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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Guaranty Bancshares Inc | NASDAQ:FGBI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.48 | 4.36% | 11.48 | 11.48 | 12.71 | 11.14 | 10.71 | 11.07 | 4,349 | 21:57:40 |
Louisiana
|
|
26-0513559
|
(State or other jurisdiction incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
400 East Thomas Street
|
|
|
Hammond, Louisiana
|
|
70401
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
(985) 345-7685
|
||
(Registrant's telephone number, including area code)
|
|
|
|
|
|
Page
|
Part I.
|
Financial Information
|
|
|
|
|
Item 1.
|
3
|
|
|
|
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
|
7
|
|
|
|
|
|
8
|
|
|
|
|
Item 2.
|
28
|
|
|
|
|
Item 3.
|
49
|
|
|
|
|
Item 4.
|
52
|
|
|
|
|
Part II.
|
52
|
|
|
|
|
Item 1.
|
52
|
|
|
|
|
Item 1A.
|
52
|
|
|
|
|
Item 6.
|
52
|
|
|
|
|
53
|
Item 1. |
Consolidated Financial Statements
|
(in thousands, except share data)
|
June 30, 2017
|
December 31, 2016
|
||||||
Assets
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash and due from banks
|
$
|
29,129
|
$
|
17,840
|
||||
Federal funds sold
|
1,669
|
271
|
||||||
Cash and cash equivalents
|
30,798
|
18,111
|
||||||
|
||||||||
Investment securities:
|
||||||||
Available for sale, at fair value
|
424,735
|
397,473
|
||||||
Held to maturity, at cost (estimated fair value of $94,605 and $99,906 respectively)
|
95,903
|
101,863
|
||||||
Investment securities
|
520,638
|
499,336
|
||||||
|
||||||||
Federal Home Loan Bank stock, at cost
|
2,336
|
1,816
|
||||||
Loans held for sale
|
1,655
|
-
|
||||||
Loans, net of unearned income
|
1,114,784
|
948,921
|
||||||
Less: allowance for loan losses
|
11,578
|
11,114
|
||||||
Net loans
|
1,103,206
|
937,807
|
||||||
|
||||||||
Premises and equipment, net
|
35,912
|
23,519
|
||||||
Goodwill
|
4,056
|
1,999
|
||||||
Intangible assets, net
|
4,702
|
1,056
|
||||||
Other real estate, net
|
734
|
359
|
||||||
Accrued interest receivable
|
7,257
|
7,039
|
||||||
Other assets
|
13,629
|
9,904
|
||||||
Total Assets
|
$
|
1,724,923
|
$
|
1,500,946
|
||||
|
||||||||
Liabilities and Shareholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing demand
|
$
|
262,876
|
$
|
231,094
|
||||
Interest-bearing demand
|
577,797
|
479,810
|
||||||
Savings
|
104,603
|
97,280
|
||||||
Time
|
595,375
|
517,997
|
||||||
Total deposits
|
1,540,651
|
1,326,181
|
||||||
|
||||||||
Short-term borrowings
|
-
|
6,500
|
||||||
Accrued interest payable
|
2,065
|
1,931
|
||||||
Senior long-term debt
|
24,242
|
22,100
|
||||||
Junior subordinated debentures
|
14,647
|
14,630
|
||||||
Other liabilities
|
3,046
|
5,255
|
||||||
Total Liabilities
|
1,584,651
|
1,376,597
|
||||||
|
||||||||
Shareholders' Equity
|
||||||||
Common stock:
|
||||||||
$1 par value - authorized 100,600,000 shares; issued 8,007,182 and 7,609,194 shares
|
8,007
|
7,609
|
||||||
Surplus
|
71,836
|
61,584
|
||||||
Retained earnings
|
62,840
|
59,155
|
||||||
Accumulated other comprehensive income (loss)
|
(2,411
|
)
|
(3,999
|
)
|
||||
Total Shareholders' Equity
|
140,272
|
124,349
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,724,923
|
$
|
1,500,946
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands, except share data)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Interest Income:
|
||||||||||||||||
Loans (including fees)
|
$
|
12,826
|
$
|
11,306
|
$
|
25,026
|
$
|
22,107
|
||||||||
Deposits with other banks
|
41
|
14
|
60
|
44
|
||||||||||||
Securities (including FHLB stock)
|
3,298
|
3,427
|
6,701
|
7,016
|
||||||||||||
Federal funds sold
|
2
|
-
|
2
|
-
|
||||||||||||
Total Interest Income
|
16,167
|
14,747
|
31,789
|
29,167
|
||||||||||||
|
||||||||||||||||
Interest Expense:
|
||||||||||||||||
Demand deposits
|
1,360
|
627
|
2,442
|
1,241
|
||||||||||||
Savings deposits
|
50
|
17
|
86
|
35
|
||||||||||||
Time deposits
|
1,591
|
1,507
|
3,035
|
3,071
|
||||||||||||
Borrowings
|
374
|
365
|
740
|
757
|
||||||||||||
Total Interest Expense
|
3,375
|
2,516
|
6,303
|
5,104
|
||||||||||||
|
||||||||||||||||
Net Interest Income
|
12,792
|
12,231
|
25,486
|
24,063
|
||||||||||||
Less: Provision for loan losses
|
1,302
|
893
|
2,013
|
1,736
|
||||||||||||
Net Interest Income after Provision for Loan Losses
|
11,490
|
11,338
|
23,473
|
22,327
|
||||||||||||
|
||||||||||||||||
Noninterest Income:
|
||||||||||||||||
Service charges, commissions and fees
|
571
|
609
|
1,133
|
1,266
|
||||||||||||
ATM and debit card fees
|
493
|
471
|
967
|
915
|
||||||||||||
Net gains on securities
|
404
|
2,231
|
934
|
2,585
|
||||||||||||
Net gain on sale of loans
|
119
|
3
|
124
|
3
|
||||||||||||
Other
|
410
|
327
|
795
|
706
|
||||||||||||
Total Noninterest Income
|
1,997
|
3,641
|
3,953
|
5,475
|
||||||||||||
|
||||||||||||||||
Noninterest Expense:
|
||||||||||||||||
Salaries and employee benefits
|
4,593
|
4,144
|
9,419
|
8,241
|
||||||||||||
Occupancy and equipment expense
|
1,077
|
999
|
2,108
|
1,971
|
||||||||||||
Other
|
3,351
|
3,174
|
6,488
|
6,203
|
||||||||||||
Total Noninterest Expense
|
9,021
|
8,317
|
18,015
|
16,415
|
||||||||||||
|
||||||||||||||||
Income Before Income Taxes
|
4,466
|
6,662
|
9,411
|
11,387
|
||||||||||||
Less: Provision for income taxes
|
1,534
|
2,261
|
3,228
|
3,835
|
||||||||||||
Net Income
|
$
|
2,932
|
$
|
4,401
|
$
|
6,183
|
$
|
7,552
|
||||||||
|
||||||||||||||||
Per Common Share:
|
||||||||||||||||
Earnings
|
$
|
0.38
|
$
|
0.58
|
$
|
0.81
|
$
|
0.99
|
||||||||
Cash dividends paid
|
$
|
0.16
|
$
|
0.16
|
$
|
0.32
|
$
|
0.32
|
||||||||
|
||||||||||||||||
Weighted Average Common Shares Outstanding
|
7,674,796
|
7,609,194
|
7,642,176
|
7,609,194
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net Income
|
$
|
2,932
|
$
|
4,401
|
$
|
6,183
|
$
|
7,552
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized gains on securities:
|
||||||||||||||||
Unrealized holding gains arising during the period
|
2,020
|
3,637
|
3,340
|
8,756
|
||||||||||||
Reclassification adjustments for gains included in net income
|
(404
|
)
|
(2,231
|
)
|
(934
|
)
|
(2,585
|
)
|
||||||||
Change in unrealized gains on securities
|
1,616
|
1,406
|
2,406
|
6,171
|
||||||||||||
Tax impact
|
(550
|
)
|
(478
|
)
|
(818
|
)
|
(2,098
|
)
|
||||||||
Other comprehensive income
|
1,066
|
928
|
1,588
|
4,073
|
||||||||||||
Comprehensive Income
|
$
|
3,998
|
$
|
5,329
|
$
|
7,771
|
$
|
11,625
|
|
Common Stock
$1 Par
|
Surplus
|
Retained
Earnings
|
Accumulated
Other Comprehensive
Income/(Loss)
|
Total
|
|||||||||||||||
(
in thousands, except per share data
)
|
||||||||||||||||||||
Balance December 31, 2015
|
$
|
7,609
|
$
|
61,584
|
$
|
49,932
|
$
|
(901
|
)
|
$
|
118,224
|
|||||||||
Net income
|
-
|
-
|
7,552
|
-
|
7,552
|
|||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
4,073
|
4,073
|
|||||||||||||||
Cash dividends on common stock ($0.32 per share)
|
-
|
-
|
(2,435
|
)
|
-
|
(2,435
|
)
|
|||||||||||||
Balance June 30, 2016 (unaudited)
|
$
|
7,609
|
$
|
61,584
|
$
|
55,049
|
$
|
3,172
|
$
|
127,414
|
||||||||||
|
||||||||||||||||||||
Balance December 31, 2016
|
$
|
7,609
|
$
|
61,584
|
$
|
59,155
|
$
|
(3,999
|
)
|
$
|
124,349
|
|||||||||
Net income
|
-
|
-
|
6,183
|
-
|
6,183
|
|||||||||||||||
Common stock issued in acquisition, 397,988 shares
|
398
|
10,252
|
-
|
-
|
10,650
|
|||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
1,588
|
1,588
|
|||||||||||||||
Cash dividends on common stock ($0.32 per share)
|
-
|
-
|
(2,498
|
)
|
-
|
(2,498
|
)
|
|||||||||||||
Balance June 30, 2017 (unaudited)
|
$
|
8,007
|
$
|
71,836
|
$
|
62,840
|
$
|
(2,411
|
)
|
$
|
140,272
|
|
Six Months Ended June 30,
|
|||||||
(in thousands)
|
2017
|
2016
|
||||||
Cash Flows From Operating Activities
|
||||||||
Net income
|
$
|
6,183
|
$
|
7,552
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
2,013
|
1,736
|
||||||
Depreciation and amortization
|
1,098
|
1,083
|
||||||
Amortization/Accretion of investments
|
875
|
1,118
|
||||||
Gain on sale/call of securities
|
(934
|
)
|
(2,585
|
)
|
||||
