| Pennsylvania | | | 25-1424278 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
| Main & Franklin Streets, P.O. Box 430, Johnstown, PA | | | 15907-0430 | |
| (Address of principal executive offices) | | | (Zip Code) | |
| Title Of Each Class | | | Trading Symbol | | | Name of Each Exchange On Which Registered | |
| Common Stock | | | ASRV | | | The NASDAQ Stock Market LLC | |
| 8.45% Beneficial Unsecured Securities, Series A (AmeriServ Financial Capital Trust I) | | | ASRVP | | | The NASDAQ Stock Market LLC | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| Emerging growth company ☐ | |
| Class | | | Outstanding at | |
| Common Stock, par value $0.01 | | | |
| | | Page No. | | ||||||||
PART I. FINANCIAL INFORMATION: | | | ||||||||||
| | | | 1 | | | ||||||
| | | | 1 | | | ||||||
| | | | 2 | | | ||||||
| | | | 3 | | | ||||||
| | | | 4 | | | ||||||
| | | | 5 | | | ||||||
| | | | 6 | | | ||||||
| | | | | | |||||||
| | | | 48 | | | ||||||
| | | | 48 | | | ||||||
PART II. OTHER INFORMATION | | | ||||||||||
| | | | 49 | | | ||||||
| | | | 49 | | | ||||||
| | | | 49 | | | ||||||
| | | | 49 | | | ||||||
| | | | 49 | | | ||||||
| | | | 49 | | | ||||||
| | | | 50 | | |
| | June 30, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and due from depository institutions | | | $ | 21,609 | | | | $ | 27,970 | | | | | $ | 17,675 | | | | $ | 15,642 | | | ||||
Interest bearing deposits | | | | 3,286 | | | | | 2,740 | | | | | | 2,890 | | | | | 2,755 | | | ||||
Short-term investments in money market funds | | | | 3,246 | | | | | 4,184 | | | | | | 3,541 | | | | | 3,771 | | | ||||
Total cash and cash equivalents | | | | 28,141 | | | | | 34,894 | | | | | | 24,106 | | | | | 22,168 | | | ||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Available for sale, at fair value | | | | 151,088 | | | | | 146,731 | | | | | | 142,716 | | | | | 141,749 | | | ||||
Held to maturity (fair value $40,775 on June 30, 2019 and $40,324 on December 31, 2018) | | | | 39,752 | | | | | 40,760 | | | |||||||||||||||
Held to maturity (fair value $44,236 on March 31, 2020 and $41,082 on December 31, 2019) | | | | 42,068 | | | | | 39,936 | | | |||||||||||||||
Loans held for sale | | | | 1,324 | | | | | 847 | | | | | | 4,750 | | | | | 4,868 | | | ||||
Loans | | | | 889,170 | | | | | 862,604 | | | | | | 873,055 | | | | | 883,090 | | | ||||
Less: Unearned income | | | | 413 | | | | | 322 | | | | | | 406 | | | | | 384 | | | ||||
Allowance for loan losses | | | | 8,102 | | | | | 8,671 | | | | | | 9,334 | | | | | 9,279 | | | ||||
Net loans | | | | 880,655 | | | | | 853,611 | | | | | | 863,315 | | | | | 873,427 | | | ||||
Premises and equipment: | | | | | | | | | | | | | | | | | | | | | | | ||||
Operating lease right-of-use asset | | | | 890 | | | | | — | | | | | | 825 | | | | | 846 | | | ||||
Financing lease right-of-use asset | | | | 3,207 | | | | | — | | | | | | 3,074 | | | | | 3,078 | | | ||||
Other premises and equipment, net | | | | 14,809 | | | | | 13,348 | | | | | | 14,660 | | | | | 14,643 | | | ||||
Accrued interest income receivable | | | | 3,916 | | | | | 3,489 | | | | | | 3,759 | | | | | 3,449 | | | ||||
Goodwill | | | | 11,944 | | | | | 11,944 | | | | | | 11,944 | | | | | 11,944 | | | ||||
Bank owned life insurance | | | | 38,652 | | | | | 38,395 | | | | | | 39,041 | | | | | 38,916 | | | ||||
Net deferred tax asset | | | | 3,710 | | | | | 3,637 | | | | | | 3,705 | | | | | 3,976 | | | ||||
Federal Home Loan Bank stock | | | | 4,763 | | | | | 4,520 | | | | | | 3,988 | | | | | 3,985 | | | ||||
Federal Reserve Bank stock | | | | 2,125 | | | | | 2,125 | | | | | | 2,125 | | | | | 2,125 | | | ||||
Other assets | | | | 5,607 | | | | | 6,379 | | | | | | 8,279 | | | | | 6,074 | | | ||||
TOTAL ASSETS | | | $ | 1,190,583 | | | | $ | 1,160,680 | | | | | $ | 1,168,355 | | | | $ | 1,171,184 | | | ||||
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Non-interest bearing deposits | | | $ | 158,293 | | | | $ | 150,627 | | | | | $ | 145,630 | | | | $ | 136,462 | | | ||||
Interest bearing deposits | | | | 810,187 | | | | | 798,544 | | | | | | 811,963 | | | | | 824,051 | | | ||||
Total deposits | | | | 968,480 | | | | | 949,171 | | | | | | 957,593 | | | | | 960,513 | | | ||||
Short-term borrowings | | | | 35,190 | | | | | 41,029 | | | | | | 16,354 | | | | | 22,412 | | | ||||
Advances from Federal Home Loan Bank | | | | 53,124 | | | | | 46,721 | | | | | | 58,218 | | | | | 53,668 | | | ||||
Operating lease liabilities | | | | 907 | | | | | — | | | | | | 842 | | | | | 865 | | | ||||
Financing lease liabilities | | | | 3,253 | | | | | — | | | | | | 3,177 | | | | | 3,163 | | | ||||
Guaranteed junior subordinated deferrable interest debentures, net | | | | 12,947 | | | | | 12,939 | | | | | | 12,959 | | | | | 12,955 | | | ||||
Subordinated debt, net | | | | 7,499 | | | | | 7,488 | | | | | | 7,517 | | | | | 7,511 | | | ||||
Total borrowed funds | | | | 112,920 | | | | | 108,177 | | | | | | 99,067 | | | | | 100,574 | | | ||||
Other liabilities | | | | 7,707 | | | | | 5,355 | | | | | | 10,855 | | | | | 11,483 | | | ||||
TOTAL LIABILITIES | | | | 1,089,107 | | | | | 1,062,703 | | | | | | 1,067,515 | | | | | 1,072,570 | | | ||||
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | ||||
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,648,728 shares issued and 17,384,355 shares outstanding on June 30, 2019; 26,609,811 shares issued and 17,619,303 shares outstanding on December 31, 2018 | | | | 266 | | | | | 266 | | | |||||||||||||||
Treasury stock at cost, 9,264,373 shares on June 30, 2019 and 8,990,508 shares on December 31, 2018 | | | | (81,741) | | | | | (80,579) | | | |||||||||||||||
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,672,463 shares issued and 17,043,644 shares outstanding on March 31, 2020; 26,650,728 shares issued and 17,057,871 shares outstanding on December 31, 2019 | | | | 267 | | | | | 267 | | | |||||||||||||||
Treasury stock at cost, 9,628,819 shares on March 31, 2020 and 9,592,857 shares on December 31, 2019 | | | | (83,280) | | | | | (83,129) | | | |||||||||||||||
Capital surplus | | | | 145,883 | | | | | 145,782 | | | | | | 145,938 | | | | | 145,888 | | | ||||
Retained earnings | | | | 49,618 | | | | | 46,733 | | | | | | 52,745 | | | | | 51,759 | | | ||||
Accumulated other comprehensive loss, net | | | | (12,550) | | | | | (14,225) | | | | | | (14,830) | | | | | (16,171) | | | ||||
TOTAL SHAREHOLDERS’ EQUITY | | | | 101,476 | | | | | 97,977 | | | | | | 100,840 | | | | | 98,614 | | | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | | $ | 1,190,583 | | | | $ | 1,160,680 | | | | | $ | 1,168,355 | | | | $ | 1,171,184 | | | ||||
|
| | Three months ended June 30, | | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest and fees on loans | | | $ | 10,994 | | | | $ | 10,125 | | | | $ | 21,412 | | | | $ | 19,943 | | | | | $ | 10,332 | | | | $ | 10,418 | | | ||||||
Interest bearing deposits | | | | 7 | | | | | 5 | | | | | 13 | | | | | 9 | | | | | | 4 | | | | | 6 | | | ||||||
Short-term investments in money market funds | | | | 59 | | | | | 47 | | | | | 128 | | | | | 90 | | | | | | 72 | | | | | 69 | | | ||||||
Investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Available for sale | | | | 1,314 | | | | | 1,101 | | | | | 2,633 | | | | | 2,130 | | | | | | 1,183 | | | | | 1,319 | | | ||||||
Held to maturity | | | | 391 | | | | | 325 | | | | | 743 | | | | | 648 | | | | | | 353 | | | | | 352 | | | ||||||
Total Interest Income | | | | 12,765 | | | | | 11,603 | | | | | 24,929 | | | | | 22,820 | | | | | | 11,944 | | | | | 12,164 | | | ||||||
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Deposits | | | | 2,867 | | | | | 1,973 | | | | | 5,597 | | | | | 3,754 | | | | | | 2,458 | | | | | 2,730 | | | ||||||
Short-term borrowings | | | | 136 | | | | | 170 | | | | | 238 | | | | | 262 | | | | | | 12 | | | | | 102 | | | ||||||
Advances from Federal Home Loan Bank | | | | 261 | | | | | 192 | | | | | 496 | | | | | 378 | | | | | | 284 | | | | | 235 | | | ||||||
Financing lease liabilities | | | | 29 | | | | | — | | | | | 59 | | | | | — | | | | | | 29 | | | | | 30 | | | ||||||
Guaranteed junior subordinated deferrable interest debentures | | | | 281 | | | | | 280 | | | | | 561 | | | | | 560 | | | | | | 280 | | | | | 280 | | | ||||||
Subordinated debt | | | | 130 | | | | | 130 | | | | | 260 | | | | | 260 | | | | | | 130 | | | | | 130 | | | ||||||
Total Interest Expense | | | | 3,704 | | | | | 2,745 | | | | | 7,211 | | | | | 5,214 | | | | | | 3,193 | | | | | 3,507 | | | ||||||
NET INTEREST INCOME | | | | 9,061 | | | | | 8,858 | | | | | 17,718 | | | | | 17,606 | | | | | | 8,751 | | | | | 8,657 | | | ||||||
Provision (credit) for loan losses | | | | — | | | | | 50 | | | | | (400) | | | | | 100 | | | | | | 175 | | | | | (400) | | | ||||||
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES | | | | 9,061 | | | | | 8,808 | | | | | 18,118 | | | | | 17,506 | | | | | | 8,576 | | | | | 9,057 | | | ||||||
NON-INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Wealth management fees | | | | 2,419 | | | | | 2,447 | | | | | 4,815 | | | | | 4,873 | | | | | | 2,554 | | | | | 2,396 | | | ||||||
Service charges on deposit accounts | | | | 317 | | | | | 357 | | | | | 627 | | | | | 740 | | | | | | 286 | | | | | 310 | | | ||||||
Net gains on sale of loans | | | | 107 | | | | | 119 | | | | | 169 | | | | | 217 | | | | | | 237 | | | | | 62 | | | ||||||
Mortgage related fees | | | | 77 | | | | | 72 | | | | | 121 | | | | | 111 | | | | | | 126 | | | | | 44 | | | ||||||
Net realized gains (losses) on investment securities | | | | 30 | | | | | — | | | | | 30 | | | | | (148) | | | |||||||||||||||||
Bank owned life insurance | | | | 129 | | | | | 133 | | | | | 257 | | | | | 265 | | | | | | 125 | | | | | 128 | | | ||||||
Other income | | | | 578 | | | | | 553 | | | | | 1,243 | | | | | 1,258 | | | | | | 504 | | | | | 665 | | | ||||||
Total Non-Interest Income | | | | 3,657 | | | | | 3,681 | | | | | 7,262 | | | | | 7,316 | | | | | | 3,832 | | | | | 3,605 | | | ||||||
NON-INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Salaries and employee benefits | | | | 6,348 | | | | | 6,218 | | | | | 12,649 | | | | | 12,311 | | | | | | 6,704 | | | | | 6,301 | | | ||||||
Net occupancy expense | | | | 622 | | | | | 611 | | | | | 1,280 | | | | | 1,281 | | | | | | 671 | | | | | 658 | | | ||||||
Equipment expense | | | | 387 | | | | | 378 | | | | | 748 | | | | | 769 | | | | | | 395 | | | | | 361 | | | ||||||
Professional fees | | | | 1,249 | | | | | 1,252 | | | | | 2,369 | | | | | 2,436 | | | | | | 1,154 | | | | | 1,120 | | | ||||||
Supplies, postage and freight | | | | 140 | | | | | 164 | | | | | 313 | | | | | 332 | | | | | | 179 | | | | | 173 | | | ||||||
Miscellaneous taxes and insurance | | | | 294 | | | | | 258 | | | | | 571 | | | | | 539 | | | | | | 275 | | | | | 277 | | | ||||||
Federal deposit insurance expense | | | | 80 | | | | | 155 | | | | | 160 | | | | | 317 | | | | | | 26 | | | | | 80 | | | ||||||
Other expense | | | | 1,336 | | | | | 1,256 | | | | | 2,659 | | | | | 2,418 | | | | | | 1,229 | | | | | 1,323 | | | ||||||
Total Non-Interest Expense | | | | 10,456 | | | | | 10,292 | | | | | 20,749 | | | | | 20,403 | | | | | | 10,633 | | | | | 10,293 | | | ||||||
PRETAX INCOME | | | | 2,262 | | | | | 2,197 | | | | | 4,631 | | | | | 4,419 | | | | | | 1,775 | | | | | 2,369 | | | ||||||
Provision for income tax expense | | | | 470 | | | | | 453 | | | | | 961 | | | | | 908 | | | | | | 366 | | | | | 491 | | | ||||||
NET INCOME | | | | 1,792 | | | | | 1,744 | | | | | 3,670 | | | | | 3,511 | | | | | | 1,409 | | | | | 1,878 | | | ||||||
PER COMMON SHARE DATA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Basic: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net income | | | $ | 0.10 | | | | $ | 0.10 | | | | $ | 0.21 | | | | $ | 0.19 | | | | | $ | 0.08 | | | | $ | 0.11 | | | ||||||
Average number of shares outstanding | | | | 17,476 | | | | | 18,038 | | | | | 17,527 | | | | | 18,058 | | | | | | 17,043 | | | | | 17,578 | | | ||||||
Diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net income | | | $ | 0.10 | | | | $ | 0.10 | | | | $ | 0.21 | | | | $ | 0.19 | | | | | $ | 0.08 | | | | $ | 0.11 | | | ||||||
Average number of shares outstanding | | | | 17,560 | | | | | 18,140 | | | | | 17,611 | | | | | 18,158 | | | | | | 17,099 | | | | | 17,664 | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net income | | | $ | 1,792 | | | | $ | 1,744 | | | | $ | 3,670 | | | | $ | 3,511 | | | | | $ | 1,409 | | | | $ | 1,878 | | | ||||||
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Pension obligation change for defined benefit plan | | | | 403 | | | | | 390 | | | | | (1,433) | | | | | 1,434 | | | | | | 528 | | | | | (1,835) | | | ||||||
Income tax effect | | | | (85) | | | | | (82) | | | | | 301 | | | | | (301) | | | | | | (111) | | | | | 385 | | | ||||||
