Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the
parent corporation of Southern Bank (“Bank”), today announced
preliminary net income for the first quarter of fiscal 2021 of
$10.0 million, an increase of $2.2 million, or 27.6%, as compared
to the same period of the prior fiscal year. The increase was
attributable to increases in net interest income and noninterest
income, and a decrease in provision for loan losses, partially
offset by increases in noninterest expense and provision for income
taxes. Preliminary net income was $1.09 per fully diluted common
share for the first quarter of fiscal 2021, an increase of $.24 as
compared to the $.85 per fully diluted common share reported for
the same period of the prior fiscal year.
Highlights for the first quarter of fiscal
2021:
- Annualized return on average assets was 1.57%, while annualized
return on average common equity was 15.6%, as compared to 1.40% and
13.0%, respectively, in the same quarter a year ago, and 1.10% and
10.8%, respectively, in the fourth quarter of fiscal 2020, the
linked quarter.
- Earnings per common share (diluted) were $1.09, up $.24, or
28.2%, as compared to the same quarter a year ago, and up $.33, or
43.4%, from the fourth quarter of fiscal 2020, the linked
quarter.
- Provision for loan losses was $774,000, a decrease of $122,000,
or 13.6%, as compared to the same period of the prior year, and
down $1.1 million, or 58.6%, as compared to the fourth quarter of
fiscal 2020, the linked quarter. Nonperforming assets were $11.3
million, or 0.44% of total assets, at September 30, 2020, as
compared to $11.2 million, or 0.44% of total assets, at June 30,
2020, and $17.9 million, or 0.80% of total assets, at September 30,
2019, one year prior.
- In what is usually the Company’s strongest quarter of the year
for loan growth, net loan growth for the first quarter of fiscal
2021 was $8.5 million, resulting from a relatively small increase
of $18.0 million in gross loan balances receivable, partially
offset by an increase of $9.5 million in our allowance for credit
losses, as the Company adopted ASU 2016-13, Financial Instruments –
Credit Losses, effective with the beginning of our 2021 fiscal
year. See further discussion below.
- Deposit balances decreased $16.8 million in the first quarter
of fiscal 2021. Typically, the first quarter of the fiscal year is
the weakest for the Company’s deposit growth, and this weakness was
somewhat more pronounced this year, as depositors had little
appetite for certificates of deposit, and growth in nonmaturity
balances slowed after significant increases in the final two
quarters of the prior fiscal year.
- Net interest margin for the first quarter of fiscal 2021 was
3.73%, down from the 3.81% reported for the year ago period, and
down from the 3.75% figure reported for the fourth quarter of
fiscal 2020, the linked quarter. Discount accretion on acquired
loan portfolios was slightly lower in the current quarter as
compared to the linked quarter, and down more significantly as
compared to the year ago period. Additionally, as compared to the
linked and year-ago quarters, the Company noted reductions in
interest income resulting from the resolution of loans that had
been previously classified as nonaccrual.
- Noninterest income was up 41.6% for the first quarter of fiscal
2021, as compared to the year ago period, and was up 13.4% as
compared to the fourth quarter of fiscal 2020, the linked quarter.
The Company continues to realize significantly increased gains on
sales of residential mortgage loans originated for that
purpose.
- Noninterest expense was up 9.3% for the first quarter of fiscal
2021, as compared to the year ago period, and was down 13.0% from
the fourth quarter of fiscal 2020, the linked quarter. The linked
quarter included significant non-recurring charges related to the
May 2020 acquisition of Central Federal Bancshares and its
subsidiary, the Central Federal Savings and Loan Association of
Rolla (the “Central Federal Acquisition”).
Dividend Declared:
The Board of Directors, on October 20, 2020, declared a
quarterly cash dividend on common stock of $0.15, payable November
30, 2020, to stockholders of record at the close of business on
November 13, 2020, marking the 106th consecutive quarterly dividend
since the inception of the Company. The Board of Directors and
management believe the payment of a quarterly cash dividend
enhances stockholder value and demonstrates our commitment to and
confidence in our future prospects.
Share Repurchase Program:
In November 2018, the Company announced a share repurchase plan
under which it intended to repurchase up to 450,000, or 4.8% of the
then-outstanding 9.3 million common shares. In March 2020, after
having repurchased approximately 218,000 shares, the Company
temporarily suspended activity under the repurchase program, as a
result of the uncertainty triggered by the COVID-19 pandemic and
its effect on the U.S. economy. On October 20, 2020, the Board of
Directors approved the resumption of activity under the program.
The shares will be purchased at prevailing market prices in the
open market or in privately negotiated transactions, subject to
availability and general market conditions. Repurchased shares will
be held as treasury shares to be used for general corporate
purposes.
Conference Call:
The Company will host a conference call to review the
information provided in this press release on Tuesday, October 27,
2020, at 3:30 p.m., central time. The call will be available live
to interested parties by calling 1-888-339-0709 in the United
States (Canada: 1-855-669-9657, international: 1-412-902-4189).
Participants should ask to be joined into the Southern Missouri
Bancorp (SMBC) call. Telephone playback will be available beginning
one hour following the conclusion of the call through November 9,
2020. The playback may be accessed by dialing 1-877-344-7529
(Canada: 1-855-669-9658, international: 1-412-317-0088), and using
the conference passcode 10149525.
Balance Sheet Summary:
The Company’s balance sheet was slightly lower at September 30,
2020, as compared to June 30, 2020, with total assets of $2.5
billion reflecting a decrease of $1.4 million, or 0.1%. Growth in
net loan balances, accrued interest receivable, and other assets
was offset by reductions in cash and cash equivalents, and
available-for-sale (“AFS”) securities.
Cash equivalents and time deposits were a combined $42.9 million
at September 30, 2020, a decrease of $12.4 million, or 22.4%, as
compared to June 30, 2020. AFS securities were $175.5 million at
September 30, 2020, a decrease of $1.0 million, or 0.6%, as
compared to June 30, 2020.
