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 | |||||||||||
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Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2020 | December 31, 2019 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Cash and cash equivalents | $ | 52,276 | $ | 45,778 | Cash and cash equivalents | $ | 115,474 | $ | 55,840 | |||||||||
Other interest-bearing deposits | 5,245 | 7,460 | Other interest-bearing deposits | 3,752 | 4,744 | |||||||||||||
Securities available for sale "AFS" | 182,956 | 146,725 | Securities available for sale "AFS" | 150,908 | 180,119 | |||||||||||||
Securities held to maturity "HTM" | 3,665 | 4,850 | Securities held to maturity "HTM" | 16,927 | 2,851 | |||||||||||||
Equity securities with readily determinable fair value | Equity securities with readily determinable fair value | 187 | 246 | |||||||||||||||
Other investments | 12,863 | 11,261 | Other investments | 15,075 | 15,005 | |||||||||||||
Loans receivable | 1,124,378 | 992,556 | Loans receivable | 1,230,139 | 1,177,380 | |||||||||||||
Allowance for loan losses | (9,177 | ) | (7,604 | ) | Allowance for loan losses | (14,836) | (10,320) | |||||||||||
Loans receivable, net | 1,115,201 | 984,952 | Loans receivable, net | 1,215,303 | 1,167,060 | |||||||||||||
Loans held for sale | 3,262 | 1,927 | Loans held for sale | 4,938 | 5,893 | |||||||||||||
Mortgage servicing rights | 4,245 | 4,486 | Mortgage servicing rights | 3,498 | 4,282 | |||||||||||||
Office properties and equipment, net | 20,938 | 13,513 | Office properties and equipment, net | 21,607 | 21,106 | |||||||||||||
Accrued interest receivable | 4,993 | 4,307 | Accrued interest receivable | 5,829 | 4,738 | |||||||||||||
Intangible assets | 7,999 | 7,501 | Intangible assets | 5,893 | 7,587 | |||||||||||||
Goodwill | 31,841 | 31,474 | Goodwill | 31,498 | 31,498 | |||||||||||||
Foreclosed and repossessed assets, net | 1,373 | 2,570 | Foreclosed and repossessed assets, net | 812 | 1,460 | |||||||||||||
Bank owned life insurance ("BOLI") | 22,895 | 17,792 | Bank owned life insurance ("BOLI") | 23,514 | 23,063 | |||||||||||||
Other assets | 5,612 | 3,328 | Other assets | 7,378 | 5,757 | |||||||||||||
TOTAL ASSETS | $ | 1,475,364 | $ | 1,287,924 | TOTAL ASSETS | $ | 1,622,593 | $ | 1,531,249 | |||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Deposits | $ | 1,161,750 | $ | 1,007,512 | Deposits | $ | 1,270,778 | $ | 1,195,702 | |||||||||
Federal Home Loan Bank advances | 113,466 | 109,813 | ||||||||||||||||
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances | Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances | 124,491 | 130,971 | |||||||||||||||
Other borrowings | 44,545 | 24,647 | Other borrowings | 58,297 | 43,560 | |||||||||||||
Other liabilities | 7,574 | 7,765 | Other liabilities | 11,704 | 10,463 | |||||||||||||
Total liabilities | 1,327,335 | 1,149,737 | Total liabilities | 1,465,270 | 1,380,696 | |||||||||||||
Stockholders’ Equity: | Stockholders’ Equity: | |||||||||||||||||
Common stock— $0.01 par value, authorized 30,000,000; 11,270,710 and 10,953,512 shares issued and outstanding, respectively | 113 | 109 | ||||||||||||||||
Common stock—$0.01 par value, authorized 30,000,000; 11,154,645 and 11,266,954 shares issued and outstanding, respectively | Common stock—$0.01 par value, authorized 30,000,000; 11,154,645 and 11,266,954 shares issued and outstanding, respectively | 112 | 113 | |||||||||||||||
Additional paid-in capital | 128,926 | 125,512 | Additional paid-in capital | 127,778 | 128,856 | |||||||||||||
Retained earnings | 19,348 | 15,264 | Retained earnings | 29,239 | 22,517 | |||||||||||||
Unearned deferred compensation | (630 | ) | (857 | ) | Unearned deferred compensation | (710) | (462) | |||||||||||
Accumulated other comprehensive loss | 272 | (1,841 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 904 | (471) | |||||||||||||||
Total stockholders’ equity | 148,029 | 138,187 | Total stockholders’ equity | 157,323 | 150,553 | |||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,475,364 | $ | 1,287,924 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,622,593 | $ | 1,531,249 |
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||
Interest and dividend income: | Interest and dividend income: | |||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 14,646 | $ | 9,414 | $ | 40,036 | $ | 26,818 | Interest and fees on loans | $ | 14,154 | $ | 14,646 | $ | 44,300 | $ | 40,036 | |||||||||||||||||||||
Interest on investments | 1,577 | 948 | 4,241 | 2,666 | Interest on investments | 1,064 | 1,577 | 3,712 | 4,241 | |||||||||||||||||||||||||||||
Total interest and dividend income | 16,223 | 10,362 | 44,277 | 29,484 | Total interest and dividend income | 15,218 | 16,223 | 48,012 | 44,277 | |||||||||||||||||||||||||||||
Interest expense: | Interest expense: | |||||||||||||||||||||||||||||||||||||
Interest on deposits | 3,371 | 1,659 | 8,890 | 4,341 | Interest on deposits | 2,255 | 3,371 | 8,042 | 8,890 | |||||||||||||||||||||||||||||
Interest on FHLB borrowed funds | 639 | 323 | 2,213 | 1,049 | ||||||||||||||||||||||||||||||||||
Interest on FHLB and FRB borrowed funds | Interest on FHLB and FRB borrowed funds | 430 | 639 | 1,386 | 2,213 | |||||||||||||||||||||||||||||||||
Interest on other borrowed funds | 620 | 440 | 1,436 | 1,318 | Interest on other borrowed funds | 624 | 620 | 1,701 | 1,436 | |||||||||||||||||||||||||||||
Total interest expense | 4,630 | 2,422 | 12,539 | 6,708 | Total interest expense | 3,309 | 4,630 | 11,129 | 12,539 | |||||||||||||||||||||||||||||
Net interest income before provision for loan losses | 11,593 | 7,940 | 31,738 | 22,776 | Net interest income before provision for loan losses | 11,909 | 11,593 | 36,883 | 31,738 | |||||||||||||||||||||||||||||
Provision for loan losses | 575 | 450 | 2,125 | 1,200 | Provision for loan losses | 1,500 | 575 | 5,250 | 2,125 | |||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 11,018 | 7,490 | 29,613 | 21,576 | Net interest income after provision for loan losses | 10,409 | 11,018 | 31,633 | 29,613 | |||||||||||||||||||||||||||||
Non-interest income: | Non-interest income: | |||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 625 | 489 | 1,756 | 1,332 | Service charges on deposit accounts | 431 | 625 | 1,336 | 1,756 | |||||||||||||||||||||||||||||
Interchange income | 476 | 338 | 1,267 | 978 | Interchange income | 556 | 476 | 1,509 | 1,267 | |||||||||||||||||||||||||||||
Loan servicing income | 714 | 368 | 1,902 | 1,051 | Loan servicing income | 1,144 | 714 | 3,144 | 1,902 | |||||||||||||||||||||||||||||
Gain on sale of loans | 679 | 234 | 1,560 | 649 | Gain on sale of loans | 1,987 | 679 | 4,585 | 1,560 | |||||||||||||||||||||||||||||
Loan fees and service charges | 471 | 164 | 860 | 367 | Loan fees and service charges | 320 | 471 | 1,041 | 860 | |||||||||||||||||||||||||||||
Insurance commission income | 197 | 180 | 573 | 554 | Insurance commission income | 0 | 197 | 474 | 573 | |||||||||||||||||||||||||||||
Gains (losses) on investment securities | 96 | — | 151 | (17 | ) | |||||||||||||||||||||||||||||||||
Gain on sale of branch | — | — | 2,295 | — | ||||||||||||||||||||||||||||||||||
Net gains (losses) on investment securities | Net gains (losses) on investment securities | (1) | 96 | 97 | 151 | |||||||||||||||||||||||||||||||||
Net gain (loss) on sale of branch | Net gain (loss) on sale of branch | 0 | 0 | 0 | 2,295 | |||||||||||||||||||||||||||||||||
Net gain (loss) on sale of acquired business lines | Net gain (loss) on sale of acquired business lines | 180 | 0 | 432 | 0 | |||||||||||||||||||||||||||||||||
Settlement proceeds | Settlement proceeds | 0 | 0 | 131 | 0 | |||||||||||||||||||||||||||||||||
Other | 363 | 216 | 827 | 517 | Other | 445 | 363 | 929 | 827 | |||||||||||||||||||||||||||||
Total non-interest income | 3,621 | 1,989 | 11,191 | 5,431 | Total non-interest income | 5,062 | 3,621 | 13,678 | 11,191 | |||||||||||||||||||||||||||||
Non-interest expense: | Non-interest expense: | |||||||||||||||||||||||||||||||||||||
Compensation and related benefits | 5,295 | 3,778 | 14,605 | 11,424 | Compensation and related benefits | 5,538 | 5,295 | 16,881 | 14,605 | |||||||||||||||||||||||||||||
Occupancy | 905 | 776 | 2,725 | 2,270 | Occupancy | 993 | 905 | 2,898 | 2,725 | |||||||||||||||||||||||||||||
Office | 599 | 468 | 1,649 | 1,311 | Office | 532 | 599 | 1,650 | 1,649 | |||||||||||||||||||||||||||||
Data processing | 1,092 | 771 | 2,953 | 2,224 | Data processing | 1,145 | 1,092 | 3,165 | 2,953 | |||||||||||||||||||||||||||||
Amortization of intangible assets | 412 | 161 | 1,085 | 483 | Amortization of intangible assets | 399 | 412 | 1,223 | 1,085 | |||||||||||||||||||||||||||||
Amortization of mortgage servicing rights | 325 | 85 | 822 | 245 | ||||||||||||||||||||||||||||||||||
Mortgage servicing rights expense | Mortgage servicing rights expense | 603 | 325 | 2,330 | 822 | |||||||||||||||||||||||||||||||||
Advertising, marketing and public relations | 315 | 265 | 974 | 596 | Advertising, marketing and public relations | 260 | 315 | 802 | 974 | |||||||||||||||||||||||||||||
FDIC premium assessment | 78 | 121 | 318 | 330 | FDIC premium assessment | 188 | 78 | 436 | 318 | |||||||||||||||||||||||||||||
Professional services | 561 | 577 | 1,961 | 1,635 | Professional services | 434 | 561 | 1,391 | 1,961 | |||||||||||||||||||||||||||||
Loss (gain) on repossessed assets, net | (16 | ) | 71 | (143 | ) | 521 | ||||||||||||||||||||||||||||||||
Gain on repossessed assets, net | Gain on repossessed assets, net | (105) | (16) | (195) | (143) | |||||||||||||||||||||||||||||||||
Other | 3,409 | 571 | 5,309 | 1,582 | Other | 737 | 3,409 | 2,266 | 5,309 | |||||||||||||||||||||||||||||
Total non-interest expense | 12,975 | 7,644 | 32,258 | 22,621 | Total non-interest expense | 10,724 | 12,975 | 32,847 | 32,258 | |||||||||||||||||||||||||||||
Income before provision for income tax | 1,664 | 1,835 | 8,546 | 4,386 | Income before provision for income tax | 4,747 | 1,664 | 12,464 | 8,546 | |||||||||||||||||||||||||||||
Provision for income taxes | 430 | 736 | 2,252 | 1,443 | Provision for income taxes | 1,267 | 430 | 3,309 | 2,252 | |||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 1,234 | $ | 1,099 | $ | 6,294 | $ | 2,943 | Net income attributable to common stockholders | $ | 3,480 | $ | 1,234 | $ | 9,155 | $ | 6,294 | |||||||||||||||||||||
Per share information: | Per share information: | |||||||||||||||||||||||||||||||||||||
Basic earnings | $ | 0.11 | $ | 0.18 | $ | 0.57 | $ | 0.49 | Basic earnings | $ | 0.31 | $ | 0.11 | $ | 0.82 | $ | 0.57 | |||||||||||||||||||||
Diluted earnings | $ | 0.11 | $ | 0.10 | $ | 0.57 | $ | 0.38 | Diluted earnings | $ | 0.31 | $ | 0.11 | $ | 0.82 | $ | 0.57 | |||||||||||||||||||||
Cash dividends paid | $ | — | $ | — | $ | 0.20 | $ | 0.20 | Cash dividends paid | $ | 0 | $ | 0 | $ | 0.21 | $ | 0.20 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||
Net income attributable to common stockholders | $ | 1,234 | $ | 1,099 | $ | 6,294 | $ | 2,943 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Securities available for sale | ||||||||||||||||
Net unrealized gains (losses) arising during period | 250 | (531 | ) | 2,049 | (1,753 | ) | ||||||||||
Reclassification adjustment for net gains (losses) included in net income | 69 | — | 109 | (13 | ) | |||||||||||
Other comprehensive income (loss) | 319 | (531 | ) | 2,158 | (1,766 | ) | ||||||||||
Comprehensive income | $ | 1,553 | $ | 568 | $ | 8,452 | $ | 1,177 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | 3,480 | $ | 1,234 | $ | 9,155 | $ | 6,294 | ||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
Net unrealized gains arising during period | 885 | 319 | 1,488 | 2,177 | ||||||||||||||||||||||
Reclassification adjustment for net gains included in net income | 0 | 0 | (113) | (19) | ||||||||||||||||||||||
Other comprehensive income | 885 | 319 | 1,375 | 2,158 | ||||||||||||||||||||||
Comprehensive income | $ | 4,365 | $ | 1,553 | $ | 10,530 | $ | 8,452 |
Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 10,953,512 | $ | 109 | $ | 125,512 | $ | 15,264 | $ | (857 | ) | $ | (1,841 | ) | $ | 138,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | Balance, January 1, 2020 | 11,266,954 | $ | 113 | $ | 128,856 | $ | 22,517 | $ | (462) | $ | (471) | $ | 150,553 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 953 | — | — | 953 | Net income | — | — | — | 2,606 | — | — | 2,606 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 1,164 | 1,164 | Other comprehensive income, net of tax | — | — | — | — | — | (1,138) | (1,138) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (958 | ) | — | (13 | ) | — | 13 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (798 | ) | — | (9 | ) | — | — | — | (9 | ) | Surrender of restricted shares of common stock | (1,746) | — | (21) | — | — | — | (21) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock awarded under the equity incentive plan | 10,847 | — | 252 | — | (252 | ) | — | — | Common stock awarded under the equity incentive plan | 41,507 | — | 669 | — | (669) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 27,430 | 1 | 194 | — | — | — | 195 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock fractional share audit adjustment | Common stock fractional share audit adjustment | (40) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (155,666) | (1) | (1,776) | (61) | — | — | (1,838) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 4 | — | — | — | 4 | Stock option expense | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 140 | — | 140 | Amortization of restricted stock | — | — | — | — | 139 | — | 139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-01; Equity securities | — | — | — | 45 | — | (45 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-02; Leases | — | — | — | (56 | ) | — | — | (56 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.20 per share) | — | — | — | (2,198 | ) | — | — | (2,198 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 10,990,033 | 110 | 125,940 | 14,008 | (956 | ) | (722 | ) | 138,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.21 per share) | Cash dividends ($0.21 per share) | — | — | — | (2,372) | — | — | (2,372) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | Balance at March 31, 2020 | 11,151,009 | 112 | 127,732 | 22,690 | (992) | (1,609) | 147,933 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 4,107 | — | — | 4,107 | Net income | — | — | — | 3,069 | — | — | 3,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 675 | 675 | Other comprehensive income, net of tax | — | — | — | — | — | 1,628 | 1,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (7,958 | ) | — | (118 | ) | — | 118 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | Surrender of restricted shares of common stock | (314) | — | (2) | — | — | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | Stock option expense | — | — | 4 | — | — | — | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | Amortization of restricted stock | — | — | — | — | 158 | — | 158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 11,150,695 | 112 | 127,734 | 25,759 | (834) | 19 | 152,790 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 3,480 | — | — | 3,480 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | — | 885 | 885 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (3,067 | ) | — | (35 | ) | — | — | — | (35 | ) | Surrender of restricted shares of common stock | (50) | — | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock awarded under the equity incentive plan | 2,000 | — | 22 | — | (22 | ) | — | — | Common stock awarded under the equity incentive plan | 4,000 | — | 41 | — | (41) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 1,000 | — | 8 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 5 | — | — | — | 5 | Stock option expense | — | — | 3 | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 103 | — | 103 | Amortization of restricted stock | — | — | — | — | 165 | — | 165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-02; Leases | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 10,982,008 | 110 | 125,822 | 18,114 | (757 | ) | (47 | ) | 143,242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,234 | — | — | 1,234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 319 | 319 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (297 | ) | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued to F&M shareholders | 288,999 | 3 | 3,102 | — | — | — | 3,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 127 | — | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 11,270,710 | $ | 113 | $ | 128,926 | $ | 19,348 | $ | (630 | ) | $ | 272 | $ | 148,029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | Balance, September 30, 2020 | 11,154,645 | $ | 112 | $ | 127,778 | $ | 29,239 | $ | (710) | $ | 904 | $ | 157,323 |
Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||
Common Stock | Preferred Stock | |||||||||||||||||||||||||||||
Shares | Amount | Amount | ||||||||||||||||||||||||||||
Balance, January 1, 2018 | 5,883,603 | $ | 59 | $ | — | $ | 63,348 | $ | 12,104 | $ | (391 | ) | $ | (666 | ) | $ | 74,454 | |||||||||||||
Net income | — | — | — | — | 1,341 | — | — | 1,341 | ||||||||||||||||||||||
Reclassification of certain deferred tax effects (1) | — | — | — | — | 137 | — | (137 | ) | — | |||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | (1,208 | ) | (1,208 | ) | ||||||||||||||||||||
Forfeiture of unvested shares | (1,437 | ) | — | — | (20 | ) | — | 20 | — | — | ||||||||||||||||||||
Common stock awarded under the equity incentive plan | 15,523 | — | — | 211 | — | (211 | ) | — | — | |||||||||||||||||||||
Common stock options exercised | 4,792 | — | — | 41 | — | — | — | 41 | ||||||||||||||||||||||
Stock option expense | — | — | — | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | 67 | — | 67 | ||||||||||||||||||||||
Cash dividends ($0.20 per share) | — | — | — | — | (1,181 | ) | — | — | (1,181 | ) | ||||||||||||||||||||
Balance at March 31, 2018 | 5,902,481 | 59 | — | 63,575 | 12,401 | (515 | ) | (2,011 | ) | 73,509 | ||||||||||||||||||||
Net income | — | — | — | — | 503 | — | — | 503 | ||||||||||||||||||||||
Preferred stock issued (net of issuance costs) | — | — | 61,289 | — | — | — | — | 61,289 | ||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | (164 | ) | (164 | ) | ||||||||||||||||||||
Surrender of restricted shares of common stock | (1,809 | ) | — | — | (25 | ) | — | — | — | (25 | ) | |||||||||||||||||||
Common stock awarded under the equity incentive plan | 13,707 | — | — | 295 | — | (295 | ) | — | — | |||||||||||||||||||||
Stock option expense | — | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | 94 | — | 94 | ||||||||||||||||||||||
Balance at June 30, 2018 | 5,914,379 | 59 | 61,289 | 63,850 | 12,904 | (716 | ) | (2,175 | ) | 135,211 | ||||||||||||||||||||
Net income | — | — | — | — | 1,099 | — | — | 1,099 | ||||||||||||||||||||||
Preferred stock issued net of issuance costs | — | — | (24 | ) | — | — | — | — | (24 | ) | ||||||||||||||||||||
Preferred stock converted to common stock | 5,000,000 | 50 | (61,265 | ) | 61,215 | — | — | — | — | |||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | (531 | ) | (531 | ) | ||||||||||||||||||||
Surrender of restricted shares of common stock | (526 | ) | — | — | (8 | ) | — | — | — | (8 | ) | |||||||||||||||||||
Stock option expense | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | — | 94 | — | 94 | ||||||||||||||||||||||
Balance, September 30, 2018 | 10,913,853 | $ | 109 | $ | — | $ | 125,063 | $ | 14,003 | $ | (622 | ) | $ | (2,706 | ) | $ | 135,847 |
Additional Paid-In Capital | Retained Earnings | Unearned Deferred Compensation | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 10,953,512 | $ | 109 | $ | 125,512 | $ | 15,264 | $ | (857) | $ | (1,841) | $ | 138,187 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 953 | — | — | 953 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 1,164 | 1,164 | ||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (958) | — | (13) | — | 13 | — | 0 | ||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (798) | — | (9) | — | — | — | (9) | ||||||||||||||||||||||||||||||||||||||||
Common stock awarded under the equity incentive plan | 10,847 | — | 252 | — | (252) | — | 0 | ||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 27,430 | 1 | 194 | — | — | — | 195 | ||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 140 | — | 140 | ||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-01; Equity securities | — | — | — | 45 | — | (45) | 0 | ||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-02; Leases | — | — | — | (56) | — | — | (56) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends ($0.20 per share) | — | — | — | (2,198) | — | — | (2,198) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 10,990,033 | 110 | 125,940 | 14,008 | (956) | (722) | 138,380 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 4,107 | — | — | 4,107 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 675 | 675 | ||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (7,958) | — | (118) | — | 118 | — | 0 | ||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (3,067) | — | (35) | — | — | — | (35) | ||||||||||||||||||||||||||||||||||||||||
