Orange County Bancorp, Inc 8-K, filed Aug 16, 2021
Orange County Bancorp, Inc. (OBT)
8-K
2021-08-16
For: 2021-08-12
View Original
Added on
April 10, 2026
About this 8-K
Orange County Bancorp, Inc filed this 8-K on August 16, 2021, reporting on events of August 12, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 12, 2021
Orange County Bancorp, Inc.
(Exact Name of Registrant as Specified in Charter)
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Delaware
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001-40711
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26-1135778
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(State or Other Jurisdiction)
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(Commission File No.)
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(I.R.S. Employer
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of Incorporation)
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Identification No.)
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212 Dolson Avenue, Middletown, New York
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10940
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (845) 341-5000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
[ ] 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))
Securities registered pursuant to Section 12(b) of the Act:
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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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Common Stock, par value $0.50
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OBT
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The Nasdaq Stock Market, LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. [ ]
Item 2.02 Results of Operations and Financial Condition
On August 12, 2021, Orange County Bancorp, Inc. (the “Company”) issued a press release reporting its financial results at and for the three and six months ended June 30, 2021.
A copy of the press release is attached as Exhibit 99.1 to this report and is being furnished to the Securities and Exchange Commission and shall not be deemed filed for any purpose.
Item 9.01 Financial Statements and Exhibits
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(a)
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Financial statements of businesses acquired. None.
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(b)
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Pro forma financial information. None.
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(c)
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Shell company transactions: None.
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(d)
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Exhibits.
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99.1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
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ORANGE COUNTY BANCORP, INC.
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DATE: August 16, 2021
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By: /s/ Michael J. Gilfeather
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Michael J. Gilfeather
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President and Chief Executive Officer
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FOR IMMEDIATE RELEASE
Orange County Bancorp, Inc. Announces Record Second Quarter 2021 Results
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•
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Net Income for Q2 2021 increased $2.3 million, or 80.4%, to a record $5.2 million versus Q2 2020
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•
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Return on average assets for Q2 2021 rose 28 basis points year-over-year to 1.05%
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•
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Return on common equity for Q2 2021 rose 603 basis points year-over-year to 15.0%
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•
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Provision for loan losses of $809 thousand declined 38% versus the same period last year due to stabilizing credit trends
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•
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Average Loans (net of PPP) for Q2 2021 increased 22.3% year-over-year, to $1.1 billion
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•
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Average Demand Deposits for Q2 2021 grew 37.4% year-over-year to $627.8 million
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•
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Total Assets grew $387.3 million, or 23.3%, from year-end 2020 to $2.1 billion at June 30, 2021
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•
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Trust and asset advisory business revenue increased 26.3%, to $2.4 million, for Q2 2021
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MIDDLETOWN, N.Y., Aug 12, 2021 – Orange County Bancorp, Inc. (the “Company” - Nasdaq:OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley
Investment Advisors, Inc. (“HVIA”), today announced net income of $5.2 million, or $1.16 per basic and diluted share, for the three months ended June 30, 2021. This compares with net income of $2.9 million, or $0.64 per basic and diluted share, for
the three months ended June 30, 2020. For the first six months of 2021, net income increased by $4.9 million, or 90.8%, over the prior year period, to $10.2 million, or $2.28 per basic and diluted share. This compares with net income of $5.4 million,
or $1.19 per basic and diluted share, for the first six months of 2020.
“I am pleased to announce yet another record quarter of financial performance for the Bank and Company,” said Orange County Bancorp President & CEO, Michael Gilfeather. “These results reflect significant growth
across all facets of our business, with particularly noteworthy increases in assets and loans as liquidity initiatives took hold and credit uncertainty gave way to an increasingly favorable business outlook.”
“The quarter also represents a very important transition period for the organization,” Gilfeather added. “As the growth strategy we initiated several years ago continued to yield strong results, the Board and
management team elected to leverage our success through a NASDAQ IPO. I am pleased to announce completion of our offering and subsequent NASDAQ Capital Market listing under the stock symbol “OBT” during the first week of August. Our transaction was
upsized in the face of strong demand and culminated in the sale of 1.15 million shares to new investors at $33.50 per share, for gross proceeds of approximately $38.5 million. While technically a Q3 event, the groundwork for the transaction began in
earnest in Q2 and entailed major contributions from all divisions of the Bank. It was a phenomenal success, particularly in conjunction with the financial results just reported, and positions the Company well for continued growth going forward.
To further highlight our financial accomplishments in Q2, net income of $5.2 million for the quarter pushed our first half net income over $10 million, nearly double the same period last year. Total assets of the Bank
also exceeded $2 billion for the first time, increasing $387.3 million, or 23.3%, from year-end 2020.
1
Total loans were $1.29 billion as of June 30, 2021, representing a $134.1 million, or 11.6%, increase from $1.15 billion at December 31, 2020. This growth was primarily due to increases in commercial real estate and
Payroll Protection Program (PPP) loans. Net of PPP, loans grew $94.4 million, reflecting improving economic strength and business opportunities our clients are seeing across the regions we serve. Since the government approved a second round of PPP
funding in early 2021, the Bank’s PPP loan balance has risen 58%, from nearly $69 million at year-end 2020 to nearly $109 million at the close of Q2 2021. While the program ended on May 31, 2021 we continue to work with our PPP borrowers to assess
whether their loans qualify for government forgiveness and, if so, help them through the process.
Deposit growth was also strong for the quarter, with total deposits of $1.87 billion as of June 30, 2021 representing a $382.4 million, or 25.7%, increase from $1.49 billion at December 31, 2020. Over half of these
deposits are in low to zero cost NOW and Demand Deposit accounts, resulting in our relatively low average cost of deposits.
