☒ | 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 |
California | 68-0450397 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
195 N. First Street, Dixon, California | 95620 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbols(s) | Name of each exchange on which registered | ||
None | Not Applicable | Not Applicable |
Securities registered pursuant to Section 12(g) of the Act: | Common Stock, no par value |
Yes | No |
Yes | No |
Large accelerated filer ☐ | Accelerated filer |
Non-accelerated filer | Smaller reporting company ☒ |
Emerging growth company ☐ |
Yes | No |
Page | |
PART I – Financial Information | |
3 | |
3 | |
4 | |
5 | |
6 | |
7 | |
8 | |
50 |
(in thousands, except share amounts) | September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 150,156 | $ | 159,643 | $ | 294,429 | $ | 267,177 | ||||||||
Certificates of deposit | 3,968 | 16,213 | 14,718 | 16,923 | ||||||||||||
Investment securities – available-for-sale | 302,255 | 277,079 | 466,046 | 435,080 | ||||||||||||
Loans, net of allowance for loan losses of $11,563 at September 30, 2017 and $10,899 at December 31, 2016 | 693,066 | 669,770 | ||||||||||||||
Loans, net of allowance for loan losses of $15,713 at March 31, 2021 and $15,416 at December 31, 2020 | 942,404 | 875,830 | ||||||||||||||
Loans held-for-sale | 1,811 | 3,326 | 8,406 | 9,190 | ||||||||||||
Stock in Federal Home Loan Bank and other equity securities, at cost | 5,567 | 4,409 | 6,480 | 6,480 | ||||||||||||
Premises and equipment, net | 6,383 | 7,304 | 6,465 | 6,513 | ||||||||||||
Interest receivable and other assets | 29,644 | 29,019 | 41,033 | 38,183 | ||||||||||||
Total Assets | $ | 1,192,850 | $ | 1,166,763 | $ | 1,779,981 | $ | 1,655,376 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Liabilities: | ||||||||||||||||
Demand deposits | $ | 361,969 | $ | 362,688 | $ | 707,605 | $ | 645,538 | ||||||||
Interest-bearing transaction deposits | 303,075 | 293,343 | 409,194 | 390,126 | ||||||||||||
Savings and MMDA's | 338,220 | 331,730 | ||||||||||||||
Savings and MMDA’s | 431,725 | 385,908 | ||||||||||||||
Time, $250,000 or less | 57,554 | 60,677 | 43,594 | 41,947 | ||||||||||||
Time, over $250,000 | 20,014 | 15,258 | 14,919 | 14,643 | ||||||||||||
Total deposits | 1,080,832 | 1,063,696 | 1,607,037 | 1,478,162 | ||||||||||||
Federal Home Loan Bank advances | 5,000 | 5,000 | ||||||||||||||
Interest payable and other liabilities | 11,374 | 10,769 | 18,145 | 21,557 | ||||||||||||
Total Liabilities | 1,092,206 | 1,074,465 | 1,630,182 | 1,504,719 | ||||||||||||
Stockholders' Equity: | ||||||||||||||||
Common stock, no par value; 16,000,000 shares authorized; 11,172,640 shares issued and outstanding at September 30, 2017 and 11,148,446 shares issued and outstanding at December 31, 2016 | 79,574 | 79,114 | ||||||||||||||
Commitments and contingencies (Note 7) | 0 | 0 | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Common stock, 0 par value; 16,000,000 shares authorized; 13,680,085 shares issued and outstanding at March 31, 2021 and 13,634,463 shares issued and outstanding at December 31, 2020 | 108,000 | 107,527 | ||||||||||||||
Additional paid-in capital | 977 | 977 | 977 | 977 | ||||||||||||
Retained earnings | 22,201 | 14,557 | 39,956 | 37,115 | ||||||||||||
Accumulated other comprehensive loss, net | (2,108 | ) | (2,350 | ) | ||||||||||||
Total Stockholders' Equity | 100,644 | 92,298 | ||||||||||||||
Accumulated other comprehensive income, net | 866 | 5,038 | ||||||||||||||
Total Stockholders’ Equity | 149,799 | 150,657 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,192,850 | $ | 1,166,763 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,779,981 | $ | 1,655,376 |
(in thousands, except per share amounts) | Three months ended September 30, 2017 | Three months ended September 30, 2016 | Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | Three months ended March 31, 2021 | Three months ended March 31, 2020 | ||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||
Loans | $ | 8,394 | $ | 7,771 | $ | 24,566 | $ | 22,802 | $ | 9,237 | $ | 9,235 | ||||||||||||
Due from banks interest bearing accounts | 419 | 215 | 1,042 | 676 | 148 | 533 | ||||||||||||||||||
Investment securities | ||||||||||||||||||||||||
Taxable | 1,252 | 913 | 3,545 | 2,577 | 1,486 | 1,757 | ||||||||||||||||||
Non-taxable | 61 | 66 | 209 | 202 | 143 | 100 | ||||||||||||||||||
Other earning assets | 93 | 97 | 284 | 274 | 82 | 124 | ||||||||||||||||||
Total interest and dividend income | 10,219 | 9,062 | 29,646 | 26,531 | 11,096 | 11,749 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Deposits | 272 | 289 | 792 | 848 | 224 | 518 | ||||||||||||||||||
Total interest expense | 272 | 289 | 792 | 848 | 224 | 518 | ||||||||||||||||||
Net interest income | 9,947 | 8,773 | 28,854 | 25,683 | 10,872 | 11,231 | ||||||||||||||||||
Provision for loan losses | — | 450 | 600 | 1,350 | 300 | 650 | ||||||||||||||||||
Net interest income after provision for loan losses | 9,947 | 8,323 | 28,254 | 24,333 | 10,572 | 10,581 | ||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 532 | 510 | 1,445 | 1,536 | 360 | 436 | ||||||||||||||||||
Gains on sales of other real estate owned | — | — | — | 4 | ||||||||||||||||||||
Gains on sales of loans held-for-sale | 123 | 234 | 418 | 596 | 639 | 164 | ||||||||||||||||||
Investment and brokerage services income | 157 | 139 | 445 | 401 | 144 | 158 | ||||||||||||||||||
Mortgage brokerage income | 32 | 9 | 75 | 31 | 0 | 35 | ||||||||||||||||||
Loan servicing income | 98 | (49 | ) | 364 | 171 | 355 | 123 | |||||||||||||||||
Fiduciary activities income | 122 | 108 | 365 | 326 | ||||||||||||||||||||
Debit card income | 508 | 499 | 1,476 | 1,467 | 599 | 500 | ||||||||||||||||||
Gains (losses) on sales/calls of available-for-sale securities | 2 | (21 | ) | (14 | ) | (7 | ) | |||||||||||||||||
Gain on sale-leaseback of real estate | — | — | 1,187 | — | ||||||||||||||||||||
(Losses) gains on sales/calls of available-for-sale securities | (10 | ) | 38 | |||||||||||||||||||||
Other income | 206 | 228 | 619 | 672 | 203 | 195 | ||||||||||||||||||
Total non-interest income | 1,780 | 1,657 | 6,380 | 5,197 | 2,290 | 1,649 | ||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||
Salaries and employee benefits | 4,445 | 4,039 | 13,649 | 12,323 | 5,639 | 5,752 | ||||||||||||||||||
Occupancy and equipment | 747 | 758 | 2,136 | 2,247 | 827 | 895 | ||||||||||||||||||
Data processing | 430 | 421 | 1,269 | 1,180 | 791 | 615 | ||||||||||||||||||
Stationery and supplies | 85 | 91 | 263 | 275 | 57 | 79 | ||||||||||||||||||
Advertising | 80 | 90 | 226 | 233 | 66 | 70 | ||||||||||||||||||
Directors' fees | 86 | 77 | 221 | 212 | ||||||||||||||||||||
Other real estate owned expense | 4 | — | 3 | 1 | ||||||||||||||||||||
Directors’ fees | 38 | 44 | ||||||||||||||||||||||
Other expense | 1,284 | 1,123 | 4,117 | 3,755 | 1,083 | 1,115 | ||||||||||||||||||
Total non-interest expenses | 7,161 | 6,599 | 21,884 | 20,226 | 8,501 | 8,570 | ||||||||||||||||||
Income before provision for income taxes | 4,566 | 3,381 | 12,750 | 9,304 | 4,361 | 3,660 | ||||||||||||||||||
Provision for income taxes | 1,766 | 1,362 | 4,889 | 3,519 | 1,183 | 981 | ||||||||||||||||||
Net income | $ | 2,800 | $ | 2,019 | $ | 7,861 | $ | 5,785 | $ | 3,178 | $ | 2,679 | ||||||||||||
Basic earnings per common share | $ | 0.25 | $ | 0.18 | $ | 0.71 | $ | 0.52 | $ | 0.24 | $ | 0.20 | ||||||||||||
Diluted earnings per common share | $ | 0.25 | $ | 0.18 | $ | 0.70 | $ | 0.52 | $ | 0.23 | $ | 0.20 |
(in thousands) | Three months ended September 30, 2017 | Three months ended September 30, 2016 | Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | ||||||||||||
Net income | $ | 2,800 | $ | 2,019 | $ | 7,861 | $ | 5,785 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized holding gains arising during the period, net of tax effect of $116 and $(265) for the three months ended September 30, 2017 and September 30, 2016, respectively, and $186 and $347 for the nine months ended September 30, 2017 and September 30, 2016, respectively | 176 | (401 | ) | 280 | 519 | |||||||||||
Less: reclassification adjustment due to (gains) losses realized on sales of securities, net of tax effect of $(1) and $8 for the three months ended September 30, 2017 and September 30, 2016, respectively, and $6 and $3 for the nine months ended September 30, 2017 and September 30, 2016, respectively | (1 | ) | 13 | 8 | 4 | |||||||||||
Directors' and officers' retirement plan equity adjustments, net of tax effect of $0 for the three months ended September 30, 2017 and September 30, 2016, and $(31) and $0 for the nine months ended September 30, 2017 and September 30, 2016, respectively | — | — | (46 | ) | — | |||||||||||
Other comprehensive income (loss), net of tax | $ | 175 | $ | (388 | ) | $ | 242 | $ | 523 | |||||||
Comprehensive income | $ | 2,975 | $ | 1,631 | $ | 8,103 | $ | 6,308 |
(in thousands) | Three months ended March 31, 2021 | Three months ended March 31, 2020 | ||||||
Net income | $ | 3,178 | $ | 2,679 | ||||
Other comprehensive (loss) income, net of tax: | ||||||||
Unrealized holding(losses) gains on securities: | ||||||||
Unrealized holding (losses) gains arising during the period, net of tax effect of $(1,687) and $2,055 for the three-month periods ended March 31, 2021 and March 31, 2020, respectively | (4,179 | ) | 5,096 | |||||
Less: reclassification adjustment due to losses (gains) realized on sales of securities, net of tax effect of $3 and $(11) for the three-month periods ended March 31, 2021 and March 31, 2020, respectively | 7 | (27 | ) | |||||
Other comprehensive (loss) income | $ | (4,172 | ) | $ | 5,069 | |||
Comprehensive (loss) income | $ | (994 | ) | $ | 7,748 |
Common Stock | Common Stock | Additional Paid-in | Retained | Accumulated Other Comprehensive | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amounts | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | Shares | Amounts | Capital | Earnings | Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 10,676,557 | $ | 73,764 | $ | 977 | $ | 11,603 | $ | (495 | ) | $ | 85,849 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 12,919,132 | $ | 100,187 | $ | 977 | $ | 31,617 | $ | 134 | $ | 132,915 | |||||||||||||||||||||||||||||||||||||
Net income | 8,051 | 8,051 | 2,679 | 2,679 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | (1,855 | ) | (1,855 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock dividend adjustment | 505 | 4 | (4 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
4% stock dividend declared in 2017 | 428,786 | 5,088 | (5,088 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Cash in lieu of fractional shares | (101 | ) | (5 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 286 | 286 | ||||||||||||||||||||||||||||||||||||||||||||||
