BROOKFIELD, Wis., April 12, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQB: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter of 2021. Net income for the quarter ended March 31, 2021, was $2.1 million or $1.67 basic and $0.97 diluted earnings per share, compared to $0.8 million or $0.63 basic and $0.36 diluted earnings per share for the same period of 2020.
Financial highlights for the quarter include:
- Tangible book value attributable to the common stock increased to $53.25 per share outstanding at March 31, 2021 compared to $52.28 at December 31, 2020, and $46.05 at March 31, 2020, reflecting a 15.7% year-on-year increase.
- Net mortgage banking revenues were up $2.8 million for the quarter versus the same period of 2020, reflecting a $63 million increase in residential mortgage loans for the period, due primarily to refinance activity driven by lower interest rates. Compensation expenses increased $1.5 million compared to the same period in 2020, largely related to mortgage lending compensation.
- When compared to the first quarter of 2020, first quarter 2021 net interest income was up $0.8 million; net interest margin was up 19 basis points to 3.23%, reflecting an 89 basis point improvement in the cost of interest bearing liabilities compared to a 55 basis point decline in interest earning asset yields; and average interest earning assets were up $65 million, primarily in commercial segment loans and residential loans held for sale.
- Non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans were 0.52% and 0.23%, respectively, at March 31, 2021, compared to 0.54% and 0.23%, respectively, at December 31, 2020, and down from 1.24% and 0.97%, respectively, at March 31, 2020. Recent measures continue to be near this credit cycle’s best.
- During the first quarter, CIBM Bank originated $18 million in new Paycheck Protection Plan (PPP) loans and received SBA forgiveness funding to close $19 million in PPP loans originated in 2020.
- Deposits for checking, savings, and money market accounts grew by $44 million during the quarter, reflecting federal fiscal and monetary policies (e.g., low interest rates) and marketing activity results.
Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “We are pleased with another quarter of strong income and a return on average assets of 1.14% due to continued strength in mortgage lending activity and solid progress in the net interest margin. We typically see a seasonal uptick in purchase money mortgage activity in the warmer months, and we expect that to be countered by reduced refinance activity as a result of the recent increase in long term interest rates.
