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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/15/22 Bank7 Corp. 10-Q 6/30/22 67:14M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 3.70M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 26K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 26K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 20K 10: R1 Document and Entity Information HTML 74K 11: R2 Unaudited Condensed Consolidated Balance Sheets HTML 102K 12: R3 Unaudited Condensed Consolidated Balance Sheets HTML 34K (Parenthetical) 13: R4 Unaudited Condensed Consolidated Statements of HTML 140K Comprehensive Income 14: R5 Unaudited Condensed Consolidated Statements of HTML 31K Comprehensive Income (Parenthetical) 15: R6 Unaudited Condensed Consolidated Statements of HTML 76K Shareholders' Equity 16: R7 Unaudited Condensed Consolidated Statements of HTML 22K Shareholders' Equity (Parenthetical) 17: R8 Unaudited Condensed Consolidated Statements of HTML 117K Cash Flows 18: R9 Nature of Operations and Summary of Significant HTML 39K Accounting Policies 19: R10 Recent Events, Including Mergers and Acquisitions HTML 51K 20: R11 Restriction on Cash and Due from Banks HTML 23K 21: R12 Earnings per Share HTML 57K 22: R13 Debt Securities HTML 197K 23: R14 Loans and Allowance for Loan Losses HTML 782K 24: R15 Shareholders' Equity HTML 177K 25: R16 Related-Party Transactions HTML 26K 26: R17 Employee Benefits HTML 73K 27: R18 Disclosures About Fair Value of Assets and HTML 157K Liabilities 28: R19 Financial Instruments with Off-Balance Sheet Risk HTML 32K 29: R20 Significant Estimates and Concentrations HTML 24K 30: R21 Nature of Operations and Summary of Significant HTML 40K Accounting Policies (Policies) 31: R22 Recent Events, Including Mergers and Acquisitions HTML 46K (Tables) 32: R23 Earnings per Share (Tables) HTML 54K 33: R24 Debt Securities (Tables) HTML 204K 34: R25 Loans and Allowance for Loan Losses (Tables) HTML 774K 35: R26 Shareholders' Equity (Tables) HTML 169K 36: R27 Employee Benefits (Tables) HTML 68K 37: R28 Disclosures About Fair Value of Assets and HTML 142K Liabilities (Tables) 38: R29 Financial Instruments with Off-Balance Sheet Risk HTML 30K (Tables) 39: R30 Recent Events, Including Mergers and Acquisitions HTML 75K (Details) 40: R31 Restriction on Cash and Due from Banks (Details) HTML 21K 41: R32 Earnings per Share (Details) HTML 68K 42: R33 Debt Securities, Amortized Cost and Fair Value of HTML 61K Debt Securities (Details) 43: R34 Debt Securities, Contractual Maturity (Details) HTML 73K 44: R35 Debt Securities, Realized Gains and Losses from HTML 35K Sale, Maturity, Repayment and Call of Debt Securities (Details) 45: R36 Debt Securities, Pledged Securities (Details) HTML 23K 46: R37 Debt Securities, Continuous Unrealized Loss HTML 69K Position (Details) 47: R38 Loans and Allowance for Loan Losses, Summary of HTML 59K Loans (Details) 48: R39 Loans and Allowance for Loan Losses, Activity in HTML 105K Allowance for Loan Losses by Portfolio Segment (Details) 49: R40 Loans and Allowance for Loan Losses, Loan HTML 72K Portfolio Based on Internal Rating Category (Details) 50: R41 Loans and Allowance for Loan Losses, Loan HTML 84K Portfolio Aging Analysis of Recorded Investment in Loans (Details) 51: R42 Loans and Allowance for Loan Losses, Impaired HTML 79K Loans and TDR's (Details) 52: R43 Loans and Allowance for Loan Losses, Information HTML 54K Regarding Nonperforming Assets (Details) 53: R44 Shareholders' Equity, Repurchase Plan (Details) HTML 37K 54: R45 Shareholders' Equity, Actual Capital Amounts and HTML 99K Ratios (Details) 55: R46 Shareholders' Equity, Payout Restrictions Based on HTML 22K Capital Conservation Buffer (Details) 56: R47 Related-Party Transactions (Details) HTML 28K 57: R48 Employee Benefits (Details) HTML 136K 58: R49 Disclosures About Fair Value of Assets and HTML 30K Liabilities, Recurring and Nonrecurring Basis (Details) 59: R50 Disclosures About Fair Value of Assets and HTML 30K Liabilities, Quantitative Information (Details) 60: R51 Disclosures About Fair Value of Assets and HTML 63K Liabilities, Estimated Fair Value of Financial Instruments Not Recorded at Fair Value (Details) 61: R52 Financial Instruments with Off-Balance Sheet Risk HTML 26K (Details) 62: R53 Significant Estimates and Concentrations (Details) HTML 43K 65: XML IDEA XML File -- Filing Summary XML 121K 63: XML XBRL Instance -- brhc10040700_10q_htm XML 4.46M 64: EXCEL IDEA Workbook of Financial Reports XLSX 138K 6: EX-101.CAL XBRL Calculations -- bsvn-20220630_cal XML 218K 7: EX-101.DEF XBRL Definitions -- bsvn-20220630_def XML 709K 8: EX-101.LAB XBRL Labels -- bsvn-20220630_lab XML 1.77M 9: EX-101.PRE XBRL Presentations -- bsvn-20220630_pre XML 1.06M 5: EX-101.SCH XBRL Schema -- bsvn-20220630 XSD 142K 66: JSON XBRL Instance as JSON Data -- MetaLinks 386± 588K 67: ZIP XBRL Zipped Folder -- 0001140361-22-029630-xbrl Zip 423K
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 Oklahoma
|
i 20-0763496
|
|
( State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
i 1039 N.W. 63rd Street, i Oklahoma City, i Oklahoma
|
i 73116-7361
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
i Common Stock, $0.01 Par Value Per Share | i BSVN |
i The NASDAQ Global Select Market Global Select Market
System
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
i Non-accelerated filer
|
☒
|
Smaller reporting company
|
i ☒
|
Emerging growth company
|
i ☒
|
Page
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
|
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
Item 2.
|
31 |
|
Item 3.
|
50 |
|
Item 4.
|
50 |
|
PART II.
|
OTHER INFORMATION
|
51 |
Item 1.
|
51 |
|
Item 1A.
|
51 |
|
Item 2.
|
51 |
|
Item 3. | 51 |
|
Item 4. | 51 | |
Item 5. | 51 | |
Item 6.
|
52 |
|
52 |
Assets
|
(unaudited)
|
|||||||
Cash and due from banks
|
$
|
i 123,437
|
$
|
i 195,359
|
||||
Federal funds sold
|
i - | i 9,493 | ||||||
Cash and cash equivalents
|
i 123,437 | i 204,852 | ||||||
Interest-bearing time deposits in other banks
|
i 1,992
|
i 3,237
|
||||||
Available-for-sale debt securities
|
i 185,048 | i 84,808 | ||||||
Loans, net of allowance for loan losses of $ i 10,819 and $ i 10,316 at June 30, 2022
and December 31, 2021,
respectively
|
i 1,141,497
|
i 1,018,085
|
||||||
Loans held for sale
|
i 635
|
i 464
|
||||||
Premises and equipment, net
|
i 13,581
|
i 17,257
|
||||||
Nonmarketable equity securities
|
i 1,192
|
i 1,202
|
||||||
Core deposit intangibles
|
i 1,489 | i 1,643 | ||||||
Goodwill
|
i 8,717
|
i 8,479
|
||||||
Interest receivable and other assets
|
i 9,886
|
i 10,522
|
||||||
Total assets
|
$
|
i 1,487,474
|
$
|
i 1,350,549
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
i 447,077
|
$
|
i 366,705
|
||||
Interest-bearing
|
i 899,214
|
i 850,766
|
||||||
Total deposits
|
i 1,346,291
|
i 1,217,471
|
||||||
Income taxes payable
|
i 2,865
|
i -
|
||||||
Interest payable and other liabilities
|
i 6,820
|
i 5,670
|
||||||
Total liabilities
|
i 1,355,976
|
i 1,223,141
|
||||||
Shareholders’ equity
|
||||||||
i 91
|
i 91
|
|||||||
Additional paid-in capital
|
i 95,016
|
i 94,024
|
||||||
Retained earnings
|
i 44,174
|
i 33,149
|
||||||
Accumulated other comprehensive income (loss)
|
( i 7,783 | ) | i 144 | |||||
Total shareholders’ equity
|
i 131,498
|
i 127,408
|
||||||
Total liabilities and shareholders’ equity
|
$
|
i 1,487,474
|
$
|
i 1,350,549
|
|
Three months ended
June 30,
|
Six
months ended
|
||||||||||||||
|
2021
|
2022
|
2021
|
|||||||||||||
Interest Income
|
||||||||||||||||
Loans, including fees
|
$
|
i 15,754
|
$
|
i 14,357
|
$
|
i 30,131
|
$
|
i 27,450
|
||||||||
Interest-bearing time deposits in other banks
|
i 13
|
i 38
|
i 29
|
i 106
|
||||||||||||
Debt securities, taxable
|
i 571 | i - | i 935 | i - | ||||||||||||
Debt securities, tax-exempt
|
i 85 | i - | i 183 | i - | ||||||||||||
Other interest and dividend income
|
i 249
|
i 42
|
i 319
|
i 68
|
||||||||||||
Total interest income
|
i 16,672
|
i 14,437
|
i 31,597
|
i 27,624
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
i 878
|
i 772
|
i 1,595
|
i 1,647
|
||||||||||||
Total interest expense
|
i 878
|
i 772
|
i 1,595
|
i 1,647
|
||||||||||||
Net Interest Income
|
i 15,794
|
i 13,665
|
i 30,002
|
i 25,977
|
||||||||||||
Provision for Loan Losses
|
i 219
|
i 1,300
|
i 495
|
i 2,575
|
||||||||||||
Net Interest Income After Provision for Loan Losses
|
i 15,575
|
i 12,365
|
i 29,507
|
i 23,402
|
||||||||||||
Noninterest Income
|
||||||||||||||||
Secondary market income
|
i 95
|
i 78
|
i 261
|
i 92
|
||||||||||||
Gain (Loss) on sales, maturities, prepayments and calls of available-for-sale debt securities
|
i 10 | i - | ( i 117 | ) | i - | |||||||||||
Service charges on deposit accounts
|
i 219
|
i 119
|
i 468
|
i 239
|
||||||||||||
Other
|
i 368
|
i 382
|
i 755
|
i 585
|
||||||||||||
Total noninterest income
|
i 692
|
i 579
|
i 1,367
|
i 916
|
||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries and employee benefits
|
i 4,126
|
i 2,949
|
i 8,152
|
i 5,739
|
||||||||||||
Furniture and equipment
|
i 386
|
i 231
|
i 744
|
i 433
|
||||||||||||
Occupancy
|
i 571
|
i 458
|
i 1,122
|
i 930
|
||||||||||||
Data and item processing
|
i 559
|
i 286
|
i 946
|
i 565
|
||||||||||||
Accounting, marketing and legal fees
|
i 209
|
