 | 2,151 | 132,622 | |||||||||||||||
Non owner occupied | 237,655 | 374 | 227 | 601 | 237,054 | |||||||||||||||
Commercial and industrial | 82,332 | 179 | 1,628 | 1,807 | 80,525 | |||||||||||||||
Consumer | 29,675 | 365 | 121 | 486 | 29,189 | |||||||||||||||
All other | 162,689 | 1,370 | 6,861 | 8,231 | 154,458 | |||||||||||||||
Total | $ | 1,055,324 | $ | 8,920 | $ | 23,962 | $ | 32,882 | $ | 1,022,442 |
Loan Class | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | Total Loans | 30-89 Days Past Due | Greater than 90 days past due | Total Past Due | Loans Not Past Due | ||||||||||||||||||||||||||||||
Residential real estate | $ | 342,294 | $ | 6,113 | $ | 1,596 | $ | 7,709 | $ | 334,585 | $ | 342,294 | $ | 6,113 | $ | 1,596 | $ | 7,709 | $ | 334,585 | ||||||||||||||||||||
Multifamily real estate | 74,165 | - | 11,440 | 11,440 | 62,725 | 74,165 | - | 11,440 | 11,440 | 62,725 | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||
Owner occupied | 129,370 | 1,746 | 1,474 | 3,220 | 126,150 | 129,370 | 1,746 | 1,474 | 3,220 | 126,150 | ||||||||||||||||||||||||||||||
Non owner occupied | 220,836 | 1,803 | 159 | 1,962 | 218,874 | 220,836 | 1,803 | 159 | 1,962 | 218,874 | ||||||||||||||||||||||||||||||
Commercial and industrial | 76,736 | 330 | 2,120 | 2,450 | 74,286 | 76,736 | 330 | 2,120 | 2,450 | 74,286 | ||||||||||||||||||||||||||||||
Consumer | 30,916 | 403 | 223 | 626 | 30,290 | 30,916 | 403 | 223 | 626 | 30,290 | ||||||||||||||||||||||||||||||
All other | 150,506 | 577 | 8,187 | 8,764 | 141,742 | 150,506 | 577 | 8,187 | 8,764 | 141,742 | ||||||||||||||||||||||||||||||
Total | $ | 1,024,823 | $ | 10,972 | $ | 25,199 | $ | 36,171 | $ | 988,652 | $ | 1,024,823 | $ | 10,972 | $ | 25,199 | $ | 36,171 | $ | 988,652 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 2,973 | $ | - | $ | 2,973 | $ | 326 | $ | 338,425 | $ | 1,537 | $ | 340,288 | ||||||||||||||||
Multifamily real estate | 517 | 820 | - | 1,337 | 13,593 | 64,759 | - | 78,352 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 324 | 1,294 | - | 1,618 | 4,095 | 128,106 | 1,645 | 133,846 | ||||||||||||||||||||||||
Non-owner occupied | - | 2,334 | - | 2,334 | 1,914 | 225,786 | - | 227,700 | ||||||||||||||||||||||||
Commercial and industrial | 107 | 936 | 50 | 1,093 | 1,253 | 76,431 | 216 | 77,900 | ||||||||||||||||||||||||
Consumer | - | 373 | - | 373 | - | 29,747 | - | 29,747 | ||||||||||||||||||||||||
All other | 205 | 1,762 | - | 1,967 | 7,189 | 141,072 | 1,860 | 150,121 | ||||||||||||||||||||||||
Total | $ | 1,153 | $ | 10,492 | $ | 50 | $ | 11,695 | $ | 28,370 | $ | 1,004,326 | $ | 5,258 | $ | 1,037,954 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 3,001 | $ | - | $ | 3,001 | $ | 320 | $ | 335,667 | $ | 1,515 | $ | 337,502 | ||||||||||||||||
Multifamily real estate | 517 | 743 | - | 1,260 | 13,588 | 57,110 | - | 70,698 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 301 | 1,316 | - | 1,617 | 3,725 | 129,484 | 1,564 | 134,773 | ||||||||||||||||||||||||
Non-owner occupied | 88 | 2,519 | - | 2,607 | 5,583 | 232,072 | - | 237,655 | ||||||||||||||||||||||||
Commercial and industrial | 105 | 945 | 50 | 1,100 | 1,129 | 80,989 | 214 | 82,332 | ||||||||||||||||||||||||
Consumer | 19 | 348 | - | 367 | 19 | 29,656 | - | 29,675 | ||||||||||||||||||||||||
All other | 518 | 1,889 | - | 2,407 | 7,177 | 153,684 | 1,828 | 162,689 | ||||||||||||||||||||||||
Total | $ | 1,548 | $ | 10,761 | $ | 50 | $ | 12,359 | $ | 31,541 | $ | 1,018,662 | $ | 5,121 | $ | 1,055,324 |
Allowance for Loan Losses | Loan Balances | |||||||||||||||||||||||||||||||
Loan Class | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Acquired with Deteriorated Credit Quality | Total | ||||||||||||||||||||||||
Residential real estate | $ | - | $ | 2,948 | $ | - | $ | 2,948 | $ | 379 | $ | 340,296 | $ | 1,619 | $ | 342,294 | ||||||||||||||||
Multifamily real estate | - | 785 | - | 785 | 13,641 | 60,524 | - | 74,165 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 244 | 1,299 | - | 1,543 | 2,801 | 124,556 | 2,013 | 129,370 | ||||||||||||||||||||||||
Non-owner occupied | - | 2,350 | - | 2,350 | 2,373 | 213,067 | 5,396 | 220,836 | ||||||||||||||||||||||||
Commercial and industrial | 266 | 864 | 10 | 1,140 | 1,418 | 75,086 | 232 | 76,736 | ||||||||||||||||||||||||
Consumer | - | 347 | - | 347 | - | 30,916 | - | 30,916 | ||||||||||||||||||||||||
All other | 86 | 1,637 | - | 1,723 | 12,976 | 135,469 | 2,061 | 150,506 | ||||||||||||||||||||||||
Total | $ | 596 | $ | 10,230 | $ | 10 | $ | 10,836 | $ | 33,588 | $ | 979,914 | $ | 11,321 | $ | 1,024,823 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Residential real estate | $ | 367 | $ | 326 | $ | - | $ | 360 | $ | 320 | $ | - | ||||||||||||
Multifamily real estate | 2,498 | 2,498 | - | 2,492 | 2,492 | - | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 3,129 | 3,079 | - | 2,916 | 2,855 | - | ||||||||||||||||||
Non owner occupied | 2,006 | 1,914 | - | 3,604 | 3,512 | - | ||||||||||||||||||
Commercial and industrial | 2,076 | 1,134 | - | 1,767 | 1,012 | - | ||||||||||||||||||
All other | 3,191 | 3,071 | - | 3,186 | 3,066 | - | ||||||||||||||||||