Tax deficiency related to expired, vested non-qualified stock options | (114 | ) | (114 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Common shares issued related to restricted stock grants | 34,976 | 61 | 61 | |||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 7,723 | 25 | 25 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 11,148,446 | $ | 79,114 | $ | 977 | $ | 14,557 | $ | (2,350 | ) | $ | 92,298 | ||||||||||||||||||||||||||||||||||||
Net income | 7,861 | 7,861 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 242 | 242 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 5,069 | 5,069 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock dividend adjustment | 289 | 207 | (207 | ) | — | 1,310 | 348 | (348 | ) | 0 | ||||||||||||||||||||||||||||||||||||||
Cash in lieu of fractional shares | (129 | ) | (10 | ) | (10 | ) | (166 | ) | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 253 | 253 | 134 | 134 | ||||||||||||||||||||||||||||||||||||||||||||
Common shares issued related to restricted stock grants, net of restricted stock reversals | 24,034 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2017 | 11,172,640 | $ | 79,574 | $ | 977 | $ | 22,201 | $ | (2,108 | ) | $ | 100,644 | ||||||||||||||||||||||||||||||||||||
Common shares issued related to restricted stock grants, net of reversals | 38,224 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised, net | 10,067 | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 12,968,567 | $ | 100,673 | $ | 977 | $ | 33,940 | $ | 5,203 | $ | 140,793 | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 13,634,463 | $ | 107,527 | $ | 977 | $ | 37,115 | $ | 5,038 | $ | 150,657 | |||||||||||||||||||||||||||||||||||||
Net income | 3,178 | 3,178 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (4,172 | ) | (4,172 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Stock dividend adjustment | 1,282 | 329 | (329 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Cash in lieu of fractional shares | (168 | ) | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 144 | 144 | ||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued related to restricted stock grants | 38,400 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised, net | 6,108 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 13,680,085 | $ | 108,000 | $ | 977 | $ | 39,956 | $ | 866 | $ | 149,799 |
(in thousands) | (in thousands) | |||||||||||||||
Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net income | $ | 7,861 | $ | 5,785 | $ | 3,178 | $ | 2,679 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation | 449 | 469 | 188 | 239 | ||||||||||||
Accretion and amortization of investment securities premiums and discounts, net | 2,751 | 2,197 | 845 | 404 | ||||||||||||
Valuation adjustment on mortgage servicing rights | (21 | ) | 169 | (123 | ) | 0 | ||||||||||
Increase in deferred loan origination fees and costs, net | 237 | 14 | 2,357 | 22 | ||||||||||||
Provision for loan losses | 600 | 1,350 | 300 | 650 | ||||||||||||
Stock-based compensation | 253 | 208 | 144 | 134 | ||||||||||||
Losses (gain) on sales/calls of available-for-sale securities | 14 | 7 | ||||||||||||||
Gain on sale-leaseback of real estate | (1,187 | ) | — | |||||||||||||
Gains on sales of other real estate owned | — | (4 | ) | |||||||||||||
Gains on sales of loans held-for-sale | (418 | ) | (596 | ) | ||||||||||||
Losses (gains) on sales/calls of available-for-sale securities | 10 | (38 | ) | |||||||||||||
Amortization of operating lease right-of-use asset | 251 | 254 | ||||||||||||||
Gain on sales of loans held-for-sale | (639 | ) | (164 | ) | ||||||||||||
Proceeds from sales of loans held-for-sale | 21,823 | 28,423 | 22,165 | 7,870 | ||||||||||||
Originations of loans held-for-sale | (19,890 | ) | (29,668 | ) | (22,507 | ) | (10,040 | ) | ||||||||
Changes in assets and liabilities: | ||||||||||||||||
Increase in interest receivable and other assets | (765 | ) | (1,283 | ) | (1,294 | ) | (4,908 | ) | ||||||||
Increase (decrease) in interest payable and other liabilities | 528 | (429 | ) | |||||||||||||
Net cash provided by operating activities | 12,235 | 6,642 | ||||||||||||||
Net decrease in interest payable and other liabilities | (3,412 | ) | (2,671 | ) | ||||||||||||
Net cash used in operating activities | 1,463 | (5,569 | ) | |||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Proceeds from calls or maturities of available-for-sale securities | 8,075 | 31,464 | 5,750 | 9,700 | ||||||||||||
Proceeds from sales of available-for-sale securities | 462 | 756 | 3,643 | 10,344 | ||||||||||||
Principal repayments on available-for-sale securities | 37,130 | 25,409 | 19,984 | 14,333 | ||||||||||||
Purchase of available-for-sale securities | (73,128 | ) | (133,414 | ) | (67,054 | ) | (39,683 | ) | ||||||||
Net decrease (increase) in certificates of deposit | 12,245 | (60 | ) | 2,205 | (10,045 | ) | ||||||||||
Net increase in loans | (24,133 | ) | (39,974 | ) | ||||||||||||
Net increase in stock in Federal Home Loan Bank and other equity securities, at cost | (1,158 | ) | (475 | ) | ||||||||||||
Proceeds from sale of other real estate owned | — | 221 | ||||||||||||||
Proceeds from sale of bank premises and equipment | 2,868 | — | ||||||||||||||
Purchases of bank premises and equipment, net | (1,209 | ) | (888 | ) | ||||||||||||
Net (increase) decrease in loans | (67,466 | ) | 9,943 | |||||||||||||
Purchases of premises and equipment | (140 | ) | (49 | ) | ||||||||||||
Net cash used in investing activities | (38,848 | ) | (116,961 | ) | (103,078 | ) | (5,457 | ) | ||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Net increase in deposits | 17,136 | 68,411 | 128,875 | 43,398 | ||||||||||||
Cash dividends paid in lieu of fractional shares | (10 | ) | (5 | ) | (8 | ) | (8 | ) | ||||||||
Stock options exercised | — | 25 | 0 | 4 | ||||||||||||
Net cash provided by financing activities | 17,126 | 68,431 | 128,867 | 43,394 | ||||||||||||
Net decrease in Cash and Cash Equivalents | (9,487 | ) | (41,888 | ) | ||||||||||||
Net increase in Cash and Cash Equivalents | 27,252 | 32,368 | ||||||||||||||
Cash and Cash Equivalents, beginning of period | 159,643 | 200,797 | 267,177 | 111,493 | ||||||||||||
Cash and Cash Equivalents, end of period | $ | 150,156 | $ | 158,909 | $ | 294,429 | $ | 143,861 | ||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest | $ | 775 | $ | 819 | $ | 219 | $ | 517 | ||||||||
Income taxes | $ | 5,115 | $ | 3,940 | ||||||||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||||||||||
Stock dividend distributed | $ | 5,295 | $ | 3,351 | $ | 6,636 | $ | 7,016 | ||||||||
Transfer of loans held-for-investment to other real estate owned | $ | — | $ | 217 | ||||||||||||
Decrease in directors' & officers' retirement plan equity adjustment, net of tax | $ | (46 | ) | $ | — | |||||||||||
Change in unrealized holding gains (losses) on available for sale securities, net of taxes | $ | 288 | $ | 523 | ||||||||||||
Unrealized holding (losses) gains on available for sale securities, net of taxes | $ | (4,172 | ) | $ | 5,069 | |||||||||||
Transfer of loans held-for-sale to loans held-for-investment | $ | 1,765 | 0 |
1. | BASIS OF PRESENTATION |
2. | ACCOUNTING POLICIES |
3. | INVESTMENT SECURITIES |
(in thousands) | Amortized cost | Unrealized gains | Unrealized losses | Estimated fair value | Amortized cost | Unrealized gains | Unrealized losses | Estimated fair value | ||||||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury Securities | $ | 28,621 | $ | — | $ | (81 | ) | $ | 28,540 | $ | 47,264 | $ | 820 | $ | (155 | ) | $ | 47,929 | ||||||||||||||
Securities of U.S. government agencies and corporations | 22,363 | 3 | (142 | ) | 22,224 | 106,427 | 934 | (2,129 | ) | 105,232 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 24,438 | 275 | (88 | ) | 24,625 | 29,891 | 1,407 | (207 | ) | 31,091 | ||||||||||||||||||||||
Collateralized mortgage obligations | 71,385 | 2 | (1,011 | ) | 70,376 | 74,735 | 1,796 | (219 | ) | 76,312 | ||||||||||||||||||||||
Mortgage-backed securities | 157,764 | 209 | (1,483 | ) | 156,490 | 203,486 | 3,486 | (1,490 | ) | 205,482 | ||||||||||||||||||||||
Total debt securities | $ | 304,571 | $ | 489 | $ | (2,805 | ) | $ | 302,255 | $ | 461,803 | $ | 8,443 | $ | (4,200 | ) | $ | 466,046 |
(in thousands) | Amortized cost | Unrealized gains | Unrealized losses | Estimated fair value | Amortized cost | Unrealized gains | Unrealized losses | Estimated fair value | ||||||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury Securities | $ | 28,738 | $ | 2 | $ | (88 | ) | $ | 28,652 | $ | 37,910 | $ | 982 | $ | (1 | ) | $ | 38,891 | ||||||||||||||
Securities of U.S. government agencies and corporations | 24,382 | 2 | (187 | ) | 24,197 | 105,506 | 1,317 | (265 | ) | 106,558 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 30,870 | 271 | (253 | ) | 30,888 | 31,013 | 1,878 | (9 | ) | 32,882 | ||||||||||||||||||||||
Collateralized mortgage obligations | 51,002 | 1 | (1,065 | ) | 49,938 | 71,531 | 1,937 | (8 | ) | 73,460 | ||||||||||||||||||||||
Mortgage-backed securities | 144,883 | 280 | (1,759 | ) | 143,404 | 179,021 | 4,359 | (91 | ) | 183,289 | ||||||||||||||||||||||
Total debt securities | $ | 279,875 | $ | 556 | $ | (3,352 | ) | $ | 277,079 | $ | 424,981 | $ | 10,473 | $ | (374 | ) | $ | 435,080 |
(in thousands) | Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | ||||||||||||
Maturity in years: | ||||||||||||||||
Due in one year or less | $ | 28,811 | $ | 28,792 | $ | 17,585 | $ | 17,746 | ||||||||
Due after one year through five years | 41,325 | 41,114 | 82,350 | 83,346 | ||||||||||||
Due after five years through ten years | 5,286 | 5,483 | 65,385 | 64,322 | ||||||||||||
Due after ten years | — | — | 18,262 | 18,838 | ||||||||||||
Subtotal | 75,422 | 75,389 | 183,582 | 184,252 | ||||||||||||
MBS & CMO | 229,149 | 226,866 | 278,221 | 281,794 | ||||||||||||
Total | $ | 304,571 | $ | 302,255 | $ | 461,803 | $ | 466,046 |
Less than 12 months | 12 months or more | Total | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 28,539 | $ | (81 | ) | $ | — | $ | — | $ | 28,539 | $ | (81 | ) | ||||||||||||||||||||||||||||||||||
U.S. Treasury Securities | 19,774 | (155 | ) | 0 | 0 | 19,774 | (155 | ) | ||||||||||||||||||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | 20,221 | (142 | ) | — | — | 20,221 | (142 | ) | $ | 71,221 | $ | (2,129 | ) | $ | 0 | $ | 0 | $ | 71,221 | $ | (2,129 | ) | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 12,051 | (80 | ) | 2,668 | (8 | ) | 14,719 | (88 | ) | 8,336 | (207 | ) | 0 | 0 | 8,336 | (207 | ) | |||||||||||||||||||||||||||||||
