QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 20-5120010 | |||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $.01 par value per share | CZWI | NASDAQ Global Market |
Large accelerated filer | Accelerated filer | |||||||||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||||||||
Emerging growth company |
Page Number | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2022 | December 31, 2021 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Cash and cash equivalents | $ | 47,215 | $ | 41,677 | Cash and cash equivalents | $ | 31,743 | $ | 47,691 | |||||||||
Other interest-bearing deposits | 7,155 | 8,148 | ||||||||||||||||
Other interest bearing deposits | Other interest bearing deposits | 1,505 | 1,511 | |||||||||||||||
Securities available for sale "AFS" | 96,548 | 95,883 | Securities available for sale "AFS" | 177,068 | 203,068 | |||||||||||||
Securities held to maturity "HTM" | 5,227 | 5,453 | Securities held to maturity "HTM" | 99,249 | 71,141 | |||||||||||||
Non-marketable equity securities, at cost | 8,151 | 7,292 | ||||||||||||||||
Equity investments | Equity investments | 1,365 | 1,328 | |||||||||||||||
Other investments | Other investments | 14,899 | 15,305 | |||||||||||||||
Loans receivable | 730,918 | 732,995 | Loans receivable | 1,346,855 | 1,310,963 | |||||||||||||
Allowance for loan losses | (5,859 | ) | (5,942 | ) | Allowance for loan losses | (16,825) | (16,913) | |||||||||||
Loans receivable, net | 725,059 | 727,053 | Loans receivable, net | 1,330,030 | 1,294,050 | |||||||||||||
Loans held for sale | 2,179 | 2,334 | Loans held for sale | 1,172 | 6,670 | |||||||||||||
Mortgage servicing rights | 1,866 | 1,886 | ||||||||||||||||
Mortgage servicing rights, net | Mortgage servicing rights, net | 4,520 | 4,161 | |||||||||||||||
Office properties and equipment, net | 8,517 | 9,645 | Office properties and equipment, net | 21,589 | 21,169 | |||||||||||||
Accrued interest receivable | 3,189 | 3,291 | Accrued interest receivable | 4,243 | 3,916 | |||||||||||||
Intangible assets | 5,287 | 5,449 | Intangible assets | 3,100 | 3,898 | |||||||||||||
Goodwill | 10,444 | 10,444 | Goodwill | 31,498 | 31,498 | |||||||||||||
Foreclosed and repossessed assets, net | 7,031 | 6,017 | Foreclosed and repossessed assets, net | 1,437 | 1,408 | |||||||||||||
Bank owned life insurance ("BOLI") | Bank owned life insurance ("BOLI") | 24,622 | 24,312 | |||||||||||||||
Other assets | 15,164 | 16,092 | Other assets | 15,567 | 8,502 | |||||||||||||
TOTAL ASSETS | $ | 943,032 | $ | 940,664 | TOTAL ASSETS | $ | 1,763,607 | $ | 1,739,628 | |||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Deposits | $ | 741,069 | $ | 742,504 | Deposits | $ | 1,400,210 | $ | 1,387,535 | |||||||||
Federal Home Loan Bank advances | 94,000 | 90,000 | ||||||||||||||||
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances | Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances | 102,030 | 111,527 | |||||||||||||||
Other borrowings | 29,899 | 30,319 | Other borrowings | 87,124 | 58,426 | |||||||||||||
Other liabilities | 3,610 | 4,358 | Other liabilities | 9,500 | 11,274 | |||||||||||||
Total liabilities | 868,578 | 867,181 | Total liabilities | 1,598,864 | 1,568,762 | |||||||||||||
Stockholders’ equity: | ||||||||||||||||||
Common stock— $0.01 par value, authorized 30,000,000, 5,883,603 and 5,888,816 shares issued and outstanding, respectively | 59 | 59 | ||||||||||||||||
Stockholders’ Equity: | Stockholders’ Equity: | |||||||||||||||||
Common stock—$0.01 par value, authorized 30,000,000; 10,530,415 and 10,502,442 shares issued and outstanding, respectively | Common stock—$0.01 par value, authorized 30,000,000; 10,530,415 and 10,502,442 shares issued and outstanding, respectively | 105 | 105 | |||||||||||||||
Additional paid-in capital | 63,348 | 63,383 | Additional paid-in capital | 119,987 | 119,925 | |||||||||||||
Retained earnings | 12,104 | 10,764 | Retained earnings | 56,928 | 50,675 | |||||||||||||
Unearned deferred compensation | (391 | ) | (456 | ) | ||||||||||||||
Accumulated other comprehensive (loss) income | (666 | ) | (267 | ) | Accumulated other comprehensive (loss) income | (12,277) | 161 | |||||||||||
Total stockholders’ equity | 74,454 | 73,483 | Total stockholders’ equity | 164,743 | 170,866 | |||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 943,032 | $ | 940,664 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,763,607 | $ | 1,739,628 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Interest and fees on loans | $ | 14,893 | $ | 13,960 | $ | 28,660 | $ | 28,477 | |||||||||||||||
Interest on investments | 1,810 | 1,518 | 3,419 | 2,621 | |||||||||||||||||||
Total interest and dividend income | 16,703 | 15,478 | 32,079 | 31,098 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | 985 | 1,521 | 2,053 | 3,235 | |||||||||||||||||||
Interest on FHLB and FRB borrowed funds | 297 | 384 | 608 | 795 | |||||||||||||||||||
Interest on other borrowed funds | 1,154 | 742 | 1,984 | 1,473 | |||||||||||||||||||
Total interest expense | 2,436 | 2,647 | 4,645 | 5,503 | |||||||||||||||||||
Net interest income before provision for loan losses | 14,267 | 12,831 | 27,434 | 25,595 | |||||||||||||||||||
Provision for loan losses | 400 | — | 400 | — | |||||||||||||||||||
Net interest income after provision for loan losses | 13,867 | 12,831 | 27,034 | 25,595 | |||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Service charges on deposit accounts | 482 | 395 | 970 | 793 | |||||||||||||||||||
Interchange income | 614 | 647 | 1,163 | 1,177 | |||||||||||||||||||
Loan servicing income | 600 | 825 | 1,301 | 1,718 | |||||||||||||||||||
Gain on sale of loans | 414 | 1,522 | 1,136 | 3,117 | |||||||||||||||||||
Loan fees and service charges | 141 | 151 | 233 | 429 | |||||||||||||||||||
Net gains (losses) on investment securities | (75) | 37 | (112) | 272 | |||||||||||||||||||
Other | 196 | 216 | 394 | 463 | |||||||||||||||||||
Total non-interest income | 2,372 | 3,793 | 5,085 | 7,969 | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and related benefits | 5,589 | 5,449 | 10,987 | 11,018 | |||||||||||||||||||
Occupancy | 1,343 | 1,314 | 2,708 | 2,630 | |||||||||||||||||||
Data processing | 1,415 | 1,422 | 2,716 | 2,792 | |||||||||||||||||||
Amortization of intangible assets | 399 | 399 | 798 | 798 | |||||||||||||||||||
Mortgage servicing rights expense, net | 195 | 441 | (132) | (9) | |||||||||||||||||||
Advertising, marketing and public relations | 250 | 194 | 462 | 357 | |||||||||||||||||||
FDIC premium assessment | 118 | 82 | 233 | 247 | |||||||||||||||||||
Professional services | 368 | 362 | 770 | 864 | |||||||||||||||||||
Gain on repossessed assets, net | (2) | (29) | (9) | (146) | |||||||||||||||||||
New market tax credit depletion | 162 | — | 325 | — | |||||||||||||||||||
Other | 625 | 564 | 1,272 | 1,136 | |||||||||||||||||||
Total non-interest expense | 10,462 | 10,198 | 20,130 | 19,687 | |||||||||||||||||||
Income before provision for income tax | 5,777 | 6,426 | 11,989 | 13,877 | |||||||||||||||||||
Provision for income taxes | 1,411 | 1,720 | 2,917 | 3,665 | |||||||||||||||||||
Net income attributable to common stockholders | $ | 4,366 | $ | 4,706 | $ | 9,072 | $ | 10,212 | |||||||||||||||
Per share information: | |||||||||||||||||||||||
Basic earnings | $ | 0.41 | $ | 0.44 | $ | 0.86 | $ | 0.94 | |||||||||||||||
Diluted earnings | $ | 0.41 | $ | 0.44 | $ | 0.86 | $ | 0.94 | |||||||||||||||
Cash dividends paid | $ | — | $ | — | $ | 0.26 | $ | 0.23 |
Three Months Ended | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Interest and dividend income: | |||||||
Interest and fees on loans | $ | 8,721 | $ | 6,530 | |||
Interest on investments | 691 | 418 | |||||
Total interest and dividend income | 9,412 | 6,948 | |||||
Interest expense: | |||||||
Interest on deposits | 1,202 | 1,119 | |||||
Interest on FHLB borrowed funds | 261 | 173 | |||||
Interest on other borrowed funds | 422 | 99 | |||||
Total interest expense | 1,885 | 1,391 | |||||
Net interest income before provision for loan losses | 7,527 | 5,557 | |||||
Provision for loan losses | 100 | — | |||||
Net interest income after provision for loan losses | 7,427 | 5,557 | |||||
Non-interest income: | |||||||
Net gains on sale of available for sale securities | — | 29 | |||||
Service charges on deposit accounts | 460 | 398 | |||||
Loan fees and service charges | 776 | 533 | |||||
Settlement proceeds | — | — | |||||
Other | 703 | 283 | |||||
Total non-interest income | 1,939 | 1,243 | |||||
Non-interest expense: | |||||||
Compensation and benefits | 3,555 | 2,604 | |||||
Occupancy | 705 | 1,068 | |||||
Office | 438 | 281 | |||||
Data processing | 704 | 472 | |||||
Amortization of intangible assets | 162 | 43 | |||||
Amortization of mortgage servicing rights | 90 | — | |||||
Advertising, marketing and public relations | 149 | 63 | |||||
FDIC premium assessment | 142 | 83 | |||||
Professional services | 688 | 401 | |||||
Other | 510 | 378 | |||||
Total non-interest expense | 7,143 | 5,393 | |||||
Income before provision for income taxes | 2,223 | 1,407 | |||||
Provision for income taxes | 883 | 467 | |||||
Net income attributable to common stockholders | $ | 1,340 | $ | 940 | |||
Per share information: | |||||||
Basic earnings | $ | 0.23 | $ | 0.18 | |||
Diluted earnings | $ | 0.23 | $ | 0.18 | |||
Cash dividends paid | $ | — | $ | — |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | 4,366 | $ | 4,706 | $ | 9,072 | $ | 10,212 | ||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
Net unrealized (losses) gains arising during period, net of tax | (5,315) | 1,082 | (12,438) | 596 | ||||||||||||||||||||||
Reclassification adjustment for net gains included in net income, net of tax | — | (26) | — | (26) | ||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (5,315) | 1,056 | (12,438) | 570 | ||||||||||||||||||||||
Comprehensive (loss) income | $ | (949) | $ | 5,762 | $ | (3,366) | $ | 10,782 |
Three Months Ended | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Net income attributable to common stockholders | $ | 1,340 | $ | 940 | |||
Other comprehensive income (loss), net of tax: | |||||||
Securities available for sale | |||||||
Net unrealized losses arising during period | (399 | ) | (1,683 | ) | |||
Reclassification adjustment for gains included in net income | — | 17 | |||||
Other comprehensive loss | (399 | ) | (1,666 | ) | |||
Comprehensive gain (loss) | $ | 941 | $ | (726 | ) |
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | Balance, January 1, 2022 | 10,502,442 | $ | 105 | $ | 119,925 | $ | 50,675 | $ | 161 | $ | 170,866 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 4,706 | — | 4,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (7,123) | (7,123) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | Surrender of restricted shares of common stock | (10,119) | — | (141) | — | — | (141) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted common stock awarded under the equity incentive plan | Restricted common stock awarded under the equity incentive plan | 38,586 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted common stock issued upon achievement of the 2019 performance criteria | Restricted common stock issued upon achievement of the 2019 performance criteria | 11,834 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | Common stock options exercised | 2,500 | — | 20 | — | — | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (18,462) | — | (211) | (77) | — | (288) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | Stock option expense | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | Amortization of restricted stock | — | — | 195 | — | — | 195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.26 per share) | Cash dividends ($0.26 per share) | — | — | — | (2,742) | — | (2,742) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 10,526,781 | 105 | 119,789 | 52,562 | (6,962) | 165,494 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 4,366 | — | 4,366 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (5,315) | (5,315) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | Forfeiture of unvested shares | (866) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted common stock awarded under the equity incentive plan | Restricted common stock awarded under the equity incentive plan | 4,500 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | Stock option expense | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | Amortization of restricted stock | — | — | 197 | — | — | 197 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 10,530,415 | $ | 105 | $ | 119,987 | $ | 56,928 | $ | (12,277) | $ | 164,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 1, 2017 | 5,888,816 | $ | 59 | $ | 63,383 | $ | 10,764 | $ | (456 | ) | $ | (267 | ) | $ | 73,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 1,340 | 1,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (399 | ) | (399 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (10,410 | ) | (104 | ) | 104 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock awarded under the equity incentive plan | 4,000 | 55 | (55 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 1,250 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock canceled/retired Wells ESOP | (53 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | 6 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | 16 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.16 per share) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 5,883,603 | $ | 59 | $ | 63,348 | $ | 12,104 | $ | (391 | ) | $ | (666 | ) | $ | 74,454 |
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | 11,056,349 | $ | 111 | $ | 126,154 | $ | 32,809 | $ | 1,490 | $ | 160,564 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 5,506 | — | 5,506 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (486) | (486) | |||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (1,500) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (895) | — | (10) | — | — | (10) | |||||||||||||||||||||||||||||||||||||||||
Restricted common stock awarded under the equity incentive plan | 64,399 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (224,481) | (2) | (2,552) | (21) | — | (2,575) | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 3 | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | 171 | — | — | 171 | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.23 per share) | — | — | — | (2,511) | — | (2,511) | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 10,893,872 | 109 | 123,766 | 35,783 | 1,004 | 160,662 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 4,706 | — | 4,706 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 1,056 | 1,056 | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (1,149) | — | (15) | — | — | (15) | |||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 2,000 | — | 17 | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (198,648) | (2) | (2,260) | (372) | — | (2,634) | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | 222 | — | — | 222 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 10,696,075 | 107 | 121,732 | 40,117 | 2,060 | 164,016 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 4,997 | — | 4,997 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | (828) | (828) | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (222) | — | (3) | — | — | (3) | |||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 3,800 | — | 35 | — | — | 35 | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (180,768) | (2) | (2,058) | (454) | — | (2,514) | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | 393 | — | — | 393 | |||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | 10,518,885 | 105 | 120,101 | 44,660 | 1,232 | 166,098 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 6,057 | — | 6,057 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | (1,071) | (1,071) | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (143) | — | (2) | — | — | (2) | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (16,300) | — | (186) | (42) | — | (228) | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | 11 | — | — | 11 | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 10,502,442 | $ | 105 | $ | 119,925 | $ | 50,675 | $ | 161 | $ | 170,866 |
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income attributable to common stockholders | $ | 9,072 | $ | 10,212 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Premium amortization, net of discount accretion on investment securities | 57 | 32 | |||||||||
Depreciation expense | 1,163 | 1,092 | |||||||||
Provision for loan losses | 400 | — | |||||||||
Net realized loss (gain) on equity securities | 113 | (236) | |||||||||
Net realized gain on debt securities | — | (36) | |||||||||
Increase in mortgage servicing rights resulting from transfers of financial assets | (227) | (601) | |||||||||
Mortgage servicing rights amortization and impairment, net | (132) | (9) | |||||||||
Amortization of intangible assets | 798 | 798 | |||||||||
Amortization of restricted stock | 392 | 393 | |||||||||
Net stock based compensation expense | 2 | 5 | |||||||||
Loss on sale of office properties and equipment | — | 26 | |||||||||
Decrease in deferred income taxes | 676 | 420 | |||||||||
Increase in cash surrender value of life insurance | (310) | (307) | |||||||||
Net gain from disposals of foreclosed and repossessed assets | (9) | (146) | |||||||||
Gain on sale of loans held for sale, net | (1,136) | (3,117) | |||||||||
New market tax credit depletion | 325 | — | |||||||||
Net change in: | |||||||||||
Loans held for sale | 6,634 | 3,083 | |||||||||
Accrued interest receivable and other assets | 388 | 662 | |||||||||
Other liabilities | (1,759) | (1,998) | |||||||||
Total adjustments | 7,375 | 61 | |||||||||
Net cash provided by operating activities | 16,447 | 10,273 | |||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in other interest bearing deposits | 6 | 2,240 | |||||||||
Purchase of available for sale securities | (5,760) | (117,256) | |||||||||
Proceeds from principal payments of available for sale securities | 14,577 | 18,589 | |||||||||
Purchase of held to maturity securities | (35,342) | (20,543) | |||||||||
Proceeds from principal payments and maturities of held to maturity securities | 7,204 | 4,455 | |||||||||
Purchase of equity investments | (150) | — | |||||||||
Net sales of other investments | 406 | 121 | |||||||||
Proceeds from sales of foreclosed and repossessed assets | 38 | 360 | |||||||||
