Message from Management
Dear Neighbors and Friends,
Surely 2021, like 2020, will go down in history as the time of the global pandemic. Though this unceasing disease did its best to force our community apart, we noticed something pretty amazing, but not
surprising, our community came TOGETHER like never before.
When we opened a new drive-thru office in the north endof Point Pleasant, you showed us your love by flocking toit. When we shared our joy over breathing new life into OVB on the Square, you congratulated us
and set to workon how to expand on this revitalization of the downtown.When we collected toys for local children in need, moreof you than ever before stood up and said, “How can we help?”
This doesn’t happen in the big city. It happens here at home where your company is constantly working to improve service. One of our most promising new endeavorsof the year was the opening of Race Day
Mortgage, an online-only consumer direct mortgage company. We hope to leave the competition in the dust through speed of service and a seamless online model, backed by OVB’s quality customer service approach.
The giving we do to sustain the community and the steps we take to improve service are connected. In all that wedo, you are the driving force behind this company’s will to put our Community First. You are
keeping us on track for success.
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|
For several years now, we have invited shareholders, employees, customers, and neighbors to join us in our Community First mission. And you have accepted the challenge, rising to the occasion with a shared
generosity and enthusiasm to make this a better place to live and work. With your support, your company reached the milestone of the 2nd highest record earnings in company history.
Thank you.
Within these pages, please find information regarding your company’s management and operation for the past year. Between the lines, you may even spot a little of our determination to remain an independent
community bank. You can learn more by attending our Annual Shareholders Meeting to be be held Wednesday, May 18, at the brand new Holzer Leadership & Innovation Institute. Get involved. Let’s keep Community First.
Sincerely,
Thomas E. Wiseman
Chairman of the Board & CEO
Ohio Valley Banc Corp.
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Larry E. Miller, II |
||
President & Chief Operating Officer
Ohio Valley Banc Corp.
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Ohio Valley Bank and Loan Central have always been known for providing outstanding service to the community. These financial professionals try every day to do what is expected and then go one step beyond.
In September of 2021, Ohio Valley Bank opened its own subsidiary, a nationwide online-only consumer direct mortgage company.
Yes, our community got a little bigger.
Race Day Mortgage serves customers in not only Ohio, but also Tennessee, North Carolina, South Carolina, Florida,Colorado, Utah, Pennsylvania, Washington, and Nevada.Plans are in place to add more states
over the next few years.
You won’t find a Race Day Mortgage office on a map or with Siri. The loan officers and processing personnel who help these clients work remotely from Columbus, Ohio, to Houston, Texas. These
mortgage professionals, though serving a much larger community than the bank, serve their customers
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with respect, a sense of urgency, and a determination to do whatever it takes. Lessons they have embraced from Ohio Valley Bank.
As of press time, Race Day Mortgage has a perfect 5-Star Rating on Bankrate.com. But don’t take our word for it, see what this Las Vegas customer had to say.
“We recently refinanced our home with Race Day Mortgage. I have gone through the home buying process and refi process numerous times. My experience with Race Day Mortgage was nothing short of amazing! I was
shopping around and checking different rates on Bankrate and could not be happier to have gone with Race Day. Not only was the customer service fantastic, the process was super stress free, quick, and easy! I could not recommend them
enough! In fact, I recommended them to some long time friends who also went through the process and had nothing but positive things to say. Thanks again for everything!”
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Our Community First mission is a new way of thinking about shareholder return. When we give back to the community we serve, the businesses and people in that community are better able to do their work and
in turn give back themselves.
This year, we were thrilled to see our friends and neighbors join us and put their Community First in creative ways.
Right Page Left to Right:
Jackson County OVB 4-H Scholar Elizabeth Fannin slipped into the 4-H building early because she couldn’t wait to see her lifesize photo at the Fair. Every OVB 4-H Scholar receives a total of $3,000 in
scholarship money over four years. As of 2021, the OVB 4-H Scholarship Program has awarded 241 scholarships.
Young gymnasts Ella Grant and Bekah Circle unveiled the Southern Ohio Gymnastics Association (SOGA) debit card design as part of OVB’s Community First Debit Card Program. For every upgrade to the SOGA
design, the boosters receive $5. Over 40 other local schools and charities are getting the funds they need though this groundbreaking program created by OVB.
Ohio Valley Bank’s Point Pleasant North office opened with a ribbon-cutting ceremony right in the drive-thru lane! The convenient new location has been very popular with customers, handling over 13,000 teller
and
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|
ATM transactions in their first four and a half months of operation.
OVB’s Jenni Swain and Bill Richards put in a little elbow grease during an Impact Day at the Gallipolis Freight and Railroad Museum. Employees are allowed up to three paid days off to volunteer in their
community through the Impact Day program. In addition to cleaning train cars, the bank’s volunteers also put up wall paneling inside.
Right Middle:Employees representing every Ohio Valley Bank and Loan Central location lined up to pass a commemorative flag presented to former Chairman JeffSmith on his
retirement at the OVB on the Square flag raising ceremony. Many members of the community,including the VFW Honor Guard, came out to take part in the special occasion.
Page Bottom:OVB’s Leigh Anne Roten and Maranda Prevatt delivered a donation to the Fisher House made possible by employees serving on the bank’s Veterans Action
Committee. Fisher House serves as a place to stay for the families of veterans who are patients at the Williams Veterans Medical Center in Huntington. OVB Barboursville and other locations also held drives to collect non-perishable food,
toiletry items, and slippers for the house over the year. Pictured with Fisher House Director Jason Wyant.