Common stock awarded under the equity incentive plan | 2,000 | — | 22 | — | (22) | — | 0 | ||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | 1,000 | — | 8 | — | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 103 | — | 103 | ||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-02; Leases | — | — | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 10,982,008 | 110 | 125,822 | 18,114 | (757) | (47) | 143,242 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,234 | — | — | 1,234 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 319 | 319 | ||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (297) | — | (3) | — | — | — | (3) | ||||||||||||||||||||||||||||||||||||||||
Common stock issued to F&M shareholders | 288,999 | 3 | 3,102 | — | — | — | 3,105 | ||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 127 | — | 127 | ||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 11,270,710 | 113 | 128,926 | 19,348 | (630) | 272 | 148,029 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 3,169 | — | — | 3,169 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (743) | (743) | ||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | (3,251) | — | (68) | — | 68 | — | 0 | ||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | (505) | — | (6) | — | — | — | (6) | ||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | — | — | 100 | — | 100 | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 11,266,954 | $ | 113 | $ | 128,856 | $ | 22,517 | $ | (462) | $ | (471) | $ | 150,553 |
Nine Months Ended | |||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income attributable to common stockholders | $ | 9,155 | $ | 6,294 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Premium amortization, net of discount accretion on investment securities | 156 | 762 | |||||||||
Depreciation expense | 1,436 | 1,110 | |||||||||
Provision for loan losses | 5,250 | 2,125 | |||||||||
Net realized loss (gain) on equity securities | 59 | (125) | |||||||||
Net realized gain on debt securities | (156) | (26) | |||||||||
Increase in MSR assets resulting from transfers of financial assets | (1,546) | (581) | |||||||||
Mortgage servicing rights expense | 2,330 | 822 | |||||||||
Amortization of intangible assets | 1,223 | 1,085 | |||||||||
Amortization of restricted stock | 462 | 370 | |||||||||
Net stock based compensation expense | 11 | 14 | |||||||||
Loss (gain) on sale of office properties and equipment | 30 | (32) | |||||||||
Deferred income taxes | (1,299) | 0 | |||||||||
Increase in cash surrender value of life insurance | (451) | (384) | |||||||||
Net (gain) loss from disposals of foreclosed and repossessed assets | (195) | (143) | |||||||||
Gain on sale of loans held for sale, net | (4,585) | (1,560) | |||||||||
Net change in loans held for sale | 5,540 | 225 | |||||||||
Decrease in accrued interest receivable and other assets | (1,934) | 3,009 | |||||||||
Increase (decrease) in other liabilities | 836 | (6,482) | |||||||||
Net gain on sale of insurance agency | (252) | 0 | |||||||||
Total adjustments | 6,915 | 189 | |||||||||
Net cash provided by operating activities | 16,070 | 6,483 | |||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in other interest-bearing deposits | 992 | 3,207 | |||||||||
Purchase of available for sale securities | (20,956) | (23,457) | |||||||||
Purchase of held to maturity securities | (15,147) | 0 | |||||||||
Proceeds from principal payments and sale of available for sale securities | 52,083 | 26,370 | |||||||||
Proceeds from principal payments and maturities of held to maturity securities | 1,051 | 1,185 | |||||||||
Net sales of other investments | (70) | 1,084 | |||||||||
Proceeds from sale of foreclosed and repossessed assets | 2,098 | 2,238 | |||||||||
Net increase in loans | (54,748) | (6,710) | |||||||||
Net capital expenditures | (1,975) | (6,149) | |||||||||
Net cash (disbursed) acquired in business combinations | 0 | (8,137) | |||||||||
Proceeds from disposal of office properties and equipment | 8 | 300 | |||||||||
Net proceeds from sale of insurance agency | 1,128 | 0 | |||||||||
Net cash used in investing activities | (35,536) | (10,069) |
Nine Months Ended | |||||||
September 30, 2019 | September 30, 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income attributable to common stockholders | $ | 6,294 | $ | 2,943 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Net amortization of premium/accretion discount on investment securities | 762 | 843 | |||||
Provision for depreciation | 1,110 | 819 | |||||
Provision for loan losses | 2,125 | 1,200 | |||||
Net realized (gain) loss on sale of securities | (151 | ) | 17 | ||||
Increase in MSR assets resulting from transfers of financial assets | (581 | ) | (289 | ) | |||
Amortization of MSR assets | 822 | 335 | |||||
Amortization of intangible assets | 1,085 | 483 | |||||
Amortization of restricted stock | 370 | 255 | |||||
Net stock based compensation expense | 14 | 6 | |||||
Gain on sale of office properties and equipment | (32 | ) | (3 | ) | |||
Benefit for deferred income taxes | — | (194 | ) | ||||
Increase in cash surrender value of life insurance | (384 | ) | (318 | ) | |||
Net (gain) loss from disposals of foreclosed and repossessed assets | (143 | ) | 522 | ||||
Gain on sale of loans held for sale, net | (1,560 | ) | (943 | ) | |||
Net change in loans held for sale | 225 | 1,360 | |||||
Decrease in accrued interest receivable and other assets | 3,009 | 433 | |||||
(Decrease) increase in other liabilities | (6,482 | ) | 620 | ||||
Total adjustments | 189 | 5,146 | |||||
Net cash provided by operating activities | 6,483 | 8,089 | |||||
Cash flows from investing activities: | |||||||
Purchase of investment securities | (23,457 | ) | (33,622 | ) | |||
Net decrease (increase) in interest-bearing deposits | 3,207 | (25 | ) | ||||
Proceeds from sale of investment securities | 7,976 | 26 | |||||
Principal payments on investment securities | 19,579 | 8,776 | |||||
Net sales of other investments | 1,084 | 933 | |||||
Proceeds from sale of foreclosed and repossessed assets | 2,238 | 4,805 | |||||
Net increase in loans | (6,710 | ) | (28,644 | ) | |||
Net capital expenditures | (6,149 | ) | (2,405 | ) | |||
Net cash acquired in business combinations | (8,137 | ) | — | ||||
Proceeds from disposal of office properties and equipment | 300 | 74 | |||||
Net cash used in investing activities | (10,069 | ) | (50,082 | ) | |||
Cash flows from financing activities: | |||||||
Net decrease in Federal Home Loan Bank advances | (16,469 | ) | (31,000 | ) | |||
Proceeds from other borrowings, net of debt issuance costs | — | 9,911 | |||||
Proceeds from other borrowings to fund business combination, net of origination costs | 29,889 | — | |||||
Principal payment reduction to other borrowings | (10,000 | ) | (15,191 | ) | |||
Net increase in deposits | 5,601 | 5,460 | |||||
Proceeds from private placement stock offering, net of issuance costs | — | 61,265 | |||||
Common stock issued in F&M acquisition less capitalized equity costs | 3,105 | — | |||||
Surrender of restricted shares of common stock | (47 | ) | (33 | ) | |||
Exercise of common stock options | 203 | 41 | |||||
Cash dividends paid | (2,198 | ) | (1,181 | ) | |||
Net cash provided by financing activities | 10,084 | 29,272 | |||||
Net increase (decrease) in cash and cash equivalents | 6,498 | (12,721 | ) | ||||
Cash and cash equivalents at beginning of period | 45,778 | 47,215 | |||||
Cash and cash equivalents at end of period | $ | 52,276 | $ | 34,494 |
Cash flows from financing activities: | |||||||||||
Net (decrease) increase in short-term Federal Home Loan Bank advances | (40,980) | (16,469) | |||||||||
Long-term Federal Home Loan Bank advances | 66,500 | 0 | |||||||||
Long-term Federal Home Loan Bank maturities | (32,000) | 0 | |||||||||
Amortization of debt issuance costs | 60 | 0 | |||||||||
Proceeds from other borrowings, net of origination costs | 14,677 | 0 | |||||||||
Proceeds from other borrowings to fund business combination, net of origination costs | 0 | 29,889 | |||||||||
Principal payment reduction to other borrowings | 0 | (10,000) | |||||||||
Net increase in deposits | 75,076 | 5,601 | |||||||||
Common stock issued in F&M acquisition less capitalized equity costs | 0 | 3,105 | |||||||||
Repurchase shares of common stock | (1,838) | 0 | |||||||||
Surrender of restricted shares of common stock | (23) | (47) | |||||||||
Common stock options exercised | 0 | 203 | |||||||||
Cash dividends paid | (2,372) | (2,198) | |||||||||
Net cash provided by financing activities | 79,100 | 10,084 | |||||||||
Net (decrease) increase in cash and cash equivalents | 59,634 | 6,498 | |||||||||
Cash and cash equivalents at beginning of period | 55,840 | 45,778 | |||||||||
Cash and cash equivalents at end of period | $ | 115,474 | $ | 52,276 |
Supplemental cash flow information: | Supplemental cash flow information: | |||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||
Interest on deposits | $ | 8,775 | $ | 4,285 | Interest on deposits | $ | 8,066 | $ | 8,775 | |||||||||
Interest on borrowings | $ | 3,966 | $ | 2,366 | Interest on borrowings | $ | 2,999 | $ | 3,966 | |||||||||
Income taxes | $ | 3,847 | $ | 1,160 | Income taxes | $ | 4,820 | $ | 3,847 | |||||||||
Supplemental noncash disclosure: | Supplemental noncash disclosure: | |||||||||||||||||
Transfers from loans receivable to foreclosed and repossessed assets | $ | 898 | $ | 1,064 | Transfers from loans receivable to foreclosed and repossessed assets | $ | 1,057 | $ | 898 | |||||||||
Fair value of assets acquired, net of cash and cash equivalents | $ | 177,494 | $ | — | Fair value of assets acquired, net of cash and cash equivalents | $ | 0 | $ | 177,494 | |||||||||
Fair value of liabilities assumed, net of cash and cash equivalents | $ | 169,724 | $ | — | Fair value of liabilities assumed, net of cash and cash equivalents | $ | 0 | $ | 169,724 |
Nine Months Ended September 30, 2019 | (1) Citizens Community Bancorp, Inc. | (2) F&M | (3) Pro Forma Adjustments | Pro Forma Combined | ||||||||||||
Revenue (net interest income and non-interest income) | $ | 42,929 | $ | 4,918 | $ | (299 | ) | $ | 47,548 | |||||||
Net income attributable to common stockholders | $ | 6,294 | $ | 1,007 | $ | (321 | ) | $ | 6,980 | |||||||
Earnings per share--basic | $ | 0.57 | $ | 0.63 | ||||||||||||
Earnings per share-diluted | $ | 0.57 | $ | 0.63 |
Three Months Ended September 30, 2019 | F&M | |||
Revenue (net interest income and non-interest income) | $ | 1,433 | ||
Net income attributable to common stockholders | $ | 402 |
F&M | ||||
Fair value of consideration paid | $ | 23,894 | ||
Fair value of identifiable assets acquired: | ||||
Cash and cash equivalents | 15,757 | |||
Other interest bearing deposits | 992 | |||
Securities available for sale “AFS” | 37,069 | |||
Other investments | 2,413 | |||
Loans receivable, net | 126,562 | |||
Office properties and equipment, net | 2,654 | |||
Core deposit intangible | 1,582 | |||
Cash value of life insurance | 4,719 | |||
Other assets | 1,503 | |||
Total identifiable assets acquired | $ | 193,251 | ||
Fair value of liabilities assumed: | ||||
Deposits | $ | 148,637 | ||
Other borrowings | 20,122 | |||
Other liabilities | 965 | |||
Total liabilities assumed | 169,724 | |||
Fair value of net identifiable assets acquired | 23,527 | |||
Goodwill recognized | $ | 367 |
Available for sale securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
U.S. government agency obligations | $ | 34,059 | $ | 391 | $ | 71 | $ | 34,379 | |||||||||||||||
Obligations of states and political subdivisions | 140 | 0 | 0 | 140 | |||||||||||||||||||
Mortgage-backed securities | 49,870 | 1,888 | 0 | 51,758 | |||||||||||||||||||
Corporate debt securities | 15,211 | 277 | 124 | 15,364 | |||||||||||||||||||
Corporate asset-based securities | 36,443 | 38 | 938 | 35,543 | |||||||||||||||||||
Trust preferred securities | 13,938 | 69 | 283 | 13,724 | |||||||||||||||||||
Total available for sale securities | $ | 149,661 | $ | 2,663 | $ | 1,416 | $ | 150,908 | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
U.S. government agency obligations | $ | 52,020 | $ | 132 | $ | 347 | $ | 51,805 | |||||||||||||||
Obligations of states and political subdivisions | 281 | 0 | 0 | 281 | |||||||||||||||||||
Mortgage-backed securities | 70,806 | 635 | 110 | 71,331 | |||||||||||||||||||
Corporate debt securities | 18,776 | 66 | 117 | 18,725 | |||||||||||||||||||
Corporate asset-based securities | 27,718 | 0 | 864 | 26,854 | |||||||||||||||||||
Trust preferred securities | 11,167 | 35 | 79 | 11,123 | |||||||||||||||||||
Total available for sale securities | $ | 180,768 | $ | 868 | $ | 1,517 | $ | 180,119 |
Available for sale securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
September 30, 2019 | |||||||||||||||
U.S. government agency obligations | $ | 53,405 | $ | 184 | $ | 211 | $ | 53,378 | |||||||
Obligations of states and political subdivisions | 27,648 | 301 | 12 | 27,937 | |||||||||||
Mortgage-backed securities | 54,979 | 741 | 62 | 55,658 | |||||||||||
Corporate debt securities | 18,793 | 131 | 90 | 18,834 | |||||||||||
Corporate asset based securities | 27,756 | — | 607 | 27,149 | |||||||||||
Total available for sale securities | $ | 182,581 | $ | 1,357 | $ | 982 | $ | 182,956 | |||||||
December 31, 2018 | |||||||||||||||
U.S. government agency obligations | $ | 46,215 | $ | 13 | $ | 930 | $ | 45,298 | |||||||
Obligations of states and political subdivisions | 35,162 | 22 | 456 | 34,728 | |||||||||||
Mortgage-backed securities | 42,279 | 10 | 939 | 41,350 | |||||||||||
Agency Securities | 104 | 49 | 5 | 148 | |||||||||||
Corporate debt securities | 6,577 | — | 272 | 6,305 | |||||||||||
Corporate asset based securities | 18,928 | 8 | 40 | 18,896 | |||||||||||
Total available for sale securities | $ | 149,265 | $ | 102 | $ | 2,642 | $ | 146,725 |
Held to maturity securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Held to maturity securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 980 | $ | 2 | $ | — | $ | 982 | Obligations of states and political subdivisions | $ | 300 | $ | 0 | $ | 0 | $ | 300 | |||||||||||||||||||||
Mortgage-backed securities | 2,685 | 103 | — | 2,788 | Mortgage-backed securities | 16,627 | 306 | 0 | 16,933 | |||||||||||||||||||||||||||||
Total held to maturity securities | $ | 3,665 | $ | 105 | $ | — | $ | 3,770 | Total held to maturity securities | $ | 16,927 | $ | 306 | $ | 0 | $ | 17,233 | |||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,701 | $ | — | $ | 3 | $ | 1,698 | Obligations of states and political subdivisions | $ | 300 | $ | 2 | $ | 0 | $ | 302 | |||||||||||||||||||||
Mortgage-backed securities | 3,149 | 42 | 17 | 3,174 | Mortgage-backed securities | 2,551 | 104 | 0 | 2,655 | |||||||||||||||||||||||||||||
Total held to maturity securities | $ | 4,850 | $ | 42 | $ | 20 | $ | 4,872 | Total held to maturity securities | $ | 2,851 | $ | 106 | $ | 0 | $ | 2,957 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Available for sale securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | 0 | $ | 0 | $ | 141 | $ | 141 | |||||||||||||||
Due after one year through five years | 3,850 | 4,064 | 5,900 | 5,959 | |||||||||||||||||||
Due after five years through ten years | 39,417 | 39,461 | 43,269 | 43,180 | |||||||||||||||||||
Due after ten years | 56,524 | 55,625 | 60,652 | 59,508 | |||||||||||||||||||
Total securities with contractual maturities | $ | 99,791 | $ | 99,150 | $ | 109,962 | $ | 108,788 | |||||||||||||||
Mortgage backed securities | 49,870 | 51,758 | 70,806 | 71,331 | |||||||||||||||||||
Securities without contractual maturities | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total available for sale securities | $ | 149,661 | $ | 150,908 | $ | 180,768 | $ | 180,119 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Available for sale securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||
Due in one year or less | $ | 3,984 | $ | 3,986 | $ | 2,177 | $ | 2,172 | |||||||
Due after one year through five years | 19,572 | 19,806 | 22,296 | 22,043 | |||||||||||
Due after five years through ten years | 40,350 | 40,437 | 43,014 | 42,081 | |||||||||||
Due after ten years | 63,696 | 63,069 | 39,395 | 38,931 | |||||||||||
Total securities with contractual maturities | $ | 127,602 | $ | 127,298 | $ | 106,882 | $ | 105,227 | |||||||
Mortgage backed securities | 54,979 | 55,658 | 42,279 | 41,350 | |||||||||||
Securities without contractual maturities | — | — | 104 | 148 | |||||||||||
Total available for sale securities | $ | 182,581 | $ | 182,956 | $ | 149,265 | $ | 146,725 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Held to maturity securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | 300 | $ | 300 | $ | 300 | $ | 302 | |||||||||||||||
Total securities with contractual maturities | 300 | 300 | 300 | 302 | |||||||||||||||||||
Mortgage backed securities | 16,627 | 16,933 | 2,551 | 2,655 | |||||||||||||||||||
Total held to maturity securities | $ | 16,927 | $ | 17,233 | $ | 2,851 | $ | 2,957 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Held to maturity securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||
Due in one year or less | $ | 680 | $ | 680 | $ | 680 | $ | 679 | |||||||
Due after one year through five years | 300 | 302 | 1,021 | 1,020 | |||||||||||
Total securities with contractual maturities | $ | 980 | $ | 982 | $ | 1,701 | $ | 1,699 | |||||||
Mortgage backed securities | 2,685 | 2,788 | 3,149 | 3,173 | |||||||||||
Total held to maturity securities | $ | 3,665 | $ | 3,770 | $ | 4,850 | $ | 4,872 |
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 | ||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | 9,596 | $ | 24 | $ | 5,364 | $ | 47 | $ | 14,960 | $ | 71 | ||||||||||||||||||||||||||
Corporate debt securities | 2,009 | 17 | 1,393 | 107 | 3,402 | 124 | ||||||||||||||||||||||||||||||||
Corporate asset-based securities | 0 | 0 | 33,603 | 938 | 33,603 | 938 | ||||||||||||||||||||||||||||||||
Trust preferred securities | 10,963 | 283 | 0 | 0 | 10,963 | 283 | ||||||||||||||||||||||||||||||||
Total | $ | 22,568 | $ | 324 | $ | 40,360 | $ | 1,092 | $ | 62,928 | $ | 1,416 | ||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | 14,593 | $ | 156 | $ | 10,540 | $ | 191 | $ | 25,133 | $ | 347 | ||||||||||||||||||||||||||
Mortgage backed securities | 22,537 | 62 | 5,883 | 48 | 28,420 | 110 | ||||||||||||||||||||||||||||||||
Corporate debt securities | 7,001 | 15 | 1,398 | 102 | 8,399 | 117 | ||||||||||||||||||||||||||||||||
Corporate asset-based securities | 8,683 | 285 | 18,171 | 579 | 26,854 | 864 | ||||||||||||||||||||||||||||||||
Trust preferred securities | 7,420 | 79 | 0 | 0 | 7,420 | 79 | ||||||||||||||||||||||||||||||||
Total | $ | 60,234 | $ | 597 | $ | 35,992 | $ | 920 | $ | 96,226 | $ | 1,517 |
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 | ||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||||
U.S. government agency obligations | $ | 10,815 | $ | 51 | $ | 10,694 | $ | 160 | $ | 21,509 | $ | 211 | ||||||||||||
Obligations of states and political subdivisions | 4,118 | 4 | 737 | 8 | 4,855 | 12 | ||||||||||||||||||
Mortgage backed securities | 2,380 | 4 | 6,216 | 57 | 8,596 | 61 | ||||||||||||||||||
Corporate debt securities | 1,993 | 7 | 1,417 | 84 | 3,410 | 91 | ||||||||||||||||||
Corporate asset based securities | 17,372 | 357 | 9,777 | 250 | 27,149 | 607 | ||||||||||||||||||
Total | $ | 36,678 | $ | 423 | $ | 28,841 | $ | 559 | $ | 65,519 | $ | 982 | ||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
U.S. government agency obligations | $ | 25,061 | $ | 165 | $ | 19,755 | $ | 765 | $ | 44,816 | $ | 930 | ||||||||||||
Obligations of states and political subdivisions | 5,807 | 28 | 24,124 | 428 | 29,931 | 456 | ||||||||||||||||||
Mortgage backed securities | 3,518 | 9 | 31,040 | 930 | 34,558 | 939 | ||||||||||||||||||
Agency securities | 28 | 5 | — | — | 28 | 5 | ||||||||||||||||||
Corporate debt securities | 1,233 | 17 | 5,071 | 255 | 6,304 | 272 | ||||||||||||||||||
Corporate asset based securities | 10,142 | 40 | — | — | 10,142 | 40 | ||||||||||||||||||
Total | $ | 45,789 | $ | 264 | $ | 79,990 | $ | 2,378 | $ | 125,779 | $ | 2,642 |
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 | ||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Mortgage-backed securities | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,290 | $ | 1 | $ | 409 | $ | 2 | $ | 1,699 | $ | 3 | ||||||||||||
