QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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( State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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PART I.
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FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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2
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3
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4
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5
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6
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Item 2.
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27
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Item 3.
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48
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Item 4.
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48
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PART II.
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OTHER INFORMATION
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48
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Item 1.
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48
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Item 1A.
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48
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Item 2.
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49
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Item 6.
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50
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50
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Item 1.
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Unaudited Financials
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Assets
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September 30,
2021
(unaudited)
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December 31, 2020
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||||||
Cash and due from banks
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$
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$
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Interest-bearing time deposits in other banks
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||||||
Loans, net of allowance for loan losses of $
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||||||
Loans held for sale, at fair value
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Premises and equipment, net
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Nonmarketable equity securities
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Goodwill and other intangibles, net
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Interest receivable and other assets
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Total assets
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$
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$
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Liabilities and Shareholders’ Equity
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||||||||
Deposits
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||||||||
Noninterest-bearing
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$
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$
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||||
Interest-bearing
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||||||
Total deposits
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||||||
Income taxes payable
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||||||
Interest payable and other liabilities
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||||||
Total liabilities
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||||||
Shareholders’ equity
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||||||||
Preferred stock, par value $
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||||||
Common stock, non-voting, par value $
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||||||
Common stock, $
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||||||
Additional paid-in capital
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||||||
Retained earnings
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||||||
Total shareholders’ equity
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||||||
Total liabilities and shareholders’ equity
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$
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$
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|
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Three Months ended
September 30,
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Nine
Months Ended
September 30,
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||||||||||||||
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2021
|
2020
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2021
|
2020
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||||||||||||
Interest Income
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||||||||||||||||
Loans, including fees
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$
|
|
$
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$
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|
$
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||||||||
Interest-bearing time deposits in other banks
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||||||||||||
Other interest and dividend income
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||||||||||||
Total interest income
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||||||||||||
Interest Expense
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||||||||||||||||
Deposits
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||||||||||||
Total interest expense
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||||||||||||
Net Interest Income
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||||||||||||
Provision for Loan Losses
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||||||||||||
Net Interest Income After Provision for Loan Losses
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||||||||||||
Noninterest Income
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||||||||||||||||
Secondary market income
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||||||||||||
Service charges on deposit accounts
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||||||||||||
Other
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||||||||||||
Total noninterest income
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||||||||||||
Noninterest Expense
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||||||||||||||||
Salaries and employee benefits
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||||||||||||
Furniture and equipment
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||||||||||||
Occupancy
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||||||||||||
Data and item processing
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||||||||||||
Accounting, marketing and legal fees
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||||||||||||
Regulatory assessments
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||||||||||||
Advertising and public relations
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||||||||||||
Travel, lodging and entertainment
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Other
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||||||||||||
Total noninterest expense
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||||||||||||
Income Before Taxes
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||||||||||||
Income tax expense
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||||||||||||
Net Income
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$
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$
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$
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$
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||||||||
Earnings per common share - basic
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$
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$
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$
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$
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||||||||
Earnings per common share - diluted
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||||||||||||
Weighted average common shares outstanding - basic
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||||||||||||
Weighted average common shares outstanding - diluted
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Three Months Ended
September 30,
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Nine
Months Ended
September 30,
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||||||||||||||
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2021
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2020
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2021
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2020
|
||||||||||||
Common Stock (Shares)
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||||||||||||||||
Balance at beginning of period
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||||||||||||
Shares issued for restricted stock units
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||||||||||||
Shares acquired and canceled
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(
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)
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(
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)
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||||||||||
Balance at end of period
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||||||||||||
Common Stock (Amount)
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||||||||||||||||
Balance at beginning of period
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$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Shares issued for restricted stock units
