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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Farmers and Merchants Bancorp (QX) | USOTC:FMCB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-6.69 | -0.67% | 993.68 | 993.68 | 999.25 | 1,000.00 | 990.00 | 990.00 | 170 | 21:15:20 |
Delaware
|
94-3327828
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
111 W. Pine Street, Lodi, California
|
95240
|
|
(Address of principal Executive offices)
|
(Zip Code)
|
Large accelerated filer ☐
|
Accelerated filer ☒
|
Non-accelerated filer ☐
|
Smaller Reporting Company ☐
|
|
(Do not check if a smaller reporting company)
|
|
|
Emerging Growth ☐ |
PART I. -
FINANCIAL INFORMATION
|
Page
|
||
Item 1 - Financial Statements
|
|||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
8
|
|||
Item 2 -
|
Management's Discussion and Analysis of Financial Condition and Results of Operations |
35
|
|
Item 3 -
|
Quantitative and Qualitative Disclosures About Market Risk |
56
|
|
Item 4 -
|
Controls and Procedures |
59
|
|
PART II. -
OTHER INFORMATION
|
|||
Item 1 -
|
Legal Proceedings |
60
|
|
Item 1A –
|
Risk Factors |
60
|
|
Item 2 -
|
Unregistered Sales of Equity Securities and Use of Proceeds |
60
|
|
Item 3 -
|
Defaults Upon Senior Securities |
60
|
|
Item 4 –
|
Mine Safety Disclosures |
60
|
|
Item 5 -
|
Other Information |
60
|
|
Item 6 -
|
Exhibits |
61
|
|
61
|
|||
61
|
Item 1.
|
Financial Statements
|
(in thousands except share data)
|
||||||||||||
June 30,
2017
|
December 31,
2016
|
June 30,
2016
|
||||||||||
Assets
|
(Unaudited)
|
(Unaudited)
|
||||||||||
Cash and Cash Equivalents:
|
||||||||||||
Cash and Due from Banks
|
$
|
50,004
|
$
|
54,896
|
$
|
46,524
|
||||||
Interest Bearing Deposits with Banks
|
97,187
|
43,964
|
23,232
|
|||||||||
Total Cash and Cash Equivalents
|
147,191
|
98,860
|
69,756
|
|||||||||
Investment Securities:
|
||||||||||||
Available-for-Sale
|
461,867
|
448,263
|
362,223
|
|||||||||
Held-to-Maturity
|
56,381
|
58,109
|
60,949
|
|||||||||
Total Investment Securities
|
518,248
|
506,372
|
423,172
|
|||||||||
Loans & Leases:
|
2,204,082
|
2,177,601
|
2,068,107
|
|||||||||
Less: Allowance for Credit Losses
|
49,064
|
47,919
|
44,118
|
|||||||||
Loans & Leases, Net
|
2,155,018
|
2,129,682
|
2,023,989
|
|||||||||
Premises and Equipment, Net
|
29,312
|
29,229
|
26,055
|
|||||||||
Bank Owned Life Insurance
|
58,671
|
57,761
|
56,846
|
|||||||||
Interest Receivable and Other Assets
|
104,159
|
100,217
|
91,047
|
|||||||||
Total Assets
|
$
|
3,012,599
|
$
|
2,922,121
|
$
|
2,690,865
|
||||||
Liabilities
|
||||||||||||
Deposits:
|
||||||||||||
Demand
|
$
|
736,077
|
$
|
756,236
|
$
|
646,408
|
||||||
Interest Bearing Transaction
|
527,568
|
495,063
|
452,758
|
|||||||||
Savings and Money Market
|
801,506
|
760,119
|
726,580
|
|||||||||
Time
|
596,727
|
570,293
|
502,200
|
|||||||||
Total Deposits
|
2,661,878
|
2,581,711
|
2,327,946
|
|||||||||
Subordinated Debentures
|
10,310
|
10,310
|
10,310
|
|||||||||
Interest Payable and Other Liabilities
|
48,691
|
50,119
|
87,337
|
|||||||||
Total Liabilities
|
2,720,879
|
2,642,140
|
2,425,593
|
|||||||||
Shareholders' Equity
|
||||||||||||
Preferred Stock: No Par Value, 1,000,000 Shares Authorized, None Issued or Outstanding
|
-
|
-
|
-
|
|||||||||
Common Stock: Par Value $0.01, 7,500,000 Shares Authorized, 808,704, 807,329 and 792,387 Shares Issued and Outstanding at June 30, 2017, December 31, 2016 and June 30, 2016, Respectively
|
8
|
8
|
8
|
|||||||||
Additional Paid-In Capital
|
91,482
|
90,671
|
82,004
|
|||||||||
Retained Earnings
|
199,862
|
189,313
|
179,382
|
|||||||||
Accumulated Other Comprehensive (Loss) Income
|
368
|
(11
|
)
|
3,878
|
||||||||
Total Shareholders' Equity
|
291,720
|
279,981
|
265,272
|
|||||||||
Total Liabilities and Shareholders' Equity
|
$
|
3,012,599
|
$
|
2,922,121
|
$
|
2,690,865
|
(in thousands except per share data)
|
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Interest Income
|
||||||||||||||||
Interest and Fees on Loans & Leases
|
$
|
25,248
|
$
|
22,492
|
$
|
49,779
|
$
|
44,386
|
||||||||
Interest on Deposits with Banks
|
258
|
36
|
507
|
82
|
||||||||||||
Interest on Investment Securities:
|
||||||||||||||||
Taxable
|
2,124
|
1,301
|
4,136
|
2,903
|
||||||||||||
Exempt from Federal Tax
|
439
|
485
|
889
|
969
|
||||||||||||
Total Interest Income
|
28,069
|
24,314
|
55,311
|
48,340
|
||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,433
|
859
|
2,709
|
1,687
|
||||||||||||
Borrowed Funds
|
-
|
-
|
-
|
4
|
||||||||||||
Subordinated Debentures
|
105
|
92
|
205
|
180
|
||||||||||||
Total Interest Expense
|
1,538
|
951
|
2,914
|
1,871
|
||||||||||||
Net Interest Income
|
26,531
|
23,363
|
52,397
|
46,469
|
||||||||||||
Provision for Credit Losses
|
650
|
-
|
1,250
|
2,600
|
||||||||||||
Net Interest Income After Provision for Credit Losses
|
25,881
|
23,363
|
51,147
|
43,869
|
||||||||||||
Non-Interest Income
|
||||||||||||||||
Service Charges on Deposit Accounts
|
848
|
826
|
1,694
|
1,640
|
||||||||||||
Net Gain (Loss) on Sale of Investment Securities
|
131
|
-
|
131
|
(289
|
)
|
|||||||||||
Increase in Cash Surrender Value of Life Insurance
|
454
|
474
|
909
|
948
|
||||||||||||
Debit Card and ATM Fees
|
977
|
858
|
1,887
|
1,693
|
||||||||||||
Net Gain (Loss) on Deferred Compensation Investments
|
399
|
48
|
1,193
|
339
|
||||||||||||
Other
|
730
|
669
|
3,131
|
1,265
|
||||||||||||
Total Non-Interest Income
|
3,539
|
2,875
|
8,945
|
5,596
|
||||||||||||
Non-Interest Expense
|
||||||||||||||||
Salaries and Employee Benefits
|
11,450
|
10,083
|
23,942
|
21,789
|
||||||||||||
Net Gain (Loss) on Deferred Compensation Investments
|
399
|
48
|
1,193
|
339
|
||||||||||||
Occupancy
|
868
|
713
|
1,716
|
1,454
|
||||||||||||
Equipment
|
1,026
|
842
|
2,013
|
1,699
|
||||||||||||
Marketing
|
363
|
363
|
538
|
662
|
||||||||||||
FDIC Insurance
|
233
|
324
|
461
|
640
|
||||||||||||
Gain on Sale of ORE
|
(300
|
)
|
(257
|
)
|
(414
|
)
|
(5,941
|
)
|
||||||||
Other
|
2,486
|
2,621
|
5,498
|
6,114
|
||||||||||||
Total Non-Interest Expense
|
16,525
|
14,737
|
34,947
|
26,756
|
||||||||||||
Income Before Income Taxes
|
12,895
|
11,501
|
25,145
|
22,709
|
||||||||||||
Provision for Income Taxes
|
4,708
|
4,169
|
9,137
|
8,205
|
||||||||||||
Net Income
|
$
|
8,187
|
$
|
7,332
|
$
|
16,008
|
$
|
14,504
|
||||||||
Basic Earnings Per Common Share
|
$
|
10.12
|
$
|
9.25
|
$
|
19.80
|
$
|
18.31
|
(in thousands)
|
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net Income
|
$
|
8,187
|
$
|
7,332
|
$
|
16,008
|
$
|
14,504
|
||||||||
Other Comprehensive Income
|
||||||||||||||||
Increase in Net Unrealized Gains on Available-for-Sale Securities
|
898
|
1,181
|
784
|
5,376
|
||||||||||||
Deferred Tax Expense Related to Unrealized Gains
|
(378
|
)
|
(497
|
)
|
(330
|
)
|
(2,261
|
)
|
||||||||
Reclassification Adjustment for Realized Gains on Available-for-Sale Securities Included in Net Income
|
(130
|
)
|
-
|
(130
|
)
|
289
|
||||||||||
Deferred Tax Benefit Related to Reclassification Adjustment
|
55
|
(410
|
)
|
55
|
(121
|
)
|
||||||||||
Change in Net Unrealized Gains on Available-for-Sale Securities, Net of Tax
|
445
|
274
|
379
|
3,283
|
||||||||||||
Total Other Comprehensive Income
|
445
|
274
|
379
|
3,283
|
||||||||||||
Comprehensive Income
|
$
|
8,632
|
$
|
7,606
|
$
|
16,387
|
$
|
17,787
|
(in thousands except share data)
|
Accumulated
|
|||||||||||||||||||||||
Common
Shares
Outstanding
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Other
Comprehensive
(Loss) Income, net
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance, January 1, 2016
|
790,787
|
$
|
8
|
$
|
81,164
|
$
|
170,068
|
$
|
595
|
$
|
251,835
|
|||||||||||||
Net Income
|
-
|
-
|
14,504
|
-
|
14,504
|
|||||||||||||||||||
Cash Dividends Declared on
|
-
|
|||||||||||||||||||||||
Common Stock ($6.55 per share)
|
-
|
-
|
(5,190
|
)
|
-
|
(5,190
|
)
|
|||||||||||||||||
Issuance of Common Stock
|
1,600
|
-
|
840
|
-
|
-
|
840
|
||||||||||||||||||
Change in Net Unrealized Gains on Securities Available-for-Sale, net of tax
|
-
|
-
|
-
|
3,283
|
3,283
|
|||||||||||||||||||
Balance, June 30, 2016
|
792,387
|
$
|
8
|
$
|
82,004
|
$
|
179,382
|
$
|
3,878
|
$
|
265,272
|
|||||||||||||
Balance, January 1, 2017
|
807,329
|
$
|
8
|
$
|
90,671
|
$
|
189,313
|
$
|
(11
|
)
|
$
|
279,981
|
||||||||||||
Net Income
|
-
|
16,008
|
-
|
16,008
|
||||||||||||||||||||
Cash Dividends Declared on
|
-
|
|||||||||||||||||||||||
Common Stock ($6.75 per share)
|
-
|
-
|
(5,459
|
)
|
-
|
(5,459
|
)
|
|||||||||||||||||
Issuance of Common Stock
|
1,375
|
-
|
811
|
-
|
-
|
811
|
||||||||||||||||||
Change in Net Unrealized Gains on Securities Available-for-Sale, net of tax
|
-
|
-
|
-
|
379
|
379
|
|||||||||||||||||||
Balance, June 30, 2017
|
808,704
|
