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As Of Filer Filing For·On·As Docs:Size 11/03/23 Citizens Community Bancorp Inc. 10-Q 9/30/23 97:23M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 4.46M 2: EX-10.1 Material Contract HTML 51K 3: EX-31.1 Section 302 CEO Certification HTML 32K 4: EX-31.2 Section 302 CFO Certification HTML 32K 5: EX-32.1 Section 906 CEO and CFO Certification HTML 30K 11: R1 Cover HTML 79K 12: R2 Consolidated Balance Sheets HTML 123K 13: R3 Consolidated Balance Sheets (Parenthetical) HTML 45K 14: R4 Consolidated Statements of Operations (Unaudited) HTML 139K 15: R5 Consolidated Statements of Comprehensive Income HTML 55K (Loss) (Unaudited) 16: R6 Consolidated Statement of Changes in Stockholders' HTML 145K Equity (Unaudited) 17: R7 Consolidated Statement of Changes in Stockholders' HTML 29K Equity (Unaudited) (Parenthetical) 18: R8 Consolidated Statements of Cash Flows (Unaudited) HTML 196K 19: R9 Nature of Business and Summary of Significant HTML 108K Accounting Policies 20: R10 Investment Securities HTML 194K 21: R11 Loans and Allowance for Credit Losses HTML 1.12M 22: R12 Mortgage Servicing Rights HTML 60K 23: R13 Leases HTML 94K 24: R14 Deposits HTML 51K 25: R15 Federal Home Loan Bank Advances and Other HTML 87K Borrowings 26: R16 Capital Matters HTML 104K 27: R17 Stock-Based Compensation HTML 77K 28: R18 Fair Value Accounting HTML 159K 29: R19 Earnings Per Share HTML 56K 30: R20 Other Comprehensive Income (Loss) HTML 90K 31: R21 Nature of Business and Summary of Significant HTML 168K Accounting Policies (Policies) 32: R22 Nature of Business and Summary of Significant HTML 46K Accounting Policies (Tables) 33: R23 Investment Securities (Tables) HTML 200K 34: R24 Loans and Allowance for Credit Losses (Tables) HTML 1.12M 35: R25 Mortgage Servicing Rights (Tables) HTML 57K 36: R26 Leases (Tables) HTML 62K 37: R27 Deposits (Tables) HTML 55K 38: R28 Federal Home Loan Bank Advances and Other HTML 83K Borrowings (Tables) 39: R29 Capital Matters (Tables) HTML 101K 40: R30 Stock-Based Compensation (Tables) HTML 77K 41: R31 Fair Value Accounting (Tables) HTML 161K 42: R32 Earnings Per Share (Tables) HTML 56K 43: R33 Other Comprehensive Income (Loss) (Tables) HTML 94K 44: R34 NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT HTML 153K ACCOUNTING POLICIES - Narrative (Details) 45: R35 NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT HTML 111K ACCOUNTING POLICIES - Schedule of Impact of ASU 2016-13 Adoption (Details) 46: R36 INVESTMENT SECURITIES - Available-for-Sale HTML 50K Securities (Details) 47: R37 INVESTMENT SECURITIES - Held-to-Maturity HTML 49K Securities (Details) 48: R38 INVESTMENT SECURITIES - Narrative (Details) HTML 59K 49: R39 INVESTMENT SECURITIES - Maturity of HTML 68K Available-for-Sale Securities (Details) 50: R40 INVESTMENT SECURITIES - Maturity of HTML 60K Held-to-Maturity Securities (Details) 51: R41 INVESTMENT SECURITIES - Investment Category of HTML 63K Available-for-Sale Securities (Details) 52: R42 INVESTMENT SECURITIES - Investment Category of HTML 52K Held-to-Maturity Securities (Details) 53: R43 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative HTML 89K (Details) 54: R44 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 96K of Loans (Details) 55: R45 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit HTML 371K Quality Risk Rating (Details) 56: R46 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans By HTML 159K Risk (Details) 57: R47 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 69K of Allowance for Credit Losses Loans by Portfolio Segment (Details) 58: R48 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 47K of Unfunded Commitments (Details) 59: R49 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 33K of Provision for Credit Losses (Details) 60: R50 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Changes in HTML 169K the ALL by Loan Type (Details) 61: R51 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Aging HTML 161K Analysis (Details) 62: R52 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 70K of Nonaccrual loans (Details) 63: R53 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Collateral HTML 120K Dependent Loans (Details) 64: R54 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Impaired HTML 87K Loans (Details) 65: R55 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 47K of Loan Modifications (Details) 66: R56 LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule HTML 70K of Past Due (Details) 67: R57 LOANS AND ALLOWANCE FOR CREDIT LOSSES - TDR Loans HTML 33K (Details) 68: R58 LOANS AND ALLOWANCE FOR CREDIT LOSSES - TDR Loan HTML 82K Modifications (Details) 69: R59 MORTGAGE SERVICING RIGHTS - Narrative (Details) HTML 46K 70: R60 MORTGAGE SERVICING RIGHTS - Mortgage Servicing HTML 54K Rights Activity (Details) 71: R61 LEASES - Narrative (Details) HTML 44K 72: R62 LEASES - Components of Lease Expense (Details) HTML 64K 73: R63 LEASES - Maturities of Operating Lease Liabilities HTML 62K (Details) 74: R64 DEPOSITS - Deposits by Type (Details) HTML 39K 75: R65 DEPOSITS - Maturities of Certificate Accounts HTML 41K (Details) 76: R66 DEPOSITS - Narrative (Details) HTML 40K 77: R67 DEPOSITS - Maturities of Brokered Certificates of HTML 36K Accounts (Details) 78: R68 FEDERAL HOME LOAN BANK ADVANCES AND OTHER HTML 112K BORROWINGS - Federal Home Loan Bank Advances (Details) 79: R69 FEDERAL HOME LOAN BANK ADVANCES AND OTHER HTML 57K BORROWINGS - Narrative (Details) 80: R70 Capital Matters (Details) HTML 88K 81: R71 STOCK-BASED COMPENSATION - Narrative (Details) HTML 83K 82: R72 STOCK-BASED COMPENSATION - Restricted Common Stock HTML 52K Award (Details) 83: R73 STOCK-BASED COMPENSATION - Common Stock Options HTML 60K Awards (Details) 84: R74 STOCK-BASED COMPENSATION - Information Related to HTML 34K the 2008 Equity Incentive Plan (Details) 85: R75 FAIR VALUE ACCOUNTING - Assets Measured on a HTML 79K Recurring Basis (Details) 86: R76 FAIR VALUE ACCOUNTING - Assets Measured on a HTML 59K Nonrecurring Basis (Details) 87: R77 FAIR VALUE ACCOUNTING - Level 3 Fair Value Inputs HTML 64K (Details) 88: R78 FAIR VALUE ACCOUNTING - Carrying Amount and HTML 87K Estimated Fair Value (Details) 89: R79 Earnings Per Share (Details) HTML 68K 90: R80 Other Comprehensive Income (LOSS) - Components of HTML 62K Other Comprehensive Income (Loss) (Details) 91: R81 Other Comprehensive Income (LOSS) - Changes in the HTML 43K Accumulated Balances (Details) 92: R82 Other Comprehensive Income (LOSS) - HTML 53K Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) 95: XML IDEA XML File -- Filing Summary XML 181K 93: XML XBRL Instance -- czwi-20230930_htm XML 7.29M 94: EXCEL IDEA Workbook of Financial Report Info XLSX 285K 7: EX-101.CAL XBRL Calculations -- czwi-20230930_cal XML 370K 8: EX-101.DEF XBRL Definitions -- czwi-20230930_def XML 1.23M 9: EX-101.LAB XBRL Labels -- czwi-20230930_lab XML 2.65M 10: EX-101.PRE XBRL Presentations -- czwi-20230930_pre XML 1.78M 6: EX-101.SCH XBRL Schema -- czwi-20230930 XSD 235K 96: JSON XBRL Instance as JSON Data -- MetaLinks 691± 1.10M 97: ZIP XBRL Zipped Folder -- 0001367859-23-000145-xbrl Zip 637K
czwi-20230930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Maryland | i 20-5120010 | |||||||
(State
or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, $.01 par value per share | i CZWI | i NASDAQ Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||||||
i Non-accelerated filer | ☒ | Smaller reporting company | i ☒ | |||||||||||||||||
Emerging growth company | i ☐ |
Page Number | |||||||||||
Item 1. | |||||||||||
Item
2. | |||||||||||
Item 3. | |||||||||||
Item
4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item
5. | |||||||||||
Item 6. | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | i 32,532 | $ | i 35,363 | |||||||
Other interest bearing deposits | i — | i 249 | |||||||||
Available for sale ("AFS")
securities, at fair value (amortized cost of $ i 183,152, net of allowance for credit losses of $ i 0 at September 30,
2023) | i 153,414 | i 165,991 | |||||||||
Held
to maturity ("HTM") securities, at amortized cost, net of allowance for credit losses of $ i 0 at September 30, 2023 | i 92,336 | i 96,379 | |||||||||
Equity investments | i 2,433 | i 1,794 | |||||||||
Other investments | i 15,109 | i 15,834 | |||||||||
Loans receivable | i 1,447,529 | i 1,411,784 | |||||||||
Allowance for credit losses | ( i 22,973) | ( i 17,939) | |||||||||
Loans receivable, net | i 1,424,556 | i 1,393,845 | |||||||||
Loans held for sale | i 2,737 | i — | |||||||||
Mortgage servicing rights, net | i 3,944 | i 4,262 | |||||||||
Office properties and equipment, net | i 19,465 | i 20,493 | |||||||||
Accrued interest receivable | i 5,936 | i 5,285 | |||||||||
Intangible assets | i 1,873 | i 2,449 | |||||||||
Goodwill | i 31,498 | i 31,498 | |||||||||
Foreclosed and repossessed assets, net | i 1,046 | i 1,271 | |||||||||
Bank owned life insurance ("BOLI") | i 25,467 | i 24,954 | |||||||||
Other assets | i 18,741 | i 16,719 | |||||||||
TOTAL ASSETS | $ | i 1,831,087 | $ | i 1,816,386 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Deposits | $ | i 1,473,235 | $ | i 1,424,720 | |||||||
Federal Home Loan Bank (“FHLB”) | i 114,530 | i 142,530 | |||||||||
Other borrowings | i 67,407 | i 72,409 | |||||||||
Other liabilities | i 10,513 | i 9,639 | |||||||||
Total liabilities | i 1,665,685 | i 1,649,298 | |||||||||
Stockholders’ Equity: | |||||||||||
Common stock—$ i i 0.01 /
par value, authorized i i 30,000,000 / ; i i 10,468,091 /
and i i 10,425,119 / shares issued and outstanding, respectively | i 105 | i 104 | |||||||||
Additional paid-in capital | i 119,612 | i 119,240 | |||||||||
Retained earnings | i 67,424 | i 65,400 | |||||||||
Accumulated other comprehensive loss | ( i 21,739) | ( i 17,656) | |||||||||
Total stockholders’ equity | i 165,402 | i 167,088 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | i 1,831,087 | $ | i 1,816,386 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Interest and fees on loans | $ | i 19,083 | $ | i 15,937 | $ | i 54,169 | $ | i 44,597 | |||||||||||||||
Interest on investments | i 2,689 | i 2,022 | i 8,053 | i 5,441 | |||||||||||||||||||
Total interest and dividend income | i 21,772 | i 17,959 | i 62,222 | i 50,038 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | i 7,388 | i 1,681 | i 17,898 | i 3,734 | |||||||||||||||||||
Interest on FHLB and FRB borrowed funds | i 1,210 | i 568 | i 4,595 | i 1,176 | |||||||||||||||||||
Interest on other borrowed funds | i 1,053 | i 1,253 | i 3,127 | i 3,237 | |||||||||||||||||||
Total interest expense | i 9,651 | i 3,502 | i 25,620 | i 8,147 | |||||||||||||||||||
Net interest income before provision for credit losses | i 12,121 | i 14,457 | i 36,602 | i 41,891 | |||||||||||||||||||
Provision for credit losses | ( i 325) | i 375 | i 175 | i 775 | |||||||||||||||||||
Net interest income after provision for credit losses | i 12,446 | i 14,082 | i 36,427 | i 41,116 | |||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Service charges on deposit accounts | i 491 | i 535 | i 1,464 | i 1,505 | |||||||||||||||||||
Interchange income | i 601 | i 597 | i 1,743 | i 1,760 | |||||||||||||||||||
Loan servicing income | i 611 | i 611 | i 1,679 | i 1,912 | |||||||||||||||||||
Gain on sale of loans | i 299 | i 194 | i 1,501 | i 1,330 | |||||||||||||||||||
Loan fees and service charges | i 140 | i 267 | i 308 | i 500 | |||||||||||||||||||
Net gains (losses) on investment securities | i 116 | ( i 55) | i 182 | ( i 167) | |||||||||||||||||||
Other | i 307 | i 323 | i 893 | i 717 | |||||||||||||||||||
Total non-interest income | i 2,565 | i 2,472 | i 7,770 | i 7,557 | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and related benefits | i 5,293 | i 5,900 | i 15,967 | i 16,887 | |||||||||||||||||||
Occupancy | i 1,335 | i 1,429 | i 4,117 | i 4,137 | |||||||||||||||||||
Data processing | i 1,536 | i 1,382 | i 4,440 | i 4,098 | |||||||||||||||||||
Amortization of intangible assets | i 179 | i 399 | i 576 | i 1,197 | |||||||||||||||||||
Mortgage servicing rights expense, net | i 150 | i 197 | i 456 | i 65 | |||||||||||||||||||
Advertising, marketing and public relations | i 185 | i 300 | i 472 | i 762 | |||||||||||||||||||
FDIC premium assessment | i 204 | i 119 | i 608 | i 352 | |||||||||||||||||||
Professional services | i 342 | i 382 | i 1,153 | i 1,152 | |||||||||||||||||||
(Losses) gains on repossessed assets, net | i 100 | ( i 8) | i 62 | ( i 17) | |||||||||||||||||||
New market tax credit depletion | i — | i 163 | i — | i 488 | |||||||||||||||||||
Other | i 645 | i 1,014 | i 2,085 | i 2,286 | |||||||||||||||||||
Total non-interest expense | i 9,969 | i 11,277 | i 29,936 | i 31,407 | |||||||||||||||||||
Income before provision for income taxes | i 5,042 | i 5,277 | i 14,261 | i 17,266 | |||||||||||||||||||
Provision for income taxes | i 2,544 | i 1,284 | i 4,895 | i 4,201 | |||||||||||||||||||
Net income attributable to common stockholders | $ | i 2,498 | $ | i 3,993 | $ | i 9,366 | $ | i 13,065 | |||||||||||||||
Per share information: | |||||||||||||||||||||||
Basic earnings | $ | i 0.24 | $ | i 0.38 | $ | i 0.89 | $ | i 1.24 | |||||||||||||||
Diluted earnings | $ | i 0.24 | $ | i 0.38 | $ | i 0.89 | $ | i 1.24 | |||||||||||||||
Cash dividends paid | $ | i — | $ | i — | $ | i 0.29 | $ | i 0.26 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | i 2,498 | $ | i 3,993 | $ | i 9,366 | $ | i 13,065 | ||||||||||||||||||
