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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CB Financial Services Inc | NASDAQ:CBFV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.66% | 22.75 | 22.70 | 22.90 | 22.75 | 22.61 | 22.61 | 211 | 19:13:58 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended March 31, 2015
|
|
OR
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from __________ to __________
|
|
Commission file number: 001-36706
|
CB FINANCIAL SERVICES, INC.
|
||
(Exact name of registrant as specified in its charter)
|
Pennsylvania
|
51-0534721
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
100 N. Market Street, Carmichaels, PA
|
15320
|
|
(Address of principal executive offices)
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(Zip Code)
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(724) 966-5041
|
||
(Registrant’s telephone number, including area code)
|
Large accelerated filer o | Accelerated filer o | ||
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company x |
PART I – FINANCIAL INFORMATION
|
|
PART II - OTHER INFORMATION
|
|
(Unaudited)
|
||||||||
(Dollars in thousands, except share data)
|
March 31,
2015 |
December 31,
2014 |
||||||
ASSETS
|
||||||||
Cash and Due From Banks:
|
||||||||
Interest Bearing
|
$ | 6,722 | $ | 5,933 | ||||
Non-Interest Bearing
|
9,180 | 5,818 | ||||||
Total Cash and Due From Banks
|
15,902 | 11,751 | ||||||
Investment Securities:
|
||||||||
Available-for-Sale
|
101,217 | 105,449 | ||||||
Held-to-Maturity
|
502 | 504 | ||||||
Loans Held For Sale
|
26,149 | - | ||||||
Loans, Net
|
659,557 | 680,451 | ||||||
Premises and Equipment, Net
|
10,537 | 10,593 | ||||||
Bank-Owned Life Insurance
|
17,853 | 17,735 | ||||||
Goodwill
|
5,632 | 5,632 | ||||||
Core Deposit Intangible
|
4,754 | 4,888 | ||||||
Accrued Interest and Other Assets
|
9,354 | 9,311 | ||||||
TOTAL ASSETS
|
$ | 851,457 | $ | 846,314 | ||||
LIABILITIES
|
||||||||
Deposits:
|
||||||||
Demand Deposits
|
$ | 164,959 | $ | 163,488 | ||||
NOW Accounts
|
94,954 | 98,919 | ||||||
Money Market Accounts
|
163,020 | 160,747 | ||||||
Savings Accounts
|
123,683 | 118,332 | ||||||
Time Deposits
|
149,171 | 151,594 | ||||||
Brokered Deposits
|
13,651 | 4,414 | ||||||
Total Deposits
|
709,438 | 697,494 | ||||||
Short-Term Borrowings
|
24,013 | 46,684 | ||||||
Other Borrowed Funds
|
29,080 | 15,136 | ||||||
Accrued Interest and Other Liabilities
|
5,243 | 5,088 | ||||||
TOTAL LIABILITIES
|
767,774 | 764,402 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred Stock, No Par Value; 5,000,000 Shares Authorized
|
- | - | ||||||
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 4,363,346 Shares Issued and 4,071,462 Shares Outstanding at March 31, 2015 and December 31, 2014, Respectively
|
1,818 | 1,818 | ||||||
Capital Surplus
|
41,762 | 41,762 | ||||||
Retained Earnings
|
44,206 | 42,766 | ||||||
Treasury Stock, at Cost (291,884 Shares at March 31, 2015 and December 31, 2014, Respectively)
|
(4,999 | ) | (4,999 | ) | ||||
Accumulated Other Comprehensive Income
|
896 | 565 | ||||||
TOTAL STOCKHOLDERS' EQUITY
|
83,683 | 81,912 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 851,457 | $ | 846,314 |
Three Months Ended
March 31, |
||||||||
(Dollars in thousands, except per share data)
|
2015
|
2014
|
||||||
INTEREST AND DIVIDEND INCOME
|
||||||||
Loans, Including Fees
|
$ | 7,481 | $ | 3,968 | ||||
Federal Funds Sold
|
1 | 3 | ||||||
Investment Securities:
|
||||||||
Taxable
|
242 | 232 | ||||||
Exempt From Federal Income Tax
|
296 | 355 | ||||||
Other Interest and Dividend Income
|
155 | 20 | ||||||
TOTAL INTEREST AND DIVIDEND INCOME
|
8,175 | 4,578 | ||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
598 | 429 | ||||||
Federal Funds Purchased
|
1 | 1 | ||||||
Short-Term Borrowings
|
30 | 9 | ||||||
Other Borrowed Funds
|
90 | 31 | ||||||
TOTAL INTEREST EXPENSE
|
719 | 470 | ||||||
NET INTEREST INCOME
|
7,456 | 4,108 | ||||||
Provision For Loan Losses
|
300 | - | ||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
7,156 | 4,108 | ||||||
NONINTEREST INCOME
|
||||||||
Service Fees on Deposit Accounts
|
577 | 455 | ||||||
Insurance Commissions
|
931 | 3 | ||||||
Other Commissions
|
121 | 87 | ||||||
Net Gains on Sale of Loans
|
71 | 86 | ||||||
Income from Bank-Owned Life Insurance
|
118 | 58 | ||||||
Other
|
8 | 35 | ||||||
TOTAL NONINTEREST INCOME
|
1,826 | 724 | ||||||
NONINTEREST EXPENSE
|
||||||||
Salaries and Employee Benefits
|
3,148 | 1,874 | ||||||
Occupancy
|
471 | 319 | ||||||
Equipment
|
405 | 272 | ||||||
FDIC Assessment
|
138 | 96 | ||||||
PA Shares Tax
|
183 | 97 | ||||||
Contracted Services
|
137 | 96 | ||||||
Legal Fees
|
131 | 159 | ||||||
Advertising
|
225 | 89 | ||||||
Bankcard Processing Expense
|
111 | 62 | ||||||
Other Real Estate Owned Expense
|
20 | - | ||||||
Amortization of Core Deposit Intangible
|
134 | - | ||||||
Other
|
644 | 393 | ||||||
TOTAL NONINTEREST EXPENSE
|
5,747 | 3,457 | ||||||
Income Before Income Taxes
|
3,235 | 1,375 | ||||||
Income Taxes
|
940 | 296 | ||||||
NET INCOME
|
$ | 2,295 | $ | 1,079 | ||||
EARNINGS PER SHARE
|
||||||||
Basic
|
$ | 0.56 | $ | 0.46 | ||||
Diluted
|
0.56 | 0.46 | ||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||
Basic
|
4,071,462 | 2,344,477 | ||||||
Diluted
|
4,071,462 | 2,354,977 |
Three Months Ended
March 31, |
||||||||
(Dollars in thousands)
|
2015
|
2014
|
||||||
Net Income
|
$ | 2,295 | $ | 1,079 | ||||
Other Comprehensive Income:
|
||||||||
Unrealized Gains on Available-for-Sale Securities Net of Income Tax of $170 and $395 for the Three Months Ended March 31, 2015 and 2014, Respectively
|
331 | 767 | ||||||
Other Comprehensive Income, Net of Income Tax
|
331 | 767 | ||||||
Total Comprehensive Income
|
$ | 2,626 | $ | 1,846 |
(Dollars in thousands, except per share data)
|
Shares
Issued |
Common
Stock |
Capital
Surplus |
Retained
Earnings |
Treasury
Stock |
Accumulated
Other |
Total
Stockholders' |
|||||||||||||||||||||
December 31, 2013
|
