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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Premier Financial Bancorp Inc | NASDAQ:PFBI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.79 | 7.73 | 18.65 | 0 | 01:00:00 |
☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Kentucky
|
61-1206757
|
|
(State or other jurisdiction of incorporation organization)
|
(I.R.S. Employer Identification No.)
|
|
2883 Fifth Avenue
Huntington, West Virginia
|
25702
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Registrant’s telephone number (304) 525-1600
|
Large accelerated filer □
|
Accelerated filer □
|
|
Non-accelerated filer ☑
|
Smaller reporting company ☑
|
Emerging growth company ☐
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
Common Stock, no par value
|
PFBI
|
The Nasdaq Stock Market LLC
|
3
|
|
41
|
|
62
|
|
62
|
|
63
|
|
63
|
|
63
|
|
63
|
|
63
|
|
63
|
|
63
|
|
64
|
|
65
|
4
|
|
5
|
|
6
|
|
7
|
|
8
|
|
9
|
|
(UNAUDITED)
|
|||||||
June 30,
2021
|
December 31,
2020
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
24,265
|
$
|
24,961
|
||||
Interest bearing bank balances
|
124,523
|
174,209
|
||||||
Federal funds sold
|
16,047
|
11,306
|
||||||
Cash and cash equivalents
|
164,835
|
210,476
|
||||||
Securities available for sale
|
572,785
|
421,190
|
||||||
Loans
|
1,245,961
|
1,214,378
|
||||||
Allowance for loan losses
|
(13,260
|
)
|
(13,516
|
)
|
||||
Net loans
|
1,232,701
|
1,200,862
|
||||||
Federal Home Loan Bank stock, at cost
|
4,159
|
4,166
|
||||||
Premises and equipment, net
|
33,799
|
35,287
|
||||||
Other real estate owned, net
|
12,042
|
13,215
|
||||||
Interest receivable
|
6,011
|
5,991
|
||||||
Goodwill
|
47,640
|
47,640
|
||||||
Other intangible assets
|
3,979
|
4,424
|
||||||
Other assets
|
1,948
|
2,571
|
||||||
Total assets
|
$
|
2,079,899
|
$
|
1,945,822
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$
|
519,552
|
$
|
487,675
|
||||
Time deposits, $250,000 and over
|
64,218
|
63,602
|
||||||
Other interest bearing
|
1,143,012
|
1,082,463
|
||||||
Total deposits
|
1,726,782
|
1,633,740
|
||||||
Securities sold under agreements to repurchase
|
62,256
|
33,827
|
||||||
Subordinated debt
|
5,495
|
5,475
|
||||||
Interest payable
|
225
|
360
|
||||||
Other liabilities
|
35,956
|
12,513
|
||||||
Total liabilities
|
1,830,714
|
1,685,915
|
||||||
Stockholders' equity
|
||||||||
Common stock, no par value; 30,000,000 shares authorized; 14,801,195 shares issued and outstanding at June 30, 2021, and 14,674,379 shares issued and outstanding at December 31, 2020
|
135,132
|
134,110
|
||||||
Retained earnings
|
108,970
|
116,378
|
||||||
Accumulated other comprehensive income
|
5,083
|
9,419
|
||||||
Total stockholders' equity
|
249,185
|
259,907
|
||||||
Total liabilities and stockholders' equity
|
$
|
2,079,899
|
$
|
1,945,822
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Interest income
|
||||||||||||||||
Loans, including fees
|
$
|
16,024
|
$
|
16,416
|
$
|
31,472
|
$
|
32,170
|
||||||||
Securities available for sale
|
||||||||||||||||
Taxable
|
1,393
|
2,014
|
2,722
|
4,557
|
||||||||||||
Tax-exempt
|
163
|
182
|
334
|
271
|
||||||||||||
Federal funds sold and other
|
23
|
26
|
62
|
284
|
||||||||||||
Total interest income
|
17,603
|
18,638
|
34,590
|
37,282
|
||||||||||||
Interest expense
|
||||||||||||||||
Deposits
|
586
|
1,715
|
1,351
|
3,880
|
||||||||||||
Repurchase agreements and other
|
12
|
15
|
24
|
39
|
||||||||||||
FHLB advances
|
-
|
23
|
-
|
53
|
||||||||||||
Subordinated debt
|
59
|
76
|
119
|
159
|
||||||||||||
Total interest expense
|
657
|
1,829
|
1,494
|
4,131
|
||||||||||||
Net interest income
|
16,946
|
16,809
|
33,096
|
33,151
|
||||||||||||
Provision for loan losses
|
428
|
590
|
1,076
|
1,590
|
||||||||||||
Net interest income after provision for loan losses
|
16,518
|
16,219
|
32,020
|
31,561
|
||||||||||||
Non-interest income
|
||||||||||||||||
Service charges on deposit accounts
|
707
|
692
|
1,440
|
1,798
|
||||||||||||
Electronic banking income
|
1,101
|
937
|
2,108
|
1,755
|
||||||||||||
Security gains
|
-
|
-
|
1,096
|
-
|
||||||||||||
Secondary market mortgage income
|
120
|
85
|
231
|
151
|
||||||||||||
Other
|
194
|
176
|
391
|
435
|
||||||||||||
2,122
|
1,890
|
5,266
|
4,139
|
|||||||||||||
Non-interest expenses
|
||||||||||||||||
Salaries and employee benefits
|
5,247
|
5,267
|
9,862
|
10,675
|
||||||||||||
Occupancy and equipment expenses
|
1,811
|
1,798
|
3,600
|
3,523
|
||||||||||||
Outside data processing
|
1,732
|
1,702
|
3,449
|
3,233
|
||||||||||||
Professional fees
|
463
|
246
|
866
|
490
|
||||||||||||
Taxes, other than payroll, property and income
|
172
|
252
|
303
|
527
|
||||||||||||
Write-downs, expenses, sales of other real estate owned, net
|
995
|
354
|
1,159
|
422
|
||||||||||||
Amortization of intangibles
|
223
|
241
|
445
|
483
|
||||||||||||
FDIC insurance
|
124
|
72
|
251
|
68
|
||||||||||||
Other expenses
|
1,052
|
1,147
|
2,074
|
2,395
|
||||||||||||
11,819
|
11,079
|
22,009
|
21,816
|
|||||||||||||
Income before income taxes
|
6,821
|
7,030
|
15,277
|
13,884
|
||||||||||||
Provision for income taxes
|
1,647
|
1,524
|
3,553
|
3,010
|
||||||||||||
Net income
|
$
|
5,174
|
$
|
5,506
|
$
|
11,724
|
$
|
10,874
|
||||||||
Net income per share:
|
||||||||||||||||
Basic
|
$
|
0.35
|
$
|
0.38
|
$
|
0.80
|
$
|
0.74
|
||||||||
Diluted
|
0.35
|
0.37
|
0.79
|
0.74
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net income
|
$
|
5,174
|
$
|
5,506
|
$
|
11,724
|
$
|