Net (increase) decrease in loans | (36,445) | 55,742 | |||||||||
Net capital expenditures | (1,583) | (1,181) | |||||||||
Proceeds from disposal of office properties and equipment | — | 10 | |||||||||
New market tax credit investment | (4,056) | — | |||||||||
Net cash used in investing activities | (61,105) | (57,463) |
Three Months Ended | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income attributable to common stockholders | $ | 1,340 | $ | 940 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Net amortization of premium/discount on securities | 209 | 244 | |||||
Depreciation | 235 | 282 | |||||
Provision for loan losses | 100 | — | |||||
Net realized gain on sale of securities | — | (29 | ) | ||||
Amortization of intangible assets | 162 | 43 | |||||
Amortization of restricted stock | 16 | 16 | |||||
Stock based compensation expense | 6 | 8 | |||||
Loss on sale of office properties | — | 2 | |||||
Provision for deferred income taxes | — | 412 | |||||
Net loss from disposals of foreclosed properties | 13 | 10 | |||||
Decrease (increase) in accrued interest receivable and other assets | 250 | (3,859 | ) | ||||
Increase (decrease) in other liabilities | 435 | (368 | ) | ||||
Total adjustments | 1,426 | (3,239 | ) | ||||
Net cash provided by (used in) operating activities | 2,766 | (2,299 | ) | ||||
Cash flows from investing activities: | |||||||
Purchase of investment securities | (3,311 | ) | (15,739 | ) | |||
Net decrease in interest-bearing deposits | 993 | — | |||||
Proceeds from sale of securities available for sale | — | 10,644 | |||||
Principal payments on investment securities | 2,009 | 1,525 | |||||
Proceeds from sale of non-marketable equity securities | 56 | — | |||||
Purchase of non-marketable equity securities | (915 | ) | (331 | ) | |||
Proceeds from sale of foreclosed properties | 542 | 270 | |||||
Net decrease in loans | 1,795 | 24,820 | |||||
Net capital expenditures | (550 | ) | (118 | ) | |||
Net cash received from sale of office properties | — | 7 | |||||
Net cash provided by investing activities | 619 | 21,078 | |||||
Cash flows from financing activities: | |||||||
Net increase in Federal Home Loan Bank advances | 4,000 | 14,200 | |||||
Decrease in other borrowings | (420 | ) | — | ||||
Net decrease in deposits | (1,435 | ) | (22,565 | ) | |||
Exercise of common stock options | 9 | — | |||||
Common stock canceled/retired Wells ESOP | (1 | ) | — | ||||
Repurchase shares of common stock | — | (16 | ) | ||||
Net cash provided by (used in) financing activities | 2,153 | (8,381 | ) | ||||
Net increase in cash and cash equivalents | 5,538 | 10,398 | |||||
Cash and cash equivalents at beginning of period | 41,677 | 10,046 | |||||
Cash and cash equivalents at end of period | $ | 47,215 | $ | 20,444 |
Cash flows from financing activities: | |||||||||||
Federal Home Loan Bank advances | 44,000 | — | |||||||||
Amortization of fair value adjustments for acquired Federal Home Loan Bank advances | 3 | (2) | |||||||||
Federal Home Loan Bank advance call payments | (27,500) | — | |||||||||
Federal Home Loan Bank advance termination payments | (15,015) | (8,102) | |||||||||
Federal Home Loan Bank maturities | (11,000) | (4,000) | |||||||||
Amortization of debt issuance costs | 107 | 52 | |||||||||
Proceeds from other borrowings, net of origination costs | 34,197 | — | |||||||||
Other borrowings principal reductions | (5,606) | — | |||||||||
Net increase in deposits | 12,675 | 75,970 | |||||||||
Repurchase shares of common stock | (288) | (5,209) | |||||||||
Surrender of restricted shares of common stock | (141) | (25) | |||||||||
Common stock options exercised | 20 | 17 | |||||||||
Cash dividends paid | (2,742) | (2,511) | |||||||||
Net cash provided by financing activities | 28,710 | 56,190 | |||||||||
Net (decrease) increase in cash and cash equivalents | (15,948) | 9,000 | |||||||||
Cash and cash equivalents at beginning of period | 47,691 | 119,440 | |||||||||
Cash and cash equivalents at end of period | $ | 31,743 | $ | 128,440 |
Supplemental cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest on deposits | $ | 1,245 | $ | 1,091 | |||
Interest on borrowings | $ | 577 | $ | 264 | |||
Income taxes | $ | — | $ | 2 | |||
Supplemental noncash disclosure: | |||||||
Transfers from loans receivable to foreclosed and repossessed assets | $ | 125 | $ | 288 |
Supplemental cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest on deposits | $ | 2,121 | $ | 3,309 | |||||||
Interest on borrowings | $ | 2,148 | $ | 2,307 | |||||||
Income taxes | $ | 1,880 | $ | 3,340 | |||||||
Supplemental noncash disclosure: | |||||||||||
Transfers from loans receivable to other real estate owned ("OREO") | $ | 65 | $ | 45 | |||||||
Available for sale securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
U.S. government agency obligations | $ | 21,677 | $ | 331 | $ | 146 | $ | 21,862 | |||||||||||||||
Mortgage-backed securities | 103,093 | 2 | 13,735 | 89,360 | |||||||||||||||||||
Corporate debt securities | 37,084 | — | 2,074 | 35,010 | |||||||||||||||||||
Corporate asset-based securities | 32,148 | — | 1,312 | 30,836 | |||||||||||||||||||
Total available for sale securities | $ | 194,002 | $ | 333 | $ | 17,267 | $ | 177,068 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
U.S. government agency obligations | $ | 25,826 | $ | 440 | $ | 1 | $ | 26,265 | |||||||||||||||
Obligations of states and political subdivisions | 140 | — | — | 140 | |||||||||||||||||||
Mortgage-backed securities | 107,636 | 409 | 878 | 107,167 | |||||||||||||||||||
Corporate debt securities | 35,342 | 403 | 157 | 35,588 | |||||||||||||||||||
Corporate asset-based securities | 33,902 | 133 | 127 | 33,908 | |||||||||||||||||||
Total available for sale securities | $ | 202,846 | $ | 1,385 | $ | 1,163 | $ | 203,068 |
Available for sale securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
December 31, 2017 | |||||||||||||||
U.S. government agency obligations | $ | 18,098 | $ | 19 | $ | 526 | $ | 17,591 | |||||||
Obligations of states and political subdivisions | 35,519 | 135 | 240 | 35,414 | |||||||||||
Mortgage-backed securities | 38,490 | 79 | 549 | 38,020 | |||||||||||
Agency securities | 147 | 89 | 2 | 234 | |||||||||||
Corporate debt securities | 5,393 | — | 104 | 5,289 | |||||||||||
Total available for sale securities | $ | 97,647 | $ | 322 | $ | 1,421 | $ | 96,548 | |||||||
September 30, 2017 | |||||||||||||||
U.S. government agency obligations | $ | 18,454 | $ | 35 | $ | 448 | $ | 18,041 | |||||||
Obligations of states and political subdivisions | 35,656 | 270 | 131 | 35,795 | |||||||||||
Mortgage-backed securities | 36,661 | 124 | 311 | 36,474 | |||||||||||
Agency Securities | 147 | 83 | — | 230 | |||||||||||
Corporate debt securities | 5,410 | — | 67 | 5,343 | |||||||||||
Total available for sale securities | $ | 96,328 | $ | 512 | $ | 957 | $ | 95,883 |
Held to maturity securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 600 | $ | — | $ | 39 | $ | 561 | |||||||||||||||
Mortgage-backed securities | 98,649 | 14 | 14,436 | 84,227 | |||||||||||||||||||
Total held to maturity securities | $ | 99,249 | $ | 14 | $ | 14,475 | $ | 84,788 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 4,600 | $ | — | $ | 7 | $ | 4,593 | |||||||||||||||
Mortgage-backed securities | 66,541 | 104 | 2,061 | 64,584 | |||||||||||||||||||
Total held to maturity securities | $ | 71,141 | $ | 104 | $ | 2,068 | $ | 69,177 |
Held to maturity securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
December 31, 2017 | |||||||||||||||
Obligations of states and political subdivisions | $ | 1,310 | $ | 1 | $ | 2 | $ | 1,309 | |||||||
Mortgage-backed securities | 3,917 | 100 | 5 | 4,012 | |||||||||||
Total held to maturity securities | $ | 5,227 | $ | 101 | $ | 7 | $ | 5,321 | |||||||
September 30, 2017 | |||||||||||||||
Obligations of states and political subdivisions | $ | 1,311 | $ | 17 | $ | — | $ | 1,328 | |||||||
Mortgage-backed securities | 4,142 | 136 | 1 | 4,277 | |||||||||||
Total held to maturity securities | $ | 5,453 | $ | 153 | $ | 1 | $ | 5,605 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Available for sale securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | 140 | $ | 140 | |||||||||||||||
Due after one year through five years | 4,663 | 4,466 | 4,903 | 4,971 | |||||||||||||||||||
Due after five years through ten years | 41,770 | 39,907 | 40,410 | 40,818 | |||||||||||||||||||
Due after ten years | 44,476 | 43,335 | 49,757 | 49,972 | |||||||||||||||||||
Total securities with contractual maturities | $ | 90,909 | $ | 87,708 | $ | 95,210 | $ | 95,901 | |||||||||||||||
Mortgage-backed securities | 103,093 | 89,360 | 107,636 | 107,167 | |||||||||||||||||||
Total available for sale securities | $ | 194,002 | $ | 177,068 | $ | 202,846 | $ | 203,068 |
December 31, 2017 | September 30, 2017 | ||||||||||||
Available for sale securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||
Due in one year or less | $ | 299 | $ | 299 | $ | 160 | $ | 160 | |||||
Due after one year through five years | 15,377 | 15,291 | 15,008 | 15,056 | |||||||||
Due after five years through ten years | 30,427 | 29,983 | 30,586 | 30,330 | |||||||||
Due after ten years | 12,907 | 12,721 | 13,766 | 13,633 | |||||||||
$ | 59,010 | $ | 58,294 | $ | 59,520 | $ | 59,179 | ||||||
Mortgage backed securities | 38,490 | 38,020 | 36,661 | 36,474 | |||||||||
Securities without contractual maturities | 147 | 234 | 147 | 230 | |||||||||
Total available for sale securities | $ | 97,647 | $ | 96,548 | $ | 96,328 | $ | 95,883 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Held to maturity securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due after one year through five years | $ | 450 | $ | 425 | $ | 4,300 | $ | 4,298 | |||||||||||||||
Due after five years through ten years | 150 | 136 | 300 | 295 | |||||||||||||||||||
Total securities with contractual maturities | 600 | 561 | 4,600 | 4,593 | |||||||||||||||||||
Mortgage-backed securities | 98,649 | 84,227 | 66,541 | 64,584 | |||||||||||||||||||
Total held to maturity securities | $ | 99,249 | $ | 84,788 | $ | 71,141 | $ | 69,177 |
December 31, 2017 | September 30, 2017 | ||||||||||||
Held to maturity securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||
Due after one year through five years | $ | 1,310 | $ | 1,309 | $ | 1,311 | $ | 1,328 | |||||
Mortgage backed securities | 3,917 | 4,012 | 4,142 | 4,277 | |||||||||
Total held to maturity securities | $ | 5,227 | $ | 5,321 | $ | 5,453 | $ | 5,605 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Available for sale securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | 3,585 | $ | 146 | $ | — | $ | — | $ | 3,585 | $ | 146 | ||||||||||||||||||||||||||
Mortgage-backed securities | 82,467 | 12,384 | 6,786 | 1,351 | 89,253 | 13,735 | ||||||||||||||||||||||||||||||||
Corporate debt securities | 32,433 | 1,901 | 2,577 | 173 | 35,010 | 2,074 | ||||||||||||||||||||||||||||||||
Corporate asset-based securities | 24,899 | 1,085 | 5,937 | 227 | 30,836 | 1,312 | ||||||||||||||||||||||||||||||||
Total | $ | 143,384 | $ | 15,516 | $ | 15,300 | $ | 1,751 | $ | 158,684 | $ | 17,267 | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | 1,169 | $ | 1 | $ | — | $ | — | $ | 1,169 | $ | 1 | ||||||||||||||||||||||||||
Mortgage backed securities | 89,010 | 878 | — | — | 89,010 | 878 | ||||||||||||||||||||||||||||||||
Corporate debt securities | 17,240 | 142 | 735 | 15 | 17,975 | 157 | ||||||||||||||||||||||||||||||||
Corporate asset-based securities | 19,296 | 127 | — | — | 19,296 | 127 | ||||||||||||||||||||||||||||||||
Total | $ | 126,715 | $ | 1,148 | $ | 735 | $ | 15 | $ | 127,450 | $ | 1,163 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Held to maturity securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 561 | $ | 39 | $ | — | $ | — | $ | 561 | $ | 39 | ||||||||||||||||||||||||||
Mortgage-backed securities | 53,014 | 7,353 | 30,939 | 7,083 | 83,953 | 14,436 | ||||||||||||||||||||||||||||||||
Total | $ | 53,575 | $ | 7,392 | $ | 30,939 | $ | 7,083 | $ | 84,514 | $ | 14,475 | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 593 | $ | 7 | $ | — | $ | — | $ | 593 | $ | 7 | ||||||||||||||||||||||||||
Mortgage-backed securities | 46,969 | 1,346 | 14,716 | 715 | 61,685 | 2,061 | ||||||||||||||||||||||||||||||||
Total | $ | 47,562 | $ | 1,353 | $ | 14,716 | $ | 715 | $ | 62,278 | $ | 2,068 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Available for sale securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
U.S. government agency obligations | $ | 3,952 | $ | 35 | $ | 10,976 | $ | 491 | $ | 14,928 | $ | 526 | ||||||||||||
Obligations of states and political subdivisions | 17,702 | 168 | 3,043 | 72 | 20,745 | 240 | ||||||||||||||||||
Mortgage backed securities | 21,934 | 258 | 9,786 | 291 | 31,720 | 549 | ||||||||||||||||||
Agency securities | 41 | 2 | — | — | 41 | 2 | ||||||||||||||||||
Corporate debt securities | 5,289 | 104 | — | — | 5,289 | 104 | ||||||||||||||||||
Total | $ | 48,918 | $ | 567 | $ | 23,805 | $ | 854 | $ | 72,723 | $ | 1,421 | ||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
U.S. government agency obligations | $ | 8,296 | $ | 186 | $ | 6,932 | $ | 262 | $ | 15,228 | $ | 448 | ||||||||||||
Obligations of states and political subdivisions | 8,170 | 62 | 3,701 | 70 | 11,871 | 132 | ||||||||||||||||||
Mortgage backed securities | 14,167 | 96 | 9,753 | 215 | 23,920 | 311 | ||||||||||||||||||
Corporate debt securities | 5,343 | 67 | — | — | 5,343 | 67 | ||||||||||||||||||
Total | $ | 35,976 | $ | 411 | $ | 20,386 | $ | 547 | $ | 56,362 | $ | 958 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Held to maturity securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,133 | $ | 1 | $ | 140 | $ | 1 | $ | 1,273 | $ | 2 | ||||||||||||
Mortgage-backed securities | 368 | 5 | — | — | 368 | 5 | ||||||||||||||||||
Total | $ | 1,501 | $ | 6 | $ | 140 | $ | 1 | $ | 1,641 | $ | 7 | ||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Mortgage-backed securities | 406 | 1 | — | — | 406 | 1 | ||||||||||||||||||
Total | $ | 406 | $ | 1 | $ | — | $ | — | $ | 406 | $ | 1 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 583,783 | $ | 6,084 | $ | 6,134 | $ | — | $ | — | $ | 596,001 | ||||||||||||||||||||||||||
Agricultural real estate | 55,382 | 406 | 1,535 | — | — | 57,323 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 175,684 | 280 | — | — | — | 175,964 | ||||||||||||||||||||||||||||||||
Construction and land development | 113,974 | — | 43 | — | — | 114,017 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 112,171 | 10,448 | 1,494 | — | — | 124,113 | ||||||||||||||||||||||||||||||||
Agricultural operating | 18,230 | 52 | 2,005 | — | — | 20,287 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 63,266 | — | 2,441 | — | — | 65,707 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 3,419 | — | — | — | — | 3,419 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 12,651 | — | 85 | — | — | 12,736 | ||||||||||||||||||||||||||||||||
Other consumer | 7,416 | — | 56 | — | — | 7,472 | ||||||||||||||||||||||||||||||||
Total originated loans before SBA PPP loans | 1,145,976 | 17,270 | 13,793 | — | — | 1,177,039 | ||||||||||||||||||||||||||||||||
SBA PPP loans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total originated loans | $ | 1,145,976 | $ | 17,270 | $ | 13,793 | $ | — | $ | — | $ | 1,177,039 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 104,436 | $ | — | $ | 2,480 | $ | — | $ | — | $ | 106,916 | ||||||||||||||||||||||||||
Agricultural real estate | 17,581 | — | 2,903 | — | — | 20,484 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 3,965 | — | — | — | — | 3,965 | ||||||||||||||||||||||||||||||||
Construction and land development | 1,035 | — | 136 | — | — | 1,171 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 14,647 | 4 | 238 | — | — | 14,889 | ||||||||||||||||||||||||||||||||
Agricultural operating | 4,125 | — | 57 | — | — | 4,182 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 21,798 | — | 1,070 | — | — | 22,868 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Other consumer | 310 | — | 3 | — | — | 313 | ||||||||||||||||||||||||||||||||
Total acquired loans | $ | 167,897 | $ | 4 | $ | 6,887 | $ | — | $ | — | $ | 174,788 | ||||||||||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 688,219 | $ | 6,084 | $ | 8,614 | $ | — | $ | — | $ | 702,917 | ||||||||||||||||||||||||||
Agricultural real estate | 72,963 | 406 | 4,438 | — | — | 77,807 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 179,649 | 280 | — | — | — | 179,929 | ||||||||||||||||||||||||||||||||
Construction and land development | 115,009 | — | 179 | — | — | 115,188 | ||||||||||||||||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 126,818 | 10,452 | 1,732 | — | — | 139,002 | ||||||||||||||||||||||||||||||||
Agricultural operating | 22,355 | 52 | 2,062 | — | — | 24,469 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 85,064 | — | 3,511 | — | — | 88,575 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 3,419 | — | — | — | — | 3,419 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 12,651 | — | 85 | — | — | 12,736 | ||||||||||||||||||||||||||||||||
Other consumer | 7,726 | — | 59 | — | — | 7,785 | ||||||||||||||||||||||||||||||||
Gross loans before SBA PPP Loans | 1,313,873 | 17,274 | 20,680 | — | — | 1,351,827 | ||||||||||||||||||||||||||||||||
SBA PPP loans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Gross loans | $ | 1,313,873 | $ | 17,274 | $ | 20,680 | $ | — | $ | — | $ | 1,351,827 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (2,338) | |||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired loans | (2,634) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (16,825) | |||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,330,030 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 572,724 | $ | 667 | $ | 5,004 | $ | — | $ | — | $ | 578,395 | ||||||||||||||||||||||||||
Agricultural real estate | 50,834 | 1,267 | 271 | — | — | 52,372 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 173,760 | 290 | — | — | — | 174,050 | ||||||||||||||||||||||||||||||||
Construction and land development | 75,146 | — | 3,467 | — | — | 78,613 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 107,798 | 57 | 82 | — | — | 107,937 | ||||||||||||||||||||||||||||||||
Agricultural operating | 23,935 | 764 | 1,503 | — | — | 26,202 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 60,754 | — | 3,101 | — | — | 63,855 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 3,706 | — | 165 | — | — | 3,871 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 15,818 | — | 153 | — | — | 15,971 | ||||||||||||||||||||||||||||||||
