QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) | |
(Address of Principal Executive Office) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Page Number |
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Item 1. |
4 |
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Item 2. |
33 |
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Item 3. |
46 |
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Item 4. |
46 |
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PART II. OTHER INFORMATION |
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Item 1. |
47 |
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Item 1A. |
47 |
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Item 2. |
54 |
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Item 3. |
54 |
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Item 4. |
54 |
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Item 5. |
54 |
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Item 6. |
54 |
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56 |
ASSETS |
||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) | ||||||||
Cash and due from banks |
$ | $ | ||||||
Federal funds sold |
||||||||
Cash and cash equivalents |
||||||||
Certificates of deposit with other banks |
||||||||
Investment securities available-for-sale |
||||||||
Other investments |
||||||||
Mortgage loans held for sale |
||||||||
Loans, net |
||||||||
Premises and equipment, net |
||||||||
Other real estate owned |
||||||||
Bank owned life insurance |
||||||||
Accrued interest receivable and other assets |
||||||||
Total Assets |
$ | $ | ||||||
LIABILITIES AND EQUITY |
||||||||
Deposits: |
||||||||
Demand |
$ | $ | ||||||
Interest-bearing demand |
||||||||
Savings |
||||||||
Certificates of deposit |
||||||||
Total deposits |
||||||||
Federal Home Loan Bank advances |
||||||||
Stock subscriptions |
— |
|||||||
Accrued interest payable and other liabilities |
||||||||
Total liabilities |
||||||||
Commitments |
||||||||
Equity: |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Total equity |
||||||||
Total Liabilities and Equity |
$ | $ | ||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Interest and Dividend Income: |
||||||||||||||||
Interest and fees on loans |
$ | $ | $ | $ | ||||||||||||
Interest and dividends on taxable investment securities |
||||||||||||||||
Interest on deposits with other banks and federal fund sold |
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Total interest and dividend income |
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Interest Expense: |
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Interest on deposits |
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Interest on borrowings |
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Total interest expense |
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Net interest income |
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Provision for Allowance for Loan Losses |
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Net interest income after provision for allowance for loan losses |
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Other Income: |
||||||||||||||||
Service charges on deposits accounts |
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Gain on sale of mortgage loans |
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Bank owned life insurance income |
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Other |
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Total other income |
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Other Expense: |
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Salaries and employee benefits |
||||||||||||||||
Occupancy and equipment |
||||||||||||||||
Other real estate owned, net of operations, loss (gain) on sales and write-downs |
( |
) | ||||||||||||||
Data processing conversion costs |
— | |||||||||||||||
Other |
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Total other expense |
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Income Before Income Taxes |
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Income Tax Expense |
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|
|
|
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Net Income |
$ | $ | $ | $ | ||||||||||||
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|
|
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|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net Income |
$ | $ | $ | $ | ||||||||||||
|
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|
|||||||||
Other Comprehensive (Loss) Income, |
||||||||||||||||
Net of Income Taxes: |
||||||||||||||||
Unrealized losses on securities available-for-sale: |
||||||||||||||||
Holding losses arising during the period, net of taxes |
( |
) | ||||||||||||||
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Total other comprehensive (loss) income |