13,267 | 12,022 | - | 14,325 | 13,257 | - | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Multifamily real estate | $ | 11,102 | $ | 11,095 | $ | 517 | $ | 11,102 | $ | 11,095 | $ | 517 | ||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 1,044 | 1,016 | 324 | 888 | 870 | 301 | ||||||||||||||||||
Non owner occupied | 2,072 | 2,072 | 88 | |||||||||||||||||||||
Commercial and industrial | 469 | 318 | 157 | 468 | 316 | 155 | ||||||||||||||||||
Consumer | 19 | 19 | 19 | |||||||||||||||||||||
All other | 4,123 | 4,118 | 205 | 4,116 | 4,111 | 518 | ||||||||||||||||||
16,738 | 16,547 | 1,203 | 18,665 | 18,483 | 1,598 | |||||||||||||||||||
Total | $ | 30,005 | $ | 28,569 | $ | 1,203 | $ | 32,990 | $ | 31,740 | $ | 1,598 | ||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | ||||||||||
With no related allowance recorded: | ||||||||||||
Residential real estate | $ | 743 | $ | 379 | $ | - | ||||||
Multifamily real estate | 13,692 | 13,641 | - | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,803 | 1,766 | - | |||||||||
Non owner occupied | 2,465 | 2,373 | - | |||||||||
Commercial and industrial | 2,429 | 1,338 | - | |||||||||
All other | 9,868 | 9,853 | - | |||||||||
31,000 | 29,350 | - | ||||||||||
With an allowance recorded: | ||||||||||||
Commercial real estate | ||||||||||||
Owner occupied | $ | 1,055 | $ | 1,035 | $ | 244 | ||||||
Commercial and industrial | 431 | 288 | 276 | |||||||||
All other | 3,124 | 3,123 | 86 | |||||||||
4,610 | 4,446 | 606 | ||||||||||
Total | $ | 35,610 | $ | 33,796 | $ | 606 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | ||||||||||
With no related allowance recorded: | ||||||||||||
Residential real estate | $ | 743 | $ | 379 | $ | - | ||||||
Multifamily real estate | 13,692 | 13,641 | - | |||||||||
Commercial real estate | ||||||||||||
Owner occupied | 1,803 | 1,766 | - | |||||||||
Non owner occupied | 2,465 | 2,373 | - | |||||||||
Commercial and industrial | 2,429 | 1,338 | - | |||||||||
All other | 9,868 | 9,853 | - | |||||||||
31,000 | 29,350 | - | ||||||||||
With an allowance recorded: | ||||||||||||
Commercial real estate | ||||||||||||
Owner occupied | $ | 1,055 | $ | 1,035 | $ | 244 | ||||||
Commercial and industrial | 431 | 288 | 276 | |||||||||
All other | 3,124 | 3,123 | 86 | |||||||||
4,610 | 4,446 | 606 | ||||||||||
Total | $ | 35,610 | $ | 33,796 | $ | 606 |
Six months ended June 30, 2017 | Six months ended June 30, 2016 | |||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||
Residential real estate | $ | 345 | $ | 1 | $ | 1 | $ | 638 | $ | 11 | $ | 9 | ||||||||||||
Multifamily real estate | 13,611 | 130 | 121 | 1,241 | 58 | 58 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 3,211 | 22 | 22 | 678 | - | - | ||||||||||||||||||
Non-owner occupied | 2,079 | 61 | 61 | 5,706 | 100 | 97 | ||||||||||||||||||
Commercial and industrial | 1,523 | 101 | 101 | 969 | 16 | 16 | ||||||||||||||||||
All other | 9,129 | 289 | 286 | 802 | 7 | 6 | ||||||||||||||||||
Total | $ | 29,898 | $ | 604 | $ | 592 | $ | 10,034 | $ | 192 | $ | 186 |
Nine months ended Sept 30, 2017 | Nine months ended Sept 30, 2016 | |||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||
Residential real estate | $ | 339 | $ | 1 | $ | 1 | $ | 612 | $ | 16 | $ | 14 | ||||||||||||
Multifamily real estate | 13,605 | 196 | 181 | 1,580 | 121 | 121 | ||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner occupied | 3,340 | 49 | 49 | 1,144 | 3 | 3 | ||||||||||||||||||
Non-owner occupied | 2,955 | 124 | 124 | 5,066 | 275 | 273 | ||||||||||||||||||
Commercial and industrial | 1,474 | 114 | 114 | 1,155 | 26 | 26 | ||||||||||||||||||
Consumer | 5 | - | - | - | - | - | ||||||||||||||||||
All other | 8,641 | 342 | 341 | 3,011 | 40 | 6 | ||||||||||||||||||
Total | $ | 30,359 | $ | 826 | $ | 810 | $ | 12,568 | $ | 481 | $ | 443 |
Three months ended June 30, 2017 | Three months ended June 30, 2016 | Three months ended Sept 30, 2017 | Three months ended Sept 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | ||||||||||||||||||||||||||||||||||||
Residential real estate | $ | 328 | $ | - | $ | - | $ | 669 | $ | 5 | $ | 5 | $ | 323 | $ | - | $ | - | $ | 667 | $ | 5 | $ | 5 | ||||||||||||||||||||||||
Multifamily real estate | 13,596 | 65 | 59 | 1,824 | 45 | 45 | 13,590 | 66 | 60 | 2,594 | 63 | 63 | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 3,417 | 16 | 16 | 795 | - | - | 3,910 | 27 | 27 | 1,847 | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Non-owner occupied | 1,932 | 29 | 29 | 5,308 | 51 | 51 | 3,749 | 63 | 63 | 4,240 | 175 | 175 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,471 | 27 | 27 | 1,141 | 13 | 12 | 1,390 | 13 | 13 | 1,809 | 10 | 10 | ||||||||||||||||||||||||||||||||||||
Consumer | 9 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
All other | 7,205 | 57 | 55 | 850 | 7 | 6 | 7,183 | 53 | 53 | 5,243 | 33 | - | ||||||||||||||||||||||||||||||||||||
Total | $ | 27,949 | $ | 194 | $ | 186 | $ | 10,587 | $ | 121 | $ | 119 | $ | 30,154 | $ | 222 | $ | 216 | $ | 16,400 | $ | 289 | $ | 256 |
June 30, 2017 | TDR's on Non-accrual | Other TDR's | Total TDR's | |||||||||||||||||||||
September 30, 2017 | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | |||||||||||||||||||||
