☑
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Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
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☐
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Transition report pursuant to Section 13 or 15 (d) of the Exchange Act
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Pennsylvania
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300 Market Street, P.O. Box 967
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23-2226454
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(State or other jurisdiction of
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Williamsport
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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Pennsylvania
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17703-0967
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, $8.33 par value
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PWOD
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The Nasdaq Global Select Market
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Large accelerated filer
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☐
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Accelerated filer
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☒
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Non-accelerated filer
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☐
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Smaller reporting company
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☒
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Emerging growth company
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☐
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Page
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Number
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September 30,
|
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December 31,
|
||||
(In Thousands, Except Share Data)
|
|
2019
|
|
2018
|
||||
ASSETS:
|
|
|
|
|
|
|
||
Noninterest-bearing balances
|
|
$
|
25,990
|
|
|
$
|
24,325
|
|
Interest-bearing balances in other financial institutions
|
|
31,351
|
|
|
42,417
|
|
||
Total cash and cash equivalents
|
|
57,341
|
|
|
66,742
|
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||
|
|
|
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|
||||
Investment debt securities, available for sale, at fair value
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149,075
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134,285
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Investment equity securities, at fair value
|
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1,820
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|
|
1,776
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Investment securities, trading
|
|
47
|
|
|
36
|
|
||
Restricted investment in bank stock, at fair value
|
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13,502
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18,862
|
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Loans held for sale
|
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1,868
|
|
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2,929
|
|
||
Loans
|
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1,364,984
|
|
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1,384,757
|
|
||
Allowance for loan losses
|
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(14,249
|
)
|
|
(13,837
|
)
|
||
Loans, net
|
|
1,350,735
|
|
|
1,370,920
|
|
||
Premises and equipment, net
|
|
33,366
|
|
|
27,580
|
|
||
Accrued interest receivable
|
|
5,267
|
|
|
5,334
|
|
||
Bank-owned life insurance
|
|
29,107
|
|
|
28,627
|
|
||
Goodwill
|
|
17,104
|
|
|
17,104
|
|
||
Intangibles
|
|
960
|
|
|
1,162
|
|
||
Operating lease right-of-use asset
|
|
4,217
|
|
|
—
|
|
||
Deferred tax asset
|
|
3,744
|
|
|
5,154
|
|
||
Other assets
|
|
4,942
|
|
|
4,260
|
|
||
TOTAL ASSETS
|
|
$
|
1,673,095
|
|
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$
|
1,684,771
|
|
|
|
|
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|
||||
LIABILITIES:
|
|
|
|
|
|
|
||
Interest-bearing deposits
|
|
$
|
1,005,078
|
|
|
$
|
899,089
|
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Noninterest-bearing deposits
|
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327,329
|
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320,814
|
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Total deposits
|
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1,332,407
|
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1,219,903
|
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||
|
|
|
|
|
||||
Short-term borrowings
|
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5,987
|
|
|
167,865
|
|
||
Long-term borrowings
|
|
162,290
|
|
|
138,942
|
|
||
Accrued interest payable
|
|
1,666
|
|
|
1,150
|
|
||
Operating lease liability
|
|
4,228
|
|
|
—
|
|
||
Other liabilities
|
|
11,456
|
|
|
13,367
|
|
||
TOTAL LIABILITIES
|
|
1,518,034
|
|
|
1,541,227
|
|
||
|
|
|
|
|
||||
SHAREHOLDERS’ EQUITY:
|
|
|
|
|
|
|
||
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued
|
|
—
|
|
|
—
|
|
||
Common stock, par value $5.55, 22,500,000 shares authorized; 7,517,796 and 7,517,546 shares issued; 7,037,571 and 7,037,321 outstanding
|
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41,758
|
|
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41,763
|
|
||
Additional paid-in capital
|
|
51,290
|
|
|
50,737
|
|
||
Retained earnings
|
|
76,009
|
|
|
69,787
|
|
||
Accumulated other comprehensive gain (loss):
|
|
|
|
|
|
|
||
Net unrealized gain (loss) on available for sale securities
|
|
3,266
|
|
|
(1,360
|
)
|
||
Defined benefit plan
|
|
(5,165
|
)
|
|
(5,276
|
)
|
||
Treasury stock at cost, 480,225
|
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(12,115
|
)
|
|
(12,115
|
)
|
||
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY
|
|
155,043
|
|
|
143,536
|
|
||
Non-controlling interest
|
|
18
|
|
|
8
|
|
||
TOTAL SHAREHOLDERS' EQUITY
|
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155,061
|
|
|
143,544
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
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$
|
1,673,095
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|
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$
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1,684,771
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|
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Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands, Except Per Share Data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
INTEREST AND DIVIDEND INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans, including fees
|
|
$
|
15,426
|
|
|
$
|
13,982
|
|
|
$
|
45,595
|
|
|
$
|
39,172
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable
|
|
998
|
|
|
713
|
|
|
2,899
|
|
|
1,898
|
|
||||
Tax-exempt
|
|
167
|
|
|
207
|
|
|
520
|
|
|
678
|
|
||||
Dividend and other interest income
|
|
493
|
|
|
296
|
|
|
1,345
|
|
|
762
|
|
||||
TOTAL INTEREST AND DIVIDEND INCOME
|
|
17,084
|
|
|
15,198
|
|
|
50,359
|
|
|
42,510
|
|
||||
INTEREST EXPENSE:
|
|
|
|
|
|
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|
|
|
|
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|
||||
Deposits
|
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3,165
|
|
|
1,659
|
|
|
8,336
|
|
|
4,371
|
|
||||
Short-term borrowings
|
|
7
|
|
|
528
|
|
|
790
|
|
|
1,004
|
|
||||
Long-term borrowings
|
|
1,009
|
|
|
756
|
|
|
2,739
|
|
|
2,024
|
|
||||
TOTAL INTEREST EXPENSE
|
|
4,181
|
|
|
2,943
|
|
|
11,865
|
|
|
7,399
|
|
||||
NET INTEREST INCOME
|
|
12,903
|
|
|
12,255
|
|
|
38,494
|
|
|
35,111
|
|
||||
PROVISION FOR LOAN LOSSES
|
|
360
|
|
|
480
|
|
|
1,035
|
|
|
975
|
|
||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
12,543
|
|
|
11,775
|
|
|
37,459
|
|
|
34,136
|
|
||||
NON-INTEREST INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service charges
|
|
622
|
|
|
645
|
|
|
1,776
|
|
|
1,788
|
|
||||
Net debt securities gains (losses), available for sale
|
|
189
|
|
|
(22
|
)
|
|
200
|
|
|
(17
|
)
|
||||
Net equity securities (losses) gains
|
|
(21
|
)
|
|
(16
|
)
|
|
44
|
|
|
(44
|
)
|
||||
Net securities gains (losses), trading
|
|
2
|
|
|
14
|
|
|
15
|
|
|
12
|
|
||||
Bank-owned life insurance
|
|
143
|
|
|
165
|
|
|
434
|
|
|
496
|
|
||||
Gain on sale of loans
|
|
583
|
|
|
398
|
|
|
1,246
|
|
|
1,053
|
|
||||
Insurance commissions
|
|
93
|
|
|
85
|
|
|
346
|
|
|
266
|
|
||||
Brokerage commissions
|
|
353
|
|
|
340
|
|
|
1,032
|
|
|
1,013
|
|
||||
Debit card fees
|
|
333
|
|
|
359
|
|
|
1,032
|
|
|
1,065
|
|
||||
Other
|
|
525
|
|
|
621
|
|
|
1,420
|
|
|
1,400
|
|
||||
TOTAL NON-INTEREST INCOME
|
|
2,822
|
|
|
2,589
|
|
|
7,545
|
|
|
7,032
|
|
||||
NON-INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
|
|
5,488
|
|
|
5,420
|
|
|
16,512
|
|
|
15,387
|
|
||||
Occupancy
|
|
638
|
|
|
640
|
|
|
2,085
|
|
|
2,080
|
|
||||
Furniture and equipment
|
|
885
|
|
|
780
|
|
|
2,421
|
|
|
2,328
|
|
||||
Software amortization
|
|
234
|
|
|
208
|
|
|
629
|
|
|
504
|
|
||||
Pennsylvania shares tax
|
|
285
|
|
|
278
|
|
|
863
|
|
|
833
|
|
||||
Professional fees
|
|
585
|
|
|
459
|
|
|
1,834
|
|
|
1,674
|
|
||||
Federal Deposit Insurance Corporation deposit insurance
|
|
—
|
|
|
237
|
|
|
504
|
|
|
639
|
|
||||
Marketing
|
|
98
|
|
|
245
|
|
|
233
|
|
|
764
|
|
||||
Intangible amortization
|
|
62
|
|
|
71
|
|
|
202
|
|
|
229
|
|
||||
Other
|
|
1,266
|
|
|
1,343
|
|
|
4,131
|
|
|
4,037
|
|
||||
TOTAL NON-INTEREST EXPENSE
|
|
9,541
|
|
|
9,681
|
|
|
29,414
|
|
|
28,475
|
|
||||
INCOME BEFORE INCOME TAX PROVISION
|
|
5,824
|
|
|
4,683
|
|
|
15,590
|
|
|
12,693
|
|
||||
INCOME TAX PROVISION
|
|
1,170
|
|
|
857
|
|
|
2,741
|
|
|
2,179
|
|
||||
CONSOLIDATED NET INCOME
|
|
$
|
4,654
|
|
|
$
|
3,826
|
|
|
$
|
12,849
|
|
|
$
|
10,514
|
|
Less: Net loss attributable to noncontrolling interest
|
|
4
|
|
|
—
|
|
|
10
|
|
|
(1
|
)
|
||||
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC.