i 149
|
i 442
|
i 297
|
||||||||||||
Regulatory assessments
|
i 226
|
i 161
|
i 422
|
i 302
|
||||||||||||
Advertising and public relations
|
i 121
|
i 71
|
i 231
|
i 105
|
||||||||||||
Travel, lodging and entertainment
|
i 74
|
i 118
|
i 122
|
i 207
|
||||||||||||
Other
|
i 691
|
i 452
|
i 1,202
|
i 841
|
||||||||||||
Total noninterest expense
|
i 6,963
|
i 4,875
|
i 13,383
|
i 9,419
|
||||||||||||
Income Before Taxes
|
i 9,304
|
i 8,069
|
i 17,491
|
i 14,899
|
||||||||||||
Income tax expense
|
i 2,280
|
i 1,964
|
i 4,283
|
i 3,690
|
||||||||||||
Net Income
|
$
|
i 7,024
|
$
|
i 6,105
|
$
|
i 13,208
|
$
|
i 11,209
|
||||||||
Earnings per common share - basic
|
$
|
i 0.77
|
$
|
i 0.67
|
$
|
i 1.45
|
$
|
i 1.24
|
||||||||
Earnings per common share - diluted
|
i 0.76
|
i 0.67
|
i 1.44
|
i 1.24
|
||||||||||||
Weighted average common shares outstanding - basic
|
i 9,097,280
|
i 9,050,606
|
i 9,093,150
|
i 9,050,295
|
||||||||||||
Weighted average common shares outstanding - diluted
|
i 9,194,923
|
i 9,074,408
|
i 9,187,637
|
i 9,066,797
|
||||||||||||
Other Comprehensive Income
|
||||||||||||||||
Unrealized losses on securities, net of tax benefit of $ i i 1.5 /
million
|
$ |
( i 3,778 | ) | $ |
i - | $ |
( i 8,017 | ) | $ |
i - | ||||||
Reclassification adjustment for realized (gain)loss included in net income, net of tax of $ i 0 and $ i 0
for the three months
ended June 30, 2022 and 2021, respectively; $ i 17 and $ i 0
for the six months ended June 30, 2022 and 2021, respectively
|
( i 10 | ) | i - | i 90 | i - | |||||||||||
Other comprehensive loss, net of tax benefit of $ i i 1.5 /
million
|
$ |
( i 3,788 | ) | $ |
i - | $ |
( i 7,927 | ) | $ |
i - | ||||||
Comprehensive Income
|
$ |
i 3,236 | $ |
i 6,105 | $ |
i 5,281 | $ |
i 11,209 |
|
Three Months Ended
June 30,
|
Six
Months Ended
|
||||||||||||||
|
2021
|
2022
|
2021
|
|||||||||||||
Common Stock (Shares)
|
||||||||||||||||
Balance at beginning of period
|
i 9,094,468
|
i 9,049,256
|
i 9,071,417
|
i 9,044,765
|
||||||||||||
Exercise of employee stock options
|
i 4,187 | i - | i 14,812 | i - | ||||||||||||
Shares issued for restricted stock units
|
i -
|
i 1,350
|
i 12,426
|
i 5,841
|
||||||||||||
Balance at end of period
|
i 9,098,655
|
i 9,050,606
|
i 9,098,655
|
i 9,050,606
|
||||||||||||
Common Stock (Amount)
|
||||||||||||||||
Balance at beginning of period
|
$
|
i 91
|
$
|
i 90
|
$
|
i 91
|
$
|
i 90
|
||||||||
Shares issued for stock options
|
i - | i - | i - | i - | ||||||||||||
Shares issued for restricted stock units
|
i - |
i - |
i - |
i -
|
||||||||||||
Balance at end of period
|
$
|
i 91
|
$
|
i 90
|
$
|
i 91
|
$
|
i 90
|
||||||||
Additional Paid-in Capital
|
||||||||||||||||
Balance at beginning of period
|
$
|
i 94,310
|
$
|
i 93,464
|
$
|
i 94,024
|
$
|
i 93,162
|
||||||||
Stock-based compensation expense
|
i 706
|
i 171
|
i 992
|
i 473
|
||||||||||||
Balance at end of period
|
$
|
i 95,016
|
$
|
i 93,635
|
$
|
i 95,016
|
$
|
i 93,635
|
||||||||
Retained Earnings
|
||||||||||||||||
Balance at beginning of period
|
$
|
i 38,242
|
$
|
i 18,176
|
$
|
i 33,149
|
$
|
i 14,067
|
||||||||
Net income
|
i 7,024
|
i 6,105
|
i 13,208
|
i 11,209
|
||||||||||||
Cash dividends declared ($ i 0.12 and $ i 0.11 per share for the three months ended June
30, 2022 and 2021,
respectively; $ i 0.24 and $ i 0.22
per share for the six months ended June 30, 2022 and 2021, respectively)
|
( i 1,092
|
)
|
( i 995
|
)
|
( i 2,183
|
)
|
( i 1,990
|
)
|
||||||||
Balance at end of period
|
$
|
i 44,174
|
$
|
i 23,286
|
$
|
i 44,174
|
$
|
i 23,286
|
||||||||
Accumulated Other Comprehensive Income (Loss) |
||||||||||||||||
Balance at beginning of period
|
$ |
( i 3,995 | ) | $ |
i - | $ |
i 144 | $ |
i - | |||||||
Net change due to unrealized loss
|
( i 3,788 | ) | i - | ( i 7,927 | ) | i - | ||||||||||
Balance at end of period
|
$ |
( i 7,783 | ) | $ |
i - | $ |
( i 7,783 | ) | $ |
i - | ||||||
Total Shareholders’ equity
|
$
|
i 131,498
|
$
|
i 117,011
|
$
|
i 131,498
|
$
|
i 117,011
|
Six Months Ended
|
||||||||
2021
|
||||||||
Operating Activities
|
||||||||
Net income
|
$
|
i 13,208
|
$
|
i 11,209
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation and amortization
|
i 712
|
i 518
|
||||||
Provision for loan losses
|
i 495
|
i 2,575
|
||||||
Amortization of premiums and discounts on securities
|
i 3,511 | i - | ||||||
Gain on sales of loans
|
( i 261
|
)
|
( i 92
|
)
|
||||
Net loss on sale of available for sale debt securities
|
i 117 | i - | ||||||
Stock-based compensation expense
|
i 992
|
i 473
|
||||||
(Gain) loss on sale of premises and equipment
|
( i 24 | ) | ( i 11 | ) | ||||
Cash receipts from the sale of loans originated for sale
|
i 14,047
|
i 6,319
|
||||||
Cash disbursements for loans originated for sale
|
( i 13,957
|
)
|
( i 7,237
|
)
|
||||
Deferred income tax benefit
|
( i 485
|
)
|
( i 860
|
)
|
||||
Changes in
|
||||||||
Interest receivable and other assets
|
i 2,550
|
i 778
|
||||||
Interest payable and other liabilities
|
i 4,012
|
i 3,635
|
||||||
Net cash provided by operating activities
|
i 24,917
|
i 17,307
|
||||||
Investing Activities
|
||||||||
Maturities of interest-bearing time deposits in other banks
|
i 1,743
|
i 10,934
|
||||||
Purchases of interest-bearing time deposits in other banks
|
( i 498 | ) | i - | |||||
Proceeds from sale of available-for-sale debt securities
|
i 11,820 | i - | ||||||
Maturities, prepayments and calls of available-for-sale debt securities
|
i 8,008 | i - | ||||||
Purchases of available-for-sale debt securities
|
( i 133,052 | ) | i - | |||||
Net change in loans
|
( i 123,907
|
)
|
( i 95,288
|
)
|
||||
Purchases of premises and equipment
|
( i 228
|
)
|
( i 169
|
)
|
||||
Proceeds from sale of premises and equipment | i 3,132 | i 17 | ||||||
Change in nonmarketable equity securities
|
i 10
|
( i 15
|
)
|
|||||
Net cash used in investing activities
|
( i 232,972
|
)
|
( i 84,521
|
)
|
||||
Financing Activities
|
||||||||
Net change in deposits
|
i 128,820
|
i 103,035
|
||||||
Cash distributions
|
( i 2,180
|
)
|
( i 1,990
|
)
|
||||
Net cash provided by financing activities
|
i 126,640
|
i 101,045
|
||||||
(Decrease) Increase in Cash and Cash Equivalents
|
( i 81,415
|
)
|
i 33,831
|
|||||
Cash and Cash Equivalents, Beginning of Period
|
i 204,852
|
i 153,901
|
||||||
Cash and Cash Equivalents, End of Period
|
$
|
i 123,437
|
$
|
i 187,732
|
||||
Supplemental Disclosure of Cash Flows Information
|
||||||||
Interest paid
|
$
|
i 1,610
|
$
|
i 1,745
|
||||
Income taxes paid
|
$ | i 1,900 | $ | i 1,903 | ||||
Dividends declared and not paid
|
$
|
i 1,092
|
$
|
i 995
|
||||
Measurement period goodwill adjustment
|
$ | i 238 | $ | i - |
Note
2:
|
Recent Events, Including Mergers and
Acquisitions
|
Estimated Fair Value
|
||||
(in thousands)
|
||||
Assets Acquired
|
||||
Cash and cash equivalents
|
$
|
i 41,747
|
||
Available-for-sale debt securities
|
i 86,166
|
|||
Federal funds sold
|
i 7,941
|
|||
Loans
|
i 117,335
|
|||
Premises and equipment
|
i 8,669
|
|||
Core deposit intangible
|
i 1,254
|
|||
Prepaid expenses and other assets
|
i 4,512
|
|||
Total assets acquiried
|
$ |
i 267,624
|
||
Liabilities Assumed
|
||||
Deposits
|
$
|
i 243,487
|
||
Accounts payable and accrued expenses
|
i 2,345
|
|||
Total liabilities assumed
|
$ |
i 245,832
|
||
Net assets acquired
|
$
|
i 21,792
|
||
Consideration transferred
|
i 29,498
|
|||
Goodwill
|
$ |
i 7,706
|
Note 3: |
Restriction on Cash and Due from Banks
|
Note 4: |
Earnings per Share
|
As of and for the three months
ended June 30,
|
As of and for the six months
ended June 30,
|
|||||||||||||||
2021
|
2022 |
2021 |
||||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
Numerator
|
||||||||||||||||
Net income
|
$ | i 7,024 | $ | i 6,105 | $ | i 13,208 | $ | i 11,209 | ||||||||
Denominator
|
||||||||||||||||
Weighted-average shares outstanding for basic earnings per share
|
i 9,097,280 |
i 9,050,606 |
i 9,093,150 | i 9,050,295 | ||||||||||||
Dilutive effect of stock compensation (1)
|
i 97,643 |
i 23,802 |
i 94,487 | i 16,502 | ||||||||||||
Denominator for diluted earnings per share
|
i 9,194,923 |
i 9,074,408 |
i 9,187,637 | i 9,066,797 | ||||||||||||
Earnings per common share
|
||||||||||||||||
Basic
|
$ | i 0.77 | $ | i 0.67 | $ | i 1.45 | $ | i 1.24 | ||||||||
Diluted
|
$ | i 0.76 | $ | i 0.67 | $ | i 1.44 | $ | i 1.24 |
(in thousands)
|
Amortized Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Fair Value
|
||||||||||||
Available-for-sale as of June 30, 2022
|
||||||||||||||||
U.S. Federal agencies
|
$
|
i 246
|
$
|
i -
|
$
|
( i 6
|
)
|
$
|
i 240
|
|||||||
Mortgage-backed securities(1)(2)
|
i 49,209
|
i -
|
( i 3,835
|
)
|
i 45,374
|
|||||||||||
State and political subdivisions
|
i 33,346
|
i -
|
( i 1,999
|
)
|
i 31,347
|
|||||||||||
U.S. Treasuries
|
i 106,043
|
i -
|
( i 3,266
|
)
|
i 102,777
|
|||||||||||
Corporate debt securities
|
i 5,500
|
i -
|
( i 190
|
)
|
i 5,310
|
|||||||||||
Total available-for-sale
|
i 194,344
|
i -
|
( i 9,296
|
)
|
i 185,048
|
|||||||||||
Total debt securities
|
$ |
i 194,344
|
$ |
i -
|
$ |
( i 9,296
|
)
|
$ |
i 185,048
|
(in thousands)
|
Amortized Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Fair Value
|
||||||||||||
Available-for-sale as of December 31, 2021
|
||||||||||||||||
U.S. Federal agencies
|
$
|
i 311
|
$
|
i 2
|
$