( |
) | ||||||||||||||
|
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|
|||||||||
Comprehensive Income |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total |
||||||||||
Balance, December 31, 2019 |
$ | $ | ( |
) | $ | |||||||
Net income for the three months ended March 31, 2020 (unaudited) |
— | |||||||||||
Other comprehensive loss, net of tax (unaudited) |
— | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Balance, March 31, 2020 |
$ | $ | ( |
) | $ | |||||||
|
|
|
|
|
|
|||||||
Net income for the three months ended June 30, 2020 (unaudited) |
— | |||||||||||
Other comprehensive income, net of tax (unaudited) |
— | |||||||||||
|
|
|
|
|
|
|||||||
Balance, June 30, 2020 |
$ | $ | ( |
) | $ | |||||||
|
|
|
|
|
|
|||||||
Balance, December 31, 2020 |
$ | $ | ( |
) | $ | |||||||
Net income for the three months ended March 31, 2021 (unaudited) |
— | |||||||||||
Other comprehensive loss, net of tax (unaudited) |
— | ( |
) | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Balance, March 31, 2021 |
$ | $ | ( |
) | $ | |||||||
|
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|
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|
|
|
|
|
|
|
|
Net income for the three months ended June 30, 2021 (unaudited) |
— | |||||||||||
Other comprehensive income, net of tax (unaudited) |
— | |||||||||||
|
|
|
|
|
|
|||||||
Balance, June 30, 2021 |
$ | $ | ( |
) | $ | |||||||
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||
2021 |
2020 |
|||||||
Cash Flows from Operating Activities |
||||||||
Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities |
||||||||
Depreciation, amortization and accretion |
||||||||
Provision for allowance for loan losses |
||||||||
Gain on sale of other real estate owned |
— | ( |
) | |||||
Increase in cash surrender value of bank owned life insurance |
( |
) | ( |
) | ||||
Gain on mortgage loans sold, net |
( |
) | ( |
) | ||||
Proceeds from the sale of mortgage loans held for sale |
||||||||
Originations of mortgage loans held for sale |
( |
) | ( |
) | ||||
Change in: |
||||||||
Accrued interest receivable and other assets |
( |
) | ||||||
Accrued interest payable and other liabilities |
||||||||
Net cash provided by (used in) operating activities |
( |
) | ||||||
Cash Flows from Investing Activities |
||||||||
Net change in interest-bearing deposits in other banks |
||||||||
Purchases of investment securities available-for -sale |
( |
) | — | |||||
Proceeds from calls, paydowns and maturities of investment securities available-for-sale |
||||||||
Purchase of other investments |
— | ( |
) | |||||
Proceeds from sales of other investments |
— | |||||||
Net change in loans |
( |
) | ( |
) | ||||
Proceeds from sales of other real estate owned |
— | |||||||
Proceeds from sales of premises and equipment |
— | |||||||
Purchases of premises and equipment |
( |
) | ( |
) | ||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash Flows from Financing Activities: |
||||||||
Net increase in deposits |
||||||||
Proceeds from Federal Home Loan Bank advances |
— | |||||||
Repayments of Federal Home Loan Bank advances |
( |
) | ( |
) | ||||
Proceeds from Stock subscriptions |
— |
|||||||
Net cash provided by financing activities |
||||||||
Net Change in Cash and Cash Equivalents |
( |
) | ||||||
Cash and Cash Equivalents, Beginning of Period |
||||||||
Cash and Cash Equivalents, End of Period |
$ | $ | ||||||
Supplement Disclosures of Cash Flow Information: |
||||||||
Cash paid during the period for interest |
$ | $ | ||||||
Cash received from tax refund |
— | $ | ||||||
Non-Cash Investing and Financing Activities: |
||||||||
Change in unrealized (losses) gains on securities-for-sale, |
$ | ( |
) | $ | ||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
Fair Value as % of Total |
||||||||||||||||
June 30, 2021- |
||||||||||||||||||||
US treasuries |
$ | $ | $ | $ | ||||||||||||||||
Mortgage-backed securities |
||||||||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||||||
Corporate obligations |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | $ | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 2020 - |
||||||||||||||||||||
Mortgage-backed securities |
$ | $ | $ | $ | ||||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||||||
Corporate obligations |
||||||||||||||||||||
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|
|
|
|
|
|
|||||||||||
$ | $ | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
June 30, 2021 | December 31, 2020 | |||||||||||||||
Estimated Fair Value |
Unrealized Losses |
Estimated Fair Value |
Unrealized Losses |
|||||||||||||
Unrealized loss for less than 12 months: |
||||||||||||||||
US treasuries |
$ | $ | $ | $ | ||||||||||||
Mortgage-backed securities |
||||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||
Corporate obligations |
||||||||||||||||
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|
|||||||||
Total less than 12 months |