Loans, net of the allowance for credit losses (ACL), were $2.2
billion at September 30, 2020, an increase of $8.5 million, or
0.4%, as compared to June 30, 2020. Gross loans increased by $18.0
million, or 0.8%, during the first three months of the fiscal year,
while the ACL at September 30, 2020, reflected an increase of $9.5
million, as compared to the balance of our allowance for loan and
lease losses (ALLL) at June 30, 2020. The Company adopted ASU
2016-13, Financial Instruments – Credit Losses, also known as the
current expected credit loss (“CECL”) standard, effective as of
July 1, 2020, the beginning of our 2021 fiscal year. Adoption
resulted in an $8.9 million increase in the ACL, relative to the
ALLL as of June 30, 2020, while provisioning in excess of net
charge offs during the first quarter of fiscal 2021 increased the
ACL by an additional $612,000, as compared to July 1, 2020. The
increase in loan balances in the portfolio was primarily
attributable to commercial loans and residential real estate loans,
partially offset by modest declines in commercial real estate loans
and drawn construction loan balances. Residential real estate loans
increased on growth in 1- to 4-family residential lending,
partially offset by a modest decline in multifamily real estate
loans. Commercial loan balances increased primarily as a result of
seasonal agricultural loan draws, partially offset by a reduction
in commercial and industrial loan types, and in total, commercial
loan balances remained relatively high compared to recent periods
as a result of the Small Business Administration’s Paycheck
Protection Program (PPP) loans, which totaled $133.7 million at
September 30, 2020, as compared to $132.3 million at June 30, 2020.
In early October, the Company began submitting applications to the
SBA for forgiveness of the loans originated under the PPP program
but, to date, relatively few have been submitted, and only a small
percentage of those submitted have been processed by the SBA. Loans
anticipated to fund in the next 90 days stood at $122.7 million at
September 30, 2020, as compared to $86.6 million at June 30, 2020,
and $101.7 million at September 30, 2019.
Nonperforming loans were $8.8 million, or 0.40% of gross loans,
at September 30, 2020, as compared to $8.7 million, or 0.40% of
gross loans at June 30, 2020, and $14.0 million, or 0.74% of gross
loans at September 30, 2019. Nonperforming assets were $11.3
million, or 0.44% of total assets, at September 30, 2020, as
compared to $11.2 million, or 0.44% of total assets, at June 30,
2020, and $17.9 million, or 0.80% of total assets, at September 30,
2019. The decrease in nonperforming loans over the previous twelve
months was attributed primarily to the resolution of certain
nonperforming loans acquired in the November 2018 acquisition of
Gideon Bancshares and its subsidiary, First Commercial Bank (the
“Gideon Acquisition”).
Our ACL at September 30, 2020, totaled $34.6 million,
representing 1.59% of gross loans and 394.9% of nonperforming
loans, as compared to an ALLL of $25.1 million, representing 1.16%
of gross loans and 290.4% of nonperforming loans at June 30, 2020,
and an ALLL of $20.7 million, or 1.09% of gross loans and 147.7% of
nonperforming loans, at September 30, 2019. The ACL at September
30, 2020, also represented 1.69% of gross loans excluding PPP
loans. The Company has estimated its credit losses as of September
30, 2020, under ASC 320-20, and management believes the allowance
for credit losses as of that date is adequate based on that
estimate; however, there remains significant uncertainty regarding
the possible length of the COVID-19 pandemic and the aggregate
impact that it will have on global and regional economies,
including uncertainty regarding the effectiveness of recent efforts
by the U.S. government and Federal Reserve to respond to the
pandemic and its economic impact. Management considered the impact
of the pandemic on its consumer and business borrowers,
particularly those business borrowers most affected by efforts to
contain the pandemic, including our borrowers in the retail and
multi-tenant retail industry, restaurants, and hotels.
As of September 30, 2020, loans for which payment deferrals and
interest-only payment modifications remained in place included
approximately 250 loans with balances totaling $93.6 million, as
compared to approximately 900 loans with balances totaling $380.2
million with such deferrals or modifications in place at June 30,
2020. Details by loan type are included in the table at the
conclusion of this document. These are loans that were otherwise
current and performing prior to the COVID-19 pandemic, but for
which borrowers anticipated difficulties due to impact of the
pandemic. Approximately $67.2 million in loans which remain under a
payment deferral or interest-only modification at September 30,
2020, are scheduled to complete their deferral or modification
period by October 31, 2020. Generally, deferrals were granted for
three-month periods, while interest-only modifications were for
six-month periods. Some borrowers were granted additional periods
of deferral or interest-only modifications. These deferrals and
modifications were made in compliance with provisions of the CARES
Act that allow financial institutions the option to temporarily
suspend certain requirements under U.S. GAAP related to troubled
debt restructurings (TDRs), and the Company did not account for
these loans as TDRs. While management considers progress made by
our borrowers in responding to the pandemic to be relatively
strong, and the performance of our loan portfolio to be encouraging
to date, we cannot predict with certainty the difficulties to be
faced in coming months as various relief provisions expire, or as
communities where our borrowers operate experience increases in
COVID-19 cases and reductions in business activity or employee
attendance, or may be required by local authorities to restrict
activity.
Total liabilities were $2.3 billion at September 30, 2020, a
decrease of $3.1 million, or 0.1%, as compared to June 30,
2020.