Other comprehensive gain (loss), net of tax: | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
Net unrealized losses arising during period, net of tax | ( i 2,862) | ( i 4,980) | ( i 4,074) | ( i 17,418) | ||||||||||||||||||||||
Reclassification adjustment for net gains included in net income, net of tax | i — | i — | ( i 9) | i — | ||||||||||||||||||||||
Other comprehensive loss, net of tax | ( i 2,862) | ( i 4,980) | ( i 4,083) | ( i 17,418) | ||||||||||||||||||||||
Comprehensive (loss) income | $ | ( i 364) | $ | ( i 987) | $ | i 5,283 | $ | ( i 4,353) |
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | i 10,425,119 | $ | i 104 | $ | i 119,240 | $ | i 65,400 | $ | ( i 17,656) | $ | i 167,088 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 3,662 | — | i 3,662 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | i 1,065 | i 1,065 | ||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | ( i 1,168) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | ( i 10,287) | — | ( i 129) | — | — | ( i 129) | ||||||||||||||||||||||||||||||||||||||||||||
Restricted common stock awarded under the equity incentive plan | i 50,606 | i 1 | — | — | — | i 1 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted common stock issued upon achievement of the 2020 performance criteria | i 18,551 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 216 | — | — | i 216 | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative change in accounting principle for adoption of ASU 2016-13 | — | — | — | ( i 4,432) | — | ( i 4,432) | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative change in accounting principle for adoption of ASU 2023-02 | — | — | — | i 130 | — | i 130 | ||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.29 per share) | — | — | — | ( i 3,040) | — | ( i 3,040) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | i 10,482,821 | i 105 | i 119,327 | i 61,720 | ( i 16,591) | i 164,561 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 3,206 | — | i 3,206 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( i 2,286) | ( i 2,286) | ||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | ( i 1,500) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | i 3,000 | — | i 28 | — | — | i 28 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( i 14,146) | — | ( i 117) | — | — | ( i 117) | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 166 | — | — | i 166 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | i 10,470,175 | i 105 | i 119,404 | i 64,926 | ( i 18,877) | i 165,558 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 2,498 | — | i 2,498 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( i 2,862) | ( i 2,862) | ||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | ( i 2,084) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 208 | — | — | i 208 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | i 10,468,091 | $ | i 105 | $ | i 119,612 | $ | i 67,424 | $ | ( i 21,739) | $ | i 165,402 |
Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | i 10,502,442 | $ | i 105 | $ | i 119,925 | $ | i 50,675 | $ | i 161 | $ | i 170,866 | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 4,706 | — | i 4,706 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( i 7,123) | ( i 7,123) | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | ( i 10,119) | — | ( i 141) | — | — | ( i 141) | |||||||||||||||||||||||||||||||||||||||||
Restricted common stock awarded under the equity incentive plan | i 38,586 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Restricted stock issued upon achievement of the 2019 performance criteria | i 11,834 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | i 2,500 | — | i 20 | — | — | i 20 | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( i 18,462) | — | ( i 211) | ( i 77) | — | ( i 288) | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | i 1 | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 195 | — | — | i 195 | |||||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.26 per share) | — | — | — | ( i 2,742) | — | ( i 2,742) | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | i 10,526,781 | i 105 | i 119,789 | i 52,562 | ( i 6,962) | i 165,494 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 4,366 | — | i 4,366 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( i 5,315) | ( i 5,315) | |||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | ( i 866) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock awarded under the equity incentive plan | i 4,500 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | i 1 | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 197 | — | — | i 197 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | i 10,530,415 | i 105 | i 119,987 | i 56,928 | ( i 12,277) | i 164,743 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 3,993 | — | i 3,993 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( i 4,980) | ( i 4,980) | |||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | ( i 1,260) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | ( i 120) | — | ( i 2) | — | — | ( i 2) | |||||||||||||||||||||||||||||||||||||||||
Restricted common stock awarded under the equity incentive plan | i 2,136 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( i 52,961) | — | ( i 603) | ( i 88) | — | ( i 691) | |||||||||||||||||||||||||||||||||||||||||
Stock option expense | — | — | i 1 | — | — | i 1 | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 255 | — | — | i 255 | |||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | i 10,478,210 | i 105 | i 119,638 | i 60,833 | ( i 17,257) | i 163,319 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | i 4,696 | — | i 4,696 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( i 399) | ( i 399) | |||||||||||||||||||||||||||||||||||||||||
Forfeiture of unvested shares | ( i 500) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Surrender of restricted shares of common stock | ( i 491) | — | ( i 7) | — | — | ( i 7) | |||||||||||||||||||||||||||||||||||||||||
Common stock options exercised | i 5,400 | — | i 51 | — | — | i 51 | |||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( i 57,500) | ( i 1) | ( i 655) | ( i 129) | — | ( i 785) | |||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | — | — | i 213 | — | — | i 213 | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | i 10,425,119 | $ | i 104 | $ | i 119,240 | $ | i 65,400 | $ | ( i 17,656) | $ | i 167,088 |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income attributable to common stockholders | $ | i 9,366 | $ | i 13,065 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Investment securities net (discount accretion) premium amortization | ( i 46) | i 59 | |||||||||
Depreciation expense | i 1,787 | i 1,773 | |||||||||
Provision for credit losses | i 175 | i 775 | |||||||||
Net realized (gain) loss on equity securities | ( i 170) | i 167 | |||||||||
Net realized gain on debt securities | ( i 12) | i — | |||||||||
Deferred tax asset valuation allowance | i 1,828 | i — | |||||||||
Increase in mortgage servicing rights resulting from transfers of financial assets | ( i 138) | ( i 275) | |||||||||
Mortgage servicing rights amortization and impairment, net | i 456 | i 65 | |||||||||
Amortization of intangible assets | i 576 | i 1,197 | |||||||||
Amortization of restricted stock | i 590 | i 647 | |||||||||
Net stock based compensation expense | i — | i 3 | |||||||||
Loss on sale of office properties and equipment | i — | i 271 | |||||||||
Decrease in deferred income taxes | i 226 | i 252 | |||||||||
Increase in cash surrender value of life insurance | ( i 513) | ( i 472) | |||||||||
Net loss (gain) from disposals of foreclosed and repossessed assets | i 62 | ( i 17) | |||||||||
Gain on sale of loans held for sale, net | ( i 1,501) | ( i 1,330) | |||||||||
New market tax credit depletion expense | i — | i 488 | |||||||||
Net change in: | |||||||||||
Loans held for sale | ( i 1,236) | i 7,334 | |||||||||
Accrued interest receivable and other assets | ( i 1,615) | i 356 | |||||||||
Other liabilities | ( i 663) | ( i 3,625) | |||||||||
Total adjustments | ( i 194) | i 7,668 | |||||||||
Net cash provided by operating activities | i 9,172 | i 20,733 | |||||||||
Cash flows from investing activities: | |||||||||||
Net decrease in other interest bearing deposits | i 249 | i 1,143 | |||||||||
Purchase of available for sale securities | ( i 11,007) | ( i 10,543) | |||||||||
Proceeds from principal payments of available for sale securities | i 13,164 | i 21,799 | |||||||||
Proceeds from sales of available for sale securities | i 5,105 | i — | |||||||||
Purchase of held to maturity securities | i — | ( i 35,342) | |||||||||
Proceeds from principal payments and maturities of held to maturity securities | i 4,031 | i 8,838 | |||||||||
Equity investment capital distribution | i 132 | i — | |||||||||
Purchase of equity investments | ( i 600) | ( i 300) | |||||||||
Net sales (purchases) of other investments | i 725 | ( i 602) | |||||||||
Proceeds from sales of foreclosed and repossessed assets | i 307 | i 56 | |||||||||
Net increase in loans | ( i 35,606) | ( i 65,476) | |||||||||
Net capital expenditures | ( i 771) | ( i 2,446) | |||||||||
Proceeds from disposal of office properties and equipment | i 12 | i 14 | |||||||||
New market tax credit investment | i — | ( i 4,056) | |||||||||
Net cash used in investing activities | ( i 24,259) | ( i 86,915) |
Cash flows from financing activities: | |||||||||||
Federal Home Loan Bank advances | i 15,000 | i 72,000 | |||||||||
Amortization of fair value adjustments for acquired Federal Home Loan Bank advances | i — | i 3 | |||||||||
Federal Home Loan Bank advance call payments | i — | ( i 55,000) | |||||||||
Federal Home Loan Bank advance termination payments | i — | ( i 15,015) | |||||||||
Federal Home Loan Bank maturities | ( i 43,000) | ( i 11,000) | |||||||||
Amortization of debt issuance costs | i 165 | i 340 | |||||||||
Proceeds from other borrowings, net of origination costs | i — | i 34,191 | |||||||||
Other borrowings principal reductions | ( i 5,167) | ( i 20,606) | |||||||||
Net increase in deposits | i 48,515 | i 46,833 | |||||||||
Common stock restricted shares | i 1 | i — | |||||||||
Repurchase shares of common stock | ( i 117) | ( i 979) | |||||||||
Surrender of restricted shares of common stock | ( i 129) | ( i 143) | |||||||||
Common stock options exercised | i 28 | i 20 | |||||||||
Cash dividends paid | ( i 3,040) | ( i 2,742) | |||||||||
Net cash provided by financing activities | i 12,256 | i 47,902 | |||||||||
Net decrease in cash and cash equivalents | ( i 2,831) | ( i 18,280) | |||||||||
Cash and cash equivalents at beginning of period | i 35,363 | i 47,691 | |||||||||
Cash and cash equivalents at end of period | $ | i 32,532 | $ | i 29,411 |
Supplemental cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest on deposits | $ | i 16,602 | $ | i 3,784 | |||||||
Interest on borrowings | $ | i 8,363 | $ | i 4,698 | |||||||
Income taxes | $ | i 3,855 | $ | i 3,365 | |||||||
Supplemental noncash disclosure: | |||||||||||
Transfers from loans receivable to other real estate owned ("OREO") | $ | i 144 | $ | i 92 | |||||||
Transfers from office properties and equipment to foreclosed and repossessed assets | $ | i — | $ | i 130 |
Pre-ASU 2016-13 Adoption December 31, 2022 | Impact of ASU 2016-13 Adoption | As Reported under ASU 2016-13 January 1, 2023 | ||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||
Commercial/Agricultural Real Estate | $ | i 14,085 | $ | i 4,510 | $ | i 18,595 | ||||||||||||||
C&I/Agricultural operating | i 2,318 | ( i 331) | i 1,987 | |||||||||||||||||
Residential Mortgage | i 599 | i 1,119 | i 1,718 | |||||||||||||||||
Consumer Installment | i 129 | i 216 | i 345 | |||||||||||||||||
Unallocated | i 808 | ( i 808) | i — | |||||||||||||||||
Total allowance for credit losses on loans | i 17,939 | i 4,706 | i 22,645 | |||||||||||||||||
Allowance for credit losses on unfunded commitments | i — | i 1,537 | i 1,537 | |||||||||||||||||
Total allowance for credit losses | $ | i 17,939 | $ | i 6,243 | $ | i 24,182 |
Available for sale securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
U.S. government agency obligations | $ | i 17,452 | $ | i 89 | $ | i 223 | $ | i 17,318 | |||||||||||||||
Mortgage-backed securities | i 92,722 | i — | i 22,991 | i 69,731 | |||||||||||||||||||
Corporate debt securities | i 47,153 | i 20 | i 6,284 | i 40,889 | |||||||||||||||||||
Asset-backed securities | i 25,825 | i 27 | i 376 | i 25,476 | |||||||||||||||||||
Total available for sale securities | $ | i 183,152 | $ | i 136 | $ | i 29,874 | $ | i 153,414 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
U.S. government agency obligations | $ | i 18,373 | $ | i 173 | $ | i 233 | $ | i 18,313 | |||||||||||||||
Mortgage-backed securities | i 97,458 | i — | i 18,848 | i 78,610 | |||||||||||||||||||
Corporate debt securities | i 44,636 | i — | i 4,385 | i 40,251 | |||||||||||||||||||
Asset-backed securities | i 29,877 | i — | i 1,060 | i 28,817 | |||||||||||||||||||
Total available for sale securities | $ | i 190,344 | $ | i 173 | $ | i 24,526 | $ | i 165,991 |
Held to maturity securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | i 600 | $ | i — | $ | i 48 | $ | i 552 | |||||||||||||||
Mortgage-backed securities | i 91,736 | i 3 | i 23,539 | i 68,200 | |||||||||||||||||||
Total held to maturity securities | $ | i 92,336 | $ | i 3 | $ | i 23,587 | $ | i 68,752 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | i 600 | $ | i — | $ | i 54 | $ | i 546 | |||||||||||||||