|
i -
|
$
|
i 313
|
||||||||
Mortgage-backed securities(1)
|
i 33,085
|
i 69
|
i -
|
i 33,154
|
||||||||||||
State and political subdivisions
|
i 45,245
|
i 49
|
i -
|
i 45,294
|
||||||||||||
U.S. Treasuries
|
i 6,052
|
i -
|
( i 5
|
)
|
i 6,047
|
|||||||||||
Corporate debt securities
|
i -
|
i -
|
i -
|
i -
|
||||||||||||
Total available-for-sale
|
i 84,693
|
i 120
|
( i 5
|
)
|
i 84,808
|
|||||||||||
Total debt securities
|
$ |
i 84,693
|
$ |
i 120
|
$ |
( i 5
|
)
|
$ |
i 84,808
|
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Available-for-sale as of June 30, 2022
|
||||||||
Due in one year or less
|
$
|
i 3,479
|
$
|
i 3,459
|
||||
Due after one year through five years
|
i 116,410
|
i 113,205
|
||||||
Due after five years through ten years
|
i 24,410
|
i 22,306
|
||||||
Due after ten years
|
i 836
|
i 704
|
||||||
Mortgage-backed securities(1)
|
i 49,209
|
i 45,374
|
||||||
Total available-for-sale
|
$ |
i 194,344
|
$ |
i 185,048
|
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Available-for-sale as of December 31, 2021
|
||||||||
Due in one year or less
|
$
|
i 3,622
|
$
|
i 3,623
|
||||
Due after one year through five years
|
i 22,030
|
i 22,076
|
||||||
Due after five years through ten years
|
i 22,819
|
i 22,821
|
||||||
Due after ten years
|
i 3,137
|
i 3,134
|
||||||
Mortgage-backed securities(1)
|
i 33,085
|
i 33,154
|
||||||
Total available-for-sale
|
$ |
i 84,693
|
$ |
i 84,808
|
Six Months
Ended
June 30,
|
Three Months
Ended
June 30,
|
|||||||
(in thousands)
|
||||||||
Proceeds from sales, maturities, prepayments and calls
|
$ |
i 19,828 |
$
|
i 6,601
|
||||
Gross realized gains on sales, maturities, prepayments and calls
|
i 10 |
|
i 10
|
|||||
Gross realized losses on sales, maturities, prepayments and calls
|
( i 127 | ) |
i -
|
|||||
Total realized (losses), net
|
$ |
( i 117 | ) |
$
|
i 10
|
Book value of pledged securities
|
$
|
i 31,645
|
$
|
i 37,477
|
Less than Twelve Months
|
Twelve Months or Longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Gross Unrealized
Losses
|
Fair Value
|
Gross Unrealized
Losses
|
Fair Value
|
Gross Unrealized
Losses
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Available-for-sale as of June 30, 2022
|
||||||||||||||||||||||||
U.S. Federal agencies
|
$
|
i 240
|
$
|
( i 6
|
)
|
$
|
i -
|
$
|
i -
|
$
|
i 240
|
$
|
( i 6
|
)
|
||||||||||
Mortgage-backed securities
|
i 45,374
|
( i 3,835
|
)
|
i -
|
i -
|
i 45,374
|
( i 3,835
|
)
|
||||||||||||||||
State and political subdivisions(1)
|
i 31,347
|
( i 1,999
|
)
|
i -
|
i -
|
i 31,347
|
( i 1,999
|
)
|
||||||||||||||||
U.S. Treasuries
|
i 102,777
|
( i 3,266
|
)
|
i -
|
i -
|
i 102,777
|
( i 3,266
|
)
|
||||||||||||||||
Corporate debt securities
|
i 5,310
|
( i 190
|
)
|
i -
|
i -
|
i 5,310
|
( i 190
|
)
|
||||||||||||||||
Total available-for-sale
|
$
|
i 185,048
|
$
|
( i 9,296
|
)
|
$
|
i -
|
$
|
i -
|
$
|
i 185,048
|
$
|
( i 9,296
|
)
|
Less than Twelve Months
|
Twelve Months or Longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Gross Unrealized
Losses
|
Fair Value
|
Gross Unrealized
Losses
|
Fair Value
|
Gross Unrealized
Losses
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Available-for-sale as of December 31, 2021
|
||||||||||||||||||||||||
U.S. Federal agencies
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
||||||||||||
Mortgage-backed securities
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
State and political subdivisions(1)
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
U.S. Treasuries
|
i 6,047
|
( i 5
|
)
|
i -
|
i -
|
i 6,047
|
( i 5
|
)
|
||||||||||||||||
Corporate debt securities
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
Total available-for-sale
|
$
|
i 6,047
|
$
|
( i 5
|
)
|
$
|
i -
|
$
|
i -
|
$
|
i 6,047
|
$
|
( i 5
|
)
|
Note 6: |
Loans and Allowance for Loan Losses
|
Construction & development
|
$
|
i 191,291
|
$
|
i 169,322
|
||||
1 - 4 family real estate
|
i 69,267
|
i 62,971
|
||||||
Commercial real estate - other
|
i 343,489
|
i 339,655
|
||||||
Total commercial real estate
|
i 604,047
|
i 571,948
|
||||||
Commercial & industrial
|
i 475,197
|
i 361,974
|
||||||
Agricultural
|
i 59,644
|
i 73,010
|
||||||
Consumer
|
i 16,557
|
i 24,046
|
||||||
Gross loans
|
i 1,155,445
|
i 1,030,978
|
||||||
Less allowance for loan losses
|
( i 10,819
|
)
|
( i 10,316
|
)
|
||||
Less deferred loan fees
|
( i 3,129
|
)
|
( i 2,577
|
)
|
||||
Net loans
|
$
|
i 1,141,497
|
$
|
i 1,018,085
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
June 30, 2022
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
i 1,717
|
$
|
i 579
|
$
|
i 3,334
|
$
|
i 4,148
|
$
|
i 627
|
$
|
i 194
|
$
|
i 10,599
|
||||||||||||||
Charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 4
|
)
|
( i 4
|
)
|
|||||||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 5
|
i 5
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 1
|
i 1
|
|||||||||||||||||||||
Provision (credit) for loan losses
|
i 75
|
i 70
|
( i 118
|
)
|
i 301
|
( i 69
|
)
|
( i 40
|
)
|
i 219
|
||||||||||||||||||
Balance, end of period
|
$
|
i 1,792
|
$
|
i 649
|
$
|
i 3,216
|
$
|
i 4,449
|
$
|
i 558
|
$
|
i 155
|
$
|
i 10,819
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
June 30, 2021
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
i 1,367
|
$
|
i 433
|
$
|
i 3,877
|
$
|
i 4,543
|
$
|
i 532
|
$
|
i 112
|
$
|
i 10,864
|
||||||||||||||
Charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 11
|
)
|
( i 11
|
)
|
|||||||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i 14
|
i 138
|
i 1
|
i 153
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
i -
|
i -
|
i -
|
i 14
|
i 138
|
( i 10
|
)
|
i 142
|
||||||||||||||||||||
Provision (credit) for loan losses
|
i 264
|
i 15
|
i 232
|
i 632
|
i 155
|
i 2
|
i 1,300
|
|||||||||||||||||||||
Balance, end of period
|
$
|
i 1,631
|
$
|
i 448
|
$
|
i 4,109
|
$
|
i 5,189
|
$
|
i 825
|
$
|
i 104
|
$
|
i 12,306
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
i 1,695
|
$
|
i 630
|
$
|
i 3,399
|
$
|
i 3,621
|
$
|
i 730
|
$
|
i 241
|
$
|
i 10,316
|
||||||||||||||
Charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 6
|
)
|
( i 6
|
)
|
|||||||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 14
|
i 14
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 8
|
i 8
|
|||||||||||||||||||||
Provision (credit) for loan losses
|
i 97
|
i 19
|
( i 183
|
)
|
i 828
|
( i 172
|
)
|
( i 94
|
)
|
i 495
|
||||||||||||||||||
Balance, end of period
|
$
|
i 1,792
|
$
|
i 649
|
$
|
i 3,216
|
$
|
i 4,449
|
$
|
i 558
|
$
|
i 155
|
$
|
i 10,819
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||
Balance, beginning of period
|
$
|
i 1,239
|
$
|
i 334
|
$
|
i 3,337
|
$
|
i 4,035
|
$
|
i 580
|
$
|
i 114
|
$
|
i 9,639
|
||||||||||||||
Charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 61
|
)
|
( i 61
|
)
|
|||||||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i 14
|
i 138
|
i 1
|
i 153
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
i -
|
i -
|
i -
|
i 14
|
i 138
|
( i 60
|
)
|
i 92
|
||||||||||||||||||||
Provision (credit) for loan losses
|
i 392
|
i 114
|
i 772
|
i 1,140
|
i 107
|
i 50
|
i 2,575
|
|||||||||||||||||||||
Balance, end of period
|
$
|
i 1,631
|
$
|
i 448
|
$
|
i 4,109
|
$
|
i 5,189
|
$
|
i 825
|
$
|
i 104
|
$
|
i 12,306
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
June 30, 2022
|
||||||||||||||||||||||||||||
Allowance Balance
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 220
|
$
|
i -
|
$
|
i -
|
$
|
i 220
|
||||||||||||||
Collectively evaluated for impairment
|
i 1,792
|
i 649
|
i 3,216
|
i 4,229
|
i 558
|
i 155
|
i 10,599
|
|||||||||||||||||||||
Total
|
$
|
i 1,792
|
$
|
i 649
|
$
|
i 3,216
|
$
|
i 4,449
|
$
|
i 558
|
$
|
i 155
|
$
|
i 10,819
|
||||||||||||||
Gross Loans
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
i -
|
$
|
i -
|
$
|
i 14,068
|
$
|
i 6,994
|
$
|
i -
|
$
|
i -
|
$
|
i 21,062
|
||||||||||||||
Collectively evaluated for impairment
|
i 191,291
|
i 69,267
|
i 329,421
|
i 468,203
|
i 59,644
|
i 16,557
|
i 1,134,383
|
|||||||||||||||||||||
Total
|
$
|
i 191,291
|
$
|
i 69,267
|
$
|
i 343,489
|
$
|
i 475,197
|
$
|
i 59,644
|
$
|
i 16,557
|
$
|
i 1,155,445
|
||||||||||||||
Allowance Balance
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 253
|
$
|
i -
|
$
|
i -
|
$
|
i 253
|
||||||||||||||
Collectively evaluated for impairment
|
i 1,695
|
i 630
|
i 3,399
|
i 3,368
|
i 730
|
i 241
|
i 10,063
|
|||||||||||||||||||||
Total
|
$
|
i 1,695
|
$
|
i 630
|
$
|
i 3,399
|
$
|
i 3,621
|
$
|
i 730
|
$
|
i 241
|
$
|
i 10,316
|
||||||||||||||
Gross Loans
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
i -
|
$
|
i -
|
$
|
i 14,481
|
$
|
i 9,354
|
$
|
i -
|
$
|
i 19
|
$
|
i 23,854
|
||||||||||||||
Collectively evaluated for impairment
|
i 169,322
|
i 62,971
|
i 325,174
|
i 352,620
|
i 73,010
|
i 24,027
|
i 1,007,124
|
|||||||||||||||||||||
Total
|
$
|
i 169,322
|
$
|
i 62,971
|
$
|
i 339,655
|
$
|
i 361,974
|
$
|
i 73,010
|
$
|
i 24,046
|
$
|
i 1,030,978
|
• |
Grade 1 (Pass) – These loans generally conform to Bank policies, and are characterized by policy conforming advance rates on collateral, and have well-defined repayment sources. In addition, these
credits are extended to borrowers and/or guarantors with a strong balance sheet and either substantial liquidity or a reliable income history.