Deposits were $2.2 billion at September 30, 2020, a decrease of
$16.8 million, or 0.8%, as compared to June 30, 2020. This decrease
reflected a decrease in time deposits, partially offset by an
increase in nonmaturity deposits, and was inclusive of decreases of
$16.9 million in public unit funds and $2.3 million in brokered
time deposits. Public unit balances were $288.3 million at
September 30, 2020, as public unit depositors partially reversed
growth noted over recent quarters. Brokered time deposits were
$21.0 million, and brokered money market deposits were $20.0
million, at September 30, 2020. In total, deposit balances saw
decreases in certificates of deposit and non-interest bearing
transaction accounts, partially offset by increases in savings
accounts, interest-bearing transaction accounts, and money market
deposit accounts. The average loan-to-deposit ratio for the first
quarter of fiscal 2021 was 99.1%, as compared to 99.2% for the same
period of the prior fiscal year.
FHLB advances were $85.6 million at September 30, 2020, an
increase of $15.6 million, or 22.3%, as compared to June 30, 2020,
with the increase primarily attributable to the Company’s use of
overnight borrowings to fund increases in loans and outflows in
deposits. The Company has continued to monitor the availability of
the Federal Reserve’s PPP Lending Facility (PPPLF), but has not
utilized it to date, given our improved liquidity position and the
lack of attractive alternative investment options. Currently, the
Company expects to process forgiveness applications for the
majority of our outstanding PPP loans in the next several months,
and will then assess the regulatory capital and liquidity
considerations of the potential use of the PPPLF for any balances
not forgiven and expected to remain outstanding for an additional
1.5 years or more.
The Company’s stockholders’ equity was $260.0 million at
September 30, 2020, an increase of $1.6 million, or 0.6%, as
compared to June 30, 2020. The increase was attributable primarily
to earnings retained after cash dividends paid, partially offset by
the one-time negative adjustment to retained earnings resulting
from the adoption of the CECL standard.
Quarterly Income Statement Summary:
The Company’s net interest income for the three-month period
ended September 30, 2020, was $22.1 million, an increase of $2.5
million, or 12.8%, as compared to the same period of the prior
fiscal year. The increase was attributable to a 15.2% increase in
the average balance of interest-earning assets, partially offset by
a decrease in net interest margin to 3.73% in the current
three-month period, from 3.81% in the same period a year ago.
Loan discount accretion and deposit premium amortization related
to the Company’s August 2014 acquisition of Peoples Bank of the
Ozarks (Peoples), the June 2017 acquisition of Capaha Bank
(Capaha), the February 2018 acquisition of Southern Missouri Bank
of Marshfield (SMB-Marshfield), the Gideon Acquisition, and the
Central Federal Acquisition resulted in $339,000 in net interest
income for the three-month period ended September 30, 2020, as
compared to $508,000 in net interest income for the same period a
year ago. The decline is attributable to expected reductions in
discount accretion as additional time has elapsed since the loan
portfolios were acquired and balances have declined, partially
offset by the recent Central Federal acquisition, although the
acquired loan book and resulting discount accretion from that
acquisition is relatively small. The Company generally expects this
component of net interest income will continue to decline over
time, although volatility may occur to the extent we have periodic
resolutions of specific credit impaired loans. Combined, these
components of net interest income contributed six basis points to
net interest margin in the three-month period ended September 30,
2020, as compared to a contribution of 10 basis points in the same
period of the prior fiscal year, and as compared to the six basis
point contribution in the linked quarter, ended June 30, 2020, when
net interest margin was 3.75%. Additionally, in the year-ago and
linked periods, the Company recognized additional interest income
as a result of the resolution of a limited number of nonperforming
loans, with no material contribution from similar resolutions in
the current period. This recognition of $414,000 in interest income
in the year-ago period, and $159,000 in the linked period,
contributed eight and three basis points, respectively, to net
interest margin in the year-ago and linked periods.
The provision for loan losses for the three-month period ended
September 30, 2020, was $774,000, as compared to $896,000 in the
same period of the prior fiscal year. The decrease as compared to
the same quarter a year ago was attributable primarily to the
current quarter’s relatively low loan growth and stable credit
quality indicators quarter-over-quarter. While uncertainty remains
regarding the economic environment resulting from the COVID-19
pandemic and the potential impact on the Company’s borrowers, the
Company assesses that the outlook is little changed as compared to
the quarter ended June 30, 2020. As a percentage of average loans
outstanding, the provision for loan losses in the current
three-month period represented a charge of 0.14% (annualized),
while the Company recorded net charge offs during the period of
0.03% (annualized). During the same period of the prior fiscal
year, the provision for loan losses as a percentage of average
loans outstanding represented a charge of 0.19% (annualized), while
the Company recorded net charge offs of 0.02% (annualized).
The Company’s noninterest income for the three-month period
ended September 30, 2020, was $4.9 million, an increase of $1.5
million, or 41.6%, as compared to the same period of the prior
fiscal year. In the current period, increases in gains realized on
the sale of residential real estate loans originated for that
purpose, other income, loan servicing fees, other loans fees, and
bank card interchange income were partially offset by decreases in
deposit account service charges. Gains realized on the sale of
residential real estate loans originated for that purpose increased
as origination of these loans more than tripled, remaining
consistent with the linked quarter, while pricing improved
slightly. Our portfolio of serviced loans increased by 16% during
the quarter, which increased servicing income through fees received
and the recognition of mortgage servicing rights at origination.
Other income included a $187,000 non-recurring benefit related to a
broker-dealer agreement to provide wealth management services in a
new market area, with no comparable item in the year-ago period.
Bank card interchange income increased as a result of an 8%
increase in the number of bank card transactions and a 17% increase
in bank card dollar volume.
Noninterest expense for the three-month period ended September
30, 2020, was $13.5 million, an increase of $1.1 million, or 9.3%,
as compared to the same period of the prior fiscal year. The
increase was attributable primarily to increases in compensation
and benefits, provisioning for off-balance sheet credit exposure,
deposit insurance premiums, data processing expenses, and
occupancy, partially offset by a reduction in other expenses, which
included a variety of relatively small items that trended lower,
including the costs of providing rewards checking products,
employee travel expenses, and customer entertainment. Included in
compensation expense was $150,000 in non-recurring expense related
to the hiring of an investment representative for the Company’s
wealth management group; otherwise, the increase over the prior
year primarily reflected standard increases in compensation and an
increase in employee headcount over the prior year, due in part to
the Central Federal Acquisition, as well as a de novo branch opened
early in the quarter. Data processing and occupancy expenses also
increased in part due to the new facilities, while data processing
expenses have also been higher since the implementation of a new
data processing environment in the first half of fiscal 2020.