$
|
8
|
$
|
91,482
|
$
|
199,862
|
$
|
368
|
$
|
291,720
|
Six Months Ended
|
||||||||
(in thousands)
|
June 30,
2017
|
June 30,
2016
|
||||||
Operating Activities:
|
||||||||
Net Income
|
$
|
16,008
|
$
|
14,504
|
||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
||||||||
Provision for Credit Losses
|
1,250
|
2,600
|
||||||
Depreciation and Amortization
|
1,030
|
950
|
||||||
Net Amortization of Investment Security Premiums & Discounts
|
771
|
730
|
||||||
Amortization of Core Deposit Intangible
|
55
|
-
|
||||||
Accretion of Discount on Acquired Loans
|
(126
|
)
|
-
|
|||||
Net (Gain) Loss on Sale of Investment Securities
|
(131
|
)
|
289
|
|||||
Net (Gain) Loss on Sale of Property & Equipment
|
(1,162
|
)
|
4
|
|||||
Net Gain on Sale of Other Real Estate
|
(414
|
)
|
(5,941
|
)
|
||||
Net Change in Operating Assets & Liabilities:
|
||||||||
Net Increase in Interest Receivable and Other Assets
|
(6,943
|
)
|
(2,666
|
)
|
||||
Net (Decrease) Increase in Interest Payable and Other Liabilities
|
(1,114
|
)
|
194
|
|||||
Net Cash Provided by Operating Activities
|
9,224
|
10,664
|
||||||
Investing Activities:
|
||||||||
Purchase of Investment Securities Available-for-Sale
|
(140,417
|
)
|
(188,885
|
)
|
||||
Proceeds from Sold, Matured or Called Securities Available-for-Sale
|
126,657
|
212,313
|
||||||
Purchase of Investment Securities Held-to-Maturity
|
(475
|
)
|
(1,246
|
)
|
||||
Proceeds from Matured or Called Securities Held-to-Maturity
|
2,173
|
1,668
|
||||||
Net Loans & Leases Paid, Originated or Acquired
|
(26,531
|
)
|
(71,853
|
)
|
||||
Principal Collected on Loans & Leases Previously Charged Off
|
71
|
100
|
||||||
Additions to Premises and Equipment
|
(2,235
|
)
|
(434
|
)
|
||||
Purchase of Other Investments
|
(314
|
)
|
(5,523
|
)
|
||||
Proceeds from Sale of Property & Equipment
|
2,284
|
-
|
||||||
Proceeds from Sale of Other Real Estate
|
3,186
|
8,282
|
||||||
Net Cash Provided by Investing Activities
|
(35,601
|
)
|
(45,578
|
)
|
||||
Financing Activities:
|
||||||||
Net Increase in Deposits
|
80,167
|
50,414
|
||||||
Cash Dividends
|
(5,459
|
)
|
(5,190
|
)
|
||||
Net Cash Provided by Financing Activities
|
74,708
|
45,224
|
||||||
Increase in Cash and Cash Equivalents
|
48,331
|
10,310
|
||||||
Cash and Cash Equivalents at Beginning of Period
|
98,860
|
59,446
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
147,191
|
$
|
69,756
|
||||
Supplementary Data
|
||||||||
Loans Transferred to Foreclosed Assets (ORE)
|
$
|
-
|
$
|
538
|
||||
Cash Payments Made for Income Taxes
|
$
|
9,611
|
$
|
7,461
|
||||
Issuance of Common Stock to the Bank's Non-Qualified Retirement Plans
|
$
|
811
|
$
|
840
|
||||
Interest Paid
|
$
|
2,752
|
$
|
1,814
|
Amortized
|
Gross Unrealized
|
Fair/Book
|
||||||||||||||
June 30, 2017
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Government Agency & Government-Sponsored Entities
|
$
|
3,103
|
$
|
92
|
$
|
-
|
$
|
3,195
|
||||||||
US Treasury Notes
|
134,689
|
3
|
272
|
134,420
|
||||||||||||
US Govt SBA
|
32,889
|
30
|
119
|
32,800
|
||||||||||||
Mortgage Backed Securities
(1)
|
288,121
|
1,821
|
919
|
289,023
|
||||||||||||
Other
|
2,429
|
-
|
-
|
2,429
|
||||||||||||
Total
|
$
|
461,231
|
$
|
1,946
|
$
|
1,310
|
$
|
461,867
|
Amortized
|
Gross Unrealized
|
Fair/Book
|
||||||||||||||
December 31, 2016
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Government Agency & Government-Sponsored Entities
|
$
|
3,127
|
$
|
114
|
$
|
-
|
$
|
3,241
|
||||||||
US Treasury Notes
|
134,755
|
5
|
332
|
134,428
|
||||||||||||
US Govt SBA
|
36,532
|
42
|
260
|
36,314
|
||||||||||||
Mortgage Backed Securities
(1)
|
272,858
|
1,725
|
1,313
|
273,270
|
||||||||||||
Other
|
1,010
|
-
|
-
|
1,010
|
||||||||||||
Total
|
$
|
448,282
|
$
|
1,886
|
$
|
1,905
|
$
|
448,263
|
Amortized
|
Gross Unrealized
|
Fair/Book
|
||||||||||||||
June 30, 2016
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Government Agency & Government-Sponsored Entities
|
$
|
93,139
|
$
|
192
|
$
|
-
|
$
|
93,331
|
||||||||
US Treasury Notes
|
65,522
|
457
|
-
|
65,979
|
||||||||||||
Mortgage Backed Securities
(1)
|
195,860
|
6,043
|
-
|
201,903
|
||||||||||||
Other
|
1,010
|
-
|
-
|
1,010
|
||||||||||||
Total
|
$
|
355,531
|
$
|
6,692
|
$
|
-
|
$
|
362,223
|
Book
|
Gross Unrealized
|
Fair
|
||||||||||||||
June 30, 2017
|
Value
|
Gains
|
Losses
|
Value
|
||||||||||||
Obligations of States and Political Subdivisions
|
$
|
56,381
|
$
|
746
|
$
|
-
|
$
|
57,127
|
||||||||
Total
|
$
|
56,381
|
$
|
746
|
$
|
-
|
$
|
57,127
|
Book
|
Gross Unrealized
|
Fair
|
||||||||||||||
December 31, 2016
|
Value
|
Gains
|
Losses
|
Value
|
||||||||||||
Obligations of States and Political Subdivisions
|
$
|
58,109
|
$
|
339
|
$
|
40
|
$
|
58,408
|
||||||||
Total
|
$
|
58,109
|
$
|
339
|
$
|
40
|
$
|
58,408
|
Book
|
Gross Unrealized
|
Fair
|
||||||||||||||
June 30, 2016
|
Value
|
Gains
|
Losses
|
Value
|
||||||||||||
Obligations of States and Political Subdivisions
|
$
|
60,949
|
$
|
1,894
|
$
|
-
|
$
|
62,843
|
||||||||
Total
|
$
|
60,949
|
$
|
1,894
|
$
|
-
|
$
|
62,843
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
June 30, 2017
|
Amortized
Cost
|
Fair/Book
Value
|
Book
Value
|
Fair
Value
|
||||||||||||
Within one year
|
$
|
97,484
|
$
|
97,396
|
$
|
1,250
|
$
|
1,252
|
||||||||
After one year through five years
|
35,556
|
35,475
|
9,718
|
9,739
|
||||||||||||
After five years through ten years
|
13,500
|
13,475
|
14,247
|
14,452
|
||||||||||||
After ten years
|
26,570
|
26,498
|
31,166
|
31,684
|
||||||||||||
173,110
|
172,844
|
56,381
|
57,127
|
|||||||||||||
Investment securities not due at a single maturity date:
|
||||||||||||||||
Mortgage-backed securities
|
288,121
|
289,023
|
-
|
-
|
||||||||||||
Total
|
$
|
461,231
|
$
|
461,867
|
$
|
56,381
|
$
|
57,127
|
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
June 30, 2017
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
Securities Available-for-Sale
|
||||||||||||||||||||||||
US Treasury Notes
|
$
|
74,423
|
$
|
272
|
$
|
-
|
$
|
-
|
$
|
74,423
|
$
|
272
|
||||||||||||
US Govt SBA
|
22,775
|
119
|
-
|
-
|
22,775
|
119
|
||||||||||||||||||
Mortgage Backed Securities
|
141,268
|
919
|
-
|
-
|
141,268
|
919
|
||||||||||||||||||
Total
|
$
|
238,466
|
$
|
1,310
|
$
|
-
|
$
|
-
|
$
|
238,466
|
$
|
1,310
|
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
December 31, 2016
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
Securities Available-for-Sale
|
||||||||||||||||||||||||
US Treasury Notes
|
$
|
99,429
|
$
|
332
|
$
|
-
|
$
|
-
|
$
|
99,429
|
$
|
332
|
||||||||||||
US Govt SBA
|
27,483
|
260
|
-
|
-
|
27,483
|
260
|
||||||||||||||||||
Mortgage Backed Securities
|
123,157
|
1,313
|
-
|
-
|
123,157
|
1,313
|
||||||||||||||||||
Total
|
$
|
250,069
|
$
|
1,905
|
$
|
-
|
$
|
-
|
$
|
250,069
|
$
|
1,905
|
||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||||||||||
Obligations of States and Political Subdivisions
|
$
|
7,251
|
$
|
40
|
$
|
-
|
$
|
-
|
$
|
7,251
|
$
|
40
|
||||||||||||
Total
|
$
|
7,251
|
$
|
40
|
$
|
-
|
$
|
-
|
$
|
7,251
|
$
|
40
|
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
|||||||||||||||
(in thousands)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Proceeds
|
$
|
7,831
|
$
|
-
|
$
|
7,831
|
$
|
102,895
|
||||||||
Gains
|
143
|
-
|
143
|
245
|
||||||||||||
Losses
|
12
|
-
|
12
|
534
|
June 30, 2017
|
Commercial Real
Estate
|
Agricultural
Real Estate
|
Real Estate
Construction
|
Residential 1st
Mortgages
|
Home Equity
Lines & Loans
|
Agricultural
|
Commercial
|
Consumer &
Other
|
Leases
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2017
|
$
|
11,110
|
$
|
9,450
|
$
|
3,223
|
$
|
865
|
$
|
2,140
|
$
|
7,381
|
$
|
8,515
|
$
|
200
|
$
|
3,586
|
$
|
1,449
|
$
|
47,919
|
||||||||||||||||||||||
Charge-Offs
|
(109
|
)
|
-
|
-
|
-
|
-
|
(7
|
)
|
-
|
(60
|
)
|
-
|
-
|
(176
|
)
|
|||||||||||||||||||||||||||||
Recoveries
|
10
|
-
|
-
|
19
|
5
|
-
|
4
|
33
|
-
|
-
|
71
|
|||||||||||||||||||||||||||||||||
Provision
|
231
|
815
|
(536
|
)
|
(12
|
)
|
25
|
(138
|
)
|
1,025
|
32
|
(634
|
)
|
442
|
1,250
|
|||||||||||||||||||||||||||||
Ending Balance- June 30, 2017
|
$
|
11,242
|
$
|
10,265
|
$
|
2,687
|
$
|
872
|
$
|
2,170
|
$
|
7,236
|
$
|
9,544
|
$
|
205
|
$
|
2,952
|
$
|
1,891
|
$
|
49,064
|
||||||||||||||||||||||
Second Quarter Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- April 1, 2017
|
$
|
11,665
|
$
|
9,393
|
$
|
2,946
|
$
|
880
|
$
|
2,125
|
$
|
6,511
|
$
|
8,479
|
$
|
198
|
$
|
3,866
|
$
|
2,337
|
$
|
48,400
|
||||||||||||||||||||||
Charge-Offs
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(25
|
)
|
-
|
-
|
(25
|
)
|
|||||||||||||||||||||||||||||||
Recoveries
|
3
|
-
|
-
|
16
|
3
|
-
|
-
|
17
|
-
|
-
|
39
|
|||||||||||||||||||||||||||||||||
Provision
|
(426
|
)
|
872
|
(259