|
|
$
|
4,650
|
|
|
$
|
3,826
|
|
|
$
|
12,839
|
|
|
$
|
10,515
|
|
EARNINGS PER SHARE - BASIC
|
|
$
|
0.66
|
|
|
$
|
0.54
|
|
|
$
|
1.82
|
|
|
$
|
1.49
|
|
EARNINGS PER SHARE - DILUTED
|
|
$
|
0.66
|
|
|
$
|
0.54
|
|
|
$
|
1.82
|
|
|
$
|
1.49
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC
|
|
7,037,055
|
|
|
7,035,840
|
|
|
7,036,181
|
|
|
7,034,940
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED
|
|
7,037,055
|
|
|
7,035,840
|
|
|
7,036,181
|
|
|
7,034,940
|
|
||||
DIVIDENDS DECLARED PER SHARE
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.94
|
|
|
$
|
0.94
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Income
|
|
$
|
4,650
|
|
|
$
|
3,826
|
|
|
$
|
12,839
|
|
|
$
|
10,515
|
|
Other comprehensive income (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in unrealized gain (loss) on available for sale securities
|
|
1,261
|
|
|
(789
|
)
|
|
6,056
|
|
|
(2,641
|
)
|
||||
Tax effect
|
|
(265
|
)
|
|
166
|
|
|
(1,272
|
)
|
|
556
|
|
||||
Net realized (gain) loss on available for sale securities included in net income
|
|
(189
|
)
|
|
22
|
|
|
(200
|
)
|
|
17
|
|
||||
Tax effect
|
|
40
|
|
|
(5
|
)
|
|
42
|
|
|
(4
|
)
|
||||
Amortization of unrecognized pension gain
|
|
46
|
|
|
41
|
|
|
140
|
|
|
125
|
|
||||
Tax effect
|
|
(9
|
)
|
|
(8
|
)
|
|
(29
|
)
|
|
(25
|
)
|
||||
Total other comprehensive gain (loss) income
|
|
884
|
|
|
(573
|
)
|
|
4,737
|
|
|
(1,972
|
)
|
||||
Comprehensive income
|
|
$
|
5,534
|
|
|
$
|
3,253
|
|
|
$
|
17,576
|
|
|
$
|
8,543
|
|
|
|
COMMON STOCK
|
|
ADDITIONAL
PAID-IN CAPITAL
|
|
RETAINED EARNINGS
|
|
ACCUMULATED OTHER
COMPREHENSIVE LOSS
|
|
TREASURY STOCK
|
|
NON-CONTROLLING INTEREST
|
|
TOTAL
SHAREHOLDERS’ EQUITY
|
|||||||||||||||||
(In Thousands, Except Per Share Data)
|
|
SHARES
|
|
AMOUNT
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, June 30, 2019
|
|
7,519,344
|
|
|
$
|
41,773
|
|
|
$
|
51,067
|
|
|
$
|
73,565
|
|
|
$
|
(2,783
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
14
|
|
|
$
|
151,521
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
4,650
|
|
|
|
|
|
|
|
|
4
|
|
|
4,654
|
|
|||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
884
|
|
|
|
|
|
|
884
|
|
|||||||||||||
Stock-based compensation
|
|
|
|
|
|
185
|
|
|
|
|
|
|
|
|
|
|
|
|
185
|
|
|||||||||||
Dividends declared ($0.31 per share)
|
|
|
|
|
|
|
|
|
|
|
(2,206
|
)
|
|
|
|
|
|
|
|
|
|
(2,206
|
)
|
||||||||
Common shares issued for employee stock purchase plan
|
|
782
|
|
|
4
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
42
|
|
|||||||||||
Stock split fractional shares
|
|
(2,330
|
)
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19
|
)
|
||||||||||
Balance, September 30, 2019
|
|
7,517,796
|
|
|
$
|
41,758
|
|
|
$
|
51,290
|
|
|
$
|
76,009
|
|
|
$
|
(1,899
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
18
|
|
|
$
|
155,061
|
|
|
|
COMMON STOCK
|
|
ADDITIONAL
PAID-IN CAPITAL
|
|
RETAINED EARNINGS
|
|
ACCUMULATED OTHER
COMPREHENSIVE LOSS
|
|
TREASURY STOCK
|
|
NON-CONTROLLING INTEREST
|
|
TOTAL
SHAREHOLDERS’ EQUITY
|
|||||||||||||||||
(In Thousands, Except Per Share Data)
|
|
SHARES
|
|
AMOUNT
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, June 30, 2018
|
|
7,515,803
|
|
|
$
|
41,753
|
|
|
$
|
50,225
|
|
|
$
|
66,181
|
|
|
$
|
(6,910
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
1
|
|
|
$
|
139,135
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
3,826
|
|
|
|
|
|
|
|
|
—
|
|
|
3,826
|
|
|||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(573
|
)
|
|
|
|
|
|
|
(573
|
)
|
|||||||||
Stock-based compensation
|
|
|
|
|
|
333
|
|
|
|
|
|
|
|
|
|
|
333
|
|
|||||||||||||
Dividends declared ($0.31 per share)
|
|
|
|
|
|
|
|
|
|
|
(2,205
|
)
|
|
|
|
|
|
|
|
|
|
(2,205
|
)
|
||||||||
Common shares issued for employee stock purchase plan
|
|
1,743
|
|
|
4
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
||||||||
Balance, September 30, 2018
|
|
7,517,546
|
|
|
$
|
41,757
|
|
|
$
|
50,577
|
|
|
$
|
67,802
|
|
|
$
|
(7,483
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
1
|
|
|
$
|
140,539
|
|
|
|
COMMON STOCK
|
|
ADDITIONAL
PAID-IN CAPITAL
|
|
RETAINED EARNINGS
|
|
ACCUMULATED OTHER
COMPREHENSIVE LOSS
|
|
TREASURY STOCK
|
|
NON-CONTROLLING INTEREST
|
|
TOTAL
SHAREHOLDERS’ EQUITY
|
|||||||||||||||||
(In Thousands, Except Per Share Data)
|
|
SHARES
|
|
AMOUNT
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2018
|
|
7,517,546
|
|
|
$
|
41,763
|
|
|
$
|
50,737
|
|
|
$
|
69,787
|
|
|
$
|
(6,636
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
8
|
|
|
$
|
143,544
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
12,839
|
|
|
|
|
|
|
|
|
10
|
|
|
12,849
|
|
|||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,737
|
|
|
|
|
|
|
|
4,737
|
|
||||||||
Stock-based compensation
|
|
|
|
|
|
498
|
|
|
|
|
|
|
|
|
|
|
498
|
|
|||||||||||||
Dividends declared ($0.94 per share)
|
|
|
|
|
|
|
|
|
|
|
(6,617
|
)
|
|
|
|
|
|
|
|
|
|
(6,617
|
)
|
||||||||
Common shares issued for employee stock purchase plan
|
|
2,580
|
|
|
14
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69
|
|
||||||||
Stock split fractional shares
|
|
(2,330
|
)
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(19
|
)
|
|||||||||||
Balance, September 30, 2019
|
|
7,517,796
|
|
|
$
|
41,758
|
|
|
$
|
51,290
|
|
|
$
|
76,009
|
|
|
$
|
(1,899
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
18
|
|
|
$
|
155,061
|
|
|
|
COMMON STOCK
|
|
ADDITIONAL
PAID-IN CAPITAL
|
|
RETAINED EARNINGS
|
|
ACCUMULATED OTHER
COMPREHENSIVE LOSS
|
|
TREASURY STOCK
|
|
NON-CONTROLLING INTEREST
|
|
TOTAL
SHAREHOLDERS’ EQUITY
|
|||||||||||||||||
(In Thousands, Except Per Share Data)
|
|
SHARES
|
|
AMOUNT
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance, December 31, 2017
|
|
7,514,009
|
|
|
$
|
41,744
|
|
|
$
|
50,173
|
|
|
$
|
63,364
|
|
|
$
|
(4,974
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
2
|
|
|
$
|
138,194
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
10,515
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
10,514
|
|
|||||||
Adoption of ASU 2016-01
|
|
|
|
|
|
|
|
537
|
|
|
(537
|
)
|
|
|
|
|
|
—
|
|
||||||||||||
Other comprehensive (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,972
|
)
|
|
|
|
|
|
|
(1,972
|
)
|
|||||||||
Stock-based compensation
|
|
|
|
|
|
345
|
|
|
|
|
|
|
|
|
|
|
345
|
|
|||||||||||||
Dividends declared ($0.94 per share)
|
|
|
|
|
|
|
|
|
|
|
(6,614
|
)
|
|
|
|
|
|
|
|
|
|
(6,614
|
)
|
||||||||
Common shares issued for employee stock purchase plan
|
|
3,537
|
|
|
13
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72
|
|
||||||||
Balance, September 30, 2018
|
|
7,517,546
|
|
|
$
|
41,757
|
|
|
$
|
50,577
|
|
|
$
|
67,802
|
|
|
$
|
(7,483
|
)
|
|
$
|
(12,115
|
)
|
|
$
|
1
|
|
|
$
|
140,539
|
|
|
|
Nine Months Ended September 30,
|
||||||
(In Thousands)
|
|
2019
|
|
2018
|
||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Net Income
|
|
$
|
12,849
|
|
|
$
|
10,514
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
1,904
|
|
|
1,907
|
|
||
Amortization of intangible assets
|
|
202
|
|
|
229
|
|
||
Provision for loan losses
|
|
1,035
|
|
|
975
|
|
||
Accretion and amortization of investment security discounts and premiums
|
|
499
|
|
|
591
|
|
||
Net securities (gains) losses, available for sale
|
|
(200
|
)
|
|
17
|
|
||
Originations of loans held for sale
|
|
(41,601
|
)
|
|
(39,979
|
)
|
||
Proceeds of loans held for sale
|
|
43,908
|
|
|
38,501
|
|
||
Gain on sale of loans
|
|
(1,246
|
)
|
|
(1,053
|
)
|
||
Net equity securities (gains) losses
|
|
(44
|
)
|
|
44
|
|
||
Net securities gains, trading
|
|
(15
|
)
|
|
(12
|
)
|
||
Proceeds from the sale of trading securities
|
|
78
|
|
|
466
|
|
||
Purchases of trading securities
|
|
(74
|
)
|
|
(309
|
)
|
||
Earnings on bank-owned life insurance
|
|
(434
|
)
|
|
(496
|
)
|
||
Decrease (increase) in deferred tax asset
|
|
180
|
|
|
(370
|
)
|
||
Other, net
|
|
(1,268
|
)
|
|
(952
|
)
|
||
Net cash provided by operating activities
|
|
15,773
|
|
|
10,073
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||
Proceeds from sales of available for sale securities
|
|
16,289
|
|
|
14,528
|
|
||
Proceeds from calls and maturities of available for sale securities
|
|
3,089
|
|
|
6,160
|
|
||
Purchases of available for sale securities
|
|
(28,611
|
)
|
|
(45,473
|
)
|
||
Net decrease (increase) in loans
|
|
18,625
|
|
|
(123,857
|
)
|
||
Acquisition of premises and equipment
|
|
(1,798
|
)
|
|
(1,374
|
)
|
||
Proceeds from the sale of foreclosed assets
|
|
502
|
|
|
253
|
|
||
Purchase of bank-owned life insurance
|
|
(30
|
)
|
|
(36
|
)
|
||
Proceeds from redemption of regulatory stock
|
|
13,659
|
|
|
12,073
|
|
||
Purchases of regulatory stock
|
|
(8,299
|
)
|
|
(16,575
|
)
|
||
Net cash provided (used) for investing activities
|
|
13,426
|
|
|
(154,301
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||
Net increase in interest-bearing deposits
|
|
105,989
|
|
|
54,362
|
|
||
Net increase in noninterest-bearing deposits
|
|
6,515
|
|
|
9,795
|
|
||
Proceeds from long-term borrowings
|
|
50,000
|
|
|
80,000
|
|
||
Repayment of long-term borrowings
|
|
(32,608
|
)
|
|
(12,000
|
)
|
||
Net (decrease) increase in short-term borrowings
|
|
(161,878
|
)
|
|
63,717
|
|
||
Finance lease principal payments
|
|
(70
|
)
|
|
—
|
|
||
Dividends paid
|
|
(6,617
|
)
|
|
(6,614
|
)
|
||
Issuance of common stock
|
|
69
|
|
|
72
|
|
||
Net cash (used) provided by financing activities
|
|
(38,600
|
)
|
|
189,332
|
|
||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
(9,401
|
)
|
|
45,104
|
|
||
CASH AND CASH EQUIVALENTS, BEGINNING
|
|
66,742
|
|
|
27,243
|
|
||
CASH AND CASH EQUIVALENTS, ENDING
|
|
$
|
57,341
|
|
|
$
|
72,347
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
11,349
|
|
|
$
|
6,850
|
|
Income taxes paid
|
|
3,125
|
|
|
1,925
|
|
||
Non-cash investing and financing activities:
|
|
|
|
|
||||
Right-of-use lease assets obtained in exchange for lessee finance lease liabilities
|
|
6,026
|
|
|
—
|
|
||
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities
|
|
4,298
|
|
|
—
|
|
||
Transfer of loans to foreclosed real estate
|
|
525
|
|
|
876
|
|
||
