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Wisconsin
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39-1435359
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(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer
Identification No.) |
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402 North 8th Street
Manitowoc, Wisconsin |
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54220 |
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(920) 652-3100 |
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(Address of principal
executive offices) |
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(Zip Code)
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Registrant’s telephone number,
including area code |
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Title of each class
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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The Nasdaq Stock Market LLC
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| Large accelerated filer ☐ | | | Accelerated filer ☒ | |
| Non-accelerated filer ☐ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
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PAGE
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PART I | | | | | | | |
| | | | 4 | | | |
| | | | 21 | | | |
| | | | 41 | | | |
| | | | 42 | | | |
| | | | 42 | | | |
| | | | 42 | | | |
PART II | | | | | | | |
| | | | 43 | | | |
| | | | 44 | | | |
| | | | 46 | | | |
| | | | 78 | | | |
| | | | 80 | | | |
| | | | 128 | | | |
| | | | 129 | | | |
| | | | 130 | | | |
PART III | | | | | | | |
| | | | 131 | | | |
| | | | 131 | | | |
| | | | 131 | | | |
| | | | 131 | | | |
| | | | 131 | | | |
PART IV | | | | | | | |
| | | | 132 | | | |
| | | | 133 | | | |
| | | | 134 | | |
Office
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Address
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City, State, Zip
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Lease/Own
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Main Office | | | 402 N. 8th Street | | | Manitowoc, Wisconsin, 54220 | | | Own | |
Appleton | | | 4201 W. Wisconsin Avenue | | | Appleton, Wisconsin, 54913 | | | Lease | |
Ashwaubenon
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| | 2865 S. Ridge Road | | | Green Bay, Wisconsin, 54304 | | | Own | |
Bellevue | | | 2747 Manitowoc Road | | | Green Bay, Wisconsin, 54311 | | | Own | |
Cedarburg | | | W61 N529 Washington Avenue | | | Cedarburg, Wisconsin, 53012 | | | Own | |
Chetek | | | 621 2nd Street | | | Chetek, Wisconsin, 54728 | | | Lease | |
Clintonville | | | 135 S. Main Street | | | Clintonville, Wisconsin, 54929 | | | Own | |
Iola | | | 295 E. State Street | | | Iola, Wisconsin, 54945 | | | Own | |
Kiel | | | 110 Fremont Street | | | Kiel, Wisconsin, 53042 | | | Own | |
Custer Street | | | 2915 Custer Street | | | Manitowoc, Wisconsin, 54220 | | | Own | |
Mequon | | |
11740 N. Port Washington Road
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| | Mequon, Wisconsin, 53092 | | | Own | |
Mishicot | | | 110 Baugniet Street | | | Mishicot, Wisconsin, 54228 | | | Own | |
Oshkosh | | | 1159 N. Koeller Street | | | Oshkosh, Wisconsin, 54902 | | | Own | |
Plymouth | | | 2700 Eastern Avenue | | | Plymouth, Wisconsin, 53073 | | | Own | |
Seymour | | | 689 Woodland Plaza | | | Seymour, Wisconsin, 54165 | | | Own | |
Sheboygan | | | 2600 Kohler Memorial Drive | | | Sheboygan, Wisconsin, 53081 | | | Own | |
Tomah | | | 1021 Superior Avenue | | | Tomah, Wisconsin, 54660 | | | Own | |
Two Rivers | | | 1703 Lake Street | | | Two Rivers, Wisconsin, 54241 | | | Own | |
Valders | | | 167 Lincoln Street | | | Valders, Wisconsin, 54245 | | | Own | |
Watertown | | | 104 W. Main Street | | | Watertown, Wisconsin, 54245 | | | Own | |
Waupaca | | | 111 Jefferson Street | | | Waupaca, Wisconsin, 54981 | | | Own | |
Weyauwega | | | 101 E. Main Street | | | Weyauwega, Wisconsin, 54983 | | | Own | |
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Period Ending
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Index
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12/31/14
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12/31/15
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12/31/16
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12/31/17
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12/31/18
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12/31/19
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BFC | | | | $ | 100.00 | | | | | $ | 127.41 | | | | | $ | 153.39 | | | | | $ | 204.99 | | | | | $ | 221.17 | | | | | $ | 336.81 | | |
Russell 2000 | | | | | 100.00 | | | | | | 94.29 | | | | | | 112.65 | | | | | | 127.46 | | | | | | 111.94 | | | | | | 115.53 | | |
Nasdaq Bank | | | | | 100.00 | | | | | | 98.41 | | | | | | 123.61 | | | | | | 143.70 | | | | | | 115.53 | | | | | | 152.29 | | |
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December 31,
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2019
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2018
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2017
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2016
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2015
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(dollars in thousands, except per share and other data)
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Operating Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Income | | | | $ | 89,165 | | | | | $ | 77,944 | | | | | $ | 53,472 | | | | | $ | 44,726 | | | | | $ | 41,062 | | |
Interest Expense | | | | | 19,498 | | | | | | 14,845 | | | | | | 7,732 | | | | | | 5,932 | | | | | | 5,063 | | |
Net interest and dividend Income | | | | | 69,667 | | | | | | 63,099 | | | | | | 45,740 | | | | | | 38,794 | | | | | | 35,999 | | |
Provision for Loan Losses | | | | | 5,250 | | | | | | 2,935 | | | | | | 1,055 | | | | | | 320 | | | | | | 1,008 | | |
Non-Interest Income | | | | | 12,632 | | | | | | 11,531 | | | | | | 9,848 | | | | | | 9,244 | | | | | | 7,463 | | |
Non-Interest Expense | | | | | 42,760 | | | | | | 39,642 | | | | | | 30,394 | | | | | | 25,099 | | | | | | 22,305 | | |
Income Before Taxes | | | | | 34,289 | | | | | | 32,053 | | | | | | 24,139 | | | | | | 22,619 | | | | | | 20,149 | | |
Income Taxes | | | | | 7,595 | | | | | | 6,597 | | | | | | 8,826 | | | | | | 7,706 | | | | | | 6,754 | | |
Net Income | | | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | | | | $ | 14,913 | | | | | $ | 13,395 | | |
Average shares outstanding, basic | | | | | 6,820,225 | | | | | | 6,673,758 | | | | | | 6,285,901 | | | | | | 6,220,694 | | | | | | 6,291,319 | | |
Average shares outstanding, diluted | | | | | 6,902,616 | | | | | | 6,673,758 | | | | | | 6,285,901 | | | | | | 6,220,694 | | | | | | 6,291,319 | | |
Total shares outstanding | | | | | 7,084,728 | | | | | | 6,610,358 | | | | | | 6,805,684 | | | | | | 6,210,892 | | | | | | 6,267,660 | | |
Basic Earnings per share | | | | $ | 3.91 | | | | | $ | 3.81 | | | | | $ | 2.44 | | | | | $ | 2.40 | | | | | $ | 2.13 | | |
Diluted Earning per Share | | | | $ | 3.87 | | | | | $ | 3.81 | | | | | $ | 2.44 | | | | | $ | 2.40 | | | | | $ | 2.13 | | |
Dividends Declared Per Share | | | | $ | 0.80 | | | | | $ | 0.68 | | | | | $ | 0.64 | | | | | $ | 0.59 | | | | | $ | 0.51 | | |
Dividend payout ratio (1) | | | | | 20% | | | | | | 18% | | | | | | 26% | | | | | | 25% | | | | | | 24% | | |
Financial Condition Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets | | | | $ | 2,210,168 | | | | | $ | 1,793,165 | | | | | $ | 1,753,404 | | | | | $ | 1,315,997 | | | | | $ | 1,237,675 | | |
Total Deposits | | | | | 1,843,311 | | | | | | 1,557,167 | | | | | | 1,506,642 | | | | | | 1,127,020 | | | | | | 1,062,575 | | |
Total Loans | | | | | 1,736,343 | | | | | | 1,428,494 | | | | | | 1,397,547 | | | | | | 1,026,257 | | | | | | 956,637 | | |
Shareholders’ equity | | | | | 230,211 | | | | | | 174,323 | | | | | | 161,728 | | | | | | 127,523 | | | | | | 118,928 | | |
Book Value Per Share | | | | $ | 32.49 | | | | | $ | 26.37 | | | | | $ | 23.76 | | | | | $ | 20.53 | | | | | $ | 18.97 | | |
Performance Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on Average Assets | | | | | 1.37% | | | | | | 1.43% | | | | | | 1.04% | | | | | | 1.13% | | | | | | 1.14% | | |
Return on Average Shareholders’ equity
|
| | | | 13.14% | | | | | | 15.36% | | | | | | 11.26% | | | | | | 12.01% | | | | | | 11.65% | | |
Equity to assets | | | | | 10.42% | | | | | | 9.72% | | | | | | 9.22% | | | | | | 9.69% | | | | | | 9.61% | | |
Interest rate spread, taxable equivalent (2)
|
| | | | 3.45% | | | | | | 3.53% | | | | | | 3.22% | | | | | | 3.08% | | | | | | 3.32% | | |
Net Interest Margin, taxable equivalent (3)
|
| | | | 3.95% | | | | | | 3.89% | | | | | | 3.45% | | | | | | 3.26% | | | | | | 3.48% | | |
Efficiency ratio (4) | | | | | 51.29% | | | | | | 52.16% | | | | | | 53.28% | | | | | | 50.81% | | | | | | 49.92% | | |
Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Performing Loans | | | | $ | 5,447 | | | | | $ | 20,522 | | | | | $ | 20,613 | | | | | $ | 602 | | | | | $ | 1,625 | | |
Non-Performing Loans/Total Loans | | | | | 0.31% | | | | | | 1.44% | | | | | | 1.47% | | | | | | 0.06% | | | | | | 0.17% | | |
Net (Recoveries)/Charge-Offs | | | | $ | 6,102 | | | | | $ | 2,299 | | | | | $ | 171 | | | | | $ | (397) | | | | | $ | 255 | | |
Allowance/Total Loans | | | | | 0.66% | | | | | | 0.86% | | | | | | 0.83% | | | | | | 1.05% | | | | | | 1.06% | | |
Capital Ratios (5): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital | | | | | 10.35% | | | | | | 11.35% | | | | | | 10.80% | | | | | | 11.69% | | | | | | 10.86% | | |
Tier 1 capital | | | | | 8.86% | | | | | | 9.86% | | | | | | 9.29% | | | | | | 10.72% | | | | | | 9.95% | | |
Common Equity Tier 1 | | | | | 8.86% | | | | | | 9.86% | | | | | | 9.29% | | | | | | 10.72% | | | | | | 9.95% | | |
Tier 1 leverage capital | | | | | 8.46% | | | | | | 9.06% | | | | | | 8.47% | | | | | | 8.94% | | | | | | 8.85% | | |
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December 31,
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2019
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2018
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2017
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2016
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2015
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(dollars in thousands, except per share and other data)
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Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of full service offices | | | | | 23 | | | | | | 18 | | | | | | 18 | | | | | | 12 | | | | | | 12 | | |
Full time equivalent employees | | | | | 284 | | | | | | 253 | | | | | | 249 | | | | | | 173 | | | | | | 161 | | |
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For the Years
Ended December 31, |
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2019
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2018
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(In thousands)
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Noninterest Income | | | | | | | | | | | | | |
Service Charges
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| | | $ | 3,506 | | | | | $ | 3,493 | | |
Income from Ansay & Associates, LLC
|
| | | | 1,792 | | | | | | 2,114 | | |
Income from UFS, LLC
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| | | | 2,935 | | | | | | 2,563 | | |
Loan Servicing income
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| | | | 550 | | | | | | 1,478 | | |
Net gain on sales of mortgage loans
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| | | | 1,401 | | | | | | 617 | | |
Net gain (loss) on sales of securities
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| | | | 868 | | | | | | (31) | | |
Noninterest income from strategic alliances
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| | | | 95 | | | | | | 90 | | |
Other
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| | | | 1,485 | | | | | | 1,176 | | |
Total noninterest income
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| | | $ | 12,632 | | | | | $ | 11,500 | | |
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For the Years
Ended December 31, |
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2019
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2018
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(In thousands)
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Noninterest Expense | | | | | | | | | | | | | |
Salaries, commissions, and employee benefits
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| | | $ | 22,903 | | | | | $ | 21,500 | | |
Occupancy
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| | | | 3,860 | | | | | | 3,498 | | |
Data Processing
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| | | | 4,509 | | | | | | 3,619 | | |
Postage, stationary, and supplies
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| | | | 591 | | | | | | 620 | | |
Net (gain) loss on sales and valuation of ORE
|
| | | | (73) | | | | | | 252 | | |
Advertising
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| | | | 268 | | | | | | 220 | | |
Charitable Contributions
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| | | | 566 | | | | | | 985 | | |
Outside service fees
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| | | | 3,041 | | | | | | 3,132 | | |
Amortization of intangibles
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| | | | 1,069 | | | | | | 756 | | |
Other
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| | | | 6,026 | | | | | | 5,029 | | |
Total noninterest expenses
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| | | $ | 42,760 | | | | | $ | 39,611 | | |
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For the Years
Ended December 31, |
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2018
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2017
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(In thousands)
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Noninterest Income | | | | | | | | | | | | | |
Service Charges
|
| | | $ | 3,493 | | | | | $ | 2,950 | | |
Income from Ansay & Associates, LLC
|
| | | | 2,114 | | | | | | 1,663 | | |
Income from UFS, LLC
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| | | | 2,563 | | | | | | 2,390 | | |
Loan Servicing income
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| | | | 1,478 | | | | | | 1,158 | | |
Net gain on sales of mortgage loans
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| | | | 617 | | | | | | 895 | | |
Noninterest income from strategic alliances
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| | | | 90 | | | | | | 94 | | |
Other
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| | | | 1,176 | | | | | | 698 | | |
Total noninterest income
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| | | $ | 11,531 | | | | | $ | 9,848 | | |
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For the Years
Ended December 31, |
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2018
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2017
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(In thousands)
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Noninterest Expense | | | | | | | | | | | | | |
Salaries, commissions, and employee benefits
|
| | | $ | 21,500 | | | | | $ | 16,595 | | |
Occupancy
|
| | | | 3,498 | | | | | | 3,097 | | |
Data Processing
|
| | | | 3,619 | | | | | | 2,939 | | |
Postage, stationary, and supplies
|
| | | | 620 | | | | | | 452 | | |
Net (gain) loss on sales and valuation of ORE
|
| | | | 252 | | | | | | (49) | | |
Net loss on sales of securities
|
| | | | 31 | | | | | | 32 | | |
Advertising
|
| | | | 220 | | | | | | 183 | | |
Charitable Contributions
|
| | | | 985 | | | | | | 495 | | |
Outside service fees
|
| | | | 3,132 | | | | | | 3,317 | | |
Amortization of intangibles
|
| | | | 756 | | | | | | 132 | | |
Other
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| | | | 5,029 | | | | | | 3,201 | | |
Total noninterest expenses
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| | | $ | 39,642 | | | | | $ | 30,394 | | |
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For the Year Ended December 31,
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2019
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2018
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2017
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Average
Balance |