Unrealized holding gains (losses) on available for sale securities arising during period | | | | 1,820 | | | | | (824) | | | | | 3,583 | | | | | (2,490) | | | |||||||||||||||||
Income tax effect | | | | (382) | | | | | 173 | | | | | (752) | | | | | 523 | | | |||||||||||||||||
Reclassification adjustment for (gains) losses on available for sale securities included in net income | | | | (30) | | | | | — | | | | | (30) | | | | | 148 | | | |||||||||||||||||
Unrealized holding gains on available for sale securities arising during period | | | | 1,170 | | | | | 1,763 | | | |||||||||||||||||||||||||||
Income tax effect | | | | 6 | | | | | — | | | | | 6 | | | | | (31) | | | | | | (246) | | | | | (370) | | | ||||||
Other comprehensive income (loss) | | | | 1,732 | | | | | (343) | | | | | 1,675 | | | | | (717) | | | | | | 1,341 | | | | | (57) | | | ||||||
Comprehensive income | | | $ | 3,524 | | | | $ | 1,401 | | | | $ | 5,345 | | | | $ | 2,794 | | | | | $ | 2,750 | | | | $ | 1,821 | | |
| | Three months ended June 30, | | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
COMMON STOCK | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at beginning of period | | | | 266 | | | | | 266 | | | | | 266 | | | | | 266 | | | | | | 267 | | | | | 266 | | | ||||||
New common shares issued for exercise of stock options | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
New common shares issued for exercise of stock options (21,735 and 33,684 shares for the three months ended March 31, 2020 and 2019, respectively) | | | | — | | | | | — | | | |||||||||||||||||||||||||||
Balance at end of period | | | | 266 | | | | | 266 | | | | | 266 | | | | | 266 | | | | | | 267 | | | | | 266 | | | ||||||
TREASURY STOCK | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at beginning of period | | | | (81,055) | | | | | (78,678) | | | | | (80,579) | | | | | (78,233) | | | | | | (83,129) | | | | | (80,579) | | | ||||||
Treasury stock, purchased at cost (161,554 shares for the three months ended June 30, 2019 and 273,865 and 105,663 shares for the six months ended June 30, 2019 and 2018, respectively) | | | | (686) | | | | | — | | | | | (1,162) | | | | | (445) | | | |||||||||||||||||
Treasury stock, purchased at cost (35,962 and 112,311 shares for the three months ended March 31, 2020 and 2019, respectively) | | | | (151) | | | | | (476) | | | |||||||||||||||||||||||||||
Balance at end of period | | | | (81,741) | | | | | (78,678) | | | | | (81,741) | | | | | (78,678) | | | | | | (83,280) | | | | | (81,055) | | | ||||||
CAPITAL SURPLUS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at beginning of period | | | | 145,870 | | | | | 145,739 | | | | | 145,782 | | | | | 145,707 | | | | | | 145,888 | | | | | 145,782 | | | ||||||
New common shares issued for exercise of stock options (5,233 and 11,291 shares for the three months ended June 30, 2019 and 2018, respectively and 38,917 and 22,108 shares for the six months ended June 30, 2019 and 2018, respectively) | | | | 11 | | | | | 28 | | | | | 96 | | | | | 56 | | | |||||||||||||||||
New common shares issued for exercise of stock options (21,735 and 33,684 shares for the three months ended March 31, 2020 and 2019, respectively) | | | | 49 | | | | | 85 | | | |||||||||||||||||||||||||||
Stock option expense | | | | 2 | | | | | 4 | | | | | 5 | | | | | 8 | | | | | | 1 | | | | | 3 | | | ||||||
Balance at end of period | | | | 145,883 | | | | | 145,771 | | | | | 145,883 | | | | | 145,771 | | | | | | 145,938 | | | | | 145,870 | | | ||||||
RETAINED EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at beginning of period | | | | 48,262 | | | | | 41,807 | | | | | 46,733 | | | | | 40,312 | | | | | | 51,759 | | | | | 46,733 | | | ||||||
Net income | | | | 1,792 | | | | | 1,744 | | | | | 3,670 | | | | | 3,511 | | | | | | 1,409 | | | | | 1,878 | | | ||||||
Cash dividend declared on common stock | | | | (436) | | | | | (360) | | | | | (785) | | | | | (632) | | | |||||||||||||||||
Cash dividend declared on common stock ($0.025 and $0.020 per share for the three months ended March 31, 2020 and 2019, respectively) | | | | (423) | | | | | (349) | | | |||||||||||||||||||||||||||
Balance at end of period | | | | 49,618 | | | | | 43,191 | | | | | 49,618 | | | | | 43,191 | | | | | | 52,745 | | | | | 48,262 | | | ||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance at beginning of period | | | | (14,282) | | | | | (13,324) | | | | | (14,225) | | | | | (12,950) | | | | | | (16,171) | | | | | (14,225) | | | ||||||
Other comprehensive income (loss) | | | | 1,732 | | | | | (343) | | | | | 1,675 | | | | | (717) | | | | | | 1,341 | | | | | (57) | | | ||||||
Balance at end of period | | | | (12,550) | | | | | (13,667) | | | | | (12,550) | | | | | (13,667) | | | | | | (14,830) | | | | | (14,282) | | | ||||||
TOTAL STOCKHOLDERS’ EQUITY | | | $ | 101,476 | | | | $ | 96,883 | | | | $ | 101,476 | | | | $ | 96,883 | | | | | $ | 100,840 | | | | $ | 99,061 | | |
| | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Net income | | | $ | 3,670 | | | | $ | 3,511 | | | | | $ | 1,409 | | | | $ | 1,878 | | | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | |||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | | | |||||||||||||||
Provision (credit) for loan losses | | | | (400) | | | | | 100 | | | | | | 175 | | | | | (400) | | | ||||
Depreciation and amortization expense | | | | 927 | | | | | 812 | | | | | | 492 | | | | | 450 | | | ||||
Net amortization of investment securities | | | | 133 | | | | | 193 | | | | | | 65 | | | | | 66 | | | ||||
Net realized (gains) losses on investment securities – available for sale | | | | (30) | | | | | 148 | | | |||||||||||||||
Net gains on loans held for sale | | | | (169) | | | | | (217) | | | | | | (237) | | | | | (62) | | | ||||
Amortization of deferred loan fees | | | | (60) | | | | | (67) | | | | | | (26) | | | | | (30) | | | ||||
Origination of mortgage loans held for sale | | | | (11,437) | | | | | (14,768) | | | | | | (15,264) | | | | | (3,866) | | | ||||
Sales of mortgage loans held for sale | | | | 11,129 | | | | | 14,455 | | | | | | 15,619 | | | | | 4,156 | | | ||||
(Increase) decrease in accrued interest receivable | | | | (427) | | | | | 139 | | | |||||||||||||||
Increase (decrease) in accrued interest payable | | | | 167 | | | | | (73) | | | |||||||||||||||
Increase in accrued interest receivable | | | | (310) | | | | | (443) | | | |||||||||||||||
Decrease in accrued interest payable | | | | (150) | | | | | (17) | | | |||||||||||||||
Earnings on bank owned life insurance | | | | (257) | | | | | (265) | | | | | | (125) | | | | | (128) | | | ||||
Deferred income taxes | | | | 685 | | | | | 83 | | | | | | 351 | | | | | 532 | | | ||||
Stock compensation expense | | | | 5 | | | | | 8 | | | | | | 1 | | | | | 3 | | | ||||
Net change in operating leases | | | | (25) | | | | | — | | | | | | (23) | | | | | (4) | | | ||||
Other, net | | | | 214 | | | | | (156) | | | | | | (2,603) | | | | | (434) | | | ||||
Net cash provided by operating activities | | | | 4,125 | | | | | 3,903 | | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | (626) | | | | | 1,701 | | | |||||||||||||||
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Purchase of investment securities – available for sale | | | | (10,663) | | | | | (22,460) | | | | | | (6,223) | | | | | (9,063) | | | ||||
Purchase of investment securities – held to maturity | | | | — | | | | | (2,405) | | | | | | (2,618) | | | | | — | | | ||||
Proceeds from sales of investment securities – available for sale | | | | 530 | | | | | 4,479 | | | |||||||||||||||
Proceeds from maturities of investment securities – available for sale | | | | 9,263 | | | | | 8,629 | | | | | | 6,380 | | | | | 3,484 | | | ||||
Proceeds from maturities of investment securities – held to maturity | | | | 971 | | | | | 2,193 | | | | | | 467 | | | | | 214 | | | ||||
Purchase of regulatory stock | | | | (8,977) | | | | | (9,603) | | | | | | (2,010) | | | | | (4,104) | | | ||||
Proceeds from redemption of regulatory stock | | | | 8,734 | | | | | 8,331 | | | | | | 2,007 | | | | | 4,589 | | | ||||
Long-term loans originated | | | | (105,659) | | | | | (83,755) | | | | | | (42,615) | | | | | (49,039) | | | ||||
Principal collected on long-term loans | | | | 95,377 | | | | | 82,138 | | | | | | 52,578 | | | | | 48,654 | | | ||||
Loan participations purchased | | | | (20,982) | | | | | (2,643) | | | |||||||||||||||
Loan participations sold | | | | 4,605 | | | | | 1,500 | | | |||||||||||||||
Proceeds from sale of other real estate owned | | | | 198 | | | | | 22 | | | | | | 21 | | | | | 176 | | | ||||
Purchase of premises and equipment | | | | (2,214) | | | | | (294) | | | | | | (421) | | | | | (1,395) | | | ||||
Net cash used in investing activities | | | | (28,817) | | | | | (13,868) | | | |||||||||||||||
Net cash provided by (used in) investing activities | | | | 7,566 | | | | | (6,484) | | | |||||||||||||||
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | ||||
Net increase (decrease) in deposit balances | | | | 19,309 | | | | | (19,769) | | | | | | (2,920) | | | | | 8,608 | | | ||||
Net increase (decrease) in other short-term borrowings | | | | (5,839) | | | | | 33,848 | | | |||||||||||||||
Net decrease in other short-term borrowings | | | | (6,058) | | | | | (10,117) | | | |||||||||||||||
Principal borrowings on advances from Federal Home Loan Bank | | | | 8,403 | | | | | 3,740 | | | | | | 11,050 | | | | | 2,850 | | | ||||
Principal repayments on advances from Federal Home Loan Bank | | | | (2,000) | | | | | (6,000) | | | | | | (6,500) | | | | | (1,000) | | | ||||
Principal payments on financing lease liabilities | | | | (83) | | | | | — | | | | | | (49) | | | | | (41) | | | ||||
Stock options exercised | | | | 96 | | | | | 56 | | | | | | 49 | | | | | 85 | | | ||||
Purchase of treasury stock | | | | (1,162) | | | | | (445) | | | | | | (151) | | | | | (476) | | | ||||
Common stock dividends | | | | (785) | | | | | (632) | | | | | | (423) | | | | | (349) | | | ||||
Net cash provided by financing activities | | | | 17,939 | | | | | 10,798 | | | |||||||||||||||
Net cash used in financing activities | | | | (5,002) | | | | | (440) | | | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | | (6,753) | | | | | 833 | | | | | | 1,938 | | | | | (5,223) | | | ||||
CASH AND CASH EQUIVALENTS AT JANUARY 1 | | | | 34,894 | | | | | 34,188 | | | | | | 22,168 | | | | | 34,894 | | | ||||
CASH AND CASH EQUIVALENTS AT JUNE 30 | | | $ | 28,141 | | | | $ | 35,021 | | | |||||||||||||||
CASH AND CASH EQUIVALENTS AT MARCH 31 | | | $ | 24,106 | | | | $ | 29,671 | | |
| | Three months ended June 30, | | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
Noninterest income: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Non-interest income: | | | | | | | | | | | | |||||||||||||||||||||||||||
In-scope of Topic 606 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Wealth management fees | | | $ | 2,419 | | | | $ | 2,447 | | | | $ | 4,815 | | | | $ | 4,873 | | | | | $ | 2,554 | | | | $ | 2,396 | | | ||||||
Service charges on deposit accounts | | | | 317 | | | | | 357 | | | | | 627 | | | | | 740 | | | | | | 286 | | | | | 310 | | | ||||||
Other | | | | 435 | | | | | 435 | | | | | 854 | | | | | 852 | | | | | | 390 | | | | | 420 | | | ||||||
Noninterest income (in-scope of topic 606) | | | | 3,171 | | | | | 3,239 | | | | | 6,296 | | | | | 6,465 | | | |||||||||||||||||
Noninterest income (out-of-scope of topic 606) | | | | 486 | | | | | 442 | | | | | 966 | | | | | 851 | | | |||||||||||||||||
Total noninterest income | | | $ | 3,657 | | | | $ | 3,681 | | | | $ | 7,262 | | | | $ | 7,316 | | | |||||||||||||||||
Non-interest income (in-scope of Topic 606) | | | | 3,230 | | | | | 3,126 | | | |||||||||||||||||||||||||||
Non-interest income (out-of-scope of Topic 606) | | | | 602 | | | | | 479 | | | |||||||||||||||||||||||||||
Total non-interest income | | | $ | 3,832 | | | | $ | 3,605 | | |
| | Three months ended June 30, | | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
| | (In thousands, except per share data) | | | (In thousands, except per share data) | | ||||||||||||||||||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net income | | | $ | 1,792 | | | | $ | 1,744 | | | | $ | 3,670 | | | | $ | 3,511 | | | | | $ | 1,409 | | | | $ | 1,878 | | | ||||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Weighted average common shares outstanding (basic) | | | | 17,476 | | | | | 18,038 | | | | | 17,527 | | | | | 18,058 | | | | | | 17,043 | | | | | 17,578 | | | ||||||
Effect of stock options | | | | 84 | | | | | 102 | | | | | 84 | | | | | 100 | | | | | | 56 | | | | | 86 | | | ||||||
Weighted average common shares outstanding (diluted) | | | | 17,560 | | | | | 18,140 | | | | | 17,611 | | | | | 18,158 | | | | | | 17,099 | | | | | 17,664 | | | ||||||
Earnings per common share: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Earnings per common share: | | | | | | | | | | | | |||||||||||||||||||||||||||