|
• |
Grade
2 (Watch) – These
loans are still considered “Pass” credits; however, various factors such as industry stress, material changes in cash flow or financial conditions, or deficiencies in loan documentation, or other risk issues determined by the Lending
Officer, Commercial Loan Committee (CLC), or Credit Quality Committee (CQC) warrant a heightened sense and frequency of monitoring.
|
• |
Grade
3 (Special Mention)
– These loans must have observable weaknesses or evidence of imprudent handling or structural issues. The weaknesses require close attention and the remediation of those weaknesses is necessary. No risk of probable loss exists.
Credits in this category are expected to quickly migrate to a “2” or a “4” as this is viewed as a transitory loan grade.
|
• |
Grade
4 (Substandard) –
These loans are not adequately protected by the sound worth and debt service capacity of the borrower, but may be well secured. They have defined weaknesses relative to cash flow, collateral, financial condition, or other factors that
might jeopardize repayment of all of the principal and interest on a timely basis. There is the possibility that a future loss will occur if weaknesses are not remediated.
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
Grade
|
||||||||||||||||||||||||||||
1 (Pass)
|
$
|
i 191,291
|
$
|
i 69,267
|
$
|
i 296,788
|
$
|
i 464,572
|
$
|
i 59,275
|
$
|
i 16,533
|
$
|
i 1,097,726
|
||||||||||||||
2 (Watch)
|
i -
|
i -
|
i 15,000
|
i 1,752
|
i 225
|
i -
|
i 16,977
|
|||||||||||||||||||||
3 (Special Mention)
|
i -
|
i -
|
i 16,845
|
i 1,879
|
i 144
|
i -
|
i 18,868
|
|||||||||||||||||||||
4 (Substandard)
|
i -
|
i -
|
i 14,856
|
i 6,994
|
i -
|
i 24
|
i 21,874
|
|||||||||||||||||||||
Total
|
$
|
i 191,291
|
$
|
i 69,267
|
$
|
i 343,489
|
$
|
i 475,197
|
$
|
i 59,644
|
$
|
i 16,557
|
$
|
i 1,155,445
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||
Grade
|
||||||||||||||||||||||||||||
1 (Pass)
|
$
|
i 169,322
|
$
|
i 62,971
|
$
|
i 282,268
|
$
|
i 341,661
|
$
|
i 72,295
|
$
|
i 24,000
|
$
|
i 952,517
|
||||||||||||||
2 (Watch)
|
i -
|
i -
|
i 14,976
|
i 4,658
|
i 255
|
i -
|
i 19,889
|
|||||||||||||||||||||
3 (Special Mention)
|
i -
|
i -
|
i 27,112
|
i 6,300
|
i 460
|
i -
|
i 33,872
|
|||||||||||||||||||||
4 (Substandard)
|
i -
|
i -
|
i 15,299
|
i 9,355
|
i -
|
i 46
|
i 24,700
|
|||||||||||||||||||||
Total
|
$
|
i 169,322
|
$
|
i 62,971
|
$
|
i 339,655
|
$
|
i 361,974
|
$
|
i 73,010
|
$
|
i 24,046
|
$
|
i 1,030,978
|
Past Due
|
Total Loans |
|||||||||||||||||||||||||||
30–59
Days
|
60–89
Days
|
Greater than
90 Days
|
Total
|
Current
|
Total
Loans
|
> 90 Days &
Accruing
|
||||||||||||||||||||||
June 30,
2022
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 191,291
|
$
|
i 191,291
|
$
|
i -
|
||||||||||||||
1 - 4 family real estate
|
i 26
|
i -
|
i -
|
i 26
|
i 69,241
|
i 69,267
|
i -
|
|||||||||||||||||||||
Commercial real estate - other
|
i -
|
i 24
|
i 162
|
i 186
|
i 343,303
|
i 343,489
|
i -
|
|||||||||||||||||||||
Commercial & industrial
|
i 9,919
|
i 31
|
i 75
|
i 10,025
|
i 465,172
|
i 475,197
|
i -
|
|||||||||||||||||||||
Agricultural
|
i -
|
i -
|
i 55
|
i 55
|
i 59,589
|
i 59,644
|
i 55
|
|||||||||||||||||||||
Consumer
|
i 336
|
i 1
|
i 14
|
i 351
|
i 16,206
|
i 16,557
|
i 14
|
|||||||||||||||||||||
Total
|
$
|
i 10,281
|
$
|
i 56
|
$
|
i 306
|
$
|
i 10,643
|
$
|
i 1,144,802
|
$
|
i 1,155,445
|
$
|
i 69
|
||||||||||||||
Construction & development
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 169,322
|
$
|
i 169,322
|
$
|
i -
|
||||||||||||||
1 - 4 family real estate
|
i -
|
i -
|
i -
|
i -
|
i 62,971
|
i 62,971
|
i -
|
|||||||||||||||||||||
Commercial real estate - other
|
i -
|
i 174
|
i -
|
i 174
|
i 339,481
|
i 339,655
|
i -
|
|||||||||||||||||||||
Commercial & industrial
|
i -
|
i 19
|
i 501
|
i 520
|
i 361,454
|
i 361,974
|
i 401
|
|||||||||||||||||||||
Agricultural
|
i -
|
i -
|
i 77
|
i 77
|
i 72,933
|
i 73,010
|
i 77
|
|||||||||||||||||||||
Consumer
|
i 48
|
i 15
|
i 18
|
i 81
|
i 23,965
|
i 24,046
|
i 18
|
|||||||||||||||||||||
Total
|
$
|
i 48
|
$
|
i 208
|
$
|
i 596
|
$
|
i 852
|
$
|
i 1,030,126
|
$
|
i 1,030,978
|
$
|
i 496
|
Unpaid
Principal
Balance
|
Recorded
Investment
with No
Allowance
|
Recorded
Investment
with an
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||||||
June 30,
2022
|
||||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 85
|
$
|
i -
|
$ | i 42 | $ | i - | ||||||||||||||||||
1 - 4 Family Real Estate
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i - | i - | |||||||||||||||||||||||||||
Commercial Real Estate - other
|
i 15,937
|
i 14,856
|
i -
|
i 14,856
|
i -
|
i 14,914
|
i 245
|
i 14,872 | i 448 | |||||||||||||||||||||||||||
Commercial & industrial
|
i 7,317
|
i 6,774
|
i 220
|
i 6,994
|
i 220
|
i 7,059
|
i -
|
i 9,294 | i 123 | |||||||||||||||||||||||||||
Agricultural
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 2 | i - | |||||||||||||||||||||||||||
Consumer
|
i 24
|
i 24
|
i -
|
i 24
|
i -
|
i 24
|
i -
|
i 29 | i 1 | |||||||||||||||||||||||||||
Total
|
$
|
i 23,278
|
$
|
i 21,654
|
$
|
i 220
|
$
|
i 21,874
|
$
|
i 220
|
$
|
i 22,082
|
$
|
i 245
|
$ | i 24,239 | $
|
i 572 |
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$ | i - | $ | i - | ||||||||||||||||||
1 - 4 Family Real Estate
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i - | i - | |||||||||||||||||||||||||||
Commercial Real Estate - other
|
i 15,412
|
i 14,481
|
i -
|
i 14,481
|
i -
|
i 10,267
|
i 332
|
i 9,134 | i 454 | |||||||||||||||||||||||||||
Commercial & industrial
|
i 9,476
|
i 9,101
|
i 253
|
i 9,354
|
i 253
|
i 14,307
|
i 167
|
i 14,321 | i 369 | |||||||||||||||||||||||||||
Agricultural
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 237
|
i -
|
i 323 | i - | |||||||||||||||||||||||||||
Consumer
|
i 18
|
i 19
|
i -
|
i 19
|
i -
|
i 63
|
i -
|
i 63 | i - | |||||||||||||||||||||||||||
Total
|
$
|
i 24,906
|
$
|
i 23,601
|
$
|
i 253
|
$
|
i 23,854
|
$
|
i 253
|
$
|
i 24,874
|
$
|
i 499
|
$ | i 23,841 | $ | i 823 |
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
June 30,
2022
|
||||||||||||||||||||||||||||
Nonaccrual loans
|
$
|
i -
|
$
|
i -
|
$
|
i 1,462
|
$
|
i 8,011
|
$
|
i -
|
$
|
i -
|
$
|
i 9,473
|
||||||||||||||
Troubled-debt restructurings (1)
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||
Accruing loans 90 or more days past due
|
i -
|
i -
|
i -
|
i -
|
i 55
|
i 14
|
i 69
|
|||||||||||||||||||||
Total nonperforming loans
|
$
|
i -
|
$
|
i -
|
$
|
i 1,462
|
$
|
i 8,011
|
$
|
i 55
|
$
|
i 14
|
$
|
i 9,542
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
Nonaccrual loans
|
$
|
i -
|
$
|
i -
|
$
|
i 2,708
|
$
|
i 7,163
|
$
|
i -
|
$
|
i 14
|
$
|
i 9,885
|
||||||||||||||
Troubled-debt restructurings (1)
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||
Accruing loans 90 or more days past due
|
i -
|
i -
|
i -
|
i 401
|
i 77
|
i 18
|
i 496
|
|||||||||||||||||||||
Total nonperforming loans
|
$
|
i -
|
$
|
i -
|
$
|
i 2,708
|
$
|
i 7,564
|
$
|
i 77
|
$
|
i 32
|
$
|
i 10,381
|
(1)
|
$ i 1.3 million of TDRs as of June 30, 2022 and $ i 1.4 million as of
December 31, 2021, are included in the nonaccrual loans balance.