Mortgage-backed securities | 1,238 | 3 | 1,319 | 14 | 2,557 | 17 | ||||||||||||||||||
Total | $ | 2,528 | $ | 4 | $ | 1,728 | $ | 16 | $ | 4,256 | $ | 20 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 318,915 | $ | 1,947 | $ | 1,166 | $ | 0 | $ | 0 | $ | 322,028 | ||||||||||||||||||||||||||
Agricultural real estate | 30,807 | 454 | 1,269 | 0 | 0 | 32,530 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 100,148 | 0 | 0 | 0 | 0 | 100,148 | ||||||||||||||||||||||||||||||||
Construction and land development | 77,514 | 0 | 3,478 | 0 | 0 | 80,992 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 75,338 | 802 | 3,819 | 0 | 0 | 79,959 | ||||||||||||||||||||||||||||||||
C&I SBA PPP loans | 139,166 | 0 | 0 | 0 | 0 | 139,166 | ||||||||||||||||||||||||||||||||
Agricultural operating | 23,040 | 28 | 1,256 | 0 | 0 | 24,324 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 85,922 | 7 | 4,171 | 0 | 0 | 90,100 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 6,220 | 0 | 327 | 0 | 0 | 6,547 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 28,312 | 0 | 223 | 0 | 0 | 28,535 | ||||||||||||||||||||||||||||||||
Other consumer | 13,135 | 0 | 86 | 0 | 0 | 13,221 | ||||||||||||||||||||||||||||||||
Total originated loans | $ | 898,517 | $ | 3,238 | $ | 15,795 | $ | 0 | $ | 0 | $ | 917,550 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 168,360 | $ | 4,237 | $ | 6,048 | $ | 0 | $ | 0 | $ | 178,645 | ||||||||||||||||||||||||||
Agricultural real estate | 33,765 | 0 | 6,848 | 0 | 0 | 40,613 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 9,372 | 0 | 148 | 0 | 0 | 9,520 | ||||||||||||||||||||||||||||||||
Construction and land development | 8,264 | 0 | 82 | 0 | 0 | 8,346 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 23,572 | 59 | 782 | 0 | 0 | 24,413 | ||||||||||||||||||||||||||||||||
Agricultural operating | 8,688 | 0 | 946 | 0 | 0 | 9,634 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 49,243 | 243 | 2,268 | 0 | 0 | 51,754 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Other consumer | 1,404 | 0 | 5 | 0 | 0 | 1,409 | ||||||||||||||||||||||||||||||||
Total acquired loans | $ | 302,668 | $ | 4,539 | $ | 17,127 | $ | 0 | $ | 0 | $ | 324,334 | ||||||||||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 487,275 | $ | 6,184 | $ | 7,214 | $ | 0 | $ | 0 | $ | 500,673 | ||||||||||||||||||||||||||
Agricultural real estate | 64,572 | 454 | 8,117 | 0 | 0 | 73,143 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 109,520 | 0 | 148 | 0 | 0 | 109,668 | ||||||||||||||||||||||||||||||||
Construction and land development | 85,778 | 0 | 3,560 | — | 0 | 89,338 | ||||||||||||||||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 98,910 | 861 | 4,601 | 0 | 0 | 104,372 | ||||||||||||||||||||||||||||||||
C&I SBA PPP loans | 139,166 | 0 | 0 | 0 | 0 | 139,166 | ||||||||||||||||||||||||||||||||
Agricultural operating | 31,728 | 28 | 2,202 | 0 | 0 | 33,958 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 135,165 | 250 | 6,439 | 0 | 0 | 141,854 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 6,220 | 0 | 327 | 0 | 0 | 6,547 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 28,312 | 0 | 223 | 0 | 0 | 28,535 | ||||||||||||||||||||||||||||||||
Other Consumer | 14,539 | 0 | 91 | 0 | 0 | 14,630 | ||||||||||||||||||||||||||||||||
Gross loans | $ | 1,201,185 | $ | 7,777 | $ | 32,922 | $ | 0 | $ | 0 | $ | 1,241,884 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (5,033) | |||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired loans | (6,712) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (14,836) | |||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,215,303 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 110,440 | $ | 53 | $ | 4,014 | $ | — | $ | — | $ | 114,507 | ||||||||||||
Purchased HELOC loans | 10,120 | — | — | — | — | 10,120 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 243,656 | — | 1,153 | — | — | 244,809 | ||||||||||||||||||
Agricultural real estate | 32,278 | 112 | 2,137 | — | — | 34,527 | ||||||||||||||||||
Multi-family real estate | 69,556 | — | — | — | — | 69,556 | ||||||||||||||||||
Construction and land development | 48,841 | — | 3,478 | — | — | 52,319 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 42,623 | — | 271 | — | — | 42,894 | ||||||||||||||||||
Purchased indirect paper | — | — | — | — | — | — | ||||||||||||||||||
Other Consumer | 15,657 | — | 61 | — | — | 15,718 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 76,555 | 866 | 3,520 | — | — | 80,941 | ||||||||||||||||||
Agricultural non-real estate | 20,740 | 507 | 810 | — | — | 22,057 | ||||||||||||||||||
Total originated loans | $ | 670,466 | $ | 1,538 | $ | 15,444 | $ | — | $ | — | $ | 687,448 | ||||||||||||
Acquired Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 70,584 | $ | 450 | $ | 2,529 | $ | — | $ | — | $ | 73,563 | ||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 204,056 | 6,729 | 9,452 | — | — | 220,237 | ||||||||||||||||||
Agricultural real estate | 46,308 | 3,010 | 5,596 | — | — | 54,914 | ||||||||||||||||||
Multi-family real estate | 16,427 | — | 1,775 | — | — | 18,202 | ||||||||||||||||||
Construction and land development | 12,434 | — | 797 | — | — | 13,231 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Other Consumer | 3,038 | — | 14 | — | — | 3,052 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 43,492 | 1,101 | 1,698 | — | — | 46,291 | ||||||||||||||||||
Agricultural non-real estate | 16,417 | 131 | 1,222 | — | — | 17,770 | ||||||||||||||||||
Total acquired loans | $ | 412,756 | $ | 11,421 | $ | 23,083 | $ | — | $ | — | $ | 447,260 | ||||||||||||
Total Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 181,024 | $ | 503 | $ | 6,543 | $ | — | $ | — | $ | 188,070 | ||||||||||||
Purchased HELOC loans | 10,120 | — | — | — | — | 10,120 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 447,712 | 6,729 | 10,605 | — | — | 465,046 | ||||||||||||||||||
Agricultural real estate | 78,586 | 3,122 | 7,733 | — | — | 89,441 | ||||||||||||||||||
Multi-family real estate | 85,983 | — | 1,775 | — | — | 87,758 | ||||||||||||||||||
Construction and land development | 61,275 | — | 4,275 | — | — | 65,550 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 42,623 | — | 271 | — | — | 42,894 | ||||||||||||||||||
Purchased indirect paper | — | — | — | — | — | — | ||||||||||||||||||
Other Consumer | 18,695 | — | 75 | — | — | 18,770 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 120,047 | 1,967 | 5,218 | — | — | 127,232 | ||||||||||||||||||
Agricultural non-real estate | 37,157 | 638 | 2,032 | — | — | 39,827 | ||||||||||||||||||
Gross loans | $ | 1,083,222 | $ | 12,959 | $ | 38,527 | $ | — | $ | — | $ | 1,134,708 | ||||||||||||
Less: | ||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (158 | ) | ||||||||||||||||||||||
Unamortized discount on acquired loans | (10,172 | ) | ||||||||||||||||||||||
Allowance for loan losses | (9,177 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 1,115,201 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 301,381 | $ | 266 | $ | 899 | $ | 0 | $ | 0 | $ | 302,546 | ||||||||||||||||||||||||||
Agricultural real estate | 31,129 | 829 | 2,068 | 0 | 0 | 34,026 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 71,877 | 0 | 0 | 0 | 0 | 71,877 | ||||||||||||||||||||||||||||||||
Construction and land development | 67,989 | 0 | 3,478 | 0 | 0 | 71,467 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 85,248 | 1,023 | 3,459 | 0 | 0 | 89,730 | ||||||||||||||||||||||||||||||||
Agricultural operating | 19,545 | 402 | 770 | 0 | 0 | 20,717 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 104,428 | 0 | 4,191 | 0 | 0 | 108,619 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 8,407 | 0 | 0 | 0 | 0 | 8,407 | ||||||||||||||||||||||||||||||||
Consumer installment: | — | |||||||||||||||||||||||||||||||||||||
Originated indirect paper | 39,339 | 0 | 246 | 0 | 0 | 39,585 | ||||||||||||||||||||||||||||||||
Other Consumer | 15,425 | 0 | 121 | 0 | 0 | 15,546 | ||||||||||||||||||||||||||||||||
Total originated loans | $ | 744,768 | $ | 2,520 | $ | 15,232 | $ | 0 | $ | 0 | $ | 762,520 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 196,692 | $ | 6,084 | $ | 9,137 | $ | 0 | $ | 0 | $ | 211,913 | ||||||||||||||||||||||||||
Agricultural real estate | 42,381 | 534 | 8,422 | 0 | 0 | 51,337 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 13,533 | 0 | 1,598 | 0 | 0 | 15,131 | ||||||||||||||||||||||||||||||||
Construction and land development | 14,181 | 0 | 762 | 0 | 0 | 14,943 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 41,587 | 932 | 1,485 | 0 | 0 | 44,004 | ||||||||||||||||||||||||||||||||
Agricultural operating | 15,621 | 350 | 1,092 | 0 | 0 | 17,063 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 65,125 | 436 | 2,152 | 0 | 0 | 67,713 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Other Consumer | 2,628 | 0 | 12 | 0 | 0 | 2,640 | ||||||||||||||||||||||||||||||||
Total acquired loans | $ | 391,748 | $ | 8,336 | $ | 24,660 | $ | 0 | $ | 0 | $ | 424,744 | ||||||||||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 498,073 | $ | 6,350 | $ | 10,036 | $ | 0 | $ | 0 | 514,459 | |||||||||||||||||||||||||||
Agricultural real estate | 73,510 | 1,363 | 10,490 | 0 | 0 | 85,363 | ||||||||||||||||||||||||||||||||
Multi-family real estate | 85,410 | 0 | 1,598 | 0 | 0 | 87,008 | ||||||||||||||||||||||||||||||||
Construction and land development | 82,170 | 0 | 4,240 | 0 | 0 | 86,410 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 126,835 | 1,955 | 4,944 | 0 | 0 | 133,734 | ||||||||||||||||||||||||||||||||
Agricultural operating | 35,166 | 752 | 1,862 | 0 | 0 | 37,780 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 169,553 | 436 | 6,343 | 0 | 0 | 176,332 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | 8,407 | 0 | 0 | 0 | 0 | 8,407 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 39,339 | 0 | 246 | 0 | 0 | 39,585 | ||||||||||||||||||||||||||||||||
Other Consumer | 18,053 | 0 | 133 | 0 | 0 | 18,186 | ||||||||||||||||||||||||||||||||
Gross loans | $ | 1,136,516 | $ | 10,856 | $ | 39,892 | $ | 0 | $ | 0 | $ | 1,187,264 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (393) | |||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired loans | (9,491) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (10,320) | |||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 1,167,060 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||
Originated Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 118,461 | $ | 165 | $ | 2,427 | $ | — | $ | — | $ | 121,053 | ||||||||||||
Purchased HELOC loans | 12,883 | — | — | — | — | 12,883 | ||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 200,226 | 197 | 452 | — | — | 200,875 | ||||||||||||||||||
Agricultural real estate | 27,581 | 987 | 1,021 | — | — | 29,589 | ||||||||||||||||||
Multi-family real estate | 61,574 | — | — | — | — | 61,574 | ||||||||||||||||||
Construction and land development | 15,812 | — | — | — | — | 15,812 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Originated indirect paper | 56,371 | — | 214 | — | — | 56,585 | ||||||||||||||||||
Purchased indirect paper | 15,006 | — | — | — | — | 15,006 | ||||||||||||||||||
Other Consumer | 15,515 | — | 38 | — | — | 15,553 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 73,412 | 106 | — | — | — | 73,518 | ||||||||||||||||||
Agricultural non-real estate | 16,494 | 205 | 642 | — | — | 17,341 | ||||||||||||||||||
Total originated loans | $ | 613,335 | $ | 1,660 | $ | 4,794 | $ | — | $ | — | $ | 619,789 | ||||||||||||
Acquired Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 84,281 | $ | 2,657 | $ | 1,935 | $ | — | $ | — | $ | 88,873 | ||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||
Commercial real estate | 145,674 | 5,808 | 5,602 | — | — | 157,084 | ||||||||||||||||||
Agricultural real estate | 50,215 | — | 6,211 | — | — | 56,426 | ||||||||||||||||||
Multi-family real estate | 7,661 | — | 165 | — | — | 7,826 | ||||||||||||||||||
Construction and land development | 6,288 | 183 | 408 | — | — | 6,879 | ||||||||||||||||||
Consumer non-real estate: | ||||||||||||||||||||||||
Other Consumer | 4,639 | — | 22 | — | — | 4,661 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | ||||||||||||||||||||||||
Commercial non-real estate | 35,221 | 1,338 | 2,350 | — | — | 38,909 | ||||||||||||||||||
Agricultural non-real estate | 16,644 | 50 | 2,292 | — | — | 18,986 | ||||||||||||||||||
Total acquired loans | $ | 350,623 | $ | 10,036 | $ | 18,985 | $ | — | $ | — | $ | 379,644 | ||||||||||||
Total Loans: | ||||||||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
One to four family | $ | 202,742 | $ | 2,822 | $ | 4,362 | $ | — | $ | — | $ | 209,926 | ||||||||||||
Purchased HELOC loans | 12,883 | — | — | — | — | 12,883 | ||||||||||||||||||
Commercial/Agricultural real estate: | — | — | ||||||||||||||||||||||
Commercial real estate | 345,900 | 6,005 | 6,054 | — | — | 357,959 | ||||||||||||||||||
Agricultural real estate | 77,796 | 987 | 7,232 | — | — | 86,015 | ||||||||||||||||||
Multi-family real estate | 69,235 | — | 165 | — | — | 69,400 | ||||||||||||||||||
Construction and land development | 22,100 | 183 | 408 | — | — | 22,691 | ||||||||||||||||||
Consumer non-real estate: | — | — | ||||||||||||||||||||||
Originated indirect paper | 56,371 | — | 214 | — | — | 56,585 | ||||||||||||||||||
Purchased indirect paper | 15,006 | — | — | — | — | 15,006 | ||||||||||||||||||
Other Consumer | 20,154 | — | 60 | — | — | 20,214 | ||||||||||||||||||
Commercial/Agricultural non-real estate: | — | — | ||||||||||||||||||||||
Commercial non-real estate | 108,633 | 1,444 | 2,350 | — | — | 112,427 | ||||||||||||||||||
Agricultural non-real estate | 33,138 | 255 | 2,934 | — | — | 36,327 | ||||||||||||||||||
Gross loans | $ | 963,958 | $ | 11,696 | $ | 23,779 | $ | — | $ | — | $ | 999,433 | ||||||||||||
Less: | ||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | 409 | |||||||||||||||||||||||
Unamortized discount on acquired loans | (7,286 | ) | ||||||||||||||||||||||
Allowance for loan losses | (7,604 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 984,952 |
Residential Real Estate | Commercial/Agriculture Real Estate | Consumer Non-real Estate | Commercial/Agricultural Non-real Estate | Unallocated | Total | ||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||
Beginning balance, January 1, 2019 | $ | 1,048 | $ | 4,019 | $ | 641 | $ | 1,258 | $ | 214 | $ | 7,180 | |||||||||||
Charge-offs | (119 | ) | (225 | ) | (142 | ) | — | — | (486 | ) | |||||||||||||
Recoveries | — | — | 53 | — | — | 53 | |||||||||||||||||
Provision | 115 | 1,516 | 20 | 315 | — | 1,966 | |||||||||||||||||
Allowance allocation adjustment | (39 | ) | (19 | ) | (75 | ) | 27 | 87 | (19 | ) | |||||||||||||
Total allowance on originated loans | 1,005 | 5,291 | 497 | 1,600 | 301 | 8,694 | |||||||||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||
Beginning balance, January 1, 2019 | 205 | 183 | 65 | 32 | (61 | ) | 424 | ||||||||||||||||
Charge-offs | (105 | ) | — | (29 | ) | — | — | (134 | ) | ||||||||||||||
Recoveries | 2 | 3 | 10 | — | — | 15 | |||||||||||||||||
Provision | 94 | 30 | 35 | — | — | 159 | |||||||||||||||||
Allowance allocation adjustment | (26 | ) | (45 | ) | (26 | ) | 55 | 61 | 19 | ||||||||||||||
Total allowance on other acquired loans | 170 | 171 | 55 | 87 | — | 483 | |||||||||||||||||
Total Allowance on acquired loans | 170 | 171 | 55 | 87 | — | 483 | |||||||||||||||||
Ending balance, September 30, 2019 | $ | 1,175 | $ | 5,462 | $ | 552 | $ | 1,687 | $ | 301 | $ | 9,177 | |||||||||||
Allowance for Loan Losses at September 30, 2019: | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 191 | $ | 205 | $ | 15 | $ | 252 | $ | — | $ | 663 | |||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 984 | $ | 5,257 | $ | 537 | $ | 1,435 | $ | 301 | $ | 8,514 | |||||||||||
Loans Receivable as of September 30, 2019: | — | ||||||||||||||||||||||
Ending balance of originated loans | $ | 124,627 | $ | 401,211 | $ | 58,612 | $ | 102,998 | $ | — | $ | 687,448 | |||||||||||
Ending balance of purchased credit-impaired loans | 2,273 | 33,840 | — | 5,320 | — | 41,433 | |||||||||||||||||
Ending balance of other acquired loans | 71,290 | 272,744 | 3,052 | 58,741 | — | 405,827 | |||||||||||||||||
Ending balance of loans | $ | 198,190 | $ | 707,795 | $ | 61,664 | $ | 167,059 | $ | — | $ | 1,134,708 | |||||||||||
Ending balance: individually evaluated for impairment | $ | 8,626 | $ | 16,458 | $ | 419 | $ | 7,215 | $ | — | $ | 32,718 | |||||||||||
Ending balance: collectively evaluated for impairment | $ | 189,564 | $ | 691,337 | $ | 61,245 | $ | 159,844 | $ | — | $ | 1,101,990 |
Commercial/Agriculture Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2020 | $ | 8,297 | $ | 1,778 | $ | 980 | $ | 480 | $ | 574 | $ | 12,109 | |||||||||||||||||||||||
Charge-offs | 0 | (103) | (4) | (10) | 0 | (117) | |||||||||||||||||||||||||||||
Recoveries | 74 | 0 | 2 | 18 | 0 | 94 | |||||||||||||||||||||||||||||
Provision | 430 | 188 | (15) | 64 | 56 | 723 | |||||||||||||||||||||||||||||
Total Allowance on originated loans | 8,801 | 1,863 | 963 | 552 | 630 | 12,809 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2020 | 746 | 334 | 112 | 72 | 0 | 1,264 | |||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | (47) | 0 | 0 | (47) | |||||||||||||||||||||||||||||
Recoveries | 1 | 30 | 0 | 2 | 0 | 33 | |||||||||||||||||||||||||||||
Provision | 623 | (58) | 199 | 13 | 0 | 777 | |||||||||||||||||||||||||||||
Total Allowance on other acquired loans | 1,370 | 306 | 264 | 87 | 0 | 2,027 | |||||||||||||||||||||||||||||
Total Allowance on acquired loans | 1,370 | 306 | 264 | 87 | 0 | 2,027 | |||||||||||||||||||||||||||||
Ending balance, September 30, 2020 | $ | 10,171 | $ | 2,169 | $ | 1,227 | $ | 639 | $ | 630 | $ | 14,836 |
Commercial/Agriculture Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2020 | $ | 6,205 | $ | 1,643 | $ | 879 | $ | 467 | $ | 357 | $ | 9,551 | |||||||||||||||||||||||
Charge-offs | 0 | (632) | (4) | (124) | 0 | (760) | |||||||||||||||||||||||||||||
Recoveries | 74 | 0 | 7 | 55 | 0 | 136 | |||||||||||||||||||||||||||||
Provision | 2,522 | 852 | 81 | 154 | 273 | 3,882 | |||||||||||||||||||||||||||||
Total Allowance on originated loans | 8,801 | 1,863 | 963 | 552 | 630 | 12,809 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2020 | 526 | 27 | 163 | 53 | 0 | 769 | |||||||||||||||||||||||||||||
Charge-offs | 0 | (159) | (74) | (2) | 0 | (235) | |||||||||||||||||||||||||||||
Recoveries | 77 | 30 | 14 | 4 | 0 | 125 | |||||||||||||||||||||||||||||
Provision | 767 | 408 | 161 | 32 | 0 | 1,368 | |||||||||||||||||||||||||||||
Total Allowance on other acquired loans | 1,370 | 306 | 264 | 87 | 0 | 2,027 | |||||||||||||||||||||||||||||
Total Allowance on acquired loans | 1,370 | 306 | 264 | 87 | 0 | 2,027 | |||||||||||||||||||||||||||||
Ending balance, September 30, 2020 | $ | 10,171 | $ | 2,169 | $ | 1,227 | $ | 639 | $ | 630 | $ | 14,836 | |||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2020: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 772 | $ | 159 | $ | 249 | $ | 1 | $ | 0 | $ | 1,181 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 9,399 | $ | 2,010 | $ | 978 | $ | 638 | $ | 630 | $ | 13,655 | |||||||||||||||||||||||
Loans Receivable as of September 30, 2020: | — | ||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | 535,698 | $ | 243,449 | $ | 96,647 | $ | 41,756 | $ | 0 | $ | 917,550 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | 21,453 | 2,077 | 1,553 | 0 | 0 | 25,083 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | 215,671 | 31,970 | 50,201 | 1,409 | 0 | 299,251 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | 772,822 | $ | 277,496 | $ | 148,401 | $ | 43,165 | $ | — | $ | 1,241,884 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 13,190 | $ | 6,275 | $ | 8,436 | $ | 367 | $ | 0 | $ | 28,268 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 759,632 | $ | 271,221 | $ | 139,965 | $ | 42,798 | $ | 0 | $ | 1,213,616 |
Residential Real Estate | Commercial/Agriculture Real Estate | Consumer Non-real Estate | Commercial/Agricultural Non-real Estate | Unallocated | Total | ||||||||||||||||||
Nine months ended September 30, 2018 | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||
Beginning balance, January 1, 2018 | $ | 1,439 | $ | 2,604 | $ | 910 | $ | 880 | $ | 26 | $ | 5,859 | |||||||||||
Charge-offs | (72 | ) | — | (116 | ) | (52 | ) | — | (240 | ) | |||||||||||||
Recoveries | 32 | — | 95 | 12 | — | 139 | |||||||||||||||||
Provision | — | 680 | 60 | 230 | — | 970 | |||||||||||||||||
Allowance allocation adjustment | (364 | ) | (8 | ) | (285 | ) | (30 | ) | 256 | (431 | ) | ||||||||||||
Total Allowance on originated loans | $ | 1,035 | $ | 3,276 | $ | 664 | $ | 1,040 | $ | 282 | $ | 6,297 | |||||||||||
Purchased credit impaired loans | — | — | — | — | — | — | |||||||||||||||||