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Director & Officer
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OVBC OFFICERS
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|
Listing | |||
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Thomas E. Wiseman, Chairman & Chief Executive Officer
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Larry E. Miller II, President & Chief Operating Officer
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OVBC DIRECTORS
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Tommy R. Shepherd, Senior Vice President & Secretary
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Scott W. Shockey, Senior Vice President & CFO
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Thomas E. Wiseman |
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Bryan F. Stepp, Senior Vice President - Lending/Credit
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Chairman & Chief Executive Officer,
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Bryna S. Butler, Vice President
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Ohio Valley Banc Corp. and Ohio Valley Bank
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Frank W. Davison, Vice President
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Allen W. Elliott, Vice President
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Larry E. Miller II
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Cherie A. Elliott, Vice President
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President & Chief Operating Officer,
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Brandon O. Huff, Vice President
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Ohio Valley Banc Corp. and Ohio Valley Bank
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Ryan J. Jones, Vice President
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Marilyn G. Kearns, Vice President
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David W. Thomas, Lead Director
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Mario P. Liberatore, Vice President
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Former Chief Examiner, Ohio Division of
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Shawn R. Siders, Vice President
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Financial Institutions
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Paula W. Clay, Assistant Secretary
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bank supervision and regulation
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Cindy H. Johnston, Assistant Secretary
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Anna P. Barnitz
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OHIO VALLEY BANK DIRECTORS
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Treasurer & CFO, Bob’s Market & Greenhouses, Inc. | |||
wholesale horticultural products and retail landscaping |
Thomas E. Wiseman, Chairman |
Edward J. Robbins | |
stores | David W. Thomas, Lead Director | Edward B. Roberts | |
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Anna P. Barnitz
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Brent A. Saunders |
Kimberly A. Canady | Kimberly A. Canady | K. Ryan Smith | |
Owner, Canady Farms, LLC | Brent R. Eastman | ||
agricultural products and agronomy services | Larry E. Miller II | ||
Brent R. Eastman | LOAN CENTRAL DIRECTORS | ||
President & Co-owner, Ohio Valley Supermarkets |
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Partner, Eastman Enterprises | Larry E. Miller II | ||
grocery | Cherie A. Elliott | ||
Ryan J. Jones | |||
Edward J. Robbins | |||
President & CEO, Ohio Valley Veneer, Inc. | RACE DAY MORTGAGE DIRECTORS | ||
wood harvesting, processing and manufacturing of dry | |||
lumber & flooring in Ohio, Kentucky, and Tennessee | Bryan F. Stepp | Scott W. Shockey | |
Bryna S. Butler | Thomas E. Wiseman | ||
Edward B. Roberts | Tim J. Scholten | ||
Co-owner, OakBridge Financial Partners LLC | |||
Financial Advisor, LPL Financial | WEST VIRGINIA ADVISORY BOARD | ||
financial services | |||
Mario P. Liberatore, Chairman | |||
Brent A. Saunders | E. Allen Bell | ||
Chairman of the Board, Holzer Health System | Richard L. Handley | ||
Attorney, Halliday, Sheets & Saunders | Stephen L. Johnson | ||
healthcare and legal | John A. Myers | ||
K. Ryan Smith | DIRECTORS EMERITUS | ||
President, University of Rio Grande, | |||
Rio Grande Community College | W. Lowell Call | Barney A. Molnar | |
Former Speaker of the Ohio House of Representatives | Steven B. Chapman |
Jeffrey E. Smith | |
higher education | Robert E. Daniel | Wendell B. Thomas |
|
Harold A. Howe | Lannes C. Williamson | ||
John G. Jones |
OHIO VALLEY BANK OFFICERS
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EXECUTIVE OFFICERS
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ASSISTANT VICE PRESIDENTS
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Thomas E. Wiseman
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Chairman & Chief Executive Officer |
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Terri M. Camden
|
Asst. Human Resources Director |
Larry E. Miller II
|
President & Chief Operating Officer |
|
Barbara A. Patrick
|
BSA Officer/Loss Prevention |
Tommy R. Shepherd
|
Executive Vice President & Secretary |
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Stephenie L. Peck
|
Regional Branch Administrator |
Scott W. Shockey
|
Executive Vice President, |
|
Raymond G. Polcyn
|
Manager of Buying Department |
Chief Financial Officer | Richard P. Speirs | Facilities Manager /Security Officer | ||
Bryan F. Stepp
|
Executive Vice President, |
|
Kimberly R. Williams
|
Systems Officer |
Lending/Credit | Melissa P. Wooten | Shareholder Relations Manager & | ||
Mario P. Liberatore
|
President, OVB West Virginia |
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Trust Officer | |
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Joe J. Wyant
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Region Manager Jackson County | |
SENIOR VICE PRESIDENTS
|
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||
|
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ASSISTANT CASHIERS
|
||
Bryna S. Butler
|
Corporate Communications |
|
|
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Frank W. Davison
|
Operations |
|
Glen P. Arrowood II
|
Manager of Indirect Lending |
Allen W. Elliott
|
Branch Administration |
|
William F. Richards
|
Advertising Manager |
Brandon O. Huff
|
Process Efficiency Officer |
|
Pamela K. Smith
|
Eastern Cabell Region Manager |
Ryan J. Jones
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Chief Risk Officer |
|
Anthony W. Staley
|
Product Development |
Marilyn G. Kearns
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Human Resources |
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Business Sales & Support |
Shawn R. Siders
|
Chief Credit Officer |
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LOAN CENTRAL OFFICERS |
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VICE PRESIDENTS
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Larry E. Miller II, Chairman of the Board
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John A. Anderson
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Director of Loan Operations |
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Cherie A. Elliott, President
|
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Shelly N. Boothe
|
Commerical Business |
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Timothy R. Brumfield, Vice President & Secretary,
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Development Officer |
Manager, Gallipolis Office
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Kyla R. Carpenter
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Director of Marketing |
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John J. Holtzapfel, Compliance Officer,
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Paula W. Clay
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Assistant Secretary |
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Manager, Wheelersburg Office
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Jody M. DeWees
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Trust |
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Melody D. Hammond, Manager, Chillicothe Office
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Lori A. Edwards
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Residential Loan Operations Manager |
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Joseph I. Jones, Manager, South Point Office
|
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Brian E. Hall
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Corporate Banking |
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Steven B. Leach, Manager, Jackson Office
|
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Cindy H. Johnston
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Assistant Secretary |
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T. Joe Wilson, Manager, Waverly Office
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Angela S. Kinnaird
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Director of Customer Support |
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|
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Tamela D. LeMaster
|
Branch Administration/CRM |
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RACE DAY MORTGAGE OFFICERS
|
|
Adam D. Massie
|
Northern Region Manager |
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|
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Jay D. Miller
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Business Development Officer |
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Bryan F. Stepp
|
President |
Diana L. Parks
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Internal Audit Liaison |
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Scott W. Shockey
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Secretary - Treasurer |
Christopher S. Petro
|
Comptroller |
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|
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Benjamin F. Pewitt
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Business Development |
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Gregory A. Phillips
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Consumer Lending |
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|
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Christopher L. Preston
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Business Development West Virginia |
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Daniel T. Roush
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Senior Compliance Officer |
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Rick A. Swain
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Western Division Branch Manager |
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Patrick H. Tackett
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Corporate Banking |
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Ohio Valley Banc Corp. shareholders are folks who believe in the power of community and pride in one’s hometown.We believe this is the reason for much of your company’s success.
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As shares pass from generation to generation, it is vitally important to protect these ideals. Rather than selling shares on the open market, ensure shares are in the hands of shareholders who hold these
values and want to see OVB remain an independent community bank.
It is easy for registered shareholders to transfer ownership of any number of shares at any time without brokerage fees. This is accomplished through the “gifting” of shares.Shares can be gifted to a
child, grandchild, or anyone.Contact the OVBC Shareholder Relations Department at 800-468-6682 or email investorrelations@ovbc.com to get started.
OVBC shareholders received over $4 million in dividends in 2021, and our shareholders returned that loyalty by reinvesting over $1.1 million of those dividends through the Dividend Reinvestment Program
and Employee Stock Ownership Plan. On top of that, over $757,000 was invested through supplemental payments by current shareholders. Growing numbers are realizing the benefit of OVBC ownership. Make sure your family is included in those
numbers, and know that the staff of OVBC’s companies look forward to serving you and your loved ones for many generations to come.
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$4,017,965
in dividends
paid to OVBC shareholders
in 2021
$1,152,143
of those dividends
reinvested in the company
through the Dividend Reinvestment
Program and Employee
Profit Sharing Plan.