10,874
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Unrealized gains (losses) arising during the period
|
(325
|
)
|
1,998
|
(4,393
|
)
|
8,890
|
||||||||||
Reclassification of realized amount
|
-
|
-
|
(1,096
|
)
|
-
|
|||||||||||
Net change in unrealized gain (loss) on securities
|
(325
|
)
|
1,998
|
(5,489
|
)
|
8,890
|
||||||||||
Less tax impact
|
68
|
(419
|
)
|
1,153
|
(1,866
|
)
|
||||||||||
Other comprehensive income (loss)
|
(257
|
)
|
1,579
|
(4,336
|
)
|
7,024
|
||||||||||
Comprehensive income
|
$
|
4,917
|
$
|
7,085
|
$
|
7,388
|
$
|
17,898
|
Three months ended June 30
|
Common
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (loss)
|
Total
|
||||||||||||
Balances, April 1, 2021
|
$
|
134,322
|
$
|
106,017
|
$
|
5,340
|
$
|
245,679
|
||||||||
Net income
|
-
|
5,174
|
-
|
5,174
|
||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
(257
|
)
|
(257
|
)
|
||||||||||
Cash dividends paid ($0.15 per share)
|
-
|
(2,221
|
)
|
-
|
(2,221
|
)
|
||||||||||
Stock options exercised
|
800
|
-
|
-
|
800
|
||||||||||||
Stock based compensation expense
|
10
|
-
|
-
|
10
|
||||||||||||
Balances, June 30, 2021
|
$
|
135,132
|
$
|
108,970
|
$
|
5,083
|
$
|
249,185
|
||||||||
Balances, April 1, 2020
|
$
|
133,866
|
$
|
105,911
|
$
|
9,148
|
$
|
248,925
|
||||||||
Net income
|
-
|
5,506
|
-
|
5,506
|
||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
1,579
|
1,579
|
||||||||||||
Cash dividends paid ($0.15 per share)
|
-
|
(2,201
|
)
|
-
|
(2,201
|
)
|
||||||||||
Stock based compensation expense
|
186
|
-
|
-
|
186
|
||||||||||||
Balances, June 30, 2020
|
$
|
134,052
|
$
|
109,216
|
$
|
10,727
|
$
|
253,995
|
Six months ended June 30
|
Common
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (loss)
|
Total
|
||||||||||||
Balances, January 1, 2021
|
$
|
134,110
|
$
|
116,378
|
$
|
9,419
|
$
|
259,907
|
||||||||
Net income
|
-
|
11,724
|
-
|
11,724
|
||||||||||||
Other comprehensive income
|
-
|
-
|
(4,336
|
)
|
(4,336
|
)
|
||||||||||
Cash dividends paid ($1.30 per share)
|
-
|
(19,132
|
)
|
-
|
(19,132
|
)
|
||||||||||
Stock options exercised
|
991
|
-
|
-
|
991
|
||||||||||||
Stock based compensation expense
|
31
|
-
|
-
|
31
|
||||||||||||
Balances, June 30, 2021
|
$
|
135,132
|
$
|
108,970
|
$
|
5,083
|
$
|
249,185
|
||||||||
Balances, January 1, 2020
|
$
|
133,795
|
$
|
102,743
|
$
|
3,703
|
$
|
240,241
|
||||||||
Net income
|
-
|
10,874
|
-
|
10,874
|
||||||||||||
Other comprehensive income
|
-
|
-
|
7,024
|
7,024
|
||||||||||||
Cash dividends paid ($0.30 per share)
|
-
|
(4,401
|
)
|
-
|
(4,401
|
)
|
||||||||||
Stock options exercised
|
31
|
-
|
-
|
31
|
||||||||||||
Stock based compensation expense
|
226
|
-
|
-
|
226
|
||||||||||||
Balances, June 30, 2020
|
$
|
134,052
|
$
|
109,216
|
$
|
10,727
|
$
|
253,995
|
|
2021
|
2020
|
||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
11,724
|
$
|
10,874
|
||||
Adjustments to reconcile net income to net cash from operating activities
|
||||||||
Depreciation
|
1,034
|
987
|
||||||
Provision for loan losses
|
1,076
|
1,590
|
||||||
Amortization, net of accretion
|
2,611
|
666
|
||||||
Writedowns of other real estate owned, net
|
894
|
263
|
||||||
Stock compensation expense
|
31
|
226
|
||||||
Gain on the disposition of securities available for sale
|
(1,096
|
)
|
-
|
|||||
Changes in:
|
||||||||
Interest receivable
|
(20
|
)
|
(1,298
|
)
|
||||
Other assets
|
623
|
(496
|
)
|
|||||
Interest payable
|
(135
|
)
|
(274
|
)
|
||||
Other liabilities
|
(771
|
)
|
2,213
|
|||||
Net cash from operating activities
|
15,971
|
14,751
|
||||||
Cash flows from investing activities
|
||||||||
Purchases of securities available for sale
|
(263,301
|
)
|
(91,614
|
)
|
||||
Proceeds from maturities and calls of securities available for sale
|
104,916
|
73,821
|
||||||
Proceeds from the sale of securities available for sale
|
25,526
|
-
|
||||||
Redemption of FHLB stock
|
7
|
164
|
||||||
Net change in loans
|
(32,509
|
)
|
(70,720
|
)
|
||||
Purchases of premises and equipment, net
|
(179
|
)
|
(360
|
)
|
||||
Proceeds from sales of other real estate acquired through foreclosure
|
596
|
612
|
||||||
Net cash from (used in) investing activities
|
(164,944
|
)
|
(88,097
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net change in deposits
|
93,044
|
112,361
|
||||||
Net change in agreements to repurchase securities
|
28,429
|
7,309
|
||||||
Repayment of FHLB advances
|
-
|
(3,400
|
)
|
|||||
Proceeds from stock option exercises
|
991
|
31
|
||||||
Common stock dividends paid
|
(19,132
|
)
|
(4,401
|
)
|
||||
Net cash from financing activities
|
103,332
|
111,900
|
||||||
Net change in cash and cash equivalents
|
(45,641
|
)
|
38,554
|
|||||
Cash and cash equivalents at beginning of period
|
210,476
|
95,056
|
||||||
Cash and cash equivalents at end of period
|
$
|
164,835
|
$
|
133,610
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during period for interest
|
$
|
1,629
|
$
|
4,404
|
||||
Cash paid during period for income taxes
|
3,208
|
-
|
||||||
Loans transferred to real estate acquired through foreclosure
|
317
|
900
|
||||||
Security purchases settled in subsequent period
|
26,000
|
-
|
||||||
Operating right-of-use asset resulting from lease liability
|
(633
|
)
|
78
|
|
Year
|
Total
|
June 30, 2021
Net Income
|
||||||||||
Subsidiary
|
Location
|
Acquired
|
Assets
|
Qtr
|
YTD
|
||||||||
Citizens Deposit Bank & Trust
|
Vanceburg, Kentucky
|
1991
|
$
|
654,258
|
$
|
1,952
|
$
|
3,826
|
|||||
Premier Bank, Inc.