Other consumer | 8,404 | — | 69 | — | — | 8,473 | ||||||||||||||||||||||||||||||||
Total Originated loans before SBA PPP loans | 1,092,879 | 3,045 | 13,815 | — | — | 1,109,739 | ||||||||||||||||||||||||||||||||
SBA PPP loans | 8,755 | — | — | — | — | 8,755 | ||||||||||||||||||||||||||||||||
Total originated loans | $ | 1,101,634 | $ | 3,045 | $ | 13,815 | $ | — | $ | — | $ | 1,118,494 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 116,839 | $ | 1,314 | $ | 1,917 | $ | — | $ | — | $ | 120,070 | ||||||||||||||||||||||||||
Agricultural real estate | 21,051 | — | 5,072 | — | — | 26,123 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 4,299 | — | — | — | — | 4,299 | ||||||||||||||||||||||||||||||||
Construction and land development | 735 | 172 | — | — | — | 907 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 13,931 | 5 | 294 | — | — | 14,230 | ||||||||||||||||||||||||||||||||
Agricultural operating | 4,936 | — | 450 | — | — | 5,386 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 25,869 | — | 1,266 | — | — | 27,135 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Other consumer | 398 | — | 3 | — | — | 401 | ||||||||||||||||||||||||||||||||
Total acquired loans | $ | 188,058 | $ | 1,491 | $ | 9,002 | $ | — | $ | — | $ | 198,551 | ||||||||||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 689,563 | $ | 1,981 | $ | 6,921 | $ | — | $ | — | $ | 698,465 | ||||||||||||||||||||||||||
Agricultural real estate | 71,885 | 1,267 | 5,343 | — | — | 78,495 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 178,059 | 290 | — | — | — | 178,349 | ||||||||||||||||||||||||||||||||
Construction and land development | 75,881 | 172 | 3,467 | — | — | 79,520 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 121,729 | 62 | 376 | — | — | 122,167 | ||||||||||||||||||||||||||||||||
Agricultural operating | 28,871 | 764 | 1,953 | — | — | 31,588 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 86,623 | — | 4,367 | — | — | 90,990 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 3,706 | — | 165 | — | — | 3,871 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 15,818 | — | 153 | — | — | 15,971 | ||||||||||||||||||||||||||||||||
Other consumer | 8,802 | — | 72 | — | — | 8,874 | ||||||||||||||||||||||||||||||||
Gross loans before SBA PPP loans | 1,280,937 | 4,536 | 22,817 | — | — | 1,308,290 | ||||||||||||||||||||||||||||||||
SBA PPP loans | 8,755 | — | — | — | — | 8,755 | ||||||||||||||||||||||||||||||||
Gross loans | $ | 1,289,692 | $ | 4,536 | $ | 22,817 | $ | — | $ | — | $ | 1,317,045 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (2,482) | |||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired loans | (3,600) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (16,913) | |||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,294,050 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 126,364 | $ | — | $ | 2,032 | $ | — | $ | — | $ | 128,396 | ||||||||||||
Purchased HELOC loans | 16,968 | — | — | — | — | 16,968 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 110,614 | 48 | 153 | — | — | 110,815 | ||||||||||||||||||
Agricultural real estate | 11,019 | 483 | 78 | — | — | 11,580 | ||||||||||||||||||
Multi-family real estate | 30,722 | — | 146 | — | — | 30,868 | ||||||||||||||||||
Construction and land development | 12,682 | — | — | — | — | 12,682 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 79,290 | 8 | 194 | — | — | 79,492 | ||||||||||||||||||
Purchased indirect paper | 26,210 | — | — | — | — | 26,210 | ||||||||||||||||||
Other Consumer | 14,386 | — | 79 | — | — | 14,465 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 39,498 | — | 96 | — | — | 39,594 | ||||||||||||||||||
Agricultural non-real estate | 11,004 | 708 | 937 | — | — | 12,649 | ||||||||||||||||||
Total originated loans | $ | 478,757 | $ | 1,247 | $ | 3,715 | $ | — | $ | — | $ | 483,719 | ||||||||||||
Acquired Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 90,183 | $ | 761 | $ | 1,737 | $ | — | $ | — | $ | 92,681 | ||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 55,831 | 1,737 | 3,260 | — | — | 60,828 | ||||||||||||||||||
Agricultural real estate | 47,860 | 628 | 4,959 | — | — | 53,447 | ||||||||||||||||||
Multi-family real estate | 1,497 | — | 211 | — | — | 1,708 | ||||||||||||||||||
Construction and land development | 6,615 | — | 541 | — | — | 7,156 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Other Consumer | 4,710 | — | 67 | — | — | 4,777 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 17,272 | 423 | 1,534 | — | — | 19,229 | ||||||||||||||||||
Agricultural non-real estate | 10,944 | 25 | 92 | — | — | 11,061 | ||||||||||||||||||
Total acquired loans | $ | 234,912 | $ | 3,574 | $ | 12,401 | $ | — | $ | — | $ | 250,887 | ||||||||||||
Total Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 216,547 | $ | 761 | $ | 3,769 | $ | — | $ | — | $ | 221,077 | ||||||||||||
Purchased HELOC loans | 16,968 | — | — | — | — | 16,968 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 166,445 | 1,785 | 3,413 | — | — | 171,643 | ||||||||||||||||||
Agricultural real estate | 58,879 | 1,111 | 5,037 | — | — | 65,027 | ||||||||||||||||||
Multi-family real estate | 32,219 | — | 357 | — | — | 32,576 | ||||||||||||||||||
Construction and land development | 19,297 | — | 541 | — | — | 19,838 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 79,290 | 8 | 194 | — | — | 79,492 | ||||||||||||||||||
Purchased indirect paper | 26,210 | — | — | — | — | 26,210 | ||||||||||||||||||
Other Consumer | 19,096 | — | 146 | — | — | 19,242 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 56,770 | 423 | 1,630 | — | — | 58,823 | ||||||||||||||||||
Agricultural non-real estate | 21,948 | 733 | 1,029 | — | — | 23,710 | ||||||||||||||||||
Gross loans | $ | 713,669 | $ | 4,821 | $ | 16,116 | $ | — | $ | — | $ | 734,606 | ||||||||||||
Less: | ||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | 1,252 | |||||||||||||||||||||||
Unamortized discount on acquired loans | (4,940 | ) | ||||||||||||||||||||||
Allowance for loan losses | (5,859 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 725,059 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 130,837 | $ | — | $ | 1,543 | $ | — | $ | — | $ | 132,380 | ||||||||||||
Purchased HELOC loans | 18,071 | — | — | — | — | 18,071 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 96,953 | 49 | 153 | — | — | 97,155 | ||||||||||||||||||
Agricultural real estate | 10,051 | 497 | 80 | — | — | 10,628 | ||||||||||||||||||
Multi-family real estate | 24,338 | — | 148 | — | — | 24,486 | ||||||||||||||||||
Construction and land development | 12,399 | — | — | — | — | 12,399 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 85,330 | 8 | 394 | — | — | 85,732 | ||||||||||||||||||
Purchased indirect paper | 29,555 | — | — | — | — | 29,555 | ||||||||||||||||||
Other Consumer | 14,361 | — | 135 | — | — | 14,496 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 35,102 | — | 96 | — | — | 35,198 | ||||||||||||||||||
Agricultural non-real estate | 10,798 | 708 | 987 | — | — | 12,493 | ||||||||||||||||||
Total originated loans | $ | 467,795 | $ | 1,262 | $ | 3,536 | $ | — | $ | — | $ | 472,593 | ||||||||||||
Acquired Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 94,932 | $ | 873 | $ | 1,378 | $ | — | $ | — | $ | 97,183 | ||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 57,795 | 1,814 | 3,198 | — | — | 62,807 | ||||||||||||||||||
Agricultural real estate | 51,516 | 266 | 5,592 | — | — | 57,374 | ||||||||||||||||||
Multi-family real estate | 1,519 | — | 223 | — | — | 1,742 | ||||||||||||||||||
Construction and land development | 6,739 | — | 570 | — | — | 7,309 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Other Consumer | 6,130 | — | 42 | — | — | 6,172 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 18,257 | 372 | 1,424 | — | — | 20,053 | ||||||||||||||||||
Agricultural non-real estate | 11,259 | 28 | 93 | — | — | 11,380 | ||||||||||||||||||
Total acquired loans | $ | 248,147 | $ | 3,353 | $ | 12,520 | $ | — | $ | — | $ | 264,020 | ||||||||||||
Total Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 225,769 | $ | 873 | $ | 2,921 | $ | — | $ | — | $ | 229,563 | ||||||||||||
Purchased HELOC loans | 18,071 | — | — | — | — | 18,071 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 154,748 | 1,863 | 3,351 | — | — | 159,962 | ||||||||||||||||||
Agricultural real estate | 61,567 | 763 | 5,672 | — | — | 68,002 | ||||||||||||||||||
Multi-family real estate | 25,857 | — | 371 | — | — | 26,228 | ||||||||||||||||||
Construction and land development | 19,138 | — | 570 | — | — | 19,708 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 85,330 | 8 | 394 | — | — | 85,732 | ||||||||||||||||||
Purchased indirect paper | 29,555 | — | — | — | — | 29,555 | ||||||||||||||||||
Other Consumer | 20,491 | — | 177 | — | — | 20,668 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 53,359 | 372 | 1,520 | — | — | 55,251 | ||||||||||||||||||
Agricultural non-real estate | 22,057 | 736 | 1,080 | — | — | 23,873 | ||||||||||||||||||
Gross loans | $ | 715,942 | $ | 4,615 | $ | 16,056 | $ | — | $ | — | $ | 736,613 | ||||||||||||
Less: | ||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | 1,471 | |||||||||||||||||||||||
Unamortized discount on acquired loans | (5,089 | ) | ||||||||||||||||||||||
Allowance for loan losses | (5,942 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 727,053 |
Residential Real Estate | Commercial/Agriculture Real Estate | Consumer Non-real Estate | Commercial/Agricultural Non-real Estate | Unallocated | Total | ||||||||||||||||||
Three Months Ended December 31, 2017: | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||
Beginning balance, October 1, 2017 | $ | 1,458 | $ | 2,523 | $ | 936 | $ | 897 | $ | 128 | $ | 5,942 | |||||||||||
Charge-offs | (24 | ) | (1 | ) | (193 | ) | — | — | (218 | ) | |||||||||||||
Recoveries | 13 | — | 22 | — | — | 35 | |||||||||||||||||
Provision | — | 75 | 25 | — | — | 100 | |||||||||||||||||
Allowance allocation adjustment | (8 | ) | 7 | 120 | (17 | ) | (102 | ) | — | ||||||||||||||
Total Allowance on originated loans | $ | 1,439 | $ | 2,604 | $ | 910 | $ | 880 | $ | 26 | $ | 5,859 | |||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||
Other acquired loans | — | — | — | — | — | — | |||||||||||||||||
Total Allowance on acquired loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance, December 31, 2017 | $ | 1,439 | $ | 2,604 | $ | 910 | $ | 880 | $ | 26 | $ | 5,859 | |||||||||||
Allowance for Loan Losses at December 31, 2017: | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 223 | $ | — | $ | 27 | $ | 49 | $ | — | $ | 299 | |||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 1,216 | $ | 2,604 | $ | 883 | $ | 831 | $ | 26 | $ | 5,560 | |||||||||||
Loans Receivable as of December 31, 2017: | — | ||||||||||||||||||||||
Ending balance of originated loans | $ | 145,735 | $ | 165,960 | $ | 121,033 | $ | 52,243 | $ | — | $ | 484,971 | |||||||||||
Ending balance of purchased credit-impaired loans | 570 | 7,223 | — | 3,131 | — | 10,924 | |||||||||||||||||
Ending balance of other acquired loans | 91,028 | 113,163 | 4,725 | 26,107 | — | 235,023 | |||||||||||||||||
Ending balance of loans | $ | 237,333 | $ | 286,346 | $ | 125,758 | $ | 81,481 | $ | — | $ | 730,918 | |||||||||||
Ending balance: individually evaluated for impairment | $ | 5,653 | $ | 213 | $ | 268 | $ | 746 | $ | — | $ | 6,880 | |||||||||||
Ending balance: collectively evaluated for impairment | $ | 231,680 | $ | 286,133 | $ | 125,490 | $ | 80,735 | $ | — | $ | 724,038 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2022 | $ | 12,394 | $ | 2,104 | $ | 460 | $ | 160 | $ | 782 | $ | 15,900 | |||||||||||||||||||||||
Charge-offs | (122) | (247) | (35) | (14) | — | (418) | |||||||||||||||||||||||||||||
Recoveries | 3 | 9 | — | 11 | — | 23 | |||||||||||||||||||||||||||||
Provision | 427 | 44 | 47 | (14) | 44 | 548 | |||||||||||||||||||||||||||||
Total allowance on originated loans | 12,702 | 1,910 | 472 | 143 | 826 | 16,053 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2022 | 789 | 58 | 62 | 9 | — | 918 | |||||||||||||||||||||||||||||
Charge-offs | — | — | (21) | (2) | — | (23) | |||||||||||||||||||||||||||||
Recoveries | — | — | 25 | — | — | 25 | |||||||||||||||||||||||||||||
Provision | (125) | (7) | (18) | 2 | — | (148) | |||||||||||||||||||||||||||||
Total allowance on other acquired loans | 664 | 51 | 48 | 9 | — | 772 | |||||||||||||||||||||||||||||
Total allowance on acquired loans | 664 | 51 | 48 | 9 | — | 772 | |||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | 13,366 | $ | 1,961 | $ | 520 | $ | 152 | $ | 826 | $ | 16,825 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | $ | 12,354 | $ | 1,959 | $ | 518 | $ | 225 | $ | 774 | $ | 15,830 | |||||||||||||||||||||||
Charge-offs | (157) | (310) | (35) | (23) | — | (525) | |||||||||||||||||||||||||||||
Recoveries | 6 | 19 | 1 | 21 | — | 47 | |||||||||||||||||||||||||||||
Provision | 499 | 242 | (12) | (80) | 52 | 701 | |||||||||||||||||||||||||||||
Total allowance on originated loans | 12,702 | 1,910 | 472 | 143 | 826 | 16,053 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | 856 | 69 | 130 | 28 | — | 1,083 | |||||||||||||||||||||||||||||
Charge-offs | — | — | (33) | (2) | — | (35) | |||||||||||||||||||||||||||||
Recoveries | — | — | 25 | — | — | 25 | |||||||||||||||||||||||||||||
Provision | (192) | (18) | (74) | (17) | — | (301) | |||||||||||||||||||||||||||||
Total allowance on other acquired loans | 664 | 51 | 48 | 9 | — | 772 | |||||||||||||||||||||||||||||
Total allowance on acquired loans | 664 | 51 | 48 | 9 | — | 772 | |||||||||||||||||||||||||||||
Ending balance, June 30, 2022 | $ | 13,366 | $ | 1,961 | $ | 520 | $ | 152 | $ | 826 | $ | 16,825 | |||||||||||||||||||||||
Allowance for Loan Losses at June 30, 2022: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 809 | $ | — | $ | 34 | $ | — | $ | — | $ | 843 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 12,557 | $ | 1,961 | $ | 486 | $ | 152 | $ | 826 | $ | 15,982 | |||||||||||||||||||||||
Loans Receivable as of June 30, 2022: | |||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | 943,305 | $ | 144,400 | $ | 69,126 | $ | 20,208 | $ | — | $ | 1,177,039 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | 6,848 | 652 | 985 | — | — | 8,485 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | 125,688 | 18,419 | 21,883 | 313 | — | 166,303 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | 1,075,841 | $ | 163,471 | $ | 91,994 | $ | 20,521 | $ | — | $ | 1,351,827 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 19,305 | $ | 4,375 | $ | 5,955 | $ | 161 | $ | — | $ | 29,796 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,056,536 | $ | 159,096 | $ | 86,039 | $ | 20,360 | $ | — | $ | 1,322,031 |
Residential Real Estate | Commercial/Agriculture Real Estate | Consumer Non-real Estate | Commercial/Agricultural Non-real Estate | Unallocated | Total | ||||||||||||||||||
Three months ended December 31, 2016: | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||
Beginning balance, October 1, 2016 | $ | 2,039 | $ | 1,883 | $ | 1,466 | $ | 652 | $ | 28 | $ | 6,068 | |||||||||||
Charge-offs | (43 | ) | — | (172 | ) | — | — | (215 | ) | ||||||||||||||
Recoveries | 3 | — | 61 | — | — | 64 | |||||||||||||||||
Provision | — | — | — | — | — | — | |||||||||||||||||
Allowance allocation adjustment | (187 | ) | (11 | ) | (17 | ) | 19 | 196 | — | ||||||||||||||
Total Allowance on originated loans | $ | 1,812 | $ | 1,872 | $ | 1,338 | $ | 671 | $ | 224 | $ | 5,917 | |||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||
Other acquired loans | — | — | — | — | — | — | |||||||||||||||||
Total Allowance on acquired loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance, December 31, 2016 | $ | 1,812 | $ | 1,872 | $ | 1,338 | $ | 671 | $ | 224 | $ | 5,917 | |||||||||||
Allowance for Loan Losses at December 31, 2016: | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 399 | $ | — | $ | 46 | $ | 32 | $ | — | $ | 477 | |||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 1,413 | $ | 1,872 | $ | 1,292 | $ | 639 | $ | 224 | $ | 5,440 | |||||||||||
Loans Receivable as of December 31, 2016: | |||||||||||||||||||||||
Ending balance of originated loans | $ | 149,450 | $ | 95,889 | $ | 175,250 | $ | 30,424 | $ | — | $ | 451,013 | |||||||||||
Ending balance of purchased credit-impaired loans | 256 | 2,097 | 4 | 867 | — | 3,224 | |||||||||||||||||
Ending balance of other acquired loans | 24,628 | 53,190 | 600 | 16,249 | — | 94,667 | |||||||||||||||||
Ending balance of loans | $ | 174,334 | $ | 151,176 | $ | 175,854 | $ | 47,540 | $ | — | $ | 548,904 | |||||||||||
Ending balance: individually evaluated for impairment | $ | 4,459 | $ | — | $ | 609 | $ | 179 | $ | — | $ | 5,247 | |||||||||||
Ending balance: collectively evaluated for impairment | $ | 169,875 | $ | 151,176 | $ | 175,245 | $ | 47,361 | $ | — | $ | 543,657 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2021 | $ | 11,109 | $ | 1,633 | $ | 941 | $ | 450 | $ | 895 | $ | 15,028 | |||||||||||||||||||||||
Charge-offs | (51) | — | — | (12) | — | (63) | |||||||||||||||||||||||||||||
Recoveries | 1 | 30 | 2 | 21 | — | 54 | |||||||||||||||||||||||||||||
Provision | (169) | 519 | (172) | (97) | (40) | 41 | |||||||||||||||||||||||||||||
Total allowance on originated loans | 10,890 | 2,182 | 771 | 362 | 855 | 15,060 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, April 1, 2021 | 1,301 | 94 | 388 | 49 | — | 1,832 | |||||||||||||||||||||||||||||
Charge-offs | — | (7) | — | (3) | — | (10) | |||||||||||||||||||||||||||||
Recoveries | — | 3 | 1 | — | — | 4 | |||||||||||||||||||||||||||||
Provision | 167 | (9) | (158) | (41) | — | (41) | |||||||||||||||||||||||||||||
Total allowance on other acquired loans | 1,468 | 81 | 231 | 5 | — | 1,785 | |||||||||||||||||||||||||||||
Total allowance on acquired loans | 1,468 | 81 | 231 | 5 | — | 1,785 | |||||||||||||||||||||||||||||
Ending balance, June 30, 2021 | $ | 12,358 | $ | 2,263 | $ | 1,002 | $ | 367 | $ | 855 | $ | 16,845 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | $ | 10,271 | $ | 2,112 | $ | 1,041 | $ | 489 | $ | 906 | $ | 14,819 | |||||||||||||||||||||||
Charge-offs | (51) | — | — | (37) | — | (88) | |||||||||||||||||||||||||||||
Recoveries | 6 | 38 | 9 | 31 | — | 84 | |||||||||||||||||||||||||||||
Provision | 664 | 32 | (279) | (121) | (51) | 245 | |||||||||||||||||||||||||||||
