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Share Name | Share Symbol | Market | Type |
---|---|---|---|
1895 Bancorp of Wisconsin Inc | NASDAQ:BCOW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.07 | 0.80% | 8.83 | 6.54 | 14.09 | 8.88 | 8.80 | 8.85 | 2,214 | 21:30:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
61-1993378
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
(I.R.S. Employer
Identification No.) |
|
7001 West Edgerton Avenue
Greenfield, Wisconsin
|
53220
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on
which registered
|
||
Common Stock, par value $0.01 per share
|
BCOW
|
The NASDAQ Stock Market, LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Item 1.
|
Financial Statements
|
September 30,
2021 |
December 31,
2020 |
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 84,433 | $ | 87,977 | ||||
Fed funds sold
|
2,423 | 4,549 | ||||||
|
|
|
|
|||||
Cash and cash equivalents
|
86,856 | 92,526 | ||||||
Marketable equity securities, stated at fair value
|
3,309 | 2,992 | ||||||
Available for sale securities, stated at fair value
|
87,121 | 58,703 | ||||||
Loans held for sale
|
1,927 | 2,484 | ||||||
Loans, net
|
330,310 | 329,073 | ||||||
Premises and equipment, net
|
5,972 | 6,275 | ||||||
Mortgage servicing rights, net
|
2,082 | 1,806 | ||||||
Federal Home Loan Bank (FHLB) stock, at cost
|
3,032 | 3,032 | ||||||
Accrued interest receivable
|
896 | 912 | ||||||
Cash value of life insurance
|
13,789 | 13,485 | ||||||
Other assets
|
5,895 | 5,469 | ||||||
|
|
|
|
|||||
TOTAL ASSETS
|
$ | 541,189 | $ | 516,757 | ||||
|
|
|
|
|||||
Liabilities and Stockholders’ Equity
|
||||||||
Deposits
|
374,314 | 379,848 | ||||||
Advance payments by borrowers for taxes and insurance
|
11,982 | 2,737 | ||||||
FHLB advances
|
55,934 | 68,398 | ||||||
Accrued interest payable
|
113 | 183 | ||||||
Other liabilities
|
6,638 | 5,583 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES
|
448,981 | 456,749 | ||||||
|
|
|
|
|||||
Common stock (par value $0.01 per share) Authorized - 90,000,000 shares at September 30, 2021 and December 31, 2020 Issued – 6,405,204 at September 30, 2021 and 4,961,626 at December 31, 2020 (includes 104,499 and 84,949 unvested shares, respectively)
(1)
Outstanding – 6,374,141 at September 30, 2021 and 4,834,401 at December 31, 2020 (includes 104,499 and 84,949 unvested shares, respectively)
(1)
|
64 | 49 | ||||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized at September 30, 2021 and December 31, 2020
|
— | — | ||||||
Additional
paid-in
capital
|
52,719 | 20,134 | ||||||
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 337,361 and 161,486 shares at September 30, 2021 and December 31, 2020, respectively
(1)
|
(2,991 | ) | (1,615 | ) | ||||
Less treasury stock at cost, 31,063 at September 30, 2021 and 127,225 December 31, 2020
(1)
|
(311 | ) | (1,228 | ) | ||||
Retained earnings
|
41,885 | 41,530 | ||||||
Accumulated other comprehensive income, net of income taxes
|
842 | 1,138 | ||||||
|
|
|
|
|||||
Total stockholders’ equity
|
92,208 | 60,008 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 541,189 | $ | 516,757 | ||||
|
|
|
|
(1)
|
Amounts related to periods prior to the date of Conversion (July 2021) have
not
been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1)
|
Three months ended
September 30
|
Nine months ended
September 30
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Interest and dividend income:
|
||||||||||||||||
Loans, including fees
|
$ | 2,939 | $ | 3,617 | $ | 9,357 | $ | 10,228 | ||||||||
Securities, taxable
|
368 | 304 | 971 | 1,092 | ||||||||||||
Other
|
74 | 17 | 181 | 65 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest and dividend income
|
3,381 | 3,938 | 10,509 | 11,385 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest expense:
|
||||||||||||||||
Interest-bearing deposits
|
171 | 480 | 620 | 1,946 | ||||||||||||
Borrowed funds
|
178 | 207 | 579 | 516 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest expense
|
349 | 687 | 1,199 | 2,462 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income
|
3,032 | 3,251 | 9,310 | 8,923 | ||||||||||||
Provision for loan losses
|
30 | 500 | 30 | 500 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income after provision for loan losses
|
3,002 | 2,751 | 9,280 | 8,423 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Noninterest income:
|
||||||||||||||||
Service charges and other fees
|
242 | 215 | 713 | 578 | ||||||||||||
Loan servicing, net
|
204 | 252 | 971 | 112 | ||||||||||||
Net gain on sale of loans
|
448 | 936 | 1,361 | 2,665 | ||||||||||||
Net gain on sale of securities
|
— | 1,014 | 12 | 1,022 | ||||||||||||
Increase in cash surrender value of insurance
|
103 | 101 | 304 | 299 | ||||||||||||
Unrealized (loss) gain on marketable equity securities
|
(377 | ) | 198 | (5 | ) | 270 | ||||||||||
Other
|
8 | 43 | 15 | 42 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total noninterest income
|
628 | 2,759 | 3,371 | 4,988 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
2,137 | 2,419 | 7,290 | 6,506 | ||||||||||||
Foreclosed assets, net
|
— | — | — | (8 | ) | |||||||||||
Advertising and promotions
|
52 | 31 | 84 | 103 | ||||||||||||
Data processing
|
206 | 206 | 611 | 573 | ||||||||||||
Occupancy and equipment
|
341 | 319 | 1,076 | 1,016 | ||||||||||||
FDIC assessment
|
38 | 31 | 105 | 81 | ||||||||||||
Other
|
1,028 | 887 | 3,086 | 2,670 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total noninterest expense
|
3,802 | 3,893 | 12,252 | 10,941 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(Loss) income before income taxes
|
(172 | ) | 1,617 | 399 | 2,470 | |||||||||||
Income tax (benefit) expense
|
(57 | ) | 1,205 | 45 | 1,577 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net (loss) income
|
$ | (115 | ) | $ | 412 | $ | 354 | $ | 893 | |||||||
|
|
|
|
|
|
|
|
|||||||||
(Loss) earnings per common share:
|
||||||||||||||||
Basic
(1)
|
$ | (0.02 | ) | $ | 0.09 | $ | 0.06 | $ | 0.20 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted
(1)
|
$ | (0.02 | ) | $ | 0.09 | $ | 0.06 | $ | 0.20 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Average common shares outstanding:
|
||||||||||||||||
Basic
(1)
|
6,011,247 | 4,481,625 | 6,035,289 | 4,494,234 | ||||||||||||
Diluted
(1)
|
6,220,755 | 4,519,626 | 6,262,722 | 4,529,967 |
(1)
|
Amounts related to periods prior to the date of Conversion (July 2021) have
not
been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1)
|
Three months ended
September 30
|
Nine months ended
September 30
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net (loss) income
|
$ | (115 | ) | $ | 412 | $ | 354 | $ | 893 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive (loss) income:
|
||||||||||||||||
Unrealized holding (losses) gains arising during the period
|
(39 | ) | 233 | (392 | ) | 2,574 | ||||||||||
Reclassification adjustment for gains realized in net income
|
— | (1,014 | ) | (12 | ) | (1,022 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive (loss) income before tax effect
|
(39 | ) | (781 | ) | (404 | ) | 1,552 | |||||||||
Tax effect of other comprehensive (loss) income items
|