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|
Years Ended December 31
|
|||||||||||||||||||
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||
(dollars in thousands, except share and per share data)
|
||||||||||||||||||||
|
||||||||||||||||||||
SUMMARY OF OPERATIONS:
|
||||||||||||||||||||
|
||||||||||||||||||||
Total interest income
|
$
|
44,712
|
$
|
46,173
|
$
|
50,317
|
$
|
49,197
|
$
|
45,708
|
||||||||||
Total interest expense
|
3,699
|
6,191
|
7,265
|
5,471
|
3,975
|
|||||||||||||||
Net interest income
|
41,013
|
39,982
|
43,052
|
43,726
|
41,733
|
|||||||||||||||
Provision for loan losses
|
(419
|
)
|
2,980
|
1,000
|
1,039
|
2,564
|
||||||||||||||
Total other income
|
9,864
|
11,438
|
9,166
|
8,938
|
9,435
|
|||||||||||||||
Total other expenses
|
37,280
|
36,133
|
39,498
|
37,426
|
36,609
|
|||||||||||||||
Income before income taxes
|
14,016
|
12,307
|
11,720
|
14,199
|
11,995
|
|||||||||||||||
Income taxes
|
2,284
|
2,048
|
1,813
|
2,255
|
4,486
|
|||||||||||||||
Net income
|
11,732
|
10,259
|
9,907
|
11,944
|
7,509
|
|||||||||||||||
|
||||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
|
||||||||||||||||||||
Earnings per share
|
$
|
2.45
|
$
|
2.14
|
$
|
2.08
|
$
|
2.53
|
$
|
1.60
|
||||||||||
Cash dividends declared per share
|
$
|
0.84
|
$
|
0.84
|
$
|
0.84
|
$
|
0.84
|
$
|
0.84
|
||||||||||
Book value per share
|
$
|
29.74
|
$
|
28.48
|
$
|
26.77
|
$
|
24.87
|
$
|
23.26
|
||||||||||
Weighted average number of common shares outstanding
|
4,780,609
|
4,787,446
|
4,767,279
|
4,725,971
|
4,685,067
|
|||||||||||||||
|
||||||||||||||||||||
AVERAGE BALANCE SUMMARY:
|
||||||||||||||||||||
|
||||||||||||||||||||
Total loans
|
$
|
841,681
|
$
|
811,434
|
$
|
775,860
|
$
|
773,995
|
$
|
753,204
|
||||||||||
All other interest-earning assets(1)
|
307,228
|
205,532
|
189,187
|
223,390
|
193,199
|
|||||||||||||||
Deposits
|
1,042,364
|
906,315
|
850,400
|
886,639
|
845,227
|
|||||||||||||||
Other borrowed funds(2)
|
34,564
|
40,416
|
45,850
|
48,967
|
47,663
|
|||||||||||||||
Shareholders’ equity
|
138,831
|
131,038
|
122,314
|
112,393
|
108,110
|
|||||||||||||||
Total assets
|
1,233,801
|
1,096,191
|
1,035,230
|
1,063,256
|
1,014,115
|
|||||||||||||||
|
||||||||||||||||||||
PERIOD END BALANCES:
|
||||||||||||||||||||
|
||||||||||||||||||||
Total loans
|
$
|
831,191
|
$
|
848,664
|
$
|
772,774
|
$
|
777,052
|
$
|
769,319
|
||||||||||
All other interest-earning assets(1)
|
334,811
|
255,662
|
166,761
|
184,925
|
189,941
|
|||||||||||||||
Deposits
|
1,059,908
|
993,739
|
821,471
|
846,704
|
856,724
|
|||||||||||||||
Shareholders’ equity
|
141,356
|
136,324
|
128,179
|
117,874
|
109,361
|
|||||||||||||||
Total assets
|
1,249,769
|
1,186,932
|
1,013,272
|
1,030,493
|
1,026,290
|
|||||||||||||||
|
||||||||||||||||||||
KEY RATIOS:
|
||||||||||||||||||||
|
||||||||||||||||||||
Return on average assets
|
.95
|
%
|
.94
|
%
|
.96
|
%
|
1.12
|
%
|
0.74
|
%
|
||||||||||
Return on average equity
|
8.45
|
%
|
7.83
|
%
|
8.10
|
%
|
10.63
|
%
|
6.95
|
%
|
||||||||||
Dividend payout ratio
|
34.25
|
%
|
39.20
|
%
|
40.37
|
%
|
33.20
|
%
|
52.36
|
%
|
||||||||||
Average equity to average assets
|
11.25
|
%
|
11.95
|
%
|
11.82
|
%
|
10.57
|
%
|
10.66
|
%
|
As of December 31
|
||||||||
2021
|
2020
|
|||||||
(dollars in thousands, except share and per share data)
|
||||||||
Assets
|
||||||||
Cash and noninterest-bearing deposits with banks
|
$
|
|
$
|
|
||||
Interest-bearing deposits with banks
|
|
|
||||||
Total cash and cash equivalents
|
|
|
||||||
Certificates of deposit in financial institutions
|
|
|
||||||
Securities available for sale
|
|
|
||||||
Securities held to maturity (estimated fair value: 2021 - $
|
|
|
||||||
Restricted investments in bank stocks
|
|
|
||||||
Total loans
|
|
|
||||||
Less: Allowance for loan losses
|
(
|
)
|
(
|
)
|
||||
Net loans
|
|
|
||||||
Premises and equipment, net
|
|
|
||||||
Premises and equipment held for sale, net
|
|
|
||||||
Other real estate owned, net
|
|
|
||||||
Accrued interest receivable
|
|
|
||||||
Goodwill
|
|
|
||||||
Other intangible assets, net
|
|
|
||||||
Bank owned life insurance and annuity assets
|
|
|
||||||
Operating lease right-of-use asset, net
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities
|
||||||||
Noninterest-bearing deposits
|
$
|
|
$
|
|
||||
Interest-bearing deposits
|
|
|
||||||
Total deposits
|
|
|
||||||
Other borrowed funds
|
|
|
||||||
Subordinated debentures
|
|
|
||||||
Operating lease liability
|
|
|
||||||
Other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and Contingent Liabilities (See Note L)
|
|
|
||||||
Shareholders’ Equity
|
||||||||
Common stock ($
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive income
|
|
|
||||||
Treasury stock, at cost (2021 –
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
For the years ended December 31
|
2021
|
2020
|
||||||
(dollars in thousands, except per share data)
|
||||||||
Interest and dividend income:
|
||||||||
Loans, including fees
|
$
|
|
$
|
|
||||
Securities:
|
||||||||
Taxable
|
|
|
||||||
Tax exempt
|
|
|
||||||
Dividends
|
|
|
||||||
Interest-bearing deposits with banks
|
|
|
||||||
Other interest
|
|
|
||||||
|
|
|||||||
Interest expense:
|
||||||||
Deposits
|
|
|
||||||
Other borrowed funds
|
|
|
||||||
Subordinated debentures
|
|
|
||||||
|
|
|||||||
Net interest income
|
|
|
||||||
Provision for loan losses
|
(
|
)
|
|
|||||
Net interest income after provision for loan losses
|
|
|
||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
|
|
||||||
Trust fees
|
|
|
||||||
Income from bank owned life insurance and annuity assets
|
|
|
||||||
Mortgage banking income
|
|
|
||||||
Electronic refund check / deposit fees
|
|
|
||||||
Debit / credit card interchange income
|
|
|
||||||
Gain (loss) on other real estate owned
|
|
(
|
)
|
|||||
Loss on sale of securities
|
( |
) | ||||||
Tax preparation fees
|
|
|
||||||
Litigation settlement
|
|
|
||||||
Other
|
|
|
||||||
|
|
|||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
|
|
||||||
Occupancy
|
|
|
||||||
Furniture and equipment
|
|
|
||||||
Professional fees
|
|
|
||||||
Marketing expense
|
|
|
||||||
FDIC insurance
|
|
|
||||||
Data processing
|
|
|
||||||
Software
|
|
|
||||||
Foreclosed assets
|
|
|
||||||
Amortization of intangibles
|
|
|
||||||
Other
|
|
|
||||||
|
|
|||||||
Income before income taxes
|
|
|
||||||
Provision for income taxes
|
|
|
||||||
NET INCOME
|
$
|
|
$
|
|
||||
Earnings per share
|
$
|
|
$
|
|
For the years ended December 31
|
2021
|
2020
|
||||||
(dollars in thousands)
|
||||||||
NET INCOME
|
$
|
|
$
|
|
||||
Other comprehensive income (loss):
|
||||||||
Change in unrealized gain (loss) on available for sale securities
|
(
|
)
|
|
|||||
Reclassification adjustment for realized losses |
||||||||
( |
) | |||||||
Related tax effect
|
|
(
|
)
|
|||||
Total other comprehensive income (loss), net of tax
|
(
|
)
|
|
|||||
Total comprehensive income
|
$
|
|
$
|
|
For the years ended December 31, 2021, 2020
|
||||||||||||||||||||||||
(dollars in thousands, except share and per share data)
|
||||||||||||||||||||||||
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balances at January 1, 2020
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
)
|
$ |
|
|||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income (loss), net
|
|
|
|
|
|
|
||||||||||||||||||
Cash dividends, $
