|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
|||
|
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Smaller reporting company
|
Emerging Growth Company
|
Part I |
Financial Information
|
March 31,
2022
|
December 31,
2021
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
|
$
|
|
||||
Federal funds sold and other short-term investments
|
|
|
||||||
Cash and cash equivalents
|
|
|
||||||
Debt securities available for sale, at fair value
|
|
|
||||||
Debt securities held to maturity (fair value 2022
- $
|
|
|
||||||
Federal Home Loan Bank (FHLB) stock
|
|
|
||||||
Loans held for sale, at fair value
|
|
|
||||||
Total loans
|
|
|
||||||
Allowance for loan losses
|
(
|
)
|
(
|
)
|
||||
Net loans
|
|
|
||||||
Premises and equipment – net
|
|
|
||||||
Accrued interest receivable
|
|
|
||||||
Bank-owned life insurance
|
|
|
||||||
Other real estate owned - net
|
|
|
||||||
Net deferred tax asset
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
|
$
|
|
||||
Interest-bearing
|
|
|
||||||
Total deposits
|
|
|
||||||
Other borrowed funds
|
|
|
||||||
Accrued expenses and other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and contingent liabilities
|
|
|
||||||
Shareholders’ equity
|
||||||||
Common stock,
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
Three Months
Ended
March 31,
2022
|
Three Months
Ended
March 31,
2021
|
|||||||
Interest income
|
||||||||
Loans, including fees
|
$
|
|
$
|
|
||||
Securities
|
||||||||
Taxable
|
|
|
||||||
Tax-exempt
|
|
|
||||||
FHLB Stock
|
|
|
||||||
Federal funds sold and other short-term investments
|
|
|
||||||
Total interest income
|
|
|
||||||
Interest expense
|
||||||||
Deposits
|
|
|
||||||
Other borrowings
|
|
|
||||||
Long-term debt
|
|
|
||||||
Total interest expense
|
|
|
||||||
Net interest income
|
|
|
||||||
Provision for loan losses
|
(
|
)
|
|
|||||
Net interest income after provision for loan losses
|
|
|
||||||
Noninterest income
|
||||||||
Service charges and fees
|
|
|
||||||
Net gains on mortgage loans
|
|
|
||||||
Trust fees
|
|
|
||||||
ATM and debit card fees
|
|
|
||||||
Bank owned life insurance (“BOLI”) income
|
|
|
||||||
Other
|
|
|
||||||
Total noninterest income
|
|
|
||||||
Noninterest expense
|
||||||||
Salaries and benefits
|
|
|
||||||
Occupancy of premises
|
|
|
||||||
Furniture and equipment
|
|
|
||||||
Legal and professional
|
|
|
||||||
Marketing and promotion
|
|
|
||||||
Data processing
|
|
|
||||||
FDIC assessment
|
|
|
||||||
Interchange and other card expense
|
|
|
||||||
Bond and D&O Insurance
|
|
|
||||||
Other
|
|
|
||||||
Total noninterest expenses
|
|
|
||||||
Income before income tax
|
|
|
||||||
Income tax expense
|
|
|
||||||
Net income
|
$
|
|
$
|
|
||||
Basic earnings per common share
|
$
|
|
$
|
|
||||
Diluted earnings per common share
|
$
|
|
$
|
|
||||
Cash dividends per common share
|
$
|
|
$
|
|
Three Months
Ended
March 31,
2022
|
Three Months
Ended
March 31,
2021
|
|||||||
Net income
|
$
|
|
$
|
|
||||
Other comprehensive income (loss):
|
||||||||
Unrealized gains (losses):
|
||||||||
Net change in unrealized gains (losses) on debt securities available for sale
|
(
|
)
|
(
|
)
|
||||
Net unrealized gain at time of transfer on securities transferred to held-to-maturity
|
||||||||
Amortization of net unrealized gains on securities transferred to held-to-maturity
|
( |
) | ||||||
Tax effect
|
|
|
||||||
Net change in unrealized gains (losses) on debt securities available for sale, net of tax
|
(
|
)
|
(
|
)
|
||||
Less: reclassification adjustments:
|
||||||||
Reclassification for gains included in net income
|
|
|
||||||
Tax effect
|
|
|
||||||
Reclassification for gains included in net income, net of tax
|
|
|
||||||
Other comprehensive income (loss), net of tax
|
(
|
)
|
(
|
)
|
||||
Comprehensive income (loss)
|
$
|
(
|
)
|
$
|
|
Common
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
Shareholders’
Equity
|
|||||||||||||
Balance, January 1, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Net income for the three months ended March 31, 2021
|
|
|
|
|
||||||||||||
Cash dividends at $
