|
Oklahoma
|
001-38656
|
20-0764349
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which
registered
|
|
Common Stock, $0.01 par value
|
BSVN
|
The NASDAQ Global Select Market
|
|
|
Emerging growth company ☑
|
| Item 2.02. |
Results of Operations and Financial Condition
|
| Item 7.01 |
Regulation FD Disclosure
|
| Item 9.01 |
Financial Statements and Exhibits
|
| (d) |
Exhibits.
|
|
Item
|
Description
|
|
|
Press Release dated October 29, 2020
|
||
|
Third Quarter 2020 Investor Presentation
|
|
BANK7 CORP.
|
||
|
Date: October 29, 2020
|
By:
|
/s/ Kelly J. Harris
|
|
Kelly J. Harris
|
||
|
Senior Vice President and Chief Financial Officer
|
||

























| - |
Pre-tax, pre-provision earnings of $7.4 million, an increase of 7.57%, excluding the one-time, non-cash executive stock transaction expense in Q3 2019.
|
| - |
Interest income on loans, including loan fee income, totaled $12.8 million, an increase of 4.91%
|
| - |
Total assets of $973.4 million, an increase of 17.72%
|
| - |
Total loans of $869.4 million, an increase of 30.40%
|
| - |
Total deposits of $863.7 million, an increase of 14.02%
|
| - |
Pre-tax, pre-provision earnings of $22.9 million, an increase of 11.63%, excluding the one-time, non-cash executive stock transaction expense in Q3 2019.
|
| - |
Interest income on loans, including loan fee income, totaled $39.3 million, an increase of 9.38%
|
| - |
Cost of funds was 0.81%, a decrease of 42.56%
|
| - |
Average loans of $807.1 million, an increase of 30.73%
|
| - |
Core deposits of $820.3 million, an increase of 27.87%
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
|
(Dollars in thousands, except per share data)
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
|
Loan interest income (excluding loan fees)
|
||||||||||||||||
|
Total loan interest income, including loan fee income
|
$
|
12,777
|
$
|
12,179
|
$
|
39,268
|
$
|
35,902
|
||||||||
|
Loan fee income
|
(1,078
|
)
|
(841
|
)
|
(3,969
|
)
|
(3,498
|
)
|
||||||||
|
Loan interest income excluding loan fee income
|
$
|
11,699
|
$
|
11,338
|
$
|
35,299
|
$
|
32,404
|
||||||||
|
Average total loans
|
$
|
847,076
|
$
|
651,186
|
$
|
807,134
|
$
|
617,398
|
||||||||
|
Yield on loans (including loan fee income)
|
6.00
|
%
|
7.42
|
%
|
6.50
|
%
|
7.77
|
%
|
||||||||
|
Yield on loans (excluding loan fee income)
|
5.49
|
%
|
6.91
|
%
|
5.84
|
%
|
7.02
|
%
|
||||||||
|
Pre-tax, pre-provision net earnings
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,101
|
$
|
(4,963
|
)
|
$
|
19,567
|
$
|
8,688
|
|||||||
|
Plus: Provision (reversal of) for loan losses
|
(1,250
|
)
|
-
|
(3,300
|
)
|
-
|
||||||||||
|
Pre-tax, pre-provision net earnings
|
$
|
7,351
|
$
|
(4,963
|
)
|
$
|
22,867
|
$
|
8,688
|
|||||||
|
Adjusted provision for income tax
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,101
|
$
|
(4,963
|
)
|
$
|
19,567
|
$
|
8,688
|
|||||||
|
Total effective adjusted tax rate
|
27.2
|
%
|
-31.4
|
%
|
25.8
|
%
|
57.2
|
%
|
||||||||
|
Adjusted provision for income taxes
|
$
|
1,661
|
$
|
1,556
|
$
|
5,040
|
$
|
4,965
|
||||||||
|
Tax-adjusted net income
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,101
|
$
|
(4,963
|
)
|
$
|
19,567
|
$
|
8,688
|
|||||||
|
Adjusted provision for income taxes