Transfer due to adoption of ASU 2016-01, equity securities fair value adjust, reclassification from AOCI to Retained Earnings, net of tax
|
|
—
|
|
|
537
|
|
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||
(In Thousands)
|
|
Net Unrealized Gain
on Available
for Sale Securities
|
|
Defined
Benefit
Plan
|
|
Total
|
|
Net Unrealized
Loss on Available
for Sale Securities
|
|
Defined
Benefit
Plan
|
|
Total
|
||||||||||||
Beginning balance
|
|
$
|
2,419
|
|
|
$
|
(5,202
|
)
|
|
$
|
(2,783
|
)
|
|
$
|
(2,057
|
)
|
|
$
|
(4,853
|
)
|
|
$
|
(6,910
|
)
|
Other comprehensive gain (loss) before reclassifications
|
|
996
|
|
|
—
|
|
|
996
|
|
|
(623
|
)
|
|
—
|
|
|
(623
|
)
|
||||||
Amounts reclassified from accumulated other comprehensive (loss) gain
|
|
(149
|
)
|
|
37
|
|
|
(112
|
)
|
|
17
|
|
|
33
|
|
|
50
|
|
||||||
Net current-period other comprehensive income (loss)
|
|
847
|
|
|
37
|
|
|
884
|
|
|
(606
|
)
|
|
33
|
|
|
(573
|
)
|
||||||
Ending balance
|
|
$
|
3,266
|
|
|
$
|
(5,165
|
)
|
|
$
|
(1,899
|
)
|
|
$
|
(2,663
|
)
|
|
$
|
(4,820
|
)
|
|
$
|
(7,483
|
)
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
(In Thousands)
|
|
Net Unrealized Gain (Loss) on Available for Sale Securities
|
|
Defined
Benefit
Plan
|
|
Total
|
|
Net Unrealized Gain (Loss) on Available
for Sale Securities
|
|
Defined
Benefit
Plan
|
|
Total
|
||||||||||||
Beginning balance
|
|
$
|
(1,360
|
)
|
|
$
|
(5,276
|
)
|
|
$
|
(6,636
|
)
|
|
$
|
(54
|
)
|
|
$
|
(4,920
|
)
|
|
$
|
(4,974
|
)
|
Other comprehensive gain (loss) before reclassifications
|
|
4,784
|
|
|
—
|
|
|
4,784
|
|
|
(2,085
|
)
|
|
—
|
|
|
(2,085
|
)
|
||||||
Amounts reclassified from accumulated other comprehensive (loss) gain
|
|
(158
|
)
|
|
111
|
|
|
(47
|
)
|
|
13
|
|
|
100
|
|
|
113
|
|
||||||
Net current-period other comprehensive income (loss)
|
|
4,626
|
|
|
111
|
|
|
4,737
|
|
|
(2,072
|
)
|
|
100
|
|
|
(1,972
|
)
|
||||||
Reclassification from adoption of 2016-01
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(537
|
)
|
|
—
|
|
|
(537
|
)
|
||||||
Ending balance
|
|
$
|
3,266
|
|
|
$
|
(5,165
|
)
|
|
$
|
(1,899
|
)
|
|
$
|
(2,663
|
)
|
|
$
|
(4,820
|
)
|
|
$
|
(7,483
|
)
|
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item
in the Consolidated Statement of Income |
||||||
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
|
||||||
Net unrealized (loss) gain on available for sale securities
|
|
$
|
189
|
|
|
$
|
(22
|
)
|
|
Net debt securities gains (losses), available for sale
|
Income tax effect
|
|
(40
|
)
|
|
5
|
|
|
Income tax provision
|
||
Total reclassifications for the period
|
|
$
|
149
|
|
|
$
|
(17
|
)
|
|
|
|
|
|
|
|
|
|
||||
Net unrecognized pension costs
|
|
$
|
(46
|
)
|
|
$
|
(41
|
)
|
|
Salaries and employee benefits
|
Income tax effect
|
|
9
|
|
|
8
|
|
|
Income tax provision
|
||
Total reclassifications for the period
|
|
$
|
(37
|
)
|
|
$
|
(33
|
)
|
|
|
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item
in the Consolidated
Statement of Income
|
||||||
|
Nine months ended September 30, 2019
|
|
Nine months ended September 30, 2018
|
|
||||||
Net unrealized (loss) gain on available for sale securities
|
|
$
|
200
|
|
|
$
|
(17
|
)
|
|
Net securities gains, available for sale
|
Income tax effect
|
|
(42
|
)
|
|
4
|
|
|
Income tax provision
|
||
Total reclassifications for the period
|
|
$
|
158
|
|
|
$
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
||||
Net unrecognized pension costs
|
|
$
|
(140
|
)
|
|
$
|
(125
|
)
|
|
Salaries and employee benefits
|
Income tax effect
|
|
29
|
|
|
25
|
|
|
Income tax provision
|
||
Total reclassifications for the period
|
|
$
|
(111
|
)
|
|
$
|
(100
|
)
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Weighted average common shares issued
|
|
7,517,280
|
|
|
7,516,065
|
|
|
7,516,406
|
|
|
7,515,165
|
|
Weighted average treasury stock shares
|
|
(480,225
|
)
|
|
(480,225
|
)
|
|
(480,225
|
)
|
|
(480,225
|
)
|
Weighted average common shares outstanding - basic and diluted
|
|
7,037,055
|
|
|
7,035,840
|
|
|
7,036,181
|
|
|
7,034,940
|
|
|
|
September 30, 2019
|
||||||||||||||
|
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
(In Thousands)
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Available for sale (AFS):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities
|
|
$
|
5,160
|
|
|
$
|
60
|
|
|
$
|
(50
|
)
|
|
$
|
5,170
|
|
State and political securities
|
|
78,685
|
|
|
4,194
|
|
|
(43
|
)
|
|
82,836
|
|
||||
Other debt securities
|
|
61,096
|
|
|
441
|
|
|
(468
|
)
|
|
61,069
|
|
||||
Total debt securities
|
|
$
|
144,941
|
|
|
$
|
4,695
|
|
|
$
|
(561
|
)
|
|
$
|
149,075
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Financial institution equity securities
|
|
$
|
328
|
|
|
$
|
225
|
|
|
$
|
—
|
|
|
$
|
553
|
|
Other equity securities
|
|
1,300
|
|
|
—
|
|
|
(33
|
)
|
|
1,267
|
|
||||
Investment equity securities
|
|
$
|
1,628
|
|
|
$
|
225
|
|
|
$
|
(33
|
)
|
|
$
|
1,820
|
|
|
|
|
|
|
|
|
|
|
||||||||
Trading:
|
|
|
|
|
|
|
|
|
||||||||
Other equity securities
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||
|
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
(In Thousands)
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Available for sale (AFS):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities
|
|
$
|
6,385
|
|
|
$
|
8
|
|
|
$
|
(240
|
)
|
|
$
|
6,153
|
|
State and political securities
|
|
79,358
|
|
|
609
|
|
|
(426
|
)
|
|
79,541
|
|
||||
Other debt securities
|
|
50,264
|
|
|
17
|
|
|
(1,690
|
)
|
|
48,591
|
|
||||
Total debt securities
|
|
$
|
136,007
|
|
|
$
|
634
|
|
|
$
|
(2,356
|
)
|
|
$
|
134,285
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Financial institution equity securities
|
|
$
|
328
|
|
|
$
|
224
|
|
|
$
|
—
|
|
|
$
|
552
|
|
Other equity securities
|
|
1,300
|
|
|
—
|
|
|
(76
|
)
|
|
1,224
|
|
||||
Investment equity securities
|
|
$
|
1,628
|
|
|
$
|
224
|
|
|
$
|
(76
|
)
|
|
$
|
1,776
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Trading:
|
|
|
|
|
|
|
|
|
||||||||
Other equity securities
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
(13
|
)
|
|
$
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
||||||||||||||||||||||
|
|
Less than Twelve Months
|
|
Twelve Months or Greater
|
|
Total
|
||||||||||||||||||
|
|
|
|
Gross
|
|
|
|
Gross
|
|
|
|
Gross
|
||||||||||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
(In Thousands)
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
Available for sale (AFS):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,125
|
|
|
$
|
(50
|
)
|
|
$
|
2,125
|
|
|
$
|
(50
|
)
|
State and political securities
|
|
—
|
|
|
—
|
|
|
219
|
|
|
(43
|
)
|
|
219
|
|
|
(43
|
)
|
||||||
Other debt securities
|
|
13,664
|
|
|
(156
|
)
|
|
14,275
|
|
|
(312
|
)
|
|
27,939
|
|
|
(468
|
)
|
||||||
Total debt securities
|
|
$
|
13,664
|
|
|
$
|
(156
|
)
|
|
$
|
16,619
|
|
|
$
|
(405
|
)
|
|
$
|
30,283
|
|
|
$
|
(561
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
|
Less than Twelve Months
|
|
Twelve Months or Greater
|
|
Total
|
||||||||||||||||||
|
|
|
|
Gross
|
|
|
|
Gross
|
|
|
|
Gross
|
||||||||||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
(In Thousands)
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
Available for sale (AFS):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
$
|
3,023
|
|
|
$
|
(75
|
)
|
|
$
|
2,930
|
|
|
$
|
(165
|
)
|
|
$
|
5,953
|
|
|
$
|
(240
|
)
|
State and political securities
|
|
14,819
|
|
|
(128
|
)
|
|
13,648
|
|
|
(298
|
)
|
|
28,467
|
|
|
(426
|
)
|
||||||
Other debt securities
|
|
10,133
|
|
|
(153
|
)
|
|
34,776
|
|
|
(1,537
|
)
|
|
44,909
|
|
|
(1,690
|
)
|
||||||
Total debt securities
|
|
$
|
27,975
|
|
|
$
|
(356
|
)
|
|
$
|
51,354
|
|
|
$
|
(2,000
|
)
|
|
$
|
79,329
|
|
|
$
|
(2,356
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands)
|
|
Amortized Cost
|
|
Fair Value
|
||||
Due in one year or less
|
|
$
|
4,812
|
|
|
$
|
4,823
|
|
Due after one year to five years
|
|
54,762
|
|
|
54,755
|
|
||
Due after five years to ten years
|
|
66,277
|
|
|
69,897
|
|
||
Due after ten years
|
|
19,090
|
|
|
19,600
|
|
||
Total
|
|
$
|
144,941
|
|
|
$
|
149,075
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Available for sale (AFS):
|
|
|
|
|
|
|
|
|
||||||||
Gross realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
27
|
|
State and political securities
|
|
190
|
|
|
—
|
|
|
204
|
|
|
19
|
|
||||
Other debt securities
|
|
—
|
|
|
3
|
|
|
4
|
|
|
3
|
|
||||
Total gross realized gains
|
|
$
|
190
|
|
|
$
|
25
|
|
|
$
|
208
|
|
|
$
|
49
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross realized losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
State and political securities
|
|
$
|
—
|
|
|
$
|
47
|
|
|
$
|
3
|
|
|
$
|
56
|
|
Other debt securities
|
|
—
|
|
|
—
|
|
|
5
|
|
|
10
|
|
||||
Total gross realized losses
|
|
$
|
1
|
|
|
$
|
47
|
|
|
$
|
8
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net (losses) gains recognized in equity securities during the period
|
|
$
|
(21
|
)
|
|
$
|
(16
|
)
|
|
$
|
44
|
|
|
$
|
(44
|
)
|
Less: Net gains realized on the sale of equity securities during the period
|
|
—
|
|
|
5
|
|
|
—
|
|
|
13
|
|
||||
Unrealized (losses) gains recognized in equity securities held at reporting date
|
|
$
|
(21
|
)
|
|
$
|
(21
|
)
|
|
$
|
44
|
|
|
$
|
(57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net gains on sale transactions
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
17
|
|
Net mark-to-market gains (losses)
|
|
2
|
|
|
5
|
|
|
7
|
|
|
(5
|
)
|
||||
Net gain on trading account securities
|
|
$
|
2
|
|
|
$
|
14
|
|
|
$
|
15
|
|
|
$
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
||||||||||||||||||
|
|
|
|
Past Due
|
|
Past Due 90
|
|
|
|
|
||||||||||
|
|
|
|
30 To 89
|
|
Days Or More
|
|
Non-
|
|
|
||||||||||
(In Thousands)
|
|
Current
|
|
Days
|
|
& Still Accruing
|
|
Accrual
|
|
Total
|
||||||||||
Commercial, financial, and agricultural
|
|
$
|
168,218
|
|
|
$
|
153
|
|
|
$
|
25
|
|
|
$
|
5,146
|
|
|
$
|
173,542
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
|
609,857
|
|
|
3,227
|
|
|
902
|
|
|
3,960
|
|
|
617,946
|
|
|||||
Commercial
|
|
355,491
|
|
|
1,961
|
|
|
216
|
|
|
6,686
