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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AmeriServ Financial Inc | NASDAQ:ASRV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -1.67% | 2.35 | 2.30 | 2.49 | 2.47 | 2.36 | 2.41 | 28,827 | 01:00:00 |
|
Pennsylvania
|
| |
25-1424278
|
|
|
(State or other jurisdiction
of incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Main & Franklin Streets,
P.O. Box 430, Johnstown, PA |
| |
15907-0430
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
|
Title Of Each Class
|
| |
Trading
Symbol |
| |
Name of Each Exchange On Which Registered
|
|
|
Common Stock
|
| |
ASRV
|
| |
The NASDAQ Stock Market LLC
|
|
|
8.45% Beneficial Unsecured Securities, Series A
(AmeriServ Financial Capital Trust I) |
| |
ASRVP
|
| |
The NASDAQ Stock Market LLC
|
|
|
Large accelerated filer ☐
|
| |
Accelerated filer ☐
|
| |
Non-accelerated filer ☒
|
| |
Smaller reporting company ☒
|
|
| Emerging growth company ☐ | |
|
Class
|
| |
Outstanding at May 1, 2020
|
|
|
Common Stock, par value $0.01
|
| |
17,043,644
|
|
| | |
Page No.
|
| |||
PART I. FINANCIAL INFORMATION: | | | |||||
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 33 | | | |
| | | | 48 | | | |
| | | | 48 | | | |
PART II. OTHER INFORMATION | | | |||||
| | | | 49 | | | |
| | | | 49 | | | |
| | | | 49 | | | |
| | | | 49 | | | |
| | | | 49 | | | |
| | | | 49 | | | |
| | | | 50 | | |
| | |
March 31,
2020 |
| |
December 31,
2019 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from depository institutions
|
| | | $ | 17,675 | | | | | $ | 15,642 | | |
Interest bearing deposits
|
| | | | 2,890 | | | | | | 2,755 | | |
Short-term investments in money market funds
|
| | | | 3,541 | | | | | | 3,771 | | |
Total cash and cash equivalents
|
| | | | 24,106 | | | | | | 22,168 | | |
Investment securities: | | | | | | | | | | | | | |
Available for sale, at fair value
|
| | | | 142,716 | | | | | | 141,749 | | |
Held to maturity (fair value $44,236 on March 31, 2020 and $41,082 on December 31, 2019)
|
| | | | 42,068 | | | | | | 39,936 | | |
Loans held for sale
|
| | | | 4,750 | | | | | | 4,868 | | |
Loans
|
| | | | 873,055 | | | | | | 883,090 | | |
Less: Unearned income
|
| | | | 406 | | | | | | 384 | | |
Allowance for loan losses
|
| | | | 9,334 | | | | | | 9,279 | | |
Net loans
|
| | | | 863,315 | | | | | | 873,427 | | |
Premises and equipment: | | | | | | | | | | | | | |
Operating lease right-of-use asset
|
| | | | 825 | | | | | | 846 | | |
Financing lease right-of-use asset
|
| | | | 3,074 | | | | | | 3,078 | | |
Other premises and equipment, net
|
| | | | 14,660 | | | | | | 14,643 | | |
Accrued interest income receivable
|
| | | | 3,759 | | | | | | 3,449 | | |
Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Bank owned life insurance
|
| | | | 39,041 | | | | | | 38,916 | | |
Net deferred tax asset
|
| | | | 3,705 | | | | | | 3,976 | | |
Federal Home Loan Bank stock
|
| | | | 3,988 | | | | | | 3,985 | | |
Federal Reserve Bank stock
|
| | | | 2,125 | | | | | | 2,125 | | |
Other assets
|
| | | | 8,279 | | | | | | 6,074 | | |
TOTAL ASSETS
|
| | | $ | 1,168,355 | | | | | $ | 1,171,184 | | |
LIABILITIES | | | | | | | | | | | | | |
Non-interest bearing deposits
|
| | | $ | 145,630 | | | | | $ | 136,462 | | |
Interest bearing deposits
|
| | | | 811,963 | | | | | | 824,051 | | |
Total deposits
|
| | | | 957,593 | | | | | | 960,513 | | |
Short-term borrowings
|
| | | | 16,354 | | | | | | 22,412 | | |
Advances from Federal Home Loan Bank
|
| | | | 58,218 | | | | | | 53,668 | | |
Operating lease liabilities
|
| | | | 842 | | | | | | 865 | | |
Financing lease liabilities
|
| | | | 3,177 | | | | | | 3,163 | | |
Guaranteed junior subordinated deferrable interest debentures, net
|
| | | | 12,959 | | | | | | 12,955 | | |
Subordinated debt, net
|
| | | | 7,517 | | | | | | 7,511 | | |
Total borrowed funds
|
| | | | 99,067 | | | | | | 100,574 | | |
Other liabilities
|
| | | | 10,855 | | | | | | 11,483 | | |
TOTAL LIABILITIES
|
| | | | 1,067,515 | | | | | | 1,072,570 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,672,463 shares
issued and 17,043,644 shares outstanding on March 31, 2020; 26,650,728 shares issued and 17,057,871 shares outstanding on December 31, 2019 |
| | | | 267 | | | | | | 267 | | |
Treasury stock at cost, 9,628,819 shares on March 31, 2020 and 9,592,857 shares on December 31, 2019
|
| | | | (83,280) | | | | | | (83,129) | | |
Capital surplus
|
| | | | 145,938 | | | | | | 145,888 | | |
Retained earnings
|
| | | | 52,745 | | | | | | 51,759 | | |
Accumulated other comprehensive loss, net
|
| | | | (14,830) | | | | | | (16,171) | | |
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 100,840 | | | | | | 98,614 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 1,168,355 | | | | | $ | 1,171,184 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
INTEREST INCOME | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 10,332 | | | | | $ | 10,418 | | |
Interest bearing deposits
|
| | | | 4 | | | | | | 6 | | |
Short-term investments in money market funds
|
| | | | 72 | | | | | | 69 | | |
Investment securities:
|
| | | | | | | | | | | | |
Available for sale
|
| | | | 1,183 | | | | | | 1,319 | | |
Held to maturity
|
| | | | 353 | | | | | | 352 | | |
Total Interest Income
|
| | | | 11,944 | | | | | | 12,164 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Deposits
|
| | | | 2,458 | | | | | | 2,730 | | |
Short-term borrowings
|
| | | | 12 | | | | | | 102 | | |
Advances from Federal Home Loan Bank
|
| | | | 284 | | | | | | 235 | | |
Financing lease liabilities
|
| | | | 29 | | | | | | 30 | | |
Guaranteed junior subordinated deferrable interest debentures
|
| | | | 280 | | | | | | 280 | | |
Subordinated debt
|
| | | | 130 | | | | | | 130 | | |
Total Interest Expense
|
| | | | 3,193 | | | | | | 3,507 | | |
NET INTEREST INCOME
|
| | | | 8,751 | | | | | | 8,657 | | |
Provision (credit) for loan losses
|
| | | | 175 | | | | | | (400) | | |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES
|
| | | | 8,576 | | | | | | 9,057 | | |
NON-INTEREST INCOME | | | | | | | | | | | | | |
Wealth management fees
|
| | | | 2,554 | | | | | | 2,396 | | |
Service charges on deposit accounts
|
| | | | 286 | | | | | | 310 | | |
Net gains on sale of loans
|
| | | | 237 | | | | | | 62 | | |
Mortgage related fees
|
| | | | 126 | | | | | | 44 | | |
Bank owned life insurance
|
| | | | 125 | | | | | | 128 | | |
Other income
|
| | | | 504 | | | | | | 665 | | |
Total Non-Interest Income
|
| | | | 3,832 | | | | | | 3,605 | | |
NON-INTEREST EXPENSE | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 6,704 | | | | | | 6,301 | | |
Net occupancy expense
|
| | | | 671 | | | | | | 658 | | |
Equipment expense
|
| | | | 395 | | | | | | 361 | | |
Professional fees
|
| | | | 1,154 | | | | | | 1,120 | | |
Supplies, postage and freight
|
| | | | 179 | | | | | | 173 | | |