2,626,864 | $ | 1,095 | $ | 5,969 | $ | 40,807 | $ | (2,103 | ) | $ | (763 | ) | $ | 45,005 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income
|
- | - | - | 1,079 | - | - | 1,079 | |||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | - | 767 | 767 | |||||||||||||||||||||
Exercise of stock options
|
4,015 | 1 | 55 | - | - | - | 56 | |||||||||||||||||||||
Purchase of common stock, at cost (133,000 shares)
|
- | - | - | - | (2,896 | ) | - | (2,896 | ) | |||||||||||||||||||
Dividends paid ($0.21 per share)
|
- | - | - | (491 | ) | - | - | (491 | ) | |||||||||||||||||||
March 31, 2014
|
2,630,879 | $ | 1,096 | $ | 6,024 | $ | 41,395 | $ | (4,999 | ) | $ | 4 | $ | 43,520 |
(Dollars in thousands, except share data)
|
Shares
Issued |
Common
Stock |
Capital
Surplus |
Retained
Earnings |
Treasury
Stock |
Accumulated
Other |
Total
Stockholders' |
|||||||||||||||||||||
December 31, 2014
|
4,363,346 | $ | 1,818 | $ | 41,762 | $ | 42,766 | $ | (4,999 | ) | $ | 565 | $ | 81,912 | ||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,295 | - | - | 2,295 | |||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | - | 331 | 331 | |||||||||||||||||||||
Dividends paid ($0.21 per share)
|
- | - | - | (855 | ) | - | - | (855 | ) | |||||||||||||||||||
March 31, 2015
|
4,363,346 | $ | 1,818 | $ | 41,762 | $ | 44,206 | $ | (4,999 | ) | $ | 896 | $ | 83,683 |
Three Months Ended
March 31, |
||||||||
(Dollars in thousands)
|
2015
|
2014
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net Income
|
$ | 2,295 | $ | 1,079 | ||||
Αdjustmеnts to Rеconcilе Net Income to Net Cash Provided By Operating Activities:
|
||||||||
Net Amortization on Investments
|
184 | 377 | ||||||
Depreciation and Amortization
|
622 | 118 | ||||||
Provision for Loan Losses
|
300 | - | ||||||
Income from Bank-Owned Life Insurance
|
(118 | ) | (58 | ) | ||||
Proceeds From Mortgage Loans Sold
|
2,738 | 4,628 | ||||||
Originations of Mortgage Loans for Sale
|
(2,667 | ) | (4,542 | ) | ||||
Gains on Sale of Loans
|
(71 | ) | (86 | ) | ||||
Gains on Sales of Other Real Estate Owned and Repossessed Assets
|
(7 | ) | - | |||||
Decrease (Increase) in Accrued Interest Receivable
|
173 | (11 | ) | |||||
Decrease in Taxes Payable
|
(553 | ) | (77 | ) | ||||
Increase in Accrued Interest Payable
|
46 | - | ||||||
Other, Net
|
108 | (733 | ) | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
3,050 | 695 | ||||||
INVESTING ACTIVITIES
|
||||||||
Investment Securities Available for Sale:
|
||||||||
Proceeds From Principal Repayments and Maturities
|
10,803 | 18,013 | ||||||
Purchases of Securities
|
(6,252 | ) | (4,309 | ) | ||||
Investment Securities Held-to-Maturity:
|
||||||||
Proceeds From Principal Repayments and Maturities
|
- | 495 | ||||||
Net Increase in Loans
|
(6,092 | ) | (6,214 | ) | ||||
Purchase of Premises and Equipment
|
(173 | ) | (131 | ) | ||||
Proceeds From Sale of Other Real Estate Owned and Repossessed Assets
|
15 | 59 | ||||||
Decrease (Increase) in Restricted Equity Securities
|
438 | (130 | ) | |||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
|
(1,261 | ) | 7,783 | |||||
FINANCING ACTIVITIES
|
||||||||
Net Increase in Deposits
|
11,944 | 8,448 | ||||||
Net Decrease in Short-Term Borrowings
|
(22,671 | ) | (1,834 | ) | ||||
Principal Payments on Other Borrowed Funds
|
(1,056 | ) | (1,000 | ) | ||||
Proceeds from Other Borrowed Funds
|
15,000 | - | ||||||
Cash Dividends Paid
|
(855 | ) | (491 | ) | ||||
Treasury Stock, Purchases at Cost
|
- | (2,896 | ) | |||||
Exercise of Stock Options
|
- | 56 | ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
2,362 | 2,283 | ||||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
4,151 | 10,761 | ||||||
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR
|
11,751 | 16,417 | ||||||
CASH AND DUE FROM BANKS AT END OF PERIOD
|
$ | 15,902 | $ | 27,178 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid for:
|
||||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $601 and $427 respectively)
|
674 | 470 | ||||||
Income taxes
|
31 | - | ||||||
Transfer of loans to loans held for sale
|
26,149 | - | ||||||
Real estate acquired in settlement of loans
|
307 | - |
Three Months Ended
March 31, |
||||||||
2015
|
2014
|
|||||||
Weighted-Average Common Shares Outstanding
|
4,363,346 | 2,633,405 | ||||||
Average Treasury Stock Shares
|
(291,884 | ) | (288,928 | ) | ||||
Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Basic Earnings Per Share
|
4,071,462 | 2,344,477 | ||||||
Additional Common Stock Equivalents (Stock Options) Used to Calculate Diluted Earnings Per Share
|
- | 10,500 | ||||||
Weighted-Average Common Shares and Common Stock Equivalents Used to Calculate Diluted Earnings Per Share
|
4,071,462 | 2,354,977 | ||||||
Earnings per share:
|
||||||||
Basic
|
$ | 0.56 | $ | 0.46 | ||||
Diluted
|
0.56 | 0.46 |
(Dollars in thousands)
March 31, 2015 |
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
U.S. Government Agencies
|
$ | 52,814 | $ | 293 | $ | (14 | ) | $ | 53,093 | |||||||
Obligations of States and Political Subdivisions
|
41,934 | 1,016 | (76 | ) | 42,874 | |||||||||||
Mortgage-Backed Securities - Government-Sponsored Enterprises
|
4,031 | 70 | - | 4,101 | ||||||||||||
Equity Securities - Mutual Funds
|
500 | 19 | - | 519 | ||||||||||||
Equity Securities - Other
|
581 | 53 | (4 | ) | 630 | |||||||||||
Total
|
$ | 99,860 | $ | 1,451 | $ | (94 | ) | $ | 101,217 |
December 31, 2014
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
U.S. Government Agencies
|
$ | 57,669 | $ | 139 | $ | (157 | ) | $ | 57,651 | |||||||
Obligations of States and Political Subdivisions
|
41,611 | 886 | (116 | ) | 42,381 | |||||||||||
Mortgage-Backed Securities - Government-Sponsored Enterprises
|
4,240 | 33 | - | 4,273 | ||||||||||||
Equity Securities - Mutual Funds
|
500 | 14 | - | 514 | ||||||||||||
Equity Securities - Other
|
573 | 58 | (1 | ) | 630 | |||||||||||
Total
|
$ | 104,593 | $ | 1,130 | $ | (274 | ) | $ | 105,449 |
(Dollars in thousands)
March 31, 2015 |
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
Obligations of States and Political Subdivisions
|
