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Don Walsworth, Sr.
Chairman of the Board of Citizens Bancshares Co. |
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Greg A. Steffens
Chairman and Chief Executive Officer of Southern Missouri Bancorp, Inc. |
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Date:
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| | December 22, 2022 | |
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Time:
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| | 9:00 a.m., Central time | |
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Place:
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2991 Oak Grove Road
Poplar Bluff, Missouri |
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For Citizens shareholders:
Citizens Bancshares Co. Attn: Robert G. Wright, Executive Vice President and Corporate Secretary 2041 Commerce Drive Kearney, Missouri 64060 Telephone: (816) 459-4024 |
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For Southern Missouri shareholders:
Southern Missouri Bancorp, Inc. Attn: Investor Relations 2991 Oak Grove Road Poplar Bluff, MO 63901 Telephone: (573) 778-1800 |
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Date
|
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Southern
Missouri Closing Price |
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Citizens
Common Stock Sales Price |
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Implied Value
of Stock Consideration for One Share of Citizens Common Stock |
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September 19, 2022
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| | | $ | 52.65 | | | | | $ | 28.00(1) | | | | | $ | 60.27 | | |
November 8, 2022
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| | | $ | 49.83 | | | | | $ | 28.00(1) | | | | | $ | 57.05 | | |
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Southern
Missouri Bancorp |
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Citizens
Bancshares Company |
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Pro Forma
Adjustments |
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Pro Forma
|
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ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 86,792 | | | | | $ | 237,395 | | | | | $ | (34,009) | | | |
1
|
| | | $ | 290,178 | | |
Interest-bearing time deposits
|
| | | | 4,768 | | | | | | — | | | | | | — | | | | | | | | | 4,768 | | |
Available-for-sale securities
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| | | | 235,394 | | | | | | 240,868 | | | | | | — | | | | | | | | | 476,262 | | |
Non-marketable securities – Federal Home Loan Bank (FHLB) and Federal Reserve Bank stock
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| | | | 11,683 | | | | | | 1,174 | | | | | | — | | | | | | | | | 12,857 | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable
|
| | | | 2,719,390 | | | | | | 471,355 | | | | | | (15,412) | | | |
2
|
| | | | 3,175,333 | | |
Allowance for credit losses
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| | | | (33,192) | | | | | | (6,389) | | | | | | (945) | | | |
3
|
| | | | (40,526) | | |
Loans receivable, net
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| | | | 2,686,198 | | | | | | 464,966 | | | | | | (16,357) | | | | | | | | | 3,134,807 | | |
Premises and equipment, net
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| | | | 71,347 | | | | | | 14,095 | | | | | | — | | | |
4
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| | | | 85,442 | | |
Bank-owned life insurance – cash surrender value
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| | | | 48,705 | | | | | | 21,511 | | | | | | — | | | | | | | | | 70,216 | | |
Goodwill
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| | | | 27,288 | | | | | | 2,042 | | | | | | 47,408 | | | |
5
|
| | | | 76,738 | | |
Other intangible assets, net
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| | | | 8,175 | | | | | | 427 | | | | | | 10,899 | | | |
6
|
| | | | 19,501 | | |
Accrued interest receivable, prepaid expenses, and other
assets |
| | | | 34,432 | | | | | | 20,929 | | | | | | (3,318) | | | |
7
|
| | | | 52,043 | | |
TOTAL ASSETS
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| | | $ | 3,214,782 | | | | | $ | 1,003,407 | | | | | $ | 4,623 | | | | | | | | $ | 4,222,812 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
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| | | $ | 2,815,075 | | | | | $ | 879,428 | | | | | $ | (2,428) | | | |
8
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| | | $ | 3,692,075 | | |
Securities sold under agreements to repurchase
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| | | | — | | | | | | 24,448 | | | | | | — | | | | | | | | | 24,448 | | |
Advances from FHLB
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| | | | 37,957 | | | | | | — | | | | | | — | | | | | | | | | 37,957 | | |
Subordinated debt
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| | | | 23,055 | | | | | | — | | | | | | — | | | | | | | | | 23,055 | | |
Accrued interest payable, accrued expenses, and other liabilities
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| | | | 17,923 | | | | | | 5,256 | | | | | | 6,929 | | | |
9
|
| | | | 30,108 | | |
TOTAL LIABILITIES
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| | | | 2,894,010 | | | | | | 909,132 | | | | | | 4,501 | | | | | | | | | 3,807,643 | | |
STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
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| | | | 98 | | | | | | 26 | | | | | | (6) | | | | | | | | | 118 | | |
Additional paid-in capital
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| | | | 119,162 | | | | | | 8,832 | | | | | | 97,241 | | | | | | | | | 225,235 | | |
Retained earnings
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| | | | 240,115 | | | | | | 98,270 | | | | | | (109,966) | | | | | | | | | 228,419 | | |
Treasury stock
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| | | | (21,116) | | | | | | (4,900) | | | | | | 4,900 | | | | | | | | | (21,116) | | |
Accumulated other comprehensive loss
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| | | | (17,487) | | | | | | (7,953) | | | | | | 7,953 | | | | | | | | | (17,487) | | |
TOTAL STOCKHOLDERS’ EQUITY
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| | | | 320,772 | | | | | | 94,275 | | | | | | 122 | | | |
10
|
| | | | 415,169 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY |
| | | $ | 3,214,782 | | | | | $ | 1,003,407 | | | | | $ | 4,623 | | | | | | | | $ | 4,222,812 | | |
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Southern
Missouri Bancorp |
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Citizens
Bancshares Company |
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Pro Forma
Adjustments |
| | | | |
Pro Forma
|
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INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
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| | | $ | 111,495 | | | | | $ | 20,387 | | | | | $ | 8,048 | | | |
11
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| | | $ | 139,930 | | |
Investment securities
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| | | | 2,197 | | | | | | 2,280 | | | | | | 2,074 | | | |
12
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| | | | 6,551 | | |
Mortgage-backed securities
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| | | | 2,738 | | | | | | 1,262 | | | | | | — | | | | | | | | | 4,000 | | |
Other interest-earning assets
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| | | | 437 | | | | | | 745 | | | | | | — | | | | | | | | | 1,182 | | |
TOTAL INTEREST INCOME
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| | | | 116,867 | | | | | | 24,674 | | | | | | 10,122 | | | | | | | | | 151,663 | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
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| | | | 11,822 | | | | | | 1,308 | | | | | | 2,088 | | | |
13
|
| | | | 15,218 | | |
Securities sold under agreements to repurchase
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Advances from FHLB
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| | | | 792 | | | | | | — | | | | | | — | | | | | | | | | 792 | | |
Notes due to shareholders
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| | | | — | | | | | | 13 | | | | | | — | | | | | | | | | 13 | | |
Subordinated debt
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| | | | 686 | | | | | | — | | | | | | — | | | | | | | | | 686 | | |
TOTAL INTEREST EXPENSE
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| | | | 13,300 | | | | | | 1,321 | | | | | | 2,088 | | | | | | | | | 16,709 | | |
NET INTEREST INCOME
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| | | | 103,567 | | | | | | 23,353 | | | | | | 8,034 | | | | | | | | | 134,954 | | |
Provision for credit losses
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| | | | 1,487 | | | | | | (1,456) | | | | | | 6,112 | | | |
14
|
| | | | 6,143 | | |
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES |
| | | | 102,080 | | | | | | 24,809 | | | | | | 1,922 | | | | | | | | | 128,811 | | |
NONINTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposit account charges and related fees
|
| | | | 6,450 | | | | | | 2,851 | | | | | | — | | | | | | | | | 9,301 | | |
Bank card transaction fees
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| | | | 4,224 | | | | | | 3,124 | | | | | | — | | | | | | | | | 7,348 | | |
Net realized gains on sale of loans
|
| | | | 1,598 | | | | | | 348 | | | | | | — | | | | | | | | | 1,946 | | |
Earnings on bank owned life insurance
|
| | | | 1,168 | | | | | | 438 | | | | | | — | | | | | | | | | 1,606 | | |
Other income
|
| | | | 7,763 | | | | | | 3,223 | | | | | | — | | | | | | | | | 10,986 | | |
TOTAL NONINTEREST INCOME
|
| | | | 21,203 | | | | | | 9,984 | | | | | | — | | | | | | | | | 31,187 | | |
NONINTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | 35,611 | | | | | | 14,940 | | | | | | — | | | | | | | | | 50,551 | | |
Occupancy and equipment, net
|
| | | | 9,248 | | | | | | 4,924 | | | | | | — | | | |
4
|
| | | | 14,172 | | |
Data processing expense
|
| | | | 5,996 | | | | | | 1,008 | | | | | | — | | | | | | | | | 7,004 | | |
Telecommunication expense
|
| | | | 1,273 | | | | | | 593 | | | | | | — | | | | | | | | | 1,866 | | |
Deposit insurance premiums
|
| | | | 743 | | | | | | 375 | | | | | | — | | | | | | | | | 1,118 | | |
Legal and professional fees
|
| | | | 1,362 | | | | | | 809 | | | | | | — | | | | | | | | | 2,171 | | |
Advertising
|
| | | | 1,496 | | | | | | 411 | | | | | | — | | | | | | | | | 1,907 | | |
Postage and office supplies
|
| | | | 823 | | | | | | 390 | | | | | | — | | | | | | | | | 1,213 | | |
Intangible amortization
|
| | | | 1,441 | | | | | | 59 | | | | | | 1,888 | | | |
15
|
| | | | 3,388 | | |
Foreclosed property expenses/losses
|
| | | | 522 | | | | | | 506 | | | | | | — | | | | | | | | | 1,028 | | |
Other operating expense
|
| | | | 4,864 | | | | | | 4,318 | | | | | | — | | | | | | | | | 9,182 | | |
Merger-related expense
|
| | | | — | | | | | | — | | | | | | 8,498 | | | |
16
|
| | | | 8,498 | | |
TOTAL NONINTEREST EXPENSE
|
| | | | 63,379 | | | | | | 28,333 | | | | | | 10,386 | | | | | | | | | 102,098 | | |
INCOME BEFORE INCOME TAXES
|
| | | | 59,904 | | | | | | 6,460 | | | | | | (8,464) | | | | | | | | | 57,900 | | |
PROVISION FOR INCOME TAXES
|
| | | | 12,735 | | | | | | 1,369 | | | | | | (1,562) | | | |
17
|
| | | | 12,542 | | |
NET INCOME
|
| | | | 47,169 | | | | | | 5,091 | | | | | $ | (6,902) | | | | | | | | | 45,358 | | |
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Southern
Missouri Bancorp |
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Citizens
Bancshares Company |
| |
Pro Forma
Adjustments |
| | | | |
Pro Forma
|
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Basic earnings per share available to common stockholders
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| | | $ | 5.22 | | | | | $ | 2.17 | | | | | | | | | | | | | | $ | 4.12 | | |
Diluted earnings per share available to common stockholders
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| | | $ | 5.21 | | | | | $ | 2.17 | | | | | | | | | | | | | | $ | 4.11 | | |
Average shares outstanding – Basic
|
| | | | 8,994,022 | | | | | | 2,346,915 | | | | | | 2,015,061 | | | | | | | | | 11,009,083 | | |
Average shares outstanding – Diluted
|
| | | | 9,011,144 | | | | | | 2,346,915 | | | | | | 2,015,061 | | | | | | | | | 11,026,205 | | |
(in thousands)
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June 30, 2022
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Estimate of fair value: acquired non-PCD loans
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| | | $ | (14,380) | | |
Estimate of fair value: acquired PCD loans
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| | | | (1,974) | | |
Eliminate unrecognized loan origination expenses
|
| | | | (280) | | |
Fair value adjustments to loans
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| | | | (16,634) | | |
Gross up of PCD loans
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| | | | 1,222 | | |
Total pro forma adjustment to loans
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| | | $ | (15,412) | | |
(in thousands)
|
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June 30, 2022
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Reverse Citizens’ allowance for loan losses
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| | | $ | 6,389 | | |
Record CECL estimate for PCD loans
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| | | | (1,222) | | |
Record CECL estimate for non-PCD loans
|
| | | | (6,112) | | |
Total pro forma adjustment to allowance for credit losses
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| | | $ | (945) | | |
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Shares of Citizens outstanding
|
| | | | 2,346,915 | | |
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Shares to be exchanged for stock
|
| | | | 1,760,186 | | |
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Exchange ratio
|
| | | | 1.1448 | | |
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Southern Missouri shares to be issued
|
| | | | 2,015,061 | | |
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Price per share of Southern Missouri on September 19, 2022
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| | | $ | 52.65 | | |
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Preliminary consideration for common stock
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| | | $ | 106,092,962 | | |
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Shares to be exchanged for cash
|
| | | | 586,729 | | |
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Cash consideration per share
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| | | $ | 53.50 | | |
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Cash consideration for shares outstanding
|
| | | | 31,390,002 | | |
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Cash settlement of options outstanding
|
| | | | 2,618,750 | | |
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Total cash consideration
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| | | $ | 34,008,752 | | |
(in thousands)
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Purchase Price
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Goodwill
|
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Up 30%
|
| | | $ | 171,930 | | | | | $ | 81,362 | | |
Up 20%
|
| | | | 161,320 | | | | | | 70,753 | | |
Up 10%
|
| | | | 150,711 | | | | | | 60,143 | | |
As presented in pro forma financial information
|
| | | | 140,102 | | | | | | 49,534 | | |
Down 10%
|
| | | | 129,492 | | | | | | 38,925 | | |
Down 20%
|
| | | | 118,883 | | | | | | 28,315 | | |
Down 30%
|
| | | | 108,274 | | | | | | 17,706 | | |
Name of Beneficial Owner(1)
|
| |
Number of
Shares of Voting Common Stock Beneficially Owned(2) |
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Percent of
Shares of Voting Common Stock Outstanding |
| |
Percent of
Shares of Common Stock Outstanding |
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Greater than 5% Shareholders (Excluding Directors) | | | | | | | | | | | | | | | | | | | |
Castle Creek Partners VI LP(3)
|
| | | | 172,783 | | | | | | 9.9% | | | | | | 33.0% | | |
Directors | | | | | | | | | | | | | | | | | | | |
William Young(4)
|
| | | | 324,575 | | | | | | 18.4% | | | | | | 13.7% | | |
Don Walsworth Sr.
|
| | | | 258,389 | | | | | | 14.8% | | | | | | 11.0% | | |
Don Walsworth Jr.
|
| | | | 191,207 | | | | | | 11.0% | | | | | | 8.1% | | |
Roger Arwood
|
| | | | 59,007 | | | | | | 3.3% | | | | | | 2.5% | | |
Edward Douglas
|
| | | | 3,205 | | | | | | * | | | | | | * | | |
James Gegg
|
| | | | 7,263 | | | | | | * | | | | | | * | | |
Gene Millard
|
| | | | 1,400 | | | | | | * | | | | | | * | | |
David Neal
|
| | | | 7,503 | | | | | | * | | | | | | * | | |
William Orscheln
|
| | | | 2,950 | | | | | | * | | | | | | * | | |
Patrick Thorne
|
| | | | 37,424 | | | | | | 2.1% | | | | | | 1.6% | | |
Spencer Cohn(5)
|
| | | | — | | | | | | * | | | | | | * | | |
Name of Beneficial Owner(1)
|
| |
Number of
Shares of Voting Common Stock Beneficially Owned(2) |
| |
Percent of
Shares of Voting Common Stock Outstanding |
| |
Percent of
Shares of Common Stock Outstanding |
| |||||||||
Executive Officers (Excluding Directors) | | | | | | | | | | | | | | | | | | | |
Jon L. Appleby
|
| | | | 34,200 | | | | | | 1.9% | | | | | | 1.4% | | |
Joseph V. Christifano
|
| | | | 9,000 | | | | | | * | | | | | | * | | |
James H. Conley
|
| | | | 10,667 | | | | | | * | | | | | | * | | |
William Dippel
|
| | | | 19,000 | | | | | | * | | | | | | * | | |
Mark Eagleton
|
| | | | 9,000 | | | | | | * | | | | | | * | | |
Lawrence Taft
|
| | | | 6,500 | | | | | | * | | | | | | * | | |
Richard Viar
|
| | | | 155 | | | | | | * | | | | | | * | | |
Robert G. Wright
|
| | | | 15,453 | | | | | | * | | | | | | * | | |
All current directors and executive officers as a group (19 persons)
|
| | | | 996,898 | | | | | | 53.3% | | | | | | 40.3% | | |
Beneficial Owners
|
| |
Number of Shares
Beneficially Owned(1) |
| |
Percent of
Common Stock Outstanding(8) % |
| ||||||
Beneficial Owners of More Than 5% Other than Directors and Named Executive Officers
|
| | | | | | | | | | | | |
FMR, LLC(2)
245 Summer Street Boston, MA 02210 |
| | | | 608,620 | | | | | | 6.6 | | |
BlackRock, Inc.(3)
55 East 52nd Street New York, New York 10055 |
| | | | 639,309 | | | | | | 6.9 | | |
Directors and Named Executive Officers | | | | | | | | | | | | | |
Greg A. Steffens, Chairman & CEO(4)(5) (6)
|
| | | | 292,409 | | | | | | 3.2 | | |
L. Douglas Bagby, Director and Vice-Chairman
|
| | | | 27,000 | | | | | | * | | |
Sammy A. Schalk, Director
|
| | | | 93,355 | | | | | | 1.0 | | |
Rebecca M. Brooks, Director
|
| | | | 30,000 | | | | | | * | | |
Daniel L. Jones, Director
|
| | | | 272,929 | | | | | | 3.0 | | |
Charles R. Love, Director and Secretary
|
| | | | 25,700 | | | | | | * | | |
Dennis C. Robison, Director
|
| | | | 16,888 | | | | | | * | | |
David J. Tooley, Director
|
| | | | 50,000 | | | | | | * | | |
Todd E. Hensley, Director(4)
|
| | | | 547,540 | | | | | | 5.9 | | |
David L. McClain, Director
|
| | | | 11 | | | | | | * | | |
Matthew T. Funke, President & Chief Administrative Officer(4)(6)
|
| | | | 60,456 | | | | | | * | | |
Justin G. Cox, Regional President(4)(6)
|
| | | | 22,209 | | | | | | * | | |
Beneficial Owners
|
| |
Number of Shares
Beneficially Owned(1) |
| |
Percent of
Common Stock Outstanding(8) % |
| ||||||
Mark E. Hecker, EVP & Chief Credit Officer(4)(6)
|
| | | | 20,221 | | | | | | * | | |
Rick A. Windes, EVP & Chief Lending Officer(4)(6)
|
| | | | 5,986 | | | | | | * | | |
Directors and executive officers as a group (18 persons)(7)
|
| | | | 1,634,878 | | | | | | 17.6 | | |
| | |
Aggregate
|
| |
Per Share(1)
|
| ||||||
Transaction Price / 2022A Net Income(2)
|
| | | | 27.6x | | | | | | 27.1x | | |
Transaction Price / 2023E Net Income(3)
|
| | | | 15.0x | | | | | | 14.7x | | |
Transaction Price / Book Value (6/30/2022)
|
| | | | 149.3% | | | | | | 146.5% | | |
Transaction Price / Tangible Book Value (6/30/2022)
|
| | | | 153.4% | | | | | | 150.6% | | |
Transaction Price / Core 8% Tangible Book Value (6/30/2022)
|
| | | | 162.0% | | | | | | 158.7% | | |
Tangible Book Premium / Core Deposits (6/30/2022)(4)
|
| | | | 6.5% | | | | | | 5.3% | | |
| | |
Beginning Index Value on
12/31/2021 |
| |
Ending Index Value on
9/16/2022 |
| ||||||
S&P 500
|
| | | | 100.0% | | | | | | 81.3% | | |
S&P U.S. BMI Banks(1)
|
| | | | 100.0% | | | | | | 82.3% | | |
NASDAQ Bank
|
| | | | 100.0% | | | | | | 85.4% | | |
Southern Missouri
|
| | | | 100.0% | | | | | | 101.5% | | |
| | |
Beginning Index Value on
9/16/2021 |
| |
Ending Index Value on
9/16/2022 |
| ||||||
S&P 500
|
| | | | 100.0% | | | | | | 86.6% | | |
S&P U.S. BMI Banks(1)
|
| | | | 100.0% | | | | | | 86.2% | | |
NASDAQ Bank
|
| | | | 100.0% | | | | | | 95.3% | | |
Southern Missouri
|
| | | | 100.0% | | | | | | 120.9% | | |
| | |
Beginning Index Value on
2/28/2020 |
| |
Ending Index Value on
9/16/2022 |
| ||||||
S&P 500
|
| | | | 100.0% | | | | | | 131.1% | | |
S&P U.S. BMI Banks(1)
|
| | | | 100.0% | | | | | | 113.7% | | |
NASDAQ Bank
|
| | | | 100.0% | | | | | | 128.0% | | |
Southern Missouri
|
| | | | 100.0% | | | | | | 161.3% | | |
| | |
Beginning Index Value on
9/16/2012 |
| |
Ending Index Value on
9/16/2022 |
| ||||||
S&P 500
|
| | | | 100.0% | | | | | | 265.1% | | |
S&P U.S. BMI Banks(1)
|
| | | | 100.0% | | | | | | 204.2% | | |
NASDAQ Bank
|
| | | | 100.0% | | | | | | 221.6% | | |
Southern Missouri
|
| | | | 100.0% | | | | | | 450.1% | | |
| | | | | | | | | | | | | | |
Pro Forma Contribution
|
| |||||||||
| | |
Southern Missouri
|
| |
Citizens
|
| |
Southern Missouri
|
| |
Citizens
|
| ||||||||||||
| | |
($ in thousands)
|
| |
($ in thousands)
|
| | | | | | | | | | | | | ||||||
Income Statement | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income (2022A)
|
| | | $ | 46,971 | | | | | $ | 5,091 | | | | | | 90.2% | | | | | | 9.8% | | |
Net Income (2023E)
|
| | | $ | 43,540 | | | | | $ | 9,172 | | | | | | 82.6% | | | | | | 17.4% | | |
Net Income (2024E)
|
| | | $ | 48,387 | | | | | $ | 12,441 | | | | | | 79.5% | | | | | | 20.5% | | |
Net Income (2025E)
|
| | | $ | 56,949 | | | | | $ | 13,408 | | | | | | 80.9% | | | | | | 19.1% | | |
Pro Forma Net Income (2024E)*
|
| | | $ | 48,387 | | | | | $ | 22,119 | | | | | | 68.6% | | | | | | 31.4% | | |
Pro Forma Net Income (2025E)*
|
| | | $ | 56,949 | | | | | $ | 24,200 | | | | | | 70.2% | | | | | | 29.8% | | |
Balance Sheet
|
| |
6/30/2022
|
| |
6/30/2022
|
| | | | | | | | | | | | | ||||||
Total Assets
|
| | | $ | 3,215,694 | | | | | $ | 1,003,337 | | | | | | 76.2% | | | | | | 23.8% | | |
Total Cash
|
| | | $ | 91,577 | | | | | $ | 237,395 | | | | | | 27.8% | | | | | | 72.2% | | |
Total Investment Securities
|
| | | $ | 235,352 | | | | | $ | 240,868 | | | | | | 49.4% | | | | | | 50.6% | | |
| | | | | | | | | | | | | | |
Pro Forma Contribution
|
| |||||||||
| | |
Southern Missouri
|
| |
Citizens
|
| |
Southern Missouri
|
| |
Citizens
|
| ||||||||||||
| | |
($ in thousands)
|
| |
($ in thousands)
|
| | | | | | | | | | | | | ||||||
Gross Loans, Incl. Loans HFS
|
| | | $ | 2,719,390 | | | | | $ | 471,356 | | | | | | 85.2% | | | | | | 14.8% | | |
Loan Loss Reserve
|
| | | $ | 33,193 | | | | | $ | 6,389 | | | | | | 83.9% | | | | | | 16.1% | | |
Deposits
|
| | | $ | 2,815,126 | | | | | $ | 879,428 | | | | | | 76.2% | | | | | | 23.8% | | |
Tangible Common Equity
|
| | | $ | 287,343 | | | | | $ | 91,722 | | | | | | 75.8% | | | | | | 24.2% | | |
Average Contribution (Items Highlighted Above)
|
| | | | | | | | | | | | | | | | 81.8% | | | | | | 18.2% | | |
Median Contribution (Items Highlighted Above)
|
| | | | | | | | | | | | | | | | 81.8% | | | | | | 18.2% | | |
Pro Forma Ownership Split in Merger Model
|
| | | | | | | | | | | | | | | | 82.1% | | | | | | 17.9% | | |
Pro Forma Ownership Split in 100% Stock Deal
|
| | | | | | | | | | | | | | | | 78.0% | | | | | | 22.0% | | |
| Bank of Labor Bancshares Inc. | | | First Bankers Trustshares Inc. | |
| BankFinancial Corp | | | Foresight Fnl Group Inc. | |
| BNCCORP Inc. | | | Keweenaw Financial Corporation | |
| CITBA Financial Corp. | | | Macatawa Bank Corp. | |
| Citizens National Corp. | | | Ohio Valley Banc Corp. | |
| Cmnty Bcshs (McArthur OH) | | | Oxford Bank Corporation | |
| Commercial National Financial | | | Pontiac Bancorp | |
| Consumers Bancorp Inc. | | | Redwood Financial Inc. | |
| Croghan Bancshares Inc. | | | Security National Corp. | |
| Crystal Valley Financial Corp. | | | The Baraboo Bancorp. | |
| Farmers Bancorp (Frankfort IN) | | | Two Rivers Financial Grp Inc. | |
| FFW Corp. | | | West Shore Bank | |
| | | | | | | | |
Comparable Companies
|
| |||||||||||||||||||||
| | |
Citizens(2)
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |||||||||||||||
Total Assets (in millions)
|
| | | $ | 1,003 | | | | | $ | 919 | | | | | $ | 1,018 | | | | | $ | 511 | | | | | $ | 2,781 | | |
Loan / Deposit Ratio
|
| | | | 53.6% | | | | | | 70.3% | | | | | | 66.6% | | | | | | 37.6% | | | | | | 79.7% | | |
Non-Performing Assets / Total Assets(1)
|
| | | | 1.85% | | | | | | 0.43% | | | | | | 0.45% | | | | | | 0.05% | | | | | | 1.40% | | |
Tangible Common Equity Ratio
|
| | | | 9.17% | | | | | | 8.49% | | | | | | 7.95% | | | | | | 1.98% | | | | | | 11.05% | | |
Net Interest Margin (LTM)
|
| | | | 2.52% | | | | | | 3.11% | | | | | | 3.06% | | | | | | 1.97% | | | | | | 3.60% | | |
Cost of Deposits (LTM)
|
| | | | 0.15% | | | | | | 0.16% | | | | | | 0.19% | | | | | | 0.03% | | | | | | 0.41% | | |
Non-Interest Income / Total Assets (LTM)
|
| | | | 0.91% | | | | | | 0.72% | | | | | | 0.88% | | | | | | 0.35% | | | | | | 2.73% | | |
Efficiency Ratio (LTM)
|
| | | | 84.3% | | | | | | 67.2% | | | | | | 68.1% | | | | | | 55.8% | | | | | | 86.2% | | |
Return on Average Equity (LTM)
|
| | | | 4.85% | | | | | | 9.67% | | | | | | 9.93% | | | | | | 4.97% | | | | | | 17.81% | | |
Return on Average Assets (LTM)
|
| | | | 0.51% | | | | | | 0.92% | | | | | | 0.94% | | | | | | 0.43% | | | | | | 1.55% | | |
| | |
Comparable Companies
|
| |||||||||||||||||||||
| | |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| ||||||||||||
Market Capitalization (in millions)
|
| | | $ | 86.9 | | | | | $ | 93.6 | | | | | $ | 7.2 | | | | | $ | 328.1 | | |
Price Change (LTM)
|
| | | | (4.1)% | | | | | | (5.2)% | | | | | | (41.2)% | | | | | | 25.7% | | |
Price Change (YTD)
|
| | | | (9.3)% | | | | | | (10.2)% | | | | | | (40.5)% | | | | | | 8.6% | | |
Price / LTM Earnings
|
| | | | 9.3x | | | | | | 10.5x | | | | | | 5.5x | | | | | | 21.8x | | |
Price / Tangible Book Value
|
| | | | 111.8% | | | | | | 109.9% | | | | | | 41.6% | | | | | | 162.6% | | |
Price / Core 8% Tangible Book Value
|
| | | | 110.6% | | | | | | 110.4% | | | | | | 67.1% | | | | | | 168.6% | | |
Tangible Book Premium / Core Deposits(3)
|
| | | | 0.96% | | | | | | 1.00% | | | | | | (3.13)% | | | | | | 6.88% | | |
Dividend Yield (Most Recent Quarter)
|
| | | | 2.72% | | | | | | 3.98% | | | | | | 1.40% | | | | | | 29.30% | | |
Average Daily Volume (in thousands)
|
| | | $ | 17 | | | | | $ | 50 | | | | | $ | — | | | | | $ | 427 | | |
| Alerus Financial Corp. | | | Farmers National Banc Corp. | | | Limestone Bancorp Inc. | |
| Ames National Corp. | | | First Business Finl. Svcs. Inc | | | Middlefield Banc Corp. | |
| Bank First Corporation | | | First Financial Corp. | | | Midland States Bancorp Inc. | |
| Bridgewater Bancshares Inc. | | | First Mid Bancshares | | | Nicolet Bankshares Inc. | |
| Byline Bancorp Inc. | | | German American Bancorp Inc. | | | Pathward Financial Inc. | |
| CF Bankshares Inc. | | | Great Southern Bancorp Inc. | | | Peoples Bancorp Inc. | |
| Citizens Community Bncp | | | Hawthorn Bancshares Inc. | | | QCR Holdings Inc. | |
| Civista Bancshares Inc. | | | HBT Financial Inc. | | | Republic Bancorp Inc. | |
|
Community Trust Bancorp Inc.