|
Note 7: |
Shareholders’ Equity
|
Six Months Ended
June 30,
|
Three Months Ended
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Number of shares repurchased | i - | i - | i - | i - | ||||||||||||
Average price of shares repurchased
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
||||||||
Shares remaining to be repurchased | i 750,000 | i 717,822 | i 750,000 | i 717,822 |
Actual
|
Minimum
Capital Requirements
|
With Capital
Conservation Buffer
|
Minimum
To Be Well Capitalized
Under Prompt
Corrective Action
|
|||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
As of June 30, 2022
|
||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
i 139,886
|
i 12.14
|
%
|
$
|
i 92,200
|
i 8.00
|
%
|
$
|
i 121,012
|
i 10.50
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
i 139,853
|
i 12.15
|
%
|
i 92,119
|
i 8.00
|
%
|
i 120,906
|
i 10.50
|
%
|
$
|
i 115,149
|
i 10.00
|
%
|
|||||||||||||||||||
Tier I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
i 129,067
|
i 11.20
|
%
|
i 69,150
|
i 6.00
|
%
|
i 97,962
|
i 8.50
|
%
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
i 129,034
|
i 11.21
|
%
|
i 69,089
|
i 6.00
|
%
|
i 97,876
|
i 8.50
|
%
|
i 92,119
|
i 8.00
|
%
|
||||||||||||||||||||
CET I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
i 129,067
|
i 11.20
|
%
|
i 51,862
|
i 4.50
|
%
|
i 80,675
|
i 7.00
|
%
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
i 129,034
|
i 11.21
|
%
|
i 51,817
|
i 4.50
|
%
|
i 80,604
|
i 7.00
|
%
|
i 74,847
|
i 6.50
|
%
|
||||||||||||||||||||
Tier I capital to average assets
|
||||||||||||||||||||||||||||||||
Company
|
i 129,067
|
i 8.97
|
%
|
i 57,566
|
i 4.00
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||||||
Bank
|
i 129,034
|
i 8.97
|
%
|
i 57,540
|
i 4.00
|
%
|
N/A
|
N/A
|
i 71,925
|
i 5.00
|
%
|
|||||||||||||||||||||
As of December 31, 2021
|
||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
i 127,946
|
i 12.54
|
%
|
$
|
i 81,620
|
i 8.00
|
%
|
$
|
i 107,126
|
i 10.50
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
i 127,844
|
i 12.54
|
%
|
i 81,539
|
i 8.00
|
%
|
i 107,020
|
i 10.50
|
%
|
$
|
i 101,924
|
i 10.00
|
%
|
|||||||||||||||||||
Tier I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
i 117,631
|
i 11.53
|
%
|
i 61,215
|
i 6.00
|
%
|
i 86,721
|
i 8.50
|
%
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
i 117,528
|
i 11.53
|
%
|
i 61,154
|
i 6.00
|
%
|
i 86,635
|
i 8.50
|
%
|
i 81,539
|
i 8.00
|
%
|
||||||||||||||||||||
CET I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
i 117,631
|
i 11.53
|
%
|
i 45,911
|
i 4.50
|
%
|
i 71,417
|
i 7.00
|
%
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
i 117,528
|
i 11.53
|
%
|
i 45,866
|
i 4.50
|
%
|
i 71,347
|
i 7.00
|
%
|
i 66,250
|
i 6.50
|
%
|
||||||||||||||||||||
Tier I capital to average assets
|
||||||||||||||||||||||||||||||||
Company
|
i 117,631
|
i 10.56
|
%
|
i 44,571
|
i 4.00
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||||||
Bank
|
i 117,528
|
i 10.55
|
%
|
i 44,571
|
i 4.00
|
%
|
N/A
|
N/A
|
i 55,714
|
i 5.00
|
%
|
Note 8:
|
Related-Party Transactions
|
Note 9:
|
Employee Benefits
|
Options
|
Wgtd. Avg. Exercise
Price
|
Wgtd. Avg.
Remaining
Contractual Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Six Months Ended June 30, 2022
|
||||||||||||||||
Outstanding at December 31, 2021
|
i 264,000
|
$
|
i 17.41
|
|||||||||||||
Options Granted
|
i -
|
i -
|
||||||||||||||
Options Exercised
|
i 14,812
|
i 17.67
|
||||||||||||||
Options Forfeited
|
i -
|
i -
|
||||||||||||||
Outstanding at June 30, 2022
|
i 249,188
|
i 17.40
|
i 7.07
|
$
|
i 1,355,991
|
|||||||||||
Exercisable at June 30, 2022
|
i 137,498
|
i 18.23
|
i 6.64
|
$
|
i 634,492
|
For the Six Months Ended
|
||||
Risk-free interest rate
|
i 0.52
|
%
|
||
Dividend yield
|
i 2.89
|
%
|
||
Stock price volatility
|
i 66.67
|
%
|
||
Expected term
|
i 6.41
|
|
Number of
Shares
|
Wgtd. Avg. Grant
Date Fair Value
|
||||||
Six Months Ended June 30, 2022
|
||||||||
Outstanding at December 31, 2021
|
i 172,993
|
$
|
i 19.02
|
|||||
Shares granted
|
i 500
|
i 24.18
|
||||||
Shares vested
|
( i 15,584
|
)
|
i 15.98
|
|||||
Shares forfeited
|
i -
|
i -
|
||||||
End of the period balance
|
i 157,909
|
$
|
i 19.34
|
Number of
Shares
|
Wgtd. Avg. Grant
Date Fair Value
|
|||||||
Six Months Ended June 30, 2021
|
||||||||
Outstanding at December 31, 2020
|
i 118,000
|
$
|
i 18.09
|
|||||
Shares granted
|
i 25,200
|
i 14.31
|
||||||
Shares vested
|
( i 7,582
|
)
|
i 18.02
|
|||||
Shares forfeited
|
i -
|
i -
|
||||||
End of the period balance
|
i 135,618
|
$
|
i 17.39
|
Note 10: |
Disclosures About Fair Value of Assets and Liabilities
|
Level 1 |
Quoted prices
in active markets for identical assets or liabilities
|
Level 2 |
Observable
inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities
|
Level 3 |
Unobservable
inputs supported by little or no market activity and significant to the fair value of the assets or liabilities
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
June 30, 2022
|
||||||||||||||||
Impaired loans (collateral- dependent)
|
$
|
i 6,770
|
$
|
i -
|
$
|
i -
|
$
|
i 6,770
|
||||||||
Impaired loans (collateral- dependent)
|
$
|
i 6,910
|
$
|
i -
|
$
|
i -
|
$
|
i 6,910
|
Fair Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Weighted-
Average
|
|||||||
Collateral-dependent impaired loans
|
$
|
i 6,770
|
Appraisals from comparable properties
|
Estimated cost to sell
|
i 20 |
%
|
||||
Collateral-dependent impaired loans
|
$
|
i 6,910
|
Appraisals from comparable properties
|
Estimated cost to sell
|
i 20 | % |
Carrying |
Fair Value Measurements
|
|||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
i 123,437
|
$
|
i 123,437
|
$
|
i -
|
$
|
i -
|
$
|
i 123,437
|
||||||||||
Federal funds sold
|
i - | i - | i - | i - | i - | |||||||||||||||
Interest-bearing time deposits in other banks
|
i 1,992
|
i -
|
i 1,992
|
i -
|
i 1,992
|
|||||||||||||||
Loans, net of allowance
|
i 1,141,497
|
i -
|
i 1,132,823
|
i 6,770
|
i 1,139,593
|
|||||||||||||||
Loans held for sale
|
i 635 | i - | i 635 | i - | i 635 | |||||||||||||||
Nonmarketable equity securities
|
i 1,192
|
i -
|
i 1,192
|
i -
|
i 1,192
|
|||||||||||||||
Interest receivable
|
i 5,741
|
i -
|
i 5,741
|
i -
|
i 5,741
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
i 1,346,291
|
$
|
i -
|
$
|
i 1,347,589
|
$
|
i -
|
$
|
i 1,347,589
|
||||||||||
Interest payable
|
i 102
|
i -
|
i 102
|
i -
|
i 102
|
|||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
i 195,359
|
$
|
i 195,359
|
$
|
i -
|
$
|
i -
|
$
|
i 195,359
|
||||||||||
Federal funds sold
|
i 9,493 | i 9,493 | i - | i - | i 9,493 | |||||||||||||||
Interest-bearing time deposits in other banks
|
i 3,237
|
i -
|
i 3,237
|
i -
|
i 3,237
|
|||||||||||||||
Loans, net of allowance
|
i 1,018,085
|
i -
|
i 1,011,048
|
i 6,910
|
i 1,017,958
|
|||||||||||||||
Loans held for sale
|
i 464
|
i -
|
i 464
|
i -
|
i 464
|
|||||||||||||||
Nonmarketable equity securities
|
i 1,202
|
i -
|
i 1,202
|
i -
|
i 1,202
|
|||||||||||||||
Interest receivable
|
i 4,259
|
i -
|
i 4,259
|
i -
|
i 4,259
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
i 1,217,471
|
$
|
i -
|
$
|
i 1,217,094
|
$
|
i -
|
$
|
i 1,217,094
|
||||||||||
Interest payable
|
i 117
|
i -
|
i 117
|
i -
|
i 117
|
Note 11: |
Financial Instruments with Off-Balance Sheet Risk
|
(Dollars in thousands) |
||||||||
Commitments to extend credit
|
$
|
i 233,951
|
$
|
i 200,393
|
||||
Financial and performance standby letters of credit
|
i 2,276
|
i 5,809
|
||||||
$
|
i 236,227
|
$
|
i 206,202
|
Note 12: |
Significant Estimates and Concentrations
|
|
Net Interest Margin Including Loan Fee Income
|
|||||||||||||||||||||||
|
For the Three Months Ended June 30,
|
|||||||||||||||||||||||
|
2021
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
130,961
|
$
|
263
|
0.81
|
%
|
$
|
128,643
|
$
|
64
|
0.20
|
%
|
||||||||||||
Investment securities, taxable-equivalent(2)
|
174,583
|
571
|
1.31
|
1,187
|
16
|
5.41
|
||||||||||||||||||
Investment securities, tax exempt
|
22,244
|
85
|
1.53
|
-
|
-
|
-
|
||||||||||||||||||
Loans held for sale
|
279
|
-
|
-
|
557
|
-
|
-
|
||||||||||||||||||
Total loans(3)
|
1,090,053
|
15,754
|
5.80
|
889,278
|
14,357
|
6.48
|
||||||||||||||||||
Total interest-earning assets
|
1,418,120
|
16,673
|
4.72
|
1,019,665
|
14,437
|
5.68
|
||||||||||||||||||
Noninterest-earning assets
|
25,341
|
5,086
|
||||||||||||||||||||||
Total assets
|
$
|
1,443,461
|
$
|
1,024,751
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
693,619
|
555
|
0.32
|
%
|
$
|
399,293
|
329
|
0.33
|
%
|
||||||||||||||
Time deposits
|
183,494
|
323
|
0.71
|
212,212
|
443
|
0.84
|
||||||||||||||||||
Total interest-bearing deposits
|
877,113
|
878
|
0.40
|
611,505
|
772
|
0.51
|
||||||||||||||||||
Total interest-bearing liabilities
|
877,113
|
878
|
0.40
|
611,505
|
772
|
0.51
|
||||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
429,388
|
293,867
|
|||||||||||||||||||||
Other noninterest-bearing liabilities
|
6,925
|
6,047
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
436,313
|
299,914
|
||||||||||||||||||||||
Shareholders' equity
|
130,035
|
113,332
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,443,461
|
$
|
1,024,751
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income including loan fee income
|
$
|
15,795
|
$
|
13,665
|
||||||||||||||||||||
Net interest spread including loan fee
income(4) |
4.32
|
%
|
5.17
|
%
|
||||||||||||||||||||
Net interest margin including loan fee income
|
4.47
|
%
|
5.38
|
%
|
(1) |
Taxable-equivalent yield of 2.03% as of June 30, 2022, applying a 24.5% effective tax rate
|
(2) |
Non-accrual loans of $9.5 million and $12.2 million as of June 30, 2022 and June 30, 2021, respectively, are included in loans.