Total allowance on originated loans | $ | 10,890 | $ | 2,182 | $ | 771 | $ | 362 | $ | 855 | $ | 15,060 | |||||||||||||||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other acquired loans | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | 1,684 | 141 | 335 | 64 | — | 2,224 | |||||||||||||||||||||||||||||
Charge-offs | (200) | (7) | — | (3) | — | (210) | |||||||||||||||||||||||||||||
Recoveries | — | 10 | 2 | 4 | — | 16 | |||||||||||||||||||||||||||||
Provision | (16) | (63) | (106) | (60) | — | (245) | |||||||||||||||||||||||||||||
Total allowance on other acquired loans | 1,468 | 81 | 231 | 5 | — | 1,785 | |||||||||||||||||||||||||||||
Total allowance on acquired loans | 1,468 | 81 | 231 | 5 | — | 1,785 | |||||||||||||||||||||||||||||
Ending balance, June 30, 2021 | $ | 12,358 | $ | 2,263 | $ | 1,002 | $ | 367 | $ | 855 | $ | 16,845 | |||||||||||||||||||||||
Allowance for Loan Losses at June 30, 2021: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 796 | $ | 527 | $ | 144 | $ | — | $ | — | $ | 1,467 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 11,562 | $ | 1,736 | $ | 858 | $ | 367 | $ | 855 | $ | 15,378 | |||||||||||||||||||||||
Loans Receivable as of June 30, 2021 | |||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | 666,866 | $ | 178,722 | $ | 77,914 | $ | 30,673 | $ | — | $ | 954,175 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | 14,069 | 1,252 | 1,115 | — | — | 16,436 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | 163,771 | 23,342 | 32,666 | 648 | — | 220,427 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | 844,706 | $ | 203,316 | $ | 111,695 | $ | 31,321 | $ | — | $ | 1,191,038 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 23,607 | $ | 6,598 | $ | 8,385 | $ | 277 | $ | — | $ | 38,867 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 821,099 | $ | 196,718 | $ | 103,310 | $ | 31,044 | $ | — | $ | 1,152,171 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Allowance for Loan Losses at December 31, 2021: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 797 | $ | 99 | $ | 113 | $ | — | $ | — | $ | 1,009 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 12,413 | $ | 1,929 | $ | 535 | $ | 253 | $ | 774 | $ | 15,904 | |||||||||||||||||||||||
Loans Receivable as of December 31, 2021: | |||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | 883,430 | $ | 142,894 | $ | 67,726 | $ | 24,444 | $ | — | $ | 1,118,494 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | 9,060 | 1,101 | 1,044 | — | — | 11,205 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | 142,339 | 18,515 | 26,091 | 401 | — | 187,346 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | 1,034,829 | $ | 162,510 | $ | 94,861 | $ | 24,845 | $ | — | $ | 1,317,045 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 21,792 | $ | 3,337 | $ | 7,007 | $ | 257 | $ | — | $ | 32,393 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,013,037 | $ | 159,173 | $ | 87,854 | $ | 24,588 | $ | — | $ | 1,284,652 |
Residential Real Estate | Commercial/Agriculture Real Estate Loans | Consumer non-Real Estate | Commercial/Agriculture non-Real Estate | Totals | |||||||||||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2017 | September 30, 2017 | December 31, 2017 | September 30, 2017 | December 31, 2017 | September 30, 2017 | December 31, 2017 | September 30, 2017 | ||||||||||||||||||||||||||||||
Performing loans | |||||||||||||||||||||||||||||||||||||||
Performing TDR loans | $ | 3,076 | $ | 3,085 | $ | 2,143 | $ | 1,890 | $ | 157 | $ | 167 | $ | 561 | $ | 88 | $ | 5,937 | $ | 5,230 | |||||||||||||||||||
Performing loans other | 231,539 | 242,198 | 281,903 | 268,619 | 125,217 | 131,695 | 79,195 | 77,213 | 717,854 | 719,725 | |||||||||||||||||||||||||||||
Total performing loans | 234,615 | 245,283 | 284,046 | 270,509 | 125,374 | 131,862 | 79,756 | 77,301 | 723,791 | 724,955 | |||||||||||||||||||||||||||||
Nonperforming loans (1) | |||||||||||||||||||||||||||||||||||||||
Nonperforming TDR loans | 591 | 593 | 556 | — | 9 | 28 | 170 | — | 1,326 | 621 | |||||||||||||||||||||||||||||
Nonperforming loans other | 2,127 | 1,758 | 1,744 | 3,391 | 375 | 447 | 1,555 | 1,823 | 5,801 | 7,419 | |||||||||||||||||||||||||||||
Total nonperforming loans | 2,718 | 2,351 | 2,300 | 3,391 | 384 | 475 | 1,725 | 1,823 | 7,127 | 8,040 | |||||||||||||||||||||||||||||
Total loans | $ | 237,333 | $ | 247,634 | $ | 286,346 | $ | 273,900 | $ | 125,758 | $ | 132,337 | $ | 81,481 | $ | 79,124 | $ | 730,918 | $ | 732,995 |
Commercial/Agricultural Real Estate Loans | C&I/Agricultural Operating | Residential Mortgage | Consumer Installment | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing TDR loans | $ | 2,050 | $ | 4,618 | $ | 1,182 | $ | 649 | $ | 2,713 | $ | 2,681 | $ | 17 | $ | 36 | $ | 5,962 | $ | 7,984 | |||||||||||||||||||||||||||||||||||||||
Performing loans other | 1,065,304 | 1,021,346 | 161,523 | 160,570 | 87,448 | 90,591 | 20,442 | 24,729 | 1,334,717 | 1,297,236 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total performing loans | 1,067,354 | 1,025,964 | 162,705 | 161,219 | 90,161 | 93,272 | 20,459 | 24,765 | 1,340,679 | 1,305,220 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming TDR loans | 2,177 | 3,389 | 56 | 554 | 516 | 593 | 1 | 3 | 2,750 | 4,539 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans other | 6,310 | 5,476 | 710 | 737 | 1,317 | 996 | 61 | 77 | 8,398 | 7,286 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming loans | 8,487 | 8,865 | 766 | 1,291 | 1,833 | 1,589 | 62 | 80 | 11,148 | 11,825 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,075,841 | $ | 1,034,829 | $ | 163,471 | $ | 162,510 | $ | 91,994 | $ | 94,861 | $ | 20,521 | $ | 24,845 | $ | 1,351,827 | $ | 1,317,045 |
30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Greater Than 89 Days Past Due and Accruing | Total Past Due and Accruing | Nonaccrual Loans | Total Past Due Accruing and Nonaccrual Loans | Current | Total Loans | ||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | 5,275 | $ | 5,275 | $ | 697,642 | $ | 702,917 | |||||||||||||||||||||||||||||||
Agricultural real estate | 78 | — | — | 78 | 3,169 | 3,247 | 74,560 | 77,807 | |||||||||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | — | 179,929 | 179,929 | |||||||||||||||||||||||||||||||||||||||
Construction and land development | — | — | — | — | 43 | 43 | 115,145 | 115,188 | |||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 7 | 8 | — | 15 | 211 | 226 | 138,776 | 139,002 | |||||||||||||||||||||||||||||||||||||||
Agricultural operating | 146 | — | — | 146 | 555 | 701 | 23,768 | 24,469 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,032 | 668 | 712 | 2,412 | 1,122 | 3,534 | 85,041 | 88,575 | |||||||||||||||||||||||||||||||||||||||
Purchased HELOC loans | — | — | — | — | — | — | 3,419 | 3,419 | |||||||||||||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 13 | — | — | 13 | 41 | 54 | 12,682 | 12,736 | |||||||||||||||||||||||||||||||||||||||
Other consumer | 54 | 3 | 2 | 59 | 18 | 77 | 7,708 | 7,785 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,330 | $ | 679 | $ | 714 | $ | 2,723 | $ | 10,434 | $ | 13,157 | $ | 1,338,670 | $ | 1,351,827 | |||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 36 | $ | — | $ | — | $ | 36 | $ | 5,374 | $ | 5,410 | $ | 693,055 | $ | 698,465 | |||||||||||||||||||||||||||||||
Agricultural real estate | 498 | 4 | — | 502 | 3,490 | 3,992 | 74,503 | 78,495 | |||||||||||||||||||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | — | 178,349 | 178,349 | |||||||||||||||||||||||||||||||||||||||
Construction and land development | — | — | — | — | — | — | 79,520 | 79,520 | |||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | 32 | — | 32 | 298 | 330 | 121,837 | 122,167 | |||||||||||||||||||||||||||||||||||||||
SBA PPP loans | — | — | — | — | — | — | 8,755 | 8,755 | |||||||||||||||||||||||||||||||||||||||
Agricultural operating | 1,123 | — | — | 1,123 | 993 | 2,116 | 29,472 | 31,588 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 1,471 | 487 | 156 | 2,114 | 1,268 | 3,382 | 87,608 | 90,990 | |||||||||||||||||||||||||||||||||||||||
Purchased HELOC loans | 117 | — | — | 117 | 165 | 282 | 3,589 | 3,871 | |||||||||||||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 38 | 27 | — | 65 | 55 | 120 | 15,851 | 15,971 | |||||||||||||||||||||||||||||||||||||||
Other consumer | 58 | 10 | 4 | 72 | 22 | 94 | 8,780 | 8,874 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 3,341 | $ | 560 | $ | 160 | $ | 4,061 | $ | 11,665 | $ | 15,726 | $ | 1,301,319 | $ | 1,317,045 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days | Total Past Due | Current | Total Loans | Nonaccrual Loans | Recorded Investment > 89 Days and Accruing | ||||||||||||||||||||||||
December 31, 2017 | |||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||
One to four family | $ | 3,312 | $ | 1,174 | $ | 1,634 | $ | 6,120 | $ | 214,957 | $ | 221,077 | $ | 2,253 | $ | 466 | |||||||||||||||
Purchased HELOC loans | 438 | — | — | 438 | 16,530 | 16,968 | — | — | |||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||
Commercial real estate | 1,530 | — | 103 | 1,633 | 170,010 | 171,643 | 321 | — | |||||||||||||||||||||||
Agricultural real estate | 589 | — | 1,331 | 1,920 | 63,107 | 65,027 | 1,742 | — | |||||||||||||||||||||||
Multi-family real estate | — | — | 146 | 146 | 32,430 | 32,576 | 146 | — | |||||||||||||||||||||||
Construction and land development | 1,963 | 438 | 27 | 2,428 | 17,410 | 19,838 | 91 | — | |||||||||||||||||||||||
Consumer non-real estate: | |||||||||||||||||||||||||||||||
Originated indirect paper | 415 | 19 | 87 | 521 | 78,971 | 79,492 | 81 | 42 | |||||||||||||||||||||||
Purchased indirect paper | 595 | 316 | 211 | 1,122 | 25,088 | 26,210 | — | 211 | |||||||||||||||||||||||
Other Consumer | 199 | 38 | 32 | 269 | 18,973 | 19,242 | 29 | 20 | |||||||||||||||||||||||
Commercial/Agricultural non-real estate: | |||||||||||||||||||||||||||||||
Commercial non-real estate | 488 | — | 96 | 584 | 58,239 | 58,823 | 1,537 | — | |||||||||||||||||||||||
Agricultural non-real estate | 109 | 114 | 91 | 314 | 23,396 | 23,710 | 188 | — | |||||||||||||||||||||||
Total | $ | 9,638 | $ | 2,099 | $ | 3,758 | $ | 15,495 | $ | 719,111 | $ | 734,606 | $ | 6,388 | $ | 739 | |||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||
One to four family | $ | 2,811 | $ | 393 | $ | 1,228 | $ | 4,432 | $ | 225,131 | $ | 229,563 | $ | 2,200 | $ | 151 | |||||||||||||||
Purchased HELOC loans | 250 | — | — | 250 | 17,821 | 18,071 | — | — | |||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||
Commercial real estate | 332 | 70 | 282 | 684 | 159,278 | 159,962 | 572 | — | |||||||||||||||||||||||
Agricultural real estate | 57 | — | 2,405 | 2,462 | 65,540 | 68,002 | 2,723 | 96 | |||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 26,228 | 26,228 | — | — | |||||||||||||||||||||||
Construction and land development | — | — | — | — | 19,708 | 19,708 | — | — | |||||||||||||||||||||||
Consumer non-real estate: | |||||||||||||||||||||||||||||||
Originated indirect paper | 426 | 112 | 123 | 661 | 85,071 | 85,732 | 74 | 80 | |||||||||||||||||||||||
Purchased indirect paper | 601 | 305 | 221 | 1,127 | 28,428 | 29,555 | — | 221 | |||||||||||||||||||||||
Other Consumer | 120 | 79 | 57 | 256 | 20,412 | 20,668 | 76 | 25 | |||||||||||||||||||||||
Commercial/Agricultural non-real estate: | |||||||||||||||||||||||||||||||
Commercial non-real estate | 75 | 23 | 156 | 254 | 54,997 | 55,251 | 1,618 | — | |||||||||||||||||||||||
Agricultural non-real estate | 757 | — | 120 | 877 | 22,996 | 23,873 | 189 | 16 | |||||||||||||||||||||||
Total | $ | 5,429 | $ | 982 | $ | 4,592 | $ | 11,003 | $ | 725,610 | $ | 736,613 | $ | 7,452 | $ | 589 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 13,290 | $ | 13,502 | $ | — | $ | 13,565 | $ | 169 | $ | 15,514 | $ | 305 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 4,246 | 4,375 | — | 5,131 | 32 | 4,961 | 82 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 5,684 | 5,754 | — | 6,066 | 62 | 6,482 | 133 | ||||||||||||||||||||||||||||||||||
Consumer installment | 162 | 161 | — | 186 | 2 | 226 | 4 | ||||||||||||||||||||||||||||||||||
Total | $ | 23,382 | $ | 23,792 | $ | — | $ | 24,948 | $ | 265 | $ | 27,183 | $ | 524 | |||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 5,803 | $ | 5,803 | $ | 809 | $ | 6,142 | $ | 3 | $ | 5,458 | $ | 14 | |||||||||||||||||||||||||||
C&I/Agricultural operating | — | — | — | 219 | — | 276 | 10 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 201 | 201 | 34 | 256 | 1 | 467 | 2 | ||||||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 6,004 | $ | 6,004 | $ | 843 | $ | 6,617 | $ | 4 | $ | 6,202 | $ | 26 | |||||||||||||||||||||||||||
June 30, 2022 Totals: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 19,093 | $ | 19,305 | $ | 809 | $ | 19,707 | $ | 172 | $ | 20,972 | $ | 319 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 4,246 | 4,375 | — | 5,350 | 32 | 5,237 | 92 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 5,885 | 5,955 | 34 | 6,322 | 63 | 6,949 | 135 | ||||||||||||||||||||||||||||||||||
Consumer installment | 162 | 161 | — | 186 | 2 | 227 | 4 | ||||||||||||||||||||||||||||||||||
Total | $ | 29,386 | $ | 29,796 | $ | 843 | $ | 31,565 | $ | 269 | $ | 33,385 | $ | 550 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
December 31, 2017 | |||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 5,338 | $ | 5,338 | $ | — | $ | 4,677 | $ | 242 | |||||||||
Commercial/agriculture real estate | 11,703 | 11,703 | — | 12,164 | 6 | ||||||||||||||
Consumer non-real estate | 127 | 127 | — | 280 | 21 | ||||||||||||||
Commercial/agricultural non-real estate | 5,305 | 5,305 | — | 5,550 | 8 | ||||||||||||||
Total | $ | 22,473 | $ | 22,473 | $ | — | $ | 22,671 | $ | 277 | |||||||||
With An Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 1,556 | $ | 1,556 | $ | 223 | $ | 1,377 | $ | 66 | |||||||||
Commercial/agriculture real estate | — | — | — | — | — | ||||||||||||||
Consumer non-real estate | 141 | 141 | 28 | 205 | — | ||||||||||||||
Commercial/agricultural non-real estate | 96 | 96 | 49 | 60 | — | ||||||||||||||
Total | $ | 1,793 | $ | 1,793 | $ | 300 | $ | 1,642 | $ | 66 | |||||||||
December 31, 2017 Totals: | |||||||||||||||||||
Residential real estate | $ | 6,894 | $ | 6,894 | $ | 223 | $ | 6,054 | $ | 308 | |||||||||
Commercial/agriculture real estate | 11,703 | 11,703 | — | 12,164 | 6 | ||||||||||||||
Consumer non-real estate | 268 | 268 | 28 | 485 | 21 | ||||||||||||||
Commercial/agricultural non-real estate | 5,401 | 5,401 | 49 | 5,610 | 8 | ||||||||||||||
Total | $ | 24,266 | $ | 24,266 | $ | 300 | $ | 24,313 | $ | 343 |
Twelve Months Ended | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 15,521 | $ | 15,905 | $ | — | $ | 19,412 | $ | 964 | |||||||||||||||||||
C&I/Agricultural operating | 3,153 | 3,337 | — | 4,622 | 146 | ||||||||||||||||||||||||
Residential mortgage | 6,221 | 6,306 | — | 7,316 | 316 | ||||||||||||||||||||||||
Consumer installment | 256 | 256 | — | 306 | 85 | ||||||||||||||||||||||||
Total | $ | 25,151 | $ | 25,804 | $ | — | $ | 31,656 | $ | 1,511 | |||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 5,887 | $ | 5,887 | $ | 797 | $ | 4,089 | $ | 62 | |||||||||||||||||||
C&I/Agricultural operating | — | — | 99 | 391 | 84 | ||||||||||||||||||||||||
Residential mortgage | 701 | 701 | 113 | 890 | 17 | ||||||||||||||||||||||||
Consumer installment | 1 | 1 | — | 2 | — | ||||||||||||||||||||||||
Total | $ | 6,589 | $ | 6,589 | $ | 1,009 | $ | 5,372 | $ | 163 | |||||||||||||||||||
December 31, 2021 Totals | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 21,408 | $ | 21,792 | $ | 797 | $ | 23,501 | $ | 1,026 | |||||||||||||||||||
C&I/Agricultural operating | 3,153 | 3,337 | 99 | 5,013 | 230 | ||||||||||||||||||||||||
Residential mortgage | 6,922 | 7,007 | 113 | 8,206 | 333 | ||||||||||||||||||||||||
Consumer installment | 257 | 257 | — | 308 | 85 | ||||||||||||||||||||||||
Total | $ | 31,740 | $ | 32,393 | $ | 1,009 | $ | 37,028 | $ | 1,674 | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 21,872 | $ | 22,416 | $ | — | $ | 20,468 | $ | 252 | $ | 21,413 | $ | 491 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 3,328 | 3,517 | — | 4,626 | 20 | 5,114 | 90 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 7,615 | 7,705 | — | 7,842 | 81 | 8,031 | 161 | ||||||||||||||||||||||||||||||||||
Consumer installment | 277 | 277 | — | 266 | 3 | 296 | 6 | ||||||||||||||||||||||||||||||||||
Total | $ | 33,092 | $ | 33,915 | $ | — | $ | 33,202 | $ | 356 | $ | 34,854 | $ | 748 | |||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 1,191 | $ | 1,191 | $ | 796 | $ | 3,213 | $ | — | $ | 2,905 | $ | 62 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 3,081 | 3,081 | 527 | 1,580 | 41 | 1,314 | 41 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 680 | 680 | 144 | 666 | 7 | 804 | 15 | ||||||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 4,952 | $ | 4,952 | $ | 1,467 | $ | 5,459 | $ | 48 | $ | 5,024 | $ | 118 | |||||||||||||||||||||||||||
June 30, 2021 Totals: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | 23,063 | $ | 23,607 | $ | 796 | $ | 23,681 | $ | 252 | $ | 24,318 | $ | 553 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 6,409 | 6,598 | 527 | 6,206 | 61 | 6,428 | 131 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 8,295 | 8,385 | 144 | 8,508 | 88 | 8,835 | 176 | ||||||||||||||||||||||||||||||||||
Consumer installment | 277 | 277 | — | 266 | 3 | 297 | 6 | ||||||||||||||||||||||||||||||||||
Total | $ | 38,044 | $ | 38,867 | $ | 1,467 | $ | 38,661 | $ | 404 | $ | 39,878 | $ | 866 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
September 30, 2017 | |||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 4,015 | $ | 4,015 | $ | — | $ | 3,440 | $ | 9 | |||||||||
Commercial/agriculture real estate | 12,626 | 12,626 | — | 4,460 | 2 | ||||||||||||||
Consumer non-real estate | 433 | 433 | — | 340 | 16 | ||||||||||||||
Commercial/agricultural non-real estate | 5,795 | 5,795 | — | 2,628 | 11 | ||||||||||||||
Total | $ | 22,869 | $ | 22,869 | $ | — | $ | 10,868 | $ | 38 | |||||||||
With An Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 1,198 | $ | 1,198 | $ | 214 | $ | 1,545 | $ | 2 | |||||||||
Commercial/agriculture real estate | — | — | — | — | — | ||||||||||||||
Consumer non-real estate | 269 | 269 | 65 | 306 | — | ||||||||||||||
Commercial/agricultural non-real estate | 23 | 23 | 23 | 101 | — | ||||||||||||||
