PENNSYLVANIA | 23-2265045 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Large accelerated filer ☐ | Accelerated filer |
Non-accelerated filer | Smaller reporting company ☒ |
Emerging growth company ☐ |
PAGE | ||
Part I | FINANCIAL INFORMATION | |
Item 1. | Financial Statements (unaudited): | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | OTHER INFORMATION | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
(in thousands except share data) | September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | ||||||||||||
ASSETS: | ||||||||||||||||
Cash and due from banks: | ||||||||||||||||
Noninterest-bearing | $ | 15,922 | $ | 17,727 | $ | 18,164 | $ | 16,374 | ||||||||
Interest-bearing | 59,387 | 793 | 132,664 | 52,333 | ||||||||||||
Total cash and cash equivalents | 75,309 | 18,520 | 150,828 | 68,707 | ||||||||||||
Interest bearing time deposits with other banks | 13,758 | 14,256 | 13,509 | 13,758 | ||||||||||||
Equity securities | 1,696 | 701 | 2,118 | 1,931 | ||||||||||||
Available-for-sale securities | 287,838 | 240,706 | 321,967 | 295,189 | ||||||||||||
Loans held for sale | 19,320 | 815 | 9,946 | 14,640 | ||||||||||||
Loans (net of allowance for loan losses: | ||||||||||||||||
2020, $15,169 and 2019, $13,845) | 1,350,710 | 1,101,724 | ||||||||||||||
2021, $16,560 and 2020, $15,815) | 1,387,841 | 1,389,466 | ||||||||||||||
Premises and equipment | 17,720 | 15,933 | 17,450 | 16,948 | ||||||||||||
Accrued interest receivable | 6,164 | 4,555 | 5,572 | 5,998 | ||||||||||||
Goodwill | 31,376 | 23,296 | 31,376 | 31,376 | ||||||||||||
Bank owned life insurance | 32,408 | 28,128 | 30,190 | 32,589 | ||||||||||||
Other intangibles | 1,538 | 1,346 | 1,696 | 1,668 | ||||||||||||
Other assets | 20,507 | 16,359 | 23,117 | 19,404 | ||||||||||||
TOTAL ASSETS | $ | 1,858,344 | $ | 1,466,339 | $ | 1,995,610 | $ | 1,891,674 | ||||||||
LIABILITIES: | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing | $ | 276,286 | $ | 203,793 | $ | 336,438 | $ | 303,762 | ||||||||
Interest-bearing | 1,276,467 | 1,007,325 | 1,351,032 | 1,285,096 | ||||||||||||
Total deposits | 1,552,753 | 1,211,118 | 1,687,470 | 1,588,858 | ||||||||||||
Borrowed funds | 99,602 | 85,117 | 86,171 | 88,838 | ||||||||||||
Accrued interest payable | 1,006 | 1,088 | 913 | 1,017 | ||||||||||||
Other liabilities | 15,932 | 14,242 | 22,249 | 18,702 | ||||||||||||
TOTAL LIABILITIES | 1,669,293 | 1,311,565 | 1,796,803 | 1,697,415 | ||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||
Preferred Stock $1.00 par value; authorized 3,000,000 shares at September 30, 2020 and December 31, 2019; NaN issued in 2020 or 2019 | 0 | 0 | ||||||||||||||
Common stock $1.00 par value; authorized 25,000,000 shares at September 30, 2020 and December 31, 2019; issued 4,350,342 at September 30, 2020 and 3,938,668 at December 31, 2019 | 4,350 | 3,939 | ||||||||||||||
Preferred Stock $1.00 par value; authorized 3,000,000 shares at March 31, 2021 and December 31, 2020; NaN issued in 2021 or 2020 | 0 | 0 | ||||||||||||||
Common stock $1.00 par value; authorized 25,000,000 shares at March 31, 2021 and December 31, 2020; issued 4,350,342 at March 31, 2021 and 4,350,342 at December 31, 2020 | 4,350 | 4,350 | ||||||||||||||
Additional paid-in capital | 75,867 | 55,089 | 75,908 | 75,908 | ||||||||||||
Retained earnings | 121,203 | 110,800 | 133,270 | 126,627 | ||||||||||||
Accumulated other comprehensive income (loss) | 2,865 | (629 | ) | |||||||||||||
Treasury stock, at cost: 428,934 shares at September 30, 2020 and 413,607 shares at December 31, 2019 | (15,234 | ) | (14,425 | ) | ||||||||||||
Accumulated other comprehensive income | 1,002 | 2,587 | ||||||||||||||
Treasury stock, at cost: 437,663 shares at March 31, 2021 and 428,492 shares at December 31, 2020 | (15,723 | ) | (15,213 | ) | ||||||||||||
TOTAL STOCKHOLDERS’ EQUITY | 189,051 | 154,774 | 198,807 | 194,259 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,858,344 | $ | 1,466,339 | $ | 1,995,610 | $ | 1,891,674 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
(in thousands, except share and per share data) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | ||||||||||||||||||
INTEREST INCOME: | ||||||||||||||||||||||||
Interest and fees on loans | $ | 16,718 | $ | 13,915 | $ | 46,763 | $ | 41,005 | $ | 16,694 | $ | 13,638 | ||||||||||||
Interest-bearing deposits with banks | 106 | 103 | 298 | 311 | 106 | 95 | ||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable | 979 | 1,361 | 3,212 | 3,597 | 850 | 1,107 | ||||||||||||||||||
Nontaxable | 485 | 378 | 1,337 | 1,109 | 544 | 389 | ||||||||||||||||||
Dividends | 98 | 117 | 275 | 371 | 101 | 110 | ||||||||||||||||||
TOTAL INTEREST INCOME | 18,386 | 15,874 | 51,885 | 46,393 | 18,295 | 15,339 | ||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||
Deposits | 1,635 | 2,315 | 5,279 | 7,027 | 1,598 | 1,987 | ||||||||||||||||||
Borrowed funds | 281 | 660 | 960 | 2,216 | 256 | 462 | ||||||||||||||||||
TOTAL INTEREST EXPENSE | 1,916 | 2,975 | 6,239 | 9,243 | 1,854 | 2,449 | ||||||||||||||||||
NET INTEREST INCOME | 16,470 | 12,899 | 45,646 | 37,150 | 16,441 | 12,890 | ||||||||||||||||||
Provision for loan losses | 550 | 400 | 1,500 | 1,150 | 650 | 400 | ||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 15,920 | 12,499 | 44,146 | 36,000 | 15,791 | 12,490 | ||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||
Service charges | 1,112 | 1,225 | 3,107 | 3,498 | 1,106 | 1,081 | ||||||||||||||||||
Trust | 199 | 148 | 542 | 589 | 307 | 198 | ||||||||||||||||||
Brokerage and insurance | 352 | 289 | 941 | 843 | 376 | 340 | ||||||||||||||||||
Gains on loans sold | 855 | 176 | 1,282 | 339 | 503 | 167 | ||||||||||||||||||
Equity security (losses) gains, net | (33 | ) | 29 | (276 | ) | 70 | ||||||||||||||||||
Equity security gains (losses), net | 187 | (254 | ) | |||||||||||||||||||||
Available for sale security gains, net | 185 | 8 | 302 | 8 | 50 | 0 | ||||||||||||||||||
Earnings on bank owned life insurance | 180 | 158 | 514 | 463 | 1,315 | 156 | ||||||||||||||||||
Other | 688 | 144 | 1,046 | 427 | 391 | 163 | ||||||||||||||||||
TOTAL NON-INTEREST INCOME | 3,538 | 2,177 | 7,458 | 6,237 | 4,235 | 1,851 | ||||||||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||||||||||
Salaries and employee benefits | 6,102 | 5,096 | 17,411 | 15,129 | 6,263 | 5,414 | ||||||||||||||||||
Occupancy | 714 | 530 | 1,891 | 1,639 | 783 | 526 | ||||||||||||||||||
Furniture and equipment | 267 | 165 | 587 | 501 | 143 | 131 | ||||||||||||||||||
Professional fees | 417 | 343 | 1,180 | 1,101 | 448 | 325 | ||||||||||||||||||
FDIC insurance | 135 | (20 | ) | 341 | 196 | 129 | 71 | |||||||||||||||||
Pennsylvania shares tax | 275 | 275 | 809 | 825 | 339 | 275 | ||||||||||||||||||
Amortization of intangibles | 57 | 66 | 162 | 198 | 49 | 50 | ||||||||||||||||||
Merger and acquisition | 0 | 275 | 2,179 | 275 | 0 | 376 | ||||||||||||||||||
Software expenses | 324 | 244 | 817 | 699 | 313 | 247 | ||||||||||||||||||
ORE expenses | 30 | 92 | 221 | 308 | 86 | 32 | ||||||||||||||||||
Other | 1,371 | 1,348 | 4,428 | 4,102 | 1,394 | 1,474 | ||||||||||||||||||
TOTAL NON-INTEREST EXPENSES | 9,692 | 8,414 | 30,026 | 24,973 | 9,947 | 8,921 | ||||||||||||||||||
Income before provision for income taxes | 9,766 | 6,262 | 21,578 | 17,264 | 10,079 | 5,420 | ||||||||||||||||||
Provision for income taxes | 1,759 | 1,066 | 3,702 | 2,817 | 1,616 | 889 | ||||||||||||||||||
NET INCOME | $ | 8,007 | $ | 5,196 | $ | 17,876 | $ | 14,447 | $ | 8,463 | $ | 4,531 | ||||||||||||
PER COMMON SHARE DATA: | ||||||||||||||||||||||||
Net Income - Basic | $ | 2.04 | $ | 1.46 | $ | 4.74 | $ | 4.06 | $ | 2.16 | $ | 1.27 | ||||||||||||
Net Income - Diluted | $ | 2.04 | $ | 1.46 | $ | 4.74 | $ | 4.05 | $ | 2.16 | $ | 1.27 | ||||||||||||
Cash Dividends Paid | $ | 0.460 | $ | 0.445 | $ | 1.460 | $ | 1.317 | $ | 0.465 | $ | 0.549 | ||||||||||||
Number of shares used in computation - basic | 3,918,438 | 3,553,996 | 3,769,705 | 3,560,695 | 3,909,887 | 3,553,818 | ||||||||||||||||||
Number of shares used in computation - diluted | 3,918,438 | 3,553,996 | 3,771,730 | 3,562,975 | 3,909,887 | 3,553,818 |
Three Months Ended September 30, | Nine Months Ended, September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | ||||||||||||||||||
Net income | $ | 8,007 | $ | 5,196 | $ | 17,876 | $ | 14,447 | $ | 8,463 | $ | 4,531 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Change in unrealized gains (losses) on available for sale securities | (44 | ) | 9 | 4,690 | 4,425 | (4,094 | ) | 4,334 | ||||||||||||||||
Income tax effect | 9 | (2 | ) | (985 | ) | (930 | ) | 859 | (910 | ) | ||||||||||||||
Change in unrecognized pension cost | 59 | 60 | 482 | 181 | 91 | 156 | ||||||||||||||||||
Income tax effect | (12 | ) | (13 | ) | (101 | ) | (38 | ) | (19 | ) | (33 | ) | ||||||||||||
Change in unrealized loss on interest rate swaps | 118 | 0 | (448 | ) | 0 | 2,047 | 0 | |||||||||||||||||
Income tax effect | (25 | ) | 0 | 95 | 0 | (430 | ) | 0 | ||||||||||||||||
Less: Reclassification adjustment for investment security gains included in net income | (185 | ) | (8 | ) | (302 | ) | (8 | ) | (50 | ) | 0 | |||||||||||||
Income tax effect | 38 | 2 | 63 | 2 | 11 | 0 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | (42 | ) | 48 | 3,494 | 3,632 | (1,585 | ) | 3,547 | ||||||||||||||||
Comprehensive income | $ | 7,965 | $ | 5,244 | $ | 21,370 | $ | 18,079 | $ | 6,878 | $ | 8,078 |
Common Stock | Additional | Accumulated Other | ||||||||||||||||||||||||||
(in thousands, except share data) | Shares | Amount | Paid-in Capital | Retained Earnings | Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||
Balance, June 30, 2020 | 4,350,342 | $ | 4,350 | $ | 75,863 | $ | 115,000 | $ | 2,907 | $ | (15,025 | ) | $ | 183,095 | ||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 8,007 | 8,007 | ||||||||||||||||||||||||||
Net other comprehensive income (loss) | (42 | ) | (42 | ) | ||||||||||||||||||||||||
Purchase of treasury stock (12,483 shares) | (618 | ) | (618 | ) | ||||||||||||||||||||||||
Restricted stock, executive, Board of Director awards and ESOP (3,018 shares) | (3 | ) | 153 | 150 | ||||||||||||||||||||||||
Cash dividend reinvestment paid from treasury stock (5,128 shares) | 7 | 256 | 263 | |||||||||||||||||||||||||
Cash dividends, $0.460 per share | (1,804 | ) | (1,804 | ) | ||||||||||||||||||||||||
Balance, September 30, 2020 | 4,350,342 | $ | 4,350 | $ | 75,867 | $ | 121,203 | $ | 2,865 | $ | (15,234 | ) | $ | 189,051 | ||||||||||||||
Balance, December 31, 2019 | 3,938,668 | $ | 3,939 | $ | 55,089 | $ | 110,800 | $ | (629 | ) | $ | (14,425 | ) | $ | 154,774 | |||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 17,876 | 17,876 | ||||||||||||||||||||||||||
Net other comprehensive income (loss) | 3,494 | 3,494 | ||||||||||||||||||||||||||
Stock dividend | 38,318 | 38 | 1,878 | (1,916 | ) | 0 | ||||||||||||||||||||||
Issuance of Common stock | 373,356 | 373 | 18,854 | 19,227 | ||||||||||||||||||||||||
Purchase of treasury stock (40,400 shares) | (2,120 | ) | (2,120 | ) | ||||||||||||||||||||||||
Restricted stock, executive, Board of Director awards and ESOP (9,669 shares) | (236 | ) | 491 | 255 | ||||||||||||||||||||||||
Restricted stock vesting | 281 | 281 | ||||||||||||||||||||||||||
Cash dividend reinvestment paid from treasury stock (15,404 shares) | 1 | 0 | 820 | 821 | ||||||||||||||||||||||||
Cash dividends, $1.460 per share | (5,557 | ) | (5,557 | ) | ||||||||||||||||||||||||
Balance, September 30, 2020 | 4,350,342 | $ | 4,350 | $ | 75,867 | $ | 121,203 | $ | 2,865 | $ | (15,234 | ) | $ | 189,051 | ||||||||||||||
Balance, June 30, 2019 | 3,938,668 | 3,939 | 55,096 | 103,733 | (337 | ) | (14,410 | ) | 148,021 | |||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 5,196 | 5,196 | ||||||||||||||||||||||||||
Net other comprehensive income (loss) | 48 | 48 | ||||||||||||||||||||||||||
Cash dividends, $0.445 per share | (1,587 | ) | (1,587 | ) | ||||||||||||||||||||||||
Balance, September 30, 2019 | 3,938,668 | $ | 3,939 | $ | 55,096 | $ | 107,342 | $ | (289 | ) | $ | (14,410 | ) | $ | 151,678 | |||||||||||||
Balance, December 31, 2018 | 3,904,212 | 3,904 | 53,099 | 99,727 | (3,921 | ) | (13,580 | ) | 139,229 | |||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 14,447 | 14,447 | ||||||||||||||||||||||||||
Net other comprehensive income (loss) | 3,632 | 3,632 | ||||||||||||||||||||||||||
Stock dividend | 34,456 | 35 | 2,067 | (2,102 | ) | 0 | ||||||||||||||||||||||
Purchase of treasury stock (20,620 shares) | (1,236 | ) | (1,236 | ) | ||||||||||||||||||||||||
Restricted stock, executive and Board of Director awards | (300 | ) | 415 | 115 | ||||||||||||||||||||||||
Restricted stock vesting | 221 | 221 | ||||||||||||||||||||||||||
Forfeited restricted stock | 9 | (9 | ) | 0 | ||||||||||||||||||||||||
Cash dividends, $1.317 per share | (4,730 | ) | (4,730 | ) | ||||||||||||||||||||||||
Balance, September 30, 2019 | 3,938,668 | $ | 3,939 | $ | 55,096 | $ | 107,342 | $ | (289 | ) | $ | (14,410 | ) | $ | 151,678 |
Common Stock | Additional | Accumulated Other | ||||||||||||||||||||||||||
(in thousands, except share data) | Shares | Amount | Paid-in Capital | Retained Earnings | Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||
Balance, December 31, 2020 | 4,350,342 | $ | 4,350 | $ | 75,908 | $ | 126,627 | $ | 2,587 | $ | (15,213 | ) | $ | 194,259 | ||||||||||||||
Net income | 8,463 | 8,463 | ||||||||||||||||||||||||||
Net other comprehensive (loss) | (1,585 | ) | (1,585 | ) | ||||||||||||||||||||||||
Purchase of treasury stock (9,202 shares) | (513 | ) | (513 | ) | ||||||||||||||||||||||||
Restricted stock, executive and Board of Director awards (6,651 shares) | (2 | ) | (2 | ) | ||||||||||||||||||||||||
Restricted stock vesting | 5 | 5 | ||||||||||||||||||||||||||
Forfeited restricted stock | (3 | ) | 3 | 0 | ||||||||||||||||||||||||
Cash dividends, $0.465 per share | (1,820 | ) | (1,820 | ) | ||||||||||||||||||||||||
Balance, March 31, 2021 | 4,350,342 | $ | 4,350 | $ | 75,908 | $ | 133,270 | $ | 1,002 | $ | (15,723 | ) | $ | 198,807 | ||||||||||||||
Balance, December 31, 2019 | 3,938,668 | $ | 3,939 | $ | 55,089 | $ | 110,800 | $ | (629 | ) | $ | (14,425 | ) | $ | 154,774 | |||||||||||||
Net income | 4,531 | 4,531 | ||||||||||||||||||||||||||
Net other comprehensive income | 3,547 | 3,547 | ||||||||||||||||||||||||||
Purchase of treasury stock (23,412 shares) | (1,279 | ) | (1,279 | ) | ||||||||||||||||||||||||
Restricted stock, executive, and Board of Director awards | 1 | 12 | 13 | |||||||||||||||||||||||||
Restricted stock vesting | 40 | 40 | ||||||||||||||||||||||||||
Cash dividend reinvestment paid from treasury stock | (1 | ) | 0 | 255 | 254 | |||||||||||||||||||||||