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Unrealized loss for more than 12 months: |
|
|||||||||||||||
Mortgage-backed securities |
||||||||||||||||
Corporate obligations |
||||||||||||||||
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|
|
|||||||||
Total more than 12 months |
||||||||||||||||
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|
|
|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Amortized Cost |
Estimated Fair Value |
|||||||
Investment securities with maturities - |
||||||||
Within 1 year |
$ | $ | ||||||
1 to 5 years |
||||||||
5 to 10 years |
||||||||
Over 10 years |
||||||||
Mortgage-backed securities and collateralized mortgage obligations |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
06/30/21 | Percent | 12/31/20 | Percent | |||||||||||||
Real estate loans: |
||||||||||||||||
Residential |
$ | % |
$ | % |
||||||||||||
Home equity |
% |
% |
||||||||||||||
Multi-family |
% |
% |
||||||||||||||
Commercial |
% |
% |
||||||||||||||
Construction and land development |
% |
% |
||||||||||||||
|
|
|
|
|||||||||||||
Total real estate loans |
||||||||||||||||
Consumer loans |
% |
% |
||||||||||||||
Commercial and industrial loans |
% |
% |
||||||||||||||
|
|
|
|
|||||||||||||
Total loans |
% |
% |
||||||||||||||
Less: Allowance for loan losses |
||||||||||||||||
Deferred loan fees |
||||||||||||||||
|
|
|
|
|||||||||||||
Loans, net |
$ | $ | ||||||||||||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Beginning balance |
$ | $ | $ | $ | ||||||||||||
Charge-offs: |
||||||||||||||||
Real estate loans: |
||||||||||||||||
Residential |
( |
) | ( |
) | ( |
) | ||||||||||
Home equity |
||||||||||||||||
Multi-family |
||||||||||||||||
Commercial |
||||||||||||||||
Construction and land development |
||||||||||||||||
Total real estate loans |
( |
) | ( |
) | ( |
) | ||||||||||
Consumer loans |
( |
) | ( |
) | ||||||||||||
Commercial and industrial loans |
||||||||||||||||
Total charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Recoveries: |
||||||||||||||||
Real estate loans: |
||||||||||||||||
Residential |
||||||||||||||||
Home equity |
||||||||||||||||
Multi-family |
||||||||||||||||
Commercial |
||||||||||||||||
Construction and land development |
||||||||||||||||
Total real estate loans |
||||||||||||||||
Consumer loans |
||||||||||||||||
Commercial and industrial loans |
||||||||||||||||
Total recoveries |
||||||||||||||||
Net recoveries |
||||||||||||||||
Provision for allowance for loan losses |
||||||||||||||||
Ending balance |
$ | $ | $ | $ | ||||||||||||
Loans | Allowance for loan losses | |||||||||||||||
Individually evaluated for impairment |
Collectively evaluated for impairment |
Individually evaluated for impairment |
Collectively evaluated for impairment |
|||||||||||||
June 30, 2021 - |
||||||||||||||||
Real estate loans: |
||||||||||||||||
Residential |
$ | $ | $ | $ | ||||||||||||
Home equity |
||||||||||||||||
Multi-family |
||||||||||||||||
Commercial |
||||||||||||||||
Construction and development |
||||||||||||||||
Total real estate loans |
||||||||||||||||
Consumer loans |
||||||||||||||||
Commercial and industrial loans |
||||||||||||||||
Unallocated |
||||||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||
December 31, 2020 - |
||||||||||||||||
Real estate loans: |
||||||||||||||||
Residential |
$ | $ | $ | $ | ||||||||||||
Home equity |
||||||||||||||||
Multi-family |
||||||||||||||||
Commercial |
||||||||||||||||
Construction and development |
||||||||||||||||
Total real estate loans |
||||||||||||||||
Consumer loans |
||||||||||||||||
Commercial and industrial loans |
||||||||||||||||
Unallocated |
||||||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||
Recorded Investment |
Principal Balance |
Related Allowance |
||||||||||
June 30, 2021 - |
||||||||||||
Impaired loans with related allowance: |
||||||||||||
Real estate loans: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
Home equity |
||||||||||||
Multi-family |
||||||||||||
Commercial |
||||||||||||
Construction and land development |
||||||||||||
Total real estate loans |
||||||||||||
Consumer loans |
||||||||||||
Commercial and industrial loans |
||||||||||||
Total |
$ | $ | $ | |||||||||
Impaired loans without related allowance: |
||||||||||||
Real estate loans: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
Home equity |
||||||||||||
Multi-family |
||||||||||||
Commercial |
||||||||||||
Construction and land development |
||||||||||||
Total real estate loans |
||||||||||||
Consumer loans |
||||||||||||
Commercial and industrial loans |
||||||||||||
Total |
$ | $ | $ | |||||||||
December 31, 2020 - |
Investment | Balance | Allowance | |||||||||
Impaired loans with related allowance: |
||||||||||||
Real estate loans: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
Home equity |
||||||||||||
Multi-family |
||||||||||||
Commercial |
||||||||||||
Construction and land development |
||||||||||||