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Interest
Income/ Expenses (1) |
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Rate
Earned/ Paid (1) |
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Average
Balance |
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Interest
Income/ Expenses (1) |
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Rate
Earned/ Paid (1) |
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Average
Balance |
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Interest
Income/ Expenses (1) |
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Rate
Earned/ Paid (1) |
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(dollars in thousands)
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ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-earning assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | | $ | 1,465,306 | | | | | $ | 78,230 | | | | | | 5.34% | | | | | $ | 1,338,614 | | | | | $ | 68,615 | | | | | | 5.13% | | | | | $ | 1,070,300 | | | | | $ | 46,871 | | | | | | 4.38% | | |
Tax-exempt | | | | | 99,955 | | | | | | 5,961 | | | | | | 5.96% | | | | | | 87,233 | | | | | | 4,413 | | | | | | 5.06% | | | | | | 59,724 | | | | | | 3,018 | | | | | | 5.05% | | |
Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable (available for sale) | | | | | 81,454 | | | | | | 2,349 | | | | | | 2.88% | | | | | | 73,090 | | | | | | 2,193 | | | | | | 3.00% | | | | | | 46,162 | | | | | | 1,153 | | | | | | 2.50% | | |
Tax-exempt (available for sale) | | | | | 52,015 | | | | | | 1,848 | | | | | | 3.55% | | | | | | 54,619 | | | | | | 1,974 | | | | | | 3.61% | | | | | | 57,616 | | | | | | 2,187 | | | | | | 3.80% | | |
Taxable (held to maturity) | | | | | 30,566 | | | | | | 749 | | | | | | 2.45% | | | | | | 27,000 | | | | | | 632 | | | | | | 2.34% | | | | | | 24,978 | | | | | | 563 | | | | | | 2.25% | | |
Tax-exempt (held to maturity) | | | | | 10,930 | | | | | | 304 | | | | | | 2.78% | | | | | | 13,094 | | | | | | 388 | | | | | | 2.96% | | | | | | 12,723 | | | | | | 499 | | | | | | 3.92% | | |
Cash and due from banks | | | | | 68,873 | | | | | | 1,427 | | | | | | 2.07% | | | | | | 66,118 | | | | | | 1,152 | | | | | | 1.74% | | | | | | 107,624 | | | | | | 1,112 | | | | | | 1.03% | | |
Total interest-earning assets | | | | | 1,809,099 | | | | | | 90,868 | | | | | | 5.02% | | | | | | 1,659,768 | | | | | | 79,367 | | | | | | 4.78% | | | | | | 1,379,127 | | | | | | 55,403 | | | | | | 4.02% | | |
Non interest-earning assets | | | | | 157,058 | | | | | | | | | | | | | | | | | | 129,708 | | | | | | | | | | | | | | | | | | 100,560 | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | (11,804) | | | | | | | | | | | | | | | | | | (12,288) | | | | | | | | | | | | | | | | | | (11,251) | | | | | | | | | | | | | | |
Total assets | | | | $ | 1,954,353 | | | | | | | | | | | | | | | | | $ | 1,777,188 | | | | | | | | | | | | | | | | | $ | 1,468,436 | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | $ | 90,273 | | | | | $ | 1,785 | | | | | | 1.98% | | | | | $ | 99,894 | | | | | $ | 1,125 | | | | | | 1.13% | | | | | $ | 91,828 | | | | | $ | 597 | | | | | | 0.65% | | |
Savings accounts | | | | | 261,977 | | | | | | 2,570 | | | | | | 0.98% | | | | | | 168,254 | | | | | | 881 | | | | | | 0.52% | | | | | | 101,713 | | | | | | 199 | | | | | | 0.20% | | |
Money market accounts | | | | | 440,773 | | | | | | 4,913 | | | | | | 1.11% | | | | | | 428,052 | | | | | | 4,253 | | | | | | 0.99% | | | | | | 437,162 | | | | | | 2,667 | | | | | | 0.61% | | |
Certificates of deposit | | | | | 380,117 | | | | | | 8,124 | | | | | | 2.14% | | | | | | 371,332 | | | | | | 5,819 | | | | | | 1.57% | | | | | | 222,176 | | | | | | 2,979 | | | | | | 1.34% | | |
Brokered Deposits | | | | | 16,387 | | | | | | 483 | | | | | | 2.95% | | | | | | 10,476 | | | | | | 305 | | | | | | 2.91% | | | | | | | | | | | | | | | | | | | | |
Total interest bearing deposits | | | | | 1,189,527 | | | | | | 17,875 | | | | | | 1.50% | | | | | | 1,078,008 | | | | | | 12,383 | | | | | | 1.15% | | | | | | 852,879 | | | | | | 6,442 | | | | | | 0.76% | | |
Other borrowed funds | | | | | 53,261 | | | | | | 1,623 | | | | | | 3.05% | | | | | | 111,069 | | | | | | 2,462 | | | | | | 2.22% | | | | | | 123,544 | | | | | | 1,290 | | | | | | 1.04% | | |
Total interest-bearing liabilities | | | | | 1,242,788 | | | | | | 19,498 | | | | | | 1.57% | | | | | | 1,189,077 | | | | | | 14,845 | | | | | | 1.25% | | | | | | 976,423 | | | | | | 7,732 | | | | | | 0.79% | | |
Non-interest bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand Deposits | | | | | 495,039 | | | | | | | | | | | | | | | | | | 408,403 | | | | | | | | | | | | | | | | | | 337,431 | | | | | | | | | | | | | | |
Other liabilities | | | | | 13,348 | | | | | | | | | | | | | | | | | | 13,968 | | | | | | | | | | | | | | | | | | 18,579 | | | | | | | | | | | | | | |
Total Liabilities | | | | | 1,751,175 | | | | | | | | | | | | | | | | | | 1,611,448 | | | | | | | | | | | | | | | | | | 1,332,433 | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | 203,178 | | | | | | | | | | | | | | | | | | 165,740 | | | | | | | | | | | | | | | | | | 136,002 | | | | | | | | | | | | | | |
Total liabilities & sharesholders’ equity | | | | $ | 1,954,353 | | | | | | | | | | | | | | | | | $ | 1,777,188 | | | | | | | | | | | | | | | | | $ | 1,468,435 | | | | | | | | | | | | | | |
Net interest income on a fully taxable equivalent basis
|
| | | | | | | | | | 71,370 | | | | | | | | | | | | | | | | | | 64,522 | | | | | | | | | | | | | | | | | | 47,671 | | | | | | | | |
Less taxable equivalent adjustment | | | | | | | | | | | (1,704) | | | | | | | | | | | | | | | | | | (1,423) | | | | | | | | | | | | | | | | | | (1,931) | | | | | | | | |
Net interest income | | | | | | | | | | $ | 69,666 | | | | | | | | | | | | | | | | | $ | 63,099 | | | | | | | | | | | | | | | | | $ | 45,740 | | | | | | | | |
Net interest spread (3) | | | | | | | | | | | | | | | | | 3.45% | | | | | | | | | | | | | | | | | | 3.53% | | | | | | | | | | | | | | | | | | 3.23% | | |
Net interest margin (4) | | | | | | | | | | | | | | | | | 3.95% | | | | | | | | | | | | | | | | | | 3.89% | | | | | | | | | | | | | | | | | | 3.45% | | |
| | |
Twelve Months Ended December 31, 2019
Compared with Twelve Months Ended December 31, 2018 |
| |
Twelve Months Ended December 31, 2018
Compared with Twelve Months Ended December 31, 2017 |
| ||||||||||||||||||||||||||||||
| | |
Increase/(Decrease)
Due to Change in |
| |
Increase/(Decrease)
Due to Change in |
| ||||||||||||||||||||||||||||||
| | |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| ||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | | $ | 6,682 | | | | | $ | 2,933 | | | | | $ | 9,615 | | | | | $ | 11,750 | | | | | $ | 9,994 | | | | | $ | 21,744 | | |
Tax-exempt | | | | | 695 | | | | | | 853 | | | | | | 1,548 | | | | | | 1,390 | | | | | | 5 | | | | | | 1,395 | | |
Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable (AFS) | | | | | 236 | | | | | | (80) | | | | | | 156 | | | | | | 673 | | | | | | 367 | | | | | | 1,040 | | |
Tax-exempt (AFS) | | | | | (93) | | | | | | (33) | | | | | | (126) | | | | | | (114) | | | | | | (99) | | | | | | (213) | | |
Taxable (HTM) | | | | | 86 | | | | | | 31 | | | | | | 117 | | | | | | 46 | | | | | | 23 | | | | | | 69 | | |
Tax-exempt (HTM) | | | | | (61) | | | | | | (23) | | | | | | (84) | | | | | | 15 | | | | | | (126) | | | | | | (111) | | |
Cash and due from banks | | | | | 50 | | | | | | 225 | | | | | | 275 | | | | | | (429) | | | | | | 469 | | | | | | 40 | | |
Total interest income | | | | $ | 7,595 | | | | | $ | 3,906 | | | | | $ | 11,501 | | | | | $ | 13,330 | | | | | $ | 10,634 | | | | | $ | 23,964 | | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Checking accounts | | | | $ | (96) | | | | | $ | 756 | | | | | $ | 660 | | | | | $ | 52 | | | | | $ | 476 | | | | | $ | 528 | | |
Savings accounts | | | | | 658 | | | | | | 1,031 | | | | | | 1,689 | | | | | | 130 | | | | | | 552 | | | | | | 682 | | |
Money market accounts | | | | | 129 | | | | | | 531 | | | | | | 660 | | | | | | (56) | | | | | | 1,642 | | | | | | 1,586 | | |
Certificates of deposit | | | | | 141 | | | | | | 2,164 | | | | | | 2,305 | | | | | | 2,000 | | | | | | 840 | | | | | | 2,840 | | |
Brokered Deposits | | | | | 174 | | | | | | 4 | | | | | | 178 | | | | | | 305 | | | | | | — | | | | | | 305 | | |
Total interest bearing deposits
|
| | | | 1,006 | | | | | | 4,486 | | | | | | 5,492 | | | | | | 2,431 | | | | | | 3,510 | | | | | | 5,941 | | |
Other borrowed funds | | | | | (2,996) | | | | | | 2,157 | | | | | | (839) | | | | | | (130) | | | | | | 1,302 | | | | | | 1,172 | | |
Total interest expense | | | | | (1,990) | | | | | | 6,643 | | | | | | 4,653 | | | | | | 2,301 | | | | | | 4,812 | | | | | | 7,113 | | |
Change in net interest income
|
| | | $ | 9,585 | | | | | $ | (2,737) | | | | | $ | 6,848 | | | | | $ | 11,029 | | | | | $ | 5,822 | | | | | $ | 16,851 | | |
| | |
December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
% of
Total |
| |
2018
|
| |
% of
Total |
| |
2017
|
| |
% of
Total |
| |
2016
|
| |
% of
Total |
| |
2015
|
| |
% of
Total |
| ||||||||||||||||||||||||||||||
Commercial & industrial
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial | | | |
$
|
302,538
|
| | | |
|
17%
|
| | | |
$
|
297,576
|
| | | |
|
21%
|
| | | |
$
|
263,787
|
| | | |
|
19%
|
| | | |
$
|
202,275
|
| | | |
|
20%
|
| | | |
$
|
219,416
|
| | | |
|
23%
|
| |
Deferred costs net of unearned fees | | | |
|
(158)
|
| | | |
|
0%
|
| | | |
|
(248)
|
| | | |
|
0%
|
| | | |
|
(239)
|
| | | |
|
0%
|
| | | |
|
(1)
|
| | | |
|
0%
|
| | | |
|
(114)
|
| | | |
|
0%
|
| |
Total commercial & industrial | | | |
|
302,380
|
| | | |
|
17.4%
|
| | | |
|
297,328
|
| | | |
|
21%
|
| | | |
|
263,548
|
| | | |
|
19%
|
| | | |
|
202,274
|
| | | |
|
20%
|
| | | |
|
219,302
|
| | | |
|
23%
|
| |
Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner Occupied | | | |
|
459,782
|
| | | |
|
26%
|
| | | |
|
416,097
|
| | | |
|
29%
|
| | | |
|
418,928
|
| | | |
|
30%
|
| | | |
|
280,081
|
| | | |
|
27%
|
| | | |
|
263,763
|
| | | |
|
28%
|
| |
Non-owner occupied | | | |
|
353,723
|
| | | |
|
20%
|
| | | |
|
252,717
|
| | | |
|
18%
|
| | | |
|
225,290
|
| | | |
|
16%
|
| | | |
|
171,357
|
| | | |
|
17%
|
| | | |
|
135,173
|
| | | |
|
14%
|
| |
Deferred costs net of unearned fees | | | |
|
(362)
|
| | | |
|
0%
|
| | | |
|
(465)
|
| | | |
|
0%
|
| | | |
|
(413)
|
| | | |
|
0%
|
| | | |
|
(74)
|
| | | |
|
0%
|
| | | |
|
(44)
|
| | | |
|
0%
|
| |
Total commercial real estate | | | |
|
813,143
|
| | | |
|
46.8%
|
| | | |
|
668,349
|
| | | |
|
47%
|
| | | |
|
643,805
|
| | | |
|
46%
|
| | | |
|
451,364
|
| | | |
|
44%
|
| | | |
|
398,892
|
| | | |
|
42%
|
| |
Construction & Development | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Development | | | |
|
132,296
|
| | | |
|
8%
|
| | | |
|
60,927
|
| | | |
|
4%
|
| | | |
|
75,907
|
| | | |
|
5%
|
| | | |
|
51,904
|
| | | |
|
5%
|
| | | |
|
46,133
|
| | | |
|
5%
|
| |
Deferred costs net of unearned fees | | | |
|
(133)
|
| | | |
|
0%
|
| | | |
|
(125)
|
| | | |
|
0%
|
| | | |
|
(66)
|
| | | |
|
0%
|
| | | |
|
(47)
|
| | | |
|
0%
|
| | | |
|
(39)
|
| | | |
|
0%
|
| |
Total construction & development | | | |
|
132,163
|
| | | |
|
7.6%
|
| | | |
|
60,802
|
| | | |
|
4%
|
| | | |
|
75,841
|
| | | |
|
5%
|
| | | |
|
51,857
|
| | | |
|
5%
|
| | | |
|
46,094
|
| | | |
|
5%
|
| |
Residential 1-4 family | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential 1-4 family | | | |
|
448,605
|
| | | |
|
26%
|
| | | |
|
368,673
|
| | | |
|
26%
|
| | | |
|
377,141
|
| | | |
|
27%
|
| | | |
|
283,193
|
| | | |
|
28%
|
| | | |
|
259,211
|
| | | |
|
27%
|
| |
Deferred costs net of unearned fees | | | |
|
25
|
| | | |
|
0%
|
| | | |
|
17
|
| | | |
|
0%
|
| | | |
|
139
|
| | | |
|
0%
|
| | | |
|
201
|
| | | |
|
0%
|
| | | |
|
130
|
| | | |
|
0%
|
| |
Total residential 1-4 family | | | |
|
448,630
|
| | | |
|
25.84%
|
| | | |
|
368,690
|
| | | |
|
26%
|
| | | |
|
377,280
|
| | | |
|
27%
|
| | | |
|
283,394
|
| | | |
|
28%
|
| | | |
|
259,341
|
| | | |
|
27%
|
| |
Consumer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | |
|
29,462
|
| | | |
|
2%
|
| | | |
|
26,854
|
| | | |
|
2%
|
| | | |
|
33,471
|
| | | |
|
2%
|
| | | |
|
28,418
|
| | | |
|
3%
|
| | | |
|
24,604
|
| | | |
|
3%
|
| |
Deferred costs net of unearned fees | | | |
|
124
|
| | | |
|
0%
|
| | | |
|
101
|
| | | |
|
0%
|
| | | |
|
90
|
| | | |
|
0%
|
| | | |
|
82
|
| | | |
|
0%
|
| | | |
|
59
|
| | | |
|
0%
|
| |
Total consumer | | | |
|
29,586
|
| | | |
|
1.7%
|
| | | |
|
26,955
|
| | | |
|
2%
|
| | | |
|
33,561
|
| | | |
|
2%
|
| | | |
|
28,500
|
| | | |
|
3%
|
| | | |
|
24,663
|
| | | |
|
3%
|
| |
Other Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | |
|
10,440
|
| | | |
|
1%
|
| | | |
|
6,369
|
| | | |
|
0%
|
| | | |
|
3,511
|
| | | |
|
0%
|
| | | |
|
8,866
|
| | | |
|
1%
|
| | | |
|
8,341
|
| | | |
|
1%
|
| |
Deferred costs net of unearned fees | | | |
|
1
|
| | | |
|
0%
|
| | | |
|
1
|
| | | |
|
0%
|
| | | |
|
1
|
| | | |
|
0%
|
| | | |
|
2
|
| | | |
|
0%
|
| | | |
|
4
|
| | | |
|
0%
|
| |
Total other loans | | | |
|
10,441
|
| | | |
|
0.6%
|
| | | |
|
6,370
|
| | | |
|
0%
|
| | | |
|
3,512
|
| | | |
|
0%
|
| | | |
|
8,868
|
| | | |
|
1%
|
| | | |
|
8,345
|
| | | |
|
1%
|
| |
Total loans
|
| | |
$
|
1,736,343
|
| | | |
|
100%
|
| | | |
$
|
1,428,494
|
| | | |
|
100%
|
| | | |
$
|
1,397,547
|
| | | |
|
100%
|
| | | |
$
|
1,026,257
|
| | | |
|
100%
|
| | | |
$
|
956,637
|
| | | |
|
100%
|
| |
As of December 31, 2019
|
| |
One Year
or Less |
| |
One to
Five Years |
| |
Over Five
Years |
| |
Total
|
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Commercial & industrial | | | | $ | 93,244 | | | | | $ | 120,816 | | | | | $ | 88,320 | | | | | $ | 302,380 | | |
Commercial real estate | | | | | 120,010 | | | | | | 421,789 | | | | | | 271,344 | | | | | | 813,143 | | |
Construction & Development | | | | | 27,079 | | | | | | 43,132 | | | | | | 61,952 | | | | | | 132,163 | | |
Residential 1-4 family | | | | | 27,120 | | | | | | 65,537 | | | | | | 355,973 | | | | | | 448,630 | | |
Consumer and other | | | | | 10,825 | | | | | | 20,438 | | | | | | 8,764 | | | | | | 40,027 | | |
Total
|
| | | $ | 278,278 | | | | | $ | 671,712 | | | | | $ | 786,353 | | | | | $ | 1,736,343 | | |
As of December 31, 2018
|
| |
One Year
or Less |
| |
One to
Five Years |
| |
Over Five
Years |
| |
Total
|
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Commercial & industrial | | | | $ | 89,358 | | | | | $ | 111,354 | | | | | $ | 96,616 | | | | | $ | 297,328 | | |
Commercial real estate | | | | | 114,017 | | | | | | 313,836 | | | | | | 240,496 | | | | | | 668,349 | | |
Construction & Development | | | | | 28,357 | | | | | | 19,721 | | | | | | 12,724 | | | | | | 60,802 | | |
Residential 1-4 family | | | | | 27,987 | | | | | | 69,206 | | | | | | 271,497 | | | | | | 368,690 | | |
Consumer and other | | | | | 4,980 | | | | | | 21,385 | | | | | | 6,960 | | | | | | 33,325 | | |
Total
|
| | | $ | 264,699 | | | | | $ | 535,502 | | | | | $ | 628,293 | | | | | $ | 1,428,494 | | |
As of December 31, 2019
|
| |
One Year
or Less |
| |
One to
Five Years |
| |
Over Five
Years |
| |
Total
|
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Predetermined interest rates | | | | $ | 141,578 | | | | | $ | 574,071 | | | | | $ | 389,942 | | | | | $ | 1,105,591 | | |
Floating or adjustable interest rates | | | | | 136,700 | | | | | | 97,641 | | | | | | 396,411 | | | | | | 630,752 | | |
Total
|
| | | $ | 278,278 | | | | | $ | 671,712 | | | | | $ | 786,353 | | | | | $ | 1,736,343 | | |
|
As of December 31, 2018
|
| |
One Year
or Less |
| |
One to
Five Years |
| |
Over Five
Years |
| |
Total
|
| ||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||
Predetermined interest rates | | | | $ | 143,333 | | | | | $ | 412,100 | | | | | $ | 267,221 | | | | | $ | 822,654 | | |
Floating or adjustable interest rates | | | | | 121,366 | | | | | | 123,402 | | | | | | 361,072 | | | | | | 605,840 | | |
Total
|
| | | $ | 264,699 | | | | | $ | 535,502 | | | | | $ | 628,293 | | | | | $ | 1,428,494 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||
Nonaccruals | | | | $ | 5,093 | | | | | $ | 20,099 | | | | | $ | 18,127 | | | | | $ | 575 | | | | | $ | 1,348 | | |
Loans past due > 90 days, but still accruing | | | | | 354 | | | | | | 423 | | | | | | 2,486 | | | | | | 27 | | | | | | 277 | | |
Total nonperforming loans | | | | $ | 5,447 | | | | | $ | 20,522 | | | | | $ | 20,613 | | | | | $ | 602 | | | | | $ | 1,625 | | |