|
)
|
(24
|
)
|
42
|
725
|
1,065
|
15
|
(914
|
)
|
(446
|
)
|
650
|
||||||||||||||||||||||||||||
Ending Balance- June 30, 2017
|
$
|
11,242
|
$
|
10,265
|
$
|
2,687
|
$
|
872
|
$
|
2,170
|
$
|
7,236
|
$
|
9,544
|
$
|
205
|
$
|
2,952
|
$
|
1,891
|
$
|
49,064
|
||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment
|
468
|
-
|
-
|
61
|
15
|
322
|
266
|
6
|
-
|
-
|
1,138
|
|||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment
|
10,774
|
10,265
|
2,687
|
811
|
2,155
|
6,914
|
9,278
|
199
|
2,952
|
1,891
|
47,926
|
|||||||||||||||||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||||||||||||||||||||||
Ending Balance
|
$
|
670,591
|
$
|
473,153
|
$
|
168,487
|
$
|
252,653
|
$
|
32,174
|
$
|
265,899
|
$
|
254,887
|
$
|
7,533
|
$
|
78,705
|
$
|
-
|
$
|
2,204,082
|
||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment
|
4,890
|
976
|
-
|
1,894
|
344
|
688
|
1,624
|
28
|
-
|
-
|
10,444
|
|||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment
|
$
|
665,701
|
$
|
472,177
|
$
|
168,487
|
$
|
250,759
|
$
|
31,830
|
$
|
265,211
|
$
|
253,263
|
$
|
7,505
|
$
|
78,705
|
$
|
-
|
$
|
2,193,638
|
December 31, 2016
|
Commercial Real
Estate
|
Agricultural
Real Estate
|
Real Estate Construction
|
Residential 1st Mortgages
|
Home Equity Lines & Loans
|
Agricultural
|
Commercial
|
Consumer &
Other
|
Leases
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2016
|
$
|
10,063
|
$
|
6,881
|
$
|
2,485
|
$
|
789
|
$
|
2,146
|
$
|
6,308
|
$
|
7,836
|
$
|
175
|
$
|
3,294
|
$
|
1,546
|
$
|
41,523
|
||||||||||||||||||||||
Charge-Offs
|
-
|
-
|
-
|
(21
|
)
|
(46
|
)
|
-
|
-
|
(105
|
)
|
-
|
-
|
(172
|
)
|
|||||||||||||||||||||||||||||
Recoveries
|
2
|
-
|
-
|
26
|
103
|
-
|
47
|
55
|
-
|
-
|
233
|
|||||||||||||||||||||||||||||||||
Provision
|
1,045
|
2,569
|
738
|
71
|
(63
|
)
|
1,073
|
632
|
75
|
292
|
(97
|
)
|
6,335
|
|||||||||||||||||||||||||||||||
Ending Balance- December 31, 2016
|
$
|
11,110
|
$
|
9,450
|
$
|
3,223
|
$
|
865
|
$
|
2,140
|
$
|
7,381
|
$
|
8,515
|
$
|
200
|
$
|
3,586
|
$
|
1,449
|
$
|
47,919
|
||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment
|
-
|
-
|
-
|
70
|
18
|
128
|
608
|
7
|
-
|
-
|
831
|
|||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment
|
11,110
|
9,450
|
3,223
|
795
|
2,122
|
7,253
|
7,907
|
193
|
3,586
|
1,449
|
47,088
|
|||||||||||||||||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||||||||||||||||||||||
Ending Balance
|
$
|
668,046
|
$
|
467,685
|
$
|
176,462
|
$
|
242,247
|
$
|
31,625
|
$
|
295,325
|
$
|
217,577
|
$
|
6,913
|
$
|
71,721
|
$
|
-
|
$
|
2,177,601
|
||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment
|
1,932
|
1,304
|
-
|
2,126
|
402
|
625
|
4,464
|
10
|
-
|
-
|
10,863
|
|||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment
|
$
|
666,114
|
$
|
466,381
|
$
|
176,462
|
$
|
240,121
|
$
|
31,223
|
$
|
294,700
|
$
|
213,113
|
$
|
6,903
|
$
|
71,721
|
$
|
-
|
$
|
2,166,738
|
June 30, 2016
|
Commercial Real Estate
|
Agricultural Real Estate
|
Real Estate Construction
|
Residential 1st Mortgages
|
Home Equity Lines & Loans
|
Agricultural
|
Commercial
|
Consumer & Other
|
Leases
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2016
|
$
|
10,063
|
$
|
6,881
|
$
|
2,485
|
$
|
789
|
$
|
2,146
|
$
|
6,308
|
$
|
7,836
|
$
|
175
|
$
|
3,294
|
$
|
1,546
|
$
|
41,523
|
||||||||||||||||||||||
Charge-Offs
|
-
|
-
|
-
|
(7
|
)
|
(46
|
)
|
-
|
-
|
(52
|
)
|
-
|
-
|
(105
|
)
|
|||||||||||||||||||||||||||||
Recoveries
|
2
|
-
|
-
|
9
|
33
|
-
|
29
|
27
|
-
|
-
|
100
|
|||||||||||||||||||||||||||||||||
Provision
|
171
|
2,620
|
(43
|
)
|
46
|
16
|
(85
|
)
|
(16
|
)
|
20
|
148
|
(277
|
)
|
2,600
|
|||||||||||||||||||||||||||||
Ending Balance- June 30, 2016
|
$
|
10,236
|
$
|
9,501
|
$
|
2,442
|
$
|
837
|
$
|
2,149
|
$
|
6,223
|
$
|
7,849
|
$
|
170
|
$
|
3,442
|
$
|
1,269
|
$
|
44,118
|
||||||||||||||||||||||
Second Quarter Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- April 1, 2016
|
$
|
10,099
|
$
|
9,162
|
$
|
2,594
|
$
|
796
|
$
|
2,064
|
$
|
5,904
|
$
|
7,725
|
$
|
187
|
$
|
3,239
|
$
|
2,359
|
$
|
44,129
|
||||||||||||||||||||||
Charge-Offs
|
-
|
-
|
-
|
-
|
(27
|
)
|
(7
|
)
|
-
|
(27
|
)
|
-
|
-
|
(61
|
)
|
|||||||||||||||||||||||||||||
Recoveries
|
-
|
-
|
-
|
3
|
31
|
-
|
2
|
14
|
-
|
-
|
50
|
|||||||||||||||||||||||||||||||||
Provision
|
137
|
339
|
(152
|
)
|
38
|
81
|
326
|
122
|
(4
|
)
|
203
|
(1,090
|
)
|
-
|
||||||||||||||||||||||||||||||
Ending Balance- June 30, 2016
|
$
|
10,236
|
$
|
9,501
|
$
|
2,442
|
$
|
837
|
$
|
2,149
|
$
|
6,223
|
$
|
7,849
|
$
|
170
|
$
|
3,442
|
$
|
1,269
|
$
|
44,118
|
||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment
|
-
|
-
|
-
|
66
|
24
|
138
|
756
|
8
|
-
|
-
|
992
|
|||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment
|
10,236
|
9,501
|
2,442
|
771
|
2,125
|
6,085
|
7,093
|
162
|
3,442
|
1,269
|
43,126
|
|||||||||||||||||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||||||||||||||||||||||
Ending Balance
|
$
|
626,498
|
$
|
454,069
|
$
|
166,218
|
$
|
217,176
|
$
|
32,150
|
$
|
276,039
|
$
|
220,284
|
$
|
6,830
|
$
|
68,843
|
$
|
-
|
$
|
2,068,107
|
||||||||||||||||||||||
Ending Balance Individually Evaluated for Impairment
|
3,351
|
485
|
-
|
2,018
|
511
|
838
|
4,668
|
14
|
-
|
-
|
11,885
|
|||||||||||||||||||||||||||||||||
Ending Balance Collectively Evaluated for Impairment
|
$
|
623,147
|
$
|
453,584
|
$
|
166,218
|
$
|
215,158
|
$
|
31,639
|
$
|
275,201
|
$
|
215,616
|
$
|
6,816
|
$
|
68,843
|
$
|
-
|
$
|
2,056,222
|
June 30, 2017
|
Pass
|
Special
Mention
|
Substandard
|
Total Loans
& Leases
|
||||||||||||
Loans & Leases:
|
||||||||||||||||
Commercial Real Estate
|
$
|
664,606
|
$
|
4,491
|
$
|
1,494
|
$
|
670,591
|
||||||||
Agricultural Real Estate
|
466,831
|
1,316
|
5,006
|
473,153
|
||||||||||||
Real Estate Construction
|
160,112
|
8,375
|
-
|
168,487
|
||||||||||||
Residential 1st Mortgages
|
252,252
|
44
|
357
|
252,653
|
||||||||||||
Home Equity Lines & Loans
|
32,174
|
-
|
-
|
32,174
|
||||||||||||
Agricultural
|
256,026
|
6,302
|
3,571
|
265,899
|
||||||||||||
Commercial
|
249,173
|
5,128
|
586
|
254,887
|
||||||||||||
Consumer & Other
|
7,341
|
-
|
192
|
7,533
|
||||||||||||
Leases
|
76,313
|
2,392
|
-
|
78,705
|
||||||||||||
Total
|
$
|
2,164,828
|
$
|
28,048
|
$
|
11,206
|
$
|
2,204,082
|
December 31, 2016
|
Pass
|
Special
Mention
|
Substandard
|
Total Loans
|
||||||||||||
Loans & Leases:
|
||||||||||||||||
Commercial Real Estate
|
$
|
659,694
|
$
|
6,817
|
$
|
1,535
|
$
|
668,046
|
||||||||
Agricultural Real Estate
|
464,997
|
1,384
|
1,304
|
467,685
|
||||||||||||
Real Estate Construction
|
176,462
|
-
|
-
|
176,462
|
||||||||||||
Residential 1st Mortgages
|
241,816
|
47
|
384
|
242,247
|
||||||||||||
Home Equity Lines and Loans
|
31,558
|
-
|
67
|
31,625
|
||||||||||||
Agricultural
|
283,525
|
11,366
|
434
|
295,325
|
||||||||||||
Commercial
|
208,172
|
6,974
|
2,431
|
217,577
|
||||||||||||
Consumer & Other
|
6,705
|
-
|
208
|
6,913
|
||||||||||||
Leases
|
71,721
|
-
|
-
|
71,721
|
||||||||||||
Total
|
$
|
2,144,650
|
$
|
26,588
|
$
|
6,363
|
$
|
2,177,601
|
June 30, 2016
|
Pass
|
Special
Mention
|
Substandard
|
Total Loans
& Leases
|
||||||||||||
Loans & Leases:
|
||||||||||||||||
Commercial Real Estate
|
$
|
616,297
|
$
|
9,507
|
$
|
694
|
$
|
626,498
|
||||||||
Agricultural Real Estate
|
452,210
|
1,505
|
354
|
454,069
|
||||||||||||
Real Estate Construction
|
164,694
|
1,524
|
-
|
166,218
|
||||||||||||
Residential 1st Mortgages
|
215,681
|
407
|
1,088
|
217,176
|
||||||||||||
Home Equity Lines & Loans
|
32,034
|
69
|
47
|
32,150
|
||||||||||||
Agricultural
|
274,920
|
658
|
461
|
276,039
|
||||||||||||
Commercial
|
209,372
|
8,148
|
2,764
|
220,284
|
||||||||||||
Consumer & Other
|
6,600
|
-
|
230
|
6,830
|
||||||||||||
Leases
|
68,843
|
-
|
-
|
68,843
|
||||||||||||
Total
|
$
|
2,040,651
|
$
|
21,818
|
$
|
5,638
|
$
|
2,068,107
|
June 30, 2017
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days and
Still Accruing
|
Nonaccrual
|
Total Past
Due
|
Current
|
Total
Loans & Leases
|
|||||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||||||
Commercial Real Estate
|
$
|
-
|
$
|
-
|
$
|
143
|
$
|
-
|
$
|
143
|
$
|
670,448
|
$
|
670,591
|
||||||||||||||
Agricultural Real Estate
|
-
|
-
|
-
|
976
|
976
|
472,177
|
473,153
|
|||||||||||||||||||||
Real Estate Construction
|
-
|
-
|
-
|
-
|
-
|
168,487
|
168,487
|
|||||||||||||||||||||
Residential 1st Mortgages
|
-
|
-
|
-
|
56
|
56
|
252,597
|
252,653
|
|||||||||||||||||||||
Home Equity Lines & Loans
|
36
|
-
|
-
|
-
|
36
|
32,138
|
32,174
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
306
|
306
|
265,593
|
265,899
|
|||||||||||||||||||||
Commercial
|
-
|
-
|
-
|
-
|
-
|
254,887
|
254,887
|
|||||||||||||||||||||
Consumer & Other
|
23
|
-
|
-
|
24
|
47
|
7,486
|