Mortgage-backed securities | i 95,779 | i 7 | i 19,553 | i 76,233 | |||||||||||||||||||
Total held to maturity securities | $ | i 96,379 | $ | i 7 | $ | i 19,607 | $ | i 76,779 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Available for sale securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
Due after one year through five years | i 13,850 | i 13,523 | i 8,525 | i 8,184 | |||||||||||||||||||
Due after five years through ten years | i 43,761 | i 37,639 | i 45,622 | i 41,427 | |||||||||||||||||||
Due after ten years | i 32,819 | i 32,521 | i 38,739 | i 37,770 | |||||||||||||||||||
Total securities with contractual maturities | i 90,430 | i 83,683 | i 92,886 | i 87,381 | |||||||||||||||||||
Mortgage-backed securities | i 92,722 | i 69,731 | i 97,458 | i 78,610 | |||||||||||||||||||
Total available for sale securities | $ | i 183,152 | $ | i 153,414 | $ | i 190,344 | $ | i 165,991 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Held to maturity securities | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Due in one year or less | $ | i 100 | $ | i 99 | $ | i — | $ | i — | |||||||||||||||
Due after one year through five years | i 500 | i 453 | i 450 | i 415 | |||||||||||||||||||
Due after five years through ten years | i — | i — | i 150 | i 131 | |||||||||||||||||||
Total securities with contractual maturities | i 600 | i 552 | i 600 | i 546 | |||||||||||||||||||
Mortgage-backed securities | i 91,736 | i 68,200 | i 95,779 | i 76,233 | |||||||||||||||||||
Total held to maturity securities | $ | i 92,336 | $ | i 68,752 | $ | i 96,379 | $ | i 76,779 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Available for sale securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | i 3,961 | $ | i — | $ | i 3,615 | $ | i 223 | $ | i 7,576 | $ | i 223 | ||||||||||||||||||||||||||
Mortgage-backed securities | i 6 | i — | i 69,725 | i 22,991 | i 69,731 | i 22,991 | ||||||||||||||||||||||||||||||||
Corporate debt securities | i 4,602 | i 320 | i 34,372 | i 5,964 | i 38,974 | i 6,284 | ||||||||||||||||||||||||||||||||
Asset-backed securities | i — | i — | i 20,789 | i 376 | i 20,789 | i 376 | ||||||||||||||||||||||||||||||||
Total | $ | i 8,569 | $ | i 320 | $ | i 128,501 | $ | i 29,554 | $ | i 137,070 | $ | i 29,874 | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
U.S. government agency obligations | $ | i 3,169 | $ | i 138 | $ | i 1,138 | $ | i 95 | $ | i 4,307 | $ | i 233 | ||||||||||||||||||||||||||
Mortgage-backed securities | i 9,654 | i 896 | i 68,907 | i 17,952 | i 78,561 | i 18,848 | ||||||||||||||||||||||||||||||||
Corporate debt securities | i 21,547 | i 1,688 | i 18,704 | i 2,697 | i 40,251 | i 4,385 | ||||||||||||||||||||||||||||||||
Asset-backed securities | i 7,955 | i 221 | i 20,862 | i 839 | i 28,817 | i 1,060 | ||||||||||||||||||||||||||||||||
Total | $ | i 42,325 | $ | i 2,943 | $ | i 109,611 | $ | i 21,583 | $ | i 151,936 | $ | i 24,526 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
Held to maturity securities | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | i — | $ | i — | $ | i 552 | $ | i 48 | $ | i 552 | $ | i 48 | ||||||||||||||||||||||||||
Mortgage-backed securities | i — | i — | i 68,001 | i 23,539 | i 68,001 | i 23,539 | ||||||||||||||||||||||||||||||||
Total | $ | i — | $ | i — | $ | i 68,553 | $ | i 23,587 | $ | i 68,553 | $ | i 23,587 | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | i — | $ | i — | $ | i 546 | $ | i 54 | $ | i 546 | $ | i 54 | ||||||||||||||||||||||||||
Mortgage-backed securities | i 16,627 | i 2,416 | i 59,367 | i 17,137 | i 75,994 | i 19,553 | ||||||||||||||||||||||||||||||||
Total | $ | i 16,627 | $ | i 2,416 | $ | i 59,913 | $ | i 17,191 | $ | i 76,540 | $ | i 19,607 |
Amortized Cost | % of Total | |||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||
Commercial real estate | $ | i 748,118 | i 51.7 | % | ||||||||||
Agricultural real estate | i 84,328 | i 5.8 | % | |||||||||||
Multi-family real estate | i 219,095 | i 15.1 | % | |||||||||||
Construction and land development | i 109,041 | i 7.5 | % | |||||||||||
C&I/Agricultural operating: | ||||||||||||||
Commercial and industrial | i 120,532 | i 8.3 | % | |||||||||||
Agricultural operating | i 24,571 | i 1.7 | % | |||||||||||
Residential mortgage: | ||||||||||||||
Residential mortgage | i 125,348 | i 8.7 | % | |||||||||||
Purchased HELOC loans | i 2,881 | i 0.2 | % | |||||||||||
Consumer installment: | ||||||||||||||
Originated indirect paper | i 7,175 | i 0.5 | % | |||||||||||
Other consumer | i 6,440 | i 0.5 | % | |||||||||||
Total loans receivable | $ | i 1,447,529 | i 100 | % | ||||||||||
Less Allowance for credit losses | ( i 22,973) | |||||||||||||
Net loans receivable | $ | i 1,424,556 |
December 31, 2022 | ||||||||||||||
Loan Principal Balance | % of Total | |||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||
Commercial real estate | $ | i 725,971 | i 51.5 | % | ||||||||||
Agricultural real estate | i 87,908 | i 6.2 | % | |||||||||||
Multi-family real estate | i 208,908 | i 14.8 | % | |||||||||||
Construction and land development | i 102,492 | i 7.3 | % | |||||||||||
C&I/Agricultural operating: | ||||||||||||||
Commercial and industrial | i 136,013 | i 9.6 | % | |||||||||||
Agricultural operating | i 28,806 | i 2.0 | % | |||||||||||
Residential mortgage: | ||||||||||||||
Residential mortgage | i 105,389 | i 7.5 | % | |||||||||||
Purchased HELOC loans | i 3,262 | i 0.2 | % | |||||||||||
Consumer installment: | ||||||||||||||
Originated indirect paper | i 10,236 | i 0.7 | % | |||||||||||
Other consumer | i 7,150 | i 0.5 | % | |||||||||||
Gross Loans | $ | i 1,416,135 | i 100.3 | % | ||||||||||
Less: | ||||||||||||||
Unearned net deferred fees and costs and loans in process | ( i 2,585) | ( i 0.2) | % | |||||||||||
Unamortized discount on acquired loans | ( i 1,766) | ( i 0.1) | % | |||||||||||
Total loans receivable | $ | i 1,411,784 | i 100.0 | % | ||||||||||
Less Allowance for loan losses | ( i 17,939) | |||||||||||||
Net loans | $ | i 1,393,845 |
Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | Total | |||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 51,379 | $ | i 141,529 | $ | i 245,661 | $ | i 92,071 | $ | i 72,159 | $ | i 113,138 | $ | i 11,866 | $ | i — | $ | i 727,803 | |||||||||||
Risk rating 6 | i — | i — | i 9,303 | i — | i — | i — | i — | i — | i 9,303 | ||||||||||||||||||||
Risk rating 7 | i — | i 188 | i — | i 4,551 | i 187 | i 6,086 | i — | i — | i 11,012 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 51,379 | $ | i 141,717 | $ | i 254,964 | $ | i 96,622 | $ | i 72,346 | $ | i 119,224 | $ | i 11,866 | $ | i — | $ | i 748,118 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i 10 | $ | i — | $ | i — | $ | i 4 | $ | i — | $ | i — | $ | i 14 | |||||||||||
Agricultural real estate | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 16,044 | $ | i 19,876 | $ | i 11,362 | $ | i 7,838 | $ | i 5,374 | $ | i 15,786 | $ | i 1,004 | $ | i — | $ | i 77,284 | |||||||||||
Risk rating 6 | i — | i 172 | i 5,460 | i — | i 297 | i 646 | i — | i — | i 6,575 | ||||||||||||||||||||
Risk rating 7 | i — | i 370 | i — | i — | i 99 | i — | i — | i — | i 469 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 16,044 | $ | i 20,418 | $ | i 16,822 | $ | i 7,838 | $ | i 5,770 | $ | i 16,432 | $ | i 1,004 | $ | i — | $ | i 84,328 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i 32 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 32 | |||||||||||
Multi-family real estate | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 3,492 | $ | i 48,439 | $ | i 89,513 | $ | i 46,238 | $ | i 8,663 | $ | i 22,715 | $ | i 35 | $ | i — | $ | i 219,095 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 7 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 3,492 | $ | i 48,439 | $ | i 89,513 | $ | i 46,238 | $ | i 8,663 | $ | i 22,715 | $ | i 35 | $ | i — | $ | i 219,095 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 36,366 | $ | i 34,514 | $ | i 25,382 | $ | i 7,308 | $ | i 119 | $ | i 825 | $ | i 4,322 | $ | i — | $ | i 108,836 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i 111 | i — | i — | i 111 | ||||||||||||||||||||
Risk rating 7 | i — | i — | i — | i — | i — | i 94 | i — | i — | i 94 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 36,366 | $ | i 34,514 | $ | i 25,382 | $ | i 7,308 | $ | i 119 | $ | i 1,030 | $ | i 4,322 | $ | i — | $ | i 109,041 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||
Commercial/Agricultural operating: | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 13,658 | $ | i 32,774 | $ | i 28,294 | $ | i 12,179 | $ | i 5,276 | $ | i 2,537 | $ | i 22,844 | $ | i — | $ | i 117,562 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i — | i 2,950 | i — | i 2,950 | ||||||||||||||||||||
Risk rating 7 | i — | i — | i — | i — | i — | i 3 | i — | i 17 | i 20 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 13,658 | $ | i 32,774 | $ | i 28,294 | $ | i 12,179 | $ | i 5,276 | $ | i 2,540 | $ | i 25,794 | $ | i 17 | $ | i 120,532 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||
Agricultural operating | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 3,392 | $ | i 3,201 | $ | i 960 | $ | i 489 | $ | i 344 | $ | i 2,303 | $ | i 11,448 | $ | i — | $ | i 22,137 | |||||||||||
Risk rating 6 | i 92 | i — | i 48 | i 345 | i — | i — | i 575 | i — | i 1,060 | ||||||||||||||||||||
Risk rating 7 | i — | i 493 | i 722 | i — | i 35 | i 124 | i — | i — | i 1,374 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 3,484 | $ | i 3,694 | $ | i 1,730 | $ | i 834 | $ | i 379 | $ | i 2,427 | $ | i 12,023 | $ | i — | $ | i 24,571 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||
Continued | Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Revolving to Term | Total | |||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 23,434 | $ | i 34,176 | $ | i 8,872 | $ | i 2,644 | $ | i 2,324 | $ | i 35,201 | $ | i 15,670 | $ | i — | $ | i 122,321 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 7 | i — | i — | i — | i — | i 14 | i 2,963 | i — | i 50 | i 3,027 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 23,434 | $ | i 34,176 | $ | i 8,872 | $ | i 2,644 | $ | i 2,338 | $ | i 38,164 | $ | i 15,670 | $ | i 50 | $ | i 125,348 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i 10 | $ | i — | $ | i — | $ | i 68 | $ | i — | $ | i — | $ | i 78 | |||||||||||
Purchased HELOC loans | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 2,881 | $ | i — | $ | i 2,881 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 7 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 2,881 | $ | i — | $ | i 2,881 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||
Consumer installment: | |||||||||||||||||||||||||||||
Originated indirect paper | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 7,135 | $ | i — | $ | i — | $ | i 7,135 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 7 | i — | i — | i — | i — | i — | i 40 | i — | i — | i 40 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 7,175 | $ | i — | $ | i — | $ | i 7,175 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 13 | $ | i — | $ | i — | $ | i 13 | |||||||||||
Other consumer | |||||||||||||||||||||||||||||
Risk rating 1 to 5 | $ | i 1,763 | $ | i 1,743 | $ | i 872 | $ | i 665 | $ | i 470 | $ | i 342 | $ | i 557 | $ | i — | $ | i 6,412 | |||||||||||
Risk rating 6 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 7 | i 7 | i — | i — | i — | i 18 | i 2 | i 1 | i — | i 28 | ||||||||||||||||||||
Risk rating 8 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Risk rating 9 | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||
Total | $ | i 1,770 | $ | i 1,743 | $ | i 872 | $ | i 665 | $ | i 488 | $ | i 344 | $ | i 558 | $ | i — | $ | i 6,440 | |||||||||||
Current period gross charge-offs | $ | i — | $ | i — | $ | i 1 | $ | i 11 | $ | i 2 | $ | i 3 | $ | i — | $ | i — | $ | i 17 | |||||||||||
Total loans receivable | $ | i 149,627 | $ | i 317,475 | $ | i 426,449 | $ | i 174,328 | $ | i 95,379 | $ | i 210,051 | $ | i 74,153 | $ | i 67 | $ | i 1,447,529 | |||||||||||
Total current period gross charge-offs | $ | i — | $ | i — | $ | i 21 | $ | i 43 | $ | i 2 | $ | i 88 | $ | i — | $ | i — | $ | i 154 |
1 to 5 | 6 | 7 | 8 | 9 | TOTAL | |||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | i 712,658 | $ | i 5,771 | $ | i 7,542 | $ | i — | $ | i — | $ | i 725,971 | ||||||||||||||||||||||||||
Agricultural real estate | i 84,215 | i 549 | i 3,144 | i — | i — | i 87,908 | ||||||||||||||||||||||||||||||||
Multi-family real estate | i 208,908 | i — | i — | i — | i — | i 208,908 | ||||||||||||||||||||||||||||||||
Construction and land development | i 102,385 | i — | i 107 | i — | i — | i 102,492 | ||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | i 129,748 | i 5,526 | i 739 | i — | i — | i 136,013 | ||||||||||||||||||||||||||||||||
Agricultural operating | i 26,418 | i 324 | i 2,064 | i — | i — | i 28,806 | ||||||||||||||||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | i 101,730 | i — | i 3,659 | i — | i — | i 105,389 | ||||||||||||||||||||||||||||||||
Purchased HELOC loans | i 3,262 | i — | i — | i — | i — | i 3,262 | ||||||||||||||||||||||||||||||||
Consumer installment: | ||||||||||||||||||||||||||||||||||||||
Originated indirect paper | i 10,190 | i — | i 46 | i — | i — | i 10,236 | ||||||||||||||||||||||||||||||||
Other consumer | i 7,132 | i — | i 18 | i — | i — | i 7,150 | ||||||||||||||||||||||||||||||||