Cash dividends, $0.549 per share | (1,957 | ) | (1,957 | ) | ||||||||||||||||||||||||
Balance, March 31, 2020 | 3,938,668 | $ | 3,939 | $ | 55,129 | $ | 113,374 | $ | 2,918 | $ | (15,437 | ) | $ | 159,923 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||
(in thousands) | 2020 | 2019 | 2021 | 2020 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income | $ | 17,876 | $ | 14,447 | $ | 8,463 | $ | 4,531 | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Provision for loan losses | 1,500 | 1,150 | 650 | 400 | ||||||||||||
Depreciation and amortization | (1,648 | ) | 357 | 286 | 247 | |||||||||||
Amortization and accretion of loans and other assets | (1,344 | ) | (97 | ) | ||||||||||||
Amortization and accretion of investment securities | 648 | 129 | 503 | 120 | ||||||||||||
Deferred income taxes | 359 | 420 | 74 | (284 | ) | |||||||||||
Investment securities losses (gains), net | (26 | ) | (78 | ) | (237 | ) | 254 | |||||||||
Earnings on bank owned life insurance | (514 | ) | (463 | ) | (1,315 | ) | (156 | ) | ||||||||
Vesting of restricted stock | 281 | 221 | ||||||||||||||
Originations of loans held for sale | (62,677 | ) | (15,261 | ) | (14,206 | ) | (7,043 | ) | ||||||||
Proceeds from sales of loans held for sale | 45,113 | 15,183 | 19,253 | 5,973 | ||||||||||||
Realized gains on loans sold | (1,282 | ) | (339 | ) | (503 | ) | (167 | ) | ||||||||
Increase in accrued interest receivable | (1,023 | ) | (24 | ) | ||||||||||||
Increase (decrease) in accrued interest payable | (246 | ) | (24 | ) | ||||||||||||
Decrease (increase) in accrued interest receivable | 426 | (32 | ) | |||||||||||||
Decrease in accrued interest payable | (104 | ) | (182 | ) | ||||||||||||
Other, net | (729 | ) | 103 | 2,019 | 1,169 | |||||||||||
Net cash (used in) provided by operating activities | (2,368 | ) | 15,821 | |||||||||||||
Net cash provided by operating activities | 13,965 | 4,733 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
Proceeds from sales | 18,621 | 5,508 | 5,045 | 0 | ||||||||||||
Proceeds from maturity and principal repayments | 55,455 | 51,028 | 17,826 | 29,045 | ||||||||||||
Purchase of securities | (117,166 | ) | (59,788 | ) | (54,248 | ) | (41,915 | ) | ||||||||
Purchase of equity securities | (1,439 | ) | (64 | ) | 0 | (202 | ) | |||||||||
Proceeds from sale of equity securities | 168 | 0 | ||||||||||||||
Purchase of interest bearing time deposits with other banks | (350 | ) | (248 | ) | 0 | (250 | ) | |||||||||
Proceeds from life insurance death benefit | 3,714 | 0 | ||||||||||||||
Proceeds from matured interest bearing time deposits with other banks | 848 | 1,490 | 249 | 0 | ||||||||||||
Proceeds from redemption of regulatory stock | 7,923 | 7,784 | 1,179 | 3,300 | ||||||||||||
Purchase of regulatory stock | (6,424 | ) | (9,127 | ) | (1,013 | ) | (2,798 | ) | ||||||||
Net increase in loans | (24,741 | ) | (36,653 | ) | ||||||||||||
Net decrease in loans | 2,461 | 22,003 | ||||||||||||||
Purchase of premises and equipment | (760 | ) | (225 | ) | (785 | ) | (507 | ) | ||||||||
Proceeds from sale of premises and equipment | 0 | 7 | ||||||||||||||
Proceeds from sale of foreclosed assets held for sale | 669 | 813 | 116 | 350 | ||||||||||||
Acquisition, net of cash paid | 1,023 | 0 | ||||||||||||||
Net cash used in investing activities | (66,173 | ) | (39,475 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (25,456 | ) | 9,026 | |||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Net increase in deposits | 132,807 | 14,148 | 98,612 | (5,968 | ) | |||||||||||
Proceeds from long-term borrowings | 20,000 | 10,000 | 0 | 5,000 | ||||||||||||
Repayments of long-term borrowings | (3,000 | ) | (3,123 | ) | (2,000 | ) | 0 | |||||||||
Net (decrease) increase in short-term borrowed funds | (17,876 | ) | 11,769 | |||||||||||||
Purchase of treasury stock | (2,120 | ) | (1,236 | ) | ||||||||||||
Reissuance of treasury stock | 255 | 115 | ||||||||||||||
Net decrease in short-term borrowed funds | (667 | ) | (6,554 | ) | ||||||||||||
Purchase of treasury and restricted stock | (513 | ) | (1,279 | ) | ||||||||||||
Dividends paid | (4,736 | ) | (4,730 | ) | (1,820 | ) | (1,957 | ) | ||||||||
Net cash provided by financing activities | 125,330 | 26,943 | ||||||||||||||
Net cash provided by (used in) financing activities | 93,612 | (10,758 | ) | |||||||||||||
Net increase in cash and cash equivalents | 56,789 | 3,289 | 82,121 | 3,001 | ||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 18,520 | 16,797 | 68,707 | 18,520 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 75,309 | $ | 20,086 | $ | 150,828 | $ | 21,521 | ||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||||
Interest paid | $ | 6,321 | $ | 9,267 | $ | 1,958 | $ | 2,631 | ||||||||
Income taxes paid | $ | 3,500 | $ | 2,450 | $ | 0 | $ | 0 | ||||||||
Loans transferred to foreclosed property | $ | 32 | $ | 3,728 | ||||||||||||
Right of use asset and liability | $ | 636 | $ | 1,454 | $ | 211 | $ | 0 | ||||||||
Acquisition of | Midcoast Community Bancorp Inc | |||||||||||||||
Non-cash assets acquired | ||||||||||||||||
Available-for-sale securities | $ | 0 | ||||||||||||||
Loans | 223,235 | |||||||||||||||
Premises and equipment | 1,787 | |||||||||||||||
Accrued interest receivable | 586 | |||||||||||||||
Bank owned life insurance | 3,766 | |||||||||||||||
Intangibles | 157 | |||||||||||||||
Deferred tax asset | 3,402 | |||||||||||||||
Other assets | 2,878 | |||||||||||||||
Goodwill | 8,080 | |||||||||||||||
243,891 | ||||||||||||||||
Liabilities assumed | ||||||||||||||||
Noninterest-bearing deposits | 38,694 | |||||||||||||||
Interest-bearing deposits | 170,132 | |||||||||||||||
Accrued interest payable | 164 | |||||||||||||||
Borrowed funds | 15,497 | |||||||||||||||
Other liabilities | 1,198 | |||||||||||||||
225,685 | ||||||||||||||||
Net non-cash assets acquired | 18,206 | |||||||||||||||
Cash and cash equivalents acquired | $ | 8,637 |
Three Months Ended | Nine Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||
Revenue stream | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | ||||||||||||||||||
Service charges on deposit accounts | ||||||||||||||||||||||||
Overdraft fees | $ | 282 | 405 | $ | 847 | $ | 1,132 | $ | 258 | $ | 359 | |||||||||||||
Statement fees | 50 | 52 | 156 | 153 | 56 | 56 | ||||||||||||||||||
Interchange revenue | 616 | 589 | 1,693 | 1,724 | 639 | 522 | ||||||||||||||||||
ATM income | 99 | 108 | 241 | 300 | 98 | 83 | ||||||||||||||||||
Other service charges | 65 | 71 | 170 | 189 | 55 | 61 | ||||||||||||||||||
Total Service Charges | 1,112 | 1,225 | 3,107 | 3,498 | 1,106 | 1,081 | ||||||||||||||||||
Trust | 199 | 148 | 542 | 589 | 307 | 198 | ||||||||||||||||||
Brokerage and insurance | 352 | 289 | 941 | 843 | 376 | 340 | ||||||||||||||||||
Other | 95 | 80 | 261 | 267 | 109 | 107 | ||||||||||||||||||
Total | $ | 1,758 | $ | 1,742 | $ | 4,851 | $ | 5,197 | $ | 1,898 | $ | 1,726 |
Three months ended | Nine months ended | Three months ended | ||||||||||||||||||||||
September 30, | September 30, | March 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Net income applicable to common stock | $ | 8,007 | $ | 5,196 | $ | 17,876 | $ | 14,447 | $ | 8,463 | $ | 4,531 | ||||||||||||
Basic earnings per share computation | ||||||||||||||||||||||||
Weighted average common shares outstanding | 3,918,438 | 3,553,996 | 3,769,705 | 3,560,695 | 3,909,887 | 3,553,818 | ||||||||||||||||||
Earnings per share - basic | $ | 2.04 | $ | 1.46 | $ | 4.74 | $ | 4.06 | $ | 2.16 | $ | 1.27 | ||||||||||||
Diluted earnings per share computation | ||||||||||||||||||||||||
Weighted average common shares outstanding for basic earnings per share | 3,918,438 | 3,553,996 | 3,769,705 | 3,560,695 | 3,909,887 | 3,553,818 | ||||||||||||||||||
Add: Dilutive effects of restricted stock | 0 | 0 | 2,025 | 2,280 | 0 | 0 | ||||||||||||||||||
Weighted average common shares outstanding for dilutive earnings per share | 3,918,438 | 3,553,996 | 3,771,730 | 3,562,975 | 3,909,887 | 3,553,818 | ||||||||||||||||||
Earnings per share - diluted | $ | 2.04 | $ | 1.46 | $ | 4.74 | $ | 4.05 | $ | 2.16 | $ | 1.27 |
September 30, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
March 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 78,095 | $ | 2,647 | $ | (44 | ) | $ | 80,698 | $ | 78,375 | $ | 2,020 | $ | (686 | ) | $ | 79,709 | ||||||||||||||
U.S. treasury securities | 27,430 | 737 | 0 | 28,167 | 39,995 | 458 | (91 | ) | 40,362 | |||||||||||||||||||||||
Obligations of state and political subdivisions | 89,678 | 2,297 | (127 | ) | 91,848 | 101,007 | 1,771 | (433 | ) | 102,345 | ||||||||||||||||||||||
Corporate obligations | 6,423 | 84 | 0 | 6,507 | 6,902 | 86 | (5 | ) | 6,983 | |||||||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 78,925 | 1,829 | (136 | ) | 80,618 | 92,165 | 1,162 | (759 | ) | 92,568 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 280,551 | $ | 7,594 | $ | (307 | ) | $ | 287,838 | $ | 318,444 | $ | 5,497 | $ | (1,974 | ) | $ | 321,967 | ||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 83,410 | $ | 1,523 | $ | (70 | ) | $ | 84,863 | $ | 79,065 | $ | 2,403 | $ | (52 | ) | $ | 81,416 | ||||||||||||||
U.S. treasury securities | 27,394 | 267 | 0 | 27,661 | 27,442 | 601 | 0 | 28,043 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 60,667 | 865 | (77 | ) | 61,455 | 100,089 | 2,938 | (55 | ) | 102,972 | ||||||||||||||||||||||
Corporate obligations | 3,250 | 78 | 0 | 3,328 | 6,413 | 96 | 0 | 6,509 | ||||||||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 63,086 | 468 | (155 | ) | 63,399 | 74,512 | 1,874 | (137 | ) | 76,249 | ||||||||||||||||||||||
Total available-for-sale securities | $ | 237,807 | $ | 3,201 | $ | (302 | ) | $ | 240,706 | $ | 287,521 | $ | 7,912 | $ | (244 | ) | $ | 295,189 |
September 30, 2020 | Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 6,979 | $ | (44 | ) | $ | 0 | $ | 0 | $ | 6,979 | $ | (44 | ) | $ | 27,104 | $ | (686 | ) | $ | 0 | $ | 0 | $ | 27,104 | $ | (686 | ) | ||||||||||||||||||||
U.S. treasury securities | 12,444 | (91 | ) | 0 | 0 | 12,444 | (91 | ) | ||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 11,257 | (127 | ) | 0 | 0 | 11,257 | (127 | ) | 29,716 | (346 | ) | 3,361 | (87 | ) | 33,077 | (433 | ) | |||||||||||||||||||||||||||||||
Corporate obligations | 495 | (5 | ) | 0 | 0 | 495 | (5 | ) | ||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 8,884 | (98 | ) | 5,779 | (38 | ) | 14,663 | (136 | ) | 34,119 | (720 | ) | 5,550 | (39 | ) | 39,669 | (759 | ) | ||||||||||||||||||||||||||||||
Total securities | $ | 27,120 | $ | (269 | ) | $ | 5,779 | $ | (38 | ) | $ | 32,899 | $ | (307 | ) | $ | 103,878 | $ | (1,848 | ) | $ | 8,911 | $ | (126 | ) | $ | 112,789 | $ | (1,974 | ) | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 14,587 | $ | (63 | ) | $ | 13,094 | $ | (7 | ) | $ | 27,681 | $ | (70 | ) | $ | 13,720 | $ | (52 | ) | $ | 0 | $ | 0 | $ | 13,720 | $ | (52 | ) | |||||||||||||||||||
U.S. treasury securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 7,508 | (75 | ) | 1,507 | (2 | ) | 9,015 | (77 | ) | 5,407 | (55 | ) | 0 | 0 | 5,407 | (55 | ) | |||||||||||||||||||||||||||||||
Corporate obligations | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 27,737 | (97 | ) | 9,559 | (58 | ) | 37,296 | (155 | ) | 14,600 | (99 | ) | 5,633 | (38 | ) | 20,233 | (137 | ) | ||||||||||||||||||||||||||||||
Total securities | $ | 49,832 | $ | (235 | ) | $ | 24,160 | $ | (67 | ) | $ | 73,992 | $ | (302 | ) | $ | 33,727 | $ | (206 | ) | $ | 5,633 | $ | (38 | ) | $ | 39,360 | $ | (244 | ) |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Gross gains on available for sale securities | $ | 192 | $ | 9 | $ | 309 | $ | 9 | ||||||||
Gross losses on available for sale securities | (7 | ) | (1 | ) | (7 | ) | (1 | ) | ||||||||
Net gains | $ | 185 | $ | 8 | $ | 302 | $ | 8 |
Three Months Ended | ||||||||
March 31 | ||||||||
2021 | 2020 | |||||||
Gross gains on available for sale securities | $ | 50 | $ | 0 | ||||
Gross losses on available for sale securities | 0 | 0 | ||||||
Net gains | $ | 50 | $ | 0 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
Equity securities | 2020 | 2019 | 2020 | 2019 | 2021 | 2020 | ||||||||||||||||||
Net gains (losses) recognized in equity securities during the period | $ | (33 | ) | $ | 29 | $ | (276 | ) | $ | 70 | $ | 187 | $ | (254 | ) | |||||||||
Less: Net gains realized on the sale of equity securities during the period | 68 | 0 | 68 | 0 | 0 | 0 | ||||||||||||||||||
Net unrealized gains (losses) | $ | (101 | ) | $ | 29 | $ | (344 | ) | $ | 70 | $ | 187 | $ | (254 | ) |
Amortized Cost | Fair Value | |||||||
Available-for-sale debt securities: | ||||||||
Due in one year or less | $ | 19,293 | $ | 19,530 | ||||
Due after one year through five years | 65,451 | 68,561 | ||||||
Due after five years through ten years | 58,962 | 60,506 | ||||||
Due after ten years | 136,845 | 139,241 | ||||||
Total | $ | 280,551 | $ | 287,838 |
Amortized Cost | Fair Value | |||||||
Available-for-sale debt securities: | ||||||||
Due in one year or less | $ | 19,997 | $ | 20,279 | ||||
Due after one year through five years | 68,523 | 70,801 | ||||||
Due after five years through ten years | 82,046 | 82,528 | ||||||
Due after ten years | 147,878 | 148,359 | ||||||
Total | $ | 318,444 | $ | 321,967 |
September 30, 2020 | Total Loans | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Collectively evaluated for impairment | ||||||||||||
Real estate loans: | ||||||||||||||||
Residential | $ | 208,084 | $ | 1,041 | $ | 20 | $ | 207,023 | ||||||||
Commercial | 535,456 | 9,465 | 3,306 | 522,685 | ||||||||||||
Agricultural | 310,702 | 4,398 | 1,722 | 304,582 | ||||||||||||
Construction | 28,656 | 0 | 0 | 28,656 | ||||||||||||
Consumer | 30,625 | 15 | 0 | 30,610 | ||||||||||||
Other commercial loans | 129,731 | 1,603 | 0 | 128,128 | ||||||||||||
Other agricultural loans | 40,790 | 1,246 | 306 | 39,238 | ||||||||||||
State and political subdivision loans | 81,835 | 0 | 0 | 81,835 | ||||||||||||
Total | 1,365,879 | 17,768 | 5,354 | 1,342,757 | ||||||||||||
Allowance for loan losses | 15,169 | 791 | 0 | 14,378 | ||||||||||||
Net loans | $ | 1,350,710 | $ | 16,977 | $ | 5,354 | $ | 1,328,379 |
March 31, 2021 | Total Loans | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Collectively evaluated for impairment | ||||||||||||
Real estate loans: | ||||||||||||||||
Residential | $ | 203,273 | $ | 969 | $ | 20 | $ | 202,284 | ||||||||
Commercial | 605,547 | 9,321 | 2,911 | 593,315 | ||||||||||||
Agricultural | 315,313 | 4,561 | 1,664 | 309,088 | ||||||||||||
Construction | 42,651 | 0 | 0 | 42,651 | ||||||||||||
Consumer | 26,181 | 1 | 0 | 26,180 | ||||||||||||
Other commercial loans | 109,168 | 1,127 | 132 | 107,909 | ||||||||||||