Basic | | | $ | 0.10 | | | | $ | 0.10 | | | | $ | 0.21 | | | | $ | 0.19 | | | | | $ | 0.08 | | | | $ | 0.11 | | | ||||||
Diluted | | | | 0.10 | | | | | 0.10 | | | | | 0.21 | | | | | 0.19 | | | | | | 0.08 | | | | | 0.11 | | |
| | June 30, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency | | | $ | 7,489 | | | | $ | 54 | | | | $ | — | | | | $ | 7,543 | | | | | $ | 3,895 | | | | $ | 72 | | | | $ | — | | | | $ | 3,967 | | | ||||||||
US Agency mortgage-backed securities | | | | 90,523 | | | | | 1,602 | | | | | (167) | | | | | 91,958 | | | | | | 78,862 | | | | | 3,278 | | | | | (56) | | | | | 82,084 | | | ||||||||
Municipal | | | | 13,994 | | | | | 499 | | | | | (22) | | | | | 14,471 | | | | | | 14,925 | | | | | 899 | | | | | — | | | | | 15,824 | | | ||||||||
Corporate bonds | | | | 37,312 | | | | | 258 | | | | | (454) | | | | | 37,116 | | | | | | 41,693 | | | | | 470 | | | | | (1,322) | | | | | 40,841 | | | ||||||||
Total | | | $ | 149,318 | | | | $ | 2,413 | | | | $ | (643) | | | | $ | 151,088 | | | | | $ | 139,375 | | | | $ | 4,719 | | | | $ | (1,378) | | | | $ | 142,716 | | |
| | June 30, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency mortgage-backed securities | | | $ | 9,501 | | | | $ | 197 | | | | $ | (18) | | | | $ | 9,680 | | | | | $ | 10,510 | | | | $ | 508 | | | | $ | — | | | | $ | 11,018 | | | ||||||||
Municipal | | | | 24,216 | | | | | 881 | | | | | (44) | | | | | 25,053 | | | | | | 25,527 | | | | | 1,674 | | | | | (50) | | | | | 27,151 | | | ||||||||
Corporate bonds and other securities | | | | 6,035 | | | | | 49 | | | | | (42) | | | | | 6,042 | | | | | | 6,031 | | | | | 42 | | | | | (6) | | | | | 6,067 | | | ||||||||
Total | | | $ | 39,752 | | | | $ | 1,127 | | | | $ | (104) | | | | $ | 40,775 | | | | | $ | 42,068 | | | | $ | 2,224 | | | | $ | (56) | | | | $ | 44,236 | | |
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency | | | $ | 7,685 | | | | $ | 4 | | | | $ | (160) | | | | $ | 7,529 | | | | | $ | 5,084 | | | | $ | 32 | | | | $ | — | | | | $ | 5,116 | | | ||||||||
US Agency mortgage-backed securities | | | | 90,169 | | | | | 516 | | | | | (1,158) | | | | | 89,527 | | | | | | 80,046 | | | | | 1,681 | | | | | (94) | | | | | 81,633 | | | ||||||||
Municipal | | | | 13,301 | | | | | 114 | | | | | (234) | | | | | 13,181 | | | | | | 14,678 | | | | | 509 | | | | | (17) | | | | | 15,170 | | | ||||||||
Corporate bonds | | | | 37,359 | | | | | 131 | | | | | (996) | | | | | 36,494 | | | | | | 39,769 | | | | | 342 | | | | | (281) | | | | | 39,830 | | | ||||||||
Total | | | $ | 148,514 | | | | $ | 765 | | | | $ | (2,548) | | | | $ | 146,731 | | | | | $ | 139,577 | | | | $ | 2,564 | | | | $ | (392) | | | | $ | 141,749 | | | ||||||||
| |
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Cost Basis | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
US Agency mortgage-backed securities | | | $ | 9,983 | | | | $ | 78 | | | | $ | (132) | | | | $ | 9,929 | | | | | $ | 9,466 | | | | $ | 251 | | | | $ | (4) | | | | $ | 9,713 | | | ||||||||
Municipal | | | | 24,740 | | | | | 131 | | | | | (404) | | | | | 24,467 | | | | | | 24,438 | | | | | 941 | | | | | (53) | | | | | 25,326 | | | ||||||||
Corporate bonds and other securities | | | | 6,037 | | | | | 13 | | | | | (122) | | | | | 5,928 | | | | | | 6,032 | | | | | 58 | | | | | (47) | | | | | 6,043 | | | ||||||||
Total | | | $ | 40,760 | | | | $ | 222 | | | | $ | (658) | | | | $ | 40,324 | | | | | $ | 39,936 | | | | $ | 1,250 | | | | $ | (104) | | | | $ | 41,082 | | |
| | June 30, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Less than 12 months | | 12 months or longer | | Total | | | Less than 12 months | | 12 months or longer | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
US Agency | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||
US Agency mortgage-backed securities | | | | — | | | | | — | | | | | 21,440 | | | | | (185) | | | | | 21,440 | | | | | (185) | | | | | | 2,363 | | | | | (19) | | | | | 1,885 | | | | | (37) | | | | | 4,248 | | | | | (56) | | | ||||||||||||
Municipal | | | | — | | | | | — | | | | | 2,468 | | | | | (66) | | | | | 2,468 | | | | | (66) | | | | | | 144 | | | | | (1) | | | | | 757 | | | | | (49) | | | | | 901 | | | | | (50) | | | ||||||||||||
Corporate bonds and other securities | | | | 4,922 | | | | | (77) | | | | | 18,182 | | | | | (419) | | | | | 23,104 | | | | | (496) | | | | | | 12,784 | | | | | (786) | | | | | 6,958 | | | | | (542) | | | | | 19,742 | | | | | (1,328) | | | ||||||||||||
Total | | | $ | 4,922 | | | | $ | (77) | | | | $ | 42,090 | | | | $ | (670) | | | | $ | 47,012 | | | | $ | (747) | | | | | $ | 15,291 | | | | $ | (806) | | | | $ | 9,600 | | | | $ | (628) | | | | $ | 24,891 | | | | $ | (1,434 | | |
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Less than 12 months | | 12 months or longer | | Total | | | Less than 12 months | | 12 months or longer | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | ||||||||||||||||||||||||||||||||||||||||||||||||
US Agency | | | $ | 244 | | | | $ | (6) | | | | $ | 5,631 | | | | $ | (154) | | | | $ | 5,875 | | | | $ | (160) | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||
US Agency mortgage-backed securities | | | | 17,718 | | | | | (177) | | | | | 39,983 | | | | | (1,113) | | | | | 57,701 | | | | | (1,290) | | | | | | 7,084 | | | | | (23) | | | | | 8,562 | | | | | (75) | | | | | 15,646 | | | | | (98) | | | ||||||||||||
Municipal | | | | 6,601 | | | | | (71) | | | | | 15,880 | | | | | (567) | | | | | 22,481 | | | | | (638) | | | | | | 2,269 | | | | | (18) | | | | | 1,123 | | | | | (52) | | | | | 3,392 | | | | | (70) | | | ||||||||||||
Corporate bonds and other securities | | | | 15,221 | | | | | (440) | | | | | 17,038 | | | | | (678) | | | | | 32,259 | | | | | (1,118) | | | | | | 7,797 | | | | | (85) | | | | | 11,783 | | | | | (243) | | | | | 19,580 | | | | | (328) | | | ||||||||||||
Total | | | $ | 39,784 | | | | $ | (694) | | | | $ | 78,532 | | | | $ | (2,512) | | | | $ | 118,316 | | | | $ | (3,206) | ��� | | | | $ | 17,150 | | | | $ | (126) | | | | $ | 21,468 | | | | $ | (370) | | | | $ | 38,618 | | | | $ | (496) | | | ||||||||||||
|
| | June 30, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Available for sale | | Held to maturity | | | Available for sale | | Held to maturity | | ||||||||||||||||||||||||||||||||||||||||
| | Cost Basis | | Fair Value | | Cost Basis | | Fair Value | | | Cost Basis | | Fair Value | | Cost Basis | | Fair Value | | ||||||||||||||||||||||||||||||||
Within 1 year | | | $ | 2,500 | | | | $ | 2,502 | | | | $ | 1,000 | | | | $ | 995 | | | | | $ | 3,491 | | | | $ | 3,486 | | | | $ | — | | | | $ | — | | | ||||||||
After 1 year but within 5 years | | | | 20,264 | | | | | 20,319 | | | | | 5,178 | | | | | 5,196 | | | | | | 23,276 | | | | | 23,068 | | | | | 7,530 | | | | | 7,732 | | | ||||||||
After 5 years but within 10 years | | | | 44,101 | | | | | 44,554 | | | | | 20,018 | | | | | 20,696 | | | | | | 39,693 | | | | | 40,334 | | | | | 20,094 | | | | | 21,386 | | | ||||||||
After 10 years but within 15 years | | | | 28,373 | | | | | 28,849 | | | | | 8,201 | | | | | 8,477 | | | | | | 21,766 | | | | | 22,749 | | | | | 7,707 | | | | | 8,116 | | | ||||||||
Over 15 years | | | | 54,080 | | | | | 54,864 | | | | | 5,355 | | | | | 5,411 | | | | | | 51,149 | | | | | 53,079 | | | | | 6,737 | | | | | 7,002 | | | ||||||||
Total | | | $ | 149,318 | | | | $ | 151,088 | | | | $ | 39,752 | | | | $ | 40,775 | | | | | $ | 139,375 | | | | $ | 142,716 | | | | $ | 42,068 | | | | $ | 44,236 | | |
| | June 30, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Commercial: Commercial and industrial | | | $ | 172,428 | | | | $ | 158,279 | | | |||||||||||||||
Commercial: | | | ||||||||||||||||||||||||
Commercial and industrial | | | $ | 166,911 | | | | $ | 173,922 | | | |||||||||||||||
Commercial loans secured by owner occupied real estate | | | | 83,003 | | | | | 91,905 | | | | | | 87,310 | | | | | 91,655 | | | ||||
Commercial loans secured by non-owner occupied real estate | | | | 375,673 | | | | | 356,543 | | | | | | 370,266 | | | | | 363,635 | | | ||||
Real estate – residential mortgage | | | | 239,916 | | | | | 237,964 | | | | | | 230,207 | | | | | 235,239 | | | ||||
Consumer | | | | 17,737 | | | | | 17,591 | | | | | | 17,955 | | | | | 18,255 | | | ||||
Loans, net of unearned income | | | $ | 888,757 | | | | $ | 862,282 | | | | | $ | 872,649 | | | | $ | 882,706 | | | ||||
|
| | | Commercial and industrial | | | Commercial loans secured by owner occupied real estate | | | Commercial loans secured by non-owner occupied real estate | | | Total | | ||||||||||||
1 – 4 unit residential | | | | $ | 1,603 | | | | | $ | 133 | | | | | $ | 3,439 | | | | | $ | 5,175 | | |
Multifamily/apartments/student housing | | | | | — | | | | | | 359 | | | | | | 53,065 | | | | | | 53,424 | | |
Office | | | | | 37,929 | | | | | | 10,280 | | | | | | 38,218 | | | | | | 86,427 | | |
Retail | | | | | 4,129 | | | | | | 21,333 | | | | | | 108,763 | | | | | | 134,225 | | |
Industrial/manufacturing/warehouse | | | | | 101,464 | | | | | | 17,698 | | | | | | 40,115 | | | | | | 159,277 | | |
Hotels | | | | | 419 | | | | | | — | | | | | | 45,764 | | | | | | 46,183 | | |
Eating and drinking places | | | | | 887 | | | | | | 4,434 | | | | | | 597 | | | | | | 5,918 | | |
Amusement and recreation | | | | | 210 | | | | | | 3,384 | | | | | | 57 | | | | | | 3,651 | | |
Mixed use | | | | | — | | | | | | 1,574 | | | | | | 65,631 | | | | | | 67,205 | | |
Other | | | | | 20,270 | | | | | | 28,115 | | | | | | 14,617 | | | | | | 63,002 | | |
Total | | | | $ | 166,911 | | | | | $ | 87,310 | | | | | $ | 370,266 | | | | | $ | 624,487 | | |
| | | Three months ended June 30, 2019 | | |||||||||||||||||||||||||||
| | | Balance at March 31, 2019 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at June 30, 2019 | | |||||||||||||||
Commercial | | | | $ | 2,614 | | | | | $ | — | | | | | $ | — | | | | | $ | (76) | | | | | $ | 2,538 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,373 | | | | | | — | | | | | | 13 | | | | | | 39 | | | | | | 3,425 | | |
Real estate – residential mortgage | | | | | 1,213 | | | | | | (10) | | | | | | 68 | | | | | | (53) | | | | | | 1,218 | | |
Consumer | | | | | 125 | | | | | | (88) | | | | | | 12 | | | | | | 75 | | | | | | 124 | | |
Allocation for general risk | | | | | 782 | | | | | | — | | | | | | — | | | | | | 15 | | | | | | 797 | | |
Total | | | | $ | 8,107 | | | | | $ | (98) | | | | | $ | 93 | | | | | $ | — | | | | | $ | 8,102 | | |
|
| | | Three months ended June 30, 2018 | | |||||||||||||||||||||||||||
| | | Balance at March 31, 2018 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at June 30, 2018 | | |||||||||||||||
Commercial | | | | $ | 3,984 | | | | | $ | (412) | | | | | $ | 4 | | | | | $ | (10) | | | | | $ | 3,566 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,550 | | | | | | — | | | | | | 13 | | | | | | 123 | | | | | | 3,686 | | |
Real estate – residential mortgage | | | | | 1,267 | | | | | | (103) | | | | | | 67 | | | | | | 22 | | | | | | 1,253 | | |
Consumer | | | | | 142 | | | | | | (53) | | | | | | 23 | | | | | | 13 | | | | | | 125 | | |
Allocation for general risk | | | | | 989 | | | | | | — | | | | | | — | | | | | | (98) | | | | | | 891 | | |
Total | | | | $ | 9,932 | | | | | $ | (568) | | | | | $ | 107 | | | | | $ | 50 | | | | | $ | 9,521 | | |
|
| | | Six months ended June 30, 2019 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2018 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at June 30, 2019 | | |||||||||||||||
Commercial | | | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (524) | | | | | $ | 2,538 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,389 | | | | | | (63) | | | | | | 24 | | | | | | 75 | | | | | | 3,425 | | |
Real estate – residential mortgage | | | | | 1,235 | | | | | | (71) | | | | | | 76 | | | | | | (22) | | | | | | 1,218 | | |
Consumer | | | | | 127 | | | | | | (170) | | | | | | 30 | | | | | | 137 | | | | | | 124 | | |
Allocation for general risk | | | | | 863 | | | | | | — | | | | | | — | | | | | | (66) | | | | | | 797 | | |
Total | | | | $ | 8,671 | | | | | $ | (304) | | | | | $ | 135 | | | | | $ | (400) | | | | | $ | 8,102 | | |
|
| | | Six months ended June 30, 2018 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2017 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at June 30, 2018 | | |||||||||||||||
Commercial | | | | $ | 4,298 | | | | | $ | (574) | | | | | $ | 12 | | | | | $ | (170) | | | | | $ | 3,566 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,666 | | | | | | — | | | | | | 26 | | | | | | (6) | | | | | | 3,686 | | |
Real estate – residential mortgage | | | | | 1,102 | | | | | | (217) | | | | | | 77 | | | | | | 291 | | | | | | 1,253 | | |
Consumer | | | | | 128 | | | | | | (152) | | | | | | 35 | | | | | | 114 | | | | | | 125 | | |
Allocation for general risk | | | | | 1,020 | | | | | | — | | | | | | — | | | | | | (129) | | | | | | 891 | | |