$ | 502 | $ | - | $ | - | $ | 502 |
December 31, 2014
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
Obligations of States and Political Subdivisions
|
$ | 504 | $ | - | $ | - | $ | 504 |
(Dollars in thousands)
March 31, 2015 |
||||||||||||||||||||||||||||||||||||
Less than 12 months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||||||||||||||
Number
of |
Fair
Value |
Gross
Unrealized |
Number
of |
Fair
Value |
Gross
Unrealized |
Number
of |
Fair
Value |
Gross
Unrealized |
||||||||||||||||||||||||||||
U.S. Government Agencies
|
2 | $ | 5,484 | $ | (14 | ) | - | $ | - | $ | - | 2 | $ | 5,484 | $ | (14 | ) | |||||||||||||||||||
Obligations of States and Political Subdivisions
|
8 | 4,219 | (27 | ) | 13 | 7,347 | (49 | ) | 21 | 11,566 | (76 | ) | ||||||||||||||||||||||||
Equity Securities - Other
|
1 | 133 | (4 | ) | - | - | - | 1 | 133 | (4 | ) | |||||||||||||||||||||||||
Total
|
11 | $ | 9,836 | $ | (45 | ) | 13 | $ | 7,347 | $ | (49 | ) | 24 | $ | 17,183 | $ | (94 | ) |
December 31, 2014
|
||||||||||||||||||||||||||||||||||||
Less than 12 months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||||||||||||||
Number
of |
Fair
Value |
Gross
Unrealized |
Number
of |
Fair
Value |
Gross
Unrealized |
Number
of |
Fair
Value |
Gross
Unrealized |
||||||||||||||||||||||||||||
U.S. Government Agencies
|
10 | $ | 26,101 | $ | (144 | ) | 1 | $ | 2,987 | $ | (13 | ) | 11 | $ | 29,088 | $ | (157 | ) | ||||||||||||||||||
Obligations of States and Political Subdivisions
|
5 | 2,123 | (9 | ) | 22 | 13,590 | (107 | ) | 27 | 15,713 | (116 | ) | ||||||||||||||||||||||||
Equity Securities - Other
|
1 | 48 | (1 | ) | - | - | - | 1 | 48 | (1 | ) | |||||||||||||||||||||||||
Total
|
16 | $ | 28,272 | $ | (154 | ) | 23 | $ | 16,577 | $ | (120 | ) | 39 | $ | 44,849 | $ | (274 | ) |
(Dollars in thousands)
March 31, 2015 |
||||||||||||||||
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||
Due in One Year or Less
|
$ | 3,212 | $ | 3,238 | $ | 502 | $ | 502 | ||||||||
Due after One Year through Five Years
|
32,974 | 33,128 | - | - | ||||||||||||
Due after Five Years through Ten Years
|
48,293 | 49,002 | - | - | ||||||||||||
Due after Ten Years
|
15,381 | 15,849 | - | - | ||||||||||||
Total
|
$ | 99,860 | $ | 101,217 | $ | 502 | $ | 502 |
(Dollars in thousands)
|
||||||||||||||||
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
Originated Loans
|
||||||||||||||||
Real estate:
|
||||||||||||||||
Residential
|
$ | 170,461 | 40.2 | % | $ | 169,485 | 41.3 | % | ||||||||
Commercial
|
100,940 | 23.8 | 97,228 | 23.8 | ||||||||||||
Construction
|
11,241 | 2.7 | 10,039 | 2.5 | ||||||||||||
Commercial and Industrial
|
50,412 | 11.9 | 48,701 | 11.9 | ||||||||||||
Consumer
|
82,790 | 19.6 | 76,242 | 18.6 | ||||||||||||
Other
|
7,470 | 1.8 | 7,636 | 1.9 | ||||||||||||
Total Originated Loans
|
423,314 | 100.0 | % | 409,331 | 100.0 | % | ||||||||||
Allowance for Loan Losses
|
(5,478 | ) | (5,195 | ) | ||||||||||||
Loans, Net
|
$ | 417,836 | $ | 404,136 | ||||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||
Real estate:
|
||||||||||||||||
Residential
|
$ | 138,106 | 57.1 | % | $ | 162,388 | 58.7 | % | ||||||||
Commercial
|
70,622 | 29.2 | 77,037 | 27.9 | ||||||||||||
Construction
|
10,544 | 4.4 | 12,158 | 4.4 | ||||||||||||
Commercial and Industrial
|
21,777 | 9.0 | 23,363 | 8.5 | ||||||||||||
Consumer
|
672 | 0.3 | 1,369 | 0.5 | ||||||||||||
Total Loans Acquired at Fair Value
|
241,721 | 100.0 | % | 276,315 | 100.0 | % | ||||||||||
Total Loans
|
||||||||||||||||
Real estate:
|
||||||||||||||||
Residential
|
$ | 308,567 | 46.3 | % | $ | 331,873 | 48.5 | % | ||||||||
Commercial
|
171,562 | 25.8 | 174,265 | 25.4 | ||||||||||||
Construction
|
21,785 | 3.3 | 22,197 | 3.2 | ||||||||||||
Commercial and Industrial
|
72,189 | 10.9 | 72,064 | 10.5 | ||||||||||||
Consumer
|
83,462 | 12.6 | 77,611 | 11.3 | ||||||||||||
Other
|
7,470 | 1.1 | 7,636 | 1.1 | ||||||||||||
Total Loans
|
665,035 | 100.0 | % | 685,646 | 100.0 | % | ||||||||||
Allowance for Loan Losses
|
(5,478 | ) | (5,195 | ) | ||||||||||||
Loans, Net
|
$ | 659,557 | $ | 680,451 |
(Dollars in thousands)
|
||||||||||||||||||||
March 31, 2015
|
||||||||||||||||||||
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 169,555 | $ | 620 | $ | 279 | $ | 7 | $ | 170,461 | ||||||||||
Commercial
|
83,257 | 12,618 | 4,408 | 657 | 100,940 | |||||||||||||||
Construction
|
10,134 | - | 775 | 332 | 11,241 | |||||||||||||||
Commercial and Industrial
|
46,536 | 2,528 | 1,050 | 298 | 50,412 | |||||||||||||||
Consumer
|
82,766 | - | 24 | - | 82,790 | |||||||||||||||
Other
|
7,470 | - | - | - | 7,470 | |||||||||||||||
Total Originated Loans
|
$ | 399,718 | $ | 15,766 | $ | 6,536 | $ | 1,294 | $ | 423,314 | ||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 135,771 | $ | - | $ | 2,335 | $ | - | $ | 138,106 | ||||||||||
Commercial
|
66,180 | 2,399 | 2,043 | - | 70,622 | |||||||||||||||
Construction
|
10,544 | - | - | - | 10,544 | |||||||||||||||
Commercial and Industrial
|
20,494 | 1,283 | - | - | 21,777 | |||||||||||||||
Consumer
|
672 | - | - | - | 672 | |||||||||||||||
Total Loans Acquired at Fair Value
|
$ | 233,661 | $ | 3,682 | $ | 4,378 | $ | - | $ | 241,721 | ||||||||||
Total Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 305,326 | $ | 620 | $ | 2,614 | $ | 7 | $ | 308,567 | ||||||||||
Commercial
|
149,437 | 15,017 | 6,451 | 657 | 171,562 | |||||||||||||||
Construction
|
20,678 | - | 775 | 332 | 21,785 | |||||||||||||||
Commercial and Industrial
|
67,030 | 3,811 | 1,050 | 298 | 72,189 | |||||||||||||||
Consumer
|
83,438 | - | 24 | - | 83,462 | |||||||||||||||
Other
|
7,470 | - | - | - | 7,470 | |||||||||||||||
Total Loans
|
$ | 633,379 | $ | 19,448 | $ | 10,914 | $ | 1,294 | $ | 665,035 |
December 31, 2014
|
||||||||||||||||||||
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 168,957 | $ | 194 | $ | 315 | $ | 19 | $ | 169,485 | ||||||||||
Commercial
|
81,772 | 10,944 | 3,820 | 692 | 97,228 | |||||||||||||||
Construction
|
8,805 | 101 | 789 | 344 | 10,039 | |||||||||||||||
Commercial and Industrial
|