Total | $ | 1,490 | $ | 1,490 | $ | 302 | $ | 1,952 | $ | 2 | |||||||||
September 30, 2016 Totals: | |||||||||||||||||||
Residential real estate | $ | 5,213 | $ | 5,213 | $ | 214 | $ | 4,985 | $ | 11 | |||||||||
Commercial/agriculture real estate | 12,626 | 12,626 | — | 4,460 | 2 | ||||||||||||||
Consumer non-real estate | 702 | 702 | 65 | 646 | 16 | ||||||||||||||
Commercial/agricultural non-real estate | 5,818 | 5,818 | 23 | 2,729 | 11 | ||||||||||||||
Total | $ | 24,359 | $ | 24,359 | $ | 302 | $ | 12,820 | $ | 40 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Troubled debt restructure loans: | ||||||||||||||
Accrual status | $ | 6,163 | $ | 7,984 | ||||||||||
Non-accrual status | 2,549 | 4,539 | ||||||||||||
Total | $ | 8,712 | $ | 12,523 |
December 31, 2017 | September 30, 2017 | |||||||
Troubled debt restructure loans: | ||||||||
Accrual status | $ | 5,936 | $ | 5,230 | ||||
Non-accrual status | 1,327 | 621 | ||||||
Total | $ | 7,263 | $ | 5,851 |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 1 | $ | — | $ | — | $ | 425 | $ | — | $ | 425 | $ | 425 | $ | — | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 2 | — | — | 446 | — | 446 | 446 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 2 | 32 | — | — | — | 32 | 32 | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | 5 | $ | 32 | $ | — | $ | 871 | $ | — | $ | 903 | $ | 903 | $ | — |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 5 | $ | 1,241 | $ | — | $ | 425 | $ | — | $ | 1,666 | $ | 1,666 | $ | — | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 3 | — | — | 596 | — | 596 | 596 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 6 | 63 | — | 507 | — | 570 | 570 | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | 14 | $ | 1,304 | $ | — | $ | 1,528 | $ | — | $ | 2,832 | $ | 2,832 | $ | — |
Number of Contracts | Modified Rate | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | ||||||||||||||||||||||||
Three months ended December 31, 2017 | |||||||||||||||||||||||||||||||
TDRs: | |||||||||||||||||||||||||||||||
Residential real estate | 1 | $ | — | $ | — | $ | 22 | $ | — | $ | 22 | $ | 22 | $ | — | ||||||||||||||||
Commercial/Agricultural real estate | 4 | — | 410 | 259 | 146 | 815 | 815 | — | |||||||||||||||||||||||
Consumer non-real estate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial/Agricultural non-real estate | 4 | — | 84 | 471 | 88 | 643 | 643 | — | |||||||||||||||||||||||
Totals | 9 | $ | — | $ | 494 | $ | 752 | $ | 234 | $ | 1,480 | $ | 1,480 | $ | — |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 1 | — | — | 18 | — | 18 | 18 | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | 2 | $ | 1 | $ | — | $ | 18 | $ | — | $ | 19 | $ | 19 | $ | — |
Number of Contracts | Modified Rate | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | ||||||||||||||||||||||||
Year ended September 30, 2017 | |||||||||||||||||||||||||||||||
TDRs: | |||||||||||||||||||||||||||||||
Residential real estate | 9 | $ | — | $ | — | $ | 679 | $ | 236 | $ | 915 | $ | 915 | $ | 24 | ||||||||||||||||
Commercial/Agricultural real estate | 8 | — | — | 1,822 | 68 | 1,890 | 1,890 | — | |||||||||||||||||||||||
Consumer non-real estate | 4 | — | — | 4 | 28 | 32 | 32 | — | |||||||||||||||||||||||
Commercial/Agricultural non-real estate | 2 | — | — | — | 93 | 93 | 93 | — | |||||||||||||||||||||||
Totals | 23 | $ | — | $ | — | $ | 2,505 | $ | 425 | $ | 2,930 | $ | 2,930 | $ | 24 |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 3 | $ | 39 | $ | 81 | $ | — | $ | — | $ | 120 | $ | 120 | $ | — | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 1 | — | — | 240 | — | 240 | 240 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 2 | 66 | — | 14 | — | 80 | 80 | — | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 2 | 6 | — | 18 | — | 24 | 24 | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | 8 | $ | 111 | $ | 81 | $ | 272 | $ | — | $ | 464 | $ | 464 | $ | — |
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/Agricultural real estate | 18 | $ | 4,226 | 25 | $ | 8,298 | ||||||||||||||||||||
C&I/Agricultural operating | 6 | 1,238 | 10 | 4,469 | ||||||||||||||||||||||
Residential mortgage | 42 | 3,230 | 48 | 3,774 | ||||||||||||||||||||||
Consumer installment | 4 | 18 | 8 | 56 | ||||||||||||||||||||||
Total troubled debt restructurings | 70 | $ | 8,712 | 91 | $ | 16,597 |
December 31, 2017 | September 30, 2017 | ||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||
Troubled debt restructurings: | |||||||||||||
Residential real estate | 33 | $ | 3,667 | 32 | $ | 3,678 | |||||||
Commercial/Agricultural real estate | 12 | 2,699 | 8 | 1,890 | |||||||||
Consumer non-real estate | 19 | 166 | 20 | 195 | |||||||||
Commercial/Agricultural non-real estate | 6 | 731 | 2 | 88 | |||||||||
Total troubled debt restructurings | 70 | $ | 7,263 | 62 | $ | 5,851 |
December 31, 2017 | September 30, 2017 | ||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||
Troubled debt restructurings: | |||||||||||||
Residential real estate | 4 | $ | 591 | 4 | $ | 593 | |||||||
Commercial/Agricultural real estate | 2 | 556 | — | — | |||||||||
Consumer non-real estate | 2 | 9 | 3 | 28 | |||||||||
Commercial/Agricultural non-real estate | 2 | 171 | — | — | |||||||||
Total troubled debt restructurings | 10 | $ | 1,327 | 7 | $ | 621 |
Three Months Ended | ||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/Agricultural real estate | — | $ | — | — | $ | — | ||||||||||||||||||||
C&I/Agricultural operating | — | — | — | — | ||||||||||||||||||||||
Residential mortgage | — | — | — | — | ||||||||||||||||||||||
Consumer installment | — | — | — | — | ||||||||||||||||||||||
Total troubled debt restructurings | — | $ | — | — | $ | — |
Six Months Ended | ||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/Agricultural real estate | — | $ | — | — | $ | — | ||||||||||||||||||||
C&I/Agricultural operating | — | — | — | — | ||||||||||||||||||||||
Residential mortgage | — | — | 1 | 19 | ||||||||||||||||||||||
Consumer installment | — | — | — | — | ||||||||||||||||||||||
Total troubled debt restructurings | — | $ | — | 1 | $ | 19 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Accountable for under ASC 310-30 (Purchased Credit Impaired “PCI” loans) | ||||||||||||||
Outstanding balance | $ | 8,485 | $ | 11,205 | ||||||||||
Carrying amount | $ | 8,075 | $ | 10,552 | ||||||||||
Accountable for under ASC 310-20 (non-PCI loans) | ||||||||||||||
Outstanding balance | $ | 166,303 | $ | 187,346 | ||||||||||
Carrying amount | $ | 164,079 | $ | 184,399 | ||||||||||
Total acquired loans | ||||||||||||||
Outstanding balance | $ | 174,788 | $ | 198,551 | ||||||||||
Carrying amount | $ | 172,154 | $ | 194,951 |
December 31, 2017 | |||
Accountable for under ASC 310-30 (Purchased Credit Impaired "PCI" loans) | |||
Outstanding balance | $ | 10,923 | |
Carrying amount | $ | 8,734 | |
Accountable for under ASC 310-20 (non-PCI loans) | |||
Outstanding balance | $ | 239,964 | |
Carrying amount | $ | 237,213 | |
Total acquired loans | |||
Outstanding balance | $ | 250,887 | |
Carrying amount | $ | 245,947 |
Fiscal years ending December 31, | Purchase Accounting Accretable Discount | |||||||
2022 | $ | 366 | ||||||
2023 | 279 | |||||||
2024 | 131 | |||||||
2025 | 96 | |||||||
Total | $ | 872 |
June 30, 2022 | December 31, 2021 | ||||||||||
Balance at beginning of period | $ | 653 | $ | 1,087 | |||||||
Additions to non-accretable difference for acquired purchased credit impaired loans | — | — | |||||||||
Non-accretable difference realized as interest from payoffs of purchased credit impaired loans | (96) | (105) | |||||||||
Transfers from non-accretable difference to accretable discount | (115) | (329) | |||||||||
Non-accretable difference used to reduce loan principal balance | (32) | — | |||||||||
Balance at end of period | $ | 410 | $ | 653 |
December 31, 2017 | |||
Balance at beginning of period | $ | 2,893 | |
Acquisitions | — | ||
Reduction due to unexpected early payoffs | — | ||
Reclass from non-accretable difference | — | ||
Disposals/transfers | — | ||
Accretion | (142 | ) | |
Balance at end of period | $ | 2,751 |
As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Six Months Ended | As of and for the Six Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
Mortgage servicing rights: | ||||||||||||||||||||||||||
Mortgage servicing rights, beginning of period | $ | 4,614 | $ | 5,124 | $ | 4,727 | $ | 5,266 | ||||||||||||||||||
Increase in mortgage servicing rights resulting from transfers of financial assets | 101 | 304 | 227 | 601 | ||||||||||||||||||||||
Amortization during the period | (195) | (464) | (434) | (903) | ||||||||||||||||||||||
Mortgage servicing rights, end of period | 4,520 | 4,964 | 4,520 | 4,964 | ||||||||||||||||||||||
Valuation allowance: | ||||||||||||||||||||||||||
Valuation allowance, beginning of period | — | (1,125) | (566) | (2,014) | ||||||||||||||||||||||
Additions | — | — | — | — | ||||||||||||||||||||||
Recoveries | — | 23 | 566 | 912 | ||||||||||||||||||||||
Valuation allowance, end of period | — | (1,102) | — | (1,102) | ||||||||||||||||||||||
Mortgage servicing rights, net | $ | 4,520 | $ | 3,862 | $ | 4,520 | $ | 3,862 | ||||||||||||||||||
Fair value of mortgage servicing rights; end of period | $ | 5,475 | $ | 3,894 | $ | 5,475 | $ | 3,894 | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, 2017 | September 30, 2017 | |||||||
Balance at beginning of period | $ | 1,886 | $ | — | ||||
MSR asset acquired | — | 1,909 | ||||||
MSRs capitalized | 70 | 13 | ||||||
Amortization during the period | (90 | ) | (36 | ) | ||||
Valuation allowance at end of period | — | — | ||||||
Net book value at end of period | $ | 1,866 | $ | 1,886 | ||||
Fair value of MSR asset at end of period | $ | 2,020 | $ | 1,951 | ||||
Residential mortgage loans serviced for others | $ | 280,947 | $ | 282,392 | ||||
Net book value of MSR asset to loans serviced for others | 0.63 | % | 0.67 | % |
Six Months Ended | ||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
The components of total lease cost were as follows: | ||||||||||||||
Operating lease cost | $ | 279 | $ | 279 | ||||||||||
Variable lease cost | 21 | 17 | ||||||||||||
Total lease cost | $ | 300 | $ | 296 | ||||||||||
The components of total lease income were as follows: | ||||||||||||||
Operating lease income | $ | 17 | $ | 16 | ||||||||||
Supplemental cash flow information related to leases was as follows: | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 278 | $ | 276 | ||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Supplemental balance sheet information related to leases was as follows: | ||||||||||||||
Operating lease right-of-use assets | $ | 1,909 | $ | 2,159 | ||||||||||
Operating lease liabilities | $ | 1,979 | $ | 2,228 | ||||||||||
Weighted average remaining lease term in years; operating leases | 5.17 | 5.55 | ||||||||||||
Weighted average discount rate; operating leases | 2.77 | % | 2.73 | % |
Fiscal years ending December 31, | Payments | Receipts | ||||||
2022 | $ | 280 | $ | 17 | ||||
2023 | 506 | 27 | ||||||
2024 | 419 | 10 | ||||||
2025 | 403 | — | ||||||
2026 | 346 | — | ||||||
Thereafter | 480 | — | ||||||
Total | 2,434 | $ | 54 | |||||
Less: effects of discounting | (455) | |||||||
Lease liability recognized | $ | 1,979 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Non-interest bearing demand deposits | $ | 276,815 | $ | 276,631 | ||||||||||||||||
Interest bearing demand deposits | 401,857 | 396,231 | ||||||||||||||||||
Savings accounts | 239,322 | 222,674 | ||||||||||||||||||
Money market accounts | 328,718 | 288,985 | ||||||||||||||||||
Certificate accounts | 153,498 | 203,014 | ||||||||||||||||||
Total deposits | $ | 1,400,210 | $ | 1,387,535 | ||||||||||||||||
December 31, 2022 | $ | 65,125 | ||||||
December 31, 2023 | 57,325 | |||||||
December 31, 2024 | 17,353 | |||||||
December 31, 2025 | 11,595 | |||||||
December 31, 2026 | 1,502 | |||||||
After December 31, 2026 | 598 | |||||||
Total | $ | 153,498 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Stated Maturity | Amount | Range of Stated Rates | Amount | Range of Stated Rates | ||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (1), (2), (3), (4) | 2022 | $ | 39,000 | 1.61 | % | 1.63 | % | $ | 11,000 | 2.45 | % | 2.45 | % | |||||||||||||||||||||||||||||||
2023 | 10,000 | 1.43 | % | 2.01 | % | 20,000 | 1.43 | % | 1.44 | % | ||||||||||||||||||||||||||||||||||
2024 | 20,530 | 0.00 | % | 1.45 | % | 20,530 | 0.00 | % | 1.45 | % | ||||||||||||||||||||||||||||||||||
2025 | 5,000 | 1.45 | % | 1.45 | % | 5,000 | 1.45 | % | 1.45 | % | ||||||||||||||||||||||||||||||||||
2029 | 27,500 | 1.01 | % | 1.13 | % | 42,500 | 1.00 | % | 1.13 | % | ||||||||||||||||||||||||||||||||||
2030 | — | — | % | — | % | 12,500 | 0.52 | % | 0.86 | % | ||||||||||||||||||||||||||||||||||
Subtotal | 102,030 | 111,530 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired notes | — | (3) | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances, net | $ | 102,030 | $ | 111,527 | ||||||||||||||||||||||||||||||||||||||||
Senior Notes (5) | 2034 | $ | 23,250 | 3.00 | % | 4.00 | % | $ | 28,856 | 3.00 | % | 3.50 | % | |||||||||||||||||||||||||||||||
Subordinated Notes (6) | 2027 | $ | 15,000 | 6.75 | % | 6.75 | % | $ | 15,000 | 6.75 | % | 6.75 | % | |||||||||||||||||||||||||||||||
2030 | 15,000 | 6.00 | % | 6.00 | % | 15,000 | 6.00 | % | 6.00 | % | ||||||||||||||||||||||||||||||||||
2032 | 35,000 | 4.75 | % | 4.75 | % | — | — | % | — | % | ||||||||||||||||||||||||||||||||||
$ | 65,000 | $ | 30,000 | |||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | (1,126) | (430) | ||||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 87,124 | $ | 58,426 | ||||||||||||||||||||||||||||||||||||||||
Totals | $ | 189,154 | $ | 169,953 |
December 31, 2017 | September 30, 2017 | ||||||
Advances from FHLB: | |||||||
Fixed rates | $ | 94,000 | $ | 90,000 | |||
Senior notes: | |||||||
Variable rate due in May 2021 | 10,389 | 10,694 | |||||
Variable rate due in August 2022 | 4,875 | 5,000 | |||||
15,264 | 15,694 | ||||||
Subordinated notes: | |||||||
6.75% due August 2027, variable rate commencing August 2022 | 5,000 | 5,000 | |||||
6.75% due August 2027, variable rate commencing August 2022 | 10,000 | 10,000 | |||||
15,000 | 15,000 | ||||||
Less: unamortized debt issuance costs | (365 | ) | (375 | ) | |||
Total other borrowings | 29,899 | 30,319 | |||||
TOTALS | $ | 123,899 | $ | 120,319 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 213,799 | 14.3 | % | $ | 119,200 | > = | 8.0 | % | $ | 149,000 | > = | 10.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 196,974 | 13.2 | % | $ | 89,400 | > = | 6.0 | % | 119,200 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 196,974 | 13.2 | % | $ | 67,050 | > = | 4.5 | % | 96,850 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 196,974 | 11.4 | % | 69,189 | > = | 4.0 | % | 86,486 | > = | 5.0 | % | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 187,783 | 13.4 | % | $ | 111,694 | > = | 8.0 | % | $ | 139,618 | > = | 10.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 170,870 | 12.2 | % | 83,771 | > = | 6.0 | % | 111,694 | > = | 8.0 | % | |||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 170,870 | 12.2 | % | 62,828 | > = | 4.5 | % | 90,752 | > = | 6.5 | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 170,870 | 10.0 | % | 68,323 | > = | 4.0 | % | 85,403 | > = | 5.0 | % | |||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 224,247 | 15.1 | % | 119,200 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 142,422 | 9.6 | % | 89,400 | > = | 6.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 142,422 | 9.6 | % | 67,050 | > = | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 142,422 | 8.2 | % | 69,189 | > = | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 182,242 | 13.1 | % | $ | 111,694 | > = | 8.0 | % | |||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 135,329 | 9.7 | % | 83,771 | > = | 6.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 135,329 | 9.7 | % | 62,828 | > = | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 135,329 | 7.9 | % | 68,323 | > = | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Fiscal years ending September 30, | |||
2018 | $ | 94,000 | |
2019 | — | ||
2020 | — | ||
2021 | 10,389 | ||
2022 | 4,841 | ||
Thereafter | 14,669 | ||
$ | 123,899 |
Restricted Common Stock Award | ||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Price | Number of Shares | Weighted Average Grant Price | Number of Shares | Weighted Average Grant Price | Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||||||||||||||
Restricted Shares | Restricted Shares | |||||||||||||||||||||||||||||||||||||||
Unvested and outstanding at beginning of fiscal year | 42,378 | $ | 12.07 | 23,159 | $ | 9.59 | ||||||||||||||||||||||||||||||||||
Unvested and outstanding at beginning of year | Unvested and outstanding at beginning of year | 75,630 | $ | 11.20 | 57,242 | $ | 12.23 | |||||||||||||||||||||||||||||||||
Granted | 4,000 | 13.60 | 25,569 | 13.53 | Granted | 43,086 | 14.00 | 64,399 | 10.78 | |||||||||||||||||||||||||||||||
Vested | — | — | (6,350 | ) | 8.88 | Vested | (25,467) | 11.24 | (44,511) | 13.26 | ||||||||||||||||||||||||||||||
Forfeited | (10,410 | ) | 9.97 | — | — | Forfeited | (866) | 11.33 | (1,500) | 10.78 | ||||||||||||||||||||||||||||||
Unvested and outstanding fiscal to date | 35,968 | $ | 12.86 | 42,378 | $ | 12.07 | ||||||||||||||||||||||||||||||||||
Unvested and outstanding at end of period | Unvested and outstanding at end of period | 92,383 | $ | 12.49 | 75,630 | $ | 11.20 |
Common Stock Option Awards | |||||||||||||
Option Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
2018 | |||||||||||||
Outstanding at September 30, 2017 | 146,606 | $ | 9.45 | ||||||||||
Granted | 8,000 | 13.60 | |||||||||||
Exercised | (1,250 | ) | 7.04 | ||||||||||
Forfeited or expired | (26,894 | ) | — | ||||||||||
Outstanding at December 31, 2017 | 126,462 | $ | 9.77 | 6.47 | |||||||||
Exercisable at December 31, 2017 | 56,462 | $ | 7.71 | 3.67 | $ | 327 | |||||||
Fully vested and expected to vest | 126,462 | $ | 9.77 | 6.47 | $ | 596 | |||||||
2017 | |||||||||||||
Outstanding at September 30, 2016 | 140,706 | $ | 8.67 | ||||||||||
Granted | 23,000 | 13.75 | |||||||||||
Exercised | (14,100 | ) | 8.27 | ||||||||||
Forfeited or expired | (3,000 | ) | 11.00 | ||||||||||
Outstanding at September 30, 2017 | 146,606 | $ | 9.45 | 6.68 | |||||||||
Exercisable at September 30, 2017 | 57,712 | $ | 7.70 | 3.89 | $ | 361 | |||||||
Fully vested and expected to vest | 146,606 | $ | 9.45 | 6.68 | $ | 659 |