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(
|
)
|
||||||||||||||
Balance at end of period
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$
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$
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$
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$
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||||||||
Additional Paid-in Capital
|
||||||||||||||||
Balance at beginning of period
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$
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$
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$
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$
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||||||||
Stock-based compensation expense
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|
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||||||||||||
Balance at end of period
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$
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|
$
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$
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$
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|
||||||||
Retained Earnings
|
||||||||||||||||
Balance at beginning of period
|
$
|
|
$
|
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$
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|
$
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|
||||||||
Net income
|
|
|
|
|
||||||||||||
Common stock acquired and canceled
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(
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)
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(
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)
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|||||||||||
Cash dividends declared ($
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(
|
)
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(
|
)
|
(
|
)
|
(
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)
|
||||||||
Balance at end of period
|
$
|
|
$
|
|
$
|
|
$
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|
||||||||
Total Shareholders' equity
|
$
|
|
$
|
|
$
|
|
$
|
|
For the Nine Months Ended
September 30,
|
||||||||
2021
|
2020
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation and amortization
|
|
|
||||||
Provision for loan losses
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|
||||||
Gain on sales of loans
|
(
|
)
|
(
|
)
|
||||
Stock-based compensation expense
|
|
|
||||||
Gain on sale of premises and equipment | ( |
) | ||||||
Cash receipts from the sale of loans originated for sale
|
|
|
||||||
Cash disbursements for loans originated for sale
|
(
|
)
|
(
|
)
|
||||
Deferred income tax benefit
|
(
|
)
|
(
|
)
|
||||
Changes in
|
||||||||
Interest receivable and other assets
|
(
|
)
|
(
|
)
|
||||
Interest payable and other liabilities
|
|
(
|
)
|
|||||
Net cash provided by operating activities
|
|
|
||||||
Investing Activities
|
||||||||
Maturities of interest-bearing time deposits in other banks
|
|
|
||||||
Purchases of interest-bearing time deposits in other banks
|
|
(
|
)
|
|||||
Net change in loans
|
(
|
)
|
(
|
)
|
||||
Purchases of premises and equipment
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of premises and equipment | ||||||||
Change in nonmarketable equity securities
|
(
|
)
|
(
|
)
|
||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Financing Activities
|
||||||||
Net change in deposits
|
|
|
||||||
Cash distributions
|
(
|
)
|
(
|
)
|
||||
Common stock issued for restricted stock units
|
|
(
|
)
|
|||||
Net cash provided by financing activities
|
|
|
||||||
Increase in Cash and Due from Banks
|
|
(
|
)
|
|||||
Cash and Due from Banks, Beginning of Period
|
|
|
||||||
Cash and Due from Banks, End of Period
|
$
|
|
$
|
|
||||
Supplemental Disclosure of Cash Flows Information
|
||||||||
Interest paid
|
$
|
|
$
|
|
||||
Income taxes paid | $ | $ | ||||||
Dividends declared and not paid
|
$
|
|
$
|
|
Note
2:
|
Recent Events, Including Mergers and
Acquisitions
|
Note 3: |
Restriction on Cash and Due from Banks
|
Note 4: |
Earnings Per Share
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2021
|
2020
|
2021 |
2020 |
|||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
Numerator
|
||||||||||||||||
Net income
|
$ | $ | $ |
$ | ||||||||||||
Denominator
|
||||||||||||||||
Weighted-average shares outstanding for basic earnings per share
|
||||||||||||||||
Dilutive effect of stock compensation (1)
|
||||||||||||||||
Denominator for diluted earnings per share
|
||||||||||||||||
Earnings per common share
|
||||||||||||||||
Basic
|
$ | $ | $ | $ | ||||||||||||
Diluted
|
$ | $ | $ | $ |
Note 5: |
Loans and Allowance for Loan Losses
|
September 30,
2021
|
December 31,
2020
|
|||||||
Construction & development
|
$
|
|
$
|
|
||||
1 - 4 family real estate
|
|
|
||||||
Commercial real estate - other
|
|
|
||||||
Total commercial real estate
|
|
|
||||||
Commercial & industrial
|
|
|
||||||
Agricultural
|
|
|
||||||
Consumer
|
|
|
||||||
Gross loans
|
|
|
||||||
Less allowance for loan losses
|
(
|
)
|
(
|
)
|
||||
Less deferred loan fees
|
(
|
)
|
(
|
)
|
||||
Net loans
|
$
|
|
$
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2021
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Charge-offs
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Recoveries
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Provision (credit) for loan losses
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|
||||||||||||||||
Balance, end of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Charge-offs
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Recoveries
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||
Provision (credit) for loan losses
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, end of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||
September 30, 2021
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Charge-offs
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Recoveries
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Provision (credit) for loan losses
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|||||||||||||||||||
Balance, end of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
|||||||||||||||||||||
September 30, 2020
|
||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Charge-offs
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Recoveries
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net (charge-offs) recoveries
|
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Provision (credit) for loan losses
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
Balance, end of period
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2021
|
||||||||||||||||||||||||||||
Allowance Balance
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Collectively evaluated for impairment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Gross Loans
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Collectively evaluated for impairment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
December 31, 2020
|
||||||||||||||||||||||||||||
Allowance Balance
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Collectively evaluated for impairment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Gross Loans
|
||||||||||||||||||||||||||||
Ending balance Individually evaluated for impairment
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Collectively evaluated for impairment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
• |
Grade 1 (Pass) – These loans generally conform to Bank policies, and are characterized by policy conforming advance rates on collateral, and have well-defined repayment sources. In addition, these credits are extended to
borrowers and/or guarantors with a strong balance sheet and either substantial liquidity or a reliable income history.
|
• |
Grade 2 (Watch) – These loans are still
considered “Pass” credits; however, various factors such as industry stress, material changes in cash flow or financial conditions, or deficiencies in loan documentation, or other risk issues determined by the Lending Officer,
Commercial Loan Committee (CLC), or Credit Quality Committee (CQC) warrant a heightened sense and frequency of monitoring.
|
• |
Grade 3 (Special Mention) – These loans must have
observable weaknesses or evidence of imprudent handling or structural issues. The weaknesses require close attention and the remediation of those weaknesses is necessary. No risk of probable loss exists. Credits in this category are
expected to quickly migrate to a “2” or a “4” as this is viewed as a transitory loan grade.
|
• |
Grade 4 (Substandard) – These loans are not adequately
protected by the sound worth and debt service capacity of the borrower, but may be well secured. They have defined weaknesses relative to cash flow, collateral, financial condition, or other factors that might jeopardize repayment of
all of the principal and interest on a timely basis. There is the possibility that a future loss will occur if weaknesses are not remediated.
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30, 2021
|
||||||||||||||||||||||||||||
Grade
|
||||||||||||||||||||||||||||
1 (Pass)
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
2 (Watch)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
3 (Special Mention)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
4 (Substandard)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
December 31, 2020
|
||||||||||||||||||||||||||||
Grade
|
||||||||||||||||||||||||||||
1 (Pass)
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
2 (Watch)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
3 (Special Mention)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
4 (Substandard)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Past Due
|
Total Loans | |||||||||||||||||||||||||||
30–59
Days
|
60–89
Days
|
Greater than
90 Days
|
Total
|
Current
|
Total
Loans
|
> 90 Days &
Accruing
|
||||||||||||||||||||||
September 30,
2021
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
1 - 4 Family Real Estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial Real Estate - other