7,533
|
|||||||||||||||||||||
Leases
|
-
|
-
|
-
|
-
|
-
|
78,705
|
78,705
|
|||||||||||||||||||||
Total
|
$
|
59
|
$
|
-
|
$
|
143
|
$
|
1,362
|
$
|
1,564
|
$
|
2,202,518
|
$
|
2,204,082
|
December 31, 2016
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days and
Still Accruing
|
Nonaccrual
|
Total Past
Due
|
Current
|
Total
Loans & Leases
|
|||||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||||||
Commercial Real Estate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
668,046
|
$
|
668,046
|
||||||||||||||
Agricultural Real Estate
|
-
|
-
|
-
|
1,304
|
1,304
|
466,381
|
467,685
|
|||||||||||||||||||||
Real Estate Construction
|
-
|
-
|
-
|
-
|
-
|
176,462
|
176,462
|
|||||||||||||||||||||
Residential 1st Mortgages
|
-
|
-
|
-
|
95
|
95
|
242,152
|
242,247
|
|||||||||||||||||||||
Home Equity Lines and Loans
|
-
|
-
|
-
|
-
|
-
|
31,625
|
31,625
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
243
|
243
|
295,082
|
295,325
|
|||||||||||||||||||||
Commercial
|
-
|
-
|
-
|
1,425
|
1,425
|
216,152
|
217,577
|
|||||||||||||||||||||
Consumer & Other
|
10
|
-
|
-
|
7
|
17
|
6,896
|
6,913
|
|||||||||||||||||||||
Leases
|
-
|
-
|
-
|
-
|
-
|
71,721
|
71,721
|
|||||||||||||||||||||
Total
|
$
|
10
|
$
|
-
|
$
|
-
|
$
|
3,074
|
$
|
3,084
|
$
|
2,174,517
|
$
|
2,177,601
|
June 30, 2016
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days and
Still Accruing
|
Nonaccrual
|
Total Past
Due
|
Current
|
Total
Loans & Leases
|
|
||||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||||||
Commercial Real Estate
|
$
|
393
|
$
|
605
|
$
|
-
|
$
|
-
|
$
|
998
|
$
|
625,500
|
$
|
626,498
|
||||||||||||||
Agricultural Real Estate
|
-
|
-
|
-
|
485
|
485
|
453,584
|
454,069
|
|||||||||||||||||||||
Real Estate Construction
|
-
|
-
|
-
|
-
|
-
|
166,218
|
166,218
|
|||||||||||||||||||||
Residential 1st Mortgages
|
-
|
-
|
-
|
58
|
58
|
217,118
|
217,176
|
|||||||||||||||||||||
Home Equity Lines & Loans
|
-
|
-
|
-
|
-
|
-
|
32,150
|
32,150
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
234
|
234
|
275,805
|
276,039
|
|||||||||||||||||||||
Commercial
|
3
|
-
|
-
|
1,475
|
1,478
|
218,806
|
220,284
|
|||||||||||||||||||||
Consumer & Other
|
48
|
-
|
-
|
9
|
57
|
6,773
|
6,830
|
|||||||||||||||||||||
Leases
|
-
|
-
|
-
|
-
|
-
|
68,843
|
68,843
|
|||||||||||||||||||||
Total
|
$
|
444
|
$
|
605
|
$
|
-
|
$
|
2,261
|
$
|
3,310
|
$
|
2,064,797
|
$
|
2,068,107
|
Three Months Ended June 30, 2017
|
Six Months Ended June 30, 2017
|
|||||||||||||||||||||||||||
June 30, 2017
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Commercial Real Estate
|
$
|
108
|
$
|
109
|
$
|
-
|
$
|
109
|
$
|
3
|
$
|
128
|
$
|
7
|
||||||||||||||
Agricultural Real Estate
|
976
|
983
|
-
|
976
|
-
|
1,059
|
-
|
|||||||||||||||||||||
Residential 1st Mortgages
|
406
|
462
|
-
|
410
|
3
|
421
|
3
|
|||||||||||||||||||||
Home Equity Lines & Loans
|
-
|
-
|
-
|
32
|
-
|
32
|
-
|
|||||||||||||||||||||
Agricultural
|
59
|
65
|
-
|
60
|
-
|
45
|
-
|
|||||||||||||||||||||
Commercial
|
-
|
-
|
-
|
-
|
-
|
756
|
-
|
|||||||||||||||||||||
$
|
1,549
|
$
|
1,619
|
$
|
-
|
$
|
1,587
|
$
|
6
|
$
|
2,441
|
$
|
10
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Commercial Real Estate
|
$
|
3,008
|
$
|
2,994
|
$
|
467
|
$
|
3,016
|
$
|
25
|
2,264
|
$
|
55
|
|||||||||||||||
Residential 1st Mortgages
|
424
|
463
|
20
|
425
|
4
|
427
|
9
|
|||||||||||||||||||||
Home Equity Lines & Loans
|
51
|
58
|
3
|
70
|
1
|
80
|
2
|
|||||||||||||||||||||
Agricultural
|
630
|
631
|
322
|
634
|
6
|
633
|
14
|
|||||||||||||||||||||
Commercial
|
1,631
|
1,623
|
266
|
1,636
|
14
|
1,589
|
30
|
|||||||||||||||||||||
Consumer & Other
|
24
|
31
|
6
|
15
|
-
|
11
|
-
|
|||||||||||||||||||||
$
|
5,768
|
$
|
5,800
|
$
|
1,084
|
$
|
5,796
|
$
|
50
|
5,004
|
$
|
110
|
||||||||||||||||
Total
|
$
|
7,317
|
$
|
7,419
|
$
|
1,084
|
$
|
7,383
|
$
|
56
|
$
|
7,445
|
$
|
120
|
December 31, 2016
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial Real Estate
|
$
|
184
|
$
|
184
|
$
|
-
|
$
|
354
|
$
|
7
|
||||||||||
Residential 1st Mortgages
|
451
|
504
|
-
|
404
|
10
|
|||||||||||||||
Home Equity Lines and Loans
|
-
|
-
|
-
|
181
|
-
|
|||||||||||||||
Agricultural
|
-
|
-
|
-
|
144
|
5
|
|||||||||||||||
Commercial
|
3,023
|
3,023
|
-
|
3,053
|
133
|
|||||||||||||||
$
|
4,963
|
$
|
5,016
|
$
|
-
|
$
|
4,705
|
$
|
158
|
|||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential 1st Mortgages
|
$
|
430
|
$
|
469
|
$
|
21
|
$
|
336
|
$
|
13
|
||||||||||
Home Equity Lines and Loans
|
90
|
97
|
5
|
123
|
4
|
|||||||||||||||
Agricultural
|
625
|
625
|
128
|
581
|
22
|
|||||||||||||||
Commercial
|
1,441
|
1,640
|
608
|
1,536
|
8
|
|||||||||||||||
Consumer & Other
|
6
|
13
|
6
|
12
|
-
|
|||||||||||||||
$
|
2,592
|
$
|
2,844
|
$
|
768
|
$
|
2,588
|
$
|
47
|
|||||||||||
Total
|
$
|
7,555
|
$
|
7,860
|
$
|
768
|
$
|
7,293
|
$
|
205
|
Three Months Ended June 30, 2016
|
Six Months Ended June 30, 2016
|
|||||||||||||||||||||||||||
June 30, 2016
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Commercial Real Estate
|
$
|
76
|
$
|
76
|
$
|
-
|
$
|
78
|
$
|
2
|
$
|
85
|
$
|
4
|
||||||||||||||
Agricultural Real Estate
|
485
|
485
|
-
|
324
|
-
|
203
|
3
|
|||||||||||||||||||||
Residential 1st Mortgages
|
420
|
471
|
-
|
375
|
2
|
408
|
4
|
|||||||||||||||||||||
Home Equity Lines & Loans
|
-
|
-
|
-
|
363
|
-
|
508
|
-
|
|||||||||||||||||||||
Agricultural
|
192
|
192
|
-
|
193
|
3
|
193
|
3
|
|||||||||||||||||||||
Commercial
|
3,063
|
3,063
|
-
|
3,073
|
34
|
3,083
|
67
|
|||||||||||||||||||||
Consumer & Other
|
1
|
1
|
1
|
-
|
-
|
-
|
||||||||||||||||||||||
$
|
4,237
|
$
|
4,288
|
$
|
-
|
$
|
4,407
|
$
|
41
|
$
|
4,480
|
$
|
81
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential 1st Mortgages
|
$
|
240
|
$
|
280
|
$
|
12
|
241
|
$
|
3
|
268
|
6
|
|||||||||||||||||
Home Equity Lines & Loans
|
93
|
99
|
5
|
156
|
1
|
166
|
2
|
|||||||||||||||||||||
Agricultural
|
647
|
647
|
138
|
530
|
6
|
472
|
12
|
|||||||||||||||||||||
Commercial
|
1,605
|
1,782
|
756
|
1,618
|
2
|
1,631
|
8
|
|||||||||||||||||||||
Consumer & Other
|
8
|
14
|
8
|
17
|
-
|
24
|
-
|
|||||||||||||||||||||
$
|
2,593
|
$
|
2,822
|
$
|
919
|
$
|
2,562
|
$
|
12
|
$
|
2,561
|
$
|
28
|
|||||||||||||||
Total
|
$
|
6,830
|
$
|
7,110
|
$
|
919
|
$
|
6,969
|
$
|
53
|
$
|
7,041
|
$
|
109
|
December 31, 2016
|
||||||||||||
Troubled Debt Restructurings
|
Number of
Loans
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-Modification
Outstanding
Recorded
Investment
|
|||||||||
Commercial Real Estate
|
1
|
$
|
112
|
$
|
112
|
|||||||
Residential 1st Mortgages
|
2
|
289
|
281
|
|||||||||
Home Equity Lines and Loans
|
2
|
305
|
286
|
|||||||||
Total
|
5
|
$
|
706
|
$
|
679
|
Three Months Ended June 30, 2016
|
Six Months Ended June 30, 2016
|
|||||||||||||||||||||||
Troubled Debt Restructurings
|
Number of
Loans
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-Modification
Outstanding
Recorded
Investment
|
Number of
Loans
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-Modification
Outstanding
Recorded
Investment
|
||||||||||||||||||
Residential 1st Mortgages
|
1
|
$
|
97
|
$
|
89
|
1
|
$
|
97
|
$
|
89
|
||||||||||||||
Home Equity Lines & Loans
|
-
|
-
|
-
|
2
|
305
|
286
|
||||||||||||||||||
Total
|
1
|
$
|
97
|
$
|
89
|
3
|
$
|
402
|
$
|
375
|
Fair Value Measurements
At June 30, 2017, Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in
Active Markets
for Identical
Assets
|
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
(in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||
Government Agency & Government-Sponsored Entities
|
$
|
3,195
|
$
|
-
|
$
|
3,195
|
$
|
-
|
||||||||
US Treasury Notes
|
134,420
|
134,420
|
-
|
-
|
||||||||||||
US Govt SBA
|
32,800
|
-
|
32,800
|
-
|
||||||||||||
Mortgage Backed Securities
|
289,023
|
-
|
289,023
|
-
|
||||||||||||
Other
|
2,429
|
200
|
310
|
1,919
|
||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis
|
$
|
461,867
|
$
|
134,620
|
$
|
325,328
|
$
|
1,919
|
Fair Value Measurements
At December 31, 2016, Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in
Active Markets
for Identical
Assets
|
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
(in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||
Government Agency & Government-Sponsored Entities
|
$
|
3,241
|
$
|
-
|
$
|
3,241
|
$
|
-
|
||||||||
US Treasury Notes
|
134,428
|
134,428
|
-
|
-
|
||||||||||||
US Govt SBA
|
36,314
|
-
|
36,314
|
-
|
||||||||||||
Mortgage Backed Securities
|
273,270
|
-
|
273,270
|
-
|
||||||||||||
Other
|
1,010
|
200
|
310
|
500
|
||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis
|
$
|
448,263
|
$
|
134,628
|
$
|
313,135
|
$
|
500
|
Fair Value Measurements
At June 30, 2016, Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in
Active Markets