Other agricultural loans | 41,378 | 1,118 | 0 | 40,260 | ||||||||||||
State and political subdivision loans | 60,890 | 0 | 0 | 60,890 | ||||||||||||
Total | 1,404,401 | 17,097 | 4,727 | 1,382,577 | ||||||||||||
Allowance for loan losses | 16,560 | 485 | 0 | 16,075 | ||||||||||||
Net loans | $ | 1,387,841 | $ | 16,612 | $ | 4,727 | $ | 1,366,502 |
December 31, 2019 | Total Loans | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Collectively evaluated for impairment | ||||||||||||||||||||||||||||
December 31, 2020 | Total Loans | Individually evaluated for impairment | Loans acquired with deteriorated credit quality | Collectively evaluated for impairment | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 217,088 | $ | 1,166 | $ | 23 | $ | 215,899 | $ | 201,911 | $ | 990 | $ | 20 | $ | 200,901 | ||||||||||||||||
Commercial | 342,023 | 11,537 | 1,210 | 329,276 | 596,255 | 9,183 | 2,937 | 584,135 | ||||||||||||||||||||||||
Agricultural | 311,464 | 3,782 | 0 | 307,682 | 315,158 | 4,645 | 1,686 | 308,827 | ||||||||||||||||||||||||
Construction | 15,519 | 0 | 0 | 15,519 | 35,404 | 0 | 0 | 35,404 | ||||||||||||||||||||||||
Consumer | 9,947 | 4 | 0 | 9,943 | 30,277 | 2 | 0 | 30,275 | ||||||||||||||||||||||||
Other commercial loans | 69,970 | 1,902 | 49 | 68,019 | 114,169 | 1,335 | 232 | 112,602 | ||||||||||||||||||||||||
Other agricultural loans | 55,112 | 1,281 | 0 | 53,831 | 48,779 | 1,122 | 0 | 47,657 | ||||||||||||||||||||||||
State and political subdivision loans | 94,446 | 0 | 0 | 94,446 | 63,328 | 0 | 0 | 63,328 | ||||||||||||||||||||||||
Total | 1,115,569 | 19,672 | 1,282 | 1,094,615 | 1,405,281 | 17,277 | 4,875 | 1,383,129 | ||||||||||||||||||||||||
Allowance for loan losses | 13,845 | 735 | 0 | 13,110 | 15,815 | 510 | 0 | 15,305 | ||||||||||||||||||||||||
Net loans | $ | 1,101,724 | $ | 18,937 | $ | 1,282 | $ | 1,081,505 | $ | 1,389,466 | $ | 16,767 | $ | 4,875 | $ | 1,367,824 |
April 17, 2020 | ||||
Contractually required principal and interest at acquisition | $ | 8,801 | ||
Non-accretable discount | (2,966 | ) | ||
Expected cash flows | 5,835 | |||
Accretable discount | $ | (966 | ) | |
Estimated fair value | $ | 4,869 |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Balance at beginning of period | $ | 987 | $ | 100 | $ | 89 | $ | 104 | $ | 788 | $ | 89 | ||||||||||||
Acquisition of Midcoast | 0 | 0 | 966 | 0 | ||||||||||||||||||||
Accretion | (100 | ) | (10 | ) | (168 | ) | (14 | ) | (100 | ) | (1 | ) | ||||||||||||
Balance at end of period | $ | 887 | $ | 90 | $ | 887 | $ | 90 | $ | 688 | $ | 88 |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||
Outstanding balance | $ | 9,479 | $ | 4,072 | $ | 8,747 | $ | 8,958 | ||||||||
Carrying amount | 5,354 | 1,282 | 4,727 | 4,875 |
September 30, 2020 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||||
March 31, 2021 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Mortgages | $ | 1,125 | $ | 609 | $ | 296 | $ | 905 | $ | 20 | $ | 1,059 | $ | 724 | $ | 122 | $ | 846 | $ | 9 | ||||||||||||||||||||
Home Equity | 159 | 77 | 59 | 136 | 9 | 147 | 69 | 54 | 123 | 8 | ||||||||||||||||||||||||||||||
Commercial | 10,053 | 8,325 | 1,140 | 9,465 | 341 | 10,100 | 8,408 | 913 | 9,321 | 101 | ||||||||||||||||||||||||||||||
Agricultural | 4,614 | 2,526 | 1,872 | 4,398 | 79 | 4,791 | 2,777 | 1,784 | 4,561 | 12 | ||||||||||||||||||||||||||||||
Consumer | 15 | 3 | 12 | 15 | 12 | 1 | 1 | 0 | 1 | 0 | ||||||||||||||||||||||||||||||
Other commercial loans | 2,225 | 1,243 | 360 | 1,603 | 181 | 1,793 | 889 | 238 | 1,127 | 170 | ||||||||||||||||||||||||||||||
Other agricultural loans | 1,368 | 123 | 1,123 | 1,246 | 149 | 1,301 | 17 | 1,101 | 1,118 | 185 | ||||||||||||||||||||||||||||||
Total | $ | 19,559 | $ | 12,906 | $ | 4,862 | $ | 17,768 | $ | 791 | $ | 19,192 | $ | 12,885 | $ | 4,212 | $ | 17,097 | $ | 485 |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Unpaid Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Mortgages | $ | 1,212 | $ | 794 | $ | 223 | $ | 1,017 | $ | 20 | $ | 1,070 | $ | 740 | $ | 123 | $ | 863 | $ | 9 | ||||||||||||||||||||
Home Equity | 170 | 83 | 66 | 149 | 12 | 150 | 70 | 57 | 127 | 9 | ||||||||||||||||||||||||||||||
Commercial | 12,070 | 10,723 | 814 | 11,537 | 251 | 9,847 | 8,323 | 860 | 9,183 | 95 | ||||||||||||||||||||||||||||||
Agricultural | 3,900 | 1,580 | 2,202 | 3,782 | 151 | 4,811 | 2,799 | 1,846 | 4,645 | 83 | ||||||||||||||||||||||||||||||
Consumer | 4 | 4 | 0 | 4 | 0 | 2 | 2 | 0 | 2 | 0 | ||||||||||||||||||||||||||||||
Other commercial loans | 2,517 | 1,555 | 347 | 1,902 | 147 | 1,908 | 1,094 | 241 | 1,335 | 170 | ||||||||||||||||||||||||||||||
Other agricultural loans | 1,347 | 126 | 1,155 | 1,281 | 154 | 1,262 | 19 | 1,103 | 1,122 | 144 | ||||||||||||||||||||||||||||||
Total | $ | 21,220 | $ | 14,865 | $ | 4,807 | $ | 19,672 | $ | 735 | $ | 19,050 | $ | 13,047 | $ | 4,230 | $ | 17,277 | $ | 510 |
For the Nine Months Ended | For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Interest Income Recognized Cash Basis | Average Recorded Investment | Interest Income Recognized | Interest Income Recognized Cash Basis | Average Recorded Investment | Interest Income Recognized | Interest Income Recognized Cash Basis | Average Recorded Investment | Interest Income Recognized | Interest Income Recognized Cash Basis | |||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages | $ | 998 | $ | 15 | $ | 0 | $ | 1,075 | $ | 12 | $ | 0 | $ | 851 | $ | 5 | $ | 0 | $ | 1,031 | $ | 5 | $ | 0 | ||||||||||||||||||||||||
Home Equity | 142 | 5 | 0 | 108 | 4 | 0 | 124 | 1 | 0 | 146 | 2 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial | 10,836 | 294 | 20 | 11,768 | 342 | 11 | 9,238 | 67 | 7 | 11,486 | 104 | 2 | ||||||||||||||||||||||||||||||||||||
Agricultural | 3,718 | 58 | 0 | 5,068 | 61 | 0 | 4,590 | 22 | 0 | 3,777 | 21 | 0 | ||||||||||||||||||||||||||||||||||||
Consumer | 3 | 0 | 0 | 2 | 0 | 0 | 1 | 0 | 0 | 3 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | 1,757 | 2 | 0 | 2,088 | 1 | 0 | 1,121 | 1 | 0 | 1,839 | 1 | 0 | ||||||||||||||||||||||||||||||||||||
Other agricultural loans | 1,275 | 6 | 0 | 1,419 | 4 | 0 | 1,103 | 2 | 0 | 1,276 | 2 | 0 | ||||||||||||||||||||||||||||||||||||
Total | $ | 18,729 | $ | 380 | $ | 20 | $ | 21,528 | $ | 424 | $ | 11 | $ | 17,028 | $ | 98 | $ | 7 | $ | 19,558 | $ | 135 | $ | 2 |
For the Three Months Ended | ||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Interest Income Recognized Cash Basis | Average Recorded Investment | Interest Income Recognized | Interest Income Recognized Cash Basis | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Mortgages | $ | 900 | $ | 5 | $ | 0 | $ | 1,048 | $ | 3 | $ | 0 | ||||||||||||
Home Equity | 138 | 2 | 0 | 143 | 2 | 0 | ||||||||||||||||||
Commercial | 9,436 | 75 | 18 | 11,906 | 112 | 0 | ||||||||||||||||||
Agricultural | 3,633 | 18 | 0 | 4,795 | 5 | 0 | ||||||||||||||||||
Consumer | 5 | 0 | 0 | 4 | 0 | 0 | ||||||||||||||||||
Other commercial loans | 1,626 | 0 | 0 | 2,073 | 0 | 0 | ||||||||||||||||||
Other agricultural loans | 1,259 | 2 | 0 | 1,408 | 0 | 0 | ||||||||||||||||||
Total | $ | 16,997 | $ | 102 | $ | 18 | $ | 21,377 | $ | 122 | $ | 0 |
September 30, 2020 | Pass | Special Mention | Substandard | Doubtful | Loss | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Pass | Special Mention | Substandard | Doubtful | Loss | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 514,291 | $ | 10,727 | $ | 10,400 | $ | 38 | $ | 0 | $ | 535,456 | $ | 567,989 | $ | 28,936 | $ | 8,622 | $ | 0 | $ | 0 | $ | 605,547 | ||||||||||||||||||||||||
Agricultural | 287,998 | 11,882 | 10,822 | 0 | 0 | 310,702 | 288,128 | 15,603 | 11,582 | 0 | 0 | 315,313 | ||||||||||||||||||||||||||||||||||||
Construction | 28,656 | 0 | 0 | 0 | 0 | 28,656 | 42,651 | 0 | 0 | 0 | 0 | 42,651 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | 124,563 | 1,239 | 3,843 | 86 | 0 | 129,731 | 102,276 | 3,134 | 3,675 | 83 | 0 | 109,168 | ||||||||||||||||||||||||||||||||||||
Other agricultural loans | 37,529 | 1,593 | 1,668 | 0 | 0 | 40,790 | 38,114 | 1,849 | 1,415 | 0 | 0 | 41,378 | ||||||||||||||||||||||||||||||||||||
State and political subdivision loans | 81,493 | 0 | 342 | 0 | 0 | 81,835 | 56,245 | 4,372 | 273 | 0 | 0 | 60,890 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,074,530 | $ | 25,441 | $ | 27,075 | $ | 124 | $ | 0 | $ | 1,127,170 | $ | 1,095,403 | $ | 53,894 | $ | 25,567 | $ | 83 | $ | 0 | $ | 1,174,947 |
December 31, 2019 | Pass | Special Mention | Substandard | Doubtful | Loss | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 329,831 | $ | 4,305 | $ | 7,848 | $ | 39 | $ | 0 | $ | 342,023 | $ | 563,121 | $ | 24,329 | $ | 8,805 | $ | 0 | $ | 0 | $ | 596,255 | ||||||||||||||||||||||||
Agricultural | 287,044 | 14,261 | 10,159 | 0 | 0 | 311,464 | 289,216 | 14,307 | 11,635 | �� | 0 | 0 | 315,158 | |||||||||||||||||||||||||||||||||||
Construction | 15,519 | 0 | 0 | 0 | 0 | 15,519 | 35,404 | 0 | 0 | 0 | 0 | 35,404 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | 66,880 | 984 | 2,042 | 64 | 0 | 69,970 | 106,604 | 3,808 | 3,672 | 85 | 0 | 114,169 | ||||||||||||||||||||||||||||||||||||
Other agricultural loans | 51,711 | 1,077 | 2,324 | 0 | 0 | 55,112 | 45,758 | 1,431 | 1,590 | 0 | 0 | 48,779 | ||||||||||||||||||||||||||||||||||||
State and political subdivision loans | 93,993 | 0 | 453 | 0 | 0 | 94,446 | 58,649 | 4,372 | 307 | 0 | 0 | 63,328 | ||||||||||||||||||||||||||||||||||||
Total | $ | 844,978 | $ | 20,627 | $ | 22,826 | $ | 103 | $ | 0 | $ | 888,534 | $ | 1,098,752 | $ | 48,247 | $ | 26,009 | $ | 85 | $ | 0 | $ | 1,173,093 |
September 30, 2020 | Performing | Non-performing | PCI | Total | ||||||||||||||||||||||||||||
March 31, 2021 | Performing | Non-performing | PCI | Total | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Mortgages | $ | 149,171 | $ | 1,466 | $ | 20 | $ | 150,657 | $ | 148,560 | $ | 1,023 | $ | 20 | $ | 149,603 | ||||||||||||||||
Home Equity | 57,407 | 20 | 0 | 57,427 | 53,648 | 22 | 0 | 53,670 | ||||||||||||||||||||||||
Consumer | 30,613 | 12 | 0 | 30,625 | 26,181 | 0 | 0 | 26,181 | ||||||||||||||||||||||||
Total | $ | 237,191 | $ | 1,498 | $ | 20 | $ | 238,709 | $ | 228,389 | $ | 1,045 | $ | 20 | $ | 229,454 | ||||||||||||||||
December 31, 2019 | Performing | Non-performing | PCI | Total | ||||||||||||||||||||||||||||
December 31, 2020 | Performing | Non-performing | PCI | Total | ||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Mortgages | $ | 156,151 | $ | 904 | $ | 23 | $ | 157,078 | $ | 145,843 | $ | 1,039 | $ | 20 | $ | 146,902 | ||||||||||||||||
Home Equity | 59,950 | 60 | 0 | 60,010 | 54,961 | 48 | 0 | 55,009 | ||||||||||||||||||||||||
Consumer | 9,939 | 8 | 0 | 9,947 | 30,247 | 30 | 0 | 30,277 | ||||||||||||||||||||||||
Total | $ | 226,040 | $ | 972 | $ | 23 | $ | 227,035 | $ | 231,051 | $ | 1,117 | $ | 20 | $ | 232,188 |
September 30, 2020 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Or Greater | Total Past Due | Current | PCI | Total Loan Receivables | 90 Days or Greater and Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Or Greater | Total Past Due | Current | PCI | Total Loan Receivables | 90 Days or Greater and Accruing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages | $ | 736 | $ | 208 | $ | 811 | $ | 1,755 | $ | 148,882 | $ | 20 | $ | 150,657 | $ | 622 | $ | 288 | $ | 29 | $ | 517 | $ | 834 | $ | 148,749 | $ | 20 | $ | 149,603 | $ | 251 | ||||||||||||||||||||||||||||||||
Home Equity | 100 | 43 | 18 | 161 | 57,266 | 0 | 57,427 | 0 | 49 | 11 | 8 | 68 | 53,602 | 0 | 53,670 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,651 | 78 | 4,805 | 6,534 | 525,616 | 3,306 | 535,456 | 413 | 848 | 190 | 1,440 | 2,478 | 600,158 | 2,911 | 605,547 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | 116 | 215 | 1,327 | 1,658 | 307,322 | 1,722 | 310,702 | 147 | 356 | 25 | 1,330 | 1,711 | 311,938 | 1,664 | 315,313 | 150 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 28,656 | 0 | 28,656 | 0 | 0 | 0 | 0 | 0 | 42,651 | 0 | 42,651 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 142 | 33 | 12 | 187 | 30,438 | 0 | 30,625 | 12 | 149 | 4 | 0 | 153 | 26,028 | 0 | 26,181 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans | 169 | 0 | 1,491 | 1,660 | 128,071 | 0 | 129,731 | 0 | 919 | 0 | 160 | 1,079 | 107,957 | 132 | 109,168 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other agricultural loans | 9 | 0 | 136 | 145 | 40,339 | 306 | 40,790 | 0 | 224 | 0 | 50 | 274 | 41,104 | 0 | 41,378 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivision loans | 0 | 0 | 0 | 0 | 81,835 | 0 | 81,835 | 0 | 0 | 0 | 0 | 0 | 60,890 | 0 | 60,890 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,923 | $ | 577 | $ | 8,600 | $ | 12,100 | $ | 1,348,425 | $ | 5,354 | $ | 1,365,879 | $ | 1,194 | $ | 2,833 | $ | 259 | $ | 3,505 | $ | 6,597 | 1,393,077 | $ | 4,727 | $ | 1,404,401 | $ | 478 | |||||||||||||||||||||||||||||||||
Loans considered non-accrual | $ | 539 | 171 | $ | 3,027 | $ | 3,737 | $ | 6,943 | $ | 0 | $ | 10,680 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans still accruing | 2,294 | 88 | 478 | 2,860 | 1,386,134 | 4,727 | 1,393,721 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,833 | $ | 259 | $ | 3,505 | $ | 6,597 | $ | 1,393,077 | $ | 4,727 | $ | 1,404,401 |
Loans considered non-accrual | $ | 53 | $ | 0 | $ | 7,406 | $ | 7,459 | $ | 4,252 | $ | 0 | $ | 11,711 | ||||||||||||||
Loans still accruing | 2,870 | 577 | 1,194 | 4,641 | 1,344,173 | 5,354 | 1,354,168 | |||||||||||||||||||||
Total | $ | 2,923 | $ | 577 | $ | 8,600 | $ | 12,100 | $ | 1,348,425 | $ | 5,354 | $ | 1,365,879 |
December 31, 2019 | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Or Greater | Total Past Due | Current | PCI | Total Loan Receivables | 90 Days or Greater and Accruing | ||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Mortgages | $ | 581 | $ | 57 | $ | 319 | $ | 957 | $ | 156,098 | $ | 23 | $ | 157,078 | $ | 1 | ||||||||||||||||
Home Equity | 334 | 11 | 56 | 401 | 59,609 | 0 | 60,010 | 1 | ||||||||||||||||||||||||
Commercial | 750 | 573 | 3,720 | 5,043 | 335,770 | 1,210 | 342,023 | 0 | ||||||||||||||||||||||||
Agricultural | 118 | 0 | 785 | 903 | 310,561 | 0 | 311,464 | 299 | ||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 15,519 | 0 | 15,519 | 0 | ||||||||||||||||||||||||
Consumer | 113 | 10 | 8 | 131 | 9,816 | 0 | 9,947 | 2 | ||||||||||||||||||||||||
Other commercial loans | 217 | 71 | 1,946 | 2,234 | 67,687 | 49 | 69,970 | 184 | ||||||||||||||||||||||||
Other agricultural loans | 29 | 32 | 0 | 61 | 55,051 | 0 | 55,112 | 0 | ||||||||||||||||||||||||
State and political subdivision loans | 0 | 0 | 0 | 0 | 94,446 | 0 | 94,446 | 0 | ||||||||||||||||||||||||