Other acquired loans | |||||||||||||||||||||||
Beginning balance, January 1, 2018 | — | — | — | — | — | — | |||||||||||||||||
Charge-offs | (106 | ) | (73 | ) | (70 | ) | — | — | (249 | ) | |||||||||||||
Recoveries | 34 | — | 5 | — | — | 39 | |||||||||||||||||
Provision | 70 | 120 | 25 | 15 | — | 230 | |||||||||||||||||
Allowance allocation adjustment | 171 | 121 | 125 | 14 | — | 431 | |||||||||||||||||
Total Allowance on other acquired loans | 169 | 168 | 85 | 29 | — | 451 | |||||||||||||||||
Total Allowance on acquired loans | 169 | 168 | 85 | 29 | — | 451 | |||||||||||||||||
Ending balance, September 30, 2018 | 1,204 | 3,444 | 749 | 1,069 | 282 | 6,748 | |||||||||||||||||
Allowance for Loan Losses at September 30, 2018: | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 97 | $ | 23 | $ | 39 | $ | 43 | $ | — | $ | 202 | |||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 1,107 | $ | 3,421 | $ | 710 | $ | 1,026 | $ | 282 | $ | 6,546 | |||||||||||
Loans Receivable as of September 30, 2018: | |||||||||||||||||||||||
Ending balance of originated loans | $ | 136,526 | $ | 254,751 | $ | 94,236 | $ | 79,710 | $ | — | $ | 565,223 | |||||||||||
Ending balance of purchased credit-impaired loans | 450 | 7,173 | 645 | 739 | — | 9,007 | |||||||||||||||||
Ending balance of other acquired loans | 72,805 | 91,096 | 2,208 | 22,354 | — | 188,463 | |||||||||||||||||
Ending balance of loans | $ | 209,781 | $ | 353,020 | $ | 97,089 | $ | 102,803 | $ | — | $ | 762,693 | |||||||||||
Ending balance: individually evaluated for impairment | $ | 8,198 | $ | 10,894 | $ | 393 | $ | 2,894 | $ | — | $ | 22,379 | |||||||||||
Ending balance: collectively evaluated for impairment | $ | 201,583 | $ | 342,126 | $ | 96,696 | $ | 99,909 | $ | — | $ | 740,314 |
Commercial/Agriculture Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2019 | $ | 5,010 | $ | 1,470 | $ | 977 | $ | 528 | $ | 299 | $ | 8,284 | |||||||||||||||||||||||
Charge-offs | 0 | 0 | (89) | (36) | 0 | (125) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 17 | 0 | 17 | |||||||||||||||||||||||||||||
Provision | 281 | 130 | 117 | (12) | 2 | 518 | |||||||||||||||||||||||||||||
Total Allowance on originated loans | 5,291 | 1,600 | 1,005 | 497 | 301 | 8,694 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2019 | 181 | 85 | 153 | 56 | 0 | 475 | |||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | (45) | (9) | 0 | (54) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 1 | 4 | 0 | 5 | |||||||||||||||||||||||||||||
Provision | (10) | 2 | 61 | 4 | 0 | 57 | |||||||||||||||||||||||||||||
Total Allowance on other acquired loans | 171 | 87 | 170 | 55 | 0 | 483 | |||||||||||||||||||||||||||||
Total Allowance on acquired loans | 171 | 87 | 170 | 55 | 0 | 483 | |||||||||||||||||||||||||||||
Ending balance, September 30, 2019 | $ | 5,462 | $ | 1,687 | $ | 1,175 | $ | 552 | $ | 301 | $ | 9,177 |
Commercial/Agriculture Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2019 | $ | 4,019 | $ | 1,258 | $ | 1,048 | $ | 641 | $ | 214 | $ | 7,180 | |||||||||||||||||||||||
Charge-offs | (225) | 0 | (119) | (142) | 0 | (486) | |||||||||||||||||||||||||||||
Recoveries | 0 | 0 | 0 | 53 | 0 | 53 | |||||||||||||||||||||||||||||
Provision | 1,497 | 342 | 76 | (55) | 87 | 1,947 | |||||||||||||||||||||||||||||
Total Allowance on originated loans | $ | 5,291 | $ | 1,600 | $ | 1,005 | $ | 497 | $ | 301 | $ | 8,694 | |||||||||||||||||||||||
Purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other acquired loans | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2019 | 183 | 32 | 205 | 65 | (61) | 424 | |||||||||||||||||||||||||||||
Charge-offs | 0 | 0 | (105) | (29) | 0 | (134) | |||||||||||||||||||||||||||||
Recoveries | 3 | 0 | 2 | 10 | 0 | 15 | |||||||||||||||||||||||||||||
Provision | (15) | 55 | 68 | 9 | 61 | 178 | |||||||||||||||||||||||||||||
Total Allowance on other acquired loans | 171 | 87 | 170 | 55 | 0 | 483 | |||||||||||||||||||||||||||||
Total Allowance on acquired loans | 171 | 87 | 170 | 55 | 0 | 483 | |||||||||||||||||||||||||||||
Ending balance, September 30, 2019 | $ | 5,462 | $ | 1,687 | $ | 1,175 | $ | 552 | $ | 301 | $ | 9,177 | |||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2019: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | 205 | $ | 252 | $ | 191 | $ | 15 | $ | 0 | $ | 663 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | 5,257 | $ | 1,435 | $ | 984 | $ | 537 | $ | 301 | $ | 8,514 | |||||||||||||||||||||||
Loans Receivable as of September 30, 2019: | |||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | 401,211 | $ | 102,998 | $ | 124,627 | $ | 58,612 | $ | 0 | $ | 687,448 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | 33,840 | 5,320 | 2,273 | 0 | 0 | 41,433 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | 272,744 | 58,741 | 71,290 | 3,052 | 0 | 405,827 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | 707,795 | $ | 167,059 | $ | 198,190 | $ | 61,664 | $ | 0 | $ | 1,134,708 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 16,458 | $ | 7,215 | $ | 8,626 | $ | 419 | $ | 0 | $ | 32,718 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 691,337 | $ | 159,844 | $ | 189,564 | $ | 61,245 | $ | 0 | $ | 1,101,990 |
Residential Real Estate | Commercial/Agriculture Real Estate Loans | Consumer non-Real Estate | Commercial/Agriculture non-Real Estate | Totals | |||||||||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | September 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Performing loans | |||||||||||||||||||||||||||||||||||||||
Performing TDR loans | $ | 2,876 | $ | 3,319 | $ | 3,574 | $ | 2,209 | $ | 74 | $ | 99 | $ | 452 | $ | 428 | $ | 6,976 | $ | 6,055 | |||||||||||||||||||
Performing loans other | 191,990 | 216,636 | 691,706 | 531,030 | 61,369 | 91,373 | 162,546 | 146,249 | 1,107,611 | 985,288 | |||||||||||||||||||||||||||||
Total performing loans | 194,866 | 219,955 | 695,280 | 533,239 | 61,443 | 91,472 | 162,998 | 146,677 | 1,114,587 | 991,343 | |||||||||||||||||||||||||||||
Nonperforming loans (1) | |||||||||||||||||||||||||||||||||||||||
Nonperforming TDR loans | 562 | 785 | 2,343 | 577 | — | — | 1,914 | 1,305 | 4,819 | 2,667 | |||||||||||||||||||||||||||||
Nonperforming loans other | 2,762 | 2,069 | 10,172 | 2,249 | 221 | 334 | 2,147 | 771 | 15,302 | 5,423 | |||||||||||||||||||||||||||||
Total nonperforming loans | 3,324 | 2,854 | 12,515 | 2,826 | 221 | 334 | 4,061 | 2,076 | 20,121 | 8,090 | |||||||||||||||||||||||||||||
Total loans | $ | 198,190 | $ | 222,809 | $ | 707,795 | $ | 536,065 | $ | 61,664 | $ | 91,806 | $ | 167,059 | $ | 148,753 | $ | 1,134,708 | $ | 999,433 |
Commercial/Agriculture Real Estate Loans | C&I/Agricultural Operating | Residential Mortgage | Consumer Installment | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performing loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing TDR loans | $ | 5,480 | $ | 1,730 | $ | 3,868 | $ | 366 | $ | 3,178 | $ | 3,206 | $ | 53 | $ | 68 | $ | 12,579 | $ | 5,370 | |||||||||||||||||||||||||||||||||||||||
Performing loans other | 759,328 | 758,237 | 271,124 | 167,596 | 141,755 | 178,415 | 42,994 | 57,486 | 1,215,201 | 1,161,734 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total performing loans | 764,808 | 759,967 | 274,992 | 167,962 | 144,933 | 181,621 | 43,047 | 57,554 | 1,227,780 | 1,167,104 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming TDR loans | 5,037 | 4,868 | 1,490 | 1,973 | 672 | 383 | 0 | 0 | 7,199 | 7,224 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans other | 2,977 | 8,405 | 1,014 | 1,579 | 2,796 | 2,735 | 118 | 217 | 6,905 | 12,936 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming loans | 8,014 | 13,273 | 2,504 | 3,552 | 3,468 | 3,118 | 118 | 217 | 14,104 | 20,160 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 772,822 | $ | 773,240 | $ | 277,496 | $ | 171,514 | $ | 148,401 | $ | 184,739 | $ | 43,165 | $ | 57,771 | $ | 1,241,884 | $ | 1,187,264 |
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 | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 247 | $ | 99 | $ | 0 | $ | 346 | $ | 2,614 | $ | 2,960 | $ | 497,713 | $ | 500,673 | |||||||||||||||||||||||||||||||
Agricultural real estate | 179 | 0 | 0 | 179 | 5,252 | 5,431 | 67,712 | 73,143 | |||||||||||||||||||||||||||||||||||||||
Multi-family real estate | 0 | 0 | 0 | 0 | 148 | 148 | 109,520 | 109,668 | |||||||||||||||||||||||||||||||||||||||
Construction and land development | 224 | 379 | 0 | 603 | 0 | 603 | 88,735 | 89,338 | |||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 163 | 0 | 0 | 163 | 853 | 1,016 | 103,355 | 104,371 | |||||||||||||||||||||||||||||||||||||||
C&I SBA PPP loans | 0 | 0 | 0 | 0 | 0 | 0 | 139,166 | 139,166 | |||||||||||||||||||||||||||||||||||||||
Agricultural operating | 451 | 600 | 0 | 1,051 | 1,651 | 2,702 | 31,256 | 33,958 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 2,256 | 960 | 838 | 4,054 | 2,302 | 6,356 | 135,498 | 141,854 | |||||||||||||||||||||||||||||||||||||||
Purchased HELOC loans | 0 | 67 | 94 | 161 | 234 | 395 | 6,152 | 6,547 | |||||||||||||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 111 | 41 | 17 | 169 | 74 | 243 | 28,293 | 28,536 | |||||||||||||||||||||||||||||||||||||||
Other Consumer | 63 | 15 | 1 | 79 | 26 | 105 | 14,525 | 14,630 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 3,694 | $ | 2,161 | $ | 950 | $ | 6,805 | $ | 13,154 | $ | 19,959 | $ | 1,221,925 | $ | 1,241,884 | |||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,804 | $ | 847 | $ | 0 | $ | 3,651 | $ | 4,214 | $ | 7,865 | $ | 506,594 | $ | 514,459 | |||||||||||||||||||||||||||||||
Agricultural real estate | 509 | 0 | 0 | 509 | 7,568 | 8,077 | 77,286 | 85,363 | |||||||||||||||||||||||||||||||||||||||
Multi-family real estate | 0 | 0 | 0 | 0 | 1,449 | 1,449 | 85,559 | 87,008 | |||||||||||||||||||||||||||||||||||||||
Construction and land development | 436 | 0 | 0 | 436 | 42 | 478 | 85,932 | 86,410 | |||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,024 | 0 | 0 | 1,024 | 1,850 | 2,874 | 130,860 | 133,734 | |||||||||||||||||||||||||||||||||||||||
Agricultural operating | 73 | 49 | 0 | 122 | 1,702 | 1,824 | 35,956 | 37,780 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 4,929 | 1,597 | 649 | 7,175 | 2,063 | 9,238 | 167,094 | 176,332 | |||||||||||||||||||||||||||||||||||||||
Purchased HELOC loans | 293 | 378 | 407 | 1,078 | 0 | 1,078 | 7,329 | 8,407 | |||||||||||||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Originated indirect paper | 168 | 52 | 20 | 240 | 137 | 377 | 39,208 | 39,585 | |||||||||||||||||||||||||||||||||||||||
Other Consumer | 204 | 43 | 28 | 275 | 31 | 306 | 17,880 | 18,186 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 10,440 | $ | 2,966 | $ | 1,104 | $ | 14,510 | $ | 19,056 | $ | 33,566 | $ | 1,153,698 | $ | 1,187,264 |
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 | ||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||
One to four family | $ | 3,608 | $ | 1,016 | $ | 1,069 | $ | 5,693 | $ | 2,255 | $ | 7,948 | $ | 180,122 | $ | 188,070 | |||||||||||||||
Purchased HELOC loans | 466 | 338 | — | 804 | — | 804 | 9,316 | 10,120 | |||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||
Commercial real estate | 389 | 68 | — | 457 | 4,808 | 5,265 | 459,781 | 465,046 | |||||||||||||||||||||||
Agricultural real estate | 1,853 | 81 | — | 1,934 | 6,191 | 8,125 | 81,316 | 89,441 | |||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 1,471 | 1,471 | 86,287 | 87,758 | |||||||||||||||||||||||
Construction and land development | — | — | — | — | 45 | 45 | 65,505 | 65,550 | |||||||||||||||||||||||
Consumer non-real estate: | |||||||||||||||||||||||||||||||
Originated indirect paper | 250 | 25 | 16 | 291 | 165 | 456 | 42,438 | 42,894 | |||||||||||||||||||||||
Purchased indirect paper | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Other Consumer | 75 | 44 | 14 | 133 | 26 | 159 | 18,611 | 18,770 | |||||||||||||||||||||||
Commercial/Agricultural non-real estate: | |||||||||||||||||||||||||||||||
Commercial non-real estate | 957 | 80 | — | 1,037 | 2,072 | 3,109 | 124,123 | 127,232 | |||||||||||||||||||||||
Agricultural non-real estate | 1,656 | 141 | — | 1,797 | 1,989 | 3,786 | 36,041 | 39,827 | |||||||||||||||||||||||
Total | $ | 9,254 | $ | 1,793 | $ | 1,099 | $ | 12,146 | $ | 19,022 | $ | 31,168 | $ | 1,103,540 | $ | 1,134,708 | |||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||
One to four family | $ | 2,784 | $ | 861 | $ | 471 | $ | 4,116 | $ | 2,331 | $ | 6,447 | $ | 203,479 | $ | 209,926 | |||||||||||||||
Purchased HELOC loans | 820 | 572 | 51 | 1,443 | — | 1,443 | 11,440 | 12,883 | |||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||
Commercial real estate | 1,060 | 872 | — | 1,932 | 745 | 2,677 | 355,282 | 357,959 | |||||||||||||||||||||||
Agricultural real estate | 1,360 | — | — | 1,360 | 2,019 | 3,379 | 82,636 | 86,015 | |||||||||||||||||||||||
Multi-family real estate | — | — | — | — | — | — | 69,400 | 69,400 | |||||||||||||||||||||||
Construction and land development | 526 | 175 | — | 701 | 63 | 764 | 21,927 | 22,691 | |||||||||||||||||||||||
Consumer non-real estate: | |||||||||||||||||||||||||||||||
Originated indirect paper | 272 | 167 | 45 | 484 | 106 | 590 | 55,995 | 56,585 | |||||||||||||||||||||||
Purchased indirect paper | 340 | 200 | 157 | 697 | — | 697 | 14,309 | 15,006 | |||||||||||||||||||||||
Other Consumer | 179 | 98 | 12 | 289 | 14 | 303 | 19,911 | 20,214 | |||||||||||||||||||||||
Commercial/Agricultural non-real estate: | |||||||||||||||||||||||||||||||
Commercial non-real estate | 399 | 70 | — | 469 | 1,314 | 1,783 | 110,644 | 112,427 | |||||||||||||||||||||||
Agricultural non-real estate | 428 | 40 | — | 468 | 762 | 1,230 | 35,097 | 36,327 | |||||||||||||||||||||||
Total | $ | 8,168 | $ | 3,055 | $ | 736 | $ | 11,959 | $ | 7,354 | $ | 19,313 | $ | 980,120 | $ | 999,433 |
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
September 30, 2019 | |||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 9,016 | $ | 9,016 | $ | — | $ | 8,945 | $ | 141 | |||||||||
Commercial/agriculture real estate | 43,907 | 43,907 | — | 36,379 | 721 | ||||||||||||||
Consumer non-real estate | 358 | 358 | — | 292 | 7 | ||||||||||||||
Commercial/agricultural non-real estate | 10,298 | 10,298 | — | 8,599 | 166 | ||||||||||||||
Total | $ | 63,579 | $ | 63,579 | $ | — | $ | 54,214 | $ | 1,035 | |||||||||
With An Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 1,598 | $ | 1,598 | $ | 191 | $ | 1,465 | $ | 24 | |||||||||
Commercial/agriculture real estate | 1,634 | 1,634 | 205 | 1,307 | — | ||||||||||||||
Consumer non-real estate | 62 | 62 | 15 | 104.5 | — | ||||||||||||||
Commercial/agricultural non-real estate | 541 | 541 | 252 | 284 | — | ||||||||||||||
Total | $ | 3,835 | $ | 3,835 | $ | 663 | $ | 3,160 | $ | 24 | |||||||||
September 30, 2019 Totals: | |||||||||||||||||||
Residential real estate | $ | 10,614 | $ | 10,614 | $ | 191 | $ | 10,410 | $ | 165 | |||||||||
Commercial/agriculture real estate | 45,541 | 45,541 | 205 | 37,685 | 721 | ||||||||||||||
Consumer non-real estate | 420 | 420 | 15 | 397 | 7 | ||||||||||||||
Commercial/agricultural non-real estate | 10,839 | 10,839 | 252 | 8,883 | 166 | ||||||||||||||
Total | $ | 67,414 | $ | 67,414 | $ | 663 | $ | 57,374 | $ | 1,059 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 30,419 | $ | 30,419 | $ | — | $ | 30,344 | $ | 454 | $ | 35,467 | $ | 1,374 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 6,860 | 6,860 | — | 7,070 | 35 | 8,169 | 188 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 8,715 | 8,715 | — | 8,668 | 107 | 8,705 | 356 | ||||||||||||||||||||||||||||||||||
Consumer installment | 363 | 363 | — | 363 | 6 | 371 | 23 | ||||||||||||||||||||||||||||||||||
Total | $ | 46,357 | $ | 46,357 | $ | — | $ | 46,445 | $ | 602 | $ | 52,712 | $ | 1,941 | |||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 3,177 | $ | 3,177 | $ | 772 | $ | 3,597 | $ | 48 | $ | 2,660 | $ | 73 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 1,034 | 1,034 | 159 | 669 | 0 | 762 | 12 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 1,118 | 1,118 | 249 | 970 | 7 | 1,275 | 36 | ||||||||||||||||||||||||||||||||||
Consumer installment | 3 | 3 | 1 | 9 | 0 | 35 | 0 | ||||||||||||||||||||||||||||||||||
Total | $ | 5,332 | $ | 5,332 | $ | 1,181 | $ | 5,245 | $ | 55 | $ | 4,732 | $ | 121 | |||||||||||||||||||||||||||
September 30, 2020 Totals: | |||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 33,596 | $ | 33,596 | $ | 772 | $ | 33,941 | $ | 502 | $ | 38,127 | $ | 1,447 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 7,894 | 7,894 | 159 | 7,739 | 35 | 8,931 | 200 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 9,833 | 9,833 | 249 | 9,638 | 114 | 9,980 | 392 | ||||||||||||||||||||||||||||||||||
Consumer installment | 366 | 366 | 1 | 372 | 6 | 406 | 23 | ||||||||||||||||||||||||||||||||||
Total | $ | 51,689 | $ | 51,689 | $ | 1,181 | $ | 51,690 | $ | 657 | $ | 57,444 | $ | 2,062 | |||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 40,514 | $ | 40,514 | $ | — | |||||||||||||||||||||||
C&I/Agricultural operating | 9,477 | 9,477 | — | ||||||||||||||||||||||||||
Residential mortgage | 8,695 | 8,695 | — | ||||||||||||||||||||||||||
Consumer installment | 379 | 379 | — | ||||||||||||||||||||||||||
Total | $ | 59,065 | $ | 59,065 | $ | — | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 2,143 | $ | 2,143 | $ | 495 | |||||||||||||||||||||||
C&I/Agricultural operating | 490 | 490 | 312 | ||||||||||||||||||||||||||
Residential mortgage | 1,431 | 1,431 | 136 | ||||||||||||||||||||||||||
Consumer installment | 67 | 67 | 13 | ||||||||||||||||||||||||||
Total | $ | 4,131 | $ | 4,131 | $ | 956 | |||||||||||||||||||||||
December 31, 2019 Totals | |||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 42,657 | $ | 42,657 | $ | 495 | |||||||||||||||||||||||
C&I/Agricultural operating | 9,967 | 9,967 | 312 | ||||||||||||||||||||||||||
Residential mortgage | 10,126 | 10,126 | 136 | ||||||||||||||||||||||||||
Consumer installment | 446 | 446 | 13 | ||||||||||||||||||||||||||
Total | $ | 63,196 | $ | 63,196 | $ | 956 | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 43,907 | $ | 43,907 | $ | — | $ | 36,724 | $ | 721 | $ | 36,379 | $ | 2,212 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 10,298 | 10,298 | — | 9,417 | 166 | 8,599 | 543 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 9,016 | 9,016 | — | 8,593 | 141 | 8,945 | 370 | ||||||||||||||||||||||||||||||||||
Consumer installment | 358 | 358 | — | 300 | 7 | 292 | 24 | ||||||||||||||||||||||||||||||||||
Total | $ | 63,579 | $ | 63,579 | $ | — | $ | 55,034 | $ | 1,035 | $ | 54,215 | $ | 3,149 | |||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 1,634 | $ | 1,634 | $ | 205 | $ | 1,384 | $ | 0 | $ | 1,307 | $ | 0 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 541 | 541 | 252 | 576 | 0 | 284 | 11 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 1,598 | 1,598 | 191 | 1,340 | 24 | 1,465 | 62 | ||||||||||||||||||||||||||||||||||
Consumer installment | 62 | 62 | 15 | 85 | 0 | 104 | 2 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,835 | $ | 3,835 | $ | 663 | $ | 3,385 | $ | 24 | $ | 3,160 | $ | 75 | |||||||||||||||||||||||||||
September 30, 2019 Totals: | |||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | $ | 45,541 | $ | 45,541 | $ | 205 | $ | 38,108 | $ | 721 | $ | 37,686 | $ | 2,212 | |||||||||||||||||||||||||||
C&I/Agricultural operating | 10,839 | 10,839 | 252 | 9,993 | 166 | 8,883 | 554 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 10,614 | 10,614 | 191 | 9,933 | 165 | 10,410 | 432 | ||||||||||||||||||||||||||||||||||
Consumer installment | 420 | 420 | 15 | 385 | 7 | 396 | 26 | ||||||||||||||||||||||||||||||||||
Total | $ | 67,414 | $ | 67,414 | $ | 663 | $ | 58,419 | $ | 1,059 | $ | 57,375 | $ | 3,224 | |||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
December 31, 2018 | |||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 8,873 | $ | 8,873 | $ | — | $ | 7,915 | $ | 88 | |||||||||
Commercial/agriculture real estate | 28,850 | 28,850 | — | 19,673 | 304 | ||||||||||||||
Consumer non-real estate | 226 | 226 | — | 226 | 4 | ||||||||||||||
Commercial/agricultural non-real estate | 6,900 | 6,900 | — | 4,522 | 105 | ||||||||||||||
Total | $ | 44,849 | $ | 44,849 | $ | — | $ | 32,336 | $ | 501 | |||||||||
With An Allowance Recorded: | |||||||||||||||||||
Residential real estate | $ | 1,332 | $ | 1,332 | $ | 156 | $ | 1,280 | $ | 17 | |||||||||
Commercial/agriculture real estate | 979 | 979 | 25 | 820 | — | ||||||||||||||
Consumer non-real estate | 147 | 147 | 37 | 154 | 1 | ||||||||||||||
Commercial/agricultural non-real estate | 27 | 27 | 9 | 73 | 1 | ||||||||||||||
Total | $ | 2,485 | $ | 2,485 | $ | 227 | $ | 2,327 | $ | 19 | |||||||||
December 31, 2018 Totals: | |||||||||||||||||||