Our net interest margin for the three months ended June 30, 2021 was 3.09%, compared to 3.34% for the three months ended June 30, 2020, and 3.18% for the six months ended June 30, 2021, compared to 3.51% for the same
period last year. While we did experience margin compression, overall loan growth resulted in an increase in net interest income for the quarter of $2.9 million, or 24.2%, versus the same period last year. For the six months ended June 30, 2021, net
interest income increased $5.2 million, or 22.6%, versus the same period last year.
The Company’s Wealth Management initiative, which launched earlier this year, also enjoyed strong growth. Orange Wealth Management is a platform that provides a comprehensive suite of wealth management services
delivered through the Company’s Private Banking and Trust Services Division and HVIA subsidiary. Revenues grew 26.3%, to $2.4 million, for the second quarter 2021 verses the same quarter last year and are up 22.4% for the six months ended June 30,
2021 compared to the same period in 2020. Assets under management (AUM) ended Q2 at $1.24 billion, up $48.4 million for the first half of the year. HVIA, which until recently focused its marketing efforts on our historical operating region, is now
actively expanding into Westchester to leverage and support our business relationships there. We remain excited by the growth prospects for this exciting initiative.
While pleased with these results, much remains to be done. We just opened a new branch in the Bronx with a seasoned team that is well respected in the local business community. Senior Vice President and Senior
Commercial Loan Officer, Anthony Mormile, is leading this effort and we are very encouraged by the results to date. Additionally, our scheduled Nanuet branch opening later this year will strengthen our presence in Rockland County and, given its
proximity to New Jersey, provide a point of entree into Bergen County. In keeping with our broader strategy for the Bank, we intend to remain disciplined and rigorous with branch initiatives.
The success we’ve enjoyed the past several years doesn’t happen without a dedicated staff,” Gilfeather concluded. “Last year, the pandemic and need to provide PPP loans to our business clients pushed the Bank beyond what
even we thought possible. Our employees responded without hesitation, implementing new systems and processing more than $100 million in loans for clients in a matter of months. This quarter, we sought to raise the public profile of our efforts,
improve liquidity, and fund further growth of the Company through an initial public offering. This required enormous effort from the entire organization and, again, our employees responded, assuming important responsibilities in addition to their
daily work servicing clients and providing trust and investment assistance. Their efforts resulted in an outstanding transaction, ensuring future growth and viability for the Company. I thank them for a job well done.”
2
Second Quarter and First Half 2021 Financial Review
Net Income
Net income for the second quarter of 2021 was $5.2 million, compared to net income of $2.9 million for the second quarter of 2020, an increase of $2.3 million, or 80.4%. Net income for the six
months ended June 30, 2021 was $10.2 million, compared to net income of $5.4 million for the same period of 2020, an increase of $4.8 million, or 90.8%. The increase for both the three and six month periods in 2021 compared to 2020 was driven
primarily by an increase in net interest income and decrease in provision for loan losses, partially offset by increases in non-interest expense and provision for income taxes.
Net Interest Income
For the three months ended June 30, 2021, net interest income increased by $2.9 million, or 24.2%, versus the same period last year. For the six months ended June 30, 2021, net interest income
increased by $5.2 million, or 22.6%, versus the same period last year.
Total interest income increased $2.7 million, or 21.1%, and $4.8 million, or 19.0%, for the three and six months ended June 30, 2021, respectivley, versus the corresponding periods last year. The
increase in interest income was primarily due to loan growth and fees associated with PPP loan forgiveness.
Total interest expense decreased $121 thousand in the second quarter of 2021, to $1.0 million, compared to $1.1 million in the second quarter of the prior year, and decreased $388 thousand for the
six months ended June 30, 2021, to $2.0 million from $2.4 million, for the six months ended June 30, 2020. The decrease resulted from a reduction in deposit interest expense partially offset by an increase in interest expense due to the subordinated
debt issued in September 2020. Lower interest expense on deposits was consistent with the reduction of the Fed Funds rate in the first quarter of 2020 in response to the COVID-19 pandemic.
Provision for Loan Losses
The Company recognized provisions for loan losses of $809 thousand and $875 thousand for the three and six months ended June 30, 2021, respectively, compared to $1.3 million and $2.5 million for
the three and six months ended June 30, 2020, respectively. The lower provisions reflect improved credit metrics and declining loan deferrals. The allowance for loan losses to total loans was 1.32% as of June 30, 2021. Excluding PPP loans, the ratio
was 1.45%.
Non-Interest Income
Non-interest income was $3.0 million during both the second quarter of 2021 and 2020, while non-interest income was $5.9 million for the six months ended June 30, 2021 compared to $5.5 million for
the same period in 2020, an increase of $372 thousand, or 6.7%. The increase was a result of continued growth in the Bank’s trust operations and HVIA’s asset management activities.
Non-Interest Expense
Non-interest expense was $10.4 million and $9.9 million during the second quarters of 2021 and 2020, respectively, an increase of $497 thousand, or 5%, while non-interest expense was $20.7 million
for the six months ended June 30, 2021, compared to $19.5 million for the same period in 2020, an increase of $1.2 million, or 6.3%. The increase in non-interest expense for the three and six month periods was due to the Bank’s continued investment
in growth. This investment was comprised primarily of increases in salaries, information technology, professional fees, and deposit insurance costs resulting from significant growth in deposit balances. The efficiency ratio improved to 58.90% for the
three months ended June 30, 2021 from 66.98% for the same period in 2020, and improved to 60.41% for the six months ended June 30, 2021 from 67.97% for the six months ended June 30, 2020.
3
Income Tax Expense
The provision for income taxes for the three months ended June 30, 2021 was $1.3 million compared to $695 thousand for the same period in 2020. The provision for income taxes for the six months
ended June 30, 2021 was $2.5 million compared to $1.3 million for the same period in 2020. The increase for both periods was due to the increase in income before income taxes. The effective tax rate for the three and six month periods ended June 30,
2021 was 19.5%, versus 19.5% and 19.8%, respectively, for the same periods last year.