Total | $ | 2,142 | $ | 754 | $ | 6,834 | $ | 9,730 | $ | 1,104,557 | $ | 1,282 | $ | 1,115,569 | $ | 487 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages | $ | 864 | $ | 414 | $ | 518 | $ | 1,796 | $ | 145,086 | $ | 20 | $ | 146,902 | $ | 252 | ||||||||||||||||||||||||||||||||||||||||||||
Home Equity | 152 | 62 | 34 | 248 | 54,761 | 0 | 55,009 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 836 | 439 | 1,822 | 3,097 | 590,221 | 2,937 | 596,255 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | 2,283 | 0 | 1,329 | 3,612 | 309,860 | 1,686 | 315,158 | 150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 35,404 | 0 | 35,404 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 147 | 9 | 30 | 186 | 30,091 | 0 | 30,277 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans | 930 | 0 | 133 | 1,063 | 112,874 | 232 | 114,169 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other agricultural loans | 1,044 | 0 | 0 | 1,044 | 47,735 | 0 | 48,779 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivision loans | 0 | 0 | 0 | 0 | 63,328 | 0 | 63,328 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,256 | $ | 924 | $ | 3,866 | $ | 11,046 | $ | 1,389,360 | $ | 4,875 | $ | 1,405,281 | $ | 525 | ||||||||||||||||||||||||||||||||||||||||||||
Loans considered non-accrual | $ | 90 | $ | 95 | $ | 6,347 | $ | 6,532 | $ | 5,004 | $ | - | $ | 11,536 | $ | 3,032 | $ | 28 | $ | 3,341 | $ | 6,401 | $ | 4,331 | $ | 0 | $ | 10,732 | ||||||||||||||||||||||||||||||||
Loans still accruing | 2,052 | 659 | 487 | 3,198 | 1,099,553 | 1,282 | 1,104,033 | 3,224 | 896 | 525 | 4,645 | 1,385,029 | 4,875 | 1,394,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,142 | $ | 754 | $ | 6,834 | $ | 9,730 | $ | 1,104,557 | $ | 1,282 | $ | 1,115,569 | $ | 6,256 | $ | 924 | $ | 3,866 | $ | 11,046 | $ | 1,389,360 | $ | 4,875 | $ | 1,405,281 |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||
Real estate loans: | ||||||||||||||||
Mortgages | $ | 844 | $ | 903 | $ | 772 | $ | 787 | ||||||||
Home Equity | 20 | 59 | 22 | 25 | ||||||||||||
Commercial | 5,141 | 5,080 | 4,853 | 4,529 | ||||||||||||
Agricultural | 3,161 | 2,578 | 3,064 | 3,133 | ||||||||||||
Consumer | 0 | 6 | ||||||||||||||
Other commercial loans | 1,551 | 1,837 | 1,050 | 1,284 | ||||||||||||
Other agricultural loans | 994 | 1,073 | 919 | 974 | ||||||||||||
$ | 11,711 | $ | 11,536 | $ | 10,680 | $ | 10,732 |
Number of loans | Balance as of Modification date | Number of loans as of September 30, 2020 | Balance as of September 30, 2020 | Principal and Interest Deferral | Principal Deferral | % of loans as of September 30, 2020 | Number of loans | Balance as of December 31, 2020 | Number of loans | Balance as of March 31, 2021 | Principal and Interest Deferral | Principal Deferral | % of loans as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages | 49 | $ | 9,996 | 1 | $ | 75 | $ | 75 | $ | 0 | 0.05 | % | 1 | $ | 209 | 0 | $ | 0 | $ | 0 | $ | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||
Home Equity | 29 | 1,389 | 0 | 0 | 0 | 0 | 0.00 | % | 1 | 49 | 0 | 0 | 0 | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Commercial | 259 | 144,647 | 9 | 17,712 | 13,039 | 4,673 | 3.31 | % | 12 | 26,039 | 4 | 13,864 | 6,205 | 7,659 | 2.29 | % | ||||||||||||||||||||||||||||||||||||||||
Agricultural | 50 | 20,421 | 2 | 2,368 | 0 | 2,368 | 0.76 | % | 3 | 181 | 0 | 0 | 0 | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Construction | 3 | 1,178 | 0 | 0 | 0 | 0 | 0.00 | % | 0 | 0 | 0 | 0 | 0 | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Consumer | 10 | 68 | 0 | 0 | 0 | 0 | 0.00 | % | 0 | 0 | 0 | 0 | 0 | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Other commercial loans | 88 | 24,077 | 0 | 0 | 0 | 0 | 0.00 | % | 2 | 249 | 0 | 0 | 0 | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Other agricultural loans | 46 | 3,347 | 0 | 0 | 0 | 0 | 0.00 | % | 0 | 0 | 0 | 0 | 0 | 0 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Total | 534 | $ | 205,123 | 12 | $ | 20,155 | $ | 13,114 | $ | 7,041 | 1.48 | % | 19 | $ | 26,727 | 4 | $ | 13,864 | $ | 6,205 | $ | 7,659 | 0.99 | % |
For the Three Months Ended September 30, 2020 | For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 1 | $ | 0 | $ | 276 | $ | 0 | $ | 276 | 0 | 2 | $ | 0 | $ | 290 | $ | 0 | $ | 290 | ||||||||||||||||||||||||||||
Consumer | 0 | 1 | 0 | 3 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Total | 0 | 2 | $ | 0 | $ | 279 | $ | 0 | $ | 279 | 0 | 2 | $ | 0 | $ | 290 | $ | 0 | $ | 290 |
For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Commercial | 0 | 3 | 0 | 682 | 0 | 682 | ||||||||||||||||||
Agricultural | 0 | 1 | 0 | 150 | 0 | 150 | ||||||||||||||||||
Consumer | 0 | 1 | 0 | 3 | 0 | 3 | ||||||||||||||||||
Total | 0 | 5 | $ | 0 | $ | 835 | $ | 0 | $ | 835 |
For the Three Months Ended September 30, 2019 | For the Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 0 | 1 | $ | 0 | $ | 118 | $ | 0 | $ | 118 | ||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 1 | 0 | 3 | 0 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Agricultural | 0 | 1 | $ | 0 | $ | 150 | $ | 0 | $ | 150 | ||||||||||||||||||||||||||||||||||||||
Total | 0 | 2 | $ | 0 | $ | 121 | $ | 0 | $ | 121 | 0 | 1 | $ | 0 | $ | 150 | $ | 0 | $ | 150 |
For the Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||
Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Mortgages | 0 | 1 | $ | 0 | $ | 4 | $ | 0 | $ | 4 | ||||||||||||||
Home Equity | 0 | 1 | 0 | 40 | 0 | 40 | ||||||||||||||||||
Commercial | 0 | 5 | 0 | 918 | 0 | 918 | ||||||||||||||||||
Consumer | 0 | 1 | 0 | 3 | 0 | 3 | ||||||||||||||||||
Total | 0 | 8 | $ | 0 | $ | 965 | $ | 0 | $ | 965 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||
Number of contracts | Recorded investment | Number of contracts | Recorded investment | Number of contracts | Recorded investment | Number of contracts | Recorded investment | |||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Commercial | 1 | $ | 110 | 0 | $ | 0 | 1 | $ | 110 | 1 | $ | 542 | ||||||||||||||||||||
Agricultural | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1,439 | ||||||||||||||||||||||||
Other agricultural loans | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 261 | ||||||||||||||||||||||||
Total recidivism | 1 | $ | 110 | 0 | $ | 0 | 1 | $ | 110 | 6 | $ | 2,242 |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | Individually evaluated for impairment | Collectively evaluated for impairment | Total | |||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 29 | $ | 1,190 | $ | 1,219 | $ | 32 | $ | 1,082 | $ | 1,114 | $ | 17 | $ | 1,150 | $ | 1,167 | $ | 18 | $ | 1,156 | $ | 1,174 | ||||||||||||||||||||||||
Commercial | 341 | 4,965 | 5,306 | 251 | 4,298 | 4,549 | 101 | 6,582 | 6,683 | 95 | 6,121 | 6,216 | ||||||||||||||||||||||||||||||||||||
Agricultural | 79 | 4,727 | 4,806 | 151 | 4,871 | 5,022 | 12 | 4,905 | 4,917 | 83 | 4,870 | 4,953 | ||||||||||||||||||||||||||||||||||||
Construction | 0 | 85 | 85 | 0 | 43 | 43 | 0 | 151 | 151 | 0 | 122 | 122 | ||||||||||||||||||||||||||||||||||||
Consumer | 12 | 340 | 352 | 0 | 112 | 112 | 0 | 237 | 237 | 0 | 321 | 321 | ||||||||||||||||||||||||||||||||||||
Other commercial loans | 181 | 1,049 | 1,230 | 147 | 1,108 | 1,255 | 170 | 1,334 | 1,504 | 170 | 1,056 | 1,226 | ||||||||||||||||||||||||||||||||||||
Other agricultural loans | 149 | 586 | 735 | 154 | 807 | 961 | 185 | 604 | 789 | 144 | 720 | 864 | ||||||||||||||||||||||||||||||||||||
State and political subdivision loans | 0 | 514 | 514 | 0 | 536 | 536 | 0 | 470 | 470 | 0 | 479 | 479 | ||||||||||||||||||||||||||||||||||||
Unallocated | 0 | 922 | 922 | 0 | 253 | 253 | 0 | 642 | 642 | 0 | 460 | 460 | ||||||||||||||||||||||||||||||||||||
Total | $ | 791 | $ | 14,378 | $ | 15,169 | $ | 735 | $ | 13,110 | $ | 13,845 | $ | 485 | $ | 16,075 | $ | 16,560 | $ | 510 | $ | 15,305 | $ | 15,815 |
For the three months ended September 30, 2020 | For the three months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Charge-offs | Recoveries | Provision | Balance at September 30, 2020 | Balance at December 31, 2020 | Charge-offs | Recoveries | Provision | Balance at March 31, 2021 | |||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,206 | $ | - | $ | 0 | $ | 13 | $ | 1,219 | $ | 1,174 | $ | 0 | $ | 0 | $ | (7 | ) | $ | 1,167 | |||||||||||||||||||
Commercial | 4,944 | (220 | ) | 3 | 579 | 5,306 | 6,216 | 0 | 89 | 378 | 6,683 | |||||||||||||||||||||||||||||
Agricultural | 5,061 | (4 | ) | 19 | (270 | ) | 4,806 | 4,953 | 0 | 0 | (36 | ) | 4,917 | |||||||||||||||||||||||||||
Construction | 81 | 0 | 0 | 4 | 85 | 122 | 0 | 0 | 29 | 151 | ||||||||||||||||||||||||||||||
Consumer | 362 | (12 | ) | 3 | (1 | ) | 352 | 321 | (4 | ) | 6 | (86 | ) | 237 | ||||||||||||||||||||||||||
Other commercial loans | 1,201 | (1 | ) | 4 | 26 | 1,230 | 1,226 | 0 | 4 | 274 | 1,504 | |||||||||||||||||||||||||||||
Other agricultural loans | 821 | 0 | 0 | (86 | ) | 735 | 864 | 0 | 0 | (75 | ) | 789 | ||||||||||||||||||||||||||||
State and political subdivision loans | 547 | 0 | 0 | (33 | ) | 514 | 479 | 0 | 0 | (9 | ) | 470 | ||||||||||||||||||||||||||||
Unallocated | 604 | 0 | 0 | 318 | 922 | 460 | 0 | 0 | 182 | 642 | ||||||||||||||||||||||||||||||
Total | $ | 14,827 | $ | (237 | ) | $ | 29 | $ | 550 | $ | 15,169 | $ | 15,815 | $ | (4 | ) | $ | 99 | $ | 650 | $ | 16,560 |
For the three months ended September 30, 2019 | ||||||||||||||||||||
Balance at June 30, 2019 | Charge-offs | Recoveries | Provision | Balance at September 30, 2019 | ||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential | $ | 1,066 | $ | (24 | ) | $ | 0 | $ | 49 | $ | 1,091 | |||||||||
Commercial | 4,400 | - | 0 | 241 | 4,641 | |||||||||||||||
Agricultural | 4,532 | 0 | 0 | 180 | 4,712 | |||||||||||||||
Construction | 36 | 0 | 0 | (17 | ) | 19 | ||||||||||||||
Consumer | 118 | (10 | ) | 6 | 5 | 119 | ||||||||||||||
Other commercial loans | 1,328 | 0 | 3 | 18 | 1,349 | |||||||||||||||
Other agricultural loans | 741 | 0 | 0 | 128 | 869 | |||||||||||||||
State and political subdivision loans | 539 | 0 | 0 | (3 | ) | 536 | ||||||||||||||
Unallocated | 544 | 0 | 0 | (201 | ) | 343 | ||||||||||||||
Total | $ | 13,304 | $ | (34 | ) | $ | 9 | $ | 400 | $ | 13,679 |
For the nine months ended September 30, 2020 | For the three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Charge-offs | Recoveries | Provision | Balance at September 30, 2020 | Balance at December 31, 2019 | Charge-offs | Recoveries | Provision | Balance at March 31, 2020 | |||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,114 | $ | 0 | $ | 0 | $ | 105 | $ | 1,219 | $ | 1,114 | $ | 0 | $ | 0 | $ | 40 | $ | 1,154 | ||||||||||||||||||||
Commercial | 4,549 | (221 | ) | 37 | 941 | 5,306 | 4,549 | (1 | ) | 1 | 180 | 4,729 | ||||||||||||||||||||||||||||
Agricultural | 5,022 | (4 | ) | 19 | (231 | ) | 4,806 | 5,022 | 0 | 0 | (144 | ) | 4,878 | |||||||||||||||||||||||||||
Construction | 43 | 0 | 0 | 42 | 85 | 43 | 0 | 0 | 13 | 56 | ||||||||||||||||||||||||||||||
Consumer | 112 | (30 | ) | 15 | 255 | 352 | 112 | (8 | ) | 8 | 5 | 117 | ||||||||||||||||||||||||||||
Other commercial loans | 1,255 | (1 | ) | 9 | (33 | ) | 1,230 | 1,255 | 0 | 2 | 40 | 1,297 | ||||||||||||||||||||||||||||
Other agricultural loans | 961 | 0 | 0 | (226 | ) | 735 | 961 | 0 | 0 | (126 | ) | 835 | ||||||||||||||||||||||||||||
State and political subdivision loans | 536 | 0 | 0 | (22 | ) | 514 | 536 | 0 | 0 | 22 | 558 | |||||||||||||||||||||||||||||
Unallocated | 253 | 0 | 0 | 669 | 922 | 253 | 0 | 0 | 370 | 623 | ||||||||||||||||||||||||||||||
Total | $ | 13,845 | $ | (256 | ) | $ | 80 | $ | 1,500 | $ | 15,169 | $ | 13,845 | $ | (9 | ) | $ | 11 | $ | 400 | $ | 14,247 |
For the nine months ended September 30, 2019 | ||||||||||||||||||||
Balance at December 31, 2018 | Charge-offs | Recoveries | Provision | Balance at September 30, 2019 | ||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential | $ | 1,105 | $ | (24 | ) | $ | 0 | $ | 10 | $ | 1,091 | |||||||||
Commercial | 4,115 | (293 | ) | 0 | 819 | 4,641 | ||||||||||||||
Agricultural | 4,264 | 0 | 0 | 448 | 4,712 | |||||||||||||||
Construction | 58 | 0 | 0 | (39 | ) | 19 | ||||||||||||||
Consumer | 120 | (32 | ) | 24 | 7 | 119 | ||||||||||||||
Other commercial loans | 1,354 | (38 | ) | 8 | 25 | 1,349 | ||||||||||||||
Other agricultural loans | 752 | 0 | 0 | 117 | 869 | |||||||||||||||
State and political subdivision loans | 762 | 0 | 0 | (226 | ) | 536 | ||||||||||||||
Unallocated | 354 | 0 | 0 | (11 | ) | 343 | ||||||||||||||
Total | $ | 12,884 | $ | (387 | ) | $ | 32 | $ | 1,150 | $ | 13,679 |
Change in volume and severity of past due loans |
Volume of non-accrual loans |
Volume and severity of classified, adversely or graded loans; |
General economic conditions |
Unemployment rates |
Inflation rate/ Consumer Price Index |
Changes in values of underlying collateral for collateral-dependent loans; |
September 30, 2020 | December 31, 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | Gross carrying value | Accumulated amortization | Net carrying value | |||||||||||||||||||||||||||||||||||||
Amortized intangible assets (1): | ||||||||||||||||||||||||||||||||||||||||||||||||
MSRs | $ | 2,058 | $ | (1,220 | ) | $ | 838 | $ | 1,718 | $ | (1,077 | ) | $ | 641 | $ | 2,302 | $ | (1,203 | ) | $ | 1,099 | $ | 2,153 | $ | (1,131 | ) | $ | 1,022 | ||||||||||||||||||||
Core deposit intangibles | 1,943 | (1,243 | ) | 700 | 1,786 | (1,081 | ) | 705 | 1,943 | (1,346 | ) | 597 | 1,943 | (1,297 | ) | 646 | ||||||||||||||||||||||||||||||||
Covenant not to compete | 125 | (125 | ) | 0 | 125 | (125 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||
Total amortized intangible assets | $ | 4,126 | $ | (2,588 | ) | $ | 1,538 | $ | 3,629 | $ | (2,283 | ) | $ | 1,346 | $ | 4,245 | $ | (2,549 | ) | $ | 1,696 | $ | 4,096 | $ | (2,428 | ) | $ | 1,668 | ||||||||||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 31,376 | $ | 23,296 | $ | 31,376 | $ | 31,376 |
MSRs | Core deposit intangibles | Covenant not to compete | Total | MSRs | Core deposit intangibles | Total | ||||||||||||||||||||||
Three months ended September 30, 2020 (actual) | $ | 46 | $ | 57 | $ | 0 | $ | 103 | ||||||||||||||||||||
Nine months ended September 30, 2020 (actual) | 144 | 162 | 0 | 306 | ||||||||||||||||||||||||
Three months ended September 30, 2019 (actual) | 44 | 58 | 8 | 110 | ||||||||||||||||||||||||
Nine months ended September 30, 2019 (actual) | 138 | 174 | 24 | 336 | ||||||||||||||||||||||||
Three months ended March 31, 2021 (actual) | $ | 72 | $ | 49 | $ | 121 | ||||||||||||||||||||||
Three months ended March 31, 2020 (actual) | 48 | 50 | 98 | |||||||||||||||||||||||||
Estimate for year ending December 31, | ||||||||||||||||||||||||||||
Remaining 2020 | 60 | 55 | 0 | 115 | ||||||||||||||||||||||||