Residential real estate | $ | 10,205 | $ | 10,205 | $ | 156 | $ | 9,195 | $ | 105 | |||||||||
Commercial/agriculture real estate | 29,829 | 29,829 | 25 | 20,493 | 304 | ||||||||||||||
Consumer non-real estate | 373 | 373 | 37 | 380 | 5 | ||||||||||||||
Commercial/agricultural non-real estate | 6,927 | 6,927 | 9 | 4,595 | 106 | ||||||||||||||
Total | $ | 47,334 | $ | 47,334 | $ | 227 | $ | 34,663 | $ | 520 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Troubled debt restructure loans: | ||||||||||||||
Accrual status | $ | 12,579 | $ | 5,396 | ||||||||||
Non-accrual status | 7,199 | 7,198 | ||||||||||||
Total | $ | 19,778 | $ | 12,594 |
September 30, 2019 | December 31, 2018 | |||||||
Troubled debt restructure loans: | ||||||||
Accrual status | $ | 7,194 | $ | 6,055 | ||||
Non-accrual status | 4,601 | 2,667 | ||||||
Total | $ | 11,795 | $ | 8,722 |
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 September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | 3 | $ | 3,550 | $ | 0 | $ | 276 | $ | 0 | $ | 3,826 | $ | 3,826 | $ | 0 | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 2 | 3,000 | 0 | 0 | 0 | 3,000 | 3,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 8 | 59 | 500 | 32 | 0 | 591 | 591 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Totals | 13 | $ | 6,609 | $ | 500 | $ | 308 | $ | 0 | $ | 7,417 | $ | 7,417 | $ | 0 |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | 12 | $ | 4,442 | $ | 198 | $ | 293 | $ | 0 | $ | 4,933 | $ | 4,933 | $ | 0 | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 5 | 3,295 | 78 | — | 0 | 3,373 | 3,373 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 13 | 148 | 858 | 117 | 0 | 1,123 | 1,123 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 2 | 3 | 0 | 4 | 0 | 7 | 7 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Totals | 32 | $ | 7,888 | $ | 1,134 | $ | 414 | $ | 0 | $ | 9,436 | $ | 9,436 | $ | 0 |
Number of Contracts | Modified Rate | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | ||||||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||
TDRs: | |||||||||||||||||||||||||||||||
Residential real estate | 9 | $ | 431 | $ | — | $ | 171 | $ | — | $ | 602 | $ | 602 | $ | — | ||||||||||||||||
Commercial/Agricultural real estate | 14 | 2,005 | 78 | 1,215 | — | 3,298 | 3,298 | — | |||||||||||||||||||||||
Consumer non-real estate | 1 | 2 | — | — | — | 2 | 2 | — | |||||||||||||||||||||||
Commercial/Agricultural non-real estate | 7 | 165 | 364 | 469 | — | 998 | 998 | — | |||||||||||||||||||||||
Totals | 31 | $ | 2,603 | $ | 442 | $ | 1,855 | $ | — | $ | 4,900 | $ | 4,900 | $ | — |
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 September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | 7 | $ | 1,987 | $ | 0 | $ | 25 | $ | 0 | $ | 2,012 | $ | 2,012 | $ | 0 | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 1 | 0 | 0 | 60 | 0 | 60 | 60 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 2 | 106 | 0 | 0 | 0 | 106 | 106 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Totals | 10 | $ | 2,093 | $ | 0 | $ | 85 | $ | 0 | $ | 2,178 | $ | 2,178 | $ | 0 |
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, 2018 | |||||||||||||||||||||||||||||||
TDRs: | |||||||||||||||||||||||||||||||
Residential real estate | 4 | $ | 240 | $ | — | $ | — | $ | — | $ | 240 | $ | 240 | $ | — | ||||||||||||||||
Commercial/Agricultural real estate | 2 | — | 581 | — | 21 | 602 | 602 | — | |||||||||||||||||||||||
Consumer non-real estate | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Commercial/Agricultural non-real estate | 1 | 24 | — | — | — | 24 | 24 | — | |||||||||||||||||||||||
Totals | 7 | $ | 264 | $ | 581 | $ | — | $ | 21 | $ | 866 | $ | 866 | $ | — |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/agriculture real estate | 14 | $ | 2,005 | $ | 78 | $ | 1,215 | $ | 0 | $ | 3,298 | $ | 3,298 | $ | 0 | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 7 | 165 | 364 | 469 | 0 | 998 | 998 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 9 | 431 | 0 | 171 | 0 | 602 | 602 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | 1 | 2 | 0 | 0 | 0 | 2 | 2 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Totals | 31 | $ | 2,603 | $ | 442 | $ | 1,855 | $ | 0 | $ | 4,900 | $ | 4,900 | $ | 0 |
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/agriculture real estate | 34 | $ | 10,517 | 27 | $ | 5,917 | ||||||||||||||||||||
C&I/Agricultural operating | 17 | 5,358 | 16 | 2,366 | ||||||||||||||||||||||
Residential mortgage | 50 | 3,850 | 42 | 3,438 | ||||||||||||||||||||||
Consumer installment | 7 | 53 | 8 | 74 | ||||||||||||||||||||||
Total troubled debt restructurings | 108 | $ | 19,778 | 93 | $ | 11,795 |
September 30, 2019 | December 31, 2018 | ||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||
Troubled debt restructurings: | |||||||||||||
Residential real estate | 42 | $ | 3,438 | 41 | $ | 4,103 | |||||||
Commercial/Agricultural real estate | 27 | 5,917 | 19 | 2,787 | |||||||||
Consumer non-real estate | 8 | 74 | 13 | 99 | |||||||||
Commercial/Agricultural non-real estate | 16 | 2,366 | 10 | 1,733 | |||||||||
Total troubled debt restructurings | 93 | $ | 11,795 | 83 | $ | 8,722 |
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/agriculture real estate | 15 | $ | 5,037 | 9 | $ | 2,343 | ||||||||||||||||||||
C&I/Agricultural operating | 12 | 1,490 | 12 | 1,914 | ||||||||||||||||||||||
Residential mortgage | 8 | 672 | 3 | 344 | ||||||||||||||||||||||
Total troubled debt restructurings | 35 | $ | 7,199 | 24 | $ | 4,601 |
September 30, 2019 | December 31, 2018 | ||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||
Troubled debt restructurings: | |||||||||||||
Residential real estate | 3 | $ | 344 | 7 | $ | 785 | |||||||
Commercial/Agricultural real estate | 9 | 2,343 | 4 | 577 | |||||||||
Consumer non-real estate | — | — | — | — | |||||||||
Commercial/Agricultural non-real estate | 12 | 1,914 | 8 | 1,305 | |||||||||
Total troubled debt restructurings | 24 | $ | 4,601 | 19 | $ | 2,667 |
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/agriculture real estate | 0 | $ | 0 | 2 | $ | 120 | ||||||||||||||||||||
Residential mortgage | 2 | 234 | 0 | 0 | ||||||||||||||||||||||
Total troubled debt restructurings | 2 | $ | 234 | 2 | $ | 120 |
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | |||||||||||||||||||||||
Troubled debt restructurings: | ||||||||||||||||||||||||||
Commercial/agriculture real estate | 2 | $ | 140 | 7 | $ | 227 | ||||||||||||||||||||
C&I/Agricultural operating | 1 | 78 | 4 | 857 | ||||||||||||||||||||||
Residential mortgage | 3 | 279 | 0 | 0 | ||||||||||||||||||||||
Total troubled debt restructurings | 6 | $ | 497 | 11 | $ | 1,084 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Accountable for under ASC 310-30 (Purchased Credit Impaired “PCI” loans) | ||||||||||||||
Outstanding balance | $ | 25,083 | $ | 38,268 | ||||||||||
Carrying amount | $ | 23,422 | $ | 31,978 | ||||||||||
Accountable for under ASC 310-20 (non-PCI loans) | ||||||||||||||
Outstanding balance | $ | 299,251 | $ | 386,476 | ||||||||||
Carrying amount | $ | 294,201 | $ | 383,275 | ||||||||||
Total acquired loans | ||||||||||||||
Outstanding balance | $ | 324,334 | $ | 424,744 | ||||||||||
Carrying amount | $ | 317,623 | $ | 415,253 |
September 30, 2019 | |||
Accountable for under ASC 310-30 (Purchased Credit Impaired “PCI” loans) | |||
Outstanding balance | $ | 41,433 | |
Carrying amount | $ | 34,696 | |
Accountable for under ASC 310-20 (non-PCI loans) | |||
Outstanding balance | $ | 405,827 | |
Carrying amount | $ | 402,392 | |
Total acquired loans | |||
Outstanding balance | $ | 447,260 | |
Carrying amount | $ | 437,088 |
September 30, 2020 | September 30, 2019 | |||||||||||||
Accretable discount, beginning of period | $ | 3,201 | $ | 3,163 | ||||||||||
Additions to accretable discount for acquired performing loans | 0 | 814 | ||||||||||||
Accelerated accretion from payoff of certain PCI loans with transferred non-accretable difference | (99) | 0 | ||||||||||||
Transfers from non-accretable difference to accretable discount | 2,704 | 80 | ||||||||||||
Scheduled accretion | (756) | (622) | ||||||||||||
Accretable discounts, end of period | $ | 5,050 | $ | 3,435 |
September 30, 2019 | |||
Balance at beginning of period, January 1, 2019 | $ | 3,163 | |
Acquisitions | 814 | ||
Reduction due to unexpected early payoffs | — | ||
Reclass from non-accretable difference | 80 | ||
Disposals/transfers | — | ||
Accretion | (622 | ) | |
Balance at end of period, September 30, 2019 | $ | 3,435 |
Acquired Credit Impaired Loans | Acquired Performing Loans | Total Acquired Loans | ||||||||
Contractually required cash flows at acquisition | $ | 18,355 | $ | 111,919 | $ | 130,274 | ||||
Non-accretable difference (expected losses and foregone interest) | (2,898 | ) | — | (2,898 | ) | |||||
Cash flows expected to be collected at acquisition | 15,457 | 111,919 | 127,376 | |||||||
Accretable yield | — | (814 | ) | (814 | ) | |||||
Fair value of acquired loans at acquisition | $ | 15,457 | 111,105 | $ | 126,562 |
As of and for the Nine Months Ended | As of and for the Twelve Months Ended | |||||||||||||
Mortgage servicing rights: | September 30, 2020 | December 31, 2019 | ||||||||||||
Mortgage servicing assets, net; beginning of period | $ | 4,541 | $ | 4,486 | ||||||||||
MSR asset acquired | 0 | 0 | ||||||||||||
Increase in MSR assets resulting from transfers of financial assets | 1,546 | 904 | ||||||||||||
Amortization during the period | (908) | (849) | ||||||||||||
5,179 | 4,541 | |||||||||||||
Valuation Allowances: | ||||||||||||||
Balance at beginning of period | (259) | 0 | ||||||||||||
Additions | (1,422) | (259) | ||||||||||||
Recoveries | 0 | 0 | ||||||||||||
Write-downs | 0 | 0 | ||||||||||||
Balance at end of period | (1,681) | (259) | ||||||||||||
Mortgage servicing assets, net; end of period | $ | 3,498 | $ | 4,282 | ||||||||||
Fair value of MSR asset; end of period | $ | 3,509 | $ | 4,309 | ||||||||||
Residential mortgage loans serviced for others | $ | 555,700 | $ | 524,715 | ||||||||||
Net book value of MSR asset to loans serviced for others | 0.63 | % | 0.82 | % |
As of and for the Nine Months Ended | As of and for the Three Months Ended | |||||||
September 30, 2019 | December 31, 2018 | |||||||
Balance at beginning of period | $ | 4,486 | $ | 1,840 | ||||
MSR asset acquired | — | 2,721 | ||||||
Increase in MSR assets resulting from transfers of financial assets | 581 | 100 | ||||||
Amortization during the period | (612 | ) | (175 | ) | ||||
Valuation allowance at end of period | (210 | ) | — | |||||
Net book value at end of period | $ | 4,245 | $ | 4,486 | ||||
Fair value of MSR asset at end of period | $ | 4,299 | $ | 5,214 | ||||
Residential mortgage loans serviced for others | $ | 522,482 | $ | 518,476 | ||||
Net book value of MSR asset to loans serviced for others | 0.81 | % | 0.87 | % |
Nine Months Ended | ||||||||||||||||||
As of and for the nine months ended September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||
Supplemental cash flow information related to leases was as follows: | Supplemental cash flow information related to leases was as follows: | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 665 | Operating cash flows from operating leases | $ | 477 | $ | 665 | |||||||||||
Right-of-use assets obtained in exchange for lease obligations: | Right-of-use assets obtained in exchange for lease obligations: | |||||||||||||||||
Operating leases | $ | 158 | Operating leases | $ | 0 | $ | 158 | |||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||
Supplemental balance sheet information related to leases was as follows: | Supplemental balance sheet information related to leases was as follows: | |||||||||||||||||
Operating lease right-of-use assets | $ | 2,939 | Operating lease right-of-use assets | $ | 2,803 | $ | 2,787 | |||||||||||
Operating lease liabilities | $ | 2,994 | Operating lease liabilities | $ | 2,910 | $ | 2,845 | |||||||||||
Weighted average remaining lease term in years; operating leases | 6.95 | Weighted average remaining lease term in years; operating leases | 6.1 | 6.63 | ||||||||||||||
Weighted average discount rate; operating leases | 3.07 | % | Weighted average discount rate; operating leases | 2.63 | % | 3.07 | % |
Fiscal years ending December 31, | |||||
2020 | $ | 161 | |||
2021 | 592 | ||||
2022 | 558 | ||||
2023 | 505 | ||||
2024 | 419 | ||||
Thereafter | 1,229 | ||||
Total | 3,464 | ||||
Less: effects of discounting | (554) | ||||
Lease liability recognized | $ | 2,910 |
Fiscal years ending December 31, | |||
2019 | $ | 150 | |
2020 | 566 | ||
2021 | 423 | ||
2022 | 378 | ||
2023 | 327 | ||
Thereafter | 1,150 | ||
Total | $ | 2,994 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Non-interest bearing demand deposits | $ | 229,217 | $ | 168,157 | ||||||||||||||||
Interest bearing demand deposits | 279,648 | 223,102 | ||||||||||||||||||
Savings accounts | 191,511 | 156,599 | ||||||||||||||||||
Money market accounts | 246,651 | 246,430 | ||||||||||||||||||
Certificate accounts | 323,751 | 401,414 | ||||||||||||||||||
Total deposits | $ | 1,270,778 | $ | 1,195,702 | ||||||||||||||||
Brokered deposits included above: | $ | 3,250 | $ | 50,377 |
September 30, 2021 | $ | 216,854 | ||||||
September 30, 2022 | 96,391 | |||||||
September 30, 2023 | 6,669 | |||||||
September 30, 2024 | 2,976 | |||||||
September 30, 2025 | 861 | |||||||
After September 30, 2025 | 0 | |||||||
Total | $ | 323,751 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Stated Maturity | Amount | Range of Stated Rates | Amount | Range of Stated Rates | ||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (1), (2), (3), (4), (5) | 2020 | $ | 1,000 | 1.76 | % | 1.76 | % | $ | 69,000 | 1.67 | % | 2.05 | % | |||||||||||||||||||||||||||||||
2021 | 8,000 | 0 | % | 2.16 | % | 4,000 | 1.85 | % | 2.16 | % | ||||||||||||||||||||||||||||||||||
2022 | 15,000 | 2.34 | % | 2.45 | % | 15,000 | 2.34 | % | 2.45 | % | ||||||||||||||||||||||||||||||||||
2023 | 20,000 | 1.43 | % | 1.44 | % | 0 | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||||
2024 | 20,530 | 0 | % | 1.45 | % | 530 | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||||
2025 | 5,000 | 1.45 | % | 1.45 | % | 0 | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||||
2029 | 42,500 | 1.00 | % | 1.13 | % | 42,500 | 1.00 | % | 1.13 | % | ||||||||||||||||||||||||||||||||||
2030 | 12,500 | 0.52 | % | 0.86 | % | 0 | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||||
Subtotal | 124,530 | 131,030 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired notes | (39) | (59) | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances, net | $ | 124,491 | $ | 130,971 | ||||||||||||||||||||||||||||||||||||||||
Senior Notes (6) | 2031 | $ | 28,856 | 3.50 | % | 3.50 | % | $ | 28,856 | 4.00 | % | 4.75 | % | |||||||||||||||||||||||||||||||
Subordinated Notes (7) | 2027 | $ | 15,000 | 6.75 | % | 6.75 | % | $ | 15,000 | 6.75 | % | 6.75 | % | |||||||||||||||||||||||||||||||
2030 | 15,000 | 6.00 | % | 6.00 | % | |||||||||||||||||||||||||||||||||||||||
$ | 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ | (559) | $ | (296) | ||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 58,297 | $ | 43,560 | ||||||||||||||||||||||||||||||||||||||||
Totals | $ | 182,788 | $ | 174,531 |
September 30, 2019 | December 31, 2018 | ||||||
Advances from FHLB: | |||||||
Fixed rates | $ | 71,530 | $ | 43,000 | |||
Overnight borrowings | 42,000 | 67,000 | |||||
Total FHLB advances | 113,530 | 110,000 | |||||
Less: unamortized discount on acquired borrowings | $ | (64 | ) | (187 | ) | ||
Net FHLB advances | 113,466 | $ | 109,813 | ||||
Other borrowings: | |||||||
Senior notes: | |||||||
Variable rate due in June 2031 | $ | 29,856 | 10,000 | ||||
Subordinated notes: | |||||||
6.75% due August 2027, variable rate commencing August 2022 | 15,000 | 15,000 | |||||
Less: unamortized debt issuance costs | (311 | ) | (353 | ) | |||
Total other borrowings | $ | 44,545 | $ | 24,647 | |||
Totals | $ | 158,011 | $ | 134,460 |
Fiscal years ending December 31, | |||
2019 | $ | 46,000 | |
2020 | 5,500 | ||
2021 | 4,000 | ||
2022 | 14,936 | ||
2023 | — | ||
Thereafter | 87,575 | ||
$ | 158,011 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 | As of September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | Total capital (to risk weighted assets) | $ | 170,610 | 15.0 | % | $ | 91,021 | > = | 8.0 | % | $ | 113,776 | > = | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | Tier 1 capital (to risk weighted assets) | 156,388 | 13.7 | % | 68,266 | > = | 6.0 | % | 91,021 | > = | 8.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | Common equity tier 1 capital (to risk weighted assets) | 156,388 | 13.7 | % | 51,199 | > = | 4.5 | % | 73,955 | > = | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | Tier 1 leverage ratio (to adjusted total assets) | 156,388 | 9.9 | % | 63,465 | > = | 4.0 | % | 79,331 | > = | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | Total capital (to risk weighted assets) | $ | 160,302 | 13.1 | % | $ | 98,174 | > = | 8.0 | % | $ | 122,718 | > = | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | Tier 1 capital (to risk weighted assets) | 149,982 | 12.2 | % | 73,631 | > = | 6.0 | % | 98,174 | > = | 8.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | Common equity tier 1 capital (to risk weighted assets) | 149,982 | 12.2 | % | 55,223 | > = | 4.5 | % | 79,767 | > = | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | Tier 1 leverage ratio (to adjusted total assets) | 149,982 | 10.4 | % | 57,834 | > = | 4.0 | % | 72,293 | > = | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 157,069,000 | 13.5 | % | $ | 92,966,000 | > = | 8.0 | % | $ | 116,208,000 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 147,892,000 | 12.7 | % | 69,725,000 | > = | 6.0 | % | 92,966,000 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 147,892,000 | 12.7 | % | 52,293,000 | > = | 4.5 | % | 75,535,000 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 147,892,000 | 10.2 | % | 57,777,000 | > = | 4.0 | % | 72,221,000 | > = | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 126,440,000 | 12.7 | % | $ | 79,651,000 | > = | 8.0 | % | $ | 99,563,000 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 118,836,000 | 11.9 | % | 59,738,000 | > = | 6.0 | % | 79,651,000 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 118,836,000 | 11.9 | % | 44,804,000 | > = | 4.5 | % | 64,716,000 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 118,836,000 | 9.7 | % | 48,976,000 | > = | 4.0 | % | 61,220,000 | > = | 5.0 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 163,250 | 14.3 | % | $ | 91,021 | > = | 8.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 119,028 | 10.5 | % | 68,266 | > = | 6.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 119,028 | 10.5 | % | 51,199 | > = | 4.5 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 119,028 | 7.5 | % | 63,465 | > = | 4.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 137,259 | 11.2 | % | $ | 98,174 | > = | 8.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 111,939 | 9.1 | % | 73,631 | > = | 6.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 111,939 | 9.1 | % | 55,223 | > = | 4.5 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 111,939 | 7.7 | % | 57,834 | > = | 4.0 | % | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of September 30, 2019 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 132,094,000 | 11.4 | % | $ | 92,966,000 | > = | 8.0 | % | $ | 116,208,000 | > = | 10.0 | % | |||||||||||
Tier 1 capital (to risk weighted assets) | 107,917,000 | 9.3 | % | 69,725,000 | > = | 6.0 | % | 92,966,000 | > = | 8.0 | % | ||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 107,917,000 | 9.3 | % | 52,293,000 | > = | 4.5 | % | 75,535,000 | > = | 6.5 | % | ||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 107,917,000 | 7.5 | % | 57,777,000 | > = | 4.0 | % | 72,221,000 | > = | 5.0 | % | ||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 123,657,000 | 12.4 | % | $ | 79,651,000 | > = | 8.0 | % | $ | 99,563,000 | > = | 10.0 | % | |||||||||||
Tier 1 capital (to risk weighted assets) | 101,053,000 | 10.2 | % | 59,738,000 | > = | 6.0 | % | 79,651,000 | > = | 8.0 | % | ||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 101,053,000 | 10.2 | % | 44,804,000 | > = | 4.5 | % | 64,716,000 | > = | 6.5 | % | ||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 101,053,000 | 8.3 | % | 48,976,000 | > = | 4.0 | % | 61,220,000 | > = | 5.0 | % |
Restricted Common Stock Award | ||||||||||||||
September 30, 2019 | December 31, 2018 | |||||||||||||
Number of Shares | Weighted Average Grant Price | Number of Shares | Weighted Average Grant Price | |||||||||||
Restricted Shares | ||||||||||||||
Unvested and outstanding at beginning of year | 75,407 | $ | 13.24 | 52,172 | $ | 13.29 | ||||||||