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Balances at December 31, 2020
|
|
|
|
|
(
|
)
|
|
|||||||||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income (loss), net
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||
Cash dividends, $
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Shares acquired for treasury, |
( |
) | ( |
) | ||||||||||||||||||||
Balances at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
For the years ended December 31
|
2021
|
2020
|
||||||
(dollars in thousands)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation of premises and equipment
|
|
|
||||||
Net amortization (accretion) of purchase accounting adjustments
|
|
(
|
)
|
|||||
Net amortization of securities
|
|
|
||||||
Net realized loss on sale of securities
|
||||||||
Proceeds from sale of loans in secondary market
|
|
|
||||||
Loans disbursed for sale in secondary market
|
(
|
)
|
(
|
)
|
||||
Amortization of mortgage servicing rights
|
|
|
||||||
Impairment (recovery) of mortgage servicing rights
|
(
|
)
|
|
|||||
Gain on sale of loans
|
(
|
)
|
(
|
)
|
||||
Amortization of intangible assets
|
|
|
||||||
Deferred tax (benefit) expense
|
(
|
)
|
|
|||||
Provision for loan losses
|
(
|
)
|
|
|||||
Earnings on bank owned life insurance and annuity assets
|
(
|
)
|
(
|
)
|
||||
Loss on sale of other real estate owned
|
(
|
)
|
|
|||||
Change in accrued interest receivable
|
|
(
|
)
|
|||||
Change in accrued liabilities
|
(
|
)
|
(
|
)
|
||||
Change in other assets
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sales of securities available for sale
|
||||||||
Proceeds from maturities and paydowns of securities available for sale
|
|
|
||||||
Purchases of securities available for sale
|
(
|
)
|
(
|
)
|
||||
Proceeds from calls and maturities of securities held to maturity
|
|
|
||||||
Purchases of securities held to maturity
|
(
|
)
|
(
|
)
|
||||
Proceeds from maturities of certificates of deposit in financial institutions
|
|
|
||||||
Purchases of certificates of deposit in financial institutions
|
(
|
)
|
(
|
)
|
||||
Redemptions of restricted investments in bank stocks
|
||||||||
Net change in loans
|
( |
) | ||||||
Proceeds from sale of other real estate owned
|
|
|
||||||
Purchases of premises and equipment
|
(
|
)
|
(
|
)
|
||||
Disposals of premises and equipment
|
|
|
||||||
Proceeds from bank owned life insurance
|
||||||||
Purchases of bank owned life insurance and annuity assets
|
(
|
)
|
(
|
)
|
||||
Net cash (used in) investing activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Change in deposits
|
|
|
||||||
Cash dividends
|
(
|
)
|
(
|
)
|
||||
Purchases of treasury stock
|
( |
) | ||||||
Proceeds from Federal Home Loan Bank borrowings
|
|
|
||||||
Repayment of Federal Home Loan Bank borrowings
|
(
|
)
|
(
|
)
|
||||
Change in other long-term borrowings
|
|
(
|
)
|
|||||
Change in other short-term borrowings
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
Cash and cash equivalents:
|
||||||||
Change in cash and cash equivalents
|
|
|
||||||
Cash and cash equivalents at beginning of year
|
|
|
||||||
Cash and cash equivalents at end of year
|
$
|
|
$
|
|
||||
Supplemental disclosure:
|
||||||||
Cash paid for interest
|
$
|
|
$
|
|
||||
Cash paid for income taxes
|
|
|
||||||
Transfers from loans to other real estate owned
|
|
|
||||||
Operating lease liability arising from obtaining right-of-use asset
|
|
|
% of Total Loans
|
||||||||
2021
|
2020
|
|||||||
Residential real estate loans
|
|
%
|
|
%
|
||||
Commercial real estate loans
|
|
%
|
|
%
|
||||
Consumer loans
|
|
%
|
|
%
|
||||
Commercial and industrial loans
|
|
%
|
|
%
|
||||
|
%
|
|
%
|
Amortized
Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Estimated
Fair Value
|
|||||||||||||
Securities Available for Sale
|
||||||||||||||||
December 31, 2021
|
||||||||||||||||
U.S. Government securities
|
$ | $ | $ | ( |
) | $ | ||||||||||
U.S. Government sponsored entity securities
|
|
|
(
|
)
|
|
|||||||||||
Agency mortgage-backed securities, residential
|
|
|
(
|
)
|
|
|||||||||||
Total securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
December 31, 2020
|
||||||||||||||||
U.S. Government sponsored entity securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Agency mortgage-backed securities, residential
|
|
|
(
|
)
|
|
|||||||||||
Total securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Amortized
Cost
|
Gross Unrecognized
Gains
|
Gross Unrecognized
Losses
|
Estimated
Fair Value
|
|||||||||||||
Securities Held to Maturity
|
||||||||||||||||
December 31, 2021
|
||||||||||||||||
Obligations of states and political subdivisions
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
Agency mortgage-backed securities, residential
|
|
|
|
|
||||||||||||
Total securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
December 31, 2020
|
||||||||||||||||
Obligations of states and political subdivisions
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Agency mortgage-backed securities, residential
|
|
|
|
|
||||||||||||
Total securities
|
$
|
|
$
|
|
$
|
|
$
|
|
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Debt Securities:
|
Amortized
Cost
|
Estimated
Fair
Value
|
Amortized
Cost
|
Estimated
Fair
Value
|
||||||||||||
Due in one year or less
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Due in one to five years
|
|
|
|
|
||||||||||||
Due in five to ten years
|
|
|
|
|
||||||||||||
Due after ten years
|
||||||||||||||||
Agency mortgage-backed securities, residential
|
|
|
|
|
||||||||||||
Total debt securities
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2021
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Securities Available for Sale
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
U.S. Government securities |
$ | $ | ( |
) | $ | $ | $ | $ | ( |
) | ||||||||||||||
U.S. Government sponsored entity securities |
( |
) | ( |
) | ||||||||||||||||||||
Agency mortgage-backed securities, residential
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||||||||||||
Total available for sale
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Securities Held to Maturity
|
Fair
Value
|
Unrecognized
Loss
|
Fair
Value
|
Unrecognized
Loss
|
Fair
Value
|
Unrecognized
Loss
|
||||||||||||||||||
Obligations of states and political subdivisions
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|||||||||
Total held to maturity
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
December 31, 2020
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Securities Available for Sale
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
Agency mortgage-backed securities, residential
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
||||||||||
Total available for sale
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
2021
|
2020
|
|||||||
Residential real estate
|
$
|
|
$
|
|
||||
Commercial real estate:
|
||||||||
Owner-occupied
|
|
|
||||||
Nonowner-occupied
|
|
|
||||||
Construction
|
|
|
||||||
Commercial and industrial
|
|
|
||||||
Consumer:
|
||||||||
Automobile
|
|
|
||||||
Home equity
|
|
|
||||||
Other
|
|
|
||||||
|
|
|||||||
Less: Allowance for loan losses
|
(
|
)
|
(
|
)
|
||||
Loans, net
|
$
|
|
$
|
|
December 31, 2021
|
Residential
Real Estate
|
Commercial
Real Estate
|
Commercial
& Industrial
|
Consumer
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Provision for loan losses