“Our balance sheet has grown since year-end as a result of (a) surging checking and money market account balances due, in part, to federal economic stimulus policies and programs and (b) steady commercial loan production, which has replaced residential loan balances as refinanced mortgages are sold. While the banking industry as a whole performed better than many experts predicted over the past year, and CIBM performed even better than the peer, particularly with regard to credit metrics, we remain cautious about future credit quality in higher risk segments of the loan portfolio due to the lingering impact of the pandemic,” he concluded.
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com , including recent shareholder letters, links to regulatory financial reports, and audited financial statements.
FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.
There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.
Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:
- operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
- economic, political, and competitive forces affecting CIB Marine’s banking business;
- the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
- the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
| CIB MARINE BANCSHARES, INC. |
| Selected Unaudited Consolidated Financial Data |
|
|
|
|
|
|
|
|
|
|
At or for the |
|
Quarters Ended |
|
3 Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
March 31, |
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
(Dollars in thousands, except share and per share data) |
| Selected Statement of Operations Data: |
|
|
|
|
|
|
|
|
| Interest and dividend income |
$ |
6,265 |
|
$ |
6,489 |
|
$ |
7,202 |
|
$ |
6,669 |
|
$ |
6,636 |
|
|
$ |
6,265 |
|
$ |
6,636 |
|
| Interest expense |
|
536 |
|
|
765 |
|
|
1,017 |
|
|
1,343 |
|
|
1,689 |
|
|
|
536 |
|
|
1,689 |
|
| Net interest income |
|
5,729 |
|
|
5,724 |
|
|
6,185 |
|
|
5,326 |
|
|
4,947 |
|
|
|
5,729 |
|
|
4,947 |
|
| Provision for loan losses |
|
20 |
|
|
101 |
|
|
501 |
|
|
249 |
|
|
202 |
|
|
|
20 |
|
|
202 |
|
| Net interest income after provision for |
|
|
|
|
|
|
|
|
| loan losses |
|
5,709 |
|
|
5,623 |
|
|
5,684 |
|
|
5,077 |
|
|
4,745 |
|
|
|
5,709 |
|
|
4,745 |
|
| Noninterest income (1) |
|
5,146 |
|
|
6,566 |
|
|
8,104 |
|
|
4,489 |
|
|
2,642 |
|
|
|
5,146 |
|
|
2,642 |
|
| Noninterest expense |
|
7,940 |
|
|
9,317 |
|
|
9,056 |
|
|
7,308 |
|
|
6,322 |
|
|
|
7,940 |
|
|
6,322 |
|
| Income before income taxes |
|
2,915 |
|
|
2,872 |
|
|
4,732 |
|
|
2,258 |
|
|
1,065 |
|
|
|
2,915 |
|
|
1,065 |
|
| Income tax expense |
|
798 |
|
|
565 |
|
|
1,322 |
|
|
575 |
|
|
281 |
|
|
|
798 |
|
|
281 |
|
| Net income |
$ |
2,117 |
|
$ |
2,307 |
|
$ |
3,410 |
|
$ |
1,683 |
|
$ |
784 |
|
|
$ |
2,117 |
|
$ |
784 |
|
|
|
|
|
|
|
|
|
|
| Common Share Data (2): |
|
|
|
|
|
|
|
|
| Basic net income per share (3) |
$ |
1.67 |
|
$ |
1.82 |
|
$ |
2.69 |
|
$ |
1.36 |
|
$ |
0.63 |
|
|
$ |
1.67 |
|
$ |
0.63 |
|
| Diluted net income per share (3) |
|
0.97 |
|
|
1.06 |
|
|
1.56 |
|
|
0.79 |
|
|
0.36 |
|
|
|
0.98 |
|
|
0.36 |
|
| Dividend |
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
|
0.00 |
|
|
0.00 |
|
| Tangible book value per share (4) |
|
53.25 |
|
|
52.28 |
|
|
50.35 |
|
|
47.25 |
|
|
46.05 |
|
|
|
53.25 |
|
|
46.05 |
|