45,258 | 2,758 | 383 | 302 | 48,701 | |||||||||||||||
Consumer
|
76,238 | - | 4 | - | 76,242 | |||||||||||||||
Other
|
7,636 | - | - | - | 7,636 | |||||||||||||||
Total Originated Loans
|
$ | 388,666 | $ | 13,997 | $ | 5,311 | $ | 1,357 | $ | 409,331 | ||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 160,460 | $ | - | $ | 1,928 | $ | - | $ | 162,388 | ||||||||||
Commercial
|
72,453 | 2,429 | 2,155 | - | 77,037 | |||||||||||||||
Construction
|
12,158 | - | - | - | 12,158 | |||||||||||||||
Commercial and Industrial
|
21,913 | 1,450 | - | - | 23,363 | |||||||||||||||
Consumer
|
1,369 | - | - | - | 1,369 | |||||||||||||||
Total Loans Acquired at Fair Value
|
$ | 268,353 | $ | 3,879 | $ | 4,083 | $ | - | $ | 276,315 | ||||||||||
Total Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 329,417 | $ | 194 | $ | 2,243 | $ | 19 | $ | 331,873 | ||||||||||
Commercial
|
154,225 | 13,373 | 5,975 | 692 | 174,265 | |||||||||||||||
Construction
|
20,963 | 101 | 789 | 344 | 22,197 | |||||||||||||||
Commercial and Industrial
|
67,171 | 4,208 | 383 | 302 | 72,064 | |||||||||||||||
Consumer
|
77,607 | - | 4 | - | 77,611 | |||||||||||||||
Other
|
7,636 | - | - | - | 7,636 | |||||||||||||||
Total Loans
|
$ | 657,019 | $ | 17,876 | $ | 9,394 | $ | 1,357 | $ | 685,646 |
(Dollars in thousands)
|
||||||||||||||||||||||||||||
March 31, 2015
|
||||||||||||||||||||||||||||
Loans
Current |
30-59
Days |
60-89
Days |
Past Due
|
Total
Past Due |
Non-
Accrual |
Total
Loans |
||||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
Residential
|
$ | 169,874 | $ | 308 | $ | - | $ | - | $ | 308 | $ | 279 | $ | 170,461 | ||||||||||||||
Commercial
|
98,211 | 2,222 | - | - | 2,222 | 507 | 100,940 | |||||||||||||||||||||
Construction
|
10,909 | - | - | - | - | 332 | 11,241 | |||||||||||||||||||||
Commercial and Industrial
|
50,257 | 155 | - | - | 155 | - | 50,412 | |||||||||||||||||||||
Consumer
|
82,361 | 344 | 56 | 5 | 405 | 24 | 82,790 | |||||||||||||||||||||
Other
|
7,470 | - | - | - | - | - | 7,470 | |||||||||||||||||||||
Total Originated Loans
|
$ | 419,082 | $ | 3,029 | $ | 56 | $ | 5 | $ | 3,090 | $ | 1,142 | $ | 423,314 | ||||||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
Residential
|
$ | 135,031 | $ | 1,682 | $ | - | $ | - | $ | 1,682 | $ | 1,393 | $ | 138,106 | ||||||||||||||
Commercial
|
70,044 | 124 | - | - | 124 | 454 | 70,622 | |||||||||||||||||||||
Construction
|
10,544 | - | - | - | - | - | 10,544 | |||||||||||||||||||||
Commercial and Industrial
|
21,755 | 22 | - | - | 22 | - | 21,777 | |||||||||||||||||||||
Consumer
|
600 | 72 | - | - | 72 | - | 672 | |||||||||||||||||||||
Total Loans Acquired at Fair Value
|
$ | 237,974 | $ | 1,900 | $ | - | $ | - | $ | 1,900 | $ | 1,847 | $ | 241,721 | ||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
Residential
|
$ | 304,905 | $ | 1,990 | $ | - | $ | - | $ | 1,990 | $ | 1,672 | $ | 308,567 | ||||||||||||||
Commercial
|
168,255 | 2,346 | - | - | 2,346 | 961 | 171,562 | |||||||||||||||||||||
Construction
|
21,453 | - | - | - | - | 332 | 21,785 | |||||||||||||||||||||
Commercial and Industrial
|
72,012 | 177 | - | - | 177 | - | 72,189 | |||||||||||||||||||||
Consumer
|
82,961 | 416 | 56 | 5 | 477 | 24 | 83,462 | |||||||||||||||||||||
Other
|
7,470 | - | - | - | - | - | 7,470 | |||||||||||||||||||||
Total Loans
|
$ | 657,056 | $ | 4,929 | $ | 56 | $ | 5 | $ | 4,990 | $ | 2,989 | $ | 665,035 |
December 31, 2014
|
||||||||||||||||||||||||||||
Loans
Current |
30-59
Days |
60-89
Days |
90 Days
Or More |
Total
Past Due |
Non-
Accrual |
Total
Loans |
||||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
Residential
|
$ | 168,911 | $ | 249 | $ | 16 | $ | - | $ | 265 | $ | 309 | $ | 169,485 | ||||||||||||||
Commercial
|
94,250 | 2,397 | - | - | 2,397 | 581 | 97,228 | |||||||||||||||||||||
Construction
|
9,695 | - | - | - | - | 344 | 10,039 | |||||||||||||||||||||
Commercial and Industrial
|
48,697 | - | - | - | - | 4 | 48,701 | |||||||||||||||||||||
Consumer
|
75,839 | 369 | 24 | 10 | 403 | - | 76,242 | |||||||||||||||||||||
Other
|
7,636 | - | - | - | - | - | 7,636 | |||||||||||||||||||||
Total Originated Loans
|
$ | 405,028 | $ | 3,015 | $ | 40 | $ | 10 | $ | 3,065 | $ | 1,238 | $ | 409,331 | ||||||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
Residential
|
$ | 159,403 | $ | 1,364 | $ | 18 | $ | 369 | $ | 1,751 | $ | 1,234 | $ | 162,388 | ||||||||||||||
Commercial
|
76,425 | 128 | - | - | 128 | 484 | 77,037 | |||||||||||||||||||||
Construction
|
12,158 | - | - | - | - | - | 12,158 | |||||||||||||||||||||
Commercial and Industrial
|
23,356 | 7 | - | - | 7 | - | 23,363 | |||||||||||||||||||||
Consumer
|
1,341 | 28 | - | - | 28 | - | 1,369 | |||||||||||||||||||||
Total Loans Acquired at Fair Value
|
$ | 272,683 | $ | 1,527 | $ | 18 | $ | 369 | $ | 1,914 | $ | 1,718 | $ | 276,315 | ||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
Residential
|
$ | 328,314 | $ | 1,613 | $ | 34 | $ | 369 | $ | 2,016 | $ | 1,543 | $ | 331,873 | ||||||||||||||
Commercial
|
170,675 | 2,525 | - | - | 2,525 | 1,065 | 174,265 | |||||||||||||||||||||
Construction
|
21,853 | - | - | - | - | 344 | 22,197 | |||||||||||||||||||||
Commercial and Industrial
|
72,053 | 7 | - | - | 7 | 4 | 72,064 | |||||||||||||||||||||
Consumer
|
77,180 | 397 | 24 | 10 | 431 | - | 77,611 | |||||||||||||||||||||
Other
|
7,636 | - | - | - | - | - | 7,636 | |||||||||||||||||||||
Total Loans
|
$ | 677,711 | $ | 4,542 | $ | 58 | $ | 379 | $ | 4,979 | $ | 2,956 | $ | 685,646 |
(Dollars in Thousands)
|
||||||||
March 31,
2015 |
December 31,
2014 |
|||||||
Nonaccrual loans:
|
||||||||
Real estate:
|
||||||||
Residential
|
$ | 1,672 | $ | 1,543 | ||||
Commercial
|
961 | 1,065 | ||||||
Construction
|
332 | 344 | ||||||
Commercial and Industrial
|
- | 4 | ||||||
Consumer
|
24 | - | ||||||
Total non-accrual loans
|
2,989 | 2,956 | ||||||
Accruing loans past due 90 days or more:
|
||||||||
Real estate:
|
||||||||
Residential
|
- | 369 | ||||||
Consumer
|
5 | 10 | ||||||
Total accruing loans 90 days or more past due
|
5 | 379 | ||||||