Gross loans | $ | i 1,386,646 | $ | i 12,170 | $ | i 17,319 | $ | i — | $ | i — | $ | i 1,416,135 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Unearned net deferred fees and costs and loans in process | ( i 2,585) | |||||||||||||||||||||||||||||||||||||
Unamortized discount on acquired loans | ( i 1,766) | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | ( i 17,939) | |||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | i 1,393,845 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans: | |||||||||||||||||||||||||||||||||||
ACL - Loans, at beginning of period | $ | i 18,933 | $ | i 1,458 | $ | i 2,452 | $ | i 321 | $ | i — | $ | i 23,164 | |||||||||||||||||||||||
Charge-offs | i — | i — | ( i 54) | ( i 3) | i — | ( i 57) | |||||||||||||||||||||||||||||
Recoveries | i 206 | i 10 | i — | i 2 | i — | i 218 | |||||||||||||||||||||||||||||
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations | ( i 284) | ( i 279) | i 235 | ( i 24) | i — | ( i 352) | |||||||||||||||||||||||||||||
ACL - Loans, at end of period | $ | i 18,855 | $ | i 1,189 | $ | i 2,633 | $ | i 296 | $ | i — | $ | i 22,973 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans: | |||||||||||||||||||||||||||||||||||
ACL - Loans, at beginning of period | $ | i 14,085 | $ | i 2,318 | $ | i 599 | $ | i 129 | $ | i 808 | $ | i 17,939 | |||||||||||||||||||||||
Cumulative effect of ASU 2016-13 adoption | i 4,510 | ( i 331) | i 1,119 | i 216 | ( i 808) | i 4,706 | |||||||||||||||||||||||||||||
Charge-offs | ( i 46) | i — | ( i 78) | ( i 30) | i — | ( i 154) | |||||||||||||||||||||||||||||
Recoveries | i 236 | i 41 | i 40 | i 24 | i — | i 341 | |||||||||||||||||||||||||||||
Additions/(reversals) to ACL - Loans via provision for credit losses charged to operations | i 70 | ( i 839) | i 953 | ( i 43) | i — | i 141 | |||||||||||||||||||||||||||||
ACL - Loans, at end of period | $ | i 18,855 | $ | i 1,189 | $ | i 2,633 | $ | i 296 | $ | i — | $ | i 22,973 |
September 30, 2023 and Three Months Ended | September 30, 2023 and Nine Months Ended | |||||||||||||
ACL - Unfunded Commitments - beginning of period | $ | i 1,544 | $ | i — | ||||||||||
Cumulative effect of ASU 2016-13 adoption | i — | i 1,537 | ||||||||||||
Additions to ACL - Unfunded Commitments via provision for credit losses charged to operations | i 27 | i 34 | ||||||||||||
ACL - Unfunded Commitments - End of period | $ | i 1,571 | $ | i 1,571 |
September 30, 2023 and Three Months Ended | September 30, 2023 and Nine Months Ended | |||||||||||||
Provision for credit losses on: | ||||||||||||||
Loans | $ | ( i 352) | $ | i 141 | ||||||||||
Unfunded Commitments | i 27 | i 34 | ||||||||||||
Total provision for credit losses | $ | ( i 325) | $ | i 175 |
Three months ended September 30, 2022 | Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2022 | $ | i 12,702 | $ | i 1,910 | $ | i 472 | $ | i 143 | $ | i 826 | $ | i 16,053 | |||||||||||||||||||||||
Charge-offs | i — | i — | i — | ( i 9) | i — | ( i 9) | |||||||||||||||||||||||||||||
Recoveries | i 35 | i 8 | i 1 | i 27 | i — | i 71 | |||||||||||||||||||||||||||||
Provision | i 380 | i 7 | i 10 | ( i 38) | i 217 | i 576 | |||||||||||||||||||||||||||||
Total allowance on originated loans | i 13,117 | i 1,925 | i 483 | i 123 | i 1,043 | i 16,691 | |||||||||||||||||||||||||||||
Purchased credit impaired loans | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Other acquired loans: | |||||||||||||||||||||||||||||||||||
Beginning balance, July 1, 2022 | i 664 | i 51 | i 48 | i 9 | i — | i 772 | |||||||||||||||||||||||||||||
Charge-offs | ( i 48) | i — | i — | i — | i — | ( i 48) | |||||||||||||||||||||||||||||
Recoveries | i — | i — | i 2 | i 1 | i — | i 3 | |||||||||||||||||||||||||||||
Provision | i 49 | ( i 2) | ( i 21) | ( i 1) | ( i 226) | ( i 201) | |||||||||||||||||||||||||||||
Total allowance on other acquired loans | i 665 | i 49 | i 29 | i 9 | ( i 226) | i 526 | |||||||||||||||||||||||||||||
Total allowance on acquired loans | i 665 | i 49 | i 29 | i 9 | ( i 226) | i 526 | |||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | $ | i 13,782 | $ | i 1,974 | $ | i 512 | $ | i 132 | $ | i 817 | $ | i 17,217 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | $ | i 12,354 | $ | i 1,959 | $ | i 518 | $ | i 225 | $ | i 774 | $ | i 15,830 | |||||||||||||||||||||||
Charge-offs | ( i 157) | ( i 310) | ( i 35) | ( i 32) | i — | ( i 534) | |||||||||||||||||||||||||||||
Recoveries | i 41 | i 27 | i 2 | i 48 | i — | i 118 | |||||||||||||||||||||||||||||
Provision | i 879 | i 249 | ( i 2) | ( i 118) | i 269 | i 1,277 | |||||||||||||||||||||||||||||
Total allowance on originated loans | $ | i 13,117 | $ | i 1,925 | $ | i 483 | $ | i 123 | $ | i 1,043 | $ | i 16,691 | |||||||||||||||||||||||
Purchased credit impaired loans | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Other acquired loans | |||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | i 856 | i 69 | i 130 | i 28 | i — | i 1,083 | |||||||||||||||||||||||||||||
Charge-offs | ( i 48) | i — | ( i 33) | ( i 2) | i — | ( i 83) | |||||||||||||||||||||||||||||
Recoveries | i — | i — | i 27 | i 1 | i — | i 28 | |||||||||||||||||||||||||||||
Provision | ( i 143) | ( i 20) | ( i 95) | ( i 18) | ( i 226) | ( i 502) | |||||||||||||||||||||||||||||
Total allowance on other acquired loans | i 665 | i 49 | i 29 | i 9 | ( i 226) | i 526 | |||||||||||||||||||||||||||||
Total allowance on acquired loans | i 665 | i 49 | i 29 | i 9 | ( i 226) | i 526 | |||||||||||||||||||||||||||||
Ending balance, September 30, 2022 | $ | i 13,782 | $ | i 1,974 | $ | i 512 | $ | i 132 | $ | i 817 | $ | i 17,217 | |||||||||||||||||||||||
Allowance for Loan Losses at September 30, 2022: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | i 699 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 699 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | i 13,083 | $ | i 1,974 | $ | i 512 | $ | i 132 | $ | i 817 | $ | i 16,518 | |||||||||||||||||||||||
Loans Receivable as of September 30, 2022 | |||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | i 982,555 | $ | i 145,197 | $ | i 80,664 | $ | i 18,250 | $ | i — | $ | i 1,226,666 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | i 5,785 | i 578 | i 908 | i — | i — | i 7,271 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | i 110,577 | i 15,073 | i 20,518 | i 294 | i — | i 146,462 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | i 1,098,917 | $ | i 160,848 | $ | i 102,090 | $ | i 18,544 | $ | i — | $ | i 1,380,399 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | i 18,698 | $ | i 4,829 | $ | i 6,290 | $ | i 113 | $ | i — | $ | i 29,930 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | i 1,080,219 | $ | i 156,019 | $ | i 95,800 | $ | i 18,431 | $ | i — | $ | i 1,350,469 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Allowance for Loan Losses at December 31, 2022: | |||||||||||||||||||||||||||||||||||
Amount of allowance for loan losses arising from loans individually evaluated for impairment | $ | i 519 | $ | i 249 | $ | i 48 | $ | i 10 | $ | i — | $ | i 826 | |||||||||||||||||||||||
Amount of allowance for loan losses arising from loans collectively evaluated for impairment | $ | i 13,566 | $ | i 2,069 | $ | i 551 | $ | i 119 | $ | i 808 | $ | i 17,113 | |||||||||||||||||||||||
Loans Receivable as of December 31, 2022: | |||||||||||||||||||||||||||||||||||
Ending balance of originated loans | $ | i 1,017,529 | $ | i 150,239 | $ | i 88,045 | $ | i 17,130 | $ | i — | $ | i 1,272,943 | |||||||||||||||||||||||
Ending balance of purchased credit-impaired loans | i 5,748 | i 362 | i 890 | i — | i — | i 7,000 | |||||||||||||||||||||||||||||
Ending balance of other acquired loans | i 102,002 | i 14,218 | i 19,716 | i 256 | i — | i 136,192 | |||||||||||||||||||||||||||||
Ending balance of loans | $ | i 1,125,279 | $ | i 164,819 | $ | i 108,651 | $ | i 17,386 | $ | i — | $ | i 1,416,135 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | i 16,874 | $ | i 3,292 | $ | i 5,998 | $ | i 755 | $ | i — | $ | i 26,919 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | i 1,108,405 | $ | i 161,527 | $ | i 102,653 | $ | i 16,631 | $ | i — | $ | i 1,389,216 |
(Loan balances at amortized cost) | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Greater Than 89 Days Past Due and Accruing | Total Past Due and Accruing | Nonaccrual Loans | Total Past Due Accruing and Nonaccrual Loans | Current | Total Loans | |||||||||||||||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | i 523 | $ | i — | $ | i — | $ | i 523 | $ | i 10,570 | $ | i 11,093 | $ | i 737,025 | $ | i 748,118 | |||||||||||||||||||||||||||||||
Agricultural real estate | i 36 | i — | i — | i 36 | i 469 | i 505 | i 83,823 | i 84,328 | |||||||||||||||||||||||||||||||||||||||
Multi-family real estate | i — | i — | i — | i — | i — | i — | i 219,095 | i 219,095 | |||||||||||||||||||||||||||||||||||||||
Construction and land development | i — | i — | i — | i — | i 94 | i 94 | i 108,947 | i 109,041 | |||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | i — | i 150 | i — | i 150 | i — | i 150 | i 120,382 | i 120,532 | |||||||||||||||||||||||||||||||||||||||
Agricultural operating | i — | i — | i — | i — | i 1,373 | i 1,373 | i 23,198 | i 24,571 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | i 1,049 | i 221 | i 952 | i 2,222 | i 923 | i 3,145 | i 122,203 | i 125,348 | |||||||||||||||||||||||||||||||||||||||
Purchased HELOC loans | i 117 | i — | i — | i 117 | i — | i 117 | i 2,764 | i 2,881 | |||||||||||||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Originated indirect paper | i 70 | i — | i — | i 70 | i 26 | i 96 | i 7,079 | i 7,175 | |||||||||||||||||||||||||||||||||||||||
Other consumer | i 36 | i 4 | i 19 | i 59 | i 1 | i 60 | i 6,380 | i 6,440 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,831 | $ | i 375 | $ | i 971 | $ | i 3,177 | $ | i 13,456 | $ | i 16,633 | $ | i 1,430,896 | $ | i 1,447,529 | |||||||||||||||||||||||||||||||
(Loan balances at unpaid principal balance) | 30-59 Days Past Due and Accruing | 60-89 Days Past Due and Accruing | Greater Than 89 Days Past Due and Accruing | Total Past Due and Accruing | Nonaccrual Loans | Total Past Due Accruing and Nonaccrual Loans | Current | Total Loans | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | i 202 | $ | i 88 | $ | i — | $ | i 290 | $ | i 5,736 | $ | i 6,026 | $ | i 719,945 | $ | i 725,971 | |||||||||||||||||||||||||||||||
Agricultural real estate | i 4,992 | i — | i — | i 4,992 | i 2,742 | i 7,734 | i 80,174 | i 87,908 | |||||||||||||||||||||||||||||||||||||||
Multi-family real estate | i — | i — | i — | i — | i — | i — | i 208,908 | i 208,908 | |||||||||||||||||||||||||||||||||||||||
Construction and land development | i 3,975 | i — | i — | i 3,975 | i — | i 3,975 | i 98,517 | i 102,492 | |||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | i — | i 26 | i — | i 26 | i 552 | i 578 | i 135,435 | i 136,013 | |||||||||||||||||||||||||||||||||||||||
Agricultural operating | i 826 | i — | i — | i 826 | i 890 | i 1,716 | i 27,090 | i 28,806 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | i 767 | i 479 | i 236 | i 1,482 | i 1,253 | i 2,735 | i 102,654 | i 105,389 | |||||||||||||||||||||||||||||||||||||||
Purchased HELOC loans | i — | i — | i — | i — | i — | i — | i 3,262 | i 3,262 | |||||||||||||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Originated indirect paper | i 15 | i — | i — | i 15 | i 27 | i 42 | i 10,194 | i 10,236 | |||||||||||||||||||||||||||||||||||||||
Other consumer | i 39 | i 2 | i 10 | i 51 | i 4 | i 55 | i 7,095 | i 7,150 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 10,816 | $ | i 595 | $ | i 246 | $ | i 11,657 | $ | i 11,204 | $ | i 22,861 | $ | i 1,393,274 | $ | i 1,416,135 |
September 30, 2023 | Total Nonaccrual Loans | Nonaccrual with no Allowance for Credit Losses | Interest Income Not Recorded for Nonaccrual loans | ||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||
Commercial real estate | $ | i 10,570 | $ | i 10,556 | $ | i 723 | |||||||||||
Agricultural real estate | i 469 | i 469 | i 70 | ||||||||||||||
Multi-family real estate | i — | i — | i — | ||||||||||||||
Construction and land development | i 94 | i 94 | i 1 | ||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||
Commercial and industrial | i — | i — | i — | ||||||||||||||
Agricultural operating | i 1,373 | i 1,373 | i 108 | ||||||||||||||
Residential mortgage: | |||||||||||||||||
Residential mortgage | i 923 | i 685 | i 44 | ||||||||||||||
Purchased HELOC loans | i — | i — | i — | ||||||||||||||
Consumer installment: | |||||||||||||||||
Originated indirect paper | i 26 | i 26 | i 1 | ||||||||||||||
Other consumer | i 1 | i 1 | i — | ||||||||||||||
Total | $ | i 13,456 | $ | i 13,204 | $ | i 947 | |||||||||||
Collateral Type | |||||||||||||||||||||||||||||||||||
September 30, 2023 | Real Estate | Other Assets | Total | Without an Allowance | With an Allowance | Allowance Allocation | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | i 11,604 | $ | i — | $ | i 11,604 | $ | i 11,590 | $ | i 14 | $ | i 13 | |||||||||||||||||||||||
Agricultural real estate | i 6,900 | i — | i 6,900 | i 6,900 | i — | i — | |||||||||||||||||||||||||||||
Multi-family real estate | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Construction and land development | i 206 | i — | i 206 | i 206 | i — | i — | |||||||||||||||||||||||||||||
C&I/Agricultural operating: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | i — | i 2,970 | i 2,970 | i 2,970 | i — | i — | |||||||||||||||||||||||||||||