(10 | ) | (211 | ) | (108 | ) | 419 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive (loss) income, net of tax
|
(29 | ) | (570 | ) | (296 | ) | 1,133 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive (loss) income
|
$ | (144 | ) | $ | (158 | ) | $ | 58 | $ | 2,026 | ||||||
|
|
|
|
|
|
|
|
Common
stock
(1)
|
Additional paid-in
capital |
Treasury Stock
|
Unallocated
common of ESOP(1) |
Retained
earnings |
Accumulated
other comprehensive income (loss) |
Total
|
||||||||||||||||||||||
Balance as of January 1, 2020
|
$ | 49 | $ | 19,981 | $ | — | $ | (1,685 | ) | $ | 40,213 | $ | 107 | $ | 58,665 | |||||||||||||
Net income
|
— | — | — | — | 287 | — | 287 | |||||||||||||||||||||
1895 Bancorp of Wisconsin, Inc. common stock held by PyraMax Bank reclassified to treasury stock
|
— | — | (175 | ) | — | — | — | (175 | ) | |||||||||||||||||||
Other comprehensive loss
|
— | — | — | — | — | (124 | ) | (124 | ) | |||||||||||||||||||
ESOP shares committed to be released (1,755 shares)
|
— | 1 | — | 17 | — | — | 18 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2020
|
$ | 49 | $ | 19,982 | $ | (175 | ) | $ | (1,668 | ) | $ | 40,500 | $ | (17 | ) | $ | 58,671 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
— | — | — | — | 194 | — | 194 | |||||||||||||||||||||
Other comprehensive income
|
— | — | — | — | — | 1,827 | 1,827 | |||||||||||||||||||||
Repurchase of 1895 Bancorp of Wisconsin, Inc. common stock (25,476 shares repurchased)
|
— | — | (231 | ) | — | — | — | (231 | ) | |||||||||||||||||||
ESOP shares committed to be released (1,755 shares)
|
— | (4 | ) | — | 18 | — | — | 14 | ||||||||||||||||||||
Stock compensation expense
|
— | 44 | — | — | — | — | 44 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2020
|
$ | 49 | $ | 20,022 | $ | (406 | ) | $ | (1,650 | ) | $ | 40,694 | $ | 1,810 | $ | 60,519 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
— | — | — | — | 412 | — | 412 | |||||||||||||||||||||
Other comprehensive loss
|
— | — | — | — | — | (570 | ) | (570 | ) | |||||||||||||||||||
Repurchase of 1895 Bancorp of Wisconsin, Inc. common stock (81,249 shares repurchased)
|
— | — | (793 | ) | — | — | — | (793 | ) | |||||||||||||||||||
ESOP shares committed to be released (1,755 shares)
|
— | (1 | ) | — | 18 | — | — | 17 | ||||||||||||||||||||
Stock compensation expense
|
— | 55 | — | — | — | — | 55 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of September 30, 2020
|
$ | 49 | $ | 20,076 | $ | (1,199 | ) | $ | (1,632 | ) | $ | 41,106 | $ | 1,240 | $ | 59,640 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of January 1, 2021
|
$ | 49 | $ | 20,134 | $ | (1,228 | ) | $ | (1,615 | ) | $ | 41,530 | $ | 1,138 | $ | 60,008 | ||||||||||||
Net income
|
— | — | — | — | 521 | — | 521 | |||||||||||||||||||||
Other comprehensive loss
|
— | — | — | — | — | (594 | ) | (594 | ) | |||||||||||||||||||
Purchase of treasury stock
|
— | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||||
ESOP shares committed to be released (2,310 shares)
|
— | 3 | — | 18 | — | — | 21 | |||||||||||||||||||||
Issuance of treasury stock – stock compensation plan
|
— | (15 | ) | 15 | — | — | — | — | ||||||||||||||||||||
Stock compensation expense
|
— | 58 | — | — | — | — | 58 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021
|
$ | 49 | $ | 20,180 | $ | (1,228 | ) | $ | (1,597 | ) | $ | 42,051 | $ | 544 | $ | 59,999 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net loss
|
— | — | — | — | (51 | ) | — | (51 | ) | |||||||||||||||||||
Other comprehensive income
|
— | — | — | — | — | 327 | 327 | |||||||||||||||||||||
ESOP shares committed to be released (2,310 shares)
|
13 | 17 | 30 | |||||||||||||||||||||||||
Retirement of common stock
|
— | (70 | ) | — | — | — | — | (70 | ) | |||||||||||||||||||
Stock compensation expense
|
— | 65 | — | — | — | — | 65 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021
|
$ | 49 | $ | 20,188 | $ | (1,228 | ) | $ | (1,580 | ) | $ | 42,000 | $ | 871 | $ | 60,300 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net loss
|
— | — | — | — | (115 | ) | — | (115 | ) | |||||||||||||||||||
Other comprehensive loss
|
— | — | — | — | — | (29 | ) | (29 | ) | |||||||||||||||||||
Purchase of treasury stock
|
— | — | (136 | ) | — | — | — | (136 | ) | |||||||||||||||||||
ESOP shares committed to be released (2,310 shares)
|
— | (10 | ) | — | 18 | — | — | 8 | ||||||||||||||||||||
Gross proceeds from stock offering
|
15 | 35,505 | — | — | — | — | 35,520 | |||||||||||||||||||||
Stock offering costs
|
— | (1,976 | ) | — | — | — | — | (1,976 | ) | |||||||||||||||||||
Purchase of 131,727 shares by ESOP
|
— | — | — | (1,429 | ) | — | — | (1,429 | ) | |||||||||||||||||||
Retirement of treasury shares from stock offering
|
— | (1,053 | ) | 1,053 | — | — | — | — | ||||||||||||||||||||
Stock compensation expense
|
— | 65 | — | — | — | — | 65 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of September 30, 2021
|
$ | 64 | $ | 52,719 | $ | (311 | ) | $ | (2,991 | ) | $ | 41,885 | $ | 842 | $ | 92,208 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts related to periods prior to the date of Conversion (July 2021) have
not
been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1)
|
Nine months ended
September 30, |
||||||||
2021
|
2020
|
|||||||
(unaudited)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 354 | $ | 893 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||
Net amortization of investment securities
|
81 | 180 | ||||||
Depreciation
|
497 | 494 | ||||||
Provision for loan losses
|
30 | 500 | ||||||
Net loss on sale of premises and equipment
|
— | 33 | ||||||
Change in fair value of marketable equity securities
|
5 | (315 | ) | |||||
Net gain on sale of available for sale securities
|
(12 | ) | (1,022 | ) | ||||
Stock compensation expense
|
188 | 99 | ||||||
Adjustment to mortgage servicing rights valuation
|
(370 | ) | 575 | |||||
Provision for deferred income tax
|
45 | 1,814 | ||||||
Originations of mortgage loans held for sale
|
(68,556 | ) | (158,442 | ) | ||||
Proceeds from sales of mortgage loans held for sale
|
70,474 | 156,730 | ||||||
Net gain on sale of mortgage loans held for sale
|
(1,361 | ) | (2,665 | ) | ||||
ESOP compensation
|
59 | 49 | ||||||
Net change in cash value of life insurance
|
(304 | ) | (299 | ) | ||||
Changes in operating assets and liabilities:
|
||||||||
Mortgage servicing rights
|
94 | (18 | ) | |||||
Accrued interest receivable and other assets
|
(655 | ) | (609 | ) | ||||
Accrued interest payable and other liabilities
|
915 | (651 | ) | |||||
|
|
|
|
|||||
Net cash provided by (used in) operating activities
|
1,484 | (2,654 | ) | |||||
|
|
|
|
|||||
Cash Flows From Investing Activities
|
||||||||
Proceeds from sales of available for sale securities
|
1,018 | 19,283 | ||||||
Maturities, prepayments, and calls of available for sale securities
|
9,296 | 51,697 | ||||||
Purchases of available for sale securities
|
(39,218 | ) | (50,517 | ) | ||||
Net increase in loans
|
(1,267 | ) | (18,646 | ) | ||||
Net capital expenditures for premises and equipment
|
(194 | ) | (226 | ) | ||||
Net increase in Federal Home Loan Bank stock
|
— | (2,119 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities
|
(30,365 | ) | (528 | ) | ||||