|
Huntington, West Virginia
|
1998
|
1,418,684
|
3,948
|
9,113
|
||||||||
Parent and Intercompany Eliminations
|
6,957
|
(726)
|
(1,215)
|
||||||||||
Consolidated Total
|
$
|
2,079,899
|
$
|
5,174
|
$
|
11,724
|
2021
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value
|
||||||||||||
Available for sale
|
||||||||||||||||
Mortgage-backed securities
|
||||||||||||||||
U. S. sponsored agency MBS - residential
|
$
|
216,286
|
$
|
6,752
|
$
|
(544
|
)
|
$
|
222,494
|
|||||||
U. S. sponsored agency CMO’s - residential
|
17,694
|
510
|
-
|
18,204
|
||||||||||||
Total mortgage-backed securities of government sponsored agencies
|
233,980
|
7,262
|
(544
|
)
|
240,698
|
|||||||||||
U. S. government sponsored
agency securities
|
273,329
|
331
|
(1,409
|
)
|
272,251
|
|||||||||||
Obligations of states and political subdivisions
|
54,054
|
966
|
(202
|
)
|
54,818
|
|||||||||||
Other securities
|
4,988
|
67
|
(37
|
)
|
5,018
|
|||||||||||
Total available for sale
|
$
|
566,351
|
$
|
8,626
|
$
|
(2,192
|
)
|
$
|
572,785
|
2020
|
Amortized
Cost
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value
|
||||||||||||
Available for sale
|
||||||||||||||||
Mortgage-backed securities
|
||||||||||||||||
U. S. sponsored agency MBS - residential
|
$
|
318,315
|
$
|
9,777
|
$
|
(292
|
)
|
$
|
327,800
|
|||||||
U. S. sponsored agency CMO’s - residential
|
29,264
|
812
|
-
|
30,076
|
||||||||||||
Total mortgage-backed securities of government sponsored agencies
|
347,579
|
10,589
|
(292
|
)
|
357,876
|
|||||||||||
U. S. government sponsored agency securities
|
2,490
|
136
|
-
|
2,626
|
||||||||||||
Obligations of states and political subdivisions
|
53,639
|
1,361
|
-
|
55,000
|
||||||||||||
Other securities
|
5,559
|
129
|
-
|
5,688
|
||||||||||||
Total available for sale
|
$
|
409,267
|
$
|
12,215
|
$
|
(292
|
)
|
$
|
421,190
|
|
Amortized
Cost
|
Fair
Value
|
||||||
Available for sale
|
||||||||
Due in one year or less
|
$
|
16,503
|
$
|
16,599
|
||||
Due after one year through five years
|
22,785
|
23,106
|
||||||
Due after five years through ten years
|
279,970
|
279,110
|
||||||
Due after ten years
|
13,113
|
13,272
|
||||||
Mortgage-backed securities of government sponsored agencies
|
233,980
|
240,698
|
||||||
Total available for sale
|
$
|
566,351
|
$
|
572,785
|
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Description of Securities
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
||||||||||||||||||
U.S government sponsored agency securities
|
$
|
129,585
|
$
|
(1,409
|
)
|
$
|
-
|
$
|
-
|
$
|
129,585
|
$
|
(1,409
|
)
|
||||||||||
U.S government sponsored agency MBS – residential
|
40,751
|
(400
|
)
|
16,525
|
(144
|
)
|
57,276
|
(544
|
)
|
|||||||||||||||
Obligations of states and political subdivisions
|
11,717
|
(202
|
)
|
-
|
-
|
11,717
|
(202
|
)
|
||||||||||||||||
Other securities
|
3,963
|
(37
|
)
|
-
|
-
|
3,963
|
(37
|
)
|
||||||||||||||||
Total temporarily impaired
|
$
|
186,016
|
$
|
(2,048
|
)
|
$
|
16,525
|
$
|
(144
|
)
|
$
|
202,541
|
$
|
(2,192
|
)
|
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Description of Securities
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
||||||||||||||||||
U.S government sponsored agency MBS – residential
|
$
|
58,207
|
$
|
(292
|
)
|
$
|
-
|
$
|
-
|
$
|
58,207
|
$
|
(292
|
)
|
||||||||||
Total temporarily impaired
|
$
|
58,207
|
$
|
(292
|
)
|
$
|
-
|
$
|
-
|
$
|
58,207
|
$
|
(292
|
)
|
|
2021
|
2020
|
||||||
Residential real estate
|
$
|
379,647
|
$
|
378,659
|
||||
Multifamily real estate
|
37,593
|
37,978
|
||||||
Commercial real estate:
|
||||||||
Owner occupied
|
171,281
|
164,706
|
||||||
Non-owner occupied
|
339,418
|
329,031
|
||||||
Commercial and industrial
|
83,961
|
90,062
|
||||||
SBA PPP
|
73,404
|
61,169
|
||||||
Consumer
|
21,505
|
23,984
|
||||||
Construction and land
|
103,591
|
92,648
|
||||||
All other
|
35,561
|
36,141
|
||||||
$
|
1,245,961
|
$
|
1,214,378
|
Loan Class
|
Balance
December 31, 2020
|
Provision (credit)
for loan losses
|
Loans
charged-off
|
Recoveries
|
Balance
June 30, 2021
|
|||||||||||||||
Residential real estate
|
$
|
2,071
|
$
|
301
|
$
|
(175
|
)
|
$
|
12
|
$
|
2,209
|
|||||||||
Multifamily real estate
|
184
|
(17
|
)
|
-
|
-
|
167
|
||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
2,874
|
(184
|
)
|
(214
|
)
|
3
|
2,479
|
|||||||||||||
Non-owner occupied
|
5,129
|
964
|
(856
|
)
|
-
|
5,237
|
||||||||||||||
Commercial and industrial
|
1,538
|
(129
|
)
|
(90
|
)
|
12
|
1,331
|
|||||||||||||
Consumer
|
226
|
(4
|
)
|
(44
|
)
|
18
|
196
|
|||||||||||||
Construction and land
|
946
|
152
|
-
|
4
|
1,102
|
|||||||||||||||
All other
|
548
|
(7
|
)
|
(50
|
)
|
48
|
539
|
|||||||||||||
Total
|
$
|
13,516
|
$
|
1,076
|
$
|
(1,429
|
)
|
$
|
97
|
$
|
13,260
|
Loan Class
|
Balance
December 31, 2019
|
Provision (credit)
for loan losses
|
Loans
charged-off
|
Recoveries
|
Balance
June 30, 2020
|
|||||||||||||||
Residential real estate
|
$
|
1,711
|
$
|
288
|
$
|
(94
|
)
|
$
|
10
|
$
|
1,915
|
|||||||||
Multifamily real estate
|
1,954
|
161
|
-
|
-
|
2,115
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
2,441
|
590
|
(566
|
)
|
5
|
2,470
|
||||||||||||||
Non-owner occupied
|
3,184
|
1,200
|
(77
|
)
|
3
|
4,310
|
||||||||||||||
Commercial and industrial
|
1,767
|
(247
|
)
|
(5
|
)
|
39
|
1,554
|
|||||||||||||
Consumer
|
281
|
14
|
(99
|
)
|
34
|
230
|
||||||||||||||
Construction and land
|
1,724
|
(529
|
)
|
-
|
38
|
1,233
|
||||||||||||||
All other
|
480
|
113
|
(94
|
)
|
62
|
561
|
||||||||||||||
Total
|
$
|
13,542
|
$
|
1,590
|
$
|
(935
|
)
|
$
|
191
|
$
|
14,388
|
Loan Class
|
Balance
March 31, 2021
|
Provision (credit)
for loan losses
|
Loans
charged-off
|
Recoveries
|
Balance
June 30, 2021