|
|
|
364,354
|
|
|||||
Construction
|
|
39,362
|
|
|
—
|
|
|
132
|
|
|
69
|
|
|
39,563
|
|
|||||
Consumer automobile loans
|
|
144,472
|
|
|
285
|
|
|
29
|
|
|
38
|
|
|
144,824
|
|
|||||
Other consumer installment loans
|
|
23,320
|
|
|
493
|
|
|
—
|
|
|
5
|
|
|
23,818
|
|
|||||
|
|
1,340,720
|
|
|
$
|
6,119
|
|
|
$
|
1,304
|
|
|
$
|
15,904
|
|
|
1,364,047
|
|
||
Net deferred loan fees and discounts
|
|
937
|
|
|
|
|
|
|
|
|
|
|
|
937
|
|
|||||
Allowance for loan losses
|
|
(14,249
|
)
|
|
|
|
|
|
|
|
|
|
|
(14,249
|
)
|
|||||
Loans, net
|
|
$
|
1,327,408
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,350,735
|
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
|
|
Past Due
|
|
Past Due 90
|
|
|
|
|
||||||||||
|
|
|
|
30 To 89
|
|
Days Or More
|
|
Non-
|
|
|
||||||||||
(In Thousands)
|
|
Current
|
|
Days
|
|
& Still Accruing
|
|
Accrual
|
|
Total
|
||||||||||
Commercial, financial, and agricultural
|
|
$
|
182,651
|
|
|
$
|
616
|
|
|
$
|
—
|
|
|
$
|
5,294
|
|
|
$
|
188,561
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
|
611,281
|
|
|
7,688
|
|
|
1,238
|
|
|
2,172
|
|
|
622,379
|
|
|||||
Commercial
|
|
361,624
|
|
|
2,349
|
|
|
—
|
|
|
7,722
|
|
|
371,695
|
|
|||||
Construction
|
|
43,144
|
|
|
305
|
|
|
—
|
|
|
74
|
|
|
43,523
|
|
|||||
Consumer automobile loans
|
|
132,713
|
|
|
412
|
|
|
27
|
|
|
31
|
|
|
133,183
|
|
|||||
Other consumer installment loans
|
|
23,902
|
|
|
636
|
|
|
9
|
|
|
5
|
|
|
24,552
|
|
|||||
|
|
1,355,315
|
|
|
$
|
12,006
|
|
|
$
|
1,274
|
|
|
$
|
15,298
|
|
|
1,383,893
|
|
||
Net deferred loan fees and discounts
|
|
864
|
|
|
|
|
|
|
|
|
|
|
|
864
|
|
|||||
Allowance for loan losses
|
|
(13,837
|
)
|
|
|
|
|
|
|
|
|
|
|
(13,837
|
)
|
|||||
Loans, net
|
|
$
|
1,342,342
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,370,920
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
(In Thousands)
|
|
Interest Income That
Would Have Been
Recorded Based on
Original Term and Rate
|
|
Interest
Income
Recorded on
a Cash Basis
|
|
Interest Income That
Would Have Been
Recorded Based on
Original Term and Rate
|
|
Interest
Income
Recorded on
a Cash Basis
|
||||||||
Commercial, financial, and agricultural
|
|
$
|
51
|
|
|
$
|
49
|
|
|
$
|
61
|
|
|
$
|
51
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
76
|
|
|
76
|
|
|
21
|
|
|
31
|
|
||||
Commercial
|
|
68
|
|
|
30
|
|
|
33
|
|
|
4
|
|
||||
Construction
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Consumer automobile loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other consumer installment loans
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
|
|
$
|
197
|
|
|
$
|
157
|
|
|
$
|
117
|
|
|
$
|
87
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
(In Thousands)
|
|
Interest Income That
Would Have Been
Recorded Based on
Original Term and Rate
|
|
Interest
Income
Recorded on
a Cash Basis
|
|
Interest Income That
Would Have Been
Recorded Based on
Original Term and Rate
|
|
Interest
Income
Recorded on
a Cash Basis
|
||||||||
Commercial, financial, and agricultural
|
|
$
|
108
|
|
|
$
|
132
|
|
|
$
|
65
|
|
|
$
|
52
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
142
|
|
|
118
|
|
|
89
|
|
|
65
|
|
||||
Commercial
|
|
233
|
|
|
104
|
|
|
171
|
|
|
43
|
|
||||
Construction
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||
Consumer automobile loans
|
|
3
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Other consumer installment loans
|
|
2
|
|
|
1
|
|
|
3
|
|
|
2
|
|
||||
|
|
$
|
491
|
|
|
$
|
360
|
|
|
$
|
328
|
|
|
$
|
162
|
|
|
|
September 30, 2019
|
||||||||||
|
|
Recorded
|
|
Unpaid Principal
|
|
Related
|
||||||
(In Thousands)
|
|
Investment
|
|
Balance
|
|
Allowance
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial, financial, and agricultural
|
|
$
|
1,232
|
|
|
$
|
1,232
|
|
|
$
|
—
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
4,414
|
|
|
4,414
|
|
|
—
|
|
|||
Commercial
|
|
2,344
|
|
|
2,344
|
|
|
—
|
|
|||
Construction
|
|
69
|
|
|
69
|
|
|
—
|
|
|||
Consumer automobile loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Installment loans to individuals
|
|
5
|
|
|
5
|
|
|
—
|
|
|||
|
|
8,064
|
|
|
8,064
|
|
|
—
|
|
|||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial, financial, and agricultural
|
|
3,987
|
|
|
3,987
|
|
|
569
|
|
|||
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
1,556
|
|
|
1,556
|
|
|
203
|
|
|||
Commercial
|
|
6,417
|
|
|
6,417
|
|
|
1,430
|
|
|||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer automobile loans
|
|
38
|
|
|
38
|
|
|
10
|
|
|||
Installment loans to individuals
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
11,998
|
|
|
11,998
|
|
|
2,212
|
|
|||
Total:
|
|
|
|
|
|
|
|
|
|
|||
Commercial, financial, and agricultural
|
|
5,219
|
|
|
5,219
|
|
|
569
|
|
|||
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
5,970
|
|
|
5,970
|
|
|
203
|
|
|||
Commercial
|
|
8,761
|
|
|
8,761
|
|
|
1,430
|
|
|||
Construction
|
|
69
|
|
|
69
|
|
|
—
|
|
|||
Consumer automobile loans
|
|
38
|
|
|
38
|
|
|
10
|
|
|||
Installment loans to individuals
|
|
5
|
|
|
5
|
|
|
—
|
|
|||
|
|
$
|
20,062
|
|
|
$
|
20,062
|
|
|
$
|
2,212
|
|
|
|
December 31, 2018
|
||||||||||
|
|
Recorded
|
|
Unpaid Principal
|
|
Related
|
||||||
(In Thousands)
|
|
Investment
|
|
Balance
|
|
Allowance
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial, financial, and agricultural
|
|
$
|
1,152
|
|
|
$
|
1,152
|
|
|
$
|
—
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
2,619
|
|
|
2,619
|
|
|
—
|
|
|||
Commercial
|
|
2,457
|
|
|
2,457
|
|
|
—
|
|
|||
Construction
|
|
74
|
|
|
74
|
|
|
—
|
|
|||
Consumer automobile loans
|
|
31
|
|
|
31
|
|
|
—
|
|
|||
Installment loans to individuals
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
6,333
|
|
|
6,333
|
|
|
—
|
|
|||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|||
Commercial, financial, and agricultural
|
|
4,111
|
|
|
4,111
|
|
|
650
|
|
|||
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
1,591
|
|
|
1,591
|
|
|
168
|
|
|||
Commercial
|
|
9,207
|
|
|
9,207
|
|
|
1,720
|
|
|||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer automobile loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Installment loans to individuals
|
|
5
|
|
|
5
|
|
|
5
|
|
|||
|
|
14,914
|
|
|
14,914
|
|
|
2,543
|
|
|||
Total:
|
|
|
|
|
|
|
|
|
|
|||
Commercial, financial, and agricultural
|
|
5,263
|
|
|
5,263
|
|
|
650
|
|
|||
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
4,210
|
|
|
4,210
|
|
|
168
|
|
|||
Commercial
|
|
11,664
|
|
|
11,664
|
|
|
1,720
|
|
|||
Construction
|
|
74
|
|
|
74
|
|
|
—
|
|
|||
Consumer automobile loans
|
|
31
|
|
|
31
|
|
|
—
|
|
|||
Installment loans to individuals
|
|
5
|
|
|
5
|
|
|
5
|
|
|||
|
|
$
|
21,247
|
|
|
$
|
21,247
|
|
|
$
|
2,543
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||||
(In Thousands)
|
|
Average
Investment in
Impaired Loans
|
|
Interest Income
Recognized on an
Accrual Basis on
Impaired Loans
|
|
Interest Income
Recognized on a
Cash Basis on
Impaired Loans
|
|
Average
Investment in
Impaired Loans
|
|
Interest Income
Recognized on an
Accrual Basis on
Impaired Loans
|
|
Interest Income
Recognized on a
Cash Basis on
Impaired Loans
|
||||||||||||
Commercial, financial, and agricultural
|
|
$
|
5,236
|
|
|
$
|
1
|
|
|
$
|
49
|
|
|
$
|
1,154
|
|
|
$
|
18
|
|
|
$
|
51
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
5,006
|
|
|
26
|
|
|
76
|
|
|
3,703
|
|
|
40
|
|
|
31
|
|
||||||
Commercial
|
|
9,037
|
|
|
30
|
|
|
31
|
|
|
8,547
|
|
|
97
|
|
|
4
|
|
||||||
Construction
|
|
70
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer automobile
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other consumer installment loans
|
|
5
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
2
|
|
|
1
|
|
||||||
|
|
$
|
19,391
|
|
|
$
|
57
|
|
|
$
|
157
|
|
|
$
|
13,424
|
|
|
$
|
157
|
|
|
$
|
87
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||||
(In Thousands)
|
|
Average
Investment in
Impaired Loans
|
|
Interest Income
Recognized on an
Accrual Basis on
Impaired Loans
|
|
Interest Income
Recognized on a
Cash Basis on
Impaired Loans
|
|
Average
Investment in
Impaired Loans
|
|
Interest Income
Recognized on an
Accrual Basis on
Impaired Loans
|
|
Interest Income
Recognized on a
Cash Basis on
Impaired Loans
|
||||||||||||
Commercial, financial, and agricultural
|
|
$
|
5,269
|
|
|
$
|
3
|
|
|
$
|
131
|
|
|
$
|
1,206
|
|
|
$
|
52
|
|
|
$
|
52
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
4,584
|
|
|
81
|
|
|
115
|
|
|
3,901
|
|
|
107
|
|
|
65
|
|
||||||
Commercial
|
|
10,053
|
|
|
91
|
|
|
100
|
|
|
8,988
|
|
|
191
|
|
|
43
|
|
||||||
Construction
|
|
72
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer automobile
|
|
45
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other consumer installment loans
|
|
11
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
3
|
|
|
1
|
|
||||||
|
|
$
|
20,034
|
|
|
$
|
175
|
|
|
$
|
350
|
|
|
$
|
14,105
|
|
|
$
|
353
|
|
|
$
|
161
|
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||
(In Thousands, Except Number of Contracts)
|
|
Number
of
Contracts
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number
of Contracts |
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||||
Commercial, financial, and agricultural
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
1,028
|
|
|
$
|
1,028
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential
|
|
1
|
|
|
2,059
|
|
|
2,059
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
1
|
|
|
$
|
2,059
|
|
|
$
|
2,059
|
|
|
1
|
|
|
$
|
1,028
|
|
|
$
|
1,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||
(In Thousands, Except Number of Contracts)
|
|
Number
of
Contracts
|
|
Pre-Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
|
Number
of
Contracts
|
|
Pre-Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
||||||||||
Commercial, financial, and agricultural
|
|
2
|
|
|
$
|
4,014
|
|
|
$
|
4,014
|
|
|
1
|
|
|
$
|
1,028
|
|
|
$
|
1,028
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
1
|
|
|
2,059
|
|
|
2,059
|
|
|
3
|
|
|
169
|
|
|
169
|
|
||||
Commercial
|
|
2
|
|
|
2,862
|
|
|
2,862
|
|
|
1
|
|
|
106
|
|
|
106
|
|
||||
|
|
5
|
|
|
$
|