|
|
|
|
|
|
|||||||
Total real estate loans |
||||||||||||
Consumer loans |
||||||||||||
Commercial and industrial loans |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Impaired loans without related allowance: |
|
|||||||||||
Real estate loans: |
||||||||||||
Residential |
$ | $ | $ | |||||||||
Home equity |
||||||||||||
Multi-family |
||||||||||||
Commercial |
||||||||||||
Construction and land development |
||||||||||||
|
|
|
|
|
|
|||||||
Total real estate loans |
||||||||||||
Consumer loans |
||||||||||||
Commercial and industrial loans |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Three Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Average Recorded Investment |
Interest Income Recognized |
Interest Income Received |
Average Recorded Investment |
Interest Income Recognized |
Interest Income Received |
|||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
Residential |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Home equity |
||||||||||||||||||||||||
Multi-family |
||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||
Construction and land development |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total real estate loans |
||||||||||||||||||||||||
Consumer loans |
||||||||||||||||||||||||
Commercial and industrial loans |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Average Recorded Investment |
Interest Income Recognized |
Interest Income Received |
Average Recorded Investment |
Interest Income Recognized |
Interest Income Received |
|||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
Residential |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Home equity |
||||||||||||||||||||||||
Multi-family |
||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||
Construction and land development |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total real estate loans |
||||||||||||||||||||||||
Consumer loans |
||||||||||||||||||||||||
Commercial and industrial loans |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
30-59 Days Past Due |
60-89 Days Past Due |
90 Days or Greater Past Due |
Total Past Due |
Current | Total | Non-accrual |
||||||||||||||||||||||
June 30, 2021 - |
||||||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||||||
Residential |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Home equity |
||||||||||||||||||||||||||||
Multi-family |
||||||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||||||
Construction and land development |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total real estate loans |
||||||||||||||||||||||||||||
Consumer loans |
||||||||||||||||||||||||||||
Commercial and industrial loans |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
December 31, 2020 - |
||||||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||||||
Residential |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Home equity |
||||||||||||||||||||||||||||
Multi-family |
||||||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||||||
Construction and land development |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total real estate loans |
||||||||||||||||||||||||||||
Consumer loans |
||||||||||||||||||||||||||||
Commercial and industrial loans |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass | Special Mention |
Substandard | Doubtful | Loss | Total | |||||||||||||||||||
June 30, 2021 - |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
Residential |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Home equity |
||||||||||||||||||||||||
Multi-family |
||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||
Construction and land development |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total real estate loans |
||||||||||||||||||||||||
Consumer loans |
||||||||||||||||||||||||
Commercial and industrial loans |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
December 31, 2020- |
||||||||||||||||||||||||
Real estate loans: |
||||||||||||||||||||||||
Residential |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Home equity |
||||||||||||||||||||||||
Multi-family |
||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||
Construction and land development |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total real estate loans |
||||||||||||||||||||||||
Consumer loans |
||||||||||||||||||||||||
Commercial and industrial loans |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 - |
||||||||||||||
Advance Date |
Amount | Rate |
Interest Rate |
Maturity |
Call Feature | |||||||||
|
$ | % | N/A | |||||||||||
|
% | N/A | ||||||||||||
|
% | N/A | ||||||||||||
|
% | N/A | ||||||||||||
|
|
|||||||||||||
$ | ||||||||||||||
|
|
|||||||||||||
December 31, 2020 - |
||||||||||||||
Advance Date |
||||||||||||||
|
$ | % | N/A | |||||||||||
|
% | N/A | ||||||||||||
|
% | N/A | ||||||||||||
|
% | N/A | ||||||||||||
|
|
|||||||||||||
$ | ||||||||||||||
|
|
06/30/21 |
12/31/20 |
|||||||