Miscellaneous taxes and insurance
|
| | | | 275 | | | | | | 277 | | |
Federal deposit insurance expense
|
| | | | 26 | | | | | | 80 | | |
Other expense
|
| | | | 1,229 | | | | | | 1,323 | | |
Total Non-Interest Expense
|
| | | | 10,633 | | | | | | 10,293 | | |
PRETAX INCOME
|
| | | | 1,775 | | | | | | 2,369 | | |
Provision for income tax expense
|
| | | | 366 | | | | | | 491 | | |
NET INCOME
|
| | | | 1,409 | | | | | | 1,878 | | |
PER COMMON SHARE DATA: | | | | | | | | | | | | | |
Basic:
|
| | | | | | | | | | | | |
Net income
|
| | | $ | 0.08 | | | | | $ | 0.11 | | |
Average number of shares outstanding
|
| | | | 17,043 | | | | | | 17,578 | | |
Diluted:
|
| | | | | | | | | | | | |
Net income
|
| | | $ | 0.08 | | | | | $ | 0.11 | | |
Average number of shares outstanding
|
| | | | 17,099 | | | | | | 17,664 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
COMPREHENSIVE INCOME | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,409 | | | | | $ | 1,878 | | |
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | |
Pension obligation change for defined benefit plan
|
| | | | 528 | | | | | | (1,835) | | |
Income tax effect
|
| | | | (111) | | | | | | 385 | | |
Unrealized holding gains on available for sale securities arising during period
|
| | | | 1,170 | | | | | | 1,763 | | |
Income tax effect
|
| | | | (246) | | | | | | (370) | | |
Other comprehensive income (loss)
|
| | | | 1,341 | | | | | | (57) | | |
Comprehensive income
|
| | | $ | 2,750 | | | | | $ | 1,821 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
COMMON STOCK | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 267 | | | | | | 266 | | |
New common shares issued for exercise of stock options (21,735 and 33,684 shares for the three months ended March 31, 2020 and 2019, respectively)
|
| | | | — | | | | | | — | | |
Balance at end of period
|
| | | | 267 | | | | | | 266 | | |
TREASURY STOCK | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | (83,129) | | | | | | (80,579) | | |
Treasury stock, purchased at cost (35,962 and 112,311 shares for the three months ended March 31, 2020 and 2019, respectively)
|
| | | | (151) | | | | | | (476) | | |
Balance at end of period
|
| | | | (83,280) | | | | | | (81,055) | | |
CAPITAL SURPLUS | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 145,888 | | | | | | 145,782 | | |
New common shares issued for exercise of stock options (21,735 and 33,684 shares for the three months ended March 31, 2020 and 2019, respectively)
|
| | | | 49 | | | | | | 85 | | |
Stock option expense
|
| | | | 1 | | | | | | 3 | | |
Balance at end of period
|
| | | | 145,938 | | | | | | 145,870 | | |
RETAINED EARNINGS | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 51,759 | | | | | | 46,733 | | |
Net income
|
| | | | 1,409 | | | | | | 1,878 | | |
Cash dividend declared on common stock ($0.025 and $0.020 per share for the three months ended March 31, 2020 and 2019, respectively)
|
| | | | (423) | | | | | | (349) | | |
Balance at end of period
|
| | | | 52,745 | | | | | | 48,262 | | |
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | (16,171) | | | | | | (14,225) | | |
Other comprehensive income (loss)
|
| | | | 1,341 | | | | | | (57) | | |
Balance at end of period
|
| | | | (14,830) | | | | | | (14,282) | | |
TOTAL STOCKHOLDERS’ EQUITY
|
| | | $ | 100,840 | | | | | $ | 99,061 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,409 | | | | | $ | 1,878 | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Provision (credit) for loan losses
|
| | | | 175 | | | | | | (400) | | |
Depreciation and amortization expense
|
| | | | 492 | | | | | | 450 | | |
Net amortization of investment securities
|
| | | | 65 | | | | | | 66 | | |
Net gains on loans held for sale
|
| | | | (237) | | | | | | (62) | | |
Amortization of deferred loan fees
|
| | | | (26) | | | | | | (30) | | |
Origination of mortgage loans held for sale
|
| | | | (15,264) | | | | | | (3,866) | | |
Sales of mortgage loans held for sale
|
| | | | 15,619 | | | | | | 4,156 | | |
Increase in accrued interest receivable
|
| | | | (310) | | | | | | (443) | | |
Decrease in accrued interest payable
|
| | | | (150) | | | | | | (17) | | |
Earnings on bank owned life insurance
|
| | | | (125) | | | | | | (128) | | |
Deferred income taxes
|
| | | | 351 | | | | | | 532 | | |
Stock compensation expense
|
| | | | 1 | | | | | | 3 | | |
Net change in operating leases
|
| | | | (23) | | | | | | (4) | | |
Other, net
|
| | | | (2,603) | | | | | | (434) | | |
Net cash provided by (used in) operating activities
|
| | | | (626) | | | | | | 1,701 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of investment securities – available for sale
|
| | | | (6,223) | | | | | | (9,063) | | |
Purchase of investment securities – held to maturity
|
| | | | (2,618) | | | | | | — | | |
Proceeds from maturities of investment securities – available for sale
|
| | | | 6,380 | | | | | | 3,484 | | |
Proceeds from maturities of investment securities – held to maturity
|
| | | | 467 | | | | | | 214 | | |
Purchase of regulatory stock
|
| | | | (2,010) | | | | | | (4,104) | | |
Proceeds from redemption of regulatory stock
|
| | | | 2,007 | | | | | | 4,589 | | |
Long-term loans originated
|
| | | | (42,615) | | | | | | (49,039) | | |
Principal collected on long-term loans
|
| | | | 52,578 | | | | | | 48,654 | | |
Proceeds from sale of other real estate owned
|
| | | | 21 | | | | | | 176 | | |
Purchase of premises and equipment
|
| | | | (421) | | | | | | (1,395) | | |
Net cash provided by (used in) investing activities
|
| | | | 7,566 | | | | | | (6,484) | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase (decrease) in deposit balances
|
| | | | (2,920) | | | | | | 8,608 | | |
Net decrease in other short-term borrowings
|
| | | | (6,058) | | | | | | (10,117) | | |
Principal borrowings on advances from Federal Home Loan Bank
|
| | | | 11,050 | | | | | | 2,850 | | |
Principal repayments on advances from Federal Home Loan Bank
|
| | | | (6,500) | | | | | | (1,000) | | |
Principal payments on financing lease liabilities
|
| | | | (49) | | | | | | (41) | | |
Stock options exercised
|
| | | | 49 | | | | | | 85 | | |
Purchase of treasury stock
|
| | | | (151) | | | | | | (476) | | |
Common stock dividends
|
| | | | (423) | | | | | | (349) | | |
Net cash used in financing activities
|
| | | | (5,002) | | | | | | (440) | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
| | | | 1,938 | | | | | | (5,223) | | |
CASH AND CASH EQUIVALENTS AT JANUARY 1
|
| | | | 22,168 | | | | | | 34,894 | | |
CASH AND CASH EQUIVALENTS AT MARCH 31
|
| | | $ | 24,106 | | | | | $ | 29,671 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Non-interest income: | | | | | | | | | | | | | |
In-scope of Topic 606 | | | | | | | | | | | | | |
Wealth management fees
|
| | | $ | 2,554 | | | | | $ | 2,396 | | |
Service charges on deposit accounts
|
| | | | 286 | | | | | | 310 | | |
