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Share Name | Share Symbol | Market | Type |
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Community Financial Corporation | NASDAQ:TCFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 27.09 | 26.75 | 27.24 | 0 | 01:00:00 |
FORM | 10-K |
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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52-1652138
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(State of Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading Symbol(s) |
Name of each exchange on which registered
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Common Stock, par value $.01 per share
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TCFC |
The NASDAQ Stock Market, LLC
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Large Accelerated Filer
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☐
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Accelerated Filer
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☐
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Non-Accelerated Filer
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☒
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Smaller Reporting Company
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☒
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Emerging Growth Company
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☐
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Table of Contents | Page | |||||||||||||
Branch Location | Address | Description | Owned or Leased | |||||||||||||||||
Bryans Road |
8010 Matthews Road
Bryans Road, MD 20616 |
Full service branch with drive-thru | Owned | |||||||||||||||||
Charlotte Hall |
30165 Three Notch Rd
Charlotte Hall, MD 20622 |
Full service branch with drive-thru |
Land Leased
Building Owned |
|||||||||||||||||
Dunkirk |
10321 Southern Maryland Blvd
Dunkirk, MD 20754 |
Full service branch with drive-thru | Leased | |||||||||||||||||
Fredericksburg |
10 Chatham Heights Road, Suite 104
Fredericksburg, VA 22405 |
Loan office and operations center | Leased | |||||||||||||||||
Fredericksburg - Downtown |
425 William Street
Fredericksburg, VA 22401 |
Full service branch with drive-thru | Owned | |||||||||||||||||
La Plata |
101 Drury Dr
La Plata, MD 20646 |
Full service branch with drive-thru | Owned | |||||||||||||||||
La Plata - Downtown |
202 Centennial St
La Plata, MD 20646 |
Full service branch with drive-thru and loan office | Owned | |||||||||||||||||
Leonardtown |
25395 Point Lookout Rd
Leonardtown, MD 20650 |
Full service branch with drive-thru and loan office | Owned | |||||||||||||||||
Lexington Park |
22730 Three Notch Rd
California, MD 20619 |
Full service branch with drive-thru | Owned | |||||||||||||||||
Lusby |
11725 Rousby Hall Road
Lusby, MD 20657 |
Full service branch with drive-thru |
Land Leased
Building Owned |
|||||||||||||||||
Prince Frederick |
200 Market Square Dr
Prince Frederick, MD 20678 |
Full service branch with drive-thru |
Land Leased
Building Owned |
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Prince Frederick |
995 N Prince Frederick Blvd, Suite 105
Prince Frederick, MD 20678 |
Loan office | Leased | |||||||||||||||||
St. Patrick's |
20 St Patrick's Dr
Waldorf, MD 20603 |
Full service branch with drive-thru |
Land Leased
Building Owned |
|||||||||||||||||
Waldorf (Main Office) |
3035 Leonardtown Rd
Waldorf, MD 20601 |
Full service branch with drive-thru and operations center | Owned |
Source: Bloomberg
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Year Ended | |||||||||||||||||||||||||||||||||||||
Index | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | ||||||||||||||||||||||||||||||||
The Community Financial Corporation | 100.00 | 140.88 | 188.28 | 145.35 | 179.67 | 136.58 | ||||||||||||||||||||||||||||||||
NASDAQ Bank Index | 100.00 | 137.97 | 145.50 | 121.96 | 151.69 | 140.31 | ||||||||||||||||||||||||||||||||
NASDAQ Capital Market Composite | 100.00 | 114.62 | 133.94 | 113.40 | 134.88 | 202.62 |
(dollars in thousands, except per share amounts) | At or for the Years Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
FINANCIAL CONDITION DATA | ||||||||||||||||||||||||||||||||
Total assets | $ | 2,026,439 | $ | 1,797,536 | $ | 1,689,227 | $ | 1,405,961 | $ | 1,334,257 | ||||||||||||||||||||||
Loans receivable, net | 1,594,075 | 1,445,109 | 1,337,129 | 1,140,615 | 1,079,519 | |||||||||||||||||||||||||||
Investment securities | 251,167 | 213,065 | 220,884 | 167,531 | 162,280 | |||||||||||||||||||||||||||
Goodwill | 10,835 | 10,835 | 10,835 | — | — | |||||||||||||||||||||||||||
Core deposit intangible | 1,527 | 2,118 | 2,806 | — | — | |||||||||||||||||||||||||||
Deposits | 1,745,602 | 1,511,837 | 1,429,629 | 1,106,237 | 1,038,825 | |||||||||||||||||||||||||||
Borrowings | 27,302 | 45,370 | 55,436 | 142,998 | 144,559 | |||||||||||||||||||||||||||
Junior subordinated debentures | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | |||||||||||||||||||||||||||
Subordinated notes - 4.75% and 6.25% ** | 19,526 | 23,000 | 23,000 | 23,000 | 23,000 | |||||||||||||||||||||||||||
Stockholders’ equity - common | 198,013 | 181,494 | 154,482 | 109,957 | 104,426 | |||||||||||||||||||||||||||
OPERATING DATA | ||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 71,073 | $ | 72,453 | $ | 65,173 | $ | 53,570 | $ | 48,047 | ||||||||||||||||||||||
Interest expenses | 10,156 | 18,919 | 14,286 | 10,182 | 8,142 | |||||||||||||||||||||||||||
Net interest income ("NII") | 60,917 | 53,534 | 50,887 | 43,388 | 39,905 | |||||||||||||||||||||||||||
Provision for loan losses | 10,700 | 2,130 | 1,405 | 1,010 | 2,359 | |||||||||||||||||||||||||||
NII after provision for loan losses | 50,217 | 51,404 | 49,482 | 42,378 | 37,546 | |||||||||||||||||||||||||||
Noninterest income | 8,416 | 5,766 | 4,068 | 4,041 | 3,796 | |||||||||||||||||||||||||||
Noninterest expenses | 38,003 | 36,233 | 38,149 | 30,054 | 29,595 | |||||||||||||||||||||||||||
Income before income taxes | 20,630 | 20,937 | 15,401 | 16,365 | 11,747 | |||||||||||||||||||||||||||
Income taxes | 4,494 | 5,665 | 4,173 | 9,157 | 4,416 | |||||||||||||||||||||||||||
Net income | 16,136 | 15,272 | 11,228 | 7,208 | 7,331 | |||||||||||||||||||||||||||
Income available to common shares | $ | 16,136 | $ | 15,272 | $ | 11,228 | $ | 7,208 | $ | 7,331 |
(dollars in thousands, except per share amounts) | At or for the Years Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
COMMON SHARE DATA | ||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 2.74 | $ | 2.75 | $ | 2.02 | $ | 1.56 | $ | 1.59 | ||||||||||||||||||||||
Diluted earnings per common share | 2.74 | 2.75 | 2.02 | 1.56 | 1.59 | |||||||||||||||||||||||||||
Dividends declared per common share | 0.50 | 0.50 | 0.40 | 0.40 | 0.40 | |||||||||||||||||||||||||||
Book value per common share | 33.54 | 30.76 | 27.70 | 23.65 | 22.54 | |||||||||||||||||||||||||||
Tangible book value per common share (1)
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31.45 | 28.57 | 25.25 | — | — | |||||||||||||||||||||||||||
Common shares outstanding at end of period | 5,903,613 | 5,900,249 | 5,577,559 | 4,649,658 | 4,633,868 | |||||||||||||||||||||||||||
Basic weighted average common shares | 5,892,269 | 5,560,588 | 5,550,510 | 4,627,776 | 4,599,502 | |||||||||||||||||||||||||||
Diluted weighted average common shares | 5,893,559 | 5,560,588 | 5,550,510 | 4,629,228 | 4,599,502 | |||||||||||||||||||||||||||
OTHER DATA | ||||||||||||||||||||||||||||||||
Full-time equivalent employees | 189 | 194 | 189 | 165 | 162 | |||||||||||||||||||||||||||
Full-service offices | 12 | 12 | 12 | 11 | 12 | |||||||||||||||||||||||||||
Loan Production Offices | 4 | 4 | 5 | 5 | 5 | |||||||||||||||||||||||||||
CAPITAL RATIOS | ||||||||||||||||||||||||||||||||
Tier 1 capital to average assets (Leverage) | 9.56 | % | 10.08 | % | 9.50 | % | 8.79 | % | 9.02 | % | ||||||||||||||||||||||
Tier 1 common capital to risk-weighted assets | 11.47 | 11.11 | 10.36 | 9.51 | 9.54 | |||||||||||||||||||||||||||
Tier 1 capital to risk-weighted assets | 12.23 | 11.91 | 11.23 | 10.53 | 10.62 | |||||||||||||||||||||||||||
Total risk-based capital to risk-weighted assets | 14.69 | 14.16 | 13.68 | 13.40 | 13.60 | |||||||||||||||||||||||||||
Common equity to assets | 9.77 | 10.10 | 9.15 | 7.82 | 7.83 | |||||||||||||||||||||||||||
Tangible common equity to tangible assets (1)
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9.22 | 9.44 | 8.41 | — | — |
(dollars in thousands, except per share amounts) | At or for the Years Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
KEY OPERATING RATIOS | ||||||||||||||||||||||||||||||||
Return on average assets ("ROAA") | 0.81 | % | 0.88 | % | 0.70 | % | 0.52 | % | 0.60 | % | ||||||||||||||||||||||
Pre-tax Pre-Provision ROAA | 1.58 | 1.32 | 1.22 | 1.31 | 1.15 | |||||||||||||||||||||||||||
Return on average common equity ("ROACE") | 8.46 | 9.32 | 7.53 | 6.55 | 7.09 | |||||||||||||||||||||||||||
Pre-tax Pre-Provision ROACE | 16.43 | 14.07 | 13.08 | 16.46 | 13.64 | |||||||||||||||||||||||||||
Return on Average Tangible Common Equity ("ROATCE") | 9.39 | 10.60 | 8.87 | 6.55 | 7.09 | |||||||||||||||||||||||||||
Average total equity to average total assets | 9.61 | 9.40 | 9.30 | 7.99 | 8.41 | |||||||||||||||||||||||||||
Interest rate spread | 3.22 | 3.06 | 3.22 | 3.24 | 3.35 | |||||||||||||||||||||||||||
Net interest margin | 3.36 | 3.31 | 3.43 | 3.37 | 3.48 | |||||||||||||||||||||||||||
Efficiency ratio (2)
|
54.81 | 61.10 | 69.42 | 63.37 | 67.72 | |||||||||||||||||||||||||||
Common dividend payout ratio | 18.25 | 18.18 | 19.80 | 25.64 | 25.16 | |||||||||||||||||||||||||||
Non-interest expense to average assets | 1.91 | 2.08 | 2.38 | 2.18 | 2.41 | |||||||||||||||||||||||||||
Net operating expense to average assets (3)
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1.49 | 1.75 | 2.13 | 1.89 | 2.10 | |||||||||||||||||||||||||||
Avg. int-earning assets to avg. int-bearing liabilities | 125.41 | 121.62 | 121.31 | 116.95 | 117.56 |
(dollars in thousands, except per share amounts) | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||
Total assets | $ | 2,026,439 | $ | 1,797,536 | $ | 1,689,227 | $ | 1,405,961 | $ | 1,334,257 | ||||||||||||||||||||||
Less: intangible assets (1)
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||||||||||||||||||||||||||||||||
Goodwill | 10,835 | 10,835 | 10,835 | — | — | |||||||||||||||||||||||||||
Core deposit intangible | 1,527 | 2,118 | 2,806 | — | — | |||||||||||||||||||||||||||
Total intangible assets | 12,362 | 12,953 | 13,641 | — | — | |||||||||||||||||||||||||||
Tangible assets | $ | 2,014,077 | $ | 1,784,583 | $ | 1,675,586 | $ | 1,405,961 | $ | 1,334,257 | ||||||||||||||||||||||
Total common equity | $ | 198,013 | $ | 181,494 | $ | 154,482 | $ | 109,957 | $ | 104,426 | ||||||||||||||||||||||
Less: intangible assets | 12,362 | 12,953 | 13,641 | — | — | |||||||||||||||||||||||||||
Tangible common equity | $ | 185,651 | $ | 168,541 | $ | 140,841 | $ | 109,957 | $ | 104,426 | ||||||||||||||||||||||
Common shares outstanding at end of period | 5,903,613 | 5,900,249 | 5,577,559 | 4,649,658 | 4,633,868 | |||||||||||||||||||||||||||
GAAP common equity to assets | 9.77 | % | 10.10 | % | 9.15 | % | 7.82 | % | 7.83 | % | ||||||||||||||||||||||
Non-GAAP tangible common equity to tangible assets | 9.22 | % | 9.44 | % | 8.41 | % | — | % | — | % | ||||||||||||||||||||||
GAAP common book value per share | $ | 33.54 | $ | 30.76 | $ | 27.70 | $ | 23.65 | $ | 22.54 | ||||||||||||||||||||||
Non-GAAP tangible common book value per share | $ | 31.45 | $ | 28.57 | $ | 25.25 | $ | — | $ | — |
For the Year Ended | ||||||||||||||||||||||||||||||||
(dollars in thousands) | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||
Net income (as reported) | $ | 16,136 | $ | 15,272 | $ | 11,228 | $ | 7,208 | $ | 7,331 | ||||||||||||||||||||||
Merger and acquisition costs (net of tax) | — | — | 2,693 | 724 | — | |||||||||||||||||||||||||||
Provision for loan losses | 10,700 | 2,130 | 1,405 | 1,010 | 2,359 | |||||||||||||||||||||||||||
Income tax expenses | 4,494 | 5,665 | 4,173 | 9,157 | 4,416 | |||||||||||||||||||||||||||
Non-GAAP PTPP income | $ | 31,330 | $ | 23,067 | $ | 19,499 | $ | 18,099 | $ | 14,106 | ||||||||||||||||||||||
GAAP ROAA | 0.81 | % | 0.88 | % | 0.70 | % | 0.52 | % | 0.60 | % | ||||||||||||||||||||||
Pre-tax Pre-Provision ROAA | 1.58 | % | 1.32 | % | 1.22 | % | 1.31 | % | 1.15 | % | ||||||||||||||||||||||
GAAP ROACE | 8.46 | % | 9.32 | % | 7.53 | % | 6.55 | % | 7.09 | % | ||||||||||||||||||||||
Pre-tax Pre-Provision ROACE | 16.43 | % | 14.07 | % | 13.08 | % | 16.46 | % | 13.64 | % | ||||||||||||||||||||||
Non-GAAP ROATCE (1)
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9.39 | % | 10.60 | % | 8.87 | % | 6.55 | % | 7.09 | % | ||||||||||||||||||||||
Average assets | $ | 1,985,275 | $ | 1,743,448 | $ | 1,603,393 | $ | 1,376,983 | $ | 1,229,471 | ||||||||||||||||||||||
Average equity | $ | 190,720 | $ | 163,936 | $ | 149,128 | $ | 109,979 | $ | 103,397 | ||||||||||||||||||||||