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial & industrial
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Agricultural
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
December 31, 2020
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
1 - 4 Family Real Estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial Real Estate - other
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial & industrial
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Agricultural
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Unpaid
Principal
Balance
|
Recorded
Investment
with No
Allowance
|
Recorded
Investment
with an
Allowance
|
Total
Recorded
Investment
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
||||||||||||||||||||||||||||
Three Months Ended September 30, 2021
|
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
September 30,
2021
|
||||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | $ | ||||||||||||||||||||
1 - 4 Family Real Estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Commercial Real Estate - other
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Commercial & industrial
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Agricultural
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Consumer
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | $ |
|
December 31, 2020
|
Three Months Ended
September 30, 2020
|
Nine Months Ended
September 30, 2020
|
||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | $ | ||||||||||||||||||||
1 - 4 Family Real Estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Commercial Real Estate - other
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Commercial & industrial
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Agricultural
|
|
|
|
|
|
|
(
|
)
|
( |
) | ||||||||||||||||||||||||||
Consumer
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ | $ |
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
September 30,
2021
|
||||||||||||||||||||||||||||
Nonaccrual loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Troubled-debt restructurings (1)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Accruing loans 90 or more days past due
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total nonperforming loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Construction &
Development
|
1 - 4 Family
Real Estate
|
Commercial
Real Estate -
Other
|
Commercial
& Industrial
|
Agricultural
|
Consumer
|
Total
|
||||||||||||||||||||||
December 31, 2020
|
||||||||||||||||||||||||||||
Nonaccrual loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Troubled-debt restructurings (1)
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Accruing loans 90 or more days past due
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total nonperforming loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(1)
|
|
Note 6: |
Shareholders’ Equity
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Number of shares repurchased | ||||||||||||||||
Average price of shares repurchased
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Shares remaining to be repurchased |
Actual
|
Minimum
Capital Requirements
|
With Capital
Conservation Buffer
|
Minimum
To Be Well Capitalized
Under Prompt
Corrective Action
|
|||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
As of September 30, 2021
|
||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|||||||||||||||||||
Tier I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
|
|
|
|
|
|
|
|
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
CET I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
|
|
|
|
|
|
|
|
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Tier I capital to average assets
|
||||||||||||||||||||||||||||||||
Company
|
|
|
|
|
|
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||||||
Bank
|
|
|
|
|
|
|
N/A
|
N/A
|
|
|
|
|||||||||||||||||||||
As of December 31, 2020
|
||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
N/A
|
N/A
|
||||||||||||||||||
Bank
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|||||||||||||||||||
Tier I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
|
|
|
|
|
|
|
|
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
CET I capital to risk-weighted assets
|
||||||||||||||||||||||||||||||||
Company
|
|
|
|
|
|
|
|
|
|
N/A
|
N/A
|
|||||||||||||||||||||
Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Tier I capital to average assets
|
||||||||||||||||||||||||||||||||
Company
|
|
|
|
|
|
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||||||
Bank
|
|
|
|
|
|
|
N/A
|
N/A
|
|
|
|
Note 7:
|
Related-Party Transactions
|
Balance
Beginning of
the Period
|
Additions
|
Collections/
Terminations
|
Balance
End of
the Period
|
|||||||||||||
Nine months ended September 30, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Year ended December 31, 2020
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Note 8:
|
Employee Benefits
|
Options
|
Wgtd. Avg. Exercise
Price
|
Wgtd. Avg. Remaining
Contractual Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Nine Months Ended September 30, 2021
|
||||||||||||||||
Outstanding at December 31, 2020
|
|
$
|
|
|||||||||||||
Options Granted
|
|
|
||||||||||||||
Options Exercised
|
|
|
||||||||||||||
Options Forfeited
|
(
|
)
|
|
|||||||||||||
Outstanding at September 30, 2021
|
|
|
|
$
|
|
|||||||||||
Exercisable at September 30, 2021
|
|
|
|
$
|
|
Nine Months Ended
|
||||||||
September 30, 2021
|
September 30, 2020
|
|||||||
Risk-free interest rate
|
|
%
|
|
%
|
||||
Dividend yield
|
|
%
|
|
%
|
||||
Stock price volatility
|
|
%
|
|
%
|
||||
Expected term
|
|
|
Nine Months Ended September 30, 2021
|
Number of
Shares
|
Wgtd. Avg. Grant
Date Fair Value
|
||||||
Outstanding at December 31, 2020
|
|
$
|
|
|||||
Shares granted
|
|
|
||||||
Shares vested
|
(
|
)
|
|
|||||
Shares forfeited
|
|
|
||||||
End of the period balance
|
|
$
|
|
Note 9: |
Disclosures About Fair Value of Assets and Liabilities
|
Level 1 |
Quoted prices in active markets
for identical assets or liabilities
|
Level 2 |
Observable inputs other than Level
1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the
assets or liabilities
|
Level 3 |
Unobservable inputs supported by
little or no market activity and significant to the fair value of the assets or liabilities
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
September 30,
2021
|
||||||||||||||||
Impaired loans (collateral- dependent)
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
December 31, 2020
|
||||||||||||||||
Impaired loans (collateral- dependent)
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value
|
Valuation
Technique
|
Unobservable
Inputs
|
Weighted-
Average
|
||||||||
September 30, 2021
|
|||||||||||
Collateral-dependent impaired loans
|
$
|
|
Appraisals from comparable properties
|
Estimated cost to sell
|
%
|
||||||
December 31, 2020
|
|||||||||||
Collateral-dependent impaired loans
|
$
|
|
Appraisals from comparable properties
|
Estimated cost to sell
|
|
%
|
Carrying |
Fair Value Measurements
|
|||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
September 30, 2021
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Interest-bearing time deposits in other banks
|
|
|
|
|
|
|||||||||||||||
Loans, net of allowance
|
|
|
|
|
|
|||||||||||||||
Mortgage loans held for sale
|
||||||||||||||||||||
Nonmarketable equity securities
|
|
|
|
|
|
|||||||||||||||
Interest receivable
|
|
|
|
|
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Interest payable
|
|
|
|
|
|
|||||||||||||||
December 31, 2020
|
||||||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Interest-bearing time deposits in other banks
|
|
|
|
|
|
|||||||||||||||
Loans, net of allowance
|
|
|
|
|
|
|||||||||||||||
Mortgage loans held for sale
|
|
|
|
|
|
|||||||||||||||
Nonmarketable equity securities
|
|
|
|
|
|
|||||||||||||||
Interest receivable
|
|
|
|
|
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Interest payable
|
|
|
|
|
|
Note 10: |
Financial Instruments with Off-Balance Sheet Risk
|
September 30,
|
December 31,
|
|||||||
2021 | 2020 | |||||||
Commitments to extend credit
|
$
|
|
$
|
|
||||
Financial and performance standby letters of credit
|
|
|
||||||
$
|
|
$
|
|
Note 11: |
Significant Estimates and Concentrations
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Net Interest Margin Including Loan Fee Income
|
||||||||||||||||||||||||
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
Average
Balance |
Interest
Income/ Expense |
Average
Yield/ Rate |
Average
Balance |
Interest
Income/ Expense |
Average
Yield/ Rate |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
120,078
|
$
|
79
|
0.26
|
%
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
||||||||||||
Investment securities(2)
|
1,187
|
2
|
0.67
|
1,138
|
2
|
0.70
|
||||||||||||||||||
Loans held for sale
|
610
|
-
|
-
|
425
|
-
|
-
|
||||||||||||||||||
Total loans(3)
|
924,391
|
13,927
|
5.98
|
847,076
|
12,777
|
6.00
|
||||||||||||||||||
Total interest-earning assets
|
1,046,266
|
14,008
|
5.31
|
959,658
|
12,926
|
5.36
|
||||||||||||||||||
Noninterest-earning assets
|
5,607
|
7,386
|
||||||||||||||||||||||
Total assets
|
$
|
1,051,873
|
$
|
967,044
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
401,843
|
332
|
0.33
|
%
|
$
|
381,572
|
545
|
0.57
|
%
|
||||||||||||||
Time deposits
|
220,189
|
397
|
0.72
|
200,961
|
780
|
1.54
|
||||||||||||||||||
Total interest-bearing deposits
|
622,032
|
729
|
0.46
|
582,533
|
1,325
|
0.90
|
||||||||||||||||||
Total interest-bearing liabilities
|
622,032
|
729
|
0.46
|
582,533
|
1,325
|
0.90
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
$
|
304,063
|
276,219
|
|||||||||||||||||||||
Other noninterest-bearing liabilities
|
6,633
|
5,363
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
310,696
|
281,582
|
||||||||||||||||||||||
Shareholders' equity
|
119,145
|
102,929
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,051,873
|
$
|
967,044
|
||||||||||||||||||||
Net interest income including loan fee income
|
$
|
13,279
|
$
|
11,601
|
||||||||||||||||||||
Net interest spread including loan fee
income(4) |
4.85
|
%
|
4.45
|
%
|
||||||||||||||||||||
Net interest margin including loan fee income
|
5.04
|
%
|
4.81
|
%
|
(1) |
Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.