Other
|
| | | | 390 | | | | | | 420 | | |
Non-interest income (in-scope of Topic 606)
|
| | | | 3,230 | | | | | | 3,126 | | |
Non-interest income (out-of-scope of Topic 606)
|
| | | | 602 | | | | | | 479 | | |
Total non-interest income
|
| | | $ | 3,832 | | | | | $ | 3,605 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands, except per share data)
|
| |||||||||
Numerator: | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,409 | | | | | $ | 1,878 | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding (basic)
|
| | | | 17,043 | | | | | | 17,578 | | |
Effect of stock options
|
| | | | 56 | | | | | | 86 | | |
Weighted average common shares outstanding (diluted)
|
| | | | 17,099 | | | | | | 17,664 | | |
Earnings per common share: | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.08 | | | | | $ | 0.11 | | |
Diluted
|
| | | | 0.08 | | | | | | 0.11 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency
|
| | | $ | 3,895 | | | | | $ | 72 | | | | | $ | — | | | | | $ | 3,967 | | |
US Agency mortgage-backed securities
|
| | | | 78,862 | | | | | | 3,278 | | | | | | (56) | | | | | | 82,084 | | |
Municipal
|
| | | | 14,925 | | | | | | 899 | | | | | | — | | | | | | 15,824 | | |
Corporate bonds
|
| | | | 41,693 | | | | | | 470 | | | | | | (1,322) | | | | | | 40,841 | | |
Total
|
| | | $ | 139,375 | | | | | $ | 4,719 | | | | | $ | (1,378) | | | | | $ | 142,716 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency mortgage-backed securities
|
| | | $ | 10,510 | | | | | $ | 508 | | | | | $ | — | | | | | $ | 11,018 | | |
Municipal
|
| | | | 25,527 | | | | | | 1,674 | | | | | | (50) | | | | | | 27,151 | | |
Corporate bonds and other securities
|
| | | | 6,031 | | | | | | 42 | | | | | | (6) | | | | | | 6,067 | | |
Total
|
| | | $ | 42,068 | | | | | $ | 2,224 | | | | | $ | (56) | | | | | $ | 44,236 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency
|
| | | $ | 5,084 | | | | | $ | 32 | | | | | $ | — | | | | | $ | 5,116 | | |
US Agency mortgage-backed securities
|
| | | | 80,046 | | | | | | 1,681 | | | | | | (94) | | | | | | 81,633 | | |
Municipal
|
| | | | 14,678 | | | | | | 509 | | | | | | (17) | | | | | | 15,170 | | |
Corporate bonds
|
| | | | 39,769 | | | | | | 342 | | | | | | (281) | | | | | | 39,830 | | |
Total
|
| | | $ | 139,577 | | | | | $ | 2,564 | | | | | $ | (392) | | | | | $ | 141,749 | | |
|
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency mortgage-backed securities
|
| | | $ | 9,466 | | | | | $ | 251 | | | | | $ | (4) | | | | | $ | 9,713 | | |
Municipal
|
| | | | 24,438 | | | | | | 941 | | | | | | (53) | | | | | | 25,326 | | |
Corporate bonds and other securities
|
| | | | 6,032 | | | | | | 58 | | | | | | (47) | | | | | | 6,043 | | |
Total
|
| | | $ | 39,936 | | | | | $ | 1,250 | | | | | $ | (104) | | | | | $ | 41,082 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
US Agency
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
US Agency mortgage-backed securities
|
| | | | 2,363 | | | | | | (19) | | | | | | 1,885 | | | | | | (37) | | | | | | 4,248 | | | | | | (56) | | |
Municipal
|
| | | | 144 | | | | | | (1) | | | | | | 757 | | | | | | (49) | | | | | | 901 | | | | | | (50) | | |
Corporate bonds and other securities
|
| | | | 12,784 | | | | | | (786) | | | | | | 6,958 | | | | | | (542) | | | | | | 19,742 | | | | | | (1,328) | | |
Total
|
| | | $ | 15,291 | | | | | $ | (806) | | | | | $ | 9,600 | | | | | $ | (628) | | | | | $ | 24,891 | | | | | $ | (1,434 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
US Agency
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
US Agency mortgage-backed securities
|
| | | | 7,084 | | | | | | (23) | | | | | | 8,562 | | | | | | (75) | | | | | | 15,646 | | | | | | (98) | | |
Municipal
|
| | | | 2,269 | | | | | | (18) | | | | | | 1,123 | | | | | | (52) | | | | | | 3,392 | | | | | | (70) | | |
Corporate bonds and other securities
|
| | | | 7,797 | | | | | | (85) | | | | | | 11,783 | | | | | | (243) | | | | | | 19,580 | | | | | | (328) | | |
Total
|
| | | $ | 17,150 | | | | | $ | (126) | | | | | $ | 21,468 | | | | | $ | (370) | | | | | $ | 38,618 | | | | | $ | (496) | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Available for sale
|
| |
Held to maturity
|
| ||||||||||||||||||
| | |
Cost Basis
|
| |
Fair Value
|
| |
Cost Basis
|
| |
Fair Value
|
| ||||||||||||
Within 1 year
|
| | | $ | 3,491 | | | | | $ | 3,486 | | | | | $ | — | | | | | $ | — | | |
After 1 year but within 5 years
|
| | | | 23,276 | | | | | | 23,068 | | | | | | 7,530 | | | | | | 7,732 | | |
After 5 years but within 10 years
|
| | | | 39,693 | | | | | | 40,334 | | | | | | 20,094 | | | | | | 21,386 | | |
After 10 years but within 15 years
|
| | | | 21,766 | | | | | | 22,749 | | | | | | 7,707 | | | | | | 8,116 | | |
Over 15 years
|
| | | | 51,149 | | | | | | 53,079 | | | | | | 6,737 | | | | | | 7,002 | | |
Total
|
| | | $ | 139,375 | | | | | $ | 142,716 | | | | | $ | 42,068 | | | | | $ | 44,236 | | |
| | |
March 31,
2020 |
| |
December 31,
2019 |
| ||||||
Commercial: | | | | ||||||||||
Commercial and industrial
|
| | | $ | 166,911 | | | | | $ | 173,922 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 87,310 | | | | | | 91,655 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 370,266 | | | | | | 363,635 | | |
Real estate – residential mortgage
|
| | | | 230,207 | | | | | | 235,239 | | |
Consumer
|
| | | | 17,955 | | | | | | 18,255 | | |
Loans, net of unearned income
|
| | | $ | 872,649 | | | | | $ | 882,706 | | |
| | |
Commercial
and industrial |
| |
Commercial loans
secured by owner occupied real estate |
| |
Commercial loans
secured by non-owner occupied real estate |
| |
Total
|
| ||||||||||||
1 – 4 unit residential
|
| | | $ | 1,603 | | | | | $ | 133 | | | | | $ | 3,439 | | | | | $ | 5,175 | | |
Multifamily/apartments/student housing
|
| | | | — | | | | | | 359 | | | | | | 53,065 | | | | | | 53,424 | | |
Office
|
| | | | 37,929 | | | | | | 10,280 | | | | | | 38,218 | | | | | | 86,427 | | |
Retail
|
| | | | 4,129 | | | | | | 21,333 | | | | | | 108,763 | | | | | | 134,225 | | |
Industrial/manufacturing/warehouse
|
| | | | 101,464 | | | | | | 17,698 | | | | | | 40,115 | | | | | | 159,277 | | |
Hotels
|
| | | | 419 | | | | | | — | | | | | | 45,764 | | | | | | 46,183 | | |
Eating and drinking places
|
| | | | 887 | | | | | | 4,434 | | | | | | 597 | | | | | | 5,918 | | |
Amusement and recreation
|
| | | | 210 | | | | | | 3,384 | | | | | | 57 | | | | | | 3,651 | | |
Mixed use
|
| | | | — | | | | | | 1,574 | | | | | | 65,631 | | | | | | 67,205 | | |
Other
|
| | | | 20,270 | | | | | | 28,115 | | | | | | 14,617 | | | | | | 63,002 | | |
Total
|
| | | $ | 166,911 | | | | | $ | 87,310 | | | | | $ | 370,266 | | | | | $ | 624,487 | | |
| | |
Three months ended March 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Balance at
December 31, 2019 |
| |
Charge-
Offs |
| |
Recoveries
|
| |
Provision
(Credit) |
