SEC Info - Grandsouth Bancorporation - ‘10-Q’ for 9/30/21

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		Alternative Formats (Word, et al.) Consolidated Balance Sheets -- September 30, 2021 and December 31, 2020 Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 2021 and 2020 Consolidated Statements of Changes in Shareholders' Equity -- Three and Nine Months Ended September 30, 2021 and 2020 Consolidated Statements of Comprehensive Income -- Three and Nine Months Ended September 30, 2021 and 2020 Consolidated Statements of Income -- Three and Nine Months Ended September 30, 2021 and 2020 Controls and Procedures Defaults Upon Senior Securities Exhibits Financial Statements (Unaudited) Item 1 Item 1A Item 2 Item 3 Item 4 Item 5 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Mine Safety Disclosures Nine Months Ended September 30, 2021 and 2020 Notes to Consolidated Financial Statements Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors September 30, 2021 and December 31, 2020 Signatures Three and Nine Months Ended September 30, 2021 and 2020 Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Item 1
"	Financial Statements (Unaudited)
"	Consolidated Balance Sheets -- September 30, 2021 and December 31, 2020
"	Consolidated Statements of Income -- Three and Nine Months Ended September 30, 2021 and 2020
"	Consolidated Statements of Comprehensive Income -- Three and Nine Months Ended September 30, 2021 and 2020
"	Consolidated Statements of Changes in Shareholders' Equity -- Three and Nine Months Ended September 30, 2021 and 2020
"	Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 2021 and 2020
"	Notes to Consolidated Financial Statements
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures About Market Risk
"	Item 4
"	Controls and Procedures
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Defaults Upon Senior Securities
"	Mine Safety Disclosures
"	Item 5
"	Other Information
"	Item 6
"	Exhibits
"	Signatures

i 0001126961 i false i 2021 i Q3 i --12-31 i yes i no i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i 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xbrli:pure grrb:Number

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. i Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). i Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o i No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: On November 12, 2021, i 5,150,681 shares of the issuer’s common stock, no par value, were issued and outstanding.

The accompanying notes are an integral part of the consolidated financial statements.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1932 (the “Exchange Act”), which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “continue,” “seek,” “could,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The Company is under no duty to and does not undertake any obligation to update any forward-looking statements after the date of this Form 10-Q except as required by law.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

For additional information with respect to factors that could cause actual results to differ from the expectations stated in the forward-looking statements, see “Risk Factors” under Part I, Item 1A of our Form 10 as filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2021, as amended on May 11, 2021 (” 2020 Form 10”).

This release includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes certain operating performance measures such as “Tangible book value per common share, outstanding”.

Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies.

Our critical accounting policies involving significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of September 30, 2021 have remained unchanged from the disclosures presented in our 2020 Form 10. Refer to Note 1 of this Form 10-Q for more information about our accounting policies and recent accounting updates.

GrandSouth Bancorporation (“we,” “us,” “our,” or the “Company) was incorporated in 2000 under the laws of South Carolina and is a bank holding company registered under the Bank Holding Company Act of 1956. The Company’s primary purpose is to serve as the holding company for GrandSouth Bank (the “Bank”). On October 2, 2000, pursuant to a Plan of Exchange approved by the shareholders of the Bank, all of the outstanding shares of capital stock of the Bank were exchanged for shares of the Company, and the Company became the owner of all of the outstanding capital stock of the Bank. The Company presently engages in no business other than that of owning the Bank and has no employees.

The Company has one non-bank subsidiary, GrandSouth Capital Trust I (the “Trust”), a Delaware statutory trust, formed to facilitate the issuance of trust preferred securities. The GrandSouth Trust is not consolidated in the Company’s financial statements.

We provide a full range of financial services through offices located throughout South Carolina. We provide full-service retail and commercial banking products.

Our results of operations are significantly affected by general economic and competitive conditions in our market areas and nationally, as well as changes in interest rates, sources of funding, government policies and actions of regulatory authorities. Future changes in applicable laws, regulations or government policies may materially affect our financial condition and results of operations.

The following discussion and analysis is presented on a consolidated basis and focuses on the major components of the Company’s operations and significant changes in its results of operations for the periods presented. We encourage you to read this discussion and analysis in conjunction with the financial statements and the related notes and the other statistical information included in this Form 10-Q and in our 2020 Form 10.

Total assets increased $112.9 million to $1.2 billion at September 30, 2021, or 10.4%, from December 31, 2020. This increase in assets was primarily due to increases in cash and cash equivalents of $39.1 million, investments available for sale (“AFS”) of $16.5 million, and loans of $58.5 million.

Total liabilities increased $106.7 million to $1.1 billion at September 30, 2021, or 10.6%, from December 31, 2020, due primarily to increases in total deposits of $105.3 million, which includes increases in noninterest-bearing deposits of $65.4 million.

Total shareholders’ equity increased $6.2 million to $92.7 million, or 7.2%, from December 31, 2020, due to normal retention of earnings, exercise of stock options, and stock-based compensation partially offset by changes in the fair value of AFS investments, payment of dividends, and repurchases of common and preferred shares. Tangible book value per common share, a non-GAAP measure, increased $1.60 to $17.63 at September 30, 2021 from $16.03 at December 31, 2020.

The following is a reconciliation of book value per common share to tangible book value per common share for the periods indicated:

Total cash and cash equivalents increased $39.1 million to $102.1 million at September 30, 2021 from $63.0 million at December 31, 2020, primarily due to the increase in customer deposits. We continue to look for opportunities to re-invest excess cash in higher yielding assets, but will continue to hold adequate levels of liquid and short-term assets.

Our investment securities portfolio is classified as AFS, which is carried at fair value. The following table shows the amortized cost and fair value for our AFS investment portfolio at the dates indicated (in thousands).

AFS investment securities increased $16.5 million, or 14.9%, to $127.3 million at September 30, 2021 from $110.7 million at December 31, 2020. We continue to look for opportunities to re-deploy funds from investment securities to higher yielding loans.

The following table presents our loan portfolio composition and the corresponding percentage of total loans as of the dates indicated (in thousands). Other construction and land loans include residential acquisition and development loans and loans on commercial undeveloped land and one-to-four family improved and unimproved lots. Commercial real estate loans include loans on non-residential owner-occupied and non-owner-occupied real estate, multi-family, and owner-occupied investment property. Commercial and industrial loans include unsecured commercial loans and commercial loans secured by business assets.

Included in commercial loans are PPP loans totaling $6.7 million and $22.5 million as of September 30, 2021 and December 31, 2020, respectively.

When a loan becomes 15 days past due, we contact the borrower to inquire as to the status of the loan payment. When a loan becomes 30 days or more past due, we increase collection efforts to include all available forms of communication. Once a loan becomes 45 days past due, we generally issue a demand letter and further explore the reasons for non-repayment, discuss repayment options, and inspect the collateral. In the event the loan officer or collections staff has reason to believe restructuring will be mutually beneficial to the borrower and the Bank, the borrower is referred to the Bank’s Credit Administration staff to explore restructuring alternatives to foreclosure. Once the demand period has expired and it has been determined that restructuring is not a viable option, the Bank’s counsel is instructed to pursue foreclosure.