|
| | Independent Bank Corp. | | | United Bancshares Inc. | |
| CrossFirst Bankshares Inc. | | | Lakeland Financial Corp. | | | West Bancorp. | |
| Equity Bancshares Inc. | | | Landmark Bancorp Inc. | | | | |
|
Farmers & Merchants Bancorp
|
| | LCNB Corp. | | | | |
| | |
Southern
Missouri |
| |
Comparable Companies
|
| ||||||||||||||||||||||||
| | |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| ||||||||||||||||||
Total Assets (in millions)
|
| | | $ | 3,215 | | | | | $ | 4,169 | | | | | $ | 4,270 | | | | | $ | 1,111 | | | | | $ | 7,436 | | |
Loan / Deposit Ratio
|
| | | | 96.3% | | | | | | 84.7% | | | | | | 83.5% | | | | | | 59.2% | | | | | | 122.5% | | |
Non-Performing Assets / Total Assets(1)
|
| | | | 0.40% | | | | | | 0.33% | | | | | | 0.46% | | | | | | 0.01% | | | | | | 1.59% | | |
Tangible Common Equity Ratio
|
| | | | 9.32% | | | | | | 7.64% | | | | | | 7.80% | | | | | | 5.37% | | | | | | 13.55% | | |
Net Interest Margin (LTM)
|
| | | | 3.72% | | | | | | 3.36% | | | | | | 3.39% | | | | | | 2.68% | | | | | | 4.63% | | |
Cost of Deposits (LTM)
|
| | | | 0.46% | | | | | | 0.19% | | | | | | 0.21% | | | | | | 0.01% | | | | | | 0.61% | | |
Non-Interest Income / Total Assets (LTM)
|
| | | | 0.71% | | | | | | 0.87% | | | | | | 1.01% | | | | | | 0.17% | | | | | | 3.92% | | |
Efficiency Ratio (LTM)
|
| | | | 48.0% | | | | | | 56.9% | | | | | | 57.3% | | | | | | 41.0% | | | | | | 71.8% | | |
Return on Average Equity (LTM)
|
| | | | 15.44% | | | | | | 11.91% | | | | | | 12.59% | | | | | | 9.03% | | | | | | 20.47% | | |
Return on Average Assets (LTM)
|
| | | | 1.59% | | | | | | 1.27% | | | | | | 1.29% | | | | | | 1.00% | | | | | | 2.10% | | |
| | |
Southern
Missouri |
| |
Comparable Companies
|
| ||||||||||||||||||||||||
| | |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| ||||||||||||||||||
Market Capitalization (in millions)
|
| | | $ | 488.6 | | | | | $ | 480.0 | | | | | $ | 540.2 | | | | | $ | 69.7 | | | | | $ | 1,962.0 | | |
Price Change (LTM)
|
| | | | 20.9% | | | | | | 6.2% | | | | | | 1.7% | | | | | | (36.3)% | | | | | | 28.3% | | |
Price Change (YTD)
|
| | | | 1.5% | | | | | | (7.9)% | | | | | | (9.4)% | | | | | | (45.0)% | | | | | | 19.3% | | |
Price / LTM Earnings
|
| | | | 10.2x | | | | | | 9.1x | | | | | | 9.6x | | | | | | 6.2x | | | | | | 20.3x | | |
Price / Tangible Book Value
|
| | | | 163.5% | | | | | | 140.0% | | | | | | 159.1% | | | | | | 95.6% | | | | | | 352.2% | | |
Price / Core 8% Tangible Book Value
|
| | | | 174.0% | | | | | | 144.8% | | | | | | 154.6% | | | | | | 92.1% | | | | | | 383.3% | | |
Tangible Book Premium / Core Deposits(2)
|
| | | | 7.09% | | | | | | 4.38% | | | | | | 5.35% | | | | | | (0.76)% | | | | | | 27.85% | | |
Dividend Yield (Most Recent Quarter)
|
| | | | 1.51% | | | | | | 2.62% | | | | | | 2.80% | | | | | | 0.45% | | | | | | 5.95% | | |
Average Daily Volume (in thousands)
|
| | | $ | 1,062 | | | | | $ | 1,277 | | | | | $ | 1,681 | | | | | $ | 60 | | | | | $ | 9,471 | | |
Announcement Date
|
| |
Buyer
|
| |
Target
|
|
8/18/2022* | | | TowneBank | | | Farmers Bankshares, Inc. | |
7/27/2022* | | | The First Bancshares, Inc. | | | Heritage SE Bancorp. | |
7/26/2022* | | | Bank First Corporation | | | Hometown Bancorp, Ltd. | |
7/25/2022* | | | Somerset Savings Bank, SLA | | | Regal Bancorp, Inc. | |
6/13/2022* | | | CrossFirst Bankshares, Inc. | | | Farmers & Stockmens Bank | |
6/01/2022* | | | F.N.B. Corporation | | | UB Bancorp | |
5/12/2022* | | | DFCU Financial | | | First Citrus Bancorporation | |
5/04/2022* | | |
Seacoast Banking Corp. of FL
|
| | Drummond Banking Co. | |
4/18/2022 | | |
National Bank Holdings Corp.
|
| | Community Bancorporation | |
4/01/2022* | | |
National Bank Holdings Corp.
|
| |
Bancshares of Jackson Hole, Inc.
|
|
3/29/2022* | | |
Seacoast Banking Corp. of FL
|
| | Apollo Bancshares, Inc. | |
3/10/2022* | | |
Arizona Federal Credit Union
|
| | Horizon Community Bank | |
2/24/2022 | | | Origin Bancorp, Inc. | | | BT Holdings, Inc. | |
11/01/2021 | | |
MidWestOne Financial Group
|
| | Iowa First Bancshares Corp. | |
8/09/2021 | | | Arbor Bancorp, Inc. | | | FNBH Bancorp, Inc. | |
7/27/2021 | | | CVB Financial Corp. | | | Suncrest Bank | |
7/27/2021 | | | TriCo Bancshares | | | Valley Republic Bancorp | |
7/26/2021 | | | Old Second Bancorp, Inc. | | | West Suburban Bancorp | |
6/23/2021 | | | Columbia Banking System | | | Bank of Commerce Holdings | |
6/03/2021 | | | First Foundation Inc. | | | TGR Financial, Inc. | |
5/17/2021 | | | Equity Bancshares, Inc. | | | American St. Bancshares | |
4/22/2021 | | | Colony Bankcorp, Inc. | | |
SouthCrest Financial Group, Inc.
|
|
4/19/2021 | | | Bank of Marin Bancorp | | | American River Bncs. | |
3/29/2021 | | | Peoples Bancorp Inc. | | | Premier Financial Bancorp | |
1/19/2021 | | | First Busey Corporation | | | Cummins-American Corp. | |
1/13/2021 | | | BancorpSouth Bank | | | FNS Bancshares, Inc. | |
Announcement Date
|
| |
Buyer
|
| |
Target
|
|
7/26/2022* | | | Bank First Corporation | | | Hometown Bancorp, Ltd. | |
1/19/2022 | | | Bank First Corporation | | | Denmark Bancshares, Inc. | |
11/09/2021 | | | QCR Holdings, Inc. | | | Guaranty Federal Bancshares | |
11/01/2021 | | |
MidWestOne Financial Group
|
| | Iowa First Bancshares Corp. | |
8/09/2021 | | | Arbor Bancorp, Inc. | | | FNBH Bancorp, Inc. | |
8/03/2021 | | | Stock Yards Bancorp, Inc. | | | Commonwealth Bancshares | |
7/26/2021 | | | Old Second Bancorp, Inc. | | | West Suburban Bancorp | |
6/23/2021 | | | Farmers National Banc Corp. | | | Cortland Bancorp | |
5/17/2021 | | | Equity Bancshares, Inc. | | | American St. Bancshares | |
1/27/2021 | | | Stock Yards Bancorp, Inc. | | | Kentucky Bancshares, Inc. | |
1/19/2021 | | | First Busey Corporation | | | Cummins-American Corp. | |
Announcement Date
|
| |
Buyer
|
| |
Target
|
|
6/28/2022* | | | Landmark Bancorp, Inc. | | | Freedom Bancshares, Inc. | |
11/09/2021 | | | QCR Holdings, Inc. | | | Guaranty Federal Bancshares | |
9/28/2021 | | | Southern Missouri Bancorp | | | Fortune Financial Corp. | |
7/29/2021 | | | First Mid Bancshares, Inc. | | | Delta Bancshares Co. | |
5/17/2021 | | | Equity Bancshares, Inc. | | | American St. Bancshares | |
11/20/2020 | | | OakStar Bancshares, Inc. | | | First Bancshares, Inc. | |
9/28/2020 | | | First Mid Bancshares, Inc. | | | LINCO Bancshares, Inc. | |
1/08/2020 | | | First Illinois Bancorp, Inc. | | | Rockwood Bancshares | |
9/25/2019 | | | Central Bancompany, Inc. | | | Platte County Bancshares | |
7/31/2019 | | |
Simmons First National Corp.
|
| | Landrum Company | |
5/31/2019 | | | Dickinson Financial Corp. II | | | KCB Bank | |
4/10/2019 | | | Central Bancompany, Inc. | | | Liberty Bancorp, Inc. | |
1/16/2019 | | |
Heartland Financial USA, Inc.
|
| | Blue Valley Ban Corp. | |
| | | | | | | | |
Nationwide
|
| |
Midwest
|
| |
Kansas & Missouri
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Citizens
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |||||||||||||||||||||||||||||||||||||||
Total Assets (in millions)
|
| | | $ | 1,003.3 | | | | | $ | 947.0 | | | | | $ | 1,170.0 | | | | | $ | 519.4 | | | | | $ | 2,972.4 | | | | | $ | 791.7 | | | | | $ | 1,099.6 | | | | | $ | 519.4 | | | | | $ | 2,972.4 | | | | | $ | 605.0 | | | | | $ | 784.6 | | | | | $ | 222.7 | | | | | $ | 3,291.6 | | |
Return on Average Assets (LTM)
|
| | | | 0.51% | | | | | | 0.98% | | | | | | 0.97% | | | | | | 0.42% | | | | | | 1.39% | | | | | | 0.97% | | | | | | 0.94% | | | | | | 0.42% | | | | | | 1.39% | | | | | | 1.00% | | | | | | 1.04% | | | | | | 0.27% | | | | | | 1.84% | | |
Return on Average Equity (LTM)
|
| | | | 4.85% | | | | | | 9.73% | | | | | | 9.91% | | | | | | 4.53% | | | | | | 15.79% | | | | | | 9.90% | | | | | | 9.36% | | | | | | 4.53% | | | | | | 14.43% | | | | | | 9.90% | | | | | | 10.16% | | | | | | 2.46% | | | | | | 18.33% | | |
Tangible Common Equity Ratio
|
| | | | 9.17% | | | | | | 8.37% | | | | | | 8.45% | | | | | | 4.74% | | | | | | 11.14% | | | | | | 8.94% | | | | | | 9.09% | | | | | | 7.31% | | | | | | 10.45% | | | | | | 9.23% | | | | | | 9.93% | | | | | | 6.88% | | | | | | 14.90% | | |
Core Deposits / Deposits
|
| | | | 98.4% | | | | | | 95.3% | | | | | | 94.8% | | | | | | 89.4% | | | | | | 99.6% | | | | | | 95.3% | | | | | | 95.4% | | | | | | 91.1% | | | | | | 99.5% | | | | | | 91.1% | | | | | | 90.2% | | | | | | 80.7% | | | | | | 98.0% | | |
Loans / Deposits
|
| | | | 53.6% | | | | | | 68.6% | | | | | | 66.1% | | | | | | 39.9% | | | | | | 74.8% | | | | | | 74.3% | | | | | | 70.6% | | | | | | 39.9% | | | | | | 78.8% | | | | | | 88.5% | | | | | | 88.6% | | | | | | 69.8% | | | | | | 106.3% | | |
Non-Interest Income / Total Assets
(LTM) |
| | | | 0.91% | | | | | | 0.58% | | | | | | 0.68% | | | | | | 0.16% | | | | | | 2.15% | | | | | | 0.89% | | | | | | 1.15% | | | | | | 0.34% | | | | | | 4.28% | | | | | | 0.60% | | | | | | 0.72% | | | | | | 0.12% | | | | | | 2.26% | | |
Efficiency Ratio (LTM)
|
| | | | 84.3% | | | | | | 63.3% | | | | | | 62.2% | | | | | | 37.9% | | | | | | 82.6% | | | | | | 65.4% | | | | | | 65.9% | | | | | | 48.3% | | | | | | 73.2% | | | | | | 67.2% | | | | | | 64.6% | | | | | | 50.2% | | | | | | 76.1% | | |
Non-Performing Assets / Total Assets(1)
|
| | | | 1.85% | | | | | | 0.32% | | | | | | 0.43% | | | | | | 0.00% | | | | | | 1.99% | | | | | | 0.49% | | | | | | 0.68% | | | | | | 0.22% | | | | | | 1.99% | | | | | | 0.52% | | | | | | 0.47% | | | | | | 0.00% | | | | | | 1.17% | | |
Loan Loss Reserves / Non-Performing Assets
|
| | | | 34.5% | | | | | | 178.5% | | | | | | 261.5% | | | | | | 58.9% | | | | | | 757.2% | | | | | | 163.0% | | | | | | 232.7% | | | | | | 58.9% | | | | | | 552.8% | | | | | | 133.5% | | | | | | 193.2% | | | | | | 62.6% | | | | | | 662.3% | | |
| | | | | | | | |
Nationwide
|
| |
Midwest
|
| |
Kansas & Missouri
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Citizens
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |
Median
|
| |
Average
|
| |
Low
|
| |
High
|
| |||||||||||||||||||||||||||||||||||||||
Transaction Price / Tangible Book Value
|
| | | | 153.4% | | | | | | 165.7% | | | | | | 164.5% | | | | | | 87.6% | | | | | | 210.9% | | | | | | 161.4% | | | | | | 151.1% | | | | | | 87.6% | | | | | | 210.9% | | | | | | 158.0% | | | | | | 154.7% | | | | | | 106.6% | | | | | | 194.8% | | |
Transaction Price / Core 8% Tangible Book Value
|
| | | | 162.0% | | | | | | 167.1% | | | | | | 166.1% | | | | | | 83.4% | | | | | | 229.3% | | | | | | 168.2% | | | | | | 158.6% | | | | | | 83.4% | | | | | | 229.3% | | | | | | 165.3% | | | | | | 163.9% | | | | | | 110.0% | | | | | | 221.5% | | |
Transaction Price / LTM Earnings
|
| | | | 27.6x | | | | | | 15.2x | | | | | | 16.0x | | | | | | 9.2x | | | | | | 26.5x | | | | | | 16.3x | | | | | | 16.0x | | | | | | 10.4x | | | | | | 21.6x | | | | | | 14.3x | | | | | | 15.4x | | | | | | 8.5x | | | | | | 25.5x | | |
Tangible Book Premium / Core Deposits(2)
|
| | | | 6.50% | | | | | | 6.64% | | | | | | 6.44% | | | | | | (1.52)% | | | | | | 12.06% | | | | | | 6.75% | | | | | | 5.71% | | | | | | (1.52)% | | | | | | 12.06% | | | | | | 8.13% | | | | | | 7.37% | | | | | | 1.39% | | | | | | 12.62% | | |
| | |
Earnings Multiples(1)
|
| |||||||||||||||||||||||||||||||||||||||
Discount Rate
|
| |
8.0x
|
| |
10.0x
|
| |
12.0x
|
| |
14.0x
|
| |
16.0x
|
| |
18.0x
|
| |
20.0x
|
| |||||||||||||||||||||
9.31%
|
| | | $ | 59,039 | | | | | $ | 73,799 | | | | | $ | 88,559 | | | | | $ | 103,318 | | | | | $ | 118,078 | | | | | $ | 132,838 | | | | | $ | 147,598 | | |
11.31%
|
| | | $ | 53,185 | | | | | $ | 66,482 | | | | | $ | 79,778 | | | | | $ | 93,075 | | | | | $ | 106,371 | | | | | $ | 119,667 | | | | | $ | 132,964 | | |
13.31%
|
| | | $ | 48,001 | | | | | $ | 60,002 | | | | | $ | 72,002 | | | | | $ | 84,002 | | | | | $ | 96,003 | | | | | $ | 108,003 | | | | | $ | 120,003 | | |
15.31%
|
| | | $ | 43,400 | | | | | $ | 54,250 | | | | | $ | 65,101 | | | | | $ | 75,951 | | | | | $ | 86,801 | | | | | $ | 97,651 | | | | | $ | 108,501 | | |
17.31%
|
| | | $ | 39,308 | | | | | $ | 49,136 | | | | | $ | 58,963 | | | | | $ | 68,790 | | | | | $ | 78,617 | | | | | $ | 88,444 | | | | | $ | 98,271 | | |
19.31%
|
| | | $ | 35,662 | | | | | $ | 44,577 | | | | | $ | 53,493 | | | | | $ | 62,408 | | | | | $ | 71,324 | | | | | $ | 80,239 | | | | | $ | 89,155 | | |
21.31%
|
| | | $ | 32,406 | | | | | $ | 40,508 | | | | | $ | 48,609 | | | | | $ | 56,711 | | | | | $ | 64,812 | | | | | $ | 72,914 | | | | | $ | 81,015 | | |
| | |
Tangible Book Value Multiples(1)
|
| |||||||||||||||||||||||||||||||||||||||
Discount Rate
|
| |
80.0%
|
| |
100.0%
|
| |
120.0%
|
| |
140.0%
|
| |
160.0%
|
| |
180.0%
|
| |
200.0%
|
| |||||||||||||||||||||
9.31%
|
| | | $ | 76,005 | | | | | $ | 95,006 | | | | | $ | 114,007 | | | | | $ | 133,008 | | | | | $ | 152,009 | | | | | $ | 171,010 | | | | | $ | 190,011 | | |
11.31%
|
| | | $ | 68,469 | | | | | $ | 85,586 | | | | | $ | 102,703 | | | | | $ | 119,820 | | | | | $ | 136,938 | | | | | $ | 154,055 | | | | | $ | 171,172 | | |
13.31%
|
| | | $ | 61,795 | | | | | $ | 77,244 | | | | | $ | 92,692 | | | | | $ | 108,141 | | | | | $ | 123,590 | | | | | $ | 139,039 | | | | | $ | 154,487 | | |
15.31%
|
| | | $ | 55,872 | | | | | $ | 69,840 | | | | | $ | 83,808 | | | | | $ | 97,776 | | | | | $ | 111,744 | | | | | $ | 125,712 | | | | | $ | 139,680 | | |
17.31%
|
| | | $ | 50,604 | | | | | $ | 63,255 | | | | | $ | 75,906 | | | | | $ | 88,557 | | | | | $ | 101,208 | | | | | $ | 113,859 | | | | | $ | 126,510 | | |
19.31%
|
| | | $ | 45,910 | | | | | $ | 57,387 | | | | | $ | 68,865 | | | | | $ | 80,342 | | | | | $ | 91,820 | | | | | $ | 103,297 | | | | | $ | 114,774 | | |
21.31%
|
| | | $ | 41,718 | | | | | $ | 52,148 | | | | | $ | 62,578 | | | | | $ | 73,007 | | | | | $ | 83,437 | | | | | $ | 93,866 | | | | | $ | 104,296 | | |
| | |
Earnings Multiples(1)
|
| |||||||||||||||||||||||||||||||||||||||
Variance to 2028 Earnings
|
| |
8.0x
|
| |
10.0x
|
| |
12.0x
|
| |
14.0x
|
| |
16.0x
|
| |
18.0x
|
| |
20.0x
|
| |||||||||||||||||||||
20.00%
|
| | | $ | 52,080 | | | | | $ | 65,101 | | | | | $ | 78,121 | | | | | $ | 91,141 | | | | | $ | 104,161 | | | | | $ | 117,181 | | | | | $ | 130,201 | | |
15.00%
|
| | | $ | 49,910 | | | | | $ | 62,388 | | | | | $ | 74,866 | | | | | $ | 87,343 | | | | | $ | 99,821 | | | | | $ | 112,298 | | | | | $ | 124,776 | | |
10.00%
|
| | | $ | 47,740 | | | | | $ | 59,676 | | | | | $ | 71,611 | | | | | $ | 83,546 | | | | | $ | 95,481 | | | | | $ | 107,416 | | | | | $ | 119,351 | | |
5.00%
|
| | | $ | 45,570 | | | | | $ | 56,963 | | | | | $ | 68,356 | | | | | $ | 79,748 | | | | | $ | 91,141 | | | | | $ | 102,533 | | | | | $ | 113,926 | | |
0.00%
|
| | | $ | 43,400 | | | | | $ | 54,250 | | | | | $ | 65,101 | | | | | $ | 75,951 | | | | | $ | 86,801 | | | | | $ | 97,651 | | | | | $ | 108,501 | | |
-5.00%
|
| | | $ | 41,230 | | | | | $ | 51,538 | | | | | $ | 61,846 | | | | | $ | 72,153 | | | | | $ | 82,461 | | | | | $ | 92,768 | | | | | $ | 103,076 | | |
-10.00%
|
| | | $ | 39,060 | | | | | $ | 48,825 | | | | | $ | 58,591 | | | | | $ | 68,356 | | | | | $ | 78,121 | | | | | $ | 87,886 | | | | | $ | 97,651 | | |
-15.00%
|
| | | $ | 36,890 | | | | | $ | 46,113 | | | | | $ | 55,335 | | | | | $ | 64,558 | | | | | $ | 73,781 | | | | | $ | 83,003 | | | | | $ | 92,226 | | |
-20.00%
|
| | | $ | 34,720 | | | | | $ | 43,400 | | | | | $ | 52,080 | | | | | $ | 60,761 | | | | | $ | 69,441 | | | | | $ | 78,121 | | | | | $ | 86,801 | | |
| | |
Per
Share Basis |
| |
Per
Share |
| |
Aggregate
Basis |
| |
Aggregate
|
| ||||||||||||
| | | | | | | | | | | | | | |
(000s)
|
| | | | | | | |||
Transaction Price / LTM Earnings
|
| | | $ | 2.13 | | | | | | 27.0x | | | | | $ | 5,093 | | | | | | 27.0x | | |
Trans. Price / Est. Earnings for the 12-month Period Ending June 30, 2023(1)
|
| | | $ | 3.83 | | | | | | 15.0x | | | | | $ | 9,166 | | | | | | 15.0x | | |
Trans. Price / Est. Earnings for the 12-month Period Ending June 30, 2024(1)
|
| | | $ | 5.18 | | | | | | 11.1x | | | | | $ | 12,378 | | | | | | 11.1x | | |
Transaction Price / Tangible Book Value
|
| | | $ | 39.08 | | | | | | 147.3% | | | | | $ | 91,722 | | | | | | 150.2% | | |
Core Deposit Premium(2)
|
| | | | — | | | | | | — | | | | | $ | 821,884 | | | | | | 5.6% | | |
| | |
Beginning Value
9/14/2021 |
| |
Ending Value
9/14/2022 |
| ||||||
Southern Missouri
|
| | | | 100% | | | | | | 117.9% | | |
Southern Missouri Peer Group
|
| | | | 100% | | | | | | 104.3% | | |
S&P 500 Bank Index
|
| | | | 100% | | | | | | 82.0% | | |
NASDAQ Bank Index
|
| | | | 100% | | | | | | 96.1% | | |
| | |
Beginning Value
9/13/2019 |
| |
Ending Value
9/14/2022 |
| ||||||
Southern Missouri
|
| | | | 100% | | | | | | 144.6% | | |
Southern Missouri Peer Group
|
| | | | 100% | | | | | | 102.8% | | |
S&P 500 Bank Index
|
| | | | 100% | | | | | | 97.8% | | |
NASDAQ Bank Index
|
| | | | 100% | | | | | | 113.2% | | |
| HBT Financial Inc. | | | Bank First Corporation | |
| Farmers National Banc Corp. | | | Macatawa Bank Corp. | |
| First Internet Bancorp | | | First Business Finl. Svcs. Inc | |
| Bridgewater Bancshares Inc. | | | Farmers & Merchants Bancorp | |
| West Bancorp. | | | Sterling Bncp (Southfield MI) | |
| Alerus Financial Corp. | | | ChoiceOne Financial Services | |
| Civista Bancshares Inc. | | | | |
| | |
Southern
Missouri |
| |
Southern
Missouri Peer Group Median |
| |
Southern
Missouri Peer Group Mean |
| |
Southern
Missouri Peer Group Low |
| |
Southern
Missouri Peer Group High |
| |||||||||||||||
Total assets ($mm)
|
| | | | 3,215 | | | | | | 3,039 | | | | | | 3,245 | | | | | | 2,360 | | | | | | 4,224 | | |
Loans / Deposits (%)
|
| | | | 96.6 | | | | | | 88.7 | | | | | | 82.2 | | | | | | 44.6 | | | | | | 122.5 | | |
Non-performing assets¹ / Total assets (%)
|
| | | | 1.15 | | | | | | 0.17 | | | | | | 0.33 | | | | | | 0.01 | | | | | | 2.20 | | |
Tangible common equity/Tangible assets (%)
|
| | | | 9.05 | | | | | | 7.96 | | | | | | 7.93 | | | | | | 4.49 | | | | | | 13.39 | | |
Leverage Ratio (%)
|
| | | | 10.41 | | | | | | 9.56 | | | | | | 9.78 | | | | | | 7.50 | | | | | | 12.91 | | |
Total RBC Ratio (%)(1)
|
| | | | 13.42 | | | | | | 16.74 | | | | | | 15.82 | | | | | | 11.56 | | | | | | 24.70 | | |
CRE / Total RBC Ratio (%)(2)
|
| | | | 297.1 | | | | | | 243.7 | | | | | | 237.7 | | | | | | 61.6 | | | | | | 466.1 | | |
LTM Return on average assets (%)
|
| | | | 1.59 | | | | | | 1.30 | | | | | | 1.22 | | | | | | 0.70 | | | | | | 1.47 | | |
LTM Return on average equity (%)
|
| | | | 15.4 | | | | | | 13.2 | | | | | | 12.7 | | | | | | 6.1 | | | | | | 20.5 | | |
LTM Net interest margin (%)
|
| | | | 3.72 | | | | | | 3.24 | | | | | | 3.07 | | | | | | 1.97 | | | | | | 3.56 | | |
LTM Efficiency ratio (%)
|
| | | | 48.0 | | | | | | 54.3 | | | | | | 57.4 | | | | | | 41.0 | | | | | | 86.4 | | |
Price / Tangible book value (%)
|
| | | | 169 | | | | | | 156 | | | | | | 157 | | | | | | 90 | | | | | | 231 | | |
Price / LTM Earnings per share (x)
|
| | | | 10.1 | | | | | | 9.4 | | | | | | 10.0 | | | | | | 7.6 | | | | | | 14.4 | | |
Price / 2022 Est. Earnings per share (x)
|
| | | | 9.9 | | | | | | 9.2 | | | | | | 9.4 | | | | | | 7.4 | | | | | | 12.5 | | |
Price / 2023 Est. Earnings per share (x)
|
| | | | 9.0 | | | | | | 9.1 | | | | | | 10.3 | | | | | | 6.7 | | | | | | 25.7 | | |
Current Dividend Yield (%)
|
| | | | 1.6 | | | | | | 2.9 | | | | | | 2.8 | | | | | | 0.0 | | | | | | 4.7 | | |
Market value ($mm)
|
| | | | 475 | | | | | | 348 | | | | | | 390 | | | | | | 159 | | | | | | 709 | | |
| SB Financial Group, Inc. | | | First Capital, Inc. | |
| Middlefield Banc Corp. | | | United Bancshares, Inc. | |
| Landmark Bancorp, Inc. | | | HMN Financial, Inc. | |
| Richmond Mutual Bancorporation | | | IF Bancorp, Inc. | |
| Ohio Valley Banc Corp. | | | United Bancorp, Inc. | |
| | |
Citizens
|
| |
Citizens
Peer Group Median |
| |
Citizens
Peer Group Mean |
| |
Citizens
Peer Group Low |
| |
Citizens
Peer Group High |
| |||||||||||||||
Total assets ($mm)
|
| | | | 1,003 | | | | | | 1,214 | | | | | | 1,135 | | | | | | 719 | | | | | | 1,294 | | |
Loans / Deposits (%)(1)
|
| | | | 53.6 | | | | | | 73.6 | | | | | | 73.3 | | | | | | 49.2 | | | | | | 95.7 | | |
Non-performing assets / Total assets (%)(2)
|
| | | | 1.85 | | | | | | 0.42 | | | | | | 0.44 | | | | | | 0.11 | | | | | | 1.10 | | |
Tangible common equity/Tangible assets (%)
|
| | | | 9.16 | | | | | | 8.16 | | | | | | 8.27 | | | | | | 5.37 | | | | | | 10.93 | | |
Leverage Ratio (%)(3)
|
| | | | 9.97 | | | | | | 10.11 | | | | | | 10.16 | | | | | | 8.49 | | | | | | 12.74 | | |
Total RBC Ratio (%)(4)
|
| | | | 17.71 | | | | | | 15.12 | | | | | | 15.72 | | | | | | 14.06 | | | | | | 18.73 | | |
CRE / Total RBC Ratio (%)(5)
|
| | | | 184.7 | | | | | | 197.9 | | | | | | 198.3 | | | | | | 64.4 | | | | | | 289.7 | | |
LTM Return on average assets (%)
|
| | | | 0.51 | | | | | | 0.98 | | | | | | 1.03 | | | | | | 0.74 | | | | | | 1.34 | | |
LTM Return on average equity (%)
|
| | | | 5.3 | | | | | | 9.9 | | | | | | 9.9 | | | | | | 7.0 | | | | | | 14.2 | | |
LTM Net interest margin (%)
|
| | | | 2.47 | | | | | | 3.22 | | | | | | 3.24 | | | | | | 2.67 | | | | | | 3.88 | | |
LTM Efficiency ratio (%)
|
| | | | 84.6 | | | | | | 69.5 | | | | | | 67.9 | | | | | | 57.3 | | | | | | 72.8 | | |
Price / Tangible book value (%)
|
| | | | — | | | | | | 118 | | | | | | 119 | | | | | | 81 | | | | | | 156 | | |
Price / LTM Earnings per share (x)
|
| | | | — | | | | | | 9.4 | | | | | | 9.6 | | | | | | 6.0 | | | | | | 12.8 | | |
Current Dividend Yield (%)
|
| | | | — | | | | | | 2.9 | | | | | | 3.0 | | | | | | 1.1 | | | | | | 4.2 | | |
Market value ($mm)
|
| | | | — | | | | | | 110 | | | | | | 110 | | | | | | 55 | | | | | | 163 | | |
|
Acquiror
|
| |
Target
|
|
| HBT Financial Inc. | | | Town and Country Finl Corp | |
| Bank First Corporation | | | Hometown Bancorp Ltd. | |
| Nicolet Bankshares Inc. | | | Charter Bankshares Inc. | |
| Bank First Corporation | | | Denmark Bancshares Inc. | |
| QCR Holdings Inc. | | | Guaranty Federal Bcshs | |
| MidWestOne Financial | | | Iowa First Bcshs Corp. | |
| German American Bancorp | | | Citizens Union Bancorp | |
| Arbor Bancorp Inc. | | | FNBH Bancorp Inc. | |
| Stock Yards Bancorp Inc. | | | Commonwealth Bcshs | |
| First Mid Bancshares | | | Delta Bancshares Co. | |
| Finward Bancorp | | | Royal Financial Inc. | |
| Farmers National Banc Corp. | | | Cortland Bancorp | |
| Nicolet Bankshares Inc. | | | County Bancorp Inc. | |
| Equity Bancshares Inc. | | | American State Bcshs | |
| Stock Yards Bancorp Inc. | | | Kentucky Bancshares Inc. | |
| First Busey Corp. | | | Cummins-American Corp. | |
| First Mid Bancshares | | | LINCO Bancshares Inc. | |
| | |
Southern
Missouri/ Citizens |
| |
Precedent Transactions
|
| ||||||||||||||||||||||||
| | |
Median
|
| |
Mean
|
| |
Low
|
| |
High
|
| ||||||||||||||||||
Transaction Price / LTM Earnings (x)
|
| | | | 27.0 | | | | | | 16.0 | | | | | | 17.7 | | | | | | 8.3 | | | | | | 59.0 | | |
Transaction Price / TBV (%)
|
| | | | 147 | | | | | | 151 | | | | | | 148 | | | | | | 107 | | | | | | 211 | | |
TBV Premium to Core Deps. (%)
|
| | | | 5.6 | | | | | | 6.6 | | | | | | 6.0 | | | | | | 1.3 | | | | | | 12.1 | | |
Discount Rate
|
| |
8.0x
|
| |
9.0x
|
| |
10.0x
|
| |
11.0x
|
| |
12.0x
|
| |
13.0x
|
| ||||||||||||||||||
9.0%
|
| | | | 40.36 | | | | | | 44.95 | | | | | | 49.53 | | | | | | 54.12 | | | | | | 58.70 | | | | | | 63.29 | | |
10.0%
|
| | | | 38.62 | | | | | | 43.01 | | | | | | 47.39 | | | | | | 51.77 | | | | | | 56.15 | | | | | | 60.53 | | |
11.0%
|
| | | | 36.98 | | | | | | 41.17 | | | | | | 45.35 | | | | | | 49.54 | | | | | | 53.73 | | | | | | 57.91 | | |
12.0%
|
| | | | 35.42 | | | | | | 39.42 | | | | | | 43.43 | | | | | | 47.43 | | | | | | 51.43 | | | | | | 55.44 | | |
13.0%
|
| | | | 33.94 | | | | | | 37.77 | | | | | | 41.60 | | | | | | 45.43 | | | | | | 49.26 | | | | | | 53.09 | | |
Discount Rate
|
| |
140%
|
| |
150%
|
| |
160%
|
| |
170%
|
| |
180%
|
| |
190%
|
| ||||||||||||||||||
9.0%
|
| | | | 54.66 | | | | | | 58.30 | | | | | | 61.94 | | | | | | 65.58 | | | | | | 69.22 | | | | | | 72.86 | | |
10.0%
|
| | | | 52.29 | | | | | | 55.76 | | | | | | 59.24 | | | | | | 62.72 | | | | | | 66.20 | | | | | | 69.67 | | |
11.0%
|
| | | | 50.04 | | | | | | 53.36 | | | | | | 56.68 | | | | | | 60.01 | | | | | | 63.33 | | | | | | 66.66 | | |
12.0%
|
| | | | 47.90 | | | | | | 51.08 | | | | | | 54.26 | | | | | | 57.44 | | | | | | 60.62 | | | | | | 63.80 | | |
13.0%
|
| | | | 45.88 | | | | | | 48.92 | | | | | | 51.96 | | | | | | 55.00 | | | | | | 58.04 | | | | | | 61.08 | | |
Annual Projection Variance
|
| |
8.0x
|
| |
9.0x
|
| |
10.0x
|
| |
11.0x
|
| |
12.0x
|
| |
13.0x
|
| ||||||||||||||||||
(20.0)%
|
| | | | 29.19 | | | | | | 32.41 | | | | | | 35.63 | | | | | | 38.86 | | | | | | 42.08 | | | | | | 45.30 | | |
(10.0)%
|
| | | | 32.41 | | | | | | 36.04 | | | | | | 39.66 | | | | | | 43.29 | | | | | | 46.91 | | | | | | 50.54 | | |
0.0%
|
| | | | 35.63 | | | | | | 39.66 | | | | | | 43.69 | | | | | | 47.72 | | | | | | 51.75 | | | | | | 55.78 | | |
10.0%
|
| | | | 38.86 | | | | | | 43.29 | | | | | | 47.72 | | | | | | 52.15 | | | | | | 56.58 | | | | | | 61.01 | | |
20.0%
|
| | | | 42.08 | | | | | | 46.91 | | | | | | 51.75 | | | | | | 56.58 | | | | | | 61.42 | | | | | | 66.25 | | |
Discount Rate
|
| |
8.0x
|
| |
9.0x
|
| |
10.0x
|
| |
11.0x
|
| |
12.0x
|
| |||||||||||||||
10.0%
|
| | | | 49.79 | | | | | | 53.45 | | | | | | 57.10 | | | | | | 60.76 | | | | | | 64.41 | | |
11.0%
|
| | | | 47.59 | | | | | | 51.08 | | | | | | 54.57 | | | | | | 58.07 | | | | | | 61.56 | | |
12.0%