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||
Loans charged off
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Recoveries
|
|
|
|
|
|
|||||||||||||||
Total ending allowance balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2020
|
Residential
Real Estate
|
Commercial
Real Estate
|
Commercial
& Industrial
|
Consumer
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Provision for loan losses
|
|
|
|
|
|
|||||||||||||||
Loans charged off
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Recoveries
|
|
|
|
|
|
|||||||||||||||
Total ending allowance balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2021
|
Residential
Real Estate
|
Commercial
Real Estate
|
Commercial
& Industrial
|
Consumer
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Collectively evaluated for impairment
|
|
|
|
|
|
|||||||||||||||
Total ending allowance balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Loans:
|
||||||||||||||||||||
Loans individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|||||||||||||||
Total ending loans balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2020
|
Residential
Real Estate
|
Commercial
Real Estate
|
Commercial
& Industrial
|
Consumer
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Collectively evaluated for impairment
|
|
|
|
|
|
|||||||||||||||
Total ending allowance balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Loans:
|
||||||||||||||||||||
Loans individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Loans collectively evaluated for impairment
|
|
|
|
|
|
|||||||||||||||
Total ending loans balance
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2021
|
Unpaid
Principal
Balance
|
Recorded
Investment
|
Allowance
for
Loan Losses
Allocated
|
Average
Impaired
Loans
|
Interest
Income
Recognized
|
Cash Basis
Interest
Recognized
|
||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner-occupied
|
|
|
—
|
|
|
|
||||||||||||||||||
Nonowner-occupied
|
|
|
—
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
|
|
—
|
|
|
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity
|
|
|
—
|
|
|
|
||||||||||||||||||
Other
|
|
|
—
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2020
|
Unpaid
Principal
Balance
|
Recorded
Investment
|
Allowance
for
Loan Losses
Allocated
|
Average
Impaired
Loans
|
Interest
Income
Recognized
|
Cash Basis
Interest
Recognized
|
||||||||||||||||||
With an allowance recorded:
|
$ | $ | $ | — | $ | $ | $ | |||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Residential real estate
|
|
|
—
|
|
|
|
||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner-occupied
|
|
|
—
|
|
|
|
||||||||||||||||||
Nonowner-occupied
|
|
|
—
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
|
|
—
|
|
|
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity
|
|
|
—
|
|
|
|
||||||||||||||||||
Other
|
— | |||||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
—
|
$
|
|
$
|
|
$
|
|
Loans Past Due 90 Days
And Still Accruing
|
Nonaccrual
|
|||||||
December 31, 2021
|
||||||||
Residential real estate
|
$
|
|
$
|
|
||||
Commercial real estate:
|
||||||||
Owner-occupied
|
|
|
||||||
Nonowner-occupied
|
|
|
||||||
Construction
|
|
|
||||||
Commercial and industrial
|
|
|
||||||
Consumer:
|
||||||||
Automobile
|
|
|
||||||
Home equity
|
|
|
||||||
Other
|
|
|
||||||
Total
|
$
|
|
$
|
|
Loans Past
Due 90 Days
And Still Accruing
|
Nonaccrual
|
|||||||
December 31, 2020
|
||||||||
Residential real estate
|
$
|
|
$
|
|
||||
Commercial real estate:
|
||||||||
Owner-occupied
|
|
|
||||||
Nonowner-occupied
|
|
|
||||||
Construction
|
|
|
||||||
Commercial and industrial
|
|
|
||||||
Consumer:
|
||||||||
Automobile
|
|
|
||||||
Home equity
|
|
|
||||||
Other
|
|
|
||||||
Total
|
$
|
|
$
|
|
December 31, 2021
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 Days
Or More
Past Due
|
Total
Past Due
|
Loans Not
Past Due
|
Total
|
||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner-occupied
|
|
|
|
|
|
|
||||||||||||||||||
Nonowner-occupied
|
|
|
|
|
|
|
||||||||||||||||||
Construction
|
|
|
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Automobile
|
|
|
|
|
|
|
||||||||||||||||||
Home equity
|
|
|
|
|
|
|
||||||||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2020
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 Days
Or More
Past Due
|
Total
Past Due
|
Loans Not
Past Due
|
Total
|
||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner-occupied
|
|
|
|
|
|
|
||||||||||||||||||
Nonowner-occupied
|
|
|
|
|
|
|
||||||||||||||||||
Construction
|
|
|
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
|
|
|
|
|
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Automobile
|
|
|
|
|
|
|
||||||||||||||||||
Home equity
|
|
|
|
|
|
|
||||||||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
TDRs
Performing to
Modified
Terms
|
TDRs Not
Performing to
Modified
Terms
|
Total
TDRs
|
||||||||||
December 31, 2021
|
||||||||||||
Commercial real estate:
|
||||||||||||
Owner-occupied
|
||||||||||||
Reduction of principal and interest payments
|
$ |
|
$ |
|
$ |
|
||||||
Maturity extension at lower stated rate than market rate
|
|
|
|
|||||||||
Credit extension at lower stated rate than market rate
|
|
|
|
|||||||||
Nonowner-occupied
|
||||||||||||
Credit extension at lower stated rate than market rate
|
|
|
|
|||||||||
Commercial and industrial
|
||||||||||||
Interest only payments
|
|
|
|
|||||||||
Total TDRs
|
$
|
|
$
|
|
$
|
|
TDRs
Performing to
Modified
Terms
|
TDRs Not
Performing to
Modified
Terms
|
Total
TDRs
|
||||||||||
December 31, 2020
|
||||||||||||
Residential real estate:
|
||||||||||||
Interest only payments
|
$
|
|
$
|
|
$
|
|
||||||
Commercial real estate:
|
||||||||||||
Owner-occupied
|
||||||||||||
Reduction of principal and interest payments
|
|
|
|
|||||||||
Maturity extension at lower stated rate than market rate
|
|
|
|
|||||||||
Credit extension at lower stated rate than market rate
|
|
|
|
|||||||||
Nonowner-occupied
|
||||||||||||
Credit extension at lower stated rate than market rate
|
|
|
|
|||||||||
Commercial and industrial
|
||||||||||||
Interest only payments
|
|
|
|
|||||||||
Total TDRs
|
$
|
|
$
|
|
$
|
|
December 31, 2021
|
Pass
|
Criticized
|
Classified
|
Total
|
||||||||||||
Commercial real estate:
|
||||||||||||||||
Owner-occupied
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Nonowner-occupied
|
|
|
|
|
||||||||||||
Construction
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
December 31, 2020
|
Pass
|
Criticized
|
Classified
|
Total
|
||||||||||||
Commercial real estate:
|
||||||||||||||||
Owner-occupied
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Nonowner-occupied
|
|
|
|
|
||||||||||||
Construction
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
Consumer
|
||||||||||||||||||||
December 31, 2021
|
Automobile
|
Home Equity
|
Other
|
Residential
Real Estate
|
Total
|
|||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Nonperforming
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Consumer
|
||||||||||||||||||||
December 31, 2020
|
Automobile
|
Home Equity
|
Other
|
Residential
Real Estate
|
Total
|
|||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Nonperforming
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Land
|
$
|
|
$
|
|
||||
Buildings
|
|
|
||||||
Leasehold improvements
|
|
|
||||||
Furniture and equipment
|
|
|
||||||
|
|
|||||||
Less accumulated depreciation
|
|
|
||||||