2021 | 213 | 192 | 0 | 405 | ||||||||||||||||||||||||
Remaining 2021 | 219 | 143 | 362 | |||||||||||||||||||||||||
2022 | 168 | 156 | 0 | 324 | 241 | 156 | 397 | |||||||||||||||||||||
2023 | 130 | 121 | 0 | 251 | 190 | 121 | 311 | |||||||||||||||||||||
2024 | 98 | 85 | 0 | 183 | 147 | 85 | 232 | |||||||||||||||||||||
2025 | 110 | 50 | 160 | |||||||||||||||||||||||||
Thereafter | 169 | 91 | 0 | 260 | 192 | 42 | 234 | |||||||||||||||||||||
Total | $ | 838 | $ | 700 | $ | 0 | $ | 1,538 | $ | 1,099 | $ | 597 | $ | 1,696 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Affected line item on the Consolidated Statement of Income | 2021 | 2020 | Affected line item on the Consolidated Statement of Income | |||||||||||||||||||
Service cost | $ | 82 | $ | 78 | $ | 247 | $ | 256 | Salary and Employee Benefits | $ | 110 | $ | 83 | Salary and Employee Benefits | ||||||||||||
Interest cost | 83 | 123 | 249 | 401 | Other Expenses | 82 | 87 | Other Expenses | ||||||||||||||||||
Expected return on plan assets | (215 | ) | (187 | ) | (646 | ) | (595 | ) | Other Expenses | (252 | ) | (225 | ) | Other Expenses | ||||||||||||
Partial Settlement | 0 | 0 | 307 | 0 | Other Expenses | |||||||||||||||||||||
Net amortization and deferral | 59 | 60 | 175 | 181 | Other Expenses | 91 | 62 | Other Expenses | ||||||||||||||||||
Net periodic benefit cost | $ | 9 | $ | 74 | $ | 332 | $ | 243 | $ | 31 | $ | 7 |
Three months | Nine months | Three months | ||||||||||||||||||||||
Unvested Shares | Weighted Average Market Price | Unvested Shares | Weighted Average Market Price | Unvested Shares | Weighted Average Market Price | |||||||||||||||||||
Outstanding, beginning of period | 10,786 | $ | 56.60 | 10,877 | $ | 60.11 | 10,202 | $ | 55.93 | |||||||||||||||
Granted | 85 | 58.37 | 4,732 | 51.29 | 88 | 56.81 | ||||||||||||||||||
Forfeited | 0 | 0 | 0 | 0 | (60 | ) | (54.07 | ) | ||||||||||||||||
Vested | 0 | 0 | (4,738 | ) | (59.32 | ) | (32 | ) | (58.24 | ) | ||||||||||||||
Outstanding, end of period | 10,871 | $ | 56.61 | 10,871 | $ | 56.61 | 10,198 | $ | 55.94 |
Nine months ended September 30, 2020 | ||||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Unrealized loss on interest rate swap (a) | Total | |||||||||||||
Balance as of December 31, 2019 | $ | 2,290 | $ | (2,919 | ) | $ | 0 | $ | (629 | ) | ||||||
Other comprehensive income (loss) before reclassifications (net of tax) | 3,705 | 0 | (353 | ) | 3,352 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) | (239 | ) | 381 | 0 | 142 | |||||||||||
Net current period other comprehensive income (loss) | 3,466 | 381 | (353 | ) | 3,494 | |||||||||||
Balance as of September 30, 2020 | $ | 5,756 | $ | (2,538 | ) | $ | (353 | ) | $ | 2,865 |
Three months ended March 31, 2021 | ||||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Unrealized loss on interest rate swap (a) | Total | |||||||||||||
Balance as of December 31, 2020 | $ | 6,058 | $ | (3,462 | ) | $ | (9 | ) | $ | 2,587 | ||||||
Other comprehensive (loss) income before reclassifications (net of tax) | (3,235 | ) | 0 | 1,617 | (1,618 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income (net of tax) | (39 | ) | 72 | 0 | 33 | |||||||||||
Net current period other comprehensive (loss) income | (3,274 | ) | 72 | 1,617 | (1,585 | ) | ||||||||||
Balance as of March 31, 2021 | $ | 2,784 | $ | (3,390 | ) | $ | 1,608 | 1,002 |
Nine months ended September 30, 2019 | ||||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Unrealized loss on interest rate swap (a) | Total | |||||||||||||
Balance as of December 31, 2018 | $ | (973 | ) | $ | (2,948 | ) | $ | 0 | $ | (3,921 | ) | |||||
Other comprehensive income (loss) before reclassifications (net of tax) | 3,495 | 0 | 0 | 3,495 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) | (6 | ) | 143 | 0 | 137 | |||||||||||
Net current period other comprehensive income (loss) | 3,489 | 143 | 0 | 3,632 | ||||||||||||
Balance as of September 30, 2019 | $ | 2,516 | $ | (2,805 | ) | $ | 0 | $ | (289 | ) |
Three months ended September 30, 2020 | ||||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Unrealized loss on interest rate swap (a) | Total | |||||||||||||
Balance as of June 30, 2020 | $ | 5,938 | $ | (2,585 | ) | $ | (446 | ) | $ | 2,907 | ||||||
Other comprehensive income (loss) before reclassifications (net of tax) | (35 | ) | 0 | 93 | 58 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) | (147 | ) | 47 | 0 | (100 | ) | ||||||||||
Net current period other comprehensive income (loss) | (182 | ) | 47 | 93 | (42 | ) | ||||||||||
Balance as of September 30, 2020 | $ | 5,756 | $ | (2,538 | ) | $ | (353 | ) | $ | 2,865 |
Three months ended September 30, 2019 | Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Unrealized loss on interest rate swap (a) | Total | Unrealized gain (loss) on available for sale securities (a) | Defined Benefit Pension Items (a) | Unrealized loss on interest rate swap (a) | Total | |||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | 2,515 | $ | (2,852 | ) | $ | 0 | $ | (337 | ) | ||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 2,290 | $ | (2,919 | ) | $ | 0 | $ | (629 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications (net of tax) | 7 | 0 | 0 | 7 | 3,424 | 0 | - | 3,424 | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax) | (6 | ) | 47 | 0 | 41 | 0 | 123 | - | 123 | |||||||||||||||||||||||
Net current period other comprehensive income (loss) | 1 | 47 | 0 | 48 | 3,424 | 123 | - | 3,547 | ||||||||||||||||||||||||
Balance as of September 30, 2019 | $ | 2,516 | $ | (2,805 | ) | $ | 0 | $ | (289 | ) | ||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 5,714 | $ | (2,796 | ) | $ | - | $ | 2,918 |
Details about accumulated other comprehensive income (loss) | Amount reclassified from accumulated comprehensive income (loss) (a) | Affected line item in the Consolidated Statement of Income | |||||||
Three Months Ended September 30, 2020 | |||||||||
2020 | 2019 | ||||||||
Unrealized gains and losses on available for sale securities | |||||||||
$ | 185 | $ | 8 | Available for sale securities gains, net | |||||
(38 | ) | (2 | ) | Provision for income taxes | |||||
$ | 147 | $ | 6 | ||||||
Defined benefit pension items | |||||||||
$ | (59 | ) | $ | (60 | ) | Other expenses | |||
12 | 13 | Provision for income taxes | |||||||
$ | (47 | ) | $ | (47 | ) | ||||
Total reclassifications | $ | 100 | $ | (41 | ) |
Details about accumulated other comprehensive income (loss) | Amount reclassified from accumulated comprehensive income (loss) (a) | Affected line item in the Consolidated Statement of Income | ||||||||||||||||
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Unrealized gains and losses on available for sale securities | ||||||||||||||||||
$ | 302 | $ | 8 | Available for sale securities gains, net | $ | 50 | $ | 0 | Available for sale securities gains, net | |||||||||
(63 | ) | (2 | ) | Provision for income taxes | (11 | ) | 0 | Provision for income taxes | ||||||||||
$ | 239 | $ | 6 | $ | 39 | $ | 0 | Net of tax | ||||||||||
Defined benefit pension items | ||||||||||||||||||
$ | (482 | ) | $ | (181 | ) | Other expenses | $ | (91 | ) | $ | (156 | ) | Other expenses | |||||
101 | 38 | Provision for income taxes | 19 | 33 | Provision for income taxes | |||||||||||||
$ | (381 | ) | $ | (143 | ) | $ | (72 | ) | $ | (123 | ) | Net of tax | ||||||
Total reclassifications | $ | (142 | ) | $ | (137 | ) | $ | (33 | ) | $ | (123 | ) |
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. |
Level II: | Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. |
Level III: | Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. |
September 30, 2020 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
March 31, 2021 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
Fair value measurements on a recurring basis: | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Equity securities | $ | 1,696 | $ | 0 | $ | 0 | $ | 1,696 | $ | 2,118 | $ | 0 | $ | 0 | $ | 2,118 | ||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Agency securities | 0 | 80,698 | 0 | 80,698 | 0 | 79,709 | 0 | 79,709 | ||||||||||||||||||||||||
U.S. Treasury securities | 28,167 | 0 | 0 | 28,167 | 40,362 | 0 | 0 | 40,362 | ||||||||||||||||||||||||
Obligations of state and political subdivisions | 0 | 91,848 | 0 | 91,848 | 0 | 102,345 | 0 | 102,345 | ||||||||||||||||||||||||
Corporate obligations | 0 | 6,507 | 0 | 6,507 | 0 | 6,983 | 0 | 6,983 | ||||||||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 0 | 80,618 | 0 | 80,618 | 0 | 92,568 | 0 | 92,568 | ||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||||||
Derivative instruments | 0 | 4,651 | 0 | 4,651 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Interest rate swaps | 0 | 448 | 0 | 448 | ||||||||||||||||||||||||||||
December 31, 2019 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
Fair value measurements on a recurring basis: | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Equity securities | $ | 701 | $ | 0 | $ | 0 | $ | 701 | ||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Agency securities | 0 | 84,863 | 0 | 84,863 | ||||||||||||||||||||||||||||
U.S. Treasuries securities | 27,661 | 0 | 0 | 27,661 | ||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 0 | 61,455 | 0 | 61,455 | ||||||||||||||||||||||||||||
Corporate obligations | 0 | 3,328 | 0 | 3,328 | ||||||||||||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 0 | 63,399 | 0 | 63,399 | ||||||||||||||||||||||||||||
Derivative instruments | 0 | (2,615 | ) | 0 | (2,615 | ) |
December 31, 2020 | Level I | Level II | Level III | Total | ||||||||||||
Fair value measurements on a recurring basis: | ||||||||||||||||
Assets | ||||||||||||||||
Equity securities | $ | 1,931 | $ | 0 | $ | 0 | $ | 1,931 | ||||||||
Available for sale securities: | ||||||||||||||||
U.S. Agency securities | 0 | 81,416 | 0 | 81,416 | ||||||||||||
U.S. Treasuries securities | 28,043 | 0 | 0 | 28,043 | ||||||||||||
Obligations of state and political subdivisions | 0 | 102,972 | 0 | 102,972 | ||||||||||||
Corporate obligations | 0 | 6,509 | 0 | 6,509 | ||||||||||||
Mortgage-backed securities in government sponsored entities | 0 | 76,249 | 0 | 76,249 | ||||||||||||
Other Assets | ||||||||||||||||
Derivative instruments | 0 | 1,111 | 0 | 1,111 | ||||||||||||
Liabilities | ||||||||||||||||
Derivative instruments | 0 | (1,122 | ) | 0 | (1,122 | ) |
September 30, 2020 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
March 31, 2021 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
Impaired Loans | $ | 0 | $ | 0 | $ | 4,072 | $ | 4,072 | $ | 0 | $ | 0 | $ | 3,264 | $ | 3,264 | ||||||||||||||||
Other real estate owned | 0 | 0 | 2,692 | 2,692 | 0 | 0 | 1,527 | 1,527 | ||||||||||||||||||||||||
December 31, 2019 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
December 31, 2020 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||
Impaired Loans | $ | 0 | $ | 0 | $ | 3,860 | $ | 3,860 | $ | 0 | $ | 0 | $ | 3,243 | $ | 3,243 | ||||||||||||||||
Other real estate owned | 0 | 0 | 3,299 | 3,299 | 0 | 0 | 1,700 | 1,700 |
• | Impaired Loans - The Company has measured impairment on impaired loans generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties. In some cases, management may adjust the appraised value due to the age of the appraisal, changes in market conditions, or observable deterioration of the property since the appraisal was completed. Additionally, management makes estimates about expected costs to sell the property which are also included in the net realizable value. If the fair value of the collateral dependent loan is less than the carrying amount of the loan a specific reserve for the loan is made in the allowance for loan losses or a charge-off is taken to reduce the loan to the fair value of the collateral (less estimated selling costs) and the loan is included in the table above as a Level III measurement. If the fair value of the collateral exceeds the carrying amount of the loan, then the loan is not included in the table above as it is not currently being carried at its fair value. The fair values above excluded estimated selling costs of |
• | Other Real Estate Owned (OREO) – OREO is carried at the lower of cost or fair value, less estimated costs to sell, which is measured at the date of foreclosure. If the fair value of the collateral exceeds the carrying amount of the loan, no charge-off or adjustment is necessary, the loan is not considered to be carried at fair value, and is therefore not included in the table above. If the fair value of the collateral is less than the carrying amount of the loan, management will charge the loan down to its estimated realizable value. The fair value of OREO is based on the appraised value of the property, which is generally unadjusted by management and is based on comparable sales for similar properties in the same geographic region as the subject property, and is included in the above table as a Level II measurement. In some cases, management may adjust the appraised value due to the age of the appraisal, changes in market conditions, or observable deterioration of the property since the appraisal was completed. In these cases, the loans are categorized in the above table as a Level III measurement since these adjustments are considered to be unobservable inputs. Income and expenses from operations and further declines in the fair value of the collateral subsequent to foreclosure are included in net expenses from OREO. |
September 30, 2020 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average | |||||||||||||||||||||||
March 31, 2021 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average | |||||||||||||||||||||||
Impaired Loans | $ | 4,072 | Appraised Collateral Values | Discount for time since appraisal | 0-100 | % | 17.70 | % | $ | 3,264 | Appraised Collateral Values | Discount for time since appraisal | 0-100 | % | 21.83 | % | ||||||||||||
Selling costs | 5%-10 | % | 9.25 | % | Selling costs | 5%-11 | % | 9.40 | % | |||||||||||||||||||
Holding period | 0 - 12 months | 11.86 months | Holding period | 0 - 12 months | 11.49 months | |||||||||||||||||||||||
Other real estate owned | 2,692 | Appraised Collateral Values | Discount for time since appraisal | 10-30 | % | 18.79 | % | 1,527 | Appraised Collateral Values | Discount for time since appraisal | 20-33 | % | 30.58 | % |
December 31, 2019 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average | |||||||||||||||||||||||
December 31, 2020 | Fair Value | Valuation Technique(s) | Unobservable input | Range | Weighted average | |||||||||||||||||||||||
