|
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
|
| 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 January 29, 2021
|
||
|
Fourth Quarter and Full Year 2020 Investor Presentation
|
|
BANK7 CORP.
|
||
|
Date: January 29, 2021
|
By:
|
/s/ Kelly J. Harris
|
|
Kelly J. Harris
|
||
|
Senior Vice President and Chief Financial Officer
|
||

| - |
Pre-tax, pre-provision earnings of $8.4 million, an increase of 31.60%
|
| - |
Interest income on loans, including loan fee income, totaled $13.2 million, an increase of 7.18%
|
| - |
Cost of funds of 0.51%, a decrease of 59.53%
|
| - |
Efficiency ratio of 35.13%, compared to 41.74%
|
| - |
Pre-tax, pre-provision earnings of $31.2 million, an increase of 16.25%, excluding the one-time, non-cash executive stock transaction expense in Q3 2019.
|
| - |
Interest income on loans, including loan fee income, totaled $52.4 million, an increase of 8.82%
|
| - |
Cost of funds of 0.73%, a decrease of 46.71%
|
| - |
Total assets of $1.0 billion, an increase of 17.35%
|
| - |
Total loans of $824.1 million, an increase of 18.23%
|
| - |
Total deposits of $905.5 million, an increase of 19.54%
|
|
Three months ended
December 31,
|
For the Year ended
December 31,
|
|||||||||||||||
|
(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
|
$
|
13,182
|
$
|
12,299
|
$
|
52,450
|
$
|
48,200
|
||||||||
|
Loan fee income
|
(1,066
|
)
|
(944
|
)
|
(5,035
|
)
|
(4,443
|
)
|
||||||||
|
Loan interest income excluding loan fee income
|
$
|
12,116
|
$
|
11,355
|
$
|
47,415
|
$
|
43,757
|
||||||||
|
Average total loans
|
$
|
871,163
|
$
|
692,286
|
$
|
823,228
|
$
|
636,274
|
||||||||
|
Yield on loans (including loan fee income)
|
6.02
|
%
|
7.05
|
%
|
6.37
|
%
|
7.58
|
%
|
||||||||
|
Yield on loans (excluding loan fee income)
|
5.53
|
%
|
6.51
|
%
|
5.76
|
%
|
6.88
|
%
|
||||||||
|
Pre-tax, pre-provision net earnings
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,317
|
$
|
6,358
|
$
|
25,884
|
$
|
15,069
|
||||||||
|
Plus: Provision for loan losses
|
2,050
|
|
-
|
5,350
|
|
-
|
||||||||||
|
Pre-tax, pre-provision net earnings
|
$
|
8,367
|
$
|
6,358
|
$
|
31,234
|
$
|
15,069
|
||||||||
|
Adjusted provision for income tax
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,317
|
$
|
6,358
|
$
|
25,884
|
$
|
15,069
|
||||||||
|
Total effective adjusted tax rate
|
25.0
|
%
|
29.6
|
%
|
25.6
|
%
|
45.4
|
%
|
||||||||
|
Adjusted provision for income taxes
|
$
|
1,578
|
$
|
1,879
|
$
|
6,618
|
$
|
6,844
|
||||||||
|
Tax-adjusted net income
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,317
|
$
|
6,358
|
$
|
25,884
|
$
|
15,069
|
||||||||
|
Adjusted provision for income taxes
|
1,578
|
1,879
|
6,618
|
6,844
|
||||||||||||
|
Tax-adjusted net income
|
$
|
4,739
|
$
|
4,479
|
$
|
19,266
|
$
|
8,225
|
||||||||
|
Pro Forma Pre-tax, pre-provision net earnings
|
||||||||||||||||
|
Net income before income taxes
|
$
|
6,317
|
$
|
6,358
|
$
|
25,884
|
$
|
15,069
|
||||||||
|
Plus: Provision loan losses
|
2,050
|
|
-
|
5,350
|
|
-
|
||||||||||
|
Plus: Stock Transfer Compensation Expense
|
-
|
-
|
-
|
11,797
|
||||||||||||
|
Pro Forma Pre-tax, pre-provision net earnings
|
$
|
8,367
|
$
|
6,358
|
$
|
31,234
|
$
|
26,866
|
||||||||
|
Tax-adjusted ratios and per share data
|
||||||||||||||||
|
Tax-adjusted net income (numerator)
|
$
|
4,739
|
$
|
4,479
|
$
|
19,266
|
$
|
8,225
|
||||||||
|
Average assets (denominator)
|
$
|
982,024
|
$
|
845,510
|
$
|
948,957
|
$
|
798,528
|
||||||||
|
Tax-adjusted return on average assets
|
1.92
|
%
|
2.10
|
%
|