Financial instruments whose contract amounts represent credit risk: |
||||||||
Commitments to extend credit |
$ | $ | ||||||
|
|
|
|
|||||
Stand-by letters of credit |
$ | $ | ||||||
|
|
|
|
Actual | For Capital Adequacy Purposes |
To Be Well Capitalized Under Prompt Corrective Action Provisions |
||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
June 30, 2021: |
||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
Total Capital to Risk- Weighted Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
Tier 1 Capital to Risk- Weighted Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
Tier I Capital to Average Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
December 31, 2020: |
||||||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
Total Capital to Risk- Weighted Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
Tier 1 Capital to Risk- Weighted Assets |
$ | % | $ | % | $ | % | ||||||||||||||||||
Tier I Capital to Average Assets |
$ | % | $ | % | $ | % |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
June 30, 2021 : |
||||||||||||||||
US treasuries |
$ | $ | $ | $ | ||||||||||||
Mortgage-backed securities |
||||||||||||||||
Collateralized mortgage obligations |
||||||||||||||||
Corporate obligations |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment securities available-for-sale |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
December 31, 2020 : |
||||||||||||||||
Mortgage-backed securities |
$ | $ | $ | $ | ||||||||||||
Collateralized mortgage obligations |
||||||||||||||||
Corporate obligations |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment securities available-for-sale |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
June 30, 2021 : |
||||||||||||||||
Other real estate owned |
$ | $ | $ | $ | ||||||||||||
Impaired loans |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
December 31, 2020 : |
||||||||||||||||
Other real estate owned |
$ | $ | $ | $ | ||||||||||||
Impaired loans |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements at June 30, 2021 | ||||||||||||||||||||
Carrying Amount |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | — | $ | — | |||||||||||||
Certificates of deposit with other banks |
— | — | ||||||||||||||||||
Investment securities available-for-sale |
— | — | ||||||||||||||||||
Other investments |
— | — | ||||||||||||||||||
Mortgage loans held for sale |
— | — | ||||||||||||||||||
Loans, net |
— | — | ||||||||||||||||||
Bank owned life insurance |
— | — | ||||||||||||||||||
Financial liabilities: |
||||||||||||||||||||
Deposits |
— | |||||||||||||||||||
FHLB advances |
— | — |
Fair Value Measurements at December 31, 2020 | ||||||||||||||||||||
Carrying Amount |
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | — | $ | — | |||||||||||||
Certificates of deposit with other banks |
— | — | ||||||||||||||||||
Investment securities available-for-sale |
— | — | ||||||||||||||||||
Other investments |
— | — | ||||||||||||||||||
Mortgage loans held for sale |
— | — | ||||||||||||||||||
Loans, net |
— | — | ||||||||||||||||||
Bank owned life insurance |
— | — | ||||||||||||||||||
Financial liabilities: |
||||||||||||||||||||
Deposits |
— | |||||||||||||||||||
FHLB advances |
— | — |
• |
statements of our goals, intentions and expectations; |
• |
statements regarding our business plans, prospects, growth and operating strategies; |
• |
statements regarding the quality of our loan and investment portfolios; and |
• |
estimates of our risks and future costs and benefits. |
• |
the effects of the COVID-19 pandemic on our business, customers, employees and third-party service providers; |
• |
general economic conditions, either nationally or in our market areas, that are worse than expected; |
• |
changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses, including after CECL implementation; |
• |
our ability to access cost-effective funding; |
• |
fluctuations in real estate values and both residential and commercial real estate market conditions; |
• |
demand for loans and deposits in our market area; |
• |
our ability to implement and change our business strategies; |
• |
competition among depository and other financial institutions; |
• |
inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make; |
• |
adverse changes in the securities or secondary mortgage markets; |
• |
changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, including as a result of Basel III and CECL implementation; |
• |
changes to statutes, regulations or regulatory policies or practices resulting from the COVID-19 pandemic; |
• |
our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate; |
• |
the impact of the Dodd-Frank Act and JOBS Act and the implementing regulations; |
• |
changes in the quality or composition of our loan or investment portfolios; |
• |
changes in consumer spending and saving habits; |
• |
the effects of harsh weather conditions, including hurricanes, and man-made disasters; |