Collateralized Mortgage obligations | 60,649 | (865 | ) | 7,216 | (146 | ) | 67,865 | (1,011 | ) | 11,024 | (219 | ) | 0 | 0 | 11,024 | (219 | ) | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 88,329 | (722 | ) | 40,835 | (761 | ) | 129,164 | (1,483 | ) | 93,314 | (1,490 | ) | 0 | 0 | 93,314 | (1,490 | ) | |||||||||||||||||||||||||||||||
Total | $ | 209,789 | $ | (1,890 | ) | $ | 50,719 | $ | (915 | ) | $ | 260,508 | $ | (2,805 | ) | $ | 203,669 | $ | (4,200 | ) | $ | 0 | $ | 0 | $ | 203,669 | $ | (4,200 | ) |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities | $ | 23,564 | $ | (88 | ) | $ | — | $ | — | $ | 23,564 | $ | (88 | ) | $ | 4,276 | $ | (1 | ) | $ | 0 | $ | 0 | $ | 4,276 | $ | (1 | ) | ||||||||||||||||||||
Securities of U.S. government agencies and corporations | 22,195 | (187 | ) | — | — | 22,195 | (187 | ) | 58,164 | (265 | ) | 0 | 0 | 58,164 | (265 | ) | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 16,168 | (245 | ) | 996 | (8 | ) | 17,164 | (253 | ) | 1,603 | (9 | ) | 0 | 0 | 1,603 | (9 | ) | |||||||||||||||||||||||||||||||
Collateralized Mortgage obligations | 49,805 | (1,065 | ) | — | — | 49,805 | (1,065 | ) | 1,697 | (8 | ) | 0 | 0 | 1,697 | (8 | ) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 109,092 | (1,678 | ) | 4,829 | (81 | ) | 113,921 | (1,759 | ) | 30,208 | (91 | ) | 0 | 0 | 30,208 | (91 | ) | |||||||||||||||||||||||||||||||
Total | $ | 220,824 | $ | (3,263 | ) | $ | 5,825 | $ | (89 | ) | $ | 226,649 | $ | (3,352 | ) | $ | 95,948 | $ | (374 | ) | $ | 0 | $ | 0 | $ | 95,948 | $ | (374 | ) |
4. | LOANS |
($ in thousands) | September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | ||||||||||||
Commercial | $ | 123,656 | $ | 126,311 | $ | 293,148 | $ | 255,926 | ||||||||
Commercial Real Estate | 366,350 | 344,210 | 496,848 | 454,053 | ||||||||||||
Agriculture | 109,140 | 101,905 | 79,955 | 95,048 | ||||||||||||
Residential Mortgage | 42,844 | 40,237 | 71,112 | 64,497 | ||||||||||||
Residential Construction | 21,969 | 23,650 | 2,662 | 4,223 | ||||||||||||
Consumer | 39,801 | 43,250 | 18,717 | 19,467 | ||||||||||||
962,442 | 893,214 | |||||||||||||||
703,760 | 679,563 | |||||||||||||||
Allowance for loan losses | (11,563 | ) | (10,899 | ) | (15,713 | ) | (15,416 | ) | ||||||||
Net deferred origination fees and costs | 869 | 1,106 | (4,325 | ) | (1,968 | ) | ||||||||||
Loans, net | $ | 693,066 | $ | 669,770 | $ | 942,404 | $ | 875,830 |
($ in thousands) | Current & Accruing | 30-59 Days Past Due & Accruing | 60-89 Days Past Due & Accruing | 90 Days or more Past Due & Accruing | Nonaccrual | Total Loans | Current & Accruing | 30-59 Days Past Due & Accruing | 60-89 Days Past Due & Accruing | 90 Days or more Past Due & Accruing | Nonaccrual | Total Loans | ||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 122,624 | $ | 515 | $ | — | $ | — | $ | 517 | $ | 123,656 | $ | 292,494 | $ | 370 | $ | 0 | $ | 0 | $ | 284 | $ | 293,148 | ||||||||||||||||||||||||
Commercial Real Estate | 363,725 | 105 | — | 755 | 1,765 | 366,350 | 490,045 | 0 | 0 | 0 | 6,803 | 496,848 | ||||||||||||||||||||||||||||||||||||
Agriculture | 109,140 | — | — | — | — | 109,140 | 70,825 | 0 | 0 | 0 | 9,130 | 79,955 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | 42,368 | 351 | — | — | 125 | 42,844 | 70,740 | 224 | 0 | 0 | 148 | 71,112 | ||||||||||||||||||||||||||||||||||||
Residential Construction | 21,969 | — | — | — | — | 21,969 | 2,662 | 0 | 0 | 0 | 0 | 2,662 | ||||||||||||||||||||||||||||||||||||
Consumer | 39,383 | 42 | 2 | — | 374 | 39,801 | 18,030 | 0 | 0 | 0 | 687 | 18,717 | ||||||||||||||||||||||||||||||||||||
Total | $ | 699,209 | $ | 1,013 | $ | 2 | $ | 755 | $ | 2,781 | $ | 703,760 | $ | 944,796 | $ | 594 | $ | 0 | $ | 0 | $ | 17,052 | $ | 962,442 | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 121,311 | $ | — | $ | — | $ | — | $ | 5,000 | $ | 126,311 | $ | 255,563 | $ | 0 | $ | 0 | $ | 0 | $ | 363 | $ | 255,926 | ||||||||||||||||||||||||
Commercial Real Estate | 343,186 | 484 | — | — | 540 | 344,210 | 449,178 | 0 | 0 | 0 | 4,875 | 454,053 | ||||||||||||||||||||||||||||||||||||
Agriculture | 101,905 | — | — | — | — | 101,905 | 85,918 | 0 | 0 | 0 | 9,130 | 95,048 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | 39,463 | — | 120 | — | 654 | 40,237 | 64,344 | 0 | 0 | 0 | 153 | 64,497 | ||||||||||||||||||||||||||||||||||||
Residential Construction | 23,650 | — | — | — | — | 23,650 | 4,223 | 0 | 0 | 0 | 0 | 4,223 | ||||||||||||||||||||||||||||||||||||
Consumer | 43,106 | — | 41 | — | 103 | 43,250 | 18,777 | 0 | 0 | 0 | 690 | 19,467 | ||||||||||||||||||||||||||||||||||||
Total | $ | 672,621 | $ | 484 | $ | 161 | $ | — | $ | 6,297 | $ | 679,563 | $ | 878,003 | $ | 0 | $ | 0 | $ | 0 | $ | 15,211 | $ | 893,214 |
($ in thousands) | Unpaid Contractual Principal Balance | Recorded Investment with no Allowance | Recorded Investment with Allowance | Total Recorded Investment | Related Allowance | Unpaid Contractual Principal Balance | Recorded Investment with no Allowance | Recorded Investment with Allowance | Total Recorded Investment | Related Allowance | ||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,297 | $ | 517 | $ | 2,660 | $ | 3,177 | $ | 59 | $ | 335 | $ | 284 | $ | 0 | $ | 284 | $ | 0 | ||||||||||||||||||||
Commercial Real Estate | 2,888 | 1,765 | 1,031 | 2,796 | 40 | 7,158 | 6,803 | 0 | 6,803 | 0 | ||||||||||||||||||||||||||||||
Agriculture | — | — | — | — | — | 9,189 | 1,365 | 7,765 | 9,130 | 3,964 | ||||||||||||||||||||||||||||||
Residential Mortgage | 2,653 | 125 | 2,300 | 2,425 | 564 | 1,035 | 148 | 876 | 1,024 | 155 | ||||||||||||||||||||||||||||||
Residential Construction | 659 | — | 659 | 659 | 79 | 255 | 0 | 255 | 255 | 4 | ||||||||||||||||||||||||||||||
Consumer | 589 | 374 | 215 | 589 | 4 | 771 | 687 | 64 | 751 | 1 | ||||||||||||||||||||||||||||||
Total | $ | 10,086 | $ | 2,781 | $ | 6,865 | $ | 9,646 | $ | 746 | $ | 18,743 | $ | 9,287 | $ | 8,960 | $ | 18,247 | $ | 4,124 | ||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 5,578 | $ | — | $ | 5,578 | $ | 5,578 | $ | 898 | $ | 1,087 | $ | 363 | $ | 661 | $ | 1,024 | $ | 11 | ||||||||||||||||||||
Commercial Real Estate | 885 | 540 | 283 | 823 | 39 | 5,146 | 4,875 | 0 | 4,875 | 0 | ||||||||||||||||||||||||||||||
Agriculture | — | — | — | — | — | 9,189 | 1,365 | 7,765 | 9,130 | 2,093 | ||||||||||||||||||||||||||||||
Residential Mortgage | 3,392 | 654 | 2,380 | 3,034 | 584 | 1,046 | 153 | 883 | 1,036 | 159 | ||||||||||||||||||||||||||||||
Residential Construction | 820 | — | 820 | 820 | 98 | 684 | 0 | 652 | 652 | 83 | ||||||||||||||||||||||||||||||
Consumer | 708 | 103 | 601 | 704 | 25 | 773 | 690 | 64 | 754 | 1 | ||||||||||||||||||||||||||||||
Total | $ | 11,383 | $ | 1,297 | $ | 9,662 | $ | 10,959 | $ | 1,644 | $ | 17,925 | $ | 7,446 | $ | 10,025 | $ | 17,471 | $ | 2,347 |
($ in thousands) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
Commercial | $ | 3,359 | $ | 91 | $ | 3,232 | $ | 6 | $ | 654 | $ | 1 | $ | 1,557 | $ | 21 | ||||||||||||||||
Commercial Real Estate | 2,164 | 4 | 857 | 4 | 5,839 | 0 | 735 | 4 | ||||||||||||||||||||||||
Agriculture | — | — | — | — | 9,130 | 0 | 0 | 0 | ||||||||||||||||||||||||
Residential Mortgage | 2,438 | 23 | 2,973 | 24 | 1,030 | 8 | 1,079 | 9 | ||||||||||||||||||||||||
Residential Construction | 732 | 9 | 982 | 12 | 453 | 4 | 686 | 9 | ||||||||||||||||||||||||
Consumer | 590 | 3 | 768 | 9 | 753 | 1 | 332 | 1 | ||||||||||||||||||||||||
Total | $ | 9,283 | $ | 130 | $ | 8,812 | $ | 55 | $ | 17,859 | $ | 14 | $ | 4,389 | $ | 44 |
($ in thousands) | Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
Commercial | $ | 4,460 | $ | 108 | $ | 2,111 | $ | 28 | ||||||||
Commercial Real Estate | 1,487 | 12 | 966 | 12 | ||||||||||||
Agriculture | — | — | — | — | ||||||||||||
Residential Mortgage | 2,733 | 77 | 3,267 | 71 | ||||||||||||
Residential Construction | 774 | 28 | 991 | 35 | ||||||||||||
Consumer | 620 | 20 | 890 | 62 | ||||||||||||
Total | $ | 10,074 | $ | 245 | $ | 8,225 | $ | 208 |
($ in thousands) | Three Months Ended September 30, 2017 | |||||||||||
Number of Contracts | Pre-modification outstanding recorded investment | Post- modification outstanding recorded investment | ||||||||||
Commercial | 1 | $ | 2,410 | $ | 2,410 | |||||||
Total | 1 | $ | 2,410 | $ | 2,410 |
($ in thousands) | Nine Months Ended September 30, 2017 | |||||||||||
Number of Contracts | Pre-modification outstanding recorded investment | Post- modification outstanding recorded investment | ||||||||||
Commercial | 1 | $ | 2,410 | $ | 2,410 | |||||||
Total | 1 | $ | 2,410 | $ | 2,410 |
($ in thousands) | Nine Months Ended September 30, 2016 | |||||||||||
Number of Contracts | Pre-modification outstanding recorded investment | Post- modification outstanding recorded investment | ||||||||||
Commercial | 1 | $ | 180 | $ | 180 | |||||||
Total | 1 | $ | 180 | $ | 180 |
($ in thousands) | Pass | Special Mention | Substandard | Doubtful | Loss | Total | Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 115,345 | $ | 7,518 | $ | 793 | $ | — | $ | — | $ | 123,656 | $ | 282,088 | $ | 9,985 | $ | 1,075 | $ | 0 | $ | 0 | $ | 293,148 | ||||||||||||||||||||||||
Commercial Real Estate | 352,396 | 11,434 | 2,520 | — | — | 366,350 | 479,879 | 4,189 | 12,780 | 0 | 0 | 496,848 | ||||||||||||||||||||||||||||||||||||
Agriculture | 105,941 | 3,154 | 45 | — | — | 109,140 | 68,576 | 0 | 3,614 | 7,765 | 0 | 79,955 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | 41,132 | 1,579 | 133 | — | — | 42,844 | 70,648 | 0 | 464 | 0 | 0 | 71,112 | ||||||||||||||||||||||||||||||||||||
Residential Construction | 21,969 | — | — | — | — | 21,969 | 2,662 | 0 | 0 | 0 | 0 | 2,662 | ||||||||||||||||||||||||||||||||||||
Consumer | 38,888 | 500 | 413 | — | — | 39,801 | 17,950 | 0 | 767 | 0 | 0 | 18,717 | ||||||||||||||||||||||||||||||||||||
Total | $ | 675,671 | $ | 24,185 | $ | 3,904 | $ | — | $ | — | $ | 703,760 | $ | 921,803 | $ | 14,174 | $ | 18,700 | $ | 7,765 | $ | 0 | $ | 962,442 | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 112,656 | $ | 7,294 | $ | 6,361 | $ | — | $ | — | $ | 126,311 | $ | 244,327 | $ | 10,731 | $ | 868 | $ | 0 | $ | 0 | $ | 255,926 | ||||||||||||||||||||||||
Commercial Real Estate | 331,653 | 11,058 | 1,499 | — | — | 344,210 | 431,381 | 9,255 | 13,417 | 0 | 0 | 454,053 | ||||||||||||||||||||||||||||||||||||
Agriculture | 101,820 | — | 85 | — | — | 101,905 | 83,493 | 0 | 11,555 | 0 | 0 | 95,048 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | 37,831 | 1,751 | 655 | — | — | 40,237 | 64,018 | 0 | 479 | 0 | 0 | 64,497 | ||||||||||||||||||||||||||||||||||||