|
1,661
|
1,556
|
5,040
|
4,965
|
||||||||||||
|
Tax-adjusted net income
|
$
|
4,440
|
$
|
(6,519
|
)
|
$
|
14,527
|
$
|
3,723
|
|||||||
|
Pro Forma Pre-tax, pre-provision net earnings
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,101
|
$
|
(4,963
|
)
|
$
|
19,567
|
$
|
8,688
|
|||||||
|
Plus: Provision (reversal of) loan losses
|
(1,250
|
)
|
-
|
(3,300
|
)
|
-
|
||||||||||
|
Plus: Stock Transfer Compensation Expense
|
-
|
11,797
|
-
|
11,797
|
||||||||||||
|
Pro Forma Pre-tax, pre-provision net earnings
|
$
|
7,351
|
$
|
6,834
|
$
|
22,867
|
$
|
20,485
|
||||||||
|
Tax-adjusted ratios and per share data
|
||||||||||||||||
|
Tax-adjusted net income (numerator)
|
$
|
4,440
|
$
|
(6,519
|
)
|
$
|
14,527
|
$
|
3,723
|
|||||||
|
Average assets (denominator)
|
$
|
967,044
|
$
|
806,440
|
$
|
937,849
|
$
|
782,694
|
||||||||
|
Tax-adjusted return on average assets
|
1.83
|
%
|
-3.21
|
%
|
3.11
|
%
|
0.64
|
%
|
||||||||
|
Average shareholders' equity (denominator)
|
$
|
102,929
|
$
|
100,012
|
$
|
101,377
|
$
|
95,655
|
||||||||
|
Tax-adjusted return on average shareholders' equity
|
17.16
|
%
|
-25.86
|
%
|
19.14
|
%
|
5.20
|
%
|
||||||||
|
Average tangible common equity (denominator)
|
$
|
101,269
|
$
|
98,145
|
$
|
99,667
|
$
|
93,736
|
||||||||
|
Tax-adjusted return on average tangible common equity
|
17.44
|
%
|
-26.35
|
%
|
19.47
|
%
|
5.31
|
%
|
||||||||
|
Weighted average common shares outstanding basic (denominator)
|
9,228,128
|
10,149,007
|
9,483,540
|
10,174,528
|
||||||||||||
|
Tax-adjusted net income per common share--basic
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
|||||||
|
Weighted average common shares outstanding diluted (denominator)
|
9,228,128
|
10,161,778
|
9,483,540
|
10,176,360
|
||||||||||||
|
Tax-adjusted net income per common share--diluted
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
|||||||
|
Tangible assets
|
||||||||||||||||
|
Total assets
|
$
|
973,354
|
$
|
826,821
|
||||||||||||
|
Less: Goodwill and intangibles
|
(1,634
|
)
|
(1,840
|
)
|
||||||||||||
|
Tangible assets
|
$
|
971,720
|
$
|
824,981
|
||||||||||||
|
Tangible shareholders' equity
|
||||||||||||||||
|
Total shareholders' equity
|
$
|
105,230
|
$
|
100,615
|
||||||||||||
|
Less: Goodwill and intangibles
|
(1,634
|
)
|
(1,840
|
)
|
||||||||||||
|
Tangible shareholders' equity
|
$
|
103,596
|
$
|
98,775
|
||||||||||||
|
Tangible shareholders' equity
|
||||||||||||||||
|
Tangible shareholders' equity (numerator)
|
$
|
103,596
|
$
|
98,775
|
||||||||||||
|
Tangible assets (denominator)
|
$
|
971,720
|
$
|
824,981
|
||||||||||||
|
Tangible common equity to tangible assets
|
10.66
|
%
|
11.97
|
%
|
||||||||||||
|
End of period common shares outstanding
|
9,241,689
|
10,057,506
|
||||||||||||||
|
Book value per share
|
$
|
11.39
|
$
|
10.00
|
||||||||||||
|
Tangible book value per share
|
$
|
11.21
|
$
|
9.82
|
||||||||||||
|
Total shareholders' equity to total assets
|
10.81
|
%
|
12.17
|
%
|
||||||||||||
| Net Interest Margin Excluding Loan Fee Income | ||||||||||||||||||||||||
| For the Three Months Ended September 30, |
||||||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||||||
|
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)