Gain on sale of assets
|
(124
|
)
|
(63
|
)
|
||||
Repossessed asset write downs, gains and losses on dispositions
|
78
|
90
|
||||||
FHLB stock dividends
|
(8
|
)
|
(2
|
)
|
||||
Net increase in loans held for sale
|
-
|
(123
|
)
|
|||||
Change in other assets and liabilities, net
|
(4,969
|
)
|
2,214
|
|||||
Net Cash Provided By Operating Activities
|
4,212
|
11,020
|
||||||
|
||||||||
Cash Flows From Investing Activities
|
||||||||
Proceeds from maturities, calls and sales of certificates of deposit
|
-
|
1,001
|
||||||
Proceeds from maturities and calls of HTM securities
|
5,690
|
62,171
|
||||||
Proceeds from maturities, calls and sales of AFS securities
|
378,895
|
604,490
|
||||||
Funds Invested in AFS securities
|
(397,529
|
)
|
(628,176
|
)
|
||||
Funds invested in Federal Home Loan Bank stock
|
-
|
(368
|
)
|
|||||
Net increase in loans
|
(42,858
|
)
|
(56,176
|
)
|
||||
Purchase of premises and equipment
|
(3,735
|
)
|
(1,450
|
)
|
||||
Proceeds from sales of premises and equipment
|
-
|
950
|
||||||
Proceeds from sales of other real estate owned
|
233
|
442
|
||||||
Cash paid in excess of cash received in acquisition
|
(2,907
|
)
|
-
|
|||||
Net Cash Used In Investing Activities
|
(62,211
|
)
|
(17,116
|
)
|
||||
|
||||||||
Cash Flows From Financing Activities
|
||||||||
Net increase (decrease) in deposits
|
87,244
|
(15,881
|
)
|
|||||
Net (decrease) increase in federal funds purchased and short-term borrowings
|
(16,200
|
)
|
7,200
|
|||||
Proceeds from long-term borrowings
|
3,750
|
-
|
||||||
Repayment of long-term borrowings
|
(1,610
|
)
|
(1,550
|
)
|
||||
Dividends paid
|
(2,498
|
)
|
(2,435
|
)
|
||||
Net Cash Provided By (Used In) Financing Activities
|
70,686
|
(12,666
|
)
|
|||||
|
||||||||
Net Increase (Decrease) In Cash and Cash Equivalents
|
12,687
|
(18,762
|
)
|
|||||
Cash and Cash Equivalents at the Beginning of the Period
|
18,111
|
37,272
|
||||||
Cash and Cash Equivalents at the End of the Period
|
$
|
30,798
|
$
|
18,510
|
||||
|
||||||||
Noncash Activities:
|
||||||||
Loans transferred to foreclosed assets
|
$
|
427
|
$
|
81
|
||||
Common stock issued in acquisition
|
$
|
10,650
|
$
|
-
|
||||
Cash Paid During The Period:
|
||||||||
Interest on deposits and borrowed funds
|
$
|
6,169
|
$
|
4,663
|
||||
Income taxes
|
$
|
8,400
|
$
|
3,000
|
(in thousands)
|
Premier Bancshares, Inc.
|
|||
Cash and due from banks
|
$
|
4,542
|
||
Federal funds sold
|
2,855
|
|||
Securities available for sale
|
5,892
|
|||
Loans
|
127,568
|
|||
Premises and equipment
|
9,493
|
|||
Goodwill
|
2,058
|
|||
Intangible assets
|
3,809
|
|||
Other real estate
|
221
|
|||
Other assets
|
1,875
|
|||
Total assets acquired
|
$
|
158,313
|
||
Deposits
|
127,228
|
|||
FHLB borrowings
|
9,700
|
|||
Other liabilities
|
431
|
|||
Total liabilities assumed
|
$
|
137,359
|
||
Net assets acquired
|
$
|
20,954
|
(in thousands, except share data)
|
2017
|
2016
|
||||||
Net Interest Income
|
$
|
27,876
|
$
|
26,236
|
||||
Noninterest Income
|
4,153
|
6,451
|
||||||
Noninterest Expense
|
21,928
|
19,438
|
||||||
Net Income
|
5,317
|
7,642
|
||||||
Earnings per common share
|
$
|
0.66
|
$
|
0.95
|
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||||||||||||||||||
(in thousands)
|
Amortized Cost
|
Gross
Unrealized Gains
|
Gross
Unrealized Losses
|
Fair Value
|
Amortized Cost
|
Gross
Unrealized Gains
|
Gross
Unrealized Losses
|
Fair Value
|
||||||||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||||||||||
U.S Treasuries
|
$
|
12,798
|
$
|
-
|
$
|
-
|
$
|
12,798
|
$
|
29,994
|
$
|
-
|
$
|
-
|
$
|
29,994
|
||||||||||||||||
U.S. Government Agencies
|
232,154
|
30
|
(3,602
|
)
|
228,582
|
183,152
|
-
|
(4,820
|
)
|
178,332
|
||||||||||||||||||||||
Corporate debt securities
|
107,964
|
1,200
|
(1,008
|
)
|
108,156
|
132,448
|
1,624
|
(2,100
|
)
|
131,972
|
||||||||||||||||||||||
Mutual funds or other equity securities
|
500
|
-
|
(4
|
)
|
496
|
580
|
-
|
(7
|
)
|
573
|
||||||||||||||||||||||
Municipal bonds
|
36,943
|
178
|
(75
|
)
|
37,046
|
28,177
|
100
|
(320
|
)
|
27,957
|
||||||||||||||||||||||
Collateralized mortgage obligations
|
1,397
|
8
|
-
|
1,405
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Mortgage-backed securities
|
36,632
|
8
|
(388
|
)
|
36,252
|
29,181
|
-
|
(536
|
)
|
28,645
|
||||||||||||||||||||||
Total available-for-sale securities
|
$
|
428,388
|
$
|
1,424
|
$
|
(5,077
|
)
|
$
|
424,735
|
$
|
403,532
|
$
|
1,724
|
$
|
(7,783
|
)
|
$
|
397,473
|
||||||||||||||
|
||||||||||||||||||||||||||||||||
Held-to-maturity:
|
||||||||||||||||||||||||||||||||
U.S. Government Agencies
|
$
|
18,168
|
$
|
-
|
$
|
(561
|
)
|
$
|
17,607
|
$
|
18,167
|
$
|
-
|
$
|
(655
|
)
|
$
|
17,512
|
||||||||||||||
Mortgage-backed securities
|
77,735
|
7
|
(744
|
)
|
76,998
|
83,696
|
-
|
(1,302
|
)
|
82,394
|
||||||||||||||||||||||
Total held-to-maturity securities
|
$
|
95,903
|
$
|
7
|
$
|
(1,305
|
)
|
$
|
94,605
|
$
|
101,863
|
$
|
-
|
$
|
(1,957
|
)
|
$
|
99,906
|
|
June 30, 2017
|
|||||||
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Available For Sale:
|
||||||||
Due in one year or less
|
$
|
22,511
|
$
|
22,594
|
||||
Due after one year through five years
|
71,257
|
71,500
|
||||||
Due after five years through 10 years
|
271,846
|
268,531
|
||||||
Over 10 years
|
24,745
|
24,453
|
||||||
Subtotal
|
390,359
|
387,078
|
||||||
Collateralized mortgage obligations
|
1,397
|
1,405
|
||||||
Mortgage-backed Securities
|
36,632
|
36,252
|
||||||
Total available-for-sale securities
|
$
|
428,388
|
$
|
424,735
|
||||
|
||||||||
Held to Maturity:
|
||||||||
Due in one year or less
|
$
|
-
|
$
|
-
|
||||
Due after one year through five years
|
4,998
|
4,967
|
||||||
Due after five years through 10 years
|
13,170
|
12,640
|
||||||
Over 10 years
|
-
|
-
|
||||||
Subtotal
|
18,168
|
17,607
|
||||||
Mortgage-backed Securities
|
77,735
|
76,998
|
||||||
Total held to maturity securities
|
$
|
95,903
|
$
|
94,605
|
|
At June 30, 2017
|
|||||||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized Losses
|
|||||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasuries
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||||
U.S. Government agencies
|
68
|
205,190
|
(3,602
|
)
|
-
|
-
|
-
|
68
|
205,190
|
(3,602
|
)
|
|||||||||||||||||||||||||
Corporate debt securities
|
104
|
35,210
|
(674
|
)
|
19
|
5,425
|
(334
|
)
|
123
|
40,635
|
(1,008
|
)
|
||||||||||||||||||||||||
Mutual funds or other equity securities
|
1
|
496
|
(4
|
)
|
-
|
-
|
-
|
1
|
496
|
(4
|
)
|
|||||||||||||||||||||||||
Municipal bonds
|
8
|
6,612
|
(75
|
)
|
-
|
-
|
-
|
8
|
6,612
|
(75
|
)
|
|||||||||||||||||||||||||
Collateralized mortgage obligations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Mortgage-backed securities
|
24
|
31,762
|
(388
|
)
|
-
|
-
|
-
|
24
|
31,762
|
(388
|
)
|
|||||||||||||||||||||||||
Total available-for-sale
|
205
|
$
|
279,270
|
$
|
(4,743
|
)
|
19
|
$
|
5,425
|
$
|
(334
|
)
|
224
|
$
|
284,695
|
$
|
(5,077
|
)
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Government agencies
|
10
|
17,607
|
(561
|
)
|
-
|
-
|
-
|
10
|
17,607
|
(561
|
)
|
|||||||||||||||||||||||||
Mortgage-backed securities
|
46
|
74,518
|
(744
|
)
|
-
|
-
|
-
|
46
|
74,518
|
(744
|
)
|
|||||||||||||||||||||||||
Total held to maturity
|
56
|
$
|
92,125
|
$
|
(1,305
|
)
|
-
|
$
|
-
|
$
|
-
|
56
|
$
|
92,125
|
$
|
(1,305
|
)
|
|
At December 31, 2016
|
|||||||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized Losses
|
|||||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasuries
|
3
|
$
|
10,997
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
3
|
$
|
10,997
|
$
|
-
|
|||||||||||||||||||||
U.S. Government agencies
|
54
|
178,331
|
(4,820
|
)
|
-
|
-
|
-
|
54
|
178,331
|
(4,820
|
)
|
|||||||||||||||||||||||||
Corporate debt securities
|
185
|
61,669
|
(1,613
|
)
|
26
|
6,440
|
(487
|
)
|
211
|
68,109
|
(2,100
|
)
|
||||||||||||||||||||||||
Mutual funds or other equity securities
|
1
|
493
|
(7
|
)
|
-
|
-
|
-
|
1
|
493
|
(7
|
)
|
|||||||||||||||||||||||||
Municipal bonds
|
14
|
10,210
|
(320