| Book value per share (4) |
|
48.21 |
|
|
47.19 |
|
|
45.27 |
|
|
42.00 |
|
|
40.95 |
|
|
|
48.21 |
|
|
40.95 |
|
| Weighted average shares outstanding - basic |
|
1,268,947 |
|
|
1,267,584 |
|
|
1,267,582 |
|
|
1,266,174 |
|
|
1,248,275 |
|
|
|
1,268,947 |
|
|
1,248,275 |
|
| Weighted average shares outstanding - diluted |
|
2,185,433 |
|
|
2,181,142 |
|
|
2,181,868 |
|
|
2,160,201 |
|
|
2,155,315 |
|
|
|
2,185,433 |
|
|
2,155,315 |
|
| Financial Condition Data: |
|
|
|
|
|
|
|
|
| Total assets |
$ |
752,715 |
|
$ |
750,982 |
|
$ |
793,604 |
|
$ |
793,151 |
|
$ |
705,473 |
|
|
$ |
752,715 |
|
$ |
705,473 |
|
| Loans |
|
540,206 |
|
|
539,227 |
|
|
546,351 |
|
|
535,692 |
|
|
513,992 |
|
|
|
540,206 |
|
|
513,992 |
|
| Allowance for loan losses |
|
(9,253 |
) |
|
(9,122 |
) |
|
(9,037 |
) |
|
(8,483 |
) |
|
(8,107 |
) |
|
|
(9,253 |
) |
|
(8,107 |
) |
| Investment securities |
|
112,400 |
|
|
108,492 |
|
|
107,351 |
|
|
113,303 |
|
|
120,105 |
|
|
|
112,400 |
|
|
120,105 |
|
| Deposits |
|
608,433 |
|
|
586,373 |
|
|
593,370 |
|
|
566,811 |
|
|
531,999 |
|
|
|
608,433 |
|
|
531,999 |
|
| Borrowings |
|
30,736 |
|
|
51,310 |
|
|
87,994 |
|
|
120,233 |
|
|
68,950 |
|
|
|
30,736 |
|
|
68,950 |
|
| Stockholders' equity |
|
105,593 |
|
|
103,704 |
|
|
101,271 |
|
|
97,347 |
|
|
95,841 |
|
|
|
105,593 |
|
|
95,841 |
|
| Financial Ratios and Other Data: |
|
|
|
|
|
|
|
|
| Performance Ratios: |
|
|
|
|
|
|
|
|
| Net interest margin (5) |
|
3.23 |
% |
|
3.14 |
% |
|
3.30 |
% |
|
2.96 |
% |
|
3.04 |
% |
|
|
3.23 |
% |
|
3.04 |
% |
| Net interest spread (6) |
|
3.13 |
% |
|
3.01 |
% |
|
3.16 |
% |
|
2.76 |
% |
|
2.78 |
% |
|
|
3.13 |
% |
|
2.78 |
% |
| Noninterest income to average assets (7) |
|
2.79 |
% |
|
3.43 |
% |
|
4.12 |
% |
|
2.36 |
% |
|
1.51 |
% |
|
|
2.79 |
% |
|
1.51 |
% |
| Noninterest expense to average assets |
|
4.27 |
% |
|
4.86 |
% |
|
4.60 |
% |
|
3.86 |
% |
|
3.67 |
% |
|
|
4.27 |
% |
|
3.67 |
% |
| Efficiency ratio (8) |
|
72.72 |
% |
|
75.77 |
% |
|
63.38 |
% |
|
74.61 |
% |
|
83.74 |
% |
|
|
72.72 |
% |
|
83.74 |
% |
| Earnings on average assets (9) |
|
1.14 |
% |
|
1.20 |
% |
|
1.73 |
% |
|
0.89 |
% |
|
0.45 |
% |
|
|
1.14 |
% |
|
0.45 |
% |
| Earnings on average equity (10) |
|
8.10 |
% |
|
8.83 |
% |
|
13.51 |
% |
|
6.97 |
% |
|
3.32 |
% |
|
|
8.10 |
% |
|
3.32 |
% |
| Asset Quality Ratios: |
|
|
|
|
|
|
|
|
| Nonaccrual loans to loans (11) |
|
0.23 |
% |
|
0.23 |
% |
|
0.32 |
% |
|
0.92 |
% |
|
0.97 |
% |
|
|
0.23 |
% |
|
0.97 |
% |
| Nonaccrual loans, restructured loans and |
|
|
|
|
|
|
|
|
| loans 90 days or more past due and still |
|
|
|
|
|
|
|
|
| accruing to total loans (11) |
|
0.37 |
% |
|
0.40 |
% |
|
0.49 |
% |
|
1.07 |
% |
|
1.25 |
% |
|
|
0.37 |
% |
|
1.25 |
% |
| Nonperforming assets, restructured loans |
|
|
|
|
|
|
|
|
| and loans 90 days or more past due and still |
|
|
|
|
|
|
|
|
| accruing to total assets (11) |
|
0.52 |
% |
|
0.54 |
% |
|
0.60 |
% |
|
1.02 |
% |
|
1.24 |
% |
|
|
0.52 |