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Repurchase of
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Other comprehensive income, net of tax
|
|
|
(
|
)
|
(
|
)
|
||||||||||
Stock compensation expense
|
|
|
|
|
||||||||||||
Balance, March 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
Balance, January 1, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
Net income for the three months ended March 31, 2022
|
|
|
|
|
||||||||||||
Cash dividends at $
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Repurchase of
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Other comprehensive income, net of tax
|
(
|
)
|
(
|
)
|
||||||||||||
Stock compensation expense
|
|
|
|
|
||||||||||||
Balance, March 31, 2022
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Three Months
Ended
March 31,
2022
|
Three Months
Ended
March 31,
2021
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash from operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Stock compensation expense
|
|
|
||||||
Provision for loan losses
|
(
|
)
|
|
|||||
Origination of loans for sale
|
(
|
)
|
(
|
)
|
||||
Proceeds from sales of loans originated for sale
|
|
|
||||||
Net gains on mortgage loans
|
(
|
)
|
(
|
)
|
||||
Write-down of other real estate
|
|
|
||||||
Net loss on sales of other real estate
|
|
|
||||||
Deferred income tax expense (benefit)
|
|
(
|
)
|
|||||
Earnings in bank-owned life insurance
|
(
|
)
|
(
|
)
|
||||
Change in accrued interest receivable and other assets
|
|
|
||||||
Change in accrued expenses and other liabilities
|
(
|
)
|
|
|||||
Net cash from operating activities
|
|
|
||||||
Cash flows from investing activities
|
||||||||
Loan originations and payments, net
|
|
|
||||||
Purchases of securities available for sale
|
(
|
)
|
(
|
)
|
||||
Purchases of securities held to maturity
|
(
|
)
|
(
|
)
|
||||
Proceeds from:
|
||||||||
Maturities and calls of securities
|
|
|
||||||
Principal paydowns on securities
|
|
|
||||||
Sales of other real estate
|
|
|
||||||
Proceeds from redemption of FHLB stock
|
||||||||
Proceeds from payout of bank-owned insurance claim
|
|
|
||||||
Additions to premises and equipment
|
(
|
)
|
(
|
)
|
||||
Net cash from investing activities
|
(
|
)
|
|
|||||
Cash flows from financing activities
|
||||||||
Change in deposits
|
|
|
||||||
Repayments and maturities of other borrowed funds
|
( |
) | ||||||
Proceeds from other borrowed funds
|
|
|
||||||
Repurchase of shares for taxes withheld on vested restricted stock
|
(
|
)
|
(
|
)
|
||||
Cash dividends paid
|
(
|
)
|
(
|
)
|
||||
Net cash from financing activities
|
|
|
||||||
Net change in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
Three Months
Ended
March 31,
2022
|
Three Months
Ended
March 31,
2021
|
|||||||
Supplemental cash flow information
|
||||||||
Interest paid
|
$
|
|
$
|
|
||||
Income taxes paid
|
|
|
||||||
Supplemental noncash disclosures:
|
||||||||
Security settlement
|
|
|
||||||
Transfer of securities from available for sale to held to maturity
|
•
|
The Bank originated
|
•
|
Fees generated totaled $
|
•
|
|
•
|
Total net fees of $
|
•
|
The Bank originated
|
•
|
Fees generated totaled $
|
•
|
|
•
|
Total net fees of $
|
•
|
|
•
|
Total net fees of $
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
March 31, 2022
|
||||||||||||||||
Available for Sale
|
||||||||||||||||
U.S. Treasury and federal agency securities
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
U.S. Agency MBS and CMOs
|
|
|
(
|
)
|
|
|||||||||||
Tax-exempt state and municipal bonds
|
|
|
(
|
)
|
|
|||||||||||
Taxable state and municipal bonds
|
|
|
(
|
)
|
|
|||||||||||
Corporate bonds and other debt securities
|
|
|
(
|
)
|
|
|||||||||||
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||
Held to Maturity
|
||||||||||||||||
U.S. Treasury
|
$ | $ | $ | ( |
) | $ | ||||||||||
Tax-exempt state and municipal bonds
|
( |
) | ||||||||||||||
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
December 31, 2021
|
||||||||||||||||
Available for Sale
|
||||||||||||||||
U.S. Treasury and federal agency securities
|
$
|
|