Financial Condition
Total consolidated assets increased $387.3 million, or 23.3%, from $1.7 billion at December 31, 2020 to $2.1 billion at June 30, 2021. The increase reflects increases in cash and due from banks,
loans receivable and investments.
Total cash and due from banks increased from $121.2 million at December 31, 2020 to $322.9 million at June 30, 2021, an increase of $201.7 million, or 166.4%. The increase was primarily due to
increases in deposit account balances driven by seasonal increases in municipal deposits, ongoing success attracting business account assets, and government efforts to increase liquidity in the economy.
Total investments increased $47.6 million from $330.1 million at December 31, 2020 to $377.7 million at June 30, 2021. The increase was primarily in mortgage backed and municipal securities.
Total loans increased from $1.2 billion at December 31, 2020 to $1.3 billion at June 30, 2021, an increase of $134.1 million, or 11.6%. This increase was primarily due to an increase in commercial
real estate loans of $82.9 million and PPP loans of $39.7 million.
Total deposits increased $382.4 million to $1.9 billion at June 30, 2021, from $1.5 billion at December 31, 2020. The increase was primarily related to business account activity, PPP loan proceeds
and government liquidity efforts, combined with municipal deposit growth attributable to cyclical real estate tax collections.
Stockholders’ equity increased $5.5 million to $140.9 million at June 30, 2021 from $135.4 million at December 31, 2020 due to an $8.4 million net increase in retained earnings partially offset by
a $2.9 million decline in AOCI during the first half of 2021 resulting from a change in the market value of investments.
At June 30, 2021, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 7.56%, both the
common equity and Tier 1 capital to risk weighted assets were 12.13% and the total capital to risk weighted assets ratio was 13.38%.
Loan Quality
At June 30, 2021, the Bank had total non-accrual loans of $2.0 million, or 0.16% of total loans, which included $959.0 thousand of Troubled Debt Restructured Loans (“TDRs”), or 0.07% of total
loans. This total was unchanged from year end 2020. Accruing loans delinquent greater than 30 days were $1.1 million as of June 30, 2021, compared to $1.8 million at December 31, 2020. The following table shows the current status of loans deferred as
a result of the COVID-19 pandemic.
4
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ORANGE COUNTY BANCORP, INC.
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||||||||||||
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SUMMARY OF LOAN PORTFOLIO SEGMENTS AND DEFERMENTS
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(UNAUDITED)
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(Dollar Amounts in thousands)
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||||||||||||
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Total Deferments as of June 30, 2021
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||||||||||||
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Industry Classification
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June 30, 2021
Balance
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Loan Count
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% of Total Loans
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Outstanding Balance
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Loan Count
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Deferred %
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||||||
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Real Estate and Rental Leasing
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$
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529,630
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496
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41.0
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%
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$
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4,081
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5
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0.8
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%
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Healthcare and Social Assistance
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106,158
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624
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8.2
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%
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695
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3
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0.7
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%
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Construction
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74,111
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102
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5.7
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%
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-
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-
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0.0
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%
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Retail Trade
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44,131
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79
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3.4
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%
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-
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-
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0.0
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%
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Management of Companies/Enterprise
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34,233
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16
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2.7
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%
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-
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-
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0.0
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%
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Wholesale Trade
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34,173
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73
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2.6
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%
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-
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-
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0.0
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%
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Manufacturing
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44,815
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105
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3.5
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%
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-
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-
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0.0
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%
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||||
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Hotel / Motel
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27,043
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10
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2.1
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%
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7,588
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3
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28.1
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%
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Professional, Scientific, and Technical Services
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17,994
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169
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1.4
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%
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51
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2
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0.3
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%
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Finance and Insurance
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24,803
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66
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1.9
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%
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-
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-
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0.0
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%
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Contractors
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15,515
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103
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1.2
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%
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-
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-
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0.0
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%
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Educational Services & Child Care
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13,344
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32
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1.0
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%
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-
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-
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0.0
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%
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||||
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Administrative and Management
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14,495
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89
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1.1
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%
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-
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-
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0.0
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%
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Food Service
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17,886
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34
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1.4
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%
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-
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-
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0.0
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%
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||||
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Art, Entertainment, and Recreation
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14,919
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10
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1.2
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%
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-
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-
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0.0
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%
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||||
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Transportation and Warehousing
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10,274
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33
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0.8
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%
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-
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-
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0.0
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%
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||||
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Residential Real Estate & Other
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159,234
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1,297
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12.3
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%
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-
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-
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0.0
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%
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||||
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PPP Loans
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108,711
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592
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8.4
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%
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-
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-
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0.0
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%
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||||
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Total system loan balances
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$
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1,291,469
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3,930
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100.0
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%
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$
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12,415
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13
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1.0
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%
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||
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Net deferred & unapplied
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(4,584
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)
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||||||||||
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Total loans
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1,286,885
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|||||||||||
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Total Deferments as of June 30, 2021
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||||||||||||
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Loan Portfolio Category
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June 30, 2021
Balance
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Loan Count
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% of Total Loans
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Outstanding Balance
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Loan Count
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Deferred %
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||||||
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CRE:
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||||||||||||
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Multifamily
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$
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162,274
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91
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12.6
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%
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$
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2,367
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1
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1.5
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%
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||
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Non-owner occupied
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445,549
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388
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34.5
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%
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8,192
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5
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1.8
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%
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||||
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Owner occupied
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174,276
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189
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13.5
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%
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1,110
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2
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0.6
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%
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||||
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Construction, development, land
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71,059
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38
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5.5
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%
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-
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-
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0.0
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%
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||||
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C&I
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241,103
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1,791
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18.7
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%
|
746
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5
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0.3
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%
|
||||
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PPP Loans
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108,711
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592
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8.4
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%
|
-
|
-
|
0.0
|
%
|
||||
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Consumer:
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||||||||||||
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Residential
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71,687
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528
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5.6
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%
|
-
|
-
|
0.0
|
%
|
||||
|
Non-residential
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16,810
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313
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1.3
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%
|
-
|
-
|
0.0
|
%
|
||||
|
Total system loan balances
|
$
|
1,291,469
|
3,930
|
100.0
|
%
|
$
|
12,415
|
13
|
1.0
|
%
|
||
|
Net deferred & unapplied
|
(4,584
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)
|
||||||||||
|
Total loans
|
1,286,885
|
|||||||||||
5
At the outset of the pandemic, management identified certain industries, including hospitality, healthcare, and retail, it viewed as most susceptible to stress from a prolonged economic slowdown.
