0001654954-21-011317.txt : 20211025 0001654954-21-011317.hdr.sgml : 20211025 20211025090540 ACCESSION NUMBER: 0001654954-21-011317 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20211025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211025 DATE AS OF CHANGE: 20211025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP OF NORTH CAROLINA INC CENTRAL INDEX KEY: 0001093672 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 562132396 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27205 FILM NUMBER: 211342265 BUSINESS ADDRESS: STREET 1: 518 WEST C STREET STREET 2: PO BOX 467 CITY: NEWTON STATE: NC ZIP: 28658-4007 BUSINESS PHONE: 8284645620 MAIL ADDRESS: STREET 1: PO BOX 467 CITY: NEWTON STATE: NC ZIP: 28658-0467 8-K 1 pebk_8k.htm CURRENT REPORT pebk_8k.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 25, 2021

 

Peoples Bancorp of North Carolina, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

North Carolina

(State or Other Jurisdiction of Incorporation)

 

000-27205

 

56-2132396

(Commission File No.)

 

(IRS Employer Identification No.)

 

 

 

518 West C Street, Newton, North Carolina

 

28658

(Address of Principal Executive Offices)

 

(Zip Code)

  

(828) 464-5620

(Registrant’s Telephone Number, Including Area Code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

Peoples Bancorp of North Carolina, Inc.

 

 

 

 

 

 

INDEX

 

 

 

 

 

 

 

Page

 

Item 2.02 – Results of Operations and Financial Condition

 

3

 

 

 

 

 

Item 9.01 – Financial Statements and Exhibits

 

3

 

 

 

 

 

Signatures

 

4

 

 

 

 

 

Exhibit (99)(a) Press Release dated October 25, 2021

 

5

 

 

 

2

 

 

Item 2.02. Results of Operations and Financial Condition

 

On October 25, 2021, Peoples Bancorp of North Carolina, Inc. issued a press release announcing third quarter 2021 earnings results.

 

A copy of the press release is attached hereto as Exhibit (99)(a) and is incorporated by reference herein.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

 

(99)(a)

 

Press Release dated October 25, 2021

 

Disclosure about forward-looking statements

 

Statements made in this Form 8-K, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this report was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.

 

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission.

 

 

3

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

 

PEOPLES BANCORP OF NORTH CAROLINA, INC.

 

 

 

 

Date: October 25, 2021

By:

/s/ Jeffrey N. Hooper

 

 

 

Jeffrey N. Hooper

 

 

Executive Vice President and Chief Financial Officer

 

 

 

4

 

 EX-99.1 2 pebk_ex991.htm PRESS RELEASE pebk_ex991.htm

EXHIBIT 99(a)

 

NEWS RELEASE

October 25, 2021

 

Contact:

Lance A. Sellers

 

President and Chief Executive Officer

 

Jeffrey N. Hooper

Executive Vice President and Chief Financial Officer

 

828-464-5620, Fax 828-465-6780

  

For Immediate Release

 

PEOPLES BANCORP ANNOUNCES THIRD QUARTER EARNINGS RESULTS

 

Peoples Bancorp of North Carolina, Inc. (NASDAQ: PEBK), the parent company of Peoples Bank, reported third quarter earnings results with highlights as follows:

 

Third quarter highlights:

 

 

·

Net earnings were $3.4 million or $0.61 basic net earnings per share and $0.59 diluted net earnings per share for the three months ended September 30, 2021, as compared to $4.5 million or $0.80 basic net earnings per share and $0.78 diluted net earnings per share for the same period one year ago.

 

 

 

 

·

The Bank recognized $489,000 in PPP loan fee income during the three months ended September 30, 2021, as compared to $361,000 in PPP loan fee income for the same period one year ago.

 

Year to date highlights:

 

 

·

Net earnings were $12.1 million or $2.16 basic net earnings per share and $2.10 diluted net earnings per share for the nine months ended September 30, 2021, as compared to $9.4 million or $1.67 basic net earnings per share and $1.62 diluted net earnings per share for the same period one year ago.