The accrual of interest on loans is discontinued at the time a loan becomes 90 days delinquent or when it becomes impaired, whichever occurs first, unless the loan is well secured and in the process of collection. All interest accrued but not collected for loans that are placed on nonaccrual is reversed. Interest payments received on nonaccrual loans are generally applied as a direct reduction to the principal outstanding until the loan is returned to accrual status. Interest payments received on nonaccrual loans may be recognized as income on a cash basis if recovery of the remaining principal is reasonably assured. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Interest payments applied to principal while the loan was on nonaccrual may be recognized in income over the remaining life of the loan after the loan is returned to accrual status.

If a loan is modified in a troubled debt restructure (“TDR”), the loan is generally placed on non-accrual until there is a period of satisfactory payment performance by the borrower (either immediately before or after the restructuring), generally nine consecutive months, and the ultimate collectability of all amounts contractually due is not in doubt. For a discussion of TDRs, see the section entitled “Troubled Debt Restructurings” below.

The following table sets forth certain information with respect to our loan portfolio carrying balances of delinquencies at the dates indicated (in thousands). We had no loans 90 days or more past due that are still accruing interest as of September 30, 2021 or December 31, 2020 that are not 98% guaranteed by the issuing agency.

Total delinquencies as a percentage of loans have decreased from 0.58% at December 31, 2020 to 0.40% at September 30, 2021. Delinquent loans decreased $1.3 million, or 26.5%, to $3.8 million at September 30, 2021 from $5.1 million at December 31, 2020. We continue to focus on collection efforts and favorable resolutions.

Nonperforming loans include all loans past due 90 days and over that are not 98% guaranteed by the issuing agency, certain impaired loans, and TDR loans that have not yet established a satisfactory period of payment performance (some of which may be contractually current). Nonperforming assets include nonperforming loans and other real estate owned (“REO”). The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated (in thousands).

The decrease in nonperforming loans and nonperforming assets is the result of the successful resolution and disposal of nonperforming loans and nonperforming assets by means of restructure, foreclosure, deed in lieu of foreclosure and sales.

In situations where, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession that we would not otherwise consider, for other than an insignificant period of time, the related loan is classified as a TDR. We strive to identify borrowers in financial difficulty early so that we may work with them to modify their loans before they reach nonaccrual status. Modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates, periods of interest-only payments, and principal deferments. A restructuring that results in only a delay in payments that is insignificant is not considered an economic concession. While unusual, there may be instances of forgiveness of loan principal. We individually evaluate all criticized loans that experience a modification of terms to determine if a TDR has occurred. In accordance with the CARES Act and interagency guidance, the Company implemented loan modification programs in response to the COVID-19 pandemic and elected the accounting policy allowed in the CARES Act and interagency guidance to not apply TDR accounting to these modifications.

The following table sets forth amounts of classified and criticized loans at the dates indicated. As indicated in the table, loans classified as “doubtful” or “loss” are charged off immediately (in thousands).

Management continues to dedicate resources to monitoring and resolving classified and criticized loans.

Certain industries have been particularly hard-hit by the COVID-19 pandemic, including the travel and hospitality industry, the restaurant industry, and the retail industry. Although we do not have any known credit problems that are not included in the table above, we had $8.2 million of loans to the restaurant and food service industry and $4.9 million of loans to the hotel industry as of September 30, 2021.

The allowance for loan losses reflects our estimates of probable losses inherent in our loan portfolio at the balance sheet date. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of our loans in light of historical experience, the nature and volume of our loan portfolio, adverse situations that may affect our borrowers’ abilities to repay, the estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The methodology for determining the allowance for loan losses has two main components: the evaluation of individual loans for impairment and the evaluation of certain groups of homogeneous loans with similar risk characteristics.

A loan is considered impaired when it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan. We individually evaluate loans, or relationships, greater than $200,000 for impairment that are classified as nonaccrual, TDRs, or performing substandard loans. If the impaired loan is considered collateral dependent, a charge-off is taken based upon the appraised value of the property less an estimate of selling costs if foreclosure or sale of the property is anticipated. If the impaired loan is not collateral dependent, a specific reserve is established based upon an estimate of the future discounted cash flows after consideration of modifications and the likelihood of future default and prepayment.

The allowance for homogenous loans consists of a base loss reserve and a qualitative reserve. The loss rates for the base loss reserve, segmented into eight loan categories, contain average net loss rates ranging from approximately 0.00% to 0.72%.

The qualitative reserve adjusts the weighted average loss rates utilized in the base loss reserve for trends in the following internal and external factors:

Qualitative reserve adjustment factors are decreased for favorable trends and increased for unfavorable trends.

Our evaluation considers changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of our loans, including the condition of various market segments, considered changes in economic activity and unemployment rates resulting from the COVID-19 pandemic. This evaluation resulted in a reduction in reserve during 2021 related to the economic conditions qualitative factor as a result of improvement in economic conditions and unemployment rates at both national and regional levels. These factors are subject to further adjustment as economic and other conditions change.

The following table sets forth activity in our allowance for loan losses at the dates and for the periods indicated (in thousands).

Our allowance as a percentage of total loans increased to 1.47% at September 30, 2021 from 1.43% at both December 31, 2020, and September 30, 2020, primarily as the result of loan growth in our more heavily reserved Carbucks segment.

We have continued to experience limited charge-off amounts and stable collections of amounts previously charged-off. The overall historical loss rate used in our allowance for loan losses calculation continues to decline as previous quarters with larger loss rates are eliminated from the calculation as time passes. However, in light of the COVID-19 pandemic, there is a risk that loss rates could increase. Our coverage ratio of nonperforming loans decreased to 1,190.81% at September 30, 2021 from 2,358.72% at December 31, 2020, and 2,011.41% at September 30, 2020, primarily as the result of the increased balance of nonperforming loans during the period.

The following table presents deposits by category and percentage of total deposits as of the periods indicated (in thousands).

As indicated in the above table, deposit balances increased approximately $105.3 million, or 11.1%, for the nine months ended September 30, 2021 compared to December 31, 2020. The increase in total deposits was mainly attributable to the $94.1 million, or 24.4%, increase in money market accounts and $65.4 million, or 32.1%, increase in noninterest-bearing demand accounts, partially offset by a $61.9 million, or 21.8%, decline in time deposits.

Net income for the three months ended September 30, 2021 was $3.8 million, compared to $1.9 million for the same period in 2020. The increase in net income for the period was primarily the result of increases in net interest income and noninterest income of $2.8 million and $0.1 million, respectively, and a decrease in the provision for loan losses of $0.3 million, partially offset by an increase in noninterest expenses totaling $0.7 million.