| |
Balance at
March 31, 2020 |
| |||||||||||||||
Commercial
|
| | | $ | 3,951 | | | | | $ | — | | | | | $ | — | | | | | $ | (91) | | | | | $ | 3,860 | | |
Commercial loans secured by non-owner
occupied real estate |
| | | | 3,119 | | | | | | — | | | | | | 14 | | | | | | 155 | | | | | | 3,288 | | |
Real estate-residential mortgage
|
| | | | 1,159 | | | | | | (92) | | | | | | 6 | | | | | | 68 | | | | | | 1,141 | | |
Consumer
|
| | | | 126 | | | | | | (62) | | | | | | 14 | | | | | | 42 | | | | | | 120 | | |
Allocation for general risk
|
| | | | 924 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 925 | | |
Total
|
| | | $ | 9,279 | | | | | $ | (154) | | | | | $ | 34 | | | | | $ | 175 | | | | | $ | 9,334 | | |
|
| | |
Three months ended March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Balance at
December 31, 2018 |
| |
Charge-
Offs |
| |
Recoveries
|
| |
Provision
(Credit) |
| |
Balance at
March 31, 2019 |
| |||||||||||||||
Commercial
|
| | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (448) | | | | | $ | 2,614 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 3,389 | | | | | | (63) | | | | | | 11 | | | | | | 36 | | | | | | 3,373 | | |
Real estate-residential mortgage
|
| | | | 1,235 | | | | | | (61) | | | | | | 8 | | | | | | 31 | | | | | | 1,213 | | |
Consumer
|
| | | | 127 | | | | | | (82) | | | | | | 18 | | | | | | 62 | | | | | | 125 | | |
Allocation for general risk
|
| | | | 863 | | | | | | — | | | | | | — | | | | | | (81) | | | | | | 782 | | |
Total
|
| | | $ | 8,671 | | | | | $ | (206) | | | | | $ | 42 | | | | | $ | (400) | | | | | $ | 8,107 | | |
| | |
At March 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Commercial
|
| |
Commercial Loans
Secured by Non-Owner Occupied Real Estate |
| |
Real Estate-
Residential Mortgage |
| |
Consumer
|
| |
Allocation for
General Risk |
| |
Total
|
| ||||||||||||||||||
Loans: | | | | | | | | ||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
| | | $ | 833 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 841 | | |
Collectively evaluated for impairment
|
| | | | 253,388 | | | | | | 370,258 | | | | | | 230,207 | | | | | | 17,955 | | | | | | | | | | | | 871,808 | | |
Total loans
|
| | | $ | 254,221 | | | | | $ | 370,266 | | | | | $ | 230,207 | | | | | $ | 17,955 | | | | | | | | | | | $ | 872,649 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation
|
| | | $ | 79 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 87 | | |
General reserve allocation
|
| | | | 3,781 | | | | | | 3,280 | | | | | | 1,141 | | | | | | 120 | | | | | | 925 | | | | | | 9,247 | | |
Total allowance for loan losses
|
| | | $ | 3,860 | | | | | $ | 3,288 | | | | | $ | 1,141 | | | | | $ | 120 | | | | | $ | 925 | | | | | $ | 9,334 | | |
|
| | |
At December 31, 2019
|
| | |||||||||||||||||||||||||||||||||||
| | |
Commercial
|
| |
Commercial Loans
Secured by Non-Owner Occupied Real Estate |
| |
Real Estate-
Residential Mortgage |
| |
Consumer
|
| |
Allocation for
General Risk |
| |
Total
|
| | ||||||||||||||||||||
Loans: | | | | | | | | | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
| | | $ | 816 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 824 | | | | | |
Collectively evaluated for impairment
|
| | | | 264,761 | | | | | | 363,627 | | | | | | 235,239 | | | | | | 18,255 | | | | | | | | | | | | 881,882 | | | | | |
Total loans
|
| | | $ | 265,577 | | | | | $ | 363,635 | | | | | $ | 235,239 | | | | | $ | 18,255 | | | | | | | | | | | $ | 882,706 | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Specific reserve allocation
|
| | | $ | 84 | | | | | $ | 8 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 92 | | | | ||
General reserve allocation
|
| | | | 3,867 | | | | | | 3,111 | | | | | | 1,159 | | | | | | 126 | | | | | | 924 | | | | | | 9,187 | | | | ||
Total allowance for loan losses
|
| | | $ | 3,951 | | | | | $ | 3,119 | | | | | $ | 1,159 | | | | | $ | 126 | | | | | $ | 924 | | | | | $ | 9,279 | | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Impaired Loans with
Specific Allowance |
| |
Impaired Loans with
no Specific Allowance |
| |
Total Impaired Loans
|
| |||||||||||||||||||||
| | |
Recorded
Investment |
| |
Related
Allowance |
| |
Recorded
Investment |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |||||||||||||||
Commercial
|
| | | $ | 833 | | | | | $ | 79 | | | | | $ | — | | | | | $ | 833 | | | | | $ | 833 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | 30 | | |
Total impaired loans
|
| | | $ | 841 | | | | | $ | 87 | | | | | $ | — | | | | | $ | 841 | | | | | $ | 863 | | |
|
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Impaired Loans with
Specific Allowance |
| |
Impaired Loans with
no Specific Allowance |
| |
Total Impaired Loans
|
| |||||||||||||||||||||
| | |
Recorded
Investment |
| |
Related
Allowance |
| |
Recorded
Investment |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |||||||||||||||
Commercial
|
| | | $ | 816 | | | | | $ | 84 | | | | | $ | — | | | | | $ | 816 | | | | | $ | 816 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | 30 | | |
Total impaired loans
|
| | | $ | 824 | | | | | $ | 92 | | | | | $ | — | | | | | $ | 824 | | | | | $ | 846 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Average loan balance: | | | | | | | | | | | | | |
Commercial
|
| | | $ | 825 | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 8 | | | | | | 11 | | |
Average investment in impaired loans
|
| | | $ | 833 | | | | | $ | 11 | | |
Interest income recognized: | | | | | | | | | | | | | |
Commercial
|
| | | $ | 12 | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | — | | | | | | — | | |
Interest income recognized on a cash basis on impaired loans
|
| | | $ | 12 | | | | | $ | — | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 154,456 | | | | | $ | 790 | | | | | $ | 11,665 | | | | | $ | — | | | | | $ | 166,911 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 84,661 | | | | | | 1,345 | | | | | | 1,304 | | | | | | — | | | | | | 87,310 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 368,681 | | | | | | — | | | | | | 1,577 | | | | | | 8 | | | | | | 370,266 | | |
Total
|
| | | $ | 607,798 | | | | | $ | 2,135 | | | | | $ | 14,546 | | | | | $ | 8 | | | | | $ | 624,487 | | |
|
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 161,147 | | | | | $ | 853 | | | | | $ | 11,922 | | | | | $ | — | | | | | $ | 173,922 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 88,942 | | | | | | 1,384 | | | | | | 1,329 | | | | | | — | | | | | | 91,655 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 362,027 | | | | | | — | | | | | | 1,600 | | | | | | 8 | | | | | | 363,635 | | |
Total
|
| | | $ | 612,116 | | | | | $ | 2,237 | | | | | $ | 14,851 | | | | | $ | 8 | | | | | $ | 629,212 | | |
|
| | |
March 31, 2020
|
| |||||||||||||||
| | |
Performing
|
| |
Non-Performing
|
| |
Total
|
| |||||||||
Real estate – residential mortgage
|