Residential Construction | 23,070 | 436 | 144 | — | — | 23,650 | 4,223 | 0 | 0 | 0 | 0 | 4,223 | ||||||||||||||||||||||||||||||||||||
Consumer | 41,826 | 547 | 877 | — | — | 43,250 | 18,697 | 0 | 770 | 0 | 0 | 19,467 | ||||||||||||||||||||||||||||||||||||
Total | $ | 648,856 | $ | 21,086 | $ | 9,621 | $ | — | $ | — | $ | 679,563 | $ | 846,139 | $ | 19,986 | $ | 27,089 | $ | 0 | $ | 0 | $ | 893,214 |
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of June 30, 2017 | $ | 3,060 | $ | 4,883 | $ | 1,375 | $ | 677 | $ | 477 | $ | 378 | $ | 870 | $ | 11,720 | ||||||||||||||||
Provision for loan losses | (547 | ) | 577 | 101 | (21 | ) | (56 | ) | 40 | (94 | ) | — | ||||||||||||||||||||
Charge-offs | (220 | ) | — | — | — | — | (9 | ) | — | (229 | ) | |||||||||||||||||||||
Recoveries | 26 | — | — | 6 | 2 | 38 | — | 72 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (194 | ) | — | — | 6 | 2 | 29 | — | (157 | ) | ||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 2,319 | $ | 5,460 | $ | 1,476 | $ | 662 | $ | 423 | $ | 447 | $ | 776 | $ | 11,563 |
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 3,571 | $ | 3,910 | $ | 1,262 | $ | 660 | $ | 440 | $ | 498 | $ | 558 | $ | 10,899 | ||||||||||||||||
Provision for loan losses | (1,181 | ) | 1,550 | 214 | (94 | ) | (21 | ) | (86 | ) | 218 | 600 | ||||||||||||||||||||
Charge-offs | (220 | ) | — | — | — | — | (25 | ) | — | (245 | ) | |||||||||||||||||||||
Recoveries | 149 | — | — | 96 | 4 | 60 | — | 309 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (71 | ) | — | — | 96 | 4 | 35 | — | 64 | |||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 2,319 | $ | 5,460 | $ | 1,476 | $ | 662 | $ | 423 | $ | 447 | $ | 776 | $ | 11,563 |
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Period-end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 59 | $ | 40 | $ | — | $ | 564 | $ | 79 | $ | 4 | $ | — | $ | 746 | ||||||||||||||||
Loans collectively evaluated for impairment | 2,260 | 5,420 | 1,476 | 98 | 344 | 443 | 776 | 10,817 | ||||||||||||||||||||||||
Ending Balance | $ | 2,319 | $ | 5,460 | $ | 1,476 | $ | 662 | $ | 423 | $ | 447 | $ | 776 | $ | 11,563 |
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of June 30, 2016 | $ | 3,175 | $ | 3,584 | $ | 1,150 | $ | 690 | $ | 390 | $ | 555 | $ | 486 | $ | 10,030 | ||||||||||||||||
Provision for loan losses | 556 | 92 | 56 | (25 | ) | 7 | (36 | ) | (200 | ) | 450 | |||||||||||||||||||||
Charge-offs | (187 | ) | — | — | — | — | (17 | ) | — | (204 | ) | |||||||||||||||||||||
Recoveries | 6 | — | — | — | 2 | 11 | — | 19 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (181 | ) | — | — | — | 2 | (6 | ) | — | (185 | ) | |||||||||||||||||||||
Balance as of September 30, 2016 | $ | 3,550 | $ | 3,676 | $ | 1,206 | $ | 665 | $ | 399 | $ | 513 | $ | 286 | $ | 10,295 |
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 2,252 | $ | 7,915 | $ | 3,834 | $ | 635 | $ | 128 | $ | 214 | $ | 438 | $ | 15,416 | ||||||||||||||||
Provision for (reversal of) loan losses | (779 | ) | (354 | ) | 1,337 | 45 | (91 | ) | (30 | ) | 172 | 300 | ||||||||||||||||||||
Charge-offs | (13 | ) | 0 | 0 | 0 | 0 | (3 | ) | 0 | (16 | ) | |||||||||||||||||||||
Recoveries | 8 | 0 | 0 | 0 | 0 | 5 | 0 | 13 | ||||||||||||||||||||||||
Net charge-offs | (5 | ) | 0 | 0 | 0 | 0 | 2 | 0 | (3 | ) | ||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 1,468 | $ | 7,561 | $ | 5,171 | $ | 680 | $ | 37 | $ | 186 | $ | 610 | $ | 15,713 | ||||||||||||||||
Period-end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 0 | 0 | 3,964 | 155 | 4 | 1 | 0 | 4,124 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,468 | 7,561 | 1,207 | 525 | 33 | 185 | 610 | 11,589 | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 1,468 | $ | 7,561 | $ | 5,171 | $ | 680 | $ | 37 | $ | 186 | $ | 610 | $ | 15,713 |
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | 3,097 | $ | 3,343 | $ | 1,060 | $ | 739 | $ | 334 | $ | 641 | $ | 37 | $ | 9,251 | ||||||||||||||||
Provision for loan losses | 836 | 348 | 65 | (75 | ) | 61 | (134 | ) | 249 | 1,350 | ||||||||||||||||||||||
Charge-offs | (417 | ) | (15 | ) | — | — | — | (52 | ) | — | (484 | ) | ||||||||||||||||||||
Recoveries | 34 | — | 81 | 1 | 4 | 58 | — | 178 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (383 | ) | (15 | ) | 81 | 1 | 4 | 6 | — | (306 | ) | |||||||||||||||||||||
Balance as of September 30, 2016 | $ | 3,550 | $ | 3,676 | $ | 1,206 | $ | 665 | $ | 399 | $ | 513 | $ | 286 | $ | 10,295 |
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 2,354 | $ | 6,846 | $ | 2,054 | $ | 466 | $ | 201 | $ | 236 | $ | 199 | $ | 12,356 | ||||||||||||||||
Provision for (reversal of) loan losses | 386 | 560 | (266 | ) | 70 | 59 | 18 | (177 | ) | 650 | ||||||||||||||||||||||
Charge-offs | (145 | ) | 0 | 0 | 0 | 0 | (9 | ) | 0 | (154 | ) | |||||||||||||||||||||
Recoveries | 11 | 0 | 0 | 0 | 0 | 6 | 0 | 17 | ||||||||||||||||||||||||
Net charge-offs | (134 | ) | 0 | 0 | 0 | 0 | (3 | ) | 0 | (137 | ) | |||||||||||||||||||||
Balance as of March 31, 2020 | $ | 2,606 | $ | 7,406 | $ | 1,788 | $ | 536 | $ | 260 | $ | 251 | $ | 22 | $ | 12,869 | ||||||||||||||||
Period-end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 21 | 19 | 0 | 168 | 49 | 2 | 0 | 259 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,585 | 7,387 | 1,788 | 368 | 211 | 249 | 22 | 12,610 | ||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 2,606 | $ | 7,406 | $ | 1,788 | $ | 536 | $ | 260 | $ | 251 | $ | 22 | $ | 12,869 |
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Period-end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 906 | $ | 40 | $ | — | $ | 591 | $ | 105 | $ | 38 | $ | — | $ | 1,680 | ||||||||||||||||
Loans collectively evaluated for impairment | 2,644 | 3,636 | 1,206 | 74 | 294 | 475 | 286 | 8,615 | ||||||||||||||||||||||||
Ending Balance | $ | 3,550 | $ | 3,676 | $ | 1,206 | $ | 665 | $ | 399 | $ | 513 | $ | 286 | $ | 10,295 |
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 2,354 | $ | 6,846 | $ | 2,054 | $ | 466 | $ | 201 | $ | 236 | $ | 199 | $ | 12,356 | ||||||||||||||||
Provision for (reversal of) loan losses | (91 | ) | 1,069 | 1,780 | 169 | (73 | ) | (43 | ) | 239 | 3,050 | |||||||||||||||||||||
Charge-offs | (212 | ) | 0 | 0 | 0 | 0 | (15 | ) | 0 | (227 | ) | |||||||||||||||||||||
Recoveries | 201 | 0 | 0 | 0 | 0 | 36 | 0 | 237 | ||||||||||||||||||||||||
Net recoveries | (11 | ) | 0 | 0 | 0 | 0 | 21 | 0 | 10 | |||||||||||||||||||||||
Ending Balance | 2,252 | 7,915 | 3,834 | 635 | 128 | 214 | 438 | 15,416 | ||||||||||||||||||||||||
Period-end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 11 | 0 | 2,093 | 159 | 83 | 1 | 0 | 2,347 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,241 | 7,915 | 1,741 | 476 | 45 | 213 | 438 | 13,069 | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 2,252 | $ | 7,915 | $ | 3,834 | $ | 635 | $ | 128 | $ | 214 | $ | 438 | $ | 15,416 |
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Unallocated | Total | ||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | 3,097 | $ | 3,343 | $ | 1,060 | $ | 739 | $ | 334 | $ | 641 | $ | 37 | $ | 9,251 | ||||||||||||||||
Provision for loan losses | 883 | 582 | 121 | (67 | ) | 101 | (341 | ) | 521 | 1,800 | ||||||||||||||||||||||
Charge-offs | (446 | ) | (15 | ) | — | (13 | ) | — | (65 | ) | — | (539 | ) | |||||||||||||||||||
Recoveries | 37 | — | 81 | 1 | 5 | 263 | — | 387 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (409 | ) | (15 | ) | 81 | (12 | ) | 5 | 198 | — | (152 | ) | ||||||||||||||||||||
Ending Balance | $ | 3,571 | $ | 3,910 | $ | 1,262 | $ | 660 | $ | 440 | $ | 498 | $ | 558 | $ | 10,899 | ||||||||||||||||
Period-end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 898 | $ | 39 | $ | — | $ | 584 | $ | 98 | $ | 25 | $ | — | $ | 1,644 | ||||||||||||||||
Loans collectively evaluated for impairment | 2,673 | 3,871 | 1,262 | 76 | 342 | 473 | 558 | 9,255 | ||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 3,571 | $ | 3,910 | $ | 1,262 | $ | 660 | $ | 440 | $ | 498 | $ | 558 | $ | 10,899 |
($ in thousands) | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Total | Commercial | Commercial Real Estate | Agriculture | Residential Mortgage | Residential Construction | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,177 | $ | 2,796 | $ | — | $ | 2,425 | $ | 659 | $ | 589 | $ | 9,646 | $ | 284 | $ | 6,803 | $ | 9,130 | $ | 1,024 | $ | 255 | $ | 751 | $ | 18,247 | ||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 120,479 | 363,554 | 109,140 | 40,419 | 21,310 | 39,212 | 694,114 | 292,864 | 490,045 | 70,825 | 70,088 | 2,407 | 17,966 | 944,195 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 123,656 | $ | 366,350 | $ | 109,140 | $ | 42,844 | $ | 21,969 | $ | 39,801 | $ | 703,760 | $ | 293,148 | $ | 496,848 | $ | 79,955 | $ | 71,112 | $ | 2,662 | $ | 18,717 | $ | 962,442 | ||||||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,647 | $ | 845 | $ | — | $ | 2,961 | $ | 976 | $ | 763 | $ | 11,192 | $ | 1,462 | $ | 756 | $ | 0 | $ | 1,075 | $ | 681 | $ | 330 | $ | 4,304 | ||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 122,192 | 321,777 | 97,257 | 38,719 | 19,620 | 42,789 | 642,354 | 111,884 | 451,855 | 94,303 | 65,109 | 18,405 | 24,705 | 766,261 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 127,839 | $ | 322,622 | $ | 97,257 | $ | 41,680 | $ | 20,596 | $ | 43,552 | $ | 653,546 | $ | 113,346 | $ | 452,611 | $ | 94,303 | $ | 66,184 | $ | 19,086 | $ | 25,035 | $ | 770,565 | ||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,578 | $ | 823 | $ | — | $ | 3,034 | $ | 820 | $ | 704 | $ | 10,959 | $ | 1,024 | $ | 4,875 | $ | 9,130 | $ | 1,036 | $ | 652 | $ | 754 | $ | 17,471 | ||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 120,733 | 343,387 | 101,905 | 37,203 | 22,830 | 42,546 | 668,604 | 254,902 | 449,178 | 85,918 | 63,461 | 3,571 | 18,713 | 875,743 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 126,311 | $ | 344,210 | $ | 101,905 | $ | 40,237 | $ | 23,650 | $ | 43,250 | $ | 679,563 | $ | 255,926 | $ | 454,053 | $ | 95,048 | $ | 64,497 | $ | 4,223 | $ | 19,467 | $ | 893,214 |
5. | MORTGAGE OPERATIONS |
September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | |||||||||||||
Constant prepayment rate | 11.11 | % | 12.67 | % | 16.33 | % | 20.22 | % | ||||||||
Discount rate | 10.02 | % | 10.02 | % | 10.00 | % | 10.00 | % | ||||||||
Weighted average life (years) | 5.91 | 5.51 | 4.79 | 3.96 |
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
December 31, 2016 | Additions | Reductions | September 30, 2017 | December 31, 2020 | Additions | Reductions | March 31, 2021 | |||||||||||||||||||||||||
