0001721868-21-000493.txt : 20210816 0001721868-21-000493.hdr.sgml : 20210816 20210816160152 ACCESSION NUMBER: 0001721868-21-000493 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 73 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210816 DATE AS OF CHANGE: 20210816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW PEOPLES BANKSHARES INC CENTRAL INDEX KEY: 0001163389 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 311804543 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-33411 FILM NUMBER: 211177705 BUSINESS ADDRESS: STREET 1: 67 COMMERCE DRIVE CITY: HONAKER STATE: VA ZIP: 24260 BUSINESS PHONE: 2768737000 MAIL ADDRESS: STREET 1: PO BOX 1810 CITY: HONAKER STATE: VA ZIP: 24260 10-Q 1 f2snwpp10q081321.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to _____________

 

Commission file number: 000-33411

 

NEW PEOPLES BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

 

31-1804543

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

67 Commerce Drive, Honaker, Virginia

 

24260

(Address of principal executive offices)

 

(Zip Code)

(276) 873-7000
(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

None

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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

 

 

The number of shares outstanding of the registrant’s common stock was 23,922,086 as of August 11, 2021.

 

 

 

 

NEW PEOPLES BANKSHARES, INC.

 

INDEX

 

 

 

Page

PART I

FINANCIAL INFORMATION

 

     

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Statements of Income – Three months ended June 30, 2021 and 2020 (Unaudited)

3

 

 

 

 

Consolidated Statements of Income – Six months ended June 30, 2021 and 2020 (Unaudited)

4

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2021 and 2020 (Unaudited)

5

 

 

 

 

Consolidated Balance Sheets – June 30, 2021 (Unaudited) and December 31, 2020

6

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity – Three and six months ended June 30, 2021 and 2020 (Unaudited)

7

 

 

 

 

Consolidated Statements of Cash Flows – Six months ended June 30, 2021 and 2020 (Unaudited)

8

 

 

 

 

Notes to Consolidated Financial Statements

9

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

36

 

 

 

Item 4.

Controls and Procedures

36

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

37

 

 

 

Item 1A.

Risk Factors

37

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

 

 

Item 3.

Defaults upon Senior Securities

37

 

 

 

Item 4.

Mine Safety Disclosures

37

 

 

 

Item 5.

Other Information

37

 

 

 

Item 6.

Exhibits

37

 

 

 

SIGNATURES

38

 

 

 

 

Part I   Financial Information

Item 1  Financial Statements

 

NEW PEOPLES BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

 

                 

INTEREST AND DIVIDEND INCOME

 

2021

 

 

2020

 

Loans including fees

 

$

6,960

 

 

$

7,114

 

Interest-earning deposits with banks

 

 

22

 

 

 

13

 

Investments

 

 

334

 

 

 

272

 

Dividends on equity securities (restricted)

 

 

32

 

 

 

37

 

Total Interest and Dividend Income

 

 

7,348

 

 

 

7,436

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

575

 

 

 

1,131

 

Borrowed funds

 

 

122

 

 

 

165

 

Total Interest Expense

 

 

697

 

 

 

1,296

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

6,651

 

 

 

6,140

 

 

 

 

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

186

 

 

 

550

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER

 

 

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

6,465

 

 

 

5,590

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Service charges and fees

 

 

841

 

 

 

528

 

Card processing and interchange

 

 

1,072

 

 

 

835

 

Insurance and investment fees

 

 

275

 

 

 

109

 

Other noninterest income

 

 

190

 

 

 

156

 

Total Noninterest Income

 

 

2,378

 

 

 

1,628

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSES

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,099

 

 

 

3,818

 

Occupancy and equipment expense

 

 

1,184

 

 

 

1,150

 

Data processing and telecommunications

 

 

653

 

 

 

657

 

Other operating expenses

 

 

1,788

 

 

 

1,567

 

Total Noninterest Expenses

 

 

6,724

 

 

 

7,192

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

2,119

 

 

 

30

 

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

 

456

 

 

 

1

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

1,663

 

 

$

29

 

 

 

 

 

 

 

 

 

 

Income Per Share

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.07

 

 

$

0.00

 

Average Weighted Shares of Common Stock

 

 

 

 

 

 

 

 

Basic and diluted

 

 

23,922,086

 

 

 

23,922,086

 

 

The accompanying notes are an integral part of these financial statements.