| | | $ | 228,803 | | | | | $ | 1,404 | | | | | $ | 230,207 | | |
Consumer
|
| | | | 17,955 | | | | | | — | | | | | | 17,955 | | |
Total
|
| | | $ | 246,758 | | | | | $ | 1,404 | | | | | $ | 248,162 | | |
|
| | |
December 31, 2019
|
| |||||||||||||||
| | |
Performing
|
| |
Non-Performing
|
| |
Total
|
| |||||||||
Real estate – residential mortgage
|
| | | $ | 233,760 | | | | | $ | 1,479 | | | | | $ | 235,239 | | |
Consumer
|
| | | | 18,255 | | | | | | — | | | | | | 18,255 | | |
Total
|
| | | $ | 252,015 | | | | | $ | 1,479 | | | | | $ | 253,494 | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
Past Due |
| |
Total
Past Due |
| |
Total
Loans |
| |
90 Days
Past Due and Still Accruing |
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 160,550 | | | | | $ | 6,361 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,361 | | | | | $ | 166,911 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate
|
| | | | 87,197 | | | | | | 113 | | | | | | — | | | | | | — | | | | | | 113 | | | | | | 87,310 | | | | | | — | | |
Commercial loans secured by non-owner occupied real
estate |
| | | | 370,266 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 370,266 | | | | | | — | | |
Real estate – residential mortgage
|
| | | | 226,532 | | | | | | 1,445 | | | | | | 1,259 | | | | | | 971 | | | | | | 3,675 | | | | | | 230,207 | | | | | | — | | |
Consumer
|
| | | | 17,901 | | | | | | 42 | | | | | | 12 | | | | | | — | | | | | | 54 | | | | | | 17,955 | | | | | | — | | |
Total
|
| | | $ | 862,446 | | | | | $ | 7,961 | | | | | $ | 1,271 | | | | | $ | 971 | | | | | $ | 10,203 | | | | | $ | 872,649 | | | | | $ | — | | |
|
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
Past Due |
| |
Total
Past Due |
| |
Total
Loans |
| |
90 Days
Past Due and Still Accruing |
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 173,922 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 173,922 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate
|
| | | | 91,538 | | | | | | 117 | | | | | | — | | | | | | — | | | | | | 117 | | | | | | 91,655 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 363,635 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 363,635 | | | | | | — | | |
Real estate – residential mortgage
|
| | | | 231,022 | | | | | | 2,331 | | | | | | 864 | | | | | | 1,022 | | | | | | 4,217 | | | | | | 235,239 | | | | | | — | | |
Consumer
|
| | | | 18,190 | | | | | | 42 | | | | | | 23 | | | | | | — | | | | | | 65 | | | | | | 18,255 | | | | | | — | | |
Total
|
| | | $ | 878,307 | | | | | $ | 2,490 | | | | | $ | 887 | | | | | $ | 1,022 | | | | | $ | 4,399 | | | | | $ | 882,706 | | | | | $ | — | | |
| | |
March 31,
2020 |
| |
December 31,
2019 |
| ||||||
Non-accrual loans | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 25 | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 8 | | | | | | 8 | | |
Real estate – residential mortgage
|
| | | | 1,404 | | | | | | 1,479 | | |
Total
|
| | | | 1,437 | | | | | | 1,487 | | |
Other real estate owned | | | | | | | | | | | | | |
Real estate-residential mortgage
|
| | | | — | | | | | | 37 | | |
Total
|
| | | | — | | | | | | 37 | | |
TDR’s not in non-accrual | | | | | | | | | | | | | |
Commercial and industrial
|
| | | | 807 | | | | | | 815 | | |
Total
|
| | | | 807 | | | | | | 815 | | |
Total non-performing assets including TDR
|
| | | $ | 2,244 | | | | | $ | 2,339 | | |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned
|
| | | | 0.26% | | | | | | 0.26% | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Interest income due in accordance with original terms
|
| | | $ | 17 | | | | | $ | 15 | | |
Interest income recorded
|
| | | | — | | | | | | — | | |
Net reduction in interest income
|
| | | $ | 17 | | | | | $ | 15 | | |
| | |
At March 31, 2020
|
| ||||||||||||
Type
|
| |
Maturing
|
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||
Open Repo Plus
|
| |
Overnight
|
| | | $ | 16,354 | | | | | | 0.36% | | |
Advances
|
| |
2020
|
| | | | 12,229 | | | | | | 1.74 | | |
| | |
2021
|
| | | | 9,496 | | | | | | 2.28 | | |
| | |
2022
|
| | | | 20,888 | | | | | | 2.03 | | |
| | |
2023
|
| | | | 13,568 | | | | | | 1.76 | | |
| | |
2024
|
| | | | 2,037 | | | | | | 1.86 | | |
Total advances
|
| | | | | | | 58,218 | | | | | | 1.94 | | |
Total FHLB borrowings
|
| | | | | | $ | 74,572 | | | | | | 1.59% | | |
|
| | |
At December 31, 2019
|
| ||||||||||||
Type
|
| |
Maturing
|
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||
Open Repo Plus
|
| |
Overnight
|
| | | $ | 22,412 | | | | | | 1.81% | | |
Advances
|
| |
2020
|
| | | | 18,729 | | | | | | 1.75 | | |
| | |
2021
|
| | | | 9,496 | | | | | | 2.28 | | |
| | |
2022
|
| | | | 17,838 | | | | | | 2.21 | | |
| | |
2023
|
| | | | 5,568 | | | | | | 2.48 | | |
| | |
2024
|
| | | | 2,037 | | | | | | 1.86 | | |
Total advances
|
| | | | | | | 53,668 | | | | | | 2.08 | | |
Total FHLB borrowings
|
| | | | | | $ | 76,080 | | | | | | 2.00% | | |
| | |
Three months ended
March 31, 2020 |
| |
Three months ended
March 31, 2019 |
| ||||||
Lease cost | | | | | | | | | | | | | |
Financing lease cost: | | | | | | | | | | | | | |
Amortization of right-of-use asset
|
| | | $ | 67 | | | | | $ | 64 | | |
Interest expense
|
| | | | 29 | | | | | | 30 | | |
Operating lease cost
|
| | | | 29 | | | | | | 29 | | |
Total lease cost
|
| | | $ | 125 | | | | | $ | 123 | | |
| | |
March 31, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
| | |
Operating
|
| |
Financing
|
| |
Operating
|
| |
Financing
|
| ||||||||||||
Weighted-average remaining term (years)
|
| | | | 11.7 | | | | | | 16.7 | | | | | | 11.9 | | | | | | 17.1 | | |
Weighted-average discount rate
|
| | | | 3.46% | | | | | | 3.57% | | | | | | 3.46% | | | | | | 3.60% | | |
| | |
March 31, 2020
|
| |||||||||
| | |
Operating
|
| |
Financing
|
| ||||||
Undiscounted cash flows due: | | | | | | | | | | | | | |
Within 1 year
|
| | | $ | 118 | | | | | $ | 302 | | |
After 1 year but within 2 years
|
| | | | 120 | | | | | | 289 | | |
After 2 years but within 3 years
|
| | | | 85 | | | | | | 291 | | |
After 3 years but within 4 years
|
| | | | 69 | | | | | | 276 | | |
After 4 years but within 5 years
|
| | | | 69 | | | | | | 251 | | |
After 5 years
|
| | | | 573 | | | | | | 2,943 | | |
Total undiscounted cash flows
|
| | | | 1,034 | | | | | | 4,352 | | |
Discount on cash flows
|
| | | | (192) | | | | | | (1,175) | | |
Total lease liabilities
|
| | | $ | 842 | | | | | $ | 3,177 | | |
|
| | |
December 31, 2019
|
| |||||||||
| | |
Operating
|
| |
Financing
|
| ||||||
Undiscounted cash flows due: | | | | | | | | | | | | | |
Within 1 year
|
| | | $ | 118 | | | | | $ | 296 | | |
After 1 year but within 2 years
|
| | | | 120 | | | | | | 275 | | |
After 2 years but within 3 years
|
| | | | 98 | | | | | | 277 | | |
After 3 years but within 4 years
|
| | | | 69 | | | | | | 274 | | |
After 4 years but within 5 years
|
| | | | 69 | | | | | | 236 | | |
After 5 years