|
)
|
-
|
-
|
-
|
14
|
10,210
|
(320
|
)
|
|||||||||||||||||||||||||
Mortgage-backed securities
|
16
|
28,645
|
(536
|
)
|
-
|
-
|
-
|
16
|
28,645
|
(536
|
)
|
|||||||||||||||||||||||||
Total available for sale
|
273
|
$
|
290,345
|
$
|
(7,296
|
)
|
26
|
$
|
6,440
|
$
|
(487
|
)
|
299
|
$
|
296,785
|
$
|
(7,783
|
)
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Government agencies
|
10
|
$
|
17,512
|
$
|
(655
|
)
|
-
|
$
|
-
|
$
|
-
|
10
|
$
|
17,512
|
$
|
(655
|
)
|
|||||||||||||||||||
Mortgage-backed securities
|
48
|
82,394
|
(1,302
|
)
|
-
|
-
|
-
|
48
|
82,394
|
(1,302
|
)
|
|||||||||||||||||||||||||
Total held to maturity
|
58
|
$
|
99,906
|
$
|
(1,957
|
)
|
-
|
$
|
-
|
$
|
-
|
58
|
$
|
99,906
|
$
|
(1,957
|
)
|
(in thousands)
|
Six Months Ended June 30, 2017
|
Six Months Ended June 30, 2016
|
||||||
Beginning balance of credit losses at end of prior year
|
$
|
60
|
$
|
175
|
||||
Other-than-temporary impairment credit losses on securities not previously OTTI
|
-
|
-
|
||||||
Increases for additional credit losses on securities previously determined to be OTTI
|
-
|
-
|
||||||
Reduction for increases in cash flows
|
-
|
-
|
||||||
Reduction due to credit impaired securities sold or fully settled
|
-
|
-
|
||||||
Ending balance of cumulative credit losses recognized in earnings at end of period
|
$
|
60
|
$
|
175
|
|
At June 30, 2017
|
|||||||
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Federal Home Loan Bank (FHLB)
|
$
|
51,391
|
$
|
50,531
|
||||
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)
|
59,319
|
58,940
|
||||||
Federal National Mortgage Association (Fannie Mae-FNMA)
|
102,334
|
100,395
|
||||||
Federal Farm Credit Bank (FFCB)
|
153,042
|
150,979
|
||||||
Total
|
$
|
366,086
|
$
|
360,845
|
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||
(in thousands except for %)
|
Balance
|
As % of Category
|
Balance
|
As % of Category
|
||||||||||||
Real Estate:
|
||||||||||||||||
Construction & land development
|
$
|
83,158
|
7.4
|
%
|
$
|
84,239
|
8.9
|
%
|
||||||||
Farmland
|
23,710
|
2.1
|
%
|
21,138
|
2.2
|
%
|
||||||||||
1- 4 Family
|
160,928
|
14.4
|
%
|
135,211
|
14.2
|
%
|
||||||||||
Multifamily
|
15,195
|
1.4
|
%
|
12,450
|
1.3
|
%
|
||||||||||
Non-farm non-residential
|
509,776
|
45.6
|
%
|
417,014
|
43.9
|
%
|
||||||||||
Total Real Estate
|
792,767
|
70.9
|
%
|
670,052
|
70.5
|
%
|
||||||||||
Non-Real Estate:
|
||||||||||||||||
Agricultural
|
28,673
|
2.6
|
%
|
23,783
|
2.5
|
%
|
||||||||||
Commercial and industrial
|
222,021
|
19.9
|
%
|
193,969
|
20.4
|
%
|
||||||||||
Consumer and other
|
73,431
|
6.6
|
%
|
63,011
|
6.6
|
%
|
||||||||||
Total Non-Real Estate
|
324,125
|
29.1
|
%
|
280,763
|
29.5
|
%
|
||||||||||
Total loans before unearned income
|
1,116,892
|
100.0
|
%
|
950,815
|
100.0
|
%
|
||||||||||
Unearned income
|
(2,108
|
)
|
(1,894
|
)
|
||||||||||||
Total loans net of unearned income
|
$
|
1,114,784
|
$
|
948,921
|
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||||||||||
(in thousands)
|
Fixed
|
Floating
|
Total
|
Fixed
|
Floating
|
Total
|
||||||||||||||||||
One year or less
|
$
|
93,821
|
$
|
53,798
|
$
|
147,619
|
$
|
97,713
|
$
|
51,965
|
$
|
149,678
|
||||||||||||
More Than One to five years
|
405,594
|
218,904
|
624,498
|
352,000
|
206,676
|
558,676
|
||||||||||||||||||
More Than Five to 15 years
|
126,686
|
56,626
|
183,312
|
115,691
|
46,116
|
161,807
|
||||||||||||||||||
Over 15 years
|
72,863
|
69,508
|
142,371
|
53,150
|
5,830
|
58,980
|
||||||||||||||||||
Subtotal
|
$
|
698,964
|
$
|
398,836
|
1,097,800
|
$
|
618,554
|
$
|
310,587
|
929,141
|
||||||||||||||
Nonaccrual loans
|
19,092
|
21,674
|
||||||||||||||||||||||
Total loans before unearned income
|
1,116,892
|
950,815
|
||||||||||||||||||||||
Unearned income
|
(2,108
|
)
|
(1,894
|
)
|
||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,114,784
|
$
|
948,921
|
|
As of June 30, 2017
|
|||||||||||||||||||||||
(in thousands)
|
30-89 Days Past Due
|
90 Days or Greater
|
Total Past Due
|
Current
|
Total Loans
|
Recorded Investment
90 Days Accruing
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
167
|
$
|
386
|
$
|
553
|
$
|
82,605
|
$
|
83,158
|
$
|
-
|
||||||||||||
Farmland
|
191
|
94
|
285
|
23,425
|
23,710
|
-
|
||||||||||||||||||
1 - 4 family
|
1,721
|
2,326
|
4,047
|
156,881
|
160,928
|
58
|
||||||||||||||||||
Multifamily
|
-
|
4,975
|
4,975
|
10,220
|
15,195
|
-
|
||||||||||||||||||
Non-farm non-residential
|
6,862
|
1,927
|
8,789
|
500,987
|
509,776
|
-
|
||||||||||||||||||
Total Real Estate
|
8,941
|
9,708
|
18,649
|
774,118
|
792,767
|
58
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
340
|
1,372
|
1,712
|
26,961
|
28,673
|
-
|
||||||||||||||||||
Commercial and industrial
|
263
|
8,031
|
8,294
|
213,727
|
222,021
|
-
|
||||||||||||||||||
Consumer and other
|
932
|
1,057
|
1,989
|
71,442
|
73,431
|
1,018
|
||||||||||||||||||
Total Non-Real Estate
|
1,535
|
10,460
|
11,995
|
312,130
|
324,125
|
1,018
|
||||||||||||||||||
Total loans before unearned income
|
$
|
10,476
|
$
|
20,168
|
$
|
30,644
|
$
|
1,086,248
|
$
|
1,116,892
|
$
|
1,076
|
||||||||||||
Unearned income
|
(2,108
|
)
|
||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,114,784
|
|
As of December 31, 2016
|
|||||||||||||||||||||||
(in thousands)
|
30-89 Days Past Due
|
90 Days or Greater
|
Total Past Due
|
Current
|
Total Loans
|
Recorded Investment
90 Days Accruing
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
173
|
$
|
585
|
$
|
758
|
$
|
83,481
|
$
|
84,239
|
$
|
34
|
||||||||||||
Farmland
|
234
|
105
|
339
|
20,799
|
21,138
|
-
|
||||||||||||||||||
1 - 4 family
|
1,108
|
2,387
|
3,495
|
131,716
|
135,211
|
145
|
||||||||||||||||||
Multifamily
|
-
|
5,014
|
5,014
|
7,436
|
12,450
|
-
|
||||||||||||||||||
Non-farm non-residential
|
1,618
|
2,753
|
4,371
|
412,643
|
417,014
|
-
|
||||||||||||||||||
Total Real Estate
|
3,133
|
10,844
|
13,977
|
656,075
|
670,052
|
179
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
64
|
1,958
|
2,022
|
21,761
|
23,783
|
-
|
||||||||||||||||||
Commercial and industrial
|
552
|
8,070
|
8,622
|
185,347
|
193,969
|
-
|
||||||||||||||||||
Consumer and other
|
182
|
981
|
1,163
|
61,848
|
63,011
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
798
|
11,009
|
11,807
|
268,956
|
280,763
|
-
|
||||||||||||||||||
Total loans before unearned income
|
$
|
3,931
|
$
|
21,853
|
$
|
25,784
|
$
|
925,031
|
$
|
950,815
|
$
|
179
|
||||||||||||
Unearned income
|
(1,894
|
)
|
||||||||||||||||||||||
Total loans net of unearned income
|
$
|
948,921
|
(in thousands)
|
As of June 30, 2017
|
As of December 31, 2016
|
||||||
Real Estate:
|
||||||||
Construction & land development
|
$
|
386
|
$
|
551
|
||||
Farmland
|
94
|
105
|
||||||
1 - 4 family
|
2,268
|
2,242
|
||||||
Multifamily
|
4,975
|
5,014
|
||||||
Non-farm non-residential
|
1,927
|
2,753
|
||||||
Total Real Estate
|
9,650
|
10,665
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
1,372
|
1,958
|
||||||
Commercial and industrial
|
8,031
|
8,070
|
||||||
Consumer and other
|
39
|
981
|
||||||
Total Non-Real Estate
|
9,442
|
11,009
|
||||||
Total Nonaccrual Loans
|
$
|
19,092
|
$
|
21,674
|
|
As of June 30, 2017
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||||||||
(in thousands)
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
78,248
|
$
|
1,415
|
$
|
3,495
|
$
|
-
|
$
|
83,158
|
$
|
79,069
|
$
|
1,162
|
$
|
4,008
|
$
|
-
|
$
|
84,239
|
||||||||||||||||||||
Farmland
|
23,039
|
565
|
106
|
-
|
23,710
|
20,652
|
381
|
105
|
-
|
21,138
|
||||||||||||||||||||||||||||||
1 - 4 family
|
148,794
|
5,059
|
7,075
|
-
|
160,928
|
123,191
|
5,460
|
6,560
|
-
|
135,211
|
||||||||||||||||||||||||||||||
Multifamily
|
7,720
|
464
|
7,011
|
-
|
15,195
|
4,268
|
1,132
|
7,050
|
-
|
12,450
|
||||||||||||||||||||||||||||||
Non-farm non-residential
|
484,997
|
5,267
|
19,512
|
-
|
509,776
|
392,355
|
6,406
|
18,253
|
-
|
417,014
|
||||||||||||||||||||||||||||||
Total Real Estate
|
742,798
|
12,770
|
37,199
|
-
|
792,767
|
619,535
|
14,541
|
35,976
|
-
|
670,052
|