Average tangible common equity | $ | 178,048 | $ | 150,622 | $ | 135,480 | $ | 109,979 | $ | 103,397 |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Avg. Yield/Cost | Average Balance | Interest | Avg. Yield/Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 993,478 | $ | 43,239 | 4.35 | % | $ | 912,954 | $ | 43,016 | 4.71 | % | ||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | 159,265 | 5,229 | 3.28 | % | 159,702 | 5,840 | 3.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential rentals | 132,524 | 5,841 | 4.41 | % | 121,912 | 6,186 | 5.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 37,930 | 1,795 | 4.73 | % | 32,590 | 1,897 | 5.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages | 33,458 | 1,334 | 3.99 | % | 36,330 | 2066 | 5.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and equipment loans | 113,886 | 5,539 | 4.86 | % | 118,399 | 6,538 | 5.52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP loans | 90,345 | 2,704 | 2.99 | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 1,099 | 50 | 4.55 | % | 920 | 59 | 6.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (15,681) | — | — | % | (11,170) | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan portfolio | 1,546,304 | 65,731 | 4.25 | % | 1,371,637 | 65,602 | 4.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable investment securities | 214,187 | 4,832 | 2.26 | % | 227,693 | 6,414 | 2.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Nontaxable investment securities | 14,214 | 338 | 2.38 | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | 19,444 | 110 | 0.57 | % | 8,719 | 237 | 2.72 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | 20,890 | 62 | 0.30 | % | 7,577 | 200 | 2.64 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Earning Assets ("IEAs") | 1,815,039 | 71,073 | 3.92 | % | 1,615,626 | 72,453 | 4.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 68,651 | 23,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 10,835 | 10,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit intangible | 1,837 | 2,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 88,913 | 91,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,985,275 | $ | 1,743,448 |
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Avg. Yield/Cost | Average Balance | Interest | Avg. Yield/Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 324,597 | — | — | % | 226,964 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 84,463 | 85 | 0.10 | % | 70,130 | 70 | 0.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand and money market accounts | 850,023 | 2,386 | 0.28 | % | 710,709 | 6,771 | 0.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 370,743 | 5,210 | 1.41 | % | 448,924 | 8,537 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,305,229 | 7,681 | 0.59 | % | 1,229,763 | 15,378 | 1.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits | 1,629,826 | 7,681 | 0.47 | % | 1,456,727 | 15,378 | 1.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 53,615 | 1373 | 2.56 | % | 32,702 | 743 | 2.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 8,156 | 111 | 1.36 | % | 30,965 | 774 | 2.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
PPPLF Advance | 60,360 | 211 | 0.35 | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | 7,953 | 395 | 4.97 | % | 23,000 | 1,438 | 6.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed preferred beneficial interest in junior subordinated debentures | 12,000 | 385 | 3.21 | % | 12,000 | 586 | 4.88 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt | 142,084 | 2,475 | 1.74 | % | 98,667 | 3,541 | 3.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities ("IBLs") | 1,447,313 | 10,156 | 0.70 | % | 1,328,430 | 18,919 | 1.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total funds | 1,771,910 | 10,156 | 0.57 | % | 1,555,394 | 18,919 | 1.22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 22,645 | 24,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 190,720 | 163,936 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | 1,985,275 | 1,743,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 60,917 | 53,534 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.22 | % | 3.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets | 3.36 | % | 3.31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. loans to avg. deposits | 94.88 | % | 94.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avg. transaction deposits to total avg. deposits ** | 77.25 | % | 69.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of average IEAs to average IBLs | 125.41 | % | 121.62 | % |
Years Ended December 31, 2020 and December 31, 2019
|
||||||||||||||||||||
(dollars in thousands) | Volume | Due to Rate | Total | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Loan portfolio | $ | 7,425 | $ | (7,296) | $ | 129 | ||||||||||||||
Investment securities, federal funds sold and interest-bearing deposits | 492 | (2,001) | (1,509) | |||||||||||||||||
Total interest-earning assets | $ | 7,917 | $ | (9,297) | $ | (1,379) | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Savings | 14 | 1 | 15 | |||||||||||||||||
Interest-bearing demand and money market accounts | 391 | (4,776) | (4,385) | |||||||||||||||||
Certificates of deposit | (1,099) | (2,228) | (3,327) | |||||||||||||||||
Long-term debt | 536 | 94 | 630 | |||||||||||||||||
Short-term borrowings | (310) | (353) | (663) | |||||||||||||||||
PPPLF Advance | 211 | — | 211 | |||||||||||||||||
Subordinated notes | (747) | (296) | (1,043) | |||||||||||||||||
Guaranteed preferred beneficial interest in junior subordinated debentures | — | (201) | (201) | |||||||||||||||||
Total interest-bearing liabilities | $ | (1,004) | $ | (7,759) | $ | (8,763) | ||||||||||||||
Net change in net interest income | $ | 8,921 | $ | (1,538) | $ | 7,384 |
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Interest rate spread | 3.29 | % | 3.15 | % | 3.21 | % | 3.21 | % | 3.05 | % | ||||||||||||||||||||||
Net interest margin | 3.40 | % | 3.27 | % | 3.34 | % | 3.43 | % | 3.29 | % | ||||||||||||||||||||||
Loan Yields | 4.25 | % | 4.06 | % | 4.17 | % | 4.56 | % | 4.70 | % | ||||||||||||||||||||||
Cost of funds | 0.42 | % | 0.46 | % | 0.54 | % | 0.93 | % | 1.14 | % | ||||||||||||||||||||||
Cost of deposits | 0.26 | % | 0.37 | % | 0.48 | % | 0.82 | % | 1.00 | % |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Provision for loan losses | $ | 10,700 | $ | 2,130 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||
Loan appraisal, credit, and miscellaneous charges | $ | 174 | $ | 335 | $ | (161) | (48.1) | % | ||||||||||||||||||
Gain on sale of assets | 6 | — | 6 | — | % | |||||||||||||||||||||
Net gains on sale of investment securities | 1,384 | 226 | 1,158 | 512.4 | ||||||||||||||||||||||
Unrealized gain on equity securities | 101 | 134 | (33) | (24.6) | % | |||||||||||||||||||||
Loss on premises and equipment held for sale | — | (1) | 1 | (100.0) | ||||||||||||||||||||||
Income from bank owned life insurance | 881 | 885 | (4) | (0.5) | % | |||||||||||||||||||||
Service charges | 3,490 | 3,308 | 182 | 5.5 | % | |||||||||||||||||||||
Referral fee income | 2,380 | 879 | 1,501 | 170.8 | ||||||||||||||||||||||
Total Noninterest Income | $ | 8,416 | $ | 5,766 | $ | 2,650 | 46.0 | % |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||
Compensation and benefits | $ | 19,553 | $ | 20,445 | $ | (892) | (4.4) | % | ||||||||||||||||||
OREO valuation allowance and expenses | 3,200 | 963 | 2,237 | 232.3 | % | |||||||||||||||||||||
Sub-total | 22,753 | 21,408 | 1,345 | 6.3 | % | |||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Occupancy expense | 3,010 | 3,101 | (91) | (2.9) | % | |||||||||||||||||||||
Advertising | 525 | 762 | (237) | (31.1) | % | |||||||||||||||||||||
Data processing expense | 3,671 | 3,048 | 623 | 20.4 | % | |||||||||||||||||||||
Professional fees | 2,413 | 2,196 | 217 | 9.9 | % | |||||||||||||||||||||
Depreciation of premises and equipment | 605 | 685 | (80) | (11.7) | % | |||||||||||||||||||||
Telephone communications | 188 | 203 | (15) | (7.4) | % | |||||||||||||||||||||
Office supplies | 120 | 149 | (29) | (19.5) | % | |||||||||||||||||||||
FDIC insurance | 939 | 334 | 605 | 181.1 | % | |||||||||||||||||||||
Core deposit intangible amortization | 591 | 688 | (97) | (14.1) | % | |||||||||||||||||||||
Other | 3,188 | 3,659 | (471) | (12.9) | % | |||||||||||||||||||||
Total Operating Expenses | $ | 15,250 | $ | 14,825 | $ | 425 | 2.9 | % | ||||||||||||||||||
Total Noninterest Expense | $ | 38,003 | $ | 36,233 | $ | 1,770 | 4.9 | % |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Valuation allowance | $ | 3,022 | $ | 901 | $ | 2,121 | 235.4 | % | ||||||||||||||||||
Losses (gains) on dispositions | 9 | (188) | 197 | (104.8) | % | |||||||||||||||||||||
Operating expenses | 169 | 250 | (81) | (32.4) | % | |||||||||||||||||||||
$ | 3,200 | $ | 963 | $ | 2,237 | 232.3 | % |
For the Year Ended December 31, 2020 | ||||||||||||||
(dollars in thousands) | Tax Provision | Effective Tax Rate | ||||||||||||
Income tax apportionment adjustment | $ | (743) | (3.6) | % | ||||||||||
Income taxes before apportionment adjustment | 5,237 | 25.4 | ||||||||||||
Income tax expense as reported | $ | 4,494 | 21.8 | % | ||||||||||
Income before income taxes | $ | 20,630 |
|
At December 31,
|
|||||||||||||||||||
(dollars in thousands)
|
2020 | 2019 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||
Freddie Mac, Fannie Mae and Ginnie Mae | $ | 162,400 | $ | 183,024 | ||||||||||||||||
U.S. Agencies | — | 9,733 | ||||||||||||||||||
Student Loan Trust ABSs | 37,439 | — | ||||||||||||||||||
Other | 288 | 371 | ||||||||||||||||||
Total asset-backed securities | 200,127 | 193,128 | ||||||||||||||||||
Callable GSE Agency Bonds | — | 2,002 | ||||||||||||||||||
Certificates of Deposit Fixed | — | 250 | ||||||||||||||||||
U.S. Treasury Bills | 1,500 | 1,489 | ||||||||||||||||||
Municipal bonds | 44,478 | 11,318 | ||||||||||||||||||
Total investment securities available-for-sale | 246,105 | 208,187 | ||||||||||||||||||
Other equity securities | ||||||||||||||||||||
Bond mutual funds | 4,855 | 4,669 | ||||||||||||||||||
Corporate equity securities | 207 | 209 | ||||||||||||||||||
Total investment securities | 251,167 | 213,065 | ||||||||||||||||||
FHLB stock | 2,777 | 3,447 | ||||||||||||||||||
Total investment securities and FHLB stock | $ | 253,944 | $ | 216,512 |
December 31, 2020 |
One Year or Less
|
After One Through Five Years
|
After Five Through Ten Years
|
After Ten Years
|
Total Investment Securities
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Amortized Cost
|
Average Yield
|
Amortized Cost
|
Average Yield
|
Amortized Cost
|
Average Yield
|
Amortized Cost
|
Average Yield
|
Amortized Cost
|
Fair Value
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies | $ | 23,082 | 1.91 | % | $ | 40,396 | 1.78 | % | $ | 44,717 | 1.54 | % | $ | 50,618 | 1.33 | % | $ | 158,813 | $ | 162,401 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities issued by Others | 5,440 | 0.69 | % | 9,522 | 0.69 | % | 10,540 | 0.70 | % | 11,931 | 0.71 | % | 37,433 | 37,727 | ||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | 6,143 | 3.17 | % | 10,751 | 3.17 | % | 11,901 | 3.17 | % | 13,472 | 3.17 | % | 42,267 | 44,477 | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury bills | 1,500 | 0.07 | % | — | — | % | — | — | % | — | — | % | 1,500 | 1,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total AFS investment securities | $ | 36,165 | 1.91 | % | $ | 60,669 | 1.86 | % | $ | 67,158 | 1.85 | % | $ | 76,021 | 2.20 | % | $ | 240,013 | $ | 246,105 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||
Credit Rating
|
Amount
|
Credit Rating
|
Amount
|
|||||||||||||||||
(dollars in thousands)
|
(dollars in thousands)
|
|||||||||||||||||||
AAA
|
$ | 220,757 |
AAA
|
$ | 200,481 | |||||||||||||||
AA
|
25,059 |
AA
|
7,334 | |||||||||||||||||
A
|
289 |
A
|
372 | |||||||||||||||||
Total
|
$ | 246,105 |
Total
|
$ | 208,187 |
(dollars in thousands)
|
At December 31,
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,049,147 | 69.8 | % | $ | 964,777 | 66.3 | % | $ | 878,016 | 65.2 | % | $ | 727,314 | 63.2 | % | $ | 667,105 | 61.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | 133,779 | 8.9 | % | 167,710 | 11.5 | % | 156,709 | 11.6 | % | 170,374 | 14.8 | % | 171,004 | 15.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Residential rentals | 139,059 | 9.2 | % | 123,601 | 8.5 | % | 124,298 | 9.2 | % | 110,228 | 9.6 | % | 101,897 | 9.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 37,520 | 2.5 | % | 34,133 | 2.4 | % | 29,705 | 2.2 | % | 27,871 | 2.4 | % | 36,934 | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages | 29,129 | 1.9 | % | 36,098 | 2.5 | % | 35,561 | 2.6 | % | 21,351 | 1.9 | % | 21,399 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 52,921 | 3.5 | % | 63,102 | 4.3 | % | 71,680 | 5.3 | % | 56,417 | 4.9 | % | 50,484 | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 1,027 | 0.1 | % | 1,104 | 0.1 | % | 751 | 0.1 | % | 573 | — | % | 422 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial equipment | 61,693 | 4.1 | % | 63,647 | 4.4 | % | 50,202 | 3.7 | % | 35,916 | 3.1 | % | 39,737 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Gross portfolio loans | 1,504,275 | 100.0 | % | 1,454,172 | 100.0 | % | 1,346,922 | 100.0 | % | 1,150,044 | 100.0 | % | 1,088,982 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred costs | 1,264 | 0.08 | % | 1,879 | 0.13 | % | 1,183 | 0.09 | % | 1,086 | 0.09 | % | 397 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (19,424) | (1.20) | % | (10,942) | (0.75) | % | (10,976) | (0.81) | % | (10,515) | (0.91) | % | (9,860) | (0.91) | % | |||||||||||||||||||||||||||||||||||||||||||||||
(18,160) | (9,063) | (9,793) | (9,429) | (9,463) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net portfolio loans | $ | 1,486,115 | $ | 1,445,109 | $ | 1,337,129 | $ | 1,140,615 | $ | 1,079,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP) loans | $ | 110,320 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred fees | (2,360) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net SBA PPP loans | $ | 107,960 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net loans | $ | 1,594,075 | $ | 1,445,109 | $ | 1,337,129 | $ | 1,140,615 | $ | 1,079,519 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Loans | $ | 1,614,595 | $ | 1,454,172 | $ | 1,346,922 | $ | 1,150,044 | $ | 1,088,982 |
December 31, 2020 | ||||||||||||||||||||||||||
(dollars in thousands)
Description of Asset
|
Due in one year or less | After one but within five years | After five years | Total | ||||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||||||||
Commercial | $ | 111,766 | $ | 191,859 | $ | 745,522 | $ | 1,049,147 | ||||||||||||||||||
Residential first mortgage | 6,979 | 24,066 | 102,734 | 133,779 | ||||||||||||||||||||||
Residential rentals | 8,188 | 22,462 | 108,409 | 139,059 | ||||||||||||||||||||||