|
(2) |
Includes income and average balances for Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock.
|
(3) |
Non-accrual loans of $9.8 million are included in loans.
|
(4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities For the third quarter of 2021 compared to the third quarter of 2020:
|
- |
Interest income on short term investments totaled $79,000 as compared to $147,000, a decrease of $68,000 or 46.3%, which was attributable to a decrease in yield on short term investments of 27 basis points, or 50.9%;
|
- |
Loan fees totaled $1.6 million, an increase of $558,000 or 51.8%, which was attributable to loan growth during the period as well as increased PPP fees; and
|
- |
Net interest margin for the third quarter of 2021 was 5.04% compared to 4.81% for the third quarter of 2020.
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
Average
Balance |
Interest
Income/ Expense |
Average
Yield/ Rate |
Average
Balance |
Interest
Income/ Expense |
Average
Yield/ Rate |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-Earning Assets:
|
||||||||||||||||||||||||
Short-term investments(1)
|
$
|
124,801
|
$
|
236
|
0.25
|
%
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
||||||||||||
Investment securities(2)
|
1,182
|
19
|
2.15
|
1,109
|
21
|
2.53
|
||||||||||||||||||
Loans held for sale
|
501
|
-
|
-
|
258
|
-
|
-
|
||||||||||||||||||
Total loans(3)
|
887,353
|
41,377
|
6.23
|
807,134
|
39,268
|
6.50
|
||||||||||||||||||
Total interest-earning assets
|
1,013,837
|
41,632
|
5.49
|
929,410
|
39,990
|
5.75
|
||||||||||||||||||
Noninterest-earning assets
|
5,927
|
8,439
|
||||||||||||||||||||||
Total assets
|
$
|
1,019,764
|
$
|
937,849
|
||||||||||||||||||||
Funding sources:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Transaction accounts
|
$
|
410,299
|
1,024
|
0.33
|
%
|
$
|
366,162
|
2,259
|
0.82
|
%
|
||||||||||||||
Time deposits
|
212,706
|
1,352
|
0.85
|
208,650
|
2,769
|
1.77
|
||||||||||||||||||
Total interest-bearing deposits
|
623,005
|
2,376
|
0.51
|
574,812
|
5,028
|
1.17
|
||||||||||||||||||
Total interest-bearing liabilities
|
623,005
|
2,376
|
0.51
|
574,812
|
5,028
|
1.17
|
||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Noninterest-bearing deposits
|
277,308
|
256,429
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
5,634
|
5,231
|
||||||||||||||||||||||
Total noninterest-bearing liabilities
|
282,942
|
261,660
|
||||||||||||||||||||||
Shareholders' equity
|
113,817
|
101,377
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,019,764
|
$
|
937,849
|
||||||||||||||||||||
Net interest income including loan fee income
|
$
|
39,256
|
$
|
34,962
|
||||||||||||||||||||
Net interest spread including loan fee
income(4) |
4.98
|
%
|
4.58
|
%
|
||||||||||||||||||||
Net interest margin including loan fee income
|
5.18
|
%
|
5.02
|
%
|
(1) |
Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.
|
(2) |
Includes income and average balances for FHLB and FRB stock.
|
(3) |
Non-accrual loans of $9.8 million are included in loans.
|
(4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
- |
Interest income on short term investments totaled $236,000 as compared to $701,000, a decrease of $465,000 or 66.3%, which was attributable to a decrease in yield of 52 basis points;
|
- |
Loan fees totaled $6.2 million, an increase of $2.2 million, or 55.0% which was attributable to loan growth during the period;
|
- |
Net interest margin for the first nine months of 2021 was 5.18% compared to 5.02% for the same period in 2020.
|
Analysis of Changes in Interest Income and
Expenses
|
||||||||||||
For the Three Months Ended
September 30, 2021 over 2020
|
||||||||||||
Change due to:
|
||||||||||||
Volume(1)
|
Rate(1)
|
Interest
Variance
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Increase (decrease) in interest income:
|
||||||||||||
Short-term investments
|
$
|
12
|
$
|
(80
|
)
|
$
|
(68
|
)
|
||||
Investment securities
|
9
|
(9
|
)
|
-
|
||||||||
Total loans
|
1,182
|
(32
|
)
|
1,150
|
||||||||
Total increase (decrease) in interest income
|
1,203
|
(121
|
)
|
1,082
|
||||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits:
|
||||||||||||
Transaction accounts
|
29
|
(242
|
)
|
(213
|
)
|
|||||||
Time deposits
|
75
|
(458
|
)
|
(383
|
)
|
|||||||
Total interest-bearing deposits
|
104
|
(700
|
)
|
(596
|
)
|
|||||||
Total increase (decrease) in interest expense
|
104
|
(700
|
)
|
(596
|
)
|
|||||||
Increase (Decrease) in net interest income
|
$
|
1,099
|
$
|
579
|
$
|
1,678
|
Analysis of Changes in Interest Income and
Expenses
|
||||||||||||
For the Nine Months Ended
September 30, 2021 over 2020
|
||||||||||||
Change due to:
|
Interest
Variance
|
|||||||||||
Volume(1)
|
Rate(1)
|
|||||||||||
(Dollars in thousands)
|
||||||||||||
Increase (decrease) in interest income:
|
||||||||||||
Short-term investments
|
$
|
22
|
$
|
(487
|
)
|
$
|
(465
|
)
|
||||
Investment securities
|
1
|
(3
|
)
|
(2
|
)
|
|||||||
Total loans
|
3,900
|
(1,791
|
)
|
2,109
|
||||||||
Total increase (decrease) in interest income
|
3,923
|
(2,281
|
)
|
1,642
|
||||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits:
|
||||||||||||
Transaction accounts
|
271
|
(1,506
|
)
|
(1,235
|
)
|
|||||||
Time deposits
|
54
|
(1,471
|
)
|
(1,417
|
)
|
|||||||
Total interest-bearing deposits
|
325
|
(2,977
|
)
|
(2,652
|
)
|
|||||||
Total increase (decrease) in interest expense
|
325
|
(2,977
|
)
|
(2,652
|
)
|
|||||||
Increase (Decrease) in net interest income
|
$
|
3,598
|
$
|
696
|
$
|
4,294
|
(1) |
Variances attributable to both volume and rate are allocated on a consistent basis between rate and volume based on the absolute value of the variances in each category.