• |
technological changes that may be more difficult or expensive than expected; |
• |
the inability of third party providers to perform as expected; |
• |
the efficiency and effectiveness of our internal control environment; |
• |
our ability to manage market risk, credit risk, interest rate risk, liquidity risk and operational risk in the current economic environment; |
• |
the soundness of other financial institutions; |
• |
our ability to enter new markets successfully and capitalize on growth opportunities; |
• |
our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto; |
• |
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; |
• |
our ability to retain key employees; |
• |
our management team’s ability to focus primarily on the operation of our business rather than diversion of management attention to responses to the COVID-19 pandemic; |
• |
our compensation expense associated with equity allocated or awarded to our employees; and |
• |
changes in the financial condition, results of operations or future prospects of issuers of securities that we own. |
For the three months ended June 30, |
Change | |||||||||||||||
2021 | 2020 | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service charges on deposit accounts |
$ | 127 | $ | 107 | $ | 20 | 18.7 | % | ||||||||
Gain on sale of loans |
561 | 245 | 316 | 129.0 | % | |||||||||||
Other |
75 | 76 | (1 | ) | (1.3 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest income |
$ | 763 | $ | 428 | $ | 335 | 78.3 | % | ||||||||
|
|
|
|
|
|
|
|
For the three months ended June 30, |
Change | |||||||||||||||
2021 | 2020 | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Salaries and employee benefits |
$ | 1,960 | $ | 1,413 | $ | 547 | 38.7 | % | ||||||||
Occupancy and equipment |
195 | 176 | 19 | 10.8 | % | |||||||||||
Advertising |
54 | 73 | (19 | ) | (26.0 | )% | ||||||||||
Audit and examination |
80 | 104 | (24 | ) | (23.1 | )% | ||||||||||
Checking account related expenses |
206 | 186 | 20 | 10.6 | % | |||||||||||
Consulting and advisory fees |
26 | 37 | (11 | ) | (29.7 | )% | ||||||||||
Data system conversion costs |
— | 55 | (55 | ) | (100 | )% | ||||||||||
Data processing fees |
55 | 157 | (102 | ) | (65.0 | )% | ||||||||||
Director fees |
79 | 60 | 19 | 31.7 | % | |||||||||||
Legal |
13 | 19 | (6 | ) | (31.6 | )% | ||||||||||
Other real estate loss/(gain) on sale and writedowns |
— | — | — | — | ||||||||||||
Other |
185 | 143 | 42 | 29.4 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest expense |
$ | 2,853 | $ | 2,423 | $ | 430 | 17.7 | % | ||||||||
|
|
|
|
|
|
|
|
For the quarter ended June 30, | ||||||||||||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||||||||||
Yield/rate At 6-30- 2021 |
Average Balance Outstanding |
Interest Earned/ Paid |
Average Yield/ Rate |
Average Balance Outstanding |
Interest Earned/ Paid |
Average Yield/ Rate |
||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||||||
Loans receivable |
4.18 | % | $ | 264,419 | $ | 2,987 | 4.58 | % | $ | 274,384 | $ | 3,099 | 4.58 | % | ||||||||||||||
Securities available for sale |
1.52 | % | 23,434 | 86 | 1.49 | % | 20,948 | 79 | 1.53 | % | ||||||||||||||||||
Interest-earning deposits |
0.25 | % | 59,985 | 46 | 0.31 | % | 24,683 | 85 | 1.40 | % | ||||||||||||||||||
Other interest-earning assets |
3.69 | % | 598 | 6 | 4.07 | % | 819 | 6 | 2.97 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total interest-earning assets |
3.11 | % | 348,436 | $ | 3,125 | 3.64 | % | 303,625 | $ | 3,269 | 4.13 | % | ||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Non-interest-earning assets |
20,225 | 18,037 | ||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Total assets |
$ | 368,691 | $ | 338,871 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||||||
Savings and money market accounts |
0.19 | % | $ | 140,536 | $ | 72 | 0.21 | % | $ | 110,634 | $ | 156 | 0.57 | % | ||||||||||||||
Interest-bearing checking accounts |
0.07 | % | 52,622 | 12 | 0.09 | % | 36,676 | 7 | 0.08 | % | ||||||||||||||||||
Certificate accounts |
0.83 | % | 80,342 | 177 | 0.89 | % | 102,129 | 444 | 1.76 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total interest-bearing deposits |
0.32 | % | 273,500 | 261 | 0.39 | % | 249,439 | 607 | 0.99 | % | ||||||||||||||||||
Borrowings |
0.85 | % | 8,848 | 19 | 0.87 | % | 12,304 | 35 | 1.14 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total interest-bearing liabilities |
0.29 | % | 282,348 | $ | 280 | 0.40 | % | $ | 261,743 | $ | 642 | 0.99 | % | |||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Non-interest-bearing liabilities |
45,376 | 36,720 | ||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Total liabilities |
327,724 | 298,463 | ||||||||||||||||||||||||||
Total equity |
40,967 | 40,408 | ||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Total liabilities and equity |
$ | 368,691 | $ | 338,871 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Net interest income |