Residential real estate | $ | 324 | $ | 133 | $ | 457 | $ | 317 | $ | 110 | $ | 427 | ||||||||||||
Multifamily real estate | - | 2,166 | 2,166 | - | 2,159 | 2,159 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 601 | 1,771 | 2,372 | 602 | 1,766 | 2,368 | ||||||||||||||||||
Non owner occupied | - | 3,875 | 3,875 | |||||||||||||||||||||
Commercial and industrial | 59 | 520 | 579 | 57 | 508 | 565 | ||||||||||||||||||
Consumer | - | - | - | |||||||||||||||||||||
All other | 751 | 4,340 | 5,091 | 4,783 | 297 | 5,080 | ||||||||||||||||||
Total | $ | 1,735 | $ | 8,930 | $ | 10,665 | $ | 5,759 | $ | 8,715 | $ | 14,474 | ||||||||||||
December 31, 2016 | TDR's on Non-accrual | Other TDR's | Total TDR's | TDR’s on Non-accrual | Other TDR’s | Total TDR’s | ||||||||||||||||||
Residential real estate | $ | 129 | $ | 464 | $ | 593 | $ | 129 | $ | 464 | $ | 593 | ||||||||||||
Multifamily real estate | - | 2,201 | 2,201 | - | 2,201 | 2,201 | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | 856 | 856 | - | 856 | 856 | ||||||||||||||||||
Commercial and industrial | 62 | 352 | 414 | 62 | 352 | 414 | ||||||||||||||||||
All other | 751 | 4,395 | 5,146 | 751 | 4,395 | 5,146 | ||||||||||||||||||
Total | $ | 942 | $ | 8,268 | $ | 9,210 | $ | 942 | $ | 8,268 | $ | 9,210 | ||||||||||||
Nine months ended Sept 30, 2017 | Nine months ended Sept 30, 2016 | |||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential real estate | - | $ | - | $ | - | 8 | $ | 483 | $ | 483 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | 2 | 1,525 | 1,525 | 3 | 865 | 865 | ||||||||||||||||||
Non owner occupied | 2 | 3,875 | 3,875 | 1 | 100 | 100 | ||||||||||||||||||
Commercial and industrial | 1 | 191 | 191 | 1 | 20 | 20 | ||||||||||||||||||
All other | - | - | - | 1 | 4,106 | 4,106 | ||||||||||||||||||
Total | 5 | $ | 5,591 | $ | 5,591 | 14 | $ | 5,574 | $ | 5,574 |
Three months ended June 30, 2017 | Six months ended June 30, 2017 | Three months ended Sept 30, 2017 | Three months ended Sept 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||
Residential real estate | - | $ | - | $ | - | 6 | $ | 184 | $ | 184 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 2 | $ | 1,525 | $ | 1,525 | 2 | $ | 1,525 | $ | 1,525 | - | - | - | 1 | 255 | 255 | ||||||||||||||||||||||||||||||||
Commercial & industrial | 1 | 191 | 191 | 1 | 191 | 191 | ||||||||||||||||||||||||||||||||||||||||||
Non owner occupied | 2 | 3,875 | 3,875 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
All other | - | - | - | 1 | 4,106 | 4,106 | ||||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 1,716 | $ | 1,716 | 3 | $ | 1,716 | $ | 1,716 | 2 | $ | 3,875 | $ | 3,875 | 8 | $ | 4,545 | $ | 4,545 |
Three months ended June 30, 2016 | Six months ended June 30, 2016 | |||||||||||||||||||||||
Loan Class | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Residential real estate | - | $ | - | $ | - | 2 | $ | 299 | $ | 299 | ||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | - | - | - | 2 | 610 | 610 | ||||||||||||||||||
Non-owner occupied | - | - | - | 1 | 100 | 100 | ||||||||||||||||||
Commercial & industrial | - | - | - | 1 | 20 | 20 | ||||||||||||||||||
Total | - | $ | - | $ | - | 6 | $ | 1,029 | $ | 1,029 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 327,595 | $ | 3,114 | $ | 9,578 | $ | 1 | $ | 340,288 | ||||||||||
Multifamily real estate | 63,630 | 75 | 12,035 | 2,612 | 78,352 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 121,638 | 6,826 | 5,382 | - | 133,846 | |||||||||||||||
Non-owner occupied | 219,011 | 6,408 | 2,281 | - | 227,700 | |||||||||||||||
Commercial and industrial | 72,032 | 3,779 | 2,089 | - | 77,900 | |||||||||||||||
Consumer | 29,343 | 155 | 249 | - | 29,747 | |||||||||||||||
All other | 140,829 | 1,728 | 7,564 | �� | - | 150,121 | ||||||||||||||
Total | $ | 974,078 | $ | 22,085 | $ | 39,178 | $ | 2,613 | $ | 1,037,954 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 324,121 | $ | 3,502 | $ | 9,878 | $ | 1 | $ | 337,502 | ||||||||||
Multifamily real estate | 52,472 | 3,590 | 12,024 | 2,612 | 70,698 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 122,983 | 4,305 | 7,485 | - | 134,773 | |||||||||||||||
Non-owner occupied | 220,173 | 11,243 | 6,239 | - | 237,655 | |||||||||||||||
Commercial and industrial | 71,850 | 7,400 | 3,082 | - | 82,332 | |||||||||||||||
Consumer | 29,145 | 136 | 375 | 19 | 29,675 | |||||||||||||||
All other | 148,216 | 5,479 | 8,994 | - | 162,689 | |||||||||||||||
Total | $ | 968,960 | $ | 35,655 | $ | 48,077 | $ | 2,632 | $ | 1,055,324 |
Loan Class | Pass | Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||
Residential real estate | $ | 328,905 | $ | 4,880 | $ | 8,507 | $ | 2 | $ | 342,294 | ||||||||||
Multifamily real estate | 59,375 | 78 | 14,712 | - | 74,165 | |||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Owner occupied | 118,134 | 6,720 | 4,516 | - | 129,370 | |||||||||||||||
Non-owner occupied | 213,641 | 4,391 | 2,804 | - | 220,836 | |||||||||||||||
Commercial and industrial | 72,094 | 2,337 | 2,275 | 30 | 76,736 | |||||||||||||||
Consumer | 30,369 | 242 | 305 | - | 30,916 | |||||||||||||||
All other | 134,945 | 1,958 | 13,603 | - | 150,506 | |||||||||||||||