|
|
|
|
|||||
Cash Flows From Financing Activities
|
||||||||
Net (decrease) increase in deposits
|
(5,534 | ) | 10,389 | |||||
Net increase in advance payments by borrowers for taxes and insurance
|
9,245 | 9,747 | ||||||
Proceeds from issuance of Federal Home Loan Bank advances
|
— | 52,000 | ||||||
Principal payments on Federal Home Loan Bank advances
|
(12,464 | ) | (739 | ) | ||||
Gross proceeds from stock offering
|
35,520 | — | ||||||
Stock offering costs
|
(1,976 | ) | — | |||||
Purchase of ESOP shares
|
(1,429 | ) | — | |||||
Purchases of treasury stock
|
(151 | ) | (1,024 | ) | ||||
|
|
|
|
|||||
Net cash provided by financing activities
|
23,211 | 70,373 | ||||||
|
|
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(5,670 | ) | 67,191 | |||||
Cash and cash equivalents at beginning of period
|
92,526 | 11,707 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period
|
$ | 86,856 | $ | 78,898 | ||||
|
|
|
|
|||||
Supplemental cash flow information:
|
||||||||
Cash paid during the year for interest
|
$ | 1,269 | $ | 2,639 | ||||
Noncash activities:
|
||||||||
Retirement of common stock
|
$ | 70 | $ | — | ||||
Loans transferred to loans held for sale
|
— | 124 | ||||||
Issuance of treasury stock – stock compensation plans
|
15 | — | ||||||
1895 Bancorp of Wisconsin, Inc. common stock held by PyraMax Bank reclassified to treasury stock
|
— | 175 | ||||||
Retirement of treasury stock
|
1,053 | — | ||||||
Increase in net unsettled security purchases
|
— | 5,122 |
September 30, 2021
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Obligations of states and political subdivisions
|
$ | 21,008 | $ | 287 | $ | (115 | ) | $ | 21,180 | |||||||
Government-sponsored mortgage-backed securities
|
56,048 | 909 | (100 | ) | 56,857 | |||||||||||
Corporate collateralized mortgage obligations
|
744 | 1 | — | 745 | ||||||||||||
Asset-backed securities
|
6,708 | 90 | — | 6,798 | ||||||||||||
Certificates of deposit
|
1,459 | 82 | — | 1,541 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 85,967 | $ | 1,369 | $ | (215 | ) | $ | 87,121 | |||||||
|
|
|
|
|
|
|
|
December 31, 2020
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Obligations of states and political subdivisions
|
$ | 11,570 | $ | 244 | $ | (11 | ) | $ | 11,803 | |||||||
Government-sponsored mortgage-backed securities
|
36,886 | 1,165 | (12 | ) | 38,039 | |||||||||||
Asset-backed securities
|
7,231 | 57 | (7 | ) | 7,281 | |||||||||||
Certificates of deposit
|
1,458 | 122 | — | 1,580 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 57,145 | $ | 1,588 | $ | (30 | ) | $ | 58,703 | |||||||
|
|
|
|
|
|
|
|
September 30, 2021
|
||||||||
Amortized
Cost |
Fair Value
|
|||||||
(in thousands)
|
||||||||
Debt and other securities:
|
||||||||
Due in one year or less
|
$ | 1,735 | $ | 1,750 | ||||
Due after one through 5 years
|
4,122 | 4,266 | ||||||
Due after 5 through 10 years
|
5,101 | 5,135 | ||||||
Due after 10 years
|
11,509 | 11,570 | ||||||
|
|
|
|
|||||
Total debt and other securities
|
22,467 | 22,721 | ||||||
Mortgage-related securities
|
56,792 | 57,602 | ||||||
Asset-backed securities
|
6,708 | 6,798 | ||||||
|
|
|
|
|||||
Total
|
$ | 85,967 | $ | 87,121 | ||||
|
|
|
|
September 30, 2021
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Loss |
Fair Value
|
Unrealized
Loss |
Fair Value
|
Unrealized
Loss |
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Obligations of states and political subdivisions
|
$ | 5,338 | $ | (115 | ) | $ | — | $ | — | $ | 5,338 | $ | (115 | ) | ||||||||||
Government-sponsored mortgage-backed securities
|
15,620 | (100 | ) | — | — | 15,620 | (100 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
|
$ | 20,958 | $ | (215 | ) | $ | — | $ | — | $ | 20,958 | $ | (215 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Loss |
Fair Value
|
Unrealized
Loss |
Fair Value
|
Unrealized
Loss |
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Obligations of states and political subdivisions
|
$ | 4,235 | $ | (11 | ) | $ | — | $ | — | $ | 4,235 | $ | (11 | ) | ||||||||||
Government-sponsored mortgage-backed securities
|
4,984 | (12 | ) | — | — | 4,984 | (12 | ) | ||||||||||||||||
Asset-backed securities
|
— | — | 638 | (7 | ) | 638 | (7 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total
|
$ | 9,219 | $ | (23 | ) | $ | 638 | $ | (7 | ) | $ | 9,857 | $ | (30 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
Nine months ended
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Proceeds from sales of securities
available-for-sale
|
$ | — | $ | 19,005 | $ | 1,018 | $ | 19,283 | ||||||||
Gross realized gains
|
— | 1,014 | 12 | 1,022 | ||||||||||||
Gross realized losses
|
— | — | — | — |
September 30,
2021 |
December 31,
2020 |
|||||||
(in thousands)
|
||||||||
Commercial:
|
||||||||
Real estate
|
$ | 183,089 | $ | 189,291 | ||||
Land development
|
1,426 | 1,492 | ||||||
Other
|
43,311 | 46,184 | ||||||
Residential real estate:
|
||||||||
First mortgage
|
82,411 | 68,968 | ||||||
Construction
|
3,732 | 2,954 | ||||||
Consumer:
|
||||||||
Home equity and lines of credit
|
18,563 | 22,348 | ||||||
Other
|
160 | 361 | ||||||
|
|
|
|
|||||
Subtotal
|
332,692 | 331,598 | ||||||
Net deferred loan costs
|
406 | 178 | ||||||
Allowance for loan losses
|
(2,788 | ) | (2,703 | ) | ||||
|
|
|
|
|||||
Loans, net
|
$ | 330,310 | $ | 329,073 | ||||
|
|
|
|
September 30, 2021
|
||||||||||||||||||||
30-89 Days
Past Due |
90 Days or
More Past Due |
Total Past
Due |
Current
|
Total Loans
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Real estate
|
$ | 427 | $ | 276 | $ | 703 | $ | 182,386 | $ | 183,089 | ||||||||||
Land development
|
— | — | — | 1,426 | 1,426 | |||||||||||||||
Other
|
— | — | — | 43,311 | 43,311 | |||||||||||||||
Residential real estate:
|
||||||||||||||||||||
First mortgage
|
230 | — | 230 | 82,181 | 82,411 | |||||||||||||||
Construction
|
— | — | — | 3,732 | 3,732 | |||||||||||||||
Consumer:
|
||||||||||||||||||||
Home equity and lines of credit
|
— | — | — | 18,563 | 18,563 | |||||||||||||||
Other
|
— | — | — | 160 | 160 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
$ | 657 | $ | 276 | $ | 933 | $ | 331,759 | $ | 332,692 | ||||||||||
|
|
|
|
|
|
|
|
|
|
December 31, 2020
|
||||||||||||||||||||
30-89 Days
Past Due |
90 Days or
More Past Due |
Total Past
Due |
Current
|
Total Loans
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Real estate
|
$ | 241 | $ | — | $ | 241 | $ | 189,050 | $ | 189,291 | ||||||||||
Land development
|
— | — | — | 1,492 | 1,492 | |||||||||||||||
Other
|
33 | — | 33 | 46,151 | 46,184 | |||||||||||||||
Residential real estate:
|
||||||||||||||||||||
First mortgage
|
684 | 137 | 821 | 68,147 | 68,968 | |||||||||||||||
Construction
|
— | — | — | 2,954 | 2,954 | |||||||||||||||
Consumer:
|
||||||||||||||||||||
Home equity and lines of credit
|
121 | 23 | 144 | 22,204 | 22,348 | |||||||||||||||
Other
|
— | — | — | 361 | 361 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
$ | 1,079 | $ | 160 | $ | 1,239 | $ | 330,359 | $ | 331,598 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Commercial
|
Residential
|
Consumer
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Three months ended September 30, 2021
|
||||||||||||||||