Deposit insurance premiums reflected a return to a normalized level
of premiums after the Company benefited from one-time assessment
credits for much of the prior fiscal year. The efficiency ratio for
the three-month period ended September 30, 2020, was 50.0%, as
compared to 53.6% in the same period of the prior fiscal year, with
the improvement attributable primarily to the current period’s
increase in noninterest income.
The income tax provision for the three-month period ended
September 30, 2020, was $2.7 million, an increase of 39.0% as
compared to the same period of the prior fiscal year, as higher
pre-tax income combined with an increase in the effective tax rate,
to 21.6%, as compared to 20.2% in the same period a year ago. While
the Company generated higher levels of pre-tax income, investments
in tax-advantaged assets were modestly reduced, resulting in a
higher effective tax rate.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
including: potential adverse impacts to the economic conditions in
the Company’s local market areas, other markets where the Company
has lending relationships, or other aspects of the Company’s
business operations or financial markets, generally, resulting from
the ongoing COVID-19 pandemic and any governmental or societal
responses thereto; expected cost savings, synergies and other
benefits from our merger and acquisition activities might not be
realized to the extent anticipated, within the anticipated time
frames, or at all, and costs or difficulties relating to
integration matters, including but not limited to customer and
employee retention, might be greater than expected; the strength of
the United States economy in general and the strength of the local
economies in which we conduct operations; fluctuations in interest
rates and in real estate values; monetary and fiscal policies of
the FRB and the U.S. Government and other governmental initiatives
affecting the financial services industry; the risks of lending and
investing activities, including changes in the level and direction
of loan delinquencies and write-offs and changes in estimates of
the adequacy of the allowance for credit losses; our ability to
access cost-effective funding; the timely development of and
acceptance of our new products and services and the perceived
overall value of these products and services by users, including
the features, pricing and quality compared to competitors' products
and services; fluctuations in real estate values and both
residential and commercial real estate markets, as well as
agricultural business conditions; demand for loans and deposits;
legislative or regulatory changes that adversely affect our
business; changes in accounting principles, policies, or
guidelines; results of regulatory examinations, including the
possibility that a regulator may, among other things, require an
increase in our reserve for loan losses or write-down of assets;
the impact of technological changes; and our success at managing
the risks involved in the foregoing. Any forward-looking statements
are based upon management’s beliefs and assumptions at the time
they are made. We undertake no obligation to publicly update or
revise any forward-looking statements or to update the reasons why
actual results could differ from those contained in such
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking statements discussed might not
occur, and you should not put undue reliance on any forward-looking
statements.
Southern Missouri Bancorp, Inc. |
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION |
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|
|
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Summary Balance Sheet
Data as of: |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands, except per share data) |
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and time
deposits |
|
$ |
42,850 |
|
|
$ |
55,219 |
|
|
$ |
57,078 |
|
|
$ |
42,015 |
|
|
$ |
32,394 |
|
|
Available for sale (AFS)
securities |
|
|
175,528 |
|
|
|
176,524 |
|
|
|
180,592 |
|
|
|
175,843 |
|
|
|
171,006 |
|
|
FHLB/FRB membership stock |
|
|
11,956 |
|
|
|
10,753 |
|
|
|
13,054 |
|
|
|
12,522 |
|
|
|
12,083 |
|
|
Loans receivable, gross |
|
|
2,185,113 |
|
|
|
2,167,067 |
|
|
|
1,991,328 |
|
|
|
1,943,599 |
|
|
|
1,895,207 |
