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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ________
Commission file number: 001-35593
HOMETRUST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| Maryland | | 45-5055422 |
| (State or other jurisdiction of incorporation of organization) | | (I.R.S. Employer Identification No.) |
10 Woodfin Street, Asheville, North Carolina 28801
(Address of principal executive offices; Zip Code)
(828) 259-3939
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.01 per share
| HTBI | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer ☐ | | | | Accelerated filer ☒ |
| |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
| |
Emerging growth company ☐ | |
| | | | | |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 17,020,724 shares of common stock, par value of $.01 per share, issued and outstanding as of November 5, 2020.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARIES
10-Q
TABLE OF CONTENTS
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| Item 1. | | |
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| Item 1A. | | |
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| Item 2. | | |
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Glossary of Defined Terms
The following items may be used throughout this Form 10-Q, including the Notes to Consolidated Financial Statements in Item 1 and Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q.
| | | | | | | | |
| Term | | Definition |
| ACL | | Allowance for Credit Losses |
| AFS | | Available-For-Sale |
| ASC | | Accounting Standard Codification |
| ASU | | Accounting Standard Update |
| | |
| BOLI | | Bank Owned Life Insurance |
| CARES Act | | Coronavirus Aid, Relief, and Economic Security Act of 2020 |
| CD | | Certificates of Deposit |
| CDA | | Collateral Dependent Asset |
| CECL | | Current Expected Credit Loss |
| CET1 | | Common Equity Tier 1 |
| COVID-19 | | Coronavirus Disease 2019 |
| CPI | | Consumer Price Index |
| DCF | | Discounted Cash Flow |
| ECL | | Expected Credit Losses |
| EPS | | Earnings Per Share |
| ESOP | | Employee Stock Ownership Plan |
| FASB | | Financial Accounting Standards Board |
| FDIC | | Federal Deposit Insurance Corporation |
| FHLB | | Federal Home Loan Bank |
| FRB | | Federal Reserve Bank of Richmond |
| GAAP | | Generally Accepted Accounting Principles in the United States |
| GSE | | Government-Sponsored Enterprises |
| HELOC | | Home Equity Line of Credit |
| LIBOR | | London Interbank Offered Rate |
| MBS | | Mortgage-Backed Security |
| NCCOB | | North Carolina Office of the Commissioner of Banks |
| OTTI | | Other Than Temporary Impairment |
| PCD | | Purchased Credit Deteriorated |
| PCI | | Purchase Credit Impaired |
| PPP | | Paycheck Protection Program |
| REO | | Real Estate Owned |
| ROU | | Right of Use |
| SEC | | Securities and Exchange Commission |
| SBA | | Small Business Administration |
| SBIC | | Small Business Investment Companies |
| TDR | | Troubled Debt Restructuring |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
| | | | | | | | | | | |
| (Unaudited) | | |
| September 30, 2020 | | June 30, 2020 (1) |
| Assets | | | |
| Cash | $ | 29,472 | | | $ | 31,908 | |
| Interest-bearing deposits | 141,672 | | | 89,714 | |
| Cash and cash equivalents | 171,144 | | | 121,622 | |
| Commercial paper, net | 204,867 | | | 304,967 | |
| Certificates of deposit in other banks | 52,361 | | | 55,689 | |
Debt securities available for sale, at fair value (amortized cost of $93,342 and $124,918 at September 30, 2020 and June 30, 2020, respectively) | 96,159 | | | 127,537 | |
| Other investments, at cost | 38,949 | | | 38,946 | |
| Loans held for sale | 124,985 | | | 77,177 | |
| Total loans, net of deferred loan costs | 2,769,396 | | | 2,769,119 | |
| Allowance for credit losses | (43,132) | | | (28,072) | |
| Net loans | 2,726,264 | | | 2,741,047 | |
| Premises and equipment, net | 59,418 | | | 58,462 | |
| Accrued interest receivable | 10,648 | | | 12,312 | |