Allowance for loan losses
|
||||||||||||||||
Beginning balance
|
$ | 1,618 | $ | 745 | $ | 369 | $ | 2,732 | ||||||||
Provision (credit) for loan losses
|
30 | — | — | 30 | ||||||||||||
Loans
charged-off
|
— | — | (1 | ) | (1 | ) | ||||||||||
Recoveries
|
4 | — | 23 | 27 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ending balance
|
$ | 1,652 | $ | 745 | $ | 391 | $ | 2,788 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Three months ended September 30, 2020
|
||||||||||||||||
Allowance for loan losses
|
||||||||||||||||
Beginning balance
|
$ | 1,243 | $ | 573 | $ | 298 | $ | 2,114 | ||||||||
Provision (credit) for loan losses
|
360 | 100 | 40 | 500 | ||||||||||||
Loans
charged-off
|
— | (60 | ) | (2 | ) | (62 | ) | |||||||||
Recoveries
|
2 | 88 | 8 | 98 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ending balance
|
$ | 1,605 | $ | 701 | $ | 344 | $ | 2,650 | ||||||||
|
|
|
|
|
|
|
|
Commercial
|
Residential
|
Consumer
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Nine months ended September 30, 2021
|
||||||||||||||||
Allowance for loan losses
|
||||||||||||||||
Beginning balance
|
$ | 1,609 | $ | 745 | $ | 349 | $ | 2,703 | ||||||||
Provision (credit) for loan losses
|
30 | — | — | 30 | ||||||||||||
Loans
charged-off
|
— | — | (18 | ) | (18 | ) | ||||||||||
Recoveries
|
13 | — | 60 | 73 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ending balance
|
$ | 1,652 | $ | 745 | $ | 391 | $ | 2,788 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Nine months ended September 30, 2020
|
||||||||||||||||
Allowance for loan losses
|
||||||||||||||||
Beginning balance
|
$ | 1,235 | $ | 573 | $ | 192 | $ | 2,000 | ||||||||
Provision (credit) for loan losses
|
360 | 100 | 40 | 500 | ||||||||||||
Loans
charged-off
|
— | (60 | ) | (7 | ) | (67 | ) | |||||||||
Recoveries
|
10 | 88 | 119 | 217 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ending balance
|
$ | 1,605 | $ | 701 | $ | 344 | $ | 2,650 | ||||||||
|
|
|
|
|
|
|
|
September 30, 2021
|
||||||||||||||||
Commercial
|
Residential
|
Consumer
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$ | 6,510 | $ | 880 | $ | — | $ | 7,390 | ||||||||
Collectively evaluated for impairment
|
221,316 | 85,263 | 18,723 | 325,302 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total loans
|
$ | 227,826 | $ | 86,143 | $ | 18,723 | $ | 332,692 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Allowance for loan losses:
|
||||||||||||||||
Individually evaluated for impairment
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Collectively evaluated for impairment
|
1,652 | 745 | 391 | 2,788 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total allowance for loan losses
|
$ | 1,652 | $ | 745 | $ | 391 | $ | 2,788 | ||||||||
|
|
|
|
|
|
|
|
December 31, 2020
|
||||||||||||||||
Commercial
|
Residential
|
Consumer
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$ | 10,573 | $ | 411 | $ | 21 | $ | 11,005 | ||||||||
Collectively evaluated for impairment
|
226,394 | 71,511 | 22,688 | 320,593 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total loans
|
$ | 236,967 | $ | 71,922 | $ | 22,709 | $ | 331,598 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Allowance for loan losses:
|
||||||||||||||||
Individually evaluated for impairment
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Collectively evaluated for impairment
|
1,609 | 745 | 349 | 2,703 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total allowance for loan losses
|
$ | 1,609 | $ | 745 | $ | 349 | $ | 2,703 | ||||||||
|
|
|
|
|
|
|
|
September 30, 2021
|
||||||||||||||||
Pass
|
Watch and
Special Mention |
Substandard
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Real estate
|
$ | 164,407 | $ | 13,253 | $ | 5,428 | $ | 183,089 | ||||||||
Land development
|
1,426 | — | — | 1,426 | ||||||||||||
Other
|
41,459 | 568 | 1,284 | 43,311 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 207,292 | $ | 13,821 | $ | 6,712 | $ | 227,826 | ||||||||
|
|
|
|
|
|
|
|
December 31, 2020
|
||||||||||||||||
Pass
|
Watch and
Special Mention |
Substandard
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Real estate
|
$ | 163,961 | $ | 19,272 | $ | 6,058 | $ | 189,291 | ||||||||
Land development
|
— | — | 1,492 | 1,492 | ||||||||||||
Other
|
37,675 | 5,705 | 2,804 | 46,184 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 201,636 | $ | 24,977 | $ | 10,354 | $ | 236,967 | ||||||||
|
|
|
|
|
|
|
|
September 30, 2021
|
||||||||||||
Performing
|
Non
Performing |
Total
|
||||||||||
(in thousands)
|
||||||||||||
Residential real estate:
|
||||||||||||
First mortgage
|
$ | 81,457 | $ | 954 | $ | 82,411 | ||||||
Construction
|
3,733 | — | 3,733 | |||||||||
Consumer:
|
||||||||||||
Home equity and lines of credit
|
18,479 | 84 | 18,563 | |||||||||
Other
|
160 | — | 160 | |||||||||
|
|
|
|
|
|
|||||||
Total
|
$ | 103,829 | $ | 1,038 | $ | 104,867 | ||||||
|
|
|
|
|
|
December 31, 2020
|
||||||||||||
Performing
|
Non
Performing |
Total
|
||||||||||
(in thousands)
|
||||||||||||
Residential real estate:
|
||||||||||||
First mortgages
|
$ | 67,817 | $ | 1,151 | $ | 68,968 | ||||||
Construction
|
2,954 | — | 2,954 | |||||||||
Consumer:
|
||||||||||||
Home equity and lines of credit
|
22,212 | 136 | 22,348 | |||||||||
Other
|
361 | — | 361 | |||||||||
|
|
|
|
|
|
|||||||
Total
|
$ | 93,344 | $ | 1,287 | $ | 94,631 | ||||||
|
|
|
|
|
|
As of and for the Nine Months Ended September 30, 2021
|
||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Reserve
|
Average
Investment |
Interest
Recognized |
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Impaired loans with reserve:
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Real estate
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Land development
|
— | — | — | — | — | |||||||||||||||
Other
|
— | — | — | — | — | |||||||||||||||
Residential real estate:
|
||||||||||||||||||||
First mortgages
|
— | — | — | — | — | |||||||||||||||
Construction
|
— | — | — | — | — | |||||||||||||||
Consumer:
|
||||||||||||||||||||
Home equity and lines of credit
|
— | — | — | — | — | |||||||||||||||
Other
|
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total impaired loans with reserve
|
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impaired loans with no reserve:
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Real estate
|
5,226 | 5,226 | NA | 5,872 | 161 | |||||||||||||||
Land development
|
— | — | NA | 979 | 32 | |||||||||||||||
Other
|
1,284 | 1,335 | NA | 1,611 | 24 | |||||||||||||||
Residential real estate:
|
||||||||||||||||||||
First mortgages
|
880 | 964 | NA | 734 | 18 | |||||||||||||||
Construction
|
— | — | NA | — | — | |||||||||||||||
Consumer:
|
||||||||||||||||||||
Home equity and lines of credit
|
— | — | NA | 10 | 22 | |||||||||||||||
Other
|
— | — | NA | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total impaired loans with no reserve
|
7,390 | 7,525 | NA | 9,206 | 257 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total impaired loans
|
$ | 7,390 | $ | 7,525 | $ | — | $ | 9,206 | $ | 257 | ||||||||||
|
|
|
|
|
|
|
|
|
|
As of and for the Year Ended December 31, 2020
|
||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Reserve