Accruing troubled debt resructured loans | | | | $ | 1,844 | | | | | $ | 179 | | | | | $ | 185 | | | | | $ | 2,718 | | | | | $ | 429 | | |
Nonperforming loans as a percent of gross loans | | | | | 0.31% | | | | | | 1.44% | | | | | | 1.47% | | | | | | 0.06% | | | | | | 0.17% | | |
Nonperforming loans as a percent of total assets | | | | | 0.25% | | | | | | 1.14% | | | | | | 1.18% | | | | | | 0.05% | | | | | | 0.13% | | |
Loan type (in thousands)
|
| |
Pass
|
| |
Watch
|
| |
Substandard
|
| |
Total
|
| ||||||||||||
As of December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial
|
| | | $ | 270,948 | | | | | $ | 19,074 | | | | | $ | 12,358 | | | | | $ | 302,380 | | |
Commercial real estate
|
| | | | 693,642 | | | | | | 72,610 | | | | | | 46,891 | | | | | | 813,143 | | |
Construction & Development
|
| | | | 128,820 | | | | | | 3,313 | | | | | | 30 | | | | | | 132,163 | | |
Residential 1-4 family
|
| | | | 441,144 | | | | | | 6,511 | | | | | | 975 | | | | | | 448,630 | | |
Consumer
|
| | | | 29,517 | | | | | | 37 | | | | | | 32 | | | | | | 29,586 | | |
Other loans
|
| | | | 6,504 | | | | | | 3,937 | | | | | | — | | | | | | 10,441 | | |
Total loans
|
| | | $ | 1,570,575 | | | | | $ | 105,482 | | | | | $ | 60,286 | | | | | $ | 1,736,343 | | |
Loan type (in thousands)
|
| |
Pass
|
| |
Watch
|
| |
Substandard
|
| |
Total
|
| ||||||||||||
As of December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial
|
| | | $ | 237,367 | | | | | $ | 40,377 | | | | | $ | 19,584 | | | | | $ | 297,328 | | |
Commercial real estate
|
| | | | 497,871 | | | | | | 126,904 | | | | | | 43,574 | | | | | | 668,349 | | |
Construction & Development
|
| | | | 57,967 | | | | | | 2,774 | | | | | | 61 | | | | | | 60,802 | | |
Residential 1-4 family
|
| | | | 351,772 | | | | | | 12,534 | | | | | | 4,384 | | | | | | 368,690 | | |
Consumer
|
| | | | 26,887 | | | | | | 49 | | | | | | 19 | | | | | | 26,955 | | |
Other loans
|
| | | | 3,112 | | | | | | 3,258 | | | | | | — | | | | | | 6,370 | | |
Total loans
|
| | | $ | 1,174,976 | | | | | $ | 185,896 | | | | | $ | 67,622 | | | | | $ | 1,428,494 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||
Period-end loans outstanding (net of unearned discount and deferred loan fees)
|
| | | $ | 1,736,343 | | | | | $ | 1,428,494 | | | | | $ | 1,397,547 | | | | | $ | 1,026,257 | | | | | $ | 956,637 | | |
Average loans outstanding (net of unearned discount and deferred loan fees)
|
| | | $ | 1,565,261 | | | | | $ | 1,425,867 | | | | | $ | 1,130,036 | | | | | $ | 978,747 | | | | | $ | 871,720 | | |
Balance of allowance for loan losses at the beginning of period
|
| | | $ | 12,248 | | | | | $ | 11,612 | | | | | $ | 10,728 | | | | | $ | 10,011 | | | | | $ | 9,258 | | |
Loans charged-off: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial
|
| | | | 1,229 | | | | | | 35 | | | | | | 4 | | | | | | 6 | | | | | | 2 | | |
Commercial real estate - owner occupied
|
| | | | 4,994 | | | | | | 2,374 | | | | | | 0 | | | | | | 0 | | | | | | 113 | | |
Commercial real estate - non-owner occupied
|
| | | | 62 | | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
Construction & Development
|
| | | | 0 | | | | | | 83 | | | | | | 15 | | | | | | 28 | | | | | | 19 | | |
Residential 1-4 family
|
| | | | 276 | | | | | | 140 | | | | | | 141 | | | | | | 168 | | | | | | 162 | | |
Consumer
|
| | | | 76 | | | | | | 48 | | | | | | 7 | | | | | | 12 | | | | | | 7 | | |
Other Loans
|
| | | | 41 | | | | | | 37 | | | | | | 50 | | | | | | 24 | | | | | | 36 | | |
Total loans charged-off
|
| | | $ | 6,678 | | | | | $ | 2,717 | | | | | $ | 218 | | | | | $ | 238 | | | | | $ | 339 | | |
Recoveries of loans previously charged off: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial | | | | | 11 | | | | | | 2 | | | | | | 7 | | | | | | 500 | | | | | | 17 | | |
Commercial real estate - owner occupied
|
| | | | 356 | | | | | | 158 | | | | | | 0 | | | | | | 0 | | | | | | 5 | | |
Commercial real estate - non-owner occupied
|
| | | | 60 | | | | | | 3 | | | | | | 0 | | | | | | 0 | | | | | | 17 | | |
Construction & Development
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 36 | | | | | | 20 | | |
Residential 1-4 family
|
| | | | 130 | | | | | | 233 | | | | | | 36 | | | | | | 68 | | | | | | 15 | | |
Consumer
|
| | | | 11 | | | | | | 12 | | | | | | 1 | | | | | | 20 | | | | | | 7 | | |
Other Loans
|
| | | | 8 | | | | | | 10 | | | | | | 3 | | | | | | 11 | | | | | | 3 | | |
Total recoveries of loans previously charged off:
|
| | | | 576 | | | | | | 418 | | | | | | 47 | | | | | | 635 | | | | | | 84 | | |
Net Loan charge-offs (recoveries) | | | | $ | 6,102 | | | | | $ | 2,299 | | | | | $ | 171 | | | | | $ | (397) | | | | | $ | 255 | | |
Provision charged to operating expense
|
| | | | 5,250 | | | | | | 2,935 | | | | | | 1,055 | | | | | | 320 | | | | | | 1,008 | | |
Balance at end of period
|
| | | $ | 11,396 | | | | | $ | 12,248 | | | | | $ | 11,612 | | | | | $ | 10,728 | | | | | $ | 10,011 | | |
Ratio of net charge offs (recoveries) during the year
to average loans outstanding |
| | | | 0.39% | | | | | | 0.16% | | | | | | 0.02% | | | | | | (0.04)% | | | | | | 0.03% | | |
Ratio of allowance for loan losses to loans outstanding
|
| | | | 0.66% | | | | | | 0.86% | | | | | | 0.83% | | | | | | 1.05% | | | | | | 1.06% | | |
| | |
As of December 31
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except %)
|
| |
Amount
|
| |
% of
Loans |
| |
Amount
|
| |
% of
Loans |
| |
Amount
|
| |
% of
Loans |
| |
Amount
|
| |
% of
Loans |
| |
Amount
|
| |
% of
Loans |
| ||||||||||||||||||||||||||||||
Loan Type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial & industrial | | | | $ | 2,320 | | | | | | 17% | | | | | $ | 3,021 | | | | | | 21% | | | | | $ | 2,362 | | | | | | 19% | | | | | $ | 1,905 | | | | | | 20% | | | | | $ | 2,064 | | | | | | 23% | | |
Commercial real estate - owner occupied
|
| | | | 4,587 | | | | | | 26% | | | | | | 3,750 | | | | | | 29% | | | | | | 3,376 | | | | | | 30% | | | | | | 3,238 | | | | | | 27% | | | | | | 3,079 | | | | | | 28% | | |
Commercial real estate - non-owner occupied
|
| | | | 1,578 | | | | | | 20% | | | | | | 2,100 | | | | | | 18% | | | | | | 1,987 | | | | | | 16% | | | | | | 1,900 | | | | | | 17% | | | | | | 1,399 | | | | | | 14% | | |
Construction & Development
|
| | | | 548 | | | | | | 8% | | | | | | 725 | | | | | | 4% | | | | | | 945 | | | | | | 5% | | | | | | 727 | | | | | | 5% | | | | | | 314 | | | | | | 5% | | |
Residential 1-4 family | | | | | 2,169 | | | | | | 26% | | | | | | 2,472 | | | | | | 26% | | | | | | 2,728 | | | | | | 27% | | | | | | 2,685 | | | | | | 28% | | | | | | 2,913 | | | | | | 27% | | |
Consumer | | | | | 141 | | | | | | 2% | | | | | | 148 | | | | | | 2% | | | | | | 191 | | | | | | 2% | | | | | | 189 | | | | | | 3% | | | | | | 175 | | | | | | 3% | | |
Other Loans | | | | | 53 | | | | | | 1% | | | | | | 32 | | | | | | 0% | | | | | | 23 | | | | | | 0% | | | | | | 84 | | | | | | 1% | | | | | | 67 | | | | | | 1% | | |
Total allowance
|
| | | $ | 11,396 | | | | | | 100% | | | | | $ | 12,248 | | | | | | 100% | | | | | $ | 11,612 | | | | | | 100% | | | | | $ | 10,728 | | | | | | 100% | | | | | $ | 10,011 | | | | | | 100% | | |
| | |
December 31,
|
| |
December 31,
|
| |
December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Weighted
average rate |
| |
Amount
|
| |
Percent
|
| |
Weighted
average rate |
| |
Amount
|
| |
Percent
|
| |
Weighted
average rate |
| |||||||||||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits
|
| | | $ | 495,039 | | | | | | 29.4% | | | | | | N/A | | | | | $ | 408,403 | | | | | | 27.5% | | | | | | N/A | | | | | $ | 337,431 | | | | | | 28.3% | | | | | | N/A | | |
Interest-bearing checking
deposits |
| | | | 90,273 | | | | | | 5.4% | | | | | | 1.98% | | | | | | 99,894 | | | | | | 6.7% | | | | | | 1.13% | | | | | | 91,828 | | | | | | 7.7% | | | | | | 0.65% | | |
Savings deposits | | | | | 261,977 | | | | | | 15.6% | | | | | | 0.98% | | | | | | 168,254 | | | | | | 11.3% | | | | | | 0.52% | | | | | | 101,713 | | | | | | 8.5% | | | | | | 0.20% | | |
Money market accounts | | | | | 440,773 | | | | | | 26.2% | | | | | | 1.11% | | | | | | 428,052 | | | | | | 28.8% | | | | | | 0.99% | | | | | | 437,162 | | | | | | 36.7% | | | | | | 0.61% | | |
Certificates of deposit | | | | | 380,117 | | | | | | 22.6% | | | | | | 2.14% | | | | | | 371,332 | | | | | | 25.0% | | | | | | 1.57% | | | | | | 222,176 | | | | | | 18.7% | | | | | | 1.34% | | |
Brokered deposits | | | | | 16,387 | | | | | | 1.0% | | | | | | 2.95% | | | | | | 10,476 | | | | | | 0.7% | | | | | | 2.91% | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 1,684,566 | | | | | | 100% | | | | | | | | | | | $ | 1,486,411 | | | | | | 100% | | | | | | | | | | | $ | 1,190,310 | | | | | | 100% | | | | | | | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||
Less than 3 months remaining | | | | $ | 34,306 | | | | | $ | 26,366 | | | | | $ | 40,883 | | |
Over 3 to 6 months remaining | | | | | 23,201 | | | | | | 46,593 | | | | | | 23,649 | | |
Over 6 to 12 months remaining | | | | | 38,937 | | | | | | 35,932 | | | | | | 35,113 | | |
Over 12 months or more remaining | | | | | 80,151 | | | | | | 89,501 | | | | | | 77,034 | | |
Total
|
| | | $ | 176,595 | | | | | $ | 198,392 | | | | | $ | 176,679 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||
Interest Rate: | | | | | | | | | | | | | | | | | | | |
Less than 1.00% | | | | | 168 | | | | | | 1,824 | | | | | | 15,688 | | |
1.00% to 1.99% | | | | | 165,763 | | | | | | 164,366 | | | | | | 302,212 | | |
2.00% to 2.99% | | | | | 190,164 | | | | | | 204,825 | | | | | | 56,022 | | |
3.00% to 3.99% | | | | | 32,911 | | | | | | 29,142 | | | | | | 706 | | |
Total
|
| | | $ | 389,006 | | | | | $ | 400,157 | | | | | $ | 374,628 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Average daily amount of securities sold under repurchase agreements during the period
|
| | | $ | 21,522 | | | | | $ | 22,315 | | | | | $ | 26,537 | | |
Weighted average interest rate on average daily securities sold under repurcase agreements
|
| | | | 2.14% | | | | | | 1.79% | | | | | | 1.01% | | |
Maximum outstanding securities sold under repurchase agreements at any month-end
|
| | | $ | 45,865 | | | | | $ | 48,010 | | | | | $ | 53,745 | | |
Securities sold under repruchase agreements at period end | | | | $ | 45,865 | | | | | $ | 31,489 | | | | | $ | 47,568 | | |
Weighted average interest rate on securities sold under repurchase agreements at period end
|
| | | | 1.47% | | | | | | 2.43% | | | | | | 1.44% | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Average daily amount of borrowings outstanding during the period
|
| | | $ | 16,665 | | | | | $ | 73,464 | | | | | $ | 95,936 | | |
Weighted average interest rate on average daily borrowing | | | | | 1.90% | | | | | | 1.75% | | | | | | 1.00% | | |
Maximum outstanding borrowings outstanding at any month-end
|
| | | $ | 39,800 | | | | | $ | 100,000 | | | | | $ | 100,000 | | |
Borrowing outstanding at period end | | | | $ | 39,800 | | | | | $ | — | | | | | $ | — | | |
Weighted average intrest rate on borrowing at period end | | | | | 1.80% | | | | | | NA | | | | | | NA | | |
| | |
December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Available for sale securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities
|
| | | $ | — | | | | | | 0% | | | | | $ | — | | | | | | 0% | | | | | $ | 498 | | | | | | 0% | | |
Obligations of U.S. Government sponsored agencies
|
| | | | 12,060 | | | | | | 7% | | | | | | — | | | | | | 0% | | | | | | — | | | | | | 0% | | |
Obligations of states and political subdivisions
|
| | | | 54,771 | | | | | | 30% | | | | | | 51,893 | | | | | | 44% | | | | | | 59,390 | | | | | | 50% | | |
Mortgage-backed securities
|
| | | | 51,720 | | | | | | 28% | | | | | | 50,569 | | | | | | 42% | | | | | | 42,635 | | | | | | 36% | | |
Corporate notes
|
| | | | 62,955 | | | | | | 35% | | | | | | 16,444 | | | | | | 14% | | | | | | 16,520 | | | | | | 14% | | |
Total securities available for sale
|
| | | $ | 181,506 | | | | | | 100% | | | | | $ | 118,906 | | | | | | 100% | | | | | $ | 119,043 | | | | | | 100% | | |
Held to maturity securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities
|
| | | $ | 33,527 | | | | | | 77% | | | | | $ | 28,975 | | | | | | 71% | | | | | $ | 25,426 | | | | | | 64% | | |
Obligations of states and political subdivisions
|
| | | | 10,207 | | | | | | 23% | | | | | | 11,793 | | | | | | 29% | | | | | | 14,565 | | | | | | 36% | | |
Total securities held to maturity
|
| | | $ | 43,734 | | | | | | 100% | | | | | $ | 40,768 | | | | | | 100% | | | | | $ | 39,991 | | | | | | 100% | | |
Total
|
| | | $ | 225,240 | | | | | | | | | | | $ | 159,674 | | | | | | | | | | | $ | 159,034 | | | | | | | | |
| | |
Within One Year
|
| |
After One, But
Within Five Years |
| |
After Five, But
Within Ten Years |
| |
After Ten Years
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| ||||||||||||||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Available for sale securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of U.S. Government sponsored agencies
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | 12,218 | | | | | | 2.3% | | | | | $ | 12,218 | | | | | | 2.3% | | |
Obligations of states and political subdivisions
|
| | | | 1,685 | | | | | | 3.1% | | | | | | 6,524 | | | | | | 3.5% | | | | | | 13,153 | | | | | | 3.7% | | | | | | 31,231 | | | | | | 3.7% | | | | | | 52,593 | | | | | | 3.6% | | |
Mortgage-backed securities
|
| | | | 1,469 | | | | | | 2.1% | | | | | | 18,395 | | | | | | 2.5% | | | | | | 19,514 | | | | | | 2.9% | | | | | | 11,392 | | | | | | 2.8% | | | | | | 50,770 | | | | | | 2.7% | | |
Corporate notes
|
| | | | 45,752 | | | | | | 1.8% | | | | | | 16,815 | | | | | | 3.0% | | | | | | — | | | | | | 0.0% | | | | | | 228 | | | | | | 8.3% | | | | | | 62,795 | | | | | | 2.1% | | |
Total available for sale securities
|
| | | $ | 48,906 | | | | | | 1.9% | | | | | $ | 41,734 | | | | | | 2.8% | | | | | $ | 32,667 | | | | | | 3.2% | | | | | $ | 55,069 | | | | | | 3.2% | | | | | $ | 178,376 | | | | | | 2.8% | | |
Held to maturity securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities
|
| | | $ | 3,508 | | | | | | 2.3% | | | | | $ | 12,501 | | | | | | 2.6% | | | | | $ | 17,517 | | | | | | 2.4% | | | | | $ | — | | | | | | — | | | | | $ | 33,526 | | | | | | 2.4% | | |
Obligations of states and political subdivisions
|
| | | | 628 | | | | | | 1.6% | | | | | | 4,276 | | | | | | 2.4% | | | | | | 2,395 | | | | | | 2.9% | | | | | | 2,909 | | | | | | 3.8% | | | | | | 10,208 | | | | | | 2.9% | | |
Total held to maturity securities
|
| | | $ | 4,136 | | | | | | 2.1% | | | | | $ | 16,777 | | | | | | 2.5% | | | | | $ | 19,912 | | | | | | 2.5% | | | | | $ | 2,909 | | | | | | 3.8% | | | | | $ | 43,734 | | | | | | 2.5% | | |
Total
|
| | | $ | 53,042 | | | | | | 1.9% | | | | | $ | 58,511 | | | | | | 2.8% | | | | | $ | 52,579 | | | | | | 2.9% | | | | | $ | 57,978 | | | | | | 3.2% | | | | | $ | 222,110 | | | | | | 2.7% | | |
|
| | |
Within One Year
|
| |
After One, But
Within Five Years |
| |
After Five, But
Within Ten Years |
| |
After Ten Years
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| |
Amortized
Cost |
| |
Weighted
Average Yield (1) |
| ||||||||||||||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Available for sale securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of states and political subdivisions
|
| | | | 3,681 | | | | | | 3.4% | | | | | | 6,438 | | | | | | 3.3% | | | | | | 8,092 | | | | | | 3.5% | | | | | | 33,081 | | | | | | 3.9% | | | | | | 51,292 | | | | | | 3.7% | | |
Mortgage-backed securities
|
| | | | 1,838 | | | | | | 1.6% | | | | | | 13,009 | | | | | | 2.4% | | | | | | 34,810 | | | | | | 2.9% | | | | | | 1,862 | | | | | | 3.2% | | | | | | 51,519 | | | | | | 2.7% | | |
Corporate notes
|
| | | | — | | | | | | — | | | | | | 11,770 | | | | | | 2.9% | | | | | | 4,938 | | | | | | 3.3% | | | | | | — | | | | | | — | | | | | | 16,708 | | | | | | 3.0% | | |
Total available for sale securities
|
| | | $ | 5,519 | | | | | | 2.8% | | | | | $ | 31,217 | | | | | | 2.7% | | | | | $ | 47,840 | | | | | | 3.0% | | | | | $ | 34,943 | | | | | | 3.9% | | | | | $ | 119,519 | | | | | | 3.2% | | |
Held to maturity securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities
|
| | | $ | 1,492 | | | | | | 2.0% | | | | | $ | 11,020 | | | | | | 2.6% | | | | | $ | 16,463 | | | | | | 2.5% | | | | | $ | — | | | | | | — | | | | | $ | 28,975 | | | | | | 2.5% | | |
Obligations of states and political subdivisions
|