|
- |
Interest income on debt securities totaled $656,000 an increase of $643,000 or 4,946%, as a result of debt securities acquired in December 2021 and purchased during the first quarter of 2022;
|
- |
Interest income on total loans totaled $15.8 million, an increase of $1.4 million or 9.7%, due to an increase in average loans of $200.8 million, or 22.6%, partially offset by of a 68 basis points or 10.5%
decrease in loan yields;
|
- |
Loan fees totaled $1.5 million, a decrease of $1.0 million or 40.8%, related to nonrecurring PPP loan fee income decreasing and
|
- |
Net interest margin for the second quarter of 2022 was 4.47% compared to 5.38% for the second quarter of 2021.
|
|
Net Interest Margin Including Loan Fee Income
|
|||||||||||||||||||||||
|
For the Six Months Ended June 30,
|
|||||||||||||||||||||||
|
2021
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate
|
||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
159,157
|
$
|
348
|
0.44
|
%
|
$
|
127,203
|
$
|
157
|
0.25
|
%
|
||||||||||||
Investment securities, taxable-equivalent(2)
|
132,086
|
935
|
1.43
|
1,180
|
17
|
2.91
|
||||||||||||||||||
Investment securities, tax exempt
|
22,487
|
183
|
1.64
|
-
|
-
|
-
|
||||||||||||||||||
Loans held for sale
|
383
|
-
|
-
|
445
|
-
|
-
|
||||||||||||||||||
Total loans(3)
|
1,047,220
|
30,131
|
5.80
|
868,526
|
27,450
|
6.37
|
||||||||||||||||||
Total interest-earning assets
|
1,361,333
|
31,597
|
4.68
|
997,354
|
27,624
|
5.59
|
||||||||||||||||||
Noninterest-earning assets
|
24,506
|
6,090
|
||||||||||||||||||||||
Total assets
|
$
|
1,385,839
|
$
|
1,003,444
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
667,159
|
1,012
|
0.31
|
%
|
$
|
412,070
|
691
|
0.34
|
%
|
||||||||||||||
Time deposits
|
176,587
|
583
|
0.67
|
208,903
|
956
|
0.92
|
||||||||||||||||||
Total interest-bearing deposits
|
843,746
|
1,595
|
0.38
|
620,973
|
1,647
|
0.53
|
||||||||||||||||||
Total interest-bearing liabilities
|
843,746
|
1,595
|
0.38
|
620,973
|
1,647
|
0.53
|
||||||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
405,674
|
266,237
|
|||||||||||||||||||||
Other noninterest-bearing liabilities
|
6,615
|
5,126
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
412,289
|
271,363
|
||||||||||||||||||||||
Shareholders' equity
|
129,804
|
111,108
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,385,839
|
$
|
1,003,444
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income including loan fee income
|
$
|
30,002
|
$
|
25,977
|
||||||||||||||||||||
Net interest spread including loan fee
income(4) |
4.30
|
%
|
5.05
|
%
|
||||||||||||||||||||
Net interest margin including loan fee income
|
4.44
|
%
|
5.25
|
%
|
(1) |
Taxable-equivalent yield of 2.17% as of June 30, 2022, applying a 24.5% effective tax rate
|
(2) |
Non-accrual loans of $9.5 million and $12.2 million as of June 30, 2022 and June 30, 2021, respectively, are included in loans.
|
- |
Interest income on debt securities totaled $1.1 million and increase of $1.1 million or 6,582%, a result of debt securities acquired in December 2021 and purchased during the first six months of 2022;
|
- |
Interest income on total loans totaled $30.1 million, an increase of $2.7 million or 9.8%, due to an increase in average loans of $179 million, or 20.6%, and in spite of a 57 basis points or 8.9% decrease in
loan yields;
|
- |
Loan fees totaled $3.1 million, a decrease of $1.4 million or 30.7%, related to nonrecurring PPP loan fee income decreasing and
|
- |
Net interest margin for the first six months of 2022 was 4.44% compared to 5.25% for the same period in 2021.
|
|
Analysis of Changes in Interest Income
and Expenses
|
|||||||||||
|
For the Three Months Ended
June 30, 2022 vs 2021
|
|||||||||||
|
Change due to:
|
Interest
Variance
|
||||||||||
|
Volume(1)
|
Rate(1)
|
||||||||||
(in thousands)
|
(Dollars in thousands)
|
|||||||||||
Increase (decrease) in interest income:
|
||||||||||||
Short-term investments
|
$
|
5
|
$
|
194
|
$
|
199
|
||||||
Debt securities
|
10,584
|
(9,944
|
)
|
640
|
||||||||
Total loans
|
13,010
|
(11,613
|
)
|
1,397
|
||||||||
Total increase (decrease) in interest income
|
23,599
|
(21,363
|
)
|
2,236
|
||||||||
|
||||||||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits:
|
||||||||||||
Transaction accounts
|
971
|
(745
|
)
|
226
|
||||||||
Time deposits
|
(241
|
)
|
121
|
(120
|
)
|
|||||||
Total interest-bearing deposits
|
730
|
(624
|
)
|
106
|
||||||||
Total increase (decrease) in interest expense
|
730
|
(624
|
)
|
106
|
||||||||
|
||||||||||||
Increase (Decrease) in net interest income
|
$
|
22,869
|
$
|
(20,739
|
)
|
$
|
2,130
|
|
Analysis of Changes in Interest Income and Expenses
|
|||||||||||
|
For the Six Months Ended
June 30, 2022 vs 2021
|
|||||||||||
|
Change due to:
|
Interest
Variance
|
||||||||||
|
Volume(1)
|
Rate(1)
|
||||||||||
|
(Dollars in thousands)
|
|||||||||||
Increase (decrease) in interest income:
|
||||||||||||
Short-term investments
|
$
|
40
|
$
|
151
|
$
|
191
|
||||||
Debt securities
|
2,214
|
(1,113
|
)
|
1,101
|
||||||||
Total loans
|
5,645
|
(2,964
|
)
|
2,681
|
||||||||
Total increase (decrease) in interest income
|
7,899
|
(3,926
|
)
|
3,973
|
||||||||
|
||||||||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits:
|
||||||||||||
Transaction accounts
|
430
|
(109
|
)
|
321
|
||||||||
Time deposits
|
(147
|
)
|
(226
|
)
|
(373
|
)
|
||||||
Total interest-bearing deposits
|
283
|
(335
|
)
|
(52
|
)
|
|||||||
Total increase (decrease) in interest expense
|
283
|
(335
|
)
|
(52
|
)
|
|||||||
|
||||||||||||
Increase (Decrease) in net interest income
|
$
|
7,615
|
$
|
(3,590
|
)
|
$
|
4,025
|
(1)
|
Variances attributable to both volume and rate are allocated on a consistent basis between rate and volume based on the absolute value of the variances in each category.
|
|
As of June 30, 2022
|
|||||||||||||||||||||||||||||||||||||||
|
Within One Year
|
After One Year But
Within Five Years
|
After Five Years But
Within Ten Years
|
After Ten Years
|
Total
|
|||||||||||||||||||||||||||||||||||
|
Amount
|
Yield *
|
Amount
|
Yield *
|
Amount
|
Yield *
|
Amount
|
Yield *
|
Amount
|
Yield *
|
||||||||||||||||||||||||||||||
Available-for-sale
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||||||||
U.S. Federal agencies
|
$
|
41
|
4.13
|
%
|
$
|
199
|
4.17
|
%
|
$
|
-
|
0
|
%
|
$
|
-
|
0
|
%
|
$
|
240
|
4.16
|
%
|
||||||||||||||||||||
Mortgage-backed securities
|
1,751
|
1.05
|
9,947
|
2.04
|
5,881
|
1.79
|
27,795
|
2.53
|
45,374
|
2.27
|
||||||||||||||||||||||||||||||
State and political subdivisions
|
3,419
|
1.85
|
14,666
|
1.98
|
12,558
|
2.40
|
704
|
2.36
|
31,347
|
2.14
|
||||||||||||||||||||||||||||||
U.S. Treasuries
|
-
|
-
|
98,340
|
1.73
|
4,437
|
1.76
|
-
|
-
|
102,777
|
1.73
|
||||||||||||||||||||||||||||||
Corporate debt securities
|
-
|
-
|
-
|
-
|
5,310
|
5.38
|
-
|
-
|
5,310
|
5.38
|
||||||||||||||||||||||||||||||
Total
|
$
|
5,211
|
1.59
|
%
|
$
|
123,152
|
1.79
|
%
|
$
|
28,186
|
2.74
|
%
|
$
|
28,499
|
2.53
|
%
|
$
|
185,048
|
2.04
|
%
|
||||||||||||||||||||
Percentage of total
|
2.82
|
%
|
66.54
|
%
|
15.23
|
%
|
15.40
|
%
|
100.00
|
%
|
* |
Yield is on a taxable-equivalent basis using 21% tax rate
|
For the Three Months Ended
|
||||||||||||||||||||
2021
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Secondary market income
|
$
|
95
|
$
|
78
|
$
|
17
|
21.79
|
%
|
||||||||||||
Gain (Loss) on sales of available-for-sale debt securities
|
|
10
|
-
|
10
|
100.00
|
%
|
||||||||||||||
Service charges on deposit accounts
|
219
|
119
|
100
|
84.03
|
%
|
|||||||||||||||
Other income and fees
|
368
|
382
|
(14
|
)
|
-3.66
|
%
|
||||||||||||||
Total noninterest income
|
$
|
692
|
$
|
579
|
$
|
113
|
19.52
|
%
|
For the Six Months Ended
|
||||||||||||||||
2021
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest income:
|
||||||||||||||||
Secondary market income
|
$
|
261
|
$
|
92
|
$
|
169
|
183.70
|
%
|
||||||||
Gain (Loss) on sales of available-for-sale debt securities
|
(117
|
)
|
-
|
(117
|
)
|
-100.00
|
||||||||||
Service charges on deposit accounts
|
468
|
239
|
229
|
95.82
|
%
|
|||||||||||
Other income and fees
|
755
|
585
|
170
|
29.06
|
%
|
|||||||||||
Total noninterest income
|
$
|
1,367
|
$
|
916
|
$
|
451
|
49.24
|
%
|
|
For the Three Months Ended
|
|||||||||||||||
|
||||||||||||||||
|
2021
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
4,126
|
$
|
2,949
|
$
|
1,177
|
39.91
|
%
|
||||||||
Furniture and equipment
|
386
|
231
|
155
|
67.10
|
%
|
|||||||||||
Occupancy
|
571
|
458
|
113
|
24.67
|
%
|
|||||||||||
Data and item processing
|
559
|
286
|
273
|
95.45
|
%
|
|||||||||||
Accounting, marketing, and legal fees
|
209
|
149
|
60
|
40.27
|
%
|
|||||||||||
Regulatory assessments
|
226
|
161
|
65
|
40.37
|
%
|
|||||||||||
Advertising and public relations
|
121
|
71
|
50
|
70.42
|
%
|
|||||||||||
Travel, lodging and entertainment
|
74
|
118
|
(44
|
)
|
-37.29
|
%
|
||||||||||
Other expense
|
691
|
452
|
239
|
52.88
|
%
|
|||||||||||