|
|||||||||||||||
Residential real estate
|
$
|
2,111
|
$
|
202
|
$
|
(115
|
)
|
$
|
11
|
$
|
2,209
|
|||||||||
Multifamily real estate
|
166
|
1
|
-
|
-
|
167
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
2,970
|
(279
|
)
|
(214
|
)
|
2
|
2,479
|
|||||||||||||
Non-owner occupied
|
5,628
|
465
|
(856
|
)
|
-
|
5,237
|
||||||||||||||
Commercial and industrial
|
1,385
|
(34
|
)
|
(27
|
)
|
7
|
1,331
|
|||||||||||||
Consumer
|
205
|
(5
|
)
|
(18
|
)
|
14
|
196
|
|||||||||||||
Construction and land
|
1,022
|
78
|
-
|
2
|
1,102
|
|||||||||||||||
All other
|
540
|
-
|
(22
|
)
|
21
|
539
|
||||||||||||||
Total
|
$
|
14,027
|
$
|
428
|
$
|
(1,252
|
)
|
$
|
57
|
$
|
13,260
|
Loan Class
|
Balance
March 31, 2020
|
Provision (credit)
for loan losses
|
Loans
charged-off
|
Recoveries
|
Balance
June 30, 2020
|
|||||||||||||||
Residential real estate
|
$
|
1,838
|
$
|
72
|
$
|
(1
|
)
|
$
|
6
|
$
|
1,915
|
|||||||||
Multifamily real estate
|
2,104
|
11
|
-
|
-
|
2,115
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
2,220
|
248
|
-
|
2
|
2,470
|
|||||||||||||||
Non-owner occupied
|
3,642
|
721
|
(53
|
)
|
-
|
4,310
|
||||||||||||||
Commercial and industrial
|
1,817
|
(269
|
)
|
(5
|
)
|
11
|
1,554
|
|||||||||||||
Consumer
|
241
|
12
|
(30
|
)
|
7
|
230
|
||||||||||||||
Construction and land
|
1,412
|
(180
|
)
|
-
|
1
|
1,233
|
||||||||||||||
All other
|
582
|
(25
|
)
|
(20
|
)
|
24
|
561
|
|||||||||||||
Total
|
$
|
13,856
|
$
|
590
|
$
|
(109
|
)
|
$
|
51
|
$
|
14,388
|
|
2021
|
2020
|
||||||
Residential real estate
|
$
|
1,904
|
$
|
2,092
|
||||
Commercial real estate
|
||||||||
Owner occupied
|
658
|
1,012
|
||||||
Non-owner occupied
|
1,948
|
2,357
|
||||||
Commercial and industrial
|
-
|
16
|
||||||
Consumer
|
2
|
9
|
||||||
Construction and land
|
334
|
368
|
||||||
All other
|
39
|
110
|
||||||
Total carrying amount
|
$
|
4,885
|
$
|
5,964
|
||||
Contractual principal balance
|
$
|
7,746
|
$
|
9,267
|
||||
Carrying amount, net of allowance
|
$
|
4,885
|
$
|
5,964
|
|
2021
|
2020
|
||||||
Balance at January 1
|
$
|
277
|
$
|
619
|
||||
New loans purchased
|
-
|
-
|
||||||
Accretion of income
|
(137
|
)
|
(59
|
)
|
||||
Loans placed on non-accrual
|
(19
|
)
|
-
|
|||||
Income recognized upon full repayment
|
(11
|
)
|
(65
|
)
|
||||
Reclassifications to accretable difference
|
231
|
(190
|
)
|
|||||
Disposals
|
-
|
-
|
||||||
Balance at June 30
|
$
|
341
|
$
|
305
|
June 30, 2021
|
Principal Owed
on Non-accrual
Loans
|
Recorded
Investment in
Non-accrual Loans
|
Loans Past Due
Over 90 Days,
still accruing
|
|||||||||
Residential real estate
|
$
|
4,050
|
$
|
3,086
|
$
|
984
|
||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
3,375
|
3,105
|
-
|
|||||||||
Non-owner occupied
|
6,434
|
5,231
|
83
|
|||||||||
Commercial and industrial
|
992
|
422
|
-
|
|||||||||
Consumer
|
114
|
73
|
1
|
|||||||||
Construction and land
|
10
|
8
|
-
|
|||||||||
Total
|
$
|
14,975
|
$
|
11,925
|
$
|
1,068
|
December 31, 2020
|
Principal
Owed on Non-
accrual Loans
|
Recorded
Investment in
Non-accrual Loans
|
Loans Past Due
Over 90 Days,
still accruing
|
|||||||||
Residential real estate
|
$
|
5,144
|
$
|
3,955
|
$
|
1,348
|
||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
2,601
|
2,103
|
7
|
|||||||||
Non-owner occupied
|
3,305
|
2,230
|
975
|
|||||||||
Commercial and industrial
|
1,173
|
604
|
-
|
|||||||||
Consumer
|
168
|
94
|
1
|
|||||||||
Construction and land
|
12
|
10
|
1
|
|||||||||
Total
|
$
|
12,403
|
$
|
8,996
|
$
|
2,332
|
Loan Class
|
Total
Loans
|
30-89 Days
Past Due
|
Greater than
90 Days
Past Due
|
Total
Past Due
|
Loans Not
Past Due
|
|||||||||||||||
Residential real estate
|
$
|
379,647
|
$
|
3,419
|
$
|
2,218
|
$
|
5,637
|
$
|
374,010
|
||||||||||
Multifamily real estate
|
37,593
|
-
|
-
|
-
|
37,593
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
171,281
|
21
|
1,874
|
1,895
|
169,386
|
|||||||||||||||
Non-owner occupied
|
339,418
|
835
|
2,120
|
2,955
|
336,463
|
|||||||||||||||
Commercial and industrial
|
83,961
|
398
|
304
|
702
|
83,259
|
|||||||||||||||
SBA PPP
|
73,404
|
-
|
-
|
-
|
73,404
|
|||||||||||||||
Consumer
|
21,505
|
161
|
7
|
168
|
21,337
|
|||||||||||||||
Construction and land
|
103,591
|
963
|
3
|
966
|
102,625
|
|||||||||||||||
All other
|
35,561
|
-
|
-
|
-
|
35,561
|
|||||||||||||||
Total
|
$
|
1,245,961
|
$
|
5,797
|
$
|
6,526
|
$
|
12,323
|
$
|
1,233,638
|
Loan Class
|
Total
Loans
|
30-89 Days
Past Due
|
Greater than
90 Days
Past Due
|
Total
Past Due
|
Loans Not
Past Due
|
|||||||||||||||
Residential real estate
|
$
|
378,659
|
$
|
3,978
|
$
|
3,190
|
$
|
7,168
|
$
|
371,491
|
||||||||||
Multifamily real estate
|
37,978
|
32
|
-
|
32
|
37,946
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
164,706
|
1,197
|
814
|
2,011
|
162,695
|
|||||||||||||||
Non-owner occupied
|
329,031
|
987
|
2,196
|
3,183
|
325,848
|
|||||||||||||||
Commercial and industrial
|
90,062
|
75
|
476
|
551
|
89,511
|
|||||||||||||||
SBA PPP
|
61,169
|
-
|
-
|
-
|
61,169
|
|||||||||||||||
Consumer
|
23,984
|
190
|
38
|
228
|
23,756
|
|||||||||||||||
Construction and land
|
92,648
|
-
|
5
|
5
|
92,643
|
|||||||||||||||
All other
|
36,141
|
23
|
-
|
23
|
36,118
|
|||||||||||||||
Total
|
$
|
1,214,378
|
$
|
6,482
|
$
|
6,719
|
$
|
13,201
|
$
|
1,201,177
|
|
Allowance for Loan Losses
|
Loan Balances
|
||||||||||||||||||||||||||||||
Loan Class
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Acquired with
Deteriorated
Credit Quality
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Acquired with
Deteriorated
Credit Quality
|
Total
|
||||||||||||||||||||||||
Residential real estate
|
$
|
-
|
$
|
2,209
|
$
|
-
|
$
|
2,209
|
$
|
54
|
$
|
377,689
|
$
|
1,904
|
$
|
379,647
|