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
$
|
145,147
|
$
|
888
|
2.43
|
%
|
||||||||||||
|
Investment securities(2)
|
1,138
|
2
|
0.70
|
1,069
|
4
|
1.48
|
||||||||||||||||||
|
Loans held for sale
|
425
|
—
|
0.00
|
265
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
847,076
|
11,699
|
5.49
|
651,186
|
11,338
|
6.91
|
||||||||||||||||||
|
Total interest-earning assets
|
959,658
|
11,848
|
4.91
|
797,667
|
12,230
|
6.08
|
||||||||||||||||||
|
Noninterest-earning assets
|
7,386
|
8,773
|
||||||||||||||||||||||
|
Total assets
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
381,572
|
545
|
0.57
|
%
|
$
|
287,241
|
1,234
|
1.70
|
%
|
||||||||||||||
|
Time deposits
|
200,961
|
780
|
1.54
|
220,935
|
1,237
|
2.22
|
||||||||||||||||||
|
Total interest-bearing deposits
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
276,219
|
193,785
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,363
|
4,467
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
281,582
|
198,252
|
||||||||||||||||||||||
|
Shareholders’ equity
|
102,929
|
100,012
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
|
Net interest income including loan fee income
|
$
|
10,523
|
$
|
9,759
|
||||||||||||||||||||
|
Net interest spread including loan fee income(4)
|
4.01
|
%
|
4.15
|
%
|
||||||||||||||||||||
|
Net interest margin including loan fee income
|
4.36
|
%
|
4.85
|
%
|
||||||||||||||||||||
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
|
For the Three Months Ended September 30,
|
||||||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||||||
|
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)
|
$
|
111,019
|
$
|
147
|
0.53
|
%
|
$
|
145,147
|
$
|
888
|
2.43
|
%
|
||||||||||||
|
Investment securities(2)
|
1,138
|
2
|
0.70
|
1,069
|
4
|
1.48
|
||||||||||||||||||
|
Loans held for sale
|
425
|
—
|
0.00
|
265
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
847,076
|
12,777
|
6.00
|
651,186
|
12,179
|
7.42
|
||||||||||||||||||
|
Total interest-earning assets
|
959,658
|
12,926
|
5.36
|
797,667
|
13,071
|
6.50
|
||||||||||||||||||
|
Noninterest-earning assets
|
7,386
|
8,773
|
||||||||||||||||||||||
|
Total assets
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
381,572
|
545
|
0.57
|
%
|
$
|
287,241
|
1,234
|
1.70
|
%
|
||||||||||||||
|
Time deposits
|
200,961
|
780
|
1.54
|
220,935
|
1,237
|
2.22
|
||||||||||||||||||
|
Total interest-bearing deposits
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
582,533
|
1,325
|
0.90
|
508,176
|
2,471
|
1.93
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
276,219
|
193,785
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,363
|
4,467
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
281,582
|
197,252
|
||||||||||||||||||||||
|
Shareholders’ equity
|
102,929
|
100,012
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
967,044
|
$
|
806,440
|
||||||||||||||||||||
|
Net interest income excluding loan fee income
|
$
|
11,601
|
$
|
10,600
|
||||||||||||||||||||
|
Net interest spread excluding loan fee income(4)
|
4.45
|
%
|
4.57
|
%
|
||||||||||||||||||||
|
Net interest margin excluding loan fee income
|
4.81
|
%
|
5.27
|
%
|
||||||||||||||||||||
| (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 are included in loans.