|
| | | | 589 | | | | | | 3,007 | | |
Total undiscounted cash flows
|
| | | | 1,063 | | | | | | 4,365 | | |
Discount on cash flows
|
| | | | (198) | | | | | | (1,202) | | |
Total lease liabilities
|
| | | $ | 865 | | | | | $ | 3,163 | | |
| | |
Three months ended March 31, 2020
|
| |
Three months ended March 31, 2019
|
| ||||||||||||||||||||||||||||||
| | |
Net
Unrealized Gains and (Losses) on Investment Securities AFS(1) |
| |
Defined
Benefit Pension Items(1) |
| |
Total(1)
|
| |
Net
Unrealized Gains and (Losses) on Investment Securities AFS(1) |
| |
Defined
Benefit Pension Items(1) |
| |
Total(1)
|
| ||||||||||||||||||
Beginning balance
|
| | | $ | 1,715 | | | | | $ | (17,886) | | | | | $ | (16,171) | | | | | $ | (1,409) | | | | | $ | (12,816) | | | | | $ | (14,225) | | |
Other comprehensive income (loss) before reclassifications
|
| | | | 924 | | | | | | (95) | | | | | | 829 | | | | | | 1,393 | | | | | | (1,739) | | | | | | (346) | | |
Amounts reclassified from accumulated other comprehensive loss
|
| | | | — | | | | | | 512 | | | | | | 512 | | | | | | — | | | | | | 289 | | | | | | 289 | | |
Net current period other comprehensive income (loss)
|
| | | | 924 | | | | | | 417 | | | | | | 1,341 | | | | | | 1,393 | | | | | | (1,450) | | | | | | (57) | | |
Ending balance
|
| | | $ | 2,639 | | | | | $ | (17,469) | | | | | $ | (14,830) | | | | | $ | (16) | | | | | $ | (14,266) | | | | | $ | (14,282) | | |
| | |
Amount reclassified from accumulated
other comprehensive loss(1) |
| | | | |||||||||
Details about accumulated other comprehensive loss
components |
| |
For the three
months ended March 31, 2020 |
| |
For the three
months ended March 31, 2019 |
| |
Affected line item in the consolidated
statement of operations |
| ||||||
Realized gains on sale of
securities |
| | | $ | — | | | | | $ | — | | | | Net realized (gains) losses on investment securities | |
| | | | | — | | | | | | — | | | |
Provision for income tax expense
|
|
| | | | $ | — | | | | | $ | — | | | | Net of tax | |
Amortization of estimated defined benefit pension plan loss(2)
|
| | | $ | 648 | | | | | $ | 366 | | | | Other expense | |
| | | | | (136) | | | | | | (77) | | | |
Provision for income tax expense
|
|
| | | | $ | 512 | | | | | $ | 289 | | | | Net of tax | |
Total reclassifications for the period
|
| | | $ | 512 | | | | | $ | 289 | | | | Net income | |
| | |
At March 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
COMPANY
|
| |
BANK
|
| |
MINIMUM
REQUIRED FOR CAPITAL ADEQUACY PURPOSES |
| |
TO BE WELL
CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* |
| ||||||||||||||||||||||||
| | |
AMOUNT
|
| |
RATIO
|
| |
AMOUNT
|
| |
RATIO
|
| |
RATIO
|
| |
RATIO
|
| ||||||||||||||||||
Total Capital (To Risk Weighted
Assets) |
| | | $ | 133,286 | | | | | | 13.41% | | | | | $ | 120,917 | | | | | | 12.23% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk
Weighted Assets) |
| | | | 103,726 | | | | | | 10.44 | | | | | | 110,766 | | | | | | 11.20 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted
Assets) |
| | | | 115,618 | | | | | | 11.64 | | | | | | 110,766 | | | | | | 11.20 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets)
|
| | | | 115,618 | | | | | | 9.94 | | | | | | 110,766 | | | | | | 9.64 | | | | | | 4.00 | | | | | | 5.00 | | |
| | |
At December 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
COMPANY
|
| |
BANK
|
| |
MINIMUM
REQUIRED FOR CAPITAL ADEQUACY PURPOSES |
| |
TO BE WELL
CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* |
| ||||||||||||||||||||||||
| | |
AMOUNT
|
| |
RATIO
|
| |
AMOUNT
|
| |
RATIO
|
| |
RATIO
|
| |
RATIO
|
| ||||||||||||||||||
Total Capital (To Risk Weighted
Assets) |
| | | $ | 132,544 | | | | | | 13.49% | | | | | $ | 119,477 | | | | | | 12.23% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk
Weighted Assets) |
| | | | 102,841 | | | | | | 10.47 | | | | | | 109,173 | | | | | | 11.17 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted
Assets) |
| | | | 114,729 | | | | | | 11.68 | | | | | | 109,173 | | | | | | 11.17 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets)
|
| | | | 114,729 | | | | | | 9.87 | | | | | | 109,173 | | | | | | 9.50 | | | | | | 4.00 | | | | | | 5.00 | | |
| | |
At March 31, 2020
|
| |||||||||||||||||||||
| | |
HEDGE TYPE
|
| |
AGGREGATE
NOTIONAL AMOUNT |
| |
WEIGHTED
AVERAGE RATE RECEIVED/(PAID) |
| |
REPRICING
FREQUENCY |
| |
INCREASE
(DECREASE) IN INTEREST EXPENSE |
| |||||||||
SWAP ASSETS
|
| |
FAIR VALUE
|
| | | $ | 33,037 | | | | | | 3.93% | | | | MONTHLY | | | | $ | (45) | | |
SWAP LIABILITIES
|
| |
FAIR VALUE
|
| | | | (33,037) | | | | | | (3.93) | | | | MONTHLY | | | | | 45 | | |
NET EXPOSURE
|
| | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | |
At March 31, 2019
|
| |||||||||||||||||||||
| | |
HEDGE TYPE
|
| |
AGGREGATE
NOTIONAL AMOUNT |
| |
WEIGHTED
AVERAGE RATE RECEIVED/(PAID) |
| |
REPRICING
FREQUENCY |
| |
INCREASE
(DECREASE) IN INTEREST EXPENSE |
| |||||||||
SWAP ASSETS
|
| |
FAIR VALUE
|
| | | $ | 21,745 | | | | | | 4.79% | | | | MONTHLY | | | | $ | 9 | | |
SWAP LIABILITIES
|
| |
FAIR VALUE
|
| | | | (21,745) | | | | | | (4.79) | | | | MONTHLY | | | | | (9) | | |
NET EXPOSURE
|
| | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | |
Three months ended
March 31, 2020 |
| |||||||||
| | |
Total
revenue |
| |
Net
income (loss) |
| ||||||
Community banking
|
| | | $ | 11,448 | | | | | $ | 2,524 | | |
Wealth management
|
| | | | 2,568 | | | | | | 487 | | |
Investment/Parent
|
| | | | (1,433) | | | | | | (1,602) | | |
Total
|
| | | $ | 12,583 | | | | | $ | 1,409 | | |
|
| | |
Three months ended
March 31, 2019 |
| |||||||||
| | |
Total
revenue |
| |
Net
income (loss) |
| ||||||
Community banking
|
| | | $ | 11,093 | | | | | $ | 2,948 | | |
Wealth management
|
| | | | 2,417 | | | | | | 444 | | |
Investment/Parent
|
| | | | (1,248) | | | | | | (1,514) | | |
Total
|
| | | $ | 12,262 | | | | | $ | 1,878 | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Components of net periodic benefit cost | | | | | | | | | | | | | |
Service cost
|
| | | $ | 441 | | | | | $ | 374 | | |
Interest cost
|
| | | | 319 | | | | | | 402 | | |
Expected return on plan assets
|
| | | | (817) | | | | | | (762) | | |
Recognized net actuarial loss
|
| | | | 648 | | | | | | 366 | | |
Net periodic pension cost
|
| | | $ | 591 | | | | | $ | 380 | | |
| | |
Fair Value Measurements at March 31, 2020
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Equity securities
|
| | | $ | 386 | | | | | $ | 386 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency
|
| | | | 3,967 | | | | | | — | | | | | | 3,967 | | | | | | — | | |
US Agency mortgage-backed securities
|
| | | | 82,084 | | | | | | — | | | | | | 82,084 | | | | | | — | | |
Municipal
|
| | | | 15,824 | | | | | | — | | | | | | 15,824 | | | | | | — | | |
Corporate bonds
|
| | | | 40,841 | | | | | | — | | | | | | 40,841 | | | | | | — | | |