Total | | | | $ | 10,214 | | | | | $ | (943) | | | | | $ | 150 | | | | | $ | 100 | | | | | $ | 9,521 | | |
|
| | | Three months ended March 31, 2020 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2019 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at March 31, 2020 | | |||||||||||||||
Commercial | | | | $ | 3,951 | | | | | $ | — | | | | | $ | — | | | | | $ | (91) | | | | | $ | 3,860 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,119 | | | | | | — | | | | | | 14 | | | | | | 155 | | | | | | 3,288 | | |
Real estate-residential mortgage | | | | | 1,159 | | | | | | (92) | | | | | | 6 | | | | | | 68 | | | | | | 1,141 | | |
Consumer | | | | | 126 | | | | | | (62) | | | | | | 14 | | | | | | 42 | | | | | | 120 | | |
Allocation for general risk | | | | | 924 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 925 | | |
Total | | | | $ | 9,279 | | | | | $ | (154) | | | | | $ | 34 | | | | | $ | 175 | | | | | $ | 9,334 | | |
|
| | | Three months ended March 31, 2019 | | |||||||||||||||||||||||||||
| | | Balance at December 31, 2018 | | | Charge- Offs | | | Recoveries | | | Provision (Credit) | | | Balance at March 31, 2019 | | |||||||||||||||
Commercial | | | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (448) | | | | | $ | 2,614 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 3,389 | | | | | | (63) | | | | | | 11 | | | | | | 36 | | | | | | 3,373 | | |
Real estate-residential mortgage | | | | | 1,235 | | | | | | (61) | | | | | | 8 | | | | | | 31 | | | | | | 1,213 | | |
Consumer | | | | | 127 | | | | | | (82) | | | | | | 18 | | | | | | 62 | | | | | | 125 | | |
Allocation for general risk | | | | | 863 | | | | | | — | | | | | | — | | | | | | (81) | | | | | | 782 | | |
Total | | | | $ | 8,671 | | | | | $ | (206) | | | | | $ | 42 | | | | | $ | (400) | | | | | $ | 8,107 | | |
| | | At June 30, 2019 | | |||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 750 | | | | | $ | 10 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 760 | | |
Collectively evaluated for impairment | | | | | 254,681 | | | | | | 375,663 | | | | | | 239,916 | | | | | | 17,737 | | | | | | | | | | | | 887,997 | | |
Total loans | | | | $ | 255,431 | | | | | $ | 375,673 | | | | | $ | 239,916 | | | | | $ | 17,737 | | | | | | | | | | | $ | 888,757 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation | | | | $ | 78 | | | | | $ | 10 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 88 | | |
General reserve allocation | | | | | 2,460 | | | | | | 3,415 | | | | | | 1,218 | | | | | | 124 | | | | | | 797 | | | | | | 8,014 | | |
Total allowance for loan losses | | | | $ | 2,538 | | | | | $ | 3,425 | | | | | $ | 1,218 | | | | | $ | 124 | | | | | $ | 797 | | | | | $ | 8,102 | | |
|
| | | At December 31, 2018 | | |||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | �� | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment | | | | | 250,184 | | | | | | 356,532 | | | | | | 237,964 | | | | | | 17,591 | | | | | | | | | | | | 862,271 | | |
Total loans | | | | $ | 250,184 | | | | | $ | 356,543 | | | | | $ | 237,964 | | | | | $ | 17,591 | | | | | | | | | | | $ | 862,282 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation | | | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation | | | | | 3,057 | | | | | | 3,378 | | | | | | 1,235 | | | | | | 127 | | | | | | 863 | | | | | | 8,660 | | |
Total allowance for loan losses | | | | $ | 3,057 | | | | | $ | 3,389 | | | | | $ | 1,235 | | | | | $ | 127 | | | | | $ | 863 | | | | | $ | 8,671 | | |
| | | At March 31, 2020 | | |||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | ||||||||||||||||||
Loans: | | | | | | | | ||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 833 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 841 | | |
Collectively evaluated for impairment | | | | | 253,388 | | | | | | 370,258 | | | | | | 230,207 | | | | | | 17,955 | | | | | | | | | | | | 871,808 | | |
Total loans | | | | $ | 254,221 | | | | | $ | 370,266 | | | | | $ | 230,207 | | | | | $ | 17,955 | | | | | | | | | | | $ | 872,649 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation | | | | $ | 79 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 87 | | |
General reserve allocation | | | | | 3,781 | | | | | | 3,280 | | | | | | 1,141 | | | | | | 120 | | | | | | 925 | | | | | | 9,247 | | |
Total allowance for loan losses | | | | $ | 3,860 | | | | | $ | 3,288 | | | | | $ | 1,141 | | | | | $ | 120 | | | | | $ | 925 | | | | | $ | 9,334 | | |
|
| | | At December 31, 2019 | | | |||||||||||||||||||||||||||||||||||
| | | Commercial | | | Commercial Loans Secured by Non-Owner Occupied Real Estate | | | Real Estate- Residential Mortgage | | | Consumer | | | Allocation for General Risk | | | Total | | | ||||||||||||||||||||
Loans: | | | | | | | | | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 816 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 824 | | | | | |
Collectively evaluated for impairment | | | | | 264,761 | | | | | | 363,627 | | | | | | 235,239 | | | | | | 18,255 | | | | | | | | | | | | 881,882 | | | | | |
Total loans | | | | $ | 265,577 | | | | | $ | 363,635 | | | | | $ | 235,239 | | | | | $ | 18,255 | | | | | | | | | | | $ | 882,706 | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Specific reserve allocation | | | | $ | 84 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 92 | | | | ||
General reserve allocation | | | | | 3,867 | | | | | | 3,111 | | | | | | 1,159 | | | | | | 126 | | | | | | 924 | | | | | | 9,187 | | | | ||
Total allowance for loan losses | | | | $ | 3,951 | | | | | $ | 3,119 | | | | | $ | 1,159 | | | | | $ | 126 | | | | | $ | 924 | | | | | $ | 9,279 | | | |
| | | June 30, 2019 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial | | | | $ | 750 | | | | | $ | 78 | | | | | $ | — | | | | | $ | 750 | | | | | $ | 750 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 10 | | | | | | 10 | | | | | | — | | | | | | 10 | | | | | | 32 | | |
Total impaired loans | | | | $ | 760 | | | | | $ | 88 | | | | | $ | — | | | | | $ | 760 | | | | | $ | 782 | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans | | | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial | | | | $ | 833 | | | | | $ | 79 | | | | | $ | — | | | | | $ | 833 | | | | | $ | 833 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | 30 | | |
Total impaired loans | | | | $ | 841 | | | | | $ | 87 | | | | | $ | — | | | | | $ | 841 | | | | | $ | 863 | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | | Impaired Loans with no Specific Allowance | | | Total Impaired Loans | | |||||||||||||||||||||
| | | Recorded Investment | | | Related Allowance | | | Recorded Investment | | | Recorded Investment | | | Unpaid Principal Balance | | |||||||||||||||
Commercial | | | | $ | 816 | | | | | $ | 84 | | | | | $ | — | | | | | $ | 816 | | | | | $ | 816 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | 30 | | |
Total impaired loans | | | | $ | 824 | | | | | $ | 92 | | | | | $ | — | | | | | $ | 824 | | | | | $ | 846 | | |
| | | Three months ended June 30, | | | Six months ended June 30, | | ||||||||||||||||||
| | | 2019 | | | 2018 | | | 2019 | | | 2018 | | ||||||||||||
Average loan balance: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | $ | 375 | | | | | $ | 457 | | | | | $ | 250 | | | | | $ | 709 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 11 | | | | | | 13 | | | | | | 11 | | | | | | 191 | | |
Average investment in impaired loans | | | | $ | 386 | | | | | $ | 470 | | | | | $ | 261 | | | | | $ | 900 | | |
Interest income recognized: | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | | $ | 4 | | | | | $ | — | | | | | $ | 4 | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest income recognized on a cash basis on impaired loans | | | | $ | 4 | | | | | $ | — | | | | | $ | 4 | | | | | $ | — | | |
|
| | | Three months ended March 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Average loan balance: | | | | | | | | | | | | | |
Commercial | | | | $ | 825 | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | 8 | | | | | | 11 | | |
Average investment in impaired loans | | | | $ | 833 | | | | | $ | 11 | | |
Interest income recognized: | | | | | | | | | | | | | |
Commercial | | | | $ | 12 | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate | | | | | — | | | | | | — | | |
Interest income recognized on a cash basis on impaired loans | | | | $ | 12 | | | | | $ | — | | |
| | | June 30, 2019 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 167,272 | | | | | $ | 3,471 | | | | | $ | 1,685 | | | | | $ | — | | | | | $ | 172,428 | | |
Commercial loans secured by owner occupied real estate | | | | | 80,162 | | | | | | 1,679 | | | | | | 1,162 | | | | | | — | | | | | | 83,003 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 369,242 | | | | | | 6,234 | | | | | | 187 | | | | | | 10 | | | | | | 375,673 | | |
Total | | | | $ | 616,676 | | | | | $ | 11,384 | | | | | $ | 3,034 | | | | | $ | 10 | | | | | $ | 631,104 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 154,456 | | | | | $ | 790 | | | | | $ | 11,665 | | | | | $ | — | | | | | $ | 166,911 | | |
Commercial loans secured by owner occupied real estate | | | | | 84,661 | | | | | | 1,345 | | | | | | 1,304 | | | | | | — | | | | | | 87,310 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 368,681 | | | | | | — | | | | | | 1,577 | | | | | | 8 | | | | | | 370,266 | | |
Total | | | | $ | 607,798 | | | | | $ | 2,135 | | | | | $ | 14,546 | | | | | $ | 8 | | | | | $ | 624,487 | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 161,147 | | | | | $ | 853 | | | | | $ | 11,922 | | | | | $ | — | | | | | $ | 173,922 | | |
Commercial loans secured by owner occupied real estate | | | | | 88,942 | | | | | | 1,384 | | | | | | 1,329 | | | | | | — | | | | | | 91,655 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 362,027 | | | | | | — | | | | | | 1,600 | | | | | | 8 | | | | | | 363,635 | | |
Total | | | | $ | 612,116 | | | | | $ | 2,237 | | | | | $ | 14,851 | | | | | $ | 8 | | | | | $ | 629,212 | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
Commercial and industrial | | | | $ | 154,510 | | | | | $ | 2,089 | | | | | $ | 1,680 | | | | | $ | — | | | | | $ | 158,279 | | |
Commercial loans secured by owner occupied real estate | | | | | 86,997 | | | | | | 3,769 | | | | | | 1,139 | | | | | | — | | | | | | 91,905 | | |
Commercial loans secured by non-owner occupied real estate | | | | | 349,954 | | | | | | 6,316 | | | | | | 262 | | | | | | 11 | | | | | | 356,543 | | |
Total | | | | $ | 591,461 | | | | | $ | 12,174 | | | | | $ | 3,081 | | | | | $ | 11 | | | | | $ | 606,727 | | |
| | | June 30, 2019 | | |||||||||
| | | Performing | | | Non-Performing | | ||||||
Real estate – residential mortgage | | | | $ | 239,052 | | | | | $ | 864 | | |
Consumer | | | | | 17,737 | | | | | | — | | |
Total | | | | $ | 256,789 | | | | | $ | 864 | | |
|
| | | December 31, 2018 | | |||||||||
| | | Performing | | | Non-Performing | | ||||||
Real estate – residential mortgage | | | | $ | 236,754 | | | | | $ | 1,210 | | |
Consumer | | | | | 17,591 | | | | | | — | | |
Total | | | | $ | 254,345 | | | | | $ | 1,210 | | |
| | | March 31, 2020 | | |||||||||||||||
| | | Performing | | | Non-Performing | | | Total | | |||||||||
Real estate – residential mortgage | | | | $ | 228,803 | | | | | $ | 1,404 | | | | | $ | 230,207 | | |
Consumer | | | | | 17,955 | | | | | | — | | | | | | 17,955 | | |
Total | | | | $ | 246,758 | | | | | $ | 1,404 | | | | | $ | 248,162 | | |
|
| | | December 31, 2019 | | |||||||||||||||
| | | Performing | | | Non-Performing | | | Total | | |||||||||
Real estate – residential mortgage | | | | $ | 233,760 | | | | | $ | 1,479 | | | | | $ | 235,239 | | |
Consumer | | | | | 18,255 | | | | | | — | | | | | | 18,255 | | |
Total | | | | $ | 252,015 | | | | | $ | 1,479 | | | | | $ | 253,494 | | |
| | June 30, 2019 | | | March 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days Past Due | | Total Past Due | | Total Loans | | 90 Days Past Due and Still Accruing | | | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days Past Due | | Total Past Due | | Total Loans | | 90 Days Past Due and Still Accruing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | | | $ | 172,428 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 172,428 | | | | $ | — | | | | | $ | 160,550 | | | | $ | 6,361 | | | | $ | — | | | | $ | — | | | | $ | 6,361 | | | | $ | 166,911 | | | | $ | — | | | ||||||||||||||
Commercial loans secured by owner occupied real estate | | | | 83,003 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 83,003 | | | | | — | | | | | | 87,197 | | | | | 113 | | | | | — | | | | | — | | | | | 113 | | | | | 87,310 | | | | | — | | | ||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | | 375,673 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 375,673 | | | | | — | | | | | | 370,266 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 370,266 | | | | | — | | | ||||||||||||||