|
| (4) |
Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
|
|
Net Interest Margin Excluding Loan Fee Income
|
||||||||||||||||||||||||
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||||||
|
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)
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
$
|
155,073
|
$
|
2,785
|
2.40
|
%
|
||||||||||||
|
Investment securities(2)
|
1,109
|
21
|
2.53
|
1,062
|
27
|
3.40
|
||||||||||||||||||
|
Loans held for sale
|
258
|
—
|
0.00
|
219
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
807,134
|
35,299
|
5.84
|
617,398
|
32,404
|
7.02
|
||||||||||||||||||
|
Total interest-earning assets
|
929,410
|
36,021
|
5.18
|
773,752
|
35,216
|
6.09
|
||||||||||||||||||
|
Noninterest-earning assets
|
8,439
|
8,942
|
||||||||||||||||||||||
|
Total assets
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
366,162
|
2,259
|
0.82
|
%
|
$
|
289,306
|
3,924
|
1.81
|
%
|
||||||||||||||
|
Time deposits
|
208,650
|
2,769
|
1.77
|
206,575
|
3,254
|
2.11
|
||||||||||||||||||
|
Total interest-bearing deposits
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
256,429
|
186,379
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,231
|
4,779
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
261,660
|
191,158
|
||||||||||||||||||||||
|
Shareholders’ equity
|
101,377
|
95,655
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
|
Net interest income including loan fee income
|
$
|
30,993
|
$
|
28,038
|
||||||||||||||||||||
|
Net interest spread including loan fee income(4)
|
4.01
|
%
|
4.15
|
%
|
||||||||||||||||||||
|
Net interest margin including loan fee income
|
4.45
|
%
|
4.84
|
%
|
||||||||||||||||||||
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||||||
|
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)
|
$
|
120,909
|
$
|
701
|
0.77
|
%
|
$
|
155,073
|
$
|
2,785
|
2.40
|
%
|
||||||||||||
|
Investment securities(2)
|
1,109
|
21
|
2.53
|
1,062
|
27
|
3.40
|
||||||||||||||||||
|
Loans held for sale
|
258
|
—
|
0.00
|
219
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
807,134
|
39,268
|
6.50
|
617,398
|
35,902
|
7.77
|
||||||||||||||||||
|
Total interest-earning assets
|
929,410
|
39,990
|
5.75
|
773,752
|
38,714
|
6.69
|
||||||||||||||||||
|
Noninterest-earning assets
|
8,439
|
8,942
|
||||||||||||||||||||||
|
Total assets
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
366,162
|
2,259
|
0.82
|
%
|
$
|
289,306
|
3,924
|
1.81
|
%
|
||||||||||||||
|
Time deposits
|
208,650
|
2,769
|
1.77
|
206,575
|
3,254
|
2.11
|
||||||||||||||||||
|
Total interest-bearing deposits
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
574,812
|
5,028
|
1.17
|
495,881
|
7,178
|
1.94
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
256,429
|
186,379
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,231
|
4,779
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
261,660
|
191,158
|
||||||||||||||||||||||
|
Shareholders’ equity
|
101,377
|
95,655
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
937,849
|
$
|
782,694
|
||||||||||||||||||||
|
Net interest income excluding loan fee income
|
$
|
34,962
|
$
|
31,536
|
||||||||||||||||||||
|
Net interest spread excluding loan fee income(4)
|
4.58
|
%
|
4.75
|
%
|
||||||||||||||||||||
|
Net interest margin excluding loan fee income
|
5.02
|
%
|
5.45
|
%
|
||||||||||||||||||||
|
Dollars in thousands, exceper per share data
|
Unaudited as of
|
|||||||||||
|
Assets
|
September 30,
|
December 31,
|
||||||||||
|
2020
|
2019
|
2019
|
||||||||||
|
Cash and due from banks
|
$
|
60,718
|
$
|
110,594
|
$
|
117,128
|
||||||
|
Interest-bearing time deposits in other banks
|
23,384
|
31,890
|
30,147
|
|||||||||
|
Loans, net
|
869,448
|
666,755
|
699,458
|
|||||||||
|
Loans held for sale
|
315
|
-
|
1,031
|