|
Average
Investment |
Interest
Recognized |
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Impaired loans with reserve:
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Real estate
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Land development
|
— | — | — | — | — | |||||||||||||||
Other
|
— | — | — | — | — | |||||||||||||||
Residential real estate:
|
||||||||||||||||||||
First mortgages
|
— | — | — | 36 | — | |||||||||||||||
Construction
|
— | — | — | — | — | |||||||||||||||
Consumer:
|
||||||||||||||||||||
Home equity and lines of credit
|
— | — | — | 4 | — | |||||||||||||||
Other
|
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total impaired loans with reserve
|
— | — | — | 40 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impaired loans with no reserve:
|
||||||||||||||||||||
Commercial:
|
||||||||||||||||||||
Real estate
|
6,277 | 6,277 | NA | 6,268 | 332 | |||||||||||||||
Land development
|
1,492 | 1,492 | NA | 503 | 40 | |||||||||||||||
Other
|
2,804 | 2,804 | NA | 2,301 | 138 | |||||||||||||||
Residential real estate:
|
||||||||||||||||||||
First mortgages
|
411 | 495 | NA | 568 | 261 | |||||||||||||||
Construction
|
— | — | NA | — | — | |||||||||||||||
Consumer:
|
||||||||||||||||||||
Home equity and lines of credit
|
21 | 51 | NA | 24 | 3 | |||||||||||||||
Other
|
— | — | NA | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total impaired loans with no reserve
|
11,005 | 11,119 | NA | 9,664 | 774 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total impaired loans
|
$ | 11,005 | $ | 11,119 | $ | — | $ | 9,704 | $ | 774 | ||||||||||
|
|
|
|
|
|
|
|
|
|
September 30,
2021 |
December 31,
2020 |
|||||||
(in thousands)
|
||||||||
Nonaccrual loans, other than troubled debt restructurings
|
$ | 1,120 | $ | 1,068 | ||||
Nonaccrual loans, troubled debt restructurings
|
193 | 219 | ||||||
|
|
|
|
|||||
Total nonperforming loans (NPLs)
|
$ | 1,313 | $ | 1,287 | ||||
|
|
|
|
|||||
Troubled debt restructurings, accruing
|
$ | 421 | $ | 432 | ||||
|
|
|
|
September 30,
2021 |
December 31,
2020 |
|||||||
(in thousands)
|
||||||||
Commercial:
|
||||||||
Real estate
|
$ | 275 | $ | — | ||||
Land development
|
— | — | ||||||
Other
|
— | — | ||||||
Residential real estate:
|
||||||||
First mortgages
|
954 | 1,151 | ||||||
Construction
|
— | — | ||||||
Consumer:
|
||||||||
Home equity and lines of credit
|
84 | 136 | ||||||
Other
|
— | — | ||||||
|
|
|
|
|||||
Total
non-accrual
loans
|
$ | 1,313 | $ | 1,287 | ||||
|
|
|
|
|||||
Total
non-accrual
loans to total loans
|
0.40 | % | 0.39 | % | ||||
Total
non-accrual
loans to total assets
|
0.24 | % | 0.25 | % |
Three Months
Ended September 30, 2021 |
Three Months
Ended September 30, 2020 |
Nine Months
Ended September 30, 2021 |
Nine Months
Ended September 30, 2020 |
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Mortgage servicing rights beginning balance
|
$ | 2,109 | $ | 1,587 | $ | 1,806 | $ | 2,172 | ||||||||
Additions
|
137 | 232 | 457 | 578 | ||||||||||||
Amortization
|
(164 | ) | (199 | ) | (551 | ) | (560 | ) | ||||||||
Increase (decrease) in valuation allowance
|
— | (5 | ) | 370 | (575 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Mortgage servicing rights ending balance
|
$ | 2,082 | $ | 1,615 | $ | 2,082 | $ | 1,615 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fair value at beginning of period
|
$ | 2,361 | $ | 1,587 | $ | 1,806 | $ | 2,404 | ||||||||
Fair value at end of period
|
$ | 2,285 | $ | 1,615 | $ | 2,285 | $ | 1,615 |
(in thousands)
|
||||
2021
|
$ | 440 | ||
2022
|
412 | |||
2023
|
385 | |||
2024
|
359 | |||
2025
|
328 | |||
Thereafter
|
158 | |||
|
|
|||
Total
|
$ | 2,082 | ||
|
|
September 30,
2021 |
December 31,
2020 |
|||||||
(in thousands)
|
||||||||
Non-interest
bearing checking
|
$ | 100,018 | $ | 98,970 | ||||
Interest bearing checking
|
34,387 | 30,630 | ||||||
Money market
|
93,110 | 103,724 | ||||||
Statement savings
|
66,653 | 58,895 | ||||||
Certificates of deposit
1
|
80,146 | 87,629 | ||||||
|
|
|
|
|||||
Total
|
$ | 374,314 | $ | 379,848 | ||||
|
|
|
|
1
|
Included in these amounts are brokered deposits of $5.5 million at December 31, 2020. There were no brokered deposits at September 30, 2021.
|
(in thousands)
|
||||
2021
|
$ | 21,164 | ||
2022
|
55,902 | |||
2023
|
1,078 | |||
2024
|
1,237 | |||
2025
|
585 | |||
Thereafter
|
180 | |||
|
|
|||
Total
|
$ | 80,146 | ||
|
|
September 30, 2021
|
December 31, 2020
|
|||||||||||||||
Rate
|
Amount
|
Rate
|
Amount
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Fixed rate, fixed term advance, maturing Jul 2021
|
— | — | 1.41 | % | $ | 7,000 | ||||||||||
Fixed rate, fixed term advance, maturing Feb 2022
|
1.62 | % | 6,500 | 1.62 | % | 6,500 | ||||||||||
Fixed rate, fixed term advance, maturing Feb 2023
|
1.62 | % | 6,500 | 1.62 | % | 6,500 | ||||||||||
Putable advance, maturing Oct 2029 first put option date Nov 2020
|
1.03 | % | 10,000 | 1.03 | % | 10,000 | ||||||||||
Putable advance, maturing Feb 2030 first put option date Feb 2023
|
0.98 | % | 5,000 | 0.98 | % | 5,000 | ||||||||||
Putable advance, maturing Mar 2030 first put option date Mar 2025
|
0.89 | % | 10,000 | 0.89 | % | 10,000 | ||||||||||
Advance structured note, payments due monthly, maturing Feb 2030
|
7.47 | % | 553 | 7.47 | % | 584 | ||||||||||
Advance structured note, payments due monthly, maturing April 2030
|
1.05 | % | 8,646 | 1.05 | % | 9,365 | ||||||||||
Advance structured note, payments due monthly, maturing May 2030
|
1.19 | % | 8,735 | 1.19 | % | 9,449 | ||||||||||
Fixed rate,
COVID-19
Relief Advance, maturing May 2021
|
— | — | 0 | % | 4,000 | |||||||||||
|
|
|
|
|||||||||||||
Total
|
$ | 55,934 | $ | 68,398 | ||||||||||||
|
|
|
|
September 30, 2021
|
||||||||||||
Fixed Rate
|
Variable Rate
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Commitments to extend credit
|
$ | 8,215 | $ | 54,658 | $ | 62,873 | ||||||
Standby letters of credit
|
23 | 250 | 273 | |||||||||
Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program
|
1,200 | — | 1,200 | |||||||||
Commitments to sell loans
|
14,404 | — | 14,404 | |||||||||
Overdraft protection program commitments
|
4,027 | — | 4,027 |
December 31, 2020
|
||||||||||||
Fixed Rate
|
Variable Rate
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Commitments to extend credit
|
$ | 12,084 | $ | 41,778 | $ | 53,862 | ||||||
Standby letters of credit
|
23 | 2,150 | 2,173 | |||||||||
Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program
|
1,087 | — | 1,087 | |||||||||
Commitments to sell loans
|
53,847 | — | 53,847 | |||||||||
Overdraft protection program commitments
|
4,104 | — | 4,104 |
|
|
September 30, 2021
|
|
|
December 31, 2020
(1)
|
|
||
|
|
|
|
|
|
|
||
|
|
(dollars in thousands)
|
|
|||||
Shares committed to be released
|
6,930 | 7,021 | ||||||
Total allocated shares
|
18,480 | 7,021 | ||||||
Total unallocated shares
|
337,361 | 161,486 | ||||||
|
|
|
|
|||||
Total ESOP shares
|
362,771 | 175,528 | ||||||
|
|
|
|
|||||
Fair value of unallocated shares (based on $10.92 and $9.96 share price as of September 30, 2021 and December 31, 2020, respectively)
|
$ | 3,684 | $ | 1,608 | ||||
|
|
|
|
(1)
|
Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1).