Total | $ | 957,463 | $ | 20,606 | $ | 46,722 | $ | 32 | $ | 1,024,823 |
June 30, 2017 | December 31, 2016 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | September 30, 2017 | December 31, 2016 | Regulatory Minimum Requirements | To Be Considered Well Capitalized | |||||||||||||||||||||||||
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 13.9 | % | 13.4 | % | 4.5 | % | 6.5 | % | 13.8 | % | 13.4 | % | 4.5 | % | 6.5 | % | ||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 14.4 | % | 13.9 | % | 6.0 | % | 8.0 | % | 14.4 | % | 13.9 | % | 6.0 | % | 8.0 | % | ||||||||||||||||
Total Capital (to Risk-Weighted Assets) | 15.5 | % | 15.0 | % | 8.0 | % | 10.0 | % | 15.5 | % | 15.0 | % | 8.0 | % | 10.0 | % | ||||||||||||||||
Tier 1 Capital (to Average Assets) | 10.4 | % | 10.1 | % | 4.0 | % | 5.0 | % | 10.7 | % | 10.1 | % | 4.0 | % | 5.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended Sept 30, | Nine Months Ended Sept 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 3,9193,918 | $ | 2,624 | $ | 7,583 | $ | 5,603 | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | ||||||||||||||||
Weighted average common shares outstanding | 10,656,350 | 10,587,223 | 10,649,750 | 10,449,476 | 10,661,157 | 10,626,185 | 10,653,594 | 10,508,809 | ||||||||||||||||||||||||
Earnings per share | $ | 0.37 | $ | 0.25 | $ | 0.71 | $ | 0.54 | $ | 0.33 | $ | 0.30 | $ | 1.04 | $ | 0.83 | ||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||
Income available to common stockholders | $ | 3,9193,918 | $ | 2,624 | $ | 7,583 | $ | 5,603 | $ | 3,467 | $ | 3,164 | $ | 11,050 | $ | 8,767 | ||||||||||||||||
Weighted average common shares outstanding | 10,656,350 | 10,587,223 | 10,649,750 | 10,449,476 | 10,661,157 | 10,626,185 | 10,653,594 | 10,508,809 | ||||||||||||||||||||||||
Add dilutive effects of potential additional common stock | 88,984 | 59,127 | 83,140 | 59,605 | 77,794 | 60,742 | 80,418 | 60,372 | ||||||||||||||||||||||||
Weighted average common and dilutive potential common shares outstanding | 10,745,334 | 10,646,350 | 10,732,890 | 10,509,081 | 10,738,951 | 10,686,927 | 10,734,012 | 10,569,181 | ||||||||||||||||||||||||
Earnings per share assuming dilution | $ | 0.36 | $ | 0.25 | $ | 0.71 | $ | 0.53 | $ | 0.32 | $ | 0.30 | $ | 1.03 | $ | 0.83 |
Fair Value Measurements at June 30, 2017 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 80,472 | $ | 80,472 | $ | - | $ | - | $ | 80,472 | ||||||||||
Federal funds sold | 2,396 | 2,396 | - | - | 2,396 | |||||||||||||||
Time deposits with other banks | 2,582 | - | 2,592 | - | 2,592 | |||||||||||||||
Securities available for sale | 301,224 | - | 301,224 | - | 301,224 | |||||||||||||||
Loans, net | 1,026,259 | - | - | 1,012,953 | 1,012,953 | |||||||||||||||
Federal Home Loan Bank stock | 3,185 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 3,637 | - | 762 | 2,875 | 3,637 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,277,208 | ) | $ | (931,962 | ) | $ | (341,484 | ) | $ | - | $ | (1,273,446 | ) | ||||||
Securities sold under agreements to repurchase | (20,478 | ) | - | (20,478 | ) | - | (20,478 | ) | ||||||||||||
Other borrowed funds | (7,000 | ) | - | (6,957 | ) | - | (6,957 | ) | ||||||||||||
Subordinated Debt | (5,360 | ) | - | (5,387 | ) | - | (5,387 | ) | ||||||||||||
Interest payable | (352 | ) | (8 | ) | (344 | ) | - | (352 | ) |
Fair Value Measurements at September 30, 2017 Using | ||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and due from banks | $ | 63,512 | $ | 63,512 | $ | - | $ | - | $ | 63,512 | ||||||||||
Time deposits with other banks | 2,582 | - | 2,589 | - | 2,589 | |||||||||||||||
Federal funds sold | 11,632 | 11,632 | - | - | 11,632 | |||||||||||||||
Securities available for sale | 289,203 | - | 289,203 | - | 289,203 | |||||||||||||||
Loans, net | 1,042,965 | - | - | 1,029,145 | 1,029,145 | |||||||||||||||
Federal Home Loan Bank stock | 3,185 | n/a | n/a | n/a | n/a | |||||||||||||||
Interest receivable | 4,060 | - | 829 | 3,231 | 4,060 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Deposits | $ | (1,269,384 | ) | $ | (925,328 | ) | $ | (340,134 | ) | $ | - | $ | (1,265,462 | ) | ||||||
Securities sold under agreements to repurchase | (25,116 | ) | - | (25,116 | ) | - | (25,116 | ) | ||||||||||||
Other borrowed funds | (6,000 | ) | - | (5,966 | ) | - | (5,966 | ) | ||||||||||||
Subordinated Debt | (5,368 | ) | - | (5,381 | ) | - | (5,381 | ) | ||||||||||||
Interest payable | (358 | ) | (7 | ) | (351 | ) | - | (358 | ) |
Fair Value Measurements at December 31, 2016 Using | Fair Value Measurements at December 31, 2016 Using | |||||||||||||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 97,163 | $ | 97,163 | $ | - | $ | - | $ | 97,163 | $ | 97,163 | $ | 97,163 | $ | - | $ | - | $ | 97,163 | ||||||||||||||||||||
Time deposits with other banks | 2,332 | - | 2,352 | - | 2,352 | |||||||||||||||||||||||||||||||||||
Federal funds sold | 7,555 | 7,555 | - | - | 7,555 | 7,555 | 7,555 | - | - | 7,555 | ||||||||||||||||||||||||||||||
Time deposits with other banks | 2,332 | - | 2,352 | - | 2,352 | |||||||||||||||||||||||||||||||||||
Securities available for sale | 288,607 | - | 288,607 | - | 288,607 | 288,607 | - | 288,607 | - | 288,607 | ||||||||||||||||||||||||||||||