Construction and land development | 29,690 | 7,830 | — | 37,520 | ||||||||||||||||||||||
Home equity and second mortgage | 64 | 106 | 28,959 | 29,129 | ||||||||||||||||||||||
Commercial loans | 52,921 | — | — | 52,921 | ||||||||||||||||||||||
Consumer loans | 370 | 583 | 74 | 1,027 | ||||||||||||||||||||||
Commercial equipment | 13,499 | 29,563 | 18,631 | 61,693 | ||||||||||||||||||||||
Total gross portfolio loans | $ | 223,477 | $ | 276,469 | $ | 1,004,329 | $ | 1,504,275 | ||||||||||||||||||
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP) loans | 73,675 | 36,645 | — | 110,320 | ||||||||||||||||||||||
Total gross loans | $ | 297,152 | $ | 313,114 | $ | 1,004,329 | $ | 1,614,595 |
December 31, 2020 |
Fixed Rates
|
Floating or Adjustable Rates
|
Total
|
|||||||||||||||||
(dollars in thousands)
Description of Asset
|
||||||||||||||||||||
Real Estate Loans | ||||||||||||||||||||
Commercial | $ | 138,235 | $ | 799,146 | $ | 937,381 | ||||||||||||||
Residential first mortgage | 94,050 | 32,750 | 126,800 | |||||||||||||||||
Residential rentals | 18,293 | 112,578 | 130,871 | |||||||||||||||||
Construction and land development | 4,787 | 3,043 | 7,830 | |||||||||||||||||
Home equity and second mortgage | 129 | 28,936 | 29,065 | |||||||||||||||||
Commercial loans | — | — | — | |||||||||||||||||
Consumer loans | 657 | — | 657 | |||||||||||||||||
Commercial equipment | 40,078 | 8,116 | 48,194 | |||||||||||||||||
Gross portfolio loans | $ | 296,229 | $ | 984,569 | $ | 1,280,798 | ||||||||||||||
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP) loans | 36,645 | — | 36,645 | |||||||||||||||||
Gross loans | $ | 332,874 | $ | 984,569 | $ | 1,317,443 |
(dollars in thousands, except per share amounts) | At or for the Years Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
SELECTED ASSET QUALITY DATA | ||||||||||||||||||||||||||||||||
Gross portfolio loans | $ | 1,504,275 | $ | 1,454,172 | $ | 1,346,922 | $ | 1,150,044 | $ | 1,088,982 | ||||||||||||||||||||||
Classified assets | 22,358 | 34,636 | 40,819 | 50,298 | 39,246 | |||||||||||||||||||||||||||
Allowance for loan losses | 19,424 | 10,942 | 10,976 | 10,515 | 9,860 | |||||||||||||||||||||||||||
Nonperforming loans (>=90 Days) (1)
|
11,965 | 12,778 | 11,110 | 2,483 | 7,705 | |||||||||||||||||||||||||||
Non-accrual loans (2)
|
18,222 | 17,857 | 19,282 | 4,693 | 8,374 | |||||||||||||||||||||||||||
Accruing troubled debt restructures (TDRs) (3)
|
572 | 650 | 6,676 | 10,021 | 10,448 | |||||||||||||||||||||||||||
Other Real Estate Owned (OREO) | 3,109 | 7,773 | 8,111 | 9,341 | 7,763 | |||||||||||||||||||||||||||
Non-accrual loans, OREO and TDRs | $ | 21,903 | $ | 26,280 | $ | 34,069 | $ | 24,055 | $ | 26,585 | ||||||||||||||||||||||
SELECTED ASSET QUALITY RATIOS | ||||||||||||||||||||||||||||||||
Classified assets to total assets | 1.10 | % | 1.93 | % | 2.42 | % | 3.58 | % | 2.94 | % | ||||||||||||||||||||||
Classified assets to risk-based capital | 9.61 | 16.21 | 21.54 | 32.10 | 26.13 | |||||||||||||||||||||||||||
Allowance for loan losses to portfolio loans | 1.29 | 0.75 | 0.81 | 0.91 | 0.91 | |||||||||||||||||||||||||||
Allowance for loan losses to non-accrual loans | 106.60 | 61.28 | 56.92 | 224.06 | 117.75 | |||||||||||||||||||||||||||
Net charge-offs to avg. outstanding loans | 0.15 | 0.16 | 0.07 | 0.03 | 0.11 | |||||||||||||||||||||||||||
Nonperforming loans to portfolio loans | 0.80 | 0.88 | 0.82 | 0.22 | 0.71 | |||||||||||||||||||||||||||
Non-accrual loans to portfolio loans | 1.21 | 1.23 | 1.43 | 0.41 | 0.77 | |||||||||||||||||||||||||||
Non-accrual loans and TDRs to portfolio loans | 1.25 | 1.27 | 1.93 | 1.28 | 1.73 | |||||||||||||||||||||||||||
Non-accrual loans and OREO to total assets | 1.05 | 1.43 | 1.62 | 1.00 | 1.21 | |||||||||||||||||||||||||||
Non-accrual loans, OREO and TDRs to total assets | 1.08 | 1.46 | 2.02 | 1.71 | 1.99 |
COVID-19 Deferred Loans | December 31, 2020 | Accrual Loans | Non-Accrual Loans | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Loan Balances | % of Deferred Loans | % of Gross Portfolio Loans | Loan Balances | Number of Loans | Loan Balances | Number of Loans | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 29,883 | 84.45 | % | 1.98 | % | $ | 26,500 | 10 | $ | 3,382 | 4 | ||||||||||||||||||||||||||||||||
Residential first mortgages | 1,514 | 4.28 | % | 0.10 | % | 1,514 | 3 | — | — | |||||||||||||||||||||||||||||||||||
Commercial equipment | 3,987 | 11.27 | % | 0.27 | % | 3,987 | 17 | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 35,384 | 100.00 | % | 2.35 | % | $ | 32,001 | 30 | $ | 3,382 | 4 |
COVID-19 Deferred Loans by NAICS Industry | % of Deferred Loans | % of Gross Portfolio Loans | ||||||||||||||||||||||||
(dollars in thousands) | December 31, 2020 | Number of Loans | ||||||||||||||||||||||||
Real Estate Rental and Leasing | $ | 8,639 | 5 | 24.41 | % | 0.57 | % | |||||||||||||||||||
Accommodation and Food Services | 17,210 | 5 | 48.64 | 1.14 | ||||||||||||||||||||||
Arts, Entertainment, and Recreation | 3,716 | 4 | 10.50 | 0.25 | ||||||||||||||||||||||
Transportation and Warehousing | 3,505 | 11 | 9.91 | 0.23 | ||||||||||||||||||||||
Retail Trade | 395 | 5 | 1.12 | 0.03 | ||||||||||||||||||||||
Other Industries, Residential Mortgages and Consumer | 1,919 | 4 | 5.42 | 0.13 | ||||||||||||||||||||||
Total | $ | 35,384 | 34 | 100.00 | % | 2.35 | % |
As of | ||||||||||||||||||||||||||||||||
(dollars in thousands) | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | |||||||||||||||||||||||||||
Classified loans | ||||||||||||||||||||||||||||||||
Substandard | $ | 19,249 | $ | 26,863 | $ | 32,226 | $ | 40,306 | $ | 30,463 | ||||||||||||||||||||||
Doubtful | — | — | — | — | 137 | |||||||||||||||||||||||||||
Loss | — | — | — | — | — | |||||||||||||||||||||||||||
Total classified loans | 19,249 | 26,863 | 32,226 | 40,306 | 30,600 | |||||||||||||||||||||||||||
Special mention loans | 7,672 | — | — | 96 | — | |||||||||||||||||||||||||||
Total classified and special mention loans | $ | 26,921 | $ | 26,863 | $ | 32,226 | $ | 40,402 | $ | 30,600 | ||||||||||||||||||||||
Classified loans | $ | 19,249 | $ | 26,863 | $ | 32,226 | $ | 40,306 | $ | 30,600 | ||||||||||||||||||||||
Classified securities | — | — | 482 | 651 | 883 | |||||||||||||||||||||||||||
Other real estate owned | 3,109 | 7,773 | 8,111 | 9,341 | 7,763 | |||||||||||||||||||||||||||
Total classified assets | $ | 22,358 | $ | 34,636 | $ | 40,819 | $ | 50,298 | $ | 39,246 | ||||||||||||||||||||||
Total classified assets and special mention loans | $ | 30,030 | $ | 34,636 | $ | 40,819 | $ | 50,394 | $ | 39,246 | ||||||||||||||||||||||
Total classified assets as a percentage of total assets | 1.10 | % | 1.93 | % | 2.42 | % | 3.58 | % | 2.94 | % | ||||||||||||||||||||||
Total classified assets as a percentage of Risk Based Capital | 9.61 | % | 16.21 | % | 21.54 | % | 32.10 | % | 26.13 | % |
|
December 31,
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 16,612 | $ | 12,249 | $ | 14,632 | $ | 1,987 | $ | 2,371 | ||||||||||||||||||||||
Residential first mortgages | 794 | 830 | 1,374 | 985 | 623 | |||||||||||||||||||||||||||
Residential rentals | 275 | 937 | 963 | 825 | 577 | |||||||||||||||||||||||||||
Construction and land dev. | — | — | — | — | 3,048 | |||||||||||||||||||||||||||
Home equity and second mortgages | 495 | 448 | 147 | 257 | 61 | |||||||||||||||||||||||||||
Commercial loans | — | 3,127 | 866 | 172 | 1,044 | |||||||||||||||||||||||||||
Commercial equipment | 46 | 266 | 1,300 | 467 | 650 | |||||||||||||||||||||||||||
Total non-accrual loans (1)
|
18,222 | 17,857 | 19,282 | 4,693 | 8,374 | |||||||||||||||||||||||||||
OREO | 3,109 | 7,773 | 8,111 | 9,341 | 7,763 | |||||||||||||||||||||||||||
TDRs: (1)
|
||||||||||||||||||||||||||||||||
Commercial real estate | 1,376 | 1,420 | 5,612 | 9,273 | 9,587 | |||||||||||||||||||||||||||
Residential first mortgages | 247 | 64 | 66 | 527 | 545 | |||||||||||||||||||||||||||
Residential rentals (2)
|
— | — | 216 | 221 | 227 | |||||||||||||||||||||||||||
Construction and land dev. | — | — | 729 | 729 | 3,777 | |||||||||||||||||||||||||||
Home equity and second mortgages | — | — | — | — | 872 | |||||||||||||||||||||||||||
Commercial loans | — | — | 53 | 4 | — | |||||||||||||||||||||||||||
Commercial equipment | 471 | 565 | 29 | 36 | 113 | |||||||||||||||||||||||||||
Total TDRs | 2,094 | 2,049 | 6,705 | 10,790 | 15,121 | |||||||||||||||||||||||||||
Total Accrual TDRs | 572 | 650 | 6,676 | 10,021 | 10,448 | |||||||||||||||||||||||||||
Total non-accrual loans, OREO and Accrual TDRs | $ | 21,903 | $ | 26,280 | $ | 34,069 | $ | 24,055 | $ | 26,585 | ||||||||||||||||||||||
Interest income due at stated rates, but not recognized on non-accruals | $ | 620 | $ | 537 | $ | 537 | $ | 185 | $ | 1,103 |
(dollars in thousands)
|
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Dollars
|
Number of Loans
|
Dollars
|
Number of Loans
|
|||||||||||||||||||||||
Commercial real estate
|
$ | 1,376 | 2 | $ | 1,420 | 3 | ||||||||||||||||||||
Residential first mortgages
|
247 | 2 | 64 | 1 | ||||||||||||||||||||||
Commercial equipment
|
471 | 2 | 565 | 4 | ||||||||||||||||||||||
Total TDRs
|
$ | 2,094 | 6 | $ | 2,049 | 8 | ||||||||||||||||||||
Less: TDRs included in non-accrual loans
|
(1,522) | (3) | (1,399) | (3) | ||||||||||||||||||||||
Total performing accrual TDR loans
|
$ | 572 | 3 | $ | 650 | 5 |
Years Ended December 31, | ||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||
Balance at beginning of year | $ | 7,773 | $ | 8,111 | ||||||||||
Additions of underlying property | 1,240 | 3,567 | ||||||||||||
Disposals of underlying property | (2,882) | (3,004) | ||||||||||||
Valuation allowance | (3,022) | (901) | ||||||||||||
Balance at end of period | $ | 3,109 | $ | 7,773 |
Breakdown of general and specific allowance as a percentage of gross portfolio loans (1) | December 31, 2020 | December 31, 2019 | ||||||||||||
General allowance | $ | 18,068 | $ | 10,114 | ||||||||||
Specific allowance | 1,356 | 828 | ||||||||||||
$ | 19,424 | $ | 10,942 | |||||||||||
General allowance | 1.20 | % | 0.70 | % | ||||||||||
Specific allowance | 0.09 | % | 0.06 | % | ||||||||||
Allowance to gross portfolio loans | 1.29 | % | 0.75 | % | ||||||||||
Allowance to non-acquired gross portfolio loans | 1.35 | % | 0.79 | % | ||||||||||
Total acquired loans | $ | 60,977 | $ | 77,078 | ||||||||||
Non-acquired loans** | $ | 1,443,298 | $ | 1,377,094 | ||||||||||
Gross portfolio loans | $ | 1,504,275 | $ | 1,454,172 |
At December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount |
% (1)
|
Amount |
% (1)
|
Amount |
% (1)
|
Amount |
% (1)
|
Amount |
% (1)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13,744 | 69.75 | % | $ | 7,398 | 66.34 | % | $ | 6,882 | 65.18 | % | $ | 6,451 | 63.25 | % | $ | 5,212 | 61.25 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | 1,305 | 8.89 | % | 464 | 11.53 | % | 755 | 11.63 | % | 1,144 | 14.81 | % | 1,406 | 15.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Residential rentals | 1,413 | 9.24 | % | 397 | 8.50 | % | 498 | 9.23 | % | 512 | 9.58 | % | 362 | 9.36 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and land dev. | 401 | 2.49 | % | 273 | 2.35 | % | 310 | 2.21 | % | 462 | 2.42 | % | 941 | 3.39 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages | 261 | 1.94 | % | 149 | 2.48 | % | 133 | 2.64 | % | 162 | 1.86 | % | 138 | 1.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 1,222 | 3.52 | % | 1,086 | 4.34 | % | 1,482 | 5.32 | % | 1,013 | 4.91 | % | 794 | 4.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 20 | 0.07 | % | 10 | 0.08 | % | 6 | 0.06 | % | 7 | 0.05 | % | 3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial equipment | 1,058 | 4.10 | % | 1,165 | 4.38 | % | 910 | 3.73 | % | 764 | 3.12 | % | 1,004 | 3.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 19,424 | 100.00 | % | $ | 10,942 | 100.00 | % | $ | 10,976 | 100.00 | % | $ | 10,515 | 100.00 | % | $ | 9,860 | 100.00 | % |
|
At December 31,
|
|||||||||||||||||||||||||||||||
(dollars in thousands)
|
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 10,942 | $ | 10,976 | $ | 10,515 | $ | 9,860 | $ | 8,540 | ||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||
Commercial real estate | 944 | 148 | 268 | 217 | — | |||||||||||||||||||||||||||
Residential first mortgages | — | — | 115 | — | — | |||||||||||||||||||||||||||
Residential rentals | — | 53 | 84 | 42 | 14 | |||||||||||||||||||||||||||
Construction and land dev. | — | 329 | — | 26 | 526 | |||||||||||||||||||||||||||
Home equity and second mortgages | 53 | 28 | 7 | 14 | — | |||||||||||||||||||||||||||
Commercial loans | 1,027 | 1,127 | 94 | 13 | 594 | |||||||||||||||||||||||||||
Consumer loans | 6 | 5 | 2 | 2 | 1 | |||||||||||||||||||||||||||
Commercial equipment | 328 | 685 | 647 | 168 | 34 | |||||||||||||||||||||||||||
Total Charge-offs | 2,358 | 2,375 | 1,217 | 482 | 1,169 | |||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Commercial real estate | 17 | 15 | 10 | 63 | 58 | |||||||||||||||||||||||||||
Residential rentals | — | 46 | — | — | — | |||||||||||||||||||||||||||
Construction and land dev. | — | — | — | — | 1 | |||||||||||||||||||||||||||
Home equity and second mortgages | 9 | 6 | 18 | 1 | 5 | |||||||||||||||||||||||||||
Commercial loans | 20 | 40 | 189 | 1 | 18 | |||||||||||||||||||||||||||
Consumer loans | — | 2 | — | — | — | |||||||||||||||||||||||||||
Commercial equipment | 94 | 102 | 56 | 62 | 48 | |||||||||||||||||||||||||||
Total Recoveries | 140 | 211 | 273 | 127 | 130 | |||||||||||||||||||||||||||
Net Charge-offs | 2,218 | 2,164 | 944 | 355 | 1,039 | |||||||||||||||||||||||||||
Provision for Loan Losses | 10,700 | 2,130 | 1,405 | 1,010 | 2,359 | |||||||||||||||||||||||||||
Balance at end of period | $ | 19,424 | $ | 10,942 | $ | 10,976 | $ | 10,515 | $ | 9,860 | ||||||||||||||||||||||
Allowance for loan losses to total portfolio loans (1)
|
1.29 | % | 0.75 | % | 0.81 | % | 0.91 | % | 0.91 | % | ||||||||||||||||||||||
Net charge-offs to average portfolio loans | 0.15 | % | 0.16 | % | 0.07 | % | 0.03 | % | 0.11 | % |