 

 

 

 

·

The Bank originated 419 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans, totaling $29.1 million, during the nine months ended September 30, 2021. The Bank recognized $3.0 million in PPP loan fee income during the nine months ended September 30, 2021, as compared to $361,000 in PPP loan fee income for the same period one year ago.

 

 

 

 

·

Core deposits were $1.4 billion or 98.13% of total deposits at September 30, 2021, compared to $1.2 billion or 97.92% of total deposits at September 30, 2020.

 

Net earnings were $3.4 million or $0.61 basic net earnings per share and $0.59 diluted net earnings per share for the three months ended September 30, 2021, as compared to $4.5 million or $0.80 basic net earnings per share and $0.78 diluted net earnings per share for the same period one year ago. Lance A. Sellers, President and Chief Executive Officer, attributed the decrease in third quarter net earnings to a decrease in net interest income, a decrease in non-interest income and an increase in non-interest expense, which were partially offset by a decrease in the provision for loan losses during the three months ended September 30, 2021, compared to the three months ended September 30, 2020, as discussed below.

 

Net interest income was $10.6 million for the three months ended September 30, 2021, compared to $10.9 million for the three months ended September 30, 2020. The decrease in net interest income is due to a $447,000 decrease in interest income, which was partially offset by a $81,000 decrease in interest expense. The decrease in interest income is primarily due to a $700,000 decrease in interest income and fees on loans, which was partially offset by an increase in interest income on investment securities. The decrease in interest income and fees on loans is primarily due to a decrease in total loans. The increase in interest income on investment securities is primarily due to additional securities purchases due to an increase in excess cash. The decrease in interest expense is primarily due to a decrease in Federal Home Loan Bank (“FHLB”) borrowings and a reduction in rates paid on time deposits, partially offset by an increase in interest bearing demand, Money Market and savings deposits. Net interest income after the provision for loan losses was $10.7 million for the three months ended September 30, 2021, compared to $10.4 million for the three months ended September 30, 2020. The provision for loan losses for the three months ended September 30, 2021 was a recovery of $182,000, compared to a provision of $522,000 for the three months ended September 30, 2020. The decrease in the provision for loan losses is primarily attributable to a decrease in reserves on loans with payment modifications made as a result of the COVID-19 pandemic and a decrease in reserves in the general reserve pool. At September 30, 2021, there were no loans with existing modifications as a result of the COVID-19 pandemic. At December 31, 2020, the balance of loans with existing modifications as a result of the COVID-19 pandemic was $18.3 million. The Company continues to track all loans that are currently modified or have been modified as a result of the COVID-19 pandemic. The loan balances associated with COVID-19 pandemic related modifications have been grouped into their own pool within the Company’s Allowance for Loan and Lease Losses (“ALLL”) model as they have a higher likelihood of risk, and a higher reserve rate has been applied to that pool. All loans modified as a result of the COVID-19 pandemic, totaling $100.9 million at September 30, 2021, have returned to their original terms; however, the effects of stimulus in the current environment are still unknown, and additional losses may be present in loans that were once modified. At December 31, 2020, the balance for all loans that were then currently modified or previously modified but returned to their original terms was $119.6 million. The $18.7 million decrease from December 31, 2020 to September 30, 2021 in the balance of currently or previously modified loans that had returned to their original terms is primarily due to loans paid off during the nine months ended September 30, 2021.

 

 
1

 

    

Non-interest income was $6.0 million for the three months ended September 30, 2021, compared to $7.1 million for the three months ended September 30, 2020. The decrease in non-interest income is primarily attributable to a $1.7 million decrease in gains on sale of securities.

 

Non-interest expense was $12.6 million for the three months ended September 30, 2021, compared to $11.9 million for the three months ended September 30, 2020. The increase in non-interest expense was primarily attributable to a $317,000 increase in salaries and employee benefits expense primarily due to increases in incentive compensation and restricted stock expense and a $203,000 increase in other non-interest expenses.