Loans, net | 1,013,987 | - | - | 1,004,388 | 1,004,388 | 1,013,987 | - | - | 1,004,388 | 1,004,388 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 3,200 | n/a | n/a | n/a | n/a | 3,200 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
Interest receivable | 3,862 | - | 771 | 3,091 | 3,862 | 3,862 | - | 771 | 3,091 | 3,862 | ||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||
Deposits | $ | (1,279,386 | ) | $ | (920,745 | ) | $ | (354,885 | ) | $ | - | $ | (1,275,630 | ) | $ | (1,279,386 | ) | $ | (920,745 | ) | $ | (354,885 | ) | $ | - | $ | (1,275,630 | ) | ||||||||||||
Securities sold under agreements to repurchase | (23,820 | ) | - | (23,820 | ) | - | (23,820 | ) | (23,820 | ) | - | (23,820 | ) | - | (23,820 | ) | ||||||||||||||||||||||||
Other borrowed funds | (8,859 | ) | - | (8,906 | ) | - | (8,906 | ) | (8,859 | ) | - | (8,906 | ) | - | (8,906 | ) | ||||||||||||||||||||||||
Subordinated debt | (5,343 | ) | - | (5,341 | ) | - | (5,341 | ) | (5,343 | ) | - | (5,341 | ) | - | (5,341 | ) | ||||||||||||||||||||||||
Interest payable | (364 | ) | (7 | ) | (357 | ) | - | (364 | ) | (364 | ) | (7 | ) | (357 | ) | - | (364 | ) |
Fair Value Measurements at June 30, 2017 Using: | ||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. agency MBS - residential | $ | 203,524 | $ | - | $ | 203,524 | $ | - | ||||||||
U. S. agency CMO's - residential | 62,118 | - | 62,118 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 265,642 | - | 265,642 | - | ||||||||||||
U. S. government sponsored agency securities | 21,315 | - | 21,315 | - | ||||||||||||
Obligations of states and political subdivisions | 14,267 | - | 14,267 | - | ||||||||||||
Total securities available for sale | $ | 301,224 | $ | - | $ | 301,224 | $ | - |
Fair Value Measurements at September 30, 2017 Using: | ||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Available for sale | ||||||||||||||||
Mortgage-backed securities | ||||||||||||||||
U. S. agency MBS - residential | $ | 199,933 | $ | - | $ | 199,933 | $ | - | ||||||||
U. S. agency CMO’s - residential | 56,514 | - | 56,514 | - | ||||||||||||
Total mortgage-backed securities of government sponsored agencies | 256,447 | - | 256,447 | - | ||||||||||||
U. S. government sponsored agency securities | 19,275 | - | 19,275 | - | ||||||||||||
Obligations of states and political subdivisions | 13,481 | - | 13,481 | - | ||||||||||||
Total available for sale | $ | 289,203 | $ | - | $ | 289,203 | $ | - |
Fair Value Measurements at December 31, 2016 Using: | Fair Value Measurements at December 31, 2016 Using: | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Available for sale | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
U. S. agency MBS - residential | $ | 174,177 | $ | - | $ | 174,177 | $ | - | $ | 174,177 | $ | - | $ | 174,177 | $ | - | ||||||||||||||||
U. S. agency CMO's | 73,267 | - | 73,267 | - | ||||||||||||||||||||||||||||
U. S. agency CMO’s - residential | 73,267 | - | 73,267 | - | ||||||||||||||||||||||||||||
Total mortgage-backed securities of government sponsored agencies | 247,444 | - | 247,444 | - | 247,444 | - | 247,444 | - | ||||||||||||||||||||||||
U. S. government sponsored agency securities | 24,501 | - | 24,501 | - | 24,501 | - | 24,501 | - | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 16,662 | - | 16,662 | - | 16,662 | - | 16,662 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 288,607 | $ | - | $ | 288,607 | $ | - | $ | 288,607 | $ | - | $ | 288,607 | $ | - |
Fair Value Measurements at June 30, 2017 Using | Fair Value Measurements at September 30, 2017 Using | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||
Multifamily real estate | $ | 10,578 | $ | - | $ | - | $ | 10,578 | $ | 10,578 | $ | - | $ | - | $ | 10,578 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 692 | - | - | 692 | 569 | - | - | 569 | ||||||||||||||||||||||||
Non-owner occupied | 1,984 | - | - | 1,984 | ||||||||||||||||||||||||||||
Commercial and industrial | 161 | - | - | 161 | 161 | - | - | 161 | ||||||||||||||||||||||||
All other | 3,913 | - | - | 3,913 | 3,593 | - | - | 3,593 | ||||||||||||||||||||||||
Total impaired loans | $ | 15,344 | $ | - | $ | - | $ | 15,344 | $ | 16,885 | $ | - | $ | - | $ | 16,885 | ||||||||||||||||
Other real estate owned: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 509 | $ | - | $ | - | $ | 509 | $ | 370 | $ | - | $ | - | $ | 370 | ||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Owner occupied | 175 | - | - | 175 | 175 | - | - | 175 | ||||||||||||||||||||||||
Non-owner occupied | 1,953 | - | - | 1,953 | 1,853 | - | - | 1,853 | ||||||||||||||||||||||||
All other | 2,855 | - | - | 2,855 | 2,855 | - | - | 2,855 | ||||||||||||||||||||||||
Total OREO | $ | 5,492 | $ | - | $ | - | $ | 5,492 | $ | 5,253 | $ | - | $ | - | $ | 5,253 |
September 30, 2017 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Multifamily real estate: | $ | 10,578 | sales comparison | adjustment for differences between the comparable sales | 4.0%-4.0% (4.0%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 569 | sales comparison | adjustment for estimated realizable value | 23.1%-23.1% (23.1%) | |||||