||||||||||||||||
Multifamily real estate
|
-
|
167
|
-
|
167
|
-
|
37,593
|
-
|
37,593
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||||||||||
Owner occupied
|
-
|
2,479
|
-
|
2,479
|
3,267
|
167,356
|
658
|
171,281
|
||||||||||||||||||||||||
Non-owner occupied
|
352
|
4,885
|
-
|
5,237
|
5,139
|
332,331
|
1,948
|
339,418
|
||||||||||||||||||||||||
Commercial and industrial
|
276
|
1,055
|
-
|
1,331
|
389
|
83,572
|
-
|
83,961
|
||||||||||||||||||||||||
SBA PPP
|
-
|
-
|
-
|
-
|
-
|
73,404
|
-
|
73,404
|
||||||||||||||||||||||||
Consumer
|
-
|
196
|
-
|
196
|
-
|
21,503
|
2
|
21,505
|
||||||||||||||||||||||||
Construction and land
|
-
|
1,102
|
-
|
1,102
|
-
|
103,257
|
334
|
103,591
|
||||||||||||||||||||||||
All other
|
-
|
539
|
-
|
539
|
-
|
35,522
|
39
|
35,561
|
||||||||||||||||||||||||
Total
|
$
|
628
|
$
|
12,632
|
$
|
-
|
$
|
13,260
|
$
|
8,849
|
$
|
1,232,227
|
$
|
4,885
|
$
|
1,245,961
|
|
Allowance for Loan Losses
|
Loan Balances
|
||||||||||||||||||||||||||||||
Loan Class
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Acquired with
Deteriorated
Credit Quality
|
Total
|
Individually
Evaluated for
Impairment
|
Collectively
Evaluated for
Impairment
|
Acquired with
Deteriorated
Credit Quality
|
Total
|
||||||||||||||||||||||||
Residential real estate
|
$
|
-
|
$
|
2,071
|
$
|
-
|
$
|
2,071
|
$
|
57
|
$
|
376,510
|
$
|
2,092
|
$
|
378,659
|
||||||||||||||||
Multifamily real estate
|
-
|
184
|
-
|
184
|
-
|
37,978
|
-
|
37,978
|
||||||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||||||||||
Owner occupied
|
240
|
2,634
|
-
|
2,874
|
1,981
|
161,713
|
1,012
|
164,706
|
||||||||||||||||||||||||
Non-owner occupied
|
385
|
4,744
|
-
|
5,129
|
1,843
|
324,831
|
2,357
|
329,031
|
||||||||||||||||||||||||
Commercial and industrial
|
374
|
1,164
|
-
|
1,538
|
548
|
89,498
|
16
|
90,062
|
||||||||||||||||||||||||
SBA PPP
|
-
|
-
|
-
|
-
|
-
|
61,169
|
-
|
61,169
|
||||||||||||||||||||||||
Consumer
|
-
|
226
|
-
|
226
|
-
|
23,975
|
9
|
23,984
|
||||||||||||||||||||||||
Construction and land
|
-
|
946
|
-
|
946
|
-
|
92,280
|
368
|
92,648
|
||||||||||||||||||||||||
All other
|
-
|
548
|
-
|
548
|
-
|
36,031
|
110
|
36,141
|
||||||||||||||||||||||||
Total
|
$
|
999
|
$
|
12,517
|
$
|
-
|
$
|
13,516
|
$
|
4,429
|
$
|
1,203,985
|
$
|
5,964
|
$
|
1,214,378
|
|
Unpaid
Principal
Balance
|
Recorded
Investment
|
Allowance for
Loan Losses
Allocated
|
|||||||||
With no related allowance recorded:
|
||||||||||||
Residential real estate
|
$
|
171
|
$
|
54
|
$
|
-
|
||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
3,535
|
3,267
|
-
|
|||||||||
Non-owner occupied
|
3,270
|
2,358
|
-
|
|||||||||
Commercial and industrial
|
509
|
-
|
-
|
|||||||||
7,485
|
5,679
|
-
|
||||||||||
With an allowance recorded:
|
||||||||||||
Commercial real estate
|
||||||||||||
Non-owner occupied
|
3,139
|
2,854
|
352
|
|||||||||
Commercial and industrial
|
435
|
389
|
276
|
|||||||||
3,574
|
3,243
|
628
|
||||||||||
Total
|
$
|
11,059
|
$
|
8,922
|
$
|
628
|
|
Unpaid
Principal
Balance
|
Recorded
Investment
|
Allowance for
Loan Losses
Allocated
|
|||||||||
With no related allowance recorded:
|
||||||||||||
Residential real estate
|
$
|
175
|
$
|
57
|
$
|
-
|
||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
2,295
|
1,815
|
-
|
|||||||||
Non-owner occupied
|
1,638
|
743
|
-
|
|||||||||
Commercial and industrial
|
509
|
-
|
-
|
|||||||||
4,617
|
2,615
|
-
|
||||||||||
With an allowance recorded:
|
||||||||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
506
|
490
|
240
|
|||||||||
Non-owner occupied
|
1,638
|
1,465
|
385
|
|||||||||
Commercial and industrial
|
581
|
548
|
374
|
|||||||||
2,725
|
2,503
|
999
|
||||||||||
Total
|
$
|
7,342
|
$
|
5,118
|
$
|
999
|
|
Six Months Ended June 30, 2021
|
Six Months Ended June 30, 2020
|
||||||||||||||||||||||
Loan Class
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Cash Basis
Interest
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Cash Basis
Interest
Recognized
|
||||||||||||||||||
Residential real estate
|
$
|
56
|
$
|
-
|
$
|
-
|
$
|
62
|
$
|
-
|
$
|
-
|
||||||||||||
Multifamily real estate
|
-
|
-
|
-
|
3,744
|
-
|
-
|
||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner occupied
|
3,123
|
155
|
155
|
2,191
|
6
|
4
|
||||||||||||||||||
Non-owner occupied
|
3,871
|
-
|
-
|
4,376
|
72
|
36
|
||||||||||||||||||
Commercial and industrial
|
446
|
1
|
1
|
738
|
2
|
2
|
||||||||||||||||||
Construction and land
|
-
|
-
|
-
|
353
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
7,496
|
$
|
156
|
$
|
156
|
$
|
11,464
|
$
|
80
|
$
|
42
|
|
Three months ended June 30, 2021
|
Three months ended June 30, 2020
|
||||||||||||||||||||||
Loan Class
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Cash Basis
Interest
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Cash Basis
Interest
Recognized
|
||||||||||||||||||
Residential real estate
|
$
|
55
|
$
|
-
|
$
|
-
|
$
|
61
|
$
|
-
|
$
|
-
|
||||||||||||
Multifamily real estate
|
-
|
-
|
-
|
3,753
|
-
|
-
|
||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||
Owner occupied
|
3,532
|
3
|
3
|
1,785
|
3
|
1
|
||||||||||||||||||
Non-owner occupied
|
4,703
|
-
|
-
|
4,429
|
36
|
-
|
||||||||||||||||||
Commercial and industrial
|
395
|
-
|
-
|
768
|
1
|
1
|
||||||||||||||||||
Construction and land
|
-
|
-
|
-
|
314
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
8,685
|
$
|
3
|
$
|
3
|
$
|
11,110
|
$
|
40
|
$
|
2
|
June 30, 2021
|
TDR’s on
Non-accrual
|
Other
TDR’s
|
Total
TDR’s
|
|||||||||
Residential real estate
|
$
|
1
|
$
|
211
|
$
|
212
|
||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
-
|
184
|
184
|
|||||||||
Total
|
$
|
1
|
$
|
395
|
$
|
396
|
December 31, 2020