Total nonaccrual loans and accruing loans 90 days or more past due
|
2,994 | 3,335 | ||||||
Troubled debt restructurings, accruing
|
||||||||
Originated loans:
|
||||||||
Real Estate - Commercial
|
429 | 246 | ||||||
Commercial and Industrial
|
306 | 310 | ||||||
Total originated loans
|
735 | 556 | ||||||
Loans acquired at fair value:
|
||||||||
Real Estate - Residential
|
1,325 | 1,337 | ||||||
Real Estate - Commercial
|
1,758 | 1,800 | ||||||
Total loans acquired at fair value
|
3,083 | 3,137 | ||||||
Total troubled debt restructurings, accruing
|
3,818 | 3,693 | ||||||
Total nonperforming loans
|
6,812 | 7,028 | ||||||
Real estate owned:
|
||||||||
Residential
|
403 | 104 | ||||||
Other
|
174 | 174 | ||||||
Total real estate owned
|
577 | 278 | ||||||
Total nonperforming assets
|
$ | 7,389 | $ | 7,306 | ||||
Nonperforming loans to total loans
|
1.02 | % | 1.03 | % | ||||
Nonperforming assets to total assets
|
0.87 | 0.86 |
(Dollars in thousands)
|
||||||||
Three Months Ended
March 31, 2015 |
||||||||
Modification of Payment
and Other Terms |
||||||||
Number of
Contracts |
Recorded
Investment |
|||||||
Originated Loans
|
||||||||
Real Estate
|
||||||||
Commercial
|
1 | $ | 430 | |||||
Total
|
1 | $ | 430 |
Three Months Ended March 31, 2014
|
||||||||||||||||
Temporary Rate
Modification |
Extension of Maturity
|
|||||||||||||||
Number of
Contracts |
Recorded
Investment |
Number of
Contracts |
Recorded
Investment |
|||||||||||||
Originated Loans
|
||||||||||||||||
Real Estate
|
||||||||||||||||
Commercial
|
1 | $ | 282 | 1 | $ | 254 | ||||||||||
Total
|
1 | $ | 282 | 1 | $ | 254 |
(Dollars in thousands)
|
||||||||||||||||||||
March 31, 2015
|
||||||||||||||||||||
Recorded
Investment |
Related
Allowance |
Unpaid
Principal |
Average
Recorded |
Interest
Income |
||||||||||||||||
With No Related Allowance Recorded:
|
||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 13 | $ | - | $ | 25 | $ | 31 | $ | 1 | ||||||||||
Commercial
|
4,046 | - | 4,046 | 4,086 | 42 | |||||||||||||||
Construction
|
774 | - | 774 | 782 | 8 | |||||||||||||||
Commercial and Industrial
|
602 | - | 602 | 578 | 6 | |||||||||||||||
Total With No Related Allowance Recorded
|
$ | 5,435 | $ | - | $ | 5,447 | $ | 5,477 | $ | 57 | ||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 942 | $ | - | $ | 942 | $ | 944 | $ | 12 | ||||||||||
Commercial
|
1,685 | - | 1,724 | 1,729 | 20 | |||||||||||||||
Total With No Related Allowance Recorded
|
$ | 2,627 | $ | - | $ | 2,666 | $ | 2,673 | $ | 32 | ||||||||||
Total Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 955 | $ | - | $ | 967 | $ | 975 | $ | 13 | ||||||||||
Commercial
|
5,731 | - | 5,770 | 5,815 | 62 | |||||||||||||||
Construction
|
774 | - | 774 | 782 | 8 | |||||||||||||||
Commercial and Industrial
|
602 | - | 602 | 578 | 6 | |||||||||||||||
Total With No Related Allowance Recorded
|
$ | 8,062 | $ | - | $ | 8,113 | $ | 8,150 | $ | 89 | ||||||||||
With A Related Allowance Recorded:
|
||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Commercial
|
$ | 1,377 | $ | 456 | $ | 1,387 | $ | 1,391 | $ | 12 | ||||||||||
Construction
|
332 | 28 | 332 | 339 | - | |||||||||||||||
Commercial and Industrial
|
747 | 481 | 747 | 749 | 10 | |||||||||||||||
Total With A Related Allowance Recorded
|
$ | 2,456 | $ | 965 | $ | 2,466 | $ | 2,479 | $ | 22 | ||||||||||
Total Impaired Loans:
|
||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 13 | $ | - | $ | 25 | $ | 31 | $ | 1 | ||||||||||
Commercial
|
5,423 | 456 | 5,433 | 5,477 | 54 | |||||||||||||||
Construction
|
1,106 | 28 | 1,106 | 1,121 | 8 | |||||||||||||||
Commercial and Industrial
|
1,349 | 481 | 1,349 | 1,327 | 16 | |||||||||||||||
Total Impaired Loans
|
$ | 7,891 | $ | 965 | $ | 7,913 | $ | 7,956 | $ | 79 | ||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 942 | $ | - | $ | 942 | $ | 944 | $ | 12 | ||||||||||
Commercial
|
1,685 | - | 1,724 | 1,729 | 20 | |||||||||||||||
Total Impaired Loans
|
$ | 2,627 | $ | - | $ | 2,666 | $ | 2,673 | $ | 32 | ||||||||||
Total Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 955 | $ | - | $ | 967 | $ | 975 | $ | 13 | ||||||||||
Commercial
|
7,108 | 456 | 7,157 | 7,206 | 74 | |||||||||||||||
Construction
|
1,106 | 28 | 1,106 | 1,121 | 8 | |||||||||||||||
Commercial and Industrial
|
1,349 | 481 | 1,349 | 1,327 | 16 | |||||||||||||||
Total Impaired Loans
|
$ | 10,518 | $ | 965 | $ | 10,579 | $ | 10,629 | $ | 111 |
December 31, 2014
|
||||||||||||||||||||
Recorded
Investment |
Related
Allowance |
Unpaid
Principal |
Average
Recorded |
Interest
Income |
||||||||||||||||
With No Related Allowance Recorded:
|
||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 45 | $ | - | $ | 70 | $ | 55 | $ | - | ||||||||||
Commercial
|
3,352 | - | 3,366 | 4,300 | 149 | |||||||||||||||
Commercial and Industrial
|
369 | - | 369 | 426 | 17 | |||||||||||||||
Total With No Related Allowance Recorded
|
$ | 3,766 | $ | - | $ | 3,805 | $ | 4,781 | $ | 166 | ||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 947 | $ | - | $ | 947 | $ | 957 | $ | 51 | ||||||||||
Commercial
|
1,846 | - | 1,885 | 1,926 | 93 | |||||||||||||||
Total With No Related Allowance Recorded
|
$ | 2,793 | $ | - | $ | 2,832 | $ | 2,883 | $ | 144 | ||||||||||
Total Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 992 | $ | - | $ | 1,017 | $ | 1,012 | $ | 51 | ||||||||||
Commercial
|
5,198 | - | 5,251 | 6,226 | 242 | |||||||||||||||
Commercial and Industrial
|
369 | - | 369 | 426 | 17 | |||||||||||||||
Total With No Related Allowance Recorded
|
$ | 6,559 | $ | - | $ | 6,637 | $ | 7,664 | $ | 310 | ||||||||||
With A Related Allowance Recorded:
|
||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Commercial
|
$ | 1,382 | $ | 519 | $ | 1,389 | $ | 1,427 | $ | 51 | ||||||||||
Construction
|
1,133 | 100 | 1,133 | 1,366 | 41 | |||||||||||||||
Commercial and Industrial
|
317 | 254 | 317 | 319 | 17 | |||||||||||||||
Total With A Related Allowance Recorded
|
$ | 2,832 | $ | 873 | $ | 2,839 | $ | 3,112 | $ | 109 | ||||||||||
Total Loans
|
||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 45 | $ | - | $ | 70 | $ | 55 | $ | - | ||||||||||