Option Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term in Years | Aggregate Intrinsic Value | |||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||
Outstanding at beginning of year | 65,900 | $ | 11.20 | |||||||||||||||||||||||
Exercised | (2,500) | 8.00 | ||||||||||||||||||||||||
Forfeited or expired | — | — | ||||||||||||||||||||||||
Outstanding at end of period | 63,400 | $ | 11.33 | 4.27 | $ | 159 | ||||||||||||||||||||
Exercisable at end of period | 59,200 | $ | 11.16 | 4.20 | $ | 158 | ||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Outstanding at beginning of year | 72,300 | $ | 11.05 | |||||||||||||||||||||||
Exercised | (5,800) | 8.99 | ||||||||||||||||||||||||
Forfeited or expired | (600) | 13.76 | ||||||||||||||||||||||||
Outstanding at end of year | 65,900 | $ | 11.20 | 4.61 | $ | 169 | ||||||||||||||||||||
Exercisable at end of year | 61,700 | $ | 11.03 | 4.54 | $ | 169 | ||||||||||||||||||||
Six months ended June 30, 2022 | Twelve months ended December 31, 2021 | |||||||||||||||||||
Intrinsic value of options exercised | $ | 19 | $ | 28 | ||||||||||||||||
Cash received from options exercised | $ | 20 | $ | 52 | ||||||||||||||||
Tax benefit realized from options exercised | $ | — | $ | — |
2018 | 2017 | |||||||
Intrinsic value of options exercised | $ | 9 | $ | 69 | ||||
Cash received from options exercised | $ | 9 | $ | 114 | ||||
Tax benefit realized from options exercised | $ | — | $ | — |
2018 | 2017 | |||||
Dividend yield | 1.18 | % | 1.16 | % | ||
Risk-free interest rate | 2.4 | % | 2.2 | % | ||
Weighted average expected life (years) | 10 | 10 | ||||
Expected volatility | 2.3 | % | 2.4 | % |
Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government agency obligations | $ | 21,862 | $ | — | $ | 21,862 | $ | — | |||||||||||||||
Mortgage-backed securities | 89,360 | — | 89,360 | — | |||||||||||||||||||
Corporate debt securities | 35,010 | — | 35,010 | — | |||||||||||||||||||
Corporate asset-backed securities | 30,836 | — | 30,836 | — | |||||||||||||||||||
Total investment securities | 177,068 | — | 177,068 | — | |||||||||||||||||||
Equity Investments: | |||||||||||||||||||||||
Equity Investments | 285 | 285 | — | — | |||||||||||||||||||
Equity investments measured at NAV(1) | 1,080 | — | — | — | |||||||||||||||||||
Total equity investments | 1,365 | 285 | — | — | |||||||||||||||||||
Total | $ | 178,433 | $ | 285 | $ | 177,068 | $ | — | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government agency obligations | $ | 26,265 | $ | — | $ | 26,265 | $ | — | |||||||||||||||
Obligations of states and political subdivisions | 140 | — | 140 | — | |||||||||||||||||||
Mortgage-backed securities | 107,167 | — | 107,167 | — | |||||||||||||||||||
Corporate debt securities | 35,588 | — | 35,588 | — | |||||||||||||||||||
Corporate asset backed securities | 33,908 | — | 33,908 | — | |||||||||||||||||||
Total investment securities | 203,068 | — | 203,068 | — | |||||||||||||||||||
Equity Investments: | |||||||||||||||||||||||
Equity Investments | 368 | 368 | — | — | |||||||||||||||||||
Equity investments measured at NAV(1) | 960 | — | — | — | |||||||||||||||||||
Total equity investments | 1,328 | 368 | — | — | |||||||||||||||||||
Total | $ | 204,396 | $ | 368 | $ | 203,068 | $ | — | |||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2017 | |||||||||||||||
Investment securities: | |||||||||||||||
U.S. government agency obligations | $ | 17,591 | $ | — | $ | 17,591 | $ | — | |||||||
Obligations of states and political subdivisions | 35,414 | — | 35,414 | — | |||||||||||
Mortgage-backed securities | 38,020 | — | 38,020 | — | |||||||||||
Agency Securities | 234 | — | 234 | — | |||||||||||
Corporate debt securities | 5,289 | — | 5,289 | — | |||||||||||
Total | $ | 96,548 | $ | — | $ | 96,548 | $ | — | |||||||
September 30, 2017 | |||||||||||||||
Investment securities: | |||||||||||||||
U.S. government agency obligations | $ | 18,041 | $ | — | $ | 18,041 | $ | — | |||||||
Obligations of states and political subdivisions | 35,795 | — | 35,795 | — | |||||||||||
Mortgage-backed securities | 36,474 | — | 36,474 | — | |||||||||||
Agency securities | 230 | — | 230 | — | |||||||||||
Corporate debt securities | 5,343 | 5,343 | |||||||||||||
Total | $ | 95,883 | $ | — | $ | 95,883 | $ | — |
Carrying Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 7,031 | $ | — | $ | — | $ | 7,031 | Foreclosed and repossessed assets, net | $ | 1,437 | $ | — | $ | — | $ | 1,437 | |||||||||||||||||||||
Impaired loans with allocated allowances | 1,793 | — | — | 1,793 | Impaired loans with allocated allowances | 5,161 | — | — | 5,161 | |||||||||||||||||||||||||||||
Mortgage servicing rights | 2,020 | — | — | 2,020 | Mortgage servicing rights | 4,520 | — | — | 5,475 | |||||||||||||||||||||||||||||
Total | $ | 10,844 | $ | — | $ | — | $ | 10,844 | Total | $ | 11,118 | $ | — | $ | — | $ | 12,073 | |||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 6,017 | $ | — | $ | — | $ | 6,017 | Foreclosed and repossessed assets, net | $ | 1,408 | $ | — | $ | — | $ | 1,408 | |||||||||||||||||||||
Impaired loans with allocated allowances | 1,490 | — | — | 1,490 | Impaired loans with allocated allowances | 5,580 | — | — | 5,580 | |||||||||||||||||||||||||||||
Mortgage servicing rights | 1,951 | — | — | 1,951 | Mortgage servicing rights | 4,161 | — | — | 4,312 | |||||||||||||||||||||||||||||
Total | $ | 9,458 | $ | — | $ | — | $ | 9,458 | Total | $ | 11,149 | $ | — | $ | — | $ | 11,300 |
Fair Value | Valuation Techniques (1) | Significant Unobservable Inputs (2) | Range | ||||||
December 31, 2017 | |||||||||
Foreclosed and repossessed assets, net | $ | 7,031 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Impaired loans with allocated allowances | $ | 1,793 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Mortgage servicing rights | $ | 2,020 | Discounted cash flows | Discounted rates | 9.5% - 12.5% | ||||
September 30, 2017 | |||||||||
Foreclosed and repossessed assets, net | $ | 6,017 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Impaired loans with allocated allowances | $ | 1,490 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Mortgage servicing rights | $ | 1,951 | Discounted cash flows | Discounted rates | 9.5% - 12.5% |
Fair Value | Valuation Techniques (1) | Significant Unobservable Inputs (2) | Range | ||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,437 | Appraisal value | Estimated costs to sell | 10% - 15% | ||||||||||||||||||
Impaired loans with allocated allowances | $ | 5,161 | Appraisal value | Estimated costs to sell | 10% - 15% | ||||||||||||||||||
Mortgage servicing rights | $ | 5,475 | Discounted cash flows | Discounted rates | 9% - 12% | ||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,408 | Appraisal value | Estimated costs to sell | 10% - 15% | ||||||||||||||||||
Impaired loans with allocated allowances | $ | 5,580 | Appraisal value | Estimated costs to sell | 10% - 15% | ||||||||||||||||||
Mortgage servicing rights | $ | 4,312 | Discounted cash flows | Discounted rates | 9% - 12% |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Valuation Method Used | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | (Level I) | $ | 31,743 | $ | 31,743 | $ | 47,691 | $ | 47,691 | ||||||||||||||||||||
Other interest-bearing deposits | (Level II) | 1,505 | 1,516 | 1,511 | 1,535 | ||||||||||||||||||||||||
Securities available for sale “AFS” | (Level II) | 177,068 | 177,068 | 203,068 | 203,068 | ||||||||||||||||||||||||
Securities held to maturity “HTM” | (Level II) | 99,249 | 84,788 | 71,141 | 69,177 | ||||||||||||||||||||||||
Equity investments | (Level I) | 285 | 285 | 368 | 368 | ||||||||||||||||||||||||
Equity investments valued at NAV(1) | N/A | 1,080 | 1,080 | 960 | 960 | ||||||||||||||||||||||||
Other investments | (Level II) | 14,899 | 14,899 | 15,305 | 15,305 | ||||||||||||||||||||||||
Loans receivable, net | (Level III) | 1,330,030 | 1,310,750 | 1,294,050 | 1,319,293 | ||||||||||||||||||||||||
Loans held for sale - Residential mortgage | (Level I) | 860 | 866 | 1,224 | 1,250 | ||||||||||||||||||||||||
Loans held for sale - SBA | (Level III) | 312 | 330 | 5,446 | 5,776 | ||||||||||||||||||||||||
Mortgage servicing rights | (Level III) | 4,520 | 5,475 | 4,161 | 4,312 | ||||||||||||||||||||||||
Accrued interest receivable | (Level I) | 4,243 | 4,243 | 3,916 | 3,916 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | (Level III) | $ | 1,400,210 | $ | 1,400,585 | $ | 1,387,535 | $ | 1,388,390 | ||||||||||||||||||||
FHLB advances | (Level II) | 102,030 | 101,029 | 111,527 | 113,285 | ||||||||||||||||||||||||
Other borrowings | (Level I) | 87,124 | 87,124 | 58,426 | 58,426 | ||||||||||||||||||||||||
Accrued interest payable | (Level I) | 962 | 962 | 586 | 586 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(Share count in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 4,366 | $ | 4,706 | $ | 9,072 | $ | 10,212 | ||||||||||||||||||
Weighted average common shares outstanding | 10,530 | 10,778 | 10,528 | 10,879 | ||||||||||||||||||||||
Basic earnings per share | $ | 0.41 | $ | 0.44 | $ | 0.86 | $ | 0.94 | ||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 4,366 | $ | 4,706 | $ | 9,072 | $ | 10,212 | ||||||||||||||||||
Weighted average common shares outstanding | 10,530 | 10,778 | 10,528 | 10,879 | ||||||||||||||||||||||
Add: Dilutive stock options outstanding | 12 | 12 | 13 | 8 | ||||||||||||||||||||||
Average shares and dilutive potential common shares | 10,542 | 10,790 | 10,541 | 10,887 | ||||||||||||||||||||||
Diluted earnings per share | $ | 0.41 | $ | 0.44 | $ | 0.86 | $ | 0.94 | ||||||||||||||||||
Additional common stock option shares that have not been included due to their antidilutive effect | — | 21 | — | 21 |
December 31, 2017 | September 30, 2017 | |||||||||||||||
Valuation Method Used | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | (Level 1) | $ | 47,215 | $ | 47,215 | $ | 41,677 | $ | 41,677 | |||||||
Other interest-bearing deposits | (Level 1) | 7,155 | 7,144 | 8,148 | 8,143 | |||||||||||
Securities available for sale "AFS" | See above | 96,548 | 96,548 | 95,883 | 95,883 | |||||||||||
Securities held to maturity "HTM" | (Level II) | 5,227 | 5,321 | 5,453 | 5,605 | |||||||||||
Non-marketable equity securities, at cost | (Level II) | 8,151 | 8,151 | 7,292 | 7,292 | |||||||||||
Loans receivable, net | (Level III) | 725,059 | 733,582 | 727,053 | 737,119 | |||||||||||
Loans held for sale | (Level II) | 2,179 | 2,179 | 2,334 | 2,334 | |||||||||||
Mortgage servicing rights | (Level III) | 1,866 | 2,020 | 1,886 | 1,951 | |||||||||||
Accrued interest receivable | (Level 1) | 3,189 | 3,189 | 3,291 | 3,291 | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | (Level III) | $ | 741,069 | $ | 744,900 | $ | 742,504 | $ | 746,025 | |||||||
FHLB advances | (Level III) | 94,000 | 93,926 | 90,000 | 89,998 | |||||||||||
Other borrowings | (Level 1) | 29,899 | 29,899 | 30,319 | 30,319 | |||||||||||
Other liabilities | (Level 1) | 3,426 | 3,426 | 4,131 | 4,131 | |||||||||||
Accrued interest payable | (Level 1) | 184 | 184 | 227 | 227 |
Three months ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Benefit (Expense) | Net-of-Tax Amount | Before-Tax Amount | Tax Benefit (Expense) | Net-of-Tax Amount | ||||||||||||||||||||||||||||||
Unrealized losses on securities: | |||||||||||||||||||||||||||||||||||
Net unrealized (losses) gains arising during the period | $ | (7,331) | $ | 2,016 | $ | (5,315) | $ | 1,492 | $ | (410) | $ | 1,082 | |||||||||||||||||||||||
Reclassification adjustment for gains included in net income | — | — | — | (36) | 10 | (26) | |||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (7,331) | $ | 2,016 | $ | (5,315) | $ | 1,456 | $ | (400) | $ | 1,056 |
2017 | 2016 | ||||||||||||||||||||||
Before-Tax Amount | Tax Expense | Net-of-Tax Amount | Before-Tax Amount | Tax Expense | Net-of-Tax Amount | ||||||||||||||||||
Unrealized gains (losses) on securities: | |||||||||||||||||||||||
Net unrealized (losses) gains arising during the period | $ | (654 | ) | $ | 255 | $ | (399 | ) | $ | (2,828 | ) | $ | 1,145 | $ | (1,683 | ) | |||||||
Less: reclassification adjustment for gains included in net income | — | — | — | 29 | (12 | ) | 17 | ||||||||||||||||
Other comprehensive loss | $ | (654 | ) | $ | 255 | $ | (399 | ) | $ | (2,799 | ) | $ | 1,133 | $ | (1,666 | ) |
Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Expense | Net-of-Tax Amount | Before-Tax Amount | Tax Expense | Net-of-Tax Amount | ||||||||||||||||||||||||||||||
Unrealized (losses) gains on securities: | |||||||||||||||||||||||||||||||||||
Net unrealized (losses) gains arising during the period | $ | (17,156) | $ | 4,718 | $ | (12,438) | $ | 820 | $ | (224) | $ | 596 | |||||||||||||||||||||||
Reclassification adjustment for gains included in net income | — | — | — | (36) | 10 | (26) | |||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (17,156) | $ | 4,718 | $ | (12,438) | $ | 784 | $ | (214) | $ | 570 |
Unrealized Gains (Losses) on AFS Securities | Other Accumulated Comprehensive Income (Loss), net of tax | ||||||||||||||||
Beginning Balance, January 1, 2021 | $ | 2,056 | $ | 1,490 | |||||||||||||
Current year-to-date other comprehensive loss | (1,834) | (1,329) | |||||||||||||||
Ending balance, December 31, 2021 | $ | 222 | $ | 161 | |||||||||||||
Current year-to-date other comprehensive loss | (17,156) | (12,438) | |||||||||||||||
Ending balance, June 30, 2022 | $ | (16,934) | $ | (12,277) |
Unrealized Gains (Losses) on Securities | Defined Benefit Plans | Other Accumulated Comprehensive Income (Loss) | |||||||||
Balance, October 1, 2016 | $ | 614 | $ | — | $ | 614 | |||||
Current year-to-date other comprehensive income (loss), net of tax | (881 | ) | — | (881 | ) | ||||||
Ending balance, September 30, 2017 | $ | (267 | ) | $ | — | $ | (267 | ) | |||
Current year-to-date other comprehensive loss, net of tax | (399 | ) | — | (399 | ) | ||||||
Ending balance, December 31, 2017 | $ | (666 | ) | $ | — | $ | (666 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended June 30, 2022 | Six months ended June 30, 2022 | (1) | Affected Line Item on the Statement of Operations | ||||||||||||||||
Unrealized gains and losses | ||||||||||||||||||||
Sale of securities | $ | — | $ | — | Net | |||||||||||||||
Tax | — | — | Provision for income taxes | |||||||||||||||||
Total reclassifications for the period | $ | — | $ | — | Net income attributable to common |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended June 30, 2021 | Six months ended June 30, 2021 | (1) | Affected Line Item on the Statement of Operations | ||||||||||||||||
Unrealized gains and losses | ||||||||||||||||||||
Sale of securities | $ | 36 | $ | 36 | Net gains (losses) on investment securities | |||||||||||||||
Tax effect | (10) | (10) | Provision for income taxes | |||||||||||||||||
Total reclassifications for the period | $ | 26 | $ | 26 | Net income attributable to common stockholders |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income | (1) | Affected Line Item on the Statement of Operations | |||
Unrealized gains and losses | ||||||
Sale of securities | $ | 29 | Net gain on sale of available for sale securities | |||
Tax Effect | (12 | ) | Provision for income taxes | |||
Total reclassifications for the period | $ | 17 | Net income attributable to common shareholders |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income as reported | $ | 1,340 | $ | 940 | |||
EPS - basic, as reported | $ | 0.23 | $ | 0.18 | |||
EPS - diluted, as reported | $ | 0.23 | $ | 0.18 | |||
Cash dividends paid | $ | — | $ | — | |||
Return on average assets (annualized) | 0.57 | % | 0.54 | % | |||
Return on average equity (annualized) | 7.19 | % | 5.81 | % | |||
Efficiency ratio, as reported (1) | 75.46 | % | 79.31 | % |
Three months ended June 30, 2022 | Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Average interest earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 25,195 | $ | 43 | 0.68 | % | $ | 113,561 | $ | 28 | 0.10 | % | |||||||||||||||||||||||
Loans | 1,328,661 | 14,893 | 4.50 | % | 1,186,439 | 13,960 | 4.72 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,509 | 8 | 2.13 | % | 1,754 | 9 | 2.06 | % | |||||||||||||||||||||||||||
Investment securities (1) | 285,332 | 1,593 | 2.23 | % | 283,557 | 1,308 | 1.85 | % | |||||||||||||||||||||||||||
Other investments | 14,969 | 166 | 4.45 | % | 15,020 | 173 | 4.62 | % | |||||||||||||||||||||||||||
Total interest earning assets (1) | $ | 1,655,666 | $ | 16,703 | 4.05 | % | $ | 1,600,331 | $ | 15,478 | 3.88 | % | |||||||||||||||||||||||
Average interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 230,784 | $ | 125 | 0.22 | % | $ | 219,804 | $ | 99 | 0.18 | % | |||||||||||||||||||||||
Demand deposits | 410,468 | 300 | 0.29 | % | 360,314 | 257 | 0.29 | % | |||||||||||||||||||||||||||
Money market | 323,907 | 287 | 0.36 | % | 258,638 | 182 | 0.28 | % | |||||||||||||||||||||||||||
CD’s | 134,338 | 223 | 0.67 | % | 240,224 | 868 | 1.45 | % | |||||||||||||||||||||||||||
IRA’s | 35,701 | 50 | 0.56 | % | 39,970 | 115 | 1.15 | % | |||||||||||||||||||||||||||
Total deposits | $ | 1,135,198 | $ | 985 | 0.35 | % | $ | 1,118,950 | $ | 1,521 | 0.55 | % | |||||||||||||||||||||||
FHLB Advances and other borrowings | 186,050 | 1,451 | 3.13 | % | 171,261 | 1,126 | 2.64 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,321,248 | $ | 2,436 | 0.74 | % | $ | 1,290,211 | $ | 2,647 | 0.82 | % | |||||||||||||||||||||||
Net interest income | $ | 14,267 | $ | 12,831 | |||||||||||||||||||||||||||||||
Interest rate spread | 3.31 | % | 3.06 | % | |||||||||||||||||||||||||||||||
Net interest margin (1) | 3.46 | % | 3.22 | % | |||||||||||||||||||||||||||||||
Average interest earning assets to average interest-bearing liabilities | 1.25 | 1.24 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | ||||||||||||||||
Average interest earning assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 30,848 | $ | 67 | 0.86 | % | $ | 10,238 | $ | 12 | 0.47 | % | |||||||||
Loans | 733,203 | 8,721 | 4.72 | % | 561,519 | 6,530 | 4.61 | % | |||||||||||||
Interest-bearing deposits | 7,714 | 32 | 1.65 | % | 745 | 3 | 1.60 | % | |||||||||||||
Investment securities (1) | 100,737 | 513 | 2.23 | % | 86,617 | 358 | 1.97 | % | |||||||||||||
Non-marketable equity securities, at cost | 7,336 | 79 | 4.27 | % | 5,200 | 45 | 3.43 | % | |||||||||||||
Total interest earning assets | $ | 879,838 | $ | 9,412 | 4.27 | % | $ | 664,319 | $ | 6,948 | 4.19 | % | |||||||||