| REO | 144 | | | 337 | |
| Deferred income taxes | 19,209 | | | 16,334 | |
| BOLI | 92,775 | | | 92,187 | |
| Goodwill | 25,638 | | | 25,638 | |
| Core deposit intangibles | 840 | | | 1,078 | |
| Other assets | 50,633 | | | 49,519 | |
| Total Assets | $ | 3,674,034 | | | $ | 3,722,852 | |
| Liabilities and Stockholders' Equity | | | |
| Liabilities | | | |
| Deposits | $ | 2,742,046 | | | $ | 2,785,756 | |
| Borrowings | 475,000 | | | 475,000 | |
| | | |
| Other liabilities | 56,637 | | | 53,833 | |
| Total liabilities | 3,273,683 | | | 3,314,589 | |
| Stockholders' Equity | | | |
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding | — | | | — | |
Common stock, $0.01 par value, 60,000,000 shares authorized, 17,020,724 shares issued and outstanding at September 30, 2020; 17,021,357 at June 30, 2020 | 170 | | | 170 | |
| Additional paid in capital | 170,204 | | | 169,648 | |
| Retained earnings | 234,023 | | | 242,776 | |
| Unearned ESOP shares | (6,216) | | | (6,348) | |
| Accumulated other comprehensive income | 2,170 | | | 2,017 | |
| Total stockholders' equity | 400,351 | | | 408,263 | |
| Total Liabilities and Stockholders' Equity | $ | 3,674,034 | | | $ | 3,722,852 | |
(1) Derived from audited financial statements.
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | |
| | | | (Unaudited) |
| | | Three Months Ended |
| | | September 30, |
| | | | | 2020 | | 2019 |
| Interest and Dividend Income | | | | | | | |
| Loans | | | | | $ | 28,592 | | | $ | 32,266 | |
| Commercial paper and interest-bearing deposits | | | | | 881 | | | 2,253 | |
| Securities available for sale | | | | | 528 | | | 896 | |
| Other investments | | | | | 448 | | | 832 | |
| Total interest and dividend income | | | | | 30,449 | | | 36,247 | |
| Interest Expense | | | | | | | |
| Deposits | | | | | 3,253 | | | 5,853 | |
| Borrowings | | | | | 1,687 | | | 3,321 | |
| Total interest expense | | | | | 4,940 | | | 9,174 | |
| Net Interest Income | | | | | 25,509 | | | 27,073 | |
| Provision for Credit Losses | | | | | 950 | | | — | |
| Net Interest Income after Provision for Credit Losses | | | | | 24,559 | | | 27,073 | |
| Noninterest Income | | | | | | | |
| Service charges and fees on deposit accounts | | | | | 2,097 | | | 2,443 | |
| Loan income and fees | | | | | 474 | | | 882 | |
| | | | | | | |
| Gain on sale of loans held for sale | | | | | 3,344 | | | 2,299 | |
| BOLI income | | | | | 532 | | | 697 | |
| | | | | | | |
| | | | | | | |
| Other, net | | | | | 2,192 | | | 1,339 | |
| Total noninterest income | | | | | 8,639 | | | 7,660 | |
| Noninterest Expense | | | | | | | |
| Salaries and employee benefits | | | | | 15,207 | | | 13,912 | |
| Net occupancy expense | | | | | 2,293 | | | 2,342 | |
| Computer services | | | | | 2,307 | | | 2,024 | |
| Telephone, postage, and supplies | | | | | 662 | | | 802 | |
| Marketing and advertising | | | | | 325 | | | 679 | |
| Deposit insurance premiums | | | | | 511 | | | — | |
| Gain on sale and impairment of REO | | | | | (35) | | | (19) | |
| REO expense | | | | | 248 | | | 258 | |
| Core deposit intangible amortization | | | | | 238 | | | 411 | |
| | | | | | | |
| Other | | | | | 4,244 | | | 3,124 | |
| Total noninterest expense | | | | | 26,000 | | | 23,533 | |
| Income Before Income Taxes | | | | | 7,198 | | | 11,200 | |
| Income Tax Expense | | | | | 1,445 | | | 2,396 | |
| Net Income | | | | | $ | 5,753 | | | $ | 8,804 | |
| Per Share Data: | | | | | | | |
| Net income per common share: | | | | | | | |
| Basic | | | | | $ | 0.35 | | | $ | 0.51 | |
| Diluted | | | | | $ | 0.35 | | | $ | 0.49 | |
| | | | | | | |
| Average shares outstanding: | | | | | | | |
| Basic | | | | | 16,230,990 | | | 17,097,647 | |
| Diluted | | | | | 16,469,242 | | | 17,753,657 | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
| | | | | | | | | | | | | | | | | |
| | | | (Unaudited) |
| | | Three Months Ended |
| | | September 30, |
| | | | | | 2020 | | 2019 |
| Net Income | | | | | $ | 5,753 | | | $ | 8,804 | |
| Other Comprehensive Income | | | | | | | |