Commercial
|
4,734 | 519 | 4,755 | 5,727 | 200 | |||||||||||||||
Construction
|
1,133 | 100 | 1,133 | 1,366 | 41 | |||||||||||||||
Commercial and Industrial
|
686 | 254 | 686 | 745 | 34 | |||||||||||||||
Total Impaired Loans
|
$ | 6,598 | $ | 873 | $ | 6,644 | $ | 7,893 | $ | 275 | ||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 947 | $ | - | $ | 947 | $ | 957 | $ | 51 | ||||||||||
Commercial
|
1,846 | - | 1,885 | 1,926 | 93 | |||||||||||||||
Total Impaired Loans
|
$ | 2,793 | $ | - | $ | 2,832 | $ | 2,883 | $ | 144 | ||||||||||
Total Loans
|
||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||
Residential
|
$ | 992 | $ | - | $ | 1,017 | $ | 1,012 | $ | 51 | ||||||||||
Commercial
|
6,580 | 519 | 6,640 | 7,653 | 293 | |||||||||||||||
Construction
|
1,133 | 100 | 1,133 | 1,366 | 41 | |||||||||||||||
Commercial and Industrial
|
686 | 254 | 686 | 745 | 34 | |||||||||||||||
Total Impaired Loans
|
$ | 9,391 | $ | 873 | $ | 9,476 | $ | 10,776 | $ | 419 |
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Real
Estate |
Real
Estate |
Real
Estate |
Commercial
and |
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
December 31, 2014
|
$ | 2,690 | $ | 582 | $ | 122 | $ | 684 | $ | 1,015 | $ | 102 | $ | 5,195 | ||||||||||||||
Charge-offs
|
- | (6 | ) | - | - | (47 | ) | - | (53 | ) | ||||||||||||||||||
Recoveries
|
3 | 2 | - | - | 31 | - | 36 | |||||||||||||||||||||
Provision
|
(180 | ) | 30 | 23 | 229 | 12 | 186 | 300 | ||||||||||||||||||||
March 31, 2015
|
$ | 2,513 | $ | 608 | $ | 145 | $ | 913 | $ | 1,011 | $ | 288 | $ | 5,478 | ||||||||||||||
Individually Evaluated for Impairment
|
$ | - | $ | 456 | $ | 28 | $ | 481 | $ | - | $ | - | $ | 965 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
$ | 2,513 | $ | 152 | $ | 117 | $ | 432 | $ | 1,011 | $ | 288 | $ | 4,513 |
Real
Estate |
Real
Estate |
Real
Estate |
Commercial
and |
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
December 31, 2013
|
$ | 1,481 | $ | 1,703 | $ | 355 | $ | 1,013 | $ | 592 | $ | 238 | $ | 5,382 | ||||||||||||||
Charge-offs
|
- | - | - | - | (36 | ) | - | (36 | ) | |||||||||||||||||||
Recoveries
|
1 | - | - | 1 | 24 | - | 26 | |||||||||||||||||||||
Provision
|
(1 | ) | - | - | - | - | 1 | - | ||||||||||||||||||||
March 31, 2014
|
$ | 1,481 | $ | 1,703 | $ | 355 | $ | 1,014 | $ | 580 | $ | 239 | $ | 5,372 | ||||||||||||||
Individually Evaluated for Impairment
|
$ | - | $ | 785 | $ | 249 | $ | 252 | $ | - | $ | - | $ | 1,286 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
$ | 1,481 | $ | 918 | $ | 106 | $ | 762 | $ | 580 | $ | 239 | $ | 4,086 |
December 31, 2014
|
Real
Estate |
Real
Estate |
Real
Estate |
Commercial
and |
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | - | $ | 519 | $ | 100 | $ | 254 | $ | - | $ | - | $ | 873 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
$ | 2,690 | $ | 63 | $ | 22 | $ | 430 | $ | 1,015 | $ | 102 | $ | 4,322 |
Accretable Discount
|
||||
Balance at December 31, 2014
|
$ | 4,359 | ||
Accretable yield
|
(347 | ) | ||
Balance at March 31, 2015
|
$ | 4,012 |
(Dollars in thousands)
|
||||||||||||||||||||||||||||
March 31, 2015
|
||||||||||||||||||||||||||||
Real
Estate |
Real
Estate |
Real
Estate |
Commercial
and |
Consumer
|
Other
|
Total
|
||||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | 13 | $ | 5,423 | $ | 1,106 | $ | 1,349 | $ | - | $ | - | $ | 7,891 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
170,448 | 95,517 | 10,135 | 49,063 | 82,790 | 7,470 | 415,423 | |||||||||||||||||||||
$ | 170,461 | $ | 100,940 | $ | 11,241 | $ | 50,412 | $ | 82,790 | $ | 7,470 | $ | 423,314 | |||||||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | 942 | $ | 1,685 | $ | - | $ | - | $ | - | $ | - | $ | 2,627 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
137,164 | 68,937 | 10,544 | 21,777 | 672 | - | 239,094 | |||||||||||||||||||||
$ | 138,106 | $ | 70,622 | $ | 10,544 | $ | 21,777 | $ | 672 | $ | - | $ | 241,721 | |||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | 955 | $ | 7,108 | $ | 1,106 | $ | 1,349 | $ | - | $ | - | $ | 10,518 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
307,612 | 164,454 | 20,679 | 70,840 | 83,462 | 7,470 | 654,517 | |||||||||||||||||||||
$ | 308,567 | $ | 171,562 | $ | 21,785 | $ | 72,189 | $ | 83,462 | $ | 7,470 | $ | 665,035 |
December 31, 2014
|
||||||||||||||||||||||||||||
Real
Estate |
Real
Estate |
Real
Estate |
Commercial
and |
Consumer
|
Other
|
Total
|
||||||||||||||||||||||
Originated Loans
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | 45 | $ | 4,734 | $ | 1,133 | $ | 686 | $ | - | $ | - | $ | 6,598 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
169,440 | 92,494 | 8,906 | 48,015 | 76,242 | 7,636 | 402,733 | |||||||||||||||||||||
$ | 169,485 | $ | 97,228 | $ | 10,039 | $ | 48,701 | $ | 76,242 | $ | 7,636 | $ | 409,331 | |||||||||||||||
Loans Acquired at Fair Value
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | 947 | $ | 1,846 | $ | - | $ | - | $ | - | $ | - | $ | 2,793 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
161,441 | 75,191 | 12,158 | 23,363 | 1,369 | - | 273,522 | |||||||||||||||||||||
$ | 162,388 | $ | 77,037 | $ | 12,158 | $ | 23,363 | $ | 1,369 | $ | - | $ | 276,315 | |||||||||||||||
Total Loans
|
||||||||||||||||||||||||||||
Individually Evaluated for Impairment
|
$ | 992 | $ | 6,580 | $ | 1,133 | $ | 686 | $ | - | $ | - | $ | 9,391 | ||||||||||||||
Collectively Evaluated for Potential Impairment
|
330,881 | 167,685 | 21,064 | 71,378 | 77,611 | 7,636 | 676,255 | |||||||||||||||||||||
$ | 331,873 | $ | 174,265 | $ | 22,197 | $ | 72,064 | $ | 77,611 | $ | 7,636 | $ | 685,646 |
Maturity Period:
|
March 31,
2015 |
|||
One Year or Less
|
$ | 63,144 | ||
Over One Through Two Years
|
31,407 | |||
Over Two Through Three Years
|
15,915 | |||
Over Three Through Four Years
|
14,021 | |||
Over Four Through Five Years
|
13,223 | |||
Over Five Years
|
11,461 | |||
Total
|
$ | 149,171 |
(Dollars in thousands)
|
||||||||||||||||
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