|
| | | | 45.50 | | | | | | 48.84 | | | | | | 52.18 | | | | | | 55.52 | | | | | | 58.86 | | |
13.0%
|
| | | | 43.52 | | | | | | 46.72 | | | | | | 49.91 | | | | | | 53.11 | | | | | | 56.30 | | |
14.0%
|
| | | | 41.65 | | | | | | 44.70 | | | | | | 47.76 | | | | | | 50.82 | | | | | | 53.88 | | |
Discount Rate
|
| |
90%
|
| |
100%
|
| |
110%
|
| |
120%
|
| |
130%
|
| |||||||||||||||
10.0%
|
| | | | 38.85 | | | | | | 40.84 | | | | | | 42.83 | | | | | | 44.82 | | | | | | 46.81 | | |
11.0%
|
| | | | 37.13 | | | | | | 39.03 | | | | | | 40.94 | | | | | | 42.84 | | | | | | 44.74 | | |
12.0%
|
| | | | 35.50 | | | | | | 37.32 | | | | | | 39.14 | | | | | | 40.96 | | | | | | 42.78 | | |
13.0%
|
| | | | 33.96 | | | | | | 35.70 | | | | | | 37.44 | | | | | | 39.18 | | | | | | 40.92 | | |
14.0%
|
| | | | 32.49 | | | | | | 34.16 | | | | | | 35.83 | | | | | | 37.49 | | | | | | 39.16 | | |
Annual Projection Variance
|
| |
8.0x
|
| |
9.0x
|
| |
10.0x
|
| |
11.0x
|
| |
12.0x
|
| |||||||||||||||
(20.0)%
|
| | | | 40.41 | | | | | | 43.10 | | | | | | 45.79 | | | | | | 48.47 | | | | | | 51.16 | | |
(10.0)%
|
| | | | 43.10 | | | | | | 46.12 | | | | | | 49.15 | | | | | | 52.17 | | | | | | 55.20 | | |
0.0%
|
| | | | 45.79 | | | | | | 49.15 | | | | | | 52.51 | | | | | | 55.87 | | | | | | 59.23 | | |
10.0%
|
| | | | 48.47 | | | | | | 52.17 | | | | | | 55.87 | | | | | | 59.57 | | | | | | 63.27 | | |
20.0%
|
| | | | 51.16 | | | | | | 55.20 | | | | | | 59.23 | | | | | | 63.27 | | | | | | 67.30 | | |
Discount Rate
|
| |
8.0x
|
| |
9.0x
|
| |
10.0x
|
| |
11.0x
|
| |
12.0x
|
| |||||||||||||||
10.0%
|
| | | | 70.84 | | | | | | 76.48 | | | | | | 82.13 | | | | | | 87.78 | | | | | | 93.43 | | |
11.0%
|
| | | | 67.70 | | | | | | 73.10 | | | | | | 78.50 | | | | | | 83.90 | | | | | | 89.29 | | |
12.0%
|
| | | | 64.73 | | | | | | 69.89 | | | | | | 75.06 | | | | | | 80.22 | | | | | | 85.38 | | |
13.0%
|
| | | | 61.92 | | | | | | 66.86 | | | | | | 71.79 | | | | | | 76.73 | | | | | | 81.67 | | |
14.0%
|
| | | | 59.25 | | | | | | 63.97 | | | | | | 68.70 | | | | | | 73.42 | | | | | | 78.15 | | |
Discount Rate
|
| |
90%
|
| |
100%
|
| |
110%
|
| |
120%
|
| |
130%
|
| |||||||||||||||
10.0%
|
| | | | 44.04 | | | | | | 46.03 | | | | | | 48.02 | | | | | | 50.01 | | | | | | 52.00 | | |
11.0%
|
| | | | 42.09 | | | | | | 43.99 | | | | | | 45.90 | | | | | | 47.80 | | | | | | 49.70 | | |
12.0%
|
| | | | 40.25 | | | | | | 42.06 | | | | | | 43.88 | | | | | | 45.70 | | | | | | 47.52 | | |
13.0%
|
| | | | 38.50 | | | | | | 40.24 | | | | | | 41.98 | | | | | | 43.72 | | | | | | 45.45 | | |
14.0%
|
| | | | 36.84 | | | | | | 38.50 | | | | | | 40.17 | | | | | | 41.83 | | | | | | 43.50 | | |
Annual Projection Variance
|
| |
8.0x
|
| |
9.0x
|
| |
10.0x
|
| |
11.0x
|
| |
12.0x
|
| |||||||||||||||
(20.0)%
|
| | | | 59.76 | | | | | | 64.28 | | | | | | 68.80 | | | | | | 73.32 | | | | | | 77.85 | | |
(10.0)%
|
| | | | 62.45 | | | | | | 67.31 | | | | | | 72.16 | | | | | | 77.02 | | | | | | 81.88 | | |
0.0%
|
| | | | 65.14 | | | | | | 70.33 | | | | | | 75.53 | | | | | | 80.72 | | | | | | 85.91 | | |
10.0%
|
| | | | 67.83 | | | | | | 73.36 | | | | | | 78.89 | | | | | | 84.42 | | | | | | 89.95 | | |
20.0%
|
| | | | 70.52 | | | | | | 76.38 | | | | | | 82.25 | | | | | | 88.12 | | | | | | 93.98 | | |
| | |
Options
Granted |
| |
Options
Vested |
| |
Unvested
Options(1) |
| |
Exercise
Price |
| |
Cash-Out
Amount(2) |
| |||||||||||||||
Roger A. Arwood
|
| | | | 30,000 | | | | | | 10,000 | | | | | | 20,000 | | | | | $ | 32.55 | | | | | $ | 628,500 | | |
Jon L. Appleby
|
| | | | 25,000 | | | | | | 8,333 | | | | | | 16.667 | | | | | $ | 32.55 | | | | | $ | 523,750 | | |
William E. Young
|
| | | | 19,000 | | | | | | 6,333 | | | | | | 12,667 | | | | | $ | 32.55 | | | | | $ | 398,050 | | |
Mark Eagleton(3)
|
| | | | 9,000 | | | | | | 3,000 | | | | | | 6,000 | | | | | $ | 32.55 | | | | | $ | 188,550 | | |
William Dippel(4)
|
| | | | 9,000 | | | | | | 3,000 | | | | | | 6,000 | | | | | $ | 32.55 | | | | | $ | 188,550 | | |
Robert G. Wright
|
| | | | 9,000 | | | | | | 3,000 | | | | | | 6,000 | | | | | $ | 32.55 | | | | | $ | 188,550 | | |
James H. Conley
|
| | | | 9,000 | | | | | | 3,000 | | | | | | 6,000 | | | | | $ | 32.55 | | | | | $ | 188,550 | | |
Lawrence Taft(5)
|
| | | | 6,000 | | | | | | 2,000 | | | | | | 4,000 | | | | | $ | 32.55 | | | | | $ | 125,700 | | |
Joseph V. Christifano
|
| | | | 9,000 | | | | | | 3,000 | | | | | | 6,000 | | | | | $ | 32.55 | | | | | $ | 188,550 | | |
Executive Officers
|
| |
Cash(1)
|
| |
Equity(2)
|
| |
Other(3)
|
| |
Total
|
| ||||||||||||
Roger M. Arwood
|
| | | $ | 865,000 | | | | | $ | 628,500 | | | | | $ | 32,400 | | | | | $ | 1,525,900 | | |
William E. Young
|
| | | $ | 835,548 | | | | | $ | 398,050 | | | | | $ | 64,800 | | | | | $ | 1,298,398 | | |
Jon L. Appleby
|
| | | $ | 523,800 | | | | | $ | 523,750 | | | | | $ | 43,200 | | | | | $ | 1,090,750 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Interest Income
|
| | | $ | 25,366 | | | | | $ | 30,682 | | | | | $ | 34,865 | | |
Interest Expense
|
| | | | 2,078 | | | | | | 6,086 | | | | | | 7,858 | | |
Net Interest Income
|
| | | | 23,288 | | | | | | 24,596 | | | | | | 27,007 | | |
Provision for Loan Losses
|
| | | | (2,561) | | | | | | 3,376 | | | | | | 120 | | |
Noninterest Income
|
| | | | 11,540 | | | | | | 8,891 | | | | | | 9,240 | | |
Noninterest Expense
|
| | | | 28,923 | | | | | | 27,832 | | | | | | 27,985 | | |
Earnings Before Income Taxes
|
| | | | 8,466 | | | | | | 2,279 | | | | | | 8,142 | | |
Income Taxes
|
| | | | 1,751 | | | | | | 364 | | | | | | 1,929 | | |
Net Earnings
|
| | | $ | 6,715 | | | | | $ | 1,915 | | | | | $ | 6,213 | | |
| | |
For the Years December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Return on average assets
|
| | | | 0.66% | | | | | | 0.20% | | | | | | 0.73% | | |
Return on average equity
|
| | | | 6.56% | | | | | | 1.98% | | | | | | 6.90% | | |
Average equity to average assets
|
| | | | 10.10% | | | | | | 10.14% | | | | | | 10.55% | | |
| | |
For the Years December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balances |
| |
Income/
Expense |
| |
Yields/
Rates |
| |
Average
Balances |
| |
Income/
Expense |
| |
Yields/
Rates |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | 530,879 | | | | | $ | 22,029 | | | | | | 4.15% | | | | | $ | 612,425 | | | | | $ | 26,423 | | | | | | 4.31% | | |
Securities
|
| | | | 164,986 | | | | | | 2,991 | | | | | | 1.81% | | | | | | 164,071 | | | | | | 3,929 | | | | | | 2.39% | | |
Interest earning balances due from banks
|
| | | | 243,915 | | | | | | 308 | | | | | | 0.13% | | | | | | 98,109 | | | | | | 292 | | | | | | 0.30% | | |
FHLB and Other Bank Stock
|
| | | | 1,261 | | | | | | 38 | | | | | | 3.01% | | | | | | 1,171 | | | | | | 38 | | | | | | 3.25% | | |
Total Interest Earning Assets
|
| | | | 941,041 | | | | | | 25,366 | | | | | | 2.70% | | | | | | 875,776 | | | | | | 30,682 | | | | | | 3.50% | | |
Non-Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | | 21,919 | | | | | | | | | | | | | | | | | | 20,866 | | | | | | | | | | | | | | |
Premises and equipment, net
|
| | | | 17,191 | | | | | | | | | | | | | | | | | | 19,048 | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | (8,390) | | | | | | | | | | | | | | | | | | (7,910) | | | | | | | | | | | | | | |
Other assets
|
| | | | 41,990 | | | | | | | | | | | | | | | | | | 45,585 | | | | | | | | | | | | | | |
Total Non-Interest Earning Assets
|
| | | | 72,710 | | | | | | | | | | | | | | | | | | 77,589 | | | | | | | | | | | | | | |
Total Assets
|
| | | $ | 1,013,751 | | | | | | | | | | | | | | | | | $ | 953,365 | | | | | | | | | | | | | | |
Interest Bearing Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market
|
| | | $ | 108,357 | | | | | $ | 162 | | | | | | 0.15% | | | | | $ | 93,379 | | | | | $ | 300 | | | | | | 0.32% | | |
NOW
|
| | | | 311,704 | | | | | | 231 | | | | | | 0.07% | | | | | | 262,174 | | | | | | 636 | | | | | | 0.24% | | |
Savings
|
| | | | 72,662 | | | | | | 100 | | | | | | 0.14% | | | | | | 56,530 | | | | | | 144 | | | | | | 0.25% | | |
Certificates of deposits
|
| | | | 154,539 | | | | | | 1,078 | | | | | | 0.70% | | | | | | 224,293 | | | | | | 3,904 | | | | | | 1.74% | | |
Repurchase Agreements
|
| | | | 26,878 | | | | | | 31 | | | | | | 0.12% | | | | | | 21,373 | | | | | | 152 | | | | | | 0.71% | | |
Other Borrowings
|
| | | | 6,199 | | | | | | 476 | | | | | | 7.68% | | | | | | 12,500 | | | | | | 950 | | | | | | 7.60% | | |
Total Interest Bearing Liabilities
|
| | | | 680,339 | | | | | | 2,078 | | | | | | 0.31% | | | | | | 670,249 | | | | | | 6,086 | | | | | | 0.91% | | |
Non-Interest Bearing Liabilities and Shareholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits
|
| | | | 224,835 | | | | | | | | | | | | | | | | | | 178,891 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 6,013 | | | | | | | | | | | | | | | | | | 7,577 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 102,564 | | | | | | | | | | | | | | | | | | 96,648 | | | | | | | | | | | | | | |
Total Liabilities and Shareholders’ Equity
|
| | | $ | 1,013,751 | | | | | | | | | | | | | | | | | $ | 953,365 | | | | | | | | | | | | | | |
Excess of Interest Earning Assets over Interest Bearing Liabilities
|
| | | $ | 260,702 | | | | | | | | | | | | | | | | | $ | 205,527 | | | | | | | | | | | | | | |
Net Interest Income
|
| | | | | | | | | $ | 23,288 | | | | | | | | | | | | | | | | | $ | 24,596 | | | | | | | | |
Interest Spread
|
| | | | | | | | | | | | | | | | 2.39% | | | | | | | | | | | | | | | | | | 2.60% | | |
Net Interest Margin
|
| | | | | | | | | | | | | | | | 2.47% | | | | | | | | | | | | | | | | | | 2.81% | | |
| | |
For the Years December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balances |
| |
Income/
Expense |
| |
Yields/
Rates |
| |
Average
Balances |
| |
Income/
Expense |
| |
Yields/
Rates |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | 612,425 | | | | | $ | 26,423 | | | | | | 4.31% | | | | | $ | 599,735 | | | | | $ | 29,716 | | | | | | 4.95% | | |
Securities
|
| | | | 164,071 | | | | | | 3,929 | | | | | | 2.39% | | | | | | 146,155 | | | | | | 4,466 | | | | | | 3.06% | | |
Interest earning balances due from banks
|
| | | | 98,109 | | | | | | 292 | | | | | | 0.30% | | | | | | 31,535 | | | | | | 630 | | | | | | 2.00% | | |
FHLB and Other Bank Stock
|
| | | | 1,171 | | | | | | 38 | | | | | | 3.25% | | | | | | 1,178 | | | | | | 53 | | | | | | 4.50% | | |
Total Interest Earning Assets
|
| | | | 875,776 | | | | | | 30,682 | | | | | | 3.50% | | | | | | 778,603 | | | | | | 34,865 | | | | | | 4.48% | | |
Non-Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | | 20,866 | | | | | | | | | | | | | | | | | | 18,030 | | | | | | | | | | | | | | |
Premises and equipment, net
|
| | | | 19,048 | | | | | | | | | | | | | | | | | | 19,396 | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | (7,910) | | | | | | | | | | | | | | | | | | (7,320) | | | | | | | | | | | | | | |
Other assets
|
| | | | 45,585 | | | | | | | | | | | | | | | | | | 44,993 | | | | | | | | | | | | | | |
Total Non-Interest Earning Assets
|
| | | | 77,589 | | | | | | | | | | | | | | | | | | 75,099 | | | | | | | | | | | | | | |
Total Assets
|
| | | $ | 953,365 | | | | | | | | | | | | | | | | | $ | 853,702 | | | | | | | | | | | | | | |
Interest Bearing Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market
|
| | | $ | 93,379 | | | | | $ | 300 | | | | | | 0.32% | | | | | $ | 75,780 | | | | | $ | 578 | | | | | | 0.76% | | |
NOW
|
| | | | 262,174 | | | | | | 636 | | | | | | 0.24% | | | | | | 243,459 | | | | | | 1,844 | | | | | | 0.76% | | |
Savings
|
| | | | 56,530 | | | | | | 144 | | | | | | 0.25% | | | | | | 47,395 | | | | | | 179 | | | | | | 0.38% | | |
Certificates of deposits
|
| | | | 224,293 | | | | | | 3,904 | | | | | | 1.74% | | | | | | 228,755 | | | | | | 3,952 | | | | | | 1.73% | | |
Repurchase Agreements
|
| | | | 21,373 | | | | | | 152 | | | | | | 0.71% | | | | | | 17,011 | | | | | | 307 | | | | | | 1.80% | | |
FHLB Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,923 | | | | | | 51 | | | | | | 2.65% | | |
Other Borrowings
|
| | | | 12,500 | | | | | | 950 | | | | | | 7.60% | | | | | | 12,500 | | | | | | 947 | | | | | | 7.58% | | |
Total Interest Bearing Liabilities
|
| | | | 670,249 | | | | | | 6,086 | | | | | | 0.91% | | | | | | 626,823 | | | | | | 7,858 | | | | | | 1.25% | | |
Non-Interest Bearing Liabilities and Shareholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits
|
| | | | 178,891 | | | | | | | | | | | | | | | | | | 129,130 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 7,577 | | | | | | | | | | | | | | | | | | 7,669 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 96,648 | | | | | | | | | | | | | | | | | | 90,080 | | | | | | | | | | | | | | |
Total Liabilities and Shareholders’ Equity
|
| | | $ | 953,365 | | | | | | | | | | | | | | | | | $ | 853,702 | | | | | | | | | | | | | | |
Excess of Interest Earning Assets over Interest
Bearing Liabilities |
| | | $ | 205,527 | | | | | | | | | | | | | | | | | $ | 151,780 | | | | | | | | | | | | | | |
Net Interest Income
|
| | | | | | | | | $ | 24,596 | | | | | | | | | | | | | | | | | $ | 27,007 | | | | | | | | |
Interest Spread
|
| | | | | | | | | | | | | | | | 2.60% | | | | | | | | | | | | | | | | | | 3.22% | | |
Net Interest Margin
|
| | | | | | | | | | | | | | | | 2.81% | | | | | | | | | | | | | | | | | | 3.47% | | |
| | |
2021 Compared to 2020
Due to Changes in |
| |
2020 Compared to 2019
Due to Changes in |
| ||||||||||||||||||||||||||||||
| | |
Average
Volume |
| |
Average
Rate |
| |
Net
Increase (Decrease) |
| |
Average
Volume |
| |
Average
Rate |
| |
Net
Increase (Decrease) |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | (3,518) | | | | | $ | (876) | | | | | $ | (4,394) | | | | | $ | 629 | | | | | $ | (3,922) | | | | | $ | (3,293) | | |
Securities available -for-sale
|
| | | | 22 | | | | | | (960) | | | | | | (938) | | | | | | 547 | | | | | | (1,084) | | | | | | (537) | | |
Interest earning balances due from banks
|
| | | | 434 | | | | | | (418) | | | | | | 16 | | | | | | 1,330 | | | | | | (1,668) | | | | | | (338) | | |
FHLB and Other Bank Stock
|
| | | | 3 | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (15) | | | | | | (15) | | |
Total Interest Earning Assets
|
| | | | (3,059) | | | | | | (2,257) | | | | | | (5,316) | | | | | | 2,506 | | | | | | (6,689) | | | | | | (4,183) | | |
Interest Bearing Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 347 | | | | | | (3,760) | | | | | | (3,413) | | | | | | 821 | | | | | | (2,390) | | | | | | (1,569) | | |
Repurchase Agreements
|
| | | | 39 | | | | | | (160) | | | | | | (121) | | | | | | 79 | | | | | | (234) | | | | | | (155) | | |
FHLB Borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | (51) | | | | | | — | | | | | | (51) | | |
Other Borrowings
|
| | | | (479) | | | | | | 5 | | | | | | (474) | | | | | | — | | | | | | 3 | | | | | | 3 | | |
Total Interest Bearing Liabilities
|
| | | | (93) | | | | | | (3,915) | | | | | | (4,008) | | | | | | 849 | | | | | | (2,621) | | | | | | (1,772) | | |
Net Interest Income
|
| | | $ | (2,966) | | | | | $ | 1,658 | | | | | $ | (1,308) | | | | | $ | 1,657 | | | | | $ | (4,068) | | | | | $ | (2,411) | | |
| | |
For the Years Ended
December 31, |
| |
2021 vs 2020
Percent |
| |
For the Years Ended
December 31, |
| |
2020 vs 2019
Percent |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
Change
|
| |
2020
|
| |
2019
|
| |
Change
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Service Charges and Fees
|
| | | $ | 2,649 | | | | | $ | 2,684 | | | | | | (1.30)% | | | | | $ | 2,684 | | | | | $ | 3,442 | | | | | | (22.02)% | | |
Wealth Management Fees
|
| | | | 2,264 | | | | | | 2,119 | | | | | | 6.84% | | | | | | 2,119 | | | | | | 2,119 | | | | | | 0.00% | | |
Net Gain on Sale of Securities
|
| | | | 1,835 | | | | | | 450 | | | | | | 307.78% | | | | | | 450 | | | | | | 377 | | | | | | 19.36% | | |
Net Loss on sale of Premises and Equipment
|
| | | | (42) | | | | | | (109) | | | | | | (61.47)% | | | | | | (109) | | | | | | (43) | | | | | | 153.49% | | |
Net Gain on Sale of Other Real Estate
|
| | | | — | | | | | | 1 | | | | | | (100.00)% | | | | | | 1 | | | | | | — | | | | | | | | |
Increase in Cash Surrender Value of Life Insurance
|
| | | | 937 | | | | | | 461 | | | | | | 103.25% | | | | | | 461 | | | | | | 477 | | | | | | (3.35)% | | |
Other
|
| | | | 3,897 | | | | | | 3,285 | | | | | | 18.63% | | | | | | 3,285 | | | | | | 2,868 | | | | | | 14.54% | | |
Total Noninterest Income
|
| | | $ | 11,540 | | | | | $ | 8,891 | | | | | | | | | | | $ | 8,891 | | | | | $ | 9,240 | | | | | | | | |
| | |
For the Years Ended
December 31, |
| |
2021 vs 2020
Percent |
| |
For the Years Ended
December 31, |
| |
2020 vs 2019
Percent |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
Change
|
| |
2020
|
| |
2019
|
| |
Change
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Salaries and Benefits
|
| | | $ | 14,642 | | | | | $ | 14,397 | | | | | | 1.70% | | | | | $ | 14,397 | | | | | $ | 14,391 | | | | | | 0.04% | | |
Occupancy
|
| | | | 5,048 | | | | | | 6,195 | | | | | | (18.51)% | | | | | | 6,195 | | | | | | 6,058 | | | | | | 2.26% | | |
FDIC Assessments
|
| | | | 410 | | | | | | 240 | | | | | | 70.83% | | | | | | 240 | | | | | | 114 | | | | | | 110.53% | | |
Expenses on Other Real Estate Owned
|
| | | | 534 | | | | | | 126 | | | | | | 323.81% | | | | | | 126 | | | | | | 76 | | | | | | 65.79% | | |
Professional Fees
|
| | | | 513 | | | | | | 718 | | | | | | (28.55)% | | | | | | 718 | | | | | | 394 | | | | | | 82.23% | | |
Telephone, Postage, and Delivery
|
| | | | 871 | | | | | | 922 | | | | | | (5.53)% | | | | | | 922 | | | | | | 976 | | | | | | (5.53)% | | |
Advertising and Marketing
|
| | | | 359 | | | | | | 524 | | | | | | (31.49)% | | | | | | 524 | | | | | | 696 | | | | | | (24.71)% | | |
Office Supplies
|
| | | | 131 | | | | | | 114 | | | | | | 14.91% | | | | | | 114 | | | | | | 146 | | | | | | (21.92)% | | |
Other
|
| | | | 6,415 | | | | | | 4,596 | | | | | | 39.58% | | | | | | 4,596 | | | | | | 5,134 | | | | | | (10.48)% | | |
Total Noninterest Expense
|
| | | $ | 28,923 | | | | | $ | 27,832 | | | | | | | | | | | $ | 27,832 | | | | | $ | 27,985 | | | | | | | | |
| | |
December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Estimated
Fair Value |
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
State and Municipal
|
| | | $ | 37,573 | | | | | $ | 39,024 | | | | | $ | 47,330 | | | | | $ | 51,841 | | | | | $ | 27,214 | | | | | $ | 27,860 | | |
Collateralized Loan Obligations
|
| | | | 17,987 | | | | | | 17,950 | | | | | | 19,508 | | | | | | 19,293 | | | | | | 19,540 | | | | | | 19,306 | | |
Agency Asset-Backed
|
| | | | 37,089 | | | | | | 37,686 | | | | | | 40,115 | | | | | | 40,703 | | | | | | 13,473 | | | | | | 13,416 | | |
Agency Residential Mortgage-Backed
|
| | | | 92,083 | | | | | | 92,186 | | | | | | 51,414 | | | | | | 52,860 | | | | | | 42,278 | | | | | | 42,956 | | |
Agency Commercial Mortgage-Backed
|
| | | | 11,845 | | | | | | 12,142 | | | | | | 13,904 | | | | | | 14,610 | | | | | | 17,807 | | | | | | 17,765 | | |
Non-Agency Residential Mortgage Backed
|
| | | | 8,271 | | | | | | 8,413 | | | | | | 11,807 | | | | | | 12,245 | | | | | | 14,796 | | | | | | 15,059 | | |
Non-Agency Commercial Mortgage
Backed |
| | | | 1,390 | | | | | | 1,358 | | | | | | 1,932 | | | | | | 1,884 | | | | | | 2,936 | | | | | | 2,894 | | |
Total
|
| | | $ | 206,238 | | | | | $ | 208,759 | | | | | $ | 186,010 | | | | | $ | 193,436 | | | | | $ | 138,044 | | | | | $ | 139,256 | | |
As of December 31, 2021:
|
| |
<1 Yr
|
| |
Yield
|
| |
1 – 5 Yrs
|
| |
Yield
|
| |
6 – 10 Yrs
|
| |
Yield
|
| |
After
10 Yrs |
| |
Yield
|
| |
Total
|
| |
Yield
|
| ||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and Municipal
|
| | | $ | — | | | | | | — | | | | | $ | 4,163 | | | | | | 3.65% | | | | | $ | 13,467 | | | | | | 2.78% | | | | | $ | 21,394 | | | | | | 2.12% | | | | | $ | 39,024 | | | | | | 2.51% | | |
Collateralized Loan Obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,950 | | | | | | 1.70% | | | | | | 6,000 | | | | | | 1.59% | | | | | | 17,950 | | | | | | 1.66% | | |
Agency Asset-Backed
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,686 | | | | | | 1.20% | | | | | | 37,686 | | | | | | 1.20% | | |
Agency Residential Mortgage-Backed
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 92,186 | | | | | | 0.94% | | | | | | 92,186 | | | | | | 0.94% | | |
Agency Commercial Mortgage-Backed
|
| | | | — | | | | | | — | | | | | | 6,684 | | | | | | 2.34% | | | | | | 4,632 | | | | | | 2.38% | | | | | | 826 | | | | | | 3.18% | | | | | | 12,142 | | | | | | 2.35% | | |
Non-Agency Residential Mortgage Backed
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,413 | | | | | | 3.51% | | | | | | 8,413 | | | | | | 3.51% | | |
Non-Agency Commercial Mortgage Backed
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,358 | | | | | | 2.01% | | | | | | 1,358 | | | | | | 2.01% | | |
Total
|
| | | | — | | | | | | — | | | | | $ | 10,847 | | | | | | 2.78% | | | | | $ | 30,049 | | | | | | 2.23% | | | | | $ | 167,863 | | | | | | 1.32% | | | | | $ | 208,759 | | | | | | 1.54% | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-Four Family Residential
|
| | | $ | 97,705 | | | | | | 20.7% | | | | | $ | 113,162 | | | | | | 20.7% | | | | | $ | 148,498 | | | | | | 24.7% | | |
Multi-family
|
| | | | 22,943 | | | | | | 4.9% | | | | | | 13,555 | | | | | | 2.5% | | | | | | 7,580 | | | | | | 1.3% | | |
Commercial
|
| | | | 176,193 | | | | | | 37.4% | | | | | | 205,460 | | | | | | 37.7% | | | | | | 182,255 | | | | | | 30.4% | | |
Agricultural
|
| | | | 5,008 | | | | | | 1.1% | | | | | | 4,007 | | | | | | 0.7% | | | | | | 4,301 | | | | | | 0.7% | | |
Construction and Land Development
|
| | | | 72,396 | | | | | | 15.4% | | | | | | 101,206 | | | | | | 18.5% | | | | | | 106,460 | | | | | | 17.7% | | |
Total Real Estate
|
| | | | 374,245 | | | | | | 79.5% | | | | | | 437,390 | | | | | | 80.1% | | | | | | 449,094 | | | | | | 74.8% | | |
Commercial
|
| | | | 80,285 | | | | | | 17.0% | | | | | | 92,461 | | | | | | 16.9% | | | | | | 126,177 | | | | | | 21.0% | | |
Agricultural
|
| | | | 12,428 | | | | | | 2.6% | | | | | | 11,444 | | | | | | 2.1% | | | | | | 17,462 | | | | | | 2.9% | | |
Consumer and Other
|
| | | | 4,449 | | | | | | 0.9% | | | | | | 4,317 | | | | | | 0.8% | | | | | | 7,387 | | | | | | 1.2% | | |
Total Loans
|
| | | | 471,407 | | | | | | 100.0% | | | | | | 545,612 | | | | | | 100.0% | | | | | | 600,120 | | | | | | 100.0% | | |
Deferred Loan Costs (Fees), net
|
| | | | 236 | | | | | | | | | | | | (98) | | | | | | | | | | | | 13 | | | | | | | | |
Less Allowance for Loan Losses
|
| | | | (6,295) | | | | | | | | | | | | (9,126) | | | | | | | | | | | | (6,566) | | | | | | | | |
Net Loans
|
| | | $ | 465,348 | | | | | | | | | | | $ | 536,388 | | | | | | | | | | | $ | 593,567 | | | | | | | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Scheduled Maturity
|
| | | | | | | |
Loans With a Scheduled
Maturity After One Year |
| ||||||||||||||||||||||||
Loan Category
|
| |
Due in One
Year or Less |
| |
Due After One
Year Through Five Years |
| |
Due After Five
Years Through Fifteen Years |
| |
Due After
Fifteen Years |
| |
Loans with
Fixed Rates |
| |
Loans With
Adjustable Rates |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-Four Family Residential
|
| | | $ | 1,605 | | | | | $ | 17,134 | | | | | $ | 27,847 | | | | | $ | 51,119 | | | | | $ | 36,320 | | | | | $ | 59,780 | | |
Multi-family
|
| | | | 14,153 | | | | | | 4,703 | | | | | | 4,087 | | | | | | — | | | | | | 7,658 | | | | | | 1,132 | | |
Commercial
|
| | | | 22,835 | | | | | | 111,339 | | | | | | 38,569 | | | | | | 3,450 | | | | | | 124,308 | | | | | | 29,050 | | |
Agricultural
|
| | | | 245 | | | | | | 4,078 | | | | | | 685 | | | | | | — | | | | | | 4,089 | | | | | | 674 | | |
Construction and Land Development
|
| | | | 13,812 | | | | | | 57,940 | | | | | | 367 | | | | | | 277 | | | | | | 20,740 | | | | | | 37,844 | | |
Total Real Estate
|
| | | | 52,650 | | | | | | 195,194 | | | | | | 71,555 | | | | | | 54,846 | | | | | | 193,115 | | | | | | 128,480 | | |
Commercial
|
| | | | 20,037 | | | | | | 46,693 | | | | | | 13,555 | | | | | | — | | | | | | 26,848 | | | | | | 33,400 | | |
Agricultural
|
| | | | 6,967 | | | | | | 5,303 | | | | | | 158 | | | | | | — | | | | | | 5,303 | | | | | | 158 | | |
Consumer and Other
|
| | | | 3,195 | | | | | | 1,230 | | | | | | 24 | | | | | | — | | | | | | 1,187 | | | | | | 67 | | |
Total Loans
|
| | | $ | 82,849 | | | | | $ | 248,420 | | | | | $ | 85,292 | | | | | $ | 54,846 | | | | | $ | 226,453 | | | | | $ | 162,105 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Nonaccrual loans | | | | | | | | | | | | | | | | | | | |
Real Estate: | | | | | | | | | | | | | | | | | | | |
One-to-Four Family
|
| | | $ | 707 | | | | | $ | 1,824 | | | | | $ | 620 | | |
Commercial
|
| | | | 380 | | | | | | 442 | | | | | | 203 | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | |
Total Real Estate
|
| | | | 6,960 | | | | | | 8,139 | | | | | | 823 | | |
Commercial
|
| | | | — | | | | | | 2,517 | | | | | | 690 | | |
Agricultural
|
| | | | — | | | | | | 93 | | | | | | — | | |
Consumer and Other
|
| | | | — | | | | | | — | | | | | | — | | |
Total nonaccrual loans
|
| | | | 6,960 | | | | | | 10,749 | | | | | | 1,513 | | |
Accruing loans 90 or more days past due
|
| | | | — | | | | | | — | | | | | | 207 | | |
Total non-performing loans
|
| | | $ | 6,960 | | | | | $ | 10,749 | | | | | $ | 1,720 | | |
Troubled debt restructured loans
|