Non-owner occupied | 1,984 | income approach | adjustment for differences in net operating income expectations | 67.4%-67.4% (67.4%) | |||||
Commercial and industrial | 161 | sales comparison | adjustment for estimated realizable value | 8.0%-56.5% (52.8%) | |||||
All other | 3,593 | sales comparison | adjustment for percentage of completion of construction | 8.0%-23.0% (22.7%) | |||||
Total impaired loans | $ | 16,885 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 370 | sales comparison | adjustment for differences between the comparable sales | 0.0%-50.2% (16.4%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 175 | sales comparison | adjustment for estimated realizable value | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 1,853 | sales comparison | adjustment for estimated realizable value | 31.8%-58.9% (34.7%) | |||||
All other | 2,855 | sales comparison | adjustment for estimated realizable value | 15.1%-69.0% (18.8%) | |||||
Total OREO | $ | 5,253 |
June 30, 2017 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Multifamily real estate | $ | 10,578 | sales comparison | adjustment for differences between the comparable sales | 4.0%-4.0% (4.0%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 692 | sales comparison | adjustment for limited salability of specialized property | 23.1%-76.4% (29.5%) | |||||
Commercial and industrial | 161 | sales comparison | adjustment for differences between the comparable sales | 8.0%-56.5% (52.8%) | |||||
All other | 3,913 | sales comparison | adjustment for differences between the comparable sales | 8.0%-14.9% (14.7%) | |||||
Total impaired loans | $ | 15,344 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 509 | sales comparison | adjustment for differences between the comparable sales | 0.1%-50.2% (14.7%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 175 | sales comparison | adjustment for differences between the comparable sales | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 1,953 | sales comparison | adjustment for differences between the comparable sales | 27.6%-58.9% (30.8%) | |||||
All other | 2,855 | sales comparison | adjustment for estimated realizable value | 15.1%-69.0% (18.8%) | |||||
Total OREO | $ | 5,492 |
Fair Value Measurements at December 31, 2016 Using | ||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | $ | 793 | $ | - | $ | - | $ | 793 | ||||||||
Commercial and Industrial | 12 | - | - | 12 | ||||||||||||
All Other | 3,036 | - | - | 3,036 | ||||||||||||
Total impaired loans | $ | 3,841 | $ | - | $ | - | $ | 3,841 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate: | $ | 613 | $ | - | $ | - | $ | 613 | ||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 175 | - | - | 175 | ||||||||||||
Non-owner occupied | 2,153 | - | - | 2,153 | ||||||||||||
All other | 3,683 | - | - | 3,683 | ||||||||||||
Total OREO | $ | 6,624 | $ | - | $ | - | $ | 6,624 |
Fair Value Measurements at December 31, 2016 Using | ||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | $ | 793 | $ | - | $ | - | $ | 793 | ||||||||
Commercial and Industrial | 12 | - | - | 12 | ||||||||||||
All Other | 3,036 | - | - | 3,036 | ||||||||||||
Total impaired loans | $ | 3,841 | $ | - | $ | - | $ | 3,841 | ||||||||
Other real estate owned: | ||||||||||||||||
Residential real estate: | $ | 613 | $ | - | $ | - | $ | 613 | ||||||||
Commercial real estate: | ||||||||||||||||
Owner occupied | 175 | - | - | 175 | ||||||||||||
Non-owner occupied | 2,153 | - | - | 2,153 | ||||||||||||
All other | 3,683 | - | - | 3,683 | ||||||||||||
Total OREO | $ | 6,624 | $ | - | $ | - | $ | 6,624 |
December 31, 2016 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Commercial real estate: | |||||||||
Owner occupied | $ | 793 | sales comparison | adjustment for limited salability of specialized property | 9.3%-76.4% (19.3%) | ||||
Commercial and Industrial | 12 | sales comparison | adjustment for limited salability of specialized property | 8.0%-8.0% (8.0%) | |||||
All Other | 3,036 | sales comparison | adjustment for differences between the comparable sales | 5.7%-9.0% (8.0%) | |||||
Total impaired loans | $ | 3,841 | |||||||
Other real estate owned: | |||||||||
Residential real estate | $ | 613 | sales comparison | adjustment for differences between the comparable sales | 0.7%-86.8% (25.2%) | ||||
Commercial real estate: | |||||||||
Owner occupied | 175 | sales comparison | adjustment for differences between the comparable sales | 21.8%-21.8% (21.8%) | |||||
Non-owner occupied | 2,153 | sales comparison | adjustment for differences between the comparable sales | 17.2%-27.6% (25.7%) | |||||
All Other | 3,683 | sales comparison | adjustment for estimated realizable value | 15.1%-45.4% (21.8%) | |||||
Total OREO | $ | 6,624 |
December 31, 2016 | Valuation Techniques | Unobservable Inputs | Range (Weighted Avg) | ||||||
Impaired loans: | |||||||||
Commercial Real Estate | |||||||||
Owner Occupied | $ | 793 | sales comparison | adjustment for limited salability of specialized property | 9.3%-76.4% (19.3%) | ||||
Commercial and Industrial | 12 | sales comparison | adjustment for differences between the comparable sales | 8.0%-8.0% (8.0%) | |||||