% |
|
1.24 |
% |
| Allowance for loan losses to total loans (11) |
|
1.71 |
% |
|
1.69 |
% |
|
1.65 |
% |
|
1.58 |
% |
|
1.58 |
% |
|
|
1.71 |
% |
|
1.58 |
% |
| Allowance for loan losses to nonaccrual loans, |
|
|
|
|
|
|
|
|
| restructured loans and loans 90 days or |
|
|
|
|
|
|
|
|
| more past due and still accruing (11) |
|
459.21 |
% |
|
421.14 |
% |
|
338.59 |
% |
|
147.79 |
% |
|
126.26 |
% |
|
|
459.21 |
% |
|
126.26 |
% |
| Net charge-offs (recoveries) annualized |
|
|
|
|
|
|
|
|
| to average loans (11) |
|
-0.08 |
% |
|
0.01 |
% |
|
-0.04 |
% |
|
-0.09 |
% |
|
0.08 |
% |
|
|
-0.01 |
% |
|
0.15 |
% |
| Capital Ratios: |
|
|
|
|
|
|
|
|
| Total equity to total assets |
|
14.03 |
% |
|
13.81 |
% |
|
12.76 |
% |
|
12.27 |
% |
|
13.59 |
% |
|
|
14.03 |
% |
|
13.59 |
% |
| Total risk-based capital ratio |
|
18.15 |
% |
|
17.44 |
% |
|
16.13 |
% |
|
15.49 |
% |
|
15.36 |
% |
|
|
18.15 |
% |
|
15.36 |
% |
| Tier 1 risk-based capital ratio |
|
16.89 |
% |
|
16.19 |
% |
|
14.87 |
% |
|
14.23 |
% |
|
14.11 |
% |
|
|
16.89 |
% |
|
14.11 |
% |
| Leverage capital ratio |
|
11.88 |
% |
|
11.46 |
% |
|
11.20 |
% |
|
10.82 |
% |
|
11.08 |
% |
|
|
11.88 |
% |
|
11.08 |
% |
| Other Data: |
|
|
|
|
|
|
|
|
| Number of employees (full-time equivalent) |
|
179 |
|
|
176 |
|
|
176 |
|
|
177 |
|
|
177 |
|
|
|
179 |
|
|
177 |
|
| Number of banking facilities |
|
10 |
|
|
11 |
|
|
11 |
|
|
11 |
|
|
11 |
|
|
|
10 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
| (1) Noninterest income includes gains and losses on securities. |
| (2) Common share data prior to September 14, 2020, is adjusted to reflect the 1:15 reverse split to allow for comparability between the pre- and post- reverse split periods. |
| (3) Net income available to common stockholders in the calculation of earnings per share includes the difference between the carrying amount less the consideration paid for redeemed preferred stock of $0.03 million for the 2nd quarter and 12 months ended 2020. |
| (4) Tangible book value per share is the stockholder equity less the carry value of the preferred stock and less the goodwill and intangible assets, divided by the total shares of common outstanding. Book value per share is the stockholder equity less the liquidation preference of the preferred stock, divided by the total shares of common outstanding. Book value measures are reported inclusive of the net deferred tax assets. As presented here, shares of common outstanding excludes unvested restricted stock awards. |
| (5) Net interest margin is the ratio of net interest income to average interest-earning assets. |
| (6) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. |
| (7) Noninterest income to average assets excludes gains and losses on securities. |
| (8) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. |
| (9) Earnings on average assets are net income divided by average total assets. |
| (10) Earnings on average equity are net income divided by average stockholders' equity. |