|
September 30,
2021 |
December 31,
2020 |
|||||||
(in thousands)
|
||||||||
Beginning balance
|
$ | 1,034 | $ | 1,172 | ||||
New loans
|
32 | 512 | ||||||
Repayments
|
(287 | ) | (650 | ) | ||||
|
|
|
|
|||||
Ending balance
|
$ | 779 | $ | 1,034 | ||||
|
|
|
|
Recurring Fair Value Measurements Using
|
||||||||||||||||
September 30, 2021
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Marketable equity securities:
|
$ | 3,309 | $ | 3,309 | $ | — | $ | — | ||||||||
Securities
available-for-sale:
|
||||||||||||||||
Obligations of states and political subdivisions
|
21,180 | — | 21,180 | — | ||||||||||||
Government-sponsored mortgage-backed securities
|
56,857 | — | 56,857 | — | ||||||||||||
Corporate collateralized mortgage obligations
|
745 | — | 745 | — | ||||||||||||
Asset-backed securities
|
6,798 | — | 6,798 | — | ||||||||||||
Certificates of deposit
|
1,541 | — | 1,541 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 90,430 | $ | 3,309 | $ | 87,121 | $ | — | ||||||||
|
|
|
|
|
|
|
|
Recurring Fair Value Measurements Using
|
||||||||||||||||
December 31, 2020
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Marketable equity securities:
|
$ | 2,992 | $ | 2,992 | $ | — | $ | — | ||||||||
Securities
available-for-sale:
|
||||||||||||||||
Obligations of states and political subdivisions
|
11,803 | — | 11,803 | — | ||||||||||||
Government-sponsored mortgage-backed securities
|
38,039 | — | 38,039 | — | ||||||||||||
Asset-backed securities
|
7,281 | — | 7,281 | — | ||||||||||||
Certificates of deposit
|
1,580 | — | 1,580 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 61,695 | $ | 2,992 | $ | 58,703 | $ | — | ||||||||
|
|
|
|
|
|
|
|
September 30, 2021
|
||||||||||||||||
Carrying Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 86,856 | $ | 86,856 | $ | — | $ | — | ||||||||
Available for sale securities
|
87,121 | — | 87,121 | — | ||||||||||||
Marketable equity securities
|
3,309 | 3,309 | — | — | ||||||||||||
Loans held for sale
|
1,927 | — | 1,927 | — | ||||||||||||
Loans
|
330,310 | — | — | 332,175 | ||||||||||||
Rate lock commitments
|
116 | — | — | 116 | ||||||||||||
Accrued interest receivable
|
896 | 896 | — | — | ||||||||||||
Federal Home Loan Bank stock
|
3,032 | — | — | 3,032 | ||||||||||||
Cash value of life insurance
|
13,789 | — | — | 13,789 | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
374,314 | 294,168 | — | 80,186 | ||||||||||||
Advance payments by borrowers for taxes and insurance
|
11,982 | 11,982 | — | — | ||||||||||||
Federal Home Loan Bank advances
|
55,934 | — | — | 57,133 | ||||||||||||
Accrued interest payable
|
113 | 113 | — | — |
December 31, 2020
|
||||||||||||||||
Carrying Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 92,526 | $ | 92,526 | $ | — | $ | — | ||||||||
Available for sale securities
|
58,703 | — | 58,703 | — | ||||||||||||
Marketable equity securities
|
2,992 | 2,992 | — | — | ||||||||||||
Loans held for sale
|
2,484 | — | 2,484 | — | ||||||||||||
Loans
|
329,073 | — | — | 332,882 | ||||||||||||
Rate lock commitments
|
354 | — | — | 354 | ||||||||||||
Accrued interest receivable
|
912 | 912 | — | — | ||||||||||||
Federal Home Loan Bank Stock
|
3,032 | — | — | 3,032 | ||||||||||||
Cash value of life insurance
|
13,485 | — | — | 13,485 | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
379,848 | 292,219 | — | 87,884 | ||||||||||||
Advance payments by borrowers for taxes and insurance
|
2,737 | 2,737 | — | — | ||||||||||||
Federal Home Loan Bank advances
|
63,398 | — | — | 70,561 | ||||||||||||
Accrued interest payable
|
183 | 183 | — | — |
September 30, 2021
|
||||||||||||||||||||||||
Actual
|
For Capital Adequacy
Purposes |
To Be Well Capitalized
Under Prompt Corrective Action Provisions |
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
PyraMax Bank
|
||||||||||||||||||||||||
Leverage (Tier 1)
|
$ | 49,513 | 9.1 | % | $ | 21,762 | 4.0 | % | $ | 27,203 | 5.0 | % | ||||||||||||
Risk-based:
|
||||||||||||||||||||||||
Common Equity Tier 1
|
49,513 | 14.6 | % | 15,264 | 4.5 | % | 22,048 | 6.5 | % | |||||||||||||||
Tier 1
|
49,513 | 14.6 | % | 20,352 | 6.0 | % | 27,136 | 8.0 | % | |||||||||||||||
Total
|
47,457 | 14.0 | % | 27,136 | 8.0 | % | 33,920 | 10.0 | % |
December 31, 2020
|
||||||||||||||||||||||||
Actual
|
For Capital Adequacy
Purposes |
To Be Well Capitalized
Under Prompt Corrective Action Provisions |
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
PyraMax Bank
|
||||||||||||||||||||||||
Leverage (Tier 1)
|
$ | 49,534 | 9.8 | % | $ | 20,195 | 4.0 | % | $ | 25,243 | 5.0 | % | ||||||||||||
Risk-based:
|
||||||||||||||||||||||||
Common Equity Tier 1
|
49,534 | 15.1 | % | 14,725 | 4.5 | % | 21,269 | 6.5 | % | |||||||||||||||
Tier 1
|
49,534 | 15.1 | % | 19,633 | 6.0 | % | 26,177 | 8.0 | % | |||||||||||||||
Total
|
52,237 | 16.0 | % | 26,177 | 8.0 | % | 32,722 | 10.0 | % |
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2020
(1)
|
2021
|
2020
(1)
|
|||||||||||||
(In thousands, except per share
amounts)
|
(In thousands, except per share
amounts)
|
|||||||||||||||
Net (loss) income
|
$ | (115 | ) | $ | 412 | $ | 354 | $ | 893 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted shares outstanding for basic
EPS |
||||||||||||||||
Weighted average shares outstanding
|
6,269 | 4,647 | 6,261 | 4,660 | ||||||||||||
Less: Weighted average unallocated
ESOP shares |
250 | 165 | 226 | 166 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares
outstanding for basic EPS |
6,011 | 4,482 | 6,035 | 4,494 | ||||||||||||
Additional dilutive shares
|
210 | 38 | 228 | 36 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares
outstanding for dilutive EPS |
6,221 | 4,520 | 6,263 | 4,530 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic (loss) income per share
|
$ | (0.02 | ) | $ | 0.09 | $ | 0.06 | $ | 0.20 | |||||||
Diluted (loss) income per share
|
$ | (0.02 | ) | $ | 0.09 | $ | 0.06 | $ | 0.20 | |||||||
|
|
|
|
|
|
|
|
|
(1)
|
Amounts related to periods prior to the date of Conversion (July 2021) have not been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (1.3163) (See Note 1).
|
For the Nine
Months Ended September 30,
2021
|
||||
Dividend yield
|
0.00 | % | ||
Risk-free interest rate
|
0.96 | % | ||
Expected volatility
|
24.64 | % | ||
Weighted average expected life
|
6.5 | |||
Weighted average per share value of options
|
$ | 2.10 |
Stock Options
|
Shares
(1)
|
Weighted
Average Exercise Price |
Weighted
Average Remaining in Contractual Term (Years) |
Aggregate
Intrinsic Value |
||||||||||||
Outstanding December 31, 2020
|
287,097 | $ | 5.99 | 9.30 | 593,838 | |||||||||||
Granted
(2)
|
37,316 | 7.76 | 9.41 | — | ||||||||||||
Exercised
|
— | — | — | — | ||||||||||||
Forfeited
|
— | — | — | — | ||||||||||||
|
|
|
|
|||||||||||||
Outstanding September 30, 2021
|
324,413 | 6.20 | 8.65 | 1,532,089 | ||||||||||||
|
|
|
|
|||||||||||||
Options exercisable at September 30, 2021
|
57,415 | 5.99 | 8.55 | 282,833 | ||||||||||||
|
|
|
|
(1) |
Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering.