8,935
|
|
|
$
|
8,935
|
|
|
5
|
|
|
$
|
1,303
|
|
|
$
|
1,303
|
|
|
|
September 30, 2019
|
||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer automobile
|
|
Other consumer installment loans
|
|
|
||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
Totals
|
|||||||||||||||||
Pass
|
|
$
|
163,531
|
|
|
$
|
613,577
|
|
|
$
|
349,910
|
|
|
$
|
39,424
|
|
|
$
|
144,824
|
|
|
$
|
23,818
|
|
|
$
|
1,335,084
|
|
Special Mention
|
|
3,344
|
|
|
2,640
|
|
|
5,687
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,671
|
|
|||||||
Substandard
|
|
6,667
|
|
|
1,729
|
|
|
8,757
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
17,292
|
|
|||||||
|
|
$
|
173,542
|
|
|
$
|
617,946
|
|
|
$
|
364,354
|
|
|
$
|
39,563
|
|
|
$
|
144,824
|
|
|
$
|
23,818
|
|
|
$
|
1,364,047
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer automobile
|
|
Other consumer installment loans
|
|
|
||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
Totals
|
|||||||||||||||||
Pass
|
|
$
|
179,840
|
|
|
$
|
619,800
|
|
|
$
|
351,703
|
|
|
$
|
43,523
|
|
|
$
|
133,183
|
|
|
$
|
24,552
|
|
|
$
|
1,352,601
|
|
Special Mention
|
|
3,426
|
|
|
694
|
|
|
6,587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,707
|
|
|||||||
Substandard
|
|
5,295
|
|
|
1,885
|
|
|
13,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,585
|
|
|||||||
|
|
$
|
188,561
|
|
|
$
|
622,379
|
|
|
$
|
371,695
|
|
|
$
|
43,523
|
|
|
$
|
133,183
|
|
|
$
|
24,552
|
|
|
$
|
1,383,893
|
|
|
|
Three Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer automobile
|
|
Other consumer installment
|
|
|
|
|
||||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
Unallocated
|
|
Totals
|
|||||||||||||||||||
Beginning Balance
|
|
$
|
1,584
|
|
|
$
|
5,749
|
|
|
$
|
3,523
|
|
|
$
|
132
|
|
|
$
|
1,435
|
|
|
$
|
240
|
|
|
$
|
1,338
|
|
|
$
|
14,001
|
|
Charge-offs
|
|
—
|
|
|
(114
|
)
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
(73
|
)
|
|
—
|
|
|
(221
|
)
|
||||||||
Recoveries
|
|
43
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
14
|
|
|
48
|
|
|
—
|
|
|
109
|
|
||||||||
Provision
|
|
159
|
|
|
4
|
|
|
(12
|
)
|
|
22
|
|
|
(41
|
)
|
|
27
|
|
|
201
|
|
|
360
|
|
||||||||
Ending Balance
|
|
$
|
1,786
|
|
|
$
|
5,641
|
|
|
$
|
3,511
|
|
|
$
|
156
|
|
|
$
|
1,374
|
|
|
$
|
242
|
|
|
$
|
1,539
|
|
|
$
|
14,249
|
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer automobile
|
|
Other consumer installment
|
|
|
|
|
||||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
Unallocated
|
|
Totals
|
|||||||||||||||||||
Beginning Balance
|
|
$
|
1,055
|
|
|
$
|
5,583
|
|
|
$
|
3,814
|
|
|
$
|
118
|
|
|
$
|
1,069
|
|
|
$
|
317
|
|
|
$
|
1,078
|
|
|
$
|
13,034
|
|
Charge-offs
|
|
(6
|
)
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(90
|
)
|
|
—
|
|
|
(208
|
)
|
||||||||
Recoveries
|
|
5
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
9
|
|
|
21
|
|
|
—
|
|
|
37
|
|
||||||||
Provision
|
|
187
|
|
|
(161
|
)
|
|
(370
|
)
|
|
11
|
|
|
138
|
|
|
28
|
|
|
647
|
|
|
480
|
|
||||||||
Ending Balance
|
|
$
|
1,241
|
|
|
$
|
5,341
|
|
|
$
|
3,444
|
|
|
$
|
131
|
|
|
$
|
1,185
|
|
|
$
|
276
|
|
|
$
|
1,725
|
|
|
$
|
13,343
|
|
t
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer automobile
|
|
Other consumer installment
|
|
|
|
|
||||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
Unallocated
|
|
Totals
|
|||||||||||||||||||
Beginning Balance
|
|
$
|
1,680
|
|
|
$
|
5,616
|
|
|
$
|
4,047
|
|
|
$
|
143
|
|
|
$
|
1,328
|
|
|
$
|
259
|
|
|
$
|
764
|
|
|
$
|
13,837
|
|
Charge-offs
|
|
(80
|
)
|
|
(251
|
)
|
|
(150
|
)
|
|
—
|
|
|
(172
|
)
|
|
(235
|
)
|
|
—
|
|
|
(888
|
)
|
||||||||
Recoveries
|
|
84
|
|
|
3
|
|
|
1
|
|
|
10
|
|
|
74
|
|
|
93
|
|
|
—
|
|
|
265
|
|
||||||||
Provision
|
|
102
|
|
|
273
|
|
|
(387
|
)
|
|
3
|
|
|
144
|
|
|
125
|
|
|
775
|
|
|
1,035
|
|
||||||||
Ending Balance
|
|
$
|
1,786
|
|
|
$
|
5,641
|
|
|
$
|
3,511
|
|
|
$
|
156
|
|
|
$
|
1,374
|
|
|
$
|
242
|
|
|
$
|
1,539
|
|
|
$
|
14,249
|
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer automobile
|
|
Other consumer installment
|
|
|
|
|
||||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
Unallocated
|
|
Totals
|
|||||||||||||||||||
Beginning Balance
|
|
$
|
1,177
|
|
|
$
|
5,679
|
|
|
$
|
4,277
|
|
|
$
|
155
|
|
|
$
|
804
|
|
|
$
|
271
|
|
|
$
|
495
|
|
|
$
|
12,858
|
|
Charge-offs
|
|
(42
|
)
|
|
(223
|
)
|
|
(55
|
)
|
|
—
|
|
|
(83
|
)
|
|
(208
|
)
|
|
—
|
|
|
(611
|
)
|
||||||||
Recoveries
|
|
20
|
|
|
25
|
|
|
—
|
|
|
7
|
|
|
12
|
|
|
57
|
|
|
—
|
|
|
121
|
|
||||||||
Provision
|
|
86
|
|
|
(140
|
)
|
|
(778
|
)
|
|
(31
|
)
|
|
452
|
|
|
156
|
|
|
1,230
|
|
|
975
|
|
||||||||
Ending Balance
|
|
$
|
1,241
|
|
|
$
|
5,341
|
|
|
$
|
3,444
|
|
|
$
|
131
|
|
|
$
|
1,185
|
|
|
$
|
276
|
|
|
$
|
1,725
|
|
|
$
|
13,343
|
|
|
|
September 30,
|
||||
|
|
2019
|
|
2018
|
||
Owners of residential rental properties
|
|
15.41
|
%
|
|
14.72
|
%
|
Owners of commercial rental properties
|
|
12.19
|
%
|
|
13.18
|
%
|
|
|
September 30, 2019
|
||||||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer Automobile
|
|
Other consumer installment
|
|
Unallocated
|
|
|
||||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
|
Totals
|
||||||||||||||||||||
Allowance for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending allowance balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
|
$
|
569
|
|
|
$
|
203
|
|
|
$
|
1,430
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,212
|
|
Collectively evaluated for impairment
|
|
1,217
|
|
|
5,438
|
|
|
2,081
|
|
|
156
|
|
|
1,364
|
|
|
242
|
|
|
1,539
|
|
|
12,037
|
|
||||||||
Total ending allowance balance
|
|
$
|
1,786
|
|
|
$
|
5,641
|
|
|
$
|
3,511
|
|
|
$
|
156
|
|
|
$
|
1,374
|
|
|
$
|
242
|
|
|
$
|
1,539
|
|
|
$
|
14,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
|
$
|
5,219
|
|
|
$
|
5,970
|
|
|
$
|
8,761
|
|
|
$
|
69
|
|
|
$
|
38
|
|
|
$
|
5
|
|
|
|
|
|
$
|
20,062
|
|
|
Collectively evaluated for impairment
|
|
168,323
|
|
|
611,976
|
|
|
355,593
|
|
|
39,494
|
|
|
144,786
|
|
|
23,813
|
|
|
|
|
|
1,343,985
|
|
||||||||
Total ending loans balance
|
|
$
|
173,542
|
|
|
$
|
617,946
|
|
|
$
|
364,354
|
|
|
$
|
39,563
|
|
|
$
|
144,824
|
|
|
$
|
23,818
|
|
|
|
|
|
$
|
1,364,047
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||
|
|
Commercial, Financial, and Agricultural
|
|
Real Estate Mortgages
|
|
Consumer Automobile
|
|
Other consumer installment
|
|
Unallocated
|
|
|
||||||||||||||||||||
(In Thousands)
|
|
|
Residential
|
|
Commercial
|
|
Construction
|
|
|
|
|
Totals
|
||||||||||||||||||||
Allowance for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending allowance balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
|
$
|
650
|
|
|
$
|
168
|
|
|
$
|
1,720
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
2,543
|
|
Collectively evaluated for impairment
|
|
1,030
|
|
|
5,448
|
|
|
2,327
|
|
|
143
|
|
|
1,328
|
|
|
254
|
|
|
764
|
|
|
11,294
|
|
||||||||
Total ending allowance balance
|
|
$
|
1,680
|
|
|
$
|
5,616
|
|
|
$
|
4,047
|
|
|
$
|
143
|
|
|
$
|
1,328
|
|
|
$
|
259
|
|
|
$
|
764
|
|
|
$
|
13,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
|
$
|
5,263
|
|
|
$
|
4,210
|
|
|
$
|
11,664
|
|
|
$
|
74
|
|
|
$
|
31
|
|
|
$
|
5
|
|
|
|
|
|
$
|
21,247
|
|
|
Collectively evaluated for impairment
|
|
183,298
|
|
|
618,169
|
|
|
360,031
|
|
|
43,449
|
|
|
133,152
|
|
|
24,547
|
|
|
|
|
|
1,362,646
|
|
||||||||
Total ending loans balance
|
|
$
|
188,561
|
|
|
$
|
622,379
|
|
|
$
|
371,695
|
|
|
$
|
43,523
|
|
|
$
|
133,183
|
|
|
$
|
24,552
|
|
|
|
|
|
$
|
1,383,893
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest cost
|
|
$
|
191
|
|
|
$
|
177
|
|
|
$
|
573
|
|
|
$
|
530
|
|
Expected return on plan assets
|
|
(248
|
)
|
|
(272
|
)
|
|
(746
|
)
|
|
(820
|
)
|
||||
Amortization of net loss
|
|
46
|
|
|
41
|
|
|
140
|
|
|
125
|
|
||||
Net periodic benefit
|
|
$
|
(11
|
)
|
|
$
|
(54
|
)
|
|
$
|
(33
|
)
|
|
$
|
(165
|
)
|
(In Thousands)
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Commitments to extend credit
|
|
$
|
160,342
|
|
|
$
|
166,417
|
|
Standby letters of credit
|
|
10,221
|
|
|
10,566
|
|
||
Credit exposure from the sale of assets with recourse
|
|
6,585
|
|
|
6,152
|
|
||
|
|
$
|
177,148
|
|
|
$
|
183,135
|
|
Level I:
|
|
Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
|
|
|
|
Level II:
|
|
Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed.
|
|
|
|
Level III:
|
|
Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.
|
|
|
September 30, 2019
|
||||||||||||||
(In Thousands)
|
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Assets measured on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment securities, available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
5,170
|
|
|
$
|
—
|
|
|
$
|
5,170
|
|
State and political securities
|
|
—
|
|
|
82,836
|
|
|
—
|
|
|
82,836
|
|
||||
Other debt securities
|
|
—
|
|
|
61,069
|
|
|
—
|
|
|
61,069
|
|
||||
Investment equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Financial institution equity securities
|
|
553
|
|
|
—
|
|
|
—
|
|
|
553
|
|
||||
Other equity securities
|
|
1,267
|
|
|
—
|
|
|
—
|
|
|
1,267
|
|
||||
Investment securities, trading:
|
|
|
|
|
|
|
|
|
||||||||
Other equity securities
|
|
47
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
|
December 31, 2018
|
||||||||||||||
(In Thousands)
|
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Assets measured on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment securities, available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities
|
|
$
|
—
|
|
|
$
|
6,153
|
|
|
$
|
—
|
|
|
$
|
6,153
|
|
State and political securities
|
|
—
|
|
|
79,541
|
|
|
—
|
|
|
79,541
|
|
||||
Other debt securities
|
|
—
|
|
|
48,591
|
|
|
—
|
|
|
48,591
|
|
||||
Financial institution equity securities
|
|
552
|
|
|
—
|
|
|
—
|
|
|
552
|
|
||||
Other equity securities
|
|
1,224
|
|
|
—
|
|
|
—
|
|
|
1,224
|
|
||||
Investment securities, trading:
|
|
|
|
|
|
|
|
|
||||||||
Other equity securities
|
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
|
September 30, 2019
|
||||||||||||||
(In Thousands)
|
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Assets measured on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,850