 

Year-to-date net earnings as of September 30, 2021 were $12.1 million or $2.16 basic net earnings per share and $2.10 diluted net earnings per share for the nine months ended September 30, 2021, as compared to $9.4 million or $1.67 basic net earnings per share and $1.62 diluted net earnings per share for the same period one year ago. The increase in year-to-date net earnings is primarily attributable to an increase in net interest income, a decrease in the provision for loan losses and an increase in non-interest income, which were partially offset by an increase in non-interest expense during the nine months ended September 30, 2021, compared to the nine months ended September 30, 2020, as discussed below.

 

Year-to-date net interest income as of September 30, 2021 was $33.3 million, compared to $32.9 million for the same period one year ago. The increase in net interest income is due to a $104,000 increase in interest income and a $377,000 decrease in interest expense. The increase in interest income was primarily due to a $107,000 increase in interest income and fees on loans, which was primarily due to an increase in fee income on SBA PPP loans, which was partially offset by a decrease in interest income on loans primarily due to a decrease in total loans. The decrease in interest expense was primarily due to a decrease in rates paid on interest-bearing liabilities and a decrease in FHLB borrowings. Net interest income after the provision for loan losses was $34.2 million for the nine months ended September 30, 2021, compared to $29.4 million for the same period one year ago. The provision for loan losses for the nine months ended September 30, 2021 was a recovery of $863,000, compared to a provision of $3.5 million for the nine months ended September 30, 2020. The decrease in the provision for loan losses is primarily attributable to a decrease in reserves on loans with payment modifications made as a result of the COVID-19 pandemic and a decrease in reserves due to a net decrease in the volume of loans in the general reserve pool.

 

Non-interest income was $18.0 million for the nine months ended September 30, 2021, compared to $17.0 million for the nine months ended September 30, 2020. The increase in non-interest income is primarily attributable to a $474,000 increase in mortgage banking income due to an increase in mortgage loan volume, a $820,000 increase in appraisal management fee income due to an increase in the volume of appraisals and a $1.5 million increase in miscellaneous non-interest income primarily due to an increase in debit card income resulting from increased debit card activity and an increase in income on Small Business Investment Company (“SBIC”) investments. These increases in non-interest income were partially offset by a $2.1 million decrease in gains on sale of securities.

 

Non-interest expense was $37.0 million for the nine months ended September 30, 2021, compared to $34.8 million for the nine months ended September 30, 2020. The increase in non-interest expense was primarily attributable to a $907,000 increase in salaries and employee benefits expense primarily due to increases in insurance costs and incentive compensation and a $801,000 increase in appraisal management fee expense due to an increase in the volume of appraisals.

 

Income tax expense was $824,000 for the three months ended September 30, 2021, compared to $1.1 million for the three months ended September 30, 2020. The effective tax rate was 19.55% for the three months ended September 30, 2021, compared to 19.80% for the three months ended September 30, 2020. Income tax expense was $3.1 million for the nine months ended September 30, 2021, compared to $2.1 million for the nine months ended September 30, 2020. The effective tax rate was 20.17% for the nine months ended September 30, 2021, compared to 18.31% for the nine months ended September 30, 2020.

  

 
2

 

    

Total assets were $1.6 billion as of September 30, 2021, compared to $1.4 billion at December 31, 2020. Available for sale securities were $402.9 million as of September 30, 2021, compared to $245.2 million as of December 31, 2020. Total loans were $891.0 million as of September 30, 2021, compared to $948.6 million as of December 31, 2020. The decrease in loans is primarily due to a $50.2 million decrease in PPP loans due to PPP loans being forgiven by the SBA during the nine months ended September 30, 2021 and a $37.2 million decrease in commercial loans due to loan payoffs during the nine months ended September 30, 2021. The Company had $25.6 million and $75.8 million in PPP loans at September 30, 2021 and December 31, 2020, respectively.

 

Non-performing assets were $2.7 million or 0.17% of total assets at September 30, 2021, compared to $3.9 million or 0.27% of total assets at December 31, 2020. Non-performing assets include $2.6 million in commercial and residential mortgage loans and $59,000 in other loans at September 30, 2021, compared to $3.5 million in commercial and residential mortgage loans, $226,000 in other loans, and $128,000 in other real estate owned at December 31, 2020.