|
TDR’s on
Non-accrual
|
Other
TDR’s
|
Total
TDR’s
|
|||||||||
Residential real estate
|
$
|
19
|
$
|
203
|
$
|
222
|
||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
-
|
195
|
195
|
|||||||||
Non-owner occupied
|
856
|
-
|
856
|
|||||||||
Total
|
$
|
875
|
$
|
398
|
$
|
1,273
|
June 30, 2021
|
Modified to
Interest Only
Payment
|
Modified to Defer
Principal and
Interest Payment
|
Total
|
|||||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
$
|
967
|
$
|
-
|
$
|
967
|
||||||
Non-owner occupied
|
3,839
|
-
|
3,839
|
|||||||||
Construction and land
|
1,920
|
-
|
1,920
|
|||||||||
Total
|
$
|
6,726
|
$
|
-
|
$
|
6,726
|
December 31, 2020
|
Modified to
Interest Only
Payment
|
Modified to Defer
Principal and
Interest Payment
|
Total
|
|||||||||
Residential real estate
|
$
|
560
|
$
|
338
|
$
|
898
|
||||||
Multifamily real estate
|
667
|
-
|
667
|
|||||||||
Commercial real estate
|
||||||||||||
Owner occupied
|
10,567
|
396
|
10,963
|
|||||||||
Non-owner occupied
|
17,659
|
214
|
17,873
|
|||||||||
Commercial and industrial
|
-
|
898
|
898
|
|||||||||
Consumer
|
7
|
19
|
26
|
|||||||||
Construction and land
|
2,472
|
3,849
|
6,321
|
|||||||||
Total
|
$
|
31,932
|
$
|
5,714
|
$
|
37,646
|
Loan Class
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
Loans
|
|||||||||||||||
Residential real estate
|
$
|
368,576
|
$
|
2,401
|
$
|
8,670
|
$
|
-
|
$
|
379,647
|
||||||||||
Multifamily real estate
|
36,526
|
1,067
|
-
|
-
|
37,593
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
163,510
|
4,424
|
3,347
|
-
|
171,281
|
|||||||||||||||
Non-owner occupied
|
309,471
|
24,188
|
5,759
|
-
|
339,418
|
|||||||||||||||
Commercial and industrial
|
79,815
|
2,999
|
1,147
|
-
|
83,961
|
|||||||||||||||
SBA PPP
|
73,404
|
-
|
-
|
-
|
73,404
|
|||||||||||||||
Consumer
|
21,411
|
-
|
94
|
-
|
21,505
|
|||||||||||||||
Construction and land
|
98,943
|
4,590
|
58
|
-
|
103,591
|
|||||||||||||||
All other
|
35,535
|
26
|
-
|
-
|
35,561
|
|||||||||||||||
Total
|
$
|
1,187,191
|
$
|
39,695
|
$
|
19,075
|
$
|
-
|
$
|
1,245,961
|
Loan Class
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
Loans
|
|||||||||||||||
Residential real estate
|
$
|
365,397
|
$
|
3,093
|
$
|
10,169
|
$
|
-
|
$
|
378,659
|
||||||||||
Multifamily real estate
|
35,412
|
2,566
|
-
|
-
|
37,978
|
|||||||||||||||
Commercial real estate:
|
||||||||||||||||||||
Owner occupied
|
155,707
|
4,686
|
4,313
|
-
|
164,706
|
|||||||||||||||
Non-owner occupied
|
312,139
|
13,959
|
2,933
|
-
|
329,031
|
|||||||||||||||
Commercial and industrial
|
84,948
|
3,747
|
1,367
|
-
|
90,062
|
|||||||||||||||
SBA PPP
|
61,169
|
-
|
-
|
-
|
61,169
|
|||||||||||||||
Consumer
|
23,837
|
5
|
142
|
-
|
23,984
|
|||||||||||||||
Construction and land
|
88,587
|
3,833
|
228
|
-
|
92,648
|
|||||||||||||||
All other
|
36,141
|
-
|
-
|
-
|
36,141
|
|||||||||||||||
Total
|
$
|
1,163,337
|
$
|
31,889
|
$
|
19,152
|
$
|
-
|
$
|
1,214,378
|
|
June 30,
2021
|
December 31,
2020
|
Regulatory
Minimum
Requirements
|
To Be
Considered
Well Capitalized
|
||||||||||||
Tier 1 Capital to average assets (CBLR):
|
10.19
|
%
|
11.27
|
%
|
8.50
|
%
|
8.50
|
%
|
2021
|
$
|
562
|
||
2022
|
1,052
|
|||
2023
|
788
|
|||
2024
|
663
|
|||
2025
|
664
|
|||
2026 and Thereafter
|
2,795
|
|||
Total undiscounted cash flows
|
6,524
|
|||
Discounted cash flows
|
(435
|
)
|
||
Total lease liability
|
$
|
6,089
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Basic earnings per share
|
||||||||||||||||
Income available to common stockholders
|
$
|
5,174
|
$
|
5,506
|
$
|
11,724
|
$
|
10,874
|
||||||||
Weighted average common shares outstanding
|
14,759,185
|
14,664,916
|
14,728,244
|
14,661,957
|
||||||||||||
Earnings per share
|
$
|
0.35
|
$
|
0.38
|
$
|
0.80
|
$
|
0.74
|
||||||||
Diluted earnings per share
|
||||||||||||||||
Income available to common stockholders
|
$
|
5,174
|
$
|
5,506
|
$
|
11,724
|
$
|
10,874
|
||||||||
Weighted average common shares outstanding
|
14,759,185
|
14,664,916
|
14,728,244
|
14,661,957
|
||||||||||||
Add dilutive effects of potential additional common stock
|
89,669
|
60,159
|
91,700
|
66,251
|
||||||||||||
Weighted average common and dilutive potential common shares outstanding
|
14,848,854
|
14,725,075
|
14,819,944
|
14,728,208
|
||||||||||||
Earnings per share assuming dilution
|
$
|
0.35
|
$
|
0.37
|
$
|
0.79
|
$
|
0.74
|
Carrying
|
Fair Value Measurements at June 30, 2021 Using
|
|||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
148,788
|
$
|
148,438
|
$
|
350
|
$
|
-
|
$
|
148,788
|
||||||||||
Federal funds sold
|
16,047
|
16,047
|
-
|
-
|
16,047
|
|||||||||||||||
Securities available for sale
|
572,785
|
-
|
572,785
|
-
|
572,785
|
|||||||||||||||
Loans, net
|
1,232,701
|
-
|
-
|
1,233,412
|
1,233,412
|
|||||||||||||||
Interest receivable
|
6,011
|
-
|
1,878
|
4,133
|
6,011
|
|||||||||||||||
Financial liabilities
|
||||||||||||||||||||
Deposits
|
$
|
1,726,782
|
$
|
1,425,037
|
$
|
302,090
|
$
|
-
|
$
|
1,727,127
|
||||||||||
Securities sold under agreements to repurchase
|
62,256
|
-
|
62,256
|
-
|
62,256
|
|||||||||||||||
Subordinated debt
|
5,495
|
-
|
5,383
|
-
|
5,383
|
|||||||||||||||
Interest payable
|
225
|
4
|
221
|
-
|
225
|
Carrying
|
Fair Value Measurements at December 31, 2020 Using
|
|||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
199,170
|
$
|
198,820
|
$
|
350
|
$
|
-
|
$
|
199,170
|
||||||||||
Federal funds sold
|
11,306
|
11,306
|
-
|
-
|
11,306
|
|||||||||||||||
Securities available for sale
|
421,190
|
-
|
421,190
|
-
|
421,190
|
|||||||||||||||
Loans, net
|
1,200,862
|
-
|
-
|
1,209,579
|
1,209,579
|
|||||||||||||||
Interest receivable
|
5,991
|
-
|
1,301
|
4,690
|
5,991
|
|||||||||||||||
Financial liabilities
|