Notwithstanding perceived industry risks, portfolio concentration and exposure across these segments is modest. Notably, Lodging and Food Services, which broadly reflect our exposure to hotels, food and beverage, constitute $44.9 million, or 3.5%,
of our loan portfolio. At quarter end, these categories accounted for 61.1% of our total $12.4 million of loans on payment deferral.
Management continues to evaluate performance trends across industry groups to assess underlying business and liquidity risks due to the economic impacts of COVID-19. While the Bank has continued
to provide relief from debt service through forbearance agreements, its focus has shifted toward the resumption of loan payments, as management believes clients in need of deferral have largely been accommodated at this time. Most borrowers
requesting deferral early in the cycle resumed scheduled repayment of their loan obligations at the end of their initial 90-day deferral period. Deferred loans at June 30, 2021 were $12.4 million, or 1.0%, of our portfolio, compared with $48.8
million, or 4.2%, of our loan portfolio at December 31, 2020.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of
14 founders over 125 years ago. It has grown through ongoing innovation and an unwavering commitment to its community and business clientele to more than $2.0 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered
Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012.
Forward Looking Statements
Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations
on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas
in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in
prevailing interest rates, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. Further, given its ongoing and dynamic nature, it is
difficult to predict what the continuing effects of the COVID-19 pandemic will have on our business and results of operations. The pandemic and related local and national economic disruption may, among other effects, continue to result in a
material adverse change for the demand for our products and services; increased levels of loan delinquencies, problem assets and foreclosures; branch disruptions, unavailability of personnel and increased cybersecurity risks as employees work
remotely.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the
factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current
statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such
statements or to reflect the occurrence of anticipated or unanticipated events.
For further information:
Robert L. Peacock
EVP Chief Financial Officer
rpeacock@orangebanktrust.com
Phone: (845) 341-5005
6
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ORANGE COUNTY BANCORP, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
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||||||||
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(UNAUDITED)
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||||||||
|
(Dollar Amounts in thousands except per share data)
|
||||||||
|
June 30, 2021
|
December 31, 2020
|
|||||||
|
ASSETS
|
||||||||
|
Cash and due from banks
|
$
|
322,919
|
$
|
121,232
|
||||
|
Investment securities - available-for-sale
|
377,738
|
330,105
|
||||||
|
Restricted investment in bank stocks
|
2,109
|
1,449
|
||||||
|
Loans
|
1,286,885
|
1,152,738
|
||||||
|
Allowance for loan losses
|
(17,049
|
)
|
(16,172
|
)
|
||||
|
Loans, net
|
1,269,836
|
1,136,566
|
||||||
|
Net Premises and equipment
|
14,124
|
14,017
|
||||||
|
Accrued interest receivable
|
7,090
|
6,295
|
||||||
|
Bank owned life insurance
|
29,064
|
28,520
|
||||||
|
Goodwill
|
5,359
|
5,359
|
||||||
|
Intangible assets
|
1,821
|
1,963
|
||||||
|
Other assets
|
22,172
|
19,430
|
||||||
|
TOTAL ASSETS
|
$
|
2,052,232
|
$
|
1,664,936
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
Deposits:
|
||||||||
|
Noninterest bearing
|
$
|
652,767
|
$
|
521,093
|
||||
|
Interest bearing
|
1,218,898
|
968,201
|
||||||
|
Total deposits
|
1,871,665
|
1,489,294
|
||||||
|
Note payable
|
3,000
|
3,000
|
||||||
|
Subordinated notes, net of issuance costs
|
19,358
|
19,323
|
||||||
|
Accrued expenses and other liabilities
|
17,298
|
17,896
|
||||||
|
TOTAL LIABILITIES
|
1,911,321
|
1,529,513
|
||||||
|
STOCKHOLDERS' EQUITY
|
||||||||
|
Common stock, $0.50 par value; 15,000,000 shares authorized;
|
||||||||
|
4,533,304 issued; 4,488,437 and 4,483,102 outstanding,
|
||||||||
|
at June 30, 2021 and December 31, 2020, respectively
|
2,266
|
2,266
|
||||||
|
Surplus
|
84,936
|
85,111
|
||||||
|
Retained Earnings
|
56,118
|
47,683
|
||||||
|
Accumulated other comprehensive income (loss), net of taxes
|
(1,116
|
)
|
1,819
|
|||||
|
Treasury stock, at cost; 44,867 and 50,202 shares at June 30,
|
||||||||
|
2021 and December 31, 2020, respectively
|
(1,293
|
)
|
(1,456
|
)
|
||||
|
TOTAL STOCKHOLDERS' EQUITY
|
140,911
|
135,423
|
||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
2,052,232
|
$
|
1,664,936
|
||||
Note: There were minor changes made to the previously reported December 31, 2020 balance sheet related to corrections for the treatment of deferred costs on loans.