|
|
|
$
|
17,850
|
|
Other real estate owned
|
|
—
|
|
|
—
|
|
|
422
|
|
|
422
|
|
|
|
December 31, 2018
|
||||||||||||||
(In Thousands)
|
|
Level I
|
|
Level II
|
|
Level III
|
|
Total
|
||||||||
Assets measured on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,704
|
|
|
$
|
18,704
|
|
Other real estate owned
|
|
—
|
|
|
—
|
|
|
402
|
|
|
402
|
|
|
|
September 30, 2019
|
||||||||||
|
|
Quantitative Information About Level III Fair Value Measurements
|
||||||||||
(In Thousands)
|
|
Fair Value
|
|
Valuation Technique(s)
|
|
Unobservable Inputs
|
|
Range
|
|
Weighted Average
|
||
Impaired loans
|
|
$
|
13,278
|
|
|
Discounted cash flow
|
|
Temporary reduction in payment amount
|
|
0% to (70)%
|
|
(38)%
|
|
|
4,572
|
|
|
Appraisal of collateral (1)
|
|
Appraisal adjustments (1)
|
|
0 to (30)%
|
|
(4)%
|
|
Other real estate owned
|
|
$
|
422
|
|
|
Appraisal of collateral (1)
|
|
Appraisal adjustments (1)
|
|
(20)%
|
|
(20)%
|
|
|
December 31, 2018
|
||||||||||
|
|
Quantitative Information About Level III Fair Value Measurements
|
||||||||||
(In Thousands)
|
|
Fair Value
|
|
Valuation Technique(s)
|
|
Unobservable Inputs
|
|
Range
|
|
Weighted Average
|
||
Impaired loans
|
|
$
|
12,929
|
|
|
Discounted cash flow
|
|
Temporary reduction in payment amount
|
|
7 to (70)%
|
|
(6)%
|
|
|
5,775
|
|
|
Appraisal of collateral (1)
|
|
Appraisal adjustments (1)
|
|
0 to (90)%
|
|
(20)%
|
|
Other real estate owned
|
|
$
|
402
|
|
|
Appraisal of collateral (1)
|
|
Appraisal adjustments (1)
|
|
(20)%
|
|
(20)%
|
|
|
Carrying
|
|
Fair
|
|
Fair Value Measurements at September 30, 2019
|
||||||||||||||
(In Thousands)
|
|
Value
|
|
Value
|
|
Level I
|
|
Level II
|
|
Level III
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents (1)
|
|
$
|
57,341
|
|
|
$
|
57,341
|
|
|
$
|
57,341
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted investment in bank stock (1)
|
|
13,502
|
|
|
13,502
|
|
|
13,502
|
|
|
—
|
|
|
—
|
|
|||||
Loans held for sale (1)
|
|
1,868
|
|
|
1,868
|
|
|
1,868
|
|
|
—
|
|
|
—
|
|
|||||
Loans, net
|
|
1,350,735
|
|
|
1,354,257
|
|
|
—
|
|
|
—
|
|
|
1,354,257
|
|
|||||
Bank-owned life insurance (1)
|
|
29,107
|
|
|
29,107
|
|
|
29,107
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest receivable (1)
|
|
5,267
|
|
|
5,267
|
|
|
5,267
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits
|
|
$
|
1,005,078
|
|
|
$
|
1,028,938
|
|
|
$
|
653,123
|
|
|
$
|
—
|
|
|
$
|
375,815
|
|
Noninterest-bearing deposits (1)
|
|
327,329
|
|
|
327,329
|
|
|
327,329
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings (1)
|
|
5,987
|
|
|
5,987
|
|
|
5,987
|
|
|
—
|
|
|
—
|
|
|||||
Long-term borrowings
|
|
162,290
|
|
|
164,534
|
|
|
—
|
|
|
—
|
|
|
164,534
|
|
|||||
Accrued interest payable (1)
|
|
1,666
|
|
|
1,666
|
|
|
1,666
|
|
|
—
|
|
|
—
|
|
|
|
Carrying
|
|
Fair
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||
(In Thousands)
|
|
Value
|
|
Value
|
|
Level I
|
|
Level II
|
|
Level III
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents (1)
|
|
$
|
66,742
|
|
|
$
|
66,742
|
|
|
$
|
66,742
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted investment in bank stock (1)
|
|
18,862
|
|
|
18,862
|
|
|
18,862
|
|
|
—
|
|
|
—
|
|
|||||
Loans held for sale (1)
|
|
2,929
|
|
|
2,929
|
|
|
2,929
|
|
|
—
|
|
|
—
|
|
|||||
Loans, net
|
|
1,370,920
|
|
|
1,381,581
|
|
|
—
|
|
|
—
|
|
|
1,381,581
|
|
|||||
Bank-owned life insurance (1)
|
|
28,627
|
|
|
28,627
|
|
|
28,627
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest receivable (1)
|
|
5,334
|
|
|
5,334
|
|
|
5,334
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits
|
|
$
|
899,089
|
|
|
$
|
882,108
|
|
|
$
|
612,478
|
|
|
$
|
—
|
|
|
$
|
269,630
|
|
Noninterest-bearing deposits (1)
|
|
320,814
|
|
|
320,814
|
|
|
320,814
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings (1)
|
|
167,865
|
|
|
167,865
|
|
|
167,865
|
|
|
—
|
|
|
—
|
|
|||||
Long-term borrowings
|
|
138,942
|
|
|
137,773
|
|
|
—
|
|
|
—
|
|
|
137,773
|
|
|||||
Accrued interest payable (1)
|
|
1,150
|
|
|
1,150
|
|
|
1,150
|
|
|
—
|
|
|
—
|
|
Stock Options Granted
|
|||||||||||||||||
Date
|
|
Shares
|
|
Forfeited
|
|
Outstanding
|
|
Strike Price
|
|
Vesting Period
|
|
Expiration
|
|||||
March 15, 2019
|
|
120,900
|
|
|
—
|
|
|
120,900
|
|
|
$
|
28.01
|
|
|
3 years
|
|
10 years
|
March 15, 2019
|
|
119,100
|
|
|
—
|
|
|
119,100
|
|
|
28.01
|
|
|
5 years
|
|
10 years
|
|
August 24, 2018
|
|
75,300
|
|
|
—
|
|
|
75,300
|
|
|
30.67
|
|
|
3 years
|
|
10 years
|
|
August 24, 2018
|
|
149,250
|
|
|
—
|
|
|
149,250
|
|
|
30.67
|
|
|
5 years
|
|
10 years
|
|
January 5, 2018
|
|
18,750
|
|
|
—
|
|
|
18,750
|
|
|
30.07
|
|
|
3 years
|
|
10 years
|
|
January 5, 2018
|
|
18,750
|
|
|
—
|
|
|
18,750
|
|
|
30.07
|
|
|
5 years
|
|
10 years
|
|
March 24, 2017
|
|
69,375
|
|
|
(6,750
|
)
|
|
62,625
|
|
|
29.47
|
|
|
3 years
|
|
10 years
|
|
March 24, 2017
|
|
35,625
|
|
|
—
|
|
|
35,625
|
|
|
29.47
|
|
|
5 years
|
|
10 years
|
|
August 27, 2015
|
|
58,125
|
|
|
(22,875
|
)
|
|
35,250
|
|
|
28.02
|
|
|
5 years
|
|
10 years
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||
|
|
Shares
|
|
Weighted Average Exercise Price
|
|
Shares
|
|
Weighted Average Exercise Price
|
||||||
Outstanding, beginning of year
|
|
395,550
|
|
|
$
|
30.08
|
|
|
140,250
|
|
|
$
|
29.06
|
|
Granted
|
|
240,000
|
|
|
28.01
|
|
|
262,050
|
|
|
30.58
|
|
||
Exercised
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
|
—
|
|
|
—
|
|
|
(6,750
|
)
|
|
28.51
|
|
||
Expired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding, end of period
|
|
635,550
|
|
|
$
|
29.30
|
|
|
395,550
|
|
|
$
|
30.07
|
|
|
|
|
|
|
|
|
|
|
||||||
Exercisable, end of period
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
(In Thousands)
|
|
Statement of Financial Condition classification
|
|
September 30, 2019
|
||
Finance lease right of use assets
|
|
Premises and equipment, net
|
|
$
|
5,805
|
|
Finance lease liabilities
|
|
Long-term borrowings
|
|
5,956
|
|
|
|
Three Months Ended September 30,
|
|
Nine months ended September 30,
|
||||
(In Thousands)
|
|
2019
|
|
2019
|
||||
|
|
|
|
|
||||
Finance Lease Cost:
|
|
|
|
|
||||
Amortization of right-of-use asset
|
|
$
|
65
|
|
|
$
|
194
|
|
Interest expense
|
|
56
|
|
|
168
|
|
||
Operating lease cost
|
|
99
|
|
|
271
|
|
||
Variable lease cost
|
|
1
|
|
|
3
|
|
||
Total Lease Cost
|
|
$
|
221
|
|
|
$
|
636
|
|
(In Thousands)
|
|
Operating
|
|
Finance
|
||||
2019
|
|
$
|
90
|
|
|
$
|
108
|
|
2020
|
|
370
|
|
|
318
|
|
||
2021
|
|
378
|
|
|
320
|
|
||
2022
|
|
385
|
|
|
321
|
|
||
2023
|
|
360
|
|
|
322
|
|
||
2024 and thereafter
|
|
3,969
|
|
|
8,494
|
|
||
Total undiscounted cash flows
|
|
5,552
|
|
|
9,883
|
|
||
Discount on cash flows
|
|
(1,324
|
)
|
|
(3,927
|
)
|
||
Total lease liability
|
|
$
|
4,228
|
|
|
$
|
5,956
|
|
|
|
Operating
|
|
Finance
|
||
Weighted-average term (years)
|
|
17.8
|
|
|
27.5
|
|
Weighted-average discount rate
|
|
3.49
|
%
|
|
3.73
|
%
|
(Dollars in Thousands, Except Per Share Data)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
GAAP net income
|
|
$
|
4,650
|
|
|
$
|
3,826
|
|
|
$
|
12,839
|
|
|
$
|
10,515
|
|
Less: net securities gains (losses), net of tax
|
|
134
|
|
|
(19
|
)
|
|
205
|
|
|
(39
|
)
|
||||
Non-GAAP core earnings
|
|
$
|
4,516
|
|
|
$
|
3,845
|
|
|
$
|
12,634
|
|
|
$
|
10,554
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Return on average assets (ROA)
|
|
1.10
|
%
|
|
0.96
|
%
|
|
1.02
|
%
|
|
0.91
|
%
|
Less: net securities gains, net of tax
|
|
0.03
|
%
|
|
—
|
%
|
|
0.01
|
%
|
|
—
|
%
|
Non-GAAP core ROA
|
|
1.07
|
%
|
|
0.96
|
%
|
|
1.01
|
%
|
|
0.91
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Return on average equity (ROE)
|
|
12.18
|
%
|
|
10.94
|
%
|
|
11.69
|
%
|
|
10.19
|
%
|
Less: net securities gains (losses), net of tax
|
|
0.36
|
%
|
|
(0.05
|
)%
|
|
0.20
|
%
|
|
(0.04
|
)%
|
Non-GAAP core ROE
|
|
11.82
|
%
|
|
10.99
|
%
|
|
11.49
|
%
|
|
10.23
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Basic earnings per share (EPS)
|
|
$
|
0.66
|
|
|
$
|
0.54
|
|
|
$
|
1.82
|
|
|
$
|
1.49
|
|
Less: net securities gains, net of tax
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
(0.01
|
)
|
||||
Non-GAAP core operating EPS
|
|
$
|
0.64
|
|
|
$
|
0.54
|
|
|
$
|
1.80
|
|
|
$
|
1.50
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Diluted EPS
|
|
$
|
0.66
|
|
|
$
|
0.54
|
|
|
$
|
1.82
|
|
|
$
|
1.49
|
|
Less: net securities gains (losses), net of tax
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
(0.01
|
)
|
||||
Non-GAAP diluted core EPS
|
|
$
|
0.64
|
|
|
$
|
0.54
|
|
|
$
|
1.80
|
|
|
$
|
1.50
|
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
||||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
||||||||||
Loans including fees
|
|
$
|
15,426
|
|
|
90.30
|
%
|
|
$
|
13,982
|
|
|
92.00
|
%
|
|
$
|
1,444
|
|
|
10.33
|
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Taxable
|
|
998
|
|
|
5.84
|
|
|
713
|
|
|
4.69
|
|
|
285
|
|
|
39.97
|
|
|
|||
Tax-exempt
|
|
167
|
|
|
0.98
|
|
|
207
|
|
|
1.36
|
|
|
(40
|
)
|
|
(19.32
|
)
|
|
|||
Dividend and other interest income
|
|
493
|
|
|
2.88
|
|
|
296
|
|
|
1.95
|
|
|
197
|
|
|
66.55
|
|
|
|||
Total interest and dividend income
|
|
$
|
17,084
|
|
|
100.00
|
%
|
|
$
|
15,198
|
|
|
100.00
|
%
|
|
$
|
1,886
|
|
|
12.41
|
|
%
|
|
|
Nine Months Ended
|
|
|||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|
|||||||||
Loans including fees
|
|
$
|
45,595
|
|
|
90.54
|
%
|
|
$
|
39,172
|
|
|
92.15
|
%
|
|
$
|
6,423
|
|
|
16.40
|
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Taxable
|
|
2,899
|
|
|
5.76
|
|
|
1,898
|
|
|
4.46
|
|
|
1,001
|
|
|
52.74
|
|
|
|||
Tax-exempt
|
|
520
|
|
|
1.03
|
|
|
678
|
|
|
1.59
|
|
|
(158
|
)
|
|
(23.30
|
)
|
|
|||
Dividend and other interest income
|
|
1,345
|
|
|
2.67
|
|
|
762
|
|
|
1.80
|
|
|
583
|
|
|
76.51
|
|
|
|||
Total interest and dividend income
|
|
$
|
50,359
|
|
|
100.00
|
%
|
|
$
|
42,510
|
|
|
100.00
|
%
|
|
$
|
7,849
|
|
|
18.46
|
|
%
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
||||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
||||||||||