| | | | 1,434 | | | | | | 3.3% | | | | | | 3,140 | | | | | | 2.1% | | | | | | 3,440 | | | | | | 2.8% | | | | | | 3,779 | | | | | | 3.6% | | | | | | 11,793 | | | | | | 3.0% | | |
Total held to maturity securities
|
| | | $ | 2,926 | | | | | | 2.6% | | | | | $ | 14,160 | | | | | | 2.5% | | | | | $ | 19,903 | | | | | | 2.6% | | | | | $ | 3,779 | | | | | | 3.6% | | | | | $ | 40,768 | | | | | | 2.6% | | |
Total
|
| | | $ | 8,445 | | | | | | 2.7% | | | | | $ | 45,377 | | | | | | 2.7% | | | | | $ | 67,743 | | | | | | 2.9% | | | | | $ | 38,722 | | | | | | 3.8% | | | | | $ | 160,287 | | | | | | 3.0% | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
Return on average: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | | 1.37% | | | | | | 1.43% | | | | | | 1.04% | | | | | | 1.13% | | | | | | 1.14% | | |
Stockholders’ equity | | | | | 13.14% | | | | | | 15.36% | | | | | | 11.26% | | | | | | 12.01% | | | | | | 11.65% | | |
Dividend payout ratio | | | | | 20% | | | | | | 18% | | | | | | 26% | | | | | | 25% | | | | | | 24% | | |
Average shareholders’ equity to average assets
|
| | | | 10.42% | | | | | | 9.72% | | | | | | 9.22% | | | | | | 9.69% | | | | | | 9.61% | | |
| | |
Actual
|
| |
Minimum Capital
Required for Capital Adequacy |
| |
Minimum Capital
Required for Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schdule |
| |
Minimum Capital
Required for Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In |
| |
Minimum To Be
Well-Capitalized Under Ptompt Corective Action Provisions |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank First Corporation:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to
risk-weighted assets) |
| | |
$
|
208,900
|
| | | |
|
10.4%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Tier I capital (to
risk-weighted assets) |
| | |
|
178,882
|
| | | |
|
8.9%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Common equity tier I
capital (to risk-weighted assets) |
| | |
|
178,882
|
| | | |
|
8.9%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Tier I capital (to average assets)
|
| | |
|
178,882
|
| | | |
|
8.5%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Bank First, N.A:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to
risk-weighted assets) |
| | |
$
|
215,347
|
| | | |
|
10.7%
|
| | | |
|
161,163
|
| | | |
|
8.0%
|
| | | |
|
211,527
|
| | | |
|
10.50%
|
| | | |
|
211,527
|
| | | |
|
10.5%
|
| | | |
|
201,454
|
| | | |
|
10.0%
|
| |
Tier I capital (to
risk-weighted assets) |
| | |
|
203,951
|
| | | |
|
10.1%
|
| | | |
|
120,872
|
| | | |
|
6.0%
|
| | | |
|
171,236
|
| | | |
|
8.50%
|
| | | |
|
171,236
|
| | | |
|
8.5%
|
| | | |
|
161,163
|
| | | |
|
8.0%
|
| |
Common equity tier I
capital (to risk-weighted assets) |
| | |
|
203,951
|
| | | |
|
10.1%
|
| | | |
|
90,654
|
| | | |
|
4.5%
|
| | | |
|
141,018
|
| | | |
|
7.00%
|
| | | |
|
141,018
|
| | | |
|
7.0%
|
| | | |
|
130,945
|
| | | |
|
6.5%
|
| |
Tier I capital (to average assets)
|
| | |
|
203,951
|
| | | |
|
9.7%
|
| | | |
|
84,390
|
| | | |
|
4.0%
|
| | | |
|
84,390
|
| | | |
|
4.00%
|
| | | |
|
84,390
|
| | | |
|
4.0%
|
| | | |
|
105,487
|
| | | |
|
5.0%
|
| |
At December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank First Corporation:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to
risk-weighted assets) |
| | |
$
|
181,201
|
| | | |
|
11.4%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Tier I capital (to
risk-weighted assets) |
| | |
|
157,453
|
| | | |
|
9.9%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Common equity tier I
capital (to risk-weighted assets) |
| | |
|
157,453
|
| | | |
|
9.9%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Tier I capital (to average assets)
|
| | |
|
157,453
|
| | | |
|
9.1%
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| | | |
|
N/A
|
| |
Bank First, N.A:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to
risk-weighted assets) |
| | |
$
|
178,668
|
| | | |
|
11.2%
|
| | | |
|
127,497
|
| | | |
|
8.0%
|
| | | |
|
157,459
|
| | | |
|
9.88%
|
| | | |
|
167,340
|
| | | |
|
10.5%
|
| | | |
|
159,372
|
| | | |
|
10.0%
|
| |
Tier I capital (to risk-weighted
|
| | |
|
166,420
|
| | | |
|
10.4%
|
| | | |
|
95,623
|
| | | |
|
6.0%
|
| | | |
|
125,585
|
| | | |
|
7.88%
|
| | | |
|
135,466
|
| | | |
|
8.5%
|
| | | |
|
127,497
|
| | | |
|
8.0%
|
| |
Common equity tier I
capital (to risk-weighted assets) |
| | |
|
166,420
|
| | | |
|
10.4%
|
| | | |
|
71,717
|
| | | |
|
4.5%
|
| | | |
|
101,679
|
| | | |
|
6.38%
|
| | | |
|
111,560
|
| | | |
|
7.0%
|
| | | |
|
103,592
|
| | | |
|
6.5%
|
| |
Tier I capital (to average assets)
|
| | |
|
166,420
|
| | | |
|
9.6%
|
| | | |
|
69,410
|
| | | |
|
4.0%
|
| | | |
|
69,410
|
| | | |
|
4.00%
|
| | | |
|
69,410
|
| | | |
|
4.0%
|
| | | |
|
86,762
|
| | | |
|
5.0%
|
| |
| | |
Payments Due—By Period as of December 31, 2019
|
| |||||||||||||||||||||||||||
CONTRACUAL OBLIGATIONS
|
| |
Total
|
| |
Less Than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
After Five
Years |
| |||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||
Certificates of deposit | | | | $ | 389,006 | | | | | $ | 214,360 | | | | | $ | 139,029 | | | | | $ | 33,019 | | | | | $ | 2,598 | | |
Subordinate debt | | | | | 18,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,500 | | |
Line of credit | | | | | 10,000 | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease obligations | | | | | 3,969 | | | | | | 133 | | | | | | 253 | | | | | | 172 | | | | | | 3,411 | | |
Total contractual cash obligations | | | | $ | 421,475 | | | | | $ | 224,493 | | | | | $ | 139,282 | | | | | $ | 33,191 | | | | | $ | 24,509 | | |
| | |
Amounts of Commitments Expiring—By Period as of December 31, 2019
|
| |||||||||||||||||||||||||||
OTHER COMMITMENTS
|
| |
Total
|
| |
Less Than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
After Five
Years |
| |||||||||||||||
| | |
(dollars in thousands)
|
| |||||||||||||||||||||||||||
Unused lines of credit | | | | $ | 383,209 | | | | | $ | 194,890 | | | | | $ | 47,214 | | | | | $ | 28,215 | | | | | $ | 112,890 | | |
Standby and direct pay letters of credit
|
| | | | 17,121 | | | | | | 5,354 | | | | | | 5,050 | | | | | | 5,426 | | | | | | 1,291 | | |
Credit card arrangements | | | | | 11,148 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,148 | | |
Total commitments | | | | $ | 411,478 | | | | | $ | 200,244 | | | | | $ | 52,264 | | | | | $ | 33,641 | | | | | $ | 125,329 | | |
| | |
2019 Quarter Ended
|
| |||||||||||||||||||||
(dollars in thousands, except per share data)
|
| |
December 31,
|
| |
September 30,
|
| |
June 30,
|
| |
March 31,
|
| ||||||||||||
Interest income | | | | $ | 23,795 | | | | | $ | 25,489 | | | | | $ | 20,158 | | | | | $ | 19,723 | | |
Interest expense | | | | | 5,015 | | | | | | 5,176 | | | | | | 4,784 | | | | | | 4,523 | | |
Net interest income | | | | | 18,780 | | | | | | 20,313 | | | | | | 15,374 | | | | | | 15,200 | | |
Provision for loan losses | | | | | 1,125 | | | | | | 3,000 | | | | | | 500 | | | | | | 625 | | |
Noninterest income | | | | | 3,211 | | | | | | 3,145 | | | | | | 2,736 | | | | | | 3,540 | | |
Noninterest expense | | | | | 11,182 | | | | | | 12,087 | | | | | | 9,955 | | | | | | 9,536 | | |
Provision for income taxes | | | | | 2,225 | | | | | | 1,712 | | | | | | 1,666 | | | | | | 1,992 | | |
Net income attributable to Bank First Corporation
|
| | | $ | 7,459 | | | | | $ | 6,659 | | | | | $ | 5,989 | | | | | $ | 6,587 | | |
Net income available to common shareholders
|
| | | $ | 7,459 | | | | | $ | 6,659 | | | | | $ | 5,989 | | | | | $ | 6,587 | | |
Basic earnings per common share* | | | | $ | 1.05 | | | | | $ | 0.95 | | | | | $ | 0.91 | | | | | $ | 1.00 | | |
Diluted earnings per common share* | | | | $ | 1.04 | | | | | $ | 0.93 | | | | | $ | 0.90 | | | | | $ | 1.00 | | |
| | |
2018 Quarter Ended
|
| |||||||||||||||||||||
(dollars in thousands, except per share data)
|
| |
December 31,
|
| |
September 30,
|
| |
June 30,
|
| |
March 31,
|
| ||||||||||||
Interest income | | | | $ | 19,753 | | | | | $ | 19,510 | | | | | $ | 19,372 | | | | | $ | 19,309 | | |
Interest expense | | | | | 4,240 | | | | | | 3,974 | | | | | | 3,604 | | | | | | 3,027 | | |
Net interest income | | | | | 15,513 | | | | | | 15,536 | | | | | | 15,768 | | | | | | 16,282 | | |
Provision for loan losses | | | | | 750 | | | | | | 800 | | | | | | 900 | | | | | | 485 | | |
Noninterest income | | | | | 2,553 | | | | | | 2,508 | | | | | | 3,027 | | | | | | 3,443 | | |
Noninterest expense | | | | | 9,893 | | | | | | 9,708 | | | | | | 10,064 | | | | | | 9,977 | | |
Provision for income taxes | | | | | 1,362 | | | | | | 1,604 | | | | | | 1,431 | | | | | | 2,200 | | |
Net income attributable to Bank First Corporation
|
| | | $ | 6,061 | | | | | $ | 5,932 | | | | | $ | 6,400 | | | | | $ | 7,063 | | |
Net income available to common shareholders
|
| | | $ | 6,061 | | | | | $ | 5,932 | | | | | $ | 6,400 | | | | | $ | 7,063 | | |
Basic earnings per common share* | | | | $ | 0.91 | | | | | $ | 0.89 | | | | | $ | 0.96 | | | | | $ | 1.05 | | |
Diluted earnings per common share* | | | | $ | 0.91 | | | | | $ | 0.89 | | | | | $ | 0.96 | | | | | $ | 1.05 | | |
|
Change in Interest
Rates (in Basis Points) |
| |
Percentage Change
in Net Interst Income |
| |||
|
+400
|
| | | | (0.6)% | | |
|
+300
|
| | | | (0.4)% | | |
|
+200
|
| | | | (0.2)% | | |
|
+100
|
| | | | 0.0% | | |
|
-100
|
| | | | (1.1)% | | |
|
Change in Interest
Rates (in Basis Points) |
| |
Percentage Change
in Net Interst Income |
| |||
|
+400
|
| | | | 5.0% | | |
|
+300
|
| | | | 3.9% | | |
|
+200
|
| | | | 2.7% | | |
|
+100
|
| | | | 1.5% | | |
|
-100
|
| | | | (4.1)% | | |
| | |
Page
|
| |||
Management’s Assessment of Internal Controls Over Financial Statements | | | | | | | |
| | | | 82 | | | |
Consolidated Financial Statements: | | | | | | | |
| | | | 84 | | | |
| | | | 85 | | | |
| | | | 86 | | | |
| | | | 87 | | | |
| | | | 88-89 | | | |
| | | | 90-127 | | |
| TABLE OF CONTENTS | | | |||||
| | | | | 82 | | | |
| Consolidated Financial Statements: | | | | | | | |
| | | | | 84 | | | |
| | | | | 85 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 88-89 | | | |
| | | | | 90-127 | | |
| | |
December 31
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
(In Thousands, except share and per share data)
|
| |||||||||
Assets
|
| | | | | | | | | | | | |
Cash and due from banks | | | | $ | 33,817 | | | | | $ | 41,435 | | |
Interest-bearing deposits | | | | | 19,242 | | | | | | 21,830 | | |
Federal funds sold | | | | | 33,393 | | | | | | 44,478 | | |
Cash and cash equivalents
|
| | | | 86,452 | | | | | | 107,743 | | |
Securities held to maturity, at amortized cost ($44,803
and $40,477 fair value at December 31, 2019 and 2018, respectively) |
| | | | 43,734 | | | | | | 40,768 | | |
Securities available for sale, at fair value | | | | | 181,506 | | | | | | 118,906 | | |
Loans held for sale | | | | | 587 | | | | | | — | | |
Loans, net | | | | | 1,724,947 | | | | | | 1,416,246 | | |
Premises and equipment, net | | | | | 35,286 | | | | | | 24,489 | | |
Goodwill | | | | | 43,456 | | | | | | 15,024 | | |
Other investments | | | | | 4,933 | | | | | | 4,555 | | |
Cash value of life insurance | | | | | 24,945 | | | | | | 24,178 | | |
Identifiable intangible assets, net | | | | | 9,666 | | | | | | 5,297 | | |
Other real estate owned (“OREO”) | | | | | 6,888 | | | | | | 3,592 | | |
Investment in minority-owned subsidiaries | | | | | 40,287 | | | | | | 25,397 | | |
Other assets | | | | | 7,481 | | | | | | 6,970 | | |
TOTAL ASSETS | | | | $ | 2,210,168 | | | | | $ | 1,793,165 | | |
Liabilities and Stockholders’ Equity
|
| | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | |
Deposits:
|
| | | | | | | | | | | | |
Interest-bearing deposits
|
| | | $ | 1,366,846 | | | | | $ | 1,108,402 | | |
Noninterest-bearing deposits
|
| | | | 476,465 | | | | | | 448,765 | | |
Total deposits
|
| | | | 1,843,311 | | | | | | 1,557,167 | | |
Securities sold under repurchase agreements
|
| | | | 45,865 | | | | | | 31,489 | | |
Notes payable
|
| | | | 49,790 | | | | | | — | | |
Subordinated notes
|
| | | | 18,622 | | | | | | 11,500 | | |
Other liabilities
|
| | | | 22,369 | | | | | | 18,686 | | |
Total liabilities
|
| | | | 1,979,957 | | | | | | 1,618,842 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Serial preferred stock - $0.01 par value
|
| | | | | | | | | | | | |
Authorized - 5,000,000 shares
|
| | | | — | | | | | | — | | |
Common stock - $0.01 par value
|
| | | | | | | | | | | | |
Authorized - 20,000,000 shares
|
| | | | | | | | | | | | |
Issued - 7,902,742 and 7,368,083 shares as of December 31, 2019 and 2018, respectively
|
| | | | | | | | | | | | |
Outstanding - 7,084,728 and 6,610,358 shares as of December 31, 2019 and 2018, respectively
|
| | | | 79 | | | | | | 74 | | |
Additional paid-in capital
|
| | | | 63,085 | | | | | | 27,601 | | |
Retained earnings
|
| | | | 189,494 | | | | | | 168,363 | | |
Treasury stock, at cost - 818,014 and 757,725 shares as of December 31, 2019 and 2018, respectively
|
| | | | (24,941) | | | | | | (21,349) | | |
Accumulated other comprehensive income (loss)
|
| | | | 2,494 | | | | | | (366) | | |
Total stockholders’ equity
|
| | | | 230,211 | | | | | | 174,323 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 2,210,168 | | | | | $ | 1,793,165 | | |
| | |
Years Ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(In Thousands, except per share amounts)
|
| |||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans, including fees
|
| | | $ | 82,939 | | | | | $ | 72,101 | | | | | $ | 48,863 | | |
Securities:
|
| | | | | | | | | | | | | | | | | | |
Taxable
|
| | | | 3,134 | | | | | | 2,915 | | | | | | 1,833 | | |
Tax-exempt
|
| | | | 1,662 | | | | | | 1,776 | | | | | | 1,664 | | |
Other
|
| | | | 1,430 | | | | | | 1,152 | | | | | | 1,112 | | |
Total interest income
|
| | | | 89,165 | | | | | | 77,944 | | | | | | 53,472 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 17,875 | | | | | | 12,382 | | | | | | 6,443 | | |
Securities sold under repurchase agreements
|
| | | | 461 | | | | | | 399 | | | | | | 272 | | |
Borrowed funds
|
| | | | 1,162 | | | | | | 2,064 | | | | | | 1,017 | | |
Total interest expense
|
| | | | 19,498 | | | | | | 14,845 | | | | | | 7,732 | | |
Net interest income | | | | | 69,667 | | | | | | 63,099 | | | | | | 45,740 | | |
Provision for loan losses | | | | | 5,250 | | | | | | 2,935 | | | | | | 1,055 | | |
Net interest income after provision for loan losses | | | | | 64,417 | | | | | | 60,164 | | | | | | 44,685 | | |
Noninterest income: | | | | | | | | | | | | | | | | | | | |
Service charges
|
| | | | 3,506 | | | | | | 3,493 | | | | | | 2,950 | | |
Income from Ansay and Associates, LLC (“Ansay”)
|
| | | | 1,792 | | | | | | 2,114 | | | | | | 1,663 | | |
Income from UFS, LLC (“UFS”)
|
| | | | 2,935 | | | | | | 2,563 | | | | | | 2,390 | | |
Loan servicing income
|
| | | | 550 | | | | | | 1,478 | | | | | | 1,158 | | |
Net gain on sales of mortgage loans
|
| | | | 1,401 | | | | | | 617 | | | | | | 895 | | |
Net gain (loss) on sales of securities
|
| | | | 634 | | | | | | (31) | | | | | | (32) | | |
Net gain on sale of other investments
|
| | | | 234 | | | | | | — | | | | | | — | | |
Noninterest income from strategic alliances
|
| | | | 95 | | | | | | 90 | | | | | | 94 | | |
Other
|
| | | | 1,485 | | | | | | 1,176 | | | | | | 698 | | |
Total noninterest income
|
| | | | 12,632 | | | | | | 11,500 | | | | | | 9,816 | | |
Noninterest expense: | | | | | | | | | | | | | | | | | | | |
Salaries, commissions, and employee benefits
|
| | | | 22,903 | | | | | | 21,500 | | | | | | 16,595 | | |
Occupancy
|
| | | | 3,860 | | | | | | 3,498 | | | | | | 3,097 | | |
Data processing
|
| | | | 4,509 | | | | | | 3,619 | | | | | | 2,939 | | |
Postage, stationery, and supplies
|
| | | | 591 | | | | | | 620 | | | | | | 452 | | |
Net (gain) loss on sales and valuations of OREO
|
| | | | (73) | | | | | | 252 | | | | | | (49) | | |
Advertising
|
| | | | 268 | | | | | | 220 | | | | | | 183 | | |
Charitable contributions
|
| | | | 566 | | | | | | 985 | | | | | | 495 | | |
Outside service fees
|
| | | | 3,041 | | | | | | 3,132 | | | | | | 3,317 | | |
Amortization of intangibles
|
| | | | 1,069 | | | | | | 756 | | | | | | 132 | | |
Other
|
| | | | 6,026 | | | | | | 5,029 | | | | | | 3,201 | | |
Total noninterest expense
|
| | | | 42,760 | | | | | | 39,611 | | | | | | 30,362 | | |
Income before provision for income taxes | | | | | 34,289 | | | | | | 32,053 | | | | | | 24,139 | | |
Provision for income taxes | | | | | 7,595 | | | | | | 6,597 | | | | | | 8,826 | | |
Net Income | | | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | |
Earnings per share - basic | | | | $ | 3.91 | | | | | $ | 3.81 | | | | | $ | 2.44 | | |
Earnings per share - diluted | | | | $ | 3.87 | | | | | $ | 3.81 | | | | | $ | 2.44 | | |
Dividends per share | | | | $ | 0.80 | | | | | $ | 0.68 | | | | | $ | 0.64 | | |
| | |
Years Ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(In Thousands)
|
| |||||||||||||||
Net Income | | | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
Unrealized gains (losses) on available for sale securities:
|
| | | | | | | | | | | | | | | | | | |
Unrealized holding gains (losses) arising during period
|
| | | | 4,378 | | | | | | (1,761) | | | | | | 962 | | |
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity
|
| | | | (44) | | | | | | (76) | | | | | | (131) | | |
Reclassification adjustment for (gains) losses included in net income
|
| | | | (634) | | | | | | 31 | | | | | | 32 | | |
Income tax benefit (expense)
|
| | | | (840) | | | | | | 463 | | | | | | (339) | | |
Total other comprehensive income (loss)
|
| | | | 2,860 | | | | | | (1,343) | | | | | | 524 | | |
Comprehensive income
|
| | | $ | 29,554 | | | | | $ | 24,113 | | | | | $ | 15,837 | | |
| | |
Serial
Preferred Stock |
| |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Treasury
Stock |
| |
Accumulated
Other Comprehensive Income (loss) |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
| | |
(In Thousands, except share and per share amounts)
|
| |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017 | | | | $ | — | | | | | $ | 67 | | | | | $ | 2,828 | | | | | $ | 134,773 | | | | | $ | (10,437) | | | | | $ | 292 | | | | | $ | 127,523 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 15,313 | | | | | | — | | | | | | — | | | | | | 15,313 | | |
Reclassification adjustment for tax
rate change |
| | | | — | | | | | | — | | | | | | — | | | | | | (161) | | | | | | — | | | | | | 161 | | | | | | — | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 524 | | | | | | 524 | | |
Purchase of treasury stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,631) | | | | | | — | | | | | | (3,631) | | |
Sale of treasury stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 896 | | | | | | — | | | | | | 896 | | |
Shares issued in the acquistion of
Waupaca Bancorporation, Inc. (653,523 shares) |
| | | | — | | | | | | 7 | | | | | | 24,677 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,684 | | |
Cash dividends ($0.64 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,046) | | | | | | — | | | | | | — | | | | | | (4,046) | | |
Amortization of stock-based compensation
|
| | | | — | | | | | | — | | | | | | 465 | | | | | | — | | | | | | — | | | | | | — | | | | | | 465 | | |
Vesting of restricted stock awards
|
| | | | — | | | | | | — | | | | | | (442) | | | | | | — | | | | | | 442 | | | | | | — | | | | | | — | | |
Balance at December 31, 2017 | | | | | — | | | | | | 74 | | | | | | 27,528 | | | | | | 145,879 | | | | | | (12,730) | | | | | | 977 | | | | | | 161,728 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 25,456 | | | | | | — | | | | | | — | | | | | | 25,456 | | |
Change in accounting principle in
unconsolidated subsidiary |
| | | | — | | | | | | — | | | | | | — | | | | | | 1,558 | | | | | | — | | | | | | | | | | | | 1,558 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,343) | | | | | | (1,343) | | |
Purchase of treasury stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,449) | | | | | | — | | | | | | (10,449) | | |
Sale of treasury stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,347 | | | | | | — | | | | | | 1,347 | | |
Cash dividends ($0.68 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,530) | | | | | | — | | | | | | — | | | | | | (4,530) | | |
Amortization of stock-based compensation
|
| | | | — | | | | | | — | | | | | | 556 | | | | | | — | | | | | | — | | | | | | — | | | | | | 556 | | |
Vesting of restricted stock awards
|
| | | | — | | | | | | — | | | | | | (483) | | | | | | — | | | | | | 483 | | | | | | — | | | | | | — | | |
Balance at December 31, 2018 | | | | | — | | | | | | 74 | | | | | | 27,601 | | | | | | 168,363 | | | | | | (21,349) | | | | | | (366) | | | | | | 174,323 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 26,694 | | | | | | — | | | | | | — | | | | | | 26,694 | | |
Change in accounting principle in
unconsolidated subsidiary |
| | | | — | | | | | | — | | | | | | — | | | | | | (100) | | | | | | — | | | | | | — | | | | | | (100) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,860 | | | | | | 2,860 | | |
Purchase of treasury stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,205) | | | | | | — | | | | | | (4,205) | | |
Issuance of treasury stock as
deferred compensation payout |
| | | | — | | | | | | — | | | | | | 26 | | | | | | — | | | | | | 88 | | | | | | — | | | | | | 114 | | |
Shares issued in the acquisition of Partnership Community Bancshares, Inc. (534,659 shares)
|
| | | | — | | | | | | 5 | | | | | | 35,298 | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,303 | | |
Cash dividends ($0.80 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,463) | | | | | | — | | | | | | — | | | | | | (5,463) | | |
Amortization of stock-based compensation
|
| | | | — | | | | | | — | | | | | | 685 | | | | | | — | | | | | | — | | | | | | — | | | | | | 685 | | |
Vesting of restricted stock awards
|
| | | | — | | | | | | — | | | | | | (525) | | | | | | — | | | | | | 525 | | | | | | — | | | | | | — | | |
Balance at December 31, 2019 | | | | $ | — | | | | | $ | 79 | | | | | $ | 63,085 | | | | | $ | 189,494 | | | | | $ | (24,941) | | | | | $ | 2,494 | | | | | $ | 230,211 | | |
| | |
Years Ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(In Thousands)
|
| |||||||||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Provision for loan losses
|
| | | | 5,250 | | | | | | 2,935 | | | | | | 1,055 | | |
Depreciation and amortization of premises and equipment
|
| | | | 1,273 | | | | | | 1,116 | | | | | | 1,126 | | |
Amortization of intangibles
|
| | | | 1,069 | | | | | | 756 | | | | | | 132 | | |
Net amortization of securities
|
| | | | 388 | | | | | | 406 | | | | | | 678 | | |
Amortization of stock-based compensation
|
| | | | 685 | | | | | | 556 | | | | | | 465 | | |
Accretion of purchase accounting valuations
|
| | | | (7,077) | | | | | | (6,056) | | | | | | (1,626) | | |
Net change in deferred loan fees and costs
|
| | | | (216) | | | | | | 231 | | | | | | 651 | | |
Expense for deferred income taxes
|
| | | | 856 | | | | | | 1,148 | | | | | | 624 | | |
Change in fair value of mortgage servicing rights (“MSR”) and other investments
|
| | | | 775 | | | | | | (119) | | | | | | 224 | | |
Loss from sale and disposal of premises and equipment
|
| | | | 23 | | | | | | 455 | | | | | | — | | |
(Gain) loss on sale of OREO and valuation allowance
|
| | | | (73) | | | | | | 252 | | | | | | (49) | | |
Proceeds from sales of mortgage loans
|
| | | | 86,057 | | | | | | 37,891 | | | | | | 51,365 | | |
Originations of mortgage loans held for sale
|
| | | | (85,983) | | | | | | (37,630) | | | | | | (50,898) | | |
Gain on sales of mortgage loans
|
| | | | (1,401) | | | | | | (617) | | | | | | (895) | | |
Realized (gain) loss on sale of securities available for sale and other investments
|
| | | | (868) | | | | | | 31 | | | | | | 32 | | |
Undistributed income of UFS joint venture
|
| | | | (2,935) | | | | | | (2,563) | | | | | | (2,390) | | |
Undistributed income of Ansay joint venture
|
| | | | (1,792) | | | | | | (2,114) | | | | | | (1,663) | | |
Net earnings on life insurance
|
| | | | (625) | | | | | | (608) | | | | | | (549) | | |
(Increase) decrease in other assets
|
| | | | (720) | | | | | | 306 | | | | | | 278 | | |
Increase in other liabilities
|
| | | | 1,268 | | | | | | 1,220 | | | | | | 4,450 | | |
Net cash provided by operating activities
|
| | | | 22,648 | | | | | | 23,052 | | | | | | 18,323 | | |
Cash flows from investing activities, net of effects of business combination: | | | | | | | | | | | | | | | | | | | |
Activity in securities available for sale and held to maturity:
|
| | | | | | | | | | | | | | | | | | |
Sales
|
| | | | 45,506 | | | | | | 4,467 | | | | | | 48,906 | | |
Maturities, prepayments, and calls
|
| | | | 13,364 | | | | | | 15,559 | | | | | | 12,970 | | |
Purchases
|
| | | | (103,848) | | | | | | (22,909) | | | | | | (49,594) | | |
Net increase in loans
|
| | | | (36,496) | | | | | | (29,229) | | | | | | (46,708) | | |
Dividends received from UFS
|
| | | | 2,108 | | | | | | 1,505 | | | | | | 915 | | |
Dividends received from Ansay
|
| | | | 1,329 | | | | | | 1,432 | | | | | | 964 | | |
Proceeds from sale of loans acquired in business combination
|
| | | | — | | | | | | — | | | | | | 13,000 | | |
Proceeds from sale of OREO
|
| | | | 1,704 | | | | | | 3,736 | | | | | | 329 | | |
Proceeds from sales of other investments
|
| | | | 984 | | | | | | 2,671 | | | | | | 500 | | |
Net purchases of FHLB Stock
|
| | | | (65) | | | | | | — | | | | | | — | | |
Proceeds from life insurance
|
| | | | — | | | | | | 152 | | | | | | — | | |
Proceeds from sale of premises and equipment
|
| | | | — | | | | | | 445 | | | | | | — | | |
Purchases of premises and equipment
|
| | | | (7,268) | | | | | | (7,927) | | | | | | (2,825) | | |
Investment in Ansay
|
| | | | (13,700) | | | | | | — | | | | | | — | | |
Net cash used in business combination
|
| | | | (9,771) | | | | | | — | | | | | | (19,882) | | |
Net cash used in investing activities
|
| | | | (106,153) | | | | | | (30,098) | | | | | | (41,425) | | |
| | |
Years Ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(In Thousands)
|
| |||||||||||||||
Cash flows from financing activities, net of effects of business combination:
|
| | | | | | | | | | | | | | | | | | |
Net increase in deposits
|
| | | $ | 17,506 | | | | | $ | 51,023 | | | | | $ | 34,241 | | |
Net (decrease) increase in securities sold under repurchase agreements
|
| | | | 14,376 | | | | | | (16,079) | | | | | | (2,538) | | |
Proceeds from advances of borrowed funds
|
| | | | 34,000 | | | | | | 1,214,200 | | | | | | 476,500 | | |
Repayment of borrowed funds
|
| | | | (4,000) | | | | | | (1,214,200) | | | | | | (476,500) | | |
Proceeds from revolving line of credit
|
| | | | 10,000 | | | | | | — | | | | | | 5,000 | | |
Repayment of revolving line of credit
|
| | | | — | | | | | | (5,000) | | | | | | — | | |
Proceeds from note payable
|
| | | | — | | | | | | — | | | | | | 3,500 | | |
Repayment of note payable
|
| | | | — | | | | | | (3,500) | | | | | | — | | |
Proceeds from subordinated debt
|
| | | | — | | | | | | — | | | | | | 11,500 | | |
Dividends paid
|
| | | | (5,463) | | | | | | (4,530) | | | | | | (4,046) | | |
Proceeds from sales of common stock
|
| | | | — | | | | | | 1,347 | | | | | | 896 | | |
Repurchase of common stock
|
| | | | (4,205) | | | | | | (10,449) | | | | | | (3,631) | | |
Net cash provided by financing activities
|
| | | | 62,214 | | | | | | 12,812 | | | | | | 44,922 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (21,291) | | | | | | 5,766 | | | | | | 21,820 | | |
Cash and cash equivalents at beginning of year
|
| | | | 107,743 | | | | | | 101,977 | | | | | | 80,157 | | |
Cash and cash equivalents at end of year
|
| | | $ | 86,452 | | | | | $ | 107,743 | | | | | $ | 101,977 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid during the year for: | | | | | | | | | | | | | | | | | | | |
Interest
|
| | | $ | 18,938 | | | | | $ | 14,440 | | | | | $ | 6,751 | | |
Income taxes
|
| | | | 6,677 | | | | | | 5,775 | | | | | | 7,981 | | |
Supplemental schedule of noncash activities: | | | | | | | | | | | | | | | | | | | |
Loans transferred to OREO
|
| | | | 4,927 | | | | | | 1,310 | | | | | | 2,259 | | |
MSR resulting from sale of loans
|
| | | | 740 | | | | | | 356 | | | | | | 428 | | |
Amortization of unrealized holding gains on securities transferred from
available for sale to held to maturity recognized in other comprehensive income, net of tax |
| | | | (35) | | | | | | (60) | | | | | | (80) | | |
Change in unrealized gains and losses on investment securities available for sale, net of tax
|
| | | | 2,895 | | | | | | (1,367) | | | | | | 604 | | |
Payment of deferred compensation through issuance of treasury stock
|
| | | | 114 | | | | | | — | | | | | | — | | |
Initial recognition of right-of-use lease asset and liability
|
| | | | 1,699 | | | | | | — | | | | | | — | | |
Acquisition: | | | | | | | | | | | | | | | | | | | |
Fair value of assets acquired
|
| | | $ | 307,768 | | | | | $ | — | | | | | $ | 418,235 | | |
Fair value of liabilities assumed
|
| | | | 286,612 | | | | | | — | | | | | | 347,276 | | |
Net assets acquired
|
| | | $ | 21,156 | | | | | $ | — | | | | | $ | 70,959 | | |
Common stock issued in acquisition
|
| | | $ | 35,303 | | | | | $ | — | | | | | $ | 24,684 | | |
| Buildings and improvements | | | 40 years | |
| Land improvements | | | 20 years | |
| Furniture, fixtures and equipment | | | 2-7 years | |
(in thousands)
|
| |
As Recorded by
Partnership Community Bancshares |
| |
Fair Value
Adjustments |
| |
As Recorded by
Bank First Corporation |
| |||||||||
Cash, cash equivelants and securities | | | | $ | 21,447 | | | | | $ | (291) | | | | | $ | 21,156 | | |
Other investments | | | | | 441 | | | | | | | | | | | | 441 | | |
Loans | | | | | 276,279 | | | | | | (957) | | | | | | 275,322 | | |
Premises and equipment, net | | | | | 6,066 | | | | | | (2,940) | | | | | | 3,126 | | |
Core deposit intangible | | | | | — | | | | | | 4,236 | | | | | | 4,236 | | |
Other assets | | | | | 3,668 | | | | | | (181) | | | | | | 3,487 | | |
Total assets acquired
|
| | | $ | 307,901 | | | | | $ | (133) | | | | | $ | 307,768 | | |
Deposits | | | | $ | 268,653 | | | | | $ | 154 | | | | | $ | 268,807 | | |
Subordinated debt | | | | | 7,000 | | | | | | 195 | | | | | | 7,195 | | |
Other borrowings | | | | | 9,800 | | | | | | (18) | | | | | | 9,782 | | |
Other liabilities | | | | | 841 | | | | | | (13) | | | | | | 828 | | |
Total liabilities assumed
|
| | | $ | 286,294 | | | | | $ | 318 | | | | | $ | 286,612 | | |
Excess of assets acquired over liabilties assumed | | | | $ | 21,607 | | | | | $ | (451) | | | | | $ | 21,156 | | |
Less: purchase price | | | | | | | | | | | | | | | | | 49,588 | | |
Goodwill | | | | | | | | | | | | | | | | $ | 28,432 | | |
|
(in thousands)
|
| |
As recorded by
Waupaca Bancorporation, Inc. |
| |
Fair Value
Adjustment |
| |
As recorded by
Bank First Corporation |
| |||||||||
Cash, cash equivalents and securities | | | | $ | 62,174 | | | | | $ | (400) | | | | | $ | 61,774 | | |
Loans | | | | | 337,548 | | | | | | 1,716 | | | | | | 339,264 | | |
Other real estate owned | | | | | 3,348 | | | | | | (640) | | | | | | 2,708 | | |
Premises and equipment, net | | | | | 7,661 | | | | | | (4,105) | | | | | | 3,556 | | |
Core deposit intangible | | | | | — | | | | | | 3,097 | | | | | | 3,097 | | |
Other assets | | | | | 8,182 | | | | | | (346) | | | | | | 7,836 | | |
Total assets acquired
|
| | | $ | 418,913 | | | | | $ | (678) | | | | | $ | 418,235 | | |
Deposits | | | | $ | 344,798 | | | | | $ | 810 | | | | | $ | 345,608 | | |
Other liabilities | | | | | 1,605 | | | | | | 63 | | | | | | 1,668 | | |
Total liabilities assumed
|
| | | $ | 346,403 | | | | | $ | 873 | | | | | $ | 347,276 | | |
Excess of assets acquired over liabilities assumed | | | | $ | 72,510 | | | | | $ | (1,551) | | | | | $ | 70,959 | | |
Less: purchase price | | | | | | | | | | | | | | | | | 78,060 | | |
Goodwill (originally recorded) | | | | | | | | | | | | | | | | | 7,101 | | |
Refinement to fair value estimates during 2018 | | | | | | | | | | | | | | | | | (61) | | |
Goodwill (after refinement) | | | | | | | | | | | | | | | | $ | 7,040 | | |
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Estimated
Fair Value |
| ||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of U.S. Government sponsored agencies
|
| | | $ | 12,218 | | | | | $ | — | | | | | $ | (158) | | | | | $ | 12,060 | | |
Obligations of states and political subdivisions | | | | | 52,594 | | | | | | 2,197 | | | | | | (20) | | | | | | 54,771 | | |
Mortgage-backed securities | | | | | 50,770 | | | | | | 988 | | | | | | (38) | | | | | | 51,720 | | |
Corporate notes | | | | | 62,794 | | | | | | 172 | | | | | | (11) | | | | | | 62,955 | | |
Total available for sale securities | | | | $ | 178,376 | | | | | $ | 3,357 | | | | | $ | (227) | | | | | $ | 181,506 | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of states and political subdivisions | | | | $ | 51,292 | | | | | $ | 709 | | | | | $ | (108) | | | | | $ | 51,893 | | |
Mortgage-backed securities | | | | | 51,519 | | | | | | 66 | | | | | | (1,016) | | | | | | 50,569 | | |