Real estate – residential mortgage | | | | 235,940 | | | | | 2,723 | | | | | 779 | | | | | 474 | | | | | 3,976 | | | | | 239,916 | | | | | — | | | | | | 226,532 | | | | | 1,445 | | | | | 1,259 | | | | | 971 | | | | | 3,675 | | | | | 230,207 | | | | | — | | | ||||||||||||||
Consumer | | | | 17,508 | | | | | 220 | | | | | 9 | | | | | — | | | | | 229 | | | | | 17,737 | | | | | — | | | | | | 17,901 | | | | | 42 | | | | | 12 | | | | | — | | | | | 54 | | | | | 17,955 | | | | | — | | | ||||||||||||||
Total | | | $ | 884,552 | | | | $ | 2,943 | | | | $ | 788 | | | | $ | 474 | | | | $ | 4,205 | | | | $ | 888,757 | | | | $ | — | | | | | $ | 862,446 | | | | $ | 7,961 | | | | $ | 1,271 | | | | $ | 971 | | | | $ | 10,203 | | | | $ | 872,649 | | | | $ | — | | | |
| | December 31, 2018 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days Past Due | | Total Past Due | | Total Loans | | 90 Days Past Due and Still Accruing | | | Current | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days Past Due | | Total Past Due | | Total Loans | | 90 Days Past Due and Still Accruing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | | | $ | 158,279 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 158,279 | | | | $ | — | | | | | $ | 173,922 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 173,922 | | | | $ | — | | | ||||||||||||||
Commercial loans secured by owner occupied real estate | | | | 91,905 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 91,905 | | | | | — | | | | | | 91,538 | | | | | 117 | | | | | — | | | | | — | | | | | 117 | | | | | 91,655 | | | | | — | | | ||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | | 355,963 | | | | | 580 | | | | | — | | | | | — | | | | | 580 | | | | | 356,543 | | | | | — | | | | | | 363,635 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 363,635 | | | | | — | | | ||||||||||||||
Real estate – residential mortgage | | | | 232,465 | | | | | 3,651 | | | | | 472 | | | | | 1,376 | | | | | 5,499 | | | | | 237,964 | | | | | — | | | | | | 231,022 | | | | | 2,331 | | | | | 864 | | | | | 1,022 | | | | | 4,217 | | | | | 235,239 | | | | | — | | | ||||||||||||||
Consumer | | | | 17,408 | | | | | 153 | | | | | 30 | | | | | — | | | | | 183 | | | | | 17,591 | | | | | — | | | | | | 18,190 | | | | | 42 | | | | | 23 | | | | | — | | | | | 65 | | | | | 18,255 | | | | | — | | | ||||||||||||||
Total | | | $ | 856,020 | | | | $ | 4,384 | | | | $ | 502 | | | | $ | 1,376 | | | | $ | 6,262 | | | | $ | 862,282 | | | | $ | — | | | | | $ | 878,307 | | | | $ | 2,490 | | | | $ | 887 | | | | $ | 1,022 | | | | $ | 4,399 | | | | $ | 882,706 | | | | $ | — | | |
| | June 30, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Non-accrual loans | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial and industrial | | | $ | 25 | | | | $ | — | | | |||||||||||||||
Commercial loans secured by non-owner occupied real estate | | | $ | 10 | | | | $ | 11 | | | | | | 8 | | | | | 8 | | | ||||
Real estate – residential mortgage | | | | 864 | | | | | 1,210 | | | | | | 1,404 | | | | | 1,479 | | | ||||
Total | | | | 874 | | | | | 1,221 | | | | | | 1,437 | | | | | 1,487 | | | ||||
Other real estate owned | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial loans secured by owner occupied real estate | | | | — | | | | | 157 | | | |||||||||||||||
Real estate – residential mortgage | | | | 57 | | | | | — | | | |||||||||||||||
Real estate-residential mortgage | | | | — | | | | | 37 | | | |||||||||||||||
Total | | | | 57 | | | | | 157 | | | | | | — | | | | | 37 | | | ||||
TDR’s not in non-accrual | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial and industrial | | | | 750 | | | | | — | | | | | | 807 | | | | | 815 | | | ||||
Total | | | | 750 | | | | | — | | | | | | 807 | | | | | 815 | | | ||||
Total non-performing assets including TDR | | | $ | 1,681 | | | | $ | 1,378 | | | | | $ | 2,244 | | | | $ | 2,339 | | | ||||
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | | | | 0.19% | | | | | 0.16% | | | | | | 0.26% | | | | | 0.26% | | |
| | Three months ended June 30, | | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
Interest income due in accordance | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
with original terms | | | $ | 14 | | | | $ | 22 | | | | $ | 29 | | | | $ | 49 | | | |||||||||||||||||
Interest income due in accordance with original terms | | | $ | 17 | | | | $ | 15 | | | |||||||||||||||||||||||||||
Interest income recorded | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||||
Net reduction in interest income | | | $ | 14 | | | | $ | 22 | | | | $ | 29 | | | | $ | 49 | | | | | $ | 17 | | | | $ | 15 | | |
Loans in accrual status | | | # of Loans | | | Current Balance | | | Concession Granted | | ||||||
Commercial and industrial | | | | | 1 | | | | | $ | 750 | | | | Extension of maturity date with a below market interest rate | |
| | | At June 30, 2019 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 35,190 | | | | | | 2.46% | | |
Advances | | | 2019 | | | | | 10,500 | | | | | | 1.53 | | |
| | | 2020 | | | | | 16,729 | | | | | | 1.74 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 9,831 | | | | | | 2.68 | | |
| | | 2023 | | | | | 5,568 | | | | | | 2.48 | | |
| | | 2024 and over | | | | | 1,000 | | | | | | 2.26 | | |
Total advances | | | | | | | | 53,124 | | | | | | 2.06 | | |
Total FHLB borrowings | | | | | | | $ | 88,314 | | | | | | 2.22% | | |
|
| | | At December 31, 2018 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 41,029 | | | | | | 2.62% | | |
Advances | | | 2019 | | | | | 12,500 | | | | | | 1.51 | | |
| | | 2020 | | | | | 16,729 | | | | | | 1.74 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 6,996 | | | | | | 2.86 | | |
| | | 2023 | | | | | 1,000 | | | | | | 2.86 | | |
Total advances | | | | | | | | 46,721 | | | | | | 1.98 | | |
Total FHLB borrowings | | | | | | | $ | 87,750 | | | | | | 2.28% | | |
|
| | | At March 31, 2020 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 16,354 | | | | | | 0.36% | | |
Advances | | | 2020 | | | | | 12,229 | | | | | | 1.74 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 20,888 | | | | | | 2.03 | | |
| | | 2023 | | | | | 13,568 | | | | | | 1.76 | | |
| | | 2024 | | | | | 2,037 | | | | | | 1.86 | | |
Total advances | | | | | | | | 58,218 | | | | | | 1.94 | | |
Total FHLB borrowings | | | | | | | $ | 74,572 | | | | | | 1.59% | | |
|
| | | At December 31, 2019 | | ||||||||||||
Type | | | Maturing | | | Amount | | | Weighted Average Rate | | ||||||
Open Repo Plus | | | Overnight | | | | $ | 22,412 | | | | | | 1.81% | | |
Advances | | | 2020 | | | | | 18,729 | | | | | | 1.75 | | |
| | | 2021 | | | | | 9,496 | | | | | | 2.28 | | |
| | | 2022 | | | | | 17,838 | | | | | | 2.21 | | |
| | | 2023 | | | | | 5,568 | | | | | | 2.48 | | |
| | | 2024 | | | | | 2,037 | | | | | | 1.86 | | |
Total advances | | | | | | | | 53,668 | | | | | | 2.08 | | |
Total FHLB borrowings | | | | | | | $ | 76,080 | | | | | | 2.00% | | |
| | Three months ended June 30, 2019 | | Six months ended June 30, 2019 | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | ||||||||||||||||
Lease cost | | | | | | | | | | | | | | | | | | | | | | | ||||
Financing lease cost: | | | | | | | | | | | | | | | | | | | | | | | ||||
Amortization of right-of-use asset | | | $ | 65 | | | | $ | 129 | | | | | $ | 67 | | | | $ | 64 | | | ||||
Interest expense | | | | 29 | | | | | 59 | | | | | | 29 | | | | | 30 | | | ||||
Operating lease cost | | | | 29 | | | | | 58 | | | | | | 29 | | | | | 29 | | | ||||
Total lease cost | | | $ | 123 | | | | $ | 246 | | | | | $ | 125 | | | | $ | 123 | | |
| | | Operating | | | Financing | | ||||||
Weighted-average remaining term (years) | | | | | 12.2 | | | | | | 17.4 | | |
Weighted-average discount rate | | | | | 3.44% | | | | | | 3.59% | | |
| | | March 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||
| | | Operating | | | Financing | | | Operating | | | Financing | | ||||||||||||
Weighted-average remaining term (years) | | | | | 11.7 | | | | | | 16.7 | | | | | | 11.9 | | | | | | 17.1 | | |
Weighted-average discount rate | | | | | 3.46% | | | | | | 3.57% | | | | | | 3.46% | | | | | | 3.60% | | |
| | March 31, 2020 | | |||||||||||||||||||||||
| | Operating | | Financing | | | Operating | | Financing | | ||||||||||||||||
Undiscounted cash flows due: | | | | | | | | | | | | | | | | | | | | | | | ||||
Within 1 year | | | $ | 117 | | | | $ | 299 | | | | | $ | 118 | | | | $ | 302 | | | ||||
After 1 year but within 2 years | | | | 119 | | | | | 282 | | | | | | 120 | | | | | 289 | | | ||||
After 2 years but within 3 years | | | | 117 | | | | | 276 | | | | | | 85 | | | | | 291 | | | ||||
After 3 years but within 4 years | | | | 75 | | | | | 278 | | | | | | 69 | | | | | 276 | | | ||||
After 4 years but within 5 years | | | | 69 | | | | | 251 | | | | | | 69 | | | | | 251 | | | ||||
After 5 years | | | | 624 | | | | | 3,126 | | | | | | 573 | | | | | 2,943 | | | ||||
Total undiscounted cash flows | | | | 1,121 | | | | | 4,512 | | | | | | 1,034 | | | | | 4,352 | | | ||||
Discount on cash flows | | | | (214) | | | | | (1,259) | | | | | | (192) | | | | | (1,175) | | | ||||
Total lease liabilities | | | $ | 907 | | | | $ | 3,253 | | | | | $ | 842 | | | | $ | 3,177 | | | ||||
| |
| | | December 31, 2019 | | |||||||||
| | | Operating | | | Financing | | ||||||
Undiscounted cash flows due: | | | | | | | | | | | | | |
Within 1 year | | | | $ | 118 | | | | | $ | 296 | | |
After 1 year but within 2 years | | | | | 120 | | | | | | 275 | | |
After 2 years but within 3 years | | | | | 98 | | | | | | 277 | | |
After 3 years but within 4 years | | | | | 69 | | | | | | 274 | | |
After 4 years but within 5 years | | | | | 69 | | | | | | 236 | | |
After 5 years | | | | | 589 | | | | | | 3,007 | | |
Total undiscounted cash flows | | | | | 1,063 | | | | | | 4,365 | | |
Discount on cash flows | | | | | (198) | | | | | | (1,202) | | |
Total lease liabilities | | | | $ | 865 | | | | | $ | 3,163 | | |
| | Three months ended June 30, 2019 | | Three months ended June 30, 2018 | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | Defined Benefit Pension Items(1) | | Total(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | | | $ | (16) | | | | $ | (14,266) | | | | $ | (14,282) | | | | $ | (1,526) | | | | $ | (11,798) | | | | $ | (13,324) | | | | | $ | 1,715 | | | | $ | (17,886) | | | | $ | (16,171) | | | | $ | (1,409) | | | | $ | (12,816) | | | | $ | (14,225) | | | ||||||||||||
Other comprehensive income (loss) before reclassifications | | | | 1,438 | | | | | 29 | | | | | 1,467 | | | | | (651) | | | | | 3 | | | | | (648) | | | | | | 924 | | | | | (95) | | | | | 829 | | | | | 1,393 | | | | | (1,739) | | | | | (346) | | | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | | | | (24) | | | | | 289 | | | | | 265 | | | | | — | | | | | 305 | | | | | 305 | | | | | | — | | | | | 512 | | | | | 512 | | | | | — | | | | | 289 | | | | | 289 | | | ||||||||||||
Net current period other comprehensive income (loss) | | | | 1,414 | | | | | 318 | | | | | 1,732 | | | | | (651) | | | | | 308 | | | | | (343) | | | | | | 924 | | | | | 417 | | | | | 1,341 | | | | | 1,393 | | | | | (1,450) | | | | | (57) | | | ||||||||||||
Ending balance | | | $ | 1,398 | | | | $ | (13,948) | | | | $ | (12,550) | | | | $ | (2,177) | | | | $ | (11,490) | | | | $ | (13,667) | | | | | $ | 2,639 | | | | $ | (17,469) | | | | $ | (14,830) | | | | $ | (16) | | | | $ | (14,266) | | | | $ | (14,282) | | |
| | | Six months ended June 30, 2019 | | | Six months ended June 30, 2018 | | ||||||||||||||||||||||||||||||
| | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | | Defined Benefit Pension Items(1) | | | Total(1) | | | Net Unrealized Gains and (Losses) on Investment Securities AFS(1) | | | Defined Benefit Pension Items(1) | | | Total(1) | | ||||||||||||||||||
Beginning balance | | | | $ | (1,409) | | | | | $ | (12,816) | | | | | $ | (14,225) | | | | | $ | (327) | | | | | $ | (12,623) | | | | | $ | (12,950) | | |
Other comprehensive income (loss) before reclassifications | | | | | 2,831 | | | | | | (1,710) | | | | | | 1,121 | | | | | | (1,967) | | | | | | 616 | | | | | | (1,351) | | |
Amounts reclassified from accumulated other comprehensive loss | | | | | (24) | | | | | | 578 | | | | | | 554 | | | | | | 117 | | | | | | 517 | | | | | | 634 | | |
Net current period other comprehensive income (loss) | | | | | 2,807 | | | | | | (1,132) | | | | | | 1,675 | | | | | | (1,850) | | | | | | 1,133 | | | | | | (717) | | |
Ending balance | | | | $ | 1,398 | | | | | $ | (13,948) | | | | | $ | (12,550) | | | | | $ | (2,177) | | | | | $ | (11,490) | | | | | $ | (13,667) | | |
| | Amount reclassified from accumulated other comprehensive loss(1) | | | | Amount reclassified from accumulated other comprehensive loss(1) | | | | |||||||||||||||||||||||