Deposits
|
|
$
|
3,165
|
|
|
75.70
|
%
|
|
$
|
1,659
|
|
|
56.37
|
%
|
|
$
|
1,506
|
|
|
90.78
|
|
%
|
Short-term borrowings
|
|
7
|
|
|
0.17
|
|
|
528
|
|
|
17.94
|
|
|
(521
|
)
|
|
(98.67
|
)
|
|
|||
Long-term borrowings
|
|
1,009
|
|
|
24.13
|
|
|
756
|
|
|
25.69
|
|
|
253
|
|
|
33.47
|
|
|
|||
Total interest expense
|
|
$
|
4,181
|
|
|
100.00
|
%
|
|
$
|
2,943
|
|
|
100.00
|
%
|
|
$
|
1,238
|
|
|
42.07
|
|
%
|
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
||||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
||||||||||
Deposits
|
|
$
|
8,336
|
|
|
70.26
|
%
|
|
$
|
4,371
|
|
|
59.08
|
%
|
|
$
|
3,965
|
|
|
90.71
|
|
%
|
Short-term borrowings
|
|
790
|
|
|
6.66
|
|
|
1,004
|
|
|
13.57
|
|
|
(214
|
)
|
|
(21.31
|
)
|
|
|||
Long-term borrowings
|
|
2,739
|
|
|
23.08
|
|
|
2,024
|
|
|
27.36
|
|
|
715
|
|
|
35.33
|
|
|
|||
Total interest expense
|
|
$
|
11,865
|
|
|
100.00
|
%
|
|
$
|
7,399
|
|
|
100.01
|
%
|
|
$
|
4,466
|
|
|
60.36
|
|
%
|
|
|
AVERAGE BALANCES AND INTEREST RATES
|
||||||||||||||||||||
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||
(In Thousands)
|
|
Average Balance (1)
|
|
Interest
|
|
Average Rate
|
|
Average Balance (1)
|
|
Interest
|
|
Average Rate
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax-exempt loans (3)
|
|
$
|
66,617
|
|
|
$
|
505
|
|
|
3.04
|
%
|
|
$
|
75,182
|
|
|
$
|
559
|
|
|
2.95
|
%
|
All other loans
|
|
1,317,964
|
|
|
15,027
|
|
|
4.57
|
%
|
|
1,278,149
|
|
|
13,541
|
|
|
4.20
|
%
|
||||
Total loans (2)
|
|
1,384,581
|
|
|
15,532
|
|
|
4.50
|
%
|
|
1,353,331
|
|
|
14,100
|
|
|
4.13
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable securities
|
|
137,394
|
|
|
1,284
|
|
|
3.79
|
%
|
|
104,321
|
|
|
991
|
|
|
3.80
|
%
|
||||
Tax-exempt securities (3)
|
|
25,769
|
|
|
211
|
|
|
3.32
|
%
|
|
34,444
|
|
|
262
|
|
|
3.04
|
%
|
||||
Total securities
|
|
163,163
|
|
|
1,495
|
|
|
3.72
|
%
|
|
138,765
|
|
|
1,253
|
|
|
3.61
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
|
36,853
|
|
|
207
|
|
|
2.25
|
%
|
|
3,403
|
|
|
18
|
|
|
2.10
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest-earning assets
|
|
1,584,597
|
|
|
17,234
|
|
|
4.37
|
%
|
|
1,495,499
|
|
|
15,371
|
|
|
4.08
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other assets
|
|
101,318
|
|
|
|
|
|
|
|
|
99,132
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
1,685,915
|
|
|
|
|
|
|
|
|
$
|
1,594,631
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savings
|
|
$
|
169,628
|
|
|
66
|
|
|
0.16
|
%
|
|
$
|
166,181
|
|
|
17
|
|
|
0.04
|
%
|
||
Super Now deposits
|
|
232,918
|
|
|
481
|
|
|
0.83
|
%
|
|
225,677
|
|
|
264
|
|
|
0.46
|
%
|
||||
Money market deposits
|
|
237,362
|
|
|
581
|
|
|
0.98
|
%
|
|
241,977
|
|
|
314
|
|
|
0.51
|
%
|
||||
Time deposits
|
|
370,229
|
|
|
2,037
|
|
|
2.21
|
%
|
|
263,399
|
|
|
1,064
|
|
|
1.60
|
%
|
||||
Total interest-bearing deposits
|
|
1,010,137
|
|
|
3,165
|
|
|
1.26
|
%
|
|
897,234
|
|
|
1,659
|
|
|
0.73
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
|
7,990
|
|
|
7
|
|
|
0.35
|
%
|
|
99,867
|
|
|
528
|
|
|
2.07
|
%
|
||||
Long-term borrowings
|
|
169,017
|
|
|
1,009
|
|
|
2.26
|
%
|
|
134,731
|
|
|
756
|
|
|
2.19
|
%
|
||||
Total borrowings
|
|
177,007
|
|
|
1,016
|
|
|
2.18
|
%
|
|
234,598
|
|
|
1,284
|
|
|
2.14
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest-bearing liabilities
|
|
1,187,144
|
|
|
4,181
|
|
|
1.39
|
%
|
|
1,131,832
|
|
|
2,943
|
|
|
1.03
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits
|
|
324,940
|
|
|
|
|
|
|
|
|
305,707
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
21,151
|
|
|
|
|
|
|
|
|
17,156
|
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
|
152,680
|
|
|
|
|
|
|
|
|
139,936
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and shareholders’ equity
|
|
$
|
1,685,915
|
|
|
|
|
|
|
|
|
$
|
1,594,631
|
|
|
|
|
|
|
|
||
Interest rate spread
|
|
|
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
|
|
3.05
|
%
|
||||
Net interest income/margin
|
|
|
|
|
$
|
13,053
|
|
|
3.32
|
%
|
|
|
|
|
$
|
12,428
|
|
|
3.30
|
%
|
|
|
AVERAGE BALANCES AND INTEREST RATES
|
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||
(In Thousands)
|
|
Average Balance (1)
|
|
Interest
|
|
Average Rate
|
|
Average Balance (1)
|
|
Interest
|
|
Average Rate
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax-exempt loans (3)
|
|
$
|
69,973
|
|
|
$
|
1,592
|
|
|
3.04
|
%
|
|
$
|
75,389
|
|
|
$
|
1,689
|
|
|
2.99
|
%
|
All other loans
|
|
1,315,022
|
|
|
44,337
|
|
|
4.51
|
%
|
|
1,230,313
|
|
|
37,838
|
|
|
4.11
|
%
|
||||
Total loans (2)
|
|
1,384,995
|
|
|
45,929
|
|
|
4.43
|
%
|
|
1,305,702
|
|
|
39,527
|
|
|
4.05
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable securities
|
|
131,451
|
|
|
3,934
|
|
|
4.05
|
%
|
|
93,944
|
|
|
2,621
|
|
|
3.72
|
%
|
||||
Tax-exempt securities
|
|
26,813
|
|
|
658
|
|
|
3.32
|
%
|
|
38,940
|
|
|
858
|
|
|
2.94
|
%
|
||||
Total securities
|
|
158,264
|
|
|
4,592
|
|
|
3.92
|
%
|
|
132,884
|
|
|
3,479
|
|
|
3.49
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
|
18,050
|
|
|
310
|
|
|
2.30
|
%
|
|
2,872
|
|
|
39
|
|
|
1.82
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest-earning assets
|
|
1,561,309
|
|
|
50,831
|
|
|
4.36
|
%
|
|
1,441,458
|
|
|
43,045
|
|
|
3.99
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other assets
|
|
109,278
|
|
|
|
|
|
|
|
|
97,930
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
1,670,587
|
|
|
|
|
|
|
|
$
|
1,539,388
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savings
|
|
$
|
168,909
|
|
|
147
|
|
|
0.12
|
%
|
|
$
|
164,828
|
|
|
49
|
|
|
0.04
|
%
|
||
Super Now deposits
|
|
236,965
|
|
|
1,313
|
|
|
0.74
|
%
|
|
229,159
|
|
|
713
|
|
|
0.42
|
%
|
||||
Money market deposits
|
|
242,630
|
|
|
1,649
|
|
|
0.91
|
%
|
|
240,751
|
|
|
814
|
|
|
0.45
|
%
|
||||
Time deposits
|
|
335,456
|
|
|
5,227
|
|
|
2.08
|
%
|
|
251,071
|
|
|
2,795
|
|
|
1.49
|
%
|
||||
Total interest-bearing deposits
|
|
983,960
|
|
|
8,336
|
|
|
1.13
|
%
|
|
885,809
|
|
|
4,371
|
|
|
0.66
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings
|
|
45,046
|
|
|
790
|
|
|
2.34
|
%
|
|
72,873
|
|
|
1,004
|
|
|
1.82
|
%
|
||||
Long-term borrowings
|
|
153,684
|
|
|
2,739
|
|
|
2.24
|
%
|
|
124,483
|
|
|
2,024
|
|
|
2.14
|
%
|
||||
Total borrowings
|
|
198,730
|
|
|
3,529
|
|
|
2.26
|
%
|
|
197,356
|
|
|
3,028
|
|
|
2.02
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest-bearing liabilities
|
|
1,182,690
|
|
|
11,865
|
|
|
1.32
|
%
|
|
1,083,165
|
|
|
7,399
|
|
|
0.91
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits
|
|
318,602
|
|
|
|
|
|
|
|
|
300,604
|
|
|
|
|
|
|
|
||||
Other liabilities
|
|
22,705
|
|
|
|
|
|
|
|
|
18,070
|
|
|
|
|
|
|
|
||||
Shareholders’ equity
|
|
146,590
|
|
|
|
|
|
|
|
|
137,549
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total liabilities and shareholders’ equity
|
|
$
|
1,670,587
|
|
|
|
|
|
|
|
|
$
|
1,539,388
|
|
|
|
|
|
|
|
||
Interest rate spread
|
|
|
|
|
|
|
|
3.04
|
%
|
|
|
|
|
|
|
|
3.08
|
%
|
||||
Net interest income/margin
|
|
|
|
|
$
|
38,966
|
|
|
3.34
|
%
|
|
|
|
|
$
|
35,646
|
|
|
3.31
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(In Thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total interest income
|
|
$
|
17,084
|
|
|
$
|
15,198
|
|
|
$
|
50,359
|
|
|
$
|
42,510
|
|
Total interest expense
|
|
4,181
|
|
|
2,943
|
|
|
11,865
|
|
|
7,399
|
|
||||
Net interest income
|
|
12,903
|
|
|
12,255
|
|
|
38,494
|
|
|
35,111
|
|
||||
Tax equivalent adjustment
|
|
150
|
|
|
173
|
|
|
472
|
|
|
535
|
|
||||
Net interest income (fully taxable equivalent)
|
|
$
|
13,053
|
|
|
$
|
12,428
|
|
|
$
|
38,966
|
|
|
$
|
35,646
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
|
2019 vs. 2018
|
|
2019 vs. 2018
|
||||||||||||||||||||
|
|
Increase (Decrease) Due to
|
|
Increase (Decrease) Due to
|
||||||||||||||||||||
(In Thousands)
|
|
Volume
|
|
Rate
|
|
Net
|
|
Volume
|
|
Rate
|
|
Net
|
||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tax-exempt loans
|
|
$
|
(69
|
)
|
|
$
|
15
|
|
|
$
|
(54
|
)
|
|
$
|
(109
|
)
|
|
$
|
12
|
|
|
$
|
(97
|
)
|
All other loans
|
|
388
|
|
|
1,098
|
|
|
1,486
|
|
|
2,693
|
|
|
3,806
|
|
|
6,499
|
|
||||||
Taxable investment securities
|
|
296
|
|
|
(3
|
)
|
|
293
|
|
|
1,074
|
|
|
239
|
|
|
1,313
|
|
||||||
Tax-exempt investment securities
|
|
(73
|
)
|
|
22
|
|
|
(51
|
)
|
|
(245
|
)
|
|
45
|
|
|
(200
|
)
|
||||||
Interest bearing deposits
|
|
188
|
|
|
1
|
|
|
189
|
|
|
138
|
|
|
133
|
|
|
271
|
|
||||||
Total interest-earning assets
|
|
730
|
|
|
1,133
|
|
|
1,863
|
|
|
3,551
|
|
|
4,235
|
|
|
7,786
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Savings deposits
|
|
—
|
|
|
49
|
|
|
49
|
|
|
1
|
|
|
97
|
|
|
98
|
|
||||||
Super Now deposits
|
|
8
|
|
|
209
|
|
|
217
|
|
|
25
|
|
|
575
|
|
|
600
|
|
||||||
Money market deposits
|
|
(6
|
)
|
|
273
|
|
|
267
|
|
|
6
|
|
|
829
|
|
|
835
|
|
||||||
Time deposits
|
|
503
|
|
|
470
|
|
|
973
|
|
|
1,114
|
|
|
1,318
|
|
|
2,432
|
|
||||||
Short-term borrowings
|
|
(274
|
)
|
|
(247
|
)
|
|
(521
|
)
|
|
(338
|
)
|
|
124
|
|
|
(214
|
)
|
||||||
Long-term borrowings
|
|
225
|
|
|
28
|
|
|
253
|
|
|
599
|
|
|
116
|
|
|
715
|
|
||||||
Total interest-bearing liabilities
|
|
456
|
|
|
782
|
|
|
1,238
|
|
|
1,407
|
|
|
3,059
|
|
|
4,466
|
|
||||||
Change in net interest income
|
|
$
|
274
|
|
|
$
|
351
|
|
|
$
|
625
|
|
|
$
|
2,144
|
|
|
$
|
1,176
|
|
|
$
|
3,320
|
|
|
|
Total Nonperforming Loans
|
||||||||||
(In Thousands)
|
|
90 Days Past Due
|
|
Non-accrual
|
|
Total
|
||||||
September 30, 2019
|
|
$
|
1,304
|
|
|
$
|
15,904
|
|
|
$
|
17,208
|
|
June 30, 2019
|
|
1,245
|
|
|
14,138
|
|
|
15,383
|
|
|||
March 31, 2019
|
|
1,268
|
|
|
14,526
|
|
|
15,794
|
|
|||
December 31, 2018
|
|
1,274
|
|
|
15,298
|
|
|
16,572
|
|
|||
September 30, 2018
|
|
512
|
|
|
8,227
|
|
|
8,739
|
|
|
|
Three Months Ended
|
|||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Service charges
|
|
$
|
622
|
|
|
22.04
|
%
|
|
$
|
645
|
|
|
24.92
|
%
|
|
$
|
(23
|
)
|
|
(3.57
|
)%
|
Net debt securities gains (losses), available for sale
|
|
189
|
|
|
6.70
|
|
|
(22
|
)
|
|
(0.85
|
)
|
|
211
|
|
|
959.09
|
|
|||