|
(2) |
Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer.
|
Stock Options
|
Shares
(1)
|
Weighted Average
Grant Date Fair Value |
||||||
Nonvested at December 31, 2020
|
287,097 | $ | 1.98 | |||||
Granted
(2)
|
37,316 | 2.10 | ||||||
Vested
|
(57,415 | ) | 1.50 | |||||
Forfeited
|
— | — | ||||||
|
|
|
|
|||||
Nonvested at September 30, 2021
|
266,998 | $ | 2.09 | |||||
|
|
|
|
(1) |
Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering.
|
(2) |
Includes 10,527 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer.
|
Restricted Stock
|
Shares
(1)
|
Weighted Average
Grant Date Fair Value |
||||||
Nonvested at December 31, 2020
|
111,802 | $ | 5.98 | |||||
Granted
(2)
|
15,052 | 7.76 | ||||||
Vested
(
3
)
|
(22,355 | ) | 5.98 | |||||
Forfeited
|
— | — | ||||||
|
|
|
|
|||||
Nonvested at September 30, 2021
|
104,499 | $ | 6.23 | |||||
|
|
|
|
(1) |
Share amounts reflected in the tables are adjusted for the 1.3163 to 1 common share conversion ratio as part of the conversion and offering.
|
(2) |
Includes 1,313 shares granted as a nonqualified stock option inducement award to the Company’s President and Chief Operating Officer.
|
(3)
|
Includes 6,306 shares surrendered by employees to cover payroll tax costs related to the vested shares.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
• |
statements of our goals, intentions and expectations;
|
• |
statements regarding our business plans, prospects, growth and operating strategies;
|
• |
statements regarding the quality of our loan and investment portfolios; and
|
• |
estimates of our risks and future costs and benefits.
|
• |
general economic conditions, either nationally or in our market areas, that are worse than expected;
|
• |
changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
|
• |
our ability to access cost-effective funding;
|
• |
fluctuations in real estate values and both residential and commercial real estate market conditions;
|
• |
demand for loans and deposits in our market area;
|
• |
our ability to implement and change our business strategies;
|
• |
competition among depository and other financial institutions;
|
• |
inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make;
|
• |
adverse changes in the securities or secondary mortgage markets;
|
• |
changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, including as a result of Basel III;
|
• |
the impact of the Dodd-Frank Act and the implementing regulations;
|
• |
changes in the quality or composition of our loan or investment portfolios;
|
• |
technological changes that may be more difficult or expensive than expected;
|
• |
the inability of third-party providers to perform as expected;
|
• |
our ability to manage market risk, credit risk and operational risk in the current economic environment;
|
• |
our ability to enter new markets successfully and capitalize on growth opportunities;
|
• |
our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;
|
• |
changes in consumer spending, borrowing and savings habits;
|
• |
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;
|
• |
our ability to retain key employees;
|
• |
our compensation expense associated with equity allocated or awarded to our employees; and
|
• |
changes in the financial condition, results of operations or future prospects of issuers of securities that we own.
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
Average
Outstanding Balance |
Interest and
Dividends |
Yield/Cost
Rate |
Average
Outstanding Balance |
Interest and
Dividends |
Yield/Cost
Rate |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$ | 330,353 | $ | 2,939 | 3.53 | % | $ | 328,550 | $ | 3,617 | 4.37 | % | ||||||||||||
Securities
available-for-sale
|
89,748 | 368 | 1.63 | % | 61,059 | 304 | 1.97 | % | ||||||||||||||||
Other interest-earning assets
|
92,284 | 74 | 0.32 | % | 68,616 | 17 | 0.10 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-earning assets
|
512,385 | 3,381 | 2.62 | % | 458,225 | 3,938 | 3.42 | % | ||||||||||||||||
Non-interest-earning
assets
|
35,771 | 37,044 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total assets
|
$ | 548,156 | $ | 495,269 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Interest-earning liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 34,134 | $ | 9 | 0.10 | % | $ | 28,417 | $ | 8 | 0.11 | % | ||||||||||||
Money market accounts
|
93,554 | 60 | 0.25 | % | 82,041 | 103 | 0.50 | % | ||||||||||||||||
Savings accounts
|
66,416 | 8 | 0.05 | % | 55,683 | 14 | 0.10 | % | ||||||||||||||||
Certificates of deposit
|
80,046 | 94 | 0.47 | % | 97,355 | 355 | 1.45 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing deposits
|
274,150 | 171 | 0.25 | % | 263,496 | 480 | 0.72 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
57,002 | 178 | 1.24 | % | 69,049 | 207 | 1.19 | % | ||||||||||||||||
Other interest-bearing liabilities
|
10,851 | — | — | 10,886 | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing liabilities
|
342,003 | 349 | 0.41 | % | 343,431 | 687 | 0.80 | % | ||||||||||||||||
Non-interest-bearing
deposits
|
143,007 | 91,485 | ||||||||||||||||||||||
Other
non-interest-bearing
liabilities
|
6,500 | 4,768 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities
|
491,510 | 439,684 | ||||||||||||||||||||||
Total stockholders’ equity
|
56,646 | 55,585 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 548,156 | $ | 495,269 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income
|
$ | 3,032 | $ | 3,251 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest-earning assets
|
$ | 170,382 | $ | 114,794 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Interest rate spread
(1)
|
2.21 | % | 2.62 | % | ||||||||||||||||||||
Net interest margin
(2)
|
2.37 | % | 2.82 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
149.82 | % | 133.43 | % |
(1) |
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
|
(2) |
Net interest margin represents net interest income divided by average total interest-earning assets.
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
Average
Outstanding Balance |
Interest and
Dividends |
Yield/Cost
Rate |
Average
Outstanding Balance |
Interest and
Dividends |
Yield/Cost
Rate |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$ | 333,234 | $ | 9,357 | 3.75 | % | $ | 322,480 | $ | 10,228 | 4.24 | % | ||||||||||||
Securities
available-for-sale
|
76,520 | 971 | 1.70 | % | 66,177 | 1,092 | 2.20 | % | ||||||||||||||||
Other interest-earning assets
|
83,163 | 181 | 0.29 | % | 43,638 | 65 | 0.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-earning assets
|
492,917 | 10,509 | 2.85 | % | 432,295 | 11,385 | 3.52 | % | ||||||||||||||||
Non-interest-earning
assets
|
36,307 | 36,536 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total assets
|
$ | 529,224 | $ | 468,831 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Interest-earning liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 33,191 | $ | 27 | 0.11 | % | $ | 26,712 | $ | 39 | 0.19 | % | ||||||||||||
Money market accounts
|
98,041 | 200 | 0.27 | % | 73,759 | 355 | 0.64 | % | ||||||||||||||||
Savings accounts
|
64,493 | 27 | 0.06 | % | 51,919 | 44 | 0.11 | % | ||||||||||||||||
Certificates of deposit
|
81,888 | 366 | 0.60 | % | 113,004 | 1,508 | 1.78 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing deposits
|
277,613 | 620 | 0.30 | % | 265,394 | 1,946 | 0.98 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
63,363 | 579 | 1.22 | % | 55,706 | 516 | 1.24 | % | ||||||||||||||||
Other interest-bearing liabilities
|
7,937 | — | — | 7,619 | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total interest-bearing liabilities
|
348,913 | 1,199 | 0.46 | % | 328,719 | 2,462 | 1.00 | % | ||||||||||||||||
Non-interest-bearing
deposits
|
118,412 | 81,926 | ||||||||||||||||||||||
Other
non-interest-bearing
liabilities
|
5,791 | 3,907 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities
|
473,116 | 414,552 | ||||||||||||||||||||||
Total stockholders’ equity
|
56,108 | 54,279 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 529,224 | $ | 468,831 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest income
|
$ | 9,310 | $ | 8,923 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net interest-earning assets
|
$ | 144,004 | $ | 103,576 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Interest rate spread
(1)
|
2.39 | % | 2.52 | % | ||||||||||||||||||||
Net interest margin
(2)
|
2.53 | % | 2.76 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
141.27 | % | 131.51 | % |
(1) |
Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
|
(2) |
Net interest margin represents net interest income divided by average total interest-earning assets.