2.03
|
%
|
1.03
|
%
|
||||||||
|
Average shareholders' equity (denominator)
|
$
|
105,283
|
$
|
102,691
|
$
|
102,359
|
$
|
97,430
|
||||||||
|
Tax-adjusted return on average shareholders' equity
|
17.91
|
%
|
17.31
|
%
|
18.82
|
%
|
8.44
|
%
|
||||||||
|
Average tangible common equity (denominator)
|
$
|
103,675
|
$
|
100,872
|
$
|
100,675
|
$
|
95,537
|
||||||||
|
Tax-adjusted return on average tangible common equity
|
18.18
|
%
|
17.62
|
%
|
19.14
|
%
|
8.61
|
%
|
||||||||
|
Weighted average common shares outstanding basic (denominator)
|
9,066,737
|
10,057,506
|
9,378,769
|
10,145,032
|
||||||||||||
|
Tax-adjusted net income per common share--basic
|
$
|
0.52
|
$
|
0.45
|
$
|
2.05
|
$
|
0.81
|
||||||||
|
Weighted average common shares outstanding diluted (denominator)
|
9,068,161
|
10,059,208
|
9,379,154
|
10,147,311
|
||||||||||||
|
Tax-adjusted net income per common share--diluted
|
$
|
0.52
|
$
|
0.45
|
$
|
2.05
|
$
|
0.81
|
||||||||
|
Tangible assets
|
||||||||||||||||
|
Total assets
|
$
|
1,016,669
|
$
|
866,392
|
||||||||||||
|
Less: Goodwill and intangibles
|
(1,583
|
)
|
(1,789
|
)
|
||||||||||||
|
Tangible assets
|
$
|
1,015,086
|
$
|
864,603
|
||||||||||||
|
Tangible shareholders' equity
|
||||||||||||||||
|
Total shareholders' equity
|
$
|
107,319
|
$
|
100,126
|
||||||||||||
|
Less: Goodwill and intangibles
|
(1,583
|
)
|
(1,789
|
)
|
||||||||||||
|
Tangible shareholders' equity
|
$
|
105,736
|
$
|
98,337
|
||||||||||||
|
Tangible shareholders' equity
|
||||||||||||||||
|
Tangible shareholders' equity (numerator)
|
$
|
105,736
|
$
|
98,337
|
||||||||||||
|
Tangible assets (denominator)
|
$
|
1,015,086
|
$
|
864,603
|
||||||||||||
|
Tangible common equity to tangible assets
|
10.42
|
%
|
11.37
|
%
|
||||||||||||
|
End of period common shares outstanding
|
9,044,765
|
10,057,506
|
||||||||||||||
|
Book value per share
|
$
|
11.87
|
$
|
9.96
|
||||||||||||
|
Tangible book value per share
|
$
|
11.69
|
$
|
9.78
|
||||||||||||
|
Total shareholders' equity to total assets
|
10.56
|
%
|
11.56
|
%
|
||||||||||||
|
Net Interest Margin Excluding Loan Fee Income
|
||||||||||||||||||||||||
|
For the Three Months Ended December 31,
|
||||||||||||||||||||||||
|
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)
|
$
|
102,544
|
$
|
127
|
0.49
|
%
|
$
|
143,604
|
$
|
674
|
1.86
|
%
|
||||||||||||
|
Investment securities(2)
|
1,165
|
15
|
5.12
|
1,073
|
23
|
8.50
|
||||||||||||||||||
|
Loans held for sale
|
198
|
—
|
0.00
|
289
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
871,163
|
12,116
|
5.53
|
692,286
|
11,355
|
6.51
|
||||||||||||||||||
|
Total interest-earning assets
|
975,070
|
12,258
|
5.00
|
837,252
|
12,052
|
5.71
|
||||||||||||||||||
|
Noninterest-earning assets
|
6,954
|
8,258
|
||||||||||||||||||||||
|
Total assets
|
$
|
982,024
|
$
|
845,510
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
409,174
|
470
|
0.46
|
%
|
$
|
314,106
|
1,133
|
1.43
|
%
|
||||||||||||||
|
Time deposits
|
203,842
|
655
|
1.28
|
213,716
|
1,205
|
2.24
|
||||||||||||||||||
|
Total interest-bearing deposits
|
613,016
|
1,125
|
0.73
|
527,822
|
2,338
|
1.76
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
613,016
|
1,125
|
0.73
|
527,822
|
2,338
|
1.76
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
258,599
|
210,986
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,126
|
4,011
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
263,725
|
214,997
|
||||||||||||||||||||||
|
Shareholders’ equity
|
105,283
|
102,691
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