December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||||||||
Noninterest-bearing demand | $ | 362,079 | $ | 241,174 | ||||||||||||||||
Interest-bearing: | ||||||||||||||||||||
Demand | 590,159 | 523,802 | ||||||||||||||||||
Money market deposits | 340,725 | 283,438 | ||||||||||||||||||
Savings | 98,783 | 69,254 | ||||||||||||||||||
Certificates of deposit | 353,856 | 394,169 | ||||||||||||||||||
Total interest-bearing | 1,383,523 | 1,270,663 | ||||||||||||||||||
Total Deposits | $ | 1,745,602 | $ | 1,511,837 | ||||||||||||||||
Transaction accounts | $ | 1,391,746 | $ | 1,117,668 |
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Average Rate
|
Average Balance
|
Average Rate
|
||||||||||||||||||||||||||||||||||
Savings
|
$ | 84,463 | 0.10 | % | $ | 70,130 | 0.10 | % | ||||||||||||||||||||||||||||||
Interest-bearing demand and money market accounts
|
850,023 | 0.28 | % | 710,709 | 0.95 | % | ||||||||||||||||||||||||||||||||
Certificates of deposit
|
370,743 | 1.41 | % | 448,924 | 1.90 | % | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits
|
1,305,229 | 0.59 | % | 1,229,763 | 1.25 | % | ||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits
|
324,597 | 226,964 | ||||||||||||||||||||||||||||||||||||
$ | 1,629,826 | 0.47 | % | $ | 1,456,727 | 1.06 | % |
(dollars in thousands)
|
At December 31, 2020 | |||||||||||||
Time Deposit Maturity Period
|
$100,000 or More | $250,000 or More | ||||||||||||
Three months or less
|
$ | 47,539 | $ | 13,074 | ||||||||||
Three through six months
|
32,096 | 10,646 | ||||||||||||
Six through twelve months
|
83,085 | 28,559 | ||||||||||||
Over twelve months
|
48,811 | 17,770 | ||||||||||||
Total
|
$ | 211,531 | $ | 70,049 |
(dollars in thousands) | At or for the Year Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||
Short-term borrowings outstanding at end of period | $ | — | $ | 5,000 | ||||||||||||||||
Weighted average rate on short-term borrowings | — | % | 1.81 | % | ||||||||||||||||
Maximum outstanding short-term borrowings at any month end | $ | 27,000 | $ | 59,500 | ||||||||||||||||
Average outstanding short-term borrowings | $ | 8,156 | $ | 30,965 | ||||||||||||||||
Approximate average rate paid on short-term borrowings | 1.36 | % | 2.50 | % |
(dollars in thousands) | December 31, 2020 | December 31, 2019 | $ Change | % Change | ||||||||||||||||||||||
Common Stock at par of $0.01 | $ | 59 | $ | 59 | $ | — | — | % | ||||||||||||||||||
Additional paid in capital | 95,965 | 95,474 | 491 | 0.5 | % | |||||||||||||||||||||
Retained earnings | 97,944 | 85,059 | 12,885 | 15.1 | % | |||||||||||||||||||||
Accumulated other comprehensive income | 4,504 | 1,504 | 3,000 | 199.5 | % | |||||||||||||||||||||
Unearned ESOP shares | (459) | (602) | 143 | (23.8) | % | |||||||||||||||||||||
Total Stockholders' Equity | $ | 198,013 | $ | 181,494 | $ | 16,519 | 9.1 | % |
Shock in Basis Points | Net Interest Income (“NII”) | Economic Value of Equity (“EVE”) | ||||||||||||
+ - 400 | 25% | 40% | ||||||||||||
+ - 300 | 20% | 30% | ||||||||||||
+ - 200 | 15% | 20% | ||||||||||||
+ - 100 | 10% | 10% |
/s/ William J. Pasenelli | /s/ Todd L. Capitani | |||||||
William J. Pasenelli | Todd L. Capitani | |||||||
President and Chief Executive Officer | Executive Vice President and Chief Financial Officer | |||||||
March 4, 2021 | March 4, 2021 |
/s/ Dixon Hughes Goodman LLP |
(dollars in thousands, except per share amounts) | December 31, 2020 | December 31, 2019 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 56,887 | $ | 25,065 | ||||||||||
Interest-bearing deposits with banks | 20,178 | 7,404 | ||||||||||||
Securities available for sale ("AFS"), at fair value | 246,105 | 208,187 | ||||||||||||
Equity securities carried at fair value through income | 4,855 | 4,669 | ||||||||||||
Non-marketable equity securities held in other financial institutions | 207 | 209 | ||||||||||||
Federal Home Loan Bank ("FHLB") stock - at cost | 2,777 | 3,447 | ||||||||||||
Net U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") Loans | 107,960 | — | ||||||||||||
Portfolio loans receivable net of allowance for loan losses of $19,424 and $10,942
|
1,486,115 | 1,445,109 | ||||||||||||
Net loans | 1,594,075 | 1,445,109 | ||||||||||||
Goodwill | 10,835 | 10,835 | ||||||||||||
Premises and equipment, net | 20,271 | 21,662 | ||||||||||||
Premises and equipment held for sale | 430 | 430 | ||||||||||||
Other real estate owned ("OREO") | 3,109 | 7,773 | ||||||||||||
Accrued interest receivable | 8,717 | 5,019 | ||||||||||||
Investment in bank owned life insurance | 38,061 | 37,180 | ||||||||||||
Core deposit intangible | 1,527 | 2,118 | ||||||||||||
Net deferred tax assets | 7,909 | 6,168 | ||||||||||||
Right of use assets - operating leases | 7,831 | 8,382 | ||||||||||||
Other assets | 2,665 | 3,879 | ||||||||||||
Total Assets | $ | 2,026,439 | $ | 1,797,536 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Deposits | ||||||||||||||
Non-interest-bearing deposits | $ | 362,079 | $ | 241,174 | ||||||||||
Interest-bearing deposits | 1,383,523 | 1,270,663 | ||||||||||||
Total deposits | 1,745,602 | 1,511,837 | ||||||||||||
Short-term borrowings | — | 5,000 | ||||||||||||
Long-term debt | 27,302 | 40,370 | ||||||||||||
Guaranteed preferred beneficial interest in junior subordinated debentures ("TRUPs") | 12,000 | 12,000 | ||||||||||||
Subordinated notes - 4.75% and 6.25%, respectively, net of debt issuance costs
|
19,526 | 23,000 | ||||||||||||
Lease liabilities - operating leases | 8,088 | 8,495 | ||||||||||||
Accrued expenses and other liabilities | 15,908 | 15,340 | ||||||||||||
Total Liabilities | 1,828,426 | 1,616,042 | ||||||||||||
Stockholders' Equity | ||||||||||||||
Common stock - par value $0.01; authorized - 15,000,000 shares; issued 5,903,613 and 5,900,249 shares, respectively
|
59 | 59 | ||||||||||||
Additional paid in capital | 95,965 | 95,474 | ||||||||||||
Retained earnings | 97,944 | 85,059 | ||||||||||||
Accumulated other comprehensive income | 4,504 | 1,504 | ||||||||||||
Unearned ESOP shares | (459) | (602) | ||||||||||||
Total Stockholders' Equity | 198,013 | 181,494 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,026,439 | $ | 1,797,536 |
(dollars in thousands, except per share amounts) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Loans, including fees | $ | 65,731 | $ | 65,602 | ||||||||||||||||
Interest and dividends on investment securities | 5,170 | 6,414 | ||||||||||||||||||
Interest on deposits with banks | 172 | 437 | ||||||||||||||||||
Total Interest and Dividend Income | 71,073 | 72,453 | ||||||||||||||||||
Interest Expense | ||||||||||||||||||||
Deposits | 7,681 | 15,378 | ||||||||||||||||||
Short-term borrowings | 111 | 774 | ||||||||||||||||||
Long-term debt | 2,364 | 2,767 | ||||||||||||||||||
Total Interest Expense | 10,156 | 18,919 | ||||||||||||||||||
Net Interest Income | 60,917 | 53,534 | ||||||||||||||||||
Provision for loan losses | 10,700 | 2,130 | ||||||||||||||||||
Net Interest Income After Provision For Loan Losses | 50,217 | 51,404 | ||||||||||||||||||
Noninterest Income | ||||||||||||||||||||
Loan appraisal, credit, and miscellaneous charges | 174 | 335 | ||||||||||||||||||
Gain on sale of assets | 6 | — | ||||||||||||||||||
Net gains on sale of investment securities | 1,384 | 226 | ||||||||||||||||||
Unrealized gain on equity securities | 101 | 134 | ||||||||||||||||||
Loss on premises and equipment held for sale | — | (1) | ||||||||||||||||||
Income from bank owned life insurance | 881 | 885 | ||||||||||||||||||
Service charges | 3,490 | 3,308 | ||||||||||||||||||
Referral fee income | 2,380 | 879 | ||||||||||||||||||
Total Noninterest Income | 8,416 | 5,766 | ||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||
Compensation and benefits | 19,553 | 20,445 | ||||||||||||||||||
Occupancy expense | 3,010 | 3,101 | ||||||||||||||||||
Advertising | 525 | 762 | ||||||||||||||||||
Data processing expense | 3,671 | 3,048 | ||||||||||||||||||
Professional fees | 2,413 | 2,196 | ||||||||||||||||||
Depreciation of premises and equipment | 605 | 685 | ||||||||||||||||||
Telephone communications | 188 | 203 | ||||||||||||||||||
Office supplies | 120 | 149 | ||||||||||||||||||
FDIC Insurance | 939 | 334 | ||||||||||||||||||
OREO valuation allowance and expenses | 3,200 | 963 | ||||||||||||||||||
Core deposit intangible amortization | 591 | 688 | ||||||||||||||||||
Other | 3,188 | 3,659 | ||||||||||||||||||
Total Noninterest Expense | 38,003 | 36,233 | ||||||||||||||||||
Income before income taxes | 20,630 | 20,937 | ||||||||||||||||||
Income tax expense | 4,494 | 5,665 | ||||||||||||||||||
Net Income | $ | 16,136 | $ | 15,272 | ||||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||
Basic | $ | 2.74 | $ | 2.75 | ||||||||||||||||
Diluted | $ | 2.74 | $ | 2.75 | ||||||||||||||||
Cash dividends paid per common share | $ | 0.50 | $ | 0.50 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Net Income | $ | 16,136 | $ | 15,272 | ||||||||||||||||
Net unrealized holding gains arising during period, net of tax expense of $657 and $987, respectively
|
1,977 | 2,600 | ||||||||||||||||||
Reclassification due to reclassification of held-to-maturity securities to available-for-sale securities net of tax $0 and $223, respectively
|
— | 587 | ||||||||||||||||||
Reclassification adjustment for income included in net income, net of tax expense of $361 and $62, respectively
|
1,023 | 164 | ||||||||||||||||||
Comprehensive Income | $ | 19,136 | $ | 18,623 |
(dollars in thousands) | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unearned ESOP Shares | Total | ||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 56 | $ | 84,397 | $ | 72,594 | $ | (1,847) | $ | (718) | $ | 154,482 | ||||||||||||||||||||||||||
Net Income | — | — | 15,272 | — | — | 15,272 | ||||||||||||||||||||||||||||||||
Unrealized holding gain on investment securities net of tax of $1,049
|
— | — | — | 2,764 | — | 2,764 | ||||||||||||||||||||||||||||||||
Reclassification due to reclassification of held-to-maturity securities to available-for-sale securities net of tax $223
|
— | — | — | 587 | — | 587 | ||||||||||||||||||||||||||||||||
Cash dividend at $0.50 per common share
|
— | — | (2,668) | — | — | (2,668) | ||||||||||||||||||||||||||||||||
Net change in fair market value below cost of leveraged ESOP shares released | — | (3) | — | — | — | (3) | ||||||||||||||||||||||||||||||||
Dividend reinvestment | — | 122 | (122) | — | — | — | ||||||||||||||||||||||||||||||||
Proceeds from private placement | 3 | 10,629 | — | — | — | 10,632 | ||||||||||||||||||||||||||||||||
Net change in unearned ESOP shares | — | — | — | — | 116 | 116 | ||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | (17) | — | — | (17) | ||||||||||||||||||||||||||||||||
Stock based compensation | — | 329 | — | — | — | 329 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 59 | $ | 95,474 | $ | 85,059 | $ | 1,504 | $ | (602) | $ | 181,494 | ||||||||||||||||||||||||||
Net Income | — | — | 16,136 | — | — | 16,136 | ||||||||||||||||||||||||||||||||
Unrealized holding gains on investment securities net of tax of $1,018
|
— | — | — | 3,000 | — | 3,000 | ||||||||||||||||||||||||||||||||
Cash dividend at $0.50 per common share
|
— | — | (2,819) | — | — | (2,819) | ||||||||||||||||||||||||||||||||
Net change in fair market value below cost of leveraged ESOP shares released | — | (39) | — | — | — | (39) | ||||||||||||||||||||||||||||||||
Dividend reinvestment | — | 134 | (134) | — | — | — | ||||||||||||||||||||||||||||||||
Net change in unearned ESOP shares | — | — | — | — | 143 | 143 | ||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | (298) | — | — | (298) | ||||||||||||||||||||||||||||||||
Stock based compensation | — | 396 | — | — | — | 396 | ||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 59 | $ | 95,965 | $ | 97,944 | $ | 4,504 | $ | (459) | $ | 198,013 |
(dollars in thousands) | Year Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income | $ | 16,136 | $ | 15,272 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Provision for loan losses | 10,700 | 2,130 | ||||||||||||||||||
Depreciation and amortization | 1,631 | 1,637 | ||||||||||||||||||
Provision for loss on premises held for sale | — | 1 | ||||||||||||||||||
Net losses (gains) on the sale of OREO | 9 | (188) | ||||||||||||||||||
Gains on sales of investment securities | (1,384) | (226) | ||||||||||||||||||
Unrealized gain on equity securities | (101) | (134) | ||||||||||||||||||
Gain on sale of assets | (6) | — | ||||||||||||||||||
Net amortization of premium/discount on investment securities | 163 | (96) | ||||||||||||||||||
Net accretion of premiums and discounts | (605) | (864) | ||||||||||||||||||
Amortization of debt issuance costs | 10 | — | ||||||||||||||||||
Amortization of core deposit intangible | 591 | 688 | ||||||||||||||||||
Amortization of right of use asset | 551 | — | ||||||||||||||||||
Net change in right of use assets and lease liabilities | (407) | 113 | ||||||||||||||||||
Increase in OREO valuation allowance | 3,022 | 901 | ||||||||||||||||||
Increase in cash surrender value of bank owned life insurance | (881) | (885) | ||||||||||||||||||
Increase in deferred income tax benefit | (2,757) | (748) | ||||||||||||||||||
Increase in accrued interest receivable | (3,698) | (62) | ||||||||||||||||||
Stock based compensation | 396 | 329 | ||||||||||||||||||
Net change due to deficit of fair market value below cost of leveraged ESOP shares released | (39) | (3) | ||||||||||||||||||
Decrease (increase) in net deferred loan costs | 2,975 | (696) | ||||||||||||||||||
Increase in accrued expenses and other liabilities | 568 | 660 | ||||||||||||||||||
Decrease (increase) in other assets | 1,209 | (2,139) | ||||||||||||||||||
Net Cash Provided by Operating Activities | 28,083 | 15,690 | ||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Purchase of AFS investment securities | (149,426) | (49,951) | ||||||||||||||||||
Proceeds from redemption or principal payments of AFS investment securities | 40,952 | 18,387 | ||||||||||||||||||