for Identical
Assets
|
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
(in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||
Government Agency & Government-Sponsored Entities
|
$
|
93,331
|
$
|
-
|
$
|
93,331
|
$
|
-
|
||||||||
US Treasury Notes
|
65,979
|
65,979
|
-
|
-
|
||||||||||||
Mortgage Backed Securities
|
201,903
|
-
|
201,903
|
-
|
||||||||||||
Other
|
1,010
|
200
|
310
|
500
|
||||||||||||
Total Assets Measured at Fair Value On a Recurring Basis
|
$
|
362,223
|
$
|
66,179
|
$
|
295,544
|
$
|
500
|
Fair Value Measurements
At June 30, 2017, Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in
Active Markets
for Identical
Assets
|
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
(in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Impaired Loans
|
||||||||||||||||
Commercial Real Estate
|
$
|
2,526
|
$
|
-
|
$
|
-
|
$
|
2,526
|
||||||||
Residential 1st Mortgage
|
386
|
-
|
-
|
386
|
||||||||||||
Home Equity Lines and Loans
|
48
|
-
|
-
|
48
|
||||||||||||
Agricultural
|
366
|
-
|
-
|
366
|
||||||||||||
Commercial
|
1,358
|
-
|
-
|
1,358
|
||||||||||||
Consumer
|
19
|
-
|
-
|
19
|
||||||||||||
Total Impaired Loans
|
4,703
|
-
|
-
|
4,703
|
||||||||||||
Other Real Estate
|
||||||||||||||||
Real Estate Construction
|
873
|
-
|
-
|
873
|
||||||||||||
Total Other Real Estate
|
873
|
-
|
-
|
873
|
||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis
|
$
|
5,576
|
$
|
-
|
$
|
-
|
$
|
5,576
|
Fair Value Measurements
At December 31, 2016, Using
|
||||||||||||||||
Fair Value
|
Quoted Prices in
Active Markets
for Identical
Assets
|
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
|||||||||||||
(in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Impaired Loans:
|
||||||||||||||||
Residential 1st Mortgage
|
$
|
480
|
$
|
-
|
$
|
-
|
$
|
480
|
||||||||
Home Equity Lines and Loans
|
83
|
-
|
-
|
83
|
||||||||||||
Agricultural
|
497
|
-
|
-
|
497
|
||||||||||||
Commercial
|
833
|
-
|
-
|
833
|
||||||||||||
Total Impaired Loans
|
1,893
|
-
|
-
|
1,893
|
||||||||||||
Other Real Estate:
|
||||||||||||||||
Home Equity Lines and Loans
|
785
|
-
|
-
|
785
|
||||||||||||
Real Estate Construction
|
2,960
|
-
|
-
|
2,960
|
||||||||||||
Total Other Real Estate
|
3,745
|
-
|
-
|
3,745
|
||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis
|
$
|
5,638
|
$
|
-
|
$
|
-
|
$
|
5,638
|
Fair Value Measurements
At June 30, 2016, Using
|
||||||||||||||||
(in thousands)
|
Fair Value
Total
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Impaired Loans
|
||||||||||||||||
Residential 1st Mortgage
|
$
|
317
|
$
|
-
|
$
|
-
|
$
|
317
|
||||||||
Home Equity Lines and Loans
|
85
|
-
|
-
|
85
|
||||||||||||
Agricultural
|
509
|
-
|
-
|
509
|
||||||||||||
Commercial
|
849
|
-
|
-
|
849
|
||||||||||||
Total Impaired Loans
|
1,760
|
-
|
-
|
1,760
|
||||||||||||
Other Real Estate
|
||||||||||||||||
Home Equity Lines and Loans
|
779
|
-
|
-
|
779
|
||||||||||||
Total Other Real Estate
|
779
|
-
|
-
|
779
|
||||||||||||
Total Assets Measured at Fair Value On a Non-Recurring Basis
|
$
|
2,539
|
$
|
-
|
$
|
-
|
$
|
2,539
|
(in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Inputs
|
Range, Weighted Avg.
|
||||||
Impaired Loans
|
||||||||||
Commercial Real Estate
|
$
|
2,526
|
Income Approach
|
Discount Rate
|
3.25% - 3.25%, 3.25%
|
|
||||
Residential 1st Mortgage
|
$
|
386
|
Sales Comparison Approach
|
Adjustment for Difference Between Comparable Sales
|
2% -4%, 3%
|
|
||||
Home Equity Lines and Loans
|
$
|
48
|
Sales Comparison Approach
|
Adjustment for Difference Between Comparable Sales
|
1% - 2%, 2%
|
|
||||
Agricultural
|
$
|
307
|
Income Approach
|
Discount Rate
|
6.25% - 6.25%, 6.25%
|
|
||||
Agricultural
|
$
|
59
|
Collateral Approach
|
Collateral Value
|
10% - 10%, 10%
|
|
||||
Commercial
|
$
|
1,358
|
Income Approach
|
Discount Rate
|
3.25% - 3.25%, 3.25%
|
|
||||
Consumer
|
$
|
19
|
Collateral Approach
|
Collateral Value
|
5% - 5%, 5%
|
|
||||
Other Real Estate
|
||||||||||
Real Estate Construction
|
$
|
873
|
Sales Comparison Approach
|
Adjustment for Difference Between Comparable Sales
|
10% - 10%, 10%
|
|
Fair Value of Financial Instruments Using
|
||||||||||||||||||||
June 30, 2017
(in thousands)
|
Carrying
Amount
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and Cash Equivalents
|
$
|
147,191
|
$
|
147,191
|
$
|
-
|
$
|
-
|
$
|
147,191
|
||||||||||
Investment Securities Available-for-Sale:
|
||||||||||||||||||||
Government Agency & Government-Sponsored Entities
|
3,195
|
-
|
3,195
|
-
|
3,195
|
|||||||||||||||
U.S. Govt SBA
|
32,800
|
-
|
32,800
|
-
|
32,800
|
|||||||||||||||
U.S. Treasury Notes
|
134,420
|
134,420
|
-
|
-
|
134,420
|
|||||||||||||||
Mortgage Backed Securities
|
289,023
|
-
|
289,023
|
-
|
289,023
|
|||||||||||||||
Other
|
2,429
|
200
|
310
|
1,919
|
2,429
|
|||||||||||||||
Total Investment Securities Available-for-Sale
|
461,867
|
134,620
|
325,328
|
1,919
|
461,867
|
|||||||||||||||
Investment Securities Held-to-Maturity:
|
||||||||||||||||||||
Obligations of States and Political Subdivisions
|
56,381
|
-
|
40,071
|
17,056
|
57,127
|
|||||||||||||||
Total Investment Securities Held-to-Maturity
|
56,381
|
-
|
40,071
|
17,056
|
57,127
|
|||||||||||||||
FHLB Stock
|
10,342
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance:
|
||||||||||||||||||||
Commercial Real Estate
|
659,349
|
-
|
-
|
653,718
|
653,718
|
|||||||||||||||
Agricultural Real Estate
|
462,888
|
-
|
-
|
450,371
|
450,371
|
|||||||||||||||
Real Estate Construction
|
165,800
|
-
|
-
|
165,290
|
165,290
|
|||||||||||||||
Residential 1st Mortgages
|
251,781
|
-
|
-
|
252,698
|
252,698
|
|||||||||||||||
Home Equity Lines and Loans
|
30,004
|
-
|
-
|
30,793
|
30,793
|
|||||||||||||||
Agricultural
|
258,663
|
-
|
-
|
257,277
|
257,277
|
|||||||||||||||
Commercial
|
245,343
|
-
|
-
|
243,842
|
243,842
|
|||||||||||||||
Consumer & Other
|
7,328
|
-
|
-
|
7,297
|
7,297
|
|||||||||||||||
Leases
|
75,753
|
-
|
-
|
78,714
|
78,714
|
|||||||||||||||
Unallocated Allowance
|
(1,891
|
)
|
-
|
-
|
(1,891
|
)
|
(1,891
|
)
|
||||||||||||
Total Loans & Leases, Net of Deferred Fees & Allowance
|
2,155,018
|
-
|
-
|
2,138,109
|
2,138,109
|
|||||||||||||||
Accrued Interest Receivable
|
9,739
|
-
|
9,739
|
-
|
9,739
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
736,077
|
736,077
|
-
|
-
|
736,077
|
|||||||||||||||
Interest Bearing Transaction
|
527,568
|
527,568
|
-
|
-
|
527,568
|
|||||||||||||||
Savings and Money Market
|
801,506
|
801,506
|
-
|
-
|
801,506
|
|||||||||||||||
Time
|
596,727
|
-
|
594,798
|
-
|
594,798
|
|||||||||||||||
Total Deposits
|
2,661,878
|
2,065,151
|
594,798
|
-
|
2,659,949
|
|||||||||||||||
Subordinated Debentures
|
10,310
|
-
|
6,567
|
-
|
6,567
|
|||||||||||||||
Accrued Interest Payable
|
1,014
|
-
|
1,014
|
-
|
1,014
|
Fair Value of Financial Instruments Using
|
||||||||||||||||||||
December 31, 2016
(in thousands)
|
Carrying
Amount
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and Cash Equivalents
|
$
|
98,960
|
$
|
98,960
|
$
|
-
|
$
|
-
|
$
|
98,960
|
||||||||||
Investment Securities Available-for-Sale:
|
||||||||||||||||||||
Government Agency & Government-Sponsored Entities
|
3,241
|
-
|
3,241
|
-
|
3,241
|
|||||||||||||||
U.S. Govt SBA
|
36,314
|
-
|
36,314
|
-
|
36,314
|
|||||||||||||||
U.S. Treasury Notes
|
134,428
|
134,428
|
-
|
-
|
134,428
|
|||||||||||||||
Mortgage Backed Securities
|
273,270
|
-
|
273,270
|
-
|
273,270
|
|||||||||||||||
Other
|
1,010
|
200
|
310
|
500
|
1,010
|
|||||||||||||||
Total Investment Securities Available-for-Sale
|
448,263
|
134,628
|
313,135
|
500
|
448,263
|
|||||||||||||||
Investment Securities Held-to-Maturity:
|
||||||||||||||||||||
Obligations of States and Political Subdivisions
|
58,109
|
-
|
40,415
|
17,993
|
58,408
|
|||||||||||||||
Total Investment Securities Held-to-Maturity
|
58,109
|
-
|
40,415
|
17,993
|
58,408
|
|||||||||||||||
FHLB Stock
|
8,872
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance:
|
||||||||||||||||||||
Commercial Real Estate
|
656,936
|
-
|
-
|
651,877
|
651,877
|
|||||||||||||||
Agricultural Real Estate
|
458,235
|
-
|
-
|
444,393
|
444,393
|
|||||||||||||||
Real Estate Construction
|
173,239
|
-
|
-
|
172,682
|
172,682
|
|||||||||||||||
Residential 1st Mortgages
|
241,382
|
-
|
-
|
241,174
|
241,174
|
|||||||||||||||
Home Equity Lines and Loans
|
29,485
|
-
|
-
|
30,495
|
30,495
|
|||||||||||||||
Agricultural
|
287,944
|
-
|
-
|
286,074
|
286,074
|
|||||||||||||||
Commercial
|
209,062
|
-
|
-
|
207,215
|
207,215
|
|||||||||||||||
Consumer & Other
|
6,713
|
-
|
-
|
6,706
|
6,706
|
|||||||||||||||
Leases
|
68,135
|
-
|
-
|
67,893
|
67,893
|
|||||||||||||||
Unallocated Allowance
|
(1,449
|
)
|
-
|
-
|
(1,449
|
)
|
(1,449
|
)
|
||||||||||||
Total Loans & Leases, Net of Deferred Fees & Allowance