| | | $ | 6,631 | | | | | $ | 8,100 | | | | | $ | 8,652 | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||
Analysis of the Allowance for Loan Losses
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Balance at Beginning of Period
|
| | | $ | 9,126 | | | | | $ | 6,566 | | | | | $ | 7,485 | | |
Charge-offs | | | | | | | | | | | | | | | | | | | |
One-to-Four Family Real Estate
|
| | | | — | | | | | | — | | | | | | 42 | | |
Commercial Real Estate
|
| | | | — | | | | | | 36 | | | | | | — | | |
Commercial Operating
|
| | | | 774 | | | | | | 450 | | | | | | 443 | | |
Agriculture Operating
|
| | | | 1 | | | | | | — | | | | | | — | | |
Consumer and Other
|
| | | | 244 | | | | | | 494 | | | | | | 731 | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||
Analysis of the Allowance for Loan Losses
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Recoveries | | | | | | | | | | | | | | | | | | | |
One-to-Four Family Real Estate
|
| | | | 3 | | | | | | — | | | | | | — | | |
Commercial Real Estate
|
| | | | 104 | | | | | | — | | | | | | — | | |
Agriculture Real Estate
|
| | | | — | | | | | | — | | | | | | 1 | | |
Commercial Operating
|
| | | | 531 | | | | | | 55 | | | | | | 5 | | |
Agriculture Operating
|
| | | | — | | | | | | 8 | | | | | | — | | |
Consumer and Other
|
| | | | 111 | | | | | | 101 | | | | | | 171 | | |
Net Charge-offs
|
| | | | (270) | | | | | | (816) | | | | | | (1,039) | | |
Additions Charged to (Reversal Credited to) Operations
|
| | | | (2,561) | | | | | | 3,376 | | | | | | 120 | | |
Balance at End of Period
|
| | | $ | 6,295 | | | | | $ | 9,126 | | | | | $ | 6,566 | | |
Ratio of Allowance for Credit Losses to Total Loans Outstanding
|
| | | | 1.33% | | | | | | 1.67% | | | | | | 1.09% | | |
Ratio of Nonaccrual Loans to Total Loans Outstanding
|
| | | | 1.48% | | | | | | 1.97% | | | | | | 0.31% | | |
Ratio of Allowance for Credit Losses to Nonaccrual loans
|
| | | | 90.45% | | | | | | 84.90% | | | | | | 356.65% | | |
Average loans outstanding by loan category | | | | | | | | | | | | | | | | | | | |
One-to-Four Family Residential Real Estate
|
| | | $ | 103,013 | | | | | $ | 129,339 | | | | | $ | 154,624 | | |
Multi-family Real Estate
|
| | | | 20,961 | | | | | | 12,568 | | | | | | 12,209 | | |
Commercial Real Estate
|
| | | | 193,799 | | | | | | 201,964 | | | | | | 172,640 | | |
Agricultural Real Estate
|
| | | | 4,665 | | | | | | 4,327 | | | | | | 5,260 | | |
Construction and Land Development
|
| | | | 98,521 | | | | | | 109,016 | | | | | | 93,111 | | |
Commercial
|
| | | | 88,952 | | | | | | 131,573 | | | | | | 128,345 | | |
Agricultural
|
| | | | 13,892 | | | | | | 15,473 | | | | | | 18,747 | | |
Consumer and Other
|
| | | | 3,782 | | | | | | 5,534 | | | | | | 13,844 | | |
Total Loans
|
| | | $ | 527,585 | | | | | $ | 609,794 | | | | | $ | 598,780 | | |
Ratio of net (charge offs) recoveries to average loans outstanding by loan category
|
| | | | | | | | | | | | | | | | | | |
One-to-Four Family Residential Real Estate
|
| | | | 0.00% | | | | | | 0.00% | | | | | | (0.03)% | | |
Multi-family Real Estate
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
Commercial Real Estate
|
| | | | 0.05% | | | | | | (0.02)% | | | | | | 0.00% | | |
Agricultural Real Estate
|
| | | | (0.02)% | | | | | | 0.18% | | | | | | 0.00% | | |
Construction and Land Development
|
| | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
Commercial
|
| | | | (0.27)% | | | | | | (0.30)% | | | | | | (0.34)% | | |
Agricultural
|
| | | | (0.01)% | | | | | | 0.05% | | | | | | 0.00% | | |
Consumer and Other
|
| | | | (3.52)% | | | | | | (7.10)% | | | | | | (4.05)% | | |
Total Loans
|
| | | | (0.05)% | | | | | | (0.13)% | | | | | | (0.17)% | | |
|
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
1-4 Family Real Estate
|
| | | $ | 805 | | | | | | 12.8% | | | | | $ | 832 | | | | | | 9.1% | | | | | $ | 884 | | | | | | 13.5% | | |
Multi-Family Real Estate
|
| | | | 288 | | | | | | 4.6% | | | | | | 206 | | | | | | 2.3% | | | | | | — | | | | | | 0.0% | | |
Commercial Real Estate
|
| | | | 2,707 | | | | | | 42.9% | | | | | | 3,039 | | | | | | 33.3% | | | | | | 2,258 | | | | | | 34.4% | | |
Agriculture Real Estate
|
| | | | 47 | | | | | | 0.7% | | | | | | 46 | | | | | | 0.5% | | | | | | 34 | | | | | | 0.5% | | |
Construction Real Estate
|
| | | | 1,187 | | | | | | 18.9% | | | | | | 2,379 | | | | | | 26.1% | | | | | | 1,223 | | | | | | 18.6% | | |
Commercial Operating
|
| | | | 989 | | | | | | 15.7% | | | | | | 2,293 | | | | | | 25.1% | | | | | | 1,528 | | | | | | 23.3% | | |
Agriculture Operating
|
| | | | 124 | | | | | | 2.0% | | | | | | 241 | | | | | | 2.6% | | | | | | 421 | | | | | | 6.4% | | |
Consumer and Other
|
| | | | 148 | | | | | | 2.4% | | | | | | 90 | | | | | | 1.0% | | | | | | 218 | | | | | | 3.3% | | |
Total Allowance
|
| | | $ | 6,295 | | | | | | 100% | | | | | $ | 9,126 | | | | | | 100% | | | | | $ | 6,566 | | | | | | 100% | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
Deposit Category
|
| |
Average
Balances |
| |
Weighted
Average Rate |
| |
Average
Balances |
| |
Weighted
Average Rate |
| |
Average
Balances |
| |
Weighted
Average Rate |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Non-interest bearing
|
| | | $ | 224,835 | | | | | | | | | | | $ | 178,890 | | | | | | | | | | | $ | 129,130 | | | | | | | | |
Interest bearing
|
| | | | 311,704 | | | | | | 0.07% | | | | | | 262,174 | | | | | | 0.24% | | | | | | 243,459 | | | | | | 0.76% | | |
Money market and savings
|
| | | | 181,019 | | | | | | 0.14% | | | | | | 149,909 | | | | | | 0.30% | | | | | | 123,175 | | | | | | 0.61% | | |
Certificates of deposits
|
| | | | 154,539 | | | | | | 0.70% | | | | | | 224,293 | | | | | | 1.74% | | | | | | 228,755 | | | | | | 1.73% | | |
Total
|
| | | $ | 872,097 | | | | | | 0.18% | | | | | $ | 815,266 | | | | | | 0.61% | | | | | $ | 724,519 | | | | | | 0.91% | | |
| | |
< 3 Mos
|
| |
3 – 6 Mos
|
| |
6 Mos – 1Yr
|
| |
1 – 3 Yrs
|
| |
> 3 Yrs
|
| |
Total
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Time deposits < $250,000
|
| | | $ | 37,371 | | | | | $ | 14,317 | | | | | $ | 36,205 | | | | | $ | 25,516 | | | | | $ | 4,414 | | | | | $ | 117,823 | | |
Time deposits > $250,000
|
| | | | 5,843 | | | | | | 5,751 | | | | | | 4,763 | | | | | | 1,312 | | | | | | — | | | | | | 17,669 | | |
Total
|
| | | $ | 43,214 | | | | | $ | 20,068 | | | | | $ | 40,968 | | | | | $ | 26,828 | | | | | $ | 4,414 | | | | | $ | 135,492 | | |
| | |
December 31, 2021
|
| |||
| | |
(dollars in thousands)
|
| |||
Three months
|
| | | $ | 1,593 | | |
Over 3 months through 6 months
|
| | | | 2,001 | | |
Over 6 months through 12 months
|
| | | | 1,263 | | |
Over 12 months
|
| | | | 63 | | |
Total
|
| | | $ | 4,920 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Notes Payable
|
| | | $ | — | | | | | $ | 12,500 | | | | | $ | 12,500 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Commitments to Extend Credit
|
| | | $ | 146,041 | | | | | $ | 148,196 | | | | | $ | 178,806 | | |
Standby Letters of Credit
|
| | | $ | 15 | | | | | $ | 523 | | | | | $ | 31 | | |
| | |
Actual
|
| |
Minimum Capital
Adequacy with Conservation Buffer |
| |
To Be Well Capitalized
Under Prompt Corrective Action Framework |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
As of December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Citizens Bancshares Co. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 102,855 | | | | | | 17.76% | | | | | $ | 46,331 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 34,755 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Common equity tier I capital ratio:
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 40,547 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Leverage ratio (tier I to avg assets):
|
| | | | 96,560 | | | | | | 9.66% | | | | | | 39,983 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Citizens Bank & Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 100,694 | | | | | | 17.39% | | | | | $ | 46,323 | | | | | | 8.00% | | | | | $ | 57,914 | | | | | | 10.00% | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 34,748 | | | | | | 6.00% | | | | | | 46,331 | | | | | | 8.00% | | |
Common equity tier I capital ratio:
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 40,539 | | | | | | 7.00% | | | | | | 37,644 | | | | | | 6.50% | | |
Leverage ratio (tier I to avg assets):
|
| | | | 94,399 | | | | | | 9.46% | | | | | | 39,915 | | | | | | 4.00% | | | | | | 49,893 | | | | | | 5.00% | | |
| | |
Actual
|
| |
Minimum Capital
Adequacy with Conservation Buffer |
| |
To Be Well
Capitalized Under Prompt Corrective Action Framework |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
As of December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Citizens Bancshares Co. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 108,688 | | | | | | 16.80% | | | | | $ | 51,748 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 88,089 | | | | | | 13.62% | | | | | | 38,111 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Common equity tier I capital ratio:
|
| | | | 88,089 | | | | | | 13.62% | | | | | | 45,280 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Leverage ratio (tier I to avg assets):
|
| | | | 88,089 | | | | | | 9.10% | | | | | | 38,715 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Citizens Bank & Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 105,625 | | | | | | 16.33% | | | | | $ | 51,748 | | | | | | 8.00% | | | | | $ | 64,686 | | | | | | 10.00% | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 97,526 | | | | | | 15.08% | | | | | | 38,111 | | | | | | 6.00% | | | | | | 51,748 | | | | | | 8.00% | | |
Common equity tier I capital ratio:
|
| | | | 97,526 | | | | | | 15.08% | | | | | | 45,280 | | | | | | 7.00% | | | | | | 42,046 | | | | | | 6.50% | | |
Leverage ratio (tier I to avg assets):
|
| | | | 97,526 | | | | | | 10.08% | | | | | | 38,715 | | | | | | 4.00% | | | | | | 48,385 | | | | | | 5.00% | | |
As of December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Citizens Bancshares Co. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 104,764 | | | | | | 14.78% | | | | | $ | 56,715 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 85,698 | | | | | | 12.09% | | | | | | 42,536 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Common equity tier I capital ratio:
|
| | | | 85,698 | | | | | | 12.09% | | | | | | 49,625 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Leverage ratio (tier I to avg assets):
|
| | | | 85,698 | | | | | | 9.99% | | | | | | 34,330 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Citizens Bank & Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 103,901 | | | | | | 14.66% | | | | | $ | 56,715 | | | | | | 8.00% | | | | | $ | 70,894 | | | | | | 10.00% | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 97,335 | | | | | | 13.70% | | | | | | 42,536 | | | | | | 6.00% | | | | | | 56,715 | | | | | | 8.00% | | |
Common equity tier I capital ratio:
|
| | | | 97,335 | | | | | | 13.70% | | | | | | 49,625 | | | | | | 7.00% | | | | | | 46,081 | | | | | | 6.50% | | |
Leverage ratio (tier I to avg assets):
|
| | | | 97,335 | | | | | | 11.34% | | | | | | 34,330 | | | | | | 4.00% | | | | | | 42,914 | | | | | | 5.00% | | |
| | |
Estimated Increase (Decrease) in
Net Interest Income as of December 31, |
| |||||||||
Assumed 12 Month Instantaneous Change in Interest Rates
|
| |
2021
|
| |
2020
|
| ||||||
+ 400 basis points
|
| | | | 29.99% | | | | | | 19.86% | | |
+ 300 basis points
|
| | | | 25.88% | | | | | | 17.55% | | |
+ 200 basis points
|
| | | | 16.31% | | | | | | 10.71% | | |
+ 100 basis points
|
| | | | 7.32% | | | | | | 4.74% | | |
- 100 basis points
|
| | | | (7.68)% | | | | | | (8.17)% | | |
| | |
Estimated Increase (Decrease) in
Net Interest Income as of December 31, |
| |||||||||
Assumed 24 Month Instantaneous Change in Interest Rates
|
| |
2021
|
| |
2020
|
| ||||||
+ 400 basis points
|
| | | | 33.12% | | | | | | 21.34% | | |
+ 300 basis points
|
| | | | 27.88% | | | | | | 18.61% | | |
+ 200 basis points
|
| | | | 18.20% | | | | | | 11.95% | | |
+ 100 basis points
|
| | | | 8.84% | | | | | | 5.97% | | |
- 100 basis points
|
| | | | (13.47)% | | | | | | (13.23)% | | |
| | |
Estimated Increase (Decrease) in
Economic Value of Equity as of December 31, |
| |||||||||
Assumed Instantaneous Change in Interest Rates
|
| |
2021
|
| |
2020
|
| ||||||
+ 400 basis points
|
| | | | 118% | | | | | | 159% | | |
+ 300 basis points
|
| | | | 101% | | | | | | 136% | | |
+ 200 basis points
|
| | | | 77% | | | | | | 102% | | |
+ 100 basis points
|
| | | | 44% | | | | | | 57% | | |
- 100 basis points
|
| | | | (61)% | | | | | | (89)% | | |
| | |
For the Six Months
Ended June 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Interest Income
|
| | | $ | 12,393 | | | | | $ | 13,085 | | |
Interest Expense
|
| | | | 682 | | | | | | 1,440 | | |
Net Interest Income
|
| | | | 11,711 | | | | | | 11,645 | | |
Provision for Loan Losses
|
| | | | 29 | | | | | | (1,076) | | |
Noninterest Income
|
| | | | 5,277 | | | | | | 6,834 | | |
Noninterest Expense
|
| | | | 13,392 | | | | | | 13,982 | | |
Earnings Before Income Taxes
|
| | | | 3,567 | | | | | | 5,573 | | |
Income Taxes
|
| | | | 748 | | | | | | 1,131 | | |
Net Earnings
|
| | | $ | 2,819 | | | | | $ | 4,442 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balances |
| |
Income/
Expense |
| |
Yields/
Rates |
| |
Average
Balances |
| |
Income/
Expense |
| |
Yields/
Rates |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | 470,371 | | | | | $ | 9,653 | | | | | | 4.14% | | | | | $ | 546,957 | | | | | $ | 11,294 | | | | | | 4.16% | | |
Securities
|
| | | | 235,572 | | | | | | 2,219 | | | | | | 1.90% | | | | | | 173,243 | | | | | | 1,669 | | | | | | 1.94% | | |
Interest earning balances due from banks
|
| | | | 216,349 | | | | | | 501 | | | | | | 0.47% | | | | | | 224,984 | | | | | | 105 | | | | | | 0.09% | | |
FHLB and other bank stock
|
| | | | 1,282 | | | | | | 20 | | | | | | 3.15% | | | | | | 1,234 | | | | | | 17 | | | | | | 2.78% | | |
Total Interest Earning Assets
|
| | | | 923,574 | | | | | | 12,393 | | | | | | 2.71% | | | | | | 946,418 | | | | | | 13,085 | | | | | | 2.79% | | |
Non-Interest Earning Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Premises and equipment, net
|
| | | | 24,888 | | | | | | | | | | | | | | | | | | 21,474 | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | 14,433 | | | | | | | | | | | | | | | | | | 18,043 | | | | | | | | | | | | | | |
Other assets
|
| | | | (6,309) | | | | | | | | | | | | | | | | | | (9,109) | | | | | | | | | | | | | | |
Total Non-Interest Earning Assets
|
| | | | 46,750 | | | | | | | | | | | | | | | | | | 42,437 | | | | | | | | | | | | | | |
Total Assets
|
| | | | 79,762 | | | | | | | | | | | | | | | | | | 72,845 | | | | | | | | | | | | | | |
| | | | $ | 1,003,336 | | | | | | | | | | | | | | | | | $ | 1,019,263 | | | | | | | | | | | | | | |
Interest Bearing Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market
|
| | | $ | 111,136 | | | | | $ | 80 | | | | | | 0.15% | | | | | $ | 106,566 | | | | | $ | 84 | | | | | | 0.16% | | |
NOW
|
| | | | 310,056 | | | | | | 225 | | | | | | 0.15% | | | | | | 312,875 | | | | | | 123 | | | | | | 0.08% | | |
Savings
|
| | | | 81,374 | | | | | | 47 | | | | | | 0.12% | | | | | | 69,403 | | | | | | 54 | | | | | | 0.16% | | |
Certificates of deposits
|
| | | | 131,006 | | | | | | 302 | | | | | | 0.46% | | | | | | 166,485 | | | | | | 689 | | | | | | 0.83% | | |
Repurchase Agreements
|
| | | | 24,337 | | | | | | 22 | | | | | | 0.18% | | | | | | 26,536 | | | | | | 20 | | | | | | 0.15% | | |
Other borrowings
|
| | | | — | | | | | | 6 | | | | | | — | | | | | | 12,500 | | | | | | 470 | | | | | | 7.58% | | |
Total Interest Bearing Liabilities
|
| | | | 657,909 | | | | | | 682 | | | | | | 0.21% | | | | | | 694,365 | | | | | | 1,440 | | | | | | 0.42% | | |
Non-Interest Bearing Liabilities and Shareholders’
Equity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits
|
| | | | 236,225 | | | | | | | | | | | | | | | | | | 217,882 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 10,283 | | | | | | | | | | | | | | | | | | 5,745 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 98,919 | | | | | | | | | | | | | | | | | | 101,271 | | | | | | | | | | | | | | |
Total Liabilities and Shareholders’ Equity
|
| | | $ | 1,003,336 | | | | | | | | | | | | | | | | | $ | 1,019,263 | | | | | | | | | | | | | | |
Excess of Interest Earning Assets over Interest Bearing Liabilities
|
| | | $ | 265,665 | | | | | | | | | | | | | | | | | $ | 252,053 | | | | | | | | | | | | | | |
Net Interest Income
|
| | | | | | | | | $ | 11,711 | | | | | | | | | | | | | | | | | $ | 11,645 | | | | | | | | |
Interest Spread
|
| | | | | | | | | | | | | | | | 2.50% | | | | | | | | | | | | | | | | | | 2.37% | | |
Net Interest Margin
|
| | | | | | | | | | | | | | | | 2.56% | | | | | | | | | | | | | | | | | | 2.48% | | |
| | |
For the Six Months June 30, 2022
Compared to 2021 Due to Changes In |
| |||||||||||||||
| | |
Average
Volume |
| |
Average
Rate |
| |
Net Increase
(Decrease) |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Interest Earning Assets | | | | | | | | | | | | | | | | | | | |
Loans
|
| | | $ | (1,581) | | | | | $ | (60) | | | | | $ | (1,641) | | |
Securities available -for-sale
|
| | | | 601 | | | | | | (51) | | | | | | 550 | | |
Interest earning balances due from banks
|
| | | | (4) | | | | | | 400 | | | | | | 396 | | |
FHLB and Other Bank Stock
|
| | | | 0 | | | | | | 2 | | | | | | 3 | | |
Total Interest Earning Assets
|
| | | | (984) | | | | | | 293 | | | | | | (692) | | |
Interest Bearing Liabilities | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | (3) | | | | | | (292) | | | | | | (296) | | |
Repurchase Agreements
|
| | | | (1) | | | | | | 3 | | | | | | 2 | | |
Other Borrowings
|
| | | | (464) | | | | | | — | | | | | | (464) | | |
Total Interest Bearing Liabilities
|
| | | | (469) | | | | | | (289) | | | | | | (758) | | |
Net Interest Income
|
| | | $ | (515) | | | | | $ | 581 | | | | | $ | 66 | | |
| | |
For the Six Months
Ended June 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Service Charges and Fees
|
| | | $ | 1,413 | | | | | $ | 1,211 | | |
Wealth Management Fees
|
| | | | 1,121 | | | | | | 1,213 | | |
Net Gain on Sale of Securities
|
| | | | — | | | | | | 1,835 | | |
Net Loss on sale of Premises and Equipment
|
| | | | 72 | | | | | | 26 | | |
Net Gain on Sale of Other Real Estate
|
| | | | 43 | | | | | | — | | |
Increase in Cash Surrender Value of Life Insurance
|
| | | | 217 | | | | | | 716 | | |
Other
|
| | | | 2,411 | | | | | | 1,833 | | |
Total Noninterest Income
|
| | | $ | 5,277 | | | | | $ | 6,834 | | |
| | |
For the Six Months
Ended June 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Salaries and Benefits
|
| | | $ | 7,290 | | | | | $ | 6,992 | | |
Occupancy
|
| | | | 2,391 | | | | | | 2,515 | | |
FDIC Assessments
|
| | | | 160 | | | | | | 195 | | |
Expenses on Other Real Estate Owned
|
| | | | 75 | | | | | | 103 | | |
Professional Fees
|
| | | | 288 | | | | | | 312 | | |
Telephone, Postage, and Delivery
|
| | | | 381 | | | | | | 395 | | |
Advertising and Marketing
|
| | | | 178 | | | | | | 125 | | |
Office Supplies
|
| | | | 62 | | | | | | 67 | | |
Other
|
| | | | 2,567 | | | | | | 3,278 | | |
Total Noninterest Expense
|
| | | $ | 13,392 | | | | | $ | 13,982 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | |
Amortized
Cost |
| |
Estimated
Fair Value |
| |
Amortized
Cost |
| |
Estimated
Fair Value |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
US Treasury Securities
|
| | | $ | 44,556 | | | | | $ | 43,707 | | | | | $ | — | | | | | $ | — | | |
State and Municipal
|
| | | | 37,422 | | | | | | 33,704 | | | | | | 37,573 | | | | | | 39,024 | | |
Collateralized Loan Obligations
|
| | | | 17,984 | | | | | | 17,223 | | | | | | 17,987 | | | | | | 17,950 | | |
Agency Asset-Backed
|
| | | | 34,971 | | | | | | 34,295 | | | | | | 37,089 | | | | | | 37,686 | | |
Agency Residential Mortgage-Backed
|
| | | | 97,283 | | | | | | 93,312 | | | | | | 92,083 | | | | | | 92,186 | | |
Agency Commercial Mortgage-Backed
|
| | | | 11,443 | | | | | | 11,080 | | | | | | 11,845 | | | | | | 12,142 | | |
Non-Agency Residential Mortgage Backed
|
| | | | 6,652 | | | | | | 6,428 | | | | | | 8,271 | | | | | | 8,413 | | |
Non-Agency Commercial Mortgage Backed
|
| | | | 1,145 | | | | | | 1,119 | | | | | | 1,390 | | | | | | 1,358 | | |
Total
|
| | | $ | 251,456 | | | | | $ | 240,868 | | | | | $ | 206,238 | | | | | $ | 208,759 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
1-4 Family Real Estate
|
| | | $ | 951 | | | | | | 14.9% | | | | | $ | 805 | | | | | | 12.8% | | |
Multi-Family Real Estate
|
| | | | 106 | | | | | | 1.7% | | | | | | 288 | | | | | | 4.6% | | |
Commercial Real Estate
|
| | | | 2,599 | | | | | | 40.6% | | | | | | 2,707 | | | | | | 43.0% | | |
Agriculture Real Estate
|
| | | | 64 | | | | | | 1.0% | | | | | | 47 | | | | | | 0.7% | | |
Construction Real Estate
|
| | | | 961 | | | | | | 15.0% | | | | | | 1,187 | | | | | | 18.9% | | |
Commercial Operating
|
| | | | 1,355 | | | | | | 21.2% | | | | | | 989 | | | | | | 15.7% | | |
Agriculture Operating
|
| | | | 131 | | | | | | 2.1% | | | | | | 124 | | | | | | 2.0% | | |
Consumer and Other
|
| | | | 223 | | | | | | 3.5% | | | | | | 148 | | | | | | 2.4% | | |
Total Allowance
|
| | | $ | 6,390 | | | | | | 100% | | | | | $ | 6,295 | | | | | | 100% | | |
| | |
< 3 Mos
|
| |
3 – 6 Mos
|
| |
6 Mos – 1Yr
|
| |
1 – 3 Yrs
|
| |
> 3 Yrs
|
| |
Total
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Time deposits < $250,000
|
| | | $ | 26,804 | | | | | $ | 23,759 | | | | | $ | 24,552 | | | | | $ | 31,310 | | | | | $ | 3,755 | | | | | $ | 110,180 | | |
Time deposits > $250,000
|
| | | | 2,272 | | | | | | 3,613 | | | | | | 2,707 | | | | | | 5,604 | | | | | | — | | | | | | 14,196 | | |
Total
|
| | | $ | 29,076 | | | | | $ | 27,372 | | | | | $ | 27,259 | | | | | $ | 36,914 | | | | | $ | 3,755 | | | | | $ | 124,376 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Commitments to Extend Credit
|
| | | $ | 152,353 | | | | | $ | 146,041 | | |
Standby Letters of Credit
|
| | | $ | 15 | | | | | $ | 15 | | |
| | |
Actual
|
| |
Minimum Capital
Adequacy with Conservation Buffer |
| |
To Be Well Capitalized
Under Prompt Corrective Action Framework |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
As of June 30, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Citizens Bancshares Co. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 103,752 | | | | | | 17.71% | | | | | $ | 46,858 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 97,362 | | | | | | 16.62% | | | | | | 35,143 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Common equity tier I capital ratio:
|
| | | | 97,362 | | | | | | 16.62% | | | | | | 41,000 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Leverage ratio (tier I to avg assets):
|
| | | | 97,362 | | | | | | 9.97% | | | | | | 39,055 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
| | |
Actual
|
| |
Minimum Capital
Adequacy with Conservation Buffer |
| |
To Be Well
Capitalized Under Prompt Corrective Action Framework |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Citizens Bank & Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 101,164 | | | | | | 17.27% | | | | | $ | 46,857 | | | | | | 8.00% | | | | | $ | 58,571 | | | | | | 10.00% | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 94,774 | | | | | | 16.18% | | | | | | 35,143 | | | | | | 6.00% | | | | | | 46,857 | | | | | | 8.00% | | |
Common equity tier I capital ratio:
|
| | | | 94,774 | | | | | | 16.18% | | | | | | 41,000 | | | | | | 7.00% | | | | | | 38,071 | | | | | | 6.50% | | |
Leverage ratio (tier I to avg assets):
|
| | | | 94,774 | | | | | | 9.73% | | | | | | 38,964 | | | | | | 4.00% | | | | | | 48,705 | | | | | | 5.00% | | |
As of December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Citizens Bancshares Co. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 102,855 | | | | | | 17.76% | | | | | $ | 46,331 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 34,755 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Common equity tier I capital ratio:
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 40,547 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Leverage ratio (tier I to avg assets):
|
| | | | 96,560 | | | | | | 9.66% | | | | | | 39,983 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Citizens Bank & Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Capital (to risk weighted assets):
|
| | | $ | 100,694 | | | | | | 17.39% | | | | | $ | 46,323 | | | | | | 8.00% | | | | | $ | 57,914 | | | | | | 10.00% | | |
Tier 1 Capital (to risk weighted assets):
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 34,748 | | | | | | 6.00% | | | | | | 46,331 | | | | | | 8.00% | | |
Common equity tier I capital ratio:
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 40,539 | | | | | | 7.00% | | | | | | 37,644 | | | | | | 6.50% | | |
Leverage ratio (tier I to avg assets):
|
| | | | 94,399 | | | | | | 9.46% | | | | | | 39,915 | | | | | | 4.00% | | | | | | 49,893 | | | | | | 5.00% | | |
|
CITIZENS
|
| |
SOUTHERN MISSOURI
|
|
|
Capitalization:
|
| |||
|
The articles of incorporation of Citizens authorize (a) 5,000,000 shares of common stock, of which (i) 4,250,000 shares, $0.01 par value, are a separate class designated as “voting common stock” and (ii) 750,000 shares, $0.01 par value, are a separate class designated as “nonvoting common stock” and (b) 1,000,000 shares of preferred stock, par value $0.01 per share.