Total premises and equipment
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Land
|
$
|
|
$
|
|
||||
Buildings
|
|
|
||||||
|
|
|||||||
Less accumulated depreciation
|
|
|
||||||
Total premises and equipment held for sale
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Operating leases:
|
||||||||
Operating lease right-of-use assets
|
$
|
|
$
|
|
||||
Operating lease liabilities
|
|
|
2021
|
2020
|
|||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Short-term lease expense
|
|
|
Operating Leases
|
||||
2022
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
|||
Total lease payments
|
|
|||
Less: Imputed Interest
|
( |
) | ||
Total operating leases
|
$
|
|
2021
|
2020
|
|||||||
Weighted-average remaining lease term for operating leases
|
|
|
||||||
Weighted-average discount rate for operating leases
|
|
|
Gross Carrying Amount |
||||||||
2021
|
2020
|
|||||||
Goodwill
|
$
|
|
$
|
|
2021
|
2020
|
|||||||||||||||
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
|||||||||||||
Amortized intangible assets:
|
||||||||||||||||
Core deposit intangibles
|
$
|
|
$
|
|
$
|
|
$
|
|
2022
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Total
|
$
|
|
2021
|
2020
|
|||||||
NOW accounts
|
$
|
|
$
|
|
||||
Savings and Money Market
|
|
|
||||||
Time:
|
||||||||
In denominations of $250,000 or less
|
|
|
||||||
In denominations of more than $250,000
|
|
|
||||||
Total time deposits
|
|
|
||||||
Total interest-bearing deposits
|
$
|
|
$
|
|
2022
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
|||
Total
|
$
|
|
FHLB Borrowings
|
Promissory Notes
|
Totals
|
||||||||||
2021
|
$
|
|
$
|
|
$
|
|
||||||
2020
|
|
|
|
|
|
|
|
FHLB
Borrowings
|
Promissory
Notes
|
Totals
|
|||||||||
2022
|
$
|
|
$
|
|
$
|
|
||||||
2023
|
|
|
|
|||||||||
2024
|
|
|
|
|||||||||
2025
|
|
|
|
|||||||||
2026
|
|
|
|
|||||||||
Thereafter
|
|
|
|
|||||||||
$
|
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Current tax expense
|
$
|
|
$
|
|
||||
Deferred tax (benefit) expense
|
(
|
)
|
|
|||||
Total income taxes
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Items giving rise to deferred tax assets:
|
||||||||
Allowance for loan losses
|
$
|
|
$
|
|
||||
Deferred compensation
|
|
|
||||||
Deferred loan fees/costs
|
|
|
||||||
Other real estate owned
|
|
|
||||||
Accrued bonus
|
|
|
||||||
Purchase accounting adjustments
|
|
|
||||||
Net operating loss
|
|
|
||||||
Lease liability
|
|
|
||||||
Nonaccrual interest income
|
||||||||
Other
|
|
|
||||||
Items giving rise to deferred tax liabilities:
|
||||||||
Mortgage servicing rights
|
(
|
)
|
(
|
)
|
||||
FHLB stock dividends
|
(
|
)
|
(
|
)
|
||||
Unrealized gain on securities available for sale
|
(
|
)
|
(
|
)
|
||||
Prepaid expenses
|
(
|
)
|
(
|
)
|
||||
Depreciation and amortization
|
(
|
)
|
(
|
)
|
||||
Right-of-use asset
|
(
|
)
|
(
|
)
|
||||
Net deferred tax asset
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Statutory tax (
|
$
|
|
$
|
|
||||
Effect of nontaxable interest
|
(
|
)
|
(
|
)
|
||||
Effect of nontaxable insurance premiums
|
(
|
)
|
(
|
)
|
||||
Income from bank owned insurance, net
|
(
|
)
|
(
|
)
|
||||
Effect of postretirement benefits
|
|
|
||||||
Effect of nontaxable life insurance death proceeds | ( |
) | ||||||
Effect of state income tax
|
|
|
||||||
Tax credits
|
(
|
)
|
(
|
)
|
||||
Other items
|
|
|
||||||
Total income taxes(1)
|
$
|
|
$
|
|
2021
|
2020
|
|||||||
Fixed rate
|
$
|
|
$
|
|
||||
Variable rate
|
|
|
||||||
Standby letters of credit
|
|
|
Total loans at January 1, 2021
|
$
|
|
||
New loans
|
|
|||
Repayments
|
(
|
)
|
||
Other changes
|
(
|
)
|
||
Total loans at December 31, 2021
|
$
|
|
Years ended December 31
|
||||||||
2021
|
2020
|
|||||||
Number of shares issued
|
|
|
||||||
Fair value of stock contributed
|
$
|
|
$
|
|
||||
Cash contributed
|
|
|
||||||
Total expense
|
$
|
|
$
|
|
Fair Value Measurements at December 31, 2021, Using
|
||||||||||||
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Assets:
|
||||||||||||
U.S. Government securities | $ |
|||||||||||
U.S. Government sponsored entity securities
|
|
|
|
|
||||||||
Agency mortgage-backed securities, residential
|
|
|
|
|||||||||
Interest rate swap derivatives
|
|
|
|
|||||||||
Liabilities:
|
||||||||||||
Interest rate swap derivatives
|
|
(
|
)
|
|
Fair Value Measurements at December 31, 2020, Using
|
||||||||||||
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Assets:
|
||||||||||||
U.S. Government sponsored entity securities
|
|
$
|
|
|
||||||||
Agency mortgage-backed securities, residential
|
|
|
|
|||||||||
Interest rate swap derivatives
|
|
|
|
|||||||||
Liabilities:
|
||||||||||||
Interest rate swap derivatives
|
|
(
|
)
|
|
Fair Value Measurements at December 31, 2021, Using
|
||||||||||||
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Assets:
|
||||||||||||
Impaired loans:
|
||||||||||||
Commercial and Industrial
|
$ |
|
$ |
|
$ |
|
December 31, 2021
|
Fair Value
|
Valuation
Technique(s)
|
Unobservable
Input(s)
|
Range
|
(Weighted
Average)
|
||||||
Impaired loans:
|
|||||||||||
Commercial and Industrial
|
$
|
|
Sales approach
|
Adjustment to comparables
and equipment comparables
|
|
|
%
|
Fair Value Measurements at December 31, 2021 Using:
|
||||||||||||||||||||
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Certificates of deposit in financial institutions
|
|
|
|
|
|
|||||||||||||||
Securities available for sale
|
|
|
|
|
|
|||||||||||||||
Securities held to maturity
|
|
|
|
|
|
|||||||||||||||
Loans, net
|
|
|
|
|
|
|||||||||||||||
Interest rate swap derivatives
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Other borrowed funds
|
|
|
|
|
|
|||||||||||||||
Subordinated debentures
|
|
|
|
|
|
|||||||||||||||
Interest rate swap derivatives
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
Fair Value Measurements at December 31, 2020 Using:
|
||||||||||||||||||||
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Certificates of deposit in financial institutions
|
|
|
|
|
|
|||||||||||||||
Securities available for sale
|
|
|
|
|
|
|||||||||||||||
Securities held to maturity
|
|
|
|
|
|
|||||||||||||||
Loans, net
|
|
|
|
|
|
|||||||||||||||
Interest rate swap derivatives
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Other borrowed funds
|
|
|
|
|
|
|||||||||||||||
Subordinated debentures
|
|
|
|
|
|
|||||||||||||||
Interest rate swap derivatives
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
Actual
|
To Be Well Capitalized
Under Prompt Corrective
Action Regulations
|
|||||||||||||||
Bank
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||||||
December 31, 2021
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
December 31, 2020
|
|
|
|
|
Years ended December 31:
|
||||||||
Assets
|
2021
|
2020
|
||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Investment in subsidiaries
|
|
|
||||||
Notes receivable – subsidiaries
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
Liabilities
|
||||||||
Notes payable
|
$
|
|
$
|
|
||||
Subordinated debentures
|
|
|
||||||
Other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Shareholders’ Equity
|
||||||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
Years ended December 31:
|
||||||||
Income:
|
2021
|
2020
|
||||||
Interest on notes
|
$
|
|
$
|
|
||||
Dividends from subsidiaries
|
|
|
||||||
Expenses:
|
||||||||
Interest on notes
|
|
|
||||||
Interest on subordinated debentures