$ | 2,845 | $ | 2,627 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Net earning assets |
$ | 66,088 | $ | 59,091 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
Net interest rate spread (1) |
2.82 | % | 3.24 | % | 3.14 | % | ||||||||||||||||||||||
Net interest margin (2) |
3.27 | % | 3.29 | % | ||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities |
123.41 | % | 122.58 | % |
(1) |
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. |
(2) |
Net interest margin represents net interest income divided by average total interest-earning assets. |
Quarter Ended June 30, 2021 vs. 2020 |
||||||||||||
Increase/ (decrease) due to |
Total increase/ |
|||||||||||
Volume | Rate | (decrease) | ||||||||||
(In thousands) | ||||||||||||
Interest-earning assets: |
||||||||||||
Loans receivable |
$ | (113 | ) | $ | 1 | $ | (112 | ) | ||||
Securities available for sale |
9 | (2 | ) | 7 | ||||||||
Interest-earning deposits |
122 | (161 | ) | (39 | ) | |||||||
Other interest-earning assets |
(1 | ) | 1 | — | ||||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
17 | (161 | ) | (144 | ) | |||||||
|
|
|
|
|
|
|||||||
Interest-bearing liabilities: |
||||||||||||
Savings and money market accounts |
42 | (126 | ) | (84 | ) | |||||||
Interest-bearing checking accounts |
3 | 2 | 5 | |||||||||
Certificate accounts |
(95 | ) | (172 | ) | (267 | ) | ||||||
|
|
|
|
|
|
|||||||
Total interest-bearing deposits |
(50 | ) | (296 | ) | (346 | ) | ||||||
Borrowings |
(10 | ) | (6 | ) | (16 | ) | ||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
(60 | ) | (302 | ) | (362 | ) | ||||||
|
|
|
|
|
|
|||||||
Change in net interest income |
$ | 77 | 141 | $ | 218 | |||||||
|
|
|
|
|
|
For the six months ended June 30, |
Change | |||||||||||||||
2021 | 2020 | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Service charges on deposit accounts |
$ | 269 | $ | 261 | $ | 8 | 3.1 | % | ||||||||
Gain on sale of loans |
1,101 | 332 | 769 | 231.6 | % | |||||||||||
Other |
150 | 170 | (20 | ) | (11.8 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest income |
$ | 1,520 | $ | 763 | $ | 757 | 99.2 | % | ||||||||
|
|
|
|
|
|
|
|
For the six months ended June 30, |
Change | |||||||||||||||
2021 | 2020 | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Salaries and employee benefits |
$ | 3,670 | $ | 2,907 | $ | 763 | 26.2 | % | ||||||||
Occupancy and equipment |
400 | 360 | 40 | 11.1 | % | |||||||||||
Advertising |
112 | 118 | (6 | ) | (5.1 | )% | ||||||||||
Audit and examination |
199 | 220 | (21 | ) | (9.5 | )% | ||||||||||
Checking account related expenses |
248 | 299 | (51 | ) | (17.1 | )% | ||||||||||
Consulting and advisory fees |
56 | 27 | 29 | 107.4 | % | |||||||||||
Data system conversion costs |
1 | 55 | (54 | ) | (98.2 | )% | ||||||||||
Data processing fees |
204 | 188 | 16 | 8.5 | % | |||||||||||
Director fees |
163 | 120 | 43 | 35.8 | % | |||||||||||
Legal |
37 | 5 | 32 | 640.0 | % | |||||||||||
Other real estate loss/(gain) on sale and writedowns |
1 | (6 | ) | 7 | 116.6 | % | ||||||||||
Other |
549 | 363 | 186 | 51.2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest expense |
$ | 5,640 | $ | 4,656 | $ | 984 | 21.1 | % | ||||||||
|
|
|
|
|
|
|
|
For the six months ended June 30, | ||||||||||||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||||||||||
Yield/rate At 6-30- 2021 |
Average Balance Outstanding |
Interest Earned/ Paid |
Average Yield/ Rate |
Average Balance Outstanding |
Interest Earned/ Paid |
Average Yield/ Rate |
||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||||||
Loans receivable |
4.18 | % | $ | 263,848 | $ | 6,212 | 4.97 | % | $ | 263,205 | $ | 6,083 | 4.66 | % | ||||||||||||||
Securities available for sale |
1.52 | % | 19,599 | 137 | 1.47 | % | 21,322 | 255 | 2.41 | % | ||||||||||||||||||
Interest-earning deposits |
0.25 | % | 58,001 | 111 | 0.92 | % | 22,881 | 162 | 1.43 | % | ||||||||||||||||||
Other interest-earning assets |
3.69 | % | 655 | 13 | 4.62 | % | 713 | 12 | 3.39 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total interest-earning assets |
3.11 | % | 342,103 | $ | 6,473 | 4.04 | % | 308,121 | $ | 6,512 | 4.26 | % | ||||||||||||||||
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|
|
|
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Non-interest-earning assets |
20,029 | 21,261 | ||||||||||||||||||||||||||
|
|
|
|
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Total assets |
$ | 362,132 | $ | 329,382 | ||||||||||||||||||||||||
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|
|
|
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Interest-bearing liabilities: |
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Savings and money market accounts |
0.19 | % | $ | 137,383 | $ | 140 | 0.21 | % | $ | 109,446 | $ | 407 | 0.75 | % | ||||||||||||||
Interest-bearing checking accounts |
0.07 | % | 49,903 | 22 | 0,09 | % | 35,548 | 21 | 0.12 | % | ||||||||||||||||||