| (11) Excludes loans held for sale. |
| CIB MARINE BANCSHARES, INC. |
| Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
(Dollars in Thousands, Except Shares) |
| Assets |
|
|
|
|
|
| Cash and due from banks |
$ |
51,691 |
|
$ |
29,927 |
|
$ |
30,544 |
|
$ |
9,120 |
|
$ |
9,006 |
|
| Reverse repurchase agreements |
|
- |
|
|
- |
|
|
8,208 |
|
|
18,117 |
|
|
3,622 |
|
| Securities available for sale |
|
109,965 |
|
|
106,014 |
|
|
104,866 |
|
|
110,818 |
|
|
117,640 |
|
| Equity securities at fair value |
|
2,435 |
|
|
2,478 |
|
|
2,485 |
|
|
2,485 |
|
|
2,465 |
|
| Loans held for sale |
|
18,136 |
|
|
42,977 |
|
|
67,496 |
|
|
83,997 |
|
|
24,988 |
|
|
|
|
|
|
|
| Loans |
|
540,206 |
|
|
539,227 |
|
|
546,351 |
|
|
535,692 |
|
|
513,992 |
|
| Allowance for loan losses |
|
(9,253 |
) |
|
(9,122 |
) |
|
(9,037 |
) |
|
(8,483 |
) |
|
(8,107 |
) |
| Net loans |
|
530,953 |
|
|
530,105 |
|
|
537,314 |
|
|
527,209 |
|
|
505,885 |
|
|
|
|
|
|
|
| Federal Home Loan Bank Stock |
|
3,140 |
|
|
3,140 |
|
|
3,140 |
|
|
2,948 |
|
|
2,947 |
|
| Premises and equipment, net |
|
4,476 |
|
|
4,682 |
|
|
4,667 |
|
|
4,679 |
|
|
4,769 |
|
| Accrued interest receivable |
|
1,983 |
|
|
2,050 |
|
|
2,075 |
|
|
1,973 |
|
|
1,610 |
|
| Deferred tax assets, net |
|
16,417 |
|
|
16,292 |
|
|
18,547 |
|
|
19,325 |
|
|
19,509 |
|
| Other real estate owned, net |
|
1,875 |
|
|
1,875 |
|
|
2,103 |
|
|
2,334 |
|
|
2,335 |
|
| Bank owned life insurance |
|
4,831 |
|
|
4,802 |
|
|
4,774 |
|
|
4,745 |
|
|
4,718 |
|
| Goodwill and other intangible assets |
|
126 |
|
|
131 |
|
|
137 |
|
|
142 |
|
|
148 |
|
| Other assets |
|
6,687 |
|
|
6,509 |
|
|
7,248 |
|
|
5,259 |
|
|
5,831 |
|
| Total Assets |
$ |
752,715 |
|
$ |
750,982 |
|
$ |
793,604 |
|
$ |
793,151 |
|
$ |
705,473 |
|
|
|
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest-bearing demand |
$ |
109,466 |
|
$ |
92,544 |
|
$ |
91,134 |
|
$ |
90,450 |
|
$ |
67,459 |
|
| Interest-bearing demand |
|
63,033 |
|
|
59,679 |
|
|
61,262 |
|
|
54,288 |
|
|
47,760 |
|
| Savings |
|
268,026 |
|
|
243,888 |
|
|
225,724 |
|
|
205,470 |
|
|
196,797 |
|
| Time |
|
167,908 |
|
|
190,262 |
|
|
215,250 |
|
|
216,603 |
|
|
219,983 |
|
| Total deposits |
|
608,433 |
|
|
586,373 |
|
|
593,370 |
|
|
566,811 |
|
|
531,999 |
|
| Short-term borrowings |
|
30,736 |
|
|
51,310 |
|
|
54,052 |
|
|
77,273 |
|
|
68,950 |
|
| Long-term borrowings |
|
- |
|
|
- |
|
|
33,942 |
|
|
42,960 |
|
|
- |
|
| Accrued interest payable |
|
140 |
|
|
246 |
|
|
398 |
|
|
447 |
|
|
543 |
|
| Other liabilities |
|
7,813 |
|
|
9,349 |
|
|
10,571 |
|
|
8,313 |
|
|
8,140 |
|
| Total liabilities |
|
647,122 |
|
|
647,278 |
|
|
692,333 |
|
|
695,804 |
|
|
609,632 |
|
|
|
|
|
|
|
| Stockholders' Equity |
|
|
|
|
|
| Preferred stock, $1 par value; 5,000,000 authorized shares at both March 31, 2021 and December 31, 2020; 7% fixed rate noncumulative perpetual issued; 40,690 shares of series A and 3,201 shares of series B; convertible; $43.9 million aggregate liquidation preference |