Impaired Loans | 3,860 | Appraised Collateral Values | Discount for time since appraisal | 0-100 | % | 19.22 | % | 3,243 | Appraised Collateral Values | Discount for time since appraisal | 0-100 | % | 20.61 | % | ||||||||||||||
Selling costs | 5%-10 | % | 9.26 | % | Selling costs | 5%-10 | % | 9.51 | % | |||||||||||||||||||
Holding period | 6 - 12 months | 11.76 months | Holding period | 6 - 12 months | 11.65 months | |||||||||||||||||||||||
Other real estate owned | 3,299 | Appraised Collateral Values | Discount for time since appraisal | 5-43 | % | 16.37 | % | 1,700 | Appraised Collateral Values | Discount for time since appraisal | 20-31 | % | 28.67 | % |
September 30, 2020 | Carrying Amount | Fair Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Interest bearing time deposits with other banks | $ | 13,758 | $ | 14,406 | $ | 0 | $ | 0 | $ | 14,406 | ||||||||||
Loans held for sale | 19,320 | 19,320 | 0 | 0 | 19,320 | |||||||||||||||
Net loans | 1,350,710 | 1,369,709 | 0 | 0 | 1,369,709 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | 1,552,753 | 1,558,516 | 1,168,405 | 0 | 390,111 | |||||||||||||||
Borrowed funds | 99,602 | 99,616 | 0 | 0 | 99,616 |
December 31, 2019 | Carrying Amount | Fair Value | Level I | Level II | Level III | |||||||||||||||||||||||||||||||||||
March 31, 2021 | Carrying Amount | Fair Value | Level I | Level II | Level III | |||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Interest bearing time deposits with other banks | $ | 14,256 | $ | 14,635 | $ | 0 | $ | 0 | $ | 14,635 | $ | 13,509 | $ | 13,509 | $ | 0 | $ | 0 | $ | 13,509 | ||||||||||||||||||||
Loans held for sale | 815 | 815 | 0 | 0 | 815 | 9,946 | 9,946 | 0 | 0 | 9,946 | ||||||||||||||||||||||||||||||
Net loans | 1,101,724 | 1,091,006 | 0 | 0 | 1,091,006 | 1,387,841 | 1,399,392 | 0 | 0 | 1,399,392 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 1,211,118 | 1,211,200 | 938,387 | 0 | 272,813 | 1,687,470 | 1,690,832 | 1,314,705 | 0 | 376,127 | ||||||||||||||||||||||||||||||
Borrowed funds | 85,117 | 84,581 | 0 | 0 | 84,581 | 86,171 | 83,141 | 0 | 0 | 83,141 | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Interest bearing time deposits with other banks | $ | 13,758 | $ | 13,758 | $ | 0 | $ | 0 | $ | 13,758 | ||||||||||||||||||||||||||||||
Loans held for sale | 14,640 | 14,640 | 0 | 0 | 14,640 | |||||||||||||||||||||||||||||||||||
Net loans | 1,389,466 | 1,404,166 | 0 | 0 | 1,404,166 | |||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Deposits | 1,588,858 | 1,593,738 | 1,207,666 | 0 | 386,075 | |||||||||||||||||||||||||||||||||||
Borrowed funds | 88,838 | 88,263 | 0 | 0 | 88,263 |
(In Thousands, Except Per Share Data) | ||||||||
Purchase Price Consideration in Common Stock | ||||||||
Citizens Financial Services, Inc. shares issued | 373,356 | |||||||
Value assigned to Citizens Financial Services, Inc. common share | $ | 51.50 | ||||||
Purchase price assigned to MidCoast common shares exchanged for Citizens Financial Services, Inc. | $ | 19,227 | ||||||
Purchase Price Consideration - Cash for Common Stock | ||||||||
Purchase price assigned to The First National Bank of Fredericksburg common shares exchanged for cash | 7,616 | |||||||
Total Purchase Price | 26,843 | |||||||
Net Assets Acquired: | ||||||||
MidCoast Community Bancorp, Inc shareholders’ equity | $ | 24,330 | ||||||
Adjustments to reflect assets acquired at fair value: | ||||||||
Investments | ||||||||
Loans | ||||||||
Interest rate | 1,424 | |||||||
General credit | (4,375 | ) | ||||||
Specific credit - non-amortizing | (2,135 | ) | ||||||
Specific credit - amortizing | (966 | ) | ||||||
Core deposit intangible | 157 | |||||||
Owned premises | (426 | ) | ||||||
Other assets | 65 | |||||||
Deferred tax assets | 2,217 | |||||||
Adjustments to reflect liabilities acquired at fair value: | ||||||||
Time deposits | (1,018 | ) | ||||||
Borrowings | (497 | ) | ||||||
Other liabilities | (13 | ) | ||||||
18,763 | ||||||||
Goodwill resulting from merger | $ | 8,080 |
(In Thousands) | ||||||||
Total purchase price | $ | 26,843 | ||||||
Net assets acquired: | ||||||||
Cash and cash equivalents | $ | 8,637 | ||||||
Loans | 223,235 | |||||||
Premises and equipment, net | 1,787 | |||||||
Accrued interest receivable | 586 | |||||||
Bank-owned life insurance | 3,766 | |||||||
Intangibles | 157 | |||||||
Deferred tax asset | 3,402 | |||||||
Other assets | 2,878 | |||||||
Time deposits | (123,841 | ) | ||||||
Deposits other than time deposits | (84,985 | ) | ||||||
Accrued interest payable | (164 | ) | ||||||
Borrowings | (15,497 | ) | ||||||
Other liabilities | (1,198 | ) | ||||||
18,763 | ||||||||
Goodwill resulting from the MidCoast merger | $ | 8,080 |
Core deposit intangibles | ||||
Three months ended September 30, 2020 (actual) | $ | 7 | ||
Nine months ended September 30, 2020 (actual) | 12 | |||
Estimate for year ending December 31, | ||||
Remaining 2020 | 7 | |||
2021 | 27 | |||
2022 | 24 | |||
2023 | 21 | |||
2024 | 18 | |||
Thereafter | 48 | |||
Total | $ | 145 |
Pro Forma for | ||||||||||||||||||||
Actual from Acquisition | Three Months Ended | Nine Months Ended | ||||||||||||||||||
Date Through | September 30, | September 30, | ||||||||||||||||||
(In Thousands, Except Per Share Data) | September 30, 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net interest income | $ | 5,387 | $ | 16,052 | $ | 15,404 | $ | 47,642 | $ | 44,918 | ||||||||||
Non-interest income | 107 | 3,538 | 2,239 | 7,779 | 6,416 | |||||||||||||||
Net income | 3,035 | 7,678 | 5,849 | 16,306 | 16,649 | |||||||||||||||
Pro forma earnings per share: | ||||||||||||||||||||
Basic | $ | 1.96 | $ | 1.49 | $ | 4.16 | $ | 4.23 | ||||||||||||
Diluted | $ | 1.96 | $ | 1.49 | $ | 4.16 | $ | 4.23 |
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Analysis of Average Balances and Interest Rates | ||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of Average Balances and Interest Rates Nine Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance (1) $ | Interest $ | Average Rate % | Average Balance (1) $ | Interest $ | Average Rate % | Average Balance (1) $ | Interest $ | Average Rate % | Average Balance (1) $ | Interest $ | Average Rate % | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits at banks | 35,580 | 23 | 0.09 | 9,546 | 19 | 0.27 | 94,523 | 19 | 0.08 | 9,538 | 3 | 0.17 | ||||||||||||||||||||||||||||||||||||
Total short-term investments | 35,580 | 23 | 0.09 | 9,546 | 19 | 0.27 | 94,523 | 19 | 0.08 | 9,538 | 3 | 0.17 | ||||||||||||||||||||||||||||||||||||
Interest bearing time deposits at banks | 14,266 | 275 | 2.57 | 15,364 | 292 | 2.54 | 13,730 | 87 | 2.57 | 14,272 | 92 | 2.59 | ||||||||||||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 185,220 | 3,487 | 2.51 | 189,157 | 3,968 | 2.80 | 200,492 | 951 | 1.90 | 179,893 | 1,217 | 2.71 | ||||||||||||||||||||||||||||||||||||
Tax-exempt (3) | 74,664 | 1,693 | 3.02 | 58,150 | 1,404 | 3.22 | 100,422 | 689 | 2.74 | 62,555 | 493 | 3.15 | ||||||||||||||||||||||||||||||||||||
Total investment securities | 259,884 | 5,180 | 2.66 | 247,307 | 5,372 | 2.90 | 300,914 | 1,640 | 2.18 | 242,448 | 1,710 | 2.82 | ||||||||||||||||||||||||||||||||||||
Loans (2)(3)(4): | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 212,912 | 8,450 | 5.30 | 215,325 | 8,584 | 5.33 | 203,941 | 2,553 | 5.08 | 215,838 | 2,843 | 5.30 | ||||||||||||||||||||||||||||||||||||
Construction | 25,715 | 952 | 4.95 | 20,576 | 796 | 5.17 | 38,314 | 410 | 4.34 | 17,726 | 223 | 5.06 | ||||||||||||||||||||||||||||||||||||
Commercial Loans | 556,133 | 22,282 | 5.35 | 415,287 | 17,064 | 5.49 | 713,900 | 9,063 | 5.15 | 415,199 | 5,534 | 5.36 | ||||||||||||||||||||||||||||||||||||
Agricultural Loans | 357,498 | 12,096 | 4.52 | 338,266 | 11,657 | 4.61 | 358,565 | 3,830 | 4.33 | 360,179 | 4,112 | 4.59 | ||||||||||||||||||||||||||||||||||||
Loans to state & political subdivisions | 89,407 | 2,709 | 4.05 | 98,680 | 2,910 | 3.94 | 62,516 | 598 | 3.87 | 94,122 | 939 | 4.01 | ||||||||||||||||||||||||||||||||||||
Other loans | 17,878 | 794 | 5.93 | 9,680 | 562 | 7.76 | 26,605 | 348 | 5.30 | 9,461 | 171 | 7.27 | ||||||||||||||||||||||||||||||||||||
Loans, net of discount | 1,259,543 | 47,283 | 5.01 | 1,097,814 | 41,573 | 5.06 | 1,403,841 | 16,802 | 4.85 | 1,112,525 | 13,822 | 5.00 | ||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 1,569,273 | 52,761 | 4.49 | 1,370,031 | 47,256 | 4.61 | 1,813,008 | 18,548 | 4.15 | 1,378,783 | 15,627 | 4.56 | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 7,643 | 6,243 | 6,377 | 6,263 | ||||||||||||||||||||||||||||||||||||||||||||
Bank premises and equipment | 17,152 | 16,120 | 17,003 | 16,062 | ||||||||||||||||||||||||||||||||||||||||||||
Other assets | 75,238 | 56,978 | 80,953 | 56,983 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-interest earning assets | 100,033 | 79,341 | 104,333 | 79,308 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | 1,669,306 | 1,449,372 | 1,917,341 | 1,458,091 | ||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
NOW accounts | 374,347 | 904 | 0.32 | 331,084 | 1,756 | 0.71 | 422,135 | 320 | 0.31 | 332,068 | 437 | 0.53 | ||||||||||||||||||||||||||||||||||||
Savings accounts | 237,873 | 387 | 0.22 | 216,858 | 608 | 0.37 | 268,252 | 89 | 0.13 | 225,985 | 184 | 0.33 | ||||||||||||||||||||||||||||||||||||
Money market accounts | 196,985 | 810 | 0.55 | 163,443 | 1,520 | 1.24 | 238,788 | 176 | 0.30 | 174,294 | 393 | 0.91 | ||||||||||||||||||||||||||||||||||||
Certificates of deposit | 333,044 | 3,178 | 1.27 | 282,754 | 3,143 | 1.49 | 380,791 | 1,013 | 1.08 | 261,278 | 973 | 1.50 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,142,249 | 5,279 | 0.62 | 994,139 | 7,027 | 0.95 | 1,309,966 | 1,598 | 0.49 | 993,625 | 1,987 | 0.93 | ||||||||||||||||||||||||||||||||||||
Other borrowed funds | 92,120 | 960 | 1.39 | 108,975 | 2,216 | 2.72 | 86,226 | 256 | 1.20 | 93,849 | 462 | 1.98 | ||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,234,369 | 6,239 | 0.68 | 1,103,114 | 9,243 | 1.12 | 1,396,192 | 1,854 | 0.54 | 1,087,474 | 2,449 | 0.91 | ||||||||||||||||||||||||||||||||||||
Demand deposits | 246,424 | 184,159 | 306,377 | �� | 196,604 | |||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 16,390 | 13,817 | 18,582 | 16,082 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-interest-bearing liabilities | 262,814 | 197,976 | 324,959 | 212,686 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 172,123 | 148,282 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities & stockholders' equity | 1,669,306 | 1,449,372 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 196,190 | 157,931 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities & stockholders’ equity | 1,917,341 | 1,458,091 | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 46,522 | 38,013 | 16,694 | 13,178 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (5) | 3.81 | % | 3.49 | % | 3.61 | % | 3.65 | % | ||||||||||||||||||||||||||||||||||||||||
Net interest income as a percentage of average interest-earning assets | 3.96 | % | 3.71 | % | 3.73 | % | 3.84 | % | ||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest bearing liabilities | 127 | % | 124 | % | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 130 | % | 127 | % |
Analysis of Average Balances and Interest Rates | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||
(dollars in thousands) | Average Balance (1) $ | Interest $ | Average Rate % | Average Balance (1) $ | Interest $ | Average Rate % | ||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||
Interest-bearing deposits at banks | 67,954 | 14 | 0.08 | 10,047 | 6 | 0.24 | ||||||||||||||||||
Total short-term investments | 67,954 | 14 | 0.08 | 10,047 | 6 | 0.24 | ||||||||||||||||||
Interest bearing time deposits at banks | 14,143 | 92 | 2.59 | 15,100 | 97 | 2.55 | ||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable | 192,641 | 1,077 | 2.24 | 182,113 | 1,478 | 3.25 | ||||||||||||||||||
Tax-exempt (3) | 84,097 | 614 | 2.92 | 59,464 | 477 | 3.22 | ||||||||||||||||||
Total investment securities | 276,738 | 1,691 | 2.45 | 241,577 | 1,955 | 3.24 | ||||||||||||||||||
Loans (2)(3)(4): | ||||||||||||||||||||||||
Residential mortgage loans | 209,161 | 2,807 | 5.34 | 215,748 | 2,892 | 5.32 | ||||||||||||||||||
Construction | 29,087 | 356 | 4.87 | 13,149 | 176 | 5.31 | ||||||||||||||||||
Commercial Loans | 652,380 | 8,472 | 5.17 | 424,662 | 5,863 | 5.48 | ||||||||||||||||||
Agricultural Loans | 356,164 | 3,971 | 4.44 | 344,897 | 4,018 | 4.62 | ||||||||||||||||||
Loans to state & political subdivisions | 83,671 | 872 | 4.15 | 96,192 | 958 | 3.95 | ||||||||||||||||||
Other loans | 30,460 | 401 | 5.24 | 9,566 | 196 | 8.13 | ||||||||||||||||||
Loans, net of discount | 1,360,923 | 16,879 | 4.93 | 1,104,214 | 14,103 | 5.07 | ||||||||||||||||||
Total interest-earning assets | 1,719,758 | 18,676 | 4.32 | 1,370,938 | 16,161 | 4.68 | ||||||||||||||||||
Cash and due from banks | 7,350 | 5,944 | ||||||||||||||||||||||
Bank premises and equipment | 17,802 | 15,967 | ||||||||||||||||||||||
Other assets | 90,238 | 58,869 | ||||||||||||||||||||||
Total non-interest earning assets | 115,390 | 80,780 | ||||||||||||||||||||||
Total assets | 1,835,148 | 1,451,718 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
NOW accounts | 406,635 | 211 | 0.21 | 335,279 | 590 | 0.70 | ||||||||||||||||||
Savings accounts | 247,414 | 96 | 0.15 | 221,771 | 218 | 0.39 | ||||||||||||||||||
Money market accounts | 218,682 | 215 | 0.39 | 167,229 | 505 | 1.20 | ||||||||||||||||||
Certificates of deposit | 382,551 | 1,113 | 1.16 | 266,385 | 1,002 | 1.49 | ||||||||||||||||||
Total interest-bearing deposits | 1,255,282 | 1,635 | 0.52 | 990,664 | 2,315 | 0.93 | ||||||||||||||||||
Other borrowed funds | 98,350 | 281 | 1.14 | 102,622 | 660 | 2.56 | ||||||||||||||||||
Total interest-bearing liabilities | 1,353,632 | 1,916 | 0.56 | 1,093,286 | 2,975 | 1.08 | ||||||||||||||||||
Demand deposits | 280,457 | 194,024 | ||||||||||||||||||||||
Other liabilities | 16,611 | 13,139 | ||||||||||||||||||||||
Total non-interest-bearing liabilities | 297,068 | 207,163 | ||||||||||||||||||||||
Stockholders' equity | 184,448 | 151,269 | ||||||||||||||||||||||
Total liabilities & stockholders' equity | 1,835,148 | 1,451,718 | ||||||||||||||||||||||
Net interest income | 16,760 | 13,186 | ||||||||||||||||||||||
Net interest spread (5) | 3.76 | % | 3.60 | % | ||||||||||||||||||||
Net interest income as a percentage of average interest-earning assets | 3.88 | % | 3.82 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 127 | % | 125 | % |
For the Three Months | For the Nine Months | For the Three Months Ended March 31, | ||||||||||||||||||||||
Ended September 30, | Ended September 30, | 2021 | 2020 | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Interest and dividend income from investment securities and interest bearing deposits at banks (non-tax adjusted) | $ | 1,668 | $ | 1,959 | $ | 5,122 | $ | 5,388 | $ | 1,601 | $ | 1,701 | ||||||||||||