As of September 30, 2022, there were 1,745,258 shares of Citizens voting common stock, 601,657 shares of Citizens nonvoting common stock and no shares of Citizens preferred stock issued and outstanding.
Citizens’ common stock is not listed or traded on any established securities exchange or quotation system.
Citizens’ board of directors is authorized to provide for the issuance of shares of any class of stock in one or more classes or series and to fix the rights, designations, preferences related thereto.
|
| |
The articles of incorporation of Southern Missouri authorize 25,000,000 shares of common stock, par value $0.01, and 500,000 shares of preferred stock, par value $.01.
As of September 30, 2022, there were 9,229,151 shares of Southern Missouri common stock and no shares of Southern Missouri preferred stock issued and outstanding.
Southern Missouri’s common stock is listed on the NASDAQ Global Market under the symbol “SMBC.”
Southern Missouri’s board of directors is authorized to provide for the issuance of preferred stock in one or more classes or series and to fix the rights, designations, preferences related thereto.
|
|
|
Corporate Governance:
|
| |||
|
The rights of the Citizens shareholders are governed by Missouri law and the articles of incorporation and bylaws of Citizens.
|
| |
The rights of the Southern Missouri shareholders are governed by Missouri law and the articles of incorporation and bylaws of Southern Missouri.
|
|
|
CITIZENS
|
| |
SOUTHERN MISSOURI
|
| | ||
|
Convertibility of Stock:
|
| | | | |||
|
The voting common stock of Citizens is not convertible into any other securities of Citizens. The nonvoting common stock of Citizens is convertible on a one-to-one basis into shares of voting common stock of Citizens, subject to certain ownership limitations.
|
| |
The common stock of Southern Missouri is not convertible into any other securities of Southern Missouri.
|
| | ||
|
Preemptive Rights and Right of First Refusal:
|
| | |||||
|
Preemptive rights are denied pursuant to Citizens’ articles of incorporation, except for any such rights that may be granted by way of a separate contract or agreement to the holder(s) of nonvoting common stock.
No right of first refusal to purchase or acquire the stock of a selling Citizens stockholder exists under either the articles of incorporation or bylaws of Citizens.
|
| |
Preemptive rights are denied pursuant to Southern Missouri’s articles of incorporation.
No right of first refusal to purchase or acquire the stock of a selling Southern Missouri stockholder exists under either the articles of incorporation or bylaws of Southern Missouri.
|
| | ||
|
Election of Directors:
|
| | |||||
|
Citizens’ articles of incorporation provide that the number of directors to constitute the board of directors is 11. Citizens currently has 11 directors.
Citizens directors are elected at the annual meeting of the shareholders for a three-year term, or until his or her successor is duly elected and qualified. Shareholders of Citizens are entitled to cumulate votes in the election of directors (i.e., every share casts one vote for each seat up for election with shareholders having the right to “cumulate” their votes for one or more directors as they choose).
|
| |
Southern Missouri’s articles of incorporation provide that Southern Missouri will have the number of directors as may be fixed from time to time by its board of directors, provided that such number may not be less than five or more than 15. Southern Missouri currently has 10 directors.
Stockholders of Southern Missouri are not entitled to cumulate votes in the election of directors. Except with respect to any directors who may be elected by any class or series of Southern Missouri preferred stock, Southern Missouri’s board of directors is divided into three classes, each of which contains one-third of the members of the board. The members of each class are elected for a term of three years, with the terms of office of all members of one class expiring each year so that approximately one-third of the total number of directors is elected each year.
|
| | ||
|
Removal of Directors and Board Vacancies:
|
| | |||||
|
Citizens’ bylaws provide that any director or the entire board of directors may be removed from office, with or without cause, upon the affirmative vote of a majority of the outstanding shares then entitled to vote for the election of directors, provided that if less than the entire board is to be removed, no individual director may be removed if the votes cast against his or her removal would be sufficient to elect him or her as a director if cumulatively voted in an election of directors. bylaws provide that any director may be removed for cause by action of a majority of the entire board of directors under certain circumstances as set forth in the bylaws.
|
| |
Southern Missouri’s articles of incorporation provide that any director or the entire board of directors may be removed from office only for cause and only upon the affirmative vote of the holders of least 80% of the total votes to which all of the shares then entitled to vote at a meeting of stockholders called for an election of directors are entitled, provided that if less than the entire board is to be removed, no individual director may be removed if the votes cast against his or her removal would be sufficient to elect him or her as a director if cumulatively voted in an election of directors.
|
| |
|
CITIZENS
|
| |
SOUTHERN MISSOURI
|
| | ||
|
Citizens’ bylaws also provide that in the case of the death or resignation of a director, a majority of the surviving or remaining directors may appoint a director or directors to fill the vacancy or vacancies. Any director elected to fill an unexpired term shall serve until the next annual meeting or until such director’s successor is elected and qualified.
|
| |
Southern Missouri’s articles of incorporation also provide that any vacancy on the board shall be filled by a majority of the directors then in office (even if less than quorum). Any director elected to fill a vacancy in any class will have a term that expires at the next election of directors by the stockholders.
Southern Missouri’s articles of incorporation provide further that any increase or decrease in the number of directors is to be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible.
|
| | ||
|
Amendment of Governing Documents:
|
| | |||||
|
Citizens’ articles of incorporation generally may be amended at any annual or special meeting of Citizens shareholders by a vote of a majority of the shares which are issued and outstanding and entitled to vote. An amendment of the provisions of Citizens’ articles of incorporation relating to the number of directors and bylaw amendments requires the affirmative vote of the holders of at least two-thirds of the total votes to which all of the shares then entitled to vote at a meeting of stockholders called for an election of directors are entitled.
Missouri law provides that if the articles of incorporation or bylaws provide for cumulative voting in the election of directors, the number of directors shall not be decreased to less than three by amendment to the articles of incorporation when the number of shares voting against the proposal for decrease would be sufficient to elect a director if the shares were voted cumulatively at an election of three directors. Citizens’ bylaws provided for cumulative voting in the election of directors
Citizens’ bylaws may be amended at any annual or special meeting of the Citizens shareholders in any of the following ways: (i) by a vote of a majority of the shares represented in person or by proxy and entitled to vote at such meeting; (ii) by resolution adopted by a majority of the full board; or (iii) by unanimous written consent of all shareholders or directors in lieu of a meeting; provided, however, that the power of the shareholders or directors to amend the bylaws may be limited or restricted if the bylaws or portion thereof approved by the shareholders so expressly states.
|
| |
Southern Missouri’s articles of incorporation generally may be amended upon approval by its board of directors and the holders of a majority of the outstanding shares of Southern Missouri common stock. The amendment of the provisions of Southern Missouri’s articles of incorporation pertaining to certain business combinations requires the approval of the holders of at least 80% of the voting power of the outstanding shares of stock entitled to vote generally in the election of directors, voting as a single class, and the holders of at least a majority of the voting power of the outstanding shares of such stock not beneficially owned by any interested stockholder or its affiliates and associates, voting together as a single class. In addition, an amendment of the provisions of Southern Missouri’s articles of incorporation relating to the number, classification, election and removal of directors also requires the affirmative vote of the holders of at least 80% of the total votes to which all of the shares then entitled to vote at a meeting of stockholders called for an election of directors are entitled, unless the amendment has been approved by Southern Missouri’s board of directors by a 662∕3% vote.
Southern Missouri’s bylaws may be amended either by its board of directors, by a vote of two-thirds of the board, or by Southern Missouri’s stockholders, by the vote of the holders of at least 80% of the outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class.
|
| | ||
|
Shareholder Actions; Vote Requirements; Voting Limitations:
|
| | | | |||
|
Missouri law provides that on all matters, the affirmative vote of the holders of a majority of the shares entitled to vote with respect to the matter and
|
| |
Missouri law and Southern Missouri’s bylaws provide that on all matters, the affirmative vote of the holders of a majority of the shares entitled to vote with
|
| |
|
CITIZENS
|
| |
SOUTHERN MISSOURI
|
|
|
represented in person or by proxy at a meeting of shareholders, at which a quorum is present, will be the act of the shareholders unless the vote of a greater number is required by law, the articles of incorporation, or the bylaws. Citizens’ bylaws provide that, except as otherwise may be provided by law, the holders of a majority of the outstanding shares entitled to vote thereat, present in person or by proxy, shall constitute a quorum for the transaction of business, and that every decision of a majority in amount of shares of such quorum shall be valid as a corporate act, except in those specific instances in which a larger vote is required by law or by the articles of incorporation.
Under Missouri law, the affirmative vote of the holders of at least two-thirds of the outstanding shares of the corporation entitled to vote is required to approve a merger or other fundamental business transaction.
The MGBCL contains a business combination statute that prohibits a business combination between a corporation and an interested shareholder (one who beneficially owns 20% or more of the corporation’s outstanding voting stock or who is an affiliate or associate of the corporation and at any time within the previous five years was the beneficial owner of 20% or more of the corporation’s outstanding voting stock) for a period of five years after the interested shareholder first becomes an interested shareholder, unless the business combination or the acquisition of stock that resulted in the interested shareholder becoming an interested shareholder is approved by the board of directors on or before the date that the interested shareholder became an interested shareholder or unless the corporation has exempted itself from the statute pursuant to a provision in its original articles of incorporation or, subject to certain conditions, a shareholder-approved bylaw amendment. After the five-year period has elapsed, a corporation subject to the statute may not consummate a business combination with an interested shareholder unless the transaction has been approved by the holders of a majority of the voting stock excluding shares beneficially owned by the interested shareholder and its affiliates and associates. This approval requirement need not be met if certain fair price and terms criteria have been satisfied. We are subject to the Missouri business combination statute.
Each share of Citizens voting common stock has one vote for each matter properly brought before the shareholders, other than with respect to cumulative voting in connection with the election of directors.
|
| |
respect to the matter and represented in person or by proxy at a meeting of shareholders at which a quorum is present, will be the act of the shareholders unless the vote of a greater number is required by law, the articles of incorporation, or the bylaws.
Under Missouri law, the affirmative vote of the holders of at least two-thirds of the outstanding shares of the corporation entitled to vote is required to approve a merger or other fundamental business transaction.
Southern Missouri’s articles of incorporation provides that certain business combinations (for example, mergers or consolidations, significant asset sales and significant stock issuances) involving “interested stockholders “ of Southern Missouri require, in addition to any vote required by law, the approval of (i) the holders of at least 80% of the voting power of the outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class, and (ii) the holders of at least a majority of the voting power of the outstanding shares of such stock not beneficially owned by the interested stockholder and its affiliates and associates, voting together as a single class, unless a majority of the whole board has approved a memorandum of understanding with the interested stockholder with respect to, or on substantially the same terms as, the proposed business combination prior to the time the interested stockholder became an interested stockholder. An “interested shareholder” for purposes of this provision generally means a person who is a 10% or greater stockholder of Southern Missouri or who is an affiliate or associate of Southern Missouri and at any time within the prior two years was a 5% or greater stockholder of Southern Missouri.
The business combination and control share acquisition statutes contained in the MGBCL and described in the adjacent Citizens column are also applicable to Southern Missouri.
Each share of Southern Missouri common stock has one vote for each matter properly brought before the stockholders, provided that under Southern Missouri’s articles of incorporation, any person who beneficially owns in excess of 10% of the outstanding shares of Southern Missouri common stock may not vote the excess shares without the prior approval of a majority of the whole board (defined as the total number of directors Southern Missouri would have if there were no vacancies on its board).
Southern Missouri’s bylaws provide that special meetings of stockholders may only be called by Southern Missouri’s board of directors.
|
|
|
CITIZENS
|
| |
SOUTHERN MISSOURI
|
|
|
The MGBCL contains a control share acquisition statute which, in general terms, provides that where a shareholder acquires issued and outstanding shares of a corporation’s voting stock (referred to as control shares) within one of several specified ranges (one-fifth or more but less than one-third, one-third or more but less than a majority, or a majority or more), approval by shareholders of the control share acquisition must be obtained before the acquiring shareholder may vote the control shares. The required shareholder vote is a majority all votes entitled to be cast, excluding “interested shares,” defined as shares held by the acquiring person, officers of the corporation and employees who are also directors of the corporation. A corporation may opt-out of the control share statute through a provision in its articles of incorporation or bylaws, which we have not done. Accordingly, the Missouri control share acquisition statute applies to acquisitions of shares of our common stock.
|
| | | |
|
Citizens’ bylaws provide that special meetings of shareholders may be called by the chairman of the board, the president, the secretary, by the board of directors, or by the holders of, or by any officer or shareholder upon the request of, not less than one-fifth of the shares which are issued and outstanding and entitled to vote.
|
| | | |
|
Indemnification; Limitation of Director Liability:
|
| |||
|
Under Missouri law, a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason of the fact that he or she is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
In connection with an action by or in the right of the corporation, Missouri law provides indemnification similar to that set forth in the immediately preceding paragraph; except that no indemnification shall be
|
| |
Southern Missouri’s articles of incorporation require Southern Missouri to indemnify any present or former director or executive officer of Southern Missouri or any subsidiary of Southern Missouri against any and all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement and reasonably incurred by such person in connection with any threatened, pending or completed civil, criminal, administrative or investigative action, suit, proceeding or claim (including any action by or in the right of Southern Missouri or a subsidiary) by reason of the fact that such person is or was serving in such capacity; provided, however, that no such person may be indemnified on account of (i) conduct which is finally adjudged to have been knowingly fraudulent or deliberately dishonest or to have constituted willful misconduct, or (ii) an accounting for profits pursuant to Section 16(b) of the Exchange Act.
Southern Missouri’s articles of incorporation permit Southern Missouri, to the extent its board of directors deems appropriate, to indemnify any present or former nonexecutive officer, or employee or agent of Southern Missouri or any subsidiary or any person
|
|
|
CITIZENS
|
| |
SOUTHERN MISSOURI
|
|
|
made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation unless and only to the extent that the court in which the action or suit was brought determines upon application that, despite the adjudication of liability and in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.
Citizens’ bylaws generally require indemnification consistent with the provisions of Missouri law set forth above.
|
| |
who was serving at the request of Southern Missouri as a director, officer, employee or agent of another entity against any and all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement and reasonably incurred by such person in connection with any threatened, pending or completed civil, criminal, administrative or investigative action, suit, proceeding or claim (including any action by or in the right of Southern Missouri or a subsidiary) by reason of the fact that such person is or was serving in such capacity; provided, however, that no such person may be indemnified on account of (i) conduct which is finally adjudged to have been knowingly fraudulent or deliberately dishonest or to have constituted willful misconduct, or (ii) an accounting for profits pursuant to Section 16(b) of the Exchange Act.
|
|
|
Advance Notice Regarding Shareholder Proposals and
Shareholder Nominations of Candidates for Election to the Board of Directors: |
| |||
|
Neither Citizens’ articles of incorporation nor its bylaws require advance notice regarding shareholder proposals or shareholder nominations of candidates for election to Citizens’ board of directors at its annual shareholder meetings.
|
| |
Southern Missouri’s bylaws provide that it must receive written notice of any stockholder proposal for business at an annual meeting of stockholders not less than 90 days or more than 120 days before the anniversary of the preceding year’s annual meeting. If the date of the current year annual meeting is advanced by more than 20 days or delayed by more than 60 days from the anniversary date of the preceding year’s annual meeting, Southern Missouri must receive written notice of the proposal no earlier than the close of business on the 120th day prior to the date of the annual meeting and no later than the close of business on the later of the 90th day prior to the annual meeting or the 10th day following the day on which notice of the date of the meeting is mailed or public announcement of the date of the meeting date is first made, whichever occurs first.
Southern Missouri’s bylaws also provide that it must receive written notice of any stockholder director nomination for a meeting of stockholders not less than 90 days or more than 120 days before the date of the meeting. If, however, less than 100 days’ notice or prior public announcement of the date of the meeting is given or made to stockholders, Southern Missouri must receive notice of the nomination no later than the tenth day following the day on which notice of the date of the meeting is mailed or public announcement of the date of the meeting date is first made, whichever occurs first.
|
|
Report(s)
|
| |
Period(s) of Report(s) or Date(s) Filed
|
|
Annual Report on Form 10-K | | | For the fiscal year ended June 30, 2022 | |
Definitive Proxy Statement on Schedule 14A | | | Filed on September 26, 2022 | |
Current Reports on Form 8-K | | |
Filed on September 21, 2022, October 21, 2022 and November 2, 2022
|
|
The description of Southern Missouri common stock set forth in Exhibit 4.0 to the Annual Report on Form 10-K for the fiscal year ended June 30, 2020
|
| | Filed on September 14, 2020 | |
| | | | | F-2 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| | | | | F-9 | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | | |
| | | | | F-40 | | | |
| | | | | F-41 | | | |
| | | | | F-42 | | |
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
$
|
248,448
|
| | | | $ | 196,163 | | |
Securities available for sale
|
| | |
|
208,759
|
| | | | | 193,436 | | |
Loans, net
|
| | |
|
465,348
|
| | | | | 536,388 | | |
Cash surrender value of life insurance
|
| | |
|
21,295
|
| | | | | 21,680 | | |
Premises and equipment, net
|
| | |
|
14,705
|
| | | | | 18,301 | | |
Accrued interest receivable
|
| | |
|
2,116
|
| | | | | 3,061 | | |
Other real estate owned
|
| | |
|
7,383
|
| | | | | 6,896 | | |
Federal Home Loan Bank stock
|
| | |
|
1,183
|
| | | | | 1,074 | | |
Deferred income taxes, net
|
| | |
|
5,047
|
| | | | | 4,756 | | |
Other assets
|
| | |
|
6,832
|
| | | | | 6,701 | | |
| | | |
$
|
981,116
|
| | | | $ | 988,456 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits
|
| | | | | | | | | | | | |
Non-interest-bearing
|
| | |
$
|
251,586
|
| | | | $ | 218,722 | | |
NOW, money market, and savings
|
| | |
|
456,384
|
| | | | | 442,698 | | |
Certificates of deposit
|
| | |
|
135,492
|
| | | | | 181,445 | | |
Total deposits
|
| | |
|
843,462
|
| | | | | 842,865 | | |
Securities sold under agreement to repurchase
|
| | |
|
27,621
|
| | | | | 26,046 | | |
Other borrowings
|
| | |
|
—
|
| | | | | 12,500 | | |
Accrued interest payable
|
| | |
|
80
|
| | | | | 467 | | |
Other liabilities
|
| | |
|
6,304
|
| | | | | 5,959 | | |
Total liabilities
|
| | |
|
877,467
|
| | | | | 887,837 | | |
Commitments and contingencies (Note 14) | | | | | | | | | | | | | |
Stockholders’ equity | | | | | | | | | | | | | |
Common stock, $0.01 par value; 5,000,000 shares authorized; 2,561,600 shares issued; 2,346,915 shares outstanding 2021 and 2020
|
| | |
|
26
|
| | | | | 26 | | |
Additional paid-in capital
|
| | |
|
8,832
|
| | | | | 8,832 | | |
Retained earnings
|
| | |
|
97,798
|
| | | | | 91,083 | | |
Treasury stock, at cost (2021 and 2020, 214,685 shares)
|
| | |
|
(4,900)
|
| | | | | (4,900) | | |
Accumulated other comprehensive income
|
| | |
|
1,893
|
| | | | | 5,578 | | |
Total stockholders’ equity
|
| | |
|
103,649
|
| | | | | 100,619 | | |
| | | |
$
|
981,116
|
| | | | $ | 988,456 | | |
| | |
2021
|
| |
2020
|
| ||||||
Interest income
|
| | |
$
|
22,029
|
| | | | $ | 26,423 | | |
Loans, including fees
|
| | | | | | | | | | | | |
Securities
|
| | |
|
2,991
|
| | | | | 3,929 | | |
Federal funds sold and other
|
| | |
|
346
|
| | | | | 330 | | |
| | | |
|
25,366
|
| | | | | 30,682 | | |
Interest expense
|
| | |
|
1,571
|
| | | | | 4,984 | | |
Deposits
|
| | | | | | | | | | | | |
Securities sold under agreement to repurchase and federal funds purchased
|
| | |
|
31
|
| | | | | 152 | | |
Other borrowings
|
| | |
|
476
|
| | | | | 950 | | |
| | | |
|
2,078
|
| | | | | 6,086 | | |
Net interest income
|
| | |
|
23,288
|
| | | | | 24,596 | | |
Provision for loan losses
|
| | |
|
(2,561)
|
| | | | | 3,376 | | |
Net interest income after provision for loan losses
|
| | |
|
25,849
|
| | | | | 21,220 | | |
Noninterest income
|
| | |
|
2,649
|
| | | | | 2,684 | | |
Service charges and fees
|
| | | | | | | | | | | | |
Wealth Management fees
|
| | |
|
2,264
|
| | | | | 2,119 | | |
Net gain on sale of securities
|
| | |
|
1,835
|
| | | | | 450 | | |
Net loss on sale of premises and equipment
|
| | |
|
(42)
|
| | | | | (109) | | |
Net gain on sale of other real estate
|
| | |
|
—
|
| | | | | 1 | | |
Increase in cash surrender value of life insurance
|
| | |
|
937
|
| | | | | 461 | | |
Other
|
| | |
|
3,897
|
| | | | | 3,285 | | |
| | | |
|
11,540
|
| | | | | 8,891 | | |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | |
|
14,642
|
| | | | | 14,397 | | |
Occupancy
|
| | |
|
5,048
|
| | | | | 6,195 | | |
FDIC assessments
|
| | |
|
410
|
| | | | | 240 | | |
Expenses on other real estate owned
|
| | |
|
534
|
| | | | | 126 | | |
Professional fees
|
| | |
|
513
|
| | | | | 718 | | |
Telephone, postage, and delivery
|
| | |
|
871
|
| | | | | 922 | | |
Advertising and marketing
|
| | |
|
359
|
| | | | | 524 | | |
Office supplies
|
| | |
|
131
|
| | | | | 114 | | |
Other
|
| | |
|
6,415
|
| | | | | 4,596 | | |
| | | |
|
28,923
|
| | | | | 27,832 | | |
Income before income taxes
|
| | |
|
8,466
|
| | | | | 2,279 | | |
Income tax expense
|
| | |
|
1,751
|
| | | | | 364 | | |
Net income
|
| | |
$
|
6,715
|
| | | | $ | 1,915 | | |
| | |
2021
|
| |
2020
|
| ||||||
Net income
|
| | |
$
|
6,715
|
| | | | $ | 1,915 | | |
Other comprehensive income (loss) | | | | | | | | | | | | | |
Unrealized holding gains (losses) arising during the year before tax, less reclassification adjustment for securities gains of $1,835 and $450, respectively, included in net income before tax
|
| | |
|
(4,906)
|
| | | | | 6,213 | | |
Tax benefit (expense) related to other comprehensive income (loss)
|
| | |
|
1,221
|
| | | | | (1,546) | | |
Other comprehensive income (loss), net of tax
|
| | |
|
(3,685)
|
| | | | | 4,667 | | |
Comprehensive income
|
| | |
$
|
3,030
|
| | | | $ | 6,582 | | |
| | |
Common
Stock |
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Treasury
Stock |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
Balance at December 31, 2019
|
| | | $ | 26 | | | | | $ | 8,567 | | | | | $ | 89,168 | | | | | $ | (4,900) | | | | | $ | 911 | | | | | $ | 93,772 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 1,915 | | | | | | — | | | | | | — | | | | | | 1,915 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,667 | | | | | | 4,667 | | |
Stock compensation expense
|
| | | | — | | | | | | 265 | | | | | | — | | | | | | — | | | | | | — | | | | | | 265 | | |
Balance at December 31, 2020
|
| | | | 26 | | | | | | 8,832 | | | | | | 91,083 | | | | | | (4,900) | | | | | | 5,578 | | | | | | 100,619 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 6,715 | | | | | | — | | | | | | — | | | | | | 6,715 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,685) | | | | | | (3,685) | | |
Balance at December 31, 2021
|
| | | $ | 26 | | | | | $ | 8,832 | | | | | $ | 97,798 | | | | | $ | (4,900) | | | | | $ | 1,893 | | | | | $ | 103,649 | | |
| | |
2021
|
| |
2020
|
| ||||||
Cash Flows from Operating Activities:
|
| | |
$
|
6,715
|
| | | | $ | 1,915 | | |
Net income
|
| | | | | | | | | | | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | |
|
1,410
|
| | | | | 1,616 | | |
Provision for loan losses
|
| | |
|
(2,561)
|
| | | | | 3,376 | | |
Net gain on sale of other real estate
|
| | |
|
—
|
| | | | | (1) | | |
Write-down on other real estate
|
| | |
|
350
|
| | | | | 38 | | |
Amortization of core deposit intangible
|
| | |
|
58
|
| | | | | 59 | | |
Net loss on sale of premises and equipment
|
| | |
|
42
|
| | | | | 109 | | |
Amortization of deferred loan origination costs, net of fees
|
| | |
|
(1,126)
|
| | | | | (772) | | |
Net amortization of securities
|
| | |
|
426
|
| | | | | 519 | | |
Net gain on sale of securities
|
| | |
|
(1,835)
|
| | | | | (450) | | |
Stock compensation expense
|
| | |
|
—
|
| | | | | 265 | | |
Increase in cash surrender value of life insurance
|
| | |
|
(437)
|
| | | | | (461) | | |
Gain on redemption of life insurance
|
| | |
|
822
|
| | | | | — | | |
Deferred income taxes
|
| | |
|
930
|
| | | | | 426 | | |
Net decrease in accrued interest receivable and other assets
|
| | |
|
756
|
| | | | | 1,586 | | |
Net decrease in accrued interest payable and other liabilities
|
| | |
|
(42)
|
| | | | | (1,501) | | |