|
|
|
||||||
Operating expenses
|
|
|
||||||
Income before income taxes and equity in undistributed earnings of subsidiaries
|
|
|
||||||
Income tax benefit
|
|
|
||||||
Equity in undistributed earnings of subsidiaries
|
|
|
||||||
Net Income
|
$
|
|
$
|
|
||||
Comprehensive Income
|
$
|
|
$
|
|
Years ended December 31:
|
||||||||
Cash flows from operating activities:
|
2021
|
2020
|
||||||
Net Income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Equity in undistributed earnings of subsidiaries
|
(
|
)
|
(
|
)
|
||||
Change in other assets
|
(
|
)
|
|
|||||
Change in other liabilities
|
|
|
||||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Change in notes receivable
|
(
|
)
|
|
|||||
Net cash provided by investing activities
|
(
|
)
|
|
|||||
Cash flows from financing activities:
|
||||||||
Change in notes payable
|
(
|
)
|
(
|
)
|
||||
Purchases of treasury stock
|
( |
) | ||||||
Cash dividends paid
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents:
|
||||||||
Change in cash and cash equivalents
|
|
(
|
)
|
|||||
Cash and cash equivalents at beginning of year
|
|
|
||||||
Cash and cash equivalents at end of year
|
$
|
|
$
|
|
Year Ended December 31, 2021
|
||||||||||||
Banking
|
Consumer
Finance
|
Total
Company
|
||||||||||
Net interest income
|
$
|
|
$
|
|
$
|
|
||||||
Provision expense
|
(
|
)
|
|
(
|
)
|
|||||||
Noninterest income
|
|
|
|
|||||||||
Noninterest expense
|
|
|
|
|||||||||
Tax expense
|
|
|
|
|||||||||
Net income
|
|
|
|
|||||||||
Assets
|
|
|
|
Year Ended December 31, 2020
|
||||||||||||
Banking
|
Consumer
Finance
|
Total
Company |
||||||||||
Net interest income
|
$
|
|
$
|
|
$
|
|
||||||
Provision expense
|
|
|
|
|||||||||
Noninterest income
|
|
|
|
|||||||||
Noninterest expense
|
|
|
|
|||||||||
Tax expense
|
|
|
|
|||||||||
Net income
|
|
|
|
|||||||||
Assets
|
|
|
|
•
|
Evaluated the relevance and reliability of data used in the development of the economic conditions qualitative factor
|
•
|
Evaluated management’s judgments and assumptions used to determine the economic conditions qualitative factor for reasonableness
|
•
|
Performed data validation of inputs and tested mathematical accuracy of management’s calculation of the economic conditions qualitative factor
|
|
|
/s/Crowe LLP
|
|
|
Crowe LLP
|
|
|
|
|
|
|
|
|
|
We have served as the Company’s auditor since 1992.
|
|
|
Cleveland, Ohio
|
|
|
March 16, 2022
|
|
|
Ohio Valley Banc Corp.
|
|
|
|
|
|
/s/Thomas E. Wiseman
|
|
/s/Scott W. Shockey
|
Thomas E. Wiseman
|
|
Scott W. Shockey
|
Chief Executive Officer
|
|
Senior Vice President, CFO
|
|
|
|
March 16, 2022
|
|
|
|
|
|
|
|
|
|
|
|
December 31
|
||||||||||||||||||||||||
Table I
|
2021
|
2020
|
||||||||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Income/
Expense
|
Yield/
Average
|
Average Balance
|
Income/
Expense
|
Yield/
Average
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-bearing balances with banks
|
$
|
136,071
|
$
|
195
|
0.14
|
%
|
$
|
78,211
|
$
|
274
|
0.35
|
%
|
||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
162,511
|
2,179
|
1.34
|
118,090
|
2,409
|
2.04
|
||||||||||||||||||
Tax exempt
|
8,646
|
297
|
3.44
|
9,231
|
359
|
3.90
|
||||||||||||||||||
Loans
|
841,681
|
42,519
|
5.05
|
811,434
|
43,571
|
5.37
|
||||||||||||||||||
Total interest-earning assets
|
1,148,909
|
45,190
|
3.93
|
%
|
1,016,966
|
46,613
|
4.58
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
14,739
|
13,619
|
||||||||||||||||||||||
Other nonearning assets
|
77,254
|
73,395
|
||||||||||||||||||||||
Allowance for loan losses
|
(7,101
|
)
|
(7,789
|
)
|
||||||||||||||||||||
Total noninterest-earning assets
|
84,892
|
79,225
|
||||||||||||||||||||||
Total assets
|
$
|
1,233,801
|
$
|
1,096,191
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders’ Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
211,636
|
$
|
680
|
0.32
|
%
|
$
|
177,170
|
$
|
618
|
0.35
|
%
|
||||||||||||
Savings and money market
|
299,129
|
265
|
0.09
|
258,434
|
932
|
0.36
|
||||||||||||||||||
Time deposits
|
200,572
|
2,032
|
1.01
|
211,909
|
3,704
|
1.75
|
||||||||||||||||||
Other borrowed money
|
26,064
|
564
|
2.16
|
31,916
|
729
|
2.28
|
||||||||||||||||||
Subordinated debentures
|
8,500
|
158
|
1.86
|
8,500
|
208
|
2.44
|
||||||||||||||||||
Total int.-bearing liabilities
|
745,901
|
3,699
|
0.49
|
%
|
687,929
|
6,191
|
0.90
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposit accounts
|
331,027
|
258,802
|
||||||||||||||||||||||
Other liabilities
|
18,042
|
18,422
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
349,069
|
277,224
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Shareholders’ equity
|
138,831
|
131,038
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,233,801
|
$
|
1,096,191
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest earnings
|
$
|
41,491
|
$
|
40,422
|
||||||||||||||||||||
Net interest margin
|
3.61
|
%
|
3.97
|
%
|
||||||||||||||||||||
Net interest rate spread
|
3.44
|
%
|
3.68
|
%
|
||||||||||||||||||||
Average interest-bearing liabilities to average earning assets
|
64.92
|
%
|
67.65
|
%
|
RATE VOLUME ANALYSIS OF CHANGES IN INTEREST INCOME & EXPENSE
|
Table II
|
(dollars in thousands)
|
2021
|
2020
|
||||||||||||||||||||||
|
Increase (Decrease)
From Previous Year Due to
|
Increase (Decrease)
From Previous Year Due to
|
||||||||||||||||||||||
|
Volume
|
Yield/Rate
|
Total
|
Volume
|
Yield/Rate
|
Total
|
||||||||||||||||||
Interest income
|
||||||||||||||||||||||||
Interest-bearing balances with banks
|
$
|
136
|
$
|
(215
|
)
|
$
|
(79
|
)
|
$
|
287
|
$
|
(1,285
|
)
|
$
|
(998
|
)
|
||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
744
|
(974
|
)
|
(230
|
)
|
14
|
(540
|
)
|
(526
|
)
|
||||||||||||||
Tax exempt
|
(22
|
)
|
(40
|
)
|
(62
|
)
|
(64
|
)
|
(9
|
)
|
(73
|
)
|
||||||||||||
Loans
|
1,587
|
(2,639
|
)
|
(1,052
|
)
|
2,048
|
(4,584
|
)
|
(2,536
|
)
|
||||||||||||||
Total interest income
|
2,445
|
(3,868
|
)
|
(1,423
|
)
|
2,285
|
(6,418
|
)
|
(4,133
|
)
|
||||||||||||||
|
||||||||||||||||||||||||
Interest expense
|
||||||||||||||||||||||||
NOW accounts
|
114
|
(52
|
)
|
62
|
49
|
31
|
80
|
|||||||||||||||||
Savings and money market
|
127
|
(794
|
)
|
(667
|
)
|
111
|
(469
|
)
|
(358
|
)
|
||||||||||||||
Time deposits
|
(189
|
)
|
(1,483
|
)
|
(1,672
|
)
|
(67
|
)
|
(427
|
)
|
(494
|
)
|
||||||||||||
Other borrowed money
|
(128
|
)
|
(37
|
)
|
(165
|
)
|
(125
|
)
|
(29
|
)
|
(154
|
)
|
||||||||||||
Subordinated debentures
|
----
|
(50
|
)
|
(50
|
)
|
----
|
(148
|
)
|
(148
|
)
|
||||||||||||||
Total interest expense
|
(76
|
)
|
(2,416
|
)
|
(2,492
|
)
|
(32
|
)
|
(1,042
|
)
|
(1,074
|
)
|
||||||||||||
Net interest earnings
|
$
|
2,521
|
$
|
(1,452
|
)
|
$
|
1,069
|
$
|
2,317
|
$
|
(5,376
|
)
|
$
|
(3,059
|
)
|
The change in interest due to volume and rate is determined as follows: Volume Variance - change in volume multiplied by the previous year's rate; Yield/Rate Variance - change in
rate multiplied by the previous year's volume; Total Variance – change in volume multiplied by the change in rate. The change in interest due to both volume and rate has been allocated tovolume and rate changes in proportion to the
relationship of the absolute dollar amounts of the change in each. The tax exempt securities and loan income is presented on an FTE basis. FTE yield assumes a 21% tax rate, net of related nondeductible interest expense.