Agricultural operating | i — | i 1,373 | i 1,373 | i 1,373 | i — | i — | |||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||
Residential mortgage | i 3,094 | i — | i 3,094 | i 2,722 | i 372 | i 80 | |||||||||||||||||||||||||||||
Purchased HELOC loans | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Consumer installment: | |||||||||||||||||||||||||||||||||||
Originated indirect paper | i — | i 40 | i 40 | i 40 | i — | i — | |||||||||||||||||||||||||||||
Other consumer | i — | i 27 | i 27 | i 27 | i — | i — | |||||||||||||||||||||||||||||
Total | $ | i 21,804 | $ | i 4,410 | $ | i 26,214 | $ | i 25,828 | $ | i 386 | $ | i 93 | |||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | i 9,741 | $ | i 9,766 | $ | — | $ | i 13,657 | $ | i 549 | |||||||||||||||||||
C&I/Agricultural operating | i 2,744 | i 2,754 | — | i 4,467 | i 200 | ||||||||||||||||||||||||
Residential mortgage | i 5,846 | i 5,907 | — | i 6,304 | i 276 | ||||||||||||||||||||||||
Consumer installment | i 745 | i 745 | — | i 307 | i 5 | ||||||||||||||||||||||||
Total | $ | i 19,076 | $ | i 19,172 | $ | — | $ | i 24,735 | $ | i 1,030 | |||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | i 7,108 | $ | i 7,108 | $ | i 519 | $ | i 6,028 | $ | i 273 | |||||||||||||||||||
C&I/Agricultural operating | i 538 | i 538 | i 249 | i 273 | i 48 | ||||||||||||||||||||||||
Residential mortgage | i 91 | i 91 | i 48 | i 298 | i 65 | ||||||||||||||||||||||||
Consumer installment | i 10 | i 10 | i 10 | i 2 | i 2 | ||||||||||||||||||||||||
Total | $ | i 7,747 | $ | i 7,747 | $ | i 826 | $ | i 6,601 | $ | i 388 | |||||||||||||||||||
December 31, 2022 Totals | |||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | i 16,849 | $ | i 16,874 | $ | i 519 | $ | i 19,685 | $ | i 822 | |||||||||||||||||||
C&I/Agricultural operating | i 3,282 | i 3,292 | i 249 | i 4,740 | i 248 | ||||||||||||||||||||||||
Residential mortgage | i 5,937 | i 5,998 | i 48 | i 6,602 | i 341 | ||||||||||||||||||||||||
Consumer installment | i 755 | i 755 | i 10 | i 309 | i 7 | ||||||||||||||||||||||||
Total | $ | i 26,823 | $ | i 26,919 | $ | i 826 | $ | i 31,336 | $ | i 1,418 | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | i 12,002 | $ | i 12,038 | $ | — | $ | i 12,646 | $ | i 105 | $ | i 14,636 | $ | i 410 | |||||||||||||||||||||||||||
C&I/Agricultural operating | i 4,710 | i 4,829 | — | i 4,478 | i 57 | i 4,898 | i 139 | ||||||||||||||||||||||||||||||||||
Residential mortgage | i 6,229 | i 6,290 | — | i 5,957 | i 85 | i 6,419 | i 218 | ||||||||||||||||||||||||||||||||||
Consumer installment | i 113 | i 113 | — | i 138 | i 1 | i 198 | i 5 | ||||||||||||||||||||||||||||||||||
Total | $ | i 23,054 | $ | i 23,270 | $ | — | $ | i 23,219 | $ | i 248 | $ | i 26,151 | $ | i 772 | |||||||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | i 6,660 | $ | i 6,660 | $ | i 699 | $ | i 6,232 | $ | i 81 | $ | i 5,758 | $ | i 95 | |||||||||||||||||||||||||||
C&I/Agricultural operating | i — | i — | i — | i — | i — | i 207 | i 10 | ||||||||||||||||||||||||||||||||||
Residential mortgage | i — | i — | i — | i 101 | i — | i 350 | i 2 | ||||||||||||||||||||||||||||||||||
Consumer installment | i — | i — | i — | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||||||
Total | $ | i 6,660 | $ | i 6,660 | $ | i 699 | $ | i 6,333 | $ | i 81 | $ | i 6,316 | $ | i 107 | |||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | $ | i 18,662 | $ | i 18,698 | $ | i 699 | $ | i 18,878 | $ | i 186 | $ | i 20,394 | $ | i 505 | |||||||||||||||||||||||||||
C&I/Agricultural operating | i 4,710 | i 4,829 | i — | i 4,478 | i 57 | i 5,105 | i 149 | ||||||||||||||||||||||||||||||||||
Residential mortgage | i 6,229 | i 6,290 | i — | i 6,058 | i 85 | i 6,769 | i 220 | ||||||||||||||||||||||||||||||||||
Consumer installment | i 113 | i 113 | i — | i 138 | i 1 | i 199 | i 5 | ||||||||||||||||||||||||||||||||||
Total | $ | i 29,714 | $ | i 29,930 | $ | i 699 | $ | i 29,552 | $ | i 329 | $ | i 32,467 | $ | i 879 |
Term Extension | ||||||||||||||
Loan Class | Amortized Cost Basis at September 30, 2023 | % of Total Class of Financing Receivables | ||||||||||||
Commercial real estate | $ | i 4,826 | i 0.65 | % | ||||||||||
Term Extension | ||||||||
Loan Class | Financial Effect | |||||||
Commercial real estate | A weighted average of 20 months was added to the term of the loans | |||||||
Term Extension | ||||||||||||||
Loan Class | Amortized Cost Basis at September 30, 2023 | % of Total Class of Financing Receivables | ||||||||||||
Commercial real estate | $ | i 4,826 | i 0.65 | % | ||||||||||
Agricultural operating | $ | i 179 | i 0.73 | % | ||||||||||
Residential mortgage | $ | i 36 | i 0.03 | % | ||||||||||
Other-Than-Insignificant Payment Delay | ||||||||||||||
Loan Class | Amortized Cost Basis at September 30, 2023 | % of Total Class of Financing Receivables | ||||||||||||
Residential mortgage | $ | i 69 | i 0.06 | % | ||||||||||
Other consumer | $ | i 20 | i 0.31 | % | ||||||||||
Term Extension | ||||||||
Loan Class | Financial Effect | |||||||
Commercial real estate | A weighted average of 20 months was added to the term of the loans | |||||||
Agricultural operating | A weighted average of 3 months was added to the term of the loans | |||||||
Residential mortgage | A weighted average of 17 months was added to the term of the loans | |||||||
Other-Than-Insignificant Payment Delay | ||||||||
Loan Class | Financial Effect | |||||||
Residential mortgage | Payments were deferred a weighted average of 6 months | |||||||
Other consumer | Payments were deferred a weighted average of 3 months | |||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Greater Than 89 Days Past Due | ||||||||||||||||||||||||||
Commercial real estate | $ | i 4,826 | $ | i — | $ | i — | $ | i — | |||||||||||||||||||||
Agricultural operating | i 179 | i | i | i | |||||||||||||||||||||||||
Residential mortgage | i 105 | i — | i — | i — | |||||||||||||||||||||||||
Other consumer | i 20 | i — | i — | i — | |||||||||||||||||||||||||
Total | $ | i 5,130 | $ | i — | $ | i — | $ | i — |
December 31, 2022 | ||||||||||||||
Troubled debt restructure loans: | ||||||||||||||
Accrual status | $ | i 5,171 | ||||||||||||
Non-accrual status | i 2,617 | |||||||||||||
Total | $ | i 7,788 |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | i 2 | $ | i — | $ | i — | $ | i 1,539 | $ | i — | $ | i 1,539 | $ | i 1,539 | $ | i — | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | i 2 | i 1,424 | i — | i 140 | i — | i 1,564 | i 1,564 | i — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | i 3 | i 7 | i 147 | i — | i — | i 154 | i 154 | i — | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||
Totals | i 7 | $ | i 1,431 | $ | i 147 | $ | i 1,679 | $ | i — | $ | i 3,257 | $ | i 3,257 | $ | i — |
Number of Contracts | Maturity Extension | Modified Payment | Modified Under- writing | Other | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | i 7 | $ | i 1,241 | $ | i — | $ | i 1,964 | $ | i — | $ | i 3,205 | $ | i 3,205 | $ | i — | |||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | i 5 | i 1,424 | i — | i 736 | i — | i 2,160 | i 2,160 | i — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | i 9 | i 70 | i 147 | i 507 | i — | i 724 | i 724 | i — | ||||||||||||||||||||||||||||||||||||||||||
Consumer installment | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||
Totals | i 21 | $ | i 2,735 | $ | i 147 | $ | i 3,207 | $ | i — | $ | i 6,089 | $ | i 6,089 | $ | i — |
As of and for the Three Months Ended | As of and for the Three Months Ended | As of and for the Nine Months Ended | As of and for the Nine Months Ended | |||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Mortgage servicing rights: | ||||||||||||||||||||||||||
Mortgage servicing rights, beginning of period | $ | i 4,008 | $ | i 4,520 | $ | i 4,262 | $ | i 4,727 | ||||||||||||||||||
Increase in mortgage servicing rights resulting from transfers of financial assets | i 86 | i 48 | i 138 | i 275 | ||||||||||||||||||||||
Amortization during the period | ( i 150) | ( i 197) | ( i 456) | ( i 631) | ||||||||||||||||||||||
Mortgage servicing rights, end of period | i 3,944 | i 4,371 | i 3,944 | i 4,371 | ||||||||||||||||||||||
Valuation allowance: | ||||||||||||||||||||||||||
Valuation allowance, beginning of period | i — | i — | i — | ( i 566) | ||||||||||||||||||||||
Additions | i — | i — | i — | i — | ||||||||||||||||||||||
Recoveries | i — | i — | i — | i 566 | ||||||||||||||||||||||
Valuation allowance, end of period | i — | i — | i — | i — | ||||||||||||||||||||||
Mortgage servicing rights, net | $ | i 3,944 | $ | i 4,371 | $ | i 3,944 | $ | i 4,371 | ||||||||||||||||||
Fair value of mortgage servicing rights; end of period | $ | i 5,701 | $ | i 5,795 | $ | i 5,701 | $ | i 5,795 | ||||||||||||||||||
Nine Months Ended | ||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||
The components of total lease cost were as follows: | ||||||||||||||
Operating lease cost | $ | i 382 | $ | i 419 | ||||||||||
Variable lease cost | i 59 | i 35 | ||||||||||||
Total lease cost | $ | i 441 | $ | i 454 | ||||||||||
The components of total lease income were as follows: | ||||||||||||||
Operating lease income | $ | i 29 | $ | i 26 | ||||||||||
Supplemental cash flow information related to leases was as follows: | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | i 409 | $ | i 419 | ||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases | $ | i 225 | $ | i 215 | ||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
Supplemental balance sheet information related to leases was as follows: | ||||||||||||||
Operating lease right-of-use assets | $ | i 1,588 | $ | i 1,700 | ||||||||||
Operating lease liabilities | $ | i 1,806 | $ | i 1,945 | ||||||||||
Weighted average remaining lease term in years; operating leases | i 4.17 | i 4.89 | ||||||||||||
Weighted average discount rate; operating leases | i 3.18 | % | i 2.98 | % |
Fiscal years ending December 31, | Payments | Receipts | ||||||
2023 | $ | i 136 | $ | i 11 | ||||
2024 | i 549 | i 32 | ||||||
2025 | i 534 | i 15 | ||||||
2026 | i 464 | i 7 | ||||||
2027 | i 401 | i — | ||||||
Thereafter | i 141 | i — | ||||||
Total | i 2,225 | $ | i 65 | |||||
Less: effects of discounting | ( i 419) | |||||||
Lease liability recognized | $ | i 1,806 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Non-interest bearing demand deposits | $ | i 275,790 | $ | i 284,722 | ||||||||||||||||
Interest bearing demand deposits | i 336,962 | i 371,210 | ||||||||||||||||||
Savings accounts | i 183,702 | i 220,019 | ||||||||||||||||||
Money market accounts | i 312,689 | i 323,435 | ||||||||||||||||||
Certificate accounts | i 364,092 | i 225,334 | ||||||||||||||||||
Total deposits | $ | i 1,473,235 | $ | i 1,424,720 | ||||||||||||||||
December 31, 2023 | $ | i 80,547 | ||||||
December 31, 2024 | i 255,639 | |||||||
December 31, 2025 | i 19,146 | |||||||
December 31, 2026 | i 2,371 | |||||||
December 31, 2027 | i 677 | |||||||
After December 31, 2027 | i 5,712 | |||||||
Total | $ | i 364,092 |
December 31, 2023 | $ | i 25,706 | ||||||
December 31, 2024 | i 44,334 | |||||||
December 31, 2025 (1) | i 8,634 | |||||||
December 31, 2028 (1) | i 5,489 | |||||||
Total | $ | i 84,163 |
Stated Maturity | Amount | Range of Stated Rates | Stated Maturity | Amount | Range of Stated Rates | |||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (1), (2), (3) (4) | 2023 | $ | i 74,000 | i 1.43 | % | i 5.46 | % | 2023 | $ | i 117,000 | i 1.43 | % | i 4.31 | % | ||||||||||||||||||||||||||||||||||||
2024 | i 20,530 | i 0.00 | % | i 1.45 | % | 2024 | i 20,530 | i 0.00 | % | i 1.45 | % | |||||||||||||||||||||||||||||||||||||||
2025 | i 5,000 | i 1.45 | % | i 1.45 | % | 2025 | i 5,000 | i 1.45 | % | i 1.45 | % | |||||||||||||||||||||||||||||||||||||||
2028 | i 15,000 | i 3.57 | % | i 3.59 | % | i | i | i | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | $ | i 114,530 | $ | i 142,530 | ||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes (5) | 2034 | $ | i 18,083 | i 6.75 | % | i 7.75 | % | 2034 | $ | i 23,250 | i 3.00 | % | i 6.75 | % | ||||||||||||||||||||||||||||||||||||
Subordinated Notes (6) | 2030 | $ | i 15,000 | i 6.00 | % | i 6.00 | % | 2030 | $ | i 15,000 | i 6.00 | % | i 6.00 | % | ||||||||||||||||||||||||||||||||||||
2032 | i 35,000 | i 4.75 | % | i 4.75 | % | 2032 | i 35,000 | i 4.75 | % | i 4.75 | % | |||||||||||||||||||||||||||||||||||||||