Net cash provided by operating activities
|
| | |
|
5,508
|
| | | | | 6,724 | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Securities available for sale:
|
| | | | | | | | | | | | |
Purchases
|
| | |
|
(68,637)
|
| | | | | (75,726) | | |
Maturities, prepayments, and calls
|
| | |
|
28,027
|
| | | | | 20,447 | | |
Proceeds from sales
|
| | |
|
21,790
|
| | | | | 7,243 | | |
Net decrease in loans
|
| | |
|
73,890
|
| | | | | 54,575 | | |
Proceeds from sales of other real estate
|
| | |
|
—
|
| | | | | 811 | | |
Net increase Federal Home Loan Bank stock
|
| | |
|
(109)
|
| | | | | (20) | | |
Purchase of premises and equipment
|
| | |
|
(646)
|
| | | | | (294) | | |
Proceeds from sale of premises and equipment
|
| | |
|
2,790
|
| | | | | — | | |
Net cash provided by investing activities
|
| | |
|
57,105
|
| | | | | 7,036 | | |
Cash Flows from Financing Activities: Net increase in deposits
|
| | | $ | 597 | | | | | $ | 74,917 | | |
Net increase in securities sold under agreement to repurchase
|
| | |
|
1,575
|
| | | | | 10,593 | | |
Repayment of note payable
|
| | |
|
(12,500)
|
| | | | | — | | |
Net cash (used in) provided by financing activities
|
| | |
|
(10,328)
|
| | | | | 85,510 | | |
Net increase in cash and due from banks
|
| | |
|
52,285
|
| | | | | 99,270 | | |
Beginning cash and due from banks
|
| | |
|
196,163
|
| | | | | 96,893 | | |
Ending cash and due from banks
|
| | | $ | 248,448 | | | | | $ | 196,163 | | |
Supplemental Information: | | | | | | | | | | | | | |
Interest paid
|
| | |
$
|
2,444
|
| | | | $ | 6,413 | | |
Income taxes paid, net
|
| | |
|
745
|
| | | | | 126 | | |
Noncash Supplemental Information: | | | | | | | | | | | | | |
Transfers from loans to other real estate
|
| | |
$
|
837
|
| | | | $ | — | | |
2021
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
State and municipal
|
| | | $ | 37,573 | | | | | $ | 1,469 | | | | | $ | (18) | | | | | $ | 39,024 | | |
Collateralized Loan Obligations
|
| | | | 17,987 | | | | | | 24 | | | | | | (61) | | | | | | 17,950 | | |
Agency asset-backed
|
| | | | 37,089 | | | | | | 626 | | | | | | (29) | | | | | | 37,686 | | |
Agency residential mortgage-backed
|
| | | | 92,083 | | | | | | 767 | | | | | | (664) | | | | | | 92,186 | | |
Agency commercial mortgage-backed
|
| | | | 11,845 | | | | | | 302 | | | | | | (5) | | | | | | 12,142 | | |
2021
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
Non-agency residential mortgage-backed
|
| | | | 8,271 | | | | | | 160 | | | | | | (18) | | | | | | 8,413 | | |
Non-agency commercial mortgage-backed
|
| | | | 1,390 | | | | | | — | | | | | | (32) | | | | | | 1,358 | | |
Total
|
| | | $ | 206,238 | | | | | $ | 3,348 | | | | | $ | (827) | | | | | $ | 208,759 | | |
|
2020
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
State and municipal
|
| | | $ | 47,330 | | | | | $ | 4,511 | | | | | $ | — | | | | | $ | 51,841 | | |
Collateralized Loan Obligations
|
| | | | 19,508 | | | | | | — | | | | | | (215) | | | | | | 19,293 | | |
Agency asset-backed
|
| | | | 40,115 | | | | | | 709 | | | | | | (121) | | | | | | 40,703 | | |
Agency residential mortgage-backed
|
| | | | 51,414 | | | | | | 1,523 | | | | | | (77) | | | | | | 52,860 | | |
Agency commercial mortgage-backed
|
| | | | 13,904 | | | | | | 727 | | | | | | (21) | | | | | | 14,610 | | |
Non-agency residential mortgage-backed
|
| | | | 11,807 | | | | | | 438 | | | | | | — | | | | | | 12,245 | | |
Non-agency commercial mortgage-backed
|
| | | | 1,932 | | | | | | — | | | | | | (48) | | | | | | 1,884 | | |
Total
|
| | | $ | 186,010 | | | | | $ | 7,908 | | | | | $ | (482) | | | | | $ | 193,436 | | |
Description of Securities
|
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State and municipal
|
| | | | 6,568 | | | | | | (18) | | | | | | — | | | | | | — | | | | | | 6,568 | | | | | | (18) | | |
Collateralized Loan Obligations
|
| | | | — | | | | | | — | | | | | | 9,478 | | | | | | (61) | | | | | | 9,478 | | | | | | (61) | | |
Agency asset-backed
|
| | | | 6,538 | | | | | | (29) | | | | | | — | | | | | | — | | | | | | 6,538 | | | | | | (29) | | |
Agency residential mortgage-backed
|
| | | | 64,670 | | | | | | (457) | | | | | | 4,099 | | | | | | (207) | | | | | | 68,769 | | | | | | (664) | | |
Agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,077 | | | | | | (5) | | | | | | 1,077 | | | | | | (5) | | |
Non-agency residential mortgage-backed
|
| | | | 1,455 | | | | | | (18) | | | | | | — | | | | | | — | | | | | | 1,455 | | | | | | (18) | | |
Non-agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,358 | | | | | | (32) | | | | | | 1,358 | | | | | | (32) | | |
| | | | $ | 79,231 | | | | | $ | (522) | | | | | $ | 16,012 | | | | | $ | (305) | | | | | $ | 95,243 | | | | | $ | (827) | | |
| | |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
Description of Securities
|
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateralized Loan Obligations
|
| | | $ | — | | | | | $ | — | | | | | $ | 19,293 | | | | | $ | (215) | | | | | $ | 19,293 | | | | | $ | (215) | | |
Agency asset-backed
|
| | | | — | | | | | | — | | | | | | 7,441 | | | | | | (121) | | | | | | 7,441 | | | | | | (121) | | |
| | |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
Description of Securities
|
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||||
Agency residential mortgage-backed
|
| | | | 20,329 | | | | | | (77) | | | | | | — | | | | | | — | | | | | | 20,329 | | | | | | (77) | | |
Agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,871 | | | | | | (21) | | | | | | 1,871 | | | | | | (21) | | |
Non-agency residential mortgage-backed
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,884 | | | | | | (48) | | | | | | 1,884 | | | | | | (48) | | |
| | | | $ | 20,329 | | | | | $ | (77) | | | | | $ | 30,489 | | | | | $ | (405) | | | | | $ | 50,818 | | | | | $ | (482) | | |
|
2021
|
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||
Due in one year or less
|
| | | $ | — | | | | | $ | — | | |
Due from one to five years
|
| | | | 3,962 | | | | | | 4,163 | | |
Due from five to ten years
|
| | | | 10,348 | | | | | | 10,820 | | |
Due after ten years
|
| | | | 23,263 | | | | | | 24,041 | | |
Asset-backed securities
|
| | | | 168,665 | | | | | | 169,735 | | |
| | | | $ | 206,238 | | | | | $ | 208,759 | | |
| | |
2021
|
| |
2020
|
| ||||||
Proceeds
|
| | |
$
|
21,790
|
| | | | $ | 7,243 | | |
Gross gains
|
| | |
|
1,835
|
| | | | | 450 | | |
| | |
2021
|
| |
2020
|
| ||||||
Real estate: | | | | | | | | | | | | | |
One- to four-family residential
|
| | |
$
|
97,705
|
| | | | $ | 113,162 | | |
Multi-family residential
|
| | |
|
22,943
|
| | | | | 13,555 | | |
Commercial
|
| | |
|
176,193
|
| | | | | 205,460 | | |
Agricultural
|
| | |
|
5,008
|
| | | | | 4,007 | | |
Construction and land development
|
| | |
|
72,396
|
| | | | | 101,206 | | |
Total real estate
|
| | |
|
374,245
|
| | | | | 437,390 | | |
Commercial
|
| | |
|
80,285
|
| | | | | 92,461 | | |
Agricultural
|
| | |
|
12,428
|
| | | | | 11,444 | | |
Consumer and other
|
| | |
|
4,449
|
| | | | | 4,317 | | |
Total loans
|
| | |
|
471,407
|
| | | | | 545,612 | | |
Deferred loan origination costs (fees), net
|
| | |
|
236
|
| | | | | (98) | | |
Allowance for loan losses
|
| | |
|
(6,295)
|
| | | | | (9,126) | | |
Loans, net
|
| | |
$
|
465,348
|
| | | | $ | 536,388 | | |
Type of Loan
|
| |
Current
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Accruing
Past Due 90 days or More |
| |
Nonaccrual
Loans |
| |
Total
|
| ||||||||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 96,729 | | | | | $ | 170 | | | | | $ | 99 | | | | | $ | — | | | | | $ | 707 | | | | | $ | 97,705 | | |
Multi-family
|
| | | | 22,943 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,943 | | |
Commercial
|
| | | | 175,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | 380 | | | | | | 176,193 | | |
Agricultural
|
| | | | 5,008 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,008 | | |
Construction
|
| | | | 66,523 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,873 | | | | | | 72,396 | | |
Total real estate
|
| | | | 367,016 | | | | | | 170 | | | | | | 99 | | | | | | — | | | | | | 6,960 | | | | | | 374,245 | | |
Commercial | | | | | 80,181 | | | | | | 104 | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,285 | | |
Agricultural | | | | | 12,428 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,428 | | |
Type of Loan
|
| |
Current
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Accruing
Past Due 90 days or More |
| |
Nonaccrual
Loans |
| |
Total
|
| ||||||||||||||||||
Consumer and other
|
| | | | 4,445 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,449 | | |
Total loans
|
| | | $ | 464,070 | | | | | $ | 278 | | | | | $ | 99 | | | | | $ | — | | | | | $ | 6,960 | | | | | $ | 471,407 | | |
As a percentage of total loan portfolio
|
| | | | 98.44% | | | | | | 0.06% | | | | | | 0.02% | | | | | | 0.00% | | | | | | 1.48% | | | | | | 100.00% | | |
|
Type of Loan
|
| |
Current
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Accruing
Past Due 90 days or More |
| |
Nonaccrual
Loans |
| |
Total
|
| ||||||||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 110,802 | | | | | $ | 522 | | | | | $ | 14 | | | | | $ | — | | | | | $ | 1,824 | | | | | $ | 113,162 | | |
Multi-family
|
| | | | 13,555 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,555 | | |
Commercial
|
| | | | 205,017 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 442 | | | | | | 205,460 | | |
Agricultural
|
| | | | 4,007 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,007 | | |
Construction
|
| | | | 95,333 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,873 | | | | | | 101,206 | | |
Total real estate
|
| | | | 428,714 | | | | | | 523 | | | | | | 14 | | | | | | — | | | | | | 8,139 | | | | | | 437,390 | | |
Commercial
|
| | | | 89,670 | | | | | | 148 | | | | | | 126 | | | | | | — | | | | | | 2,517 | | | | | | 92,461 | | |
Agricultural
|
| | | | 11,351 | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | | | | | 11,444 | | |
Consumer and other
|
| | | | 4,312 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,317 | | |
Total loans
|
| | | $ | 534,047 | | | | | $ | 676 | | | | | $ | 140 | | | | | $ | — | | | | | $ | 10,749 | | | | | $ | 545,612 | | |
Type of Loan
|
| |
Accruing
Past Due 90 Days or More |
| |
Non-Accrual
Loans** |
| |
Troubled
Debt Restructures Accruing |
| |
Total
Nonperforming Loans |
| |
Percentage
of Total Nonperforming Loans |
| |||||||||||||||
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | — | | | | | $ | 707 | | | | | $ | 111 | | | | | $ | 818 | | | | | | 6.02% | | |
Commercial
|
| | | | — | | | | | | 380 | | | | | | 4,318 | | | | | | 4,698 | | | | | | 34.57% | | |
Construction
|
| | | | — | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 43.21% | | |
Total real estate
|
| | | | — | | | | | | 6,960 | | | | | | 4,429 | | | | | | 11,389 | | | | | | 83.80% | | |
Agricultural | | | | | — | | | | | | — | | | | | | 1,623 | | | | | | 1,623 | | | | | | 11.94% | | |
Consumer and other
|
| | | | — | | | | | | — | | | | | | 579 | | | | | | 579 | | | | | | 4.26% | | |
Total loans
|
| | | $ | — | | | | | $ | 6,960 | | | | | $ | 6,631 | | | | | $ | 13,591 | | | | | | 100.00% | | |
Type of Loan
|
| |
Accruing
Past Due 90 Days or More |
| |
Non-Accrual
Loans** |
| |
Troubled
Debt Restructures Accruing |
| |
Total
Nonperforming Loans |
| |
Percentage
of Total Nonperforming Loans |
| |||||||||||||||
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | — | | | | | $ | 1,824 | | | | | $ | 169 | | | | | $ | 1,993 | | | | | | 10.57% | | |
Commercial
|
| | | | — | | | | | | 442 | | | | | | 4,318 | | | | | | 4,760 | | | | | | 25.25% | | |
Construction
|
| | | | — | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 31.16% | | |
Total real estate
|
| | | | — | | | | | | 8,139 | | | | | | 4,487 | | | | | | 12,626 | | | | | | 66.98% | | |
Commercial
|
| | | | — | | | | | | 2,517 | | | | | | — | | | | | | 2,517 | | | | | | 13.35% | | |
Agricultural
|
| | | | — | | | | | | 93 | | | | | | 3,033 | | | | | | 3,126 | | | | | | 16.58% | | |
Consumer and other
|
| | | | — | | | | | | — | | | | | | 580 | | | | | | 580 | | | | | | 3.08% | | |
Total loans
|
| | | $ | — | | | | | $ | 10,749 | | | | | $ | 8,100 | | | | | $ | 18,849 | | | | | | 100.00% | | |
| | |
Real Estate
|
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||
December 31, 2021
|
| |
1-4 Family
|
| |
Multi-Family
|
| |
Commercial
|
| |
Agriculture
|
| |
Construction
|
| |||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31,
2020 |
| | | $ | 832 | | | | | $ | 206 | | | | | $ | 3,039 | | | | | $ | 46 | | | | | $ | 2,379 | | | | | $ | 2,293 | | | | | $ | 241 | | | | | $ | 90 | | | | | $ | 9,126 | | |
Provision for loan losses
|
| | | | (30) | | | | | | 82 | | | | | | (436) | | | | | | 1 | | | | | | (1,192) | | | | | | (1,061) | | | | | | (116) | | | | | | 191 | | | | | | (2,561) | | |
Charge-offs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (774) | | | | | | (1) | | | | | | (244) | | | | | | (1,019) | | |
Recoveries | | | | | 3 | | | | | | — | | | | | | 104 | | | | | | — | | | | | | — | | | | | | 531 | | | | | | — | | | | | | 111 | | | | | | 749 | | |
Ending Balance, December 31, 2021
|
| | | $ | 805 | | | | | $ | 288 | | | | | $ | 2,707 | | | | | $ | 47 | | | | | $ | 1,187 | | | | | $ | 989 | | | | | $ | 124 | | | | | $ | 148 | | | | | $ | 6,295 | | |
December 31, 2020
|
| |
Real Estate
|
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||
|
1-4 Family
|
| |
Multi-family
|
| |
Commercial
|
| |
Agriculture
|
| |
Construction
|
| |||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2019
|
| | | $ | 884 | | | | | $ | — | | | | | $ | 2,258 | | | | | $ | 34 | | | | | $ | 1,223 | | | | | $ | 1,528 | | | | | $ | 421 | | | | | $ | 218 | | | | | $ | 6,566 | | |
Provision for loan losses
|
| | | | (52) | | | | | | 206 | | | | | | 817 | | | | | | 12 | | | | | | 1,156 | | | | | | 1,160 | | | | | | (188) | | | | | | 265 | | | | | | 3,376 | | |
Charge-offs
|
| | | | — | | | | | | — | | | | | | (36) | | | | | | — | | | | | | — | | | | | | (450) | | | | | | — | | | | | | (494) | | | | | | (980) | | |
Recoveries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 55 | | | | | | 8 | | | | | | 101 | | | | | | 164 | | |
Ending Balance, December 31, 2020
|
| | | $ | 832 | | | | | $ | 206 | | | | | $ | 3,039 | | | | | $ | 46 | | | | | $ | 2,379 | | | | | $ | 2,293 | | | | | $ | 241 | | | | | $ | 90 | | | | | $ | 9,126 | | |
| | |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment
|
| | | $ | 100 | | | | | $ | — | | | | | $ | 500 | | | | | $ | — | | | | | $ | — | | | | | $ | 50 | | | | | $ | — | | | | | $ | — | | | | | $ | 650 | | |
Allowance for loans collectively evaluated for impairment
|
| | | | 705 | | | | | | 288 | | | | | | 2,207 | | | | | | 47 | | | | | | 1,187 | | | | | | 939 | | | | | | 124 | | | | | | 148 | | | | | $ | 5,645 | | |
| | | | $ | 805 | | | | | $ | 288 | | | | | $ | 2,707 | | | | | $ | 47 | | | | | $ | 1,187 | | | | | $ | 989 | | | | | $ | 124 | | | | | $ | 148 | | | | | $ | 6,295 | | |
Loans individually evaluated for impairment
|
| | | $ | 1,748 | | | | | $ | — | | | | | $ | 9,470 | | | | | $ | — | | | | | $ | 5,873 | | | | | $ | 892 | | | | | $ | 1,623 | | | | | $ | 579 | | | | | $ | 20,185 | | |
Loans collectively evaluated for impairment
|
| | | | 95,957 | | | | | | 22,943 | | | | | | 166,723 | | | | | | 5,008 | | | | | | 66,523 | | | | | | 79,393 | | | | | | 10,805 | | | | | | 3,870 | | | | | | 451,222 | | |
| | | | $ | 97,705 | | | | | $ | 22,943 | | | | | $ | 176,193 | | | | | $ | 5,008 | | | | | $ | 72,396 | | | | | $ | 80,285 | | | | | $ | 12,428 | | | | | $ | 4,449 | | | | | $ | 471,407 | | |
Allowance as a percentage of
loans individually evaluated for impairment |
| | | | 5.72% | | | | | | — | | | | | | 5.28% | | | | | | — | | | | | | — | | | | | | 5.61% | | | | | | — | | | | | | — | | | | | | 3.22% | | |
Allowance as a percentage of loans collectively evaluated for impairment
|
| | | | 0.73% | | | | | | 1.26% | | | | | | 1.32% | | | | | | 0.94% | | | | | | 1.78% | | | | | | 1.18% | | | | | | 1.15% | | | | | | 3.82% | | | | | | 1.25% | | |
Allowance as a percentage of total
loans |
| | | | 0.82% | | | | | | 1.26% | | | | | | 1.54% | | | | | | 0.94% | | | | | | 1.64% | | | | | | 1.23% | | | | | | 1.00% | | | | | | 3.33% | | | | | | 1.34% | | |
| | |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | 500 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,175 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,675 | | |
Allowance for loans collectively evaluated for impairment
|
| | | | 832 | | | | | | 206 | | | | | | 2,539 | | | | | | 46 | | | | | | 2,379 | | | | | | 1,118 | | | | | | 241 | | | | | | 90 | | | | | $ | 7,451 | | |
| | | | $ | 832 | | | | | $ | 206 | | | | | $ | 3,039 | | | | | $ | 46 | | | | | $ | 2,379 | | | | | $ | 2,293 | | | | | $ | 241 | | | | | $ | 90 | | | | | $ | 9,126 | | |
Loans individually evaluated for impairment
|
| | | $ | 2,530 | | | | | $ | — | | | | | $ | 16,702 | | | | | $ | 1,349 | | | | | $ | 5,873 | | | | | $ | 2,983 | | | | | $ | 5,171 | | | | | $ | 580 | | | | | $ | 35,188 | | |
Loans collectively evaluated for impairment
|
| | | | 110,632 | | | | | | 13,555 | | | | | | 188,758 | | | | | | 2,658 | | | | | | 95,333 | | | | | | 89,478 | | | | | | 6,273 | | | | | | 3,737 | | | | | | 510,424 | | |
| | | | $ | 113,162 | | | | | $ | 13,555 | | | | | $ | 205,460 | | | | | $ | 4,007 | | | | | $ | 101,206 | | | | | $ | 92,461 | | | | | $ | 11,444 | | | | | $ | 4,317 | | | | | $ | 545,612 | | |
Allowance as a percentage of
loans individually evaluated for impairment |
| | | | — | | | | | | — | | | | | | 2.99% | | | | | | — | | | | | | — | | | | | | 39.39% | | | | | | — | | | | | | — | | | | | | 4.76% | | |
Allowance as a percentage of
loans collectively evaluated for impairment |
| | | | 0.75% | | | | | | 1.52% | | | | | | 1.35% | | | | | | 1.73% | | | | | | 2.50% | | | | | | 1.25% | | | | | | 3.84% | | | | | | 2.41% | | | | | | 1.46% | | |
Allowance as a percentage of total loans
|
| | | | 0.74% | | | | | | 1.52% | | | | | | 1.48% | | | | | | 1.15% | | | | | | 2.35% | | | | | | 2.48% | | | | | | 2.11% | | | | | | 2.08% | | | | | | 1.67% | | |
| | |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized for Cash Payments Received |
| |||||||||||||||
Classes of loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans with no specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 1,462 | | | | | $ | 1,462 | | | | | $ | — | | | | | $ | 1,996 | | | | | $ | 77 | | |
Commercial
|
| | | | 8,103 | | | | | | 8,103 | | | | | | — | | | | | | 11,648 | | | | | | 307 | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | — | | | | | | 675 | | | | | | — | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 121 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 803 | | | | | | 803 | | | | | | — | | | | | | 402 | | | | | | 216 | | |
Agricultural
|
| | | | 1,623 | | | | | | 1,623 | | | | | | — | | | | | | 3,397 | | | | | | 152 | | |
Consumer and other
|
| | | | 579 | | | | | | 579 | | | | | | — | | | | | | 580 | | | | | | 31 | | |
| | | | $ | 18,443 | | | | | $ | 18,443 | | | | | $ | — | | | | | $ | 24,571 | | | | | $ | 904 | | |
Impaired loans with specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | | 286 | | | | | | 286 | | | | | | 100 | | | | | | 143 | | | | | | — | | |
Commercial
|
| | | $ | 1,367 | | | | | $ | 1,367 | | | | | $ | 500 | | | | | $ | 1,438 | | | | | $ | 63 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 89 | | | | | | 89 | | | | | | 50 | | | | | | 1,536 | | | | | | 22 | | |
| | | | $ | 1,742 | | | | | $ | 1,742 | | | | | $ | 650 | | | | | $ | 3,117 | | | | | $ | 85 | | |
Total impaired loans:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 1,748 | | | | | $ | 1,748 | | | | | $ | 100 | | | | | $ | 2,139 | | | | | $ | 77 | | |
Commercial
|
| | | | 9,470 | | | | | | 9,470 | | | | | | 500 | | | | | | 13,086 | | | | | | 370 | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | — | | | | | | 675 | | | | | | — | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 121 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 892 | | | | | | 892 | | | | | | 50 | | | | | | 1,938 | | | | | | 238 | | |
Agricultural
|
| | | | 1,623 | | | | | | 1,623 | | | | | | — | | | | | | 3,397 | | | | | | 152 | | |
Consumer and other
|
| | | | 579 | | | | | | 579 | | | | | | — | | | | | | 580 | | | | | | 31 | | |
| | | | $ | 20,185 | | | | | $ | 20,185 | | | | | $ | 650 | | | | | $ | 27,688 | | | | | $ | 989 | | |
| | |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized for Cash Payments Received |
| |||||||||||||||
Classes of loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans with no specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 2,530 | | | | | $ | 2,530 | | | | | $ | — | | | | | $ | 2,251 | | | | | $ | 179 | | |
Commercial
|
| | | | 15,410 | | | | | | 15,193 | | | | | | — | | | | | | 10,140 | | | | | | 1,072 | | |
Agricultural
|
| | | | 1,349 | | | | | | 1,349 | | | | | | — | | | | | | 675 | | | | | | 59 | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 2,937 | | | | | | 328 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | — | | | | | | — | | | | | | — | | | | | | 404 | | | | | | — | | |
Agricultural
|
| | | | 5,171 | | | | | | 5,171 | | | | | | — | | | | | | 6,680 | | | | | | 305 | | |
Consumer and other
|
| | | | 580 | | | | | | 580 | | | | | | — | | | | | | 541 | | | | | | 33 | | |
| | | | $ | 30,913 | | | | | $ | 30,696 | | | | | $ | — | | | | | $ | 23,628 | | | | | $ | 1,976 | | |
Impaired loans with specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | $ | 1,509 | | | | | $ | 1,509 | | | | | $ | 500 | | | | | $ | 755 | | | | | $ | 31 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 2,983 | | | | | | 2,983 | | | | | | 1,175 | | | | | | 1,716 | | | | | | 202 | | |
| | | | $ | 4,492 | | | | | $ | 4,492 | | | | | $ | 1,675 | | | | | $ | 2,471 | | | | | $ | 233 | | |
Total impaired loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 2,530 | | | | | $ | 2,530 | | | | | $ | — | | | | | $ | 2,251 | | | | | $ | 179 | | |
Commercial
|
| | | | 16,919 | | | | | | 16,702 | | | | | | 500 | | | | | | 10,894 | | | | | | 1,103 | | |
Agricultural
|
| | | | 1,349 | | | | | | 1,349 | | | | | | — | | | | | | 675 | | | | | | 59 | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | | | | | | | 2,937 | | | | | | 328 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 2,983 | | | | | | 2,983 | | | | | | 1,175 | | | | | | 2,119 | | | | | | 202 | | |
Agricultural
|
| | | | 5,171 | | | | | | 5,171 | | | | | | — | | | | | | 6,680 | | | | | | 305 | | |
Consumer and other
|
| | | | 580 | | | | | | 580 | | | | | | — | | | | | | 541 | | | | | | 33 | | |
| | | | $ | 35,405 | | | | | $ | 35,188 | | | | | $ | 1,675 | | | | | $ | 26,097 | | | | | $ | 2,209 | | |
December 31, 2021
|
| |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Internally Assigned Risk Rating
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass (ratings 1-4, 9)
|
| | | $ | 95,959 | | | | | $ | 22,943 | | | | | $ | 160,317 | | | | | $ | 5,008 | | | | | $ | 56,817 | | | | | $ | 79,203 | | | | | $ | 10,804 | | | | | $ | 3,795 | | | | | $ | 434,846 | | |
Watch (rating 5)
|
| | | | 109 | | | | | | — | | | | | | 10,725 | | | | | | — | | | | | | 9,706 | | | | | | 190 | | | | | | — | | | | | | 654 | | | | | | 21,384 | | |
Substandard (rating 6)
|
| | | | 1,637 | | | | | | — | | | | | | 5,151 | | | | | | — | | | | | | 5,873 | | | | | | 892 | | | | | | 1,624 | | | | | | — | | | | | | 15,177 | | |
| | | | $ | 97,705 | | | | | $ | 22,943 | | | | | $ | 176,193 | | | | | $ | 5,008 | | | | | $ | 72,396 | | | | | $ | 80,285 | | | | | $ | 12,428 | | | | | $ | 4,449 | | | | | $ | 471,407 | | |
December 31, 2020
|
| |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Internally Assigned Risk Rating
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass (ratings 1-4, 9)
|
| | | $ | 110,538 | | | | | $ | 13,555 | | | | | $ | 173,336 | | | | | $ | 2,658 | | | | | $ | 95,333 | | | | | $ | 87,703 | | | | | $ | 6,273 | | | | | $ | 3,248 | | | | | $ | 492,644 | | |
Watch (rating 5)
|
| | | | 77 | | | | | | — | | | | | | 19,740 | | | | | | — | | | | | | — | | | | | | 2,172 | | | | | | — | | | | | | 1,069 | | | | | | 23,058 | | |
Substandard (rating 6)
|
| | | | 2,547 | | | | | | — | | | | | | 12,384 | | | | | | 1,349 | | | | | | 5,873 | | | | | | 2,586 | | | | | | 5,171 | | | | | | — | | | | | | 29,910 | | |
| | | | $ | 113,162 | | | | | $ | 13,555 | | | | | $ | 205,460 | | | | | $ | 4,007 | | | | | $ | 101,206 | | | | | $ | 92,461 | | | | | $ | 11,444 | | | | | $ | 4,317 | | | | | $ | 545,612 | | |
December 31, 2021
|
| |
Number
of TDRs |
| |
Pre-Modification
Recorded Investment |
| |
Post-Modification
Recorded Investment |
| |||||||||
Concession – Extension of maturity | | | | | | | | | | | | | | | | | | | |
Real estate:
|
| | | | | | | | | | | | | | | | | | |
Single family residential
|
| | | | 1 | | | | | $ | 95 | | | | | $ | 95 | | |
| | | | | 1 | | | | | $ | 95 | | | | | $ | 95 | | |
December 31, 2020
|
| |
Number
of TDRs |
| |
Pre-Modification
Recorded Investment |
| |
Post-Modification
Recorded Investment |
| |||||||||
Concession – Extension of maturity | | | | | | | | | | | | | | | | | | | |
Real estate:
|
| | | | | | | | | | | | | | | | | | |
Single family residential
|
| | | | 1 | | | | | $ | 99 | | | | | $ | 99 | | |
| | | | | 1 | | | | | $ | 99 | | | | | $ | 99 | | |
| | |
2021
|
| |
2020
|
| ||||||
Balance at beginning of year
|
| | |
$
|
6,896
|
| | | | $ | 7,744 | | |
Transfers from loans
|
| | |
|
837
|
| | | | | — | | |
Proceeds from sales
|
| | |
|
—
|
| | | | | (811) | | |
Charge-offs/writedowns/net gain or loss on sales
|
| | |
|
(350)
|
| | | | | (37) | | |
Balance at end of year
|
| | |
$
|
7,383
|
| | | | $ | 6,896 | | |
| | |
2021
|
| |
2020
|
| ||||||
Net gain on sales of other real estate
|
| | |
$
|
—
|
| | | | $ | (1) | | |
Charge-offs/write-downs
|
| | |
|
350
|
| | | | | 38 | | |
Operating expense
|
| | |
|
184
|
| | | | | 88 | | |
| | | |
$
|
534
|
| | | | $ | 125 | | |
| | |
2021
|
| |
2020
|
| ||||||
Land
|
| | |
$
|
3,711
|
| | | | $ | 4,716 | | |
Construction in progress
|
| | |
|
313
|
| | | | | 54 | | |
Buildings and improvements
|
| | |
|
24,441
|
| | | | | 26,723 | | |
Furniture, equipment, and software
|
| | |
|
11,862
|
| | | | | 11,827 | | |
| | | |
|
40,327
|
| | | | | 43,320 | | |
Accumulated depreciation
|
| | |
|
(25,622)
|
| | | | | (25,019) | | |
| | | | $ | 14,705 | | | | | $ | 18,301 | | |
|
2022
|
| | | | 104,250 | | |
|
2023
|
| | | | 22,409 | | |
|
2024
|
| | | | 4,419 | | |
|
2025
|
| | | | 2,372 | | |
|
2026
|
| | | | 1,917 | | |
|
Thereafter
|
| | | | 125 | | |
| | | | | $ | 135,492 | | |
| | |
2021
|
| |
2020
|
| ||||||
Notes payable
|
| | |
$
|
—
|
| | | | $ | 12,500 | | |
| | |
2021
|
| |
2020
|
| ||||||
Current
|
| | |
$
|
821
|
| | | | $ | (62) | | |
Deferred
|
| | |
|
930
|
| | | | | 426 | | |
Total
|
| | |
$
|
1,751
|
| | | | $ | 364 | | |
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
Expected federal income tax expense
|
| | |
$
|
1,778
|
| | | |
|
21.0%
|
| | | | $ | 479 | | | | | | 21.0% | | |
Tax-exempt interest income, net of nondeductible interest expense
|
| | |
|
(89)
|
| | | |
|
(1.1)
|
| | | | | (126) | | | | | | (5.5) | | |
State income taxes, net of federal benefit
|
| | |
|
238
|
| | | |
|
2.8
|
| | | | | 94 | | | | | | 4.1 | | |
Increase in cash surrender value of life insurance and redemption
|
| | |
|
(197)
|
| | | |
|
(2.3)
|
| | | | | (97) | | | | | | (4.2) | | |
Other, net
|
| | |
|
21
|
| | | |
|
0.2
|
| | | | | 14 | | | | | | 0.6 | | |
| | | |
$
|
1,751
|
| | | |
|
20.6%
|
| | | | $ | 364 | | | | | | 16.0% | | |
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Loans, due to allowance for loan losses
|
| | |
$
|
2,157
|
| | | | $ | 2,207 | | |
Other real estate
|
| | |
|
136
|
| | | | | 137 | | |
Securities, principally due to other-than-temporary impairment write-downs
|
| | |
|
21
|
| | | | | 21 | | |
Net operating loss (NOL) carryforward
|
| | |
|
72
|
| | | | | 75 | | |
Land, building, and equipment
|
| | |
|
124
|
| | | | | 42 | | |
Pass-through credits
|
| | |
|
2,805
|
| | | | | 3,598 | | |
Deferred compensation
|
| | |
|
203
|
| | | | | 232 | | |
Other
|
| | |
|
850
|
| | | | | 954 | | |
Gross deferred tax assets
|
| | |
|
6,368
|
| | | | | 7,266 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | |
|
208
|
| | | | | 232 | | |
Unrealized gains on securities available for sale
|
| | |
|
627
|
| | | | | 1,848 | | |
Unamortized loan costs, net of fees
|
| | |
|
197
|
| | | | | 169 | | |
Goodwill
|
| | |
|
85
|
| | | | | 50 | | |
Core deposit intangible
|
| | |
|
93
|
| | | | | 97 | | |
Other
|
| | |
|
18
|
| | | | | 18 | | |
Gross deferred tax liabilities
|
| | |
|
1,228
|
| | | | | 2,414 | | |
Valuation allowance
|
| | | | (93) | | | | | | (96) | | |
Net deferred tax assets
|
| | | $ | 5,047 | | | | | $ | 4,756 | | |
| | |
Number of
Options |
| |
Weighted Avg
Exercise Price |
| |
Weighted Avg
Remaining Contractual Life (in years) |
| |||||||||
Options Outstanding December 31, 2020
|
| | | | 125,000 | | | | | $ | 32.55 | | | | | | 7 | | |
Granted | | | | | — | | | | | | — | | | | | | | | |
Exercised | | | | | — | | | | | | — | | | | | | | | |