Average interest-bearing liabilities: | |||||||||||||||||||||
Savings accounts | $ | 96,230 | $ | 22 | 0.09 | % | $ | 43,743 | $ | 17 | 0.15 | % | |||||||||
Demand deposits | 146,838 | 90 | 0.24 | % | 48,989 | 74 | 0.60 | % | |||||||||||||
Money market | 123,459 | 167 | 0.54 | % | 130,057 | 134 | 0.41 | % | |||||||||||||
CD’s | 263,429 | 839 | 1.26 | % | 245,646 | 814 | 1.31 | % | |||||||||||||
IRA’s | 34,992 | 84 | 0.95 | % | 29,000 | 80 | 1.09 | % | |||||||||||||
Total deposits | 664,948 | 1,202 | 0.72 | % | 497,435 | 1,119 | 0.89 | % | |||||||||||||
FHLB Advances and other borrowings | 116,359 | 683 | 2.33 | % | 78,841 | 272 | 1.37 | % | |||||||||||||
Total interest-bearing liabilities | $ | 781,307 | $ | 1,885 | 0.96 | % | $ | 576,276 | $ | 1,391 | 0.96 | % | |||||||||
Net interest income | $ | 7,527 | $ | 5,557 | |||||||||||||||||
Interest rate spread | 3.31 | % | 3.23 | % | |||||||||||||||||
Net interest margin | 3.42 | % | 3.36 | % | |||||||||||||||||
Average interest earning assets to average interest-bearing liabilities | 1.13 | 1.15 |
Six months ended June 30, 2022 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Average interest earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 30,174 | $ | 56 | 0.37 | % | $ | 121,557 | $ | 57 | 0.09 | % | |||||||||||||||||||||||
Loans | 1,316,469 | 28,660 | 4.39 | % | 1,199,925 | 28,477 | 4.79 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,510 | 15 | 2 | % | 2,591 | 29 | 2.26 | % | |||||||||||||||||||||||||||
Investment securities (1) | 286,789 | 3,009 | 2.1 | % | 243,492 | 2,193 | 1.82 | % | |||||||||||||||||||||||||||
Other investments | 15,112 | 339 | 4.52 | % | 15,029 | 342 | 4.59 | % | |||||||||||||||||||||||||||
Total interest earning assets (1) | $ | 1,650,054 | $ | 32,079 | 3.92 | % | $ | 1,582,594 | $ | 31,098 | 3.96 | % | |||||||||||||||||||||||
Average interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 227,687 | $ | 219 | 0.19 | % | $ | 208,787 | $ | 182 | 0.18 | % | |||||||||||||||||||||||
Demand deposits | 410,678 | 517 | 0.25 | % | 345,576 | 507 | 0.30 | % | |||||||||||||||||||||||||||
Money market | 311,524 | 503 | 0.33 | % | 256,391 | 384 | 0.30 | % | |||||||||||||||||||||||||||
CD’s | 147,696 | 687 | 0.94 | % | 253,063 | 1,911 | 1.52 | % | |||||||||||||||||||||||||||
IRA’s | 36,381 | 127 | 0.70 | % | 40,421 | 251 | 1.25 | % | |||||||||||||||||||||||||||
Total deposits | $ | 1,133,966 | $ | 2,053 | 0.37 | % | $ | 1,104,238 | $ | 3,235 | 0.59 | % | |||||||||||||||||||||||
FHLB Advances and other borrowings | 176,139 | 2,592 | 2.97 | % | 175,922 | 2268 | 2.60 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 1,310,105 | $ | 4,645 | 0.71 | % | $ | 1,280,160 | $ | 5,503 | 0.87 | % | |||||||||||||||||||||||
Net interest income | $ | 27,434 | $ | 25,595 | |||||||||||||||||||||||||||||||
Interest rate spread | 3.21 | % | 3.09 | % | |||||||||||||||||||||||||||||||
Net interest margin (1) | 3.35 | % | 3.26 | % | |||||||||||||||||||||||||||||||
Average interest earning assets to average interest bearing liabilities | 1.26 | 1.24 |
Increase (decrease) due to | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Cash and cash equivalents | $ | (70) | $ | 85 | $ | 15 | |||||||||||
Loans | 1,618 | (685) | 933 | ||||||||||||||
Interest-bearing deposits | (1) | — | (1) | ||||||||||||||
Investment securities | 8 | 277 | 285 | ||||||||||||||
Other investments | (1) | (6) | (7) | ||||||||||||||
Total interest earning assets | 1,554 | (329) | 1,225 | ||||||||||||||
Interest expense: | |||||||||||||||||
Savings accounts | 5 | 21 | 26 | ||||||||||||||
Demand deposits | 37 | 6 | 43 | ||||||||||||||
Money market accounts | 51 | 54 | 105 | ||||||||||||||
CD’s | (260) | (385) | (645) | ||||||||||||||
IRA’s | (11) | (54) | (65) | ||||||||||||||
Total deposits | (178) | (358) | (536) | ||||||||||||||
FHLB Advances and other borrowings | 103 | 0 | 222 | 325 | |||||||||||||
Total interest bearing liabilities | (75) | (136) | (211) | ||||||||||||||
Net interest income | $ | 1,629 | $ | (193) | $ | 1,436 |
Increase (decrease) due to | |||||||||||
Volume | Rate | Net | |||||||||
Interest income: | |||||||||||
Cash and cash equivalents | $ | 33 | $ | 22 | $ | 55 | |||||
Loans | 2,038 | 153 | 2,191 | ||||||||
Interest-bearing deposits | 29 | — | 29 | ||||||||
Investment securities | 75 | 80 | 155 | ||||||||
Non-marketable equity securities, at cost | 21 | 13 | 34 | ||||||||
Total interest earning assets | 2,196 | 268 | 2,464 | ||||||||
Interest expense: | |||||||||||
Savings accounts | 16 | (11 | ) | 5 | |||||||
Demand deposits | 101 | (85 | ) | 16 | |||||||
Money market accounts | (7 | ) | 40 | 33 | |||||||
CD’s | 57 | (32 | ) | 25 | |||||||
IRA’s | 15 | (11 | ) | 4 | |||||||
Total deposits | 182 | (99 | ) | 83 | |||||||
FHLB Advances and other borrowings | 158 | 253 | 411 | ||||||||
Total interest bearing liabilities | 340 | 154 | 494 | ||||||||
Net interest income | $ | 1,856 | $ | 114 | $ | 1,970 |
Increase (decrease) due to | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Cash and cash equivalents | $ | (107) | $ | 106 | $ | (1) | |||||||||||
Loans | 2,648 | (2,465) | 183 | ||||||||||||||
Interest-bearing deposits | (11) | (3) | (14) | ||||||||||||||
Investment securities | 420 | 396 | 816 | ||||||||||||||
Other investments | 2 | (5) | (3) | ||||||||||||||
Total interest earning assets | 2,952 | (1,971) | 981 | ||||||||||||||
Interest expense: | |||||||||||||||||
Savings accounts | 17 | 20 | 37 | ||||||||||||||
Demand deposits | 88 | (78) | 10 | ||||||||||||||
Money market accounts | 87 | 32 | 119 | ||||||||||||||
CD’s | (597) | (627) | (1,224) | ||||||||||||||
IRA’s | (23) | (101) | (124) | ||||||||||||||
Total deposits | (428) | (754) | (1,182) | ||||||||||||||
FHLB Advances and other borrowings | 3 | 321 | 324 | ||||||||||||||
Total interest bearing liabilities | (425) | (433) | (858) | ||||||||||||||
Net interest income | $ | 3,377 | $ | (1,538) | $ | 1,839 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
Non-interest Income: | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 482 | $ | 395 | 22.03 | % | $ | 970 | $ | 793 | 22.32 | % | |||||||||||||||||||||||
Interchange income | 614 | 647 | (5.10) | % | 1,163 | 1,177 | (1.19) | % | |||||||||||||||||||||||||||
Loan servicing income | 600 | 825 | (27.27) | % | 1,301 | 1,718 | (24.27) | % | |||||||||||||||||||||||||||
Gain on sale of loans | 414 | 1,522 | (72.80) | % | 1,136 | 3,117 | (63.55) | % | |||||||||||||||||||||||||||
Loan fees and service charges | 141 | 151 | (6.62) | % | 233 | 429 | (45.69) | % | |||||||||||||||||||||||||||
Net gains (losses) on investment securities | (75) | 37 | N/M | (112) | 272 | (141.18) | % | ||||||||||||||||||||||||||||
Other | 196 | 216 | (9.26) | % | 394 | 463 | (14.90) | % | |||||||||||||||||||||||||||
Total non-interest income | $ | 2,372 | $ | 3,793 | (37.46) | % | $ | 5,085 | $ | 7,969 | (36.19) | % |
Three months ended December 31, | % | |||||||||
2017 | 2016 | Change | ||||||||
Non-interest Income: | ||||||||||
Net gain on available for sale securities | $ | — | $ | 29 | (100.00 | )% | ||||
Service charges on deposit accounts | 460 | 398 | 15.58 | % | ||||||
Loan fees and service charges | 776 | 533 | 45.59 | % | ||||||
Other | 703 | 283 | 148.41 | % | ||||||
Total non-interest income | $ | 1,939 | $ | 1,243 | 55.99 | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
Non-interest Expense: | |||||||||||||||||||||||||||||||||||
Compensation and related benefits | $ | 5,589 | $ | 5,449 | 2.57 | % | $ | 10,987 | $ | 11,018 | (0.28) | % | |||||||||||||||||||||||
Occupancy | 1,343 | 1,314 | 2.21 | % | 2,708 | 2,630 | 2.97 | % | |||||||||||||||||||||||||||
Data processing | 1,415 | 1,422 | (0.49) | % | 2,716 | 2,792 | (2.72) | % | |||||||||||||||||||||||||||
Amortization of intangible assets | 399 | 399 | — | % | 798 | 798 | — | % | |||||||||||||||||||||||||||
Mortgage servicing rights expense, net | 195 | 441 | (55.78) | % | (132) | (9) | NM | ||||||||||||||||||||||||||||
Advertising, marketing and public relations | 250 | 194 | 28.87 | % | 462 | 357 | 29.41 | % | |||||||||||||||||||||||||||
FDIC premium assessment | 118 | 82 | 43.90 | % | 233 | 247 | (5.67) | % | |||||||||||||||||||||||||||
Professional services | 368 | 362 | 1.66 | % | 770 | 864 | (10.88) | % | |||||||||||||||||||||||||||
Gains on repossessed assets, net | (2) | (29) | 93.10 | % | (9) | (146) | 93.84 | % | |||||||||||||||||||||||||||
New market tax credit depletion | 162 | — | NM | 325 | — | NM | |||||||||||||||||||||||||||||
Other | 625 | 564 | 10.82 | % | 1,272 | 1,136 | 11.97 | % | |||||||||||||||||||||||||||
Total non-interest expense | $ | 10,462 | $ | 10,198 | 2.59 | % | $ | 20,130 | $ | 19,687 | 2.25 | % | |||||||||||||||||||||||
Non-interest expense (annualized) / Average assets | 2.38 | % | 2.41 | % | (1.24) | % | 2.31 | % | 2.34 | % | (1.28) | % |
Three months ended December 31, | % | |||||||||
2017 | 2016 | Change | ||||||||
Non-interest Expense: | ||||||||||
Compensation and benefits | $ | 3,555 | $ | 2,604 | 36.52 | % | ||||
Occupancy - net | 705 | 1,068 | (33.99 | ) | ||||||
Office | 438 | 281 | 55.87 | |||||||
Data processing | 704 | 472 | 49.15 | |||||||
Amortization of intangible assets | 162 | 43 | 276.74 | |||||||
Amortization of mortgage servicing rights | 90 | — | NA | |||||||
Advertising, marketing and public relations | 149 | 63 | 136.51 | |||||||
FDIC premium assessment | 142 | 83 | 71.08 | |||||||
Professional services | 688 | 401 | 71.57 | |||||||
Other | 510 | 378 | 34.92 | |||||||
Total non-interest expense | $ | 7,143 | $ | 5,393 | 32.45 | % | ||||
Non-interest expense (annualized) / Average assets | 3.01 | % | 3.10 | % | (2.90 | )% |
Available for sale securities | Amortized Cost | Fair Value | |||||||||
June 30, 2022 | |||||||||||
U.S. government agency obligations | $ | 21,677 | $ | 21,862 | |||||||
Obligations of states and political subdivisions | — | — | |||||||||
Mortgage-backed securities | 103,093 | 89,360 | |||||||||
Corporate debt securities | 37,084 | 35,010 | |||||||||
Corporate asset-backed securities | 32,148 | 30,836 | |||||||||
Totals | $ | 194,002 | $ | 177,068 | |||||||
December 31, 2021 | |||||||||||
U.S. government agency obligations | $ | 25,826 | $ | 26,265 | |||||||
Obligations of states and political subdivisions | 140 | 140 | |||||||||
Mortgage-backed securities | 107,636 | 107,167 | |||||||||
Corporate debt securities | 35,342 | 35,588 | |||||||||
Corporate asset-backed securities | 33,902 | 33,908 | |||||||||
Totals | $ | 202,846 | $ | 203,068 |
Held to maturity securities | Amortized Cost | Fair Value | |||||||||
June 30, 2022 | |||||||||||
Obligations of states and political subdivisions | $ | 600 | $ | 561 | |||||||
Mortgage-backed securities | 98,649 | 84,227 | |||||||||
Totals | $ | 99,249 | $ | 84,788 | |||||||
December 31, 2021 | |||||||||||
Obligations of states and political subdivisions | $ | 4,600 | $ | 4,593 | |||||||
Mortgage-backed securities | 66,541 | 64,584 | |||||||||
Totals | $ | 71,141 | $ | 69,177 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Available for sale securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
U.S. government agency | $ | 121,692 | $ | 108,175 | $ | 131,115 | $ | 131,008 | |||||||||||||||
AAA | 8,773 | 8,471 | 9,662 | 9,710 | |||||||||||||||||||
AA | 26,453 | 25,412 | 26,727 | 26,762 | |||||||||||||||||||
A | 5,700 | 5,417 | 5,700 | 5,720 | |||||||||||||||||||
BBB | 31,384 | 29,593 | 29,642 | 29,868 | |||||||||||||||||||
Non-rated | — | — | — | — | |||||||||||||||||||
Total available for sale securities | $ | 194,002 | $ | 177,068 | $ | 202,846 | $ | 203,068 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Held to maturity securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
U.S. government agency | $ | 98,649 | $ | 84,227 | $ | 66,541 | $ | 64,584 | |||||||||||||||
AAA | — | — | — | — | |||||||||||||||||||
AA | — | — | 4,000 | 4,000 | |||||||||||||||||||
A | 600 | 561 | 600 | 593 | |||||||||||||||||||
Total | $ | 99,249 | $ | 84,788 | $ | 71,141 | $ | 69,177 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Commercial/Agricultural real estate | ||||||||||||||||||||||||||
Commercial real estate | $ | 702,917 | 52.1 | % | $ | 698,465 | 53.3 | % | ||||||||||||||||||
Agricultural real estate | 77,807 | 5.8 | % | 78,495 | 6.0 | % | ||||||||||||||||||||
Multi-family real estate | 179,929 | 13.4 | % | 178,349 | 13.6 | % | ||||||||||||||||||||
Construction and land development | 115,188 | 8.6 | % | 79,520 | 6.1 | % | ||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||
Residential mortgage | 88,575 | 6.6 | % | 90,990 | 6.9 | % | ||||||||||||||||||||
Purchased HELOC loans | 3,419 | 0.3 | % | 3,871 | 0.3 | % | ||||||||||||||||||||
Total real estate loans | 1,167,835 | 86.8 | % | 1,129,690 | 86.2 | % | ||||||||||||||||||||
C&I/Agricultural operating and Consumer Installment Loans: | ||||||||||||||||||||||||||
C&I/Agricultural operating | ||||||||||||||||||||||||||
Commercial and industrial (“C&I”) | 139,002 | 10.3 | % | 122,167 | 9.3 | % | ||||||||||||||||||||
Agricultural operating | 24,469 | 1.8 | % | 31,588 | 2.4 | % | ||||||||||||||||||||
Consumer installment | — | % | ||||||||||||||||||||||||
Originated indirect paper | 12,736 | 0.9 | % | 15,971 | 1.2 | % | ||||||||||||||||||||
Other consumer | 7,785 | 0.6 | % | 8,874 | 0.7 | % | ||||||||||||||||||||
Total C&I/Agricultural operating and Consumer installment Loans | 183,992 | 13.6 | % | 178,600 | 13.6 | % | ||||||||||||||||||||
Gross loans before C&I SBA PPP loans | 1,351,827 | 100.4 | % | 1,308,290 | 99.8 | % | ||||||||||||||||||||
SBA PPP loans | — | — | % | 8,755 | 0.7 | % | ||||||||||||||||||||
Gross loans | $ | 1,351,827 | 100.4 | % | $ | 1,317,045 | 100.5 | % | ||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (2,338) | (0.2) | % | (2,482) | (0.2) | % | ||||||||||||||||||||
Unamortized discount on acquired loans | (2,634) | (0.2) | % | (3,600) | (0.3) | % | ||||||||||||||||||||
Total loans (net of unearned income and deferred expense) | 1,346,855 | 100.0 | % | 1,310,963 | 100.0 | % | ||||||||||||||||||||
Allowance for loan losses | (16,825) | (16,913) | ||||||||||||||||||||||||
Total loans receivable, net | $ | 1,330,030 | $ | 1,294,050 |
December 31, 2017 | September 30, 2017 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Real estate loans: | |||||||||||||
Residential real estate | $ | 238,045 | 32.5 | % | $ | 247,634 | 33.8 | % | |||||
Commercial/agricultural real estate | 289,084 | 39.6 | % | 273,900 | 37.4 | % | |||||||
Total real estate loans | 527,129 | 72.1 | % | 521,534 | 71.2 | % | |||||||
Non-real estate loans: | |||||||||||||
Consumer non-real estate | 124,944 | 17.1 | % | 135,955 | 18.5 | % | |||||||
Commercial/agricultural loans | 82,533 | 11.3 | % | 79,124 | 10.8 | % | |||||||
Total non-real estate loans | 207,477 | 28.4 | % | 215,079 | 29.3 | % | |||||||
Gross loans | 734,606 | 736,613 | |||||||||||
Unearned net deferred fees and costs and loans in process | 1,252 | 0.2 | % | 1,471 | 0.2 | % | |||||||
Unamortized discount on acquired loans | (4,940 | ) | (0.7 | )% | (5,089 | ) | (0.7 | )% | |||||
Total loans (net of unearned income and deferred expense) | 730,918 | 100.0 | % | 732,995 | 100.0 | % | |||||||
Allowance for loan losses | (5,859 | ) | (5,942 | ) | |||||||||
Total loans receivable, net | $ | 725,059 | $ | 727,053 |
2020 Originations | 2021 Originations | Total | ||||||||||||||||||||||||||||||||||||
Balance | Net Deferred Fee Income | Balance | Net Deferred Fee Income | Balance | Net Deferred Fee Income | |||||||||||||||||||||||||||||||||
SBA PPP loans, January 1, 2021 | $ | 123,702 | $ | 2,991 | $ | — | $ | — | $ | 123,702 | $ | 2,991 | ||||||||||||||||||||||||||
2021 SBA PPP loan originations | — | — | 55,854 | 3,494 | 55,854 | 3,494 | ||||||||||||||||||||||||||||||||
Less: 2021 SBA PPP loan forgiveness and fee accretion | (121,574) | (2,987) | (49,227) | (3,201) | (170,801) | (6,188) | ||||||||||||||||||||||||||||||||
SBA PPP loans, December 31, 2021 | 2,128 | 4 | 6,627 | 293 | 8,755 | 297 | ||||||||||||||||||||||||||||||||
Less: 2022 SBA PPP loan forgiveness and fee accretion | (2,128) | (4) | (6,627) | (293) | (8,755) | (297) | ||||||||||||||||||||||||||||||||
SBA PPP loans, June 30, 2022 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Loans, end of period | $ | 1,346,855 | $ | 1,310,963 | ||||||||||||||||||||||
SBA PPP loans, net of deferred fees | — | (8,457) | ||||||||||||||||||||||||
Loans, net of SBA PPP loans and deferred fees | $ | 1,346,855 | $ | 1,302,506 | ||||||||||||||||||||||
Allowance for loan losses | $ | 16,825 | $ | 16,913 | ||||||||||||||||||||||
ALL to loans net of SBA PPP loans and deferred fees | 1.25 | % | 1.30 | % | ||||||||||||||||||||||
ALL to loans, end of period | 1.25 | % | 1.29 | % |
June 30, 2022 and Six Months Then Ended | December 31, 2021 and Twelve Months Then Ended | ||||||||||
Nonperforming assets: | |||||||||||
Nonaccrual loans | |||||||||||
Commercial real estate | $ | 5,275 | $ | 5,374 | |||||||
Agricultural real estate | 3,169 | 3,490 | |||||||||
Construction and land development | 43 | — | |||||||||
Commercial and industrial | 211 | 298 | |||||||||
Agricultural operating | 555 | 993 | |||||||||
Residential mortgage | 1,122 | 1,433 | |||||||||
Consumer installment | 59 | 77 | |||||||||
Total nonaccrual loans | $ | 10,434 | $ | 11,665 | |||||||
Accruing loans past due 90 days or more | 714 | 160 | |||||||||
Total nonperforming loans (“NPLs”) | 11,148 | 11,825 | |||||||||
Other real estate owned | 1,427 | 1,406 | |||||||||
Other collateral owned | 10 | 2 | |||||||||
Total nonperforming assets (“NPAs”) | $ | 12,585 | $ | 13,233 | |||||||
Troubled Debt Restructurings (“TDRs”) | $ | 8,712 | $ | 12,523 | |||||||
Accruing TDR's | $ | 6,163 | $ | 7,984 | |||||||
Nonaccrual TDRs | $ | 2,549 | $ | 4,539 | |||||||
Average outstanding loan balance | $ | 1,316,469 | $ | 1,216,244 | |||||||
Loans, end of period | $ | 1,346,855 | $ | 1,310,963 | |||||||
Total assets, end of period | $ | 1,763,607 | $ | 1,739,628 | |||||||
ALL, at beginning of period | $ | 16,913 | $ | 17,043 | |||||||
Loans charged off: | |||||||||||
Commercial/Agricultural real estate | (157) | (251) | |||||||||
C&I/Agricultural operating | (310) | (7) | |||||||||
Residential mortgage | (68) | — | |||||||||
Consumer installment | (25) | (81) | |||||||||
Total loans charged off | (560) | (339) | |||||||||
Recoveries of loans previously charged off: | |||||||||||
Commercial/Agricultural real estate | 6 | 28 | |||||||||
C&I/Agricultural operating | 19 | 123 | |||||||||
Residential mortgage | 26 | 13 | |||||||||