|
37,308 |
|
|
37,308 |
|
|
37,308 |
|
|
37,308 |
|
|
37,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock, $1 par value; 75,000,000 authorized shares; 1,294,665 and 1,282,385 issued shares; 1,280,596 and 1,268,316 outstanding shares at March 31, 2021 and December 31, 2020, respectively. (1)(2) |
|
1,295 |
|
|
1,282 |
|
|
1,282 |
|
|
19,240 |
|
|
19,162 |
|
| Capital surplus (2) |
|
179,291 |
|
|
179,188 |
|
|
179,090 |
|
|
161,032 |
|
|
160,990 |
|
| Accumulated deficit |
|
(113,452 |
) |
|
(115,569 |
) |
|
(117,875 |
) |
|
(121,285 |
) |
|
(122,969 |
) |
| Accumulated other comprehensive income, net |
|
1,685 |
|
|
2,029 |
|
|
2,000 |
|
|
1,586 |
|
|
1,702 |
|
| Treasury stock, 14,791 shares on March 31, 2021 and December 31, 2020 and 221,902 shares prior at cost (2) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
| Total stockholders' equity |
|
105,593 |
|
|
103,704 |
|
|
101,271 |
|
|
97,347 |
|
|
95,841 |
|
| Total liabilities and stockholders' equity |
$ |
752,715 |
|
$ |
750,982 |
|
$ |
793,604 |
|
$ |
793,151 |
|
$ |
705,473 |
|
|
|
|
|
|
|
| (1) Both issued and outstanding shares as stated here exclude 75,146 shares of unvested restricted stock awards at March 31, 2021 and 59,842 at December 31, 2020. |
| (2) Effective September 14, 2020, the Company executed a reverse stock split of 1 share for every 15 shares outstanding. Fractional shares were remitted cash at the then-current market value of $15.75 per share. |
| CIB MARINE BANCSHARES, INC. |
| Consolidated Statements of Operations (Unaudited) |
|
|
|
|
|
|
|
|
|
|
At or for the |
|
Quarters Ended |
|
3 Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
March 31, |
March 31, |
|
|
2021 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
| Interest Income |
|
|
|
|
|
|
|
|
| Loans |
$ |
5,524 |
|
$ |
5,577 |
|
$ |
6,054 |
|
$ |
5,540 |
|
$ |
5,703 |
|
|
$ |
5,524 |
|
$ |
5,703 |
|
| Loans held for sale |
|
175 |
|
|
331 |
|
|
537 |
|
|
451 |
|
|
119 |
|
|
|
175 |
|
|
119 |
|
| Securities |
|
555 |
|
|
564 |
|
|
573 |
|
|
661 |
|
|
763 |
|
|
|
555 |
|
|
763 |
|
| Other investments |
|
11 |
|
|
17 |
|
|
38 |
|
|
17 |
|
|
51 |
|
|
|
11 |
|
|
51 |
|
| Total interest income |
|
6,265 |
|
|
6,489 |
|
|
7,202 |
|
|
6,669 |
|
|
6,636 |
|
|
|
6,265 |
|
|
6,636 |
|
|
|
|
|
|
|
|
|
|
| Interest Expense |
|
|
|
|
|
|
|
|
| Deposits |
|
512 |
|
|
735 |
|
|
942 |
|
|
1,263 |
|
|
1,512 |
|
|
|
512 |
|
|
1,512 |
|
| Short-term borrowings |
|
24 |
|
|
30 |
|
|
38 |
|
|
54 |
|
|
177 |
|
|
|
24 |
|
|
177 |
|
| Long-term borrowings |
|
0 |
|
|
0 |
|
|
37 |
|
|
26 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Total interest expense |
|
536 |
|
|
765 |
|
|
1,017 |
|
|
1,343 |
|
|
1,689 |
|
|
|
536 |
|
|
1,689 |
|
| Net interest income |
|
5,729 |
|
|
5,724 |
|
|
6,185 |
|
|
5,326 |
|
|
4,947 |
|
|
|
5,729 |
|
|
4,947 |
|
| Provision for loan losses |
|
20 |
|
|
101 |
|
|
501 |
|
|
249 |
|
|
202 |
|
|
|
20 |
|
|
202 |