Mortgage servicing rights | $ | 1,815 | $ | 161 | $ | (252 | ) | $ | 1,724 | $ | 1,628 | $ | 206 | $ | (108 | ) | $ | 1,726 | ||||||||||||||
Valuation allowance | (21 | ) | — | 21 | — | (386 | ) | 0 | 123 | (263 | ) | |||||||||||||||||||||
Mortgage servicing rights, net of valuation allowance | $ | 1,794 | $ | 161 | $ | (231 | ) | $ | 1,724 | $ | 1,242 | $ | 206 | $ | 15 | $ | 1,463 |
6. | FAIR VALUE MEASUREMENTS |
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
September 30, 2017 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
March 31, 2021 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 28,540 | $ | 28,540 | $ | — | $ | — | $ | 47,929 | $ | 47,929 | $ | 0 | $ | 0 | ||||||||||||||||
Securities of U.S. government agencies and corporations | 22,224 | — | 22,224 | — | 105,232 | 0 | 105,232 | 0 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 24,625 | — | 24,625 | — | 31,091 | 0 | 31,091 | 0 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 70,376 | — | 70,376 | — | 76,312 | 0 | 76,312 | 0 | ||||||||||||||||||||||||
Mortgage-backed securities | 156,490 | — | 156,490 | — | 205,482 | 0 | 205,482 | 0 | ||||||||||||||||||||||||
Total investments at fair value | $ | 302,255 | $ | 28,540 | $ | 273,715 | $ | — | $ | 466,046 | $ | 47,929 | $ | 418,117 | $ | 0 |
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
December 31, 2016 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
December 31, 2020 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 28,652 | $ | 28,652 | $ | — | $ | — | $ | 38,891 | $ | 38,891 | $ | 0 | $ | 0 | ||||||||||||||||
Securities of U.S. government agencies and corporations | 24,197 | — | 24,197 | — | 106,558 | 0 | 106,558 | 0 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 30,888 | — | 30,888 | — | 32,882 | 0 | 32,882 | 0 | ||||||||||||||||||||||||
Collateralized mortgage obligations | 49,938 | — | 49,938 | — | 73,460 | 0 | 73,460 | 0 | ||||||||||||||||||||||||
Mortgage-backed securities | 143,404 | — | 143,404 | — | 183,289 | 0 | 183,289 | 0 | ||||||||||||||||||||||||
Total investments at fair value | $ | 277,079 | $ | 28,652 | $ | 248,427 | $ | — | $ | 435,080 | $ | 38,891 | $ | 396,189 | $ | 0 |
(in thousands) | ||||||||||||||||
September 30, 2017 | Carrying Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Impaired loans | $ | 517 | $ | — | $ | — | $ | 517 | ||||||||
Total assets at fair value | $ | 517 | $ | — | $ | — | $ | 517 |
(in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2016 | Carrying Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2021 | Carrying Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Impaired loans | $ | 4,128 | $ | — | $ | — | $ | 4,128 | $ | 3,867 | $ | 0 | $ | 0 | $ | 3,867 | ||||||||||||||||
Loan servicing rights | 1,794 | — | — | 1,794 | ||||||||||||||||||||||||||||
Mortgage servicing rights | 1,463 | 0 | 0 | 1,463 | ||||||||||||||||||||||||||||
Total assets at fair value | $ | 5,922 | $ | — | $ | — | $ | 5,922 | $ | 5,330 | $ | 0 | $ | 0 | $ | 5,330 |
(in thousands) | ||||||||||||||||
December 31, 2020 | Carrying Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Impaired loans | $ | 5,700 | $ | 0 | $ | 0 | $ | 5,700 | ||||||||
Mortgage servicing rights | 1,242 | 0 | 0 | 1,242 | ||||||||||||
Total assets at fair value | $ | 6,942 | $ | 0 | $ | 0 | $ | 6,942 |
Method | Assumption Inputs | ||
Impaired loans | Collateral, market, income, enterprise, | liquidation | External appraised values, management assumptions regarding market trends or other relevant |
Mortgage servicing rights | Discounted cash flows | Present value of expected future cash flows was estimated using a discount rate factor of | |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||
Level | Carrying amount | Fair value | Carrying amount | Fair value | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 150,156 | $ | 150,156 | $ | 159,643 | $ | 159,643 | |||||||||||
Certificates of deposit | 2 | 3,968 | 3,970 | 16,213 | 16,230 | |||||||||||||||
Stock in Federal Home Loan Bank and other equity securities | 3 | 5,567 | 5,567 | 4,409 | 4,409 | |||||||||||||||
Loans receivable: | ||||||||||||||||||||
Net loans | 3 | 693,066 | 693,497 | 669,770 | 669,437 | |||||||||||||||
Loans held-for-sale | 2 | 1,811 | 1,846 | 3,326 | 3,363 | |||||||||||||||
Interest receivable | 2 | 4,083 | 4,083 | 3,996 | 3,996 | |||||||||||||||
Mortgage servicing rights | 3 | 1,724 | 1,825 | 1,794 | 1,794 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 3 | 1,080,832 | 997,316 | 1,063,696 | 1,001,460 | |||||||||||||||
Interest payable | 2 | 95 | 95 | 78 | 78 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||
Level | Carrying amount | Fair value | Carrying amount | Fair value | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 294,429 | $ | 294,429 | $ | 267,177 | $ | 267,177 | |||||||||||
Certificates of deposit | 2 | 14,718 | 15,147 | 16,923 | 17,455 | |||||||||||||||
Stock in Federal Home Loan Bank and other equity securities | 3 | 6,480 | 6,480 | 6,480 | 6,480 | |||||||||||||||
Loans receivable: | ||||||||||||||||||||
Net loans | 3 | 942,404 | 890,520 | 875,830 | 830,448 | |||||||||||||||
Loans held-for-sale | 2 | 8,406 | 8,467 | 9,190 | 9,522 | |||||||||||||||
Interest receivable | 2 | 4,848 | 4,848 | 5,099 | 5,099 | |||||||||||||||
Mortgage servicing rights | 3 | 1,463 | 1,463 | 1,242 | 1,242 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 3 | 1,607,037 | 1,588,013 | 1,478,162 | 1,457,051 | |||||||||||||||
Federal Home Loan Bank advances | 2 | 5,000 | 4,999 | 5,000 | 4,996 | |||||||||||||||
Interest payable | 2 | 64 | 64 | 59 | 59 |
7. | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK |
(in thousands) | September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | ||||||||||||
Undisbursed loan commitments | $ | 223,807 | $ | 207,207 | $ | 207,589 | $ | 189,097 | ||||||||
Standby letters of credit | 2,331 | 3,518 | 2,878 | 1,731 | ||||||||||||
Commitments to sell loans | 488 | 1,848 | 3,430 | 1,052 | ||||||||||||
$ | 213,897 | $ | 191,880 | |||||||||||||
$ | 226,626 | $ | 212,573 |
8. | STOCK PLANS |
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | |||||||||||||||||||||||||
Options outstanding at Beginning of Period | 250,594 | $ | 7.72 | 607,631 | $ | 8.91 | ||||||||||||||||||||||||||
Granted | — | — | 0 | 0 | ||||||||||||||||||||||||||||
Expired | — | — | 0 | 0 | ||||||||||||||||||||||||||||
Cancelled / Forfeited | — | — | 0 | 0 | ||||||||||||||||||||||||||||
Exercised | — | — | (9,684 | ) | 3.31 | |||||||||||||||||||||||||||
Options outstanding at End of Period | 250,594 | $ | 7.72 | $ | 1,099,604 | 6.99 | 597,947 | 9.01 | $ | 1,008,507 | 6.58 | |||||||||||||||||||||
Exercisable (vested) at End of Period | 118,731 | $ | 6.03 | $ | 722,439 | 5.21 | 394,704 | $ | 8.21 | $ | 977,478 | 5.61 |
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | |||||||||||||
Options outstanding at Beginning of Period | 227,549 | $ | 8.12 | |||||||||||||
Granted | 60,520 | $ | 11.54 | |||||||||||||
Expired | (37,475 | ) | $ | 16.31 | ||||||||||||
Cancelled / Forfeited | — | — | ||||||||||||||
Exercised | — | — | ||||||||||||||
Options outstanding at End of Period | 250,594 | $ | 7.72 | $ | 1,099,604 | 6.99 | ||||||||||
Exercisable (vested) at End of Period | 118,731 | $ | 6.03 | $ | 722,439 | 5.21 |
Number of Shares | Weighted Average Grant-Date Fair Value | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | ||||||||
Non-vested Restricted stock outstanding at Beginning of Period | 148,699 | $ | 10.31 | ||||||||
Granted | 40,320 | 10.43 | |||||||||
Cancelled/Forfeited | 0 | 0 | |||||||||
Exercised/Released/Vested | (28,872) | 9.65 | |||||||||
Non-vested restricted stock outstanding at End of Period | 160,147 | $ | 10.46 | $ | 1,693,555 | 2.94 |
Number of Shares | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | |||||||
Non-vested Restricted stock outstanding at Beginning of Period | 106,998 | $ | 8.03 | |||||||
Granted | 1,824 | 11.96 | ||||||||
Cancelled / Forfeited | — | $ | — | |||||||
Exercised/Released/Vested | (1,735 | ) | 5.15 | |||||||
Non-vested restricted stock outstanding at End of Period | 107,087 | $ | 8.14 | $1,295,753 | 2.71 |
Number of Shares | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | |||||||
Non-vested Restricted stock outstanding at Beginning of Period | 99,184 | $ | 6.70 | |||||||
Granted | 26,441 | $ | 11.50 | |||||||
Cancelled / Forfeited | (1,463 | ) | $ | 6.92 | ||||||
Exercised/Released/Vested | (17,075 | ) | $ | 5.08 | ||||||
Non-vested restricted stock outstanding at End of Period | 107,087 | $ | 8.14 | $1,295,753 | 2.71 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||
Risk Free Interest Rate | 0.85 | % | 0.85 | % | ||||
Expected Dividend Yield | 0.00 | % | 0.00 | % | ||||
Expected Life in Years | 1.00 | 1.00 | ||||||
Expected Price Volatility | 8.18 | % | 8.18 | % |
Three Months Ended March 31, 2021 | ||||
Risk Free Interest Rate | 0.10 | % | ||
Expected Dividend Yield | 0.00 | % | ||
Expected Life in Years | 1.00 | |||
Expected Price Volatility | 25.30 | % |
9. | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
($ in thousands) | Unrealized Gains (losses) on Securities | Officers' retirement plan | Directors' retirement plan | Accumulated Other Comprehensive Income/(loss) | ||||||||||||
Balance as of June 30, 2017 | $ | (1,565 | ) | $ | (732 | ) | $ | 14 | $ | (2,283 | ) | |||||
Current period other comprehensive income (loss) | 175 | — | — | 175 | ||||||||||||
Balance as of September 30, 2017 | $ | (1,390 | ) | $ | (732 | ) | $ | 14 | $ | (2,108 | ) |
($ in thousands) | Unrealized Gains (losses) on Securities | Officers’ retirement plan | Directors’ retirement plan | Accumulated Other Comprehensive Income (loss) | ||||||||||||
Balance as of December 31, 2020 | $ | 7,196 | $ | (2,105 | ) | $ | (53 | ) | $ | 5,038 | ||||||
Current period other comprehensive loss | (4,172 | ) | 0 | 0 | (4,172 | ) | ||||||||||
Balance as of March 31, 2021 | $ | 3,024 | $ | (2,105 | ) | $ | (53 | ) | $ | 866 |
($ in thousands) | Unrealized Gains (losses) on Securities | Officers' retirement plan | Directors' retirement plan | Accumulated Other Comprehensive Income/(loss) | ||||||||||||
Balance as of December 31, 2016 | $ | (1,678 | ) | $ | (686 | ) | $ | 14 | $ | (2,350 | ) | |||||
Current period other comprehensive income (loss) | 288 | (46 | ) | — | 242 | |||||||||||
Balance as of September 30, 2017 | $ | (1,390 | ) | $ | (732 | ) | $ | 14 | $ | (2,108 | ) |
($ in thousands) | Unrealized Gains on Securities | Officers' retirement plan | Directors' retirement plan | Accumulated Other Comprehensive Income/(loss) | ||||||||||||
Balance as of June 30, 2016 | $ | 1,061 | $ | (662 | ) | $ | 17 | $ | 416 | |||||||