Amount
|
Weighted
Average |
Amount
|
Weighted
Average
Rate
|
|||||||||||||
Short-term Borrowings
|
||||||||||||||||
Federal Funds Purchased:
|
||||||||||||||||
Average Balance Outstanding During the Period
|
$ | 766 | 0.53 | % | $ | 375 | 0.46 | % | ||||||||
Maximum Amount Outstanding at any Month End
|
100 | 1,850 | ||||||||||||||
FHLB Borrowings:
|
||||||||||||||||
Balance at Period End
|
- | - | 25,800 | 0.32 | ||||||||||||
Average Balance Outstanding During the Period
|
19,611 | 0.35 | 4,283 | 0.31 | ||||||||||||
Maximum Amount Outstanding at any Month End
|
30,950 | 25,800 | ||||||||||||||
Securities Sold Under Agreements to Repurchase:
|
||||||||||||||||
Balance at Period End
|
24,013 | 0.18 | 20,884 | 0.17 | ||||||||||||
Average Balance Outstanding During the Period
|
21,600 | 0.24 | 17,525 | 0.26 | ||||||||||||
Maximum Amount Outstanding at any Month End
|
24,013 | 25,893 | ||||||||||||||
Securities Collaterizing the Agreements at Year-End:
|
||||||||||||||||
Carrying Value
|
27,052 | 23,244 | ||||||||||||||
Market Value
|
27,205 | 23,243 |
(Dollars in thousands)
|
||||||||||||||||
March 31,
2015 |
December 31,
2014 |
|||||||||||||||
Amount
|
Weighted
Average
Rate
|
|
Amount
|
Weighted
Average
Rate
|
|
|||||||||||
Due in One Year
|
$ | 14,080 | 3.85 | % | $ | 15,136 | 3.78 | % | ||||||||
Due After One Year to Two Years
|
3,500 | 0.94 | - | - | ||||||||||||
Due After Two Years to Three Years
|
3,500 | 1.35 | - | - | ||||||||||||
Due After Three Years to Four Years
|
3,000 | 1.68 | - | - | ||||||||||||
Due After Four Years to Five Years
|
3,000 | 1.88 | - | - | ||||||||||||
Due After Five Years
|
2,000 | 2.12 | - | - | ||||||||||||
Total
|
$ | 29,080 | 2.65 | $ | 15,136 | 3.78 |
(Dollars in thousands)
|
||||||||
March 31,
2015 |
December 31,
2014 |
|||||||
Standby Letters of Credit
|
$ | 17,510 | $ | 18,260 | ||||
Performance Letters of Credit
|
2,208 | 2,986 | ||||||
Construction Mortgages
|
16,982 | 12,241 | ||||||
Personal Lines of Credit
|
5,860 | 5,675 | ||||||
Overdraft Protection Lines
|
6,401 | 6,505 | ||||||
Home Equity Lines of Credit
|
13,630 | 13,253 | ||||||
Commercial Lines of Credit
|
62,665 | 54,301 | ||||||
$ | 125,256 | $ | 113,221 |
Level I –
|
Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available.
|
Level II –
|
Fair value is based on significant inputs, other than Level I inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level II inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets, and other observable inputs.
|
Level III –
|
Fair value would be based on significant unobservable inputs. Examples of valuation methodologies that would result in Level III classification include option pricing models, discounted cash flows, and other similar techniques.
|
(Dollars in thousands)
|
|||||||||
Valuation
Technique |
March 31,
2015 |
December 31,
2014 |
|||||||
Available for Sales Securities:
|
|||||||||
U.S. Government Agencies
|
Level II
|
$ | 53,093 | $ | 57,651 | ||||
Obligations of States and Political Subdivisions
|
Level II
|
42,874 | 42,381 | ||||||
Mortgage-Backed Securities - Government-Sponsored Enterprises
|
Level II
|
4,101 | 4,273 | ||||||
Equity Securities - Mutual Funds
|
Level I
|
519 | 514 | ||||||
Equity Securities - Other
|
Level I
|
630 | 630 | ||||||
Total Available for Sale Securities
|
$ | 101,217 | $ | 105,449 |
(Dollars in thousands)
Fair Value at |
|
|||||||||||||||||
Financial Asset
|
Valuation
Technique |
March 31,
2015 |
December 31,
2014 |
Valuation
Techniques |
Significant
Unobservable Inputs |
Significant
Unobservable |
||||||||||||
Impaired Loans
|
Level III
|
$ | 1,491 | $ | 1,959 |
Market Comparable Properties
|
Marketability Discount
|
10%
|
to | 30% | (1) | |||||||
OREO
|
Level III
|
307 | 77 |
Market Comparable Properties
|
Marketability Discount
|
10%
|
to | 50% | (1) |
(Dollars in thousands)
|
|||||||||||||||||
March 31, 2015
|
December 31, 2014
|
||||||||||||||||
Valuation
Method |
Carrying
Value |
Fair
Value |
Carrying
Value |
Fair
Value |
|||||||||||||
Financial Assets:
|
|||||||||||||||||
Cash and Due From Banks:
|
|||||||||||||||||
Interest Bearing
|
Level I
|
$ | 6,722 | $ | 6,722 | $ | 5,933 | $ | 5,933 | ||||||||
Non-Interest Bearing
|
Level I
|
9,180 | 9,180 | 5,818 | 5,818 | ||||||||||||
Investment Securities:
|
|||||||||||||||||
Available for Sale
|
See Above
|
101,217 | 101,217 | 105,449 | 105,449 | ||||||||||||
Held-to-Maturity
|
Level II
|
502 | 502 | 504 | 504 | ||||||||||||
Loans Held For Sale
|
Level II
|
26,149 | 26,429 | - | - | ||||||||||||
Loans, Net
|
Level III
|
659,557 | 676,043 | 680,451 | 695,844 | ||||||||||||
Restricted Stock
|
Level II
|
2,952 | 2,952 | 3,390 | 3,390 | ||||||||||||
Bank-Owned Life Insurance
|
Level II
|
17,853 | 17,853 | 17,735 | 17,735 | ||||||||||||
Accrued Interest Receivable
|
Level II
|
2,362 | 2,362 | 2,535 | 2,535 | ||||||||||||
Financial Liabilities:
|
|||||||||||||||||
Deposits
|
Level II
|
709,438 | 710,355 | 697,494 | 698,418 | ||||||||||||
Short-term Borrowings
|
Level II
|
24,013 | 24,013 | 46,684 | 46,684 | ||||||||||||
Other Borrowed Funds
|
Level III
|
29,080 | 29,267 | 15,136 | 15,305 | ||||||||||||
Accrued Interest Payable
|
Level II
|
394 | 394 | 348 | 348 | ||||||||||||
Off-Balance Sheet Instruments:
|
|||||||||||||||||
Commitments to Extend Credit
|
Level III
|
- | - | - | - |
·
|
General and local economic conditions;
|
·
|
Changes in interest rates, deposit flows, demand for loans, real estate values and competition;
|
·
|
Competitive products and pricing;
|
·
|
The ability of our customers to make scheduled loan payments;
|
·
|
Loan delinquency rates;
|
·
|
Our ability to manage the risks involved in our business;
|
·
|
Our ability to integrate the operations of businesses we acquire;
|
·
|
Inflation, market and monetary fluctuations;
|
·
|
CB Financial’s ability to control costs and expenses;
|
·
|
Changes in federal and state legislation and regulation (i.e. the effect of new capital standards to be imposed by banking regulators and the implementation of the Dodd-Frank Act).