| Unrealized holding gains on securities available for sale | | | | | | | |
| Gains arising during the period | | | | | 199 | | | 295 | |
| Deferred income tax expense | | | | | (46) | | | (68) | |
| | | | | | | |
| | | | | | | |
| Total other comprehensive income | | | | | $ | 153 | | | $ | 227 | |
| Comprehensive Income | | | | | $ | 5,906 | | | $ | 9,031 | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Changes in Stockholders' Equity
(Dollars in thousands)
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| | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2020 |
| Common Stock | | Additional
Paid In
Capital | | Retained
Earnings | | Unearned
ESOP
Shares | | Accumulated
Other
Comprehensive
Income | | Total
Stockholders'
Equity |
| Shares | | Amount |
| Balance at June 30, 2020 | 17,021,357 | | | $ | 170 | | | $ | 169,648 | | | $ | 242,776 | | | $ | (6,348) | | | $ | 2,017 | | | $ | 408,263 | |
| Net income | — | | | — | | | — | | | 5,753 | | | — | | | — | | | 5,753 | |
| Cumulative-effect adjustment due to the adoption of ASU 2016-13 | — | | | — | | | — | | | (13,358) | | | — | | | — | | | (13,358) | |
Cash dividends declared on common stock, $0.07/common share | — | | | — | | | — | | | (1,148) | | | — | | | — | | | (1,148) | |
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| Retired stock | (633) | | | — | | | (9) | | | — | | | — | | | — | | | (9) | |
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| Stock option expense | — | | | — | | | 164 | | | — | | | — | | | — | | | 164 | |
| Restricted stock expense | — | | | — | | | 342 | | | — | | | — | | | — | | | 342 | |
| ESOP shares allocated | — | | | — | | | 59 | | | — | | | 132 | | | — | | | 191 | |
| Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 153 | | | 153 | |
| Balance at September 30, 2020 | 17,020,724 | | | $ | 170 | | | $ | 170,204 | | | $ | 234,023 | | | $ | (6,216) | | | $ | 2,170 | | | $ | 400,351 | |
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| (Unaudited) |
| Three Months Ended September 30, 2019 |
| Common Stock | | Additional
Paid In
Capital | | Retained
Earnings | | Unearned
ESOP
Shares | | Accumulated
Other
Comprehensive
Income (loss) | | Total
Stockholders'
Equity |
| Shares | | Amount |
| Balance at June 30, 2019 | 17,984,105 | | | $ | 180 | | | $ | 190,315 | | | $ | 224,545 | | | $ | (6,877) | | | $ | 733 | | | $ | 408,896 | |
| Net income | — | | | — | | | — | | | 8,804 | | | — | | | — | | | 8,804 | |
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Cash dividends declared on common stock, $0.06/common share | — | | | — | | | — | | | (1,034) | | | — | | | — | | | (1,034) | |
| Stock repurchased | (189,160) | | | (2) | | | (4,798) | | | — | | | — | | | — | | | (4,800) | |
| Forfeited restricted stock | (3,200) | | | — | | | — | | | — | | | — | | | — | | | — | |
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| Granted restricted stock | 13,000 | | | — | | | — | | | — | | | — | | | | | — | |
| Exercised stock options | 13,400 | | | — | | | 194 | | | — | | | — | | | — | | | 194 | |
| Stock option expense | — | | | — | | | 198 | | | — | | | — | | | — | | | 198 | |
| Restricted stock expense | — | | | — | | | 245 | | | — | | | — | | | — | | | 245 | |
| ESOP shares allocated | — | | | — | | | 205 | | | — | | | 133 | | | — | | | 338 | |
| Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 227 | | | 227 | |
| Balance at September 30, 2019 | 17,818,145 | | | $ | 178 | | | $ | 186,359 | | | $ | 232,315 | | | $ | (6,744) | | | $ | 960 | | | $ | 413,068 | |
The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Dollars in thousands) | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, |
| | 2020 | | 2019 |
| Operating Activities: | | | |
| Net income | $ | 5,753 | | | $ | 8,804 | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | |
| Provision for credit losses | 950 | | | — | |
| Depreciation | 2,392 | | | 1,223 | |
| Deferred income tax expense | 1,070 | | | 2,198 | |
| Net amortization and accretion | (442) | | | (1,705) | |
| | | |