||||||||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Agricultural
|
26,738
|
548
|
1,387
|
-
|
28,673
|
20,890
|
920
|
1,973
|
-
|
23,783
|
||||||||||||||||||||||||||||||
Commercial and industrial
|
206,354
|
3,506
|
4,431
|
7,730
|
222,021
|
182,381
|
850
|
3,008
|
7,730
|
193,969
|
||||||||||||||||||||||||||||||
Consumer and other
|
72,264
|
1,092
|
75
|
-
|
73,431
|
60,582
|
1,394
|
1,035
|
-
|
63,011
|
||||||||||||||||||||||||||||||
Total Non-Real Estate
|
305,356
|
5,146
|
5,893
|
7,730
|
324,125
|
263,853
|
3,164
|
6,016
|
7,730
|
280,763
|
||||||||||||||||||||||||||||||
Total loans before unearned income
|
$
|
1,048,154
|
$
|
17,916
|
$
|
43,092
|
$
|
7,730
|
$
|
1,116,892
|
$
|
883,388
|
$
|
17,705
|
$
|
41,992
|
$
|
7,730
|
$
|
950,815
|
||||||||||||||||||||
Unearned income
|
(2,108
|
)
|
(1,894
|
)
|
||||||||||||||||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,114,784
|
$
|
948,921
|
(in thousands)
|
As of June 30, 2017
|
|||
Real Estate:
|
||||
Construction & land development
|
$
|
1,284
|
||
Farmland
|
53
|
|||
1 - 4 family
|
256
|
|||
Multifamily
|
-
|
|||
Non-farm non-residential
|
1,625
|
|||
Total Real Estate
|
3,218
|
|||
Non-Real Estate:
|
||||
Agricultural
|
-
|
|||
Commercial and industrial
|
678
|
|||
Consumer and other
|
-
|
|||
Total Non-Real Estate
|
678
|
|||
Total Carrying Amount
|
$
|
3,896
|
||
Contractual principal balance
|
$
|
5,433
|
||
Carrying amount, net of allowance
|
$
|
3,896
|
(in thousands)
|
June 30, 2017
|
|||
Balance, beginning of period
|
$
|
-
|
||
Acquisition accretable yield
|
1,261
|
|||
Accretion
|
(13
|
)
|
||
Net transfers from nonaccretable difference to accretable yield
|
-
|
|||
Balance, end of period
|
$
|
1,248
|
|
For the Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||||||||||
|
2017
|
2016
|
||||||||||||||||||||||||||||||||||||||
(in thousands)
|
Beginning
Allowance
(12/31/2016)
|
Charge-offs
|
Recoveries
|
Provision
|
Ending
Allowance
(6/30/2017)
|
Beginning
Allowance
(12/31/2015)
|
Charge-offs
|
Recoveries
|
Provision
|
Ending
Allowance
(6/30/2016)
|
||||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
1,232
|
$
|
-
|
$
|
1
|
$
|
(307
|
)
|
$
|
926
|
$
|
962
|
$
|
-
|
$
|
2
|
$
|
216
|
$
|
1,180
|
|||||||||||||||||||
Farmland
|
19
|
-
|
-
|
(13
|
)
|
6
|
54
|
-
|
-
|
(36
|
)
|
18
|
||||||||||||||||||||||||||||
1 - 4 family
|
1,204
|
(1
|
)
|
25
|
(190
|
)
|
1,038
|
1,771
|
(89
|
)
|
17
|
(761
|
)
|
938
|
||||||||||||||||||||||||||
Multifamily
|
591
|
-
|
20
|
(235
|
)
|
376
|
557
|
-
|
375
|
(654
|
)
|
278
|
||||||||||||||||||||||||||||
Non-farm non-residential
|
3,451
|
(653
|
)
|
7
|
652
|
3,457
|
3,298
|
(811
|
)
|
-
|
135
|
2,622
|
||||||||||||||||||||||||||||
Total real estate
|
6,497
|
(654
|
)
|
53
|
(93
|
)
|
5,803
|
6,642
|
(900
|
)
|
394
|
(1,100
|
)
|
5,036
|
||||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Agricultural
|
74
|
(33
|
)
|
8
|
33
|
82
|
16
|
(12
|
)
|
10
|
(4
|
)
|
10
|
|||||||||||||||||||||||||||
Commercial and industrial
|
3,543
|
(88
|
)
|
12
|
1,730
|
5,197
|
2,527
|
(493
|
)
|
9
|
1,287
|
3,330
|
||||||||||||||||||||||||||||
Consumer and other
|
972
|
(997
|
)
|
150
|
371
|
496
|
230
|
(384
|
)
|
82
|
1,553
|
1,481
|
||||||||||||||||||||||||||||
Unallocated
|
28
|
-
|
-
|
(28
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Total Non-Real Estate
|
4,617
|
(1,118
|
)
|
170
|
2,106
|
5,775
|
2,773
|
(889
|
)
|
101
|
2,836
|
4,821
|
||||||||||||||||||||||||||||
Total
|
$
|
11,114
|
$
|
(1,772
|
)
|
$
|
223
|
$
|
2,013
|
$
|
11,578
|
$
|
9,415
|
$
|
(1,789
|
)
|
$
|
495
|
$
|
1,736
|
$
|
9,857
|
|
As of June 30, 2017
|
|||||||||||||||||||||||
(in thousands)
|
Allowance
Individually
Evaluated
for Impairment
|
Allowance
Collectively Evaluated
for Impairment
|
Total Allowance
for Credit Losses
|
Loans
Individually
Evaluated
for Impairment
|
Loans
Collectively
Evaluated
for Impairment
|
Total Loans
before
Unearned Income
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
926
|
$
|
926
|
$
|
352
|
$
|
82,806
|
$
|
83,158
|
||||||||||||
Farmland
|
-
|
6
|
6
|
-
|
23,710
|
23,710
|
||||||||||||||||||
1 - 4 family
|
-
|
1,038
|
1,038
|
716
|
160,212
|
160,928
|
||||||||||||||||||
Multifamily
|
-
|
376
|
376
|
4,975
|
10,220
|
15,195
|
||||||||||||||||||
Non-farm non-residential
|
857
|
2,600
|
3,457
|
10,280
|
499,496
|
509,776
|
||||||||||||||||||
Total Real Estate
|
857
|
4,946
|
5,803
|
16,323
|
776,444
|
792,767
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
3
|
79
|
82
|
1,143
|
27,530
|
28,673
|
||||||||||||||||||
Commercial and industrial
|
3,846
|
1,351
|
5,197
|
9,176
|
212,845
|
222,021
|
||||||||||||||||||
Consumer and other
|
-
|
496
|
496
|
-
|
73,431
|
73,431
|
||||||||||||||||||
Unallocated
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
3,849
|
1,926
|
5,775
|
10,319
|
313,806
|
324,125
|
||||||||||||||||||
Total
|
$
|
4,706
|
$
|
6,872
|
$
|
11,578
|
$
|
26,642
|
$
|
1,090,250
|
$
|
1,116,892
|
||||||||||||
Unearned Income
|
(2,108
|
)
|
||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,114,784
|
|
As of December 31, 2016
|
|||||||||||||||||||||||
(in thousands)
|
Allowance
Individually
Evaluated
For Impairment
|
Allowance
Collectively Evaluated
for Impairment
|
Total Allowance
for Credit Losses
|
Loans
Individually
Evaluated
For Impairment
|
Loans
Collectively
Evaluated
for Impairment
|
Total Loans
before
Unearned Income
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
1,232
|
$
|
1,232
|
$
|
361
|
$
|
83,878
|
$
|
84,239
|
||||||||||||
Farmland
|
-
|
19
|
19
|
-
|
21,138
|
21,138
|
||||||||||||||||||
1 - 4 family
|
8
|
1,196
|
1,204
|
1,130
|
134,081
|
135,211
|
||||||||||||||||||
Multifamily
|
164
|
427
|
591
|
5,014
|
7,436
|
12,450
|
||||||||||||||||||
Non-farm non-residential
|
247
|
3,204
|
3,451
|
10,803
|
406,211
|
417,014
|
||||||||||||||||||
Total Real Estate
|
419
|
6,078
|
6,497
|
17,308
|
652,744
|
670,052
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
11
|
63
|
74
|
1,614
|
22,169
|
23,783
|
||||||||||||||||||
Commercial and industrial
|
2,375
|
1,168
|
3,543
|
8,965
|
185,004
|
193,969
|
||||||||||||||||||
Consumer and other
|
193
|
779
|
972
|
924
|
62,087
|
63,011
|
||||||||||||||||||
Unallocated
|
-
|
28
|
28
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
2,579
|
2,038
|
4,617
|
11,503
|
269,260
|
280,763
|
||||||||||||||||||
Total
|
$
|
2,998
|
$
|
8,116
|
$
|
11,114
|
$
|
28,811
|
$
|
922,004
|
$
|
950,815
|
||||||||||||
Unearned Income
|
(1,894
|
)
|
||||||||||||||||||||||
Total loans net of unearned income
|
$
|
948,921
|
|
As of June 30, 2017
|
|||||||||||||||||||||||
(in thousands)
|
Recorded
Investment
|
Unpaid
Principal Balance
|
Related
Allowance
|
Average
Recorded Investment
|
Interest Income
Recognized
|
Interest Income
Cash Basis
|
||||||||||||||||||
Impaired Loans with no related allowance:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
352
|
$
|
823
|
$
|
-
|
$
|
358
|
$
|
-
|
$
|
-
|
||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
716
|
758
|
-
|
712
|
12
|
16
|
||||||||||||||||||
Multifamily
|
4,975
|
5,388
|
-
|
5,002
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
5,916
|
5,916
|
-
|
6,198
|
124
|
128
|
||||||||||||||||||
Total Real Estate
|
11,959
|
12,885
|
-
|
12,270
|
136
|
144
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
866
|
1,151
|
-
|
925
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
866
|
1,151
|
-
|
925
|
-
|
-
|
||||||||||||||||||
Total Impaired Loans with no related allowance
|
12,825
|
14,036
|
-
|
13,195
|
136
|
144
|
||||||||||||||||||
|
||||||||||||||||||||||||
Impaired Loans with an allowance recorded:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
4,364
|
4,871
|
857
|
4,762
|
91
|
94
|
||||||||||||||||||
Total Real Estate
|
4,364
|
4,871
|
857
|
4,762
|
91
|
94
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
277
|
377
|
3
|
277
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
9,176
|
9,337
|
3,846
|
9,192
|
34
|
30
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
9,453
|
9,714
|
3,849
|
9,469
|
34