7
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
(Dollar Amounts in thousands except per share data)
|
||||||||||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
INTEREST INCOME
|
||||||||||||||||
|
Interest and fees on loans
|
$
|
14,033
|
$
|
11,444
|
$
|
27,261
|
$
|
22,446
|
||||||||
|
Interest on investment securities:
|
||||||||||||||||
|
Taxable
|
1,156
|
1,223
|
2,284
|
2,558
|
||||||||||||
|
Tax exempt
|
408
|
233
|
771
|
359
|
||||||||||||
|
Interest on Federal funds sold and other
|
61
|
28
|
104
|
208
|
||||||||||||
|
TOTAL INTEREST INCOME
|
15,658
|
12,928
|
30,420
|
25,571
|
||||||||||||
|
INTEREST EXPENSE
|
||||||||||||||||
|
Interest on savings and NOW accounts
|
617
|
851
|
1,209
|
1,807
|
||||||||||||
|
Interest on time deposits
|
137
|
254
|
295
|
535
|
||||||||||||
|
Interest on FHLB advances
|
-
|
-
|
-
|
10
|
||||||||||||
|
Interest on note payable
|
42
|
42
|
84
|
84
|
||||||||||||
|
Interest on subordinated notes
|
230
|
-
|
460
|
-
|
||||||||||||
|
TOTAL INTEREST EXPENSE
|
1,026
|
1,147
|
2,048
|
2,436
|
||||||||||||
|
NET INTEREST INCOME
|
14,632
|
11,781
|
28,372
|
23,135
|
||||||||||||
|
Provision for loan losses
|
809
|
1,310
|
875
|
2,510
|
||||||||||||
|
NET INTEREST INCOME AFTER
|
||||||||||||||||
|
PROVISION FOR LOAN LOSSES
|
13,823
|
10,471
|
27,497
|
20,625
|
||||||||||||
|
NONINTEREST INCOME
|
||||||||||||||||
|
Service charges on deposit accounts
|
158
|
117
|
333
|
325
|
||||||||||||
|
Trust income
|
1,184
|
918
|
2,307
|
1,956
|
||||||||||||
|
Investment advisory income
|
1,235
|
997
|
2,411
|
1,898
|
||||||||||||
|
Investment securities gains(losses)
|
-
|
586
|
-
|
586
|
||||||||||||
|
Earnings on bank owned life insurance
|
173
|
182
|
345
|
347
|
||||||||||||
|
Other
|
278
|
206
|
523
|
435
|
||||||||||||
|
TOTAL NONINTEREST INCOME
|
3,028
|
3,006
|
5,919
|
5,547
|
||||||||||||
|
NONINTEREST EXPENSE
|
||||||||||||||||
|
Salaries
|
4,726
|
4,634
|
9,273
|
8,819
|
||||||||||||
|
Employee benefits
|
876
|
1,105
|
2,002
|
2,254
|
||||||||||||
|
Occupancy expense
|
967
|
934
|
1,932
|
1,872
|
||||||||||||
|
Professional fees
|
1,023
|
1,004
|
1,930
|
1,575
|
||||||||||||
|
Directors' fees and expenses
|
252
|
276
|
494
|
569
|
||||||||||||
|
Computer software expense
|
1,032
|
920
|
2,090
|
1,714
|
||||||||||||
|
FDIC assessment
|
267
|
197
|
555
|
366
|
||||||||||||
|
Advertising expenses
|
285
|
338
|
568
|
651
|
||||||||||||
|
Advisor expenses related to trust income
|
140
|
88
|
261
|
243
|
||||||||||||
|
Telephone expenses
|
136
|
140
|
270
|
269
|
||||||||||||
|
Intangible amortization
|
71
|
71
|
143
|
143
|
||||||||||||
|
Other
|
626
|
197
|
1,198
|
1,020
|
||||||||||||
|
TOTAL NONINTEREST EXPENSE
|
10,401
|
9,904
|
20,716
|
19,495
|
||||||||||||
|
Income before income taxes
|
6,450
|
3,573
|
12,700
|
6,677
|
||||||||||||
|
Provision for income taxes
|
1,257
|
695
|
2,482
|
1,323
|
||||||||||||
|
NET INCOME
|
$
|
5,193
|
$
|
2,878
|
$
|
10,218
|
$
|
5,354
|
||||||||
|
Basic and diluted earnings per share
|
$
|
1.16
|
$
|
0.64
|
$
|
2.28
|
$
|
1.19
|
||||||||
|
Weighted average shares outstanding
|
4,488,602
|
4,514,345
|
4,485,886
|
4,512,382
|
||||||||||||
Note: There were minor changes made to the previously reported June 30, 2020 income statement periods related to corrections for the treatment of deferred costs on loans.