Forfeited or Cancelled
|
| | | | — | | | | | | — | | | | | | | | |
Options Outstanding December 31, 2021
|
| | | | 125,000 | | | | | $ | — | | | | | | 6 | | |
Options Vested and Exercisable as of December 31, 2021
|
| | | | 41,667 | | | | | $ | — | | | | | | 6 | | |
| | |
Actual
|
| |
Minimum Capital
Requirement Including Capital Conservation Buffer |
| |
Minimum to Be Well
Capitalized under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
2021
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total Capital to risk weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | $ | 102,855 | | | | | | 17.76% | | | | | $ | 46,331 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 100,694 | | | | | | 17.39% | | | | | | 46,323 | | | | | | 8.00% | | | | | | 57,914 | | | | | | 10.00% | | |
Tier 1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 34,755 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 34,748 | | | | | | 6.00% | | | | | | 46,331 | | | | | | 8.00% | | |
CET1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 40,547 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 40,539 | | | | | | 7.00% | | | | | | 37,644 | | | | | | 6.50% | | |
Tier 1 Capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 96,560 | | | | | | 9.66% | | | | | | 39,983 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 94,399 | | | | | | 9.46% | | | | | | 39,915 | | | | | | 4.00% | | | | | | 49,893 | | | | | | 5.00% | | |
| | |
Actual
|
| |
Minimum Capital
Requirement Including Capital Conservation Buffer |
| |
Minimum to Be Well
Capitalized under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
2020
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total Capital to risk weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | $ | 108,688 | | | | | | 16.80% | | | | | $ | 51,748 | | | | | | 8.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 105,625 | | | | | | 16.33% | | | | | | 51,748 | | | | | | 8.00% | | | | | | 64,686 | | | | | | 10.00% | | |
Tier 1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 88,089 | | | | | | 13.62% | | | | | | 38,811 | | | | | | 6.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 97,526 | | | | | | 15.08% | | | | | | 38,811 | | | | | | 6.00% | | | | | | 51,748 | | | | | | 8.00% | | |
CET1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 88,089 | | | | | | 13.62% | | | | | | 45,280 | | | | | | 7.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 97,526 | | | | | | 15.08% | | | | | | 45,280 | | | | | | 7.00% | | | | | | 42,046 | | | | | | 6.50% | | |
Tier 1 Capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 88,089 | | | | | | 9.10% | | | | | | 38,715 | | | | | | 4.00% | | | | | | N/A | | | | | | N/A | | |
Bank
|
| | | | 97,526 | | | | | | 10.08% | | | | | | 38,715 | | | | | | 4.00% | | | | | | 48,385 | | | | | | 5.00% | | |
|
Common Equity Tier 1:
|
| | 7 percent of Risk Weighted Assets (RWA) | |
|
Tier 1 Capital:
|
| | 6 percent of RWA | |
|
Total Capital:
|
| | 8 percent of RWA | |
|
Tier 1 Leverage Ratio:
|
| | 4 percent of average assets | |
| | |
2021
|
| |
2020
|
| ||||||
Loan commitments, including unused lines of credit
|
| | |
$
|
146,041
|
| | | | $ | 148,196 | | |
Letters of credit
|
| | |
|
15
|
| | | | | 523 | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
December 31, 2021
|
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
State and municipal
|
| | | $ | 39,024 | | | | |
$
|
—
|
| | | | $ | 39,024 | | | | | $ | — | | |
Collateralized loan obligations
|
| | |
|
17,950
|
| | | | | — | | | | |
|
17,950
|
| | | |
|
—
|
| |
Agency asset-backed
|
| | |
|
37,686
|
| | | | | — | | | | |
|
37,686
|
| | | |
|
—
|
| |
Agency residential mortgage-backed
|
| | |
|
92,186
|
| | | | | — | | | | |
|
92,186
|
| | | |
|
—
|
| |
Agency commercial mortgage-backed
|
| | |
|
12,142
|
| | | | | — | | | | |
|
12,142
|
| | | |
|
—
|
| |
Non-agency residential mortgage-backed
|
| | |
|
8,413
|
| | | | | — | | | | |
|
8,413
|
| | | |
|
—
|
| |
Non-agency commercial mortgage-backed
|
| | |
|
1,358
|
| | | | | — | | | | |
|
1,358
|
| | | |
|
—
|
| |
| | | | $ | 208,759 | | | | | $ | — | | | | | $ | 208,759 | | | | | $ | — | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
December 31, 2020
|
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
State and municipal
|
| | | $ | 51,841 | | | | | $ | — | | | | | $ | 51,841 | | | | | $ | — | | |
Collateralized loan obligations
|
| | | | 19,293 | | | | | | — | | | | | | 19,293 | | | | | | — | | |
Agency asset-backed
|
| | | | 40,703 | | | | | | — | | | | | | 40,703 | | | | | | — | | |
Agency residential mortgage-backed
|
| | | | 52,860 | | | | | | — | | | | | | 52,860 | | | | | | — | | |
Agency commercial mortgage-backed
|
| | | | 14,610 | | | | | | — | | | | | | 14,610 | | | | | | — | | |
Non-agency residential mortgage-backed
|
| | | | 12,245 | | | | | | — | | | | | | 12,245 | | | | | | — | | |
Non-agency commercial mortgage-backed
|
| | | | 1,884 | | | | | | — | | | | | | 1,884 | | | | | | — | | |
| | | | $ | 193,436 | | | | | $ | — | | | | | $ | 193,436 | | | | | $ | — | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
December 31,
2021 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 1,742 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,742 | | |
Other real estate owned
|
| | | | 7,383 | | | | | | — | | | | | | — | | | | | | 7,383 | | |
| | | | $ | 9,125 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,125 | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
December 31,
2020 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 4,492 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,492 | | |
Other real estate owned
|
| | | | 6,896 | | | | | | — | | | | | | — | | | | | | 6,896 | | |
| | | | $ | 11,388 | | | | | $ | — | | | | | $ | — | | | | | $ | 11,388 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Fair Value
Level |
| |
Carrying
Amount |
| |
Fair
Value |
| |
Fair Value
Level |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
|
1
|
| | | |
$
|
248,448
|
| | | |
$
|
248,465
|
| | | | | 1 | | | | | $ | 196,163 | | | | | $ | 196,187 | | |
Securities available for sale
|
| | |
|
2
|
| | | |
|
208,759
|
| | | |
|
208,759
|
| | | | | 2 | | | | | | 193,436 | | | | | | 193,436 | | |
Loans, net
|
| | |
|
3
|
| | | |
|
465,348
|
| | | |
|
473,000
|
| | | | | 3 | | | | | | 536,388 | | | | | | 551,202 | | |
Accrued interest receivable
|
| | |
|
2
|
| | | |
|
2,116
|
| | | |
|
2,116
|
| | | | | 2 | | | | | | 3,061 | | | | | | 3,061 | | |
Federal Home Loan Bank stock
|
| | |
|
2
|
| | | |
|
1,183
|
| | | |
|
1,183
|
| | | | | 2 | | | | | | 1,074 | | | | | | 1,074 | | |
Cash surrender value of life insurance
|
| | |
|
2
|
| | | |
|
21,295
|
| | | |
|
21,295
|
| | | | | 2 | | | | | | 21,680 | | | | | | 21,680 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | |
|
2
|
| | | |
|
843,462
|
| | | |
|
876,038
|
| | | | | 2 | | | | | | 842,865 | | | | | | 905,418 | | |
Securities sold under agreements to repurchase
|
| | |
|
2
|
| | | |
|
27,621
|
| | | |
|
27,634
|
| | | | | 2 | | | | | | 26,046 | | | | | | 26,051 | | |
Other borrowings
|
| | |
|
2
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 2 | | | | | | 12,500 | | | | | | 12,500 | | |
Accrued interest payable
|
| | |
|
2
|
| | | |
|
80
|
| | | |
|
80
|
| | | | | 2 | | | | | | 467 | | | | | | 467 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
$
|
237,395
|
| | | | $ | 248,448 | | |
Securities available for sale
|
| | |
|
240,868
|
| | | | | 208,759 | | |
Loans, net
|
| | |
|
464,966
|
| | | | | 465,348 | | |
Cash surrender value of life insurance
|
| | |
|
21,511
|
| | | | | 21,295 | | |
Premises and equipment, net
|
| | |
|
14,095
|
| | | | | 14,705 | | |
Accrued interest receivable
|
| | |
|
2,812
|
| | | | | 2,116 | | |
Other real estate owned
|
| | |
|
6,428
|
| | | | | 7,383 | | |
Federal Home Loan Bank stock
|
| | |
|
1,174
|
| | | | | 1,183 | | |
Deferred income taxes, net
|
| | |
|
7,525
|
| | | | | 5,047 | | |
Other assets
|
| | |
|
6,633
|
| | | | | 6,832 | | |
| | | |
$
|
1,003,407
|
| | | | $ | 981,116 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits
|
| | | | | | | | | | | | |
Non-interest-bearing
|
| | |
$
|
231,831
|
| | | | $ | 251,586 | | |
NOW, money market, and savings
|
| | |
|
523,221
|
| | | | | 456,384 | | |
Certificates of deposit
|
| | |
|
124,376
|
| | | | | 135,492 | | |
Total deposits
|
| | |
|
879,428
|
| | | | | 843,462 | | |
Securities sold under agreement to repurchase
|
| | |
|
24,448
|
| | | | | 27,621 | | |
Accrued interest payable
|
| | |
|
65
|
| | | | | 80 | | |
Other liabilities
|
| | |
|
5,191
|
| | | | | 6,304 | | |
Total liabilities
|
| | |
|
909,132
|
| | | | | 877,467 | | |
Commitments and contingencies (Note 13) | | | | | | | | | | | | | |
Stockholders’ equity | | | | | | | | | | | | | |
Common stock, $0.01 par value; 5,000,000 shares authorized; 2,561,600 shares issued; 2,346,915 shares outstanding June 30, 2022 and December 31, 2021, respectively
|
| | |
|
26
|
| | | | | 26 | | |
Additional paid-in capital
|
| | |
|
8,832
|
| | | | | 8,832 | | |
Retained earnings
|
| | |
|
98,270
|
| | | | | 97,798 | | |
Treasury stock, at cost (June 30, 2022 and December 31, 2021, 214,685 shares)
|
| | |
|
(4,900)
|
| | | | | (4,900) | | |
Accumulated other comprehensive income (loss)
|
| | |
|
(7,953)
|
| | | | | 1,893 | | |
Total stockholders’ equity
|
| | |
|
94,275
|
| | | | | 103,649 | | |
| | | |
$
|
1,003,407
|
| | | | $ | 981,116 | | |
| | |
Six Months Ended
|
| |||||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Interest income | | | | | | | | | | | | | |
Loans, including fees
|
| | |
$
|
9,653
|
| | | | $ | 11,294 | | |
Securities
|
| | |
|
2,219
|
| | | | | 1,669 | | |
Federal funds sold and other
|
| | |
|
521
|
| | | | | 122 | | |
| | | |
|
12,393
|
| | | | | 13,085 | | |
Interest expense | | | | | | | | | | | | | |
Deposits
|
| | |
|
654
|
| | | | | 950 | | |
Securities sold under agreement to repurchase and federal funds purchased
|
| | |
|
22
|
| | | | | 20 | | |
Other borrowings
|
| | |
|
6
|
| | | | | 470 | | |
| | | |
|
682
|
| | | | | 1,440 | | |
Net interest income
|
| | |
|
11,711
|
| | | | | 11,645 | | |
Provision for loan losses
|
| | |
|
29
|
| | | | | (1,076) | | |
Net interest income after provision for loan losses
|
| | |
|
11,682
|
| | | | | 12,721 | | |
Noninterest income | | | | | | | | | | | | | |
Service charges and fees
|
| | |
|
1,413
|
| | | | | 1,211 | | |
Wealth Management fees
|
| | |
|
1,121
|
| | | | | 1,213 | | |
Net gain on sale of securities
|
| | |
|
—
|
| | | | | 1,835 | | |
Net gain on sale of premises and equipment
|
| | |
|
72
|
| | | | | 26 | | |
Net gain on sale of other real estate
|
| | |
|
43
|
| | | | | — | | |
Increase in cash surrender value of life insurance
|
| | |
|
217
|
| | | | | 716 | | |
Other
|
| | |
|
2,411
|
| | | | | 1,833 | | |
| | | |
|
5,277
|
| | | | | 6,834 | | |
Noninterest expense | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | |
|
7,290
|
| | | | | 6,992 | | |
Occupancy
|
| | |
|
2,391
|
| | | | | 2,515 | | |
FDIC assessments
|
| | |
|
160
|
| | | | | 195 | | |
Expenses on other real estate owned
|
| | |
|
75
|
| | | | | 103 | | |
Professional fees
|
| | |
|
288
|
| | | | | 312 | | |
Telephone, postage, and delivery
|
| | |
|
381
|
| | | | | 395 | | |
Advertising and marketing
|
| | |
|
178
|
| | | | | 125 | | |
Office supplies
|
| | |
|
62
|
| | | | | 67 | | |
Other
|
| | |
|
2,567
|
| | | | | 3,278 | | |
| | | |
|
13,392
|
| | | | | 13,982 | | |
Income before income taxes
|
| | |
|
3,567
|
| | | | | 5,573 | | |
Income tax expense
|
| | |
|
748
|
| | | | | 1,131 | | |
Net income
|
| | |
$
|
2,819
|
| | | | $ | 4,442 | | |
| | |
Six Months Ended
|
| |||||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Net income
|
| | |
$
|
2,819
|
| | | | $ | 4,442 | | |
Other comprehensive loss | | | | | | | | | | | | | |
Unrealized holding losses arising during the period before tax, less
reclassification adjustment for securities gains of $0 and $1,835, respectively, included in net income before tax |
| | |
|
(13,109)
|
| | | | | (2,608) | | |
Tax benefit related to other comprehensive loss
|
| | |
|
3,263
|
| | | | | 649 | | |
Other comprehensive loss, net of tax
|
| | |
|
(9,846)
|
| | | | | (1,959) | | |
Comprehensive income (loss)
|
| | |
$
|
(7,027)
|
| | | | $ | 2,483 | | |
| | |
Common
Stock |
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Treasury
Stock |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
Balance at December 31, 2020
|
| | | $ | 26 | | | | | $ | 8,832 | | | | | $ | 91,083 | | | | | $ | (4,900) | | | | | $ | 5,578 | | | | | $ | 100,619 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 6,715 | | | | | | — | | | | | | — | | | | | | 6,715 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,685) | | | | | | (3,685) | | |
Balance at December 31, 2021
|
| | | | 26 | | | | | | 8,832 | | | | | | 97,798 | | | | | | (4,900) | | | | | | 1,893 | | | | | | 103,649 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 2,819 | | | | | | — | | | | | | — | | | | | | 2,819 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,846) | | | | | | (9,846) | | |
Dividends paid on common stock
|
| | | | — | | | | | | — | | | | | | (2,347) | | | | | | — | | | | | | — | | | | | | (2,347) | | |
Balance at June 30, 2022
|
| | | $ | 26 | | | | | $ | 8,832 | | | | | $ | 98,270 | | | | | $ | (4,900) | | | | | $ | (7,953) | | | | | $ | 94,275 | | |
| | |
Six Months Ended
|
| |||||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income
|
| | |
$
|
2,819
|
| | | | $ | 4,442 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | |
|
647
|
| | | | | 735 | | |
Provision for loan losses
|
| | |
|
29
|
| | | | | (1,076) | | |
Write-down on other real estate
|
| | |
|
(42)
|
| | | | | — | | |
Amortization of core deposit intangible
|
| | |
|
29
|
| | | | | 29 | | |
Net loss on sale of premises and equipment
|
| | |
|
—
|
| | | | | 5 | | |
Amortization of deferred loan origination costs, net of fees
|
| | |
|
(67)
|
| | | | | (633) | | |
Net amortization of securities
|
| | |
|
378
|
| | | | | 180 | | |
Net gain on sale of securities
|
| | |
|
—
|
| | | | | (1,835) | | |
Decrease in cash surrender value of life insurance
|
| | |
|
(217)
|
| | | | | (215) | | |
Gain on redemption of life insurance
|
| | |
|
—
|
| | | | | 822 | | |
Deferred income taxes
|
| | |
|
786
|
| | | | | 935 | | |
Net decrease (increase) in accrued interest receivable and other assets
|
| | |
|
(526)
|
| | | | | 480 | | |
Net decrease in accrued interest payable and other liabilities
|
| | |
|
(1,127)
|
| | | | | (504) | | |
Net cash provided by operating activities
|
| | |
|
2,709
|
| | | | | 3,365 | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Securities available for sale:
|
| | | | | | | | | | | | |
Purchases
|
| | |
|
(55,651)
|
| | | | | — | | |
Maturities, prepayments, and calls
|
| | |
|
10,054
|
| | | | | 17,189 | | |
Proceeds from sales
|
| | |
|
—
|
| | | | | 21,790 | | |
Net decrease in loans
|
| | |
|
420
|
| | | | | 8,529 | | |
Proceeds from sales of other real estate
|
| | |
|
997
|
| | | | | — | | |
Net (increase) decrease in Federal Home Loan Bank stock
|
| | |
|
9
|
| | | | | (109) | | |
Purchase of premises and equipment
|
| | |
|
(114)
|
| | | | | (197) | | |
Proceeds from sale of premises and equipment
|
| | |
|
77
|
| | | | | — | | |
Net cash provided by (used in) investing activities
|
| | |
|
(44,208)
|
| | | | | 47,202 | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Net increase in deposits
|
| | |
$
|
35,966
|
| | | | $ | 22,241 | | |
Net increase (decrease) in securities sold under agreement to repurchase
|
| | |
|
(3,173)
|
| | | | | 3,920 | | |
Repayment of note payable
|
| | |
|
—
|
| | | | | (12,500) | | |
Dividends paid on common stock
|
| | |
|
(2,347)
|
| | | | | — | | |
Net cash provided by financing activities
|
| | |
|
30,446
|
| | | | | 13,661 | | |
Net increase (decrease) in cash and due from banks
|
| | |
|
(11,053)
|
| | | | | 64,228 | | |
Beginning cash and due from banks
|
| | |
|
248,448
|
| | | | | 196,163 | | |
Ending cash and due from banks
|
| | |
$
|
237,395
|
| | | | $ | 260,391 | | |
Supplemental Information: | | | | | | | | | | | | | |
Interest paid
|
| | |
$
|
2,444
|
| | | | $ | 1,676 | | |
Income taxes paid, net
|
| | |
|
643
|
| | | | | 207 | | |
June 30, 2022
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Treasury Securities
|
| | | $ | 44,556 | | | | | $ | — | | | | | $ | (849) | | | | | $ | 43,707 | | |
State and municipal
|
| | | | 37,422 | | | | | | 32 | | | | | | (3,750) | | | | | | 33,704 | | |
Collateralized Loan Obligations
|
| | | | 17,984 | | | | | | — | | | | | | (761) | | | | | | 17,223 | | |
Agency asset-backed
|
| | | | 34,971 | | | | | | 27 | | | | | | (703) | | | | | | 34,295 | | |
Agency residential mortgage-backed
|
| | | | 97,283 | | | | | | — | | | | | | (3,971) | | | | | | 93,312 | | |
Agency commercial mortgage-backed
|
| | | | 11,443 | | | | | | 3 | | | | | | (366) | | | | | | 11,080 | | |
Non-agency residential mortgage-backed
|
| | | | 6,652 | | | | | | — | | | | | | (224) | | | | | | 6,428 | | |
Non-agency commercial mortgage-backed
|
| | | | 1,145 | | | | | | — | | | | | | (26) | | | | | | 1,119 | | |
Total
|
| | | $ | 251,456 | | | | | $ | 62 | | | | | $ | (10,650) | | | | | $ | 240,868 | | |
December 31, 2021
|
| |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
State and municipal
|
| | | $ | 37,573 | | | | | $ | 1,469 | | | | | $ | (18) | | | | | $ | 39,024 | | |
Collateralized Loan Obligations
|
| | | | 17,987 | | | | | | 24 | | | | | | (61) | | | | | | 17,950 | | |
Agency asset-backed
|
| | | | 37,089 | | | | | | 626 | | | | | | (29) | | | | | | 37,686 | | |
Agency residential mortgage-backed
|
| | | | 92,083 | | | | | | 767 | | | | | | (664) | | | | | | 92,186 | | |
Agency commercial mortgage-backed
|
| | | | 11,845 | | | | | | 302 | | | | | | (5) | | | | | | 12,142 | | |
Non-agency residential mortgage-backed
|
| | | | 8,271 | | | | | | 160 | | | | | | (18) | | | | | | 8,413 | | |
Non-agency commercial mortgage-backed
|
| | | | 1,390 | | | | | | — | | | | | | (32) | | | | | | 1,358 | | |
Total
|
| | | $ | 206,238 | | | | | $ | 3,348 | | | | | $ | (827) | | | | | $ | 208,759 | | |
Description of Securities
June 30, 2022 |
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||||||
US Treasury Securities
|
| | | $ | 43,707 | | | | | $ | (849) | | | | | $ | — | | | | | $ | — | | | | | $ | 43,707 | | | | | $ | (849) | | |
State and municipal
|
| | | | 29,701 | | | | | | (3,750) | | | | | | — | | | | | | — | | | | | | 29,701 | | | | | | (3,750) | | |
Collateralized Loan Obligations
|
| | | | 8,085 | | | | | | (367) | | | | | | 9,137 | | | | | | (394) | | | | | | 17,222 | | | | | | (761) | | |
Agency asset-backed
|
| | | | 30,044 | | | | | | (703) | | | | | | — | | | | | | — | | | | | | 30,044 | | | | | | (703) | | |
Agency residential mortgage-backed
|
| | | | 89,663 | | | | | | (3,686) | | | | | | 3,386 | | | | | | (285) | | | | | | 93,049 | | | | | | (3,971) | | |
Agency commercial mortgage-backed
|
| | | | 10,171 | | | | | | (365) | | | | | | 204 | | | | | | (1) | | | | | | 10,375 | | | | | | (366) | | |
Non-agency residential mortgage-backed
|
| | | | 6,426 | | | | | | (224) | | | | | | — | | | | | | — | | | | | | 6,426 | | | | | | (224) | | |
Non-agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,119 | | | | | | (26) | | | | | | 1,119 | | | | | | (26) | | |
| | | | $ | 217,797 | | | | | $ | (9,944) | | | | | $ | 13,846 | | | | | $ | (706) | | | | | $ | 231,643 | | | | | $ | (10,650) | | |
Description of Securities
December 31, 2021 |
| |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| |
Fair
Value |
| |
Gross
Unrealized Loss |
| ||||||||||||||||||||
State and municipal
|
| | | | 6,568 | | | | | | (18) | | | | | | — | | | | | | — | | | | | | 6,568 | | | | | | (18) | | |
Collateralized Loan Obligations
|
| | | | — | | | | | | — | | | | | | 9,478 | | | | | | (61) | | | | | | 9,478 | | | | | | (61) | | |
Agency asset-backed
|
| | | | 6,538 | | | | | | (29) | | | | | | — | | | | | | — | | | | | | 6,538 | | | | | | (29) | | |
Agency residential mortgage-backed
|
| | | | 64,670 | | | | | | (457) | | | | | | 4,099 | | | | | | (207) | | | | | | 68,769 | | | | | | (664) | | |
Agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,077 | | | | | | (5) | | | | | | 1,077 | | | | | | (5) | | |
Non-agency residential mortgage-
backed |
| | | | 1,455 | | | | | | (18) | | | | | | — | | | | | | — | | | | | | 1,455 | | | | | | (18) | | |
Non-agency commercial mortgage-backed
|
| | | | — | | | | | | — | | | | | | 1,358 | | | | | | (32) | | | | | | 1,358 | | | | | | (32) | | |
| | | | $ | 79,231 | | | | | $ | (522) | | | | | $ | 16,012 | | | | | $ | (305) | | | | | $ | 95,243 | | | | | $ | (827) | | |
June 30, 2022
|
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||
Due in one year or less
|
| | | $ | — | | | | | $ | — | | |
Due from one to five years
|
| | | | 52,363 | | | | | | 51,455 | | |
Due from five to ten years
|
| | | | 6,508 | | | | | | 5,845 | | |
Due after ten years
|
| | | | 23,107 | | | | | | 20,111 | | |
Asset-backed securities
|
| | | | 169,478 | | | | | | 163,457 | | |
| | | | $ | 251,456 | | | | | $ | 240,868 | | |
| | |
Six months ended
|
| |||||||||
| | |
June 30,
2022 |
| |
June 30,
2021 |
| ||||||
Proceeds
|
| | |
$
|
—
|
| | | | $ | 21,790 | | |
Gross gains
|
| | |
|
—
|
| | | | | 1,835 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Real estate: | | | | | | | | | | | | | |
One- to four-family residential
|
| | |
$
|
98,978
|
| | | | $ | 97,705 | | |
Multi-family residential
|
| | |
|
9,937
|
| | | | | 22,943 | | |
Commercial
|
| | |
|
174,749
|
| | | | | 176,193 | | |
Agricultural
|
| | |
|
6,160
|
| | | | | 5,008 | | |
Construction and land development
|
| | |
|
66,141
|
| | | | | 72,396 | | |
Total real estate
|
| | |
|
355,965
|
| | | | | 374,245 | | |
Commercial
|
| | |
|
97,102
|
| | | | | 80,285 | | |
Agricultural
|
| | |
|
12,906
|
| | | | | 12,428 | | |
Consumer and other
|
| | |
|
5,103
|
| | | | | 4,449 | | |
Total loans
|
| | |
|
471,076
|
| | | | | 471,407 | | |
Deferred loan origination costs (fees), net
|
| | |
|
280
|
| | | | | 236 | | |
Allowance for loan losses
|
| | |
|
(6,390)
|
| | | | | (6,295) | | |
Loans, net
|
| | |
$
|
464,966
|
| | | | $ | 465,348 | | |
Type of Loan
|
| |
Current
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Accruing
Past Due 90 days or More |
| |
Nonaccrual
Loans |
| |
Total
|
| ||||||||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 98,293 | | | | | $ | — | | | | | $ | 134 | | | | | $ | — | | | | | $ | 551 | | | | | $ | 98,978 | | |
Multi-family
|
| | | | 9,937 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,937 | | |
Commercial
|
| | | | 174,462 | | | | | | — | | | | | | — | | | | | | — | | | | | | 287 | | | | | | 174,749 | | |
Agricultural
|
| | | | 6,160 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,160 | | |
Construction
|
| | | | 60,268 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,873 | | | | | | 66,141 | | |
Total real estate
|
| | | | 349,120 | | | | | | — | | | | | | 134 | | | | | | — | | | | | | 6,711 | | | | | | 355,965 | | |
Commercial | | | | | 97,006 | | | | | | 96 | | | | | | — | | | | | | — | | | | | | — | | | | | | 97,102 | | |
Agricultural | | | | | 12,748 | | | | | | 158 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,906 | | |
Consumer and other
|
| | | | 5,061 | | | | | | 34 | | | | | | — | | | | | | — | | | | | | 8 | | | | | | 5,103 | | |
Total loans
|
| | | $ | 463,935 | | | | | $ | 288 | | | | | $ | 134 | | | | | $ | — | | | | | $ | 6,719 | | | | | $ | 471,076 | | |
As a percentage of total loan portfolio
|
| | | | 98.48% | | | | | | 0.06% | | | | | | 0.03% | | | | | | 0.00% | | | | | | 1.43% | | | | | | 100.00% | | |
Type of Loan
|
| |
Current
|
| |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Accruing
Past Due 90 days or More |
| |
Nonaccrual
Loans |
| |
Total
|
| ||||||||||||||||||
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 96,729 | | | | | $ | 170 | | | | | $ | 99 | | | | | $ | — | | | | | $ | 707 | | | | | $ | 97,705 | | |
Multi-family
|
| | | | 22,943 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,943 | | |
Commercial
|
| | | | 175,813 | | | | | | — | | | | | | — | | | | | | — | | | | | | 380 | | | | | | 176,193 | | |
Agricultural
|
| | | | 5,008 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,008 | | |
Construction
|
| | | | 66,523 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,873 | | | | | | 72,396 | | |
Total real estate
|
| | | | 367,016 | | | | | | 170 | | | | | | 99 | | | | | | — | | | | | | 6,960 | | | | | | 374,245 | | |
Commercial
|
| | | | 80,181 | | | | | | 104 | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,285 | | |
Agricultural
|
| | | | 12,428 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,428 | | |
Consumer and other
|
| | | | 4,445 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,449 | | |
Total loans
|
| | | $ | 464,070 | | | | | $ | 278 | | | | | $ | 99 | | | | | $ | — | | | | | $ | 6,960 | | | | | $ | 471,407 | | |
Type of Loan
|
| |
Accruing
Past Due 90 Days or More |
| |
Non-Accrual
Loans** |
| |
Troubled
Debt Restructures Accruing |
| |
Total
Nonperforming Loans |
| |
Percentage
of Total Nonperforming Loans |
| |||||||||||||||
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | — | | | | | $ | 551 | | | | | $ | 107 | | | | | $ | 658 | | | | | | 5.44% | | |
Commercial
|
| | | | — | | | | | | 287 | | | | | | 4,296 | | | | | | 4,583 | | | | | | 37.90% | | |
Construction
|
| | | | — | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 48.57% | | |
Total real estate
|
| | | | — | | | | | | 6,711 | | | | | | 4,403 | | | | | | 11,114 | | | | | | 91.90% | | |
Agricultural | | | | | — | | | | | | — | | | | | | 393 | | | | | | 393 | | | | | | 3.25% | | |
Consumer and other
|
| | | | — | | | | | | 8 | | | | | | 578 | | | | | | 586 | | | | | | 4.85% | | |
Total loans
|
| | | $ | — | | | | | $ | 6,719 | | | | | $ | 5,374 | | | | | $ | 12,093 | | | | | | 100.00% | | |
Type of Loan
|
| |
Accruing
Past Due 90 Days or More |
| |
Non-Accrual
Loans** |
| |
Troubled
Debt Restructures Accruing |
| |
Total
Nonperforming Loans |
| |
Percentage
of Total Nonperforming Loans |
| |||||||||||||||
Real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | — | | | | | $ | 707 | | | | | $ | 111 | | | | | $ | 818 | | | | | | 6.02% | | |
Commercial
|
| | | | — | | | | | | 380 | | | | | | 4,318 | | | | | | 4,698 | | | | | | 34.57% | | |
Construction
|
| | | | — | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 43.21% | | |
Total real estate
|
| | | | — | | | | | | 6,960 | | | | | | 4,429 | | | | | | 11,389 | | | | | | 83.80% | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | 1,623 | | | | | | 1,623 | | | | | | 11.94% | | |
Consumer and other
|
| | | | — | | | | | | — | | | | | | 579 | | | | | | 579 | | | | | | 4.26% | | |
Total loans
|
| | | $ | — | | | | | $ | 6,960 | | | | | $ | 6,631 | | | | | $ | 13,591 | | | | | | 100.00% | | |
June 30, 2022
|
| |
Real Estate
|
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| | | | ||||||||||||||||||||||||||||||||||||||||||||||||
|
1-4 Family
|
| |
Multi-family
|
| |
Commercial
|
| |
Agriculture
|
| |
Construction
|
| | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31,
2021 |
| | | $ | 805 | | | | | $ | 288 | | | | | $ | 2,707 | | | | | $ | 47 | | | | | $ | 1,187 | | | | | $ | 989 | | | | | $ | 124 | | | | | $ | 148 | | | | | $ | 6,295 | | | | | | | ||||||||
Provision for loan losses
|
| | | | 150 | | | | | | (182) | | | | | | (182) | | | | | | 17 | | | | | | (226) | | | | | | 352 | | | | | | 6 | | | | | | 94 | | | | | | 29 | | | | | | | ||||||||
Charge-offs | | | | | (4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (79) | | | | | | (83) | | | | | | | ||||||||
Recoveries | | | | | — | | | | | | — | | | | | | 74 | | | | | | — | | | | | | — | | | | | | 14 | | | | | | 1 | | | | | | 60 | | | | | | 149 | | | | | | | ||||||||
Ending Balance, June 30,
2022 |
| | | $ | 951 | | | | | $ | 106 | | | | | $ | 2,599 | | | | | $ | 64 | | | | | $ | 961 | | | | | $ | 1,355 | | | | | $ | 131 | | | | | $ | 223 | | | | | $ | 6,390 | | | | | | |
December 31, 2021
|
| |
Real Estate
|
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| | | | ||||||||||||||||||||||||||||||||||||||||||||||||
|
1-4 Family
|
| |
Multi-family
|
| |
Commercial
|
| |
Agriculture
|
| |
Construction
|
| | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31,
2020 |
| | | $ | 832 | | | | | $ | 206 | | | | | $ | 3,039 | | | | | $ | 46 | | | | | $ | 2,379 | | | | | $ | 2,293 | | | | | $ | 241 | | | | | $ | 90 | | | | | $ | 9,126 | | | | | | | ||||||||
Provision for loan losses
|
| | | | (30) | | | | | | 82 | | | | | | (436) | | | | | | 1 | | | | | | (1,192) | | | | | | (1,061) | | | | | | (116) | | | | | | 191 | | | | | | (2,561) | | | | | | | ||||||||
Charge-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (774) | | | | | | (1) | | | | | | (244) | | | | | | (1,019) | | | | | | | ||||||||
Recoveries
|
| | | | 3 | | | | | | — | | | | | | 104 | | | | | | — | | | | | | — | | | | | | 531 | | | | | | — | | | | | | 111 | | | | | | 749 | | | | | | | ||||||||
Ending Balance, December 31, 2021
|