|
For the Three Months Ended
September 30,
|
||||||||||||||||
2021
|
2020
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest income:
|
||||||||||||||||
Secondary market income
|
$
|
161
|
$
|
57
|
$
|
104
|
182.46
|
%
|
||||||||
Service charges on deposit accounts
|
141
|
104
|
37
|
35.58
|
%
|
|||||||||||
Other income and fees
|
275
|
173
|
102
|
58.96
|
%
|
|||||||||||
Total noninterest income
|
$
|
577
|
$
|
334
|
$
|
243
|
72.75
|
%
|
For the Nine Months Ended
September 30,
|
||||||||||||||||
2021
|
2020
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest income:
|
||||||||||||||||
Secondary market income
|
$
|
253
|
$
|
134
|
$
|
119
|
88.81
|
%
|
||||||||
Service charges on deposit accounts
|
380
|
318
|
62
|
19.50
|
%
|
|||||||||||
Other income and fees
|
860
|
513
|
347
|
67.64
|
%
|
|||||||||||
Total noninterest income
|
$
|
1,493
|
$
|
965
|
$
|
528
|
54.72
|
%
|
For the Three Months Ended
September 30,
|
||||||||||||||||
2021
|
2020
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
2,946
|
$
|
2,505
|
$
|
441
|
17.60
|
%
|
||||||||
Furniture and equipment
|
218
|
224
|
(6
|
)
|
-2.68
|
%
|
||||||||||
Occupancy
|
461
|
543
|
(82
|
)
|
-15.10
|
%
|
||||||||||
Data and item processing
|
292
|
276
|
16
|
5.80
|
%
|
|||||||||||
Accounting, marketing, and legal fees
|
150
|
135
|
15
|
11.11
|
%
|
|||||||||||
Regulatory assessments
|
162
|
164
|
(2
|
)
|
-1.22
|
%
|
||||||||||
Advertising and public relations
|
76
|
62
|
14
|
22.58
|
%
|
|||||||||||
Travel, lodging and entertainment
|
102
|
50
|
52
|
104.00
|
%
|
|||||||||||
Other expense
|
372
|
625
|
(253
|
)
|
-40.48
|
%
|
||||||||||
Total noninterest expense
|
$
|
4,779
|
$
|
4,584
|
$
|
195
|
4.25
|
%
|
For the Nine Months Ended
September 30,
|
||||||||||||||||
2021
|
2020
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
8,685
|
$
|
7,576
|
$
|
1,109
|
14.64
|
%
|
||||||||
Furniture and equipment
|
651
|
658
|
(7
|
)
|
-1.06
|
%
|
||||||||||
Occupancy
|
1,391
|
1,417
|
(26
|
)
|
-1.83
|
%
|
||||||||||
Data and item processing
|
857
|
821
|
36
|
4.38
|
%
|
|||||||||||
Accounting, marketing, and legal fees
|
447
|
338
|
109
|
32.25
|
%
|
|||||||||||
Regulatory assessments
|
464
|
281
|
183
|
65.12
|
%
|
|||||||||||
Advertising and public relations
|
181
|
360
|
(179
|
)
|
-49.72
|
%
|
||||||||||
Travel, lodging and entertainment
|
309
|
146
|
163
|
111.64
|
%
|
|||||||||||
Other expense
|
1,213
|
1,463
|
(250
|
)
|
-17.09
|
%
|
||||||||||
Total noninterest expense
|
$
|
14,198
|
$
|
13,060
|
$
|
1,138
|
8.71
|
%
|
As of September 30,
|
As of December 31,
|
|||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
% of Total
|
Amount
|
% of Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Construction & development
|
$
|
133,732
|
14.4
|
%
|
$
|
107,855
|
12.8
|
%
|
||||||||
1-4 family real estate
|
38,633
|
4.2
|
%
|
29,079
|
3.5
|
%
|
||||||||||
Commercial real estate - Other
|
291,583
|
31.4
|
%
|
290,489
|
34.6
|
%
|
||||||||||
Total commercial real estate
|
463,948
|
50.0
|
%
|
427,423
|
50.9
|
%
|
||||||||||
Commercial & industrial
|
396,974
|
42.8
|
%
|
351,248
|
41.9
|
%
|
||||||||||
Agricultural
|
59,343
|
6.4
|
%
|
50,519
|
6.0
|
%
|
||||||||||
Consumer
|
7,783
|
0.8
|
%
|
9,898
|
1.2
|
%
|
||||||||||
Gross Loans
|
928,048
|
100.0
|
%
|
839,088
|
100.0
|
%
|
||||||||||
Less unearned income, net
|
(3,349
|
)
|
(2,475
|
)
|
||||||||||||
Total Loans, net of unearned income
|
924,699
|
836,613
|
||||||||||||||
Allowance for loan and lease losses
|
(9,306
|
)
|
(9,639
|
)
|
||||||||||||
Net loans
|
$
|
915,393
|
$
|
826,974
|
As of September 30, 2021
|
||||||||||||||||||||||||||||||||||||
Due in One Year or Less
|
Due after One Year
Through Five Years
|
Due after Five Years
Through Fifteen Years
|
Due after Fifteen Years
|
|||||||||||||||||||||||||||||||||
Fixed
|
Adjustable
|
Fixed
|
Adjustable
|
Fixed
|
Adjustable
|
Fixed
|
Adjustable
|
Total
|
||||||||||||||||||||||||||||
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
1,334
|
$
|
58,283
|
$
|
3,287
|
$
|
69,033
|
$
|
-
|
$
|
802
|
$
|
-
|
$
|
993
|
$
|
133,732
|
||||||||||||||||||
1-4 family real estate
|
1,901
|
10,928
|
7,715
|
16,488
|
775
|
826
|
-
|
-
|
38,633
|
|||||||||||||||||||||||||||
Commercial real estate - other
|
8,850
|
89,054
|
50,151
|
135,141
|
-
|
4,369
|
-
|
4,018
|
291,583
|
|||||||||||||||||||||||||||
Total commercial real estate
|
12,085
|
158,265
|
61,153
|
220,662
|
775
|
5,997
|
-
|
5,011
|
463,948
|
|||||||||||||||||||||||||||
Commercial & industrial
|
35,061
|
164,865
|
13,071
|
158,133
|
16,731
|
8,457
|
-
|
656
|
396,974
|
|||||||||||||||||||||||||||
Agricultural
|
2,002
|
19,322
|
2,521
|
32,504
|
1,298
|
1,095
|
-
|
601
|
59,343
|
|||||||||||||||||||||||||||
Consumer
|
1,110
|
29
|
5,304
|
37
|
804
|
414
|
85
|
-
|
7,783
|
|||||||||||||||||||||||||||
Gross loans
|
$
|
50,258
|
$
|
342,481
|
$
|
82,049
|
$
|
411,336
|
$
|