 

The allowance for loan losses at September 30, 2021 was $9.0 million or 1.01% of total loans, compared to $9.9 million or 1.04% of total loans at December 31, 2020. Management believes the current level of the allowance for loan losses is adequate   however, there is no assurance that additional adjustments to the allowance will not be required because of changes in economic conditions, regulatory requirements or other factors.

                                     

Deposits were $1.4 billion at September 30, 2021, compared to $1.2 billion at December 31, 2020. Core deposits, which include noninterest-bearing demand deposits, NOW, MMDA, savings and non-brokered certificates of deposit of denominations less than $250,000, were $1.4 billion at September 30, 2021, compared to $1.2 billion at December 31, 2020. Certificates of deposit in amounts of $250,000 or more totaled $26.4 million at September 30, 2021, compared to $25.8 million at December 31, 2020.

 

Securities sold under agreements to repurchase were $32.3 million at September 30, 2021, compared to $26.2 million at December 31, 2020. Junior subordinated debentures were $15.5 million at September 30, 2021 and December 31, 2020. Shareholders’ equity was $143.5 million, or 8.88% of total assets, at September 30, 2021, compared to $139.9 million, or 9.88% of total assets, at December 31, 2020. The Company repurchased 127,597 shares of its common stock during the nine months ended September 30, 2021 under the Company’s stock repurchase program, which was funded in February 2021.

 

Peoples Bank currently operates 17 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg and Rowan Counties. The Company’s common stock is publicly traded and is quoted on the Nasdaq Global Market under the symbol “PEBK.”

 

Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by Peoples Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Securities and Exchange Commission, including but not limited to those described in the Company’s annual report on Form 10-K for the year ended December 31, 2020.

 

 
3

 

      

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

September 30, 2021, December 31, 2020 and September 30, 2020

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

September 30, 2020

 

 

 

 (Unaudited)

 

 

 (Audited)

 

 

 (Unaudited)

 

ASSETS:

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 $ 42,098

 

 

 $ 42,737

 

 

 $ 48,355

 

Interest-bearing deposits

 

 

 221,210

 

 

 

 118,843

 

 

 

 15,778

 

Federal funds sold

 

 

 -

 

 

 

 -

 

 

 

 140,095

 

Cash and cash equivalents

 

 

 263,308

 

 

 

 161,580

 

 

 

 204,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities available for sale

 

 

 402,905

 

 

 

 245,249

 

 

 

 222,991

 

Other investments

 

 

 3,725

 

 

 

 4,155

 

 

 

 7,163

 

Total securities

 

 

 406,630

 

 

 

 249,404

 

 

 

 230,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans held for sale

 

 

 9,086

 

 

 

 9,139

 

 

 

 8,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

 

 891,005

 

 

 

 948,639

 

 

 

 973,871

 

Less:  Allowance for loan losses

 

 

 (8,963 )

 

 

 (9,908 )

 

 

 (9,892 )

Net loans

 

 

 882,042

 

 

 

 938,731

 

 

 

 963,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

 16,625

 

 

 

 18,600

 

 

 

 19,057

 

Cash surrender value of life insurance

 

 

 17,265

 

 

 

 16,968

 

 

 

 16,742

 

Accrued interest receivable and other assets

 

 

 21,295

 

 

 

 21,753

 

 

 

 20,320

 

Total assets

 

 $ 1,616,251

 

 

 $ 1,416,175

 

 

 $ 1,463,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

 $ 529,118

 

 

 $ 456,980

 

 

 $ 455,199

 

Interest-bearing demand, MMDA & savings

 

 

 777,721

 

 

 

 657,834

 

 

 

 626,674

 

Time, $250,000 or more

 

 

 26,357

 

 

 

 25,771

 

 

 

 24,717

 

Other time

 

 

 76,769

 

 

 

 80,501

 

 

 

 79,806

 

Total deposits

 

 

 1,409,965

 

 

 

 1,221,086

 

 

 

 1,186,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

 

 32,332

 

 

 

 26,201

 

 

 