Current period other comprehensive income (loss) | (388 | ) | — | — | (388 | ) | ||||||||||
Balance as of September 30, 2016 | $ | 673 | $ | (662 | ) | $ | 17 | $ | 28 |
($ in thousands) | Unrealized Gains (losses) on Securities | Officers’ retirement plan | Directors’ retirement plan | Accumulated Other Comprehensive Income (loss) | ||||||||||||
Balance as of December 31, 2019 | $ | 1,561 | $ | (1,411 | ) | $ | (16 | ) | $ | 134 | ||||||
Current period other comprehensive income | 5,069 | 0 | 0 | 5,069 | ||||||||||||
Balance as of March 31, 2020 | $ | 6,630 | $ | (1,411 | ) | $ | (16 | ) | $ | 5,203 |
($ in thousands) | Unrealized Gains on Securities | Officers' retirement plan | Directors' retirement plan | Accumulated Other Comprehensive Income/(loss) | ||||||||||||
Balance as of December 31, 2015 | $ | 150 | $ | (662 | ) | $ | 17 | $ | (495 | ) | ||||||
Current period other comprehensive income (loss) | 523 | — | — | 523 | ||||||||||||
Balance as of September 30, 2016 | $ | 673 | $ | (662 | ) | $ | 17 | $ | 28 |
10. | OUTSTANDING SHARES AND EARNINGS PER SHARE |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | |||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Net income | $ | 2,800 | $ | 2,019 | $ | 7,861 | $ | 5,785 | $ | 3,178 | $ | 2,679 | ||||||||||||
Weighted average common shares outstanding | 11,064,695 | 11,036,711 | 11,060,920 | 11,030,473 | 13,495,648 | 13,438,895 | ||||||||||||||||||
Basic EPS | $ | 0.25 | $ | 0.18 | $ | 0.71 | $ | 0.52 | $ | 0.24 | $ | 0.20 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Net income | $ | 2,800 | $ | 2,019 | $ | 7,861 | $ | 5,785 | $ | 3,178 | $ | 2,679 | ||||||||||||
Weighted average common shares outstanding | 11,064,695 | 11,036,711 | 11,060,920 | 11,030,473 | 13,495,648 | 13,438,895 | ||||||||||||||||||
Effect of dilutive shares | 143,347 | 72,627 | 140,071 | 70,924 | 152,936 | 155,438 | ||||||||||||||||||
Adjusted weighted average common shares outstanding | 11,208,042 | 11,109,338 | 11,200,991 | 11,101,397 | 13,648,584 | 13,594,333 | ||||||||||||||||||
Diluted EPS | $ | 0.25 | $ | 0.18 | $ | 0.70 | $ | 0.52 | $ | 0.23 | $ | 0.20 |
11. | LEASES |
(in thousands) | March 31, 2021 | |||
2021 | $ | 884 | ||
2022 | 1,083 | |||
2023 | 948 | |||
2024 | 840 | |||
2025 | 817 | |||
2026 and thereafter | 2,192 | |||
Total lease payments | 6,764 | |||
Less: interest | (562 | ) | ||
Present value of lease liabilities | $ | 6,202 |
(in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Operating cash flows from operating leases | $ | 290 | $ | 249 | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 0 | $ | 0 |
(in thousands) | March 31, 2021 | December 31, 2020 | ||||||
Weighted-average remaining lease term – operating leases, in years | $ | 7.06 | $ | 7.23 | ||||
Weighted-average discount rate – operating leases | $ | 2.43 | % | $ | 2.43 | % |
12. | SHORT-TERM BORROWINGS |
Our business objectives, strategies and initiatives, our organizational structure, the growth of our business and our competitive position and prospects, and the effect of competition on our business and strategies |
● | Our assessment of significant factors and developments that have affected or may affect our results |
Legal and regulatory actions, and future legislative and regulatory developments, including the effects of the Dodd-Frank Wall Street Reform and Protection Act (the |
Regulatory and compliance controls, processes and requirements and their impact on our business |
The costs and effects of legal or regulatory actions |
Expectations regarding draws on performance letters of credit and liabilities that may result from recourse provisions in standby letters of credit |
Our intent to sell or hold, and the likelihood that we would be required to sell, various investment securities |
● | Our regulatory capital requirements, including the capital rules |
Expectations regarding our non-payment of a cash dividend on our common stock in the foreseeable future |
Credit quality and provision for credit losses and management of asset quality and credit risk, expectations regarding collections and expectations regarding |
Our allowances for credit losses, including the conditions we consider in determining the unallocated allowance and our portfolio credit quality, the adequacy of the allowance for loan losses, underwriting standards, and risk grading |
Our assessment of economic conditions and trends and credit cycles and their impact on our business |
The seasonal nature of our business |
The impact of changes in interest rates and our strategy to manage our interest rate risk profile and the possible effect of |
Loan portfolio composition and risk grade trends, expected charge-offs, portfolio credit quality, our strategy regarding troubled debt restructurings |
Our deposit base including renewal of time deposits |
The impact on our net interest income and net interest margin from the current |
Tax rates and the impact of changes in the U.S. tax laws, including the Tax Cuts and Jobs Act |
● | Our pension and retirement plan costs |
Our liquidity strategies and beliefs concerning the adequacy of our liquidity position |
Critical accounting policies and estimates, the impact or anticipated impact of recent accounting pronouncements or changes in accounting principles |
Expected rates of return, maturities, loss exposure, growth rates, yields, and projected results |
The possible impact of |
Maintenance of insurance coverages appropriate for our operations |
Threats to the banking sector and our business due to cybersecurity issues and attacks and regulatory expectations related to cybersecurity |
Our expectations regarding the adoption of the expected loss model for determining the allowance for loan losses |
● | The effects of the coronavirus pandemic on the U.S., California and global economies and the actions of governments to reduce the spread of the virus and to mitigate the resulting economic consequences |
● | Descriptions of assumptions underlying or relating to any of the foregoing |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||
(in thousands except for per share amounts) | ||||||||||||||||||||||||
(in thousands except for per share amounts and ratios) | (in thousands except for per share amounts and ratios) | |||||||||||||||||||||||
For the Period: | ||||||||||||||||||||||||
Net Income | $ | 2,800 | $ | 2,019 | $ | 7,861 | $ | 5,785 | $ | 3,178 | $ | 2,679 | ||||||||||||
Basic Earnings Per Common Share | $ | 0.25 | $ | 0.18 | $ | 0.71 | $ | 0.52 | $ | 0.24 | $ | 0.20 | ||||||||||||
Diluted Earnings Per Common Share | $ | 0.25 | $ | 0.18 | $ | 0.70 | $ | 0.52 | $ | 0.23 | $ | 0.20 | ||||||||||||
Net Income to Average Total Assets (annualized) | 0.95 | % | 0.73 | % | 0.90 | % | 0.72 | % | ||||||||||||||||
Net Income to Average Common Shareholders' Equity (annualized) | 11.23 | % | 8.76 | % | 10.79 | % | 8.58 | % | ||||||||||||||||
Net Income to Average Assets (annualized) | 0.75 | % | 0.82 | % | ||||||||||||||||||||
Net Income to Average Equity (annualized) | 8.47 | % | 7.91 | % | ||||||||||||||||||||
Average Equity to Average Assets | 8.80 | % | 10.32 | % |
March 31, 2021 | December 31, 2020 | |||||||
(in thousands except for ratios) | ||||||||
At Period End: | ||||||||
Total Assets | $ | 1,779,981 | $ | 1,655,376 | ||||
Total Investment Securities | $ | 466,046 | $ | 435,080 | ||||
Total Loans, Net (including loans held-for-sale) | $ | 950,810 | $ | 885,020 | ||||
Total Deposits | $ | 1,607,037 | $ | 1,478,162 | ||||
Loan-To-Deposit Ratio | 59.2 | % | 59.9 | % |
September 30, 2017 | December 31, 2016 | |||||||
(in thousands except for ratios) | ||||||||
At Period End: | ||||||||
Total Assets | $ | 1,192,850 | $ | 1,166,763 | ||||
Total Loans, Net (including loans held-for-sale) | $ | 694,877 | $ | 673,096 | ||||
Total Investment Securities | $ | 302,255 | $ | 277,079 | ||||
Total Deposits | $ | 1,080,832 | $ | 1,063,696 | ||||
Loan-To-Deposit Ratio | 64.3 | % | 63.3 | % |
Three months ended September 30, 2017 | Three months ended September 30, 2016 | Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate (4) | Average Balance | Interest | Yield/ Rate (4) | Average Balance | Interest | Yield/ Rate (4) | Average Balance | Interest | Yield/ Rate (4) | |||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 677,295 | $ | 8,394 | 4.92 | % | $ | 640,262 | $ | 7,771 | 4.82 | % | $ | 908,301 | $ | 9,237 | 4.12 | % | $ | 754,296 | $ | 9,235 | 4.91 | % | ||||||||||||||||||||||||
Certificate of deposits | 3,968 | 12 | 1.20 | % | 16,709 | 37 | 0.88 | % | ||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 16,065 | 85 | 2.15 | % | 18,159 | 114 | 2.52 | % | ||||||||||||||||||||||||||||||||||||||||
Interest bearing due from banks | 121,681 | 407 | 1.33 | % | 133,399 | 178 | 0.53 | % | 269,813 | 63 | 0.09 | % | 115,507 | 419 | 1.45 | % | ||||||||||||||||||||||||||||||||
Investment securities, taxable | 292,051 | 1,252 | 1.70 | % | 231,511 | 913 | 1.56 | % | 424,086 | 1,486 | 1.42 | % | 329,293 | 1,757 | 2.14 | % | ||||||||||||||||||||||||||||||||
Investment securities, non-taxable (2) | 16,915 | 61 | 1.43 | % | 13,886 | 66 | 1.89 | % | 26,915 | 143 | 2.15 | % | 16,287 | 100 | 2.46 | % | ||||||||||||||||||||||||||||||||
Other interest earning assets | 5,567 | 93 | 6.63 | % | 4,409 | 97 | 8.73 | % | 6,480 | 82 | 5.13 | % | 6,574 | 124 | 7.57 | % | ||||||||||||||||||||||||||||||||
Total average interest-earning assets | 1,117,477 | 10,219 | 3.63 | % | 1,040,176 | 9,062 | 3.46 | % | 1,651,660 | 11,096 | 2.72 | % | 1,240,116 | 11,749 | 3.80 | % | ||||||||||||||||||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 25,225 | 24,535 | 35,225 | 33,271 | ||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 6,256 | 7,488 | 6,471 | 6,529 | ||||||||||||||||||||||||||||||||||||||||||||
Interest receivable and other assets | 28,798 | 26,629 | 35,258 | 36,089 | ||||||||||||||||||||||||||||||||||||||||||||
Total average assets | $ | 1,177,756 | $ | 1,098,828 | 1,728,614 | 1,316,005 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | 293,682 | 63 | 0.09 | % | 268,419 | 76 | 0.11 | % | 400,485 | 55 | 0.06 | % | 331,663 | 158 | 0.19 | % | ||||||||||||||||||||||||||||||||
Savings and MMDA's | 333,154 | 133 | 0.16 | % | 316,164 | 129 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||
Time, $250,000 or less | 57,941 | 54 | 0.37 | % | 63,330 | 64 | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||
Savings and MMDA’s | 409,068 | 105 | 0.10 | % | 345,082 | 268 | 0.31 | % | ||||||||||||||||||||||||||||||||||||||||
Time, $250,000 and under | 43,357 | 40 | 0.37 | % | 38,418 | 56 | 0.58 | % | ||||||||||||||||||||||||||||||||||||||||