Net interest income increased $2.8 million, or 27.7%, to $12.8 million for the three months ended September 30, 2021, compared to $10.0 million for the same period in 2020. The increase in net interest income was primarily due to a higher volume in loans (both Core Bank and Carbucks) and taxable investments, and decreases in costs on time deposits, partially offset by the decline in yields on our Core Bank loans and taxable investments during the period.

The following table sets forth the average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets on a tax-equivalent basis, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting average tax-equivalent yields and cost for the periods indicated. All average balances are daily average balances. Nonaccrual loans were included in the computation of average balances, but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately, based on the absolute values of changes due to rate and the changes due to volume.

Net interest income before provision for loan losses increased to $12.8 million for the three months ended September 30, 2021, compared to $10.0 million for the same period in 2020 due to both improvements in volume and favorable movements in rates.

The increase in tax-equivalent net interest income of $2.5 million related to volume was primarily the result of higher average loan (both Core Bank and Carbucks) and taxable investment balances which increased $118.7 million and $27.4 million, respectively, and an $82.9 million decrease in average time deposits for the three months ended September 30, 2021 compared to the same period in 2020. The increase in average loan and taxable investment balances was partially offset by increases of $143.4 million in money market balances and $30.1 million in interest bearing transaction accounts.

The increase in tax-equivalent net interest income of $0.3 million related to rate was primarily the result of decreased costs on time deposits, partially offset by decreased yields on Carbucks loans.

Our tax-equivalent net interest margin was 4.44% for the three months ended September 30, 2021, compared to 4.17% for the same period in 2020, an increase of 27 basis points. The increase in net interest margin was primarily attributable to higher average loan and taxable investment balances combined with interest rate reductions on our cost of funds partially offset by reduced yields on our Carbucks loans.

We recorded a provision for loan losses for the three months ended September 30, 2021 of $0.5 million due to organic loan growth, compared to a $0.8 million provision for loan losses for the same period in 2020 which included certain qualitative adjustments in response to the COVID-19 pandemic. We are experiencing continued stabilization in asset quality, low charge-off amounts, and a continued decline in the historical loss rates used in our allowance for loan losses model. However, in light of the continued COVID-19 pandemic, there is a risk that loss rates could increase.

The following table summarizes the components of noninterest income and the corresponding changes between the three months ended September 30, 2021 and 2020 (in thousands):

Our noninterest income increased $0.1 million to $0.7 million in the three months ended September 30, 2021, compared to the same period in 2020 due primarily to increases in service charges on deposit accounts of $0.1 million and other noninterest of $0.1 million, partially offset by reduced income realized on BOLI policies.

The following table summarizes the components of noninterest expense and the corresponding change between the three months ended September 30, 2021 and 2020 (in thousands):

Our noninterest expense increased $0.7 million to $7.9 million in the three months ended September 30, 2021, compared to the same period in 2020 primarily as the result of increases in compensation and employee benefits of and other noninterest expense of $0.4 million and $0.2 million, respectively. The increase in compensation and employee benefits is primarily related to increased full-time equivalent employees combined with annual raises and increases in employee benefits, incentives and commissions. The increase in other noninterest expense includes miscellaneous loan fees related to Carbucks.

Income tax expense totaled $1.2 million for the three months ended September 30, 2021, compared to $0.7 million for the same period in 2020. Income tax expense benefited from tax-exempt income related to municipal bond investments and BOLI income resulting in effective tax rates of 24.0% and 26.0% for the three months ended September 30, 2021 and 2020, respectively.

We continue to have unutilized net operating losses for state income tax purposes and no material current tax receivables or liabilities.

Net income for the nine months ended September 30, 2021 was $11.4 million, compared to $5.4 million for the same period in 2020. The increase in net income for the period was primarily the result of an increase in net interest income of $6.9 million and a decrease in the provision for loan losses of $1.5 million, offset by increases in noninterest expenses $0.7 million and in income tax expense of $1.8 million.

Net interest income increased $6.9 million, or 23.0%, to $37.0 million for the nine months ended September 30, 2021, compared to $30.1 million for the same period in 2020. The increase in net interest income was primarily due to a $116.0 million increase in average loans (both Core Bank and Carbucks), a $42.7 million increase in average investments (both taxable and tax exempt), and decreases in costs on our average time deposits and money market accounts, partially offset by the decline in yields on our loans (both Core Bank and Carbucks) and taxable investments during the period and a $106.9 million increase in our average interest-bearing liabilities.

The following table sets forth the average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets on a tax-equivalent basis, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average tax-equivalent yields and cost for the periods indicated. All average balances are daily average balances. Non-accrual loans were included in the computation of average balances, but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

Net interest income before provision for loan losses increased to $37.0 million for the nine months ended September 30, 2021, compared to $30.1 million for the same period in 2020. As indicated in the table above, the increase of $6.1 million in net interest income earned attributable to an improvement in volume was combined with a $0.9 million favorable movement in rates.

The increase in tax-equivalent net interest income of $6.1 million related to volume was primarily the result of higher average loan (both Core Bank and Carbucks) and investment balances (both taxable and tax exempt) which increased $116.0 million and $42.7 million, respectively, and lower time deposits which decreased $93.4 million for the nine months ended September 30, 2021 compared to the same period in 2020. The increase in average loan and investment balances and lower time deposits was partially offset by increases of $140.0 million and $17.7 million in money market and junior subordinated debentures balances, respectively.

The increase in tax-equivalent net interest income of $0.9 million related to rate was primarily the result of decreased costs on time deposits and money markets accounts. These decreased costs were partially offset by decreased yields on loans (both Core Bank and Carbucks), taxable investments, and interest-earning deposits.

Our tax-equivalent net interest margin was 4.46% for the nine months ended September 30, 2021, compared to 4.38% for the same period in 2020. The increase in net interest margin was primarily attributable to interest rate reductions on our cost of funds, partially offset by the impact of these interest rate reductions on loans, investments, and interest-earning deposits.

We recorded a provision for loan losses for the nine months ended September 30, 2021 of $1.0 million due to organic loan growth, compared to $2.5 million for the same period in 2020 which included certain qualitative adjustments in response to the COVID-19 pandemic. We are experiencing continued stabilization in asset quality, low charge-off amounts, and a continued decline in the historical loss rates used in our allowance for loan losses model. However, in light of the continued COVID-19 pandemic, there is a risk that loss rates could increase.

The following table summarizes the components of noninterest income and the corresponding changes between the nine months ended September 30, 2021 and 2020 (in thousands):

Our noninterest income increased $41 thousand to $2.0 million in the nine months ended September 30, 2021, compared to the same period in 2020 due primarily to increases in service charges on deposit accounts, third-party loan referral fees and excess death benefits in 2021, offset by the gain on sale of AFS securities of $0.4 million in 2020.

The following table summarizes the components of noninterest expense and the corresponding change between the nine months ended September 30, 2021 and 2020 (in thousands):

Our noninterest expense increased $0.7 million to $23.0 million in the nine months ended September 30, 2021, compared to the same period in 2020. Compensation and employee benefits increased $0.3 million for the nine months ended September 30, 2021, as compared to the same period in 2020. The increase is primarily related to increased full-time equivalent employees combined with annual raises and increases in employee benefits, incentives and commissions.