|
|
Allowance for
loan losses |
|
|
34,650 |
|
|
|
25,138 |
|
|
|
23,508 |
|
|
|
20,814 |
|
|
|
20,710 |
|
|
Loans receivable, net |
|
|
2,150,463 |
|
|
|
2,141,929 |
|
|
|
1,967,820 |
|
|
|
1,922,785 |
|
|
|
1,874,497 |
|
|
Bank-owned life insurance |
|
|
43,644 |
|
|
|
43,363 |
|
|
|
39,095 |
|
|
|
38,847 |
|
|
|
38,593 |
|
|
Intangible assets |
|
|
21,582 |
|
|
|
21,789 |
|
|
|
21,573 |
|
|
|
22,423 |
|
|
|
22,889 |
|
|
Premises and equipment |
|
|
64,430 |
|
|
|
65,106 |
|
|
|
64,705 |
|
|
|
65,006 |
|
|
|
65,480 |
|
|
Other assets |
|
|
30,281 |
|
|
|
27,474 |
|
|
|
30,531 |
|
|
|
32,408 |
|
|
|
34,265 |
|
|
Total assets |
|
$ |
2,540,734 |
|
|
$ |
2,542,157 |
|
|
$ |
2,374,448 |
|
|
$ |
2,311,849 |
|
|
$ |
2,251,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,861,051 |
|
|
$ |
1,868,799 |
|
|
$ |
1,738,379 |
|
|
$ |
1,691,010 |
|
|
$ |
1,663,874 |
|
|
Noninterest-bearing
deposits |
|
|
307,023 |
|
|
|
316,048 |
|
|
|
233,268 |
|
|
|
223,604 |
|
|
|
208,646 |
|
|
FHLB advances |
|
|
85,637 |
|
|
|
70,024 |
|
|
|
123,361 |
|
|
|
114,646 |
|
|
|
103,327 |
|
|
Note payable |
|
|
- |
|
|
|
- |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
Other liabilities |
|
|
11,880 |
|
|
|
13,797 |
|
|
|
11,469 |
|
|
|
15,627 |
|
|
|
15,030 |
|
|
Subordinated debt |
|
|
15,168 |
|
|
|
15,142 |
|
|
|
15,118 |
|
|
|
15,093 |
|
|
|
15,068 |
|
|
Total
liabilities |
|
|
2,280,759 |
|
|
|
2,283,810 |
|
|
|
2,124,595 |
|
|
|
2,062,980 |
|
|
|
2,008,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
259,975 |
|
|
|
258,347 |
|
|
|
249,853 |
|
|
|
248,869 |
|
|
|
242,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and stockholders' equity |
|
$ |
2,540,734 |
|
|
$ |
2,542,157 |
|
|
$ |
2,374,448 |
|
|
$ |
2,311,849 |
|
|
$ |
2,251,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
|
10.23 |
% |
|
|
10.16 |
% |
|
|
10.52 |
% |
|
|
10.76 |
% |
|
|
10.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
9,126,625 |
|
|
|
9,127,390 |
|
|
|
9,128,290 |
|
|
|
9,206,783 |
|
|
|
9,201,783 |
|
|
Less: Restricted
common shares not vested |
|
|
27,260 |
|
|
|
28,025 |
|
|
|
28,925 |
|
|
|
24,900 |
|
|
|
25,975 |
|
|
Common shares for book value
determination |
|
|
9,099,365 |
|
|
|
9,099,365 |
|
|
|
9,099,365 |
|
|
|
9,181,883 |
|
|
|
9,175,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share |
|
$ |
28.57 |
|
|
$ |
28.39 |
|
|
$ |
27.46 |
|
|
$ |
27.10 |
|
|
$ |
26.40 |
|
|
Closing market price |
|
|
23.58 |
|
|
|
24.30 |
|
|
|
24.27 |
|
|
|
38.36 |
|
|
|
36.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming asset
data as of: |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands) |
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
8,775 |
|
|
$ |
8,657 |
|
|
$ |
11,428 |
|
|
$ |
10,419 |
|
|
$ |
14,021 |
|
|
Accruing loans 90 days or more
past due |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
Total
nonperforming loans |
|
|
8,775 |
|
|
|
8,657 |
|
|
|
11,428 |
|
|
|
10,420 |
|
|
|
14,021 |
|
|
Other real estate owned
(OREO) |
|
|
2,466 |
|
|
|
2,561 |
|
|
|
3,401 |
|
|
|
3,668 |
|
|
|
3,820 |
|
|
Personal property
repossessed |
|
|
9 |
|
|
|
9 |
|
|
|
38 |
|
|
|
26 |
|
|
|
71 |
|
|
Total
nonperforming assets |
|
$ |
11,250 |
|
|
$ |
11,227 |
|
|
$ |
14,867 |
|
|
$ |
14,114 |
|
|
$ |
17,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets to
total assets |
|
|
0.44 |
% |
|
|
0.44 |
% |
|
|
0.63 |
% |
|
|
0.61 |
% |
|
|
0.80 |
% |
|
Total nonperforming loans to
gross loans |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.57 |
% |
|
|
0.54 |
% |
|
|
0.74 |
% |
|
Allowance for loan losses to
nonperforming loans |
|
|
394.87 |
% |
|
|
290.38 |
% |
|
|
205.71 |
% |
|
|
199.75 |
% |
|
|
147.71 |
% |
|
Allowance for loan losses to
gross loans |
|
|
1.59 |
% |
|
|
1.16 |
% |
|
|
1.18 |
% |
|
|
1.07 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing troubled debt
restructurings (1) |
|
$ |
7,923 |
|
|
$ |
8,580 |
|
|
$ |
14,196 |
|
|
$ |
14,814 |
|
|
$ |
12,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming troubled debt
restructurings are included with nonaccrual loans or accruing loans
90 days or more past due. |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
Quarterly Average
Balance Sheet Data: |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands) |
|
2020 |
|
2020 |