|
30
|
||||||||||||||||||
Total Impaired Loans with an allowance recorded
|
13,817
|
14,585
|
4,706
|
14,231
|
125
|
124
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total Impaired Loans
|
$
|
26,642
|
$
|
28,621
|
$
|
4,706
|
$
|
27,426
|
$
|
261
|
$
|
268
|
|
As of December 31, 2016
|
|||||||||||||||||||||||
(in thousands)
|
Recorded
Investment
|
Unpaid
Principal Balance
|
Related
Allowance
|
Average
Recorded Investment
|
Interest Income
Recognized
|
Interest Income
Cash Basis
|
||||||||||||||||||
Impaired Loans with no related allowance:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
361
|
$
|
823
|
$
|
-
|
$
|
363
|
$
|
-
|
$
|
-
|
||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
863
|
1,196
|
-
|
1,044
|
49
|
48
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
8,501
|
9,430
|
-
|
8,949
|
196
|
175
|
||||||||||||||||||
Total Real Estate
|
9,725
|
11,449
|
-
|
10,356
|
245
|
223
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
1,603
|
1,742
|
-
|
1,377
|
30
|
-
|
||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Consumer and other
|
686
|
685
|
-
|
724
|
18
|
12
|
||||||||||||||||||
Total Non-Real Estate
|
2,289
|
2,427
|
-
|
2,101
|
48
|
12
|
||||||||||||||||||
Total Impaired Loans with no related allowance
|
12,014
|
13,876
|
-
|
12,457
|
293
|
235
|
||||||||||||||||||
|
||||||||||||||||||||||||
Impaired Loans with an allowance recorded:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
267
|
303
|
8
|
279
|
-
|
-
|
||||||||||||||||||
Multifamily
|
5,014
|
5,305
|
164
|
5,169
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
2,302
|
2,296
|
247
|
2,334
|
119
|
113
|
||||||||||||||||||
Total Real Estate
|
7,583
|
7,904
|
419
|
7,782
|
119
|
113
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
11
|
11
|
11
|
11
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
8,965
|
9,117
|
2,375
|
9,379
|
72
|
72
|
||||||||||||||||||
Consumer and other
|
238
|
244
|
193
|
289
|
8
|
7
|
||||||||||||||||||
Total Non-Real Estate
|
9,214
|
9,372
|
2,579
|
9,679
|
80
|
79
|
||||||||||||||||||
Total Impaired Loans with an allowance recorded
|
16,797
|
17,276
|
2,998
|
17,461
|
199
|
192
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total Impaired Loans
|
$
|
28,811
|
$
|
31,152
|
$
|
2,998
|
$
|
29,918
|
$
|
492
|
$
|
427
|
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||||||||||||||||||
|
Accruing Loans
|
Accruing Loans
|
||||||||||||||||||||||||||||||
(in thousands)
|
Current
|
30-89 Days
Past Due
|
Nonaccrual
|
Total TDRs
|
Current
|
30-89 Days
Past Due
|
Nonaccrual
|
Total TDRs
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
-
|
$
|
352
|
$
|
352
|
$
|
-
|
$
|
-
|
$
|
361
|
$
|
361
|
||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
1-4 Family
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Non-farm non residential
|
2,138
|
-
|
105
|
2,243
|
2,987
|
-
|
100
|
3,087
|
||||||||||||||||||||||||
Total Real Estate
|
2,138
|
-
|
457
|
2,595
|
2,987
|
-
|
461
|
3,448
|
||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total Non-Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
2,138
|
$
|
-
|
$
|
457
|
$
|
2,595
|
$
|
2,987
|
$
|
-
|
$
|
461
|
$
|
3,448
|
|
Troubled Debt Restructured Loans Activity
Six Months Ended June 30, 2017
|
|||||||||||||||||||||||||||||||||||
(in thousands)
|
Beginning balance
December 31, 2016
|
New TDRs
|
Charge-offs
post-modification
|
Transferred to ORE
|
Paydowns
|
Construction to
permanent financing
|
Restructured
to market terms
|
Other adjustments
|
Ending balance
June 30, 2017
|
|||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
361
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(9
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
352
|
|||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
1 - 4 family
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Non-farm non-residential
|
3,087
|
-
|
-
|
-
|
(849
|
)
|
-
|
-
|
5
|
2,243
|
||||||||||||||||||||||||||
Total Real Estate
|
3,448
|
-
|
-
|
-
|
(858
|
)
|
-
|
-
|
5
|
2,595
|
||||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Total Non-Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Total
|
$
|
3,448
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(858
|
)
|
$
|
-
|
$
|
-
|
5
|
$
|
2,595
|
(in thousands)
|
June 30, 2017
|
December 31, 2016
|
||||||
Real Estate Owned Acquired by Foreclosure:
|
||||||||
Residential
|
$
|
146
|
$
|
71
|
||||
Construction & land development
|
319
|
-
|
||||||
Non-farm non-residential
|
269
|
288
|
||||||
Total Other Real Estate Owned and Foreclosed Property
|
$
|
734
|
$
|
359
|
(in thousands)
|
June 30, 2017
|
December 31, 2016
|
||||||
Commitments to Extend Credit
|
$
|
65,011
|
$
|
56,910
|
||||
Unfunded Commitments under lines of credit
|
$
|
116,810
|
$
|
128,428
|
||||
Commercial and Standby letters of credit
|
$
|
7,795
|
$
|
6,602
|
(in thousands)
|
June 30, 2017
|
December 31, 2016
|
||||||
Available for Sale Securities Fair Value Measurements Using:
|
||||||||
Level 1: Quoted Prices in Active Markets For Identical Assets
|
$
|
13,294
|
$
|
30,487
|
||||
Level 2: Significant Other Observable Inputs
|
383,137
|
347,586
|
||||||
Level 3: Significant Unobservable Inputs
|
28,304
|
19,400
|
||||||
Securities available for sale measured at fair value
|
$
|
424,735
|
$
|
397,473
|
(in thousands)
|
At June 30, 2017
|
At December 31, 2016
|
||||||
Impaired Loans - Fair Value Measurements Using:
|
||||||||
Level 1: Quoted Prices in Active Markets For Identical Assets
|
$
|
-
|
$
|
-
|
||||
Level 2: Significant Other Observable Inputs
|
-
|
259
|
||||||
Level 3: Significant Unobservable Inputs
|
18,505
|
18,559
|
||||||
Impaired loans measured at fair value
|
$
|
18,505
|
$
|
18,818
|
||||
|
||||||||
Other Real Estate Owned - Fair Value Measurements Using:
|
||||||||
Level 1: Quoted Prices in Active Markets For Identical Assets
|
$
|
-
|
$
|
-
|
||||
Level 2: Significant Other Observable Inputs
|
618
|
226
|
||||||
Level 3: Significant Unobservable Inputs
|
116
|
133
|
||||||
Other real estate owned measured at fair value
|
$
|
734
|
$
|
359
|
|
June 30, 2017
|
December 31, 2016
|
||||||||||||||
(in thousands)
|
Carrying Value
|
Estimated Fair Value
|
Carrying Value
|
Estimated Fair Value
|
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
30,798
|
$
|
30,798
|
$
|
18,111
|
$
|
18,111
|
||||||||
Securities, available for sale
|
424,735
|
424,735
|
397,473
|
397,473
|
||||||||||||
Securities, held to maturity
|
95,903
|
94,605
|
101,863
|
99,906
|
||||||||||||
Federal Home Loan Bank stock
|
2,336
|
2,336
|
1,816
|
1,816
|
||||||||||||
Loans, net
|
1,104,861
|
1,098,496
|
937,807
|
937,495
|
||||||||||||
Accrued interest receivable
|
7,257
|
7,257
|
7,039
|
7,039
|
||||||||||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Deposits
|
$
|
1,540,651
|
$
|
1,541,896
|
$
|
1,326,181
|
$
|
1,325,972
|
||||||||
Borrowings
|
24,242
|
24,264
|
28,600
|
28,625
|
||||||||||||
Junior subordinated debentures
|
14,647
|
14,032
|
14,630
|
13,909
|
||||||||||||
Accrued interest payable
|
2,065
|
2,065
|
1,931
|
1,931
|
● |
First Guaranty completed its merger with Premier and its wholly owned subsidiary, Synergy Bank, on June 16, 2017. First Guaranty acquired an estimated total of $158.3 million in assets and assumed an estimated $137.4 million in liabilities. First Guaranty issued 397,988 shares at a price of $25.86 and paid $10.3 million in cash to Premier shareholders. Total consideration was $21.0 million. First Guaranty acquired an estimated total of $127.6 million in loans, securities of $5.9 million, cash and due from banks of $4.5 million, Fed funds sold of $2.9 million, premises of $9.5 million, other real estate owned of $0.2 million and other assets that totaled $1.9 million. Intangibles recorded from the transaction were an estimated total of $4.8 million, including estimated goodwill of $2.1 million. Total assumed liabilities included estimated deposits of $127.2 million, an estimated FHLB advance of $9.7 million and other liabilities of $0.4 million.