Details about accumulated other comprehensive loss components | | For the three months ended June 30, 2019 | | For the three months ended June 30, 2018 | | Affected line item in the consolidated statement of operations | | | For the three months ended March 31, 2020 | | For the three months ended March 31, 2019 | | Affected line item in the consolidated statement of operations | | ||||||||||||||||||
Realized gains on sale of securities | | | $ | (30) | | | | $ | — | | | Net realized (gains) losses on investment securities | | | | $ | — | | | | $ | — | | | Net realized (gains) losses on investment securities | | ||||||
| | | | 6 | | | | | — | | | Provision for income tax expense | | | | | — | | | | | — | | | Provision for income tax expense | | ||||||
| | | $ | (24) | | | | $ | — | | | Net of tax | | | | $ | — | | | | $ | — | | | Net of tax | | ||||||
Amortization of estimated defined benefit pension plan loss | | | $ | 366 | | | | $ | 386 | | | Other expense | | |||||||||||||||||||
Amortization of estimated defined benefit pension plan loss(2) | | | $ | 648 | | | | $ | 366 | | | Other expense | | |||||||||||||||||||
| | | | (77) | | | | | (81) | | | Provision for income tax expense | | | | | (136) | | | | | (77) | | | Provision for income tax expense | | ||||||
| | | $ | 289 | | | | $ | 305 | | | Net of tax | | | | $ | 512 | | | | $ | 289 | | | Net of tax | | ||||||
Total reclassifications for the period | | | $ | 265 | | | | $ | 305 | | | Net income | | | | $ | 512 | | | | $ | 289 | | | Net income | |
| | | Amount reclassified from accumulated other comprehensive loss(1) | | | |||||||||||
Details about accumulated other comprehensive loss components | | | For the six months ended June 30, 2019 | | | For the six months ended June 30, 2018 | | | Affected line item in the consolidated statement of operations | | ||||||
Realized (gains) losses on sale of securities | | | | $ | (30) | | | | | $ | 148 | | | | Net realized (gains) losses on investment securities | |
| | | | | 6 | | | | | | (31) | | | | Provision for income tax expense | |
| | | | $ | (24) | | | | | $ | 117 | | | | Net of tax | |
Amortization of estimated defined benefit pension plan loss | | | | $ | 732 | | | | | $ | 654 | | | | Other expense | |
| | | | | (154) | | | | | | (137) | | | | Provision for income tax expense | |
| | | | $ | 578 | | | | | $ | 517 | | | | Net of tax | |
Total reclassifications for the period | | | | $ | 554 | | | | | $ | 634 | | | | Net income | |
| | | At June 30, 2019 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 130,532 | | | | | | 13.14% | | | | | $ | 117,702 | | | | | | 11.91% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 102,082 | | | | | | 10.28 | | | | | | 108,631 | | | | | | 10.99 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 113,962 | | | | | | 11.47 | | | | | | 108,631 | | | | | | 10.99 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 113,962 | | | | | | 9.73 | | | | | | 108,631 | | | | | | 9.40 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At December 31, 2018 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 129,178 | | | | | | 13.53% | | | | | $ | 115,451 | | | | | | 12.14% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 100,258 | | | | | | 10.50 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 112,130 | | | | | | 11.74 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 112,130 | | | | | | 9.71 | | | | | | 105,891 | | | | | | 9.28 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At March 31, 2020 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 133,286 | | | | | | 13.41% | | | | | $ | 120,917 | | | | | | 12.23% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 103,726 | | | | | | 10.44 | | | | | | 110,766 | | | | | | 11.20 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 115,618 | | | | | | 11.64 | | | | | | 110,766 | | | | | | 11.20 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 115,618 | | | | | | 9.94 | | | | | | 110,766 | | | | | | 9.64 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At December 31, 2019 | | |||||||||||||||||||||||||||||||||
| | | COMPANY | | | BANK | | | MINIMUM REQUIRED FOR CAPITAL ADEQUACY PURPOSES | | | TO BE WELL CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* | | ||||||||||||||||||||||||
| | | AMOUNT | | | RATIO | | | AMOUNT | | | RATIO | | | RATIO | | | RATIO | | ||||||||||||||||||
Total Capital (To Risk Weighted Assets) | | | | $ | 132,544 | | | | | | 13.49% | | | | | $ | 119,477 | | | | | | 12.23% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk Weighted Assets) | | | | | 102,841 | | | | | | 10.47 | | | | | | 109,173 | | | | | | 11.17 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted Assets) | | | | | 114,729 | | | | | | 11.68 | | | | | | 109,173 | | | | | | 11.17 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets) | | | | | 114,729 | | | | | | 9.87 | | | | | | 109,173 | | | | | | 9.50 | | | | | | 4.00 | | | | | | 5.00 | | |
| | | At June 30, 2019 | | ||||||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | | |||||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 22,628 | | | | | | 4.78% | | | | MONTHLY | | | | $ | 16 | | | | ||
SWAP LIABILITIES | | | FAIR VALUE | | | | | (22,628) | | | | | | (4.78) | | | | MONTHLY | | | | | (16) | | | | ||
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | ||
|
| | | At June 30, 2018 | | ||||||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | | |||||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 16,681 | | | | | | 4.04% | | | | MONTHLY | | | | $ | (33) | | | | ||
SWAP LIABILITIES | | | FAIR VALUE | | | | | (16,681) | | | | | | (4.04) | | | | MONTHLY | | | | | 33 | | | | ||
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | | |
| | | At March 31, 2020 | | |||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | |||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 33,037 | | | | | | 3.93% | | | | MONTHLY | | | | $ | (45) | | |
SWAP LIABILITIES | | | FAIR VALUE | | | | | (33,037) | | | | | | (3.93) | | | | MONTHLY | | | | | 45 | | |
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | At March 31, 2019 | | |||||||||||||||||||||
| | | HEDGE TYPE | | | AGGREGATE NOTIONAL AMOUNT | | | WEIGHTED AVERAGE RATE RECEIVED/(PAID) | | | REPRICING FREQUENCY | | | INCREASE (DECREASE) IN INTEREST EXPENSE | | |||||||||
SWAP ASSETS | | | FAIR VALUE | | | | $ | 21,745 | | | | | | 4.79% | | | | MONTHLY | | | | $ | 9 | | |
SWAP LIABILITIES | | | FAIR VALUE | | | | | (21,745) | | | | | | (4.79) | | | | MONTHLY | | | | | (9) | | |
NET EXPOSURE | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | Three months ended June 30, 2019 | | | Six months ended June 30, 2019 | | ||||||||||||||||||
| | | Total revenue | | | Net income (loss) | | | Total revenue | | | Net income (loss) | | ||||||||||||
Retail banking | | | | $ | 6,859 | | | | | $ | 1,176 | | | | | $ | 13,533 | | | | | $ | 2,357 | | |
Commercial banking | | | | | 4,676 | | | | | | 1,706 | | | | | | 9,095 | | | | | | 3,473 | | |
Wealth management | | | | | 2,440 | | | | | | 444 | | | | | | 4,857 | | | | | | 888 | | |
Investment/Parent | | | | | (1,257) | | | | | | (1,534) | | | | | | (2,505) | | | | | | (3,048) | | |
Total | | | | $ | 12,718 | | | | | $ | 1,792 | | | | | $ | 24,980 | | | | | $ | 3,670 | | |
|
| | | Three months ended June 30, 2018 | | | Six months ended June 30, 2018 | | ||||||||||||||||||
| | | Total revenue | | | Net income (loss) | | | Total revenue | | | Net income (loss) | | ||||||||||||
Retail banking | | | | $ | 6,220 | | | | | $ | 754 | | | | | $ | 12,358 | | | | | $ | 1,460 | | |
Commercial banking | | | | | 4,512 | | | | | | 1,640 | | | | | | 8,967 | | | | | | 3,200 | | |
Wealth management | | | | | 2,466 | | | | | | 432 | | | | | | 4,909 | | | | | | 940 | | |
Investment/Parent | | | | | (659) | | | | | | (1,082) | | | | | | (1,312) | | | | | | (2,089) | | |
Total | | | | $ | 12,539 | | | | | $ | 1,744 | | | | | $ | 24,922 | | | | | $ | 3,511 | | |
| | | Three months ended March 31, 2020 | | |||||||||
| | | Total revenue | | | Net income (loss) | | ||||||
Community banking | | | | $ | 11,448 | | | | | $ | 2,524 | | |
Wealth management | | | | | 2,568 | | | | | | 487 | | |
Investment/Parent | | | | | (1,433) | | | | | | (1,602) | | |
Total | | | | $ | 12,583 | | | | | $ | 1,409 | | |
|
| | | Three months ended March 31, 2019 | | |||||||||
| | | Total revenue | | | Net income (loss) | | ||||||
Community banking | | | | $ | 11,093 | | | | | $ | 2,948 | | |
Wealth management | | | | | 2,417 | | | | | | 444 | | |
Investment/Parent | | | | | (1,248) | | | | | | (1,514) | | |
Total | | | | $ | 12,262 | | | | | $ | 1,878 | | |
| | Three months ended June 30, | | Six months ended June 30, | | | Three months ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
Components of net periodic benefit cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Service cost | | | $ | 374 | | | | $ | 409 | | | | $ | 748 | | | | $ | 818 | | | | | $ | 441 | | | | $ | 374 | | | ||||||
Interest cost | | | | 402 | | | | | 303 | | | | | 804 | | | | | 606 | | | | | | 319 | | | | | 402 | | | ||||||
Expected return on plan assets | | | | (762) | | | | | (711) | | | | | (1,524) | | | | | (1,422) | | | | | | (817) | | | | | (762) | | | ||||||
Recognized net actuarial loss | | | | 366 | | | | | 386 | | | | | 732 | | | | | 772 | | | | | | 648 | | | | | 366 | | | ||||||
Net periodic pension cost | | | $ | 380 | | | | $ | 387 | | | | $ | 760 | | | | $ | 774 | | | | | $ | 591 | | | | $ | 380 | | |
| | | Fair Value Measurements at June 30, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Equity securities | | | | $ | 328 | | | | | $ | 328 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency | | | | | 7,543 | | | | | | — | | | | | | 7,543 | | | | | | — | | |
US Agency mortgage-backed securities | | | | | 91,958 | | | | | | — | | | | | | 91,958 | | | | | | — | | |
Municipal | | | | | 14,471 | | | | | | — | | | | | | 14,471 | | | | | | — | | |
Corporate bonds | | | | | 37,116 | | | | | | — | | | | | | 37,116 | | | | | | — | | |
Fair value swap asset | | | | | 930 | | | | | | — | | | | | | 930 | | | | | | — | | |
Fair value swap liability | | | | | (930) | | | | | | — | | | | | | (930) | | | | | | — | | |
| | | Fair Value Measurements at December 31, 2018 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency | | | | $ | 7,529 | | | | | $ | — | | | | | $ | 7,529 | | | | | $ | — | | |
US Agency mortgage-backed securities | | | | | 89,527 | | | | | | — | | | | | | 89,527 | | | | | | — | | |
Municipal | | | | | 13,181 | | | | | | — | | | | | | 13,181 | | | | | | — | | |
Corporate bonds | | | | | 36,494 | | | | | | — | | | | | | 36,494 | | | | | | — | | |
Fair value swap asset | | | | | 257 | | | | | | — | | | | | | 257 | | | | | | — | | |
Fair value swap liability | | | | | (257) | | | | | | — | | | | | | (257) | | | | | | — | | |
| | | Fair Value Measurements at March 31, 2020 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Equity securities | | | | $ | 386 | | | | | $ | 386 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency | | | | | 3,967 | | | | | | — | | | | | | 3,967 | | | | | | — | | |
US Agency mortgage-backed securities | | | | | 82,084 | | | | | | — | | | | | | 82,084 | | | | | | — | | |
Municipal | | | | | 15,824 | | | | | | — | | | | | | 15,824 | | | | | | — | | |
Corporate bonds | | | | | 40,841 | | | | | | — | | | | | | 40,841 | | | | | | — | | |
Fair value swap asset | | | | | 3,520 | | | | | | — | | | | | | 3,520 | | | | | | — | | |
Fair value swap liability | | | | | (3,520) | | | | | | — | | | | | | (3,520) | | | | | | — | | |
| | | Fair Value Measurements at December 31, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Equity securities | | | | $ | 366 | | | | | $ | 366 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency | | | | | 5,116 | | | | | | — | | | | | | 5,116 | | | | | | — | | |
US Agency mortgage-backed securities | | | | | 81,633 | | | | | | — | | | | | | 81,633 | | | | | | — | | |
Municipal | | | | | 15,170 | | | | | | — | | | | | | 15,170 | | | | | | — | | |
Corporate bonds | | | | | 39,830 | | | | | | — | | | | | | 39,830 | | | | | | — | | |
Fair value swap asset | | | | | 959 | | | | | | — | | | | | | 959 | | | | | | — | | |
Fair value swap liability | | | | | (959) | | | | | | — | | | | | | (959) | | | | | | — | | |
| | | Fair Value Measurements at June 30, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 672 | | | | | $ | — | | | | | $ | — | | | | | $ | 672 | | |
Other real estate owned | | | | | 57 | | | | | | — | | | | | | — | | | | | | 57 | | |
| | | Fair Value Measurements at December 31, 2018 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned | | | | | 157 | | | | | | — | | | | | | — | | | | | | 157 | | |
June 30, 2019 | | | Quantitative Information About Level 3 Fair Value Measurements | | ||||||||||||
| Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range (Wgtd Avg) | | |||||
Impaired loans | | | | $ | 672 | | | | Appraisal of collateral(1),(3) | | | Appraisal adjustments(2) | | | 0% to 100% (12%) | |