 

 3

 

 

NEW PEOPLES BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)

 

                 

INTEREST AND DIVIDEND INCOME

 

2021

 

 

2020

 

Loans including fees

 

$

13,881

 

 

$

14,212

 

Federal funds sold

 

 

-

 

 

 

1

 

Interest-earning deposits with banks

 

 

41

 

 

 

175

 

Investments

 

 

581

 

 

 

569

 

Dividends on equity securities (restricted)

 

 

64

 

 

 

74

 

Total Interest and Dividend Income

 

 

14,567

 

 

 

15,031

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Deposits

 

 

1,258

 

 

 

2,393

 

Borrowed funds

 

 

245

 

 

 

356

 

Total Interest Expense

 

 

1,503

 

 

 

2,749

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

13,064

 

 

 

12,282

 

 

 

 

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

372

 

 

 

1,550

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER

 

 

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

12,692

 

 

 

10,732

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,673

 

 

 

1,379

 

Card processing and interchange

 

 

1,936

 

 

 

1,588

 

Insurance and investment fees

 

 

501

 

 

 

241

 

Net gain on sales of available-for-sale securities

 

 

-

 

 

 

4

 

Other noninterest income

 

 

397

 

 

 

585

 

Total Noninterest Income

 

 

4,507

 

 

 

3,797

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSES

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

6,178

 

 

 

7,319

 

Occupancy and equipment expense

 

 

2,360

 

 

 

2,263

 

Data processing and telecommunications

 

 

1,226

 

 

 

1,277

 

Other operating expenses

 

 

3,309

 

 

 

3,584

 

Total Noninterest Expenses

 

 

13,073

 

 

 

14,443

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

4,126

 

 

 

86

 

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

 

878

 

 

 

11

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

3,248

 

 

$

75

 

 

 

 

 

 

 

 

 

 

Income Per Share                

Basic and diluted

 

$

0.14

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

Average Weighted Shares of Common Stock                

Basic and diluted

 

 

23,922,086

 

 

 

23,922,086

 

 

The accompanying notes are an integral part of these financial statements.  

 

 4

 

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(IN THOUSANDS)

(UNAUDITED) 

 

                                 

 

 

For the three months ended

June 30,

 

 

For the six months ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME

 

$

1,663

 

 

$

29

 

 

$

3,248

 

 

$

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains arising during the period

 

 

(58

)

 

 

244

 

 

 

(584

)

 

 

1,011

 

Reclassification adjustment for net gains Included in net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

Other comprehensive (loss) gain on investment securities

 

 

(58

)

 

 

244

 

 

 

(584

)

 

 

1,007

 

Related tax benefit (expense)

 

 

12

 

 

 

(51

)

 

 

123

 

 

 

(211

)

TOTAL OTHER COMPREHENSIVE (LOSS) INCOME

 

 

(46

)

 

 

193

 

 

 

(461

)

 

 

796

 

TOTAL COMPREHENSIVE INCOME

 

$

1,617

 

 

$

222

 

 

$

2,787

 

 

$

871

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 5

 

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2021 AND DECEMBER 31, 2020

(IN THOUSANDS EXCEPT PER SHARE AND SHARE DATA)

(UNAUDITED)

 

             

ASSETS

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

16,878

 

 

$

16,023

 

Interest-bearing deposits with banks

 

 

52,647

 

 

 

76,105

 

Federal funds sold

 

 

132

 

 

 

222

 

Total Cash and Cash Equivalents

 

 

69,657

 

 

 

92,350

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

 

 

96,031

 

 

 

48,406

 

 Loans held for sale

 

 

-

 

 

 

 389

 

 

 

 

 

 

 

 

 

 

Loans receivable

 

 

591,914

 

 

 

575,566

 

Allowance for loan losses

 

 

(6,696

)

 

 

(7,191

)

Net loans

 

 

585,218

 

 

 

568,375

 

 

 

 

 

 

 

 

 

 

Bank premises and equipment, net

 

 

22,946

 

 

 

22,174

 

Other real estate owned

 

 

2,269

 

 

 

3,334

 

Accrued interest receivable

 

 

2,259

 

 

 

2,392

 

Deferred taxes, net

 

 

2,373

 

 

 

3,126

 

Right-of-use assets – operating leases

 

 

5,248

 

 

 

5,439

 

Other assets

 

 

11,587

 

 

 

10,317

 

 

 

 

 

 

 

 

 

 

       Total Assets

 

$

797,588

 

 

$

756,302

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest bearing

 

$

255,267

 

 

$

223,725

 

Interest-bearing

 

 

456,100

 

 

 

444,287

 

       Total Deposits

 

 

711,367

 

 

 

668,012

 

 

 

 

 

 