|
2,129,682
|
-
|
-
|
2,107,060
|
2,107,060
|
|||||||||||||||
Accrued Interest Receivable
|
10,047
|
-
|
10,047
|
-
|
10,047
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
756,236
|
756,236
|
-
|
-
|
756,236
|
|||||||||||||||
Interest Bearing Transaction
|
495,063
|
495,063
|
-
|
-
|
495,063
|
|||||||||||||||
Savings and Money Market
|
760,119
|
760,119
|
-
|
-
|
760,119
|
|||||||||||||||
Time
|
570,293
|
-
|
569,183
|
-
|
569,183
|
|||||||||||||||
Total Deposits
|
2,581,711
|
2,011,418
|
569,183
|
-
|
2,580,601
|
|||||||||||||||
Subordinated Debentures
|
10,310
|
-
|
6,578
|
-
|
6,578
|
|||||||||||||||
Accrued Interest Payable
|
852
|
-
|
852
|
-
|
852
|
Fair Value of Financial Instruments Using
|
||||||||||||||||||||
June 30, 2016
(in thousands)
|
Carrying
Amount
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and Cash Equivalents
|
$
|
69,756
|
$
|
69,756
|
$
|
-
|
$
|
-
|
$
|
69,756
|
||||||||||
Investment Securities Available-for-Sale:
|
||||||||||||||||||||
Government Agency & Government-Sponsored Entities
|
93,331
|
-
|
93,331
|
-
|
93,331
|
|||||||||||||||
US Treasury Notes
|
65,979
|
65,979
|
-
|
-
|
65,979
|
|||||||||||||||
Mortgage Backed Securities
|
201,903
|
-
|
201,903
|
-
|
201,903
|
|||||||||||||||
Other
|
1,010
|
200
|
310
|
500
|
1,010
|
|||||||||||||||
Total Investment Securities Available-for-Sale
|
362,223
|
66,179
|
295,544
|
500
|
362,223
|
|||||||||||||||
Investment Securities Held-to-Maturity:
|
||||||||||||||||||||
Obligations of States and Political Subdivisions
|
60,949
|
-
|
45,083
|
17,760
|
62,843
|
|||||||||||||||
Total Investment Securities Held-to-Maturity
|
60,949
|
-
|
45,083
|
17,760
|
62,843
|
|||||||||||||||
FHLB Stock
|
8,872
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Loans & Leases, Net of Deferred Fees & Allowance:
|
||||||||||||||||||||
Commercial Real Estate
|
616,262
|
-
|
-
|
622,090
|
622,090
|
|||||||||||||||
Agricultural Real Estate
|
444,568
|
-
|
-
|
435,848
|
435,848
|
|||||||||||||||
Real Estate Construction
|
163,776
|
-
|
-
|
163,826
|
163,826
|
|||||||||||||||
Residential 1st Mortgages
|
216,339
|
-
|
-
|
220,349
|
220,349
|
|||||||||||||||
Home Equity Lines and Loans
|
30,001
|
-
|
-
|
31,192
|
31,192
|
|||||||||||||||
Agricultural
|
269,816
|
-
|
-
|
268,535
|
268,535
|
|||||||||||||||
Commercial
|
212,435
|
-
|
-
|
212,018
|
212,018
|
|||||||||||||||
Consumer & Other
|
6,660
|
-
|
-
|
6,722
|
6,722
|
|||||||||||||||
Leases
|
65,401
|
66,526
|
66,526
|
|||||||||||||||||
Unallocated Allowance
|
(1,269
|
)
|
-
|
-
|
(1,269
|
)
|
(1,269
|
)
|
||||||||||||
Total Loans & Leases, Net of Deferred Fees & Allowance
|
2,023,989
|
-
|
-
|
2,025,837
|
2,025,837
|
|||||||||||||||
Accrued Interest Receivable
|
9,929
|
-
|
9,929
|
-
|
9,929
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
646,408
|
646,408
|
-
|
-
|
646,408
|
|||||||||||||||
Interest Bearing Transaction
|
452,758
|
452,758
|
-
|
-
|
452,758
|
|||||||||||||||
Savings and Money Market
|
726,580
|
726,579
|
-
|
-
|
726,579
|
|||||||||||||||
Time
|
502,200
|
-
|
502,098
|
-
|
502,098
|
|||||||||||||||
Total Deposits
|
2,327,946
|
1,825,745
|
502,098
|
-
|
2,327,843
|
|||||||||||||||
Subordinated Debentures
|
10,310
|
-
|
6,443
|
-
|
6,443
|
|||||||||||||||
Accrued Interest Payable
|
569
|
-
|
569
|
-
|
569
|
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
|||||||||||||||
(net income in thousands)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net Income
|
$
|
8,187
|
$
|
7,332
|
$
|
16,008
|
$
|
14,504
|
||||||||
Weighted Average Number of Common Shares Outstanding
|
808,704
|
792,387
|
808,347
|
792,141
|
||||||||||||
Basic Earnings Per Common Share Amount
|
$
|
10.12
|
$
|
9.25
|
$
|
19.80
|
$
|
18.31
|
· |
Net income increased 10.4% to $16,008,000 from $14,504,000.
|
· |
Earnings per share increased 8.1% to $19.80 from $18.31.
|
· |
Total assets increased 12.0% to $3.0 billion from $2.7 billion.
|
· |
Total loans & leases increased 6.6% to $2.2 billion from $2.1 billion.
|
· |
Total deposits increased 14.3% to $2.7 billion from $2.3 billion.
|
· |
A $5.93 million increase in net interest income related to the growth in earning assets.
|
· |
A $1.35 million decrease in the provision for credit losses.
|
· |
A $1.17 million increase in the gain on sale of fixed assets related to the disposition of one of the Company’s properties.
|
· |
A $420,000 increase in gain on sale of investment securities.
|
· |
A $919,000 reduction in non-interest expense related to the Delta Bancorp acquisition that took place in 2016.
|
· |
A $5.53 million increase in non-interest expense related to a non-recurring gain on sale of ORE that took place in the first quarter of the prior year (2016) and was recorded as a reduction to non-interest expense.
|
· |
A $2.15 million increase in salaries and employee benefits.
|
Three Months Ended June 30,
2017
|
Three Months Ended June 30,
2016
|
|||||||||||||||||||||||
Assets
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Interest Bearing Deposits with Banks
|
$
|
112,458
|
$
|
258
|
0.92
|
%
|
$
|
28,395
|
$
|
36
|
0.51
|
%
|
||||||||||||
Investment Securities:
|
||||||||||||||||||||||||
U.S. Treasuries
|
82,953
|
224
|
1.08
|
%
|
65,552
|
155
|
0.95
|
%
|
||||||||||||||||
U.S. Govt SBA
|
34,083
|
125
|
1.47
|
%
|
0
|
0
|
0.00
|
%
|
||||||||||||||||
Government Agency & Government-Sponsored Entities
|
3,110
|
22
|
2.83
|
%
|
16,397
|
28
|
0.68
|
%
|
||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable
|
56,984
|
673
|
4.73
|
%
|
61,385
|
744
|
4.85
|
%
|
||||||||||||||||
Mortgage Backed Securities
|
302,579
|
1,747
|
2.31
|
%
|
202,494
|
1,115
|
2.20
|
%
|
||||||||||||||||
Other
|
2,352
|
6
|
1.02
|
%
|
515
|
3
|
2.33
|
%
|
||||||||||||||||
Total Investment Securities
|
482,061
|
2,797
|
2.32
|
%
|
346,343
|
2,045
|
2.36
|
%
|
||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||
Real Estate
|
1,557,716
|
18,201
|
4.70
|
%
|
1,443,510
|
16,463
|
4.59
|
%
|
||||||||||||||||
Home Equity Lines & Loans
|
31,916
|
405
|
5.10
|
%
|
31,415
|
391
|
5.01
|
%
|
||||||||||||||||
Agricultural
|
270,594
|
3,041
|
4.52
|
%
|
260,242
|
2,640
|
4.08
|
%
|
||||||||||||||||
Commercial
|
227,983
|
2,563
|
4.52
|
%
|
222,044
|
2,238
|
4.05
|
%
|
||||||||||||||||
Consumer
|
5,578
|
80
|
5.77
|
%
|
5,080
|
69
|
5.46
|
%
|
||||||||||||||||
Other
|
1,678
|
10
|
2.40
|
%
|
1,968
|
11
|
2.25
|
%
|
||||||||||||||||
Leases
|
79,891
|
948
|
4.77
|
%
|
65,096
|
680
|
4.20
|
%
|
||||||||||||||||
Total Loans & Leases
|
2,175,356
|
25,248
|
4.67
|
%
|
2,029,355
|
22,492
|
4.46
|
%
|
||||||||||||||||
Total Earning Assets
|
2,769,875
|
$
|
28,303
|
4.11
|
%
|
2,404,093
|
$
|
24,573
|
4.11
|
%
|
||||||||||||||
Unrealized Gain on Securities Available-for-Sale
|
1,245
|
5,628
|
||||||||||||||||||||||
Allowance for Credit Losses
|
(48,690
|
)
|
(44,126
|
)
|
||||||||||||||||||||
Cash and Due From Banks
|
43,129
|
43,185
|
||||||||||||||||||||||
All Other Assets
|
188,434
|
171,778
|
||||||||||||||||||||||
Total Assets
|
$
|
2,953,993
|
$
|
2,580,558
|
||||||||||||||||||||
Liabilities & Shareholders' Equity
|
||||||||||||||||||||||||
Interest Bearing Deposits:
|
||||||||||||||||||||||||
Interest Bearing DDA
|
$
|
501,008
|
221
|
0.18
|
%
|
$
|
414,876
|
128
|
0.12
|
%
|
||||||||||||||
Savings and Money Market
|
792,839
|
306
|
0.16
|
%
|
718,077
|
262
|
0.15
|
%
|
||||||||||||||||
Time Deposits
|
594,866
|
906
|
0.61
|
%
|
487,861
|
469
|
0.39
|
%
|
||||||||||||||||
Total Interest Bearing Deposits
|
1,888,713
|
1,433
|
0.31
|
%
|
1,620,814
|
859
|
0.21
|
%
|
||||||||||||||||
Federal Home Loan Bank Advances
|
-
|
-
|
0.00
|
%
|
393
|
-
|
0.00
|
%
|
||||||||||||||||
Subordinated Debentures
|
10,310
|
105
|
4.10
|
%
|
10,310
|
92
|
3.59
|
%
|
||||||||||||||||
Total Interest Bearing Liabilities
|
1,899,023
|
$
|
1,538
|
0.33
|
%
|
1,631,517
|
$
|
951
|
0.23
|
%
|
||||||||||||||
Interest Rate Spread
|
3.78
|
%
|
3.88
|
%
|
||||||||||||||||||||
Demand Deposits (Non-Interest Bearing)
|
710,533
|
633,394
|
||||||||||||||||||||||
All Other Liabilities
|
54,135
|
52,321
|
||||||||||||||||||||||
Total Liabilities
|
2,663,691
|
2,317,232
|
||||||||||||||||||||||
Shareholders' Equity
|
290,302
|
263,326
|
||||||||||||||||||||||
Total Liabilities & Shareholders' Equity
|
$
|
2,953,993
|
$
|
2,580,558
|
||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities
|
0.10
|
%
|
0.08
|
%
|
||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets
|
26,765
|
3.89
|
%
|
23,622
|
3.95
|
%
|
||||||||||||||||||
Tax Equivalent Adjustment
|
(234
|
)
|
(259
|
)
|
||||||||||||||||||||
Net Interest Income
|
$
|
26,531
|
3.85
|
%
|
$
|
23,363
|
3.91
|
%
|
Six Months Ended June 30,
2017
|
Six Months Ended June 30,
2016
|
|||||||||||||||||||||||
Assets