Purchase of HTM investment securities | — | (11,471) | ||||||||||||||||||
Proceeds from maturities or principal payments of HTM investment securities | — | 24,043 | ||||||||||||||||||
Proceeds from sale of AFS investment securities | 75,711 | 31,889 | ||||||||||||||||||
Net decrease of FHLB and FRB stock | 670 | 374 | ||||||||||||||||||
Loans originated or acquired | (615,473) | (485,002) | ||||||||||||||||||
Principal collected on loans | 452,202 | 373,165 | ||||||||||||||||||
Purchase of premises and equipment | (255) | (808) | ||||||||||||||||||
Proceeds from sale of OREO | 2,872 | 2,912 | ||||||||||||||||||
Proceeds from disposal of asset | 21 | — | ||||||||||||||||||
Net Cash Used in Investing Activities | (192,726) | (96,462) |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Net increase in deposits | $ | 233,765 | $ | 82,208 | ||||||||||||||||
Proceeds from long-term debt | 164,036 | 35,000 | ||||||||||||||||||
Payments of long-term debt | (177,104) | (15,066) | ||||||||||||||||||
Net decrease in short term borrowings | (5,000) | (30,000) | ||||||||||||||||||
Proceeds from private placement | — | 10,632 | ||||||||||||||||||
Proceeds from Subordinated Notes - 4.75% | 19,516 | — | ||||||||||||||||||
Payments of Subordinated Notes - 6.25% | (23,000) | — | ||||||||||||||||||
Dividends paid | (2,819) | (2,668) | ||||||||||||||||||
Net change in unearned ESOP shares | 143 | 116 | ||||||||||||||||||
Repurchase of common stock | (298) | (17) | ||||||||||||||||||
Net Cash Provided by Financing Activities | 209,239 | 80,205 | ||||||||||||||||||
Increase (decrease) in Cash and Cash Equivalents | $ | 44,596 | $ | (567) | ||||||||||||||||
Cash and Cash Equivalents - January 1 | 32,469 | 33,036 | ||||||||||||||||||
Cash and Cash Equivalents - December 31 | $ | 77,065 | $ | 32,469 | ||||||||||||||||
Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||
Cash paid during the period for | ||||||||||||||||||||
Interest | $ | 9,072 | $ | 18,914 | ||||||||||||||||
Income taxes | $ | 7,133 | $ | 6,503 | ||||||||||||||||
Supplemental Schedule of Non-Cash Operating Activities | ||||||||||||||||||||
Issuance of common stock for payment of compensation | $ | 303 | $ | 207 | ||||||||||||||||
Transfer from loans to OREO | $ | 1,240 | $ | 3,567 | ||||||||||||||||
Financed amount of sale of OREO | $ | — | $ | 280 | ||||||||||||||||
Right-of-use assets acquired in the exchange for lease liability upon adoption of ASC 842 | $ | — | $ | 8,933 | ||||||||||||||||
Transfer from premises and equipment to premises and equipment held for sale | $ | — | $ | 430 | ||||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||||||||||||||||||
Transfer of held-to-maturity securities to available for sale securities | $ | — | $ | 83,128 | ||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
||||||||||||||||||||||
AFS Securities | ||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies
|
||||||||||||||||||||||||||
Residential Mortgage Backed Securities ("MBS")
|
$ | 33,248 | $ | 1,735 | $ | 30 | $ | 34,953 | ||||||||||||||||||
Residential Collateralized Mortgage Obligations ("CMOs")
|
125,564 | 2,180 | 297 | 127,447 | ||||||||||||||||||||||
Asset-backed securities ("ABSs") issued by Others: | ||||||||||||||||||||||||||
Residential CMOs
|
292 | 5 | 9 | 288 | ||||||||||||||||||||||
Student Loan Trust ABSs | 37,141 | 386 | 88 | 37,439 | ||||||||||||||||||||||
U.S. government obligations
|
1,500 | — | — | 1,500 | ||||||||||||||||||||||
Municipal bonds
|
42,268 | 2,210 | — | 44,478 | ||||||||||||||||||||||
Total AFS Securities | $ | 240,013 | $ | 6,516 | $ | 424 | $ | 246,105 | ||||||||||||||||||
Equity securities carried at fair value through income
|
||||||||||||||||||||||||||
CRA investment fund | $ | 4,855 | $ | — | $ | — | $ | 4,855 | ||||||||||||||||||
Non-marketable equity securities
|
||||||||||||||||||||||||||
Other equity securities | $ | 207 | $ | — | $ | — | $ | 207 | ||||||||||||||||||
Total Investment Securities | $ | 245,075 | $ | 6,516 | $ | 424 | $ | 251,167 |
December 31, 2019 | ||||||||||||||||||||||||||
(dollars in thousands) |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
||||||||||||||||||||||
AFS Securities | ||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies
|
||||||||||||||||||||||||||
Residential Mortgage Backed Securities ("MBS")
|
$ | 35,351 | $ | 754 | $ | 13 | $ | 36,092 | ||||||||||||||||||
Residential Collateralized Mortgage Obligations ("CMOs")
|
145,479 | 1,839 | 386 | 146,932 | ||||||||||||||||||||||
U.S. Agency
|
9,671 | 122 | 60 | 9,733 | ||||||||||||||||||||||
Asset-backed securities issued by Others:
|
||||||||||||||||||||||||||
Residential CMOs | 380 | 3 | 12 | 371 | ||||||||||||||||||||||
Callable GSE Agency Bonds | 2,001 | 1 | — | 2,002 | ||||||||||||||||||||||
Certificates of Deposit Fixed | 250 | — | — | 250 | ||||||||||||||||||||||
U.S. government obligations | 1,490 | — | 1 | 1,489 | ||||||||||||||||||||||
Municipal bonds | 11,491 | — | 173 | 11,318 | ||||||||||||||||||||||
Total AFS Securities | $ | 206,113 | $ | 2,719 | $ | 645 | $ | 208,187 | ||||||||||||||||||
Equity securities carried at fair value through income
|
||||||||||||||||||||||||||
CRA investment fund
|
$ | 4,669 | $ | — | $ | — | $ | 4,669 | ||||||||||||||||||
Non-marketable equity securities
|
||||||||||||||||||||||||||
Other equity securities
|
$ | 209 | $ | — | $ | — | $ | 209 | ||||||||||||||||||
Total Investment Securities | $ | 210,991 | $ | 2,719 | $ | 645 | $ | 213,065 |
December 31, 2020 |
Less Than 12 Months
|
More Than 12 Months
|
Total
|
|||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies
|
$ | 32,281 | $ | 320 | $ | 670 | $ | 7 | $ | 32,951 | $ | 327 | ||||||||||||||||||||||||||
Asset-backed securities issued by Others
|
— | — | 87 | 9 | 87 | 9 | ||||||||||||||||||||||||||||||||
Student Loan Trust ABSs | 12,511 | 88 | — | — | 12,511 | 88 | ||||||||||||||||||||||||||||||||
$ | 44,792 | $ | 408 | $ | 757 | $ | 16 | $ | 45,549 | $ | 424 |
December 31, 2019 |
Less Than 12 Months
|
More Than 12 Months
|
Total
|
|||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies
|
$ | 15,215 | $ | 63 | $ | 39,689 | $ | 336 | $ | 54,904 | $ | 399 | ||||||||||||||||||||||||||
U.S. SBA Debentures | — | — | 4,744 | 60 | 4,744 | 60 | ||||||||||||||||||||||||||||||||
Asset-backed securities issued by Others | — | — | 136 | 12 | 136 | 12 | ||||||||||||||||||||||||||||||||
Municipal bonds | 11,318 | 173 | — | — | 11,318 | 173 | ||||||||||||||||||||||||||||||||
U.S. government obligations | 1,489 | 1 | — | — | 1,489 | 1 | ||||||||||||||||||||||||||||||||
$ | 28,022 | $ | 237 | $ | 44,569 | $ | 408 | $ | 72,591 | $ | 645 |
December 31, 2020 | Available for Sale | |||||||||||||
(dollars in thousands)
|
Amortized Cost
|
Estimated Fair Value
|
||||||||||||
Within one year
|
$ | 36,165 | $ | 37,084 | ||||||||||
Over one year through five years
|
60,669 | 62,209 | ||||||||||||
Over five years through ten years
|
67,158 | 68,862 | ||||||||||||
After ten years
|
76,021 | 77,950 | ||||||||||||
Total AFS securities | $ | 240,013 | $ | 246,105 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(dollars in thousands) | Total | % of Gross Portfolio Loans | Total | % of Gross Portfolio Loans | ||||||||||||||||||||||
Portfolio Loans: | ||||||||||||||||||||||||||
Commercial real estate | $ | 1,049,147 | 69.75 | % | $ | 964,777 | 66.34 | % | ||||||||||||||||||
Residential first mortgages | 133,779 | 8.89 | % | 167,710 | 11.53 | % | ||||||||||||||||||||
Residential rentals | 139,059 | 9.24 | % | 123,601 | 8.50 | % | ||||||||||||||||||||
Construction and land development | 37,520 | 2.49 | % | 34,133 | 2.35 | % | ||||||||||||||||||||
Home equity and second mortgages | 29,129 | 1.94 | % | 36,098 | 2.48 | % | ||||||||||||||||||||
Commercial loans | 52,921 | 3.52 | % | 63,102 | 4.34 | % | ||||||||||||||||||||
Consumer loans | 1,027 | 0.07 | % | 1,104 | 0.08 | % | ||||||||||||||||||||
Commercial equipment | 61,693 | 4.10 | % | 63,647 | 4.38 | % | ||||||||||||||||||||
Gross portfolio loans | 1,504,275 | 100.00 | % | 1,454,172 | 100.00 | % | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Net deferred costs | 1,264 | 0.08 | % | 1,879 | 0.13 | % | ||||||||||||||||||||
Allowance for loan losses | (19,424) | (1.29) | % | (10,942) | (0.75) | % | ||||||||||||||||||||
(18,160) | (9,063) | |||||||||||||||||||||||||
Net portfolio loans | $ | 1,486,115 | $ | 1,445,109 | ||||||||||||||||||||||
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | $ | 110,320 | $ | — | ||||||||||||||||||||||
Net deferred fees | (2,360) | — | ||||||||||||||||||||||||
Net SBA PPP Loans | $ | 107,960 | $ | — | ||||||||||||||||||||||
Total Net Loans | $ | 1,594,075 | $ | 1,445,109 | ||||||||||||||||||||||
Gross Loans | $ | 1,614,595 | $ | 1,454,172 |
(dollars in thousands)
|
December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Non- accrual Delinquent Loans
|
Number of Loans
|
Non-accrual Current Loans
|
Number of Loans
|
Total Non-accrual Loans
|
Total Number of Loans
|
|||||||||||||||||||||||||||||||||
Commercial real estate
|
$ | 11,428 | 9 | $ | 5,184 | 9 | $ | 16,612 | 18 | |||||||||||||||||||||||||||||
Residential first mortgages
|
335 | 2 | 459 | 2 | 794 | 4 | ||||||||||||||||||||||||||||||||
Residential rentals
|
— | — | 275 | 2 | 275 | 2 | ||||||||||||||||||||||||||||||||
Home equity and second mortgages
|
202 | 2 | 293 | 1 | 495 | 3 | ||||||||||||||||||||||||||||||||
Commercial equipment
|
— | — | 46 | 3 | 46 | 3 | ||||||||||||||||||||||||||||||||
$ | 11,965 | 13 | $ | 6,257 | 17 | $ | 18,222 | 30 |
(dollars in thousands)
|
December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Non- accrual Delinquent Loans
|
Number of Loans
|
Non-accrual Current Loans
|
Number of Loans
|
Total Non-accrual Loans
|
Total Number of Loans
|
|||||||||||||||||||||||||||||||||
Commercial real estate
|
$ | 10,562 | 11 | $ | 1,687 | 5 | $ | 12,249 | 16 | |||||||||||||||||||||||||||||
Residential first mortgages
|
— | — | 830 | 3 | 830 | 3 | ||||||||||||||||||||||||||||||||
Residential rentals
|
— | — | 937 | 5 | 937 | 5 | ||||||||||||||||||||||||||||||||
Home equity and second mortgages
|
177 | 3 | 271 | 3 | 448 | 6 | ||||||||||||||||||||||||||||||||
Commercial loans
|
1,807 | 2 | 1,320 | 1 | 3,127 | 3 | ||||||||||||||||||||||||||||||||
Commercial equipment
|
241 | 5 | 25 | 1 | 266 | 6 | ||||||||||||||||||||||||||||||||
$ | 12,787 | 21 | $ | 5,070 | 18 | $ | 17,857 | 39 |
(dollars in thousands) | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
31-60 Days | 61-89 Days | 90 or Greater Days | Total Past Due | PCI Loans | Current | Total Loan Receivables | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 11,428 | $ | 11,428 | $ | 1,572 | $ | 1,036,147 | $ | 1,049,147 | ||||||||||||||||||||||||||||||
Residential first mortgages | — | — | 335 | 335 | — | 133,444 | 133,779 | |||||||||||||||||||||||||||||||||||||
Residential rentals | — | — | — | — | — | 139,059 | 139,059 | |||||||||||||||||||||||||||||||||||||
Construction and land dev. | — | — | — | — | — | 37,520 | 37,520 | |||||||||||||||||||||||||||||||||||||
Home equity and second mtg. | 167 | — | 202 | 369 | 406 | 28,354 | 29,129 | |||||||||||||||||||||||||||||||||||||
Commercial loans | — | — | — | — | — | 52,921 | 52,921 | |||||||||||||||||||||||||||||||||||||
Consumer loans | 8 | — | — | 8 | — | 1,019 | 1,027 | |||||||||||||||||||||||||||||||||||||
Commercial equipment | — | 4 | — | 4 | — | 61,689 | 61,693 | |||||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | 175 | $ | 4 | $ | 11,965 | $ | 12,144 | $ | 1,978 | $ | 1,490,153 | $ | 1,504,275 | ||||||||||||||||||||||||||||||
U.S. SBA PPP loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 110,320 | $ | 110,320 |
(dollars in thousands) | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
31-60 Days | 61-89 Days | 90 or Greater Days | Total Past Due | PCI Loans | Current | Total Loan Receivables | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | 217 | $ | 10,563 | $ | 10,780 | $ | 1,738 | $ | 952,259 | $ | 964,777 | ||||||||||||||||||||||||||||||
Residential first mortgages | — | — | — | — | — | 167,710 | 167,710 | |||||||||||||||||||||||||||||||||||||
Residential rentals | — | — | — | — | 295 | 123,306 | 123,601 | |||||||||||||||||||||||||||||||||||||
Construction and land dev. | — | — | — | — | — | 34,133 | 34,133 | |||||||||||||||||||||||||||||||||||||
Home equity and second mtg. | 98 | 23 | 177 | 298 | 391 | 35,409 | 36,098 | |||||||||||||||||||||||||||||||||||||
Commercial loans | — | — | 1,807 | 1,807 | — | 61,295 | 63,102 | |||||||||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | 1,104 | 1,104 | |||||||||||||||||||||||||||||||||||||
Commercial equipment | 52 | 159 | 231 | 442 | — | 63,205 | 63,647 | |||||||||||||||||||||||||||||||||||||
Total portfolio loans | $ | 150 | $ | 399 | $ | 12,778 | $ | 13,327 | $ | 2,424 | $ | 1,438,421 | $ | 1,454,172 |
(dollars in thousands) | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | YTD Average Recorded Investment | YTD Interest Income Recognized | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 17,952 | $ | 11,915 | $ | 5,799 | $ | 17,714 | $ | 1,316 | $ | 17,729 | $ | 361 | ||||||||||||||||||||||||||||||
Residential first mortgages | 2,001 | 1,989 | — | 1,989 | — | 2,043 | 70 | |||||||||||||||||||||||||||||||||||||
Residential rentals | 626 | 625 | — | 625 | — | 643 | 32 | |||||||||||||||||||||||||||||||||||||
Home equity and second mtg. | 568 | 555 | — | 555 | — | 559 | 15 | |||||||||||||||||||||||||||||||||||||
Commercial equipment | 527 | 472 | 40 | 512 | 40 | 531 | 30 | |||||||||||||||||||||||||||||||||||||
Total | $ | 21,674 | $ | 15,556 | $ | 5,839 | $ | 21,395 | $ | 1,356 | $ | 21,505 | $ | 508 |
(dollars in thousands) | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | YTD Average Recorded Investment | YTD Interest Income Recognized | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 20,914 | $ | 15,919 | $ | 4,788 | $ | 20,707 | $ | 417 | $ | 21,035 | $ | 813 | ||||||||||||||||||||||||||||||
Residential first mortgages | 1,921 | 1,917 | — | 1,917 | — | 1,962 | 86 | |||||||||||||||||||||||||||||||||||||