19,608
|
$
|
15,963
|
$
|
85
|
$
|
6,268
|
$
|
928,048
|
As of December 31, 2020
|
||||||||||||||||||||||||||||||||||||
Due in One Year or Less
|
Due after One Year
Through Five Years
|
Due after Five Years
Through Fifteen Years
|
Due after Fifteen Years
|
|||||||||||||||||||||||||||||||||
Fixed
|
Adjustable
|
Fixed
|
Adjustable
|
Fixed
|
Adjustable
|
Fixed
|
Adjustable
|
Total
|
||||||||||||||||||||||||||||
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
Rate
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
Construction & development
|
$
|
14
|
$
|
47,649
|
$
|
885
|
$
|
58,387
|
$
|
-
|
$
|
920
|
$
|
-
|
$
|
-
|
$
|
107,855
|
||||||||||||||||||
1-4 family real estate
|
273
|
13,394
|
4,712
|
9,959
|
39
|
702
|
-
|
-
|
29,079
|
|||||||||||||||||||||||||||
Commercial real estate - other
|
2,377
|
55,307
|
45,880
|
180,721
|
294
|
4,288
|
-
|
1,622
|
290,489
|
|||||||||||||||||||||||||||
Total real estate
|
2,664
|
116,350
|
51,477
|
249,067
|
333
|
5,910
|
-
|
1,622
|
427,423
|
|||||||||||||||||||||||||||
Commercial & industrial
|
16,914
|
194,520
|
39,593
|
93,707
|
11
|
6,503
|
-
|
-
|
351,248
|
|||||||||||||||||||||||||||
Agricultural
|
5,141
|
27,215
|
2,534
|
14,420
|
60
|
541
|
-
|
608
|
50,519
|
|||||||||||||||||||||||||||
Consumer
|
1,544
|
150
|
6,570
|
65
|
1,057
|
425
|
87
|
-
|
9,898
|
|||||||||||||||||||||||||||
Gross loans
|
$
|
26,263
|
$
|
338,235
|
$
|
100,174
|
$
|
357,259
|
$
|
1,461
|
$
|
13,379
|
$
|
87
|
$
|
2,230
|
$
|
839,088
|
For the Nine Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||
2021
|
2020
|
|||||||
(Dollars in thousands)
|
||||||||
Balance at beginning of the period
|
$
|
9,639
|
$
|
7,846
|
||||
Provision for loan losses
|
3,325
|
3,300
|
||||||
Charge-offs:
|
||||||||
Construction & development
|
-
|
-
|
||||||
1-4 family real estate
|
-
|
-
|
||||||
Commercial real estate - Other
|
-
|
-
|
||||||
Commercial & industrial
|
(3,750
|
)
|
(39
|
)
|
||||
Agricultural
|
-
|
-
|
||||||
Consumer
|
(63
|
)
|
(1
|
)
|
||||
Total charge-offs
|
(3,813
|
)
|
(40
|
)
|
||||
Recoveries:
|
||||||||
Construction & development
|
-
|
-
|
||||||
1-4 family real estate
|
-
|
2
|
||||||
Commercial real estate - Other
|
-
|
-
|
||||||
Commercial & industrial
|
15
|
13
|
||||||
Agricultural
|
138
|
10
|
||||||
Consumer
|
2
|
-
|
||||||
Total recoveries
|
155
|
25
|
||||||
Net charge-offs
|
(3,658
|
)
|
(15
|
)
|
||||
Balance at end of the period
|
$
|
9,306
|
$
|
11,131
|
As of September 30,
|
As of December 31,
|
|||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Construction & development
|
$
|
1,341
|
14.4
|
%
|
$
|
1,239
|
12.8
|
%
|
||||||||
1-4 family real estate
|
387
|
4.2
|
%
|
334
|
3.5
|
%
|
||||||||||
Commercial real estate - Other
|
2,924
|
31.4
|
%
|
3,337
|
34.6
|
%
|
||||||||||
Commercial & industrial
|
3,981
|
42.8
|
%
|
4,035
|
41.9
|
%
|
||||||||||
Agricultural
|
595
|
6.4
|
%
|
580
|
6.0
|
%
|
||||||||||
Consumer
|
78
|
0.8
|
%
|
114
|
1.2
|
%
|
||||||||||
Total
|
$
|
9,306
|
100.0
|
%
|
$
|
9,639
|
100.0
|
%
|
As of
September 30,
|
As of
December 31,
|
|||||||
2021
|
2020
|
|||||||
(Dollars in thousands)
|
||||||||
Nonaccrual loans
|
$
|
9,819
|
$
|
14,575
|
||||
Troubled-debt restructurings (1)
|
-
|
-
|
||||||
Accruing loans 90 or more days past due
|
102
|
1,960
|
||||||
Total nonperforming loans
|
9,921
|
16,535
|
||||||
Other real estate owned
|
-
|
-
|
||||||
Total nonperforming assets
|
$
|
9,921
|
$
|
16,535
|
||||
Ratio of nonperforming loans to total loans
|
1.07
|
%
|
1.98
|
%
|
||||
Ratio of nonperforming assets to total assets
|
0.87
|
%
|
1.63
|
%
|
(1) |
$8.36 million and $12.98 million of TDRs as of September 30, 2021 and December 31, 2020, respectively, are included in the nonaccrual loans balance in the line above
|
As of September 30, 2021
|
||||||||||||||||||||||||||||
Loans 30-59
days past
due
|
Loans 60-89
days past
due
|
Loans 90+
days past
due
|
Loans 90+
days past
due and
accruing
|
Total Past
Due Loans
|
Current
|
Total loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
133,732
|
$
|
133,732
|
||||||||||||||
1-4 family real estate
|
-
|
-
|
-
|
-
|
-
|
38,633
|
38,633
|
|||||||||||||||||||||
Commercial real estate - Other
|
-
|
-
|
-
|
-
|
-
|
291,583
|
291,583
|
|||||||||||||||||||||
Commercial & industrial
|
-
|
-
|
6,910
|
-
|
6,910
|
390,064
|
396,974
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
102
|
102
|
102
|
59,241
|
59,343
|
|||||||||||||||||||||
Consumer
|
100
|
-
|
-
|
-
|
100
|
7,683
|
7,783
|
|||||||||||||||||||||
$
|
100
|
$
|
-
|
$
|
7,012
|
$
|
102
|
$
|
7,112
|
$
|
920,936
|
$
|
928,048
|
As of December 31, 2020
|
||||||||||||||||||||||||||||
Loans 30-59 days past
due
|
Loans 60-89 days past
due
|
Loans 90+
days past
due
|
Loans 90+
days past
due and accruing
|
Total Past
Due Loans
|
Current
|
Total loans
|
||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Construction & development