982,024
|
$
|
845,510
|
||||||||||||||||||||
|
Net interest income excluding loan fee income
|
$
|
11,133
|
$
|
9,714
|
||||||||||||||||||||
|
Net interest spread excluding loan fee income(4)
|
4.27
|
%
|
3.95
|
%
|
||||||||||||||||||||
|
Net interest margin excluding loan fee income
|
4.54
|
%
|
4.60
|
%
|
||||||||||||||||||||
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
|
For the Three Months Ended December 31,
|
||||||||||||||||||||||||
|
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)
|
$
|
102,544
|
|
$
|
127
|
0.49
|
%
|
$
|
143,604
|
$
|
674
|
1.80
|
%
|
|||||||||||
|
Investment securities(2)
|
1,165
|
15
|
5.12
|
1,073
|
23
|
8.50
|
||||||||||||||||||
|
Loans held for sale
|
198
|
—
|
0.00
|
289
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
871,163
|
13,182
|
6.02
|
692,286
|
12,299
|
7.05
|
||||||||||||||||||
|
Total interest-earning assets
|
975,070
|
13,324
|
5.44
|
837,252
|
12,996
|
6.16
|
||||||||||||||||||
|
Noninterest-earning assets
|
6,954
|
8,258
|
||||||||||||||||||||||
|
Total assets
|
$
|
982,024
|
$
|
845,510
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
409,174
|
470
|
0.46
|
%
|
$
|
314,106
|
1,133
|
1.43
|
%
|
||||||||||||||
|
Time deposits
|
203,842
|
655
|
1.28
|
213,716
|
1,205
|
2.24
|
||||||||||||||||||
|
Total interest-bearing deposits
|
613,016
|
1,125
|
0.73
|
527,822
|
2,338
|
1.76
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
613,016
|
1,125
|
0.73
|
527,822
|
2,338
|
1.76
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
258,599
|
210,986
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,126
|
4,011
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
263,725
|
214,997
|
||||||||||||||||||||||
|
Shareholders’ equity
|
105,283
|
102,691
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
982,024
|
$
|
845,510
|
||||||||||||||||||||
|
Net interest income including loan fee income
|
|
$
|
12,199
|
$
|
10,658
|
|||||||||||||||||||
|
Net interest spread including loan fee income(4)
|
4.71
|
%
|
4.40
|
%
|
||||||||||||||||||||
|
Net interest margin including loan fee income
|
4.98
|
%
|
5.05
|
%
|
||||||||||||||||||||
| (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 Year Ended December 31,
|
||||||||||||||||||||||||
|
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)
|
$
|
116,295
|
$
|
828
|
0.71
|
% |
$
|
151,434
|
$
|
3,459
|
2.28
|
%
|
||||||||||||
|
Investment securities(2)
|
1,123
|
36
|
3.21
|
1,065
|
50
|
4.69
|
||||||||||||||||||
|
Loans held for sale
|
244
|
—
|
0.00
|
236
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
823,228
|
47,415
|
5.76
|
636,274
|
43,757
|
6.88
|
||||||||||||||||||
|
Total interest-earning assets
|
940,890
|
48,279
|
5.13
|
789,009
|
47,266
|
5.99
|
||||||||||||||||||
|
Noninterest-earning assets
|
8,067
|
9,519
|
||||||||||||||||||||||
|
Total assets
|
$
|
948,957
|
$
|
798,528
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
377,519
|
2,729
|
0.72
|
% |
$
|
295,576
|
5,057
|
1.71
|
%
|
||||||||||||||
|
Time deposits
|
207,442
|
3,424
|
1.65
|
208,375
|
4,459
|
2.14
|
||||||||||||||||||
|
Total interest-bearing deposits
|
584,961
|
6,153
|
1.05
|
503,951
|
9,516
|
1.89
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
584,961
|
6,153
|
1.05
|
503,951
|
9,516
|
1.89
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
256,431
|
192,562
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,206
|
4,585
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
261,637
|
197,147
|
||||||||||||||||||||||
|