Federal deposit insurance increased $0.1 million for the nine months ended September 30, 2021, compared to the same period in 2020 due to increased deposit balances.

Data processing expenses increased $0.2 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to an increased number of accounts and transactions.

Net cost of operation of REO decreased $0.2 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to valuation adjustments for updated appraisals or sales contract amounts in 2020.

Other noninterest expense increased $0.3 million for the nine months ended September 30, 2021, compared to the same period in 2020 primarily due to increased software maintenance and licensing expenses.

Income tax expense totaled $3.6 million for the nine months ended September 30, 2021, compared to $1.8 million for the same period in 2020. Income tax expense benefited from tax-exempt income related to municipal bond investments and BOLI income resulting in effective tax rates of 23.8% and 24.9% for the nine months ended September 30, 2021 and 2020, respectively.

We continue to have unutilized net operating losses for state income tax purposes and no material current tax receivables or liabilities.

See Note 9, “Reportable Segments” in notes to the consolidated financial statements included under Item 1 -“Financial Statements” for additional disclosures related to our reportable business segments. Fluctuations in noninterest income and noninterest expense incurred directly by the segments are more fully discussed in the “Noninterest income” and “Noninterest expense” sections above.

Core Bank consists of commercial and consumer lending and full-service branches in its geographic region with its own management team. The branches provide a full range of traditional banking products as well as treasury services and merchant services.

Core Bank net income increased $0.9 million to $2.3 million for the three months ended September 30, 2021 compared to $1.4 million for the same period in 2020. Net interest income increased $1.8 million to $8.4 million for the three months ended September 30, 2021 from $6.6 million for the same period a year ago primarily due to increased loan volume and reduced funding costs. Provision for loan losses increased $0.3 million for the three months ended September 30, 2021 compared to 2020 due to organic growth. Noninterest expense increased $0.4 million to $5.4 million for the 2021 period compared to $5.0 million for the same period in 2020 due to primarily to net cost of operation of REO in 2020 partially offset by increased data processing expense in 2021.

Carbucks provides specialty floor plan inventory financing for more than 1,500 small automobile dealers in over 20 states. Credit lines are established for each approved dealer using Board approved underwriting guidelines. Advances and repayments on credit lines averaging $0.1 million are vehicle specific. The inventory typically consists of over 12,000 floored used vehicles with an average price of $7,000 per unit, generally has an average 66-day turnover, and generates approximately $200 in financing fees per vehicle which is included in loan interest income.

Carbucks net income increased $1.1 million to $1.4 million for the three months ended September 30, 2021 compared to $0.3 million for the same three-month period in 2020. Net interest income increased $1.1 million to $4.4 million for the 2021 period from $3.3 million for the same period a year ago primarily due to increased fees related to increases in inventory. Provision for loan losses decreased $0.6 million for the three months ended September 30, 2021 compared to 2020 due to additional qualitative adjustments in 2020 related to COVID-19 uncertainty. Noninterest expense increased $0.3 million to $2.5 million for the 2021 period compared to $2.2 million for the same period in 2020 due primarily to increased vehicle identification related fees as a result of increased inventory.

Other includes parent company transactions, investment securities portfolio, BOLI, excess death benefits, net intercompany eliminations, and certain other activities not currently allocated to the aforementioned segments.

Other net income decreased $39 thousand to $0.1 million for the three months ended September 30, 2021 compared to the same period in 2020 primarily due increased interest expense related to the Company’s subordinated debt issuance and gain on sale of AFS securities in 2020, partially offset by increased AFS investment interest.

Core Bank net income increased $4.7 million to $7.0 million for the nine months ended September 30, 2021 compared to $2.3 million for the same period in 2020. Net interest income increased $5.5 million to $24.2 million for the nine months ended September 30, 2021 from $18.7 million for the same period a year ago primarily due to increased loan and volume and reduced funding costs. Provision for loan losses decreased $0.7 million for the nine months ended September 30, 2021 compared to 2020 due to certain qualitative adjustments made in the nine months ended September 30, 2020 in response to the COVID-19 pandemic, offset by organic growth in the nine months ended September 30, 2021. Noninterest income increased $0.4 million for the nine months ended September 30, 2021 compared to the same period in 2020 due to increases in service charges on deposit accounts, third-party loan referral fees, and excess death benefits. Noninterest expense increased $0.6 million to $15.6 million for the 2021 period compared to $15.0 million for the same period in 2020 due to primarily to increases in federal deposit insurance and data processing expense partially offset by net cost of operation of REO in 2020.

Carbucks net income increased $1.9 million to $4.2 million for the nine months ended September 30, 2021 compared to $2.3 million for the same period in 2020. Net interest income increased $1.8 million to $12.8 million for the 2021 period from $11.0 million for the same period a year ago primarily due to increased fees related to increases in inventory. Provision for loan losses decreased $0.7 million for the nine months ended September 30, 2021 compared to 2020 due to improvements in certain qualitative factors related to COVID-19 in 2020. Noninterest expense increased $0.2 million to $7.4 million for the 2021 period compared to $7.2 million for the same period in 2020 due primarily to decreased vehicle identification related fees as a result of reduced inventory in early 2021.

Other net income decreased $0.6 million to $0.2 million for the nine months ended September 30, 2021 compared to net income of $0.8 million for the same period in 2020 primarily due to increased interest expense related to the Company’s subordinated debt issuance and gain on sale of AFS securities in 2020.

Liquidity and Market Risk. Our primary sources of funds consist of deposit inflows, loan repayments, advances from the Federal Home Loan Bank of Atlanta (“FHLB”), and the sale of available-for-sale securities. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition. Our ALCO, under the direction of our Chief Financial Officer, is responsible for establishing and monitoring our liquidity targets and strategies in order to ensure that sufficient liquidity exists for meeting the borrowing needs and deposit withdrawals of our customers as well as unanticipated contingencies. We have not experienced any unusual pressure on our deposit balances or our liquidity position as a result of the COVID-19 pandemic. We believe that we have enough sources of liquidity to satisfy our short- and long-term liquidity needs as of September 30, 2021.

We regularly monitor and adjust our investments in liquid assets based upon our assessment of expected loan demand, expected deposit flows and borrowing maturities, yields available on interest-earning deposits and securities, and the objectives of our asset/liability management program. Excess liquid assets are invested generally in FHLB and Federal Reserve Bank of Richmond (“FRB”) interest-earning deposits and investment securities and are also used to pay off short-term borrowings. At September 30, 2021, cash and cash equivalents totaled $102.1 million. Included in this total was $63.8 million held at the FRB, $0.7 million held at the FHLB, and $31.8 million held at correspondent banks in interest-earning accounts.