8
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||||||||||
|
NET INTEREST MARGIN ANALYSIS
|
||||||||||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||||||||||
|
(Dollar Amounts in thousands)
|
||||||||||||||||||||||||
|
Three Months Ended June 30,
|
||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||
|
Average Balance
|
Interest
|
Average Rate
|
Average Balance
|
Interest
|
Average Rate
|
|||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Loans Receivable (net of PPP)
|
$
|
1,148,215
|
$
|
12,883
|
4.50
|
%
|
$
|
938,942
|
$
|
11,003
|
4.71
|
%
|
||||||||||||
|
PPP Loans
|
119,463
|
1,150
|
3.86
|
%
|
67,879
|
441
|
2.61
|
%
|
||||||||||||||||
|
Investment securities
|
361,541
|
1,541
|
1.71
|
%
|
276,908
|
1,439
|
2.09
|
%
|
||||||||||||||||
|
Due from banks
|
270,259
|
61
|
0.09
|
%
|
132,991
|
28
|
0.08
|
%
|
||||||||||||||||
|
Other
|
2,038
|
23
|
4.53
|
%
|
1,446
|
17
|
4.73
|
%
|
||||||||||||||||
|
Total interest earning assets
|
1,901,516
|
15,658
|
3.30
|
%
|
1,418,166
|
12,928
|
3.67
|
%
|
||||||||||||||||
|
Non-interest earning assets
|
81,249
|
72,429
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,982,765
|
1,490,595
|
|||||||||||||||||||||
|
Liabilities and equity:
|
||||||||||||||||||||||||
|
Interest-bearing demand accounts
|
$
|
276,609
|
$
|
84
|
0.12
|
%
|
$
|
203,334
|
$
|
102
|
0.20
|
%
|
||||||||||||
|
Money market accounts
|
627,289
|
478
|
0.31
|
%
|
464,021
|
681
|
0.59
|
%
|
||||||||||||||||
|
Savings accounts
|
183,867
|
55
|
0.12
|
%
|
128,487
|
68
|
0.21
|
%
|
||||||||||||||||
|
Certificates of deposit
|
88,537
|
137
|
0.62
|
%
|
89,830
|
254
|
1.14
|
%
|
||||||||||||||||
|
Total interest-bearing deposits
|
1,176,302
|
754
|
0.26
|
%
|
885,672
|
1,105
|
0.50
|
%
|
||||||||||||||||
|
FHLB Advances and other borrowings
|
3
|
0
|
0.27
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
|
Note payable
|
3,000
|
42
|
5.62
|
%
|
3,000
|
42
|
5.63
|
%
|
||||||||||||||||
|
Subordinated notes
|
19,348
|
230
|
4.77
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
|
Total interest bearing liabilities
|
1,198,653
|
1,026
|
0.34
|
%
|
888,672
|
1,147
|
0.52
|
%
|
||||||||||||||||
|
Non-interest bearing demand accounts
|
627,806
|
456,931
|
||||||||||||||||||||||
|
Other non-interest bearing liabilities
|
17,563
|
16,210
|
||||||||||||||||||||||
|
Total liabilities
|
1,844,022
|
1,361,813
|
||||||||||||||||||||||
|
Total shareholders' equity
|
138,744
|
128,782
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,982,766
|
1,490,595
|
|||||||||||||||||||||
|
Net interest income
|
$
|
14,632
|
$
|
11,781
|
||||||||||||||||||||
|
Interest rate spread 1
|
2.96
|
%
|
3.15
|
%
|
||||||||||||||||||||
|
Net interest margin 2
|
3.09
|
%
|
3.34
|
%
|
||||||||||||||||||||
|
Average interest earning assets to interest-bearing liabilities
|
158.6
|
%
|
159.6
|
%
|
||||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||||
|
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
|
||||||||||||||||||||||||
|
2 Net interest margin is the annualized net interest income divided by average interest-earning assets
|
||||||||||||||||||||||||
9
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||||||||||
|
NET INTEREST MARGIN ANALYSIS
|
||||||||||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||||||||||
|
(Dollar Amounts in thousands)
|
||||||||||||||||||||||||
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2021
|
2020
|
|||||||||||||||||||||||
|
Average Balance
|
Interest
|
Average Rate
|
Average Balance
|
Interest
|
Average Rate
|
|||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Loans Receivable (net of PPP)
|
$
|
1,116,706
|
$
|
24,886
|
4.49
|
%
|
$
|
927,768
|
$
|
22,004
|
4.77
|
%
|
||||||||||||
|
PPP Loans
|
107,040
|
2,375
|
4.47
|
%
|
33,939
|
442
|
2.62
|
%
|
||||||||||||||||
|
Investment securities
|
351,169
|
3,013
|
1.73
|
%
|
267,617
|
2,883
|
2.17
|
%
|
||||||||||||||||
|
Due from banks
|
224,083
|
104
|
0.09
|
%
|
95,589
|
208
|
0.44
|
%
|
||||||||||||||||
|
Other
|
1,780
|
42
|
4.76
|
%
|
1,361
|
34
|
5.02
|
%
|
||||||||||||||||
|
Total interest earning assets
|
1,800,778
|
30,420
|
3.41
|
%
|
1,326,274
|
25,571
|
3.88
|
%
|
||||||||||||||||
|
Non-interest earning assets
|
81,459
|
73,464
|
||||||||||||||||||||||
|
Total assets
|
$
|
1,882,237
|
1,399,738
|
|||||||||||||||||||||
|
Liabilities and equity:
|
||||||||||||||||||||||||
|
Interest-bearing demand accounts
|
$
|
269,626
|
$
|
165
|
0.12
|
%
|
$
|
202,450
|
$
|
205
|
0.20
|
%
|
||||||||||||
|
Money market accounts
|
583,535
|
939
|
0.32
|
%
|
433,956
|
1,456
|
0.67
|
%
|
||||||||||||||||
|
Savings accounts
|
171,449
|
105
|
0.12
|
%
|
126,286
|
146
|
0.23
|
%
|
||||||||||||||||
|
Certificates of deposit
|
89,660
|
295
|
0.66
|
%
|
88,913
|
535
|
1.21
|
%
|
||||||||||||||||
|
Total interest-bearing deposits
|
1,114,270
|
1,504
|
0.27
|
%
|
851,605
|
2,342
|
0.55
|
%
|
||||||||||||||||
|
FHLB Advances and other borrowings
|
1
|
0
|
0.40
|
%
|
1,163
|
10
|
1.73
|
%
|
||||||||||||||||
|
Note payable
|
3,000
|
84
|
5.65
|
%
|
3,000
|
84
|
5.63
|
%
|
||||||||||||||||
|
Subordinated notes
|
19,668
|
460
|
4.72
|
%
|
-
|
-
|
0.00
|
%
|
||||||||||||||||
|
Total interest bearing liabilities
|
1,136,939
|
2,048
|
0.36
|
%
|
855,768
|
2,436
|
0.57
|
%
|
||||||||||||||||
|
Non-interest bearing demand accounts
|
590,332
|
401,039
|
||||||||||||||||||||||
|
Other non-interest bearing liabilities