Corporate notes | | | | | 16,708 | | | | | | — | | | | | | (264) | | | | | | 16,444 | | |
Total available for sale securities | | | | $ | 119,519 | | | | | $ | 775 | | | | | $ | (1,388) | | | | | $ | 118,906 | | |
|
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Estimated
Fair Value |
| ||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities | | | | $ | 33,527 | | | | | $ | 1,076 | | | | | $ | (22) | | | | | $ | 34,581 | | |
Obligations of states and political subdivisions | | | | | 10,207 | | | | | | 15 | | | | | | — | | | | | | 10,222 | | |
Total held to maturity securities | | | | $ | 43,734 | | | | | $ | 1,091 | | | | | $ | (22) | | | | | $ | 44,803 | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities | | | | $ | 28,975 | | | | | $ | 92 | | | | | $ | (389) | | | | | $ | 28,678 | | |
Obligations of states and political subdivisions | | | | | 11,793 | | | | | | 6 | | | | | | — | | | | | | 11,799 | | |
Total held to maturity securities | | | | $ | 40,768 | | | | | $ | 98 | | | | | $ | (389) | | | | | $ | 40,477 | | |
| | |
Less Than
12 Months |
| |
Greater Than 12
Months |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
December 31, 2019 - Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of U.S. Government sponsored agencies
|
| | | $ | 12,059 | | | | | $ | (158) | | | | | $ | — | | | | | $ | — | | | | | $ | 12,059 | | | | | $ | (158) | | |
Obligations of states and political subdivisions
|
| | | | 5,636 | | | | | | (19) | | | | | | 999 | | | | | | (1) | | | | | | 6,635 | | | | | | (20) | | |
Mortgage-backed securities | | | | | 4,038 | | | | | | (26) | | | | | | 2,187 | | | | | | (12) | | | | | | 6,225 | | | | | | (38) | | |
Corporate notes | | | | | 3,925 | | | | | | (11) | | | | | | — | | | | | | — | | | | | | 3,925 | | | | | | (11) | | |
Totals | | | | $ | 25,658 | | | | | $ | (214) | | | | | $ | 3,186 | | | | | $ | (13) | | | | | $ | 28,844 | | | | | $ | (227) | | |
December 31, 2019 - Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities | | | | $ | 2,958 | | | | | $ | (22) | | | | | $ | — | | | | | $ | — | | | | | $ | 2,958 | | | | | $ | (22) | | |
December 31, 2018 - Available for Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of states and political subdivisions
|
| | | $ | 10,024 | | | | | $ | (64) | | | | | $ | 4,132 | | | | | $ | (44) | | | | | $ | 14,156 | | | | | $ | (108) | | |
Mortgage-backed securities | | | | | 13,352 | | | | | | (183) | | | | | | 31,718 | | | | | | (833) | | | | | | 45,070 | | | | | | (1,016) | | |
Corporate notes | | | | | — | | | | | | — | | | | | | 12,531 | | | | | | (264) | | | | | | 12,531 | | | | | | (264) | | |
Totals | | | | $ | 23,376 | | | | | $ | (247) | | | | | $ | 48,381 | | | | | $ | (1,141) | | | | | $ | 71,757 | | | | | $ | (1,388) | | |
December 31, 2018 - Held to Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury securities | | | | $ | 8,422 | | | | | $ | (46) | | | | | $ | 11,580 | | | | | $ | (343) | | | | | $ | 20,002 | | | | | $ | (389) | | |
| | |
Available for Sale
|
| |
Held to Maturity
|
| ||||||||||||||||||
| | |
Amortized
Cost |
| |
Estimated
Fair Value |
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| ||||||||||||
Due in one year or less | | | | $ | 47,437 | | | | | $ | 47,446 | | | | | $ | 4,136 | | | | | $ | 4,151 | | |
Due after one year through 5 years | | | | | 23,339 | | | | | | 23,783 | | | | | | 16,777 | | | | | | 17,120 | | |
Due after 5 years through ten years | | | | | 13,153 | | | | | | 13,843 | | | | | | 19,912 | | | | | | 20,623 | | |
Due after 10 years | | | | | 43,677 | | | | | | 44,714 | | | | | | 2,909 | | | | | | 2,909 | | |
Subtotal | | | | | 127,606 | | | | | | 129,786 | | | | | | 43,734 | | | | | | 44,803 | | |
Mortgage-backed securities | | | | | 50,770 | | | | | | 51,720 | | | | | | — | | | | | | — | | |
Total | | | | $ | 178,376 | | | | | $ | 181,506 | | | | | $ | 43,734 | | | | | $ | 44,803 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Proceeds from sales of securities | | | | $ | 45,506 | | | | | $ | 4,467 | | | | | $ | 48,906 | | |
Gross gains on sales | | | | | 657 | | | | | | 41 | | | | | | 73 | | |
Gross losses on sales | | | | | (23) | | | | | | (72) | | | | | | (105) | | |
| | |
2019
|
| |
2018
|
| ||||||
Commercial/industrial | | | | $ | 302,538 | | | | | $ | 297,576 | | |
Commercial real estate - owner occupied | | | | | 459,782 | | | | | | 416,097 | | |
Commercial real estate - non-owner occupied | | | | | 353,723 | | | | | | 252,717 | | |
Construction and development | | | | | 132,296 | | | | | | 60,927 | | |
Residential 1-4 family | | | | | 448,605 | | | | | | 368,673 | | |
Consumer | | | | | 29,462 | | | | | | 26,854 | | |
Other | | | | | 10,440 | | | | | | 6,369 | | |
Subtotals | | | | | 1,736,846 | | | | | | 1,429,213 | | |
ALL | | | | | (11,396) | | | | | | (12,248) | | |
Loans, net of ALL | | | | | 1,725,450 | | | | | | 1,416,965 | | |
Deferred loan fees and costs | | | | | (503) | | | | | | (719) | | |
Loans, net | | | | $ | 1,724,947 | | | | | $ | 1,416,246 | | |
| | |
Commercial /
Industrial |
| |
Commercial
Real Estate - Owner Occupied |
| |
Commercial
Real Estate - Non-Owner Occupied |
| |
Construction
and Development |
| |
Residential
1-4 Family |
| |
Consumer
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||
ALL - January 1, 2019 | | | |
$
|
3,021
|
| | | |
$
|
3,750
|
| | | |
$
|
2,100
|
| | | |
$
|
725
|
| | | |
$
|
2,472
|
| | | |
$
|
148
|
| | | |
$
|
32
|
| | | |
$
|
12,248
|
| |
Charge-offs | | | |
|
(1,229)
|
| | | |
|
(4,994)
|
| | | |
|
(62)
|
| | | |
|
—
|
| | | |
|
(276)
|
| | | |
|
(76)
|
| | | |
|
(41)
|
| | | |
|
(6,678)
|
| |
Recoveries | | | |
|
11
|
| | | |
|
356
|
| | | |
|
60
|
| | | |
|
—
|
| | | |
|
130
|
| | | |
|
11
|
| | | |
|
8
|
| | | |
|
576
|
| |
Provision | | | |
|
517
|
| | | |
|
5,475
|
| | | |
|
(520)
|
| | | |
|
(177)
|
| | | |
|
(157)
|
| | | |
|
58
|
| | | |
|
54
|
| | | |
|
5,250
|
| |
ALL - December 31, 2019 | | | |
|
2,320
|
| | | |
|
4,587
|
| | | |
|
1,578
|
| | | |
|
548
|
| | | |
|
2,169
|
| | | |
|
141
|
| | | |
|
53
|
| | | |
|
11,396
|
| |
ALL ending balance
individually evaluated for impairment |
| | |
|
760
|
| | | |
|
80
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
840
|
| |
ALL ending balance
collectively evaluated for impairment |
| | |
$
|
1,560
|
| | | |
$
|
4,507
|
| | | |
$
|
1,578
|
| | | |
$
|
548
|
| | | |
$
|
2,169
|
| | | |
$
|
141
|
| | | |
$
|
53
|
| | | |
$
|
10,556
|
| |
Loans outstanding - December 31, 2019
|
| | |
$
|
302,538
|
| | | |
$
|
459,782
|
| | | |
$
|
353,723
|
| | | |
$
|
132,296
|
| | | |
$
|
448,605
|
| | | |
$
|
29,462
|
| | | |
$
|
10,440
|
| | | |
$
|
1,736,846
|
| |
Loans ending balance
individually evaluated for impairment |
| | |
|
1,878
|
| | | |
|
960
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
2,838
|
| |
Loans ending balance
collectively evaluated for impairment |
| | |
$
|
300,660
|
| | | |
$
|
458,822
|
| | | |
$
|
353,723
|
| | | |
$
|
132,296
|
| | | |
$
|
448,605
|
| | | |
$
|
29,462
|
| | | |
$
|
10,440
|
| | | |
$
|
1,734,008
|
| |
|
| | |
Commercial /
Industrial |
| |
Commercial
Real Estate - Owner Occupied |
| |
Commercial
Real Estate - Non-Owner Occupied |
| |
Construction
and Development |
| |
Residential
1-4 Family |
| |
Consumer
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||
ALL - January 1, 2018 | | | |
$
|
2,362
|
| | | |
$
|
3,376
|
| | | |
$
|
1,987
|
| | | |
$
|
945
|
| | | |
$
|
2,728
|
| | | |
$
|
191
|
| | | |
$
|
23
|
| | | |
$
|
11,612
|
| |
Charge-offs | | | |
|
(35)
|
| | | |
|
(2,374)
|
| | | |
|
—
|
| | | |
|
(83)
|
| | | |
|
(140)
|
| | | |
|
(48)
|
| | | |
|
(37)
|
| | | |
|
(2,717)
|
| |
Recoveries | | | |
|
2
|
| | | |
|
158
|
| | | |
|
3
|
| | | |
|
—
|
| | | |
|
233
|
| | | |
|
12
|
| | | |
|
10
|
| | | |
|
418
|
| |
Provision | | | |
|
692
|
| | | |
|
2,590
|
| | | |
|
110
|
| | | |
|
(137)
|
| | | |
|
(349)
|
| | | |
|
(7)
|
| | | |
|
36
|
| | | |
|
2,935
|
| |
ALL - December 31, 2018 | | | |
|
3,021
|
| | | |
|
3,750
|
| | | |
|
2,100
|
| | | |
|
725
|
| | | |
|
2,472
|
| | | |
|
148
|
| | | |
|
32
|
| | | |
|
12,248
|
| |
ALL ending balance
individually evaluated for impairment |
| | |
|
566
|
| | | |
|
353
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
160
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
1,079
|
| |
ALL ending balance
collectively evaluated for impairment |
| | |
$
|
2,455
|
| | | |
$
|
3,397
|
| | | |
$
|
2,100
|
| | | |
$
|
725
|
| | | |
$
|
2,312
|
| | | |
$
|
148
|
| | | |
$
|
32
|
| | | |
$
|
11,169
|
| |
Loans outstanding - December 31, 2018
|
| | |
$
|
297,576
|
| | | |
$
|
416,097
|
| | | |
$
|
252,717
|
| | | |
$
|
60,927
|
| | | |
$
|
368,673
|
| | | |
$
|
26,854
|
| | | |
$
|
6,369
|
| | | |
$
|
1,429,213
|
| |
Loans ending balance
individually evaluated for impairment |
| | |
|
5,667
|
| | | |
|
7,796
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
702
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
14,165
|
| |
Loans ending balance
collectively evaluated for impairment |
| | |
$
|
291,909
|
| | | |
$
|
408,301
|
| | | |
$
|
252,717
|
| | | |
$
|
60,927
|
| | | |
$
|
367,971
|
| | | |
$
|
26,854
|
| | | |
$
|
6,369
|
| | | |
$
|
1,415,048
|
| |
|
| | |
30-89 Days
Past Due Accruing |
| |
90 Days
or more Past Due and Accruing |
| |
Non-Accrual
|
| |
2019
Total |
| ||||||||||||
Commercial/industrial | | | | $ | 235 | | | | | $ | — | | | | | $ | 1,923 | | | | | $ | 2,158 | | |
Commercial real estate - owner occupied | | | | | 1,124 | | | | | | — | | | | | | 2,513 | | | | | | 3,637 | | |
Commercial real estate - non-owner occupied | | | | | — | | | | | | — | | | | | | 75 | | | | | | 75 | | |
Construction and development | | | | | 768 | | | | | | 11 | | | | | | — | | | | | | 779 | | |
Residential 1-4 family | | | | | 805 | | | | | | 307 | | | | | | 550 | | | | | | 1,662 | | |
Consumer | | | | | 70 | | | | | | 36 | | | | | | 32 | | | | | | 138 | | |
Other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 3,002 | | | | | $ | 354 | | | | | $ | 5,093 | | | | | $ | 8,449 | | |
| | |
30-89 Days
Past Due Accruing |
| |
90 Days
or more Past Due and Accruing |
| |
Non-Accrual
|
| |
2018
Total |
| ||||||||||||
Commercial/industrial | | | | $ | 76 | | | | | $ | — | | | | | $ | 8,001 | | | | | $ | 8,077 | | |
Commercial real estate - owner occupied | | | | | 59 | | | | | | — | | | | | | 10,311 | | | | | | 10,370 | | |
Commercial real estate - non-owner occupied | | | | | — | | | | | | 58 | | | | | | 233 | | | | | | 291 | | |
Construction and development | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Residential 1-4 family | | | | | 275 | | | | | | 362 | | | | | | 1,549 | | | | | | 2,186 | | |
Consumer | | | | | 9 | | | | | | 3 | | | | | | 5 | | | | | | 17 | | |
Other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 419 | | | | | $ | 423 | | | | | $ | 20,099 | | | | | $ | 20,941 | | |
| | |
Pass (1-5)
|
| |
6
|
| |
7
|
| |
8
|
| |
Total
|
| |||||||||||||||
Commercial/industrial | | | | $ | 290,180 | | | | | $ | 5,329 | | | | | $ | 7,029 | | | | | $ | — | | | | | $ | 302,538 | | |
Commercial real estate - owner occupied | | | | | 422,336 | | | | | | 5,603 | | | | | | 31,843 | | | | | | — | | | | | | 459,782 | | |
Commercial real estate - non-owner occupied | | | | | 344,278 | | | | | | 8,774 | | | | | | 671 | | | | | | — | | | | | | 353,723 | | |
Construction and development | | | | | 132,266 | | | | | | — | | | | | | 30 | | | | | | — | | | | | | 132,296 | | |
Residential 1-4 family | | | | | 447,630 | | | | | | 256 | | | | | | 719 | | | | | | — | | | | | | 448,605 | | |
Consumer | | | | | 29,430 | | | | | | — | | | | | | 32 | | | | | | — | | | | | | 29,462 | | |
Other | | | | | 10,440 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,440 | | |
| | | | $ | 1,676,560 | | | | | $ | 19,962 | | | | | $ | 40,324 | | | | | $ | — | | | | | $ | 1,736,846 | | |
| | |
Pass (1-5)
|
| |
6
|
| |
7
|
| |
8
|
| |
Total
|
| |||||||||||||||
Commercial/industrial | | | | $ | 277,993 | | | | | $ | 7,309 | | | | | $ | 12,274 | | | | | $ | — | | | | | $ | 297,576 | | |
Commercial real estate - owner occupied | | | | | 375,614 | | | | | | 5,670 | | | | | | 34,789 | | | | | | 24 | | | | | | 416,097 | | |
Commercial real estate - non-owner occupied | | | | | 249,625 | | | | | | — | | | | | | 3,092 | | | | | | — | | | | | | 252,717 | | |
Construction and development | | | | | 60,866 | | | | | | — | | | | | | 61 | | | | | | — | | | | | | 60,927 | | |
Residential 1-4 family | | | | | 364,289 | | | | | | 664 | | | | | | 3,718 | | | | | | 2 | | | | | | 368,673 | | |
Consumer | | | | | 26,835 | | | | | | — | | | | | | 18 | | | | | | 1 | | | | | | 26,854 | | |
Other | | | | | 6,369 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,369 | | |
| | | | $ | 1,361,591 | | | | | $ | 13,643 | | | | | $ | 53,952 | | | | | $ | 27 | | | | | $ | 1,429,213 | | |
| | |
Commercial/
Industrial |
| |
Commercial
Real Estate - Owner Occupied |
| |
Commercial
Real Estate - Non-Owner Occupied |
| |
Construction
and Development |
| |
Residential
1-4 Family |
| |
Consumer
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment | | | |
$
|
1,878
|
| | | |
$
|
960
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
2,838
|
| |
Unpaid principal balance | | | |
|
1,878
|
| | | |
|
960
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
2,838
|
| |
Related allowance | | | |
|
760
|
| | | |
|
80
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
840
|
| |
With no related allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment | | | |
$
|
—
|
| | | |
$
|
2,938
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
2,938
|
| |
Unpaid principal balance | | | |
|
—
|
| | | |
|
2,938
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
2,938
|
| |
Related allowance | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment | | | |
$
|
1,878
|
| | | |
$
|
3,898
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
5,776
|
| |
Unpaid principal balance | | | |
|
1,878
|
| | | |
|
3,898
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
5,776
|
| |
Related allowance | | | |
|
760
|
| | | |
|
80
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
840
|
| |
Average recorded investment | | | |
$
|
3,773
|
| | | |
$
|
5,847
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
351
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
9,971
|
| |
| | |
Commercial/
Industrial |
| |
Commercial
Real Estate - Owner Occupied |
| |
Commercial
Real Estate - Non-Owner Occupied |
| |
Construction
and Development |
| |
Residential
1-4 Family |
| |
Consumer
|
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment | | | |
$
|
5,667
|
| | | |
$
|
2,099
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
523
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
8,289
|
| |
Unpaid principal balance | | | |
|
5,667
|
| | | |
|
2,099
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
523
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
8,289
|
| |
Related allowance | | | |
|
566
|
| | | |
|
353
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
160
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
1,079
|
| |
With no related allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment | | | |
$
|
—
|
| | | |
$
|
5,697
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
179
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
5,876
|
| |
Unpaid principal balance | | | |
|
—
|
| | | |
|
5,697
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
179
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
5,876
|
| |
Related allowance | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Recorded investment | | | |
$
|
5,667
|
| | | |
$
|
7,796
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
702
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
14,165
|
| |
Unpaid principal balance | | | |
|
5,667
|
| | | |
|
7,796
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
702
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
14,165
|
| |
Related allowance | | | |
|
566
|
| | | |
|
353
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
160
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
1,079
|
| |
Average recorded investment
|
| | |
$
|
2,834
|
| | | |
$
|
4,036
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
706
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
7,576
|
| |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Interest income in accordance with orignial terms | | | | $ | 651 | | | | | $ | 1,020 | | | | | $ | 113 | | |
Interest income recognized | | | | | (129) | | | | | | (416) | | | | | | (109) | | |