Consumer installment | 21 | 45 | |||||||||
Total recoveries of loans previously charged off: | 72 | 209 | |||||||||
Net loans charged off (“NCOs”) | (488) | (130) | |||||||||
Additions to ALL via provision for loan losses charged to operations | 400 | — | |||||||||
ALL, at end of period | $ | 16,825 | $ | 16,913 | |||||||
Ratios: | |||||||||||
ALL to NCOs (annualized) | 1,709.70 | % | 13,010.00 | % | |||||||
NCOs (annualized) to average loans | 0.07 | % | 0.01 | % | |||||||
ALL to total loans | 1.25 | % | 1.29 | % | |||||||
NPLs to total loans | 0.83 | % | 0.90 | % | |||||||
NPAs to total assets | 0.71 | % | 0.76 | % |
December 31, 2017 and Three Months Then Ended | September 30, 2017 and Twelve Months Then Ended | ||||||
Nonperforming assets: | |||||||
Nonaccrual loans | $ | 6,388 | $ | 7,452 | |||
Accruing loans past due 90 days or more | 739 | 589 | |||||
Total nonperforming loans (“NPLs”) | 7,127 | 8,041 | |||||
Other real estate owned | 6,996 | 5,962 | |||||
Other collateral owned | 35 | 55 | |||||
Total nonperforming assets (“NPAs”) | $ | 14,158 | $ | 14,058 | |||
Troubled Debt Restructurings (“TDRs”) | $ | 7,263 | $ | 5,851 | |||
Nonaccrual TDRs | $ | 1,327 | $ | 621 | |||
Average outstanding loan balance | $ | 731,957 | $ | 653,717 | |||
Loans, end of period | $ | 730,918 | $ | 732,995 | |||
Total assets, end of period | $ | 943,032 | $ | 940,664 | |||
ALL, at beginning of period | $ | 5,942 | $ | 6,068 | |||
Loans charged off: | |||||||
Residential real estate | (24 | ) | (233 | ) | |||
Commercial/Agricultural real estate | (1 | ) | (389 | ) | |||
Consumer non-real estate | (194 | ) | (9 | ) | |||
Commercial/Agricultural non-real estate | — | — | |||||
Total loans charged off | (219 | ) | (631 | ) | |||
Recoveries of loans previously charged off: | |||||||
Residential real estate | 13 | 14 | |||||
Commercial/Agricultural real estate | — | — | |||||
Consumer non-real estate | 22 | 171 | |||||
Commercial/Agricultural non-real estate | 1 | 1 | |||||
Total recoveries of loans previously charged off: | 36 | 186 | |||||
Net loans charged off (“NCOs”) | (183 | ) | (445 | ) | |||
Additions to ALL via provision for loan losses charged to operations | 100 | 319 | |||||
ALL, at end of period | $ | 5,859 | $ | 5,942 | |||
Ratios: | |||||||
ALL to NCOs (annualized) | 800.41 | % | 1,335.28 | % | |||
NCOs (annualized) to average loans | 0.10 | % | 0.07 | % | |||
ALL to total loans | 0.80 | % | 0.81 | % | |||
NPLs to total loans | 0.98 | % | 1.10 | % | |||
NPAs to total assets | 1.50 | % | 1.49 | % |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Nonperforming assets: | ||||||||||||||||||||||||||
Originated nonperforming assets: | ||||||||||||||||||||||||||
Nonaccrual loans | $ | 7,770 | $ | 6,448 | ||||||||||||||||||||||
Accruing loans past due 90 days or more | 700 | 63 | ||||||||||||||||||||||||
Total originated nonperforming loans (“NPL”) | 8,470 | 6,511 | ||||||||||||||||||||||||
Other real estate owned (“OREO”) | — | — | ||||||||||||||||||||||||
Other collateral owned | 10 | 2 | ||||||||||||||||||||||||
Total originated nonperforming assets (“NPAs”) | $ | 8,480 | $ | 6,513 | ||||||||||||||||||||||
Acquired nonperforming assets: | ||||||||||||||||||||||||||
Nonaccrual loans | $ | 2,664 | $ | 5,217 | ||||||||||||||||||||||
Accruing loans past due 90 days or more | 14 | 97 | ||||||||||||||||||||||||
Total acquired nonperforming loans (“NPL”) | 2,678 | 5,314 | ||||||||||||||||||||||||
Other real estate owned (“OREO”) | 1,427 | 1,406 | ||||||||||||||||||||||||
Other collateral owned | — | — | ||||||||||||||||||||||||
Total acquired nonperforming assets (“NPAs”) | $ | 4,105 | $ | 6,720 | ||||||||||||||||||||||
Total nonperforming assets (“NPAs”) | $ | 12,585 | $ | 13,233 | ||||||||||||||||||||||
Loans, end of period | $ | 1,346,855 | $ | 1,310,963 | ||||||||||||||||||||||
Total assets, end of period | $ | 1,763,607 | $ | 1,739,628 | ||||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||
Originated NPLs to total loans | 0.63 | % | 0.50 | % | ||||||||||||||||||||||
Acquired NPLs to total loans | 0.20 | % | 0.41 | % | ||||||||||||||||||||||
Originated NPAs to total assets | 0.48 | % | 0.37 | % | ||||||||||||||||||||||
Acquired NPAs to total assets | 0.23 | % | 0.39 | % |
Quarter Ended | |||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |||||||||||||||||||||||||
Balance, beginning of period | $ | 11,858 | $ | 11,665 | $ | 11,706 | $ | 8,075 | $ | 8,678 | |||||||||||||||||||
Additions | 1,918 | 720 | 428 | 4,859 | 863 | ||||||||||||||||||||||||
Acquired nonaccrual loans | — | — | — | — | — | ||||||||||||||||||||||||
Charge offs | (437) | (15) | (1) | (24) | (58) | ||||||||||||||||||||||||
Transfers to OREO | (65) | — | (19) | — | — | ||||||||||||||||||||||||
Return to accrual status | — | (51) | (30) | — | (696) | ||||||||||||||||||||||||
Payments received | (2,830) | (461) | (422) | (1,202) | (712) | ||||||||||||||||||||||||
Other, net | (10) | — | 3 | (2) | — | ||||||||||||||||||||||||
Balance, end of period | $ | 10,434 | $ | 11,858 | $ | 11,665 | $ | 11,706 | $ | 8,075 |
30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days | Total Past Due | Nonaccrual Loans | Recorded Investment > 89 Days and Accruing | |||||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Originated loans | $ | 4,640 | $ | 1,276 | $ | 1,716 | $ | 7,632 | $ | 1,751 | $ | 436 | ||||||||||||
Acquired loans | 4,998 | 823 | 2,042 | 7,863 | 4,637 | 303 | ||||||||||||||||||
Total | $ | 9,638 | $ | 2,099 | $ | 3,758 | $ | 15,495 | $ | 6,388 | $ | 739 | ||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Originated loans | $ | 3,376 | $ | 725 | $ | 1,744 | $ | 5,845 | $ | 1,785 | $ | 458 | ||||||||||||
Acquired loans | 2,053 | 257 | 2,848 | 5,158 | 5,667 | 131 | ||||||||||||||||||
Total | $ | 5,429 | $ | 982 | 982 | $ | 4,592 | $ | 11,003 | $ | 7,452 | $ | 589 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: Accrual Status | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 10 | $ | 2,049 | 11 | $ | 4,618 | |||||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 4 | 1,182 | 3 | 649 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 36 | 2,915 | 36 | 2,681 | |||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 3 | 17 | 6 | 36 | |||||||||||||||||||||||||||||||||||||||||||
Total loans | 53 | $ | 6,163 | 56 | $ | 7,984 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||||||||||||||||||||||||
Special mention loan balances | $ | 17,274 | $ | 1,849 | $ | 4,536 | $ | 2,548 | $ | 12,308 | ||||||||||||||||||||||
Substandard loan balances | 20,680 | 24,822 | 22,817 | 27,137 | 25,890 | |||||||||||||||||||||||||||
Criticized loans, end of period | $ | 37,954 | $ | 26,671 | $ | 27,353 | $ | 29,685 | $ | 38,198 |
Fiscal years ending December 31, | Purchase Accounting Accretable Difference | |||||||
2022 | $ | 366 | ||||||
2023 | 279 | |||||||
2024 | 131 | |||||||
2025 | 96 | |||||||
Total | 872 |
Securities available for sale | Amortized Cost | Fair Value | |||||
December 31, 2017 | |||||||
U.S. government agency obligations | $ | 18,098 | $ | 17,591 | |||
Obligations of states and political subdivisions | 35,519 | 35,414 | |||||
Mortgage backed securities | 38,490 | 38,020 | |||||
Agency securities | 147 | 234 | |||||
Corporate debt securities | 5,393 | 5,289 | |||||
Totals | $ | 97,647 | $ | 96,548 | |||
September 30, 2017 | |||||||
U.S. government agency obligations | $ | 18,454 | $ | 18,041 | |||
Obligations of states and political subdivisions | 35,656 | 35,795 | |||||
Mortgage backed securities | 36,661 | 36,474 | |||||
Agency securities | 147 | 230 | |||||
Corporate debt securities | 5,410 | 5,343 | |||||
Totals | $ | 96,328 | $ | 95,883 |
Securities held to maturity | Amortized Cost | Fair Value | |||||
December 31, 2017 | |||||||
Obligations of states and political subdivisions | $ | 1,310 | $ | 1,309 | |||
Mortgage-backed securities | 3,917 | 4,012 | |||||
Totals | $ | 5,227 | $ | 5,321 | |||
September 30, 2017 | |||||||
Obligations of states and political subdivisions | $ | 1,311 | $ | 1,328 | |||
Mortgage-backed securities | 4,142 | 4,277 | |||||
Totals | $ | 5,453 | $ | 5,605 |
December 31, 2017 | September 30, 2017 | ||||||||||||||
Available for sale securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Agency | $ | 56,588 | $ | 55,611 | $ | 55,115 | $ | 54,515 | |||||||
AAA | 724 | 719 | 725 | 730 | |||||||||||
AA | 26,354 | 26,275 | 26,405 | 26,474 | |||||||||||
A | 11,343 | 11,317 | 7,776 | 7,876 | |||||||||||
BBB | — | — | 3,618 | 3,579 | |||||||||||
Non-rated | 2,638 | 2,626 | 2,689 | 2,709 | |||||||||||
Total available for sale securities | $ | 97,647 | $ | 96,548 | $ | 96,328 | $ | 95,883 |
December 31, 2017 | September 30, 2017 | ||||||||||||||
Securities held to maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
U.S. government agency | $ | 3,917 | $ | 4,012 | $ | 4,142 | $ | 4,277 | |||||||
AAA | — | — | — | — | |||||||||||
AA | — | — | — | — | |||||||||||
A | 960 | 959 | 961 | 969 | |||||||||||
BBB | — | — | — | — | |||||||||||
Below investment grade | — | — | — | — | |||||||||||
Non-rated | 350 | 350 | 350 | 359 | |||||||||||
Total | $ | 5,227 | $ | 5,321 | $ | 5,453 | $ | 5,605 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Non-interest bearing demand deposits | $ | 276,815 | $ | 276,631 | ||||||||||
Interest bearing demand deposits | 401,857 | 396,231 | ||||||||||||
Savings accounts | 239,322 | 222,674 | ||||||||||||
Money market accounts | 328,718 | 288,985 | ||||||||||||
Certificate accounts | 153,498 | 203,014 | ||||||||||||
Total deposits | $ | 1,400,210 | $ | 1,387,535 | ||||||||||
December 31, 2017 | September 30, 2017 | |||||||
Non-interest bearing demand deposits | $ | 78,685 | $ | 75,318 | ||||
Interest bearing demand deposits | 149,058 | 147,912 | ||||||
Savings accounts | 98,941 | 102,756 | ||||||
Money market accounts | 125,831 | 125,749 | ||||||
Certificate accounts | 288,554 | 290,769 | ||||||
Total deposits | $ | 741,069 | $ | 742,504 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Stated Maturity | Amount | Range of Stated Rates | Amount | Range of Stated Rates | ||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (1), (2), (3), (4) | 2022 | $ | 39,000 | 1.61 | % | 1.63 | % | $ | 11,000 | 2.45 | % | 2.45 | % | |||||||||||||||||||||||||||||||
2023 | 10,000 | 1.43 | % | 2.01 | % | 20,000 | 1.43 | % | 1.44 | % | ||||||||||||||||||||||||||||||||||
2024 | 20,530 | 0.00 | % | 1.45 | % | 20,530 | 0.00 | % | 1.45 | % | ||||||||||||||||||||||||||||||||||
2025 | 5,000 | 1.45 | % | 1.45 | % | 5,000 | 1.45 | % | 1.45 | % | ||||||||||||||||||||||||||||||||||
2029 | 27,500 | 1.01 | % | 1.13 | % | 42,500 | 1.00 | % | 1.13 | % | ||||||||||||||||||||||||||||||||||
2030 | — | — | % | — | % | 12,500 | 0.52 | % | 0.86 | % | ||||||||||||||||||||||||||||||||||
Subtotal | 102,030 | 111,530 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired notes | — | (3) | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances, net | $ | 102,030 | $ | 111,527 | ||||||||||||||||||||||||||||||||||||||||
Senior Notes (5) | 2034 | $ | 23,250 | 3.00 | % | 4.00 | % | $ | 28,856 | 3.00 | % | 3.50 | % | |||||||||||||||||||||||||||||||
Subordinated Notes (6) | 2027 | $ | 15,000 | 6.75 | % | 6.75 | % | $ | 15,000 | 6.75 | % | 6.75 | % | |||||||||||||||||||||||||||||||
2030 | 15,000 | 6.00 | % | 6.00 | % | 15,000 | 6.00 | % | 6.00 | % | ||||||||||||||||||||||||||||||||||
2032 | 35,000 | 4.75 | % | 4.75 | % | — | — | % | — | % | ||||||||||||||||||||||||||||||||||
$ | 65,000 | $ | 30,000 | |||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | (1,126) | (430) | ||||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 87,124 | $ | 58,426 | ||||||||||||||||||||||||||||||||||||||||
Totals | $ | 189,154 | $ | 169,953 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 213,799 | 14.3 | % | $ | 119,200 | > = | 8.0 | % | $ | 149,000 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 196,974 | 13.2 | % | 89,400 | > = | 6.0 | % | 119,200 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 196,974 | 13.2 | % | 67,050 | > = | 4.5 | % | 96,850 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 196,974 | 11.4 | % | 69,189 | > = | 4.0 | % | 86,486 | > = | 5.0 | % | ||||||||||||||||||||||||||||||||||||
As of December 31, 2021 (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 187,783 | 13.4 | % | $ | 111,694 | > = | 8.0 | % | $ | 139,618 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 170,870 | 12.2 | % | 83,771 | > = | 6.0 | % | 111,694 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 170,870 | 12.2 | % | 62,828 | > = | 4.5 | % | 90,752 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 170,870 | 10.0 | % | 68,323 | > = | 4.0 | % | 85,403 | > = | 5.0 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2017 (Unaudited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 90,478,000 | 13.3 | % | $ | 54,289,000 | >= | 8.0 | % | $ | 67,861,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 84,619,000 | 12.5 | % | 40,716,000 | >= | 6.0 | % | 54,289,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 84,619,000 | 12.5 | % | 30,537,000 | >= | 4.5 | % | 44,110,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 84,619,000 | 9.2 | % | 36,601,000 | >= | 4.0 | % | 45,751,000 | >= | 5.0 | % | |||||||||||||
As of September 30, 2017 (Audited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 88,511,000 | 13.2 | % | $ | 53,504,000 | >= | 8.0 | % | $ | 66,880,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 82,569,000 | 12.4 | % | 40,128,000 | >= | 6.0 | % | 53,504,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 82,569,000 | 12.4 | % | 30,096,000 | >= | 4.5 | % | 43,472,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 82,569,000 | 9.2 | % | 35,776,000 | >= | 4.0 | % | 44,720,000 | >= | 5.0 | % |
Actual | For Capital Adequacy Purposes | ||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2022 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 224,247 | 15.1 | % | $ | 119,200 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 142,422 | 9.6 | % | 89,400 | > = | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 142,422 | 9.6 | % | 67,050 | > = | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 142,422 | 8.2 | % | 69,189 | > = | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 182,242 | 13.1 | % | $ | 111,694 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 135,329 | 9.7 | % | 83,771 | > = | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 135,329 | 9.7 | % | 62,828 | > = | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 135,329 | 7.9 | % | 68,323 | > = | 4.0 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2017 (Unaudited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 81,305,000 | 12.0 | % | $ | 54,289,000 | >= | 8.0 | % | $ | 67,861,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 60,446,000 | 8.9 | % | 40,716,000 | >= | 6.0 | % | 54,289,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 60,446,000 | 8.9 | % | 30,537,000 | >= | 4.5 | % | 44,110,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 60,446,000 | 6.6 | % | 36,601,000 | >= | 4.0 | % | 45,751,000 | >= | 5.0 | % | |||||||||||||
As of September 30, 2017 (Audited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 79,889,000 | 12.0 | % | $ | 53,504,000 | >= | 8.0 | % | $ | 66,880,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 58,947,000 | 8.8 | % | 40,128,000 | >= | 6.0 | % | 53,504,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 58,947,000 | 8.8 | % | 30,096,000 | >= | 4.5 | % | 43,472,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 58,947,000 | 6.6 | % | 35,776,000 | >= | 4.0 | % | 44,720,000 | >= | 5.0 | % |
Percent Change in Economic Value of Equity (EVE) | ||||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At June 30, 2022 | At December 31, 2021 | ||||||||||||
+300 bp | 4 | % | (5) | % | ||||||||||
+200 bp | 2 | % | (3) | % | ||||||||||
+100 bp | 1 | % | (1) | % | ||||||||||
-100 bp | (3) | % | (1) | % |
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | Economic Value of Equity (EVE) | EVE Ratio (EVE as a % of Assets) | ||||||||||||||||
Amount | Change | % Change | EVE Ratio | Change | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
+300 bp | $ | 139,202 | $ | (27,003 | ) | (16 | )% | 15.91 | % | (158 | ) | bp | ||||||
+200 bp | 152,199 | (14,006 | ) | (8 | )% | 16.87 | % | (62 | ) | |||||||||
+100 bp | 162,518 | (3,687 | ) | (2 | )% | 17.52 | % | 3 | ||||||||||
0 bp | 166,205 | — | — | 17.49 | % | — | ||||||||||||
-100 bp | 157,345 | (8,860 | ) | (5 | )% | 16.24 | % | (125 | ) |
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | Economic Value of Equity (EVE) | EVE Ratio (EVE as a % of Assets) | ||||||||||||||||
Amount | Change | % Change | EVE Ratio | Change | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
+300 bp | $ | 131,737 | $ | (28,971 | ) | (18 | )% | 15.16 | % | (181 | ) | bp | ||||||
+200 bp | 145,141 | (15,567 | ) | (10 | )% | 16.18 | % | (79 | ) | |||||||||
+100 bp | 156,188 | (4,520 | ) | (3 | )% | 16.91 | % | (6 | ) | |||||||||
0 bp | 160,708 | — | — | 16.97 | % | — | ||||||||||||
-100 bp | 152,204 | (8,504 | ) | (5 | )% | 15.75 | % | (122 | ) |
Percent Change in Net Interest Income Over One Year Horizon | ||||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At June 30, 2022 | At December 31, 2021 | ||||||||||||
+300 bp | 1 | % | (11) | % | ||||||||||
+200 bp | 1 | % | (7) | % | ||||||||||
+100 bp | — | % | (4) | % | ||||||||||
-100 bp | (2) | % | — | % |
Change in Net Interest Income Over One Year Horizon | |||||||||||||
At December 31, 2017 | At September 30, 2017 | ||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | Dollar Change in Net Interest Income (in thousands) | Percentage Change | Dollar Change in Net Interest Income (in thousands) | Percentage Change | |||||||||
+300 bp | $ | (2,942 | ) | (9.14 | )% | $ | (3,117 | ) | (9.62 | )% | |||
+200 bp | (1,581 | ) | (4.91 | )% | (1,858 | ) | (5.74 | )% | |||||
+100 bp | (256 | ) | (0.79 | )% | (642 | ) | (1.99 | )% | |||||
0 bp | — | — | — | % | |||||||||
-100 bp | 237 | 0.74 | % | (327 | ) | (1.02 | )% |
101 | The following | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | This certification is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. |
CITIZENS COMMUNITY BANCORP, INC. | ||||||||||||||
Date: | By: | /s/ Stephen M. Bianchi | ||||||||||||
Stephen M. Bianchi | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: | By: | /s/ James S. Broucek | ||||||||||||
James S. Broucek | ||||||||||||||
Chief Financial Officer |