Granted | 12,847 | 11.50 | 27,514 | 13.15 | ||||||||||
Vested | (14,979 | ) | 12.69 | (4,279 | ) | 13.30 | ||||||||
Forfeited | (8,916 | ) | 13.41 | — | — | |||||||||
Unvested and outstanding at end of year | 64,359 | $ | 12.85 | 75,407 | $ | 13.24 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Price | Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||||
Restricted Shares | ||||||||||||||||||||||||||
Unvested and outstanding at beginning of year | 43,457 | $ | 12.76 | 75,407 | $ | 13.24 | ||||||||||||||||||||
Granted | 45,507 | 11.79 | 12,847 | 11.50 | ||||||||||||||||||||||
Vested | (14,545) | 12.78 | (32,630) | 12.89 | ||||||||||||||||||||||
Forfeited | 0 | 0 | (12,167) | 13.28 | ||||||||||||||||||||||
Unvested and outstanding at end of year | 74,419 | $ | 12.16 | 43,457 | $ | 12.76 |
Common Stock Option Awards | |||||||||||||||||||||||||||||||||||||||
Option Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | Option Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 108,930 | $ | 10.15 | Outstanding at beginning of year | 78,100 | $ | 11.18 | ||||||||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||||||||||||
Forfeited or expired | Forfeited or expired | (5,000) | 12.77 | ||||||||||||||||||||||||||||||||||||
Outstanding at end of year | Outstanding at end of year | 73,100 | $ | 11.08 | 5.75 | ||||||||||||||||||||||||||||||||||
Exercisable at end of year | Exercisable at end of year | 52,900 | $ | 10.76 | 5.59 | $ | 0 | ||||||||||||||||||||||||||||||||
Fully vested and expected to vest | Fully vested and expected to vest | 73,100 | $ | 11.08 | 5.75 | $ | 0 | ||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | Outstanding at beginning of year | 108,930 | $ | 10.15 | |||||||||||||||||||||||||||||||||||
Exercised | (28,430 | ) | 7.12 | Exercised | (28,430) | 7.12 | |||||||||||||||||||||||||||||||||
Forfeited or expired | (1,000 | ) | 13.76 | Forfeited or expired | (2,400) | 12.38 | |||||||||||||||||||||||||||||||||
Outstanding at end of year | 79,500 | $ | 11.19 | 6.81 | Outstanding at end of year | 78,100 | $ | 11.18 | 6.55 | ||||||||||||||||||||||||||||||
Exercisable at end of year | 43,100 | $ | 10.62 | 6.5 | $ | 19 | Exercisable at end of year | 44,700 | $ | 10.73 | 6.30 | $ | 67 | ||||||||||||||||||||||||||
Fully vested and expected to vest | 79,500 | $ | 11.19 | 6.81 | $ | (9 | ) | Fully vested and expected to vest | 78,100 | $ | 11.18 | 6.55 | $ | 81 | |||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 121,670 | $ | 9.82 | ||||||||||||||||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||||||||||||||||
Exercised | (12,740 | ) | 7.04 | ||||||||||||||||||||||||||||||||||||
Forfeited or expired | — | — | |||||||||||||||||||||||||||||||||||||
Outstanding at end of year | 108,930 | $ | 10.15 | 5.82 | |||||||||||||||||||||||||||||||||||
Exercisable at end of year | 56,230 | $ | 8.83 | 4.01 | $ | 116 | |||||||||||||||||||||||||||||||||
Fully vested and expected to vest | 108,930 | $ | 10.15 | 5.82 | $ | 82 |
Nine months ended September 30, 2019 | Three months ended December 31, 2018 | Nine months ended September 30, 2020 | Twelve months ended December 31, 2019 | |||||||||||||||||||||||||
Intrinsic value of options exercised | $ | 130 | $ | 81 | Intrinsic value of options exercised | $ | 0 | $ | 130 | |||||||||||||||||||
Cash received from options exercised | $ | 203 | $ | 90 | Cash received from options exercised | $ | 0 | $ | 203 | |||||||||||||||||||
Tax benefit realized from options exercised | $ | — | $ | — | Tax benefit realized from options exercised | $ | 0 | $ | 0 |
Fair 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) | |||||||||||||||||||||||||||||||||||
September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | |||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | 53,378 | $ | — | $ | 53,378 | $ | — | U.S. government agency obligations | $ | 34,379 | $ | 0 | $ | 34,379 | $ | 0 | |||||||||||||||||||||
Obligations of states and political subdivisions | 27,937 | — | 27,937 | — | Obligations of states and political subdivisions | 140 | 0 | 140 | 0 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 55,658 | — | 55,658 | — | Mortgage-backed securities | 51,758 | 0 | 51,758 | 0 | |||||||||||||||||||||||||||||
Agency Securities | — | — | — | — | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 18,834 | — | 18,834 | — | Corporate debt securities | 15,364 | 0 | 15,364 | 0 | |||||||||||||||||||||||||||||
Corporate asset based securities | 27,149 | — | 27,149 | — | ||||||||||||||||||||||||||||||||||
Corporate asset-based securities | Corporate asset-based securities | 35,543 | 0 | 35,543 | 0 | |||||||||||||||||||||||||||||||||
Trust preferred securities | Trust preferred securities | 13,724 | 0 | 13,724 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 182,956 | $ | — | $ | 182,956 | $ | — | Total | $ | 150,908 | 150908000 | $ | 0 | $ | 150,908 | $ | 0 | ||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | |||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | 45,298 | $ | — | $ | 45,298 | $ | — | U.S. government agency obligations | $ | 51,805 | $ | 0 | $ | 51,805 | $ | 0 | |||||||||||||||||||||
Obligations of states and political subdivisions | 34,728 | — | 34,728 | — | Obligations of states and political subdivisions | 281 | 0 | 281 | 0 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 41,350 | — | 41,350 | — | Mortgage-backed securities | 71,331 | 0 | 71,331 | 0 | |||||||||||||||||||||||||||||
Agency securities | 148 | — | 148 | — | ||||||||||||||||||||||||||||||||||
Corporate debt securities | 6,305 | — | 6,305 | — | Corporate debt securities | 18,725 | 0 | 18,725 | 0 | |||||||||||||||||||||||||||||
Corporate asset backed securities | Corporate asset backed securities | 26,854 | 0 | 26,854 | 0 | |||||||||||||||||||||||||||||||||
Trust preferred securities | Trust preferred securities | 11,123 | 0 | 11,123 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 146,725 | $ | — | $ | 146,725 | $ | — | Total | $ | 180,119 | $ | 0 | $ | 180,119 | $ | 0 |
Carrying Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 812 | $ | 0 | $ | 0 | $ | 812 | |||||||||||||||
Impaired loans with allocated allowances | 4,151 | 0 | 0 | 4,151 | |||||||||||||||||||
Mortgage servicing rights | 3,498 | 0 | 0 | 3,509 | |||||||||||||||||||
Total | $ | 8,461 | $ | 0 | $ | 0 | $ | 8,472 | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,460 | $ | 0 | $ | 0 | $ | 1,460 | |||||||||||||||
Impaired loans with allocated allowances | 3,175 | 0 | 0 | 3,175 | |||||||||||||||||||
Mortgage servicing rights | 4,282 | 0 | 0 | 4,309 | |||||||||||||||||||
Total | $ | 8,917 | $ | 0 | $ | 0 | $ | 8,944 | |||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
September 30, 2019 | |||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,373 | $ | — | $ | — | $ | 1,373 | |||||||
Impaired loans with allocated allowances | 3,835 | — | — | 3,835 | |||||||||||
Mortgage servicing rights | 4,299 | — | — | 4,299 | |||||||||||
Total | $ | 9,507 | $ | — | $ | — | $ | 9,507 | |||||||
December 31, 2018 | |||||||||||||||
Foreclosed and repossessed assets, net | $ | 2,570 | $ | — | $ | — | $ | 2,570 | |||||||
Impaired loans with allocated allowances | 2,485 | — | — | 2,485 | |||||||||||
Mortgage servicing rights | 5,214 | — | — | 5,214 | |||||||||||
Total | $ | 10,269 | $ | — | $ | — | $ | 10,269 | |||||||
Fair Value | Valuation Techniques (1) | Significant Unobservable Inputs (2) | Range | ||||||
September 30, 2019 | |||||||||
Foreclosed and repossessed assets, net | $ | 1,373 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Impaired loans with allocated allowances | $ | 3,835 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Mortgage servicing rights | $ | 4,299 | Discounted cash flows | Discounted rates | 9.5% - 12.5% | ||||
December 31, 2018 | |||||||||
Foreclosed and repossessed assets, net | $ | 2,570 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Impaired loans with allocated allowances | $ | 2,485 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||
Mortgage servicing rights | $ | 5,214 | Discounted cash flows | Discounted rates | 9.5% - 12.5% |
Fair Value | Valuation Techniques (1) | Significant Unobservable Inputs (2) | Range | ||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 812 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||||||||||||||||
Impaired loans with allocated allowances | $ | 4,151 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||||||||||||||||
Mortgage servicing rights | $ | 3,509 | Discounted cash flows | Discounted rates | 9 - 12% | ||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | 1,460 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||||||||||||||||
Impaired loans with allocated allowances | $ | 3,175 | Appraisal value | Estimated costs to sell | 10 - 15% | ||||||||||||||||||
Mortgage servicing rights | $ | 4,309 | Discounted cash flows | Discounted rates | 9.5% - 12.5% |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Valuation Method Used | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | (Level I) | $ | 115,474 | $ | 115,474 | $ | 55,840 | $ | 55,840 | ||||||||||||||||||||
Other interest-bearing deposits | (Level II) | 3,752 | 3,838 | 4,744 | 4,792 | ||||||||||||||||||||||||
Securities available for sale “AFS” | (Level II) | 150,908 | 150,908 | 180,119 | 180,119 | ||||||||||||||||||||||||
Securities held to maturity “HTM” | (Level II) | 16,927 | 17,233 | 2,851 | 2,957 | ||||||||||||||||||||||||
Equity securities with readily determinable fair value | (Level I) | 187 | 187 | 246 | 246 | ||||||||||||||||||||||||
Other investments | (Level II) | 15,075 | 15,075 | 15,005 | 15,005 | ||||||||||||||||||||||||
Loans receivable, net | (Level III) | 1,215,303 | 1,204,923 | 1,167,060 | 1,161,660 | ||||||||||||||||||||||||
Loans held for sale | (Level II) | 4,938 | 4,938 | 5,893 | 5,893 | ||||||||||||||||||||||||
Mortgage servicing rights | (Level III) | 3,498 | 3,509 | 4,282 | 4,309 | ||||||||||||||||||||||||
Accrued interest receivable | (Level 1) | 5,829 | 5,829 | 4,738 | 4,738 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | (Level III) | $ | 1,270,778 | $ | 1,275,000 | $ | 1,195,702 | $ | 1,192,777 | ||||||||||||||||||||
FHLB advances | (Level II) | 124,491 | 129,798 | 130,971 | 131,593 | ||||||||||||||||||||||||
Other borrowings | (Level I) | 58,297 | 58,297 | 43,560 | 43,560 | ||||||||||||||||||||||||
Accrued interest payable | (Level I) | 517 | 517 | 453 | 453 |
September 30, 2019 | December 31, 2018 | ||||||||||||||||
Valuation Method Used | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | (Level I) | $ | 52,276 | $ | 52,276 | $ | 45,778 | $ | 45,778 | ||||||||
Other interest-bearing deposits | (Level II) | 5,245 | 5,290 | 7,460 | 6,704 | ||||||||||||
Securities available for sale “AFS” | See above | 182,956 | 182,956 | 146,725 | 146,725 | ||||||||||||
Securities held to maturity “HTM” | (Level II) | 3,665 | 3,770 | 4,850 | 4,872 | ||||||||||||
Other investments | (Level II) | 12,863 | 12,863 | 11,261 | 11,261 | ||||||||||||
Loans receivable, net | (Level III) | 1,115,201 | 1,112,305 | 984,952 | 988,072 | ||||||||||||
Loans held for sale | (Level II) | 3,262 | 3,262 | 1,927 | 1,927 | ||||||||||||
Mortgage servicing rights | (Level III) | 4,245 | 4,299 | 4,486 | 5,214 | ||||||||||||
Accrued interest receivable | (Level 1) | 4,993 | 4,993 | 4,307 | 4,307 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | (Level III) | $ | 1,161,750 | $ | 1,158,415 | $ | 1,007,512 | $ | 1,005,488 | ||||||||
FHLB advances | (Level II) | 113,466 | 114,226 | 109,813 | 109,665 | ||||||||||||
Other borrowings | (Level I) | 44,545 | 44,545 | 24,647 | 24,647 | ||||||||||||
Other liabilities | (Level I) | 7,112 | 7,112 | 7,359 | 7,359 | ||||||||||||
Accrued interest payable | (Level II) | 462 | 462 | 406 | 406 |
Three months ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Expense | Net-of-Tax Amount | Before-Tax Amount | Tax Expense | Net-of-Tax Amount | ||||||||||||||||||||||||||||||
Unrealized gains on securities: | |||||||||||||||||||||||||||||||||||
Net unrealized gains arising during the period | $ | 1,220 | $ | (335) | $ | 885 | $ | 440 | $ | (121) | $ | 319 | |||||||||||||||||||||||
Reclassification adjustment for gains included in net income | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other comprehensive income | $ | 1,220 | $ | (335) | $ | 885 | $ | 440 | $ | (121) | $ | 319 |
2019 | 2018 | ||||||||||||||||||||||
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 gains (losses) arising during the period | $ | 2,826 | $ | (777 | ) | $ | 2,049 | $ | (2,479 | ) | $ | 726 | $ | (1,753 | ) | ||||||||
Reclassification adjustment for gains (losses) included in net income | 151 | (42 | ) | 109 | (17 | ) | 4 | (13 | ) | ||||||||||||||
Reclassification of certain deferred tax effects (1) | — | — | — | (137 | ) | — | (137 | ) | |||||||||||||||
Adoption of ASU 2016-01; Equity securities | (62 | ) | 17 | (45 | ) | — | — | — | |||||||||||||||
Other comprehensive income (loss) | $ | 2,915 | $ | (802 | ) | $ | 2,113 | $ | (2,633 | ) | $ | 730 | $ | (1,903 | ) |
Nine months ended | |||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Expense | Net-of-Tax Amount | Before-Tax Amount | Tax Expense | Net-of-Tax Amount | ||||||||||||||||||||||||||||||
Unrealized gains on securities: | |||||||||||||||||||||||||||||||||||
Net unrealized gains arising during the period | $ | 2,052 | $ | (564) | $ | 1,488 | $ | 3,003 | $ | (826) | $ | 2,177 | |||||||||||||||||||||||
Reclassification adjustment for gains included in net income | (156) | 43 | (113) | (26) | 7 | (19) | |||||||||||||||||||||||||||||
Other comprehensive income | $ | 1,896 | $ | (521) | $ | 1,375 | $ | 2,977 | $ | (819) | $ | 2,158 |
Unrealized Gains (Losses) on Securities | Other Accumulated Comprehensive Income (Loss), net of tax | ||||||||||||||||
Beginning Balance, January 1, 2019 | $ | (2,540) | $ | (1,841) | |||||||||||||
Current year-to-date other comprehensive income | 1,953 | 1,415 | |||||||||||||||
Adoption of ASU 2016-01; Equity securities (1) | (62) | (45) | |||||||||||||||
Ending balance, December 31, 2019 | $ | (649) | $ | (471) | |||||||||||||
Current year-to-date other comprehensive income | 1,896 | 1,375 | |||||||||||||||
Ending balance, September 30, 2020 | $ | 1,247 | $ | 904 |
Unrealized Gains (Losses) on Securities | Other Accumulated Comprehensive Income (Loss) | ||||||
Ending Balance, October 1, 2018 | $ | (2,706 | ) | $ | (2,706 | ) | |
Current year-to-date other comprehensive loss, net of tax | 865 | 865 | |||||
Ending balance, three months ended December 31, 2018 | $ | (1,841 | ) | $ | (1,841 | ) | |
Current year-to-date other comprehensive loss, net of tax | 2,113 | 2,113 | |||||
Ending balance, September 30, 2019 | $ | 272 | $ | 272 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, 2020 | Nine months ended September 30, 2020 | (1) | Affected Line Item on the Statement of Operations | ||||||||||||||||
Unrealized gains and losses | ||||||||||||||||||||
Sale of securities | $ | 0 | $ | 156 | Net gains on investment securities | |||||||||||||||
Tax Effect | 0 | (43) | Provision for income taxes | |||||||||||||||||
Total reclassifications for the period | $ | 0 | $ | 113 | Net gain attributable to common shareholders |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, 2019 | Nine months ended September 30, 2019 | (1) | Affected Line Item on the Statement of Operations | ||||||||||||||||
Unrealized gains and losses | ||||||||||||||||||||
Sale of securities | $ | 0 | $ | 26 | Net gains on investment securities | |||||||||||||||
Tax Effect | 0 | (7) | Provision for income taxes | |||||||||||||||||
Total reclassifications for the period | $ | 0 | $ | 19 | Net gain attributable to common shareholders |
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 | ||||||
Gain on equity securities | $ | 151 | Gain on investment securities | |||
Tax Effect | (42 | ) | Provision for income taxes | |||
Total reclassifications for the period | $ | 109 | Net income attributable to common shareholders |
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 | $ | (17 | ) | Net loss on investment securities | ||
Tax Effect | 4 | Benefit for income taxes | ||||
Total reclassifications for the period | $ | (13 | ) | Net loss attributable to common shareholders |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income as reported | $ | 1,234 | $ | 1,099 | $ | 6,294 | $ | 2,943 | ||||||||
EPS - basic, as reported | $ | 0.11 | $ | 0.37 | $ | 0.57 | $ | 0.49 | ||||||||
EPS - diluted, as reported | $ | 0.11 | $ | 0.37 | $ | 0.57 | $ | 0.38 | ||||||||
Cash dividends paid | $ | — | $ | — | $ | 0.20 | $ | 0.20 | ||||||||
Return on average assets (annualized) | 0.34 | % | 0.44 | % | 0.61 | % | 0.46 | % | ||||||||
Return on average equity (annualized) | 3.35 | % | 3.21 | % | 5.94 | % | 4.00 | % |
Three months ended September 30, 2019 | Three months ended September 30, 2018 | Three months ended September 30, 2020 | Three months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | |||||||||||||||||||||||||||||||||||||||||||||
Average interest earning assets: | Average interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 32,376 | $ | 203 | 2.49 | % | $ | 24,468 | $ | 117 | 1.90 | % | Cash and cash equivalents | $ | 77,774 | $ | 18 | 0.09 | % | $ | 32,376 | $ | 203 | 2.49 | % | |||||||||||||||||||||||||||||||
Loans | 1,143,252 | 14,646 | 5.08 | % | 754,442 | 9,414 | 4.95 | % | Loans | 1,258,224 | 14,154 | 4.48 | % | 1,143,252 | 14,646 | 5.08 | % | |||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 5,577 | 34 | 2.42 | % | 7,971 | 42 | 2.09 | % | Interest-bearing deposits | 3,752 | 23 | 2.44 | % | 5,577 | 34 | 2.42 | % | |||||||||||||||||||||||||||||||||||||||
Investment securities (1) | 185,921 | 1,174 | 2.56 | % | 124,991 | 674 | 2.30 | % | Investment securities (1) | 166,622 | 846 | 2.02 | % | 185,921 | 1,174 | 2.56 | % | |||||||||||||||||||||||||||||||||||||||
Other investments | 13,072 | 166 | 5.04 | % | 7,581 | 115 | 6.02 | % | Other investments | 15,145 | 177 | 4.65 | % | 13,072 | 166 | 5.04 | % | |||||||||||||||||||||||||||||||||||||||
Total interest earning assets (1) | $ | 1,380,198 | $ | 16,223 | 4.67 | % | $ | 919,453 | $ | 10,362 | 4.49 | % | Total interest earning assets (1) | $ | 1,521,517 | $ | 15,218 | 3.98 | % | $ | 1,380,198 | $ | 16,223 | 4.67 | % | |||||||||||||||||||||||||||||||
Average interest-bearing liabilities: | Average interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 158,967 | $ | 155 | 0.39 | % | $ | 93,551 | $ | 59 | 0.25 | % | Savings accounts | $ | 183,381 | $ | 98 | 0.21 | % | $ | 158,967 | $ | 155 | 0.39 | % | |||||||||||||||||||||||||||||||
Demand deposits | 219,955 | 550 | 0.99 | % | 146,372 | 142 | 0.38 | % | Demand deposits | 285,993 | 231 | 0.32 | % | 219,955 | 550 | 0.99 | % | |||||||||||||||||||||||||||||||||||||||
Money market | 200,647 | 593 | 1.17 | % | 116,597 | 213 | 0.72 | % | Money market | 255,160 | 280 | 0.44 | % | 200,647 | 593 | 1.17 | % | |||||||||||||||||||||||||||||||||||||||
CD’s | 381,331 | 1,870 | 1.95 | % | 277,125 | 1,145 | 1.64 | % | CD’s | 297,691 | 1,469 | 1.96 | % | 381,331 | 1,870 | 1.95 | % | |||||||||||||||||||||||||||||||||||||||
IRA’s | 44,184 | 203 | 1.82 | % | 33,029 | 100 | 1.20 | % | IRA’s | 41,852 | 177 | 1.68 | % | 44,184 | 203 | 1.82 | % | |||||||||||||||||||||||||||||||||||||||
Total deposits | 1,005,084 | 3,371 | 1.33 | % | 666,674 | 1,659 | 0.99 | % | Total deposits | $ | 1,064,077 | $ | 2,255 | 0.84 | % | $ | 1,005,084 | $ | 3,371 | 1.33 | % | |||||||||||||||||||||||||||||||||||
FHLB Advances and other borrowings | 169,908 | 1,259 | 2.94 | % | 96,448 | 763 | 3.14 | % | FHLB Advances and other borrowings | 173,758 | 1,054 | 2.41 | % | 169,908 | 1,259 | 2.94 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,174,992 | $ | 4,630 | 1.56 | % | $ | 763,122 | $ | 2,422 | 1.26 | % | Total interest-bearing liabilities | $ | 1,237,835 | $ | 3,309 | 1.06 | % | $ | 1,174,992 | $ | 4,630 | 1.56 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 11,593 | $ | 7,940 | Net interest income | $ | 11,909 | $ | 11,593 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.11 | % | 3.23 | % | Interest rate spread | 2.92 | % | 3.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (1) | 3.34 | % | 3.45 | % | Net interest margin (1) | 3.11 | % | 3.34 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Average interest earning assets to average interest-bearing liabilities | 1.17 | 1.20 | Average interest earning assets to average interest-bearing liabilities | 1.23 | 1.17 |
Nine months ended September 30, 2019 | Nine months ended September 30, 2018 | Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | |||||||||||||||||||||||||||||||||||||||||||||
Average interest earning assets: | Average interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 29,489 | $ | 542 | 2.46 | % | $ | 23,814 | $ | 240 | 1.35 | % | Cash and cash equivalents | $ | 42,946 | $ | 141 | 0.44 | % | $ | 29,489 | $ | 542 | 2.46 | % | |||||||||||||||||||||||||||||||