Certificate accounts |
0.83 | % | 82,131 | 400 | 0.98 | % | 105,014 | 961 | 1.85 | % | ||||||||||||||||||
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|
|
|
|
|
|
|
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Total interest-bearing deposits |
0.32 | % | 269,417 | 562 | 0.42 | % | 250,008 | 1,389 | 1.12 | % | ||||||||||||||||||
Borrowings |
0.85 | % | 9,096 | 39 | 0.86 | % | 7,554 | 51 | 1.36 | % | ||||||||||||||||||
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|
|
|
|
|
|
|
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Total interest-bearing liabilities |
0.29 | % | 278,513 | $ | 601 | 0.44 | % | $ | 257,562 | $ | 1,440 | 1.13 | % | |||||||||||||||
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|
|
|
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Non-interest-bearing liabilities |
43,244 | 31,599 | ||||||||||||||||||||||||||
|
|
|
|
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Total liabilities |
321,757 | 289,160 | ||||||||||||||||||||||||||
Total equity |
40,375 | 40,222 | ||||||||||||||||||||||||||
|
|
|
|
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Total liabilities and equity |
$ | 362,132 | $ | 329,382 | ||||||||||||||||||||||||
|
|
|
|
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Net interest income |
$ | 5,872 | $ | 5,072 | ||||||||||||||||||||||||
|
|
|
|
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Net earning assets |
$ | 63,590 | $ | 47,283 | ||||||||||||||||||||||||
|
|
|
|
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Net interest rate spread (1) |
2.82 | % | 3.38 | % | 3.13 | % | ||||||||||||||||||||||
Net interest margin (2) |
3.46 | % | 3.32 | % | ||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities |
122.83 | % | 119.63 | % |
(1) |
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. |
(2) |
Net interest margin represents net interest income divided by average total interest-earning assets. |
Six Months Ended June 30, 2021 vs. 2020 |
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Increase/ (decrease) due to |
Total increase/ |
|||||||||||
Volume | Rate | (decrease) | ||||||||||
(In thousands) | ||||||||||||
Interest-earning assets: |
||||||||||||
Loans receivable |
$ | 15 | $ | 114 | $ | 129 | ||||||
Securities available for sale |
(21 | ) | (97 | ) | (118 | ) | ||||||
Interest-earning deposits |
249 | (300 | ) | (51 | ) | |||||||
Other interest-earning assets |
(1 | ) | 2 | 1 | ||||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
242 | (281 | ) | (39 | ) | |||||||
|
|
|
|
|
|
|||||||
Interest-bearing liabilities: |
||||||||||||
Savings and money market accounts |
104 | (371 | ) | (267 | ) | |||||||
Interest-bearing checking accounts |
8 | (7 | ) | 1 | ||||||||
Certificate accounts |
(209 | ) | (352 | ) | (561 | ) | ||||||
|
|
|
|
|
|
|||||||
Total interest-bearing deposits |
(97 | ) | (730 | ) | (827 | ) | ||||||
Borrowings |
10 | (22 | ) | (12 | ) | |||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
(87 | ) | (752 | ) | (389 | ) | ||||||
|
|
|
|
|
|
|||||||
Change in net interest income |
$ | 329 | $ | 471 | $ | 800 | ||||||
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|
|
|
|
Item 1. |
Legal proceedings |
Item 1A. |
Risk Factors |
• |
demand for our products and services may decline; |
• |
loan delinquencies, problem assets and foreclosures may increase; |
• |
collateral for loans, especially real estate, may decline in value, thereby reducing customers’ future borrowing power, and reducing the value of assets and collateral associated with existing loans; and |
• |
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us. |
• |
the interest income we earn on interest-earning assets, such as loans and securities; and |
• |
the interest expense we pay on interest-bearing liabilities, such as deposits and borrowings. |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
2.0 |
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3.1 |
||
3.2 |
||
31.1 |
31.2 |
||
32 |
||
101 |
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) Condensed Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020, (ii) Condensed Statements of Income for the three and six months ended June 30, 2021 and 2020 (unaudited), (iii) Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 (unaudited), (vi) Condensed Statements of Change in Equity for the three and six months ended June 30, 2021 and 2020 (unaudited), (v) Condensed Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited), and (vi) the Notes to Financial Statements (unaudited) with detail tagging. | |
104 |
The cover page from TC Bancshares, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL (included in Exhibit 101). |
TC BANCSHARES, INC. (Registrant) | ||||
Date: August 13, 2021 |
/s/ Gregory H. Eiford | |||
Gregory H. Eiford | ||||
Chief Executive Officer | ||||
Date: August 13, 2021 |
/s/ Linda Palmer | |||
Linda Palmer | ||||
Chief Financial Officer |