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Interest Bearing Deposits with Banks
|
$
|
118,863
|
$
|
507
|
0.86
|
%
|
$
|
32,674
|
$
|
82
|
0.50
|
%
|
||||||||||||
Investment Securities:
|
||||||||||||||||||||||||
U.S. Treasuries
|
83,182
|
441
|
1.06
|
%
|
48,856
|
227
|
0.93
|
%
|
||||||||||||||||
U.S. Govt SBA
|
34,971
|
250
|
1.43
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
Government Agency & Government-Sponsored Entities
|
3,115
|
44
|
2.83
|
%
|
25,172
|
133
|
1.06
|
%
|
||||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable
|
57,407
|
1,363
|
4.75
|
%
|
61,404
|
1,487
|
4.84
|
%
|
||||||||||||||||
Mortgage Backed Securities
|
295,602
|
3,390
|
2.29
|
%
|
228,613
|
2,537
|
2.22
|
%
|
||||||||||||||||
Other
|
1,685
|
11
|
1.31
|
%
|
512
|
6
|
2.34
|
%
|
||||||||||||||||
Total Investment Securities
|
475,962
|
5,499
|
2.31
|
%
|
364,557
|
4,390
|
2.41
|
%
|
||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||
Real Estate
|
1,559,873
|
36,132
|
4.67
|
%
|
1,427,211
|
32,429
|
4.57
|
%
|
||||||||||||||||
Home Equity Lines & Loans
|
31,805
|
787
|
4.99
|
%
|
31,862
|
780
|
4.92
|
%
|
||||||||||||||||
Agricultural
|
269,158
|
5,932
|
4.44
|
%
|
260,072
|
5,254
|
4.06
|
%
|
||||||||||||||||
Commercial
|
221,287
|
5,023
|
4.58
|
%
|
219,253
|
4,395
|
4.03
|
%
|
||||||||||||||||
Consumer
|
5,452
|
148
|
5.47
|
%
|
4,987
|
147
|
5.93
|
%
|
||||||||||||||||
Other
|
1,678
|
19
|
2.28
|
%
|
1,968
|
22
|
2.25
|
%
|
||||||||||||||||
Leases
|
75,922
|
1,738
|
4.62
|
%
|
65,389
|
1,359
|
4.18
|
%
|
||||||||||||||||
Total Loans & Leases
|
2,165,175
|
49,779
|
4.64
|
%
|
2,010,742
|
44,386
|
4.44
|
%
|
||||||||||||||||
Total Earning Assets
|
2,760,000
|
$
|
55,785
|
4.08
|
%
|
2,407,973
|
$
|
48,858
|
4.08
|
%
|
||||||||||||||
Unrealized Gain on Securities Available-for-Sale
|
447
|
4,833
|
||||||||||||||||||||||
Allowance for Credit Losses
|
(48,378
|
)
|
(42,865
|
)
|
||||||||||||||||||||
Cash and Due From Banks
|
44,801
|
42,115
|
||||||||||||||||||||||
All Other Assets
|
186,324
|
170,060
|
||||||||||||||||||||||
Total Assets
|
$
|
2,943,194
|
$
|
2,582,116
|
||||||||||||||||||||
Liabilities & Shareholders' Equity
|
||||||||||||||||||||||||
Interest Bearing Deposits:
|
||||||||||||||||||||||||
Interest Bearing DDA
|
$
|
498,301
|
$
|
402
|
0.16
|
%
|
$
|
403,697
|
$
|
236
|
0.12
|
%
|
||||||||||||
Savings and Money Market
|
797,709
|
614
|
0.16
|
%
|
727,970
|
542
|
0.15
|
%
|
||||||||||||||||
Time Deposits
|
587,440
|
1,693
|
0.58
|
%
|
485,358
|
909
|
0.38
|
%
|
||||||||||||||||
Total Interest Bearing Deposits
|
1,883,450
|
2,709
|
0.29
|
%
|
1,617,025
|
1,687
|
0.21
|
%
|
||||||||||||||||
Federal Home Loan Bank Advances
|
2
|
-
|
0.00
|
%
|
1,910
|
4
|
0.42
|
%
|
||||||||||||||||
Subordinated Debentures
|
10,310
|
205
|
4.01
|
%
|
10,310
|
180
|
3.51
|
%
|
||||||||||||||||
Total Interest Bearing Liabilities
|
1,893,762
|
$
|
2,914
|
0.31
|
%
|
1,629,245
|
$
|
1,871
|
0.23
|
%
|
||||||||||||||
Interest Rate Spread
|
3.77
|
%
|
3.85
|
%
|
||||||||||||||||||||
Demand Deposits (Non-Interest Bearing)
|
711,627
|
642,354
|
||||||||||||||||||||||
All Other Liabilities
|
50,408
|
49,802
|
||||||||||||||||||||||
Total Liabilities
|
2,655,797
|
2,321,401
|
||||||||||||||||||||||
Shareholders' Equity
|
287,397
|
260,715
|
||||||||||||||||||||||
Total Liabilities & Shareholders' Equity
|
$
|
2,943,194
|
$
|
2,582,116
|
||||||||||||||||||||
Impact of Non-Interest Bearing Deposits and Other Liabilities
|
0.10
|
%
|
0.07
|
%
|
||||||||||||||||||||
Net Interest Income and Margin on Total Earning Assets
|
52,871
|
3.86
|
%
|
46,987
|
3.92
|
%
|
||||||||||||||||||
Tax Equivalent Adjustment
|
(474
|
)
|
(518
|
)
|
||||||||||||||||||||
Net Interest Income
|
$
|
52,397
|
3.83
|
%
|
$
|
46,469
|
3.88
|
%
|
Three Months Ended
June 30, 2017 compared to June 30, 2016
|
Six Months Ended
June 30, 2017 compared to June 30, 2016
|
|||||||||||||||||||||||
Interest Earning Assets
|
Volume
|
Rate
|
Net Chg.
|
Volume
|
Rate
|
Net Chg.
|
||||||||||||||||||
Interest Bearing Deposits with Banks
|
$
|
175
|
$
|
47
|
$
|
222
|
$
|
336
|
$
|
89
|
$
|
425
|
||||||||||||
Investment Securities:
|
||||||||||||||||||||||||
U.S. Treasuries
|
45
|
24
|
69
|
178
|
36
|
214
|
||||||||||||||||||
U.S. Govt SBA
|
125
|
-
|
125
|
250
|
-
|
250
|
||||||||||||||||||
Government Agency & Government-Sponsored Entities
|
(38
|
)
|
32
|
(6
|
)
|
(184
|
)
|
95
|
(89
|
)
|
||||||||||||||
Obligations of States and Political Subdivisions - Non-Taxable
|
(52
|
)
|
(18
|
)
|
(70
|
)
|
(95
|
)
|
(29
|
)
|
(124
|
)
|
||||||||||||
Mortgage Backed Securities
|
576
|
56
|
632
|
765
|
88
|
853
|
||||||||||||||||||
Other
|
6
|
(3
|
)
|
3
|
9
|
(4
|
)
|
5
|
||||||||||||||||
Total Investment Securities
|
662
|
91
|
753
|
923
|
186
|
1,109
|
||||||||||||||||||
Loans & Leases:
|
||||||||||||||||||||||||
Real Estate
|
1,327
|
411
|
1,738
|
2,987
|
716
|
3,703
|
||||||||||||||||||
Home Equity Lines & Loans
|
6
|
8
|
14
|
(2
|
)
|
9
|
7
|
|||||||||||||||||
Agricultural
|
108
|
293
|
401
|
184
|
494
|
678
|
||||||||||||||||||
Commercial
|
61
|
264
|
325
|
40
|
588
|
628
|
||||||||||||||||||
Consumer
|
7
|
4
|
11
|
13
|
(12
|
)
|
1
|
|||||||||||||||||
Other
|
(2
|
)
|
1
|
(1
|
)
|
(3
|
)
|
0
|
(3
|
)
|
||||||||||||||
Leases
|
167
|
101
|
268
|
230
|
149
|
379
|
||||||||||||||||||
Total Loans & Leases
|
1,674
|
1,082
|
2,756
|
3,449
|
1,944
|
5,393
|
||||||||||||||||||
Total Earning Assets
|
2,511
|
1,220
|
3,731
|
4,708
|
2,219
|
6,927
|
||||||||||||||||||
Interest Bearing Liabilities
|
||||||||||||||||||||||||
Interest Bearing Deposits:
|
||||||||||||||||||||||||
Interest Bearing DDA
|
31
|
62
|
93
|
63
|
103
|
166
|
||||||||||||||||||
Savings and Money Market
|
29
|
15
|
44
|
52
|
20
|
72
|
||||||||||||||||||
Time
|
119
|
318
|
437
|
219
|
565
|
784
|
||||||||||||||||||
Total Interest Bearing Deposits
|
179
|
395
|
574
|
334
|
688
|
1,022
|
||||||||||||||||||
Other Borrowed Funds
|
-
|
-
|
-
|
(2
|
)
|
(2
|
)
|
(4
|
)
|
|||||||||||||||
Subordinated Debentures
|
-
|
13
|
13
|
-
|
25
|
25
|
||||||||||||||||||
Total Interest Bearing Liabilities
|
179
|
408
|
587
|
332
|
711
|
1,043
|
||||||||||||||||||
Total Change on a Tax Equivalent Basis
|
$
|
2,332
|
$
|
812
|
$
|
3,144
|
$
|
4,376
|
$
|
1,508
|
$
|
5,884
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(in thousands)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Balance at Beginning of Period
|
$
|
48,400
|
$
|
44,129
|
$
|
47,919
|
$
|
41,523
|
||||||||
Charge-Offs
|
(25
|
)
|
(61
|
)
|
(176
|
)
|
(105
|
)
|
||||||||
Recoveries
|
39
|
50
|
71
|
100
|
||||||||||||
Provision
|
-650
|
-
|
1,250
|
2,600
|
||||||||||||
Balance at End of Period
|
$
|
49,064
|
$
|
44,118
|
$
|
49,064
|
$
|
44,118
|
June 30, 2017
|
Commercial
Real Estate
|
Agricultural
Real Estate
|
Real Estate
Construction
|
Residential 1st
Mortgages
|
Home Equity
Lines & Loans
|
Agricultural
|
Commercial
|
Consumer &
Other
|
Leases
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||||||||
Year-To-Date Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- January 1, 2017
|
$
|
11,110
|
$
|
9,450
|
$
|
3,223
|
$
|
865
|
$
|
2,140
|
$
|
7,381
|
$
|
8,515
|
$
|
200
|
$
|
3,586
|
$
|
1,449
|
$
|
47,919
|
||||||||||||||||||||||
Charge-Offs
|
(109
|
)
|
-
|
-
|
-
|
-
|
(7
|
)
|
-
|
(60
|
)
|
-
|
-
|
(176
|
)
|
|||||||||||||||||||||||||||||
Recoveries
|
10
|
-
|
-
|
19
|
5
|
-
|
4
|
33
|
-
|
-
|
71
|
|||||||||||||||||||||||||||||||||
Provision
|
231
|
815
|
(536
|
)
|
(12
|
)
|
25
|
(138
|
)
|
1,025
|
32
|
(634
|
)
|
442
|
1,250
|
|||||||||||||||||||||||||||||
Ending Balance- June 30, 2017
|
$
|
11,242
|
$
|
10,265
|
$
|
2,687
|
$
|
872
|
$
|
2,170
|
$
|
7,236
|
$
|
9,544
|
$
|
205
|
$
|
2,952
|
$
|
1,891
|
$
|
49,064
|
||||||||||||||||||||||
Second Quarter Allowance for Credit Losses:
|
||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance- April 1, 2017
|
$
|
11,665
|
$
|
9,393
|
$
|
2,946
|
$
|
880
|
$
|
2,125
|
$
|
6,511
|
$
|
8,479
|
$
|
198
|
$
|
3,866
|
$
|
2,337
|
$
|
48,400
|
||||||||||||||||||||||
Charge-Offs
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(25
|
)
|
-
|
-
|
(25
|
)
|
|||||||||||||||||||||||||||||||
Recoveries
|
3
|
-
|
-
|
16
|
3
|
-
|
-
|
17
|
-
|
-
|
39
|
|||||||||||||||||||||||||||||||||
Provision
|
(426
|
)
|
872
|
(259
|
)
|
(24
|
)
|
42
|
725
|
1,065
|
15
|
(914
|
)
|
(446
|
)
|
650
|
||||||||||||||||||||||||||||
Ending Balance- June 30, 2017
|
$
|
11,242
|
$
|
10,265
|
$
|
2,687
|
$
|
872
|
$
|
2,170
|
$
|
7,236
|
$
|
9,544
|
$
|
205
|
$
|
2,952
|
$
|
1,891
|
$
|
49,064
|
· |
Agricultural and Agricultural Real Estate allowance balances increased $670,000 due primarily to an increase of $6.8 million in substandard loans related to one borrower, offset somewhat by a decrease in agricultural loan balances.