 34,151

 

FHLB borrowings

 

 

 -

 

 

 

 -

 

 

 

 70,000

 

Junior subordinated debentures

 

 

 15,464

 

 

 

 15,464

 

 

 

 15,464

 

Accrued interest payable and other liabilities

 

 

 14,948

 

 

 

 13,525

 

 

 

 17,978

 

Total liabilities

 

 

 1,472,709

 

 

 

 1,276,276

 

 

 

 1,323,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, no par value; authorized

 

 

 

 

 

 

 

 

 

 

 

 

5,000,000 shares; no shares issued and outstanding

 

 

 -

 

 

 

 -

 

 

 

 -

 

Common stock, no par value; authorized

 

 

 

 

 

 

 

 

 

 

 

 

20,000,000 shares; issued and outstanding

 

 

 

 

 

 

 

 

 

 

 

 

5,661,569 shares at 9/30/21,

 

 

 

 

 

 

 

 

 

 

 

 

5,787,504 shares at 12/31/20 and 9/30/20

 

 

 53,305

 

 

 

 56,871

 

 

 

 56,871

 

Common stock held by deferred compensation trust,

 

 

 

 

 

 

 

 

 

 

 

 

at cost; 160,608 shares at 9/30/21, 155,469 shares

 

 

 

 

 

 

 

 

 

 

 

 

at 12/31/20 and 153,006 shares at 9/30/20

 

 

 (1,946 )

 

 

 (1,796 )

 

 

 (1,747 )

Deferred compensation

 

 

 1,946

 

 

 

 1,796

 

 

 

 1,747

 

Retained earnings

 

 

 86,927

 

 

 

 77,628

 

 

 

 76,580

 

Accumulated other comprehensive income

 

 

 3,310

 

 

 

 5,400

 

 

 

 6,000

 

Total shareholders' equity

 

 

 143,542

 

 

 

 139,899

 

 

 

 139,451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

 $ 1,616,251

 

 

 $ 1,416,175

 

 

 $ 1,463,440

 

 

 
4

 

   

CONSOLIDATED STATEMENTS OF INCOME 

 

 

 

 

 

 

 

 

 

 

 

 

For the three and nine months ended September 30, 2021 and 2020

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Three months ended

September 30, 

 

 

Nine months ended

September 30,

 

 

 

 2021

 

 

 2020

 

 

 2021

 

 

 2020

 

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 (Unaudited)

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

 $ 9,807

 

 

 $ 10,507

 

 

 $ 31,474

 

 

 $ 31,367

 

Interest on due from banks

 

 

 89

 

 

 

 19

 

 

 

 172

 

 

 

 103

 

Interest on federal funds sold

 

 

 -

 

 

 

 33

 

 

 

 -

 

 

 

 178

 

Interest on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored enterprises

 

 

 679

 

 

 

 528

 

 

 

 1,899

 

 

 

 1,864

 

State and political subdivisions

 

 

 825

 

 

 

 717

 

 

 

 2,222

 

 

 

 2,042

 

Other

 

 

 21

 

 

 

 64

 

 

 

 93

 

 

 

 202

 

Total interest income

 

 

 11,421

 

 

 

 11,868

 

 

 

 35,860

 

 

 

 35,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand, MMDA & savings deposits

 

 

 577

 

 

 

 482

 

 

 

 1,617

 

 

 

 1,455

 

Time deposits

 

 

 181

 

 

 

 224

 

 

 

 584

 

 

 

 725

 

FHLB borrowings

 

 

 -

 

 

 

 103

 

 

 

 -

 

 

 

 269

 

Junior subordinated debentures

 

 

 69

 

 

 

 76

 

 

 

 211

 

 

 

 296

 

Other

 

 

 34

 

 

 

 57

 

 

 

 106

 

 

 

 150

 

Total interest expense

 

 

 861

 

 

 

 942

 

 

 

 2,518

 

 

 

 2,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

 10,560

 

 

 

 10,926

 

 

 

 33,342

 

 

 

 32,861

 

PROVISION FOR (RECOVERY OF) LOAN LOSSES

 