All Other | 3,036 | sales comparison | adjustment for differences between the comparable sales | 5.7%-9.0% (8.0%) | |||||
Total impaired loans | $ | 3,841 | |||||||
Other real estate owned: | |||||||||
Residential Real Estate | $ | 613 | sales comparison | adjustment for differences between the comparable sales | 0.7%-86.8% (25.2%) | ||||
Commercial Real Estate | |||||||||
Owner Occupied | 175 | sales comparison | adjustment for differences between the comparable sales | 21.8%-21.8% (21.8%) | |||||
Non-owner Occupied | 2,153 | sales comparison | adjustment for differences between the comparable sales | 17.2%-27.6% (25.7%) | |||||
All Other | 3,683 | sales comparison | adjustment for estimated realizable value | 15.1%-45.4% (21.8%) | |||||
Total OREO | $ | 6,624 |
PREMIER FINANCIAL BANCORP, INC. | PREMIER FINANCIAL BANCORP, INC. | PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | AVERAGE CONSOLIDATED BALANCE SHEETS | AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | AND NET INTEREST INCOME ANALYSIS | AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | Nine Months Ended Sept 30, 2017 | Nine Months Ended Sept 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other | $ | 54,253 | $ | 339 | 1.26 | % | $ | 65,063 | $ | 205 | 0.63 | % | $ | 46,851 | $ | 515 | 1.47 | % | $ | 66,518 | $ | 328 | 0.66 | % | ||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 285,769 | 2,809 | 1.97 | 298,133 | 2,790 | 1.87 | 286,602 | 4,236 | 1.97 | 294,926 | 4,075 | 1.84 | ||||||||||||||||||||||||||||||||||||
Tax-exempt | 13,003 | 136 | 3.22 | 18,681 | 172 | 2.83 | 12,523 | 198 | 3.24 | 18,048 | 254 | 2.89 | ||||||||||||||||||||||||||||||||||||
Total investment securities | 298,772 | 2,945 | 2.02 | 316,814 | 2,962 | 1.93 | 299,125 | 4,434 | 2.02 | 312,974 | 4,329 | 1.90 | ||||||||||||||||||||||||||||||||||||
Total loans | 1,034,407 | 28,198 | 5.50 | 979,597 | 25,709 | 5.28 | 1,038,719 | 41,667 | 5.36 | 995,517 | 39,084 | 5.24 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,387,432 | 31,482 | 4.58 | % | 1,361,474 | 28,876 | 4.28 | % | 1,384,695 | 46,616 | 4.51 | % | 1,375,009 | 43,741 | 4.26 | % | ||||||||||||||||||||||||||||||||
Allowance for loan losses | (10,962 | ) | (9,929 | ) | (11,231 | ) | (10,235 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 40,419 | 36,303 | 40,700 | 38,291 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 81,444 | 81,899 | 80,857 | 81,678 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,498,333 | $ | 1,469,747 | $ | 1,495,021 | $ | 1,484,743 | ||||||||||||||||||||||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 966,214 | 1,900 | 0.40 | $ | 955,948 | 1,952 | 0.41 | $ | 959,489 | 2,854 | 0.40 | $ | 960,668 | 2,917 | 0.41 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 22,374 | 14 | 0.13 | 22,792 | 18 | 0.16 | 22,512 | 21 | 0.12 | 25,068 | 28 | 0.15 | ||||||||||||||||||||||||||||||||||||
FHLB advances | - | - | - | 1,792 | 22 | 2.47 | - | - | - | 2,904 | 32 | 1.47 | ||||||||||||||||||||||||||||||||||||
Other borrowings | 8,111 | 166 | 4.13 | 10,708 | 220 | 4.13 | 7,586 | 234 | 4.12 | 10,396 | 321 | 4.12 | ||||||||||||||||||||||||||||||||||||
Subordinated debentures | 5,350 | 144 | 5.43 | 4,875 | 118 | 4.87 | 5,355 | 218 | 5.44 | 5,027 | 181 | 4.81 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,002,049 | 2,224 | 0.45 | % | 996,115 | 2,330 | 0.47 | % | 994,942 | 3,327 | 0.45 | % | 1,004,063 | 3,479 | 0.46 | % | ||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 312,031 | 297,331 | 314,344 | 302,558 | ||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 4,604 | 4,111 | 4,582 | 3,918 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 179,649 | 172,190 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 181,153 | 174,204 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,498,333 | $ | 1,469,747 | $ | 1,495,021 | $ | 1,484,743 | ||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 29,258 | $ | 26,546 | $ | 43,289 | $ | 40,262 | ||||||||||||||||||||||||||||||||||||||||
Net interest spread | 4.13 | % | 3.81 | % | 4.06 | % | 3.80 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest margin | 4.26 | % | 3.93 | % | 4.19 | % | 3.92 | % | ||||||||||||||||||||||||||||||||||||||||
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended Sept 30, 2017 | Three Months Ended Sept 30, 2016 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 32,288 | $ | 176 | 2.16 | % | $ | 69,396 | $ | 123 | 0.71 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 288,241 | 1,427 | 1.98 | 288,582 | 1,285 | 1.78 | ||||||||||||||||||
Tax-exempt | 11,579 | 62 | 3.30 | 16,796 | 82 | 3.00 | ||||||||||||||||||
Total investment securities | 299,820 | 1,489 | 2.03 | 305,378 | 1,367 | 1.85 | ||||||||||||||||||
Total loans | 1,047,202 | 13,469 | 5.10 | 1,027,011 | 13,375 | 5.18 | ||||||||||||||||||
Total interest-earning assets | 1,379,310 | 15,134 | 4.37 | % | 1,401,785 | 14,865 | 4.23 | % | ||||||||||||||||
Allowance for loan losses | (11,760 | ) | (10,840 | ) | ||||||||||||||||||||
Cash and due from banks | 41,253 | 42,224 | ||||||||||||||||||||||
Other assets | 79,702 | 81,240 | ||||||||||||||||||||||