||||||||||||||||||||
Deposits
|
$
|
1,633,740
|
$
|
1,308,188
|
$
|
327,448
|
$
|
-
|
$
|
1,635,636
|
||||||||||
Securities sold under agreements to repurchase
|
33,827
|
-
|
33,827
|
-
|
33,827
|
|||||||||||||||
Subordinated debt
|
5,475
|
-
|
5,366
|
-
|
5,366
|
|||||||||||||||
Interest payable
|
360
|
4
|
356
|
-
|
360
|
Fair Value Measurements at June 30, 2021 Using:
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
|||||||||||||
Available for sale
|
||||||||||||||||
Mortgage-backed securities
|
||||||||||||||||
U. S. agency MBS - residential
|
$
|
222,494
|
$
|
-
|
$
|
222,494
|
$
|
-
|
||||||||
U. S. agency CMO’s - residential
|
18,204
|
-
|
18,204
|
-
|
||||||||||||
Total mortgage-backed securities of government sponsored agencies
|
240,698
|
-
|
240,698
|
-
|
||||||||||||
U. S. government sponsored agency securities
|
272,251
|
-
|
272,251
|
-
|
||||||||||||
Obligations of states and political subdivisions
|
54,818
|
-
|
54,818
|
-
|
||||||||||||
Other securities
|
5,018
|
-
|
5,018
|
-
|
||||||||||||
Total securities available for sale
|
$
|
572,785
|
$
|
-
|
$
|
572,785
|
$
|
-
|
Fair Value Measurements at June 30, 2021 Using
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
Commercial real estate
|
||||||||||||||||
Non-owner occupied
|
$
|
2,502
|
$
|
-
|
$
|
-
|
$
|
2,502
|
||||||||
Commercial and industrial
|
113
|
-
|
-
|
113
|
||||||||||||
Total impaired loans
|
$
|
2,615
|
$
|
-
|
$
|
-
|
$
|
2,615
|
||||||||
Other real estate owned:
|
||||||||||||||||
Residential real estate
|
$
|
297
|
$
|
-
|
$
|
-
|
$
|
297
|
||||||||
Multifamily real estate
|
10,070
|
-
|
-
|
10,070
|
||||||||||||
Commercial real estate
|
||||||||||||||||
Owner occupied
|
817
|
-
|
-
|
817
|
||||||||||||
Construction and land
|
400
|
-
|
-
|
400
|
||||||||||||
Total OREO
|
$
|
11,584
|
$
|
-
|
$
|
-
|
$
|
11,584
|
|
June 30, 2021
|
Valuation
Techniques
|
Unobservable Inputs
|
Range
(Weighted Avg)
|
||||
Impaired loans:
|
||||||||
Commercial real estate
|
||||||||
Non-owner occupied
|
$
|
2,502
|
income approach
|
adjustment for differences in net operating income expectations
|
20.1%-47.1% (24.7%)
|
|||
Commercial and industrial
|
113
|
sales comparison
|
adjustment for estimated realizable value
|
61.7%-91.8% (64.3%)
|
||||
Total impaired loans
|
$
|
2,615
|
||||||
Other real estate owned:
|
||||||||
Residential real estate
|
$
|
297
|
sales comparison
|
adjustment for estimated realizable value
|
41.9%-65.9% (54.6%)
|
|||
Multifamily real estate
|
10,070
|
income approach
|
adjustment for differences in net operating income expectations
|
45.8%-70.3% (49.1%)
|
||||
Commercial real estate
|
||||||||
Owner occupied
|
817
|
sales comparison
|
adjustment for estimated realizable value
|
22.1%-28.5% (26.3%)
|
||||
Construction and land
|
400
|
sales comparison
|
adjustment for estimated realizable value
|
50.3%-98.6% (80.5%)
|
||||
Total OREO
|
$
|
11,584
|
Fair Value Measurements at December 31, 2020 Using
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
Commercial real estate
|
||||||||||||||||
Owner occupied
|
$
|
250
|
$
|
-
|
$
|
-
|
$
|
250
|
||||||||
Non-owner occupied
|
1,080
|
-
|
-
|
1,080
|
||||||||||||
Commercial and industrial
|
174
|
-
|
-
|
174
|
||||||||||||
Total impaired loans
|
$
|
1,504
|
$
|
-
|
$
|
-
|
$
|
1,504
|
||||||||
Other real estate owned:
|
||||||||||||||||
Residential real estate
|
$
|
206
|
$
|
-
|
$
|
-
|
$
|
206
|
||||||||
Multifamily real estate
|
10,838
|
-
|
-
|
10,838
|
||||||||||||
Commercial real estate
|
||||||||||||||||
Owner occupied
|
829
|
-
|
-
|
829
|
||||||||||||
Construction and land
|
400
|
-
|
-
|
400
|
||||||||||||
Total OREO
|
$
|
12,273
|
$
|
-
|
$
|
-
|
$
|
12,273
|
|
December 31,
2020
|
Valuation
Techniques
|
Unobservable Inputs
|
Range
(Weighted Avg)
|
||||
Impaired loans:
|
||||||||
Commercial real estate
|
||||||||
Owner occupied
|
$
|
250
|
sales comparison
|
adjustment for estimated realizable value
|
73.8%-73.8% (73.8%)
|
|||
Non-owner occupied
|
1,080
|
income approach
|
adjustment for differences in net operating income expectations
|
14.7%-37.4% (25.2%)
|
||||
Commercial and industrial
|
174
|
sales comparison
|
adjustment for estimated realizable value
|
50.0%-85.0% (62.0%)
|
||||
Total impaired loans
|
$
|
1,504
|
||||||
Other real estate owned:
|
||||||||
Residential real estate
|
$
|
206
|
sales comparison
|
adjustment for estimated realizable value
|
0.2%-59.8% (18.1%)
|
|||
Multifamily real estate
|
10,838
|
income approach
|
adjustment for differences in net operating income expectations
|
42.0%-70.4% (45.5%)
|
||||
Commercial real estate
|
||||||||
Owner occupied
|
829
|
sales comparison
|
adjustment for estimated realizable value
|
22.1%-26.8% (25.2%)
|
||||
Construction and land
|
400
|
sales comparison
|
adjustment for estimated realizable value
|
50.3%-98.6% (80.5%)
|
||||
Total OREO
|
$
|
12,273
|
Six Months Ended June 30, 2021
|
Six Months Ended June 30, 2020
|
|||||||||||||||||||||||
Balance
|
Interest
|
Yield/Rate
|
Balance
|
Interest
|
Yield/Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest Earning Assets
|
||||||||||||||||||||||||
Federal funds sold and other
|
$
|
132,699
|
$
|
62
|
0.09
|
%
|
$
|
91,842
|
$
|
284
|
0.62
|
%
|
||||||||||||
Securities available for sale
|
||||||||||||||||||||||||
Taxable
|
458,902
|
2,722
|
1.19
|
369,836
|
4,557
|
2.46
|
||||||||||||||||||
Tax-exempt
|
32,922
|
334
|
2.57
|
25,632
|
271
|
2.68
|
||||||||||||||||||
Total investment securities
|
491,824
|
3,056
|
1.28
|
395,468
|
4,828
|
2.48
|
||||||||||||||||||
Total loans
|
1,249,059
|
31,472
|
5.08
|
1,218,360
|
32,170
|
5.31
|
||||||||||||||||||
Total interest-earning assets
|
1,873,582
|
34,590
|
3.73
|
%
|
1,705,670