Other real estate owned | | | | | 57 | | | | Appraisal of collateral(1),(3) | | | Appraisal adjustments(2) Liquidation expenses | | | 0% to 44% (35%) 12% to 114% (28%) | |
| | | Fair Value Measurements at March 31, 2020 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 258 | | | | | $ | — | | | | | $ | — | | | | | $ | 258 | | |
| | | Fair Value Measurements at December 31, 2019 | | |||||||||||||||||||||
| | | Total | | | (Level 1) | | | (Level 2) | | | (Level 3) | | ||||||||||||
Impaired loans | | | | $ | 255 | | | | | $ | — | | | | | $ | — | | | | | $ | 255 | | |
Other real estate owned | | | | | 37 | | | | | | — | | | | | | — | | | | | | 37 | | |
| | | Quantitative Information About Level 3 Fair Value Measurements | | ||||||||||||
March 31, 2020 | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range(Wgtd Avg) | | |||
Impaired loans | | | | $ | 258 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0% to 100% (3)% | |
| | | Quantitative Information About Level 3 Fair Value Measurements | | ||||||||||||
December 31, 2019 | | | Fair Value Estimate | | | Valuation Techniques | | | Unobservable Input | | | Range(Wgtd Avg) | | |||
Impaired loans | | | | $ | 255 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) | | | 0% to 100% (3%) | |
Other real estate owned | | | | | 37 | | | | Appraisal of collateral(1) | | | Appraisal adjustments(2) Liquidation expenses | | | 0% to 57% (38%) 21% to 134% (30%) | |
| | | June 30, 2019 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | |||||||||||||||||||||||||||
Investment securities – HTM | | | | $ | 39,752 | | | | | $ | 40,775 | | | | | $ | — | | | | | $ | 37,817 | | | | | $ | 2,958 | | |
Loans held for sale | | | | | 1,324 | | | | | | 1,362 | | | | | | 1,362 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 880,655 | | | | | | 879,993 | | | | | | — | | | | | | — | | | | | | 879,993 | | |
FINANCIAL LIABILITIES: | | | | | |||||||||||||||||||||||||||
Deposits with no stated maturities | | | | $ | 674,243 | | | | | $ | 651,367 | | | | | $ | — | | | | | $ | — | | | | | $ | 651,367 | | |
Deposits with stated maturities | | | | | 294,237 | | | | | | 294,452 | | | | | | — | | | | | | — | | | | | | 294,452 | | |
All other borrowings(1) | | | | | 73,570 | | | | | | 77,545 | | | | | | — | | | | | | 77,545 | | | |
| | | December 31, 2018 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | |||||||||||||||||||||||||||
Investment securities – HTM | | | | $ | 40,760 | | | | | $ | 40,324 | | | | | $ | — | | | | | $ | 37,398 | | | | | $ | 2,926 | | |
Loans held for sale | | | | | 847 | | | | | | 871 | | | | | | 871 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 853,611 | | | | | | 836,122 | | | | | | — | | | | | | — | | | | | | 836,122 | | |
FINANCIAL LIABILITIES: | | | | | |||||||||||||||||||||||||||
Deposits with no stated maturities | | | | $ | 671,666 | | | | | $ | 627,323 | | | | | $ | — | | | | | $ | — | | | | | $ | 627,323 | | |
Deposits with stated maturities | | | | | 277,505 | | | | | | 277,010 | | | | | | — | | | | | | — | | | | | | 277,010 | | |
All other borrowings(1) | | | | | 67,148 | | | | | | 69,692 | | | | | | — | | | | | | — | | | | | | 69,692 | | |
| | | March 31, 2020 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM | | | | $ | 42,068 | | | | | $ | 44,236 | | | | | $ | — | | | | | $ | 41,242 | | | | | $ | 2,994 | | |
Loans held for sale | | | | | 4,750 | | | | | | 4,889 | | | | | | 4,889 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 863,315 | | | | | | 867,308 | | | | | | — | | | | | | — | | | | | | 867,308 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with no stated maturities | | | | $ | 646,074 | | | | | $ | 642,965 | | | | | $ | — | | | | | $ | — | | | | | $ | 642,965 | | |
Deposits with stated maturities | | | | | 311,519 | | | | | | 315,616 | | | | | | — | | | | | | — | | | | | | 315,616 | | |
All other borrowings(1) | | | | | 78,694 | | | | | | 85,321 | | | | | | — | | | | | | — | | | | | | 85,321 | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||
| | | Carrying Value | | | Fair Value | | | (Level 1) | | | (Level 2) | | | (Level 3) | | |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM | | | | $ | 39,936 | | | | | $ | 41,082 | | | | | $ | — | | | | | $ | 38,129 | | | | | $ | 2,953 | | |
Loans held for sale | | | | | 4,868 | | | | | | 4,970 | | | | | | 4,970 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned income | | | | | 873,427 | | | | | | 873,908 | | | | | | — | | | | | | — | | | | | | 873,908 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with no stated maturities | | | | $ | 651,469 | | | | | $ | 631,023 | | | | | $ | — | | | | | $ | — | | | | | $ | 631,023 | | |
Deposits with stated maturities | | | | | 309,044 | | | | | | 310,734 | | | | | | — | | | | | | — | | | | | | 310,734 | | |
All other borrowings(1) | | | | | 74,134 | | | | | | 76,323 | | | | | | — | | | | | | — | | | | | | 76,323 | | |
| | | Balance | | | % of Outstanding Loans | | ||||||
| | | (in thousands) | | | | | | | | |||
CRE/Commercial | | | | $ | 201,658 | | | | | | 31.2% | | |
Home Equity/Consumer | | | | | 5,551 | | | | | | 5.5 | | |
Residential Mortgage | | | | | 4,033 | | | | | | 3.1 | | |
Total | | | | $ | 211,242 | | | | | | 24.1 | | |
Type of Payment Relief | | | Number of Loans | | | Balance | | ||||||
| | | | | | | | | (in thousands) | | |||
Interest only payments | | | | | 84 | | | | | $ | 96,163 | | |
Complete payment deferrals | | | | | 304 | | | | | | 115,079 | | |
Total | | | | | 388 | | | | | $ | 211,242 | | |
| | Three months ended June 30, 2019 | | Three months ended June 30, 2018 | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | ||||||||||||||||
Net income | | | $ | 1,792 | | | | $ | 1,744 | | | | | $ | 1,409 | | | | $ | 1,878 | | | ||||
Diluted earnings per share | | | | 0.10 | | | | | 0.10 | | | | | | 0.08 | | | | | 0.11 | | | ||||
Return on average assets (annualized) | | | | 0.61% | | | | | 0.60% | | | | | | 0.48% | | | | | 0.66% | | | ||||
Return on average equity (annualized) | | | | 7.24% | | | | | 7.30% | | | | | | 5.69% | | | | | 7.84% | | |
| | Three months ended June 30, 2019 | | Three months ended June 30, 2018 | | $ Change | | % Change | | | Three months ended March 31, 2020 | | Three months ended March 31, 2019 | | $ Change | | % Change | | ||||||||||||||||||||||||||||||||
Interest income | | | $ | 12,765 | | | | $ | 11,603 | | | | $ | 1,162 | | | | | 10.0% | | | | | $ | 11,944 | | | | $ | 12,164 | | | | $ | (220) | | | | | (1.8)% | | | ||||||||
Interest expense | | | | 3,704 | | | | | 2,745 | | | | | 959 | | | | | 34.9 | | | | | | 3,193 | | | | | 3,507 | | | | | (314) | | | | | (9.0) | | | ||||||||
Net interest income | | | $ | 9,061 | | | | $ | 8,858 | | | | $ | 203 | | | | | 2.3 | | | | | $ | 8,751 | | | | $ | 8,657 | | | | $ | 94 | | | | | 1.1 | | | ||||||||
Net interest margin | | | | 3.30% | | | | | 3.28% | | | | | 0.02% | | | | | N/M | | | | | | 3.21% | | | | | 3.24% | | | | | (0.03)% | | | | | N/M | | |
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | Average Balance | | Interest Income/ Expense | | Yield/ Rate | | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Loans and loans held for sale, net of unearned income | | | $ | 883,315 | | | | $ | 11,000 | | | | | 4.94% | | | | $ | 882,675 | | | | $ | 10,130 | | | | | 4.56% | | | | | $ | 877,097 | | | | $ | 10,339 | | | | | 4.68% | | | | $ | 860,169 | | | | $ | 10,424 | | | | | 4.80% | | | ||||||||||||
Short-term investment in money market funds and bank deposits | | | | 6,833 | | | | | 66 | | | | | 3.79 | | | | | 7,670 | | | | | 52 | | | | | 2.64 | | | | | | 18,527 | | | | | 76 | | | | | 1.63 | | | | | 8,793 | | | | | 75 | | | | | 3.42 | | | ||||||||||||
Investment securities – AFS | | | | 158,579 | | | | | 1,314 | | | | | 3.34 | | | | | 143,357 | | | | | 1,101 | | | | | 3.07 | | | | | | 147,656 | | | | | 1,183 | | | | | 3.27 | | | | | 157,112 | | | | | 1,319 | | | | | 3.38 | | | ||||||||||||
Investment securities – HTM | | | | 40,982 | | | | | 391 | | | | | 3.73 | | | | | 39,264 | | | | | 325 | | | | | 3.31 | | | | | | 41,224 | | | | | 353 | | | | | 3.43 | | | | | 41,252 | | | | | 352 | | | | | 3.34 | | | ||||||||||||
Total investment securities | | | | 199,561 | | | | | 1,705 | | | | | 3.42 | | | | | 182,621 | | | | | 1,426 | | | | | 3.12 | | | | | | 188,880 | | | | | 1,536 | | | | | 3.31 | | | | | 198,364 | | | | | 1,671 | | | | | 3.37 | | | ||||||||||||
Total interest earning assets/interest income | | | | 1,089,709 | | | | | 12,771 | | | | | 4.66 | | | | | 1,072,966 | | | | | 11,608 | | | | | 4.31 | | | | | | 1,084,504 | | | | | 11,951 | | | | | 4.40 | | | | | 1,067,326 | | | | | 12,170 | | | | | 4.57 | | | ||||||||||||
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Cash and due from banks | | | | 19,367 | | | | | | | | | | | | | | | 21,857 | | | | | | | | | | | | | | | | 19,087 | | | | | | | | | | | | | | | 21,899 | | | | | | | | | | | | | ||||||||||||
Premises and equipment | | | | 18,795 | | | | | | | | | | | | | | | 12,345 | | | | | | | | | | | | | | | | 18,593 | | | | | | | | | | | | | | | 18,128 | | | | | | | | | | | | | ||||||||||||
Other assets | | | | 63,251 | | | | | | | | | | | | | | | 62,406 | | | | | | | | | | | | | | | | 65,146 | | | | | | | | | | | | | | | 62,081 | | | | | | | | | | | | | ||||||||||||
Allowance for loan losses | | | | (8,184) | | | | | | | | | | | | | | | (10,035) | | | | | | | | | | | | | | | | (9,317) | | | | | | | | | | | | | | | (8,665) | | | | | | | | | | | | | ||||||||||||
TOTAL ASSETS | | | $ | 1,182,938 | | | | | | | | | | | | | | $ | 1,159,539 | | | | | | | | | | | | | | | $ | 1,178,013 | | | | | | | | | | | | | | $ | 1,160,769 | | | | | | | | | | | | | ||||||||||||
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Interest bearing demand | | | $ | 169,029 | | | | $ | 424 | | | | | 1.01% | | | | $ | 129,026 | | | | $ | 261 | | | | | 0.81% | | | | | $ | 167,066 | | | | $ | 242 | | | | | 0.60% | | | | $ | 163,893 | | | | $ | 409 | | | | | 1.01% | | | ||||||||||||
Savings | | | | 97,884 | | | | | 41 | | | | | 0.17 | | | | | 99,268 | | | | | 41 | | | | | 0.17 | | | | | | 97,166 | | | | | 41 | | | | | 0.17 | | | | | 97,851 | | | | | 40 | | | | | 0.17 | | | ||||||||||||
Money markets | | | | 235,058 | | | | | 662 | | | | | 1.13 | | | | | 248,983 | | | | | 601 | | | | | 0.97 | | | | | | 229,838 | | | | | 464 | | | | | 0.81 | | | | | 241,727 | | | | | 674 | | | | | 1.13 | | | ||||||||||||
Time deposits | | | | 323,080 | | | | | 1,740 | | | | | 2.16 | | | | | 295,164 | | | | | 1,070 | | | | | 1.45 | | | | | | 341,948 | | | | | 1,711 | | | | | 2.01 | | | | | 315,389 | | | | | 1,607 | | | | | 2.07 | | | ||||||||||||
Total interest bearing deposits | | | | 825,051 | | | | | 2,867 | | | | | 1.39 | | | | | 772,441 | | | | | 1,973 | | | | | 1.02 | | | | | | 836,018 | | | | | 2,458 | | | | | 1.18 | | | | | 818,860 | | | | | 2,730 | | | | | 1.35 | | | ||||||||||||
Short-term borrowings | | | | 20,363 | | | | | 136 | | | | | 2.64 | | | | | 33,731 | | | | | 170 | | | | | 1.99 | | | | | | 2,908 | | | | | 12 | | | | | 1.67 | | | | | 15,413 | | | | | 102 | | | | | 2.64 | | | ||||||||||||
Advances from Federal Home Loan Bank | | | | 50,571 | | | | | 261 | | | | | 2.07 | | | | | 44,998 | | | | | 192 | | | | | 1.71 | | | | | | 55,292 | | | | | 284 | | | | | 2.07 | | | | | 46,984 | | | | | 235 | | | | | 2.03 | | | ||||||||||||
Guaranteed junior subordinated deferrable interest debentures | | | | 13,085 | | | | | 281 | | | | | 8.60 | | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | | | 13,085 | | | | | 280 | | | | | 8.57 | | | ||||||||||||
Subordinated debt | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | | | 7,650 | | | | | 130 | | | | | 6.80 | | | ||||||||||||
Lease liabilities | | | | 4,188 | | | | | 29 | | | | | 2.81 | | | | | — | | | | | — | | | | | — | | | | | | 3,993 | | | | | 29 | | | | | 2.86 | | | | | 4,224 | | | | | 30 | | | | | 2.83 | | | ||||||||||||
Total interest bearing liabilities/interest expense | | | | 920,908 | | | | | 3,704 | | | | | 1.61 | | | | | 871,905 | | | | | 2,745 | | | | | 1.26 | | | | | | 918,946 | | | | | 3,193 | | | | | 1.40 | | | | | 906,216 | | | | | 3,507 | | | | | 1.57 | | | ||||||||||||
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Demand deposits | | | | 155,250 | | | | | | | | | | | | | | | 183,323 | | | | | | | | | | | | | | | | 146,840 | | | | | | | | | | | | | | | 150,246 | | | | | | | | | | | | | ||||||||||||
Other liabilities | | | | 7,409 | | | | | | | | | | | | | | | 8,471 | | | | | | | | | | | | | | | | 12,615 | | | | | | | | | | | | | | | 7,141 | | | | | | | | | | | | | ||||||||||||
Shareholders’ equity | | | | 99,371 | | | | | | | | | | | | | | | 95,840 | | | | | | | | | | | | | | | | 99,612 | | | | | | | | | | | | | | | 97,166 | | | | | | | | | | | | | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | | $ | 1,182,938 | | | | | | | | | | | | | | $ | 1,159,539 | | | | | | | | | | | | | | | $ | 1,178,013 | | | | | | | | | | | | | | $ | 1,160,769 | | | | | | | | | | | | | ||||||||||||