| Gain on sale and impairment of REO | (35) | | | (19) | |
| Gain on sale of loans held for sale | (3,344) | | | (2,299) | |
| Origination of loans held for sale | (221,404) | | | (77,778) | |
| Proceeds from sales of loans held for sale | 158,185 | | | 62,122 | |
| | | |
| Increase in deferred loan costs, net | (1,753) | | | (250) | |
| Decrease in accrued interest receivable and other assets | 1,926 | | | 419 | |
| Amortization of core deposit intangibles | 238 | | | 411 | |
| BOLI income | (532) | | | (697) | |
| ESOP compensation expense | 191 | | | 338 | |
| Restricted stock and stock option expense | 506 | | | 443 | |
| Increase (decrease) in other liabilities | 516 | | | (2,274) | |
| Net cash used in operating activities | (55,783) | | | (9,064) | |
| Investing Activities: | | | |
| Purchase of securities available for sale | (500) | | | (49,375) | |
| Proceeds from maturities of securities available for sale | 27,285 | | | 1,900 | |
| | | |
| Net proceeds (purchases) of commercial paper | 100,397 | | | (11,159) | |
| Purchase of certificates of deposit in other banks | (996) | | | (5,130) | |
| Maturities of certificates of deposit in other banks | 4,324 | | | 7,018 | |
| Principal repayments of mortgage-backed securities | 4,635 | | | 3,748 | |
| Net purchases of other investments | (3) | | | (522) | |
| | | |
| Net decrease (increase) in loans | 19,583 | | | (56,538) | |
| Purchase of BOLI | (56) | | | (25) | |
| Proceeds from redemption of BOLI | — | | | 477 | |
| Purchase of premises and equipment | (1,807) | | | (383) | |
| Purchase of operating lease equipment | (2,918) | | | (1,606) | |
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| Proceeds from sale of REO | 228 | | | 412 | |
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| Net cash provided by (used in) investing activities | 150,172 | | | (111,183) | |
| Financing Activities: | | | |
| Net increase (decrease) in deposits | (43,710) | | | 166,937 | |
| Net increase in other borrowings | — | | | 5,000 | |
| Common stock repurchased | — | | | (4,800) | |
| Cash dividends paid | (1,148) | | | (1,034) | |
| Retired stock | (9) | | | — | |
| Exercised stock options | — | | | 194 | |
| | | |
| Net cash provided by (used in) financing activities | (44,867) | | | 166,297 | |
| Net Increase in Cash and Cash Equivalents | 49,522 | | | 46,050 | |
| Cash and Cash Equivalents at Beginning of Period | 121,622 | | | 71,043 | |
| Cash and Cash Equivalents at End of Period | $ | 171,144 | | | $ | 117,093 | |
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Cash Flows (continued)
(Dollars in thousands)
| | | | | | | | | | | |
| (Unaudited) |
| Supplemental Disclosures: | Three Months Ended September 30, |
| | 2020 | | 2019 |
| Cash paid during the period for: | | | |
| Interest | $ | 5,308 | | | $ | 9,011 | |
| Income taxes | 1,686 | | | 5 | |
| Noncash transactions: | | | |
| Unrealized gain in value of securities available for sale, net of income taxes | 153 | | | 227 | |
| Transfer of loans to REO | — | | | 46 | |
| Transfer of loans held for sale to total loans | 17,754 | | | 3,614 | |
| | | |
| Transfer of one-to-four family loans to held for sale | — | | | 256,803 | |
| Transfer of land from property and equipment to other assets for new finance lease accounting | — | | | 2,052 | |
| New ROU asset and lease liabilities for new operating lease accounting | 533 | | | 5,296 | |
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The accompanying notes are an integral part of these consolidated financial statements.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
1. Summary of Significant Accounting Policies
The consolidated financial statements presented in this report include the accounts of HomeTrust Bancshares, Inc., a Maryland corporation ("HomeTrust"), and its wholly-owned subsidiary, HomeTrust Bank (the "Bank"). As used throughout this report, the term the "Company" refers to HomeTrust and the Bank, its consolidated subsidiary, unless the context otherwise requires.