|||||||||
|
Premises and equipment, net
|
9,387
|
8,395
|
9,624
|
|||||||||
|
Nonmarketable equity securities
|
1,165
|
1,072
|
1,100
|
|||||||||
|
Foreclosed assets held for sale
|
-
|
77
|
0
|
|||||||||
|
Goodwill and intangibles
|
1,634
|
1,840
|
1,789
|
|||||||||
|
Interest receivable and other assets
|
7,303
|
6,198
|
6,115
|
|||||||||
|
Total assets
|
$
|
973,354
|
$
|
826,821
|
$
|
866,392
|
||||||
|
Liabilities and Shareholders’ Equity
|
||||||||||||
|
Deposits
|
||||||||||||
|
Noninterest-bearing
|
$
|
272,008
|
$
|
202,989
|
$
|
219,221
|
||||||
|
Interest-bearing
|
591,661
|
519,145
|
538,262
|
|||||||||
|
Total deposits
|
863,669
|
722,134
|
757,483
|
|||||||||
|
Income taxes payable
|
565
|
-
|
357
|
|||||||||
|
Interest payable and other liabilities
|
3,890
|
4,072
|
8,426
|
|||||||||
|
Total liabilities
|
868,124
|
726,206
|
766,266
|
|||||||||
|
Common stock
|
92
|
101
|
101
|
|||||||||
|
Additional paid-in capital
|
92,960
|
92,353
|
92,391
|
|||||||||
|
Retained earnings
|
12,178
|
8,161
|
7,634
|
|||||||||
|
Total shareholders’ equity
|
105,230
|
100,615
|
100,126
|
|||||||||
|
|
||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
973,354
|
$
|
826,821
|
$
|
866,392
|
||||||
|
Unaudited as of
|
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
Dollars in thousands, exceper per share data
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
|
Interest Income
|
||||||||||||||||
|
Loans, including fees
|
$
|
12,777
|
$
|
12,179
|
$
|
39,268
|
$
|
35,902
|
||||||||
|
Interest-bearing time deposits in other banks
|
124
|
500
|
419
|
1,414
|
||||||||||||
|
Interest-bearing deposits in other banks
|
26
|
392
|
303
|
1,398
|
||||||||||||
|
Total interest income
|
12,927
|
13,071
|
39,990
|
38,714
|
||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Deposits
|
1,326
|
2,471
|
5,028
|
7,178
|
||||||||||||
|
Total interest expense
|
1,326
|
2,471
|
5,028
|
7,178
|
||||||||||||
|
Net Interest Income
|
11,601
|
10,600
|
34,962
|
31,536
|
||||||||||||
|
Provision for Loan Losses
|
1,250
|
-
|
3,300
|
-
|
||||||||||||
|
Net Interest Income After Provision for Loan Losses
|
10,351
|
10,600
|
31,662
|
31,536
|
||||||||||||
|
Noninterest Income
|
||||||||||||||||
|
Secondary market income
|
57
|
69
|
134
|
146
|
||||||||||||
|
Service charges on deposit accounts
|
104
|
110
|
318
|
279
|
||||||||||||
|
Other
|
173
|
330
|
513
|
602
|
||||||||||||
|
Total noninterest income
|
334
|
509
|
965
|
1,027
|
||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
2,505
|
14,256
|
7,576
|
18,792
|
||||||||||||
|
Furniture and equipment
|
224
|
229
|
658
|
606
|
||||||||||||
|
Occupancy
|
543
|
436
|
1,417
|
1,157
|
||||||||||||
|
Data and item processing
|
276
|
276
|
821
|
814
|
||||||||||||
|
Accounting, marketing and legal fees
|
135
|
218
|
338
|
507
|
||||||||||||
|
Regulatory assessments
|
164
|
31
|
281
|
94
|
||||||||||||
|
Advertising and public relations
|
62
|
71
|
360
|
349
|
||||||||||||
|
Travel, lodging and entertainment
|
50
|
153
|
146
|
287
|
||||||||||||
|
Other
|
625
|
402
|
1,463
|
1,269
|
||||||||||||
|
Total noninterest expense
|
4,584
|
16,072
|
13,060
|
23,875
|
||||||||||||
|
Income Before Taxes
|
6,101
|
(4,963
|
)
|
19,567
|
8,688
|
|||||||||||
|
Income tax expense
|
1,661
|
1,556
|
5,040
|
4,965
|
||||||||||||
|
Net Income
|
$
|
4,440
|
$
|
(6,519
|
)
|
$
|
14,527
|
$
|
3,723
|
|||||||
|
Earnings per common share - basic
|
$
|
0.48
|
$
|
(0.64
|
)
|
$
|
1.53
|
$
|
0.37
|
|||||||
|
Diluted earnings per common share
|
0.48
|
(0.64
|
)
|
1.53
|
0.37
|
|||||||||||
|
Weighted average common shares outstanding - basic
|
9,228,128
|
10,149,007
|
9,483,540
|
10,174,528
|
||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,228,128
|
10,161,778
|
9,483,540
|
10,176,360
|
||||||||||||