Our cash flows are derived from operating activities, investing activities and financing activities as reported in our consolidated statements of cash flows included in our unaudited consolidated financial statements of this From 10-Q. The following summarizes the most significant sources and uses of liquidity during the nine months ended September 30, 2021, and 2020 (in thousands):

In addition, because the Company is a separate entity from the Bank, it must provide for its own liquidity. The Company is responsible for payment of dividends declared on its common and preferred stock and interest and principal on any outstanding debt or trust preferred securities. The Company currently has internal capital resources to meet these obligations. While the Company has access to capital, the ultimate sources of its liquidity are dividends from the Bank and tax allocation agreements, which are limited by applicable law and regulations. The Bank paid no dividends to the Company in the three or nine months ended September 30, 2021 or 2020.

At September 30, 2021, we had $300.0 million in outstanding commitments to extend credit through unused lines of credit and stand-by letters of credit.

Depending on market conditions, we may be required to pay higher rates on our deposits or other borrowings than we currently pay on certificates of deposit. Based on historical experience and current market interest rates, we anticipate that following their maturity we will retain a large portion of our retail certificates of deposit with maturities of one year or less as September 30, 2021.

In addition to loans, we invest in securities that provide a source of liquidity, both through repayments and as collateral for borrowings. Our securities portfolio includes both callable securities (which allow the issuer to exercise call options) and mortgage-backed securities (which allow borrowers to prepay loans). Accordingly, a decline in interest rates would likely prompt issuers to exercise call options and borrowers to prepay higher-rate loans, producing higher than otherwise scheduled cash flows.

Liquidity management is both a daily and long-term function of management. If we require more funds than we are able to generate locally, we have a borrowing agreement with the FHLB. The following summarizes our borrowing capacity as of September 30, 2021 (in thousands):

Capital Resources. Shareholders’ equity increased $6.2 million to $92.7 million at September 30, 2021 compared to $86.5 million at December 31, 2020. This increase was primarily attributable to net income of $11.4 million, stock-based compensation of $0.5 million, and stock options exercised of $1.1 million partially offset by stock repurchases of $4.0 million, after-tax decreases in market value of AFS investment securities of $1.1 million and dividends declared of $1.6 million.

On June 16, 2021, the Company’s Board of Directors approved an extension of the duration of the previously announced common stock repurchase program (“Common Stock Repurchase Plan”) through December 31, 2021. The previous Common Stock Repurchase Plan was set to expire September 30, 2021. Pursuant to the Common Stock Repurchase Plan, the Company may repurchase 250,000 common shares including shares repurchased prior to the extension of the Common Stock Repurchase Plan. The Company has repurchased 210,446 shares for an aggregate amount of $3.9 million under the Common Stock Repurchase Plan. The remaining capacity under the Common Stock Repurchase Plan is 39,554 common shares.

On August 18, 2021, the Company’s Board of Directors approved the preferred stock repurchase program (“Preferred Stock Repurchase Plan”) to repurchase up to 75,000 shares of Series A preferred stock at a price acceptable to the Company through December 31, 2021. The Company has repurchased 4,608 shares for an aggregate amount of $0.1 million under the Preferred Stock Repurchase Plan. The remaining capacity under the Preferred Stock Repurchase Plan is 70,392 common shares.

Repurchased shares will become treasury shares and may be utilized for general corporate purposes.

The tables below summarize the capital amounts and ratios of the Bank and the minimum regulatory requirements in accordance with Basel III and the prompt corrective action provisions at September 30, 2021 and December 31, 2020 (dollars in thousands).

The tables below summarize the capital amounts and ratios of the Company and the minimum regulatory requirements in accordance with Basel III at September 30, 2021, and December 31, 2020 (in thousands).

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of September 30, 2021. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer each concluded that as of September 30, 2021, the end of the period covered by this Form 10-Q, the Company maintained effective disclosure controls and procedures.

There have been no changes to the Company’s internal control over financial reporting that occurred during the quarter ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

In the ordinary course of operations, we are often involved in legal proceedings. In the opinion of management, neither the Company nor the Bank is a party to, nor is their property the subject of, any material pending legal proceedings, other than ordinary routine litigation incidental to their business, nor has any such proceeding been terminated during the quarter ended September 30, 2021.

There have been no material changes to the risk factors that we have previously disclosed in the “Risk Factors” section in our 2020 Form 10 as filed with the SEC on March 30, 2021.

(a) On May 14, 2021, the Company’s 2021 Form 10 registration statement pursuant to Section 12(g) of the Exchange Act went effective. During the quarter ended September 30, 2021 but prior to the filing of our Registration Statement on Form S-8 on August 30, 2021, certain employees of the Company exercised options for shares of our common stock. All of the stock options were issued pursuant to the GrandSouth Bancorporation 2009 Stock Option Plan. The table below reflects the date, number of options exercised, number of shares issued and the exercise price for each option exercised in the three months ending September 30, 2021.

These options were awarded pursuant to the exemption from compliance with the registration requirements of the Securities Act provided by Rule 701 promulgated thereunder. The issuance of shares of the common pursuant to the exercise of such options was therefore also exempt from registration under the Securities Act pursuant to Rule 701.

(c) The following table contains information regarding purchases of our common stock during the three months ended September 30, 2021 by or on behalf of the Company or any “affiliate purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act:

(1) On June 16, 2021, the Company’s Board of Directors approved an extension of the duration of the Common Stock Repurchase Plan through December 31, 2021. The previous Common Stock Repurchase Plan was set to expire September 30, 2021. Pursuant to the Common Stock Repurchase Plan, the Company may repurchase 250,000 common shares including shares repurchased prior to the extension of the Common Stock Repurchase Plan.

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


i South Carolina	i 57-1104394
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

i 381 Halton Road,
i Greenville, i South Carolina	i 29607
(Address of principal executive offices)	(Zip Code)

Title of each class	Trading symbol(s)	Name of each exchange on which registered
None	None	None

		Page No.

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets – September 30, 2021 and December 31, 2020	3
	Consolidated Statements of Income – Three and Nine Months Ended September 30, 2021 and 2020	4
	Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2021 and 2020	5
	Consolidated Statements of Changes in Shareholders’ Equity – Three and Nine Months Ended September 30, 2021 and 2020	6
	Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2021 and 2020	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 4.	Controls and Procedures	51

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54
	Signatures	55

	(Unaudited)			(Audited)
	September 30,			December 31,
(in thousands, except share data)	2021			2020
Assets

Cash and due from banks	$	i 5,853		$	i 6,216
Interest-earning deposits		i 95,018			i 51,137
Federal funds sold		i 1,215			i 5,672
Cash and cash equivalents		i 102,086			i 63,025
Investments - available for sale		i 127,252			i 110,707
Other investments, at cost		i 3,476			i 6,252
Loans receivable, net of deferred fees and costs		i 937,093			i 878,545
Allowance for loan losses		( i 13,730	)		( i 12,572	)
Premises and equipment, net		i 17,504			i 16,680
Other real estate owned		i 1,395			i 1,932
Accrued interest receivable		i 5,822			i 5,704
Bank owned life insurance		i 14,694			i 14,861
Net deferred tax asset		i 2,811			i 2,501
Goodwill		i 737			i 737
Other assets		i 3,527			i 1,407
Total assets	$	i 1,202,667		$	i 1,089,779