| | | $ | 805 | | | | | $ | 288 | | | | | $ | 2,707 | | | | | $ | 47 | | | | | $ | 1,187 | | | | | $ | 989 | | | | | $ | 124 | | | | | $ | 148 | | | | | $ | 6,295 | | | | | | |
| | |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Allowance for loans individually
evaluated for impairment |
| | | $ | 100 | | | | | $ | — | | | | | $ | 500 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 600 | | |
Allowance for loans collectively
evaluated for impairment |
| | | | 851 | | | | | | 106 | | | | | | 2,099 | | | | | | 64 | | | | | | 961 | | | | | | 1,355 | | | | | | 131 | | | | | | 223 | | | | | $ | 5,790 | | |
| | | | $ | 951 | | | | | $ | 106 | | | | | $ | 2,599 | | | | | $ | 64 | | | | | $ | 961 | | | | | $ | 1,355 | | | | | $ | 131 | | | | | $ | 223 | | | | | $ | 6,390 | | |
Loans individually evaluated for
impairment |
| | | $ | 1,727 | | | | | $ | — | | | | | $ | 8,627 | | | | | $ | — | | | | | $ | 5,873 | | | | | $ | 705 | | | | | $ | 393 | | | | | $ | 586 | | | | | $ | 17,911 | | |
Loans collectively evaluated for
impairment |
| | | | 97,251 | | | | | | 9,937 | | | | | | 166,122 | | | | | | 6,160 | | | | | | 60,268 | | | | | | 96,397 | | | | | | 12,513 | | | | | | 4,517 | | | | | | 453,165 | | |
| | | | $ | 98,978 | | | | | $ | 9,937 | | | | | $ | 174,749 | | | | | $ | 6,160 | | | | | $ | 66,141 | | | | | $ | 97,102 | | | | | $ | 12,906 | | | | | $ | 5,103 | | | | | $ | 471,076 | | |
Allowance as a percentage of loans individually evaluated for impairment
|
| | | | 5.79% | | | | | | — | | | | | | 5.80% | | | | | | — | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 3.35% | | |
Allowance as a percentage of loans collectively evaluated for impairment
|
| | | | 0.88% | | | | | | 1.07% | | | | | | 1.26% | | | | | | 1.04% | | | | | | 1.59% | | | | | | 1.41% | | | | | | 1.05% | | | | | | 4.94% | | | | | | 1.28% | | |
Allowance as a percentage of total loans
|
| | | | 0.96% | | | | | | 1.07% | | | | | | 1.49% | | | | | | 1.04% | | | | | | 1.45% | | | | | | 1.40% | | | | | | 1.02% | | | | | | 4.37% | | | | | | 1.36% | | |
2021
|
| |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Allowance for loans individually evaluated for impairment
|
| | | $ | 100 | | | | | $ | — | | | | | $ | 500 | | | | | $ | — | | | | | $ | — | | | | | $ | 50 | | | | | $ | — | | | | | $ | — | | | | | $ | 650 | | |
Allowance for loans collectively
evaluated for impairment |
| | | | 705 | | | | | | 288 | | | | | | 2,207 | | | | | | 47 | | | | | | 1,187 | | | | | | 939 | | | | | | 124 | | | | | | 148 | | | | | $ | 5,645 | | |
| | | | $ | 805 | | | | | $ | 288 | | | | | $ | 2,707 | | | | | $ | 47 | | | | | $ | 1,187 | | | | | $ | 989 | | | | | $ | 124 | | | | | $ | 148 | | | | | $ | 6,295 | | |
Loans individually evaluated for impairment
|
| | | $ | 1,748 | | | | | $ | — | | | | | $ | 9,470 | | | | | $ | — | | | | | $ | 5,873 | | | | | $ | 892 | | | | | $ | 1,623 | | | | | $ | 579 | | | | | $ | 20,185 | | |
Loans collectively evaluated for
impairment |
| | | | 95,957 | | | | | | 22,943 | | | | | | 166,723 | | | | | | 5,008 | | | | | | 66,523 | | | | | | 79,393 | | | | | | 10,805 | | | | | | 3,870 | | | | | | 451,222 | | |
| | | | $ | 97,705 | | | | | $ | 22,943 | | | | | $ | 176,193 | | | | | $ | 5,008 | | | | | $ | 72,396 | | | | | $ | 80,285 | | | | | $ | 12,428 | | | | | $ | 4,449 | | | | | $ | 471,407 | | |
Allowance as a percentage of loans individually evaluated for impairment
|
| | | | 5.72% | | | | | | — | | | | | | 5.28% | | | | | | — | | | | | | — | | | | | | 5.61% | | | | | | — | | | | | | — | | | | | | 3.22% | | |
Allowance as a percentage of loans collectively evaluated for impairment
|
| | | | 0.73% | | | | | | 1.26% | | | | | | 1.32% | | | | | | 0.94% | | | | | | 1.78% | | | | | | 1.18% | | | | | | 1.15% | | | | | | 3.82% | | | | | | 1.25% | | |
Allowance as a percentage of total loans
|
| | | | 0.82% | | | | | | 1.26% | | | | | | 1.54% | | | | | | 0.94% | | | | | | 1.64% | | | | | | 1.23% | | | | | | 1.00% | | | | | | 3.33% | | | | | | 1.34% | | |
| | |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized for Cash Payments Received |
| |||||||||||||||
Classes of loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans with no specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 1,445 | | | | | $ | 1,445 | | | | | $ | — | | | | | $ | 1,454 | | | | | $ | 71 | | |
Commercial
|
| | | | 7,228 | | | | | | 7,228 | | | | | | — | | | | | | 7,666 | | | | | | 327 | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | — | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 705 | | | | | | 705 | | | | | | — | | | | | | 754 | | | | | | 233 | | |
Agricultural
|
| | | | 393 | | | | | | 393 | | | | | | — | | | | | | 1,008 | | | | | | 123 | | |
Consumer and other
|
| | | | 586 | | | | | | 586 | | | | | | — | | | | | | 583 | | | | | | 27 | | |
| | | | $ | 16,230 | | | | | $ | 16,230 | | | | | $ | — | | | | | $ | 17,338 | | | | | $ | 781 | | |
Impaired loans with specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | | 282 | | | | | | 282 | | | | | | 100 | | | | | | 141 | | | | | | 2 | | |
Commercial
|
| | | $ | 1,399 | | | | | $ | 1,399 | | | | | $ | 500 | | | | | $ | 1,383 | | | | | $ | 77 | | |
| | | | $ | 1,681 | | | | | $ | 1,681 | | | | | $ | 600 | | | | | $ | 1,524 | | | | | $ | 79 | | |
Total impaired loans:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 1,727 | | | | | $ | 1,727 | | | | | $ | 100 | | | | | $ | 1,595 | | | | | $ | 73 | | |
Commercial
|
| | | | 8,627 | | | | | | 8,627 | | | | | | 500 | | | | | | 9,049 | | | | | | 404 | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | — | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 705 | | | | | | 705 | | | | | | — | | | | | | 754 | | | | | | 233 | | |
Agricultural
|
| | | | 393 | | | | | | 393 | | | | | | — | | | | | | 1,008 | | | | | | 123 | | |
Consumer and other
|
| | | | 586 | | | | | | 586 | | | | | | — | | | | | | 583 | | | | | | 27 | | |
| | | | $ | 17,911 | | | | | $ | 17,911 | | | | | $ | 600 | | | | | $ | 18,862 | | | | | $ | 860 | | |
| | |
Unpaid
Principal Balance |
| |
Recorded
Investment |
| |
Related
Allowance |
| |
Average
Recorded Investment |
| |
Interest
Income Recognized for Cash Payments Received |
| |||||||||||||||
Classes of loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans with no specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 1,462 | | | | | $ | 1,462 | | | | | $ | — | | | | | $ | 1,996 | | | | | $ | 77 | | |
Commercial
|
| | | | 8,103 | | | | | | 8,103 | | | | | | — | | | | | | 11,648 | | | | | | 307 | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | — | | | | | | 675 | | | | | | — | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 121 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 803 | | | | | | 803 | | | | | | — | | | | | | 402 | | | | | | 216 | | |
Agricultural
|
| | | | 1,623 | | | | | | 1,623 | | | | | | — | | | | | | 3,397 | | | | | | 152 | | |
Consumer and other
|
| | | | 579 | | | | | | 579 | | | | | | — | | | | | | 580 | | | | | | 31 | | |
| | | | $ | 18,443 | | | | | $ | 18,443 | | | | | $ | — | | | | | $ | 24,571 | | | | | $ | 904 | | |
Impaired loans with specific allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | | 286 | | | | | | 286 | | | | | | 100 | | | | | | 143 | | | | | | — | | |
Commercial
|
| | | $ | 1,367 | | | | | $ | 1,367 | | | | | $ | 500 | | | | | $ | 1,438 | | | | | $ | 63 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 89 | | | | | | 89 | | | | | | 50 | | | | | | 1,536 | | | | | | 22 | | |
| | | | $ | 1,742 | | | | | $ | 1,742 | | | | | $ | 650 | | | | | $ | 3,117 | | | | | $ | 85 | | |
Total impaired loans:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1-4 Family
|
| | | $ | 1,748 | | | | | $ | 1,748 | | | | | $ | 100 | | | | | $ | 2,139 | | | | | $ | 77 | | |
Commercial
|
| | | | 9,470 | | | | | | 9,470 | | | | | | 500 | | | | | | 13,086 | | | | | | 370 | | |
Agricultural
|
| | | | — | | | | | | — | | | | | | — | | | | | | 675 | | | | | | — | | |
Construction
|
| | | | 5,873 | | | | | | 5,873 | | | | | | — | | | | | | 5,873 | | | | | | 121 | | |
Operating:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial
|
| | | | 892 | | | | | | 892 | | | | | | 50 | | | | | | 1,938 | | | | | | 238 | | |
Agricultural
|
| | | | 1,623 | | | | | | 1,623 | | | | | | — | | | | | | 3,397 | | | | | | 152 | | |
Consumer and other
|
| | | | 579 | | | | | | 579 | | | | | | — | | | | | | 580 | | | | | | 31 | | |
| | | | $ | 20,185 | | | | | $ | 20,185 | | | | | $ | 650 | | | | | $ | 27,688 | | | | | $ | 989 | | |
June 30, 2022
|
| |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Internally Assigned Risk Rating
Pass (ratings 1-4, 9) |
| | | $ | 97,301 | | | | | $ | 9,937 | | | | | $ | 165,291 | | | | | $ | 6,160 | | | | | $ | 48,892 | | | | | $ | 96,150 | | | | | $ | 12,513 | | | | | $ | 4,485 | | | | | $ | 440,729 | | |
Watch (rating 5)
|
| | | | 56 | | | | | | — | | | | | | 5,127 | | | | | | — | | | | | | 11,376 | | | | | | 247 | | | | | | — | | | | | | 610 | | | | | | 17,416 | | |
Substandard (rating 6)
|
| | | | 1,621 | | | | | | — | | | | | | 4,331 | | | | | | — | | | | | | 5,873 | | | | | | 705 | | | | | | 393 | | | | | | 8 | | | | | | 12,931 | | |
| | | | $ | 98,978 | | | | | $ | 9,937 | | | | | $ | 174,749 | | | | | $ | 6,160 | | | | | $ | 66,141 | | | | | $ | 97,102 | | | | | $ | 12,906 | | | | | $ | 5,103 | | | | | $ | 471,076 | | |
December 31, 2021
|
| |
1-4 Family
Real Estate |
| |
Multi-family
Real Estate |
| |
Commercial
Real Estate |
| |
Agriculture
Real Estate |
| |
Construction
Real Estate |
| |
Commercial
Operating |
| |
Agriculture
Operating |
| |
Consumer
and Other |
| |
Total
|
| |||||||||||||||||||||||||||
Internally Assigned Risk Rating
Pass (ratings 1-4, 9) |
| | | $ | 95,959 | | | | | $ | 22,943 | | | | | $ | 160,317 | | | | | $ | 5,008 | | | | | $ | 56,817 | | | | | $ | 79,203 | | | | | $ | 10,804 | | | | | $ | 3,795 | | | | | $ | 434,846 | | |
Watch (rating 5)
|
| | | | 109 | | | | | | — | | | | | | 10,725 | | | | | | — | | | | | | 9,706 | | | | | | 190 | | | | | | — | | | | | | 654 | | | | | | 21,384 | | |
Substandard (rating 6)
|
| | | | 1,637 | | | | | | — | | | | | | 5,151 | | | | | | — | | | | | | 5,873 | | | | | | 892 | | | | | | 1,624 | | | | | | — | | | | | | 15,177 | | |
| | | | $ | 97,705 | | | | | $ | 22,943 | | | | | $ | 176,193 | | | | | $ | 5,008 | | | | | $ | 72,396 | | | | | $ | 80,285 | | | | | $ | 12,428 | | | | | $ | 4,449 | | | | | $ | 471,407 | | |
December 31, 2021
|
| |
Number
of TDRs |
| |
Pre-Modification
Recorded Investment |
| |
Post-Modification
Recorded Investment |
| |||||||||
Concession – Extension of maturity | | | | | | | | | | | | | | | | | | | |
Real estate:
|
| | | | | | | | | | | | | | | | | | |
Single family residential
|
| | | | 1 | | | | | $ | 95 | | | | | $ | 95 | | |
| | | | | 1 | | | | | $ | 95 | | | | | $ | 95 | | |
| | |
June 30, 2022
|
| |
12/31/2021
|
| ||||||
Balance at beginning of period
|
| | |
$
|
7,383
|
| | | | $ | 6,896 | | |
Transfers from loans
|
| | |
|
—
|
| | | | | 837 | | |
Proceeds from sales
|
| | |
|
(997)
|
| | | | | — | | |
Charge-offs/writedowns/net gain or loss on sales
|
| | |
|
42
|
| | | | | (350) | | |
Balance at end of period
|
| | |
$
|
6,428
|
| | | | $ | 7,383 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Land
|
| | |
$
|
3,684
|
| | | | $ | 3,711 | | |
Construction in progress
|
| | |
|
20
|
| | | | | 313 | | |
Buildings and improvements
|
| | |
|
23,997
|
| | | | | 24,441 | | |
Furniture, equipment, and software
|
| | |
|
12,124
|
| | | | | 11,862 | | |
| | | |
|
39,825
|
| | | | | 40,327 | | |
Accumulated depreciation
|
| | |
|
(25,730)
|
| | | | | (25,622) | | |
| | | |
$
|
14,095
|
| | | | $ | 14,705 | | |
|
July 2022 – June 2023
|
| | | | 83,997 | | |
|
July 2023 – June 2024
|
| | | | 32,257 | | |
|
July 2024 – June 2025
|
| | | | 4,367 | | |
|
July 2025 – June 2026
|
| | | | 2,682 | | |
|
July 2026 – June 2027
|
| | | | 1,073 | | |
| | | | | $ | 124,376 | | |
| | |
Actual
|
| |
Minimum Capital
Requirement Including Capital Conservation Buffer |
| |
Minimum to Be Well
Capitalized under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
June 30, 2022
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total Capital to risk weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | $ | 103,752 | | | | | | 17.71% | | | | | $ | 46,858 | | | | | | 8.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 101,164 | | | | | | 17.27% | | | | | | 46,857 | | | | | | 8.00% | | | | | | 58,571 | | | | | | 10.00% | | |
Tier 1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 97,362 | | | | | | 16.62% | | | | | | 35,143 | | | | | | 6.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 94,774 | | | | | | 16.18% | | | | | | 35,143 | | | | | | 6.00% | | | | | | 46,857 | | | | | | 8.00% | | |
CET1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 97,362 | | | | | | 16.62% | | | | | | 41,000 | | | | | | 7.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 94,774 | | | | | | 16.18% | | | | | | 41,000 | | | | | | 7.00% | | | | | | 38,071 | | | | | | 6.50% | | |
Tier 1 Capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 97,362 | | | | | | 9.97% | | | | | | 39,055 | | | | | | 4.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 94,774 | | | | | | 9.73% | | | | | | 38,964 | | | | | | 4.00% | | | | | | 48,705 | | | | | | 5.00% | | |
| | |
Actual
|
| |
Minimum Capital
Requirement Including Capital Conservation Buffer |
| |
Minimum to Be Well
Capitalized under Prompt Corrective Action Provisions |
| |||||||||||||||||||||||||||
December 31, 2021
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
Total Capital to risk weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | $ | 102,855 | | | | | | 17.76% | | | | | $ | 46,331 | | | | | | 8.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 100,694 | | | | | | 17.39% | | | | | | 46,323 | | | | | | 8.00% | | | | | | 57,914 | | | | | | 10.00% | | |
Tier 1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 34,755 | | | | | | 6.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 34,748 | | | | | | 6.00% | | | | | | 46,331 | | | | | | 8.00% | | |
CET1 Capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 96,560 | | | | | | 16.67% | | | | | | 40,547 | | | | | | 7.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 94,399 | | | | | | 16.30% | | | | | | 40,539 | | | | | | 7.00% | | | | | | 37,644 | | | | | | 6.50% | | |
Tier 1 Capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated
|
| | | | 96,560 | | | | | | 9.66% | | | | | | 39,983 | | | | | | 4.00% | | | |
N/A
|
| |
N/A
|
| ||||||
Bank
|
| | | | 94,399 | | | | | | 9.46% | | | | | | 39,915 | | | | | | 4.00% | | | | | | 49,893 | | | | | | 5.00% | | |
|
Common Equity Tier 1:
|
| | 7 percent of Risk Weighted Assets (RWA) | |
|
Tier 1 Capital:
|
| | 6 percent of RWA | |
|
Total Capital:
|
| | 8 percent of RWA | |
|
Tier 1 Leverage Ratio:
|
| | 4 percent of average assets | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Loan commitments, including unused lines of credit
|
| | |
$
|
152,353
|
| | | | $ | 146,041 | | |
Letters of credit
|
| | |
|
15
|
| | | | | 15 | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
June 30,
2022 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
US Treasury Securities
|
| | | $ | 43,707 | | | | |
$
|
—
|
| | | | $ | 43,707 | | | | | $ | — | | |
State and municipal
|
| | | $ | 33,704 | | | | | | | | | | | $ | 33,704 | | | | | | | | |
Collateralized loan obligations
|
| | |
|
17,223
|
| | | | | — | | | | |
|
17,223
|
| | | |
|
—
|
| |
Agency asset-backed
|
| | |
|
34,295
|
| | | | | — | | | | |
|
34,295
|
| | | |
|
—
|
| |
Agency residential mortgage-backed
|
| | |
|
93,312
|
| | | | | — | | | | |
|
93,312
|
| | | |
|
—
|
| |
Agency commercial mortgage-backed
|
| | |
|
11,080
|
| | | | | — | | | | |
|
11,080
|
| | | |
|
—
|
| |
Non-agency residential mortgage-backed
|
| | |
|
6,428
|
| | | | | — | | | | |
|
6,428
|
| | | |
|
—
|
| |
Non-agency commercial mortgage-backed
|
| | |
|
1,119
|
| | | | | — | | | | |
|
1,119
|
| | | |
|
—
|
| |
| | | | $ | 240,868 | | | | | $ | — | | | | | $ | 240,868 | | | | | $ | — | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
December 31,
2021 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
State and municipal
|
| | | $ | 39,024 | | | | | $ | — | | | | | $ | 39,024 | | | | | $ | — | | |
Collateralized loan obligations
|
| | | | 17,950 | | | | | | — | | | | | | 17,950 | | | | | | — | | |
Agency asset-backed
|
| | | | 37,686 | | | | | | — | | | | | | 37,686 | | | | | | — | | |
Agency residential mortgage-backed
|
| | | | 92,186 | | | | | | — | | | | | | 92,186 | | | | | | — | | |
Agency commercial mortgage-backed
|
| | | | 12,142 | | | | | | — | | | | | | 12,142 | | | | | | — | | |
Non-agency residential mortgage-backed
|
| | | | 8,413 | | | | | | — | | | | | | 8,413 | | | | | | — | | |
Non-agency commercial mortgage-backed
|
| | | | 1,358 | | | | | | — | | | | | | 1,358 | | | | | | — | | |
| | | | $ | 208,759 | | | | | $ | — | | | | | $ | 208,759 | | | | | $ | — | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
June 30,
2022 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 1,681 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,681 | | |
Other real estate owned
|
| | | | 6,428 | | | | | | — | | | | | | — | | | | | | 6,428 | | |
| | | | $ | 8,109 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,109 | | |
| | |
Fair Value Measurement Using
|
| |||||||||||||||||||||
| | |
December 31,
2021 |
| |
Quoted Prices in
Active Markets for Identical Assets Level 1 |
| |
Significant Other
Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 1,742 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,742 | | |
Other real estate owned
|
| | | | 7,383 | | | | | | — | | | | | | — | | | | | | 7,383 | | |
| | | | $ | 9,125 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,125 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||
| | |
Fair Value
Level |
| |
Carrying
Amount |
| |
Fair
Value |
| |
Fair Value
Level |
| |
Carrying
Amount |
| |
Fair
Value |
| ||||||||||||||||||
Financial assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | |
|
1
|
| | | |
$
|
237,395
|
| | | |
$
|
237,395
|
| | | | | 1 | | | | | $ | 248,448 | | | | | $ | 248,465 | | |
Securities available for sale
|
| | |
|
2
|
| | | |
|
240,868
|
| | | |
|
240,868
|
| | | | | 2 | | | | | | 208,759 | | | | | | 208,759 | | |
Loans, net
|
| | |
|
3
|
| | | |
|
464,966
|
| | | |
|
458,400
|
| | | | | 3 | | | | | | 465,348 | | | | | | 473,000 | | |
Accrued interest receivable
|
| | |
|
2
|
| | | |
|
2,812
|
| | | |
|
2,812
|
| | | | | 2 | | | | | | 2,116 | | | | | | 2,116 | | |
Federal Home Loan Bank stock
|
| | |
|
2
|
| | | |
|
1,174
|
| | | |
|
1,174
|
| | | | | 2 | | | | | | 1,183 | | | | | | 1,183 | | |
Cash surrender value of life insurance
|
| | |
|
2
|
| | | |
|
21,511
|
| | | |
|
21,511
|
| | | | | 2 | | | | | | 21,295 | | | | | | 21,295 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | |
|
2
|
| | | |
|
879,428
|
| | | |
|
826,384
|
| | | | | 2 | | | | | | 843,462 | | | | | | 876,038 | | |
Securities sold under agreements to repurchase
|
| | |
|
2
|
| | | |
|
24,448
|
| | | |
|
24,430
|
| | | | | 2 | | | | | | 27,621 | | | | | | 27,634 | | |
Accrued interest payable
|
| | |
|
2
|
| | | |
|
65
|
| | | |
|
65
|
| | | | | 2 | | | | | | 80 | | | | | | 80 | | |
| | |
Page
|
| |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-4 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-6 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | |
| | |
Page
|
| |||
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | |
| | |
Page
|
| |||
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-39 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-55 | | |
Definition
|
| |
Page
|
| |||
Acceptable Confidentiality Agreement
|
| | | | A-52 | | |
Acquisition Proposal
|
| | | | A-53 | | |
Agreement
|
| | | | A-1 | | |
Articles of Merger
|
| | | | A-2 | | |
Assumed Aggregate Merger Consideration
|
| | | | A-3 | | |
Bank Merger
|
| | | | A-1 | | |
Bank Merger Certificates
|
| | | | A-6 | | |
Bank Plan of Merger
|
| | | | A-6 | | |
BOLI
|
| | | | A-22 | | |
Buyer
|
| | | | A-1 | | |
Buyer Board Recommendation
|
| | | | A-48 | | |
Buyer Change in Recommendation
|
| | | | A-48 | | |
Buyer Common Stock
|
| | | | A-3 | | |
Buyer Compensation and Benefit Plans
|
| | | | A-33 | | |
Buyer Consultants
|
| | | | A-33 | | |
Buyer Directors
|
| | | | A-33 | | |
Buyer Disclosure Schedule
|
| | | | A-27 | | |
Buyer Employees
|
| | | | A-33 | | |
Buyer ERISA Affiliate
|
| | | | A-33 | | |
Buyer ERISA Affiliate Plan
|
| | | | A-33 | | |
Buyer Market Value
|
| | | | A-59 | | |
Buyer Pension Plan
|
| | | | A-33 | | |
Buyer Shareholder Meeting
|
| | | | A-47 | | |
Buyer’s SEC Documents
|
| | | | A-29 | | |
Cancelled Shares
|
| | | | A-4 | | |
Cash Consideration
|
| | | | A-2 | | |
Cash Designated Shares
|
| | | | A-8 | | |
Cash Election
|
| | | | A-2 | | |
Cash Election Share
|
| | | | A-6 | | |
CB
|
| | | | A-1 | | |
CB Call Reports
|
| | | | A-15 | | |
Certificate
|
| | | | A-3 | | |
Claim
|
| | | | A-51 | | |
Closing
|
| | | | A-61 | | |
Closing Date
|
| | | | A-61 | | |
Closing Price
|
| | | | A-3 | | |
Code
|
| | | | A-1 | | |
Confidentiality Agreement
|
| | | | A-47 | | |
Covered Employees
|
| | | | A-48 | | |
Determination Date
|
| | | | A-59 | | |
Dissenting Shares
|
| | | | A-5 | | |
Definition
|
| |
Page
|
| |||
Division
|
| | | | A-14 | | |
DPC Common Shares
|
| | | | A-4 | | |
Effective Time
|
| | | | A-2 | | |
Election
|
| | | | A-6 | | |
Election Deadline
|
| | | | A-6 | | |
Election Period
|
| | | | A-6 | | |
Enforceability Exception
|
| | | | A-13 | | |
Environmental Laws
|
| | | | A-21 | | |
Exchange Act
|
| | | | A-14 | | |
Exchange Agent
|
| | | | A-8 | | |
Exchange Agent Agreement
|
| | | | A-8 | | |
FDIC
|
| | | | A-13 | | |
Federal Reserve Board
|
| | | | A-14 | | |
FHLB
|
| | | | A-13 | | |
Final Index Price
|
| | | | A-59 | | |
Form of Election
|
| | | | A-6 | | |
Form S-4
|
| | | | A-14 | | |
FRBSTL
|
| | | | A-42 | | |
GAAP
|
| | | | A-11 | | |
GBCLM
|
| | | | A-2 | | |
Governmental Entity
|
| | | | A-14 | | |
Holder
|
| | | | A-6 | | |
Index
|
| | | | A-59 | | |
Index Ratio
|
| | | | A-59 | | |
Initial Buyer Market Value
|
| | | | A-60 | | |
Initial Index Price
|
| | | | A-60 | | |
Intellectual Property
|
| | | | A-25 | | |
Intervening Event
|
| | | | A-53 | | |
Intervening Event Notice Period
|
| | | | A-53 | | |
IRS
|
| | | | A-10 | | |
Letter of Transmittal
|
| | | | A-9 | | |
Liens
|
| | | | A-12 | | |
Loan Package
|
| | | | A-41 | | |
Loans
|
| | | | A-24 | | |
Material Adverse Effect
|
| | | | A-11 | | |
Measuring Date
|
| | | | A-4 | | |
Merger
|
| | | | A-1 | | |
Merger Consideration
|
| | | | A-3 | | |
Merger Sub
|
| | | | A-1 | | |
Merger Sub Common Stock
|
| | | | A-2 | | |
Mergers
|
| | | | A-1 | | |
Minimum Capital Requirement
|
| | | | A-4 | | |
Missouri Secretary of State
|
| | | | A-2 | | |
Definition
|
| |
Page
|
| |||
Nasdaq
|
| | | | A-3 | | |
Non-Compete Agreement
|
| | | | A-1 | | |
Non-Election Shares
|
| | | | A-3 | | |
Option
|
| | | | A-3 | | |
Parties
|
| | | | A-1 | | |
Per Share Cash Consideration
|
| | | | A-3 | | |
Per Share Stock Consideration
|
| | | | A-3 | | |
Piper Sandler
|
| | | | A-38 | | |
Previously Disclosed
|
| | | | A-11 | | |
Proxy Statement
|
| | | | A-14 | | |
PSC
|
| | | | A-17 | | |
PTO
|
| | | | A-49 | | |
Regulatory Authorities
|
| | | | A-15 | | |
Requisite Regulatory Approvals
|
| | | | A-55 | | |
SEC
|
| | | | A-14 | | |
Second Articles of Merger
|
| | | | A-5 | | |
Second Effective Time
|
| | | | A-5 | | |
Second Step Merger
|
| | | | A-1 | | |
Securities Act
|
| | | | A-12 | | |
Seller
|
| | | | A-1 | | |
Seller Articles
|
| | | | A-12 | | |
Seller Board Recommendation
|
| | | | A-47 | | |
Seller Bylaws
|
| | | | A-12 | | |
Seller Change in Recommendation
|
| | | | A-52 | | |
Seller Common Stock
|
| | | | A-2 | | |
Seller Compensation and Benefit Plans
|
| | | | A-17 | | |
Seller Confidential Information
|
| | | | A-52 | | |
Seller Consultants
|
| | | | A-17 | | |
Seller Contracts
|
| | | | A-17 | | |
Seller Data
|
| | | | A-26 | | |
Seller Directors
|
| | | | A-17 | | |
Seller Disclosure Schedule
|
| | | | A-11 | | |
Seller Employees
|
| | | | A-17 | | |
Seller ERISA Affiliate
|
| | | | A-18 | | |
Seller ERISA Affiliate Plan
|
| | | | A-18 | | |
Seller Financial Statements
|
| | | | A-14 | | |
Seller Indemnified Party
|
| | | | A-51 | | |
Seller Individuals
|
| | | | A-52 | | |
Seller Pension Plan
|
| | | | A-18 | | |
Seller Representatives
|
| | | | A-52 | | |
Seller Shareholder Approval
|
| | | | A-13 | | |
Seller Shareholder Meeting
|
| | | | A-47 | | |
Seller’s Capital
|
| | | | A-3 | | |
Definition
|
| |
Page
|
| |||
Southern Bank
|
| | | | A-1 | | |
Stock Consideration
|
| | | | A-2 | | |
Stock Designated Shares
|
| | | | A-7 | | |
Stock Election
|
| | | | A-2 | | |
Stock Election Share
|
| | | | A-6 | | |
Stock Election Shares
|
| | | | A-2 | | |
Subsidiary
|
| | | | A-12 | | |
Superior Proposal
|
| | | | A-53 | | |
Surviving Bank
|
| | | | A-6 | | |
Surviving Company
|
| | | | A-1 | | |
Surviving Corporation
|
| | | | A-1 | | |
Takeover Laws
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| | | | A-20 | | |
Tax
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| | | | A-21 | | |
Tax Return
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| | | | A-21 | | |
Taxes
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| | | | A-21 | | |
Termination Date
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| | | | A-58 | | |
Termination Fee
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| | | | A-60 | | |
Total Cash Amount
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| | | | A-7 | | |
Total Payments
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| | | | A-50 | | |
Trust Account Common Shares
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| | | | A-4 | | |
Unduly Burdensome Condition
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| | | | A-55 | | |
Voting Agreement
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| | | | A-1 | | |
| | | | SOUTHERN MISSOURI BANCORP, INC. | |
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By:
/s/ Greg A. Steffens
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Name:
Greg A. Steffens
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Title:
Chairman and Chief Executive Officer
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| | | | SOUTHERN MISSOURI ACQUISITION VI CORP. | |
| | | |
By:
/s/ Greg A. Steffens
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| | | |
Name:
Greg A. Steffens
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| | | |
Title:
President
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| | | | CITIZENS BANCSHARES CO. | |
| | | |
By:
/s/ Roger M. Arwood
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| | | |
Name:
Roger M. Arwood
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| | | |
Title:
President, Chief Executive Officer and Director
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By: |
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By: |
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Name: |
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Title: |
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By: |
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Name: |
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Title: |
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| | | | CITIZENS BANK AND TRUST COMPANY | | |||
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[SEAL]
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| | | ||||
| | | | By: | | |
Roger M. Arwood, President and Chief Executive Officer
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ATTEST:
Secretary
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| | | |
| STATE OF MISSOURI | | |
)
) ss. |
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| COUNTY OF JACKSON | | | ) | |
| (SEAL) | | | | |
| | | |
Notary Public in and for said State
Commissioned in County |
|
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My Commission Expires:
|
| |
| | | | SOUTHERN BANK | | |||
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[SEAL]
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| | | ||||
| | | | By: | | |
Matthew T. Funke, President and Chief Executive Officer
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|
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ATTEST:
Lorna Brannum, Secretary
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| | | |
| STATE OF MISSOURI | | |
)
) ss. |
|
| COUNTY OF BUTLER | | | ) | |
| (SEAL) | | | | |
| | | |
Notary Public in and for said State
Commissioned in Butler County |
|
|
My Commission Expires:
|
| |
| | | |
, Secretary
Citizens Bank and Trust Company |
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| State of Missouri | | |
)
) ss. |
|
| County of Jackson | | | ) | |
| | | |
Lorna Brannum, Secretary
Southern Bank |
|
| State of Missouri | | |
)
) ss. |
|
| County of Butler | | | ) | |
|
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1251 AVENUE OF THE AMERICAS, 6TH FLOOR
NEW YORK, NY 10020
P 212 466-7800 | TF 800 635-6851
Piper Sandler & Co. Since 1895. Member SIPC and NYSE. |
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