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing cash
equivalents |
|
$ |
19,768 |
|
$ |
10,380 |
|
$ |
7,363 |
|
$ |
6,322 |
|
$ |
7,001 |
|
AFS securities and membership
stock |
|
|
181,535 |
|
|
188,497 |
|
|
184,389 |
|
|
183,748 |
|
|
179,623 |
|
Loans receivable, gross |
|
|
2,162,125 |
|
|
2,127,181 |
|
|
1,950,887 |
|
|
1,903,230 |
|
|
1,865,344 |
|
Total
interest-earning assets |
|
|
2,363,428 |
|
|
2,326,058 |
|
|
2,142,639 |
|
|
2,093,300 |
|
|
2,051,968 |
|
Other assets |
|
|
174,574 |
|
|
194,651 |
|
|
180,981 |
|
|
184,028 |
|
|
184,415 |
|
Total assets |
|
$ |
2,538,002 |
|
$ |
2,520,709 |
|
$ |
2,323,620 |
|
$ |
2,277,328 |
|
$ |
2,236,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
1,865,637 |
|
$ |
1,838,606 |
|
$ |
1,729,327 |
|
$ |
1,674,198 |
|
$ |
1,660,994 |
|
Securities sold under
agreements to repurchase |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
329 |
|
FHLB advances |
|
|
70,272 |
|
|
83,130 |
|
|
83,916 |
|
|
99,728 |
|
|
82,192 |
|
Note payable |
|
|
- |
|
|
1,187 |
|
|
3,000 |
|
|
3,000 |
|
|
3,000 |
|
Subordinated debt |
|
|
15,155 |
|
|
15,130 |
|
|
15,105 |
|
|
15,080 |
|
|
15,055 |
|
Total
interest-bearing liabilities |
|
|
1,951,064 |
|
|
1,938,053 |
|
|
1,831,348 |
|
|
1,792,006 |
|
|
1,761,570 |
|
Noninterest-bearing
deposits |
|
|
316,996 |
|
|
311,555 |
|
|
223,865 |
|
|
222,187 |
|
|
218,755 |
|
Other noninterest-bearing
liabilities |
|
|
14,672 |
|
|
15,937 |
|
|
17,634 |
|
|
17,533 |
|
|
16,014 |
|
Total
liabilities |
|
|
2,282,732 |
|
|
2,265,545 |
|
|
2,072,847 |
|
|
2,031,726 |
|
|
1,996,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
255,270 |
|
|
255,164 |
|
|
250,773 |
|
|
245,602 |
|
|
240,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and stockholders' equity |
|
$ |
2,538,002 |
|
$ |
2,520,709 |
|
$ |
2,323,620 |
|
$ |
2,277,328 |
|
$ |
2,236,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended |
Quarterly Summary
Income Statement Data: |
|
Sep. 30, |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
Sep. 30, |
|
(dollars in thousands, except per share data) |
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
$ |
41 |
|
|
$ |
18 |
|
|
$ |
33 |
|
|
$ |
31 |
|
|
$ |
46 |
|
|
AFS securities
and membership stock |
|
|
1,024 |
|
|
|
1,146 |
|
|
|
1,218 |
|
|
|
1,194 |
|
|
|
1,236 |
|
|
Loans
receivable |
|
|
25,907 |
|
|
|
26,099 |
|
|
|
24,969 |
|
|
|
25,421 |
|
|
|
25,640 |
|
|
Total interest income |
|
|
26,972 |
|
|
|
27,263 |
|
|
|
26,220 |
|
|
|
26,646 |
|
|
|
26,922 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
4,390 |
|
|
|
4,923 |
|
|
|
6,135 |
|
|
|
6,448 |
|
|
|
6,578 |
|
|
FHLB
advances |
|
|
380 |
|
|
|
398 |
|
|
|
439 |
|
|
|
573 |
|
|
|
522 |
|
|
Note payable |
|
|
- |
|
|
|
11 |
|
|
|
31 |
|
|
|
34 |
|
|
|
37 |
|
|
Subordinated
debt |
|
|
138 |
|
|
|
151 |
|
|
|
197 |
|
|
|
214 |
|
|
|
225 |
|
|
Total interest expense |
|
|
4,908 |
|
|
|
5,483 |
|
|
|
6,802 |
|
|
|
7,269 |
|
|
|
7,362 |
|
|
Net interest income |
|
|
22,064 |
|
|
|
21,780 |
|
|
|
19,418 |
|
|
|
19,377 |
|
|
|
19,560 |
|
|
Provision for loan losses |
|
|
774 |
|
|
|
1,868 |
|
|
|
2,850 |
|
|
|
388 |
|
|
|
896 |
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Deposit account
charges and related fees |
|
|
1,339 |
|
|
|
1,087 |
|
|
|
1,538 |
|
|
|
1,632 |
|
|
|
1,423 |
|
|
Bank card
interchange income |
|
|
830 |
|
|
|
954 |
|
|
|
719 |
|
|
|
651 |
|
|
|
751 |
|
|
Loan late
charges |
|
|
141 |
|
|
|
157 |
|
|
|
149 |
|
|
|
121 |
|
|
|
146 |
|
|
Loan servicing
fees |
|
|
310 |
|
|
|
248 |
|
|
|
(285 |
) |
|
|
103 |
|
|
|
130 |
|
|
Other loan
fees |
|
|
327 |
|
|
|
290 |
|
|
|
370 |
|
|
|
354 |
|
|
|
243 |
|
|
Net realized
gains on sale of loans |
|
|
1,206 |
|
|
|
977 |
|
|
|
178 |
|
|
|
203 |
|
|
|
273 |
|
|
Earnings on bank
owned life insurance |
|
|
280 |
|
|
|
266 |
|
|
|
247 |
|
|
|
253 |
|
|
|
254 |
|
|
Other noninterest
income |
|
|
508 |
|
|
|
380 |
|
|
|
313 |
|
|
|
357 |
|
|
|
270 |
|
|
Total noninterest income |
|
|
4,941 |
|
|
|
4,359 |
|
|
|
3,229 |
|
|
|
3,674 |
|
|
|
3,490 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits |
|
|
7,720 |
|
|
|
7,698 |
|
|
|
7,521 |
|
|
|
6,993 |
|
|
|
7,125 |
|
|
Occupancy and
equipment, net |
|
|
1,970 |
|
|
|
1,887 |
|
|
|
1,780 |
|
|
|
1,769 |
|
|
|
1,852 |
|
|
Data processing
expense |
|