Liabilities and Shareholders’ Equity

Liabilities:
Deposits:
Noninterest-bearing	$	i 268,858		$	i 203,502
Interest-bearing		i 782,879			i 742,978
Total deposits		i 1,051,737			i 946,480
Federal Home Loan Bank advances		i 16,000			i 16,000
Junior subordinated notes		i 35,834			i 35,744
Accrued interest payable		i 629			i 336
Accrued expenses and other liabilities		i 5,748			i 4,694
Total liabilities		i 1,109,948			i 1,003,254

Commitments and contingencies (Note 6)

Shareholders’ Equity:
Preferred stock- i i no / par value; i i 20,000,000 / shares authorized; Series A; i i 283,287 / and i i 287,895 / shares issued and outstanding		—			—
Common stock- i i no / par value; i i 20,000,000 / shares authorized; i i 5,148,681 / and i i 5,271,971 / shares issued and outstanding		—			—
Additional paid in capital		i 44,206			i 46,645
Retained earnings		i 47,471			i 37,721
Accumulated other comprehensive income		i 1,042			i 2,159
Total shareholders’ equity		i 92,719			i 86,525

Total liabilities and shareholders’ equity	$	i 1,202,667		$	i 1,089,779


	Three Months Ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
(in thousands)
Net income	$	i 3,834		$	i 1,888		$	i 11,391		$	i 5,435
Other comprehensive income:
Change in unrealized holding gains (losses) on securities available for sale		( i 526	)		i 549			( i 1,427	)		i 2,506
Reclassification adjustment for securities gains realized in net income		—			—			—			( i 392	)
Other comprehensive income (loss), before tax		( i 526	)		i 549			( i 1,427	)		i 2,114
Income tax effect related to items of other comprehensive income (loss)		i 114			( i 128	)		i 310			( i 492	)
Other comprehensive income (loss), after tax		( i 412	)		i 421			( i 1,117	)		i 1,622
Comprehensive income	$	i 3,422		$	i 2,309		$	i 10,274		$	i 7,057

Grandsouth Bancorporation – ‘10-Q’ for 9/30/21

On: Friday, 11/12/21, at 3:01pm ET · For: 9/30/21 · Accession #: 1552781-21-809 · File #: 0-31937

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Quarterly Report — Form 10-Q

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‘10-Q’ — Quarterly Report

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Dates Referenced Herein and Documents Incorporated by Reference


	For the nine months ended September 30,
(in thousands)	2021			2020
Cash flows from operating activities:
Net income	$	i 11,391		$	i 5,435
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion		i 754			i 400
Investment amortization, net		i 903			i 639
Provision for loan losses		i 1,045			i 2,537
Provision for other real estate owned		i 113			i 242
Stock-based compensation expense		i 454			i 555
Income on bank owned life insurance, net		( i 261	)		( i 313	)
Gain on sale of investment securities available for sale		—			( i 392	)
Gain on sale of fixed assets		( i 90	)		( i 15	)
Gain on sale of other real estate owned		( i 33	)		—
Net change in operating assets and liabilities:
Accrued interest receivable		( i 118	)		i 360
Other assets		( i 2,120	)		( i 310	)
Accrued interest payable		i 293			( i 58	)
Other liabilities		i 1,054			( i 22	)
Net cash provided by operating activities		i 13,385			i 9,058

Cash flows from investing activities:
Activity for investment securities available for sale:
Purchases		( i 38,520	)		( i 55,191	)
Maturities/calls and principal repayments		i 19,645			i 9,275
Sales		—			i 18,787
Net increase in loans		( i 58,436	)		( i 84,283	)
Redemption of BOLI policies		i 429			—
Proceeds from sale of fixed assets		i 113			i 89
Purchase of fixed assets		( i 1,511	)		( i 1,054	)
Proceeds from sale of other real estate owned		i 457			—
Purchase of other investments, at cost		—			( i 1,184	)
Redemption of other investments, at cost		i 2,776			i 3,666
Net cash provided used in investing activities		( i 75,047	)		( i 109,895	)

Cash flows from financing activities:
Net increase in deposits		i 105,257			i 72,735
Repurchase of common stock		( i 3,946	)		—
Repurchase of preferred stock		( i 86	)		—
Proceeds from FHLB advances		—			i 27,000
Repayment of FHLB advances		—			( i 6,000	)
Cash received upon exercise of stock options		i 1,139			i 154
Dividends paid on common stock		( i 1,551	)		( i 1,250	)
Dividends paid on preferred stock		( i 90	)		( i 73	)
Net cash provided by financing activities		i 100,723			i 92,566

Net change in cash and cash equivalents		i 39,061			( i 8,271	)

Cash and cash equivalents, beginning of period		i 63,025			i 42,779

Cash and cash equivalents, end of period	$	i 102,086		$	i 34,508

Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits and other borrowings	$	i 3,562			i 7,076
Income taxes		i 4,532		$	i 2,387

Significant noncash investing activities:
Real estate acquired in satisfaction of mortgage loans	$	—		$	i 513

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
AFS
Gross proceeds	$	—	$	i 18,787
Gross realized gains		—		i 392

	September 30, 2021
	Amortized Cost		Fair Value
Over 5 years through 10 years	$	i 16,903	$	i 17,247
Over 10 years		i 19,407		i 19,986
Total securities other than asset-backed and mortgage-backed securities		i 36,310		i 37,233

Mortgage-backed securities		i 39,179		i 39,249
Collaterized mortgage obligations		i 47,760		i 48,103
Asset-backed securities		i 2,672		i 2,667
Total	$	i 125,921	$	i 127,252

	September 30, 2021		December 31, 2020
Federal Home Loan Bank stock	$	i 1,225	$	i 1,501
Investment in Trust Preferred Securities		i 247		i 247
Certificates of deposit		i 1,504		i 4,004
Other investments		i 500		i 500
Total other investments, at cost	$	i 3,476	$	i 6,252

	September 30, 2021		December 31, 2020
One-to-four family residential	$	i 129	$	i 39
Commercial real estate		i 790		i 31
Other construction and land		—		i 126
Commercial		i 230		i 324
Consumer		i 4		i 13
Non-performing loans	$	i 1,153	$	i 533


	As of and for the								As of and for the Year Ended
	Nine Months Ended September 30,								December 31,
	2021				2020				2020
	Balance		Interest Expense		Balance		Interest Expense		Balance		Interest Expense
Noninterest-bearing demand	$	i 268,858	$	—	$	i 189,776	$	—	$	i 203,502	$	—
Interest-bearing demand		i 67,027		130		i 49,147		44		i 63,614		75
Money Market		i 478,897		1,401		i 322,203		1,442		i 384,838		1,915
Savings		i 14,927		9		i 18,904		26		i 10,584		8
Time Deposits		i 222,028		1,012		i 305,206		4,713		i 283,942		5,416
	$	1,051,737	$	2,552	$	885,236	$	6,225	$	946,480	$	7,414