|
(Dollars in thousands)
Three Months Ended March 31,
|
||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
Interest
and |
Yield/
Cost (1) |
Average
Balance |
Interest
and |
Yield/
Cost (1) |
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||||||||
Loans
|
$ | 682,292 | $ | 7,503 | 4.46 | % | $ | 377,491 | $ | 3,983 | 4.28 | % | ||||||||||||
Investment Securities
|
||||||||||||||||||||||||
Taxable
|
61,302 | 242 | 1.58 | 77,880 | 232 | 1.19 | ||||||||||||||||||
Exempt From Federal Tax
|
42,073 | 441 | 4.19 | 50,740 | 529 | 4.17 | ||||||||||||||||||
Other Interest-Earning Assets
|
8,961 | 156 | 7.06 | 9,206 | 23 | 1.01 | ||||||||||||||||||
Total Interest-Earning Assets
|
794,628 | 8,342 | 4.26 | 515,317 | 4,767 | 3.75 | ||||||||||||||||||
Noninterest-Earning Assets
|
56,361 | 28,097 | ||||||||||||||||||||||
Total Assets
|
$ | 850,989 | $ | 543,414 | ||||||||||||||||||||
Liabilities and
|
||||||||||||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Interest-Bearing Demand Deposits
|
$ | 102,576 | 39 | 0.15 | % | $ | 75,328 | 37 | 0.20 | % | ||||||||||||||
Savings
|
120,960 | 53 | 0.18 | 87,562 | 40 | 0.19 | ||||||||||||||||||
Money Market
|
159,101 | 90 | 0.23 | 108,438 | 74 | 0.28 | ||||||||||||||||||
Time Deposits
|
152,457 | 416 | 1.11 | 85,530 | 278 | 1.32 | ||||||||||||||||||
Total Interest-Bearing Deposits
|
535,094 | 598 | 0.45 | 356,858 | 429 | 0.49 | ||||||||||||||||||
Borrowings
|
62,706 | 121 | 0.78 | 18,721 | 41 | 0.89 | ||||||||||||||||||
Total Interest-Bearing Liabilities
|
597,800 | 719 | 0.49 | 375,579 | 470 | 0.51 | ||||||||||||||||||
Noninterest-Bearing Demand Deposits
|
163,248 | 121,484 | ||||||||||||||||||||||
Other Liabilities
|
6,819 | 2,997 | ||||||||||||||||||||||
Total Liabilities
|
767,867 | 500,060 | ||||||||||||||||||||||
Stockholders' Equity
|
83,122 | 43,354 | ||||||||||||||||||||||
Total Liabilities and
|
||||||||||||||||||||||||
Stockholders' Equity
|
$ | 850,989 | $ | 543,414 | ||||||||||||||||||||
Net interest income
|
$ | 7,623 | $ | 4,297 | ||||||||||||||||||||
Net Interest Rate Spread (2)
|
3.77 | % | 3.24 | % | ||||||||||||||||||||
Net Interest-Earning Assets (3)
|
$ | 196,828 | $ | 139,738 | ||||||||||||||||||||
Net Interest Margin (4)
|
3.89 | 3.38 | ||||||||||||||||||||||
Return on Average Assets
|
1.09 | 0.81 | ||||||||||||||||||||||
Return on Average Equity
|
11.20 | 10.09 | ||||||||||||||||||||||
Average Equity to Average Assets
|
9.77 | 7.98 | ||||||||||||||||||||||
Average Interest-Earning Assets to
|
||||||||||||||||||||||||
Average Interest-Bearing Liabilities
|
132.93 | 137.21 |
(1)
|
Annualized.
|
(2)
|
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
|
(3)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
(Dollars in thousands)
Three Months Ended March 31, 2015 |
||||||||||||
Increase (Decrease) Due to
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
Interest and Dividend Income:
|
||||||||||||
Loans, net
|
$ | 3,345 | $ | 175 | $ | 3,520 | ||||||
Investment Securities:
|
||||||||||||
Taxable
|
(56 | ) | 66 | 10 | ||||||||
Exempt From Federal Tax
|
(91 | ) | 3 | (88 | ) | |||||||
Other Interest-Earning Assets
|
- | 133 | 133 | |||||||||
Total Interest-Earning Assets
|
3,198 | 377 | 3,575 | |||||||||
Interest Expense:
|
||||||||||||
Deposits
|
207 | (38 | ) | 169 | ||||||||
Borrowings
|
86 | (6 | ) | 80 | ||||||||
Total Interest-Bearing Liablities
|
293 | (44 | ) | 249 | ||||||||
Change in Net Interest Income
|
$ | 2,905 | $ | 421 | $ | 3,326 |
(Dollars in thousands)
|
||||||||||||||||
March 31, 2015
|
December 31, 2014
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
Common Equity Tier 1 (to risk weighted assets)
|
||||||||||||||||
Actual
|
$ | 74,375 | 12.42 | % | N/A | N/A | ||||||||||
For Capital Adequacy Purposes
|
26,955 | 4.50 | N/A | N/A | ||||||||||||
To Be Well Capitalized
|
38,935 | 6.50 | N/A | N/A | ||||||||||||
Tier 1 Capital (to risk weighted assets)
|
||||||||||||||||
Actual
|
74,375 | 12.42 | $ | 69,340 | 11.63 | % | ||||||||||
For Capital Adequacy Purposes
|
35,940 | 6.00 | 23,840 | 4.00 | ||||||||||||
To Be Well Capitalized
|
47,920 | 8.00 | 35,760 | 6.00 | ||||||||||||
Total Capital (to risk weighted assets)
|
||||||||||||||||
Actual
|
79,853 | 13.33 | 74,484 | 12.50 | ||||||||||||
For Capital Adequacy Purposes
|
47,920 | 8.00 | 47,680 | 8.00 | ||||||||||||
To Be Well Capitalized
|
59,900 | 10.00 | 59,600 | 10.00 | ||||||||||||
Tier 1 Leverage (to adjusted total assets)
|
||||||||||||||||
Actual
|
74,375 | 8.85 | 69,340 | 9.33 | ||||||||||||
For Capital Adequacy Purposes
|
33,630 | 4.00 | 29,719 | 4.00 | ||||||||||||
To Be Well Capitalized
|
42,037 | 5.00 | 37,149 | 5.00 |
|
31.1
|
Rule 13a-14(a) / 15d-14(a) Certification (President and Chief Executive Officer)
|
|
31.2
|
Rule 13a-14(a) / 15d-14(a) Certification (Chief Financial Officer)
|
|
32.1
|
Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Chief Financial Officer Certification pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.0
|
The following materials for the quarter ended March 31, 2015, formatted in XBRL (Extensible Business Reporting Language); (i) the Consolidated Statement of Financial Condition, (ii) the Consolidated Statement of Operations, (iii) the Consolidated Statement of Comprehensive Income, (iv) the Consolidated Statement of Stockholders’ Equity, (v) the Consolidated Statement of Cash Flows and (vi) the Notes to the Unaudited Consolidated Financial Statements
|
CB FINANCIAL SERVICES, INC.
|
|||
(Registrant)
|
|||
Date:
|
May 15, 2015
|
/s/ Barron P. McCune, Jr.
|
|
Barron P. McCune, Jr.
|
|||
President and Chief Executive Officer
|
|||
Date:
|
May 15, 2015
|
/s/ Kevin D. Lemley
|
|
Kevin D. Lemley
|
|||
Executive Vice President and Chief Financial Officer
|
|||
(Principal Financial Officer and Chief Accounting Officer)
|
Date:
|
May 15, 2015
|
/s/ Barron P. McCune, Jr.
|
Barron P. McCune, Jr.
|
||
President and Chief Executive Officer
|
Date:
|
May 15, 2015
|
/s/ Kevin D. Lemley
|
Kevin D. Lemley
|
||
Executive Vice President and Chief Financial Officer
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
May 15, 2015
|
/s/ Barron P. McCune, Jr.
|
Barron P. McCune, Jr.
|
||
President and Chief Executive Officer
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company
|
Date:
|
May 15, 2015
|
/s/ Kevin D. Lemley
|
Kevin D. Lemley
|
||
Executive Vice President and Chief Financial Officer
|
1 Year CB Financial Services Chart |
1 Month CB Financial Services Chart |
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