|
1,062 |
|
|
|
2,084 |
|
|
|
974 |
|
|
|
878 |
|
|
|
885 |
|
|
Telecommunications expense |
|
|
315 |
|
|
|
314 |
|
|
|
309 |
|
|
|
320 |
|
|
|
320 |
|
|
Deposit insurance
premiums |
|
|
201 |
|
|
|
155 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Legal and
professional fees |
|
|
198 |
|
|
|
318 |
|
|
|
229 |
|
|
|
239 |
|
|
|
184 |
|
|
Advertising |
|
|
230 |
|
|
|
391 |
|
|
|
244 |
|
|
|
283 |
|
|
|
309 |
|
|
Postage and
office supplies |
|
|
193 |
|
|
|
219 |
|
|
|
224 |
|
|
|
178 |
|
|
|
183 |
|
|
Intangible
amortization |
|
|
380 |
|
|
|
448 |
|
|
|
441 |
|
|
|
441 |
|
|
|
441 |
|
|
Foreclosed
property expenses |
|
|
50 |
|
|
|
636 |
|
|
|
282 |
|
|
|
25 |
|
|
|
48 |
|
|
Provision for
off-balance sheet credit exposure |
|
|
226 |
|
|
|
132 |
|
|
|
300 |
|
|
|
362 |
|
|
|
(146 |
) |
|
Other noninterest
expense |
|
|
953 |
|
|
|
1,226 |
|
|
|
1,265 |
|
|
|
1,537 |
|
|
|
1,149 |
|
|
Total noninterest expense |
|
|
13,498 |
|
|
|
15,508 |
|
|
|
13,569 |
|
|
|
13,025 |
|
|
|
12,350 |
|
|
Net income before income taxes |
|
|
12,733 |
|
|
|
8,763 |
|
|
|
6,228 |
|
|
|
9,638 |
|
|
|
9,804 |
|
|
Income taxes |
|
|
2,747 |
|
|
|
1,861 |
|
|
|
1,129 |
|
|
|
1,921 |
|
|
|
1,976 |
|
|
Net income |
|
|
9,986 |
|
|
|
6,902 |
|
|
|
5,099 |
|
|
|
7,717 |
|
|
|
7,828 |
|
|
Less: distributed
earnings to participating securities |
|
|
4 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Less:
undistributed earnings to participating securities |
|
26 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net income available to common
shareholders |
|
$ |
9,956 |
|
|
$ |
6,902 |
|
|
$ |
5,099 |
|
|
$ |
7,717 |
|
|
$ |
7,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
1.09 |
|
|
$ |
0.76 |
|
|
$ |
0.55 |
|
|
$ |
0.84 |
|
|
$ |
0.85 |
|
|
Diluted earnings per common
share |
|
|
1.09 |
|
|
|
0.76 |
|
|
|
0.55 |
|
|
|
0.84 |
|
|
|
0.85 |
|
|
Dividends per common
share |
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,100,000 |
|
|
|
9,128,000 |
|
|
|
9,197,000 |
|
|
|
9,202,000 |
|
|
|
9,232,000 |
|
|
Diluted |
|
|
9,101,000 |
|
|
|
9,130,000 |
|
|
|
9,205,000 |
|
|
|
9,213,000 |
|
|
|
9,244,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.57 |
% |
|
|
1.10 |
% |
|
|
0.88 |
% |
|
|
1.36 |
% |
|
|
1.40 |
% |
|
Return on average common
stockholders' equity |
|
|
15.6 |
% |
|
|
10.8 |
% |
|
|
8.1 |
% |
|
|
12.6 |
% |
|
|
13.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.73 |
% |
|
|
3.75 |
% |
|
|
3.63 |
% |
|
|
3.70 |
% |
|
|
3.81 |
% |
|
Net interest spread |
|
|
3.55 |
% |
|
|
3.56 |
% |
|
|
3.40 |
% |
|
|
3.47 |
% |
|
|
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
50.0 |
% |
|
|
59.3 |
% |
|
|
59.9 |
% |
|
|
56.5 |
% |
|
|
53.6 |
% |
|
|
As of September 30, 2020 |
|
As of June 30, 2020 |
Loan portfolio
balances and CARES Act modifications |
Balance |
|
Payment |
|
Interest-only |
|
Payment |
|
Interest-only |
(dollars in thousands) |
Outstanding |
|
Deferrals |
|
Modifications |
|
Deferrals |
|
Modifications |
|
|
|
|
|
|
|
|
|
|
1- to 4-family residential
loans |
$ |
438,496 |
|
$ |
1,171 |
|
$ |
8,805 |
|
$ |
13,385 |
|
$ |
21,194 |
Multifamily residential
loans |
|
196,997 |
|
|
- |
|
|
12,278 |
|
|
1,912 |
|
|
28,101 |
Total residential
loans |
|
635,493 |
|
|
1,171 |
|
|
21,083 |
|
|
15,297 |
|
|
49,295 |
1- to 4-family owner-occupied
construction loans |
|
25,053 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
1- to 4-family speculative
construction loans |
|
11,961 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Multifamily construction
loans |
|
39,102 |
|
|
- |
|
|
- |
|
|
- |
|
|
31 |
Other construction loans |
|
30,229 |
|
|
4,367 |
|
|
- |
|
|
4,367 |
|
|
290 |
Total construction loan
balances drawn |
|
106,345 |
|
|
4,367 |
|
|
- |
|
|
4,367 |
|
|
321 |
Agricultural real estate
loans |
|
182,602 |
|
|
1,967 |
|
|
1,415 |
|
|
2,803 |
|
|
5,537 |
Loans for vacant land -
developed, undeveloped, and other purposes |
|
58,015 |
|
|
- |
|
|
1,203 |
|
|
106 |
|
|
4,196 |
Owner-occupied commercial real
estate loans to: |
|
|
|
|
|
|
|
|
|
Churches and nonprofits |
|
19,900 |
|
|
- |
|
|
1,449 |
|
|
- |
|
|
4,213 |
Non-professional services |
|
16,826 |
|
|
- |
|
|
2,106 |
|
|
333 |
|
|
3,160 |
Retail |
|
25,337 |
|
|
- |
|
|
1,257 |
|
|
3,285 |
|
|
3,960 |
Automobile dealerships |
|
21,544 |