|
· |
Real Estate Construction allowance balances decreased $536,000 due to a decrease in loan balances combined with a decline in the overall risk of the portfolio as several major projects moved out of the construction phase and into lease-up.
|
· |
Commercial allowance balances increased $1.0 million due to an increase in loan balances.
|
· |
Lease allowance balances decreased $634,000 due to the Company’s assessment that approximately five years of experience in this financing segment supported the elimination of the qualitative factor for “new market segments” in the loan loss allowance.
|
Loan & Lease Portfolio
|
June 30, 2017
|
December 31, 2016
|
June 30, 2016
|
|||||||||||||||||||||
(in thousands)
|
$
|
%
|
$
|
%
|
$
|
%
|
||||||||||||||||||
Commercial Real Estate
|
$
|
677,282
|
30.6
|
%
|
$
|
674,445
|
30.9
|
%
|
$
|
632,275
|
30.4
|
%
|
||||||||||||
Agricultural Real Estate
|
473,153
|
21.4
|
%
|
467,685
|
21.4
|
%
|
454,069
|
21.9
|
%
|
|||||||||||||||
Real Estate Construction
|
168,487
|
7.6
|
%
|
176,462
|
8.1
|
%
|
166,218
|
8.0
|
%
|
|||||||||||||||
Residential 1st Mortgages
|
252,653
|
11.4
|
%
|
242,247
|
11.1
|
%
|
217,176
|
10.5
|
%
|
|||||||||||||||
Home Equity Lines and Loans
|
32,174
|
1.5
|
%
|
31,625
|
1.4
|
%
|
32,150
|
1.6
|
%
|
|||||||||||||||
Agricultural
|
265,899
|
12.0
|
%
|
295,325
|
13.5
|
%
|
276,039
|
13.3
|
%
|
|||||||||||||||
Commercial
|
254,887
|
11.5
|
%
|
217,577
|
10.0
|
%
|
220,284
|
10.6
|
%
|
|||||||||||||||
Consumer & Other
|
7,533
|
0.3
|
%
|
6,913
|
0.3
|
%
|
6,830
|
0.3
|
%
|
|||||||||||||||
Leases
|
78,010
|
3.7
|
%
|
70,986
|
3.3
|
%
|
68,068
|
3.3
|
%
|
|||||||||||||||
Total Gross Loans & Leases
|
2,210,078
|
100.0
|
%
|
2,183,265
|
100.0
|
%
|
2,073,109
|
100.0
|
%
|
|||||||||||||||
Less: Unearned Income
|
5,996
|
5,664
|
5,002
|
|||||||||||||||||||||
Subtotal
|
2,204,082
|
2,177,601
|
2,068,107
|
|||||||||||||||||||||
Less: Allowance for Credit Losses
|
49,064
|
47,919
|
44,118
|
|||||||||||||||||||||
Net Loans & Leases
|
$
|
2,155,018
|
$
|
2,129,682
|
$
|
2,023,989
|
Non-Performing Assets
|
||||||||||||
(in thousands)
|
June 30, 2017
|
Dec. 31, 2016
|
June 30, 2016
|
|||||||||
Non-Performing Loans & Leases
|
$
|
1,363
|
$
|
3,074
|
$
|
2,260
|
||||||
Other Real Estate
|
873
|
3,745
|
779
|
|||||||||
Total Non-Performing Assets
|
$
|
2,236
|
$
|
6,819
|
$
|
3,039
|
||||||
Non-Performing Loans & Leases as a % of Total Loans & Leases
|
0.06
|
%
|
0.14
|
%
|
0.11
|
%
|
||||||
Restructured Loans & Leases (Performing)
|
$
|
5,915
|
$
|
4,462
|
$
|
4,565
|
· |
The Central Valley was one of the hardest hit areas in the country during the recession. In many areas housing prices declined as much as 60% and unemployment reached 15% or more. Although the economy has improved throughout most of the Central Valley, housing prices for the most part still remain below peak levels and unemployment levels remain above those in other areas of the state and country.
|
· |
The State of California experienced drought conditions from 2013 through most of 2016. Although significant levels of rain and snow in late 2016 and early 2017 have alleviated drought conditions in many areas of California, including the Company’s primary service area, the long-term risks associated with the availability of water continue to exist.
|
· |
The agricultural industry is facing challenges associated with: (1) weakness in export markets due to a stronger dollar and proposed changes in trade policies; (2) tight labor markets and higher wages due to legislative changes at the state and federal levels; and (3) proposed changes in immigration policy and the resulting impact on the labor pool.
|
· |
Demand and interest-bearing transaction accounts increased $164.5 million or 15.0% since June 30, 2016.
|
· |
Savings and money market accounts have increased $74.9 million or 10.3% since June 30, 2016.
|
· |
Time deposit accounts have increased $94.5 million or 18.8% since June 30, 2016.
|
(in thousands)
|
Actual
|
Current
Regulatory
Capital
Requirements
|
Well Capitalized
Under Prompt
Corrective Action
|
|||||||||||||||||||||
The Company:
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As of June 30, 2017
|
||||||||||||||||||||||||
Total Capital Ratio
|
$
|
331,863
|
13.04
|
%
|
$
|
203,606
|
8.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Common Equity Tier 1 Capital Ratio
|
$
|
290,055
|
11.40
|
%
|
$
|
114,528
|
4.5
|
%
|
N/A
|
N/A
|
||||||||||||||
Tier 1 Capital Ratio
|
$
|
299,834
|
11.78
|
%
|
$
|
152,704
|
6.0
|
%
|
N/A
|
N/A
|
||||||||||||||
Tier 1 Leverage Ratio
|
$
|
299,834
|
10.16
|
%
|
$
|
118,095
|
4.0
|
%
|
N/A
|
N/A
|
(
in thousands)
|
Actual
|
Current
Regulatory
Capital
Requirements
|
Well Capitalized
Under Prompt
Corrective Action
|
|||||||||||||||||||||
The Bank:
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As of June 30, 2017
|
||||||||||||||||||||||||
Total Capital Ratio
|
$
|
330,274
|
12.99
|
%
|
$
|
203,477
|
8.0
|
%
|
$
|
254,346
|
10.0
|
%
|
||||||||||||
Common Equity Tier 1 Capital Ratio
|
$
|
298,264
|
11.73
|
%
|
$
|
114,456
|
4.5
|
%
|
$
|
165,325
|
6.5
|
%
|
||||||||||||
Tier 1 Capital Ratio
|
$
|
298,264
|
11.73
|
%
|
$
|
152,608
|
6.0
|
%
|
$
|
203,477
|
8.0
|
%
|
||||||||||||
Tier 1 Leverage Ratio
|
$
|
298,264
|
10.12
|
%
|
$
|
117,901
|
4.0
|
%
|
$
|
147,376
|
5.0
|
%
|
(in thousands)
|
June 30, 2017
|
December 31, 2016
|
June 30, 2016
|
|||||||||
Commitments to Extend Credit
|
$
|
607,561
|
$
|
609,653
|
$
|
612,290
|
||||||
Letters of Credit
|
19,204
|
20,444
|
14,326
|
|||||||||
Performance Guarantees Under Interest Rate Swap Contracts Entered Into Between Our Borrowing Customers and Third Parties
|
1,526
|
1,835
|
5,995
|
§ |
general economic and business conditions affecting the key service areas of the Company;
|
§ |
credit quality trends (including trends in collateral values, delinquencies and non-performing loans & leases);
|
§ |
loan & lease volumes, growth rates and concentrations;
|
§ |
loan & lease portfolio seasoning;
|
§ |
specific industry and crop conditions;
|
§ |
recent loss experience; and
|
§ |
duration of the current business cycle.
|
PART II. |
OTHER INFORMATION
|
FARMERS & MERCHANTS BANCORP
|
||
Date: August 8, 2017
|
/s/ Kent A. Steinwert
|
|
|
||
Kent A. Steinwert
|
||
Chairman, President
|
||
& Chief Executive Officer
|
||
(Principal Executive Officer)
|
Date: August 8, 2017
|
/s/ Stephen W. Haley
|
|
Stephen W. Haley
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
||
(Principal Financial & Accounting Officer)
|
Exhibit No.
|
Description
|
||
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|||
101.INS
|
XBRL Instance Document
|
||
101.SCH
|
XBRL Schema Document
|
||
101.CAL
|
XBRL Calculation Linkbase Document
|
||
101.LAB
|
XBRL Label Linkbase Document
|
||
101.PRE
|
XBRL Presentation Linkbase Document
|
||
101.DEF
|
XBRL Definition Linkbase Document
|
1 Year Farmers and Merchants Ba... (QX) Chart |
1 Month Farmers and Merchants Ba... (QX) Chart |
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