|
18,306
|
16,539
|
||||||||||||||||||||||
|
Total liabilities
|
1,745,577
|
1,273,346
|
||||||||||||||||||||||
|
Total shareholders' equity
|
136,660
|
126,392
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
1,882,237
|
1,399,738
|
|||||||||||||||||||||
|
Net interest income
|
$
|
28,372
|
$
|
23,135
|
||||||||||||||||||||
|
Interest rate spread 1
|
3.04
|
%
|
3.30
|
%
|
||||||||||||||||||||
|
Net interest margin 2
|
3.18
|
%
|
3.51
|
%
|
||||||||||||||||||||
|
Average interest earning assets to interest-bearing liabilities
|
158.4
|
%
|
155.0
|
%
|
||||||||||||||||||||
|
Notes:
|
||||||||||||||||||||||||
|
1 The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
|
||||||||||||||||||||||||
|
2 Net interest margin is the annualized net interest income divided by average interest-earning assets
|
||||||||||||||||||||||||
10
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||
|
SELECTED RATIOS AND OTHER DATA
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
Three Months Ended June 30, (1)
|
Six Months Ended June 30, (1)
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Performance Ratios:
|
||||||||||||||||
|
Return on average assets
|
1.05
|
%
|
0.77
|
%
|
1.09
|
%
|
0.77
|
%
|
||||||||
|
Return on average equity
|
14.97
|
%
|
8.94
|
%
|
14.95
|
%
|
8.47
|
%
|
||||||||
|
Interest rate spread (2)
|
2.96
|
%
|
3.15
|
%
|
3.04
|
%
|
3.30
|
%
|
||||||||
|
Net interest margin (3)
|
3.09
|
%
|
3.34
|
%
|
3.18
|
%
|
3.51
|
%
|
||||||||
|
Efficiency ratio (4)
|
58.90
|
%
|
66.98
|
%
|
60.41
|
%
|
67.97
|
%
|
||||||||
|
Dividend payout ratio (5)
|
17.29
|
%
|
31.37
|
%
|
17.56
|
%
|
33.71
|
%
|
||||||||
|
Non-interest income to average total assets
|
0.61
|
%
|
0.81
|
%
|
0.63
|
%
|
0.79
|
%
|
||||||||
|
Non-interest expenses to average total assets
|
2.10
|
%
|
2.00
|
%
|
2.20
|
%
|
2.07
|
%
|
||||||||
|
Average interest-earning assets to average interest-bearing liabilities
|
158.64
|
%
|
159.58
|
%
|
158.39
|
%
|
154.98
|
%
|
||||||||
|
Average equity to average total assets
|
7.00
|
%
|
8.64
|
%
|
7.26
|
%
|
9.03
|
%
|
||||||||
|
Net (charge-offs) recoveries to average outstanding loans during the period
|
0.00
|
%
|
0.07
|
%
|
0.00
|
%
|
0.07
|
%
|
||||||||
|
At
|
At
|
|||||||||||||||
|
June 30, 2021
|
December 31, 2020
|
|||||||||||||||
|
Asset Quality Ratios:
|
||||||||||||||||
|
Non-performing assets to total assets
|
0.12
|
%
|
0.15
|
%
|
||||||||||||
|
Non-performing loans to total loans
|
0.19
|
%
|
0.22
|
%
|
||||||||||||
|
Allowance for loan losses to non-performing loans
|
691.08
|
%
|
641.24
|
%
|
||||||||||||
|
Allowance for loan losses to total loans
|
1.32
|
%
|
1.40
|
%
|
||||||||||||
|
Capital Ratios:(6)
|
||||||||||||||||
|
Total capital (to risk-weighted assets)
|
13.38
|
%
|
13.49
|
%
|
||||||||||||
|
Tier 1 capital (to risk-weighted assets)
|
12.13
|
%
|
12.24
|
%
|
||||||||||||
|
Common equity tier 1 capital (to risk-weighted assets)
|
12.13
|
%
|
12.24
|
%
|
||||||||||||
|
Tier 1 capital (to average assets)
|
7.56
|
%
|
8.16
|
%
|
||||||||||||
|
Notes:
|
||||||||||||||||
|
(1) Annualized for the three and six month periods ended June 30, 2021 and 2020, respectively.
|
||||||||||||||||
|
(2) Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
|
||||||||||||||||
|
(3) The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
|
||||||||||||||||
|
(4) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
|
||||||||||||||||
|
(5) The dividend payout ratio represents dividends paid per share divided by net income per share.
|
||||||||||||||||
|
(6) Ratios are for the Bank only.
|
||||||||||||||||
11
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||
|
SELECTED OPERATING DATA
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
(Dollar Amounts in thousands except per share data)
|
||||||||||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
|
2021
|
2020
|
2021
|
2020
|
|||||||||||||
|
Interest income
|
$
|
15,658
|
$
|
12,928
|
$
|
30,420
|
$
|
25,571
|
||||||||
|
Interest expense
|
1,026
|
1,147
|
2,048
|
2,436
|
||||||||||||
|
Net interest income
|
14,632
|
11,781
|
28,372
|
23,135
|
||||||||||||
|
Provision for loan losses
|
809
|
1,310
|
875
|
2,510
|
||||||||||||
|
Net interest income after provision for loan losses
|
13,823
|
10,471
|
27,497
|
20,625
|
||||||||||||
|
Noninterest income
|
3,028
|
3,006
|
5,919
|
5,547
|
||||||||||||
|
Noninterest expenses
|
10,401
|
9,904
|
20,716
|
19,495
|
||||||||||||
|
Income before income taxes
|
6,450
|
3,573
|
12,700
|
6,677
|
||||||||||||
|
Provision for income taxes
|
1,257
|
695
|
2,482
|
1,323
|
||||||||||||
|
Net income
|
$
|
5,193
|
$
|
2,878
|
$
|
10,218
|
$
|
5,354
|
||||||||
|
Basic and diluted earnings per share
|
$
|
1.16
|
$
|
0.64
|
$
|
2.28
|
$
|
1.19
|
||||||||
|
Weighted average common shares outstanding
|
4,488,602
|
4,514,345
|
4,485,886
|
4,512,382
|
||||||||||||
|
At
|
At
|
|||||||||||||||
|
June 30, 2021
|
December 31, 2020
|
|||||||||||||||
|
Book value per share
|
$
|
31.39
|
$
|
30.21
|
||||||||||||
|
Net tangible book value per share (1)
|
$
|
29.79
|
$
|
28.57
|
||||||||||||
|
Outstanding common shares
|
4,488,437
|
4,483,102
|
||||||||||||||
|
Notes:
|
||||||||||||||||
|
(1) Net tangible book value represents the amount of your total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,358 in goodwill and $1,821, and
$1,963 in other intangible assets for June 30, 2021 and December 31,2020, respectively.