Residential rentals | 941 | 937 | — | 937 | — | 967 | 56 | |||||||||||||||||||||||||||||||||||||
Home equity and second mtg. | 524 | 510 | — | 510 | — | 519 | 23 | |||||||||||||||||||||||||||||||||||||
Commercial loans | 3,127 | 1,807 | 1,320 | 3,127 | 210 | 3,284 | 152 | |||||||||||||||||||||||||||||||||||||
Commercial equipment | 808 | 585 | 203 | 788 | 201 | 826 | 35 | |||||||||||||||||||||||||||||||||||||
Total | $ | 28,235 | $ | 21,675 | $ | 6,311 | $ | 27,986 | $ | 828 | $ | 28,593 | $ | 1,165 |
(dollars in thousands)
|
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Dollars
|
Number of Loans
|
Dollars
|
Number of Loans
|
|||||||||||||||||||||||
Commercial real estate
|
$ | 1,376 | 2 | $ | 1,420 | 3 | ||||||||||||||||||||
Residential first mortgages
|
247 | 2 | 64 | 1 | ||||||||||||||||||||||
Commercial equipment
|
471 | 2 | 565 | 4 | ||||||||||||||||||||||
Total TDRs
|
$ | 2,094 | 6 | $ | 2,049 | 8 | ||||||||||||||||||||
Less: TDRs included in non-accrual loans
|
(1,522) | (3) | (1,399) | (3) | ||||||||||||||||||||||
Total performing accrual TDR loans
|
$ | 572 | 3 | $ | 650 | 5 |
Year Ended | December 31, 2020 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Beginning Balance | Charge-offs | Recoveries | Provisions | Ending Balance | |||||||||||||||||||||||||||
Commercial real estate | $ | 7,398 | $ | (944) | $ | 17 | $ | 7,273 | $ | 13,744 | ||||||||||||||||||||||
Residential first mortgages | 464 | — | — | 841 | 1,305 | |||||||||||||||||||||||||||
Residential rentals | 397 | — | — | 1,016 | 1,413 | |||||||||||||||||||||||||||
Construction and land development | 273 | — | — | 128 | 401 | |||||||||||||||||||||||||||
Home equity and second mortgages | 149 | (53) | 9 | 156 | 261 | |||||||||||||||||||||||||||
Commercial loans | 1,086 | (1,027) | 20 | 1,143 | 1,222 | |||||||||||||||||||||||||||
Consumer loans | 10 | (6) | — | 16 | 20 | |||||||||||||||||||||||||||
Commercial equipment | 1,165 | (328) | 94 | 127 | 1,058 | |||||||||||||||||||||||||||
$ | 10,942 | $ | (2,358) | $ | 140 | $ | 10,700 | $ | 19,424 | |||||||||||||||||||||||
Purchase Credit Impaired** | $ | — | $ | — | $ | — | $ | — | $ | — |
Year Ended | December 31, 2019 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Beginning Balance | Charge-offs | Recoveries | Provisions | Ending Balance | |||||||||||||||||||||||||||
Commercial real estate | $ | 6,882 | $ | (148) | $ | 15 | $ | 649 | $ | 7,398 | ||||||||||||||||||||||
Residential first mortgages | 755 | — | — | (291) | 464 | |||||||||||||||||||||||||||
Residential rentals | 498 | (53) | 46 | (94) | 397 | |||||||||||||||||||||||||||
Construction and land development | 310 | (329) | — | 292 | 273 | |||||||||||||||||||||||||||
Home equity and second mortgages | 133 | (28) | 6 | 38 | 149 | |||||||||||||||||||||||||||
Commercial loans | 1,482 | (1,127) | 40 | 691 | 1,086 | |||||||||||||||||||||||||||
Consumer loans | 6 | (5) | 2 | 7 | 10 | |||||||||||||||||||||||||||
Commercial equipment | 910 | (685) | 102 | 838 | 1,165 | |||||||||||||||||||||||||||
$ | 10,976 | $ | (2,375) | $ | 211 | $ | 2,130 | $ | 10,942 | |||||||||||||||||||||||
Purchase Credit Impaired** | $ | — | $ | — | $ | — | $ | — | $ | — |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Ending balance:
individually evaluated for impairment
|
Ending balance:
collectively evaluated for impairment
|
Purchase Credit Impaired
|
Total
|
Ending balance:
individually evaluated for impairment
|
Ending balance:
collectively evaluated for impairment
|
Purchase Credit Impaired
|
Total
|
||||||||||||||||||||||||||||||||||||||||||
Loan Receivables:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate
|
$ | 17,714 | $ | 1,029,861 | $ | 1,572 | $ | 1,049,147 | $ | 20,707 | $ | 942,332 | $ | 1,738 | $ | 964,777 | ||||||||||||||||||||||||||||||||||
Residential first mortgages
|
1,989 | 131,790 | — | 133,779 | 1,917 | 165,793 | — | 167,710 | ||||||||||||||||||||||||||||||||||||||||||
Residential rentals
|
625 | 138,434 | — | 139,059 | 937 | 122,369 | 295 | 123,601 | ||||||||||||||||||||||||||||||||||||||||||
Construction and land development
|
— | 37,520 | — | 37,520 | — | 34,133 | — | 34,133 | ||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages
|
555 | 28,168 | 406 | 29,129 | 510 | 35,197 | 391 | 36,098 | ||||||||||||||||||||||||||||||||||||||||||
Commercial loans
|
— | 52,921 | — | 52,921 | 3,127 | 59,975 | — | 63,102 | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans
|
— | 1,027 | — | 1,027 | — | 1,104 | — | 1,104 | ||||||||||||||||||||||||||||||||||||||||||
Commercial equipment
|
512 | 61,181 | — | 61,693 | 788 | 62,859 | — | 63,647 | ||||||||||||||||||||||||||||||||||||||||||
$ | 21,395 | $ | 1,480,902 | $ | 1,978 | $ | 1,504,275 | $ | 27,986 | $ | 1,423,762 | $ | 2,424 | $ | 1,454,172 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate
|
$ | 1,316 | $ | 12,428 | $ | — | $ | 13,744 | $ | 417 | $ | 6,981 | $ | — | $ | 7,398 | ||||||||||||||||||||||||||||||||||
Residential first mortgages
|
— | 1,305 | — | 1,305 | — | 464 | — | 464 | ||||||||||||||||||||||||||||||||||||||||||
Residential rentals
|
— | 1,413 | — | 1,413 | — | 397 | — | 397 | ||||||||||||||||||||||||||||||||||||||||||
Construction and land development
|
— | 401 | — | 401 | — | 273 | — | 273 | ||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages
|
— | 261 | — | 261 | — | 149 | — | 149 | ||||||||||||||||||||||||||||||||||||||||||
Commercial loans
|
— | 1,222 | — | 1,222 | 210 | 876 | — | 1,086 | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans
|
— | 20 | — | 20 | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||||
Commercial equipment
|
40 | 1,018 | — | 1,058 | 201 | 964 | — | 1,165 | ||||||||||||||||||||||||||||||||||||||||||
$ | 1,356 | $ | 18,068 | $ | — | $ | 19,424 | $ | 828 | $ | 10,114 | $ | — | $ | 10,942 |
(dollars in thousands)
|
Commercial Real Estate
|
Construction and Land Dev.
|
Residential Rentals
|
|||||||||||||||||||||||||||||||||||
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | |||||||||||||||||||||||||||||||||
Unrated
|
$ | 162,434 | $ | 102,695 | $ | 1,036 | $ | 2,075 | $ | 47,605 | $ | 38,139 | ||||||||||||||||||||||||||
Pass
|
866,648 | 840,403 | 36,484 | 32,058 | 90,633 | 84,811 | ||||||||||||||||||||||||||||||||
Special mention
|
2,417 | — | — | — | 821 | — | ||||||||||||||||||||||||||||||||
Substandard
|
17,648 | 21,679 | — | — | — | 651 | ||||||||||||||||||||||||||||||||
Doubtful
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Loss
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total
|
$ | 1,049,147 | $ | 964,777 | $ | 37,520 | $ | 34,133 | $ | 139,059 | $ | 123,601 |
(dollars in thousands) | Commercial Loans | Commercial Equipment | Total Commercial Portfolios | |||||||||||||||||||||||||||||||||||
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | |||||||||||||||||||||||||||||||||
Unrated | $ | 12,962 | $ | 16,754 | $ | 26,585 | $ | 26,045 | $ | 250,622 | $ | 185,708 | ||||||||||||||||||||||||||
Pass | 39,959 | 43,221 | 31,091 | 37,399 | 1,064,815 | 1,037,892 | ||||||||||||||||||||||||||||||||
Special mention | — | — | 3,977 | — | 7,215 | — | ||||||||||||||||||||||||||||||||
Substandard | — | 3,127 | 40 | 203 | 17,688 | 25,660 | ||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 52,921 | $ | 63,102 | $ | 61,693 | $ | 63,647 | $ | 1,340,340 | $ | 1,249,260 |
(dollars in thousands) | Non-Commercial Portfolios** | U.S. SBA PPP Loans | Total All Portfolios | |||||||||||||||||||||||||||||||||||
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | |||||||||||||||||||||||||||||||||
Unrated | $ | 136,792 | $ | 164,991 | $ | 110,320 | $ | — | $ | 497,734 | $ | 350,699 | ||||||||||||||||||||||||||
Pass | 25,125 | 38,718 | — | — | 1,089,940 | 1,076,610 | ||||||||||||||||||||||||||||||||
Special mention | 457 | — | — | — | 7,672 | — | ||||||||||||||||||||||||||||||||
Substandard | 1,561 | 1,203 | — | — | 19,249 | 26,863 | ||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 163,935 | $ | 204,912 | $ | 110,320 | $ | — | $ | 1,614,595 | $ | 1,454,172 |
(dollars in thousands) | Residential First Mortgages | Home Equity and Second Mtg. | Consumer Loans | |||||||||||||||||||||||||||||||||||
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | |||||||||||||||||||||||||||||||||
Performing | $ | 133,444 | $ | 167,710 | $ | 28,927 | $ | 35,921 | $ | 1,027 | $ | 1,104 | ||||||||||||||||||||||||||
Nonperforming | 335 | — | 202 | 177 | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 133,779 | $ | 167,710 | $ | 29,129 | $ | 36,098 | $ | 1,027 | $ | 1,104 |
Years Ended December 31,
|
||||||||||||||
(dollars in thousands)
|
2020 | 2019 | ||||||||||||
Accretable yield, beginning of period | $ | 677 | $ | 733 | ||||||||||
Accretion | (225) | (354) | ||||||||||||
Reclassification from nonaccretable difference | 25 | 330 | ||||||||||||
Other changes, net | (135) | (32) | ||||||||||||
Accretable yield, end of period | $ | 342 | $ | 677 |
BY ACQUIRED AND NON-ACQUIRED | December 31, 2020 | % | December 31, 2019 | % | ||||||||||||||||||||||
Acquired loans - performing | $ | 58,999 | 3.66 | % | $ | 74,654 | 5.13 | % | ||||||||||||||||||
Acquired loans - purchase credit impaired ("PCI") | 1,978 | 0.12 | % | 2,424 | 0.17 | % | ||||||||||||||||||||
Total acquired loans | 60,977 | 3.78 | % | 77,078 | 5.30 | % | ||||||||||||||||||||
U.S. SBA PPP loans | 110,320 | 6.83 | % | — | — | % | ||||||||||||||||||||
Non-acquired loans** | 1,443,298 | 89.39 | % | 1,377,094 | 94.70 | % | ||||||||||||||||||||
Gross loans | 1,614,595 | 1,454,172 | ||||||||||||||||||||||||
Net deferred costs (fees) | (1,096) | (0.07) | % | 1,879 | 0.13 | % | ||||||||||||||||||||
Total loans, net of deferred costs | $ | 1,613,499 | $ | 1,456,051 |
(dollars in thousands)
|
At and For the Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Balance, beginning of period
|
$ | 19,373 | $ | 35,290 | ||||||||||||||||
Loans and additions
|
1,569 | 1,845 | ||||||||||||||||||
Change in Directors' status
|
(2,617) | (9,408) | ||||||||||||||||||
Repayments
|
(1,958) | (8,354) | ||||||||||||||||||
Balance, end of period
|
$ | 16,367 | $ | 19,373 |
As of December 31, 2020 | As of December 31, 2019 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Intangible Asset | Gross Carrying Amount | Accumulated Amortization | Net Intangible Asset | ||||||||||||||||||||||||||||||||
Core deposit intangibles | $ | 3,590 | $ | (2,063) | $ | 1,527 | $ | 3,590 | $ | (1,472) | $ | 2,118 |
(dollars in thousands) | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Land | $ | 4,406 | $ | 4,406 | ||||||||||
Building and improvements | 25,043 | 25,001 | ||||||||||||
Furniture and equipment | 10,185 | 10,149 | ||||||||||||
Automobiles | 163 | 256 | ||||||||||||
Total cost | 39,797 | 39,812 | ||||||||||||
Less accumulated depreciation | (19,526) | (18,150) | ||||||||||||
Premises and equipment, net | $ | 20,271 | $ | 21,662 |
(dollars in thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||
Operating Leases | ||||||||||||||
Operating lease right of use asset, net | $ | 7,831 | $ | 8,382 | ||||||||||
Operating lease liability | $ | 8,088 | $ | 8,495 | ||||||||||
Weighted average remaining lease term | 18.21 years | 18.80 years | ||||||||||||
Weighted average discount rate | 3.52 | % | 3.50 | % | ||||||||||
Remaining lease term - min | 0.7 years | 0.0 years | ||||||||||||
Remaining lease term - max | 24.0 years | 25.0 years |
(dollars in thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||
Operating lease cost | $ | 791 | $ | 854 | ||||||||||
Cash paid for lease liability | $ | 697 | $ | 740 |
(dollars in thousands) |
As of December 31, 2020
|
|||||||
Lease payments due: | ||||||||
Within one year | $ | 670 | ||||||
After one but within two years | 602 | |||||||
After two but within three years | 612 | |||||||
After three but within four years | 620 | |||||||
After four but within five years | 658 | |||||||
After five years | 8,115 | |||||||
Total undiscounted cash flows | $ | 11,277 | ||||||
Discount on cash flows | (3,189) | |||||||
Total lease liability | $ | 8,088 |
(dollar in thousands) | ||||||||
2021 | $ | 670 | ||||||
2022 | 602 | |||||||
2023 | 612 | |||||||
2024 | 620 | |||||||
2025 | 658 | |||||||
Thereafter | 8,115 | |||||||
Total | $ | 11,277 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Balance at beginning of year | $ | 7,773 | $ | 8,111 | ||||||||||
Additions of underlying property | 1,240 | 3,567 | ||||||||||||
Disposals of underlying property | (2,882) | (3,004) | ||||||||||||
Valuation allowance | (3,022) | (901) | ||||||||||||
Balance at end of period | $ | 3,109 | $ | 7,773 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Valuation allowance | $ | 3,022 | $ | 901 | ||||||||||||||||
Losses (gains) on dispositions | 9 | (188) | ||||||||||||||||||
Operating expenses | 169 | 250 | ||||||||||||||||||
$ | 3,200 | $ | 963 |
(dollars in thousands) | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Noninterest-bearing demand | $ | 362,079 | $ | 241,174 | ||||||||||
Interest-bearing: | ||||||||||||||
Demand | 590,159 | 523,802 | ||||||||||||
Money market deposits | 340,725 | 283,438 | ||||||||||||
Savings | 98,783 | 69,254 | ||||||||||||
Certificates of deposit | 353,856 | 394,169 | ||||||||||||
Total interest-bearing | 1,383,523 | 1,270,663 | ||||||||||||
Total Deposits | $ | 1,745,602 | $ | 1,511,837 |
(dollars in thousands) | December 31, 2020 | |||||||
Within one year | $ | 266,134 | ||||||
Year 2 | 62,144 | |||||||
Year 3 | 11,505 | |||||||
Year 4 | 5,441 | |||||||
Year 5 | 8,632 | |||||||
$ | 353,856 |
(dollars in thousands) | At or for the Year Ended December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Long-term debt | ||||||||||||||
Long-term debt outstanding at end of period | $ | 27,302 | $ | 40,370 | ||||||||||
Weighted average rate on outstanding long-term debt | 0.61 | % | 2.31 | % | ||||||||||
Maximum outstanding long-term debt of any month end | 67,359 | 55,392 | ||||||||||||
Average outstanding long-term debt | 53,615 | 32,702 | ||||||||||||