Loans | 1,054,492 | 40,036 | 5.08 | % | 736,478 | 26,818 | 4.87 | % | Loans | 1,232,678 | 44,300 | 4.8 | % | 1,054,492 | 40,036 | 5.08 | % | |||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 6,153 | 107 | 2.33 | % | 7,890 | 117 | 1.98 | % | Interest-bearing deposits | 3,967 | 73 | 2.46 | % | 6,153 | 107 | 2.33 | % | |||||||||||||||||||||||||||||||||||||||
Investment securities (1) | 167,023 | 3,119 | 2.58 | % | 121,216 | 1,996 | 2.38 | % | Investment securities (1) | 173,595 | 2,965 | 2.28 | % | 167,023 | 3,119 | 2.58 | % | |||||||||||||||||||||||||||||||||||||||
Other investments | 11,853 | 473 | 5.34 | % | 7,915 | 313 | 5.29 | % | Other investments | 15,104 | 533 | 4.71 | % | 11,853 | 473 | 5.34 | % | |||||||||||||||||||||||||||||||||||||||
Total interest earning assets (1) | $ | 1,269,010 | $ | 44,277 | 4.68 | % | $ | 897,313 | $ | 29,484 | 4.42 | % | Total interest earning assets (1) | $ | 1,468,290 | $ | 48,012 | 4.37 | % | $ | 1,269,010 | $ | 44,277 | 4.68 | % | |||||||||||||||||||||||||||||||
Average interest-bearing liabilities: | Average interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | $ | 156,851 | $ | 479 | 0.41 | % | $ | 94,263 | $ | 140 | 0.20 | % | Savings accounts | $ | 169,754 | $ | 348 | 0.27 | % | $ | 156,851 | $ | 479 | 0.41 | % | |||||||||||||||||||||||||||||||
Demand deposits | 200,387 | 1,288 | 0.86 | % | 150,023 | 385 | 0.34 | % | Demand deposits | 262,748 | 865 | 0.44 | % | 200,387 | 1,288 | 0.86 | % | |||||||||||||||||||||||||||||||||||||||
Money market | 172,671 | 1,423 | 1.10 | % | 116,948 | 570 | 0.65 | % | Money market | 244,965 | 1,240 | 0.68 | % | 172,671 | 1,423 | 1.10 | % | |||||||||||||||||||||||||||||||||||||||
CD’s | 348,139 | 5,163 | 1.98 | % | 271,352 | 2,968 | 1.46 | % | CD’s | 326,776 | 5,021 | 2.05 | % | 348,139 | 5,163 | 1.98 | % | |||||||||||||||||||||||||||||||||||||||
IRA’s | 41,576 | 537 | 1.73 | % | 33,202 | 278 | 1.12 | % | IRA’s | 42,221 | 568 | 1.80 | % | 41,576 | 537 | 1.73 | % | |||||||||||||||||||||||||||||||||||||||
Total deposits | 919,624 | 8,890 | 1.29 | % | 665,788 | 4,341 | 0.87 | % | Total deposits | $ | 1,046,464 | $ | 8,042 | 1.03 | % | $ | 919,624 | $ | 8,890 | 1.29 | % | |||||||||||||||||||||||||||||||||||
FHLB Advances and other borrowings | 153,960 | 3,649 | 3.17 | % | 109,628 | 2,367 | 2.89 | % | FHLB Advances and other borrowings | 185,256 | 3,087 | 2.23 | % | 153,960 | 3649 | 3.17 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,073,584 | $ | 12,539 | 1.56 | % | $ | 775,416 | $ | 6,708 | 1.16 | % | Total interest-bearing liabilities | $ | 1,231,720 | $ | 11,129 | 1.21 | % | $ | 1,073,584 | $ | 12,539 | 1.56 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 31,738 | $ | 22,776 | Net interest income | $ | 36,883 | $ | 31,738 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.12 | % | 3.26 | % | Interest rate spread | 3.16 | % | 3.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (1) | 3.35 | % | 3.42 | % | Net interest margin (1) | 3.36 | % | 3.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Average interest earning assets to average interest-bearing liabilities | 1.18 | 1.16 | Average interest earning assets to average interest-bearing liabilities | 1.19 | 1.18 |
Increase (decrease) due to | Increase (decrease) due to | |||||||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 43 | $ | 43 | $ | 86 | Cash and cash equivalents | $ | 181 | $ | (366) | $ | (185) | |||||||||||||||
Loans | 4,972 | 260 | 5,232 | Loans | 1,393 | (1,885) | (492) | |||||||||||||||||||||
Interest-bearing deposits | (14 | ) | 6 | (8 | ) | Interest-bearing deposits | (11) | — | (11) | |||||||||||||||||||
Investment securities | 383 | 117 | 500 | Investment securities | (115) | (213) | (328) | |||||||||||||||||||||
Other investments | 74 | (23 | ) | 51 | Other investments | 25 | (14) | 11 | ||||||||||||||||||||
Total interest earning assets | 5,458 | 403 | 5,861 | Total interest earning assets | 1,473 | (2,478) | (1,005) | |||||||||||||||||||||
Interest expense: | Interest expense: | |||||||||||||||||||||||||||
Savings accounts | 51 | 45 | 96 | Savings accounts | 21 | (78) | (57) | |||||||||||||||||||||
Demand deposits | 91 | 317 | 408 | Demand deposits | 136 | (455) | (319) | |||||||||||||||||||||
Money market accounts | 192 | 188 | 380 | Money market accounts | 135 | (448) | (313) | |||||||||||||||||||||
CD’s | 478 | 247 | 725 | CD’s | (413) | 12 | (401) | |||||||||||||||||||||
IRA’s | 40 | 63 | 103 | IRA’s | (10) | (16) | (26) | |||||||||||||||||||||
Total deposits | 852 | 860 | 1,712 | Total deposits | (131) | (985) | (1,116) | |||||||||||||||||||||
FHLB Advances and other borrowings | 549 | (54 | ) | 495 | FHLB Advances and other borrowings | 28 | (233) | (205) | ||||||||||||||||||||
Total interest bearing liabilities | 1,401 | 806 | 2,207 | Total interest bearing liabilities | (103) | (1,218) | (1,321) | |||||||||||||||||||||
Net interest income | $ | 4,057 | $ | (403 | ) | $ | 3,654 | Net interest income | $ | 1,576 | $ | (1,260) | $ | 316 |
Increase (decrease) due to | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Cash and cash equivalents | $ | 191 | $ | (592) | $ | (401) | |||||||||||
Loans | 6,504 | (2,240) | 4,264 | ||||||||||||||
Interest-bearing deposits | (40) | 6 | (34) | ||||||||||||||
Investment securities | 123 | (277) | (154) | ||||||||||||||
Other investments | 120 | (60) | 60 | ||||||||||||||
Total interest earning assets | 6,898 | (3,163) | 3,735 | ||||||||||||||
Interest expense: | |||||||||||||||||
Savings accounts | 37 | (168) | (131) | ||||||||||||||
Demand deposits | 337 | (760) | (423) | ||||||||||||||
Money market accounts | 497 | (680) | (183) | ||||||||||||||
CD’s | (324) | 182 | (142) | ||||||||||||||
IRA’s | 8 | 23 | 31 | ||||||||||||||
Total deposits | 555 | (1,403) | (848) | ||||||||||||||
FHLB Advances and other borrowings | 662 | (1,224) | (562) | ||||||||||||||
Total interest bearing liabilities | 1,217 | (2,627) | (1,410) | ||||||||||||||
Net interest income | $ | 5,681 | $ | (536) | $ | 5,145 |
Increase (decrease) due to | |||||||||||
Volume | Rate | Net | |||||||||
Interest income: | |||||||||||
Cash and cash equivalents | $ | 66 | $ | 236 | $ | 302 | |||||
Loans | 12,013 | 1,205 | 13,218 | ||||||||
Interest-bearing deposits | (29 | ) | 19 | (10 | ) | ||||||
Investment securities | 867 | 256 | 1,123 | ||||||||
Other investments | 157 | 3 | 160 | ||||||||
Total interest earning assets | 13,074 | 1,719 | $ | 14,793 | |||||||
Interest expense: | |||||||||||
Savings accounts | 120 | 219 | 339 | ||||||||
Demand deposits | 157 | 746 | 903 | ||||||||
Money market accounts | 331 | 522 | 853 | ||||||||
CD’s | 954 | 1,241 | 2,195 | ||||||||
IRA’s | 80 | 179 | 259 | ||||||||
Total deposits | 1,642 | 2,907 | 4,549 | ||||||||
FHLB Advances and other borrowings | 1,027 | 255 | 1,282 | ||||||||
Total interest bearing liabilities | 2,669 | 3,162 | 5,831 | ||||||||
Net interest income | $ | 10,405 | $ | (1,443 | ) | $ | 8,962 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Non-interest Income: | |||||||||||||||||||||
Service charges on deposit accounts | $ | 625 | $ | 489 | 27.81 | % | $ | 1,756 | $ | 1,332 | 31.83 | % | |||||||||
Interchange income | 476 | 338 | 40.83 | % | 1,267 | 978 | 29.55 | % | |||||||||||||
Loan servicing income | 714 | 368 | 94.02 | % | 1,902 | 1,051 | 80.97 | % | |||||||||||||
Gain on sale of loans | 679 | 234 | 190.17 | % | 1,560 | 649 | 140.37 | % | |||||||||||||
Loan fees and service charges | 471 | 164 | 187.20 | % | 860 | 367 | 134.33 | % | |||||||||||||
Insurance commission income | 197 | 180 | 9.44 | % | 573 | 554 | 3.43 | % | |||||||||||||
Gains (losses) on investment securities | 96 | — | N/M | 151 | (17 | ) | 988.24 | % | |||||||||||||
Gain on sale of branch | — | — | N/M | 2,295 | — | N/M | |||||||||||||||
Other | 363 | 216 | 68.06 | % | 827 | 517 | 59.96 | % | |||||||||||||
Total non-interest income | $ | 3,621 | $ | 1,989 | 82.05 | % | $ | 11,191 | $ | 5,431 | 106.06 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
Non-interest Income: | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 431 | $ | 625 | (31.04) | % | $ | 1,336 | $ | 1,756 | (23.92) | % | |||||||||||||||||||||||
Interchange income | 556 | 476 | 16.81 | % | 1,509 | 1,267 | 19.10 | % | |||||||||||||||||||||||||||
Loan servicing income | 1,144 | 714 | 60.22 | % | 3,144 | 1,902 | 65.30 | % | |||||||||||||||||||||||||||
Gain on sale of loans | 1,987 | 679 | 192.64 | % | 4,585 | 1,560 | 193.91 | % | |||||||||||||||||||||||||||
Loan fees and service charges | 320 | 471 | (32.06) | % | 1,041 | 860 | 21.05 | % | |||||||||||||||||||||||||||
Insurance commission income | 0 | 197 | (100.00) | % | 475 | 573 | (17.10) | % | |||||||||||||||||||||||||||
Net gains on investment securities | (1) | 96 | (101.04) | % | 97 | 151 | (35.76) | % | |||||||||||||||||||||||||||
Net gain on sale of branch | 0 | — | N/M | — | 2,295 | N/M | |||||||||||||||||||||||||||||
Net gain on sale of acquired business lines | 180 | — | N/M | 432 | — | N/M | |||||||||||||||||||||||||||||
Settlement proceeds | 0 | — | N/M | 131 | — | N/M | |||||||||||||||||||||||||||||
Other | 445 | 363 | 22.59 | % | 928 | 827 | 12.21 | % | |||||||||||||||||||||||||||
Total non-interest income | $ | 5,062 | $ | 3,621 | 39.80 | % | $ | 13,678 | $ | 11,191 | 22.22 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Non-interest Expense: | |||||||||||||||||||||
Compensation and benefits | $ | 5,295 | $ | 3,778 | 40.15 | % | $ | 14,605 | $ | 11,424 | 27.84 | % | |||||||||
Occupancy - net | 905 | 776 | 16.62 | % | 2,725 | 2,270 | 20.04 | % | |||||||||||||
Office | 599 | 468 | 27.99 | % | 1,649 | 1,311 | 25.78 | % | |||||||||||||
Data processing | 1,092 | 771 | 41.63 | % | 2,953 | 2,224 | 32.78 | % | |||||||||||||
Amortization of intangible assets | 412 | 161 | 155.90 | % | 1,085 | 483 | 124.64 | % | |||||||||||||
Amortization of mortgage servicing rights | 325 | 85 | 282.35 | % | 822 | 245 | 235.51 | % | |||||||||||||
Advertising, marketing and public relations | 315 | 265 | 18.87 | % | 974 | 596 | 63.42 | % | |||||||||||||
FDIC premium assessment | 78 | 121 | (35.54 | )% | 318 | 330 | (3.64 | )% | |||||||||||||
Professional services | 561 | 577 | (2.77 | )% | 1,961 | 1,635 | 19.94 | % | |||||||||||||
Gains (losses) on repossessed assets, net | (16 | ) | 71 | (122.54 | )% | (143 | ) | 521 | (127.45 | )% | |||||||||||
Other | 3,409 | 571 | 497.02 | % | 5,309 | 1,582 | 235.59 | % | |||||||||||||
Total non-interest expense | $ | 12,975 | $ | 7,644 | 69.74 | % | $ | 32,258 | $ | 22,621 | 42.60 | % | |||||||||
Non-interest expense (annualized) / Average assets | 3.54 | % | 3.09 | % | 14.51 | % | 3.15 | % | 3.21 | % | (10.12 | )% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
Non-interest Expense: | |||||||||||||||||||||||||||||||||||
Compensation and related benefits | $ | 5,538 | $ | 5,295 | 4.59 | % | $ | 16,881 | $ | 14,605 | 15.58 | % | |||||||||||||||||||||||
Occupancy | 993 | 905 | 9.72 | % | 2,898 | 2,725 | 6.35 | % | |||||||||||||||||||||||||||
Office | 532 | 599 | (11.19) | % | 1,650 | 1,649 | 0.06 | % | |||||||||||||||||||||||||||
Data processing | 1,145 | 1,092 | 4.85 | % | 3,165 | 2,953 | 7.18 | % | |||||||||||||||||||||||||||
Amortization of intangible assets | 399 | 412 | (3.16) | % | 1,223 | 1,085 | 12.72 | % | |||||||||||||||||||||||||||
Mortgage servicing rights expense | 603 | 325 | 85.54 | % | 2,330 | 822 | 183.45 | % | |||||||||||||||||||||||||||
Advertising, marketing and public relations | 260 | 315 | (17.46) | % | 802 | 974 | (17.66) | % | |||||||||||||||||||||||||||
FDIC premium assessment | 188 | 78 | 141.03 | % | 436 | 318 | 37.11 | % | |||||||||||||||||||||||||||
Professional services | 434 | 561 | (22.64) | % | 1,391 | 1,961 | (29.07) | % | |||||||||||||||||||||||||||
Gains on repossessed assets, net | (105) | (16) | (556.25) | % | (195) | (143) | (36.36) | % | |||||||||||||||||||||||||||
Other | 737 | 3,409 | (78.38) | % | 2,266 | 5,309 | (57.32) | % | |||||||||||||||||||||||||||
Total non-interest expense | $ | 10,724 | $ | 12,975 | (17.35) | % | $ | 32,847 | $ | 32,258 | 1.83 | % | |||||||||||||||||||||||
Non-interest expense (annualized) / Average assets | 2.62 | % | 3.54 | % | (25.95) | % | 2.78 | % | 3.15 | % | (11.88) | % |
Securities available for sale | Amortized Cost | Fair Value | |||||||||
September 30, 2020 | |||||||||||
U.S. government agency obligations | $ | 34,059 | $ | 34,379 | |||||||
Obligations of states and political subdivisions | 140 | 140 | |||||||||
Mortgage-backed securities | 49,870 | 51,758 | |||||||||
Corporate debt securities | 15,211 | 15,364 | |||||||||
Corporate asset-based securities | 36,443 | 35,543 | |||||||||
Trust preferred securities | 13,938 | 13,724 | |||||||||
Totals | $ | 149,661 | $ | 150,908 | |||||||
December 31, 2019 | |||||||||||
U.S. government agency obligations | $ | 52,020 | $ | 51,805 | |||||||
Obligations of states and political subdivisions | 281 | 281 | |||||||||
Mortgage backed securities | 70,806 | 71,331 | |||||||||
Corporate debt securities | 18,776 | 18,725 | |||||||||
Corporate asset-based securities | 27,718 | 26,854 | |||||||||
Trust preferred securities | 11,167 | 11,123 | |||||||||
Totals | $ | 180,768 | $ | 180,119 |
Securities held to maturity | Amortized Cost | Fair Value | |||||||||
September 30, 2020 | |||||||||||
Obligations of states and political subdivisions | $ | 300 | $ | 300 | |||||||
Mortgage-backed securities | 16,627 | 16,933 | |||||||||
Totals | $ | 16,927 | $ | 17,233 | |||||||
December 31, 2019 | |||||||||||
Obligations of states and political subdivisions | $ | 300 | $ | 302 | |||||||
Mortgage-backed securities | 2,551 | 2,655 | |||||||||
Totals | $ | 2,851 | $ | 2,957 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Available for sale securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Agency | $ | 83,929 | $ | 86,135 | $ | 122,826 | $ | 123,136 | |||||||||||||||
AAA | 11,185 | 10,885 | 4,383 | 4,245 | |||||||||||||||||||
AA | 25,398 | 24,798 | 23,475 | 22,749 | |||||||||||||||||||
A | 6,909 | 7,019 | 18,776 | 18,725 | |||||||||||||||||||
BBB | 22,240 | 22,071 | 11,167 | 11,123 | |||||||||||||||||||
Non-rated | — | — | 141 | 141 | |||||||||||||||||||
Total available for sale securities | $ | 149,661 | $ | 150,908 | $ | 180,768 | $ | 180,119 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Securities held to maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
U.S. government agency | $ | 16,627 | $ | 16,933 | $ | 2,551 | $ | 2,655 | |||||||||||||||
AA | 125 | 125 | 125 | 126 | |||||||||||||||||||
Non-rated | 175 | 175 | 175 | 176 | |||||||||||||||||||
Total | $ | 16,927 | $ | 17,233 | $ | 2,851 | $ | 2,957 |
September 30, 2019 | December 31, 2018 | |||||||
Amount | Amount | |||||||
Real estate loans: | ||||||||
Residential real estate | ||||||||
One to four family | $ | 188,070 | 209,926 | |||||
Purchased HELOC loans | 10,120 | 12,883 | ||||||
Commercial/agricultural real estate | ||||||||
Commercial real estate | 465,046 | 357,959 | ||||||
Agricultural real estate | 89,441 | 86,015 | ||||||
Multi-family real estate | 87,758 | 69,400 | ||||||
Construction and land development | 65,550 | 22,691 | ||||||
Total real estate loans | 905,985 | 758,874 | ||||||
Non-real estate loans: | ||||||||
Consumer non-real estate | ||||||||
Originated indirect paper | 42,894 | 56,585 | ||||||
Purchased indirect paper | — | 15,006 | ||||||
Other Consumer | 18,770 | 20,214 | ||||||
Commercial/agricultural loans | ||||||||
Commercial non-real estate | 127,232 | 112,427 | ||||||
Agricultural non-real estate | 39,827 | 36,327 | ||||||
Total non-real estate loans | 228,723 | 240,559 | ||||||
Gross loans | 1,134,708 | 999,433 | ||||||
Unearned net deferred fees and costs and loans in process | (158 | ) | 409 | |||||
Unamortized discount on acquired loans | (10,172 | ) | (7,286 | ) | ||||
Total loans (net of unearned income and deferred expense) | 1,124,378 | 992,556 | ||||||
Allowance for loan losses | (9,177 | ) | (7,604 | ) | ||||
Total loans receivable, net | $ | 1,115,201 | $ | 984,952 |
September 30, 2019 | December 31, 2018 | Change | ||||||||||
Community Banking Loan Portfolios: | ||||||||||||
Commercial/Agricultural real estate: | ||||||||||||
Commercial real estate | 465,046 | $ | 357,959 | $ | 107,087 | |||||||
Agricultural real estate | 89,441 | 86,015 | 3,426 | |||||||||
Multi-family real estate | 87,758 | 69,400 | 18,358 | |||||||||
Construction and land development | 65,550 | 22,691 | 42,859 | |||||||||
Commercial/Agricultural non-real estate: | ||||||||||||
Commercial non-real estate | 127,232 | 112,427 | 14,805 | |||||||||
Agricultural non-real estate | 39,827 | 36,327 | 3,500 | |||||||||
Residential real estate: | ||||||||||||
Purchased HELOC loans | 10,120 | 12,883 | (2,763 | ) | ||||||||
Consumer non-real estate: | ||||||||||||
Other consumer | 18,770 | 20,214 | (1,444 | ) | ||||||||
Total Community Banking Loan Portfolios | 903,744 | 717,916 | 185,828 | |||||||||
Legacy Loan Portfolios: | ||||||||||||
Residential real estate: | ||||||||||||
One to four family | 188,070 | 209,926 | (21,856 | ) | ||||||||
Consumer non-real estate: | ||||||||||||
Originated indirect paper | 42,894 | 56,585 | (13,691 | ) | ||||||||
Purchased indirect paper | — | 15,006 | (15,006 | ) | ||||||||
Total Legacy Loan Portfolios | 230,964 | 281,517 | (50,553 | ) | ||||||||
Gross loans | $ | 1,134,708 | $ | 999,433 | $ | 135,275 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Amount | Amount | |||||||||||||
Real estate loans: | ||||||||||||||
Commercial/agricultural real estate | ||||||||||||||
Commercial real estate | $ | 500,673 | $ | 514,459 | ||||||||||
Agricultural real estate | 73,143 | 85,363 | ||||||||||||
Multi-family real estate | 109,668 | 87,008 | ||||||||||||
Construction and land development | 89,338 | 86,410 | ||||||||||||
Residential mortgage | ||||||||||||||
Residential mortgage | 141,854 | 176,332 | ||||||||||||
Purchased HELOC loans | 6,547 | 8,407 | ||||||||||||
Total real estate loans | 921,223 | 957,979 | ||||||||||||
C&I/Agricultural operating and Consumer Installment Loans: | ||||||||||||||
C&I/Agricultural operating | ||||||||||||||
Commercial and industrial (“C&I”) | 104,372 | 133,734 | ||||||||||||
Agricultural operating | 33,958 | 37,780 | ||||||||||||
Consumer installment | ||||||||||||||
Originated indirect paper | 28,535 | 39,585 | ||||||||||||
Other Consumer | 14,630 | 18,186 | ||||||||||||
Total C&I/Agricultural operating and Consumer installment Loans | 181,495 | 229,285 | ||||||||||||
Gross loans before C&I SBA PPP loans | 1,102,718 | 1,187,264 | ||||||||||||
SBA PPP loans | 139,166 | — | ||||||||||||
Gross loans | $ | 1,241,884 | $ | 1,187,264 | ||||||||||
Unearned net deferred fees and costs and loans in process | (5,033) | (393) | ||||||||||||
Unamortized discount on acquired loans | (6,712) | (9,491) | ||||||||||||
Total loans (net of unearned income and deferred expense) | 1,230,139 | 1,177,380 | ||||||||||||
Allowance for loan losses | (14,836) | (10,320) | ||||||||||||
Total loans receivable, net | $ | 1,215,303 | $ | 1,167,060 |
September 30, 2020 | June 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||
Loans, end of period | $ | 1,230,139 | $ | 1,281,175 | $ | 1,177,380 | $ | 1,134,708 | ||||||||||||||||||
SBA PPP loans, net of deferred fees | (135,177) | (132,800) | — | — | ||||||||||||||||||||||
Loans, net of SBA PPP loans and deferred fees | $ | 1,094,962 | $ | 1,148,375 | $ | 1,177,380 | $ | 1,134,708 | ||||||||||||||||||
Allowance for loan losses | $ | 14,836 | $ | 13,373 | $ | 10,320 | $ | 9,177 | ||||||||||||||||||
ALL to loans net of SBA PPP loans and deferred fees | 1.35 | % | 1.16 | % | 0.88 | % | 0.81 | % | ||||||||||||||||||
ALL to loans, end of period | 1.21 | % | 1.04 | % | 0.88 | % | 0.81 | % |
September 30, 2020 and Nine Months Then Ended | December 31, 2019 and Twelve Months Then Ended | ||||||||||
Nonperforming assets: | |||||||||||
Nonaccrual loans | |||||||||||
Commercial real estate | $ | 2,762 | $ | 5,705 | |||||||
Agricultural real estate | 5,252 | 7,568 | |||||||||
Commercial and industrial | 853 | 1,850 | |||||||||
Agricultural operating | 1,651 | 1,702 | |||||||||
Residential mortgage | 2,536 | 2,063 | |||||||||
Consumer installment | 100 | 168 | |||||||||
Total nonaccrual loans | $ | 13,154 | $ | 19,056 | |||||||
Accruing loans past due 90 days or more | 950 | 1,104 | |||||||||
Total nonperforming loans (“NPLs”) | 14,104 | 20,160 | |||||||||
Other real estate owned | 756 | 1,429 | |||||||||
Other collateral owned | 56 | 31 | |||||||||
Total nonperforming assets (“NPAs”) | $ | 14,916 | $ | 21,620 | |||||||
Troubled Debt Restructurings (“TDRs”) | $ | 19,778 | $ | 12,594 | |||||||
Accruing TDR's | $ | 12,579 | $ | 5,396 | |||||||