Total assets | $ | 1,488,505 | $ | 1,514,409 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 946,258 | 954 | 0.40 | $ | 970,005 | 965 | 0.40 | ||||||||||||||||
Short-term borrowings | 22,784 | 7 | 0.12 | 29,571 | 10 | 0.13 | ||||||||||||||||||
FHLB advances | - | - | - | 5,104 | 10 | 0.78 | ||||||||||||||||||
Other borrowings | 6,553 | 68 | 4.12 | 9,779 | 101 | 4.11 | ||||||||||||||||||
Subordinated debentures | 5,365 | 74 | 5.47 | 5,328 | 63 | 4.70 | ||||||||||||||||||
Total interest-bearing liabilities | 980,960 | 1,103 | 0.45 | % | 1,019,787 | 1,149 | 0.45 | % | ||||||||||||||||
Non-interest bearing deposits | 318,894 | 312,898 | ||||||||||||||||||||||
Other liabilities | 4,539 | 3,536 | ||||||||||||||||||||||
Stockholders’ equity | 184,112 | 178,188 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,488,505 | $ | 1,514,409 | ||||||||||||||||||||
Net interest earnings | $ | 14,031 | $ | 13,716 | ||||||||||||||||||||
Net interest spread | 3.92 | % | 3.78 | % | ||||||||||||||||||||
Net interest margin | 4.05 | % | 3.91 | % |
PREMIER FINANCIAL BANCORP, INC. | ||||||||||||||||||||||||
AVERAGE CONSOLIDATED BALANCE SHEETS | ||||||||||||||||||||||||
AND NET INTEREST INCOME ANALYSIS | ||||||||||||||||||||||||
Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||
Federal funds sold and other | $ | 52,893 | $ | 182 | 1.38 | % | $ | 71,529 | $ | 108 | 0.61 | % | ||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Taxable | 293,437 | 1,464 | 2.00 | 297,233 | 1,362 | 1.83 | ||||||||||||||||||
Tax-exempt | 12,453 | 64 | 3.16 | 19,251 | 88 | 2.81 | ||||||||||||||||||
Total investment securities | 305,890 | 1,528 | 2.04 | 316,484 | 1,450 | 1.89 | ||||||||||||||||||
Total loans | 1,036,258 | 14,663 | 5.68 | 995,501 | 13,108 | 5.30 | ||||||||||||||||||
Total interest-earning assets | 1,395,041 | 16,373 | 4.72 | % | 1,383,514 | 14,666 | 4.27 | % | ||||||||||||||||
Allowance for loan losses | (11,012 | ) | (10,116 | ) | ||||||||||||||||||||
Cash and due from banks | 40,912 | 39,612 | ||||||||||||||||||||||
Other assets | 80,497 | 82,944 | ||||||||||||||||||||||
Total assets | $ | 1,505,438 | $ | 1,495,954 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 969,483 | 951 | 0.39 | $ | 971,266 | 975 | 0.40 | ||||||||||||||||
Short-term borrowings | 21,252 | 7 | 0.13 | 25,256 | 11 | 0.18 | ||||||||||||||||||
FHLB advances | - | - | - | 2,525 | 15 | 2.39 | ||||||||||||||||||
Other borrowings | 7,663 | 79 | 4.14 | 10,402 | 107 | 4.14 | ||||||||||||||||||
Subordinated debentures | 5,355 | 74 | 5.54 | 5,371 | 67 | 5.02 | ||||||||||||||||||
Total interest-bearing liabilities | 1,003,753 | 1,111 | 0.44 | % | 1,014,820 | 1,175 | 0.47 | % | ||||||||||||||||
Non-interest bearing deposits | 315,848 | 302,079 | ||||||||||||||||||||||
Other liabilities | 4,140 | 3,574 | ||||||||||||||||||||||
Stockholders' equity | 181,697 | 175,481 | ||||||||||||||||||||||
Total liabilities and equity | $ | 1,505,438 | $ | 1,495,954 | ||||||||||||||||||||
Net interest earnings | $ | 15,262 | $ | 13,491 | ||||||||||||||||||||
Net interest spread | 4.28 | % | 3.80 | % | ||||||||||||||||||||
Net interest margin | 4.40 | % | 3.93 | % | ||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Non-accrual loans | $ | 20,448 | $ | 25,747 | $ | 24,345 | $ | 25,747 | ||||||||
Accruing loans which are contractually past due 90 days or more | 2,159 | 1,999 | 1,716 | 1,999 | ||||||||||||
Accruing restructured loans | 8,930 | 8,268 | 8,715 | 8,268 | ||||||||||||
Total non-performing and restructured loans | 31,537 | 36,014 | 34,776 | 36,014 | ||||||||||||
Other real estate acquired through foreclosure (OREO) | 11,525 | 12,665 | 11,458 | 12,665 | ||||||||||||
Total non-performing assets | $ | 43,062 | $ | 48,679 | $ | 46,234 | $ | 48,679 | ||||||||
Non-performing loans as a percentage of total loans | 3.04 | % | 3.51 | % | 3.30 | % | 3.51 | % | ||||||||
Non-performing assets as a percentage of total assets | 2.88 | % | 3.25 | % | 3.10 | % | 3.25 | % |
1. | Core deposits consisting of both consumer and commercial deposits and certificates of deposit of $250,000 or more. Management believes that the majority of its $250,000 or more certificates of deposit are no more volatile than its other deposits. This is due to the nature of the markets in which the subsidiaries operate. |
2. | Cash flow generated by repayment of loans and interest. |
3. | Arrangements with correspondent banks for purchase of unsecured federal funds. |
4. | The sale of securities under repurchase agreements and borrowing from the Federal Home Loan Bank. |
5. | Maintenance of an adequate available-for-sale security portfolio. The Company owns |
Item 1. | Legal Proceedings | None |
Item 1A. | Risk Factors | |
Please refer to Premier's Annual Report on Form 10-K for the year ended December 31, 2016 for disclosures with respect to Premier's risk factors at December 31, 2016. There have been no material changes since year-end 2016 in the specified risk factors disclosed in the Annual Report on Form 10-K. | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | None |
Item 3. | Defaults Upon Senior Securities | None |
Item 4. | Mine Safety Disclosures | Not Applicable |
Item 5. | Other Information | None |
Item 6. | Exhibits |