|
|
- |
|
|
- |
|
|
- |
|
|
3,977 |
Healthcare providers |
|
7,869 |
|
|
- |
|
|
330 |
|
|
- |
|
|
334 |
Restaurants |
|
46,161 |
|
|
- |
|
|
5,694 |
|
|
22,988 |
|
|
10,745 |
Convenience stores |
|
22,550 |
|
|
- |
|
|
1,303 |
|
|
- |
|
|
14,817 |
Automotive services |
|
7,428 |
|
|
- |
|
|
244 |
|
|
- |
|
|
1,509 |
Manufacturing |
|
18,669 |
|
|
- |
|
|
7,262 |
|
|
4,938 |
|
|
3,140 |
Professional services |
|
14,113 |
|
|
- |
|
|
354 |
|
|
248 |
|
|
719 |
Warehouse/distribution |
|
4,516 |
|
|
- |
|
|
- |
|
|
485 |
|
|
- |
Grocery |
|
5,548 |
|
|
- |
|
|
26 |
|
|
- |
|
|
26 |
Other |
|
21,813 |
|
|
- |
|
|
551 |
|
|
- |
|
|
2,417 |
Total owner-occupied commercial real estate loans |
|
232,274 |
|
|
- |
|
|
20,576 |
|
|
32,277 |
|
|
49,017 |
Non-owner-occupied commercial
real estate loans to: |
|
|
|
|
|
|
|
|
|
Care facilities |
|
33,246 |
|
|
- |
|
|
- |
|
|
- |
|
|
15,943 |
Non-professional services |
|
14,442 |
|
|
- |
|
|
3,864 |
|
|
- |
|
|
3,864 |
Retail |
|
33,471 |
|
|
545 |
|
|
525 |
|
|
3,125 |
|
|
1,537 |
Healthcare providers |
|
19,633 |
|
|
- |
|
|
442 |
|
|
- |
|
|
1,489 |
Restaurants |
|
47,875 |
|
|
- |
|
|
413 |
|
|
17,418 |
|
|
5,839 |
Convenience stores |
|
8,983 |
|
|
- |
|
|
- |
|
|
- |
|
|
1,285 |
Automotive services |
|
7,173 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Hotels |
|
80,947 |
|
|
- |
|
|
3,495 |
|
|
39,622 |
|
|
26,092 |
Manufacturing |
|
5,170 |
|
|
- |
|
|
- |
|
|
- |
|
|
2,011 |
Storage units |
|
14,210 |
|
|
- |
|
|
404 |
|
|
- |
|
|
3,711 |
Professional services |
|
12,084 |
|
|
- |
|
|
460 |
|
|
- |
|
|
723 |
Multi-tenant retail |
|
77,428 |
|
|
- |
|
|
14,872 |
|
|
21,817 |
|
|
35,791 |
Warehouse/distribution |
|
26,146 |
|
|
- |
|
|
2,953 |
|
|
141 |
|
|
3,809 |
Other |
|
30,927 |
|
|
- |
|
|
4,218 |
|
|
- |
|
|
8,055 |
Total non-owner-occupied commercial real estate loans |
|
411,735 |
|
|
545 |
|
|
31,646 |
|
|
82,123 |
|
|
110,149 |
Total commercial real
estate |
|
884,626 |
|
|
2,512 |
|
|
54,840 |
|
|
117,309 |
|
|
168,899 |
|
As of September 30, 2020 |
|
As of June 30, 2020 |
Loan portfolio
balances and CARES Act modifications, continued |
Balance |
|
Payment |
|
Interest-only |
|
Payment |
|
Interest-only |
(dollars in thousands) |
Outstanding |
|
Deferrals |
|
Modifications |
|
Deferrals |
|
Modifications |
|
|
|
|
|
|
|
|
|
|
Home equity lines of
credit |
|
42,523 |
|
|
- |
|
|
- |
|
|
91 |
|
|
- |
Deposit-secured loans |
|
4,803 |
|
|
- |
|
|
1 |
|
|
45 |
|
|
1 |
All other consumer loans |
|
33,580 |
|
|
83 |
|
|
92 |
|
|
1,319 |
|
|
199 |
Total consumer
loans |
|
80,906 |
|
|
83 |
|
|
93 |
|
|
1,455 |
|
|
200 |
Agricultural production and
equipment loans |
|
121,298 |
|
|
351 |
|
|
84 |
|
|
400 |
|
|
586 |
Loans to municipalities or
other public units |
|
10,087 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Commercial and industrial
loans to: |
|
- |
|
|
- |
|
|
- |
|
|
|
|
Forestry, fishing, and hunting |
|
14,621 |
|
|
- |
|
|
364 |
|
|
50 |
|
|
612 |
Construction |
|
29,100 |
|
|
- |
|
|
- |
|
|
125 |
|
|
148 |
Finance and insurance |
|
49,984 |
|
|
- |
|
|
20 |
|
|
- |
|
|
20 |
Real estate rental and leasing |
|
27,198 |
|
|
- |
|
|
54 |
|
|
- |
|
|
1,299 |
Healthcare and social assistance |
|
38,230 |
|
|
- |
|
|
- |
|
|
- |
|
|
1,576 |
Accommodations and food services |
|
31,772 |
|
|
- |
|
|
707 |
|
|
175 |
|
|
2,595 |
Manufacturing |
|
15,801 |
|
|
- |
|
|
3,097 |
|
|
- |
|
|
3,271 |
Retail trade |
|
46,488 |
|
|
- |
|
|
874 |
|
|
1,189 |
|
|
1,512 |
Transportation and warehousing |
|
37,787 |
|
|
- |
|
|
3,071 |
|
|
194 |
|
|
5,636 |
Professional services |
|
8,762 |
|
|
- |
|
|
12 |
|
|
- |
|
|
12 |
Administrative support and waste management |
|
9,164 |
|
|
- |
|
|
- |
|
|
- |
|
|
1,962 |
Arts, entertainment, and recreation |
|
4,274 |
|
|
585 |
|
|
27 |
|
|
732 |
|
|
27 |
Other commercial loans |
|
37,016 |
|
|
8 |
|
|
238 |
|
|
179 |
|
|
741 |
Total commercial and industrial loans |
|
350,197 |
|
|
593 |
|
|
8,464 |
|
|
2,644 |
|
|
19,411 |
Total commercial
loans |
|
481,582 |
|
|
944 |
|
|
8,548 |
|
|
3,044 |
|
|
19,997 |
Total
gross loans receivable, excluding deferred loan fees |
$ |
2,188,952 |
|
$ |
9,077 |
|
$ |
84,564 |
|
$ |
141,472 |
|
$ |
238,712 |
Matt Funke, CFO
573-778-1800
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