|
● |
Total assets were $1.7 billion at June 30, 2017 and $1.5 billion at December 31, 2016. Total loans were $1.1 billion at June 30, 2017, an increase of $165.9 million, or 17.5%, compared with December 31, 2016, with most of total growth attributed to the Premier acquisition. Total deposits were $1.5 billion at June 30, 2017, an increase of $0.2 billion compared to $1.3 billion at December 31, 2016. Shareholders' equity was $140.3 million and $124.3 million at June 30, 2017 and December 31, 2016, respectively.
|
● |
Net income for the second quarter of 2017 and 2016 was $2.9 million and $4.4 million, respectively. Net income for the six months ended June 30, 2017 was $6.2 million compared to $7.6 million for the six months ended June 30, 2016. A decrease in gains on securities sales of $1.8 million and $1.7 million for the three and six months ended June 30, 2017 from the prior year was a major factor in the decreases.
|
● |
Earnings per common share were $0.38 and $0.58 for the second quarter of 2017 and 2016, respectively and $0.81 and $0.99 for the six months ended June 30, 2017 and 2016, respectively. Total shares outstanding were 8,007,182 at June 30, 2017 compared to 7,609,194 at June 30, 2016. The change in shares was due to First Guaranty's acquisition of Premier in June 2017.
|
● |
Net interest income for the second quarter of 2017 was $12.8 million compared to $12.2 million for the same period in 2016. Net interest income for the six months ended June 30, 2017 was $25.5 million compared to $24.1 million for the same period in 2016.
|
● |
The provision for loan losses for the second quarter of 2017 was $1.3 million compared to $0.9 million for the same period in 2016. The provision for loan losses for the six months ended June 30, 2017 was $2.0 million compared to $1.7 million for the same period in 2016.
|
● |
Noninterest expense for the second quarter of 2017 and 2016 was $9.0 million and $8.3 million, respectively. Noninterest expense for the six months ended June 30, 2017 was $18.0 million compared to $16.4 million for the same period in 2016.
The increase in the second quarter of 2017 as compared to the prior year period included non-recurring expenses consisting of $283,000 in pre-tax expenses related to the acquisition/merger with Premier. Expenses related to the aforementioned merger for the six months ended June 30, 2017 totaled $574,000 pre-tax.
|
● |
The net interest margin for the three months ended June 30, 2017 was 3.33% which was a decrease of ten basis points from the net interest margin of 3.43% for the same period in 2016. The net interest margin for the first six months of 2017 was 3.34% which was a decrease of three basis points from the net interest margin of 3.37% for the first six months of 2016. First Guaranty attributed the decrease in the net interest margin to a rise in interest expense associated with deposits. Loans as a percentage of average interest earning assets increased to 64.4% at June 30, 2017 compared to 59.0% at June 30, 2016.
|
● |
Investment securities totaled $520.6 million at June 30, 2017, an increase of $21.3 million when compared to $499.3 million at December 31, 2016. At June 30, 2017, available for sale securities, at fair value, totaled $424.7 million, an increase of $27.3 million when compared to $397.5 million at December 31, 2016. At June 30, 2017, held to maturity securities, at amortized cost, totaled $95.9 million, a decrease of $6.0 million when compared to $101.9 million at December 31, 2016.
|
● |
Total loans net of unearned income were $1.1 billion at June 30, 2017 compared to $948.9 million at December 31, 2016. The net loan portfolio at June 30, 2017 totaled $1.1 billion, a net increase of $165.4 million from the December 31, 2016 net loan portfolio balance of $937.8 million. Total loans net of unearned income are reduced by the allowance for loan losses which totaled $11.6 million at June 30, 2017 and $11.1 million at December 31, 2016.
|
● |
Total impaired loans decreased $2.2 million to $26.6 million at June 30, 2017 compared to $28.8 million at December 31, 2016. Impaired loans decreased $2.4 million during the second quarter of 2017 from $29.0 million at March 31, 2017.
|
● |
Nonaccrual loans decreased $2.6 million to $19.1 million at June 30, 2017 compared to $21.7 million at December 31, 2016. Nonaccrual loans decreased $1.9 million during the second quarter of 2017 from $21.0 million at March 31, 2017.
|
● |
Return on average assets for the three months ended June 30, 2017 and 2016 was 0.74% and 1.21%, respectively. Return on average assets for the six months ended June 30, 2017 and 2016 was 0.79% and 1.03%, respectively. Return on average common equity for the three months ended June 30, 2017 and 2016 was 8.98% and 14.14%, respectively. Return on average common equity for the six months ended June 30, 2017 and 2016 was 9.70% and 12.33%, respectively. Return on average assets is calculated by dividing annualized net income before preferred dividends by average assets. Return on average common equity is calculated by dividing net income available to common shareholders by average common equity.
|
● |
Book value per common share was $17.52 as of June 30, 2017 compared to $16.74 as of June 30, 2016. The increase in book value was due primarily to the issuance of 397,988 shares related to the acquisition of Premier, the changes in accumulated other comprehensive income/loss ("AOCI") and an increase in retained earnings. AOCI is comprised of unrealized gains and losses on available for sale securities.
|
● |
First Guaranty's Board of Directors declared cash dividends of $0.16 per common share in the second quarter of 2017 and 2016, respectively. First Guaranty has paid 96 consecutive quarterly dividends as of June 30, 2017.
|
(in thousands)
|
June 30, 2017
|
December 31, 2016
|
||||||
Nonaccrual loans:
|
||||||||
Real Estate:
|
||||||||
Construction and land development
|
$
|
386
|
$
|
551
|
||||
Farmland
|
94
|
105
|
||||||
1 - 4 family residential
|
2,268
|
2,242
|
||||||
Multifamily
|
4,975
|
5,014
|
||||||
Non-farm non-residential
|
1,927
|
2,753
|
||||||
Total Real Estate
|
9,650
|
10,665
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
1,372
|
1,958
|
||||||
Commercial and industrial
|
8,031
|
8,070
|
||||||
Consumer and other
|
39
|
981
|
||||||
Total Non-Real Estate
|
9,442
|
11,009
|
||||||
Total nonaccrual loans
|
19,092
|
21,674
|
||||||
|
||||||||
Loans 90 days and greater delinquent & accruing:
|
||||||||
Real Estate:
|
||||||||
Construction and land development
|
-
|
34
|
||||||
Farmland
|
-
|
-
|
||||||
1 - 4 family residential
|
58
|
145
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
-
|
-
|
||||||
Total Real Estate
|
58
|
179
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
-
|
-
|
||||||
Commercial and industrial
|
-
|
-
|
||||||
Consumer and other
|
1,018
|
-
|
||||||
Total Non-Real Estate
|
1,018
|
-
|
||||||
Total loans 90 days and greater delinquent & accruing
|
1,076
|
179
|
||||||
|
||||||||
Total non-performing loans
|
20,168
|
21,853
|
||||||
|
||||||||
Real Estate Owned:
|
||||||||
Real Estate Loans:
|
||||||||
Construction and land development
|
319
|
-
|
||||||
Farmland
|
-
|
-
|
||||||
1 - 4 family residential
|
146
|
71
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
269
|
288
|
||||||
Total Real Estate
|
734
|
359
|
||||||
Non-Real Estate Loans:
|
||||||||
Agricultural
|
-
|
-
|
||||||
Commercial and industrial
|
-
|
-
|
||||||
Consumer and other
|
-
|
-
|
||||||
Total Non-Real Estate
|
-
|
-
|
||||||
Total Real Estate Owned
|
734
|
359
|
||||||
|
||||||||
Total non-performing assets
|
$
|
20,902
|
$
|
22,212
|
||||
|
||||||||
Non-performing assets to total loans
|
1.87
|
%
|
2.34
|
%
|
||||
Non-performing assets to total assets
|
1.21
|
%
|
1.48
|
%
|
||||
Non-performing loans to total loans
|
1.81
|
%
|
2.30
|
%
|
(in thousands)
|
June 30, 2017
|
December 31, 2016
|
||||||
Restructured Loans:
|
||||||||
In Compliance with Modified Terms
|
$
|
2,138
|
$
|
2,987
|
||||
Past Due 30 through 89 days and still accruing
|
-
|
-
|
||||||
Past Due 90 days and greater and still accruing
|
-
|
-
|
||||||
Nonaccrual
|
352
|
361
|
||||||
Restructured Loans that subsequently defaulted
|
105
|
100
|
||||||
Total Restructured Loans
|
$
|
2,595
|
$
|
3,448
|
● |
past due and non-performing assets;
|
● |
specific internal analysis of loans requiring special attention;
|
● |
the current level of regulatory classified and criticized assets and the associated risk factors with each;
|
● |
changes in underwriting standards or lending procedures and policies;
|
● |
charge-off and recovery practices;
|
● |
national and local economic and business conditions;
|
● |
nature and volume of loans;
|
● |
overall portfolio quality;
|
● |
adequacy of loan collateral;
|
● |
quality of loan review system and degree of oversight by our board of directors;
|
● |
competition and legal and regulatory requirements on borrowers;
|
● |
examinations of the loan portfolio by federal and state regulatory agencies and examinations; and
|
● |
review by our internal loan review department and independent accountants.