|
Three Months Ended September 30,
2021 vs. 2020 |
||||||||||||
Increase (Decrease) Due to
|
Total
Increase (Decrease) |
|||||||||||
Volume
|
Rate
|
|||||||||||
(Dollars in thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Loans
|
$
|
20
|
|
|
(698
|
)
|
|
(678
|
)
|
|||
Securities
|
|
103
|
|
|
(39
|
)
|
|
64
|
|
|||
Other
|
|
7
|
|
|
50
|
|
|
57
|
|
|||
|
|
|
|
|
|
|||||||
Total interest-earning assets
|
|
130
|
|
|
(687
|
)
|
|
(557
|
)
|
|||
|
|
|
|
|
|
|||||||
Interest-bearing liabilities:
|
||||||||||||
NOW
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|||
Money market deposits
|
|
(17
|
)
|
|
60
|
|
|
43
|
|
|||
Savings
|
|
(4
|
)
|
|
9
|
|
|
5
|
|
|||
Certificates of deposit
|
|
54
|
|
|
207
|
|
|
261
|
|
|||
|
|
|
|
|
|
|||||||
Total interest-bearing deposits
|
|
32
|
|
|
277
|
|
|
309
|
|
|||
Borrowings
|
|
39
|
|
|
(10
|
)
|
|
29
|
|
|||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities
|
|
71
|
|
|
267
|
|
|
338
|
|
|||
|
|
|
|
|
|
|||||||
Change in net interest income
|
$
|
201
|
|
|
(420
|
)
|
|
(219
|
)
|
|||
|
|
|
|
|
|
Nine Months Ended September 30,
2021 vs. 2020 |
||||||||||||
Increase (Decrease) Due to
|
Total
Increase (Decrease) |
|||||||||||
Volume
|
Rate
|
|||||||||||
(Dollars in thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Loans
|
$
|
357
|
|
|
(1,228
|
)
|
|
(871
|
)
|
|||
Securities
|
|
253
|
|
|
(374
|
)
|
|
(121
|
)
|
|||
Other
|
|
76
|
|
|
40
|
|
|
116
|
|
|||
|
|
|
|
|
|
|||||||
Total interest-earning assets
|
|
686
|
|
|
(1,562
|
)
|
|
(876
|
)
|
|||
|
|
|
|
|
|
|||||||
Interest-bearing liabilities:
|
||||||||||||
NOW
|
|
(15
|
)
|
|
26
|
|
|
11
|
|
|||
Money market deposits
|
|
(207
|
)
|
|
363
|
|
|
156
|
|
|||
Savings
|
|
(16
|
)
|
|
33
|
|
|
17
|
|
|||
Certificates of deposit
|
|
334
|
|
|
808
|
|
|
1,142
|
|
|||
|
|
|
|
|
|
|||||||
Total interest-bearing deposits
|
|
96
|
|
|
1,230
|
|
|
1,326
|
|
|||
Borrowings
|
|
(70
|
)
|
|
7
|
|
|
(63
|
)
|
|||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities
|
|
26
|
|
|
1,237
|
|
|
1,263
|
|
|||
|
|
|
|
|
|
|||||||
Change in net interest income
|
$
|
712
|
|
|
(325
|
)
|
|
387
|
|
|||
|
|
|
|
|
|
• |
originating commercial real estate and commercial loans, which tend to have shorter terms and higher interest rates than owner occupied
one-
to four-family residential real estate loans, and which generate customer relationships that can result in larger
non-interest-bearing
checking accounts;
|
• |
selling substantially all of our conforming and eligible jumbo, longer-term, fixed-rate
one-
to four-family residential real estate loans and retaining the
non-conforming
and shorter-term, fixed-rate and adjustable-rate
one-
to four-family residential real estate loans that we originate, subject to market conditions and periodic review of our asset/liability management needs; and
|
• |
reducing our dependence on jumbo and brokered certificates of deposit to support lending and investment activities and increasing our reliance on core deposits, including checking accounts and savings accounts, which are less interest rate sensitive than certificates of deposit.
|
Change in Interest
Rates (basis points)
(1)
|
Net Interest Income
Year 1 Forecast |
Year 1 Change
from Level |
||||||
(Dollars in thousands)
|
||||||||
+400
|
$ | 14,678 | 24.71 | % | ||||
+300
|
14,047 | 19.35 | % | |||||
+200
|
13,317 | 13.15 | % | |||||
+100
|
12,576 | 6.85 | % | |||||
Level
|
11,769 | — | % | |||||
-100
|
11,135 | (5.39 | )% |
(1) |
Assumes an immediate uniform change in interest rates at all maturities.
|
Estimated Increase (Decrease) in EVE
|
||||||||||||
Basis Point (“bp”) Change in
Interest Rates
(1)
|
Estimated EVE
(2)
|
Amount
|
Percent
|
|||||||||
(Dollars in thousands)
|
||||||||||||
400
|
$ | 73,695 | $ | 8,060 | 12.28 | % | ||||||
300
|
72,163 | 6,528 | 9.95 | % | ||||||||
200
|
70,980 | 5,345 | 8.14 | % | ||||||||
100
|
69,116 | 3,481 | 5.30 | % | ||||||||
—
|
65,635 | — | — | % | ||||||||
(100)
|
61,083 | (4,552 | ) | (6.94 | %) |
(1) |
Assumes an instantaneous uniform change in interest rates at all maturities.
|
(2) |
EVE is the discounted present value of expected cash flows from assets, liabilities and
off-balance
sheet contracts.
|
September 30, 2021
|
||||||||||||||||||||||||
Actual
|
For Capital Adequacy
Purposes |
To Be Well Capitalized
Under Prompt Corrective Action Provisions |
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Leverage (Tier 1)
|
$ | 49,513 | 9.1 | % | $ | 21,762 | 4.0 | % | $ | 27,203 | 5.0 | % | ||||||||||||
Risk-based:
|
||||||||||||||||||||||||
Common Tier 1
|
49,513 | 14.6 | % | 15,264 | 4.5 | % | 22,048 | 6.5 | % | |||||||||||||||
Tier 1
|
49,513 | 14.6 | % | 20,352 | 6.0 | % | 27,136 | 8.0 | % | |||||||||||||||
Total
|
47,457 | 14.0 | % | 27,136 | 8.0 | % | 33,920 | 10.0 | % |
Payments Due by Period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less Than
One Year |
One to Three
Years |
Three to Five
Years |
More Than
Five Years |
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
At September 30, 2021:
|
||||||||||||||||||||
Long-term debt obligations
|
$ | 55,934 | $ | 8,475 | $ | 10,526 | $ | 4,131 | $ | 32,802 | ||||||||||
Operating lease obligations
|
245 | 77 | 168 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
$ | 56,179 | $ | 8,552 | $ | 10,694 | $ | 4,131 | $ | 32,802 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
At December 31, 2020:
|
||||||||||||||||||||
Long-term debt obligations
|
$ | 68,398 | $ | 12,956 | $ | 16,987 | $ | 4,091 | $ | 34,364 | ||||||||||
Operating lease obligations
|
20 | 20 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
$ | 68,418 | $ | 12,976 | $ | 16,987 | $ | 4,091 | $ | 34,364 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
* |
Furnished, not filed.
|
1895 BANCORP OF WISCONSIN, INC.
|
||||
Date: November 12, 2021 |
/s/ Richard B. Hurd
|
|||
Richard B. Hurd | ||||
Chief Executive Officer | ||||
Date: November 12, 2021 |
/s/ Steven T. Klitzing
|
|||
Steven T. Klitzing | ||||
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year 1895 Bancorp of Wisconsin Chart |
1 Month 1895 Bancorp of Wisconsin Chart |
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