Reduction in interest income | | | | $ | 522 | | | | | $ | 604 | | | | | $ | 4 | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
| | |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| ||||||||||||
Commercial & Industrial | | | | $ | 191 | | | | | $ | 212 | | | | | $ | 555 | | | | | $ | 701 | | |
Commercial real estate - owner occupied | | | | | 518 | | | | | | 785 | | | | | | 1,558 | | | | | | 2,069 | | |
Commercial real estate - non-owner occupied | | | | | — | | | | | | — | | | | | | 233 | | | | | | 475 | | |
Construction and development | | | | | 213 | | | | | | 237 | | | | | | 171 | | | | | | 171 | | |
Residential 1-4 family | | | | | 901 | | | | | | 1,031 | | | | | | 1,664 | | | | | | 1,828 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 1,823 | | | | | $ | 2,265 | | | | | $ | 4,181 | | | | | $ | 5,244 | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
| | |
Accretable
discount |
| |
Non-accretable
discount |
| |
Accretable
discount |
| |
Non-accretable
discount |
| ||||||||||||
Balance at beginning of period | | | | $ | 318 | | | | | $ | 745 | | | | | $ | 583 | | | | | $ | 800 | | |
Acquired balance, net | | | | | 44 | | | | | | 333 | | | | | | — | | | | | | — | | |
Reclassifications between accretable and non-accretable
|
| | | | 858 | | | | | | (858) | | | | | | 55 | | | | | | (55) | | |
Accretion to loan interest income | | | | | (998) | | | | | | — | | | | | | (320) | | | | | | — | | |
Disposals of loans | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Balance at end of period | | | | $ | 222 | | | | | $ | 220 | | | | | $ | 318 | | | | | $ | 745 | | |
| | |
Number of
Contracts |
| |
Pre-Modification
Outstanding Recorded Investment |
| |
Post-Modification
Outstanding Recorded Investment |
| |||||||||
Commercial & Industrial | | | | | 1 | | | | | $ | 113 | | | | | $ | 113 | | |
Commercial Real Estate | | | | | 1 | | | | | | 61 | | | | | | 61 | | |
Residential 1-4 Family | | | | | 2 | | | | | | 372 | | | | | | 196 | | |
Totals | | | | | | | | | | $ | 546 | | | | | $ | 370 | | |
| | |
Number of
Contracts |
| |
Pre-Modification
Outstanding Recorded Investment |
| |
Post-Modification
Outstanding Recorded Investment |
| |||||||||
Commerical Real Estate | | | | | 2 | | | | | $ | 5,396 | | | | | $ | 5,044 | | |
| | |
2019
|
| |
2018
|
| ||||||
Balances at beginning | | | | $ | 84,103 | | | | | $ | 65,749 | | |
New loans and advances | | | | | 27,886 | | | | | | 59,684 | | |
Repayments | | | | | (43,435) | | | | | | (41,330) | | |
Balance at end | | | | $ | 68,554 | | | | | $ | 84,103 | | |
| | |
2019
|
| |
2018
|
| ||||||
Fair value at beginning of year | | | | $ | 3,085 | | | | | $ | 2,610 | | |
MSR asset acquired | | | | | 1,859 | | | | | | — | | |
Servicing asset additions | | | | | 740 | | | | | | 356 | | |
Loan payments and payoffs | | | | | (821) | | | | | | (475) | | |
Changes in valuation inputs and assumptions used in the valuation model | | | | | (576) | | | | | | 594 | | |
Amount recognized through earnings | | | | | (592) | | | | | | 475 | | |
Fair value at end of year | | | | $ | 4,287 | | | | | $ | 3,085 | | |
Unpaid principal balance of loans serviced for others (in thousands) | | | | $ | 554,374 | | | | | $ | 316,480 | | |
Mortgage servicing rights as a percent of loans serviced for others | | | | | 0.77 | | | | | | 0.97 | | |
| | |
2019
|
| |
2018
|
| ||||||
Land and land improvements | | | | $ | 4,584 | | | | | $ | 3,363 | | |
Buildings and building improvements | | | | | 31,754 | | | | | | 23,408 | | |
Furniture and equipment | | | | | 5,360 | | | | | | 6,177 | | |
Totals | | | | | 41,698 | | | | | | 32,948 | | |
Less accumulated depreciation | | | | | 8,111 | | | | | | 8,459 | | |
Right-of-use lease asset (see Note 21) | | | | | 1,699 | | | | | | — | | |
Premises and equipment, net | | | | $ | 35,286 | | | | | $ | 24,489 | | |
| | |
2019
|
| |
2018
|
| ||||||
Beginning of year | | | | $ | 3,592 | | | | | $ | 6,270 | | |
Transfers in | | | | | 4,927 | | | | | | 1,310 | | |
Gain (loss) on sale of OREO and valuation allowance | | | | | 73 | | | | | | (252) | | |
Sales | | | | | (1,704) | | | | | | (3,736) | | |
End of year | | | | $ | 6,888 | | | | | $ | 3,592 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Beginning of year | | | | $ | 2,208 | | | | | $ | 2,078 | | | | | $ | 2,094 | | |
Additions charged to expense | | | | | 13 | | | | | | 130 | | | | | | — | | |
Valuation relieved due to sale of OREO | | | | | (100) | | | | | | — | | | | | | (16) | | |
End of year | | | | $ | 2,121 | | | | | $ | 2,208 | | | | | $ | 2,078 | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
Gross
Carrying Amount |
| |
Intangible
Accumulated Amortization |
| |
Gross
Carrying Amount |
| |
Intangible
Accumulated Amortization |
| ||||||||||||
Core deposit intangible | | | | $ | 7,333 | | | | | $ | 1,954 | | | | | $ | 3,097 | | | | | $ | 885 | | |
Mortgage servicing rights | | | | | 4,287 | | | | | | — | | | | | | 3,085 | | | | | | — | | |
Totals | | | | $ | 11,620 | | | | | $ | 1,954 | | | | | $ | 6,182 | | | | | $ | 885 | | |
| | |
Core
Deposit Intangible |
| |||
2020 | | | | $ | 1,335 | | |
2021 | | | | | 1,130 | | |
2022 | | | | | 925 | | |
2023 | | | | | 720 | | |
2024 | | | | | 516 | | |
Thereafter | | | | | 753 | | |
Total | | | | $ | 5,379 | | |
| | |
2019
|
| |
2018
|
| ||||||
Noninterest-bearing demand deposits | | | | $ | 476,465 | | | | | $ | 448,765 | | |
Interest-bearing demand deposits | | | | | 184,843 | | | | | | 92,107 | | |
Savings deposits | | | | | 792,997 | | | | | | 616,138 | | |
Time deposits | | | | | 373,430 | | | | | | 382,450 | | |
Brokered certificates of deposit | | | | | 15,576 | | | | | | 17,707 | | |
Total deposits | | | | $ | 1,843,311 | | | | | $ | 1,557,167 | | |
| 2020 | | | | $ | 214,360 | | |
| 2021 | | | | | 113,074 | | |
| 2022 | | | | | 25,955 | | |
| 2023 | | | | | 25,161 | | |
| 2024 | | | | | 7,858 | | |
| Thereafter | | | | | 2,598 | | |
| Total | | | | $ | 389,006 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
|
Outstanding balance at the end of the year | | |
$45,865
|
| |
$31,489
|
| |
$47,568
|
|
Weighted average interest rate at the end of the year | | |
1.47%
|
| |
2.43%
|
| |
1.44%
|
|
Average balance during the year | | |
$21,522
|
| |
$22,315
|
| |
$26,537
|
|
Average interest rate during the year | | |
2.14%
|
| |
1.79%
|
| |
1.01%
|
|
Maximum month end balance during the year | | |
$45,865
|
| |
$48,010
|
| |
$53,745
|
|
| | |
Maturity
|
| |
Rate
|
| |
2019
|
| |
2018
|
| ||||||||||||
| | | | | | | | | | | | | | |
(dollars in thousands)
|
| |||||||||
Fixed rate, fixed term | | | | | 01/27/2020 | | | | | | 1.42% | | | | | $ | 1,000 | | | | | $ | — | | |
Fixed rate, fixed term | | | | | 11/02/2020 | | | | | | 1.28% | | | | | | 400 | | | | | | — | | |
Fixed rate, fixed term | | | | | 01/22/2021 | | | | | | 1.67% | | | | | | 2,000 | | | | | | — | | |
Fixed rate, fixed term | | | | | 01/25/2021 | | | | | | 2.37% | | | | | | 5,000 | | | | | | — | | |
Fixed rate, fixed term | | | | | 01/27/2021 | | | | | | 1.60% | | | | | | 1,000 | | | | | | — | | |
Fixed rate, fixed term | | | | | 11/03/2021 | | | | | | 1.46% | | | | | | 400 | | | | | | — | | |
Fixed rate, fixed term | | | | | 08/08/2022 | | | | | | 1.76% | | | | | | 10,000 | | | | | | — | | |
Fixed rate, fixed term | | | | | 08/08/2023 | | | | | | 1.74% | | | | | | 10,000 | | | | | | — | | |
Fixed rate, fixed term | | | | | 08/08/2024 | | | | | | 1.75% | | | | | | 10,000 | | | | | | — | | |
| | | | | | | | | | | | | | | | $ | 39,800 | | | | | $ | — | | |
| 2020 | | | | $ | 1,400 | | |
| 2021 | | | | | 8,400 | | |
| 2022 | | | | | 10,000 | | |
| 2023 | | | | | 10,000 | | |
| 2024 | | | | | 10,000 | | |
| | | | | $ | 39,800 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Current tax expense: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | 4,327 | | | | | $ | 3,349 | | | | | $ | 6,340 | | |
State
|
| | | | 2,412 | | | | | | 2,100 | | | | | | 1,862 | | |
Total current
|
| | | | 6,739 | | | | | | 5,449 | | | | | | 8,202 | | |
Deferred tax expenses (benefit): | | | | | | | | | | | | | | | | | | | |
Impact of change in tax rate from tax legislation
|
| | | | — | | | | | | — | | | | | | 642 | | |
Federal
|
| | | | 620 | | | | | | 815 | | | | | | (12) | | |
State
|
| | | | 236 | | | | | | 333 | | | | | | (6) | | |
Total deferred
|
| | | | 856 | | | | | | 1,148 | | | | | | 624 | | |
Total provision for income taxes | | | | $ | 7,595 | | | | | $ | 6,597 | | | | | $ | 8,826 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Tax expense at statutory rate | | | | $ | 7,201 | | | | | $ | 6,731 | | | | | $ | 8,449 | | |
Increase (decrease) in taxes resulting from: | | | | | | | | | | | | | | | | | | | |
Tax-exempt interest
|
| | | | (1,320) | | | | | | (1,105) | | | | | | (1,279) | | |
State taxes (net of Federal benefit)
|
| | | | 1,923 | | | | | | 1,674 | | | | | | 1,210 | | |
Cash surrender value of life insurance
|
| | | | (131) | | | | | | (128) | | | | | | (192) | | |
ESOP dividend
|
| | | | (93) | | | | | | (81) | | | | | | (121) | | |
Tax credits
|
| | | | (39) | | | | | | (91) | | | | | | (117) | | |
Nondeductible expenses associated with acquisition
|
| | | | — | | | | | | — | | | | | | 160 | | |
Deferred tax rate differential from tax legislation
|
| | | | — | | | | | | — | | | | | | 642 | | |
Other
|
| | | | 54 | | | | | | (403) | | | | | | 74 | | |
Total provision for income taxes | | | | $ | 7,595 | | | | | $ | 6,597 | | | | | $ | 8,826 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Deferred compensation
|
| | | $ | 1,036 | | | | | $ | 1,089 | | |
Premises and equipment
|
| | | | 398 | | | | | | 214 | | |
Allowance for loan losses
|
| | | | 3,104 | | | | | | 3,336 | | |
Accrued vacation and severance
|
| | | | 35 | | | | | | 36 | | |
Other real estate owned
|
| | | | 360 | | | | | | 352 | | |
Unrealized loss on securities available for sale
|
| | | | — | | | | | | 97 | | |
Other
|
| | | | 244 | | | | | | 95 | | |
Total deferred tax assets
|
| | | | 5,177 | | | | | | 5,219 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Investment in acquisition and discount accretion
|
| | | | (148) | | | | | | (162) | | |
Mortgage servicing rights
|
| | | | (1,168) | | | | | | (840) | | |
Other investments
|
| | | | (248) | | | | | | (209) | | |
Prepaid expenses
|
| | | | (63) | | | | | | (66) | | |
Investment in minority owned subsidiaries
|
| | | | (2,509) | | | | | | (2,238) | | |
Goodwill and other intangibles
|
| | | | (1,000) | | | | | | (1,049) | | |
Purchase accounting
|
| | | | (339) | | | | | | — | | |
Unrealized gain on securities available for sale
|
| | | | (743) | | | | | | — | | |
Total deferred tax liabilities
|
| | | | (6,218) | | | | | | (4,564) | | |
Net deferred tax (liability) asset | | | | $ | (1,041) | | | | | $ | 655 | | |
| | |
For the year ended
December 31, 2019 |
| |
For the year ended
December 31, 2018 |
| ||||||||||||||||||
| | |
Shares
|
| |
Weighted-
Average Grant- Date Fair Value |
| |
Shares
|
| |
Weighted-
Average Grant- Date Fair Value |
| ||||||||||||
Restricted Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
Outstanding at beginning of year
|
| | | | 51,776 | | | | | $ | 34.27 | | | | | | 53,619 | | | | | $ | 26.59 | | |
Granted
|
| | | | 17,015 | | | | | | 56.62 | | | | | | 17,982 | | | | | | 46.55 | | |
Vested
|
| | | | (17,212) | | | | | | 30.54 | | | | | | (19,825) | | | | | | 24.36 | | |
Forfeited or cancelled
|
| | | | (903) | | | | | | 41.01 | | | | | | — | | | | | | — | | |
Outstanding at end of year
|
| | | | 50,676 | | | | | $ | 43.03 | | | | | | 51,776 | | | | | $ | 34.27 | | |
| | |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
Minimum Capital
Adeqaucy with Capital Buffer |
| |
To Be Well
Capitalized Under Prompt Corrective Action Provisions |
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted
assets): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 208,900 | | | | | | 10.35% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 215,347 | | | | | | 10.69% | | | | | $ | 161,163 | | | | | | 8.00% | | | | | $ | 211,527 | | | | | | 10.50% | | | | | $ | 201,454 | | | | | | 10.00% | | |
Tier 1 capital (to risk-weighted
assets): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 178,882 | | | | | | 8.86% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 203,951 | | | | | | 10.12% | | | | | $ | 120,872 | | | | | | 6.00% | | | | | $ | 171,236 | | | | | | 8.50% | | | | | $ | 161,163 | | | | | | 8.00% | | |
| | |
Actual
|
| |
For Capital
Adequacy Purposes |
| |
Minimum Capital
Adeqaucy with Capital Buffer |
| |
To Be Well
Capitalized Under Prompt Corrective Action Provisions |
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||||||||
Common Equity Tier 1 capital
(to risk-weighted assets): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 178,882 | | | | | | 8.86% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 203,951 | | | | | | 10.12% | | | | | $ | 90,654 | | | | | | 4.50% | | | | | $ | 141,018 | | | | | | 7.00% | | | | | $ | 130,945 | | | | | | 6.50% | | |
Tier 1 capital (to average assets):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 178,882 | | | | | | 8.46% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 203,951 | | | | | | 9.67% | | | | | $ | 84,390 | | | | | | 4.00% | | | | | $ | 84,390 | | | | | | 4.00% | | | | | $ | 105,487 | | | | | | 5.00% | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted
assets): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 181,201 | | | | | | 11.35% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 178,668 | | | | | | 11.21% | | | | | $ | 127,497 | | | | | | 8.00% | | | | | $ | 157,459 | | | | | | 9.88% | | | | | $ | 159,372 | | | | | | 10.00% | | |
Tier 1 capital (to risk-weighted
assets): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 157,453 | | | | | | 9.86% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 166,420 | | | | | | 10.44% | | | | | $ | 95,623 | | | | | | 6.00% | | | | | $ | 125,585 | | | | | | 7.88% | | | | | $ | 127,497 | | | | | | 8.00% | | |
Common Equity Tier 1 capital
(to risk-weighted assets): |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 157,453 | | | | | | 9.86% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 166,420 | | | | | | 10.44% | | | | | $ | 71,717 | | | | | | 4.50% | | | | | $ | 101,679 | | | | | | 6.38% | | | | | $ | 103,592 | | | | | | 6.50% | | |
Tier 1 capital (to average assets):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporation
|
| | | $ | 157,453 | | | | | | 9.06% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | |
Bank
|
| | | $ | 166,420 | | | | | | 9.59% | | | | | $ | 69,410 | | | | | | 4.00% | | | | | | 69,410 | | | | | | 4.00% | | | | | $ | 86,762 | | | | | | 5.00% | | |
| | |
Notional Amount
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Commitments to extend credit: | | | | | | | | | | | | | |
Fixed
|
| | | $ | 49,741 | | | | | $ | 57,911 | | |
Variable
|
| | | | 333,468 | | | | | | 268,541 | | |
Credit card arrangements | | | | | 11,148 | | | | | | 7,119 | | |
Letters of credit | | | | | 17,121 | | | | | | 25,261 | | |
| | |
Year ended
December 31, 2019 |
| |||
| | |
(dollar amounts in Thousands)
|
| |||
Amortization of ROU Assets - Operating Leases | | | | $ | 45 | | |
Interest on Lease Liabilities - Operating Leases | | | | | 87 | | |
Operating Lease Cost (Cost resulting from lease payments) | | | | | 132 | | |
New ROU Assets - Operating Leases | | | | | 1,744 | | |
Weighted Average Lease Term (Years) - Operating Leases | | | | | 31.56 | | |
Weighted Average Discount Rate - Operating Leases | | | | | 5.50% | | |
| | |
December 31,
2019 |
| |||
Operating lease payments due: | | | | | | | |
Within one year
|
| | | $ | 133 | | |
After one but within two years
|
| | | | 140 | | |
After two but within three years
|
| | | | 113 | | |
After three but within four years
|
| | | | 86 | | |
After four years but within five years
|
| | | | 86 | | |
After five years
|
| | | | 3,411 | | |
Total undiscounted cash flows | | | | | 3,969 | | |
Discount on cash flows
|
| | | | (2,270) | | |
Total operating lease liabilities | | | | $ | 1,699 | | |
|
| | |
Instruments
Measured At Fair Value |
| |
Markets
for Identical Assets (Level 1) |
| |
Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available for sale
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of U.S. Government
|
| | | | | | | | | | | | | | | | | | | | | | | | |
sponsored agencies
|
| | | $ | 12,060 | | | | | $ | — | | | | | $ | 12,060 | | | | | $ | — | | |
Obligations of states and political subdivisions
|
| | | | 54,771 | | | | | | — | | | | | | 54,771 | | | | | | — | | |