Total noninterest expense
|
$
|
6,963
|
$
|
4,875
|
$
|
2,088
|
42.83
|
%
|
|
For the Six Months Ended
|
|||||||||||||||
|
||||||||||||||||
|
2021
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
8,152
|
$
|
5,739
|
$
|
2,413
|
42.05
|
%
|
||||||||
Furniture and equipment
|
744
|
433
|
311
|
71.82
|
%
|
|||||||||||
Occupancy
|
1,122
|
930
|
192
|
20.65
|
%
|
|||||||||||
Data and item processing
|
946
|
565
|
381
|
67.43
|
%
|
|||||||||||
Accounting, marketing, and legal fees
|
442
|
297
|
145
|
48.82
|
%
|
|||||||||||
Regulatory assessments
|
422
|
302
|
120
|
39.74
|
%
|
|||||||||||
Advertising and public relations
|
231
|
105
|
126
|
120.00
|
%
|
|||||||||||
Travel, lodging and entertainment
|
122
|
207
|
(85
|
)
|
-41.06
|
%
|
||||||||||
Other expense
|
1,202
|
841
|
361
|
42.93
|
%
|
|||||||||||
Total noninterest expense
|
$
|
13,383
|
$
|
9,419
|
$
|
3,964
|
42.09
|
%
|
|
As of June 30,
|
As of December 31,
|
||||||||||||||
|
2021
|
|||||||||||||||
|
Amount
|
% of Total
|
Amount
|
% of Total
|
||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Construction & development
|
$
|
191,291
|
16.6
|
%
|
$
|
169,322
|
16.4
|
%
|
||||||||
1-4 family real estate
|
69,267
|
6.0
|
%
|
62,971
|
6.1
|
%
|
||||||||||
Commercial real estate - other
|
343,489
|
29.7
|
%
|
339,655
|
33.0
|
%
|
||||||||||
Total commercial real estate
|
604,047
|
52.3
|
%
|
571,948
|
55.5
|
%
|
||||||||||
|
||||||||||||||||
Commercial & industrial
|
475,197
|
41.1
|
%
|
361,974
|
35.1
|
%
|
||||||||||
Agricultural
|
59,644
|
5.2
|
%
|
73,010
|
7.1
|
%
|
||||||||||
Consumer
|
16,557
|
1.4
|
%
|
24,046
|
2.3
|
%
|
||||||||||
Gross loans
|
1,155,445
|
100.0
|
%
|
1,030,978
|
100.0
|
%
|
||||||||||
Less: unearned income, net
|
(3,129
|
)
|
(2,577
|
)
|
||||||||||||
Total Loans, net of unearned income
|
1,152,316
|
1,028,401
|
||||||||||||||
Less: Allowance for loan losses
|
(10,819
|
)
|
(10,316
|
)
|
||||||||||||
Net loans
|
$
|
1,141,497
|
$
|
1,018,085
|
|
As of June 30, 2022
|
|||||||||||||||||||||||||||||||||||
|
Due in One Year or Less
|
Due after One Year
Through Five Years
|
Due after Five Years
Through Fifteen Years
|
Due after Fifteen Years
|
||||||||||||||||||||||||||||||||
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Total
|
|||||||||||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
7,313
|
$
|
59,911
|
$
|
18,469
|
$
|
97,519
|
$
|
-
|
$
|
3,090
|
$
|
-
|
$
|
4,989
|
$
|
191,291
|
||||||||||||||||||
1-4 family real estate
|
11,985
|
10,407
|
14,572
|
19,543
|
327
|
5,981
|
-
|
6,452
|
69,267
|
|||||||||||||||||||||||||||
Commercial real estate - other
|
5,425
|
51,366
|
86,964
|
169,734
|
339
|
16,913
|
-
|
12,748
|
343,489
|
|||||||||||||||||||||||||||
Total commercial real estate
|
24,723
|
121,684
|
120,005
|
286,796
|
666
|
25,984
|
-
|
24,189
|
604,047
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Commercial & industrial
|
47,144
|
162,403
|
51,069
|
197,825
|
5,312
|
10,801
|
-
|
643
|
475,197
|
|||||||||||||||||||||||||||
Agricultural
|
604
|
13,516
|
5,333
|
34,835
|
496
|
1,312
|
45
|
3,503
|
59,644
|
|||||||||||||||||||||||||||
Consumer
|
1,649
|
36
|
7,373
|
115
|
842
|
2,594
|
83
|
3,865
|
16,557
|
|||||||||||||||||||||||||||
Gross loans
|
$
|
74,120
|
$
|
297,639
|
$
|
183,780
|
$
|
519,571
|
$
|
7,316
|
$
|
40,691
|
$
|
128
|
$
|
32,200
|
$
|
1,155,445
|
|
As of December 31, 2021
|
|||||||||||||||||||||||||||||||||||
|
Due in One Year or Less
|
Due after One Year
Through Five Years
|
Due after Five Years
Through Fifteen Years
|
Due after Fifteen Years
|
||||||||||||||||||||||||||||||||
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Fixed
Rate
|
Adjustable
Rate
|
Total
|
|||||||||||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
7,283
|
$
|
71,551
|
$
|
10,148
|
$
|
74,052
|
$
|
-
|
$
|
2,243
|
$
|
-
|
$
|
4,045
|
$
|
169,322
|
||||||||||||||||||
1-4 family real estate
|
3,259
|
21,322
|
11,979
|
11,674
|
926
|
7,375
|
-
|
6,436
|
62,971
|
|||||||||||||||||||||||||||
Commercial real estate - other
|
5,156
|
97,309
|
59,227
|
143,906
|
413
|
19,230
|
-
|
14,414
|
339,655
|
|||||||||||||||||||||||||||
Total commerical real estate
|
15,698
|
190,182
|
81,354
|
229,632
|
1,339
|
28,848
|
-
|
24,895
|
571,948
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Commercial & industrial
|
24,249
|
142,553
|
16,346
|
145,654
|
20,474
|
12,047
|
-
|
651
|
361,974
|
|||||||||||||||||||||||||||
Agricultural
|
2,529
|
17,441
|
5,156
|
39,305
|
623
|
1,587
|
-
|
6,369
|
73,010
|
|||||||||||||||||||||||||||
Consumer
|
4,870
|
29
|
10,825
|
172
|
1,554
|
2,458
|
84
|
4,054
|
24,046
|
|||||||||||||||||||||||||||
Gross loans
|
$
|
47,346
|
$
|
350,205
|
$
|
113,681
|
$
|
414,763
|
$
|
23,990
|
$
|
44,940
|
$
|
84
|
$
|
35,969
|
$
|
1,030,978
|
|
For the Six Months Ended June 30,
|
|||||||
|
2021
|
|||||||
|
(Dollars in thousands)
|
|||||||
Balance at beginning of the period
|
$
|
10,316
|
$
|
9,639
|
||||
Provision for loan losses
|
495
|
2,575
|
||||||
Charge-offs:
|
||||||||
Construction & development
|
-
|
-
|
||||||
1-4 family real estate
|
-
|
-
|
||||||
Commercial real estate - other
|
-
|
-
|
||||||
Commercial & industrial
|
-
|
-
|
||||||
Agricultural
|
-
|
-
|
||||||
Consumer
|
(6
|
)
|
(61
|
)
|
||||
Total charge-offs
|
(6
|
)
|
(61
|
)
|
||||
Recoveries:
|
||||||||
Construction & development
|
-
|
-
|
||||||
1-4 family real estate
|
-
|
-
|
||||||
Commercial real estate - other
|
-
|
-
|
||||||
Commercial & industrial
|
-
|
14
|
||||||
Agricultural
|
-
|
138
|
||||||
Consumer
|
14
|
1
|
||||||
Total recoveries
|
14
|
153
|
||||||
Net recoveries (charge-offs)
|
8
|
92
|
||||||
Balance at end of the period
|
$
|
10,819
|
$
|
12,306
|
||||
Net recoveries (charge-offs) to average loans
|
0.00
|
%
|
-0.01
|
%
|
|
As of June 30,
|
As of December 31,
|
||||||||||||||
|
2021
|
|||||||||||||||
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Construction & development
|
$
|
1,792
|
16.6
|
%
|
$
|
1,695
|
16.4
|
%
|
||||||||
1-4 family real estate
|
649
|
6.0
|
%
|
630
|
6.1
|
%
|
||||||||||
Commercial real estate - Other
|
3,216
|
29.7
|
%
|
3,399
|
33.0
|
%
|
||||||||||
Commercial & industrial
|
4,449
|
41.1
|
%
|
3,621
|
35.1
|
%
|
||||||||||
Agricultural
|
558
|
5.2
|
%
|
730
|
7.1
|
%
|
||||||||||
Consumer
|
155
|
1.4
|
%
|
241
|
2.3
|
%
|
||||||||||
Total
|
$
|
10,819
|
100.0
|
%
|
$
|
10,316
|
100.0
|
%
|
As of
June 30,
|
As of
|
|||||||
2021
|
||||||||
(Dollars in thousands)
|
||||||||
Nonaccrual loans
|
$
|
9,473
|
$
|
9,885
|
||||
Troubled-debt restructurings (1)
|
-
|
-
|
||||||
Accruing loans 90 or more days past due
|
69
|
496
|
||||||
Total nonperforming loans
|
9,542
|
10,381
|
||||||
Other real estate owned
|
-
|
-
|
||||||
Total nonperforming assets
|
$
|
9,542
|
$
|
10,381
|
||||
Ratio of nonperforming loans to total loans
|
0.83
|
%
|
1.01
|
%
|
||||
Ratio of nonaccrual loans to total loans
|
0.82
|
%
|
0.96
|
%
|
||||
Ratio of allowance for loan losses to total loans
|
0.94
|
%
|
1.00
|
%
|
||||
Ratio of allowance for loan losses to nonaccrual loans
|
114.21
|
%
|
104.36
|
%
|
||||
Ratio of nonperforming assets to total assets
|
0.64
|
%
|
0.77
|
%
|
(1)
|
$1.3 million of TDRs as of June 30, 2022 and $1.4 million as of December 31, 2021 are included in the nonaccrual loans balance in the line above
|
As of June 30, 2022
|
||||||||||||||||||||||||||||
Loans 30-59
days past
due
|
Loans 60-89
days past
due
|
Loans 90+
days past
due
|
Loans 90+
days past
due and
accruing
|
Total past due loans
|
Current
|
Total loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
191,291
|
$
|
191,291
|
||||||||||||||
1-4 family real estate
|
26
|
-
|
-
|
-
|
26
|
69,241
|
69,267
|
|||||||||||||||||||||
Commercial real estate - other
|
-
|
24
|
162
|
-
|
186
|
343,303
|
343,489
|
|||||||||||||||||||||
Commercial & industrial
|
9,919
|
31
|
75
|
-
|
10,025
|
465,172
|
475,197
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
55
|
55
|
55
|
59,589
|
59,644
|
|||||||||||||||||||||
Consumer
|
336
|
1
|
14
|
14
|
351
|
16,206
|
16,557
|
|||||||||||||||||||||
Total
|
$
|
10,281
|
$
|
56
|
$
|
306
|
$
|
69
|
$
|
10,643
|
$
|
1,144,802
|
$
|
1,155,445
|
As of December 31, 2021
|
||||||||||||||||||||||||||||
Loans 30-59
days past due
|
Loans 60-89
days past
due
|
Loans 90+
days past
due
|
Loans 90+
days past
due and
accruing
|
Total Past
Due Loans
|
Current
|
Total loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
169,322
|
$
|
169,322
|
||||||||||||||
1-4 family real estate
|
-
|
-
|
-
|
-
|
-
|
62,971
|
62,971
|
|||||||||||||||||||||
Commercial real estate - other
|
-
|
174
|
-
|
-
|
174
|
339,481
|
339,655
|
|||||||||||||||||||||
Commercial & industrial
|
-
|
19
|
501
|
401
|
520
|
361,454
|
361,974
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
77
|
77
|
77
|
72,933
|
73,010
|
|||||||||||||||||||||
Consumer
|
48
|
15
|
18
|
18
|
81
|
23,965
|
24,046
|
|||||||||||||||||||||
Total
|
$
|
48
|
$
|
208
|
$
|
596
|
$
|
496
|
$
|
852
|
$
|
1,030,126
|
$
|
1,030,978
|
As of June 30, 2022