Tax equivalent adjustment | 129 | 99 | 356 | 295 | 145 | 104 | ||||||||||||||||||
Interest and dividend income from investment securities and interest bearing deposits at banks (tax equivalent basis) | $ | 1,797 | $ | 2,058 | $ | 5,478 | $ | 5,683 | $ | 1,746 | $ | 1,805 | ||||||||||||
Interest and fees on loans (non-tax adjusted) | $ | 16,718 | $ | 13,915 | $ | 46,763 | $ | 41,005 | $ | 16,694 | $ | 13,638 | ||||||||||||
Tax equivalent adjustment | 161 | 188 | 520 | 568 | 108 | 184 | ||||||||||||||||||
Interest and fees on loans (tax equivalent basis) | $ | 16,879 | $ | 14,103 | $ | 47,283 | $ | 41,573 | $ | 16,802 | $ | 13,822 | ||||||||||||
Total interest income | $ | 18,386 | $ | 15,874 | $ | 51,885 | $ | 46,393 | $ | 18,295 | $ | 15,339 | ||||||||||||
Total interest expense | 1,916 | 2,975 | 6,239 | 9,243 | 1,854 | 2,449 | ||||||||||||||||||
Net interest income | 16,470 | 12,899 | 45,646 | 37,150 | 16,441 | 12,890 | ||||||||||||||||||
Total tax equivalent adjustment | 290 | 287 | 876 | 863 | 253 | 288 | ||||||||||||||||||
Net interest income (tax equivalent basis) | $ | 16,760 | $ | 13,186 | $ | 46,522 | $ | 38,013 | $ | 16,694 | $ | 13,178 |
Three months ended September 30, 2020 vs 2019 (1) | Nine months ended September 30, 2020 vs 2019 (1) | |||||||||||||||||||||||||||||||||||
Change | Total | Change in | Change | Total | Three months ended March 31, 2021 vs 2020 (1) | |||||||||||||||||||||||||||||||
Change in Volume | in Rate | Change | Volume | in Rate | Change | Change in Volume | Change in Rate | Total Change | ||||||||||||||||||||||||||||
Interest Income: | ||||||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits at banks | $ | 9 | $ | (1 | ) | $ | 8 | $ | 5 | $ | (1 | ) | $ | 4 | $ | 17 | $ | (1 | ) | $ | 16 | |||||||||||||||
Interest bearing time deposits at banks | (7 | ) | 2 | (5 | ) | (21 | ) | 4 | (17 | ) | (4 | ) | (1 | ) | (5 | ) | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||||||
Taxable | 92 | (493 | ) | (401 | ) | (81 | ) | (400 | ) | (481 | ) | 167 | (433 | ) | (266 | ) | ||||||||||||||||||||
Tax-exempt | 175 | (38 | ) | 137 | 368 | (79 | ) | 289 | 248 | (52 | ) | 196 | ||||||||||||||||||||||||
Total investments | 267 | (531 | ) | (264 | ) | 287 | (479 | ) | (192 | ) | 415 | (485 | ) | (70 | ) | |||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage loans | (96 | ) | 11 | (85 | ) | (88 | ) | (46 | ) | (134 | ) | (174 | ) | (116 | ) | (290 | ) | |||||||||||||||||||
Construction | 193 | (13 | ) | 180 | 189 | (33 | ) | 156 | 213 | (26 | ) | 187 | ||||||||||||||||||||||||
Commercial Loans | 2,920 | (311 | ) | 2,609 | 5,647 | (429 | ) | 5,218 | 3,736 | (207 | ) | 3,529 | ||||||||||||||||||||||||
Agricultural Loans | 142 | (189 | ) | (47 | ) | 655 | (216 | ) | 439 | (54 | ) | (228 | ) | (282 | ) | |||||||||||||||||||||
Loans to state & political subdivisions | (137 | ) | 51 | (86 | ) | (281 | ) | 80 | (201 | ) | (311 | ) | (30 | ) | (341 | ) | ||||||||||||||||||||
Other loans | 245 | (40 | ) | 205 | 321 | (89 | ) | 232 | 208 | (31 | ) | 177 | ||||||||||||||||||||||||
Total loans, net of discount | 3,267 | (491 | ) | 2,776 | 6,443 | (733 | ) | 5,710 | 3,618 | (638 | ) | 2,980 | ||||||||||||||||||||||||
Total Interest Income | 3,536 | (1,021 | ) | 2,515 | 6,714 | (1,209 | ) | 5,505 | 4,046 | (1,125 | ) | 2,921 | ||||||||||||||||||||||||
Interest Expense: | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
NOW accounts | 162 | (541 | ) | (379 | ) | 271 | (1,123 | ) | (852 | ) | 204 | (321 | ) | (117 | ) | |||||||||||||||||||||
Savings accounts | 28 | (150 | ) | (122 | ) | 67 | (288 | ) | (221 | ) | 44 | (139 | ) | (95 | ) | |||||||||||||||||||||
Money Market accounts | 241 | (531 | ) | (290 | ) | 415 | (1,125 | ) | (710 | ) | 262 | (479 | ) | (217 | ) | |||||||||||||||||||||
Certificates of deposit | 232 | (121 | ) | 111 | 164 | (129 | ) | 35 | 112 | (72 | ) | 40 | ||||||||||||||||||||||||
Total interest-bearing deposits | 663 | (1,343 | ) | (680 | ) | 917 | (2,665 | ) | (1,748 | ) | 622 | (1,011 | ) | (389 | ) | |||||||||||||||||||||
Other borrowed funds | (28 | ) | (351 | ) | (379 | ) | (301 | ) | (955 | ) | (1,256 | ) | (39 | ) | (167 | ) | (206 | ) | ||||||||||||||||||
Total interest expense | 635 | (1,694 | ) | (1,059 | ) | 616 | (3,620 | ) | (3,004 | ) | 583 | (1,178 | ) | (595 | ) | |||||||||||||||||||||
Net interest income | $ | 2,901 | $ | 673 | $ | 3,574 | $ | 6,098 | $ | 2,411 | $ | 8,509 | $ | 3,463 | $ | 53 | $ | 3,516 |
Nine months ended September 30, | Change | Three months ended March 31, | Change | |||||||||||||||||||||||||||||
2020 | 2019 | Amount | % | 2021 | 2020 | Amount | % | |||||||||||||||||||||||||
Service charges | $ | 3,107 | $ | 3,498 | $ | (391 | ) | (11.2 | ) | $ | 1,106 | $ | 1,081 | $ | 25 | 2.3 | ||||||||||||||||
Trust | 542 | 589 | (47 | ) | (8.0 | ) | 307 | 198 | 109 | 55.1 | ||||||||||||||||||||||
Brokerage and insurance | 941 | 843 | 98 | 11.6 | 376 | 340 | 36 | 10.6 | ||||||||||||||||||||||||
Gains on loans sold | 1,282 | 339 | 943 | 278.2 | 503 | 167 | 336 | 201.2 | ||||||||||||||||||||||||
Equity security (losses) gains, net | (276 | ) | 70 | (346 | ) | (494.3 | ) | |||||||||||||||||||||||||
Equity security gains (losses), net | 187 | (254 | ) | 441 | (173.6 | ) | ||||||||||||||||||||||||||
Available for sale security gains, net | 302 | 8 | 294 | 3,675.0 | 50 | - | 50 | NA | ||||||||||||||||||||||||
Earnings on bank owned life insurance | 514 | 463 | 51 | 11.0 | 1,315 | 156 | 1,159 | 742.9 | ||||||||||||||||||||||||
Other | 1,046 | 427 | 619 | 145.0 | 391 | 163 | 228 | 139.9 | ||||||||||||||||||||||||
Total | $ | 7,458 | $ | 6,237 | $ | 1,221 | 19.6 | $ | 4,235 | $ | 1,851 | $ | 2,384 | 128.8 |
Three months ended September 30, | Change | |||||||||||||||
2020 | 2019 | Amount | % | |||||||||||||
Service charges | $ | 1,112 | $ | 1,225 | $ | (113 | ) | (9.2 | ) | |||||||
Trust | 199 | 148 | 51 | 34.5 | ||||||||||||
Brokerage and insurance | 352 | 289 | 63 | 21.8 | ||||||||||||
Gains on loans sold | 855 | 176 | 679 | 385.8 | ||||||||||||
Equity security gains, net | (33 | ) | 29 | (62 | ) | (213.8 | ) | |||||||||
Available for sale security gains, net | 185 | 8 | 177 | 2,212.5 | ||||||||||||
Earnings on bank owned life insurance | 180 | 158 | 22 | 13.9 | ||||||||||||
Other | 688 | 144 | 544 | 377.8 | ||||||||||||
Total | $ | 3,538 | $ | 2,177 | $ | 1,361 | 62.5 |
Nine months ended September 30, | Change | Three months ended March 31, | Change | |||||||||||||||||||||||||||||
2020 | 2019 | Amount | % | 2021 | 2020 | Amount | % | |||||||||||||||||||||||||
Salaries and employee benefits | $ | 17,411 | $ | 15,129 | $ | 2,282 | 15.1 | $ | 6,263 | $ | 5,414 | $ | 849 | 15.7 | ||||||||||||||||||
Occupancy | 1,891 | 1,639 | 252 | 15.4 | 783 | 526 | 257 | 48.9 | ||||||||||||||||||||||||
Furniture and equipment | 587 | 501 | 86 | 17.2 | 143 | 131 | 12 | 9.2 | ||||||||||||||||||||||||
Professional fees | 1,180 | 1,101 | 79 | 7.2 | 448 | 325 | 123 | 37.8 | ||||||||||||||||||||||||
FDIC insurance | 341 | 196 | 145 | 74.0 | 129 | 71 | 58 | 81.7 | ||||||||||||||||||||||||
Pennsylvania shares tax | 809 | 825 | (16 | ) | (1.9 | ) | 339 | 275 | 64 | 23.3 | ||||||||||||||||||||||
Amortization of intangibles | 162 | 198 | (36 | ) | (18.2 | ) | 49 | 50 | (1 | ) | (2.0 | ) | ||||||||||||||||||||
Merger and acquisition | 2,179 | 275 | 1,904 | 692.4 | - | 376 | (376 | ) | NA | |||||||||||||||||||||||
Software expenses | 817 | 699 | 118 | 16.9 | 313 | 247 | 66 | 26.7 | ||||||||||||||||||||||||
ORE expenses | 221 | 308 | (87 | ) | (28.2 | ) | ||||||||||||||||||||||||||
ORE expenses (recovery) | 86 | 32 | 54 | 168.8 | ||||||||||||||||||||||||||||
Other | 4,428 | 4,102 | 326 | 7.9 | 1,394 | 1,474 | (80 | ) | (5.4 | ) | ||||||||||||||||||||||
Total | $ | 30,026 | $ | 24,973 | $ | 5,053 | 20.2 | $ | 9,947 | $ | 8,921 | $ | 1,026 | 11.5 |
Three months ended September 30, | Change | |||||||||||||||
2020 | 2019 | Amount | % | |||||||||||||
Salaries and employee benefits | $ | 6,102 | $ | 5,096 | $ | 1,006 | 19.7 | |||||||||
Occupancy | 714 | 530 | 184 | 34.7 | ||||||||||||
Furniture and equipment | 267 | 165 | 102 | 61.8 | ||||||||||||
Professional fees | 417 | 343 | 74 | 21.6 | ||||||||||||
FDIC insurance | 135 | (20 | ) | 155 | (775.0 | ) | ||||||||||
Pennsylvania shares tax | 275 | 275 | - | - | ||||||||||||
Amortization of intangibles | 57 | 66 | (9 | ) | (13.6 | ) | ||||||||||
Merger and acquisition | - | 275 | (275 | ) | NA | |||||||||||
Software expenses | 324 | 244 | 80 | 32.8 | ||||||||||||
ORE expenses (recovery) | 30 | 92 | (62 | ) | (67.4 | ) | ||||||||||
Other | 1,371 | 1,348 | 23 | 1.7 | ||||||||||||
Total | $ | 9,692 | $ | 8,414 | $ | 1,278 | 15.2 |
September 30, 2020 | December 31, 2019 | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Debt securities: | ||||||||||||||||
U. S. Agency securities | $ | 80,698 | 27.9 | $ | 84,863 | 35.1 | ||||||||||
U. S. Treasury notes | 28,167 | 9.7 | 27,661 | 11.5 | ||||||||||||
Obligations of state & political subdivisions | 91,848 | 31.7 | 61,455 | 25.5 | ||||||||||||
Corporate obligations | 6,507 | 2.3 | 3,328 | 1.4 | ||||||||||||
Mortgage-backed securities in government sponsored entities | 80,618 | 27.8 | 63,399 | 26.2 | ||||||||||||
Equity securities | 1,696 | 0.6 | 701 | 0.3 | ||||||||||||
Total | $ | 289,534 | 100.0 | $ | 241,407 | 100.0 |
September 30, 2020/ | ||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Change | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U. S. Agency securities | $ | (4,165 | ) | (4.9 | ) | $ | 79,709 | 24.6 | $ | 81,416 | 27.4 | |||||||||||||
U. S. Treasury notes | 506 | 1.8 | 40,362 | 12.5 | 28,043 | 9.4 | ||||||||||||||||||
Obligations of state & political subdivisions | 30,393 | 49.5 | 102,345 | 31.6 | 102,972 | 34.7 | ||||||||||||||||||
Corporate obligations | 3,179 | 95.5 | 6,983 | 2.1 | 6,509 | 2.2 | ||||||||||||||||||
Mortgage-backed securities in government sponsored entities | 17,219 | 27.2 | 92,568 | 28.5 | 76,249 | 25.7 | ||||||||||||||||||
Equity securities | 995 | 141.9 | 2,118 | 0.7 | 1,931 | 0.6 | ||||||||||||||||||
Total | $ | 48,127 | 19.9 | $ | 324,085 | 100.0 | $ | 297,120 | 100.0 |
March 31, 2021/ December 31, 2020 Change | ||||||||
Amount | % | |||||||
Debt securities: | ||||||||
U. S. Agency securities | $ | (1,707 | ) | (2.1 | ) | |||
U. S. Treasury notes | 12,319 | 43.9 | ||||||
Obligations of state & political subdivisions | (627 | ) | (0.6 | ) | ||||
Corporate obligations | 474 | 7.3 | ||||||
Mortgage-backed securities in government sponsored entities | 16,319 | 21.4 | ||||||
Equity securities | 187 | 9.7 | ||||||
Total | $ | 26,965 | 9.1 |
September 30, | December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||
Residential | $ | 208,084 | 15.2 | $ | 217,088 | 19.5 | $ | 203,273 | 14.5 | $ | 201,911 | 14.4 | ||||||||||||||||||||
Commercial | 535,456 | 39.2 | 342,023 | 30.7 | 605,547 | 43.1 | 596,255 | 42.4 | ||||||||||||||||||||||||
Agricultural | 310,702 | 22.7 | 311,464 | 27.9 | 315,313 | 22.5 | 315,158 | 22.4 | ||||||||||||||||||||||||
Construction | 28,656 | 2.1 | 15,519 | 1.4 | 42,651 | 3.0 | 35,404 | 2.5 | ||||||||||||||||||||||||
Consumer | 30,625 | 2.2 | 9,947 | 0.8 | 26,181 | 1.9 | 30,277 | 2.2 | ||||||||||||||||||||||||
Other commercial loans | 129,731 | 9.5 | 69,970 | 6.3 | 109,168 | 7.8 | 114,169 | 8.1 | ||||||||||||||||||||||||
Other agricultural loans | 40,790 | 3.0 | 55,112 | 4.9 | 41,378 | 2.9 | 48,779 | 3.5 | ||||||||||||||||||||||||
State & political subdivision loans | 81,835 | 6.1 | 94,446 | 8.5 | 60,890 | 4.3 | 63,328 | 4.5 | ||||||||||||||||||||||||
Total loans | 1,365,879 | 100.0 | 1,115,569 | 100.0 | 1,404,401 | 100.0 | 1,405,281 | 100.0 | ||||||||||||||||||||||||
Less allowance for loan losses | 15,169 | 13,845 | 16,560 | 15,815 | ||||||||||||||||||||||||||||
Net loans | $ | 1,350,710 | $ | 1,101,724 | $ | 1,387,841 | $ | 1,389,466 |
September 30, 2020/ | ||||||||||||||||
December 31, 2019 | ||||||||||||||||
Change | March 31, 2021/ December 31, 2020 Change | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Real estate: | ||||||||||||||||
Residential | $ | (9,004 | ) | (4.1 | ) | $ | 1,362 | 0.7 | ||||||||
Commercial | 193,433 | 56.6 | 9,292 | 1.6 | ||||||||||||
Agricultural | (762 | ) | (0.2 | ) | 155 | 0.0 | ||||||||||
Construction | 13,137 | 84.7 | 7,247 | 20.5 | ||||||||||||
Consumer | 20,678 | 207.9 | (4,096 | ) | (13.5 | ) | ||||||||||
Other commercial loans | 59,761 | 85.4 | (5,001 | ) | (4.4 | ) | ||||||||||
Other agricultural loans | (14,322 | ) | (26.0 | ) | (7,401 | ) | (15.2 | ) | ||||||||
State & political subdivision loans | (12,611 | ) | (13.4 | ) | (2,438 | ) | (3.8 | ) | ||||||||
Total loans | $ | 250,310 | 22.4 | $ | (880 | ) | (0.1 | ) |
March 31, | December 31, | |||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||
Balance at beginning of period | $ | 15,815 | $ | 13,845 | $ | 12,884 | $ | 11,190 | $ | 8,886 | ||||||||||
Charge-offs: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | - | - | 32 | 118 | 107 | |||||||||||||||
Commercial | - | 435 | 578 | 66 | 41 | |||||||||||||||
Agricultural | - | 4 | - | - | 30 | |||||||||||||||
Consumer | 4 | 50 | 49 | 40 | 130 | |||||||||||||||
Other commercial loans | - | 44 | 38 | 91 | - | |||||||||||||||
Other agricultural loans | - | - | 60 | 50 | 5 | |||||||||||||||
Total loans charged-off | 4 | 533 | 757 | 365 | 313 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | - | 14 | - | 69 | - | |||||||||||||||
Commercial | 89 | 37 | - | 3 | 11 | |||||||||||||||
Agricultural | - | 19 | - | - | - | |||||||||||||||
Consumer | 6 | 21 | 33 | 31 | 49 | |||||||||||||||
Other commercial loans | 4 | 12 | 10 | 30 | 16 | |||||||||||||||
Other agricultural loans | - | - | - | 1 | 1 | |||||||||||||||
Total loans recovered | 99 | 103 | 43 | 134 | 77 | |||||||||||||||
Net loans (recovered) charged-off | (95 | ) | 430 | 714 | 231 | 236 | ||||||||||||||
Provision charged to expense | 650 | 2,400 | 1,675 | 1,925 | 2,540 | |||||||||||||||
Balance at end of year | $ | 16,560 | $ | 15,815 | $ | 13,845 | $ | 12,884 | $ | 11,190 | ||||||||||
Loans outstanding at end of period | $ | 1,404,401 | $ | 1,405,281 | $ | 1,115,569 | $ | 1,081,883 | $ | 1,000,525 | ||||||||||
Average loans outstanding, net | $ | 1,403,841 | $ | 1,291,838 | $ | 1,102,565 | $ | 1,044,250 | $ | 883,355 | ||||||||||
Non-performing assets: | ||||||||||||||||||||
Non-accruing loans | $ | 10,680 | $ | 10,732 | $ | 11,536 | $ | 13,724 | $ | 10,171 | ||||||||||
Accrual loans - 90 days or more past due | 478 | 525 | 487 | 68 | 555 | |||||||||||||||
Total non-performing loans | $ | 11,158 | $ | 11,257 | $ | 12,023 | $ | 13,792 | $ | 10,726 | ||||||||||