Mortgage-backed securities
|
| | | | 51,720 | | | | | | — | | | | | | 51,720 | | | | | | — | | |
Corporate notes
|
| | | | 62,955 | | | | | | — | | | | | | 62,955 | | | | | | — | | |
Mortgage servicing rights
|
| | | | 4,287 | | | | | | — | | | | | | 4,287 | | | | | | — | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available for sale
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Obligations of states and political subdivisions
|
| | | $ | 51,893 | | | | | $ | — | | | | | $ | 51,493 | | | | | $ | 400 | | |
Mortgage-backed securities
|
| | | | 50,569 | | | | | | — | | | | | | 50,569 | | | | | | — | | |
Corporate notes
|
| | | | 16,444 | | | | | | — | | | | | | 16,444 | | | | | | — | | |
Mortgage servicing rights
|
| | | | 3,085 | | | | | | — | | | | | | 3,085 | | | | | | — | | |
| | |
2019
|
| |
2018
|
| ||||||
Total securities at beginning of year | | | | $ | 400 | | | | | $ | 500 | | |
Included in earnings
|
| | | | — | | | | | | — | | |
Included in other comprehensive income
|
| | | | — | | | | | | — | | |
Purchases, issuance, and settlements | | | | | (400) | | | | | | (100) | | |
Transfer in and/or out of level 3 | | | | | — | | | | | | — | | |
Total securities at end of year | | | | $ | — | | | | | $ | 400 | | |
|
| | |
Assets
Measured At Fair Value |
| |
Quoted Prices
In Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| ||||||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
OREO | | | | $ | 6,888 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,888 | | |
Impaired Loans, net of impairment reserve
|
| | | | 6,847 | | | | | | — | | | | | | — | | | | | | 6,847 | | |
| | | | $ | 13,735 | | | | | $ | — | | | | | $ | — | | | | | $ | 13,735 | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
OREO
|
| | | $ | 3,592 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,592 | | |
Impaired Loans, net of impairment reserve
|
| | | | 20,872 | | | | | | — | | | | | | — | | | | | | 20,872 | | |
| | | | $ | 24,464 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,464 | | |
| | |
Valuation
Technique |
| |
Unobservable
Inputs |
| |
Range of
Discounts |
| |
Weighted
Average Discount |
| |||
As of December 31, 2019 | | | | | | | | | | | | | | | | |
OREO | | |
Third party
appraisals, sales contracts or brokered price opinions |
| |
Collateral
discounts and estimated costs to sell |
| |
0% - 61%
|
| | | | 33.5% | | |
Impaired loans | | |
Third party
appraisals and discounted cash flows |
| |
Collateral
discounts and discount rates |
| |
0% - 100%
|
| | | | 6.1% | | |
As of December 31, 2018 | | | | | | | | | | | | | | | | |
OREO | | |
Third party
appraisals, sales contracts or brokered price opinions |
| |
Collateral
discounts and estimated costs to sell |
| |
0% - 40%
|
| | | | 18.6% | | |
Impaired loans | | |
Third party
appraisals and discounted cash flows |
| |
Collateral
discounts and discount rates |
| |
0% - 100%
|
| | | | 9.3% | | |
December 31, 2019
|
| |
Carrying
amount |
| |
Fair Value
|
| ||||||||||||||||||||||||
|
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 86,452 | | | | | $ | 86,452 | | | | | $ | — | | | | | $ | — | | | | | $ | 86,452 | | |
Securities held to maturity
|
| | | | 43,734 | | | | | | — | | | | | | 44,803 | | | | | | — | | | | | | 44,803 | | |
Securities available for sale
|
| | | | 181,506 | | | | | | — | | | | | | 181,506 | | | | | | — | | | | | | 181,506 | | |
Loans held for sale
|
| | | | 587 | | | | | | — | | | | | | — | | | | | | 587 | | | | | | 587 | | |
Loans, net
|
| | | | 1,724,947 | | | | | | — | | | | | | — | | | | | | 1,723,542 | | | | | | 1,723,542 | | |
Other investments, at cost
|
| | | | 4,933 | | | | | | — | | | | | | — | | | | | | 4,933 | | | | | | 4,933 | | |
Mortgage servicing rights
|
| | | | 4,287 | | | | | | — | | | | | | 4,287 | | | | | | — | | | | | | 4,287 | | |
Cash surrender value of life insurance
|
| | | | 24,945 | | | | | | 24,945 | | | | | | — | | | | | | — | | | | | | 24,945 | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 1,843,311 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,783,638 | | | | | $ | 1,783,638 | | |
Securities sold under repurchase agreements
|
| | | | 45,865 | | | | | | — | | | | | | 45,865 | | | | | | — | | | | | | 45,865 | | |
Notes payable
|
| | | | 49,790 | | | | | | — | | | | | | 49,790 | | | | | | — | | | | | | 49,790 | | |
Subordinated notes
|
| | | | 18,622 | | | | | | — | | | | | | 18,622 | | | | | | — | | | | | | 18,622 | | |
December 31, 2018
|
| |
Carrying
amount |
| |
Fair Value
|
| ||||||||||||||||||||||||
|
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 107,743 | | | | | $ | 107,743 | | | | | $ | — | | | | | $ | — | | | | | $ | 107,743 | | |
Securities held to maturity
|
| | | | 40,768 | | | | | | — | | | | | | 40,477 | | | | | | — | | | | | | 40,477 | | |
Securities available for sale
|
| | | | 118,906 | | | | | | — | | | | | | 118,506 | | | | | | 400 | | | | | | 118,906 | | |
Loans, net
|
| | | | 1,416,246 | | | | | | — | | | | | | — | | | | | | 1,400,538 | | | | | | 1,400,538 | | |
Other investments, at cost
|
| | | | 4,555 | | | | | | — | | | | | | — | | | | | | 4,555 | | | | | | 4,555 | | |
Mortgage servicing rights
|
| | | | 3,085 | | | | | | — | | | | | | 3,085 | | | | | | — | | | | | | 3,085 | | |
Cash surrender value of life insurance
|
| | | | 24,178 | | | | | | 24,178 | | | | | | — | | | | | | — | | | | | | 24,178 | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | $ | 1,557,167 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,449,552 | | | | | $ | 1,449,552 | | |
Securities sold under repurchase agreements
|
| | | | 31,489 | | | | | | — | | | | | | 31,489 | | | | | | — | | | | | | 31,489 | | |
Subordinated notes
|
| | | | 11,500 | | | | | | — | | | | | | 11,500 | | | | | | — | | | | | | 11,500 | | |
| | |
December 31
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Assets
|
| | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 63 | | | | | $ | 72 | | |
Investment in Bank | | | | | 254,299 | | | | | | 183,290 | | |
Investment in Veritas | | | | | 4,852 | | | | | | 2,381 | | |
Other assets | | | | | 557 | | | | | | 978 | | |
TOTAL ASSETS | | | | $ | 259,771 | | | | | $ | 186,721 | | |
Liabilities and Stockholders’ Equity
|
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Notes payable
|
| | | $ | 10,000 | | | | | $ | — | | |
Subordinated notes
|
| | | | 18,500 | | | | | | 11,500 | | |
Other liabilities
|
| | | | 1,060 | | | | | | 898 | | |
Total liabilities
|
| | | | 29,560 | | | | | | 12,398 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock
|
| | | | 79 | | | | | | 74 | | |
Additional paid-in capital
|
| | | | 63,085 | | | | | | 27,601 | | |
Retained earnings
|
| | | | 189,494 | | | | | | 168,363 | | |
Treasury stock, at cost
|
| | | | (24,941) | | | | | | (21,349) | | |
Accumulated other comprehensive income
|
| | | | 2,494 | | | | | | (366) | | |
Total stockholders’ equity
|
| | | | 230,211 | | | | | | 174,323 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 259,771 | | | | | $ | 186,721 | | |
| | |
Years Ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(In Thousands)
|
| |||||||||||||||
Income: | | | | | | | | | | | | | | | | | | | |
Dividends received from Bank
|
| | | $ | 16,335 | | | | | $ | 22,275 | | | | | $ | 19,480 | | |
Equity in undistributed earnings of subsidiaries
|
| | | | 11,361 | | | | | | 4,029 | | | | | | (3,773) | | |
Other income
|
| | | | 234 | | | | | | 74 | | | | | | — | | |
Total income
|
| | | | 27,930 | | | | | | 26,378 | | | | | | 15,707 | | |
Other expenses
|
| | | | 1,611 | | | | | | 1,404 | | | | | | 648 | | |
Benefit for income taxes
|
| | | | (375) | | | | | | (482) | | | | | | (254) | | |
Net income
|
| | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Cash flow from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | |
Adjustments to reconcile net income to net cash provided by operating
activities: |
| | | | | | | | | | | | | | | | | | |
Stock compensation
|
| | | | 685 | | | | | | 556 | | | | | | 465 | | |
Equity in earnings of subsidiaries (includes dividends)
|
| | | | (27,696) | | | | | | (26,304) | | | | | | (15,707) | | |
Changes in other assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Other assets
|
| | | | (329) | | | | | | (49) | | | | | | (44) | | |
Other liabilities
|
| | | | (33) | | | | | | (90) | | | | | | 457 | | |
Net cash provided by (used in) operating activities | | | | | (679) | | | | | | (431) | | | | | | 484 | | |
Cash flows from investing activities, net of effects of business combination: | | | | | | | | | | | | | | | | | | | |
Sale of other investments
|
| | | | 750 | | | | | | — | | | | | | — | | |
Dividends received from Bank
|
| | | | 16,335 | | | | | | 22,275 | | | | | | 19,480 | | |
Dividends received from Veritas
|
| | | | — | | | | | | — | | | | | | 450 | | |
Net cash used in business combination
|
| | | | (14,241) | | | | | | — | | | | | | (33,378) | | |
Contribution to subsidiaries
|
| | | | (2,620) | | | | | | — | | | | | | — | | |
Net cash provided by (used in) investing activities | | | | | 224 | | | | | | 22,275 | | | | | | (13,448) | | |
Cash flows from financing activities, net of effects of business combination:
|
| | | | | | | | | | | | | | | | | | |
Proceeds from (repayment of) revolving line of credit
|
| | | | 10,000 | | | | | | (5,000) | | | | | | 5,000 | | |
Proceeds from (repayment of) senior term debt
|
| | | | — | | | | | | (3,500) | | | | | | 3,500 | | |
Proceeds from subordinated notes
|
| | | | — | | | | | | — | | | | | | 11,500 | | |
Cash dividends paid
|
| | | | (5,463) | | | | | | (4,530) | | | | | | (4,046) | | |
Issuance of common stock
|
| | | | 114 | | | | | | 1,347 | | | | | | 896 | | |
Repurchase of common stock
|
| | | | (4,205) | | | | | | (10,449) | | | | | | (3,631) | | |
Net cash provided by (used in) financing activities | | | | | 446 | | | | | | (22,132) | | | | | | 13,219 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (9) | | | | | | (288) | | | | | | 255 | | |
Cash and cash equivalents at beginning | | | | | 72 | | | | | | 360 | | | | | | 105 | | |
Cash and cash equivalents at end
|
| | | $ | 63 | | | | | $ | 72 | | | | | $ | 360 | | |
Supplemental schedule of noncash activities: | | | | | | | | | | | | | | | | | | | |
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity recognized in other comprehensive income, net of tax
|
| | | $ | (35) | | | | | $ | (60) | | | | | $ | (80) | | |
Change in unrealized gains and losses on investment securities available
for sale, net of tax |
| | | | 2,958 | | | | | | (1,367) | | | | | | 604 | | |
| | |
Years ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Net income from operations (in thousands) | | | | $ | 26,694 | | | | | $ | 25,456 | | | | | $ | 15,313 | | |
Weighted average common shares outstanding | | | | | 6,820,225 | | | | | | 6,673,758 | | | | | | 6,285,901 | | |
Effect of dilutive potential common shares | | | | | 82,391 | | | | | | — | | | | | | — | | |
Diluted weighted average common shares outstanding | | | | | 6,902,616 | | | | | | 6,673,758 | | | | | | 6,285,901 | | |
Earnings per share - basic | | | | $ | 3.91 | | | | | $ | 3.81 | | | | | $ | 2.44 | | |
Earnings per share - diluted | | | | $ | 3.87 | | | | | $ | 3.81 | | | | | $ | 2.44 | | |
2019 Quarters
|
| |
Fourth
|
| |
Third
|
| |
Second
|
| |
First
|
| ||||||||||||
| | |
(Dollars in Thousands, Except Share and Per Share Data)
|
| |||||||||||||||||||||
Interest income | | | | $ | 23,795 | | | | | $ | 25,489 | | | | | $ | 20,158 | | | | | $ | 19,723 | | |
Interest expense | | | | | 5,015 | | | | | | 5,176 | | | | | | 4,784 | | | | | | 4,523 | | |
Net interest and dividend income
|
| | | | 18,780 | | | | | | 20,313 | | | | | | 15,374 | | | | | | 15,200 | | |
Provision for loan losses | | | | | 1,125 | | | | | | 3,000 | | | | | | 500 | | | | | | 625 | | |
Net interest and dividend income after provision for loan losses
|
| | | | 17,655 | | | | | | 17,313 | | | | | | 14,874 | | | | | | 14,575 | | |
Noninterest income | | | | | 3,211 | | | | | | 3,145 | | | | | | 2,736 | | | | | | 3,540 | | |
Noninterest expense | | | | | 11,182 | | | | | | 12,087 | | | | | | 9,955 | | | | | | 9,536 | | |
Income before provision for income taxes
|
| | | | 9,684 | | | | | | 8,371 | | | | | | 7,655 | | | | | | 8,579 | | |
Provision for income taxes | | | | | 2,225 | | | | | | 1,712 | | | | | | 1,666 | | | | | | 1,992 | | |
Net income
|
| | | $ | 7,459 | | | | | $ | 6,659 | | | | | $ | 5,989 | | | | | $ | 6,587 | | |
Share data | | | | | | | | | | | | | | | | | | | | | | | | | |
Average shares outstanding, basic | | | | | 7,084,728 | | | | | | 7,036,807 | | | | | | 6,577,016 | | | | | | 6,574,362 | | |
Average shares outstanding, diluted | | | | | 7,182,854 | | | | | | 7,134,674 | | | | | | 6,675,794 | | | | | | 6,608,273 | | |
Earnings per share, basic | | | | $ | 1.05 | | | | | $ | 0.95 | | | | | $ | 0.91 | | | | | $ | 1.00 | | |
Earnings per share, diluted | | | | $ | 1.04 | | | | | $ | 0.93 | | | | | $ | 0.90 | | | | | $ | 1.00 | | |
2018 Quarters
|
| |
Fourth
|
| |
Third
|
| |
Second
|
| |
First
|
| ||||||||||||
| | |
(Dollars in Thousands, Except Share and Per Share Data)
|
| |||||||||||||||||||||
Interest income | | | | $ | 19,753 | | | | | $ | 19,510 | | | | | $ | 19,372 | | | | | $ | 19,309 | | |
Interest expense | | | | | 4,240 | | | | | | 3,974 | | | | | | 3,604 | | | | | | 3,027 | | |
Net interest and dividend income
|
| | | | 15,513 | | | | | | 15,536 | | | | | | 15,768 | | | | | | 16,282 | | |
Provision for loan losses | | | | | 750 | | | | | | 800 | | | | | | 900 | | | | | | 485 | | |
Net interest and dividend income after provision for loan losses
|
| | | | 14,763 | | | | | | 14,736 | | | | | | 14,868 | | | | | | 15,797 | | |
Noninterest income | | | | | 2,553 | | | | | | 2,508 | | | | | | 3,027 | | | | | | 3,443 | | |
Noninterest expense | | | | | 9,893 | | | | | | 9,708 | | | | | | 10,064 | | | | | | 9,977 | | |
Income before provision for income taxes
|
| | | | 7,423 | | | | | | 7,536 | | | | | | 7,831 | | | | | | 9,263 | | |
Provision for income taxes | | | | | 1,362 | | | | | | 1,604 | | | | | | 1,431 | | | | | | 2,200 | | |
Net income
|
| | | $ | 6,061 | | | | | $ | 5,932 | | | | | $ | 6,400 | | | | | $ | 7,063 | | |
Share data | | | | | | | | | | | | | | | | | | | | | | | | | |
Average shares outstanding, basic and diluted | | | | | 6,647,586 | | | | | | 6,661,337 | | | | | | 6,672,344 | | | | | | 6,714,347 | | |
Earnings per share, basic and diluted | | | | $ | 0.91 | | | | | $ | 0.89 | | | | | $ | 0.96 | | | | | $ | 1.05 | | |
| | |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights (a) |
| |
Weighted
average exercise price of outstanding options, warrants and rights (b) |
| |
Number of
securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
| |||||||||
Plan Category | | | | | | | | | | | | | | | | | | | |
Equity compensation plans approved by security holders
|
| | | | 0 | | | | | $ | 0 | | | | | | 481,874 | | |
Total at December 31, 2019 | | | | | 0 | | | | | $ | 0 | | | | | | 481,874 | | |
|
Exhibit
No. |
| |
Description
|
|
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
|
Exhibit
No. |
| |
Description
|
|
| | | | ||
| | | Description of Registered Securities. | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | Subsidiaries of Bank First Corporation. | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
101
|
| | Interactive Data File. | |
| | | | BANK FIRST CORPORATION | |
| March 11, 2020 | | |
By:
/s/ Michael B. Molepske
Michael B. Molepske
Chief Executive Officer and President (Principal Executive Officer) |
|
| March 11, 2020 | | |
By:
/s/ Kevin M. LeMahieu
Kevin M. LeMahieu
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
|
|
/s/ Michael G. Ansay
Michael G. Ansay
|
| | Chairman of the Board, Director | | |
March 11, 2020
|
|
|
/s/ Mary-Kay H. Bourbulas
Mary-Kay H. Bourbulas
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Donald R. Brisch
Donald R. Brisch
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Michael P. Dempsey
Michael P. Dempsey
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Robert D. Gregorski
Robert D. Gregorski
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Judy L. Heun
Judy L. Heun
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Michael B. Molepske
Michael B. Molepske
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Katherine M. Reynolds
Katherine M. Reynolds
|
| | Director | | |
March 11, 2020
|
|
|
/s/ David R. Sachse
David R. Sachse
|
| | Director | | |
March 11, 2020
|
|
|
/s/ Peter J. Van Sistine
Peter J. Van Sistine
|
| | Director | | |
March 11, 2020
|
|