 

 (182 )

 

 

 522

 

 

 

 (863 )

 

 

 3,460

 

NET INTEREST INCOME AFTER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR LOAN LOSSES

 

 

 10,742

 

 

 

 10,404

 

 

 

 34,205

 

 

 

 29,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

 1,023

 

 

 

 809

 

 

 

 2,859

 

 

 

 2,635

 

Other service charges and fees

 

 

 187

 

 

 

 188

 

 

 

 570

 

 

 

 543

 

Gain on sale of securities

 

 

 -

 

 

 

 1,688

 

 

 

 -

 

 

 

 2,145

 

Mortgage banking income

 

 

 516

 

 

 

 750

 

 

 

 2,109

 

 

 

 1,635

 

Insurance and brokerage commissions

 

 

 266

 

 

 

 200

 

 

 

 764

 

 

 

 647

 

Appraisal management fee income

 

 

 1,954

 

 

 

 1,871

 

 

 

 5,775

 

 

 

 4,955

 

Miscellaneous

 

 

 2,094

 

 

 

 1,626

 

 

 

 5,876

 

 

 

 4,406

 

Total non-interest income

 

 

 6,040

 

 

 

 7,132

 

 

 

 17,953

 

 

 

 16,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-INTEREST EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 6,054

 

 

 

 5,737

 

 

 

 17,903

 

 

 

 16,996

 

Occupancy

 

 

 1,999

 

 

 

 1,943

 

 

 

 5,891

 

 

 

 5,725

 

Appraisal management fee expense

 

 

 1,556

 

 

 

 1,478

 

 

 

 4,646

 

 

 

 3,845

 

Other

 

 

 2,959

 

 

 

 2,756

 

 

 

 8,528

 

 

 

 8,249

 

Total non-interest expense

 

 

 12,568

 

 

 

 11,914

 

 

 

 36,968

 

 

 

 34,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME TAXES

 

 

 4,214

 

 

 

 5,622

 

 

 

 15,190

 

 

 

 11,552

 

INCOME TAXES

 

 

 824

 

 

 

 1,113

 

 

 

 3,064

 

 

 

 2,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 $ 3,390

 

 

 $ 4,509

 

 

 $ 12,126

 

 

 $ 9,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE AMOUNTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings

 

 $ 0.61

 

 

 $ 0.80

 

 

 $ 2.16

 

 

 $ 1.67

 

Diluted net earnings

 

 $ 0.59

 

 

 $ 0.78

 

 

 $ 2.10

 

 

 $ 1.62

 

Cash dividends

 

 $ 0.17

 

 

 $ 0.15

 

 

 $ 0.49

 

 

 $ 0.60

 

Book value

 

 $ 26.09

 

 

 $ 24.83

 

 

 $ 26.09

 

 

 $ 24.83

 

 

 
5

 

  

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three and nine months ended September 30, 2021 and 2020, and the year ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Three months ended

 

 

 Nine months ended

 

 

 Year ended  

 

 

 

 September 30, 

 

 

 September 30, 

 

 

 December 31,

 

 

 

 2021

 

 

 2020

 

 

 2021

 

 

 2020

 

 

 2020

 

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 (Audited)

 

SELECTED AVERAGE BALANCES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities

 

 $ 378,808

 

 

 $ 200,101

 

 

 $ 329,957

 

 

 $ 194,710

 

 

 $ 200,821

 

Loans

 

 

 889,455

 

 

 

 970,529

 

 

 

 917,473

 

 

 

 926,663

 

 

 

 935,970

 

Earning assets

 

 

 1,534,672

 

 

 

 1,343,323

 

 

 

 1,462,616

 

 

 

 1,235,660

 

 

 

 1,271,764

 

Assets

 

 

 1,619,442

 

 

 

 1,438,238

 

 

 

 1,547,405

 

 

 

 1,332,249

 

 

 

 1,365,642

 

Deposits

 

 

 1,420,294

 

 

 

 1,170,626

 

 

 

 1,353,636

 

 

 

 1,083,088

 

 

 

 1,115,019

 