Fair value swap asset
|
| | | | 3,520 | | | | | | — | | | | | | 3,520 | | | | | | — | | |
Fair value swap liability
|
| | | | (3,520) | | | | | | — | | | | | | (3,520) | | | | | | — | | |
| | |
Fair Value Measurements at December 31, 2019
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Equity securities
|
| | | $ | 366 | | | | | $ | 366 | | | | | $ | — | | | | | $ | — | | |
Available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
US Agency
|
| | | | 5,116 | | | | | | — | | | | | | 5,116 | | | | | | — | | |
US Agency mortgage-backed securities
|
| | | | 81,633 | | | | | | — | | | | | | 81,633 | | | | | | — | | |
Municipal
|
| | | | 15,170 | | | | | | — | | | | | | 15,170 | | | | | | — | | |
Corporate bonds
|
| | | | 39,830 | | | | | | — | | | | | | 39,830 | | | | | | — | | |
Fair value swap asset
|
| | | | 959 | | | | | | — | | | | | | 959 | | | | | | — | | |
Fair value swap liability
|
| | | | (959) | | | | | | — | | | | | | (959) | | | | | | — | | |
| | |
Fair Value Measurements at March 31, 2020
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Impaired loans
|
| | | $ | 258 | | | | | $ | — | | | | | $ | — | | | | | $ | 258 | | |
| | |
Fair Value Measurements at December 31, 2019
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Impaired loans
|
| | | $ | 255 | | | | | $ | — | | | | | $ | — | | | | | $ | 255 | | |
Other real estate owned
|
| | | | 37 | | | | | | — | | | | | | — | | | | | | 37 | | |
| | |
Quantitative Information About Level 3 Fair Value Measurements
|
| ||||||||||||
March 31, 2020
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range(Wgtd Avg)
|
| |||
Impaired loans
|
| | | $ | 258 | | | |
Appraisal of collateral(1)
|
| |
Appraisal adjustments(2)
|
| |
0% to 100% (3)%
|
|
| | |
Quantitative Information About Level 3 Fair Value Measurements
|
| ||||||||||||
December 31, 2019
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range(Wgtd Avg)
|
| |||
Impaired loans
|
| | | $ | 255 | | | |
Appraisal of collateral(1)
|
| |
Appraisal adjustments(2)
|
| |
0% to 100% (3%)
|
|
Other real estate owned
|
| | | | 37 | | | |
Appraisal of collateral(1)
|
| |
Appraisal
adjustments(2) Liquidation expenses |
| |
0% to 57% (38%)
21% to 134% (30%) |
|
| | |
March 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM
|
| | | $ | 42,068 | | | | | $ | 44,236 | | | | | $ | — | | | | | $ | 41,242 | | | | | $ | 2,994 | | |
Loans held for sale
|
| | | | 4,750 | | | | | | 4,889 | | | | | | 4,889 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned
income |
| | | | 863,315 | | | | | | 867,308 | | | | | | — | | | | | | — | | | | | | 867,308 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with no stated maturities
|
| | | $ | 646,074 | | | | | $ | 642,965 | | | | | $ | — | | | | | $ | — | | | | | $ | 642,965 | | |
Deposits with stated maturities
|
| | | | 311,519 | | | | | | 315,616 | | | | | | — | | | | | | — | | | | | | 315,616 | | |
All other borrowings(1)
|
| | | | 78,694 | | | | | | 85,321 | | | | | | — | | | | | | — | | | | | | 85,321 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM
|
| | | $ | 39,936 | | | | | $ | 41,082 | | | | | $ | — | | | | | $ | 38,129 | | | | | $ | 2,953 | | |
Loans held for sale
|
| | | | 4,868 | | | | | | 4,970 | | | | | | 4,970 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned
income |
| | | | 873,427 | | | | | | 873,908 | | | | | | — | | | | | | — | | | | | | 873,908 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with no stated maturities
|
| | | $ | 651,469 | | | | | $ | 631,023 | | | | | $ | — | | | | | $ | — | | | | | $ | 631,023 | | |
Deposits with stated maturities
|
| | | | 309,044 | | | | | | 310,734 | | | | | | — | | | | | | — | | | | | | 310,734 | | |
All other borrowings(1)
|
| | | | 74,134 | | | | | | 76,323 | | | | | | — | | | | | | — | | | | | | 76,323 | | |
| | |
Balance
|
| |
% of
Outstanding Loans |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
CRE/Commercial
|
| | | $ | 201,658 | | | | | | 31.2% | | |
Home Equity/Consumer
|
| | | | 5,551 | | | | | | 5.5 | | |
Residential Mortgage
|
| | | | 4,033 | | | | | | 3.1 | | |
Total
|
| | | $ | 211,242 | | | | | | 24.1 | | |
Type of Payment Relief
|
| |
Number of
Loans |
| |
Balance
|
| ||||||
| | | | | | | | |
(in thousands)
|
| |||
Interest only payments
|
| | | | 84 | | | | | $ | 96,163 | | |
Complete payment deferrals
|
| | | | 304 | | | | | | 115,079 | | |
Total
|
| | | | 388 | | | | | $ | 211,242 | | |
| | |
Three months ended
March 31, 2020 |
| |
Three months ended
March 31, 2019 |
| ||||||
Net income
|
| | | $ | 1,409 | | | | | $ | 1,878 | | |
Diluted earnings per share
|
| | | | 0.08 | | | | | | 0.11 | | |
Return on average assets (annualized)
|
| | | | 0.48% | | | | | | 0.66% | | |
Return on average equity (annualized)
|
| | | | 5.69% | | | | | | 7.84% | | |
| | |
Three months ended
March 31, 2020 |
| |
Three months ended
March 31, 2019 |
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Interest income
|
| | | $ | 11,944 | | | | | $ | 12,164 | | | | | $ | (220) | | | | | | (1.8)% | | |
Interest expense
|
| | | | 3,193 | | | | | | 3,507 | | | | | | (314) | | | | | | (9.0) | | |
Net interest income
|
| | | $ | 8,751 | | | | | $ | 8,657 | | | | | $ | 94 | | | | | | 1.1 | | |
Net interest margin
|
| | | | 3.21% | | | | | | 3.24% | | | | | | (0.03)% | | | | | | N/M | | |
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Rate |
| ||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and loans held for sale, net of unearned income
|
| | | $ | 877,097 | | | | | $ | 10,339 | | | | | | 4.68% | | | | | $ | 860,169 | | | | | $ | 10,424 | | | | | | 4.80% | | |
Short-term investment in money market funds and bank deposits
|
| | | | 18,527 | | | | | | 76 | | | | | | 1.63 | | | | | | 8,793 | | | | | | 75 | | | | | | 3.42 | | |
Investment securities – AFS
|
| | | | 147,656 | | | | | | 1,183 | | | | | | 3.27 | | | | | | 157,112 | | | | | | 1,319 | | | | | | 3.38 | | |
Investment securities – HTM
|
| | | | 41,224 | | | | | | 353 | | | | | | 3.43 | | | | | | 41,252 | | | | | | 352 | | | | | | 3.34 | | |
Total investment securities
|
| | | | 188,880 | | | | | | 1,536 | | | | | | 3.31 | | | | | | 198,364 | | | | | | 1,671 | | | | | | 3.37 | | |
Total interest earning assets/interest income
|
| | | | 1,084,504 | | | | | | 11,951 | | | | | | 4.40 | | | | | | 1,067,326 | | | | | | 12,170 | | | | | | 4.57 | | |
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | | 19,087 | | | | | | | | | | | | | | | | | | 21,899 | | | | | | | | | | | | | | |
Premises and equipment
|
| | | | 18,593 | | | | | | | | | | | | | | | | | | 18,128 | | | | | | | | | | | | | | |
Other assets
|
| | | | 65,146 | | | | | | | | | | | | | | | | | | 62,081 | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | (9,317) | | | | | | | | | | | | | | | | | | (8,665) | | | | | | | | | | | | | | |
TOTAL ASSETS
|