|
1.
|
First Guaranty charged off $0.1 million on a non-real estate commercial lease in the first quarter of 2017. This loan had a remaining principal balance of $0.1 million at June 30, 2017.
|
2.
|
First Guaranty charged off $0.7 million on a non-real estate commercial lease in the second quarter of 2017. This loan had a no remaining principal balance at June 30, 2017.
|
3.
|
First Guaranty charged off $0.5 million on a non-farm non-residential real estate loan in the second quarter of 2017. This loan had a $0.8 million remaining principal balance at June 30, 2017.
|
4.
|
First Guaranty charged off $0.1 million on a non-farm non-residential real estate loan in the second quarter of 2017. This loan had a $0.2 million remaining principal balance at June 30, 2017.
|
5.
|
Smaller loans and overdrawn deposit accounts comprised the remaining $0.4 million of charge-offs for the first six months of 2017.
|
(in thousands)
|
Six Months Ended June 30, 2017
|
Six Months Ended June 30, 2016
|
||||||
Loans:
|
||||||||
Average outstanding balance
|
$
|
992,883
|
$
|
848,594
|
||||
Balance at end of period
|
$
|
1,114,784
|
$
|
896,384
|
||||
|
||||||||
Allowance for Loan Losses:
|
||||||||
Balance at beginning of year
|
$
|
11,114
|
$
|
9,415
|
||||
Charge-offs
|
(1,772
|
)
|
(1,789
|
)
|
||||
Recoveries
|
223
|
495
|
||||||
Provision
|
2,013
|
1,736
|
||||||
Balance at end of period
|
$
|
11,578
|
$
|
9,857
|
Total Deposits
|
For the Six Months Ended June 30,
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2017
|
2016
|
2015
|
|||||||||||||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
|||||||||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
233,856
|
16.6
|
%
|
0.0
|
%
|
$
|
221,634
|
17.2
|
%
|
0.0
|
%
|
$
|
211,584
|
15.9
|
%
|
0.0
|
%
|
||||||||||||||||||
Interest-bearing Demand
|
535,151
|
38.0
|
%
|
0.9
|
%
|
415,410
|
32.3
|
%
|
0.6
|
%
|
401,617
|
30.2
|
%
|
0.4
|
%
|
|||||||||||||||||||||
Savings
|
99,736
|
7.1
|
%
|
0.2
|
%
|
89,279
|
7.0
|
%
|
0.1
|
%
|
77,726
|
5.8
|
%
|
0.0
|
%
|
|||||||||||||||||||||
Time
|
538,002
|
38.3
|
%
|
1.1
|
%
|
558,982
|
43.5
|
%
|
1.1
|
%
|
640,134
|
48.1
|
%
|
1.1
|
%
|
|||||||||||||||||||||
Total Deposits
|
$
|
1,406,745
|
100.0
|
%
|
0.8
|
%
|
$
|
1,285,305
|
100.0
|
%
|
0.7
|
%
|
$
|
1,331,061
|
100.0
|
%
|
0.6
|
%
|
Individual and Business Deposits
|
For the Six Months Ended June 30,
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2017
|
2016
|
2015
|
|||||||||||||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
|||||||||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
229,443
|
28.9
|
%
|
0.0
|
%
|
$
|
217,245
|
30.1
|
%
|
0.0
|
%
|
$
|
207,334
|
27.6
|
%
|
0.0
|
%
|
||||||||||||||||||
Interest-bearing Demand
|
164,891
|
20.7
|
%
|
0.5
|
%
|
117,221
|
16.2
|
%
|
0.3
|
%
|
112,864
|
15.0
|
%
|
0.2
|
%
|
|||||||||||||||||||||
Savings
|
79,657
|
10.0
|
%
|
0.1
|
%
|
72,647
|
10.0
|
%
|
0.1
|
%
|
65,775
|
8.7
|
%
|
0.1
|
%
|
|||||||||||||||||||||
Time
|
321,194
|
40.4
|
%
|
1.3
|
%
|
316,191
|
43.7
|
%
|
1.3
|
%
|
366,244
|
48.7
|
%
|
1.4
|
%
|
|||||||||||||||||||||
Total Individual and Business Deposits
|
$
|
795,185
|
100.0
|
%
|
0.6
|
%
|
$
|
723,304
|
100.0
|
%
|
0.6
|
%
|
$
|
752,217
|
100.0
|
%
|
0.7
|
%
|
Public Fund Deposits
|
For the Six Months Ended June 30,
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2017
|
2016
|
2015
|
|||||||||||||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
|||||||||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
4,413
|
0.7
|
%
|
0.0
|
%
|
$
|
4,389
|
0.8
|
%
|
0.0
|
%
|
$
|
4,250
|
0.7
|
%
|
0.0
|
%
|
||||||||||||||||||
Interest-bearing Demand
|
370,260
|
60.5
|
%
|
1.1
|
%
|
298,189
|
53.0
|
%
|
0.8
|
%
|
288,753
|
49.9
|
%
|
0.4
|
%
|
|||||||||||||||||||||
Savings
|
20,079
|
3.3
|
%
|
0.7
|
%
|
16,632
|
3.0
|
%
|
0.3
|
%
|
11,951
|
2.1
|
%
|
0.0
|
%
|
|||||||||||||||||||||
Time
|
216,808
|
35.5
|
%
|
0.9
|
%
|
242,791
|
43.2
|
%
|
0.8
|
%
|
273,890
|
47.3
|
%
|
0.7
|
%
|
|||||||||||||||||||||
Total Public Fund
Deposits
|
$
|
611,560
|
100.0
|
%
|
1.0
|
%
|
$
|
562,001
|
100.0
|
%
|
0.8
|
%
|
$
|
578,844
|
100.0
|
%
|
0.5
|
%
|
(in thousands)
|
June 30, 2017
|
|||
Time deposits of less than $100,000
|
$
|
183,244
|
||
Time deposits of $100,000 through $250,000
|
156,025
|
|||
Time deposits of more than $250,000
|
256,106
|
|||
Total Time Deposits
|
$
|
595,375
|
(in thousands except for %)
|
June 30, 2017
|
December 31, 2016
|
December 31, 2015
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||||
Public Funds:
|
||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
4,070
|
$
|
4,114
|
$
|
4,906
|
$
|
3,241
|
$
|
3,016
|
||||||||||
Interest-bearing Demand
|
383,211
|
324,356
|
296,416
|
321,382
|
296,739
|
|||||||||||||||
Savings
|
20,665
|
20,116
|
14,667
|
10,142
|
7,209
|
|||||||||||||||
Time
|
216,700
|
208,330
|
252,688
|
266,743
|
208,614
|
|||||||||||||||
Total Public Funds
|
$
|
624,646
|
$
|
556,916
|
$
|
568,677
|
$
|
601,508
|
$
|
515,578
|
||||||||||
Total Deposits
|
$
|
1,540,651
|
$
|
1,326,181
|
$
|
1,295,870
|
$
|
1,371,839
|
$
|
1,303,099
|
||||||||||
Total Public Funds as a percent of Total Deposits
|
40.5
|
%
|
42.0
|
%
|
43.9
|
%
|
43.9
|
%
|
39.6
|
%
|
|
Three Months Ended June 30, 2017
|
Three Months Ended June 30, 2016
|
||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Interest
|
Yield/Rate (5)
|
Average Balance
|
Interest
|
Yield/Rate (5)
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-earning deposits with banks
|
$
|
25,361
|
$
|
41
|
0.65
|
%
|
$
|
19,146
|
$
|
14
|
0.29
|
%
|
||||||||||||
Securities (including FHLB stock)
|
507,847
|
3,298
|
2.60
|
%
|
551,601
|
3,427
|
2.50
|
%
|
||||||||||||||||
Federal funds sold
|
878
|
2
|
0.91
|
%
|
246
|
-
|
0.00
|
%
|
||||||||||||||||
Loans held for sale
|
255
|
4
|
6.38
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Loans, net of unearned income
|
1,008,759
|
12,822
|
5.10
|
%
|
861,237
|
11,306
|
5.28
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,543,100
|
$
|
16,167
|
4.20
|
%
|
1,432,230
|
$
|
14,747
|
4.14
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
8,090
|
7,731
|
||||||||||||||||||||||
Premises and equipment, net
|
27,161
|
21,798
|
||||||||||||||||||||||
Other assets
|
5,208
|
3,678
|
||||||||||||||||||||||
Total Assets
|
$
|
1,583,559
|
$
|
1,465,437
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
$
|
535,786
|
$
|
1,360
|
1.02
|
%
|
$
|
413,524
|
$
|
627
|
0.61
|
%
|
||||||||||||
Savings deposits
|
101,684
|
50
|
0.20
|
%
|
87,501
|
17
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
536,061
|
1,591
|
1.19
|
%
|
569,347
|
1,507
|
1.06
|
%
|
||||||||||||||||
Borrowings
|
38,002
|
374
|
3.95
|
%
|
40,284
|
365
|
3.64
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,211,533
|
$
|
3,375
|
1.12
|
%
|
1,110,656
|
$
|
2,516
|
0.91
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
236,009
|
225,263
|
||||||||||||||||||||||
Other
|
4,908
|
4,369
|
||||||||||||||||||||||
Total Liabilities
|
1,452,450
|
1,340,288
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Shareholders' equity
|
131,019
|
125,149
|
||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,583,469
|
$
|
1,465,437
|
||||||||||||||||||||
Net interest income
|
$
|
12,792
|
$
|
12,231
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest rate spread (1)
|
3.08
|
%
|
3.23
|
%
|
||||||||||||||||||||
Net interest-earning assets (2)
|
$
|
331,567
|
$
|
321,574
|
||||||||||||||||||||
Net interest margin (3), (4)
|
3.33
|
%
|
3.43
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
127.37
|
%
|
128.95
|
%
|
(1) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(2) |
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(3) |
Net interest margin represents net interest income divided by average total interest-earning assets.