Shareholders' equity

 

 

 144,650

 

 

 

 140,007

 

 

 

 146,912

 

 

 

 140,191

 

 

 

 141,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED KEY DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (tax equivalent)

 

 

 2.76 %

 

 

 3.28 %

 

 

 3.08 %

 

 

 3.60 %

 

 

 3.52 %

Return on average assets

 

 

 0.83 %

 

 

 1.25 %

 

 

 1.05 %

 

 

 0.95 %

 

 

 0.83 %

Return on average shareholders' equity

 

 

 9.30 %

 

 

 12.81 %

 

 

 11.04 %

 

 

 8.99 %

 

 

 8.04 %

Average shareholders' equity to total average assets

 

 

 8.93 %

 

 

 9.73 %

 

 

 9.49 %

 

 

 9.73 %

 

 

 9.89 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALLOWANCE FOR LOAN LOSSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 $ 9,287

 

 

 $ 9,433

 

 

 $ 9,908

 

 

 $ 6,680

 

 

 $ 6,680

 

Provision for (Recovery of) loan losses

 

 

 (182 )

 

 

 522

 

 

 

 (863 )

 

 

 3,460

 

 

 

 4,259

 

Charge-offs

 

 

 (306 )

 

 

 (152 )

 

 

 (542 )

 

 

 (529 )

 

 

 (1,414 )

Recoveries

 

 

 164

 

 

 

 89

 

 

 

 460

 

 

 

 281

 

 

 

 383

 

Balance, end of period

 

 $ 8,963

 

 

 $ 9,892

 

 

 $ 8,963

 

 

 $ 9,892

 

 

 $ 9,908

 

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

December 31, 2020

 

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 (Audited)

 

ASSET QUALITY:

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

 $ 2,704

 

 

 $ 3,475

 

 

 $ 3,758

 

90 days past due and still accruing

 

 

 -

 

 

 

 84

 

 

 

 -

 

Other real estate owned

 

 

 -

 

 

 

 128

 

 

 

 128

 

Total non-performing assets

 

 $ 2,704

 

 

 $ 3,687

 

 

 $ 3,886

 

Non-performing assets to total assets

 

 

 0.17 %

 

 

 0.25 %

 

 

 0.27 %

Loans modifications related to COVID-19

 

 $ -

 

 

 $ 119,706

 

 

 $ 18,246

 

Allowance for loan losses to non-performing assets

 

 

 331.47 %

 

 

 268.29 %

 

 

 254.97 %

Allowance for loan losses to total loans

 

 

 1.01 %

 

 

 1.02 %

 

 

 1.04 %

Allowance for loan losses to total loans, excluding PPP loans

 

 

 1.04 %

 

 

 1.13 %

 

 

 1.14 %

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN RISK GRADE ANALYSIS:

 

 

 

 

 

 

 

 

 

 

 

 

Percentage of loans by risk grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Grade 1 (excellent quality)

 

 

 0.94 %

 

 

 1.12 %

 

 

 1.18 %

Risk Grade 2 (high quality)

 

 

 19.07 %

 

 

 20.96 %

 

 

 20.45 %

Risk Grade 3 (good quality)

 

 

 69.24 %

 

 

 65.36 %

 

 

 65.70 %

Risk Grade 4 (management attention)

 

 

 8.15 %

 

 

 9.93 %

 

 

 9.75 %

Risk Grade 5 (watch)

 

 

 1.88 %

 

 

 1.91 %

 

 

 2.20 %

Risk Grade 6 (substandard)

 

 

 0.72 %

 

 

 0.72 %

 

 

 0.72 %

Risk Grade 7 (doubtful)

 

 

 0.00 %

 

 

 0.00 %

 

 

 0.00 %

Risk Grade 8 (loss)

 

 

 0.00 %

 

 

 0.00 %

 

 

 0.00 %

 

At September 30, 2021, including non-accrual loans, there were three relationships exceeding $1.0 million in the Watch risk grade, which totaled $8.1 million.  There were no relationships exceeding $1.0 million in the Substandard risk grade. 

 

 
6

 

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