 

 

 

 

Borrowed funds

 

 

16,496

 

 

 

21,496

 

Lease liabilities – operating leases

 

 

5,248

 

 

 

5,439

 

Accrued interest payable

 

 

309

 

 

 

436

 

Accrued expenses and other liabilities

 

 

3,204

 

 

 

2,742

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

736,624

 

 

 

698,125

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - $2.00 par value; 50,000,000 shares authorized; 23,922,086 shares issued and outstanding at June 30, 2021 and December 31, 2020

 

 

47,844

 

 

 

47,844

 

Additional paid-in-capital

 

 

14,570

 

 

 

14,570

 

Retained deficit

 

 

(1,731

)

 

 

(4,979

)

Accumulated other comprehensive income

 

 

281

 

 

 

742

 

 

 

 

 

 

 

 

 

 

Total Stockholders’ Equity

 

 

60,964

 

 

 

58,177

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

 

$

797,588

 

 

$

756,302

 

 

The accompanying notes are an integral part of these financial statements.  

 

 6

 

 

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020 

(IN THOUSANDS INCLUDING SHARE DATA)

(UNAUDITED)

 

                               
   Shares of Common Stock   Common Stock   Additional Paid-in- Capital   Retained  Deficit  

Accumulated Other

Comprehensive Income (Loss)

   Total Stockholders’ Equity 
                         
Balance, December 31, 2019   23,922   $47,844   $14,570   $(7,869)  $57   $54,602 
                               
Net income   -    -    -    46    -    46 
Other comprehensive income, net of tax   -    -    -    -    603    603 
Balance, March 31, 2020   23,922   $47,844   $14,570   $(7,823)  $660   $55,251 
                               
Net income   -    -    -    29    -    29 
Other comprehensive income, net of tax   -    -    -    -    193    193 
Balance, June 30, 2020   23,922   $47,844   $14,570   $(7,794)  $853   $55,473 
                               
Balance, December 31, 2020   23,922   $47,844   $14,570   $(4,979)  $742   $58,177 
                               
Net income   -    -    -    1,585    -    1,585 
Other comprehensive loss, net of tax   -    -    -    -    (415)   (415)
Balance, March 31, 2021   23,922   $47,844   $14,570   $(3,394)  $327   $59,347 
                               
Net income   -    -    -    1,663    -    1,663 
Other comprehensive loss, net of tax   -    -    -    -    (46)   (46)
Balance, June 30, 2021   23,922   $47,844   $14,570   $(1,731)  $281   $60,964 

 

The accompanying notes are an integral part of these financial statements.

 

 7

 

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(IN THOUSANDS)

(UNAUDITED)

 

         
   2021   2020 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $3,248   $75 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   1,109    1,093 
Provision for loan losses   372    1,550 
Income on bank owned life insurance   (20)   (38)
Net gain on sale of securities available-for-sale   -    (4)
Gain on sale of mortgage loans   (80)   (103)
Loss on sale or disposal of premises and equipment   40    19 
Loss (gain) on sale of other real estate owned   16    (58)
Loans originated for sale   (4,856)   (6,654)
Proceeds from sales of loans originated for sale   5,325    6,759 
Adjustment of carrying value of other real estate owned   28    132 
Adjustment of carrying value of repossessed assets   -    33 
Net amortization/accretion of bond premiums/discounts   199    213 
Deferred tax expense   876    11 
Net change in:          
Accrued interest receivable   133    (882)
Other assets   (1,835)   (463)
Accrued interest payable   (127)   (90)
Accrued expenses and other liabilities   511    768 
Net Cash Provided by Operating Activities   4,939    2,361 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Net increase in loans   (17,728)   (25,189)
Purchase of securities available-for-sale   (55,853)   - 
Proceeds from sale of investment securities available-for-sale   -    1,025 
Proceeds from repayments and maturities of securities available-for-sale   7,445    4,896 
Net (redemption) purchase of equity securities (restricted)   585    (22)
Payments for the purchase of premises and equipment   (1,921)   (1,393)
Proceeds from sale of premises and equipment   -    1 
Proceeds from sales of other real estate owned   1,485    138 
Net Cash Used in Investing Activities   (65,987)   (20,544)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Net change in short term borrowings   (5,000)   - 
Net change in noninterest bearing deposits   31,542    52,811 
Net change in interest bearing deposits   11,813    (5,884)
Net Cash Provided by Financing Activities   38,355    46,927 
           
Net (decrease) increase in cash and cash equivalents   (22,693)   28,744 
Cash and Cash Equivalents, Beginning of the Period   92,350    50,147 
Cash and Cash Equivalents, End of the Period  $69,657   $78,891 
           
Supplemental Disclosure of Cash Paid During the Period for:          
Interest  $1,630   $2,839 
Taxes  $-   $- 
Supplemental Disclosure of Non-cash Transactions:          
Other real estate acquired in settlement of foreclosed loans  $513   $252 
Loans made to finance sale of other real estate owned  $-   $428 
Change in unrealized gains on securities available for sale  $(584)  $1,007 

 

The accompanying notes are an integral part of these financial statements.