Interest rate spread | | | | | | | | | | | | | | 3.05 | | | | | | | | | | | | | | | 3.05 | | | | | | | | | | | | | | | | 3.00 | | | | | | | | | | | | | | | 3.00 | | | ||||||||||||
Net interest income/Net interest margin | | | | | | | | | 9,067 | | | | | 3.30% | | | | | | | | | | 8,863 | | | | | 3.28% | | | |||||||||||||||||||||||||||||||||||||||||||
Net interest income/ Net interest margin | | | | | | | | | 8,758 | | | | | 3.21% | | | | | | | | | | 8,663 | | | | | 3.24% | | | |||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | | | | | | | | | (6) | | | | | | | | | | | | | | | (5) | | | | | | | | | | | | | | | | (7) | | | | | | | | | | | | | | | (6) | | | | | | | | ||||||||||||
Net Interest Income | | | | | | | | $ | 9,061 | | | | | | | | | | | | | | $ | 8,858 | | | | | | | | | | | | | | | $ | 8,751 | | | | | | | | | | | | | | $ | 8,657 | | | | | | | | |
| | | Six months ended June 30, 2019 | | | Six months ended June 30, 2018 | | ||||||
Net income | | | | $ | 3,670 | | | | | $ | 3,511 | | |
Diluted earnings per share | | | | | 0.21 | | | | | | 0.19 | | |
Return on average assets (annualized) | | | | | 0.63% | | | | | | 0.61% | | |
Return on average equity (annualized) | | | | | 7.53% | | | | | | 7.42% | | |
| | | Six months ended June 30, 2019 | | | Six months ended June 30, 2018 | | | $ Change | | | % Change | | ||||||||||||
Interest income | | | | $ | 24,929 | | | | | $ | 22,820 | | | | | $ | 2,109 | | | | | | 9.2% | | |
Interest expense | | | | | 7,211 | | | | | | 5,214 | | | | | | 1,997 | | | | | | 38.3 | | |
Net interest income | | | | $ | 17,718 | | | | | $ | 17,606 | | | | | $ | 112 | | | | | | 0.6 | | |
Net interest margin | | | | | 3.27% | | | | | | 3.28% | | | | | | (0.01) | | | | | | N/M | | |
| | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||
| | | Average Balance | | | Interest Income/ Expense | | | Yield/ Rate | | | Average Balance | | | Interest Income/ Expense | | | Yield/ Rate | | ||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and loans held for sale, net of unearned income | | | | $ | 871,742 | | | | | $ | 21,424 | | | | | | 4.90% | | | | | $ | 882,080 | | | | | $ | 19,954 | | | | | | 4.51% | | |
Short-term investment in money market funds and bank deposits | | | | | 7,813 | | | | | | 141 | | | | | | 3.58 | | | | | | 7,914 | | | | | | 99 | | | | | | 2.48 | | |
Investment securities – AFS | | | | | 157,844 | | | | | | 2,633 | | | | | | 3.34 | | | | | | 140,693 | | | | | | 2,130 | | | | | | 3.03 | | |
Investment securities – HTM | | | | | 41,118 | | | | | | 743 | | | | | | 3.61 | | | | | | 39,184 | | | | | | 648 | | | | | | 3.31 | | |
Total investment securities | | | | | 198,962 | | | | | | 3,376 | | | | | | 3.40 | | | | | | 179,877 | | | | | | 2,778 | | | | | | 3.09 | | |
Total interest earning assets/interest income | | | | | 1,078,517 | | | | | | 24,941 | | | | | | 4.62 | | | | | | 1,069,871 | | | | | | 22,831 | | | | | | 4.27 | | |
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | | 20,633 | | | | | | | | | | | | | | | | | | 21,858 | | | | | | | | | | | | | | |
Premises and equipment | | | | | 17,053 | | | | | | | | | | | | | | | | | | 12,484 | | | | | | | | | | | | | | |
Other assets | | | | | 62,667 | | | | | | | | | | | | | | | | | | 62,390 | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | (8,425) | | | | | | | | | | | | | | | | | | (10,143) | | | | | | | | | | | | | | |
TOTAL ASSETS | | | | $ | 1,170,445 | | | | | | | | | | | | | | | | | $ | 1,156,460 | | | | | | | | | | | | | | |
|
| | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||
| | | Average Balance | | | Interest Income/ Expense | | | Yield/ Rate | | | Average Balance | | | Interest Income/ Expense | | | Yield/ Rate | | ||||||||||||||||||
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand | | | | $ | 166,461 | | | | | $ | 833 | | | | | | 1.01% | | | | | $ | 131,202 | | | | | $ | 503 | | | | | | 0.77% | | |
Savings | | | | | 97,867 | | | | | | 81 | | | | | | 0.17 | | | | | | 98,286 | | | | | | 81 | | | | | | 0.17 | | |
Money markets | | | | | 238,393 | | | | | | 1,336 | | | | | | 1.13 | | | | | | 251,325 | | | | | | 1,023 | | | | | | 0.82 | | |
Time deposits | | | | | 319,235 | | | | | | 3,347 | | | | | | 2.11 | | | | | | 294,510 | | | | | | 2,147 | | | | | | 1.47 | | |
Total interest bearing deposits | | | | | 821,956 | | | | | | 5,597 | | | | | | 1.37 | | | | | | 775,323 | | | | | | 3,754 | | | | | | 0.98 | | |
Short-term borrowings | | | | | 17,888 | | | | | | 238 | | | | | | 2.64 | | | | | | 27,996 | | | | | | 262 | | | | | | 1.86 | | |
Advances from Federal Home Loan Bank | | | | | 48,777 | | | | | | 496 | | | | | | 2.04 | | | | | | 45,418 | | | | | | 378 | | | | | | 1.68 | | |
Guaranteed junior subordinated deferrable interest debentures | | | | | 13,085 | | | | | | 561 | | | | | | 8.57 | | | | | | 13,085 | | | | | | 560 | | | | | | 8.57 | | |
Subordinated debt | | | | | 7,650 | | | | | | 260 | | | | | | 6.80 | | | | | | 7,650 | | | | | | 260 | | | | | | 6.80 | | |
Lease liabilities | | | | | 2,797 | | | | | | 59 | | | | | | 4.23 | | | | | | — | | | | | | — | | | | | | — | | |
Total interest bearing liabilities/interest expense | | | | | 912,153 | | | | | | 7,211 | | | | | | 1.59 | | | | | | 869,472 | | | | | | 5,214 | | | | | | 1.21 | | |
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits | | | | | 152,748 | | | | | | | | | | | | | | | | | | 182,769 | | | | | | | | | | | | | | |
Other liabilities | | | | | 7,276 | | | | | | | | | | | | | | | | | | 8,821 | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | 98,268 | | | | | | | | | | | | | | | | | | 95,398 | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | $ | 1,170,445 | | | | | | | | | | | | | | | | | $ | 1,156,460 | | | | | | | | | | | | | | |
Interest rate spread | | | | | | | | | | | | | | | | | 3.03 | | | | | | | | | | | | | | | | | | 3.06 | | |
Net interest income/Net interest margin | | | | | | | | | | | 17,730 | | | | | | 3.27% | | | | | | | | | | | | 17,617 | | | | | | 3.28% | | |
Tax-equivalent adjustment | | | | | | | | | | | (12) | | | | | | | | | | | | | | | | | | (11) | | | | | | | | |
Net Interest Income | | | | | | | | | | $ | 17,718 | | | | | | | | | | | | | | | | | $ | 17,606 | | | | | | | | |
|
| | June 30, 2019 | | December 31, 2018 | | | March 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Total shareholders’ equity | | | $ | 101,476 | | | | $ | 97,977 | | | | | $ | 100,840 | | | | $ | 98,614 | | | ||||
Less: Goodwill | | | | 11,944 | | | | | 11,944 | | | | | | 11,944 | | | | | 11,944 | | | ||||
Tangible equity | | | | 89,532 | | | | | 86,033 | | | | | | 88,896 | | | | | 86,670 | | | ||||
Total assets | | | | 1,190,583 | | | | | 1,160,680 | | | | | | 1,168,355 | | | | | 1,171,184 | | | ||||
Less: Goodwill | | | | 11,944 | | | | | 11,944 | | | | | | 11,944 | | | | | 11,944 | | | ||||
Tangible assets | | | | 1,178,639 | | | | | 1,148,736 | | | | | | 1,156,411 | | | | | 1,159,240 | | | ||||
Tangible common equity ratio | | | | 7.60% | | | | | 7.49% | | | |||||||||||||||
Tangible common equity ratio (non-GAAP) | | | | 7.69% | | | | | 7.48% | | | |||||||||||||||
Total shares outstanding | | | | 17,384,355 | | | | | 17,619,303 | | | | | | 17,043,644 | | | | | 17,057,871 | | | ||||
Tangible book value per share | | | $ | 5.15 | | | | $ | 4.88 | | | |||||||||||||||
Tangible book value per share (non-GAAP) | | | $ | 5.22 | | | | $ | 5.08 | | |
| | June 30, 2019 | | December 31, 2018 | | June 30, 2018 | | | March 31, 2020 | | December 31, 2019 | | March 31, 2019 | | ||||||||||||||||||||||||
Total accruing loan delinquency (past due 30 to 89 days) | | | $ | 3,253 | | | | $ | 4,752 | | | | $ | 3,137 | | | | | $ | 8,525 | | | | $ | 2,956 | | | | $ | 2,568 | | | ||||||
Total non-accrual loans | | | | 874 | | | | | 1,221 | | | | | 1,000 | | | | | | 1,437 | | | | | 1,487 | | | | | 1,150 | | | ||||||
Total non-performing assets including TDR* | | | | 1,681 | | | | | 1,378 | | | | | 1,160 | | | | | | 2,244 | | | | | 2,339 | | | | | 1,168 | | | ||||||
Accruing loan delinquency, as a percentage of total loans, net of unearned income | | | | 0.37% | | | | | 0.55% | | | | | 0.35% | | | | | | 0.97% | | | | | 0.33% | | | | | 0.30% | | | ||||||
Non-accrual loans, as a percentage of total loans, net of unearned income | | | | 0.10 | | | | | 0.14 | | | | | 0.11 | | | | | | 0.16 | | | | | 0.17 | | | | | 0.13 | | | ||||||
Non-performing assets, as a percentage of total loans, net of unearned income, and other real estate owned | | | | 0.19 | | | | | 0.16 | | | | | 0.13 | | | | | | 0.26 | | | | | 0.26 | | | | | 0.14 | | | ||||||
Non-performing assets as a percentage of total assets | | | | 0.14 | | | | | 0.12 | | | | | 0.10 | | | | | | 0.19 | | | | | 0.20 | | | | | 0.10 | | | ||||||
As a percent of average loans, net of unearned income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Annualized net charge-offs | | | | 0.04 | | | | | 0.11 | | | | | 0.18 | | | | | | 0.06 | | | | | 0.02 | | | | | 0.08 | | | ||||||
Annualized provision (credit) for loan losses | | | | (0.09) | | | | | (0.07) | | | | | 0.02 | | | | | | 0.08 | | | | | 0.09 | | | | | (0.19) | | | ||||||
Total classified loans (loans rated substandard or doubtful)** | | | $ | 3,908 | | | | $ | 4,302 | | | | $ | 4,715 | | | | | $ | 15,958 | | | | $ | 16,338 | | | | $ | 4,219 | | |
| | June 30, 2019 | | December 31, 2018 | | June 30, 2018 | | | March 31, 2020 | | December 31, 2019 | | March 31, 2019 | | ||||||||||||||||||||||||
Allowance for loan losses | | | $ | 8,102 | | | | $ | 8,671 | | | | $ | 9,521 | | | | | $ | 9,334 | | | | $ | 9,279 | | | | $ | 8,107 | | | ||||||
Allowance for loan losses as a percentage of each of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
total loans, net of unearned income | | | | 0.91% | | | | | 1.00% | | | | | 1.07% | | | | | | 1.06% | | | | | 1.05% | | | | | 0.94% | | | ||||||
total accruing delinquent loans (past due 30 to 89 days) | | | | 249.06 | | | | | 182.47 | | | | | 303.51 | | | | | | 109.49 | | | | | 313.90 | | | | | 315.69 | | | ||||||
total non-accrual loans | | | | 927.00 | | | | | 710.16 | | | | | 951.15 | | | | | | 649.55 | | | | | 624.01 | | | | | 704.96 | | | ||||||
total non-performing assets | | | | 481.98 | | | | | 629.25 | | | | | 820.78 | | | | | | 415.94 | | | | | 396.71 | | | | | 694.09 | | |
| | | MINIMUM CAPITAL RATIO | | | MINIMUM CAPITAL RATIO PLUS CAPITAL CONSERVATION BUFFER | | ||||||
Common equity tier 1 capital to risk-weighted assets | | | | | 4.5% | | | | | | 7.0% | | |
Tier 1 capital to risk-weighted assets | | | | | 6.0 | | | | | | 8.5 | | |
Total capital to risk-weighted assets | | | | | 8.0 | | | | | | 10.5 | | |
Tier 1 capital to total average consolidated assets | | | | | 4.0 | | | | | | | | |
Interest Rate Scenario | | | Variability of Net Interest Income | | | Change in Market Value of Portfolio Equity | | ||||||
200bp increase | | | | | 4.5% | | | | | | 24.1% | | |
100bp increase | | | | | 2.8 | | | | | | 14.9 | | |
100bp decrease | | | | | (4.2) | | | | | | (23.6) | | |
Interest Rate Scenario | | | Variability of Net Interest Income | | | Change in Market Value of Portfolio Equity | | ||||||
200bp increase | | | | | 8.7% | | | | | | 43.9% | | |
100bp increase | | | | | 4.8 | | | | | | 25.0 | | |
100bp decrease | | | | | (3.0) | | | | | | (29.8) | | |
Period | | | Total number of shares purchased | | | Average price paid per share | | | Total number of shares purchased as part of publicly announced plan | | | Maximum number of shares that may yet be purchased under the plan | | ||||||||||||
April 1 – 30, 2019 | | | | | 6,000 | | | | | $ | 4.18 | | | | | | 6,000 | | | | | | 520,000 | | |
May 1 – 31, 2019 | | | | | 101,008 | | | | | | 4.25 | | | | | | 101,008 | | | | | | 418,992 | | |
June 1 – 30, 2019 | | | | | 54,546 | | | | | | 4.25 | | | | | | 54,546 | | | | | | 364,446 | | |
Total | | | | | 161,554 | | | | | | | | | | | | 161,554 | | | | | | | | |
Period | | | Total number of shares purchased | | | Average price paid per share | | | Total number of shares purchased as part of publicly announced plan | | | Maximum number of shares that may yet be purchased under the plan | | ||||||||||||
January 1 – 31, 2020 | | | | | 14,500 | | | | | $ | 4.20 | | | | | | 14,500 | | | | | | 21,462 | | |
February 1 – 29, 2020 | | | | | 21,462 | | | | | | 4.20 | | | | | | 21,462 | | | | | | — | | |
March 1 – 31, 2020 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 35,962 | | | | | | | | | | | | 35,962 | | | | | | | | |
| | | | AmeriServ Financial, Inc. Registrant | |
| Date: | | | /s/ Jeffrey A. Stopko Jeffrey A. Stopko President and Chief Executive Officer | |
| Date: | | | /s/ Michael D. Lynch Michael D. Lynch Senior Vice President and Chief Financial Officer | |