Foreclosed assets held for sale | 1,720 | 1,836 | 3,404 | 601 | 1,119 | |||||||||||||||
Total non-performing assets | $ | 12,878 | $ | 13,093 | $ | 15,427 | $ | 14,393 | $ | 11,845 | ||||||||||
Annualized net (recoveries) charge-offs to average loans | (0.03 | )% | 0.03 | % | 0.06 | % | 0.02 | % | 0.03 | % | ||||||||||
Allowance to total loans | 1.18 | % | 1.13 | % | 1.24 | % | 1.19 | % | 1.12 | % | ||||||||||
Allowance to total non-performing loans | 148.41 | % | 140.49 | % | 115.15 | % | 93.42 | % | 104.33 | % | ||||||||||
Non-performing loans as a percent of loans net of unearned income | 0.79 | % | 0.80 | % | 1.08 | % | 1.27 | % | 1.07 | % | ||||||||||
Non-performing assets as a percent of loans net of unearned income | 0.92 | % | 0.93 | % | 1.38 | % | 1.33 | % | 1.18 | % |
September 30, | December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Balance | ||||||||||||||||||||
at beginning of period | $ | 13,845 | $ | 12,884 | $ | 11,190 | $ | 8,886 | $ | 7,106 | ||||||||||
Charge-offs: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | - | 32 | 118 | 107 | 85 | |||||||||||||||
Commercial | 221 | 578 | 66 | 41 | 100 | |||||||||||||||
Agricultural | 4 | - | - | 30 | - | |||||||||||||||
Consumer | 30 | 49 | 40 | 130 | 100 | |||||||||||||||
Other commercial loans | 1 | 38 | 91 | - | 55 | |||||||||||||||
Other agricultural loans | - | 60 | 50 | 5 | - | |||||||||||||||
Total loans charged-off | 256 | 757 | 365 | 313 | 340 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Residential | - | - | 69 | - | - | |||||||||||||||
Commercial | 37 | - | 3 | 11 | 479 | |||||||||||||||
Agricultural | 19 | - | - | - | - | |||||||||||||||
Consumer | 15 | 33 | 31 | 49 | 88 | |||||||||||||||
Other commercial loans | 9 | 10 | 30 | 16 | 33 | |||||||||||||||
Other agricultural loans | - | - | 1 | 1 | - | |||||||||||||||
Total loans recovered | 80 | 43 | 134 | 77 | 600 | |||||||||||||||
Net loans (recovered) charged-off | 176 | 714 | 231 | 236 | (260 | ) | ||||||||||||||
Provision charged to expense | 1,500 | 1,675 | 1,925 | 2,540 | 1,520 | |||||||||||||||
Balance at end of year | $ | 15,169 | $ | 13,845 | $ | 12,884 | $ | 11,190 | $ | 8,886 | ||||||||||
Loans outstanding at end of period | $ | 1,365,879 | $ | 1,115,569 | $ | 1,081,883 | $ | 1,000,525 | $ | 799,611 | ||||||||||
Average loans outstanding, net | $ | 1,259,543 | $ | 1,102,565 | $ | 1,044,250 | $ | 883,355 | $ | 725,881 | ||||||||||
Non-performing assets: | ||||||||||||||||||||
Non-accruing loans | $ | 11,711 | $ | 11,536 | $ | 13,724 | $ | 10,171 | $ | 11,454 | ||||||||||
Accrual loans - 90 days or more past due | 1,194 | 487 | 68 | 555 | 405 | |||||||||||||||
Total non-performing loans | $ | 12,905 | $ | 12,023 | $ | 13,792 | $ | 10,726 | $ | 11,859 | ||||||||||
Foreclosed assets held for sale | 2,726 | 3,404 | 601 | 1,119 | 1,036 | |||||||||||||||
Total non-performing assets | $ | 15,631 | $ | 15,427 | $ | 14,393 | $ | 11,845 | $ | 12,895 | ||||||||||
Annualized net charge-offs to average loans | 0.02 | % | 0.06 | % | 0.02 | % | 0.03 | % | -0.04 | % | ||||||||||
Allowance to total loans | 1.11 | % | 1.24 | % | 1.19 | % | 1.12 | % | 1.11 | % | ||||||||||
Allowance to total non-performing loans | 117.54 | % | 115.15 | % | 93.42 | % | 104.33 | % | 74.93 | % | ||||||||||
Non-performing loans as a percent of loans net of unearned income | 0.94 | % | 1.08 | % | 1.27 | % | 1.07 | % | 1.48 | % | ||||||||||
Non-performing assets as a percent of loans net of unearned income | 1.14 | % | 1.38 | % | 1.33 | % | 1.18 | % | 1.61 | % |
September 30, | December 31 | March 31, | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,219 | 15.2 | $ | 1,114 | 19.4 | $ | 1,105 | 19.9 | $ | 1,049 | 21.4 | $ | 1,064 | 25.9 | $ | 1,167 | 14.5 | $ | 1,174 | 14.4 | $ | 1,114 | 19.4 | $ | 1,105 | 19.9 | $ | 1,049 | 21.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 5,306 | 39.2 | 4,549 | 30.7 | 4,115 | 29.5 | 3,867 | 30.8 | 3,589 | 31.6 | 6,683 | 43.1 | 6,216 | 42.4 | 4,549 | 30.7 | 4,115 | 29.5 | 3,867 | 30.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | 4,806 | 22.7 | 5,022 | 27.9 | 4,264 | 26.3 | 3,143 | 24.0 | 1,494 | 15.5 | 4,917 | 22.5 | 4,953 | 22.4 | 5,022 | 27.9 | 4,264 | 26.3 | 3,143 | 24.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 85 | 2.1 | 43 | 1.4 | 58 | 3.1 | 23 | 1.3 | 47 | 3.2 | 151 | 3.0 | 122 | 2.5 | 43 | 1.4 | 58 | 3.1 | 23 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 352 | 2.2 | 112 | 0.9 | 120 | 0.9 | 124 | 1.0 | 122 | 1.4 | 237 | 1.9 | 321 | 2.2 | 112 | 0.9 | 120 | 0.9 | 124 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans | 1,230 | 9.5 | 1,255 | 6.3 | 1,354 | 6.9 | 1,272 | 7.2 | 1,327 | 7.3 | 1,504 | 7.8 | 1,226 | 8.1 | 1,255 | 6.3 | 1,354 | 6.9 | 1,272 | 7.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other agricultural loans | 735 | 3.0 | 961 | 4.9 | 752 | 3.9 | 492 | 3.8 | 312 | 2.9 | 789 | 2.9 | 864 | 3.5 | 961 | 4.9 | 752 | 3.9 | 492 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State & political subdivision loans | 514 | 6.1 | 536 | 8.5 | 762 | 9.5 | 816 | 10.5 | 833 | 12.2 | 470 | 4.3 | 479 | 4.5 | 536 | 8.5 | 762 | 9.5 | 816 | 10.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | 922 | N/A | 253 | N/A | 354 | N/A | 404 | N/A | 98 | N/A | 642 | N/A | 460 | N/A | 253 | N/A | 354 | N/A | 404 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 15,169 | 100.0 | $ | 13,845 | 100.0 | $ | 12,884 | 100.0 | $ | 11,190 | 100.0 | $ | 8,886 | 100.0 | $ | 16,560 | 100.0 | $ | 15,815 | 100.0 | $ | 13,845 | 100.0 | $ | 12,884 | 100.0 | $ | 11,190 | 100.0 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Performing Loans | Non-Performing Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30 - 89 Days | 90 Days | 30 - 89 Days | 90 Days | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | Non- | Total Non- | Past Due | Past Due | Non- | Total Non- | Non-Performing Loans | Non-Performing Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Accruing | Accruing | accrual | Performing | Accruing | Accruing | accrual | Performing | 30 - 89 Days Past Due Accruing | 90 Days Past Due Accruing | Non- accrual | Total Non- Performing | 30 - 89 Days Past Due Accruing | 90 Days Past Due Accruing | Non- accrual | Total Non- Performing | ||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,064 | $ | 622 | $ | 864 | $ | 1,486 | $ | 933 | $ | 2 | $ | 962 | $ | 964 | $ | 377 | $ | 251 | $ | 794 | $ | 1,045 | $ | 1,351 | $ | 275 | $ | 812 | $ | 1,087 | ||||||||||||||||||||||||||||||||
Commercial | 1,701 | 413 | 5,141 | 5,554 | 1,225 | - | 5,080 | 5,080 | 665 | - | 4,853 | 4,853 | 1,247 | 70 | 4,529 | 4,599 | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural | 331 | 147 | 3,161 | 3,308 | 118 | 299 | 2,578 | 2,877 | 44 | 150 | 3,064 | 3,214 | 366 | 150 | 3,133 | 3,283 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 142 | 12 | - | 12 | 123 | 2 | 6 | 8 | 153 | 27 | - | 27 | 155 | 30 | - | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial loans | 200 | - | 1,551 | 1,551 | 283 | 184 | 1,837 | 2,021 | 919 | 50 | 1,050 | 1,100 | 930 | - | 1,284 | 1,284 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other agricultural loans | 9 | - | 994 | 994 | 29 | - | 1,073 | 1,073 | 224 | - | 919 | 919 | 71 | - | 974 | 974 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 3,447 | $ | 1,194 | $ | 11,711 | $ | 12,905 | $ | 2,711 | $ | 487 | $ | 11,536 | $ | 12,023 | $ | 2,382 | $ | 478 | $ | 10,680 | $ | 11,158 | $ | 4,120 | $ | 525 | $ | 10,732 | $ | 11,257 |
Change in Non-Performing Loans | ||||||||
March 31, 2021 /December 31, 2020 | ||||||||
(in thousands) | Amount | % | ||||||
Real estate: | ||||||||
Residential | $ | (42 | ) | (3.9 | ) | |||
Commercial | 254 | 5.5 | ||||||
Agricultural | (69 | ) | (2.1 | ) | ||||
Construction | - | NA | ||||||
Consumer | (3 | ) | (10.0 | ) | ||||
Other commercial loans | (184 | ) | (14.3 | ) | ||||
Other agricultural loans | (55 | ) | (5.6 | ) | ||||
Total nonperforming loans | $ | (99 | ) | (0.9 | ) |
Change in Non-Performing Loans | ||||||||
September 30, 2020 /December 31, 2019 | ||||||||
(in thousands) | Amount | % | ||||||
Real estate: | ||||||||
Residential | $ | 522 | 54.1 | |||||
Commercial | 474 | 9.3 | ||||||
Agricultural | 431 | 15.0 | ||||||
Construction | - | NA | ||||||
Consumer | 4 | 50.0 | ||||||
Other commercial loans | (470 | ) | (23.3 | ) | ||||
Other agricultural loans | (79 | ) | (7.4 | ) | ||||
Total nonperforming loans | $ | 882 | 7.3 |
The three loan relationships described above comprised 50.5% of the non-performing loan balance, which had approximately $131,000 of specific reserves, as of March 31, 2021. The Company has a history of low charge-offs, and has a net recovery for the first three months of 2021. Net (recoveries) charge-offs for the first three months of 2021 were (0.03) % and were 0.03% for all of 2020. |
September 30, | December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 276,286 | 17.8 | $ | 203,793 | 16.9 | $ | 336,438 | 19.9 | $ | 303,762 | 19.1 | ||||||||||||||||||||
NOW accounts | 407,837 | 26.3 | 340,273 | 28.1 | 442,338 | 26.2 | 422,083 | 26.6 | ||||||||||||||||||||||||
Savings deposits | 248,716 | 16.0 | 224,456 | 18.5 | 283,594 | 16.8 | 255,853 | 16.1 | ||||||||||||||||||||||||
Money market deposit accounts | 235,566 | 15.2 | 169,865 | 14.0 | 252,335 | 15.0 | 225,968 | 14.2 | ||||||||||||||||||||||||
Certificates of deposit | 384,348 | 24.7 | 272,731 | 22.5 | 372,765 | 22.1 | 381,192 | 24.0 | ||||||||||||||||||||||||
Total | $ | 1,552,753 | 100.0 | $ | 1,211,118 | 100.0 | $ | 1,687,470 | 100.0 | $ | 1,588,858 | 100.0 |
September 30, 2020/ | ||||||||||||||||
December 31, 2019 | ||||||||||||||||
Change | March 31, 2021/ December 31, 2020 Change | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Non-interest-bearing deposits | $ | 72,493 | 35.6 | $ | 32,676 | 10.8 | ||||||||||
NOW accounts | 67,564 | 19.9 | 20,255 | 4.8 | ||||||||||||
Savings deposits | 24,260 | 10.8 | 27,741 | 10.8 | ||||||||||||
Money market deposit accounts | 65,701 | 38.7 | 26,367 | 11.7 | ||||||||||||
Certificates of deposit | 111,617 | 40.9 | (8,427 | ) | (2.2 | ) | ||||||||||
Total | $ | 341,635 | 28.2 | $ | 98,612 | 6.2 |
September 30, 2020 | December 31, 2019 | |||||||
Commitments to extend credit | $ | 291,686 | $ | 211,530 | ||||
Standby letters of credit | 19,261 | 17,857 | ||||||
$ | 310,947 | $ | 229,387 |
March 31, 2021 | December 31, 2020 | |||||||
Commitments to extend credit | $ | 304,350 | $ | 274,327 | ||||
Standby letters of credit | 18,709 | 21,978 | ||||||
$ | 323,059 | $ | 296,305 |
Change In | % Change In | Change In | % Change In | |||||||||||||||||||||
Prospective One-Year | Prospective | Prospective | Prospective One-Year | Prospective | Prospective | |||||||||||||||||||
Changes in Rates | Net Interest Income | Net Interest Income | Net Interest Income | Net Interest Income | Net Interest Income | Net Interest Income | ||||||||||||||||||
-100 Shock | 57,974 | (786 | ) | (1.34 | ) | 59,242 | (1,080 | ) | (1.79 | ) | ||||||||||||||
Base | 58,760 | - | - | 60,322 | - | - | ||||||||||||||||||
+100 Shock | 57,749 | (1,011 | ) | (1.72 | ) | 59,803 | (519 | ) | (0.86 | ) | ||||||||||||||
+200 Shock | 56,961 | (1,799 | ) | (3.06 | ) | 59,821 | (501 | ) | (0.83 | ) | ||||||||||||||
+300 Shock | 56,159 | (2,601 | ) | (4.43 | ) | 59,763 | (559 | ) | (0.93 | ) | ||||||||||||||
+400 Shock | 55,160 | (3,600 | ) | (6.13 | ) | 59,573 | (749 | ) | (1.24 | ) |
ISSUER PURCHASES OF EQUITY SECURITIES | ISSUER PURCHASES OF EQUITY SECURITIES | ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||||||||||||||
Period | Total Number of Shares (or units Purchased) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans of Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) | Total Number of Shares (or units Purchased) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans of Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||||
7/1/20 to 7/31/20 | 9,200 | $ | 49.75 | 9,200 | 11,523 | |||||||||||||||||||||||||||
8/1/20 to 8/31/20 | 3,283 | $ | 48.72 | 3,283 | 8,240 | |||||||||||||||||||||||||||
9/1/20 to 9/30/20 | - | $ | 0.00 | - | 8,240 | |||||||||||||||||||||||||||
1/1/21 to 1/31/21 | - | $ | 0.00 | - | 158,202 | |||||||||||||||||||||||||||
2/1/21 to 2/28/21 | 8,121 | $ | 55.61 | 8,121 | 150,081 | |||||||||||||||||||||||||||
3/1/21 to 3/31/21 | 1,081 | $ | 55.94 | 1,081 | 149,000 | |||||||||||||||||||||||||||
Total | 12,483 | $ | 49.48 | 12,483 | 8,240 | 9,202 | $ | 55.65 | 9,202 | 149,000 |
(1) | On October 20, 2015, the Company announced that the Board of Directors authorized the Company to repurchase up to an additional 150,000 shares. The repurchases will be conducted through open-market purchases or privately negotiated transactions and will be made from time to time depending on market conditions and other factors. No time limit was placed on the duration of the share repurchase program. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. This authorization was fully utilized during the first quarter of 2021. |
(2) | On April 21, 2020, the Company announced that the Board of Directors authorized the Company to repurchase up to an additional 150,000 shares at an aggregate purchase price not to exceed $12.0 million over a period of 36 months. The repurchases will be conducted through open-market purchases or privately negotiated transactions and will be made from time to time depending on market conditions and other factors. No time limit was placed on the duration of the share repurchase program. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. |
(a) | The following documents are filed as a part of this report: |
Articles of Incorporation of Citizens Financial Services, Inc., as amended (1) | ||
Bylaws of Citizens Financial Services, Inc. (2) | ||
Form of Common Stock Certificate. (3) | ||
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer | ||
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer | ||
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer | ||
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the period ended |
(1) | Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on April 26, 2021. |
(2) | Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, as filed with the Commission on December 17, 2020. |
(3) | Incorporated by reference to Exhibit 4 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005, as filed with the Commission on March 14, 2006. |
Citizens Financial Services, Inc. | |
(Registrant) | |
By: Randall E. Black | |
President and Chief Executive Officer | |
(Principal Executive Officer) | |
/s/ Stephen J. Guillaume | |
By: Stephen J. Guillaume | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) |