Shareholders’ equity
|
102,359
|
97,430
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
948,957
|
$
|
798,528
|
||||||||||||||||||||
|
Net interest income excluding loan fee income
|
$
|
42,126
|
$
|
37,750
|
||||||||||||||||||||
|
Net interest spread excluding loan fee income(4)
|
4.08
|
% |
4.10
|
%
|
||||||||||||||||||||
|
Net interest margin excluding loan fee income
|
4.48
|
% |
4.78
|
%
|
||||||||||||||||||||
|
Net Interest Margin With Loan Fee Income
|
||||||||||||||||||||||||
|
For the Year Ended December 31,
|
||||||||||||||||||||||||
|
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)
|
$
|
116,295
|
$
|
828
|
0.71
|
%
|
$
|
151,434
|
$
|
3,459
|
2.28
|
%
|
||||||||||||
|
Investment securities(2)
|
1,123
|
36
|
3.21
|
1,065
|
50
|
4.69
|
||||||||||||||||||
|
Loans held for sale
|
244
|
—
|
0.00
|
236
|
—
|
0.00
|
||||||||||||||||||
|
Total loans(3)
|
823,228
|
52,450
|
6.37
|
636,274
|
48,200
|
7.58
|
||||||||||||||||||
|
Total interest-earning assets
|
940,890
|
53,314
|
5.67
|
789,009
|
51,709
|
6.55
|
||||||||||||||||||
|
Noninterest-earning assets
|
8,067
|
9,519
|
||||||||||||||||||||||
|
Total assets
|
$
|
948,957
|
$
|
798,528
|
||||||||||||||||||||
|
Funding sources:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Transaction accounts
|
$
|
377,519
|
2,729
|
0.72
|
%
|
$
|
295,576
|
5,057
|
1.71
|
%
|
||||||||||||||
|
Time deposits
|
207,442
|
3,424
|
1.65
|
208,375
|
4,459
|
2.14
|
||||||||||||||||||
|
Total interest-bearing deposits
|
584,961
|
6,153
|
1.05
|
503,951
|
9,516
|
1.89
|
||||||||||||||||||
|
Other borrowings
|
—
|
—
|
0.00
|
—
|
—
|
0.00
|
||||||||||||||||||
|
Total interest-bearing liabilities
|
584,961
|
6,153
|
1.05
|
503,951
|
9,516
|
1.89
|
||||||||||||||||||
|
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
256,431
|
192,562
|
||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,206
|
4,585
|
||||||||||||||||||||||
|
Total noninterest-bearing liabilities
|
261,637
|
197,147
|
||||||||||||||||||||||
|
Shareholders’ equity
|
102,359
|
97,430
|
||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$
|
948,957
|
$
|
798,528
|
||||||||||||||||||||
|
Net interest income including loan fee income
|
$
|
47,161
|
$
|
42,193
|
||||||||||||||||||||
|
Net interest spread including loan fee income(4)
|
4.61
|
%
|
4.67
|
%
|
||||||||||||||||||||
|
Net interest margin including loan fee income
|
5.01
|
%
|
5.35
|
%
|
||||||||||||||||||||
|
Dollars in thousands, except per share data
|
Unaudited as of
|
|||||||||||
|
Assets
|
2020
|
December 31,
|
||||||||||
|
December 31
|
September 30
|
2019
|
||||||||||
|
Cash and due from banks
|
$
|
153,901
|
$
|
60,718
|
$
|
117,128
|
||||||
|
Interest-bearing time deposits in other banks
|
16,412
|
23,384
|
30,147
|
|||||||||
|
Loans, net
|
826,974
|
869,448
|
699,458
|
|||||||||
|
Loans held for sale
|
324
|
315
|
1,031
|
|||||||||
|
Premises and equipment, net
|
9,151
|
9,387
|
9,624
|
|||||||||
|
Nonmarketable equity securities
|
1,172
|
1,165
|
1,100
|
|||||||||
|
Goodwill and intangibles
|
1,583
|
1,634
|
1,789
|
|||||||||
|
Interest receivable and other assets
|
7,152
|
7,303
|
6,115
|
|||||||||
|
Total assets
|
$
|
1,016,669
|
$
|
973,354
|
$
|
866,392
|
||||||
|
Liabilities and Shareholders’ Equity
|
||||||||||||
|
Deposits
|
||||||||||||
|
Noninterest-bearing
|
$
|
246,569
|
$
|
272,008
|
$
|
219,221
|
||||||
|
Interest-bearing
|
658,945
|
591,661
|
538,262
|
|||||||||
|
Total deposits
|
905,514
|
863,669
|
757,483
|
|||||||||
|
Income taxes payable
|
9
|
565
|
357
|