Approximate average rate paid on long-term debt | 2.56 | % | 2.27 | % | ||||||||||
Short-term borrowings | ||||||||||||||
Short-term borrowings outstanding at end of period | $ | — | $ | 5,000 | ||||||||||
Weighted average rate on short-term borrowings | — | % | 1.81 | % | ||||||||||
Maximum outstanding short-term borrowings at any month end | 27,000 | 59,500 | ||||||||||||
Average outstanding short-term borrowings | 8,156 | 30,965 | ||||||||||||
Approximate average rate paid on short-term borrowings | 1.36 | % | 2.50 | % | ||||||||||
PPPLF advances | ||||||||||||||
PPPLF advances outstanding at end of period | $ | — | $ | — | ||||||||||
Weighted average rate on PPPLF advances | — | % | — | % | ||||||||||
Maximum outstanding PPPLF advances at any month end | 127,674 | — | ||||||||||||
Average outstanding PPPLF advances | 60,360 | — | ||||||||||||
Approximate average rate paid on PPPLF advances | 0.35 | % | — | % |
(dollars in thousands)
|
December 31, 2020 | |||||||||||||||||||||||||
Fixed-Rate
|
Fixed-Rate Convertible
|
Variable Convertible
|
Total
|
|||||||||||||||||||||||
Due in 2021 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Due in 2022 | 128 | — | — | 128 | ||||||||||||||||||||||
Due in 2023 | — | — | — | — | ||||||||||||||||||||||
Due in 2024 | — | — | — | — | ||||||||||||||||||||||
Due in 2025 | — | — | — | — | ||||||||||||||||||||||
Thereafter
|
174 | 27,000 | — | 27,174 | ||||||||||||||||||||||
$ | 302 | $ | 27,000 | $ | — | $ | 27,302 |
Regulatory Capital and Ratios
|
The Company
|
The Bank
|
||||||||||||||||||||||||
(dollars in thousands) | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Common equity | $ | 198,013 | $ | 181,494 | $ | 217,142 | $ | 202,604 | ||||||||||||||||||
Goodwill
|
(10,835) | (10,835) | (10,835) | (10,835) | ||||||||||||||||||||||
Core deposit intangible (net of deferred tax liability) | (1,129) | (1,534) | (1,129) | (1,534) | ||||||||||||||||||||||
AOCI (gains) losses | (4,504) | (1,504) | (4,504) | (1,504) | ||||||||||||||||||||||
Common Equity Tier 1 Capital
|
181,545 | 167,621 | 200,674 | 188,731 | ||||||||||||||||||||||
TRUPs
|
12,000 | 12,000 | — | — | ||||||||||||||||||||||
Tier 1 Capital
|
193,545 | 179,621 | 200,674 | 188,731 | ||||||||||||||||||||||
Allowable reserve for credit losses and other Tier 2 adjustments | 19,475 | 10,993 | 19,475 | 10,993 | ||||||||||||||||||||||
Subordinated notes | 19,526 | 23,000 | — | — | ||||||||||||||||||||||
Tier 2 Capital
|
$ | 232,546 | $ | 213,614 | $ | 220,149 | $ | 199,724 | ||||||||||||||||||
Risk-Weighted Assets ("RWA")
|
$ | 1,582,581 | $ | 1,508,352 | $ | 1,580,786 | $ | 1,506,766 | ||||||||||||||||||
Average Assets ("AA")
|
$ | 2,025,061 | $ | 1,782,834 | $ | 2,023,325 | $ | 1,781,415 | ||||||||||||||||||
Regulatory Min. Ratio + CCB (1)
|
||||||||||||||||||||||||||
Common Tier 1 Capital to RWA
|
7.00% | 11.47 | % | 11.11 | % | 12.69 | % | 12.53 | % | |||||||||||||||||
Tier 1 Capital to RWA
|
8.50 | 12.23 | 11.91 | 12.69 | 12.53 | |||||||||||||||||||||
Tier 2 Capital to RWA
|
10.50 | 14.69 | 14.16 | 13.93 | 13.26 | |||||||||||||||||||||
Tier 1 Capital to AA (Leverage) (2)
|
n/a | 9.56 | 10.08 | 9.92 | 10.59 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
(dollars in thousands) | Net Unrealized Gains And Losses | Net Unrealized Gains And Losses | ||||||||||||||||||
Beginning of period | $ | 1,504 | $ | (1,847) | ||||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Other comprehensive gains, net of tax before reclassifications | 1,977 | 2,600 | ||||||||||||||||||
Amounts reclassified for reclassification of HTM to AFS securities | — | 587 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive gain | 1,023 | 164 | ||||||||||||||||||
Net other comprehensive income | $ | 3,000 | $ | 3,351 | ||||||||||||||||
End of period | $ | 4,504 | $ | 1,504 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Net Income | $ | 16,136 | $ | 15,272 | ||||||||||||||||
Average number of common shares outstanding | 5,892,269 | 5,560,588 | ||||||||||||||||||
Dilutive effect of common stock equivalents | 1,290 | — | ||||||||||||||||||
Average number of shares used to calculate diluted EPS | 5,893,559 | 5,560,588 | ||||||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||
Basic | $ | 2.74 | $ | 2.75 | ||||||||||||||||
Diluted | $ | 2.74 | $ | 2.75 |
Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 6,412 | $ | 4,234 | ||||||||||||||||
State | 839 | 2,179 | ||||||||||||||||||
7,251 | 6,413 | |||||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | (2,018) | (547) | ||||||||||||||||||
State | (739) | (201) | ||||||||||||||||||
(2,757) | (748) | |||||||||||||||||||
Income tax expense | $ | 4,494 | $ | 5,665 |
2020 | 2019 | |||||||||||||
Deferred tax assets | ||||||||||||||
Allowance for loan losses | $ | 5,018 | $ | 3,011 | ||||||||||
Deferred compensation | 3,218 | 3,239 | ||||||||||||
Lease liability | 2,090 | 2,338 | ||||||||||||
OREO valuation allowance & expenses | 718 | 457 | ||||||||||||
Depreciation | 158 | 50 | ||||||||||||
Deferred fees | 283 | — | ||||||||||||
Other | 287 | 189 | ||||||||||||
11,772 | 9,284 | |||||||||||||
Deferred tax liabilities | ||||||||||||||
Fair value adjustments for acquired assets and liabilities | 111 | 115 | ||||||||||||
FHLB stock dividends | 102 | 109 | ||||||||||||
Unrealized gain on investment securities | 1,627 | 585 | ||||||||||||
Right of use asset | 2,023 | 2,307 | ||||||||||||
3,863 | 3,116 | |||||||||||||
$ | 7,909 | $ | 6,168 |
Restricted Stock | Restricted Stock Units | Performance Stock Units | ||||||||||||||||||||||||||||||||||||
Number of Shares
|
Weighted Average Grant Date Fair Value
|
Number of Shares
|
Weighted Average Grant Date Fair Value
|
Number of Shares
|
Weighted Average Grant Date Fair Value
|
|||||||||||||||||||||||||||||||||
Nonvested at January 1, 2020 | 14,440 | $ | 25.79 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||
Granted
|
9,065 | 33.42 | 19,151 | 24.06 | 8,482 | 22.64 | ||||||||||||||||||||||||||||||||
Vested
|
(8,933) | 34.02 | — | — | — | — | ||||||||||||||||||||||||||||||||
Cancelled
|
(442) | 33.81 | — | — | — | — | ||||||||||||||||||||||||||||||||
Nonvested at December 31, 2020 | 14,130 | $ | 32.77 | 19,151 | $ | 24.06 | 8,482 | $ | 22.64 |
Restricted Stock | Restricted Stock Units | Performance Stock Units | ||||||||||||||||||||||||||||||||||||
Number of Shares
|
Weighted Average Grant Date Fair Value
|
Number of Shares
|
Weighted Average Grant Date Fair Value
|
Number of Shares
|
Weighted Average Grant Date Fair Value
|
|||||||||||||||||||||||||||||||||
Nonvested at January 1, 2019 | 25,473 | $ | 28.76 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||
Granted
|
6,524 | 31.82 | — | — | — | — | ||||||||||||||||||||||||||||||||
Vested
|
(17,557) | 25.83 | — | — | — | — | ||||||||||||||||||||||||||||||||
Cancelled
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Nonvested at December 31, 2019 | 14,440 | $ | 25.79 | — | $ | — | — | $ | — |
(dollars in thousands) | December 31, 2020 | |||||||||||||||||||||||||
Description of Asset | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
AFS securities | ||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies | ||||||||||||||||||||||||||
MBS | $ | 34,953 | $ | — | $ | 34,953 | $ | — | ||||||||||||||||||
CMOs | 127,447 | — | 127,447 | — | ||||||||||||||||||||||
Asset-backed securities issued by Others: | ||||||||||||||||||||||||||
Residential CMOs | 288 | — | 288 | — | ||||||||||||||||||||||
Student Loan Trust ABSs | 37,439 | — | 37,439 | — | ||||||||||||||||||||||
U.S. government obligations | 1,500 | — | 1,500 | — | ||||||||||||||||||||||
Municipal bonds | 44,478 | — | 44,478 | — | ||||||||||||||||||||||
Total AFS securities | $ | 246,105 | $ | — | $ | 246,105 | $ | — | ||||||||||||||||||
Equity securities carried at fair value through income | ||||||||||||||||||||||||||
CRA investment fund | $ | 4,855 | $ | — | $ | 4,855 | $ | — | ||||||||||||||||||
Non-marketable equity securities | ||||||||||||||||||||||||||
Other equity securities | $ | 207 | $ | — | $ | 207 | $ | — |
(dollars in thousands) | December 31, 2019 | |||||||||||||||||||||||||
Description of Asset | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
AFS securities | ||||||||||||||||||||||||||
Asset-backed securities issued by GSEs and U.S. Agencies | ||||||||||||||||||||||||||
MBS | $ | 36,092 | $ | — | $ | 36,092 | $ | — | ||||||||||||||||||
CMOs | 146,932 | — | 146,932 | — | ||||||||||||||||||||||
U.S. Agency | 9,733 | — | 9,733 | — | ||||||||||||||||||||||
Asset-backed securities issued by Others: | ||||||||||||||||||||||||||
Residential CMOs | 371 | — | 371 | — | ||||||||||||||||||||||
Callable GSE Agency Bonds | 2,002 | — | 2,002 | — | ||||||||||||||||||||||
Certificates of Deposit Fixed | 250 | — | 250 | — | ||||||||||||||||||||||
U.S. government obligations | 1,489 | — | 1,489 | — | ||||||||||||||||||||||
Municipal bonds | 11,318 | — | 11,318 | — | ||||||||||||||||||||||
Total AFS securities | $ | 208,187 | $ | — | $ | 208,187 | $ | — | ||||||||||||||||||
Equity securities carried at fair value through income | ||||||||||||||||||||||||||
CRA investment fund | $ | 4,669 | $ | — | $ | 4,669 | $ | — | ||||||||||||||||||
Non-marketable equity securities | ||||||||||||||||||||||||||
Other equity securities | $ | 209 | $ | — | $ | 209 | $ | — |
(dollars in thousands) | December 31, 2020 | |||||||||||||||||||||||||
Description of Asset | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Loans with impairment | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,483 | $ | — | $ | — | $ | 4,483 | ||||||||||||||||||
Commercial loans | — | — | — | — | ||||||||||||||||||||||
Commercial equipment | — | — | — | — | ||||||||||||||||||||||
Total loans with impairment | $ | 4,483 | $ | — | $ | — | $ | 4,483 | ||||||||||||||||||
Premises and equipment held for sale | $ | 430 | $ | — | $ | — | $ | 430 | ||||||||||||||||||
Other real estate owned | $ | 3,109 | $ | — | $ | — | $ | 3,109 |
(dollars in thousands) | December 31, 2019 | |||||||||||||||||||||||||
Description of Asset | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Loans with impairment | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,371 | $ | — | $ | — | $ | 4,371 | ||||||||||||||||||
Commercial loans | 1,110 | — | — | 1,110 | ||||||||||||||||||||||
Commercial equipment | 2 | — | — | 2 | ||||||||||||||||||||||
Total loans with impairment | $ | 5,483 | $ | — | $ | — | $ | 5,483 | ||||||||||||||||||
Premises and equipment held for sale | $ | 430 | $ | — | $ | — | $ | 430 | ||||||||||||||||||
Other real estate owned | $ | 7,773 | $ | — | $ | — | $ | 7,773 |
December 31, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Description of Asset | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Loans with impairment | $ | 4,483 | Third party appraisals and in-house real estate evaluations of fair value | Management discount for property type, selling costs and current market conditions |
0% - 50% - 23%
|
|||||||||||||||||||||
Premises and equipment held for sale | $ | 430 | Third party appraisals, in-house real estate evaluations of fair value and contracts to sell. | Management discount for property type and current market conditions |
0% - 25% - 10%
|
|||||||||||||||||||||
Other real estate owned | $ | 3,109 | Third party appraisals and in-house real estate evaluations of fair value | Management discount for property type and current market conditions |
0% - 50% - 47%
|
December 31, 2019 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Description of Asset | Fair Value | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||
Loans with impairment | $ | 5,483 | Third party appraisals and in-house real estate evaluations of fair value | Management discount for property type and current market conditions |
0% - 50% - 13%
|
|||||||||||||||||||||
Premises and equipment held for sale | $ | 430 | Third party appraisals, in-house real estate evaluations of fair value and contracts to sell. | Management discount for property type and current market conditions |
0% - 25% - 10%
|
|||||||||||||||||||||
Other real estate owned | $ | 7,773 | Third party appraisals and in-house real estate evaluations of fair value | Management discount for property type and current market conditions |
0% - 50% - 18%
|
December 31, 2020 | Carrying Amount | Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||
Description of Asset (dollars in thousands)
|
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investment securities - AFS | $ | 246,105 | $ | 246,105 | $ | — | $ | 246,105 | $ | — | ||||||||||||||||||||||
Equity securities carried at fair value through income | 4,855 | 4,855 | — | 4,855 | — | |||||||||||||||||||||||||||
Non-marketable equity securities in other financial institutions | 207 | 207 | — | 207 | — | |||||||||||||||||||||||||||
FHLB Stock | 2,777 | 2,777 | — | 2,777 | — | |||||||||||||||||||||||||||
Net loans receivable | 1,594,075 | 1,581,922 | — | — | 1,581,922 | |||||||||||||||||||||||||||
Accrued Interest Receivable | 8,717 | 8,717 | — | 8,717 | — | |||||||||||||||||||||||||||
Investment in BOLI | 38,061 | 38,061 | — | 38,061 | — | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Savings, NOW and money market accounts | $ | 1,391,746 | $ | 1,391,746 | $ | — | $ | 1,391,746 | $ | — | ||||||||||||||||||||||
Time deposits | 353,856 | 355,478 | — | 355,478 | — | |||||||||||||||||||||||||||
Short-term borrowings | — | — | — | — | — | |||||||||||||||||||||||||||
Long-term debt | 27,302 | 27,805 | — | 27,805 | — | |||||||||||||||||||||||||||
TRUPs | 12,000 | 9,444 | — | 9,444 | — | |||||||||||||||||||||||||||
Subordinated notes | 19,526 | 20,106 | — | 20,106 | — |
December 31, 2019 | Carrying Amount | Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||
Description of Asset (dollars in thousands)
|
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investment securities - AFS | $ | 208,187 | $ | 208,187 | $ | — | $ | 208,187 | $ | — | ||||||||||||||||||||||
Equity securities carried at fair value through income | 4,669 | 4,669 | — | 4,669 | — | |||||||||||||||||||||||||||