|
(4) |
The tax adjusted net interest margin was 3.35% and 3.47% for the above periods ended June 30, 2017 and 2016 respectively. A 35% tax rate was used to calculate the effect on securities income from tax exempt securities.
|
(5) |
Annualized.
|
|
Six Months Ended June 30, 2017
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Interest
|
Yield/Rate (5)
|
Average Balance
|
Interest
|
Yield/Rate (5)
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-earning deposits with banks
|
$
|
22,021
|
$
|
60
|
0.55
|
%
|
$
|
24,242
|
$
|
44
|
0.36
|
%
|
||||||||||||
Securities (including FHLB stock)
|
525,257
|
6,701
|
2.57
|
%
|
564,012
|
7,016
|
2.50
|
%
|
||||||||||||||||
Federal funds sold
|
563
|
2
|
0.62
|
%
|
247
|
-
|
0.00
|
%
|
||||||||||||||||
Loans held for sale
|
140
|
4
|
5.84
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Loans, net of unearned income
|
992,883
|
25,022
|
5.08
|
%
|
848,594
|
22,107
|
5.24
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,540,864
|
$
|
31,789
|
4.16
|
%
|
1,437,095
|
$
|
29,167
|
4.08
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
7,924
|
7,865
|
||||||||||||||||||||||
Premises and equipment, net
|
25,826
|
22,019
|
||||||||||||||||||||||
Other assets
|
4,931
|
4,236
|
||||||||||||||||||||||
Total Assets
|
$
|
1,579,545
|
$
|
1,471,215
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
$
|
535,151
|
$
|
2,442
|
0.92
|
%
|
$
|
419,404
|
$
|
1,241
|
0.59
|
%
|
||||||||||||
Savings deposits
|
99,736
|
86
|
0.17
|
%
|
85,921
|
35
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
538,002
|
3,035
|
1.14
|
%
|
580,664
|
3,071
|
1.06
|
%
|
||||||||||||||||
Borrowings
|
39,620
|
740
|
3.77
|
%
|
40,961
|
757
|
3.72
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,212,509
|
$
|
6,303
|
1.05
|
%
|
1,126,950
|
$
|
5,104
|
0.91
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
233,856
|
217,113
|
||||||||||||||||||||||
Other
|
4,579
|
3,979
|
||||||||||||||||||||||
Total Liabilities
|
1,450,944
|
1,348,042
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Shareholders' equity
|
128,601
|
123,173
|
||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,579,545
|
$
|
1,471,215
|
||||||||||||||||||||
Net interest income
|
$
|
25,486
|
$
|
24,063
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest rate spread (1)
|
3.11
|
%
|
3.17
|
%
|
||||||||||||||||||||
Net interest-earning assets (2)
|
$
|
328,355
|
$
|
310,145
|
||||||||||||||||||||
Net interest margin (3), (4)
|
3.34
|
%
|
3.37
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
127.08
|
%
|
127.52
|
%
|
(1) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(2) |
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(3) |
Net interest margin represents net interest income divided by average total interest-earning assets.
|
(4) |
The tax adjusted net interest margin was 3.36% and 3.40% for the above periods ended June 30, 2017 and 2016 respectively. A 35% tax rate was used to calculate the effect on securities income from tax exempt securities.
|
(5) |
Annualized.
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Other noninterest expense:
|
||||||||||||||||
Legal and professional fees
|
$
|
851
|
$
|
545
|
$
|
1,482
|
$
|
1,075
|
||||||||
Data processing
|
324
|
324
|
631
|
648
|
||||||||||||
ATM fees
|
299
|
274
|
576
|
523
|
||||||||||||
Marketing and public relations
|
274
|
237
|
573
|
482
|
||||||||||||
Taxes - sales, capital, and franchise
|
193
|
248
|
390
|
434
|
||||||||||||
Operating supplies
|
111
|
114
|
211
|
234
|
||||||||||||
Software expense and amortization
|
207
|
224
|
416
|
423
|
||||||||||||
Travel and lodging
|
255
|
202
|
459
|
356
|
||||||||||||
Telephone
|
36
|
52
|
76
|
96
|
||||||||||||
Amortization of core deposits
|
80
|
80
|
160
|
160
|
||||||||||||
Donations
|
91
|
106
|
181
|
195
|
||||||||||||
Net costs from other real estate and repossessions
|
72
|
103
|
149
|
199
|
||||||||||||
Regulatory assessment
|
204
|
280
|
401
|
557
|
||||||||||||
Other
|
354
|
385
|
783
|
821
|
||||||||||||
Total other noninterest expense
|
$
|
3,351
|
$
|
3,174
|
$
|
6,488
|
$
|
6,203
|
|
"Well Capitalized Minimums"
|
|
As of June 30, 2017
|
|
As of December 31, 2016
|
|||
Tier 1 Leverage Ratio
|
|
|
|
|
|
|||
Consolidated
|
|
5.00%
|
|
|
8.51%
|
|
|
8.68%
|
Bank
|
|
5.00%
|
|
|
10.35%
|
|
|
9.88%
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-based Capital Ratio
|
|
|
|
|
|
|
|
|
Consolidated
|
|
8.00%
|
|
|
10.01%
|
|
|
10.59%
|
Bank
|
|
8.00%
|
|
|
12.19%
|
|
|
12.05%
|
|
|
|
|
|
|
|
|
|
Total Risk-based Capital Ratio
|
|
|
|
|
|
|
|
|
Consolidated
|
|
10.00%
|
|
|
11.99%
|
|
|
12.79%
|
Bank
|
|
10.00%
|
|
|
13.05%
|
|
|
12.99%
|
|
|
|
|
|
|
|
|
|
Common Equity Tier One Capital Ratio
|
|
|
|
|
|
|
|
|
Consolidated
|
|
6.50%
|
|
|
10.01%
|
|
|
10.59%
|
Bank
|
|
6.50%
|
|
|
12.19%
|
|
|
12.05%
|
|
June 30, 2017
|
|||||||||||||||||||
|
Interest Sensitivity Within
|
|||||||||||||||||||
(in thousands except for %)
|
3 Months Or Less
|
Over 3 Months
thru 12 Months
|
Total One Year
|
Over One Year
|
Total
|
|||||||||||||||
Earning Assets:
|
||||||||||||||||||||
Loans (including loans held for sale)
|
$
|
443,118
|
$
|
59,923
|
$
|
503,041
|
$
|
613,398
|
$
|
1,116,439
|
||||||||||
Securities (including FHLB stock)
|
17,378
|
7,551
|
24,929
|
498,045
|
522,974
|
|||||||||||||||
Federal Funds Sold
|
1,669
|
-
|
1,669
|
-
|
1,669
|
|||||||||||||||
Other earning assets
|
17,136
|
-
|
17,136
|
-
|
17,136
|
|||||||||||||||
Total earning assets
|
$
|
479,301
|
$
|
67,474
|
$
|
546,775
|
$
|
1,111,443
|
$
|
1,658,218
|
||||||||||
|
||||||||||||||||||||
Source of Funds:
|
||||||||||||||||||||
Interest-bearing accounts:
|
||||||||||||||||||||
Demand deposits
|
$
|
577,797
|
$
|
-
|
$
|
577,797
|
$
|
-
|
$
|
577,797
|
||||||||||
Savings deposits
|
104,603
|
-
|
104,603
|
-
|
104,603
|
|||||||||||||||
Time deposits
|
147,060
|
241,645
|
388,705
|
206,670
|
595,375
|
|||||||||||||||
Short-term borrowings
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Senior long-term debt
|
24,242
|
-
|
24,242
|
-
|
24,242
|
|||||||||||||||
Junior subordinated debt
|
-
|
-
|
-
|
14,697
|
14,697
|
|||||||||||||||
Noninterest-bearing, net
|
-
|
-
|
-
|
341,504
|
341,504
|
|||||||||||||||
Total source of funds
|
$
|
853,702
|
$
|
241,645
|
$
|
1,095,347
|
$
|
562,871
|
$
|
1,658,218
|
||||||||||
|
||||||||||||||||||||
Period gap
|
$
|
(374,401
|
)
|
$
|
(174,171
|
)
|
$
|
(548,572
|
)
|
$
|
548,572
|
|||||||||
Cumulative gap
|
$
|
(374,401
|
)
|
$
|
(548,572
|
)
|
$
|
(548,572
|
)
|
$
|
-
|
|||||||||
|
||||||||||||||||||||
Cumulative gap as a percent of earning assets
|
-22.6
|
%
|
-33.1
|
%
|
-33.1
|
%
|
Instantaneous
Changes in Interest Rates (In Basis Points)
|
Percent Change In Net Interest Income
|
+400
|
(15.42)%
|
+300
|
(11.19)%
|
+200
|
(7.13)%
|
+100
|
(3.17)%
|
Base
|
-%
|
-100
|
2.53%
|
Gradual Change in Interest Rates (In Basis Points)
|
Percent Change In Net Interest Income
|
+400
|
(8.01)%
|
+300
|
(5.97)%
|
+200
|
(3.93)%
|
+100
|
(1.86)%
|
Base
|
-%
|
-100
|
2.27%
|
Exhibit Number
|
Exhibit
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.SCH
|
XBRL Taxonomy Extension Schema.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase.
|
101.INS
|
XBRL Instance Document.
|
Date: August 14, 2017
|
|
By: /s/ Alton B. Lewis
|
|
|
Alton B. Lewis
|
|
|
Principal Executive Officer
|
|
|
|
Date: August 14, 2017
|
|
By: /s/ Eric J. Dosch
|
|
|
Eric J. Dosch
|
|
|
Principal Financial Officer
|
|
|
Secretary and Treasurer
|
1 Year First Guaranty Bancshares Chart |
1 Month First Guaranty Bancshares Chart |
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