|
||||||||||||||||||||
Pass
|
Watch
|
Special
mention
|
Substandard
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction & development
|
$
|
191,291
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
191,291
|
||||||||||
1-4 family real estate
|
69,267
|
-
|
-
|
-
|
69,267
|
|||||||||||||||
Commercial real estate - Other
|
296,788
|
15,000
|
16,845
|
14,856
|
343,489
|
|||||||||||||||
Commercial & industrial
|
464,572
|
1,752
|
1,879
|
6,994
|
475,197
|
|||||||||||||||
Agricultural
|
59,275
|
225
|
144
|
-
|
59,644
|
|||||||||||||||
Consumer
|
16,533
|
-
|
-
|
24
|
16,557
|
|||||||||||||||
Total
|
$
|
1,097,726
|
$
|
16,977
|
$
|
18,868
|
$
|
21,874
|
$
|
1,155,445
|
As of December 31, 2021
|
||||||||||||||||||||
Pass
|
Watch
|
Special
mention |
Substandard
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction & development
|
$
|
169,322
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
169,322
|
||||||||||
1-4 family real estate
|
62,971
|
-
|
-
|
-
|
62,971
|
|||||||||||||||
Commercial real estate - Other
|
282,268
|
14,976
|
27,112
|
15,299
|
339,655
|
|||||||||||||||
Commercial & industrial
|
341,661
|
4,658
|
6,300
|
9,355
|
361,974
|
|||||||||||||||
Agricultural
|
72,295
|
255
|
460
|
-
|
73,010
|
|||||||||||||||
Consumer
|
24,000
|
-
|
-
|
46
|
24,046
|
|||||||||||||||
Total
|
$
|
952,517
|
$
|
19,889
|
$
|
33,872
|
$
|
24,700
|
$
|
1,030,978
|
As of June 30, 2022
|
||||||||||||||||
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-
Modification Outstanding Recorded Investment
|
Specific
Reserves
Allocated
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial real estate
|
1
|
$
|
1,300
|
$
|
1,300
|
-
|
||||||||||
Total
|
1
|
$
|
1,300
|
$
|
1,300
|
$
|
-
|
As of December 31, 2021
|
||||||||||||||||
Number of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-
Modification Outstanding Recorded Investment
|
Specific
Reserves
Allocated
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial real estate
|
1
|
$
|
1,402
|
$
|
1,402
|
-
|
||||||||||
Total
|
1
|
$
|
1,402
|
$
|
1,402
|
$
|
-
|
As of June 30, 2022
|
As of December 31, 2021
|
|||||||||||||||
Number of contracts
|
Amount
|
Number of contracts
|
Amount
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Accrual
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Nonaccrual
|
1
|
1,300
|
1
|
1,402
|
||||||||||||
Total
|
1
|
$
|
1,300
|
1
|
$
|
1,402
|
Amount
|
Percentage of Total
|
Amount
|
Percentage of Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest-bearing demand
|
$
|
447,077
|
33.2
|
%
|
$
|
366,705
|
30.1
|
%
|
||||||||
Interest-bearing transaction deposits
|
624,163
|
46.4
|
%
|
583,389
|
47.9
|
%
|
||||||||||
Savings deposits
|
89,623
|
6.7
|
%
|
89,778
|
7.4
|
%
|
||||||||||
Time deposits ($250,000 or less)
|
144,713
|
10.7
|
%
|
132,690
|
10.9
|
%
|
||||||||||
Time deposits (more than $250,000)
|
40,715
|
3.0
|
%
|
44,909
|
3.7
|
%
|
||||||||||
Total interest-bearing deposits
|
899,214
|
66.8
|
%
|
850,766
|
69.9
|
%
|
||||||||||
Total deposits
|
$
|
1,346,291
|
100.0
|
%
|
$
|
1,217,471
|
100.0
|
%
|
For the Six Months Ended June 30,
|
For the Year Ended December 31,
|
|||||||||||||||
2021
|
||||||||||||||||
Average
Balance |
Weighted
Average Rate
|
Average
Balance |
Weighted
Average Rate
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Non interest-bearing demand
|
$
|
405,674
|
0.00
|
%
|
$
|
288,446
|
0.00
|
%
|
||||||||
Interest-bearing transaction deposits
|
573,021
|
0.32
|
%
|
375,048
|
0.34
|
%
|
||||||||||
Savings deposits
|
94,139
|
0.19
|
%
|
55,220
|
0.23
|
%
|
||||||||||
Time deposits
|
176,587
|
0.67
|
%
|
205,437
|
0.81
|
%
|
||||||||||
Total interest-bearing deposits
|
843,747
|
0.38
|
%
|
635,705
|
0.48
|
%
|
||||||||||
Total deposits
|
$
|
1,249,421
|
0.26
|
%
|
$
|
924,151
|
0.33
|
%
|
As of June 30, 2022 Maturity Within:
|
||||||||||||||||||||
Three Months
|
Three to Six Months
|
Six to 12
Months
|
After 12
Months
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Time deposits ($250,000 or less)
|
$
|
68,547
|
$
|
21,315
|
$
|
35,524
|
$
|
19,327
|
$
|
144,713
|
||||||||||
Time deposits (more than $250,000)
|
6,369
|
13,308
|
15,579
|
5,459
|
40,715
|
|||||||||||||||
Total time deposits
|
$
|
74,916
|
$
|
34,623
|
$
|
51,103
|
$
|
24,786
|
$
|
185,428
|
As of December 31, 2021 Maturity Within:
|
||||||||||||||||||||
Three Months
|
Three to Six Months
|
Six to 12
Months
|
After 12
Months
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Time deposits ($250,000 or less)
|
$
|
32,680
|
$
|
37,016
|
$
|
31,197
|
$
|
31,797
|
$
|
132,690
|
||||||||||
Time deposits (more than $250,000)
|
18,234
|
5,932
|
10,729
|
10,014
|
44,909
|
|||||||||||||||
Total time deposits
|
$
|
50,914
|
$
|
42,948
|
$
|
41,926
|
$
|
41,811
|
$
|
177,599
|
Actual
|
With Capital
Conservation Buffer |
Minimum to be "Well-
Capitalized" Under
Prompt Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of June 30, 2022
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Company
|
$
|
139,886
|
12.14
|
%
|
$
|
121,012
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
Bank
|
139,853
|
12.15
|
%
|
120,906
|
10.50
|
%
|
$
|
115,149
|
10.00
|
%
|
||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Company
|
129,067
|
11.20
|
%
|
97,962
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
129,034
|
11.21
|
%
|
97,876
|
8.50
|
%
|
92,119
|
8.00
|
%
|
|||||||||||||||
CET 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Company
|
129,067
|
11.20
|
%
|
80,675
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
129,034
|
11.21
|
%
|
80,604
|
7.00
|
%
|
74,847
|
6.50
|
%
|
|||||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||||||||||||||
Company
|
129,067
|
8.97
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||||
Bank
|
129,034
|
8.97
|
%
|
N/A
|
N/A
|
71,925
|
5.00
|
%
|
Actual
|
With Capital
Conservation Buffer
|
Minimum to be "Well-
Capitalized" Under
Prompt Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of December 31, 2021
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Company
|
$
|
127,946
|
12.54
|
%
|
$
|
107,126
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
Bank
|
127,844
|
12.54
|
%
|
107,020
|
10.50
|
%
|
$
|
101,924
|
10.00
|
%
|
||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Company
|
117,631
|
11.53
|
%
|
86,721
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
117,528
|
11.53
|
%
|
86,635
|
8.50
|
%
|
81,539
|
8.00
|
%
|
|||||||||||||||
CET 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Company
|
117,631
|
11.53
|
%
|
71,417
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
117,528
|
11.53
|
%
|
71,347
|
7.00
|
%
|
66,250
|
6.50
|
%
|
|||||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||||||||||||||
Company
|
117,631
|
10.56
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||||
Bank
|
117,528
|
10.55
|
%
|
N/A
|
N/A
|
55,714
|
5.00
|
%
|
Payments Due as of June 30, 2022
|
||||||||||||||||||||
Within One
Year
|
One to Three Years
|
Three to Five Years
|
After Five
Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits without a stated maturity
|
$
|
1,160,863
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,160,863
|
||||||||||
Time deposits
|
160,642
|
22,852
|
1,934
|
-
|
185,428
|
|||||||||||||||
Operating lease commitments
|
611
|
575
|
142
|
-
|
1,328
|
|||||||||||||||
Total contractual obligations
|
$
|
1,322,116
|
$
|
23,427
|
$
|
2,076
|
$
|
-
|
$
|
1,347,619
|
Payments Due as of December 31, 2021
|
||||||||||||||||||||
Within One
Year
|
One to Three Years
|
Three to Five Years
|
After Five
Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits without a stated maturity
|
$
|
1,039,872
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,039,872
|
||||||||||
Time deposits
|
135,788
|
39,904
|
1,907
|
-
|
177,599
|
|||||||||||||||
Operating lease commitments
|
611
|
782
|
241
|
-
|
1,634
|
|||||||||||||||
Total contractual obligations
|
$
|
1,176,271
|
$
|
40,686
|
$
|
2,148
|
$
|
-
|
$
|
1,219,105
|
As of
June 30,
|
As of
|
|||||||
2021
|
||||||||
(Dollars in thousands)
|
||||||||
Commitments to extend credit
|
$
|
233,951
|
$
|
200,393
|
||||
Standby letters of credit
|
2,276
|
5,809
|
||||||
Total
|
$
|
236,227
|
$
|
206,202
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
This exhibit is furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be
incorporated by reference into any filing under the Securities Act or the Exchange Act.
|
BANK7 CORP.
|
|||
DATED:
|
By:
|
/s/ Thomas L. Travis | |
President and Chief Executive Officer
|
DATED:
|
By:
|
/s/ Kelly J. Harris | |
Executive Vice President and Chief Financial Officer
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
12/15/22 | ||||
Filed on: | 8/15/22 | |||
For Period end: | 6/30/22 | |||
12/31/21 | 10-K | |||
12/15/21 | ||||
12/9/21 | 8-K, 8-K/A | |||
10/28/21 | 4 | |||
9/5/21 | ||||
6/30/21 | 10-Q | |||
3/5/21 | ||||
12/31/20 | 10-K | |||
11/2/20 | ||||
3/26/20 | ||||
3/13/20 | 4 | |||
9/5/19 | 4, 8-K | |||
List all Filings |