Nonaccrual TDRs | $ | 7,199 | $ | 7,198 | |||||||
Average outstanding loan balance | $ | 1,232,678 | $ | 1,074,952 | |||||||
Loans, end of period | $ | 1,230,139 | $ | 1,177,380 | |||||||
Total assets, end of period | $ | 1,622,593 | $ | 1,531,249 | |||||||
ALL, at beginning of period | $ | 10,320 | $ | 7,604 | |||||||
Loans charged off: | |||||||||||
Commercial/Agricultural real estate | — | (381) | |||||||||
C&I/Agricultural operating | (791) | — | |||||||||
Residential mortgage | (78) | (239) | |||||||||
Consumer installment | (126) | (291) | |||||||||
Total loans charged off | (995) | (911) | |||||||||
Recoveries of loans previously charged off: | |||||||||||
Commercial/Agricultural real estate | 149 | 3 | |||||||||
C&I/Agricultural operating | 33 | 1 | |||||||||
Residential mortgage | 20 | 5 | |||||||||
Consumer installment | 59 | 93 | |||||||||
Total recoveries of loans previously charged off: | 261 | 102 | |||||||||
Net loans charged off (“NCOs”) | (734) | (809) | |||||||||
Additions to ALL via provision for loan losses charged to operations | 5,250 | 3,525 | |||||||||
ALL, at end of period | $ | 14,836 | $ | 10,320 | |||||||
Ratios: | |||||||||||
ALL to NCOs (annualized) | 1,515.94 | % | 1,275.65 | % | |||||||
NCOs (annualized) to average loans | 0.08 | % | 0.08 | % | |||||||
ALL to total loans | 1.21 | % | 0.88 | % | |||||||
NPLs to total loans | 1.15 | % | 1.71 | % | |||||||
NPAs to total assets | 0.92 | % | 1.41 | % |
September 30, 2019 and Nine Months Then Ended | December 31, 2018 and Three Months Then Ended | ||||||
Nonperforming assets: | |||||||
Nonaccrual loans | |||||||
One to four family | $ | 2,255 | $ | 2,331 | |||
Commercial real estate | 6,324 | 808 | |||||
Agricultural real estate | 6,191 | 2,019 | |||||
Consumer non-real estate | 191 | 120 | |||||
Commercial non-real estate | 2,072 | 1,314 | |||||
Agricultural non-real estate | 1,989 | 762 | |||||
Total nonaccrual loans | $ | 19,022 | $ | 7,354 | |||
Accruing loans past due 90 days or more | 1,099 | 736 | |||||
Total nonperforming loans (“NPLs”) | 20,121 | 8,090 | |||||
Other real estate owned | 1,348 | 2,522 | |||||
Other collateral owned | 25 | 48 | |||||
Total nonperforming assets (“NPAs”) | $ | 21,494 | $ | 10,660 | |||
Troubled Debt Restructurings (“TDRs”) | $ | 11,795 | $ | 8,722 | |||
Accruing TDR's | $ | 7,194 | $ | 6,055 | |||
Nonaccrual TDRs | $ | 4,601 | $ | 2,667 | |||
Average outstanding loan balance | $ | 1,054,492 | $ | 921,951 | |||
Loans, end of period | $ | 1,124,378 | $ | 992,556 | |||
Total assets, end of period | $ | 1,475,364 | $ | 1,287,924 | |||
ALL, at beginning of period | $ | 7,604 | $ | 6,748 | |||
Loans charged off: | |||||||
Residential real estate | (224 | ) | (43 | ) | |||
Commercial/Agricultural real estate | (225 | ) | — | ||||
Consumer non-real estate | (171 | ) | (79 | ) | |||
Commercial/Agricultural non-real estate | — | — | |||||
Total loans charged off | (620 | ) | (122 | ) | |||
Recoveries of loans previously charged off: | |||||||
Residential real estate | 2 | 4 | |||||
Commercial/Agricultural real estate | 3 | — | |||||
Consumer non-real estate | 63 | 24 | |||||
Commercial/Agricultural non-real estate | — | — | |||||
Total recoveries of loans previously charged off: | 68 | 28 | |||||
Net loans charged off (“NCOs”) | (552 | ) | (94 | ) | |||
Additions to ALL via provision for loan losses charged to operations | 2,125 | 950 | |||||
ALL, at end of period | $ | 9,177 | $ | 7,604 | |||
Ratios: | |||||||
ALL to NCOs (annualized) | 1,246.88 | % | 2,022.34 | % | |||
NCOs (annualized) to average loans | 0.07 | % | 0.04 | % | |||
ALL to total loans | 0.82 | % | 0.77 | % | |||
NPLs to total loans | 1.79 | % | 0.82 | % | |||
NPAs to total assets | 1.46 | % | 0.83 | % |
30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Greater Than 89 Days and Accruing | Total Past Due and Accruing | Nonaccrual Loans | Total Past Due and Accruing and Nonaccrual Loans | ||||||||||||||||||
September 30, 2019 | |||||||||||||||||||||||
Originated loans | $ | 5,576 | $ | 1,082 | $ | 842 | $ | 7,500 | $ | 4,816 | $ | 12,316 | |||||||||||
Acquired loans | 3,678 | 711 | 257 | 4,646 | 14,206 | 18,852 | |||||||||||||||||
Total | $ | 9,254 | $ | 1,793 | $ | 1,099 | $ | 12,146 | $ | 19,022 | $ | 31,168 | |||||||||||
December 31, 2018 | |||||||||||||||||||||||
Originated loans | $ | 4,829 | $ | 2,137 | $ | 279 | $ | 7,245 | $ | 1,770 | $ | 9,015 | |||||||||||
Acquired loans | 3,339 | 918 | 457 | 4,714 | 5,584 | 10,298 | |||||||||||||||||
Total | $ | 8,168 | $ | 3,055 | $ | 736 | $ | 11,959 | $ | 7,354 | $ | 19,313 |
September 30, 2020 and Three Months Ended | December 31, 2019 and Three Months Ended | September 30, 2019 and Three Months Ended | ||||||||||||||||||||||||
Nonperforming assets: | ||||||||||||||||||||||||||
Originated nonperforming assets: | ||||||||||||||||||||||||||
Nonaccrual loans | $ | 3,255 | $ | 4,285 | $ | 4,816 | ||||||||||||||||||||
Accruing loans past due 90 days or more | 698 | 946 | 842 | |||||||||||||||||||||||
Total originated nonperforming loans (“NPL”) | 3,953 | 5,231 | 5,658 | |||||||||||||||||||||||
Other real estate owned (“OREO”) | 352 | 441 | 195 | |||||||||||||||||||||||
Other collateral owned | 56 | 28 | 25 | |||||||||||||||||||||||
Total originated nonperforming assets (“NPAs”) | $ | 4,361 | $ | 5,700 | $ | 5,878 | ||||||||||||||||||||
Acquired nonperforming assets: | ||||||||||||||||||||||||||
Nonaccrual loans | $ | 9,899 | $ | 14,771 | $ | 14,206 | ||||||||||||||||||||
Accruing loans past due 90 days or more | 252 | 158 | 257 | |||||||||||||||||||||||
Total acquired nonperforming loans (“NPL”) | 10,151 | 14,929 | 14,463 | |||||||||||||||||||||||
Other real estate owned (“OREO”) | 404 | 988 | 1,153 | |||||||||||||||||||||||
Other collateral owned | — | 3 | — | |||||||||||||||||||||||
Total acquired nonperforming assets (“NPAs”) | $ | 10,555 | $ | 15,920 | $ | 15,616 | ||||||||||||||||||||
Total nonperforming assets (“NPAs”) | $ | 14,916 | $ | 21,620 | $ | 21,494 | ||||||||||||||||||||
Loans, end of period | $ | 1,230,139 | $ | 1,177,380 | $ | 1,124,378 | ||||||||||||||||||||
Total assets, end of period | $ | 1,622,593 | $ | 1,531,249 | $ | 1,475,364 | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||
Originated NPLs to total loans | 0.32 | % | 0.44 | % | 0.50 | % | ||||||||||||||||||||
Acquired NPLs to total loans | 0.83 | % | 1.27 | % | 1.29 | % | ||||||||||||||||||||
Originated NPAs to total assets | 0.27 | % | 0.37 | % | 0.40 | % | ||||||||||||||||||||
Acquired NPAs to total assets | 0.65 | % | 1.04 | % | 1.06 | % |
Quarter Ended | |||||||||||||||
September 30, 2019 | June 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||
Balance, beginning of period | $ | 13,612 | $ | 9,871 | $ | 7,210 | $ | 6,627 | |||||||
Additions | 1,493 | 7,405 | 906 | 2,030 | |||||||||||
Acquired nonaccrual loans | 5,898 | — | 941 | — | |||||||||||
Charge offs | (134 | ) | (262 | ) | (40 | ) | (68 | ) | |||||||
Transfers to OREO | (209 | ) | (236 | ) | (201 | ) | (400 | ) | |||||||
Return to accrual status | (53 | ) | (149 | ) | — | (93 | ) | ||||||||
Payments received | (1,539 | ) | (2,612 | ) | (1,429 | ) | (676 | ) | |||||||
Other, net | (46 | ) | (405 | ) | (33 | ) | (210 | ) | |||||||
Balance, end of period | $ | 19,022 | $ | 13,612 | $ | 7,354 | $ | 7,210 |
Quarter Ended | |||||||||||||||
September 30, 2019 | June 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||
Balance, beginning of period | $ | 1,354 | $ | 2,071 | $ | 2,749 | $ | 5,328 | |||||||
Loans transferred in | 209 | 236 | 201 | 400 | |||||||||||
Branch properties sales | — | — | — | (1,245 | ) | ||||||||||
Sales | (220 | ) | (958 | ) | (210 | ) | (1,762 | ) | |||||||
Write-downs | — | (23 | ) | — | (127 | ) | |||||||||
Other, net | 5 | 28 | (218 | ) | 155 | ||||||||||
Balance, end of period | $ | 1,348 | $ | 1,354 | $ | 2,522 | $ | 2,749 |
September 30, 2019 | June 30, 2019 | December 31, 2018 | September 30, 2018 | ||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||||||||||||
Troubled debt restructurings: Accrual Status | |||||||||||||||||||||||||||
Residential real estate | 39 | $ | 3,094 | 39 | $ | 3,137 | 34 | $ | 3,319 | 34 | $ | 3,495 | |||||||||||||||
Commercial/Agricultural real estate | 18 | 3,574 | 14 | 2,202 | 15 | 2,209 | 14 | 1,646 | |||||||||||||||||||
Consumer non-real estate | 8 | 74 | 11 | 82 | 13 | 99 | 14 | 109 | |||||||||||||||||||
Commercial/Agricultural non-real estate | 4 | 452 | 4 | 478 | 2 | 428 | 3 | 481 | |||||||||||||||||||
Total loans | 69 | $ | 7,194 | 68 | $ | 5,899 | 64 | $ | 6,055 | 65 | $ | 5,731 |
Quarter Ended | |||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Balance, beginning of period | $ | 14,787 | $ | 16,090 | $ | 19,056 | $ | 19,022 | $ | 13,612 | |||||||||||||||||||
Additions | 716 | 1,907 | 1,811 | 2,641 | 1,493 | ||||||||||||||||||||||||
Acquired nonaccrual loans | — | — | — | — | 5,898 | ||||||||||||||||||||||||
Charge offs | (141) | (175) | (452) | (198) | (134) | ||||||||||||||||||||||||
Transfers to OREO | (172) | — | (1,100) | (425) | (209) | ||||||||||||||||||||||||
Return to accrual status | (165) | (1,702) | (120) | (14) | (53) | ||||||||||||||||||||||||
Payments received | (1,744) | (1,292) | (2,887) | (1,957) | (1,539) | ||||||||||||||||||||||||
Other, net | (127) | (41) | (218) | (13) | (46) | ||||||||||||||||||||||||
Balance, end of period | $ | 13,154 | $ | 14,787 | $ | 16,090 | $ | 19,056 | $ | 19,022 |
September 30, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | Number of Modifications | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: Accrual Status | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 19 | $ | 5,480 | 14 | $ | 1,730 | 14 | $ | 2,202 | ||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 5 | 3,868 | 2 | 366 | 4 | 478 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 42 | 3,178 | 40 | 3,233 | 39 | 3,137 | |||||||||||||||||||||||||||||||||||||||||
Consumer installment | 7 | 53 | 7 | 67 | 11 | 82 | |||||||||||||||||||||||||||||||||||||||||
Total loans | 73 | $ | 12,579 | 63 | $ | 5,396 | 68 | $ | 5,899 | ||||||||||||||||||||||||||||||||||||||
Securities available for sale | Amortized Cost | Fair Value | |||||
September 30, 2019 | |||||||
U.S. government agency obligations | $ | 53,405 | $ | 53,378 | |||
Obligations of states and political subdivisions | 27,648 | 27,937 | |||||
Mortgage backed securities | 54,979 | 55,658 | |||||
Corporate debt securities | 18,793 | 18,834 | |||||
Corporate asset based securities | 27,756 | 27,149 | |||||
Totals | $ | 182,581 | $ | 182,956 | |||
December 31, 2018 | |||||||
U.S. government agency obligations | $ | 46,215 | $ | 45,298 | |||
Obligations of states and political subdivisions | 35,162 | 34,728 | |||||
Mortgage backed securities | 42,279 | 41,350 | |||||
Agency securities | 104 | 148 | |||||
Corporate debt securities | 6,577 | 6,305 | |||||
Corporate asset based securities | 18,928 | 18,896 | |||||
Totals | $ | 149,265 | $ | 146,725 |
Securities held to maturity | Amortized Cost | Fair Value | |||||
September 30, 2019 | |||||||
Obligations of states and political subdivisions | $ | 980 | $ | 982 | |||
Mortgage-backed securities | 2,685 | 2,788 | |||||
Totals | $ | 3,665 | $ | 3,770 | |||
December 31, 2018 | |||||||
Obligations of states and political subdivisions | $ | 1,701 | $ | 1,698 | |||
Mortgage-backed securities | 3,149 | 3,174 | |||||
Totals | $ | 4,850 | $ | 4,872 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Available for sale securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
Agency | $ | 108,384 | $ | 109,036 | $ | 88,494 | $ | 86,648 | |||||||
AAA | 6,196 | 6,144 | 3,566 | 3,535 | |||||||||||
AA | 43,524 | 43,225 | 42,608 | 42,305 | |||||||||||
A | 23,145 | 23,222 | 12,991 | 12,662 | |||||||||||
Non-rated | 1,332 | 1,329 | 1,606 | 1,575 | |||||||||||
Total available for sale securities | $ | 182,581 | $ | 182,956 | $ | 149,265 | $ | 146,725 |
September 30, 2019 | December 31, 2018 | ||||||||||||||
Securities held to maturity | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
U.S. government agency | $ | 2,685 | $ | 2,788 | $ | 3,149 | $ | 3,173 | |||||||
AA | 395 | 396 | 395 | 395 | |||||||||||
A | 235 | 235 | 956 | 955 | |||||||||||
Non-rated | 350 | 351 | 350 | 349 | |||||||||||
Total | $ | 3,665 | $ | 3,770 | $ | 4,850 | $ | 4,872 |
(in thousands) | ||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||
Special mention loan balances | $ | 7,777 | $ | 19,958 | $ | 19,387 | $ | 10,856 | $ | 12,959 | ||||||||||||||||||||||
Substandard loan balances | 32,922 | 35,911 | 38,393 | 39,892 | 38,527 | |||||||||||||||||||||||||||
Criticized loans, end of period | $ | 40,699 | $ | 55,869 | $ | 57,780 | $ | 50,748 | $ | 51,486 |
(in thousands) | ||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||
Non-accretable difference, beginning of period | $ | 3,355 | $ | 4,327 | $ | 6,290 | $ | 6,737 | $ | 3,889 | ||||||||||||||||||||||
Additions to non-accretable difference for acquired purchased credit impaired loans | — | — | — | (170) | 2,898 | |||||||||||||||||||||||||||
Non-accretable difference realized as interest from payoffs of purchased credit impaired loans | (130) | (196) | (1,043) | (271) | (50) | |||||||||||||||||||||||||||
Transfers from non-accretable difference to accretable discount. | (1,294) | (741) | (669) | — | — | |||||||||||||||||||||||||||
Non-accretable difference used to reduce loan principal balance | (270) | (35) | — | — | — | |||||||||||||||||||||||||||
Non-accretable difference transferred to OREO due to loan foreclosure | — | — | (251) | (6) | — | |||||||||||||||||||||||||||
Non-accretable difference, end of period | $ | 1,661 | $ | 3,355 | $ | 4,327 | $ | 6,290 | $ | 6,737 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Non-interest bearing demand deposits | $ | 229,217 | $ | 168,157 | ||||||||||
Interest bearing demand deposits | 279,648 | 223,102 | ||||||||||||
Savings accounts | 191,511 | 156,599 | ||||||||||||
Money market accounts | 246,651 | 246,430 | ||||||||||||
Certificate accounts | 323,751 | 401,414 | ||||||||||||
Total deposits | $ | 1,270,778 | $ | 1,195,702 |
September 30, 2019 | December 31, 2018 | |||||||
Non-interest bearing demand deposits | $ | 174,202 | $ | 155,405 | ||||
Interest bearing demand deposits | 209,644 | 169,310 | ||||||
Savings accounts | 165,419 | 192,310 | ||||||
Money market accounts | 193,654 | 126,021 | ||||||
Certificate accounts | 418,831 | 364,466 | ||||||
Total deposits | $ | 1,161,750 | $ | 1,007,512 |
Tangible book value per share at end of period | September 30, 2019 | December 31, 2018 | ||||||
Total stockholders’ equity | $ | 148,029 | $ | 138,187 | ||||
Less: Preferred stock | — | — | ||||||
Less: Goodwill | (31,841 | ) | (31,474 | ) | ||||
Less: Intangible assets | (7,999 | ) | (7,501 | ) | ||||
Tangible common equity (non-GAAP) | $ | 108,189 | $ | 99,212 | ||||
Ending common shares outstanding | 11,270,710 | 10,953,512 | ||||||
Book value per share | $ | 13.13 | $ | 12.62 | ||||
Tangible book value per share (non-GAAP) | $ | 9.60 | $ | 9.06 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 170,610 | 15.0 | % | $ | 91,021 | > = | 8.0 | % | $ | 113,776 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 156,388 | 13.7 | % | 68,266 | > = | 6.0 | % | 91,021 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 156,388 | 13.7 | % | 51,199 | > = | 4.5 | % | 73,955 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 156,388 | 9.9 | % | 63,465 | > = | 4.0 | % | 79,331 | > = | 5.0 | % | ||||||||||||||||||||||||||||||||||||
As of December 31, 2019 (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 160,302 | 13.1 | % | $ | 98,174 | > = | 8.0 | % | $ | 122,718 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 149,982 | 12.2 | % | 73,631 | > = | 6.0 | % | 98,174 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 149,982 | 12.2 | % | 55,223 | > = | 4.5 | % | 79,767 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 149,982 | 10.4 | % | 57,834 | > = | 4.0 | % | 72,293 | > = | 5.0 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of September 30, 2019 (Unaudited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 157,069,000 | 13.5 | % | $ | 92,966,000 | >= | 8.0 | % | $ | 116,208,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 147,892,000 | 12.7 | % | 69,725,000 | >= | 6.0 | % | 92,966,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 147,892,000 | 12.7 | % | 52,293,000 | >= | 4.5 | % | 75,535,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 147,892,000 | 10.2 | % | 57,777,000 | >= | 4.0 | % | 72,221,000 | >= | 5.0 | % | |||||||||||||
As of December 31, 2018 (Audited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 126,440,000 | 12.7 | % | $ | 79,651,000 | >= | 8.0 | % | $ | 99,563,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 118,836,000 | 11.9 | % | 59,738,000 | >= | 6.0 | % | 79,651,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 118,836,000 | 11.9 | % | 44,804,000 | >= | 4.5 | % | 64,716,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 118,836,000 | 9.7 | % | 48,976,000 | >= | 4.0 | % | 61,220,000 | >= | 5.0 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 163,250 | 14.3 | % | $ | 91,021 | > = | 8.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 119,028 | 10.5 | % | 68,266 | > = | 6.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 119,028 | 10.5 | % | 51,199 | > = | 4.5 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 119,028 | 7.5 | % | 63,465 | > = | 4.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 137,259 | 11.2 | % | $ | 98,174 | > = | 8.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 111,939 | 9.1 | % | 73,631 | > = | 6.0 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 111,939 | 9.1 | % | 55,223 | > = | 4.5 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 111,939 | 7.7 | % | 57,834 | > = | 4.0 | % | N/A | N/A |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of September 30, 2019 (Unaudited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 132,094,000 | 11.4 | % | $ | 92,966,000 | >= | 8.0 | % | $ | 116,208,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 107,917,000 | 9.3 | % | 69,725,000 | >= | 6.0 | % | 92,966,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 107,917,000 | 9.3 | % | 52,293,000 | >= | 4.5 | % | 75,535,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 107,917,000 | 7.5 | % | 57,777,000 | >= | 4.0 | % | 72,221,000 | >= | 5.0 | % | |||||||||||||
As of December 31, 2018 (Audited) | ||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 123,657,000 | 12.4 | % | $ | 79,651,000 | >= | 8.0 | % | $ | 99,563,000 | >= | 10.0 | % | ||||||||||
Tier 1 capital (to risk weighted assets) | 101,053,000 | 10.2 | % | 59,738,000 | >= | 6.0 | % | 79,651,000 | >= | 8.0 | % | |||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 101,053,000 | 10.2 | % | 44,804,000 | >= | 4.5 | % | 64,716,000 | >= | 6.5 | % | |||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 101,053,000 | 8.3 | % | 48,976,000 | >= | 4.0 | % | 61,220,000 | >= | 5.0 | % |
Percent Change in Economic Value of Equity (EVE) | ||||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At September 30, 2020 | At December 31, 2019 | ||||||||||||
+300 bp | 7 | % | 1 | % | ||||||||||
+200 bp | 4 | % | 2 | % | ||||||||||
+100 bp | 1 | % | 1 | % | ||||||||||
-100 bp | 11 | % | (2) | % |
Percent Change in Economic Value of Equity (EVE) | ||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At September 30, 2019 | At December 31, 2018 | ||||
+300 bp | — | % | (3 | )% | ||
+200 bp | — | % | (2 | )% | ||
+100 bp | 1 | % | (1 | )% | ||
-100 bp | (2 | )% | (1 | )% | ||
-200 bp | 3 | % | (5 | )% |
Percent Change in Net Interest Income Over One Year Horizon | ||||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At September 30, 2020 | At December 31, 2019 | ||||||||||||
+300 bp | 4 | % | (5) | % | ||||||||||
+200 bp | 3 | % | (4) | % | ||||||||||
+100 bp | 1 | % | (2) | % | ||||||||||
-100 bp | — | % | 1 | % |
Percent Change in Net Interest Income Over One Year Horizon | ||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At September 30, 2019 | At December 31, 2018 | ||||
+300 bp | (1 | )% | (6 | )% | ||
+200 bp | (1 | )% | (4 | )% | ||
+100 bp | (1 | )% | (2 | )% | ||
-100 bp | (1 | )% | 1 | % | ||
-200 bp | (5 | )% | (1 | )% |
Period | Total number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Pans or Programs | ||||
July 1, 2019 - July 31, 2019 | — | NA | — | — | ||||
August 1, 2019 - August 31, 2019 | 64 | $11.00 | — | — | ||||
September 1, 2019 - September 30, 2019 | 233 | $11.00 | — | — | ||||
Total | 297 | $11.00 | — | — |
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: November | By: | /s/ Stephen M. Bianchi | ||||||||||||
Stephen M. Bianchi | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: November | By: | /s/ James S. Broucek | ||||||||||||
James S. Broucek | ||||||||||||||
Chief Financial Officer |