 

 8

 

 

NEW PEOPLES BANKSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 NATURE OF OPERATIONS

 

Nature of Operations – New Peoples Bankshares, Inc. (New Peoples) is a financial holding company whose principal activity is the ownership and management of a community bank, New Peoples Bank, Inc. (the Bank). New Peoples and the Bank are organized and incorporated under the laws of the Commonwealth of Virginia. As a state chartered member bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the Federal Reserve). The Bank provides general banking services to individuals, small and medium size businesses and the professional community of southwest Virginia, southern West Virginia, western North Carolina and northeastern Tennessee. These services include commercial and consumer loans along with traditional deposit products such as checking and savings accounts.

 

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

These consolidated financial statements conform to U. S. generally accepted accounting principles (GAAP) and to general industry practices. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position at June 30, 2021 and December 31, 2020, and the results of operations for the three and six month periods ended June 30, 2021 and 2020. The Notes included herein should be read in conjunction with the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.

 

The consolidated financial statements include New Peoples, the Bank, NPB Insurance Services, Inc., and NPB Web Services, Inc. (hereinafter, collectively referred to as the Company, we, us or our). All significant intercompany balances and transactions have been eliminated. In accordance with Accounting Standards Codification (ASC) 942, Financial Services – Depository and Lending, NPB Capital Trust I and 2 are not included in the consolidated financial statements.

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The determination of the adequacy of the allowance for loan losses and the determination of the deferred tax asset and related valuation allowance are based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions.

 

NOTE 3 INCOME PER SHARE

 

Basic income per share computations are based on the weighted average number of shares outstanding during each period. Dilutive earnings per share reflect the additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may be issued relate to outstanding common stock warrants and are determined by the Treasury Method. For the three-month and six-month periods ended June 30, 2021 and 2020, there were no potential common shares. Basic and diluted net income per common share calculations follows:

 

Schedule Basic and diluted net income per common share                 

(Dollars in Thousands, Except

Share and Per Share Data)

  For the three months
ended June 30,
   For the six months
ended June 30,
 
   2021   2020   2021   2020 
Net income  $1,663   $29   $3,248   $75 
Weighted average shares outstanding   23,922,086    23,922,086    23,922,086    23,922,086 
Weighted average dilutive shares outstanding   23,922,086    23,922,086    23,922,086    23,922,086 
                     
Basic and diluted income per share  $0.07   $0.00   $0.14   $0.00 

 

 9

 

 

NOTE 4 CAPITAL

 

Capital Requirements and Ratios

 

The Company meets eligibility criteria of a small bank holding company in accordance with the Federal Reserve’s Small Bank Holding Company Policy Statement issued in February 2015 and, therefore, is not obligated to report consolidated regulatory capital.

 

The Bank is subject to various capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and, possibly, additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

 

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital to risk-weighted assets, Tier 1 capital to average assets, and Common Equity Tier 1 capital to risk-weighted assets. As of June 30, 2021, the Bank meets all capital adequacy requirements to which it is subject.

 

The Bank’s actual capital amounts and ratios are presented in the following table as of June 30, 2021 and December 31, 2020, respectively.

 

                              
   Actual   Minimum Capital Requirement   Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions 
(Dollars are in thousands)  Amount   Ratio   Amount   Ratio   Amount   Ratio 
June 30, 2021:
Total Capital to Risk Weighted Assets  $80,710    16.08%  $40,165    8.0%  $50,207    10.0%
Tier 1 Capital to Risk Weighted Assets   74,429    14.82%   30,124    6.0%   40,165    8.0%
Tier 1 Capital to Average Assets   74,429    9.19%   32,386    4.0%   40,483    5.0%
Common Equity Tier 1 Capital to Risk Weighted Assets   74,429    14.82%   22,593    4.5%   32,634    6.5%
                               

December 31, 2020:

                              
Total Capital to Risk Weighted Assets  $77,133    16.41%  $37,603    8.0%  $47,028&