|
$
|
714
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
714
|
$
|
107,141
|
$
|
107,855
|
||||||||||||||
1-4 family real estate
|
-
|
-
|
-
|
-
|
-
|
29,079
|
29,079
|
|||||||||||||||||||||
Commercial real estate - Other
|
1,444
|
-
|
1,960
|
1,960
|
3,404
|
287,085
|
290,489
|
|||||||||||||||||||||
Commercial & industrial
|
-
|
-
|
-
|
-
|
-
|
351,248
|
351,248
|
|||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
50,519
|
50,519
|
|||||||||||||||||||||
Consumer
|
193
|
-
|
-
|
-
|
193
|
9,705
|
9,898
|
|||||||||||||||||||||
$
|
2,351
|
$
|
-
|
$
|
1,960
|
$
|
1,960
|
$
|
4,311
|
$
|
834,777
|
$
|
839,088
|
As of September 30, 2021
|
||||||||||||||||||||
Pass
|
Watch
|
Special
mention
|
Substandard
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction & development
|
$
|
133,732
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
133,732
|
||||||||||
1-4 family real estate
|
38,633
|
-
|
-
|
-
|
38,633
|
|||||||||||||||
Commercial real estate - Other
|
237,826
|
14,976
|
24,134
|
14,647
|
291,583
|
|||||||||||||||
Commercial & industrial
|
375,851
|
5,618
|
5,870
|
9,635
|
396,974
|
|||||||||||||||
Agricultural
|
59,025
|
-
|
318
|
-
|
59,343
|
|||||||||||||||
Consumer
|
7,783
|
-
|
-
|
-
|
7,783
|
|||||||||||||||
Total
|
$
|
852,850
|
$
|
20,594
|
$
|
30,322
|
$
|
24,282
|
$
|
928,048
|
As of December 31, 2020
|
||||||||||||||||||||
Pass
|
Watch
|
Special
mention
|
Substandard
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Construction & development
|
$
|
107,855
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
107,855
|
||||||||||
1-4 family real estate
|
28,711
|
368
|
-
|
-
|
29,079
|
|||||||||||||||
Commercial real estate - Other
|
248,194
|
24,155
|
10,086
|
8,054
|
290,489
|
|||||||||||||||
Commercial & industrial
|
328,656
|
7,691
|
300
|
14,601
|
351,248
|
|||||||||||||||
Agricultural
|
50,051
|
-
|
-
|
468
|
50,519
|
|||||||||||||||
Consumer
|
9,898
|
-
|
-
|
-
|
9,898
|
|||||||||||||||
Total
|
$
|
773,365
|
$
|
32,214
|
$
|
10,386
|
$
|
23,123
|
$
|
839,088
|
As of September 30, 2021
|
||||||||||||||||
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Specific
reserves
allocated
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial & industrial
|
1
|
$
|
6,910
|
$
|
6,910
|
$
|
-
|
|||||||||
Commercial real estate
|
1
|
1,453
|
1,453
|
-
|
||||||||||||
Total
|
2
|
$
|
8,363
|
$
|
8,363
|
$
|
-
|
As of December 31, 2020
|
||||||||||||||||
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Specific
reserves
allocated
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Commercial & industrial
|
1
|
$
|
10,886
|
$
|
10,886
|
$
|
-
|
|||||||||
Agricultural
|
1
|
469
|
469
|
-
|
||||||||||||
Commercial real estate
|
1
|
1,622
|
1,622
|
-
|
||||||||||||
Total
|
3
|
$
|
12,977
|
$
|
12,977
|
$
|
-
|
As of September 30, 2021
|
As of December 31, 2020
|
|||||||||||||||
Number of
contracts
|
Amount
|
Number of
contracts
|
Amount
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Accrual
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Nonaccrual
|
2
|
8,362
|
3
|
12,977
|
||||||||||||
Total
|
2
|
$
|
8,362
|
3
|
$
|
12,977
|
September 30,
|
December 31,
|
|||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
Percentage of
Total
|
Amount
|
Percentage of
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest-bearing demand
|
$
|
335,633
|
32.7
|
%
|
$
|
246,569
|
27.2
|
%
|
||||||||
Interest-bearing:
|
||||||||||||||||
NOW deposits
|
233,352
|
22.8
|
%
|
232,676
|
25.6
|
%
|
||||||||||
Money market
|
181,633
|
17.7
|
%
|
160,108
|
17.7
|
%
|
||||||||||
Savings deposits
|
53,746
|
5.2
|
%
|
54,008
|
6.0
|
%
|
||||||||||
Time Deposits ($250,000 or less)
|
71,447
|
7.1
|
%
|
135,811
|
20.8
|
%
|
||||||||||
Time Deposits (more than $250,000)
|
149,906
|
14.6
|
%
|
76,342
|
2.7
|
%
|
||||||||||
Total interest-bearing
|
690,084
|
67.4
|
%
|
658,945
|
72.8
|
%
|
||||||||||
Total deposits
|
$
|
1,025,717
|
100.1
|
%
|
$
|
905,514
|
100.0
|
%
|
September 30,
|
December 31,
|
|||||||||||||||
2021
|
2020
|
|||||||||||||||
Amount
|
Percentage of
Total
|
Amount
|
Percentage of
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Noninterest-bearing demand
|
$
|
335,316
|
32.9
|
%
|
$
|
246,569
|
27.2
|
%
|
||||||||
Interest-bearing:
|
||||||||||||||||
NOW deposits
|
233,352
|
22.9
|
%
|
232,676
|
25.6
|
%
|
||||||||||
Money market
|
181,633
|
17.8
|
%
|
160,108
|
17.7
|
%
|
||||||||||
Savings deposits
|
53,746
|
5.3
|
%
|
54,008
|
6.0
|
%
|
||||||||||
Time Deposits ($250,000 or less)
|
140,951
|
13.9
|
%
|
135,811
|
20.8
|
%
|
||||||||||
Time Deposits (more than $250,000)
|
73,376
|
7.2
|
%
|
76,342
|
2.7
|
%
|
||||||||||
Total interest-bearing
|
683,058
|
67.1
|
%
|
658,945
|
72.8
|
%
|
||||||||||
Total deposits
|
$
|
1,018,374
|
100.0
|
%
|
$
|
905,514
|
100.0
|
%
|
As of September 30, 2021
|
||||||||||||||||||||
Three Months
|
Three to Six
Months
|