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. It is recommended that these unaudited interim consolidated financial statements be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2020 ("2020 Form 10-K") filed with the SEC on September 11, 2020. The results of operations for the three months ended September 30, 2020 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2021.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's financial statements. These policies relate to (i) the determination of the provision and the allowance for credit losses on loans and (ii) the valuation of goodwill and other intangible assets. These policies and judgments, estimates and assumptions are described in greater detail in notes to the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in the Company's 2020 Form 10-K. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company's results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company's financial condition and operating results in future periods.
Operating, Accounting and Reporting Considerations related to COVID-19
The COVID-19 pandemic has negatively impacted the global economy. In response to this crisis, the CARES Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to:
• Accounting for Loan Modifications - The CARES Act provides that a financial institution may elect to suspend (1) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The Bank has elected this as a policy change.
• PPP - The CARES Act established the PPP, an expansion of the SBA's 7(a) loan program and the Economic Injury Disaster Loan Program, administered directly by the SBA.
Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau, in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to:
• Accounting for Loan Modifications - A loan modification that does not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment.
• Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral.
• Nonaccrual Status and Charge-offs - While short-term COVID-19 modifications are in effect, these loans generally should not be reported as nonaccrual or as classified.
HOMETRUST BANCSHARES, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
(Dollars in thousands, except per share data)
See Note 6 Loans for more information on COVID-19 specific loans that have been modified or in deferral.
Adoption of CECL standard
On July 1, 2020, the Company adopted ASU No. 2016-13, "Financial Instruments-Credit Losses ("Topic 326"): Measurement of Credit Losses on Financial Instruments", sometimes referred to herein as ASU 2016-13. Topic 326 was subsequently amended by ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; ASU No. 2019-05, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; and ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This standard applies to all financial assets measured at amortized cost and off balance sheet credit exposures, including loans, investment securities and unfunded commitments. The Company applied the standard’s provisions using the modified retrospective method as a cumulative effect adjustment to retained earnings as of July 1, 2020. With this transition method, the Company did not have to restate comparative prior periods presented in the financial statements related to Topic 326, but will present comparative prior period disclosures using the previous accounting guidance for the allowance for loan losses. This adoption method is considered a change in accounting principle requiring additional disclosure of the nature of and reason for the change, which is solely a result of the adoption of the required standard.
ACL – Investment Securities
Management uses a systematic methodology to determine its ACL for investment securities held to maturity. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the held-to-maturity portfolio. Management considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the portfolio. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. Management monitors the held-to-maturity portfolio to determine whether a valuation account would need to be recorded. The Company currently has no investment securities held to maturity.
Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the investment securities and does not record an allowance for credit losses on accrued interest receivable. As of September 30, 2020, the accrued interest receivable for investment securities available for sale was $453.
The Company’s estimate of expected credit losses includes a measure of the expected risk of credit loss even if that risk is remote. However, the Company does not measure expected credit losses on an investment security in which historical credit loss information adjusted for current conditions and reasonable and supportable forecast results in an expectation that nonpayment of the amortized cost basis is zero. Management does not expect nonpayment of the amortized cost basis to be zero solely on the basis of the current value of collateral securing the security but, instead, also considers the nature of the collateral, potential future changes in collateral values, default rates, delinquency rates, third-party guarantees, credit ratings, interest rate changes since purchase, volatility of the security’s fair value and historical loss information for financial assets secured with similar collateral. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. government agencies, residential MBS of U.S. government agencies and GSEs, and municipal bonds. All of the U.S. government agencies and U.S. government agency backed securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal bonds that do