$ | i 50,000 | $ | i 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | ( i 676) | ( i 841) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | i 67,407 | $ | i 72,409 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | i 181,937 | $ | i 214,939 |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | i 229,007 | i 14.6 | % | $ | i 125,736 | > = | i 8.0 | % | $ | i 157,170 | > = | i 10.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | i 209,302 | i 13.3 | % | i 94,302 | > = | i 6.0 | % | i 125,736 | > = | i 8.0 | % | |||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | i 209,302 | i 13.3 | % | i 70,727 | > = | i 4.5 | % | i 102,161 | > = | i 6.5 | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | i 209,302 | i 11.6 | % | i 72,145 | > = | i 4.0 | % | i 90,181 | > = | i 5.0 | % | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | i 221,361 | i 14.2 | % | $ | i 124,971 | > = | i 8.0 | % | $ | i 156,213 | > = | i 10.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | i 203,422 | i 13.0 | % | i 93,728 | > = | i 6.0 | % | i 124,971 | > = | i 8.0 | % | |||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | i 203,422 | i 13.0 | % | i 70,296 | > = | i 4.5 | % | i 101,539 | > = | i 6.5 | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | i 203,422 | i 11.5 | % | i 70,610 | > = | i 4.0 | % | i 88,262 | > = | i 5.0 | % | |||||||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | |||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | i 226,800 | i 14.4 | % | $ | i 125,736 | > = | i 8.0 | % | |||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | i 157,095 | i 10.0 | % | i 94,302 | > = | i 6.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | i 157,095 | i 10.0 | % | i 70,727 | > = | i 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | i 157,095 | i 8.7 | % | i 72,145 | > = | i 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | i 218,737 | i 14.0 | % | $ | i 124,971 | > = | i 8.0 | % | |||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | i 150,798 | i 9.7 | % | i 93,728 | > = | i 6.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | i 150,798 | i 9.7 | % | i 70,296 | > = | i 4.5 | % | |||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | i 150,798 | i 8.5 | % | i 70,610 | > = | i 4.0 | % | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Price | Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||||
Restricted Shares | ||||||||||||||||||||||||||
Unvested and outstanding at beginning of year | i 75,626 | $ | i 12.30 | i 75,630 | $ | i 11.20 | ||||||||||||||||||||
Granted | i 50,606 | i 12.36 | i 43,465 | i 13.99 | ||||||||||||||||||||||
Vested | ( i 31,803) | i 12.19 | ( i 40,843) | i 12.12 | ||||||||||||||||||||||
Forfeited | ( i 4,752) | i 11.78 | ( i 2,626) | i 11.04 | ||||||||||||||||||||||
Unvested and outstanding at end of period | i 89,677 | $ | i 12.40 | i 75,626 | $ | i 12.30 |
Option Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term in Years | Aggregate Intrinsic Value | |||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||
Outstanding at beginning of year | i 58,000 | $ | i 11.51 | |||||||||||||||||||||||
Exercised | ( i 3,000) | i 9.21 | ||||||||||||||||||||||||
Forfeited or expired | ( i 1,000) | i 13.76 | ||||||||||||||||||||||||
Outstanding at end of period | i 54,000 | $ | i 11.59 | i 3.09 | $ | i 2 | ||||||||||||||||||||
Exercisable at end of period | i 54,000 | $ | i 11.59 | i 3.09 | $ | i 2 | ||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Outstanding at beginning of year | i 65,900 | $ | i 11.20 | |||||||||||||||||||||||
Exercised | ( i 7,900) | i 8.95 | ||||||||||||||||||||||||
Forfeited or expired | i — | i — | ||||||||||||||||||||||||
Outstanding at end of year | i 58,000 | $ | i 11.51 | i 3.73 | $ | i 65 | ||||||||||||||||||||
Exercisable at end of year | i 58,000 | $ | i 11.51 | i 3.73 | $ | i 65 | ||||||||||||||||||||
Nine months ended September 30, 2023 | Twelve months ended December 31, 2022 | |||||||||||||||||||
Intrinsic value of options exercised | $ | i 2 | $ | i 38 | ||||||||||||||||
Cash received from options exercised | $ | i 28 | $ | i 71 | ||||||||||||||||
Tax benefit realized from options exercised | $ | i — | $ | i — |
Fair Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government agency obligations | $ | i 17,318 | $ | i — | $ | i 17,318 | $ | i — | |||||||||||||||
Mortgage-backed securities | i 69,731 | i — | i 69,731 | i — | |||||||||||||||||||
Corporate debt securities | i 40,889 | i — | i 40,889 | i — | |||||||||||||||||||
Corporate asset-backed securities | i 25,476 | i — | i 25,476 | i — | |||||||||||||||||||
Total investment securities | i 153,414 | i — | i 153,414 | i — | |||||||||||||||||||
Equity Investments: | |||||||||||||||||||||||
Equity Investments | i 450 | i 450 | i — | i — | |||||||||||||||||||
Equity investments measured at NAV(1) | i 1,983 | — | — | — | |||||||||||||||||||
Total equity investments | i 2,433 | i 450 | i — | i — | |||||||||||||||||||
Total | $ | i 155,847 | $ | i 450 | $ | i 153,414 | $ | i — | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government agency obligations | $ | i 18,313 | $ | i — | $ | i 18,313 | $ | i — | |||||||||||||||
Mortgage-backed securities | i 78,610 | i — | i 78,610 | i — | |||||||||||||||||||
Corporate debt securities | i 40,251 | i — | i 40,251 | i — | |||||||||||||||||||
Corporate asset backed securities | i 28,817 | i — | i 28,817 | i — | |||||||||||||||||||
Total investment securities | i 165,991 | i — | i 165,991 | i — | |||||||||||||||||||
Equity Investments: | |||||||||||||||||||||||
Equity Investments | i 338 | i 338 | i — | i — | |||||||||||||||||||
Equity investments measured at NAV(1) | i 1,456 | — | — | — | |||||||||||||||||||
Total equity investments | i 1,794 | i 338 | i — | i — | |||||||||||||||||||
Total | $ | i 167,785 | $ | i 338 | $ | i 165,991 | $ | i — | |||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | i 1,046 | $ | i — | $ | i — | $ | i 1,046 | |||||||||||||||
Collateral dependent loans with allowances | i 293 | i — | i — | i 293 | |||||||||||||||||||
Mortgage servicing rights | i 3,944 | i — | i — | i 5,701 | |||||||||||||||||||
Total | $ | i 5,283 | $ | i — | $ | i — | $ | i 7,040 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | i 1,271 | $ | i — | $ | i — | $ | i 1,271 | |||||||||||||||
Impaired loans with allocated allowances | i 6,920 | i — | i — | i 6,920 | |||||||||||||||||||
Mortgage servicing rights | i 4,262 | i — | i — | i 5,665 | |||||||||||||||||||
Total | $ | i 12,453 | $ | i — | $ | i — | $ | i 13,856 |
Fair Value | Valuation Techniques (1) | Significant Unobservable Inputs (2) | Range | ||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | i 1,046 | Appraisal value | Estimated costs to sell | i 10% - i 15% | ||||||||||||||||||
Collateral dependent loans with allowances | $ | i 293 | Appraisal value | Estimated costs to sell | i 10% - i 15% | ||||||||||||||||||
Mortgage servicing rights | $ | i 5,701 | Discounted cash flows | Discounted rates | i 10.125%
- i 13.125% | ||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Foreclosed and repossessed assets, net | $ | i 1,271 | Appraisal value | Estimated costs to sell | i 10% - i 15% | ||||||||||||||||||
Impaired loans with allocated allowances | $ | i 6,920 | Appraisal value | Estimated costs to sell | i 10%
- i 15% | ||||||||||||||||||
Mortgage servicing rights | $ | i 5,665 | Discounted cash flows | Discounted rates | i 9.5% - i 12.5% |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Valuation Method Used | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | (Level I) | $ | i 32,532 | $ | i 32,532 | $ | i 35,363 | $ | i 35,363 | ||||||||||||||||||||
Other interest-bearing deposits | (Level II) | i — | i — | i 249 | i 250 | ||||||||||||||||||||||||
Securities available for sale “AFS” | (Level II) | i 153,414 | i 153,414 | i 165,991 | i 165,991 | ||||||||||||||||||||||||
Securities held to maturity “HTM” | (Level II) | i 92,336 | i 68,752 | i 96,379 | i 76,779 | ||||||||||||||||||||||||
Equity investments | (Level I) | i 450 | i 450 | i 338 | i 338 | ||||||||||||||||||||||||
Equity investments valued at NAV(1) | N/A | i 1,983 | i 1,983 | i 1,456 | i 1,456 | ||||||||||||||||||||||||
Other investments | (Level II) | i 15,109 | i 15,109 | i 15,834 | i 15,834 | ||||||||||||||||||||||||
Loans receivable, net | (Level III) | i 1,424,556 | i 1,357,089 | i 1,393,845 | i 1,342,838 | ||||||||||||||||||||||||
Loans held for sale - Residential mortgage | (Level I) | i 904 | i 914 | i — | i — | ||||||||||||||||||||||||
Loans held for sale - SBA /FSA | (Level II) | i 1,833 | i 1,833 | i — | i — | ||||||||||||||||||||||||
Mortgage servicing rights | (Level III) | i 3,944 | i 5,701 | i 4,262 | i 5,665 | ||||||||||||||||||||||||
Accrued interest receivable | (Level I) | i 5,936 | i 5,936 | i 5,285 | i 5,285 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | (Level III) | $ | i 1,473,235 | $ | i 1,470,098 | $ | i 1,424,720 | $ | i 1,420,871 | ||||||||||||||||||||
FHLB advances | (Level II) | i 114,530 | i 113,571 | i 142,530 | i 141,060 | ||||||||||||||||||||||||
Other borrowings | (Level II) | i 67,407 | i 59,450 | i 72,409 | i 72,409 | ||||||||||||||||||||||||
Accrued interest payable | (Level I) | i 1,623 | i 1,623 | i 968 | i 968 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(Share count in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | i 2,498 | $ | i 3,993 | $ | i 9,366 | $ | i 13,065 | ||||||||||||||||||
Weighted average common shares outstanding | i 10,470 | i 10,510 | i 10,473 | i 10,522 | ||||||||||||||||||||||
Basic earnings per share | $ | i 0.24 | $ | i 0.38 | $ | i 0.89 | $ | i 1.24 | ||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | i 2,498 | $ | i 3,993 | $ | i 9,366 | $ | i 13,065 | ||||||||||||||||||
Weighted average common shares outstanding | i 10,470 | i 10,510 | i 10,473 | i 10,522 | ||||||||||||||||||||||
Add: Dilutive stock options outstanding | i — | i 9 | i 2 | i 11 | ||||||||||||||||||||||
Average shares and dilutive potential common shares | i 10,470 | i 10,519 | i 10,475 | i 10,533 | ||||||||||||||||||||||
Diluted earnings per share | $ | i 0.24 | $ | i 0.38 | $ | i 0.89 | $ | i 1.24 | ||||||||||||||||||
Additional common stock option shares that have not been included due to their antidilutive effect | i 40 | i 21 | i 40 | i — |
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Benefit (Expense) | Net-of-Tax Amount | Before-Tax Amount | Tax Benefit (Expense) | Net-of-Tax Amount | ||||||||||||||||||||||||||||||
Unrealized (losses) gains on securities: | |||||||||||||||||||||||||||||||||||
Net unrealized losses arising during the period | $ | ( i 3,701) | $ | i 839 | $ | ( i 2,862) | $ | ( i 6,868) | $ | i 1,888 | $ | ( i 4,980) | |||||||||||||||||||||||
Other comprehensive loss | $ | ( i 3,701) | $ | i 839 | $ | ( i 2,862) | $ | ( i 6,868) | $ | i 1,888 | $ | ( i 4,980) |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Benefit (Expense) | Net-of-Tax Amount | Before-Tax Amount | Tax Benefit (Expense) | Net-of-Tax Amount | ||||||||||||||||||||||||||||||
Unrealized (losses) gains on securities: | |||||||||||||||||||||||||||||||||||
Net unrealized losses arising during the period | $ | ( i 5,373) | $ | i 1,299 | $ | ( i 4,074) | $ | ( i 24,024) | $ | i 6,606 | $ | ( i 17,418) | |||||||||||||||||||||||
Reclassification adjustment for gains included in net income | ( i 12) | i 3 | ( i 9) | i — | i — | i — | |||||||||||||||||||||||||||||
Other comprehensive loss | $ | ( i 5,385) | $ | i 1,302 | $ | ( i 4,083) | $ | ( i 24,024) | $ | i 6,606 | $ | ( i 17,418) |
Unrealized Gains (Losses) on AFS Securities | Other Accumulated Comprehensive Income (Loss), net of tax | ||||||||||||||||
Beginning Balance, January 1, 2022 | $ | i 222 | $ | i 161 | |||||||||||||
Current year-to-date other comprehensive loss | ( i 24,575) | ( i 17,817) | |||||||||||||||
Ending balance, December 31, 2022 | $ | ( i 24,353) | $ | ( i 17,656) | |||||||||||||
Current year-to-date other comprehensive loss | ( i 5,385) | ( i 4,083) | |||||||||||||||
Ending balance, September 30, 2023 | $ | ( i 29,738) | $ | ( i 21,739) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, 2023 | Nine months ended September 30, 2023 | (1) | Affected Line Item on the Statement of Operations | ||||||||||||||||
Unrealized gains and losses | ||||||||||||||||||||
Sale of securities | $ | i — | $ | i 12 | Net gains (losses) on investment securities | |||||||||||||||
Tax effect | i — | ( i 3) | Provision for income taxes | |||||||||||||||||
Total reclassifications for the period | $ | i — | $ | i 9 | Net income attributable to common stockholders |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Three months ended September 30, 2022 | Nine months ended September 30, 2022 | (1) | Affected Line Item on the Statement of Operations | ||||||||||||||||
Unrealized gains and losses | ||||||||||||||||||||
Sale of securities | $ | i — | $ | i — | Net gains (losses) on investment securities | |||||||||||||||
Tax effect | i — | i — | Provision for income taxes | |||||||||||||||||
Total reclassifications for the period | $ | i — | $ | i — | Net income attributable to common stockholders |
Three months ended
September 30, 2023 | Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Average interest earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21,298 | $ | 302 | 5.63 | % | $ | 11,043 | $ | 60 | 2.16 | % | |||||||||||||||||||||||
Loans | 1,435,284 | 19,083 | 5.27 | % | 1,370,897 | 15,937 | 4.61 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | — | — | — | % | 1,079 | 7 | 2.57 | % | |||||||||||||||||||||||||||
Investment securities (1) | 252,226 | 2,119 | 3.33 | % | 274,868 | 1,768 | 2.57 | % | |||||||||||||||||||||||||||
Other investments | 15,511 | 268 | 6.85 | % | 14,910 | 187 | 4.98 | % | |||||||||||||||||||||||||||
Total interest earning assets (1) | $ | 1,724,319 | $ | 21,772 | 5.01 | % | $ | 1,672,797 | $ | 17,959 | 4.26 | % | |||||||||||||||||||||||
Average interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 199,279 | $ | 328 | 0.65 | % | $ | 238,095 | $ | 211 | 0.35 | % | |||||||||||||||||||||||
Demand deposits | 354,073 | 1,863 | 2.09 | % | 413,033 | 575 | 0.55 | % | |||||||||||||||||||||||||||
Money market | 298,098 | 1,889 | 2.51 | % | 331,469 | 519 | 0.62 | % | |||||||||||||||||||||||||||
CD’s | 358,238 | 3,308 | 3.66 | % | 160,960 | 376 | 0.93 | % | |||||||||||||||||||||||||||
Total deposits | $ | 1,209,688 | $ | 7,388 | 2.42 | % | $ | 1,143,557 | $ | 1,681 | 0.58 | % | |||||||||||||||||||||||