|
Investment Portfolio Composition
at December 31, 2021 |
at December 31, 2020 |
|
|
![]() |
![]() |
SECURITIES
|
Table III
|
|
MATURING
|
|||||||||||||||||||||||||||||||
As of December 31, 2021
|
Within
One Year
|
After One but Within Five Years
|
After Five but Within Ten Years
|
After Ten Years
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
U.S. Government securities
|
$
|
----
|
----
|
$
|
14,072
|
1.16
|
%
|
$
|
6,071
|
1.22
|
%
|
$
|
----
|
----
|
||||||||||||||||||
U.S. Government sponsored entity
securities
|
4,018
|
1.82
|
%
|
8,032
|
1.66
|
%
|
13,866
|
1.43
|
%
|
----
|
----
|
|||||||||||||||||||||
Obligations of states and political subdivisions
|
234
|
5.11
|
%
|
4,366
|
3.96
|
%
|
3,419
|
2.58
|
%
|
2,429
|
2.82
|
%
|
||||||||||||||||||||
Agency mortgage-backed
securities, residential
|
187
|
2.52
|
%
|
53,456
|
2.38
|
%
|
69,592
|
1.50
|
%
|
7,708
|
2.01
|
%
|
||||||||||||||||||||
Total securities
|
$
|
4,439
|
2.02
|
%
|
$
|
79,926
|
2.18
|
%
|
$
|
92,948
|
1.51
|
%
|
$
|
10,137
|
2.20
|
%
|
Tax-equivalent adjustments of $61 have been made in calculating yields on obligations of states and political subdivisions using a 21% rate. Weighted average yields are calculated on the basis of the
cost and effective yields weighted for the scheduled maturity of each security. Mortgage-backed securities, which have prepayment provisions, are assigned to a maturity category based on estimated average lives. Securities are shown at
their fair values, which include the market value adjustments for available for sale securities.
|
Loan Portfolio Composition
at December 31, 2021 |
|
|
|
![]() |
![]() |
MATURITY AND REPRICING DATA OF LOANS
|
As of December 31, 2021
|
Table IV
|
(dollars in thousands)
|
||||||||||||||||||||
|
Within One Year
|
After One
but Within
Five Years
|
After Five
but Within
Fifteen Years
|
After
Fifteen Years
|
Total
|
|||||||||||||||
Residential real estate loans
|
$
|
50,302
|
$
|
151,515
|
$
|
64,089
|
$
|
8,519
|
$
|
274,425
|
||||||||||
Commercial real estate loans
|
79,288
|
179,077
|
22,343
|
1,089
|
281,797
|
|||||||||||||||
Commercial and industrial loans
|
47,305
|
41,272
|
27,823
|
25,125
|
141,525
|
|||||||||||||||
Consumer loans(1)
|
41,467
|
58,766
|
33,211
|
----
|
133,444
|
|||||||||||||||
Total loans
|
$
|
218,362
|
$
|
430,630
|
$
|
147,466
|
$
|
34,733
|
$
|
831,191
|
Loans maturing or repricing after one year with: |
Variable
interest rates
|
Fixed
interest rates
|
Total |
|||||||||
Residential real estate loans
|
$
|
162,762
|
$
|
61,361
|
$
|
224,123
|
||||||
Commercial real estate loans
|
188,442
|
14,067
|
202,509
|
|||||||||
Commercial and industrial loans
|
28,054
|
66,166
|
94,220
|
|||||||||
Consumer loans(1)
|
218
|
91,759
|
91,977
|
|||||||||
Total loans
|
$
|
379,476
|
$
|
233,353
|
$
|
612,829
|
(1) Includes automobile, home equity and other consumer loans.
|
(dollars in thousands)
|
||||||||
Years Ended December 31
|
||||||||
|
2021
|
2020
|
||||||
Residential real estate loans
|
$
|
980
|
$
|
1,480
|
||||
Percentage of loans to total loans
|
33.02
|
%
|
36.00
|
%
|
||||
Percentage of net charge-offs to average loans
|
-.04
|
%
|
.06
|
%
|
||||
Commercial real estate loans
|
2,548
|
2,431
|
||||||
Percentage of loans to total loans
|
33.90
|
%
|
29.86
|
%
|
||||
Percentage of net charge-offs to average loans
|
-.07
|
%
|
.19
|
%
|
||||
Commercial and industrial loans
|
1,571
|
1,776
|
||||||
Percentage of loans to total loans
|
17.03
|
%
|
18.58
|
%
|
||||
Percentage of net charge-offs to average loans
|
-.04
|
%
|
.09
|
%
|
||||
Consumer loans(1)
|
1,384
|
1,473
|
||||||
Percentage of loans to total loans
|
16.05
|
%
|
15.56
|
%
|
||||
Percentage of net charge-offs to average loans
|
.45
|
%
|
1.01
|
%
|
||||
Allowance for loan losses
|
$
|
6,483
|
$
|
7,160
|
||||
Total loans percentage
|
100.00
|
%
|
100.00
|
%
|
||||
Net charge-offs to average loans
|
.03
|
%
|
.26
|
%
|
(dollars in thousands)
|
||||||||
Years Ended December 31
|
||||||||
|
2021
|
2020
|
||||||
Loans
|
$
|
831,191
|
$
|
848,664
|
||||
Allowance for loan losses
|
6,483
|
7,160
|
||||||
Past due 90 days or more and still accruing
|
290
|
424
|
||||||
Nonaccrual
|
4,346
|
6,503
|
||||||
Allowance for loan losses to total loans
|
.78
|
%
|
.84
|
%
|
||||
Nonaccrual loans to total loans
|
.52
|
%
|
.77
|
%
|
||||
Allowance for loan losses to nonaccrual loans
|
149.17
|
%
|
110.10
|
%
|
Composition of Total Deposits at December 31, 2021 |
at December 31, 2020 |
|
|
![]() |
![]() |
KEY RATIOS
Table VII
|
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||
|
||||||||||||||||||||
Return on average assets
|
.95
|
%
|
.94
|
%
|
.96
|
%
|
1.12
|
%
|
.74
|
%
|
||||||||||
Return on average equity
|
8.45
|
%
|
7.83
|
%
|
8.10
|
%
|
10.63
|
%
|
6.95
|
%
|
||||||||||
Dividend payout ratio
|
34.25
|
%
|
39.20
|
%
|
40.37
|
%
|
33.20
|
%
|
52.36
|
%
|
||||||||||
Average equity to average assets
|
11.25
|
%
|
11.95
|
%
|
11.82
|
%
|
10.57
|
%
|
10.66
|
%
|