|
37,282
|
4.40
|
%
|
||||||||||||||||
Allowance for loan losses
|
(13,869
|
)
|
(13,816
|
)
|
||||||||||||||||||||
Cash and due from banks
|
24,165
|
22,827
|
||||||||||||||||||||||
Other assets
|
105,968
|
107,310
|
||||||||||||||||||||||
Total assets
|
$
|
1,989,846
|
$
|
1,821,991
|
||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||
Interest-bearing deposits
|
$
|
1,168,592
|
1,351
|
0.23
|
$
|
1,121,858
|
3,880
|
0.70
|
||||||||||||||||
Short-term borrowings
|
41,823
|
24
|
0.12
|
22,750
|
39
|
0.34
|
||||||||||||||||||
FHLB Advances
|
-
|
-
|
0.00
|
4,201
|
53
|
2.54
|
||||||||||||||||||
Subordinated debt
|
5,483
|
119
|
4.38
|
5,444
|
159
|
5.87
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,215,898
|
1,494
|
0.25
|
%
|
1,154,253
|
4,131
|
0.72
|
%
|
||||||||||||||||
Non-interest bearing deposits
|
510,357
|
406,163
|
||||||||||||||||||||||
Other liabilities
|
11,800
|
12,106
|
||||||||||||||||||||||
Stockholders’ equity
|
251,791
|
249,469
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
1,989,846
|
$
|
1,821,991
|
||||||||||||||||||||
Net interest earnings
|
$
|
33,096
|
$
|
33,151
|
||||||||||||||||||||
Net interest spread
|
3.48
|
%
|
3.68
|
%
|
||||||||||||||||||||
Net interest margin
|
3.57
|
%
|
3.91
|
%
|
Three Months Ended June 30, 2021
|
Three Months Ended June 30, 2020
|
|||||||||||||||||||||||
Balance
|
Interest
|
Yield/Rate
|
Balance
|
Interest
|
Yield/Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest Earning Assets
|
||||||||||||||||||||||||
Federal funds sold and other
|
$
|
108,641
|
$
|
23
|
0.08
|
%
|
$
|
112,513
|
$
|
26
|
0.09
|
%
|
||||||||||||
Securities available for sale
|
||||||||||||||||||||||||
Taxable
|
512,721
|
1,393
|
1.09
|
365,394
|
2,014
|
2.20
|
||||||||||||||||||
Tax-exempt
|
31,577
|
163
|
2.61
|
36,484
|
182
|
2.53
|
||||||||||||||||||
Total investment securities
|
544,298
|
1,556
|
1.18
|
401,878
|
2,196
|
2.23
|
||||||||||||||||||
Total loans
|
1,265,240
|
16,024
|
5.08
|
1,252,337
|
16,416
|
5.27
|
||||||||||||||||||
Total interest-earning assets
|
1,918,179
|
17,603
|
3.69
|
%
|
1,766,728
|
18,638
|
4.25
|
%
|
||||||||||||||||
Allowance for loan losses
|
(14,017
|
)
|
(14,039
|
)
|
||||||||||||||||||||
Cash and due from banks
|
24,620
|
22,980
|
||||||||||||||||||||||
Other assets
|
105,556
|
107,744
|
||||||||||||||||||||||
Total assets
|
$
|
2,034,338
|
$
|
1,883,413
|
||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||
Interest-bearing deposits
|
$
|
1,191,619
|
586
|
0.20
|
$
|
1,132,726
|
1,715
|
0.61
|
||||||||||||||||
Short-term borrowings
|
47,914
|
12
|
0.10
|
25,653
|
15
|
0.24
|
||||||||||||||||||
FHLB Advances
|
-
|
-
|
0.00
|
4,253
|
23
|
2.18
|
||||||||||||||||||
Subordinated debentures
|
5,488
|
59
|
4.31
|
5,448
|
76
|
5.61
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,245,021
|
657
|
0.21
|
%
|
1,168,080
|
1,829
|
0.63
|
%
|
||||||||||||||||
Non-interest bearing deposits
|
527,507
|
448,766
|
||||||||||||||||||||||
Other liabilities
|
12,557
|
12,812
|
||||||||||||||||||||||
Stockholders’ equity
|
249,253
|
253,755
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,034,338
|
$
|
1,883,413
|
||||||||||||||||||||
Net interest earnings
|
$
|
16,946
|
$
|
16,809
|
||||||||||||||||||||
Net interest spread
|
3.48
|
%
|
3.62
|
%
|
||||||||||||||||||||
Net interest margin
|
3.55
|
%
|
3.83
|
%
|
(In Thousands)
|
||||||||
2021
|
2020
|
|||||||
Non-accrual loans
|
$
|
11,925
|
$
|
8,996
|
||||
Accruing loans which are contractually
past due 90 days or more
|
1,068
|
2,332
|
||||||
Accruing restructured loans
|
395
|
398
|
||||||
Total non-performing loans
|
13,388
|
11,726
|
||||||
Other real estate acquired through foreclosure (OREO)
|
12,042
|
13,215
|
||||||
Total non-performing assets
|
$
|
25,430
|
$
|
24,941
|
||||
Non-performing loans as a percentage of total loans
|
1.07
|
%
|
0.97
|
%
|
||||
Non-performing assets as a percentage of total assets
|
1.22
|
%
|
1.28
|
%
|
1. |
Core deposits consisting of both consumer and commercial deposits and certificates of deposit of $250,000 or more. Management believes that the majority of its $250,000 or more certificates of deposit are no more volatile than its other deposits. This is due to the nature of the markets in which the subsidiaries operate.
|
2. |
Cash flow generated by repayment of loans and interest.
|
3. |
Arrangements with correspondent banks for purchase of unsecured federal funds.
|
4. |
The sale of securities under repurchase agreements and borrowing from the Federal Home Loan Bank.
|
5. |
Maintenance of an adequate available-for-sale security portfolio. The Company owns $572.8 million of securities at fair value as of June 30, 2021.
|
A.
|
Disclosure Controls & Procedures
|
B.
|
Changes in Internal Controls over Financial Reporting
|
C.
|
Inherent Limitations on Internal Control
|
Item 1. Legal Proceedings
|
None
|
Item 1A. Risk Factors
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
None
|
Item 3. Defaults Upon Senior Securities
|
None
|
Item 4. Mine Safety Disclosure
|
Not Applicable
|
Item 5. Other Information
|
None
|
31.1 |
31.2 |
32 |
101.INS |
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
101.SCH |
Inline XBRL Taxonomy Extension Schema Document
|
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
|
PREMIER FINANCIAL BANCORP, INC.
|
||
Date: August 12, 2021
|
/s/ Robert W. Walker
|
||
Robert W. Walker
|
|||
President & Chief Executive Officer
|
|||
Date: August 12, 2021
|
/s/ Brien M. Chase
|
||
Brien M. Chase
|
|||
Senior Vice President & Chief Financial Officer
|
1 Year Premier Financial Bancorp Chart |
1 Month Premier Financial Bancorp Chart |
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