FHLB Advances and other borrowings | 182,967 | 2,263 | 4.91 | % | 192,338 | 1,821 | 3.76 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 1,392,655 | $ | 9,651 | 2.75 | % | $ | 1,335,895 | $ | 3,502 | 1.04 | % | |||||||||||||||||||||||
Net interest income | $ | 12,121 | $ | 14,457 | |||||||||||||||||||||||||||||||
Interest rate spread | 2.26 | % | 3.22 | % | |||||||||||||||||||||||||||||||
Net interest margin (1) | 2.79 | % | 3.43 | % | |||||||||||||||||||||||||||||||
Average interest earning assets to average interest-bearing liabilities | 1.24 | 1.25 |
Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | Average Balance | Interest Income/ Expense | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Average interest earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 19,066 | $ | 768 | 5.39 | % | $ | 23,727 | $ | 116 | 0.65 | % | |||||||||||||||||||||||
Loans | 1,420,423 | 54,169 | 5.10 | % | 1,334,811 | 44,597 | 4.47 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 84 | 1 | 1.59 | % | 1,365 | 22 | 2.15 | % | |||||||||||||||||||||||||||
Investment securities (1) | 261,507 | 6,505 | 3.33 | % | 282,771 | 4,777 | 3.38 | % | |||||||||||||||||||||||||||
Other investments | 16,447 | 779 | 6.33 | % | 15,044 | 526 | 4.67 | % | |||||||||||||||||||||||||||
Total interest earning assets (1) | $ | 1,717,527 | $ | 62,222 | 4.84 | % | $ | 1,657,718 | $ | 50,038 | 4.04 | % | |||||||||||||||||||||||
Average interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 208,446 | $ | 1,103 | 0.71 | % | $ | 237,677 | $ | 442 | 0.25 | % | |||||||||||||||||||||||
Demand deposits | 370,235 | 5,047 | 1.82 | % | 411,471 | 1,045 | 0.34 | % | |||||||||||||||||||||||||||
Money market | 298,957 | 4,759 | 2.13 | % | 318,246 | 1,011 | 0.42 | % | |||||||||||||||||||||||||||
CD’s | 300,279 | 6,989 | 3.11 | % | 169,804 | 1,236 | 0.97 | % | |||||||||||||||||||||||||||
Total deposits | $ | 1,177,917 | $ | 17,898 | 2.03 | % | $ | 1,137,198 | $ | 3,734 | 0.44 | % | |||||||||||||||||||||||
FHLB Advances and other borrowings | 214,034 | 7,722 | 4.82 | % | 181,598 | 4,413 | 3.25 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | $ | 1,391,951 | $ | 25,620 | 2.46 | % | $ | 1,318,796 | $ | 8,147 | 0.83 | % | |||||||||||||||||||||||
Net interest income | $ | 36,602 | $ | 41,891 | |||||||||||||||||||||||||||||||
Interest rate spread | 2.38 | % | 3.21 | % | |||||||||||||||||||||||||||||||
Net interest margin (1) | 2.85 | % | 3.38 | % | |||||||||||||||||||||||||||||||
Average interest earning assets to average interest bearing liabilities | 1.23 | 1.26 |
Increase (decrease) due to | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Cash and cash equivalents | $ | 76 | $ | 166 | $ | 242 | |||||||||||
Loans | 774 | 2,372 | 3,146 | ||||||||||||||
Interest-bearing deposits | (7) | — | (7) | ||||||||||||||
Investment securities | (157) | 508 | 351 | ||||||||||||||
Other investments | 8 | 73 | 81 | ||||||||||||||
Total interest earning assets | 694 | 3,119 | 3,813 | ||||||||||||||
Interest expense: | |||||||||||||||||
Savings accounts | (40) | 157 | 117 | ||||||||||||||
Demand deposits | (95) | 1,383 | 1,288 | ||||||||||||||
Money market accounts | (58) | 1,428 | 1,370 | ||||||||||||||
CD’s | 675 | 2,257 | 2,932 | ||||||||||||||
Total deposits | 482 | 5,225 | 5,707 | ||||||||||||||
FHLB Advances and other borrowings | (93) | 535 | 442 | ||||||||||||||
Total interest bearing liabilities | 389 | 5,760 | 6,149 | ||||||||||||||
Net interest income | $ | 305 | $ | (2,641) | $ | (2,336) |
Increase (decrease) due to | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
Interest income: | |||||||||||||||||
Cash and cash equivalents | $ | (28) | $ | 680 | $ | 652 | |||||||||||
Loans | 2,981 | 6,591 | 9,572 | ||||||||||||||
Interest-bearing deposits | (15) | (6) | (21) | ||||||||||||||
Investment securities | (530) | 2,258 | 1,728 | ||||||||||||||
Other investments | 52 | 201 | 253 | ||||||||||||||
Total interest earning assets | 2,460 | 9,724 | 12,184 | ||||||||||||||
Interest expense: | |||||||||||||||||
Savings accounts | (61) | 722 | 661 | ||||||||||||||
Demand deposits | (116) | 4,118 | 4,002 | ||||||||||||||
Money market accounts | (65) | 3,813 | 3,748 | ||||||||||||||
CD’s | 1,294 | 4,459 | 5,753 | ||||||||||||||
Total deposits | 1,052 | 13,112 | 14,164 | ||||||||||||||
FHLB Advances and other borrowings | 879 | 2,430 | 3,309 | ||||||||||||||
Total interest bearing liabilities | 1,931 | 15,542 | 17,473 | ||||||||||||||
Net interest income | $ | 529 | $ | (5,818) | $ | (5,289) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Non-interest Income: | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 491 | $ | 535 | (8.22) | % | $ | 1,464 | $ | 1,505 | (2.72) | % | |||||||||||||||||||||||
Interchange income | 601 | 597 | 0.67 | % | 1,743 | 1,760 | (0.97) | % | |||||||||||||||||||||||||||
Loan servicing income | 611 | 611 | — | % | 1,679 | 1,912 | (12.19) | % | |||||||||||||||||||||||||||
Gain on sale of loans | 299 | 194 | 54.12 | % | 1,501 | 1,330 | 12.86 | % | |||||||||||||||||||||||||||
Loan fees and service charges | 140 | 267 | (47.57) | % | 308 | 500 | (38.40) | % | |||||||||||||||||||||||||||
Net gains (losses) on investment securities | 116 | (55) | N/M | 182 | (167) | N/M | |||||||||||||||||||||||||||||
Other | 307 | 323 | (4.95) | % | 893 | 717 | 24.55 | % | |||||||||||||||||||||||||||
Total non-interest income | $ | 2,565 | $ | 2,472 | 3.76 | % | $ | 7,770 | $ | 7,557 | 2.82 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Non-interest Expense: | |||||||||||||||||||||||||||||||||||
Compensation and related benefits | $ | 5,293 | $ | 5,900 | (10.29) | % | $ | 15,967 | $ | 16,887 | (5.45) | % | |||||||||||||||||||||||
Occupancy | 1,335 | 1,429 | (6.58) | % | 4,117 | 4,137 | (0.48) | % | |||||||||||||||||||||||||||
Data processing | 1,536 | 1,382 | 11.14 | % | 4,440 | 4,098 | 8.35 | % | |||||||||||||||||||||||||||
Amortization of intangible assets | 179 | 399 | (55.14) | % | 576 | 1,197 | (51.88) | % | |||||||||||||||||||||||||||
Mortgage servicing rights expense, net | 150 | 197 | (23.86) | % | 456 | 65 | 601.54 | % | |||||||||||||||||||||||||||
Advertising, marketing and public relations | 185 | 300 | (38.33) | % | 472 | 762 | (38.06) | % | |||||||||||||||||||||||||||
FDIC premium assessment | 204 | 119 | 71.43 | % | 608 | 352 | 72.73 | % | |||||||||||||||||||||||||||
Professional services | 342 | 382 | (10.47) | % | 1,153 | 1,152 | 0.09 | % | |||||||||||||||||||||||||||
Gains on repossessed assets, net | 100 | (8) | 1350.00 | % | 62 | (17) | 464.71 | % | |||||||||||||||||||||||||||
New market tax credit depletion | — | 163 | N/M | — | 488 | N/M | |||||||||||||||||||||||||||||
Other | 645 | 1,014 | (36.39) | % | 2,085 | 2,286 | (8.79) | % | |||||||||||||||||||||||||||
Total non-interest expense | $ | 9,969 | $ | 11,277 | (11.60) | % | $ | 29,936 | $ | 31,407 | (4.68) | % | |||||||||||||||||||||||
Non-interest expense (annualized) / Average assets | 2.15 | % | 2.51 | % | (14.34) | % | 2.18 | % | 2.38 | % | (8.40) | % |
Available for sale securities | Amortized Cost | Fair Value | |||||||||
September 30, 2023 | |||||||||||
U.S. government agency obligations | $ | 17,452 | $ | 17,318 | |||||||
Mortgage-backed securities | 92,722 | 69,731 | |||||||||
Corporate debt securities | 47,153 | 40,889 | |||||||||
Corporate asset-backed securities | 25,825 | 25,476 | |||||||||
Totals | $ | 183,152 | $ | 153,414 | |||||||
December 31, 2022 | |||||||||||
U.S. government agency obligations | $ | 18,373 | $ | 18,313 | |||||||
Mortgage-backed securities | 97,458 | 78,610 | |||||||||
Corporate debt securities | 44,636 | 40,251 | |||||||||
Corporate asset-backed securities | 29,877 | 28,817 | |||||||||
Totals | $ | 190,344 | $ | 165,991 |
Held to maturity securities | Amortized Cost | Fair Value | |||||||||
September 30, 2023 | |||||||||||
Obligations of states and political subdivisions | $ | 600 | $ | 552 | |||||||
Mortgage-backed securities | 91,736 | 68,200 | |||||||||
Totals | $ | 92,336 | $ | 68,752 | |||||||
December 31, 2022 | |||||||||||
Obligations of states and political subdivisions | $ | 600 | $ | 546 | |||||||
Mortgage-backed securities | 95,779 | 76,233 | |||||||||
Totals | $ | 96,379 | $ | 76,779 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Available for sale securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
U.S. government agency | $ | 101,098 | $ | 78,071 | $ | 112,477 | $ | 93,669 | |||||||||||||||
AAA | 10,112 | 9,892 | 8,640 | 8,334 | |||||||||||||||||||
AA | 24,790 | 24,563 | 24,591 | 23,737 | |||||||||||||||||||
A | 8,200 | 7,379 | 5,700 | 5,133 | |||||||||||||||||||
BBB | 38,952 | 33,509 | 38,936 | 35,118 | |||||||||||||||||||
Non-rated | — | — | — | — | |||||||||||||||||||
Total available for sale securities | $ | 183,152 | $ | 153,414 | $ | 190,344 | $ | 165,991 |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Held to maturity securities | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
U.S. government agency | $ | 91,736 | $ | 68,200 | $ | 95,779 | $ | 76,233 | |||||||||||||||
AAA | — | — | — | — | |||||||||||||||||||
AA | — | — | — | — | |||||||||||||||||||
A | 600 | 552 | 600 | 546 | |||||||||||||||||||
Total | $ | 92,336 | $ | 68,752 | $ | 96,379 | $ | 76,779 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Commercial/Agricultural real estate | ||||||||||||||||||||||||||
Commercial real estate | $ | 750,282 | 51.8 | % | $ | 725,971 | 51.5 | % | ||||||||||||||||||
Agricultural real estate | 84,558 | 5.8 | % | 87,908 | 6.2 | % | ||||||||||||||||||||
Multi-family real estate | 219,193 | 15.1 | % | 208,908 | 14.8 | % | ||||||||||||||||||||
Construction and land development | 109,799 | 7.6 | % | 102,492 | 7.3 | % | ||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||
Residential mortgage | 125,939 | 8.7 | % | 105,389 | 7.5 | % | ||||||||||||||||||||
Purchased HELOC loans | 2,881 | 0.2 | % | 3,262 | 0.2 | % | ||||||||||||||||||||
Total real estate loans | 1,292,652 | 89.3 | % | 1,233,930 | 87.5 | % | ||||||||||||||||||||
C&I/Agricultural operating and Consumer Installment Loans: | ||||||||||||||||||||||||||
C&I/Agricultural operating | ||||||||||||||||||||||||||
Commercial and industrial (“C&I”) | 121,033 | 8.4 | % | 136,013 | 9.6 | % | ||||||||||||||||||||
Agricultural operating | 24,552 | 1.7 | % | 28,806 | 2.0 | % | ||||||||||||||||||||
Consumer installment | ||||||||||||||||||||||||||
Originated indirect paper | 7,175 | 0.5 | % | 10,236 | 0.7 | % | ||||||||||||||||||||
Other consumer | 6,440 | 0.4 | % | 7,150 | 0.5 | % | ||||||||||||||||||||
Total C&I/Agricultural operating and Consumer installment Loans | 159,200 | 11.0 | % | 182,205 | 12.8 | % | ||||||||||||||||||||
Gross loans | $ | 1,451,852 | 100.3 | % | $ | 1,416,135 | 100.3 | % | ||||||||||||||||||
Unearned net deferred fees and costs and loans in process | (3,048) | (0.2) | % | (2,585) | (0.2) | % | ||||||||||||||||||||
Unamortized discount on acquired loans | (1,275) | (0.1) | % | (1,766) | (0.1) | % | ||||||||||||||||||||
Total loans (net of unearned income and deferred expense) | 1,447,529 | 100.0 | % | 1,411,784 | 100.0 | % | ||||||||||||||||||||
Allowance for credit losses | (22,973) | (17,939) | ||||||||||||||||||||||||
Total loans receivable, net | $ | 1,424,556 | $ | 1,393,845 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September
30, 2022 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses (“ACL”) | ||||||||||||||||||||||||||||||||||||||
ACL - Loans, at beginning of period | $ | 23,164 | $ | 16,825 | $ | 17,939 | $ | 16,913 | ||||||||||||||||||||||||||||||
Cumulative effect of ASU 2016-13 adoption | — | — | 4,706 | — | ||||||||||||||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | — | (48) | (46) | (205) | ||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | — | — | — | (310) | ||||||||||||||||||||||||||||||||||
Residential mortgage | (54) | — | (78) | (68) | ||||||||||||||||||||||||||||||||||
Consumer installment | (3) | (9) | (30) | (34) | ||||||||||||||||||||||||||||||||||
Total loans charged off | (57) | (57) | (154) | (617) | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 206 | 35 | 236 | 41 | ||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 10 | 8 | 41 | 27 | ||||||||||||||||||||||||||||||||||
Residential mortgage | — | 3 | 40 | 29 | ||||||||||||||||||||||||||||||||||
Consumer installment | 2 | 28 | 24 | 49 | ||||||||||||||||||||||||||||||||||
Total recoveries of loans previously charged off: | 218 | 74 | 341 | 146 | ||||||||||||||||||||||||||||||||||
Net loan recoveries/(charge-offs) (“NCOs”) | 161 | 17 | 187 | (471) | ||||||||||||||||||||||||||||||||||
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations | (352) | 375 | 141 | 775 | ||||||||||||||||||||||||||||||||||
ACL - Loans, at end of period | $ | 22,973 | $ | 17,217 | $ | 22,973 | $ | 17,217 | ||||||||||||||||||||||||||||||
Average outstanding loan balance | $ | 1,435,284 | $ | 1,370,897 | $ | 1,420,423 | $ | 1,334,811 | ||||||||||||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||||||||
NCOs (annualized) to average loans | (0.04) | % | — | % | (0.02) | % | 0.05 | % |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Three months ended Septemeber 30, 2023 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans: | |||||||||||||||||||||||||||||||||||
ACL - Loans, at beginning of period | $ | 18,933 | $ | 1,458 | $ | 2,452 | $ | 321 | $ | — | $ | 23,164 | |||||||||||||||||||||||
Charge-offs | — | — | (54) | (3) | — | (57) | |||||||||||||||||||||||||||||
Recoveries | 206 | 10 | — | 2 | — | 218 | |||||||||||||||||||||||||||||