|
||||||||||||||||
12
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||
|
LOAN COMPOSITION
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
(Dollar Amounts in thousands)
|
||||||||||||||||
|
At June 30, 2021
|
At December 31, 2020
|
|||||||||||||||
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||
|
Commercial and industrial (a)
|
$
|
346,727
|
26.94
|
%
|
$
|
299,049
|
25.94
|
%
|
||||||||
|
Commercial real estate
|
781,074
|
60.69
|
%
|
698,130
|
60.56
|
%
|
||||||||||
|
Commercial real estate construction
|
66,781
|
5.19
|
%
|
63,544
|
5.51
|
%
|
||||||||||
|
Residential real estate
|
62,274
|
4.84
|
%
|
57,941
|
5.03
|
%
|
||||||||||
|
Home equity
|
13,057
|
1.01
|
%
|
13,960
|
1.21
|
%
|
||||||||||
|
Consumer
|
16,972
|
1.32
|
%
|
20,114
|
1.74
|
%
|
||||||||||
|
Total loans
|
1,286,885
|
100.00
|
%
|
1,152,738
|
100.00
|
%
|
||||||||||
|
Allowance for loan losses
|
17,049
|
16,172
|
||||||||||||||
|
Total loans, net
|
$
|
1,269,836
|
$
|
1,136,566
|
||||||||||||
|
(a) - Inlcudes PPP loans of:
|
$
|
108,711
|
$
|
68,974
|
||||||||||||
|
ORANGE COUNTY BANCORP, INC.
|
||||||||||||||||||||||||
|
DEPOSITS BY ACCOUNT TYPE
|
||||||||||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||||||||||
|
(Dollar Amounts in thousands)
|
||||||||||||||||||||||||
|
At June 30, 2021
|
At December 31, 2020
|
|||||||||||||||||||||||
|
Amount
|
Percent
|
Average Rate
|
Amount
|
Percent
|
Average Rate
|
|||||||||||||||||||
|
Noninterest-bearing demand accounts
|
$
|
652,767
|
34.88
|
%
|
0.00
|
%
|
$
|
521,093
|
34.99
|
%
|
0.00
|
%
|
||||||||||||
|
Interest bearing demand accounts
|
300,340
|
16.05
|
%
|
0.11
|
%
|
236,951
|
15.91
|
%
|
0.15
|
%
|
||||||||||||||
|
Money market accounts
|
642,177
|
34.31
|
%
|
0.28
|
%
|
483,044
|
32.43
|
%
|
0.36
|
%
|
||||||||||||||
|
Savings accounts
|
189,154
|
10.11
|
%
|
0.11
|
%
|
157,007
|
10.54
|
%
|
0.12
|
%
|
||||||||||||||
|
Certificates of Deposit
|
87,227
|
4.66
|
%
|
0.60
|
%
|
91,199
|
6.12
|
%
|
0.75
|
%
|
||||||||||||||
|
Total
|
$
|
1,871,665
|
100.00
|
%
|
0.15
|
%
|
$
|
1,489,294
|
100.00
|
%
|
0.20
|
%
|
||||||||||||
13
|
ORANGE COUNTY BANCORP, INC.
|
||||||||
|
NON-PERFORMING ASSETS
|
||||||||
|
(UNAUDITED)
|
||||||||
|
(Dollar Amounts in thousands)
|
||||||||
|
June 30, 2021
|
December 31, 2020
|
|||||||
|
Non-accrual loans:
|
||||||||
|
Commercial and industrial
|
$
|
5
|
$
|
-
|
||||
|
Commercial real estate
|
1,345
|
1,345
|
||||||
|
Commercial real estate construction
|
-
|
-
|
||||||
|
Residential real estate
|
653
|
657
|
||||||
|
Home equity
|
-
|
-
|
||||||
|
Consumer
|
-
|
-
|
||||||
|
Total non-accrual loans 1
|
2,003
|
2,002
|
||||||
|
Accruing loans 90 days or more past due:
|
||||||||
|
Commercial and industrial
|
337
|
457
|
||||||
|
Commercial real estate
|
-
|
-
|
||||||
|
Commercial real estate construction
|
-
|
-
|
||||||
|
Residential real estate
|
1
|
2
|
||||||
|
Home equity
|
-
|
-
|
||||||
|
Consumer
|
126
|
61
|
||||||
|
Total loans 90 days or more past due
|
464
|
520
|
||||||
|
Total non-performing loans
|
2,467
|
2,522
|
||||||
|
Other real estate owned
|
-
|
-
|
||||||
|
Other non-performing assets
|
-
|
-
|
||||||
|
Total non-performing assets
|
$
|
2,467
|
$
|
2,522
|
||||
|
Ratios:
|
||||||||
|
Total non-performing loans to total loans
|
0.19
|
%
|
0.22
|
%
|
||||
|
Total non-performing loans to total assets
|
0.12
|
%
|
0.15
|
%
|
||||
|
Total non-performing assets to total assets
|
0.12
|
%
|
0.15
|
%
|
||||
|
Notes:
|
||||||||
|
1 - Includes non-accruing TDRs:
|
$
|
959
|
$
|
959
|
||||
14