	As of
(in thousands, except share data)	September 30, 2021			December 31, 2020
Book Value (GAAP)	$	92,719		$	86,525
Book Value Attributable to Preferred Shares		(1,212	)		(1,298	)
Book Value Attributable to Common Shares		91,507			85,227
Goodwill and intangibles		(737	)		(737	)
Book Value Attributable to Common Shares (Tangible)	$	90,770		$	84,490
Outstanding common shares		5,148,681			5,271,971
Tangible Book Value Per Common Share	$	17.63		$	16.03

	September 30, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. government agencies	$	7,467	$	7,444	$	—	$	—
State and municipal obligations		19,893		20,498		16,684		17,820
Mortgage-backed securities - agency		39,179		39,249		31,056		31,487
Collateralized mortgage obligations - agency		47,760		48,103		49,441		50,560
Asset-backed securities		2,672		2,667		6,268		6,235
Corporate bonds		8,950		9,291		4,500		4,605
	$	125,921	$	127,252	$	107,949	$	110,707

	Delinquent loans
	30-59 Days			60-89 Days			90 Days and over			Total
September 30, 2021
Commercial real estate	$	98		$	—		$	120		$	218
Consumer		1,130			238			2,189			3,557
Total delinquent loans	$	1,228		$	238		$	2,309		$	3,775
% of total loans, net		0.13	%		0.02	%		0.25	%		0.40	%

December 31, 2020
One-to-four family residential	$	—		$	—		$	15		$	15
Commercial		6			—			2			8
Consumer		1,840			727			2,549			5,116
Total delinquent loans	$	1,846		$	727		$	2,566		$	5,139
% of total loans, net of deferred fees and costs		0.21	%		0.08	%		0.29	%		0.58	%

	For the Three Months Ended September 30,
	2021								2020
	Average Outstanding Balance			Interest		Yield/ Rate			Average Outstanding Balance			Interest		Yield/ Rate
	(Dollars in thousands)
Interest-earning assets:
Loans, Core Bank⁽¹⁾	$	835,818		$	8,748		4.15	%	$	748,508		$	7,782		4.14	%
Loans, Carbucks⁽²⁾		92,110			4,754		20.48	%		60,682			3,574		23.37	%
Investments - taxable		117,879			389		1.32	%		90,522			293		1.29	%
Investments - tax exempt ⁽³⁾		12,738			88		2.76	%		12,650			89		2.81	%
Federal funds sold and other interest earning deposits		81,085			27		0.13	%		35,992			14		0.15	%
Other investments, at cost		4,147			23		2.22	%		7,927			45		2.24	%

Total interest-earning assets		1,143,777			14,029		4.87	%		956,281			11,797		4.91	%

Noninterest-earning assets		36,627								33,331

Total assets	$	1,180,404							$	989,612

Interest-bearing liabilities:
Savings accounts	$	13,437		$	3		0.10	%	$	8,603		$	2		0.10	%
Time deposits		234,642			221		0.37	%		317,511			1,076		1.35	%
Money market accounts		453,974			487		0.43	%		310,602			410		0.52	%
Interest bearing transaction accounts		68,525			45		0.26	%		38,404			23		0.24	%
Total interest bearing deposits		770,578			756		0.39	%		675,120			1,511		0.89	%

FHLB advances		16,000			36		0.89	%		17,003			39		0.92	%
Junior subordinated debentures		35,816			431		4.78	%		18,113			218		4.78	%
Other borrowings		—			—		—			—			—		—

Total interest-bearing liabilities		822,394			1,223		0.59	%		710,236			1,768		0.99	%

Noninterest-bearing deposits		260,396								193,050

Other non interest bearing liabilities		5,537								3,917

Total liabilities		1,088,327								907,203
Total equity		92,077								82,409

Total liabilities and equity	$	1,180,404							$	989,612

Tax-equivalent net interest income				$	12,806							$	10,029

Net interest-earning assets ⁽⁴⁾	$	321,383							$	246,045

Average interest-earning assets to interest-bearing liabilities		139.08	%							134.64	%

Tax-equivalent net interest rate spread ⁽⁵⁾							4.28	%							3.92	%
Tax-equivalent net interest margin ⁽⁶⁾							4.44	%							4.17	%

	For the Three Months Ended September 30, 2021
	Compared to the Three Months Ended September 30, 2020
	Increase (decrease) due to:
(in thousands)	Volume			Rate			Total
Interest-earning assets:
Loans, Core Bank⁽¹⁾	$	935		$	31		$	966
Loans, Carbucks⁽¹⁾		1,666			(486	)		1,180
Investments - taxable		90			6			96
Investments - tax exempt ⁽²⁾		1			(2	)		(1	)
Federal funds sold and other interest earning deposits		15			(2	)		13
Other investments, at cost		(22	)		—			(22	)
Total interest-earning assets		2,685			(453	)		2,232

Interest-bearing liabilities:
Savings accounts		1			—			1
Time deposits		(227	)		(628	)		(855	)
Money market accounts		165			(88	)		77
Interest bearing transaction accounts		20			2			22
FHLB advances		(3	)		—			(3	)
Junior subordinated debentures		213			—			213
Total interest-bearing liabilities		169			(714	)		(545	)
Change in tax-equivalent net interest income	$	2,516		$	261		$	2,777

	Three Months Ended September 30,
	2021		2020		Change
Service charges on deposit accounts	$	320	$	263	$	57
BOLI		84		109		(25	)
Net gain on sale of premises and equipment		6		7		(1	)
Other		248		183		65
Total noninterest income	$	658	$	562	$	96

	For the Nine Months Ended September 30,
	2021								2020
	Average Outstanding Balance			Interest		Yield/ Rate			Average Outstanding Balance			Interest		Yield/ Rate
	(Dollars in thousands)
Interest-earning assets:
Loans, Core Bank⁽¹⁾	$	820,177		$	25,670		4.18	%	$	721,065		$	23,469		4.35	%
Loans, Carbucks⁽²⁾		87,504			13,879		21.21	%		70,654			12,297		23.19	%
Investments - taxable		112,538			1,015		1.20	%		75,144			947		1.68	%
Investments - tax exempt ⁽³⁾		12,708			265		2.78	%		7,383			165		2.97	%
Federal funds sold and other interest earning deposits		71,678			69		0.13	%		35,669			102		0.38	%
Other investments, at cost		5,118			88		2.30	%		9,067			175		2.58	%

Total interest-earning assets		1,109,723			40,986		4.94	%		918,982			37,155		5.40	%

Noninterest-earning assets		37,046								36,529

Total assets	$	1,146,769							$	955,511

Interest-bearing liabilities:
Savings accounts	$	12,301		$	9		0.10	%	$	7,788		$	6		0.10	%
Time deposits		252,665			1,012		0.54	%		346,055			4,714		1.82	%
Money market accounts		427,296			1,401		0.44	%		287,254			1,462		0.68	%
Interest bearing transaction accounts		66,654			130		0.26	%		28,853			44		0.20	%
Total interest bearing deposits		758,916			2,552		0.45	%		669,950			6,226		1.24	%