|
| Net interest income after provision for |
|
|
|
|
|
|
|
|
| loan losses |
|
5,709 |
|
|
5,623 |
|
|
5,684 |
|
|
5,077 |
|
|
4,745 |
|
|
|
5,709 |
|
|
4,745 |
|
|
|
|
|
|
|
|
|
|
| Noninterest Income |
|
|
|
|
|
|
|
|
| Deposit service charges |
|
84 |
|
|
91 |
|
|
89 |
|
|
88 |
|
|
96 |
|
|
|
84 |
|
|
96 |
|
| Other service fees |
|
40 |
|
|
37 |
|
|
36 |
|
|
36 |
|
|
20 |
|
|
|
40 |
|
|
20 |
|
| Mortgage banking revenue, net |
|
4,983 |
|
|
6,387 |
|
|
7,741 |
|
|
3,990 |
|
|
2,177 |
|
|
|
4,983 |
|
|
2,177 |
|
| Other income |
|
192 |
|
|
165 |
|
|
226 |
|
|
266 |
|
|
265 |
|
|
|
192 |
|
|
265 |
|
| Net gains on sale of securities available for sale |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Unrealized gains (losses) recognized on equity securities |
|
(43 |
) |
|
(6 |
) |
|
0 |
|
|
20 |
|
|
39 |
|
|
|
(43 |
) |
|
39 |
|
| Net gains (loss) on sale of SBA loans |
|
0 |
|
|
55 |
|
|
(55 |
) |
|
87 |
|
|
437 |
|
|
|
0 |
|
|
437 |
|
| Net gains (losses) on sale of assets and (writedowns) |
|
(110 |
) |
|
(163 |
) |
|
67 |
|
|
2 |
|
|
(392 |
) |
|
|
(110 |
) |
|
(392 |
) |
| Total noninterest income |
|
5,146 |
|
|
6,566 |
|
|
8,104 |
|
|
4,489 |
|
|
2,642 |
|
|
|
5,146 |
|
|
2,642 |
|
|
|
|
|
|
|
|
|
|
| Noninterest Expense |
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
5,956 |
|
|
7,015 |
|
|
7,329 |
|
|
5,451 |
|
|
4,421 |
|
|
|
5,956 |
|
|
4,421 |
|
| Equipment |
|
379 |
|
|
402 |
|
|
352 |
|
|
379 |
|
|
363 |
|
|
|
379 |
|
|
363 |
|
| Occupancy and premises |
|
434 |
|
|
452 |
|
|
390 |
|
|
407 |
|
|
460 |
|
|
|
434 |
|
|
460 |
|
| Data Processing |
|
185 |
|
|
178 |
|
|
177 |
|
|
155 |
|
|
164 |
|
|
|
185 |
|
|
164 |
|
| Federal deposit insurance |
|
48 |
|
|
49 |
|
|
48 |
|
|
47 |
|
|
0 |
|
|
|
48 |
|
|
0 |
|
| Professional services |
|
253 |
|
|
322 |
|
|
162 |
|
|
242 |
|
|
298 |
|
|
|
253 |
|
|
298 |
|
| Telephone and data communication |
|
60 |
|
|
82 |
|
|
71 |
|
|
67 |
|
|
68 |
|
|
|
60 |
|
|
68 |
|
| Insurance |
|
68 |
|
|
62 |
|
|
58 |
|
|
55 |
|
|
54 |
|
|
|
68 |
|
|
54 |
|
| Other expense |
|
557 |
|
|
755 |
|
|
469 |
|
|
505 |
|
|
494 |
|
|
|
557 |
|
|
494 |
|
| Total noninterest expense |
|
7,940 |
|
|
9,317 |
|
|
9,056 |
|
|
7,308 |
|
|
6,322 |
|
|
|
7,940 |
|
|
6,322 |
|
| Income from operations |
|
|
|
|
|
|
|
|
| before income taxes |
|
2,915 |
|
|
2,872 |
|
|
4,732 |
|
|
2,258 |
|
|
1,065 |
|
|
|
2,915 |
|
|
1,065 |
|
| Income tax expense |
|
798 |
|
|
565 |
|
|
1,322 |
|
|
575 |
|
|
281 |
|
|
|
798 |
|
|
281 |
|
| Net income |
|
2,117 |
|
|
2,307 |
|
|
3,410 |
|
|
1,683 |
|
|
784 |
|
|
|
2,117 |
|
|
784 |
|
| Preferred stock dividend |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Discount from repurchase of preferred stock |
|
0 |
|
|
0 |
|
|
33 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Net income allocated to |
|
|
|
|
|
|
|
|
| common stockholders |
$ |
2,117 |
|
$ |
2,307 |
|
$ |
3,443 |
|
$ |
1,683 |
|
$ |
784 |
|
|
$ |
2,117 |
|
$ |
784 |
|
|
|
|
|
|
|
|
|
|