Six to 12
Months
|
After 12
Months
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Time deposits ($250,000 or less)
|
$
|
42,093
|
$
|
28,463
|
$
|
42,204
|
$
|
28,191
|
$
|
140,951
|
||||||||||
Time deposits (more than $250,000)
|
30,674
|
18,204
|
7,026
|
17,472
|
73,376
|
|||||||||||||||
Total time deposits
|
$
|
72,767
|
$
|
46,667
|
$
|
49,230
|
$
|
45,663
|
$
|
214,327
|
As of December 31, 2020
|
||||||||||||||||||||
Three Months
|
Three to Six
Months
|
Six to 12
Months
|
After 12
Months
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Time deposits ($250,000 or less)
|
$
|
29,730
|
$
|
25,894
|
$
|
54,410
|
$
|
25,777
|
$
|
135,811
|
||||||||||
Time deposits (more than $250,000)
|
11,119
|
7,845
|
35,770
|
21,608
|
76,342
|
|||||||||||||||
Total time deposits
|
$
|
40,849
|
$
|
33,739
|
$
|
90,180
|
$
|
47,385
|
$
|
212,153
|
Actual
|
With Capital
Conservation Buffer |
Minimum to be "Well-
Capitalized" Under
Prompt Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of September 30, 2021
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
$
|
130,228
|
14.80
|
%
|
$
|
92,386
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
Bank
|
130,228
|
14.82
|
%
|
92,280
|
10.50
|
%
|
$
|
87,886
|
10.00
|
%
|
||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
120,922
|
13.74
|
%
|
74,789
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
120,922
|
13.76
|
%
|
74,703
|
8.50
|
%
|
70,308
|
8.00
|
%
|
|||||||||||||||
CET 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
120,922
|
13.74
|
%
|
61,591
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
120,922
|
13.76
|
%
|
61,520
|
7.00
|
%
|
57,126
|
6.50
|
%
|
|||||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
120,922
|
11.50
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||||
Bank
|
120,922
|
11.51
|
%
|
N/A
|
N/A
|
52,538
|
5.00
|
%
|
Actual
|
With Capital
Conservation Buffer
|
Minimum to be "Well-
Capitalized" Under
Prompt Corrective Action
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
As of December 31, 2020
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
$
|
115,375
|
14.73
|
%
|
$
|
82,216
|
10.50
|
%
|
N/A
|
N/A
|
||||||||||||||
Bank
|
115,335
|
14.75
|
%
|
82,114
|
10.50
|
%
|
$
|
78,204
|
10.00
|
%
|
||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
105,736
|
13.50
|
%
|
66,556
|
8.50
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
105,696
|
13.51
|
%
|
66,473
|
8.50
|
%
|
62,563
|
8.00
|
%
|
|||||||||||||||
CET 1 capital (to risk-weighted assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
105,736
|
13.50
|
%
|
54,811
|
7.00
|
%
|
N/A
|
N/A
|
||||||||||||||||
Bank
|
105,696
|
13.51
|
%
|
54,743
|
7.00
|
%
|
50,832
|
6.50
|
%
|
|||||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||||||||||||||
Bank7 Corp.
|
105,736
|
10.78
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||||
Bank
|
105,696
|
10.78
|
%
|
N/A
|
N/A
|
49,041
|
5.00
|
%
|
Payments Due as of September 30, 2021
|
||||||||||||||||||||
Within One
Year
|
One to Three
Years
|
Three to Five
Years
|
After Five
Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits without a stated maturity
|
$
|
804,364
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
804,364
|
||||||||||
Time deposits
|
168,664
|
45,108
|
555
|
-
|
214,327
|
|||||||||||||||
Securities sold under agreements to repurchase
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Operating lease commitments
|
456
|
552
|
274
|
-
|
1,282
|
|||||||||||||||
Total contractual obligations
|
$
|
973,484
|
$
|
45,660
|
$
|
829
|
$
|
-
|
$
|
1,019,973
|
Payments Due as of December 31, 2020
|
||||||||||||||||||||
Within One
Year
|
One to Three
Years
|
Three to Five
Years
|
After Five
Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Deposits without a stated maturity
|
$
|
693,361
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
693,361
|
||||||||||
Time deposits
|
164,753
|
46,563
|
822
|
-
|
212,138
|
|||||||||||||||
Securities sold under agreements to repurchase
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Operating lease commitments
|
470
|
390
|
49
|
-
|
909
|
|||||||||||||||
Total contractual obligations
|
$
|
858,584
|
$
|
46,953
|
$
|
871
|
$
|
-
|
$
|
906,408
|
As of
September 30,
2021
|
As of
December 31,
2020
|
|||||||
(Dollars in thousands)
|
||||||||
Commitments to extend credit
|
$
|
184,217
|
$
|
206,520
|
||||
Standby letters of credit
|
6,198
|
2,366
|
||||||
Total
|
$
|
190,415
|
$
|
208,886
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification 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 Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
BANK7 CORP.
|
||
DATED:
|
November 5, 2021
|
By: /s/ Thomas L. Travis
|
Thomas L. Travis
|
||
President and Chief Executive Officer
|
||
DATED:
|
November 5, 2021
|
By: /s/ Kelly J. Harris
|
Kelly J. Harris
|
||
Executive Vice President and Chief Financial Officer
|