|||||||||
|
Interest payable and other liabilities
|
3,827
|
3,890
|
8,426
|
|||||||||
|
Total liabilities
|
909,350
|
868,124
|
766,266
|
|||||||||
|
Common stock
|
90
|
92
|
101
|
|||||||||
|
Additional paid-in capital
|
93,162
|
92,960
|
92,391
|
|||||||||
|
Retained earnings
|
14,067
|
12,178
|
7,634
|
|||||||||
|
Total shareholders’ equity
|
107,319
|
105,230
|
100,126
|
|||||||||
|
Total liabilities and shareholders’ equity
|
$
|
1,016,669
|
$
|
973,354
|
$
|
866,392
|
||||||
|
Unaudited as of
|
||||||||||||||||||||
|
Quarter Ended
|
Year Ended
|
|||||||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||||||
|
Dollars in thousands, except per share data
|
December 31
|
September 30
|
December 31
|
December 31
|
December 31
|
|||||||||||||||
|
Interest Income
|
||||||||||||||||||||
|
Loans, including fees
|
$
|
13,182
|
$
|
12,777
|
$
|
12,299
|
$
|
52,450
|
$
|
48,200
|
||||||||||
|
Interest-bearing time deposits in other banks
|
107
|
123
|
295
|
526
|
1,709
|
|||||||||||||||
|
Interest-bearing deposits in other banks
|
35
|
26
|
402
|
338
|
1,800
|
|||||||||||||||
|
Total interest income
|
13,324
|
12,926
|
12,996
|
53,314
|
51,709
|
|||||||||||||||
|
Interest Expense
|
||||||||||||||||||||
|
Deposits
|
1,125
|
1,325
|
2,338
|
6,153
|
9,516
|
|||||||||||||||
|
Total interest expense
|
1,125
|
1,325
|
2,338
|
6,153
|
9,516
|
|||||||||||||||
|
Net Interest Income
|
12,199
|
11,601
|
10,658
|
47,161
|
42,193
|
|||||||||||||||
|
Provision for Loan Losses
|
2,050
|
1,250
|
-
|
5,350
|
-
|
|||||||||||||||
|
Net Interest Income After Provision for Loan Losses
|
10,149
|
10,351
|
10,658
|
41,811
|
42,193
|
|||||||||||||||
|
Noninterest Income
|
||||||||||||||||||||
|
Secondary market income
|
41
|
57
|
18
|
175
|
164
|
|||||||||||||||
|
Service charges on deposit accounts
|
124
|
104
|
113
|
442
|
392
|
|||||||||||||||
|
Other
|
535
|
173
|
126
|
1,048
|
752
|
|||||||||||||||
|
Total noninterest income
|
700
|
334
|
257
|
1,665
|
1,308
|
|||||||||||||||
|
Noninterest Expense
|
||||||||||||||||||||
|
Salaries and employee benefits
|
2,554
|
2,505
|
2,473
|
10,130
|
21,265
|
|||||||||||||||
|
Furniture and equipment
|
210
|
224
|
223
|
868
|
829
|
|||||||||||||||
|
Occupancy
|
540
|
543
|
520
|
1,957
|
1,677
|
|||||||||||||||
|
Data and item processing
|
270
|
276
|
264
|
1,091
|
1,078
|
|||||||||||||||
|
Accounting, marketing and legal fees
|
198
|
135
|
250
|
536
|
757
|
|||||||||||||||
|
Regulatory assessments
|
225
|
164
|
32
|
506
|
126
|
|||||||||||||||
|
Advertising and public relations
|
40
|
62
|
239
|
400
|
588
|
|||||||||||||||
|
Travel, lodging and entertainment
|
95
|
50
|
81
|
241
|
368
|
|||||||||||||||
|
Other
|
400
|
625
|
475
|
1,863
|
1,744
|
|||||||||||||||
|
Total noninterest expense
|
4,532
|
4,584
|
4,557
|
17,592
|
28,432
|
|||||||||||||||
|
Income Before Taxes
|
6,317
|
6,101
|
6,358
|
25,884
|
15,069
|
|||||||||||||||
|
Income tax expense
|
1,578
|
1,661
|
1,879
|
6,618
|
6,844
|
|||||||||||||||
|
Net Income
|
$
|
4,739
|
$
|
4,440
|
$
|
4,479
|
$
|
19,266
|
$
|
8,225
|
||||||||||
|
Earnings per common share - basic
|
$
|
0.52
|
$
|
0.48
|
$
|
0.45
|
$
|
2.05
|
$
|
0.81
|
||||||||||
|
Diluted earnings per common share
|
0.52
|
0.48
|
0.45
|
2.05
|
0.81
|
|||||||||||||||
|
Weighted average common shares outstanding - basic
|
9,066,737
|
9,228,128
|
10,057,506
|
9,378,769
|
10,145,032
|
|||||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,068,161
|
9,228,128
|
10,059,208
|
9,379,154
|
10,147,311
|
|||||||||||||||