Time, over $250,000 | 20,149 | 22 | 0.43 | % | 18,927 | 20 | 0.42 | % | 14,838 | 24 | 0.66 | % | 14,097 | 36 | 1.02 | % | ||||||||||||||||||||||||||||||||
Total average interest-bearing liabilities | 704,926 | 272 | 0.15 | % | 666,840 | 289 | 0.17 | % | 867,748 | 224 | 0.10 | % | 729,260 | 518 | 0.28 | % | ||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 5,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 362,329 | 330,420 | 684,279 | 431,675 | ||||||||||||||||||||||||||||||||||||||||||||
Interest payable and other liabilities | 10,764 | 9,390 | 19,390 | 19,236 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,078,019 | 1,006,650 | 1,576,417 | 1,180,171 | ||||||||||||||||||||||||||||||||||||||||||||
Total average stockholders' equity | 99,737 | 92,178 | ||||||||||||||||||||||||||||||||||||||||||||||
Total average liabilities and stockholders' equity | $ | 1,177,756 | $ | 1,098,828 | ||||||||||||||||||||||||||||||||||||||||||||
Total average stockholders’ equity | 152,197 | 135,834 | ||||||||||||||||||||||||||||||||||||||||||||||
Total average liabilities and stockholders’ equity | $ | 1,728,614 | $ | 1,316,005 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin (3) | $ | 9,947 | 3.53 | % | $ | 8,773 | 3.35 | % | $ | 10,872 | 2.67 | % | $ | 11,231 | 3.63 | % |
(1) | Average balances for loans include loans held-for-sale and non-accrual loans and are net of the allowance for loan losses, but non-accrued interest is excluded. Loan interest income includes loan fees of approximately $864 and $(2) for the three months ended March 31, 2021 and 2020, respectively. Loan fees for the three months ended March 31, 2021 include $760 in PPP loan fees recognized. |
(2) | Interest income and yields on tax-exempt securities are not presented on a taxable equivalent basis. |
(3) | Net interest margin is computed by dividing net interest income by total average interest-earning assets. |
(4) | For disclosure purposes, |
Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | Three months ended March 31, 2021 | Three months ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate (4) | Average Balance | Interest | Yield/ Rate (4) | Average Balance | Interest | Yield/ Rate (4) | Average Balance | Interest | Yield/ Rate (4) | |||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 670,100 | $ | 24,566 | 4.90 | % | $ | 625,403 | $ | 22,802 | 4.86 | % | $ | 908,301 | $ | 9,237 | 4.12 | % | $ | 924,244 | $ | 10,817 | 4.64 | % | ||||||||||||||||||||||||
Certificate of deposits | 8,282 | 63 | 1.02 | % | 16,689 | 108 | 0.86 | % | ||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 16,065 | 85 | 2.15 | % | 17,225 | 95 | 2.19 | % | ||||||||||||||||||||||||||||||||||||||||
Interest bearing due from banks | 125,247 | 979 | 1.05 | % | 144,909 | 568 | 0.52 | % | 269,813 | 63 | 0.09 | % | 267,079 | 73 | 0.11 | % | ||||||||||||||||||||||||||||||||
Investment securities, taxable | 279,149 | 3,545 | 1.70 | % | 212,090 | 2,577 | 1.62 | % | 424,086 | 1,486 | 1.42 | % | 373,811 | 1,482 | 1.57 | % | ||||||||||||||||||||||||||||||||
Investment securities, non-taxable (2) | 18,360 | 209 | 1.52 | % | 12,585 | 202 | 2.14 | % | 26,915 | 143 | 2.15 | % | 26,766 | 143 | 2.12 | % | ||||||||||||||||||||||||||||||||
Other interest earning assets | 5,100 | 284 | 7.45 | % | 4,214 | 274 | 8.66 | % | 6,480 | 82 | 5.13 | % | 6,480 | 82 | 5.02 | % | ||||||||||||||||||||||||||||||||
Total average interest-earning assets | 1,106,238 | 29,646 | 3.58 | % | 1,015,890 | 26,531 | 3.48 | % | 1,651,660 | 11,096 | 2.72 | % | 1,615,605 | 12,692 | 3.12 | % | ||||||||||||||||||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 24,825 | 24,398 | 35,225 | 31,396 | ||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 6,139 | 7,336 | 6,471 | 6,633 | ||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | 0 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest receivable and other assets | 28,315 | 26,395 | 35,258 | 36,771 | ||||||||||||||||||||||||||||||||||||||||||||
Total average assets | $ | 1,165,517 | $ | 1,074,028 | 1,728,614 | 1,690,405 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | 291,360 | 184 | 0.08 | % | 266,574 | 226 | 0.11 | % | 400,485 | 55 | 0.06 | % | 378,804 | 55 | 0.06 | % | ||||||||||||||||||||||||||||||||
Savings and MMDA's | 330,778 | 378 | 0.15 | % | 301,644 | 367 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||
Time, $250,000 or less | 58,320 | 167 | 0.38 | % | 65,445 | 193 | 0.39 | % | ||||||||||||||||||||||||||||||||||||||||
Savings and MMDA’s | 409,068 | 105 | 0.10 | % | 411,474 | 134 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||
Time, $250,000 and under | 43,357 | 40 | 0.37 | % | 43,089 | 50 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||
Time, over $250,000 | 20,280 | 63 | 0.42 | % | 19,558 | 62 | 0.42 | % | 14,838 | 24 | 0.66 | % | 15,041 | 28 | 0.74 | % | ||||||||||||||||||||||||||||||||
Total average interest-bearing liabilities | 700,738 | 792 | 0.15 | % | 653,221 | 848 | 0.17 | % | 867,748 | 224 | 0.10 | % | 848,408 | 267 | 0.12 | % | ||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 5,000 | 7,285 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 357,192 | 321,900 | 684,279 | 663,103 | ||||||||||||||||||||||||||||||||||||||||||||
Interest payable and other liabilities | 10,429 | 9,017 | 19,390 | 21,268 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 1,068,359 | 984,138 | 1,576,417 | 1,540,064 | ||||||||||||||||||||||||||||||||||||||||||||
Total average stockholders' equity | 97,158 | 89,890 | ||||||||||||||||||||||||||||||||||||||||||||||
Total average liabilities and stockholders' equity | $ | 1,165,517 | $ | 1,074,028 | ||||||||||||||||||||||||||||||||||||||||||||
Total average stockholders’ equity | 152,197 | 150,341 | ||||||||||||||||||||||||||||||||||||||||||||||
Total average liabilities and stockholders’ equity | $ | 1,728,614 | $ | 1,690,405 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin (3) | $ | 28,854 | 3.49 | % | $ | 25,683 | 3.37 | % | $ | 10,872 | 2.67 | % | $ | 12,425 | 3.05 | % |
(1) | Average balances for loans include loans held-for-sale and non-accrual loans and are net of the allowance for loan losses, but non-accrued interest is excluded. Loan interest income includes loan fees of approximately $864 and $2,102 for the three months ended March 31, 2021 and December 31, 2020, respectively. Loan fees for the three months ended March 31, 2021 and December 31, 2020 include $760 and $1,789 in PPP loan fees recognized, respectively. |
(2) | Interest income and yields on tax-exempt securities are not presented on a |
(3) | Net interest margin is computed by dividing net interest income by total average interest-earning assets. |
(4) | For disclosure purposes, |
Three months ended September 30, 2017 | Three months ended June 30, 2017 | |||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1) | $ | 677,295 | $ | 8,394 | 4.92 | % | $ | 672,786 | $ | 8,211 | 4.90 | % | ||||||||||||
Certificates of deposit | 3,968 | 12 | 1.20 | % | 4,852 | 15 | 1.24 | % | ||||||||||||||||
Interest bearing due from banks | 121,681 | 407 | 1.33 | % | 114,494 | 276 | 0.97 | % | ||||||||||||||||
Investment securities, taxable | 292,051 | 1,252 | 1.70 | % | 281,357 | 1,191 | 1.70 | % | ||||||||||||||||
Investment securities, non-taxable (2) | 16,915 | 61 | 1.43 | % | 19,080 | 73 | 1.53 | % | ||||||||||||||||
Other interest earning assets | 5,567 | 93 | 6.63 | % | 5,313 | 83 | 6.27 | % | ||||||||||||||||
Total average interest-earning assets | 1,117,477 | 10,219 | 3.63 | % | 1,097,882 | 9,849 | 3.60 | % | ||||||||||||||||
Non-interest-earning assets: | ||||||||||||||||||||||||
Cash and due from banks | 25,225 | 24,786 | ||||||||||||||||||||||
Premises and equipment, net | 6,256 | 6,065 | ||||||||||||||||||||||
Interest receivable and other assets | 28,798 | 28,361 | ||||||||||||||||||||||
Total average assets | $ | 1,177,756 | $ | 1,157,094 | ||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing transaction deposits | 293,682 | 63 | 0.09 | % | 291,423 | 61 | 0.08 | % | ||||||||||||||||
Savings and MMDA's | 333,154 | 133 | 0.16 | % | 324,552 | 117 | 0.14 | % | ||||||||||||||||
Time, $250,000 and under | 57,941 | 54 | 0.37 | % | 58,333 | 54 | 0.37 | % | ||||||||||||||||
Time, over $250,000 | 20,149 | 22 | 0.43 | % | 20,800 | 23 | 0.44 | % | ||||||||||||||||
Total average interest-bearing liabilities | 704,926 | 272 | 0.15 | % | 695,108 | 255 | 0.15 | % | ||||||||||||||||
Non-interest-bearing liabilities: | ||||||||||||||||||||||||
Non-interest-bearing demand deposits | 362,329 | 354,590 | ||||||||||||||||||||||
Interest payable and other liabilities | 10,764 | 10,387 | ||||||||||||||||||||||
Total liabilities | 1,078,019 | 1,060,085 | ||||||||||||||||||||||
Total average stockholders' equity | 99,737 | 97,009 | ||||||||||||||||||||||
Total average liabilities and stockholders' equity | $ | 1,177,756 | $ | 1,157,094 | ||||||||||||||||||||
Net interest income and net interest margin (3) | $ | 9,947 | 3.53 | % | $ | 9,594 | 3.51 | % |
Three Months Ended March 31, 2021 Over Three Months Ended March 31, 2020 | Three Months Ended March 31, 2021 Over Three Months Ended December 31, 2020 | |||||||||||||||||||||||
Volume | Interest Rate | Change | Volume | Interest Rate | Change | |||||||||||||||||||
Increase (Decrease) in Interest Income: | ||||||||||||||||||||||||
Loans | $ | 1,668 | $ | (1,666 | ) | $ | 2 | $ | (210 | ) | $ | (1,370 | ) | $ | (1,580 | ) | ||||||||
Certificates of Deposit | (13 | ) | (16 | ) | (29 | ) | (8 | ) | (2 | ) | (10 | ) | ||||||||||||
Due From Banks | 253 | (609 | ) | (356 | ) | 1 | (11 | ) | (10 | ) | ||||||||||||||
Investment Securities - Taxable | 422 | (693 | ) | (271 | ) | 166 | (162 | ) | 4 | |||||||||||||||
Investment Securities - Non-taxable | 58 | (15 | ) | 43 | — | — | — | |||||||||||||||||
Other Assets | (2 | ) | (40 | ) | (42 | ) | — | — | — | �� | ||||||||||||||
$ | 2,386 | $ | (3,039 | ) | $ | (653 | ) | $ | (51 | ) | $ | (1,545 | ) | $ | (1,596 | ) | ||||||||
Increase (Decrease) in Interest Expense: | ||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||
Interest-Bearing Transaction Deposits | $ | 26 | $ | (129 | ) | $ | (103 | ) | $ | — | $ | — | $ | — | ||||||||||
Savings & MMDAs | 43 | (206 | ) | (163 | ) | — | (29 | ) | (29 | ) | ||||||||||||||
Time Certificates | 29 | (57 | ) | (28 | ) | 1 | (15 | ) | (14 | ) | ||||||||||||||
$ | 98 | $ | (392 | ) | $ | (294 | ) | $ | 1 | $ | (44 | ) | $ | (43 | ) | |||||||||
Decrease in Net Interest Income: | $ | 2,288 | $ | (2,647 | ) | $ | (359 | ) | $ | (52 | ) | $ | (1,501 | ) | $ | (1,553 | ) |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||