| | | $ | 1,178,013 | | | | | | | | | | | | | | | | | $ | 1,160,769 | | | | | | | | | | | | | | |
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand
|
| | | $ | 167,066 | | | | | $ | 242 | | | | | | 0.60% | | | | | $ | 163,893 | | | | | $ | 409 | | | | | | 1.01% | | |
Savings
|
| | | | 97,166 | | | | | | 41 | | | | | | 0.17 | | | | | | 97,851 | | | | | | 40 | | | | | | 0.17 | | |
Money markets
|
| | | | 229,838 | | | | | | 464 | | | | | | 0.81 | | | | | | 241,727 | | | | | | 674 | | | | | | 1.13 | | |
Time deposits
|
| | | | 341,948 | | | | | | 1,711 | | | | | | 2.01 | | | | | | 315,389 | | | | | | 1,607 | | | | | | 2.07 | | |
Total interest bearing deposits
|
| | | | 836,018 | | | | | | 2,458 | | | | | | 1.18 | | | | | | 818,860 | | | | | | 2,730 | | | | | | 1.35 | | |
Short-term borrowings
|
| | | | 2,908 | | | | | | 12 | | | | | | 1.67 | | | | | | 15,413 | | | | | | 102 | | | | | | 2.64 | | |
Advances from Federal Home Loan Bank
|
| | | | 55,292 | | | | | | 284 | | | | | | 2.07 | | | | | | 46,984 | | | | | | 235 | | | | | | 2.03 | | |
Guaranteed junior subordinated deferrable interest debentures
|
| | | | 13,085 | | | | | | 280 | | | | | | 8.57 | | | | | | 13,085 | | | | | | 280 | | | | | | 8.57 | | |
Subordinated debt
|
| | | | 7,650 | | | | | | 130 | | | | | | 6.80 | | | | | | 7,650 | | | | | | 130 | | | | | | 6.80 | | |
Lease liabilities
|
| | | | 3,993 | | | | | | 29 | | | | | | 2.86 | | | | | | 4,224 | | | | | | 30 | | | | | | 2.83 | | |
Total interest bearing liabilities/interest expense
|
| | | | 918,946 | | | | | | 3,193 | | | | | | 1.40 | | | | | | 906,216 | | | | | | 3,507 | | | | | | 1.57 | | |
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits
|
| | | | 146,840 | | | | | | | | | | | | | | | | | | 150,246 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 12,615 | | | | | | | | | | | | | | | | | | 7,141 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 99,612 | | | | | | | | | | | | | | | | | | 97,166 | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 1,178,013 | | | | | | | | | | | | | | | | | $ | 1,160,769 | | | | | | | | | | | | | | |
Interest rate spread
|
| | | | | | | | | | | | | | | | 3.00 | | | | | | | | | | | | | | | | | | 3.00 | | |
Net interest income/ Net interest margin
|
| | | | | | | | | | 8,758 | | | | | | 3.21% | | | | | | | | | | | | 8,663 | | | | | | 3.24% | | |
Tax-equivalent adjustment
|
| | | | | | | | | | (7) | | | | | | | | | | | | | | | | | | (6) | | | | | | | | |
Net Interest Income
|
| | | | | | | | | $ | 8,751 | | | | | | | | | | | | | | | | | $ | 8,657 | | | | | | | | |
|
| | |
March 31,
2020 |
| |
December 31,
2019 |
| ||||||
Total shareholders’ equity
|
| | | $ | 100,840 | | | | | $ | 98,614 | | |
Less: Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Tangible equity
|
| | | | 88,896 | | | | | | 86,670 | | |
Total assets
|
| | | | 1,168,355 | | | | | | 1,171,184 | | |
Less: Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Tangible assets
|
| | | | 1,156,411 | | | | | | 1,159,240 | | |
Tangible common equity ratio (non-GAAP)
|
| | | | 7.69% | | | | | | 7.48% | | |
Total shares outstanding
|
| | | | 17,043,644 | | | | | | 17,057,871 | | |
Tangible book value per share (non-GAAP)
|
| | | $ | 5.22 | | | | | $ | 5.08 | | |
| | |
March 31,
2020 |
| |
December 31,
2019 |
| |
March 31,
2019 |
| |||||||||
Total accruing loan delinquency (past due 30 to 89 days)
|
| | | $ | 8,525 | | | | | $ | 2,956 | | | | | $ | 2,568 | | |
Total non-accrual loans
|
| | | | 1,437 | | | | | | 1,487 | | | | | | 1,150 | | |
Total non-performing assets including TDR*
|
| | | | 2,244 | | | | | | 2,339 | | | | | | 1,168 | | |
Accruing loan delinquency, as a percentage of total loans, net of unearned income
|
| | | | 0.97% | | | | | | 0.33% | | | | | | 0.30% | | |
Non-accrual loans, as a percentage of total loans, net of unearned income
|
| | | | 0.16 | | | | | | 0.17 | | | | | | 0.13 | | |
Non-performing assets, as a percentage of total loans, net of unearned income, and other real estate owned
|
| | | | 0.26 | | | | | | 0.26 | | | | | | 0.14 | | |
Non-performing assets as a percentage of total assets
|
| | | | 0.19 | | | | | | 0.20 | | | | | | 0.10 | | |
As a percent of average loans, net of unearned income: | | | | | | | | | | | | | | | | | | | |
Annualized net charge-offs
|
| | | | 0.06 | | | | | | 0.02 | | | | | | 0.08 | | |
Annualized provision (credit) for loan losses
|
| | | | 0.08 | | | | | | 0.09 | | | | | | (0.19) | | |
Total classified loans (loans rated substandard or doubtful)**
|
| | | $ | 15,958 | | | | | $ | 16,338 | | | | | $ | 4,219 | | |
| | |
March 31,
2020 |
| |
December 31,
2019 |
| |
March 31,
2019 |
| |||||||||
Allowance for loan losses
|
| | | $ | 9,334 | | | | | $ | 9,279 | | | | | $ | 8,107 | | |
Allowance for loan losses as a percentage of each of the following: | | | | | | | | | | | | | | | | | | | |
total loans, net of unearned income
|
| | | | 1.06% | | | | | | 1.05% | | | | | | 0.94% | | |
total accruing delinquent loans (past due 30 to 89 days)
|
| | | | 109.49 | | | | | | 313.90 | | | | | | 315.69 | | |
total non-accrual loans
|
| | | | 649.55 | | | | | | 624.01 | | | | | | 704.96 | | |
total non-performing assets
|
| | | | 415.94 | | | | | | 396.71 | | | | | | 694.09 | | |
| | |
MINIMUM
CAPITAL RATIO |
| |
MINIMUM
CAPITAL RATIO PLUS CAPITAL CONSERVATION BUFFER |
| ||||||
Common equity tier 1 capital to risk-weighted assets
|
| | | | 4.5% | | | | | | 7.0% | | |
Tier 1 capital to risk-weighted assets
|
| | | | 6.0 | | | | | | 8.5 | | |
Total capital to risk-weighted assets
|
| | | | 8.0 | | | | | | 10.5 | | |
Tier 1 capital to total average consolidated assets
|
| | | | 4.0 | | | | | | | | |
Interest Rate Scenario
|
| |
Variability of Net
Interest Income |
| |
Change in Market
Value of Portfolio Equity |
| ||||||
200bp increase
|
| | | | 8.7% | | | | | | 43.9% | | |
100bp increase
|
| | | | 4.8 | | | | | | 25.0 | | |
100bp decrease
|
| | | | (3.0) | | | | | | (29.8) | | |
Period
|
| |
Total number of
shares purchased |
| |
Average price
paid per share |
| |
Total number of
shares purchased as part of publicly announced plan |
| |
Maximum number
of shares that may yet be purchased under the plan |
| ||||||||||||
January 1 – 31, 2020
|
| | | | 14,500 | | | | | $ | 4.20 | | | | | | 14,500 | | | | | | 21,462 | | |
February 1 – 29, 2020
|
| | | | 21,462 | | | | | | 4.20 | | | | | | 21,462 | | | | | | — | | |
March 1 – 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 35,962 | | | | | | | | | | | | 35,962 | | | | | | | | |
| | | |
AmeriServ Financial, Inc.
Registrant |
|
| Date: May 8, 2020 | | |
/s/ Jeffrey A. Stopko
Jeffrey A. Stopko
President and Chief Executive Officer |
|
| Date: May 8, 2020 | | |
/s/ Michael D. Lynch
Michael D. Lynch
Senior Vice President and Chief Financial Officer |
|
1 Year AmeriServ Financial Chart |
1 Month AmeriServ Financial Chart |
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