(Reversals)/additions to ACL - Loans via provision for credit losses charged to operations | (284) | (279) | 235 | (24) | — | (352) | |||||||||||||||||||||||||||||
ACL - Loans, at end of period | $ | 18,855 | $ | 1,189 | $ | 2,633 | $ | 296 | $ | — | $ | 22,973 |
Commercial/Agricultural Real Estate | C&I/Agricultural operating | Residential Mortgage | Consumer Installment | Unallocated | Total | ||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||
Allowance for Credit Losses - Loans: | |||||||||||||||||||||||||||||||||||
ACL - Loans, at beginning of period | $ | 14,085 | $ | 2,318 | $ | 599 | $ | 129 | $ | 808 | $ | 17,939 | |||||||||||||||||||||||
Cumulative effect of ASU 2016-13 adoption | 4,510 | (331) | 1,119 | 216 | (808) | 4,706 | |||||||||||||||||||||||||||||
Charge-offs | (46) | — | (78) | (30) | — | (154) | |||||||||||||||||||||||||||||
Recoveries | 236 | 41 | 40 | 24 | — | 341 | |||||||||||||||||||||||||||||
Additions/(reversals) to ACL - Loans via provision for credit losses charged to operations | 70 | (839) | 953 | (43) | — | 141 | |||||||||||||||||||||||||||||
ACL - Loans, at end of period | $ | 18,855 | $ | 1,189 | $ | 2,633 | $ | 296 | $ | — | $ | 22,973 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Loans, end of period | $ | 1,447,529 | $ | 1,411,784 | ||||||||||||||||||||||
ACL - Loans | $ | 22,973 | $ | 17,939 | ||||||||||||||||||||||
ACL - Loans to loans, end of period | 1.59 | % | 1.27 | % |
September 30, 2023 and Three Months Ended | September 30, 2023 and Nine Months Ended | |||||||||||||
ACL - Unfunded Commitments - beginning of period | $ | 1,544 | $ | — | ||||||||||
Cumulative effect of ASU 2016-13 adoption | — | 1,537 | ||||||||||||
Increases to ACL - Unfunded Commitments via provision for credit losses charged to operations | 27 | 34 | ||||||||||||
ACL - Unfunded Commitments - end of period | $ | 1,571 | $ | 1,571 |
September 30, 2023 and Nine Months Then Ended (1) | December 31, 2022 and Twelve Months Then Ended (2) | ||||||||||
Nonperforming assets: | |||||||||||
Nonaccrual loans | |||||||||||
Commercial real estate | $ | 10,570 | $ | 5,736 | |||||||
Agricultural real estate | 469 | 2,742 | |||||||||
Construction and land development | 94 | — | |||||||||
Commercial and industrial | — | 552 | |||||||||
Agricultural operating | 1,373 | 890 | |||||||||
Residential mortgage | 923 | 1,253 | |||||||||
Consumer installment | 27 | 31 | |||||||||
Total nonaccrual loans | $ | 13,456 | $ | 11,204 | |||||||
Accruing loans past due 90 days or more | 971 | 246 | |||||||||
Total nonperforming loans (“NPLs”) | 14,427 | 11,450 | |||||||||
Other real estate owned | 1,046 | 1,265 | |||||||||
Other collateral owned | — | 6 | |||||||||
Total nonperforming assets (“NPAs”) | $ | 15,473 | $ | 12,721 | |||||||
Average outstanding loan balance | $ | 1,420,423 | $ | 1,351,052 | |||||||
Loans, end of period | $ | 1,447,529 | $ | 1,411,784 | |||||||
Total assets, end of period | $ | 1,831,087 | $ | 1,816,386 | |||||||
ACL - Loans, at beginning of period | $ | 17,939 | $ | 16,913 | |||||||
Cumulative effect of ASU 2016-13 adoption | 4,706 | — | |||||||||
Loans charged off: | |||||||||||
Commercial/Agricultural real estate | (46) | (205) | |||||||||
C&I/Agricultural operating | — | (346) | |||||||||
Residential mortgage | (78) | (68) | |||||||||
Consumer installment | (30) | (48) | |||||||||
Total loans charged off | (154) | (667) | |||||||||
Recoveries of loans previously charged off: | |||||||||||
Commercial/Agricultural real estate | 236 | 102 | |||||||||
C&I/Agricultural operating | 41 | 36 | |||||||||
Residential mortgage | 40 | 29 | |||||||||
Consumer installment | 24 | 51 | |||||||||
Total recoveries of loans previously charged off: | 341 | 218 | |||||||||
Net loan recoveries/(charge-offs) (“NCOs”) | 187 | (449) | |||||||||
Additions to ACL - loans via provision for credit losses charged to operations | 141 | 1,475 | |||||||||
ACL - Loans, at end of period | $ | 22,973 | $ | 17,939 | |||||||
Ratios: | |||||||||||
ACL-Loans to NCOs (annualized) | (9,188.53) | % | 3,995.32 | % | |||||||
NCOs (annualized) to average loans | 0.02 | % | 0.03 | % | |||||||
ACL-Loans to total loans | 1.59 | % | 1.27 | % | |||||||
ACL-Loans to nonaccrual loans | 170.73 | % | 160.11 | % | |||||||
Nonaccrual loans to total loans | 0.93 | % | 0.79 | % | |||||||
NPLs to total loans | 1.00 | % | 0.81 | % | |||||||
NPAs to total assets | 0.85 | % | 0.70 | % |
Quarter Ended | |||||||||||||||||||||||||||||
September 30, 2023 | June
30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Balance, beginning of period | $ | 15,663 | $ | 10,410 | $ | 11,204 | $ | 10,772 | $ | 10,434 | |||||||||||||||||||
Additions | 33 | 7,826 | 154 | 1,039 | 257 | ||||||||||||||||||||||||
Charge offs | — | (23) | (49) | (37) | (4) | ||||||||||||||||||||||||
Transfers to OREO | (53) | (110) | (25) | — | (27) | ||||||||||||||||||||||||
Return to accrual status | (190) | — | (252) | — | (117) | ||||||||||||||||||||||||
Repurchases of government guaranteed loans | — | — | — | — | 517 | ||||||||||||||||||||||||
Payments received | (1,994) | (2,429) | (527) | (561) | (288) | ||||||||||||||||||||||||
Other, net | (3) | (11) | (95) | (9) | — | ||||||||||||||||||||||||
Balance, end of period | $ | 13,456 | $ | 15,663 | $ | 10,410 | $ | 11,204 | $ | 10,772 |
Term Extension | ||||||||||||||
Loan Class | Amortized Cost Basis at September 30, 2023 | % of Total Class of Financing Receivables | ||||||||||||
Commercial real estate | $ | 4,826 | 0.65 | % | ||||||||||
Residential mortgage | $ | 36 | 0.03 | % | ||||||||||
Other-Than-Insignificant Payment Delay | ||||||||||||||
Loan Class | Amortized Cost Basis at September 30, 2023 | % of Total Class of Financing Receivables | ||||||||||||
Residential mortgage | $ | 69 | 0.06 | % | ||||||||||
Other consumer | $ | 20 | 0.31 | % |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Modifications | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: Accrual Status | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial/Agricultural real estate | 10 | $ | 1,336 | ||||||||||||||||||||||||||||||||||||||||||||
C&I/Agricultural operating | 5 | 960 | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 36 | 2,875 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer installment | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total loans | 51 | $ | 5,171 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
(Loan balance at unpaid principal balance) | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||
Special mention loan balances | $ | 20,043 | $ | 20,507 | $ | 6,636 | $ | 12,170 | $ | 20,178 | ||||||||||||||||||||||
Substandard loan balances | 16,171 | 19,203 | 15,439 | 17,319 | 20,227 | |||||||||||||||||||||||||||
Criticized loans, end of period | $ | 36,214 | $ | 39,710 | $ | 22,075 | $ | 29,489 | $ | 40,405 |
September
30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer deposits | $ | 794,970 | $ | 790,404 | $ | 786,614 | $ | 805,598 | ||||||||||||||||||||||||||||||||||||||||||
Commercial deposits | 429,358 | 401,079 | 391,534 | 405,733 | ||||||||||||||||||||||||||||||||||||||||||||||
Public deposits | 163,734 | 175,869 | 194,683 | 173,548 | ||||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 85,173 | 97,330 | 63,962 | 39,841 | ||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 1,473,235 | $ | 1,464,682 | $ | 1,436,793 | $ | 1,424,720 |
September
30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||
Non-interest bearing demand deposits | $ | 275,790 | $ | 261,876 | $ | 247,735 | $ | 284,722 | ||||||||||||||||||
Interest bearing demand deposits | 336,962 | 358,226 | 390,730 | 371,210 | ||||||||||||||||||||||
Savings accounts | 183,702 | 206,380 | 214,537 | 220,019 | ||||||||||||||||||||||
Money market accounts | 312,689 | 288,934 | 309,005 | 323,435 | ||||||||||||||||||||||
Certificate accounts | 364,092 | 349,266 | 274,786 | 225,334 | ||||||||||||||||||||||
Total deposits | $ | 1,473,235 | $ | 1,464,682 | $ | 1,436,793 | $ | 1,424,720 | ||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stated Maturity | Amount | Range of Stated Rates | Stated Maturity | Amount | Range of Stated Rates | |||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances (1), (2), (3) (4) | 2023 | $ | 74,000 | 1.43 | % | 5.46 | % | 2023 | $ | 117,000 | 1.43 | % | 4.31 | % | ||||||||||||||||||||||||||||||||||||
2024 | 20,530 | 0.00 | % | 1.45 | % | 2024 | 20,530 | 0.00 | % | 1.45 | % | |||||||||||||||||||||||||||||||||||||||
2025 | 5,000 | 1.45 | % | 1.45 | % | 2025 | 5,000 | 1.45 | % | 1.45 | % | |||||||||||||||||||||||||||||||||||||||
2028 | 15,000 | 3.57 | % | 3.59 | % | |||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | $ | 114,530 | $ | 142,530 | ||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes (5) | 2034 | $ | 18,083 | 6.75 | % | 7.75 | % | 2034 | $ | 23,250 | 3.00 | % | 6.75 | % | ||||||||||||||||||||||||||||||||||||
Subordinated Notes (6) | 2030 | $ | 15,000 | 6.00 | % | 6.00 | % | 2030 | $ | 15,000 | 6.00 | % | 6.00 | % | ||||||||||||||||||||||||||||||||||||
2032 | 35,000 | 4.75 | % | 4.75 | % | 2032 | 35,000 | 4.75 | % | 4.75 | % | |||||||||||||||||||||||||||||||||||||||
$ | 50,000 | $ | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | (676) | (841) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 67,407 | $ | 72,409 | ||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 181,937 | $ | 214,939 |
Actual | For
Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 229,007 | 14.6 | % | $ | 125,736 | > = | 8.0 | % | $ | 157,170 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 209,302 | 13.3 | % | 94,302 | > = | 6.0 | % | 125,736 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 209,302 | 13.3 | % | 70,727 | > = | 4.5 | % | 102,161 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 209,302 | 11.6 | % | 72,145 | > = | 4.0 | % | 90,181 | > = | 5.0 | % | ||||||||||||||||||||||||||||||||||||
As of December 31, 2022 (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 221,361 | 14.2 | % | $ | 124,971 | > = | 8.0 | % | $ | 156,213 | > = | 10.0 | % | |||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 203,422 | 13.0 | % | 93,728 | > = | 6.0 | % | 124,971 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 203,422 | 13.0 | % | 70,296 | > = | 4.5 | % | 101,539 | > = | 6.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 203,422 | 11.5 | % | 70,610 | > = | 4.0 | % | 88,262 | > = | 5.0 | % |
Actual | For
Capital Adequacy Purposes | ||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2023 (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 226,800 | 14.4 | % | $ | 125,736 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 157,095 | 10.0 | % | 94,302 | > = | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 157,095 | 10.0 | % | 70,727 | > = | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 157,095 | 8.7 | % | 72,145 | > = | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 218,737 | 14.0 | % | $ | 124,971 | > = | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | 150,798 | 9.7 | % | 93,728 | > = | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 150,798 | 9.7 | % | 70,296 | > = | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio (to adjusted total assets) | 150,798 | 8.5 | % | 70,610 | > = | 4.0 | % |
Percent Change in Economic Value of Equity (EVE) | ||||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At September 30, 2023 | At December 31, 2022 | ||||||||||||
+300 bp | (2) | % | 0 | % | ||||||||||
+200 bp | (1) | % | 0 | % | ||||||||||
+100 bp | 0 | % | 0 | % | ||||||||||
-100 bp | 0 | % | (1) | % | ||||||||||
-200 bp | (2) | % | (4) | % |
Percent Change in Net Interest Income Over One Year Horizon | ||||||||||||||
Change in Interest Rates in Basis Points (“bp”) Rate Shock in Rates (1) | At September 30, 2023 | At December 31, 2022 | ||||||||||||
+300 bp | (11) | % | (3) | % | ||||||||||
+200 bp | (7) | % | (2) | % | ||||||||||
+100 bp | (3) | % | (1) | % | ||||||||||
-100 bp | 3 | % | 1 | % | ||||||||||
-200 bp | 5 | % | 2 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1, 2023 - July 31, 2023 | — | $ | — | — | 229,659 | |||||||||||||||||||||
August 1, 2023 - August 31, 2023 | — | $ | — | — | 229,659 | |||||||||||||||||||||
September 1, 2023 - September 30, 2023 | — | $ | — | — | 229,659 | |||||||||||||||||||||
Total | — | $ | — | — |
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | This certification is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. |
CITIZENS COMMUNITY BANCORP, INC. | ||||||||||||||
Date: November 3,
2023 | By: | /s/ Stephen M. Bianchi | ||||||||||||
Stephen M. Bianchi | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: November 3,
2023 | By: | /s/ James S. Broucek | ||||||||||||
James S. Broucek | ||||||||||||||
Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/28 | ||||
12/31/27 | ||||
12/31/26 | ||||
12/31/25 | ||||
12/31/24 | ||||
8/1/24 | ||||
12/31/23 | ||||
Filed on: | 11/3/23 | |||
For Period end: | 9/30/23 | |||
9/1/23 | ||||
8/31/23 | ||||
8/3/23 | 10-Q | |||
8/1/23 | 4 | |||
7/31/23 | ||||
7/5/23 | ||||
7/1/23 | ||||
6/30/23 | 10-Q | |||
5/4/23 | 10-Q, 4 | |||
3/31/23 | 10-Q | |||
3/7/23 | 10-K | |||
1/31/23 | 4 | |||
1/1/23 | ||||
12/31/22 | 10-K, DEF 14A | |||
9/30/22 | 10-Q | |||
7/1/22 | ||||
6/30/22 | 10-Q | |||
3/31/22 | 10-Q | |||
1/1/22 | ||||
12/31/21 | 10-K, 5, DEF 14A | |||
7/23/21 | ||||
3/27/18 | 3, 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/05/24 Citizens Community Bancorp Inc. 10-K 12/31/23 138:24M |