Over | Over | Over | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | Three Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||||||
Volume | Interest Rate | Change | Volume | Interest Rate | Change | Volume | Interest Rate | Change | ||||||||||||||||||||||||||||
Increase (Decrease) in Interest Income: | ||||||||||||||||||||||||||||||||||||
Loans | $ | 462 | $ | 149 | $ | 611 | $ | 1,591 | $ | 27 | $ | 1,618 | $ | 57 | $ | 141 | $ | 198 | ||||||||||||||||||
Loan Fees | 12 | — | 12 | 146 | — | 146 | (15 | ) | — | (15 | ) | |||||||||||||||||||||||||
Due From Banks | (17 | ) | 246 | 229 | (87 | ) | 498 | 411 | 19 | 112 | 131 | |||||||||||||||||||||||||
Certificates of Deposit | (35 | ) | 10 | (25 | ) | (62 | ) | 17 | (45 | ) | (3 | ) | — | (3 | ) | |||||||||||||||||||||
Investment Securities | 269 | 65 | 334 | 918 | 57 | 975 | 35 | 14 | 49 | |||||||||||||||||||||||||||
Other Assets | 22 | (26 | ) | (4 | ) | 52 | (42 | ) | 10 | 4 | 6 | 10 | ||||||||||||||||||||||||
$ | 713 | $ | 444 | $ | 1,157 | $ | 2,558 | $ | 557 | $ | 3,115 | $ | 97 | $ | 273 | $ | 370 | |||||||||||||||||||
Increase (Decrease) in Interest Expense: | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest-Bearing Transaction Deposits | $ | 5 | $ | (18 | ) | $ | (13 | ) | $ | 20 | $ | (62 | ) | $ | (42 | ) | $ | — | $ | 2 | $ | 2 | ||||||||||||||
Savings & MMDAs | 4 | — | 4 | 35 | (24 | ) | 11 | 3 | 13 | 16 | ||||||||||||||||||||||||||
Time Certificates | (5 | ) | (3 | ) | (8 | ) | (21 | ) | (4 | ) | (25 | ) | (1 | ) | — | (1 | ) | |||||||||||||||||||
$ | 4 | $ | (21 | ) | $ | (17 | ) | $ | 34 | $ | (90 | ) | $ | (56 | ) | $ | 2 | $ | 15 | $ | 17 | |||||||||||||||
Increase in Net Interest Income: | $ | 709 | $ | 465 | $ | 1,174 | $ | 2,524 | $ | 647 | $ | 3,171 | $ | 95 | $ | 258 | $ | 353 |
(in thousands) | (in thousands) | |||||||||||||||||||||||
Three months ended September 30, 2017 | Three months ended September 30, 2016 | Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||
Other non-interest expenses | ||||||||||||||||||||||||
Provision for unfunded loan commitments | $ | — | $ | — | $ | 57 | $ | — | ||||||||||||||||
(Reversal of) provision for unfunded commitments expense | $ | (200 | ) | $ | 100 | |||||||||||||||||||
FDIC assessments | 95 | 140 | 365 | 450 | 135 | — | ||||||||||||||||||
Contributions | 32 | 37 | 127 | 92 | 45 | 49 | ||||||||||||||||||
Legal fees | 85 | 66 | 189 | 204 | 49 | 84 | ||||||||||||||||||
Accounting and audit fees | 102 | 84 | 285 | 269 | 115 | 114 | ||||||||||||||||||
Consulting fees | 169 | 63 | 530 | 364 | 50 | 74 | ||||||||||||||||||
Postage expense | 56 | 63 | 185 | 217 | 39 | 22 | ||||||||||||||||||
Telephone expense | 32 | 37 | 97 | 109 | 30 | 28 | ||||||||||||||||||
Public relations | 44 | 41 | 147 | 172 | 26 | 62 | ||||||||||||||||||
Training expense | 31 | 45 | 107 | 117 | 12 | 26 | ||||||||||||||||||
Loan origination expense | 40 | 12 | 131 | 102 | 26 | 44 | ||||||||||||||||||
Computer software depreciation | 40 | 40 | 114 | 103 | 16 | 17 | ||||||||||||||||||
Sundry losses | 41 | (34 | ) | 189 | 46 | |||||||||||||||||||
Operational losses | 54 | 64 | ||||||||||||||||||||||
Loan collection expense | 15 | 13 | 75 | 56 | 230 | 34 | ||||||||||||||||||
Minibank interchange fees | 128 | 135 | ||||||||||||||||||||||
Other non-interest expense | 502 | 516 | 1,519 | 1,454 | 328 | 262 | ||||||||||||||||||
Total other non-interest expenses | $ | 1,284 | $ | 1,123 | $ | 4,117 | $ | 3,755 | $ | 1,083 | $ | 1,115 |
(in thousands) | ||||||||||||||||
(in thousands) | ||||||||||||||||
September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | |||||||||||||
Undisbursed loan commitments | $ | 223,807 | $ | 207,207 | $ | 207,589 | $ | 189,097 | ||||||||
Standby letters of credit | 2,331 | 3,518 | 2,878 | 1,731 | ||||||||||||
Commitments to sell loans | 488 | 1,848 | 3,430 | 1,052 | ||||||||||||
$ | 226,626 | $ | 212,573 | $ | 213,897 | $ | 191,880 |
Substandard Assets – A substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. |
Doubtful Assets – An asset classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. |
At September 30, 2017 | At December 31, 2016 | At March 31, 2021 | At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Gross | Guaranteed | Net | Gross | Guaranteed | Net | Gross | Guaranteed | Net | Gross | Guaranteed | Net | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 517 | $ | — | $ | 517 | $ | 5,000 | $ | 2,000 | $ | 3,000 | $ | 284 | $ | 63 | $ | 221 | $ | 363 | $ | 63 | $ | 300 | ||||||||||||||||||||||||
Commercial real estate | 1,765 | 72 | 1,693 | 540 | 81 | 459 | 6,803 | 32 | 6,771 | 4,875 | 34 | 4,841 | ||||||||||||||||||||||||||||||||||||
Agriculture | — | — | — | — | — | — | 9,130 | — | 9,130 | 9,130 | — | 9,130 | ||||||||||||||||||||||||||||||||||||
Residential mortgage | 125 | — | 125 | 654 | — | 654 | 148 | — | 148 | 153 | — | 153 | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Consumer | 374 | — | 374 | 103 | — | 103 | 687 | — | 687 | 690 | — | 690 | ||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 2,781 | $ | 72 | $ | 2,709 | $ | 6,297 | $ | 2,081 | $ | 4,216 | $ | 17,052 | $ | 95 | $ | 16,957 | $ | 15,211 | $ | 97 | $ | 15,114 |
At September 30, 2017 | At December 31, 2016 | At March 31, 2021 | At December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Gross | Guaranteed | Net | Gross | Guaranteed | Net | Gross | Guaranteed | Net | Gross | Guaranteed | Net | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 2,781 | $ | 72 | $ | 2,709 | $ | 6,297 | $ | 2,081 | $ | 4,216 | $ | 17,052 | $ | 95 | $ | 16,957 | $ | 15,211 | $ | 97 | $ | 15,114 | ||||||||||||||||||||||||
Loans 90 days past due and still accruing | 755 | — | 755 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total non-performing loans | 3,536 | 72 | 3,464 | 6,297 | 2,081 | 4,216 | 17,052 | 95 | 16,957 | 15,211 | 97 | 15,114 | ||||||||||||||||||||||||||||||||||||
Other real estate owned | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 3,536 | $ | 72 | $ | 3,464 | $ | 6,297 | $ | 2,081 | $ | 4,216 | 17,052 | 95 | 16,957 | 15,211 | 97 | 15,114 | ||||||||||||||||||||||||||||||
Non-performing loans (net of guarantees) to total loans | 0.5 | % | 0.6 | % | 1.8 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||
Non-performing assets (net of guarantees) to total assets | 0.3 | % | 0.4 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses to non-performing loans (net of guarantees) | 333.8 | % | 258.5 | % | 92.7 | % | 102.0 | % |
Nine months ended September 30, | Year ended December 31, | Three months ended March 31, | Year ended December 31, | |||||||||||||||||||||
2017 | 2016 | 2016 | 2021 | 2020 | 2020 | |||||||||||||||||||
Balance at beginning of period | $ | 10,899 | $ | 9,251 | $ | 9,251 | $ | 15,416 | $ | 12,356 | $ | 12,356 | ||||||||||||
Provision for loan losses | 600 | 1,350 | 1,800 | 300 | 650 | 3,050 | ||||||||||||||||||
Loans charged-off: | ||||||||||||||||||||||||
Commercial | (220 | ) | (417 | ) | (446 | ) | (13 | ) | (145 | ) | (212 | ) | ||||||||||||
Commercial Real Estate | — | (15 | ) | (15 | ) | — | — | — | ||||||||||||||||
Agriculture | — | — | — | — | — | — | ||||||||||||||||||
Residential Mortgage | — | — | (13 | ) | — | — | — | |||||||||||||||||
Residential Construction | — | — | — | — | — | — | ||||||||||||||||||
Consumer | (25 | ) | (52 | ) | (65 | ) | (3 | ) | (9 | ) | (15 | ) | ||||||||||||
Total charged-off | (245 | ) | (484 | ) | (539 | ) | (16 | ) | (154 | ) | (227 | ) | ||||||||||||
Recoveries: | ||||||||||||||||||||||||
Commercial | 149 | 34 | 37 | 8 | 11 | 201 | ||||||||||||||||||
Commercial Real Estate | — | — | — | — | — | — | ||||||||||||||||||
Agriculture | — | 81 | 81 | — | — | — | ||||||||||||||||||
Residential Mortgage | 96 | 1 | 1 | — | — | — | ||||||||||||||||||
Residential Construction | 4 | 4 | 5 | — | — | — | ||||||||||||||||||
Consumer | 60 | 58 | 263 | 5 | 6 | 36 | ||||||||||||||||||
Total recoveries | 309 | 178 | 387 | 13 | 17 | 237 | ||||||||||||||||||
Net recoveries (charge-offs) | 64 | (306 | ) | (152 | ) | |||||||||||||||||||
Net (charge-offs) recoveries | (3 | ) | (137 | ) | 10 | |||||||||||||||||||
Balance at end of period | $ | 11,563 | $ | 10,295 | $ | 10,899 | $ | 15,713 | $ | 12,869 | $ | 15,416 | ||||||||||||
Ratio of net recoveries (charge-offs) to average loans outstanding during the period (annualized) | 0.01 | % | (0.06 | %) | (0.02 | %) | ||||||||||||||||||
Ratio of net charge-offs to average loans outstanding during the period (annualized) | 0.00 | % | (0.07 | %) | 0.00 | % | ||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||
To total loans at the end of the period | 1.64 | % | 1.58 | % | 1.60 | % | 1.63 | % | 1.67 | % | 1.73 | % | ||||||||||||
To non-performing loans, net of guarantees at the end of the period | 333.8 | % | 243.5 | % | 258.5 | % | 92.7 | % | 1,152.1 | % | 102.0 | % |
(in thousands) | (in thousands) | |||||||||||||||
September 30, 2017 | December 31, 2016 | March 31, 2021 | December 31, 2020 | |||||||||||||
Three months or less | $ | 5,281 | $ | 2,676 | $ | 1,743 | $ | 5,110 | ||||||||
Over three to twelve months | 6,972 | 10,058 | 6,540 | 5,877 | ||||||||||||
Over twelve months | 7,761 | 2,524 | 6,636 | 3,656 | ||||||||||||
Total | $ | 20,014 | $ | 15,258 | $ | 14,919 | $ | 14,643 |
(amounts in thousands except percentage amounts) | ||||||||||||
Actual | Well Capitalized | |||||||||||
Capital | Ratio | Ratio Requirement | ||||||||||
Leverage | $ | 100,120 | 8.50 | % | 5.0 | % | ||||||
Common Equity Tier 1 | $ | 100,120 | 12.38 | % | 6.5 | % | ||||||
Tier 1 Risk-Based | $ | 100,120 | 12.38 | % | 8.0 | % | ||||||
Total Risk-Based | $ | 110,256 | 13.64 | % | 10.0 | % |
(amounts in thousands except percentage amounts) | ||||||||||||
Actual | Well Capitalized Ratio Requirement | |||||||||||
Capital | Ratio | |||||||||||
Leverage | $ | 144,788 | 8.40 | % | 5.0 | % | ||||||
Common Equity Tier 1 | $ | 144,788 | 15.94 | % | 6.5 | % | ||||||
Tier 1 Risk-Based | $ | 144,788 | 15.94 | % | 8.0 | % | ||||||
Total Risk-Based | $ | 156,205 | 17.20 | % | 10.0 | % |
Exhibit Number | Description of Document | |
Rule 13a — 14(a) Certification of Chief Executive Officer | ||
Rule 13a — 14(a) Certification of Chief Financial Officer | ||
Statement of the Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) | ||
Statement of the Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) | ||
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | ||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | ||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in |
FIRST NORTHERN COMMUNITY BANCORP | ||||
Date: | By: | /s/ | ||
Kevin Spink, Executive Vice President / Chief | ||||
(Principal Financial Officer and Duly Authorized Officer) |