FHLB advances		16,000			107		0.89	%		15,500			120		1.03	%
Junior subordinated debentures		35,787			1,296		4.84	%		18,103			703		5.19	%
Other borrowings		135			—		—			432			5		1.55	%

Total interest-bearing liabilities		810,838			3,955		0.65	%		703,985			7,054		1.34	%

Noninterest-bearing deposits		241,491								166,410

Other non interest bearing liabilities		5,605								4,534

Total liabilities		1,057,934								874,929
Total equity		88,835								80,582

Total liabilities and equity	$	1,146,769							$	955,511

Tax-equivalent net interest income				$	37,031							$	30,101

Net interest-earning assets ⁽⁴⁾	$	298,885							$	214,997

Average interest-earning assets to interest-bearing liabilities		136.86	%							130.54	%

Tax-equivalent net interest rate spread ⁽⁵⁾							4.29	%							4.06	%
Tax-equivalent net interest margin ⁽⁶⁾							4.46	%							4.38	%

	For the Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020
	Increase (decrease) due to:
(In thousands)	Volume			Rate			Total
Interest-earning assets:
Loans, Core Bank ⁽¹⁾	$	3,111		$	(910	)	$	2,201
Loans, Carbucks ⁽¹⁾		2,729			(1,147	)		1,582
Investments - taxable		390			(322	)		68
Investments - tax exempt ⁽²⁾		111			(11	)		100
Interest-earning deposits		62			(95	)		(33	)
Other investments, at cost		(70	)		(17	)		(87	)
Total interest-earning assets		6,333			(2,502	)		3,831

Interest-bearing liabilities:
Savings accounts		3			—			3
Time deposits		(1,024	)		(2,678	)		(3,702	)
Money market accounts		565			(626	)		(61	)
Interest bearing transaction accounts		71			15			86
FHLB advances		4			(17	)		(13	)
Junior subordinated debentures		643			(50	)		593
Other borrowings		(1	)		(4	)		(5	)
Total interest-bearing liabilities		261			(3,360	)		(3,099	)
Change in tax-equivalent net interest income	$	6,072			858			6,930

	As of and for the Three Months Ended September 30, 2021								As of and for the Three Months Ended September 30, 2020
	Core Bank		Carbucks		Other		Total		Core Bank		Carbucks		Other		Total
Interest income	$	8,795	$	4,754	$	461	$	14,010	$	7,841	$	3,574	$	363	$	11,778
Interest expense		418		374		431		1,223		1,284		265		219		1,768
Net interest income		8,377		4,380		30		12,787		6,557		3,309		144		10,010
Provision for loan losses		386		108		—		494		125		673		—		798
Noninterest income		443		38		177		658		423		31		108		562
Noninterest expense		5,409		2,487		11		7,907		4,966		2,240		15		7,221
Net income before taxes		3,025		1,823		196		5,044		1,889		427		237		2,553
Income tax expense		726		436		48		1,210		492		123		50		665
Net income	$	2,299	$	1,387	$	148	$	3,834	$	1,397	$	304	$	187	$	1,888

Total loans, net of deferred fees and costs	$	845,962	$	91,131	$	—	$	937,093	$	769,324	$	70,237	$	—	$	839,561
Total assets	$	970,034	$	90,434	$	142,199	$	1,202,667	$	825,180	$	69,730	$	117,888	$	1,012,798

	As of and for the Nine Months Ended September 30, 2021									As of and for the Nine Months Ended September 30, 2020
	Core Bank		Carbucks		Other			Total		Core Bank		Carbucks		Other		Total
Interest income	$	25,823	$	13,879	$	1,228		$	40,930	$	23,740	$	12,298	$	1,082	$	37,120
Interest expense		1,580		1,079		1,296			3,955		5,028		1,323		703		7,054
Net interest income		24,243		12,800		(68	)		36,975		18,712		10,975		379		30,066
Provision for loan losses		977		68		—			1,045		1,727		810		—		2,537
Noninterest income		1,561		112		328			2,001		1,132		95		733		1,960
Noninterest expense		15,568		7,362		47			22,977		15,026		7,178		46		22,250
Net income before taxes		9,259		5,482		213			14,954		3,091		3,082		1,066		7,239
Income tax expense		2,206		1,306		51			3,563		771		769		264		1,804
Net income	$	7,053	$	4,176	$	162		$	11,391	$	2,320	$	2,313	$	802	$	5,435

Total loans, net of deferred fees and costs	$	845,962	$	91,131	$	—		$	937,093	$	769,324	$	70,237	$	—	$	839,561
Total assets	$	970,034	$	90,434	$	142,199		$	1,202,667	$	825,180	$	69,730	$	117,888	$	1,012,798

	Total		Used		Unused
	Capacity		Capacity		Capacity
FHLB
Loan collateral capacity	$	348,966
Pledgeable marketable securities		127,252
FHLB totals		476,218	$	16,000	$	460,218
Fed funds lines		56,000		—		56,000
	$	532,218	$	16,000	$	516,218

	Actual					For Capital Adequacy Purposes (1)				To Be Well- Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio		Amount		Ratio
As of September 30, 2021:
Tier 1 Leverage Capital	$	118,269		10.03	%	$	47,177		>4%	$	58,971		>5%
Common Equity Tier 1 Capital	$	118,269		12.05	%	$	68,686		>7.0%	$	63,780		>6.5%
Tier 1 Risk-based Capital	$	118,269		12.05	%	$	83,404		>8.5%	$	78,498		>8%
Total Risk-based Capital	$	130,552		13.30	%	$	103,029		>10.5%	$	98,122		>10%

As of December 31, 2020:
Tier 1 Leverage Capital	$	105,820		10.05	%	$	36,100		>4%	$	45,125		>5%
Common Equity Tier 1 Capital	$	105,820		11.73	%	$	63,174		>7.0%	$	58,662		>6.5%
Tier 1 Risk-based Capital	$	105,820		11.73	%	$	76,712		>8.5%	$	72,199		>8%
Total Risk-based Capital	$	117,117		12.98	%	$	94,761		>10.5%	$	90,249		>10%

Date of Exercise	Total Number of Options		Total Number of Common Shares Issued		Exercise Price
July 1, 2021		4,000		4,000	$	13.50
July 1, 2021		5,000		5,000		12.50
July 1, 2021		1,000		1,000		16.55
July 9, 2021		3,000		3,000		13.05
September 13, 2021		5,000		5,000		16.55
September 13, 2021		3,000		3,000		13.05

Period	Total Number of Common Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of the Publicly Announced Program		Maximum Number of Shares that May Yet Be Purchased Under the Program ⁽¹⁾
July 1, 2021-July 31, 2021		—		—		—		39,554
August 1, 2021-August 31, 2021		—		—		—		39,554
September 1, 2021-September 30, 2021		—		—		—		39,554