Non-marketable equity securities in other financial institutions | 209 | 209 | — | 209 | — | |||||||||||||||||||||||||||
FHLB Stock | 3,447 | 3,447 | — | 3,447 | — | |||||||||||||||||||||||||||
Net loans receivable | 1,445,109 | 1,424,506 | — | — | 1,424,506 | |||||||||||||||||||||||||||
Accrued Interest Receivable | 5,019 | 5,019 | — | 5,019 | — | |||||||||||||||||||||||||||
Investment in BOLI | 37,180 | 37,180 | — | 37,180 | — | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Savings, NOW and money market accounts | $ | 1,117,668 | $ | 1,117,668 | $ | — | $ | 1,117,668 | $ | — | ||||||||||||||||||||||
Time deposits | 394,169 | 396,492 | — | 396,492 | — | |||||||||||||||||||||||||||
Short-term borrowings | 5,000 | 5,007 | — | 5,007 | — | |||||||||||||||||||||||||||
Long-term debt | 40,370 | 40,588 | — | 40,588 | — | |||||||||||||||||||||||||||
TRUPs | 12,000 | 10,129 | — | 10,129 | — | |||||||||||||||||||||||||||
Subordinated notes | 23,000 | 23,031 | — | 23,031 | — |
(dollars in thousands) | December 31, | |||||||||||||
2020 | 2019 | |||||||||||||
Assets | ||||||||||||||
Cash - noninterest bearing | $ | 12,076 | $ | 3,268 | ||||||||||
Cash - interest bearing | — | 10,759 | ||||||||||||
Investment in wholly-owned subsidiaries | 217,514 | 202,976 | ||||||||||||
Other assets | 1,423 | 1,214 | ||||||||||||
Total Assets | $ | 231,013 | $ | 218,217 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Current liabilities | $ | 1,102 | $ | 1,351 | ||||||||||
Guaranteed preferred beneficial interest in junior subordinated debentures | 12,372 | 12,372 | ||||||||||||
Subordinated notes - 4.75% and 6.25%, respectively
|
19,526 | 23,000 | ||||||||||||
Total Liabilities | 33,000 | 36,723 | ||||||||||||
Stockholders' Equity | ||||||||||||||
Common stock | 59 | 59 | ||||||||||||
Additional paid in capital | 95,965 | 95,474 | ||||||||||||
Retained earnings | 97,944 | 85,059 | ||||||||||||
Accumulated other comprehensive income | 4,504 | 1,504 | ||||||||||||
Unearned ESOP shares | (459) | (602) | ||||||||||||
Total Stockholders’ Equity | 198,013 | 181,494 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 231,013 | $ | 218,217 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Interest and Dividend Income | ||||||||||||||||||||
Dividends from subsidiary | $ | 17,000 | $ | 4,500 | ||||||||||||||||
Interest income | 46 | 65 | ||||||||||||||||||
Interest expense | 779 | 2,023 | ||||||||||||||||||
Net Interest Income | 16,267 | 2,542 | ||||||||||||||||||
Miscellaneous expenses | (2,302) | (2,408) | ||||||||||||||||||
Income before income taxes and equity in undistributed net income of subsidiary | 13,965 | 134 | ||||||||||||||||||
Federal and state income tax benefit | 647 | 954 | ||||||||||||||||||
Equity in undistributed net income of subsidiary | 1,524 | 14,184 | ||||||||||||||||||
Net Income | $ | 16,136 | $ | 15,272 |
(dollars in thousands) | Years Ended December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income | $ | 16,136 | $ | 15,272 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Equity in undistributed earnings of subsidiary | (1,524) | (14,184) | ||||||||||||||||||
Amortization of debt issuance costs | 10 | — | ||||||||||||||||||
Stock based compensation | 343 | 329 | ||||||||||||||||||
(Increase) decrease in other assets | (169) | 164 | ||||||||||||||||||
(Increase) decrease in deferred income tax benefit | (41) | 11 | ||||||||||||||||||
(Decrease) increase in current liabilities | (248) | 126 | ||||||||||||||||||
Net Cash Provided by Operating Activities | 14,507 | 1,718 | ||||||||||||||||||
Net Cash Provided by Investing Activities | — | — | ||||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Dividends paid | (2,819) | (2,668) | ||||||||||||||||||
Proceeds from public offering | — | 10,632 | ||||||||||||||||||
Capital to subsidiary | (10,000) | — | ||||||||||||||||||
Proceeds from subordinated notes - 4.75% | 19,516 | — | ||||||||||||||||||
Payment of subordinated notes - 6.25% | (23,000) | — | ||||||||||||||||||
Net change in unearned ESOP shares | 143 | 116 | ||||||||||||||||||
Repurchase of common stock | (298) | (17) | ||||||||||||||||||
Net Cash (Used in) Provided by Financing Activities | (16,458) | 8,063 | ||||||||||||||||||
(Decrease) Increase in Cash | (1,951) | 9,781 | ||||||||||||||||||
Cash at Beginning of Year | 14,027 | 4,246 | ||||||||||||||||||
Cash at End of Year | $ | 12,076 | $ | 14,027 |
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
||||||||
Consolidated Statements of Income for the Years Ended December 31, 2020 and 2019
|
||||||||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020 and 2019
|
||||||||
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2020 and 2019
|
||||||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020 and 2019
|
||||||||
Exhibit No
|
Description
|
Incorporated by Reference to
|
||||||||||||
Agreement and Plan of Merger dated as of July 31, 2017 by and among The Community Financial Corporation, Community Bank of the Chesapeake and County First Bank
|
||||||||||||||
Articles of Incorporation as Amended and Restated of The Community Financial Corporation
|
||||||||||||||
Amended and Restated Bylaws of The Community Financial Corporation
|
||||||||||||||
Amendment No. 1 to the Amended and Restated Bylaws of The Community Financial Corporation
|
||||||||||||||
Form of Subordinated Indenture between The Community Financial Corporation and Wilmington Trust, National Association, as Trustee
|
||||||||||||||
Form of First Supplemental Indenture between The Community Financial Corporation and Wilmington Trust, National Association, as Trustee
|
||||||||||||||
Form of Global Note to represent the 6.25% Fixed to Floating Rate Subordinated Notes due 2025 (included in Exhibit 4.3)
|
||||||||||||||
Description of securities registered pursuant to Section 12 of the Securities and Exchange Act of 1934 | ||||||||||||||
Indenture, dated as of October 14, 2020, by and between The Community Financial Corporation and UMB Bank National Association, as Trustee
|
||||||||||||||
Form of 4.75% Fixed-to-Floating Rate Subordinated Note due 2030 of The Community Financial Corporation | ||||||||||||||
Community Bank of the Chesapeake Retirement Plan for Directors, as amended and restated
|
||||||||||||||
Split Dollar Agreement with William J. Pasenelli dated April 12, 2001
|
Exhibit No
|
Description
|
Incorporated by Reference to
|
||||||||||||
Community Bank of the Chesapeake Executive Deferred Compensation Plan, as amended and restated
|
||||||||||||||
The Community Financial Corporation 2015 Equity Compensation Plan
|
||||||||||||||
Split Dollar Agreement with Todd L. Capitani dated March 3, 2011
|
||||||||||||||
Split Dollar Agreement with James Burke dated March 15, 2011
|
||||||||||||||
Supplemental Life Insurance Agreement between Community Bank of Tri-County and William J. Pasenelli dated January 12, 2004
|
||||||||||||||
Split Dollar Agreement with William J. Pasenelli dated March 15, 2011
|
||||||||||||||
Employment Agreement by and among Community Bank of the Chesapeake, William J. Pasenelli and The Community Financial Corporation, as guarantor
|
||||||||||||||
Employment Agreement by and among Community Bank of the Chesapeake, Todd L. Capitani and The Community Financial Corporation, as guarantor
|
||||||||||||||
Employment Agreement by and among Community Bank of the Chesapeake, James M. Burke and The Community Financial Corporation, as guarantor
|
||||||||||||||
Salary Continuation Agreement between William J. Pasenelli and Community Bank of the Chesapeake, dated September 6, 2003, as amended on December 22, 2008 and amended and restated in its entirety on April 30, 2018
|
||||||||||||||
Salary Continuation Agreement between William J. Pasenelli and Community Bank of the Chesapeake, dated August 21, 2006, as amended on April 13, 2007, December 30, 2007 and amended and restated in its entirety on April 30, 2018
|
||||||||||||||
Salary Continuation Agreement between James M. Burke and Community Bank of the Chesapeake, dated August 21, 2006 and amended and restated in its entirety on April 30, 2018
|
||||||||||||||
Amended and Restated Supplemental Executive Retirement Plan Agreement, dated January 1, 2011, First Amendment to the Supplemental Executive Retirement Plan dated January 1, 2011 and amended and restated in its entirety on April 30, 2018 with William J. Pasenelli
|
||||||||||||||
Amended and Restated Supplemental Executive Retirement Plan Agreement, dated January 1, 2011, First Amendment to the Supplemental executive Retirement Plan dated January 1, 2011 and amended and restated in its entirety on April 30, 2018 with Todd L. Capitani
|
||||||||||||||
Amended and Restated Supplemental Executive Retirement Plan Agreement, dated January 1, 2011, First Amendment to the Supplemental Executive Retirement Plan dated January 1, 2011 and amended and restated on April 30, 2018 with James M. Burke
|
Exhibit No
|
Description
|
Incorporated by Reference to
|
||||||||||||
Amended and Restated Supplemental Executive Retirement Plan agreement, dated November 1, 2014 as amended and restated on April 30, 2018, with William J. Pasenelli
|
||||||||||||||
Amended and Restated Supplemental Executive Retirement Plan agreement, dated November 1, 2014 as amended and restated on April 30, 2018, with Todd L. Capitani
|
||||||||||||||
Amended and Restated Supplemental Executive Retirement Plan agreement, dated November 1, 2014 as amended and restated on April 30, 2018, with James M. Burke
|
||||||||||||||
Amended and Restated Supplemental Executive Retirement Plan agreement, dated November 1, 2014 as amended and restated on April 30, 2018, with Christy Lombardi
|
||||||||||||||
Community Bank of the Chesapeake Executive Incentive Compensation Plan, as amended and restated effective January 1, 2019
|
||||||||||||||
Consulting Agreement, effective April 1, 2019, by and between Community Bank of the Chesapeake and James F. Di Misa | ||||||||||||||
Amendment No. 1 to the Consulting Agreement by and between Community Bank of the Chesapeake and James F. Di Misa, effective December 19, 2019 | ||||||||||||||
Amended and Restated Employment Agreement by and among Community Bank of the Chesapeake, Christy Lombardi and The Community Financial Corporation, as guarantor | ||||||||||||||
Change in Control Agreement by and among Community Bank of the Chesapeake, John Chappelle and The Community Financial Corporation, as guarantor | ||||||||||||||
Change in Control Agreement by and among Community Bank of the Chesapeake, B. Scot Ebron and The Community Financial Corporation, as guarantor | ||||||||||||||
Change in Control Agreement by and among Community Bank of the Chesapeake, Lacey Pierce and The Community Financial Corporation, as guarantor | ||||||||||||||
Change in Control Agreement by and among Community Bank of the Chesapeake, Patrick Pierce and The Community Financial Corporation, as guarantor | ||||||||||||||
Change in Control Agreement by and among Community Bank of the Chesapeake, Talal Tay and The Community Financial Corporation, as guarantor | ||||||||||||||
Amendment No. 2 to the Consulting Agreement by and between Community Bank of the Chesapeake and James F. Di Misa, dated April, 2020, as amended December 19, 2020
|
||||||||||||||
Form of Subordinated Note Purchase Agreement, dated as of October 14, 2020, by and between The Community Financial Corporation and the several Purchasers identified therein | ||||||||||||||
Form of Registration Rights Agreement, dated as of October 14, 2020, by and between The Community Financial Corporation and the several Purchasers identified therein
|
||||||||||||||
Code of Ethics
|
Exhibit No
|
Description
|
Incorporated by Reference to
|
||||||||||||
101.0 |
The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes in the Consolidated Financial Statements.
|
|||||||||||||
104.0 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
THE COMMUNITY FINANCIAL CORPORATION
|
||||||||
Date: March 4, 2021 |
By:
|
/s/ William J. Pasenelli
|
||||||
William J. Pasenelli
Chief Executive Officer (Duly Authorized Representative) |
By:
|
/s/ Austin J. Slater, Jr. |
By:
|
/s/ William J. Pasenelli
|
|||||||||||
Austin J. Slater, Jr. |
William J. Pasenelli
|
|||||||||||||
Director, Chairman of the Board
|
CEO, Director, Vice-Chairman of the Board | |||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/ Todd L. Capitani
|
By:
|
/s/ James M. Burke | |||||||||||
Todd L. Capitani
|
James M. Burke | |||||||||||||
Chief Financial Officer and Executive Vice President |
Director
|
|||||||||||||
(Principal Financial and Accounting Officer)
|
President | |||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/Louis P. Jenkins, Jr
|
By:
|
/s/ Joseph V. Stone, Jr. | |||||||||||
Louis P. Jenkins, Jr.
|
Joseph V. Stone, Jr. | |||||||||||||
Director
|
Director | |||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/ Mary Todd Peterson
|
By:
|
/s/ M. Arshed Javaid | |||||||||||
Mary Todd Peterson
|
M. Arshed Javaid | |||||||||||||
Director
|
Director | |||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/ E. Lawrence Sanders, III |
By:
|
/s/ Michael B. Adams | |||||||||||
E. Lawrence Sanders, III | Michael B. Adams | |||||||||||||
Director
|
Director
|
|||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/ Kimberly C. Briscoe-Tonic
|
By:
|
/s/ Rebecca M. McDonald | |||||||||||
Kimberly C. Briscoe-Tonic
|
Rebecca M. McDonald | |||||||||||||
Director
|
Director
|
|||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/ Kathryn M. Zabriskie |
By:
|
/s/ Gregory C. Cockerham | |||||||||||
Kathryn M. Zabriskie | Gregory C. Cockerham | |||||||||||||
Director |
Director
|
|||||||||||||
Date: March 4, 2021 | Date: March 4, 2021 | |||||||||||||
By:
|
/s/ James F. Di Misa | |||||||||||||
James F. Di Misa | ||||||||||||||
Director
|
||||||||||||||
Date: March 4, 2021 |
1 Year Community Financial Chart |
1 Month Community Financial Chart |
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