Net equity securities (losses) gains
|
|
(21
|
)
|
|
(0.74
|
)
|
|
(16
|
)
|
|
(0.62
|
)
|
|
(5
|
)
|
|
(31.25
|
)
|
|||
Net securities gains (losses), trading
|
|
2
|
|
|
0.07
|
|
|
14
|
|
|
0.54
|
|
|
(12
|
)
|
|
(85.71
|
)
|
|||
Bank-owned life insurance
|
|
143
|
|
|
5.07
|
|
|
165
|
|
|
6.37
|
|
|
(22
|
)
|
|
(13.33
|
)
|
|||
Gain on sale of loans
|
|
583
|
|
|
20.66
|
|
|
398
|
|
|
15.37
|
|
|
185
|
|
|
46.48
|
|
|||
Insurance commissions
|
|
93
|
|
|
3.30
|
|
|
85
|
|
|
3.28
|
|
|
8
|
|
|
9.41
|
|
|||
Brokerage commissions
|
|
353
|
|
|
12.51
|
|
|
340
|
|
|
13.13
|
|
|
13
|
|
|
3.82
|
|
|||
Debit card fees
|
|
333
|
|
|
11.80
|
|
|
359
|
|
|
13.87
|
|
|
(26
|
)
|
|
(7.24
|
)
|
|||
Other
|
|
525
|
|
|
18.59
|
|
|
621
|
|
|
23.99
|
|
|
(96
|
)
|
|
(15.46
|
)
|
|||
Total non-interest income
|
|
$
|
2,822
|
|
|
100.00
|
%
|
|
$
|
2,589
|
|
|
100.00
|
%
|
|
$
|
233
|
|
|
9.00
|
%
|
|
|
Nine Months Ended
|
|||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Service charges
|
|
$
|
1,776
|
|
|
23.54
|
%
|
|
$
|
1,788
|
|
|
25.43
|
%
|
|
$
|
(12
|
)
|
|
(0.67
|
)%
|
Net debt securities gains (losses), available for sale
|
|
200
|
|
|
2.65
|
|
|
(17
|
)
|
|
(0.24
|
)
|
|
217
|
|
|
1,276.47
|
|
|||
Net equity securities gains (losses)
|
|
44
|
|
|
0.58
|
|
|
(44
|
)
|
|
(0.63
|
)
|
|
88
|
|
|
200.00
|
|
|||
Net securities gains (losses), trading
|
|
15
|
|
|
0.20
|
|
|
12
|
|
|
0.17
|
|
|
3
|
|
|
25.00
|
|
|||
Bank-owned life insurance
|
|
434
|
|
|
5.75
|
|
|
496
|
|
|
7.05
|
|
|
(62
|
)
|
|
(12.50
|
)
|
|||
Gain on sale of loans
|
|
1,246
|
|
|
16.51
|
|
|
1,053
|
|
|
14.97
|
|
|
193
|
|
|
18.33
|
|
|||
Insurance commissions
|
|
346
|
|
|
4.59
|
|
|
266
|
|
|
3.78
|
|
|
80
|
|
|
30.08
|
|
|||
Brokerage commissions
|
|
1,032
|
|
|
13.68
|
|
|
1,013
|
|
|
14.41
|
|
|
19
|
|
|
1.88
|
|
|||
Debit card fees
|
|
1,032
|
|
|
13.68
|
|
|
1,065
|
|
|
15.15
|
|
|
(33
|
)
|
|
(3.10
|
)
|
|||
Other
|
|
1,420
|
|
|
18.82
|
|
|
1,400
|
|
|
19.91
|
|
|
20
|
|
|
1.43
|
|
|||
Total non-interest income
|
|
$
|
7,545
|
|
|
100.00
|
%
|
|
$
|
7,032
|
|
|
100.00
|
%
|
|
$
|
513
|
|
|
7.30
|
%
|
|
|
Three Months Ended
|
|||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Salaries and employee benefits
|
|
$
|
5,488
|
|
|
57.52
|
%
|
|
$
|
5,420
|
|
|
55.99
|
%
|
|
$
|
68
|
|
|
1.25
|
%
|
Occupancy
|
|
638
|
|
|
6.69
|
|
|
640
|
|
|
6.61
|
|
|
(2
|
)
|
|
(0.31
|
)
|
|||
Furniture and equipment
|
|
885
|
|
|
9.28
|
|
|
780
|
|
|
8.06
|
|
|
105
|
|
|
13.46
|
|
|||
Software amortization
|
|
234
|
|
|
2.45
|
|
|
208
|
|
|
2.15
|
|
|
26
|
|
|
12.50
|
|
|||
Pennsylvania shares tax
|
|
285
|
|
|
2.99
|
|
|
278
|
|
|
2.87
|
|
|
7
|
|
|
2.52
|
|
|||
Professional fees
|
|
585
|
|
|
6.13
|
|
|
459
|
|
|
4.74
|
|
|
126
|
|
|
27.45
|
|
|||
Federal Deposit Insurance Corporation deposit insurance
|
|
—
|
|
|
—
|
|
|
237
|
|
|
2.45
|
|
|
(237
|
)
|
|
(100.00
|
)
|
|||
Marketing
|
|
98
|
|
|
1.03
|
|
|
245
|
|
|
2.53
|
|
|
(147
|
)
|
|
(60.00
|
)
|
|||
Intangible amortization
|
|
62
|
|
|
0.65
|
|
|
71
|
|
|
0.73
|
|
|
(9
|
)
|
|
(12.68
|
)
|
|||
Other
|
|
1,266
|
|
|
13.26
|
|
|
1,343
|
|
|
13.87
|
|
|
(77
|
)
|
|
(5.73
|
)
|
|||
Total non-interest expense
|
|
$
|
9,541
|
|
|
100.00
|
%
|
|
$
|
9,681
|
|
|
100.00
|
%
|
|
$
|
(140
|
)
|
|
(1.45
|
)%
|
|
|
Nine Months Ended
|
|||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Salaries and employee benefits
|
|
$
|
16,512
|
|
|
56.14
|
%
|
|
$
|
15,387
|
|
|
54.04
|
%
|
|
$
|
1,125
|
|
|
7.31
|
%
|
Occupancy
|
|
2,085
|
|
|
7.09
|
|
|
2,080
|
|
|
7.30
|
|
|
5
|
|
|
0.24
|
|
|||
Furniture and equipment
|
|
2,421
|
|
|
8.23
|
|
|
2,328
|
|
|
8.18
|
|
|
93
|
|
|
3.99
|
|
|||
Software amortization
|
|
629
|
|
|
2.14
|
|
|
504
|
|
|
1.77
|
|
|
125
|
|
|
24.80
|
|
|||
Pennsylvania shares tax
|
|
863
|
|
|
2.93
|
|
|
833
|
|
|
2.93
|
|
|
30
|
|
|
3.60
|
|
|||
Professional fees
|
|
1,834
|
|
|
6.24
|
|
|
1,674
|
|
|
5.88
|
|
|
160
|
|
|
9.56
|
|
|||
Federal Deposit Insurance Corporation deposit insurance
|
|
504
|
|
|
1.71
|
|
|
639
|
|
|
2.24
|
|
|
(135
|
)
|
|
(21.13
|
)
|
|||
Marketing
|
|
233
|
|
|
0.79
|
|
|
764
|
|
|
2.68
|
|
|
(531
|
)
|
|
(69.50
|
)
|
|||
Intangible amortization
|
|
202
|
|
|
0.69
|
|
|
229
|
|
|
0.80
|
|
|
(27
|
)
|
|
(11.79
|
)
|
|||
Other
|
|
4,131
|
|
|
14.04
|
|
|
4,037
|
|
|
14.18
|
|
|
94
|
|
|
2.33
|
|
|||
Total non-interest expense
|
|
$
|
29,414
|
|
|
100.00
|
%
|
|
$
|
28,475
|
|
|
100.00
|
%
|
|
$
|
939
|
|
|
3.30
|
%
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Commercial, financial, and agricultural
|
|
$
|
173,542
|
|
|
12.71
|
%
|
|
$
|
188,561
|
|
|
13.62
|
%
|
|
$
|
(15,019
|
)
|
|
(7.97
|
)%
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential
|
|
617,946
|
|
|
45.27
|
|
|
622,379
|
|
|
44.94
|
|
|
(4,433
|
)
|
|
(0.71
|
)%
|
|||
Commercial
|
|
364,354
|
|
|
26.69
|
|
|
371,695
|
|
|
26.84
|
|
|
(7,341
|
)
|
|
(1.98
|
)%
|
|||
Construction
|
|
39,563
|
|
|
2.90
|
|
|
43,523
|
|
|
3.14
|
|
|
(3,960
|
)
|
|
(9.10
|
)%
|
|||
Consumer automobile loans
|
|
144,824
|
|
|
10.61
|
|
|
133,183
|
|
|
9.63
|
|
|
11,641
|
|
|
8.74
|
%
|
|||
Other consumer installment loans
|
|
23,818
|
|
|
1.74
|
|
|
24,552
|
|
|
1.77
|
|
|
(734
|
)
|
|
(2.99
|
)%
|
|||
Net deferred loan fees and discounts
|
|
937
|
|
|
0.08
|
|
|
864
|
|
|
0.06
|
|
|
73
|
|
|
8.45
|
%
|
|||
Gross loans
|
|
$
|
1,364,984
|
|
|
100.00
|
%
|
|
$
|
1,384,757
|
|
|
100.00
|
%
|
|
$
|
(19,773
|
)
|
|
(1.43
|
)%
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(In Thousands)
|
|
Accrual
|
|
Non-accrual
|
|
Total
|
|
Accrual
|
|
Non-accrual
|
|
Total
|
||||||||||||
Commercial, financial, and agricultural
|
|
$
|
—
|
|
|
$
|
5,099
|
|
|
$
|
5,099
|
|
|
$
|
—
|
|
|
$
|
1,127
|
|
|
$
|
1,127
|
|
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential
|
|
2,083
|
|
|
2,213
|
|
|
4,296
|
|
|
2,225
|
|
|
159
|
|
|
2,384
|
|
||||||
Commercial
|
|
2,169
|
|
|
4,889
|
|
|
7,058
|
|
|
3,959
|
|
|
2,129
|
|
|
6,088
|
|
||||||
|
|
$
|
4,252
|
|
|
$
|
12,201
|
|
|
$
|
16,453
|
|
|
$
|
6,184
|
|
|
$
|
3,415
|
|
|
$
|
9,599
|
|
|
|
A- to AAA
|
|
B- to BBB+
|
|
Not Rated
|
|
Total
|
||||||||||||||||||||||||
(In Thousands)
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||||||
Available for sale (AFS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
|
$
|
5,160
|
|
|
$
|
5,170
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,160
|
|
|
$
|
5,170
|
|
State and political securities
|
|
76,948
|
|
|
81,079
|
|
|
1,667
|
|
|
1,687
|
|
|
70
|
|
|
70
|
|
|
78,685
|
|
|
82,836
|
|
||||||||
Other debt securities
|
|
30,714
|
|
|
30,439
|
|
|
22,139
|
|
|
22,376
|
|
|
8,243
|
|
|
8,254
|
|
|
61,096
|
|
|
61,069
|
|
||||||||
Total debt securities AFS
|
|
$
|
112,822
|
|
|
$
|
116,688
|
|
|
$
|
23,806
|
|
|
$
|
24,063
|
|
|
$
|
8,313
|
|
|
$
|
8,324
|
|
|
$
|
144,941
|
|
|
$
|
149,075
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Demand deposits
|
|
$
|
327,329
|
|
|
24.57
|
%
|
|
$
|
320,814
|
|
|
26.30
|
%
|
|
$
|
6,515
|
|
|
2.03
|
%
|
NOW accounts
|
|
219,466
|
|
|
16.47
|
|
|
207,819
|
|
|
17.04
|
|
|
11,647
|
|
|
5.60
|
|
|||
Money market deposits
|
|
239,926
|
|
|
18.01
|
|
|
238,596
|
|
|
19.56
|
|
|
1,330
|
|
|
0.56
|
|
|||
Savings deposits
|
|
171,370
|
|
|
12.86
|
|
|
166,063
|
|
|
13.61
|
|
|
5,307
|
|
|
3.20
|
|
|||
Time deposits
|
|
374,316
|
|
|
28.09
|
|
|
286,611
|
|
|
23.49
|
|
|
87,705
|
|
|
30.60
|
|
|||
Total deposits
|
|
$
|
1,332,407
|
|
|
100.00
|
%
|
|
$
|
1,219,903
|
|
|
100.00
|
%
|
|
$
|
112,504
|
|
|
9.22
|
%
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|
Change
|
|||||||||||||||
(In Thousands)
|
|
Amount
|
|
% Total
|
|
Amount
|
|
% Total
|
|
Amount
|
|
%
|
|||||||||
Short-term borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FHLB repurchase agreements
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
162,203
|
|
|
52.87
|
%
|
|
$
|
(162,203
|
)
|
|
(100.00
|
)%
|
Securities sold under agreement to repurchase
|
|
5,987
|
|
|
3.56
|
|
|
5,662
|
|
|
1.85
|
|
|
325
|
|
|
5.74
|
|
|||
Total short-term borrowings
|
|
5,987
|
|
|
3.56
|
|
|
167,865
|
|
|
54.72
|
|
|
(161,878
|
)
|
|
(96.43
|
)
|
|||
Long-term borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Long-term FHLB borrowings
|
|
156,334
|
|
|
92.90
|
|
|
138,625
|
|
|
45.18
|
|
|
17,709
|
|
|
12.77
|
|
|||
Long-term finance lease
|
|
5,956
|
|
|
3.54
|
|
|
—
|
|
|
—
|
|
|
5,956
|
|
|
n/a
|
|
|||
Long-term capital lease
|
|
—
|
|
|
—
|
|
|
317
|
|
|
0.10
|
|
|
(317
|
)
|
|
(100.00
|
)
|
|||
Total long-term borrowings
|
|
162,290
|
|
|
96.44
|
|
|
138,942
|
|
|
45.28
|
|
|
23,348
|
|
|
16.80
|
|
|||
Total borrowed funds
|
|
$
|
168,277
|
|
|
100.00
|
%
|
|
$
|
306,807
|
|
|
100.00
|
%
|
|
$
|
(138,530
|
)
|
|
(45.15
|
)%
|
|
|
Remaining Contractual Maturity Overnight and Continuous
|
||||||
(In Thousands)
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Investment debt securities pledged, fair value
|
|
$
|
7,408
|
|
|
$
|
8,380
|
|
Repurchase agreements
|
|
5,987
|
|
|
5,662
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||
(In Thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
139,484
|
|
|
10.660
|
%
|
|
$
|
132,543
|
|
|
10.178
|
%
|
For Capital Adequacy Purposes
|
|
58,882
|
|
|
4.500
|
|
|
58,601
|
|
|
4.500
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
91,594
|
|
|
7.000
|
|
|
83,018
|
|
|
6.375
|
|
||
To Be Well Capitalized
|
|
85,051
|
|
|
6.500
|
|
|
84,646
|
|
|
6.500
|
|
||
Total Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
151,103
|
|
|
11.548
|
%
|
|
$
|
142,876
|
|
|
10.972
|
%
|
For Capital Adequacy Purposes
|
|
104,678
|
|
|
8.000
|
|
|
104,175
|
|
|
8.000
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
137,390
|
|
|
10.500
|
|
|
128,591
|
|
|
9.875
|
|
||
To Be Well Capitalized
|
|
130,848
|
|
|
10.000
|
|
|
130,219
|
|
|
10.000
|
|
||
Tier I Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
139,484
|
|
|
10.660
|
%
|
|
$
|
132,543
|
|
|
10.178
|
%
|
For Capital Adequacy Purposes
|
|
78,509
|
|
|
6.000
|
|
|
78,135
|
|
|
6.000
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
111,221
|
|
|
8.500
|
|
|
102,552
|
|
|
7.875
|
|
||
To Be Well Capitalized
|
|
104,678
|
|
|
8.000
|
|
|
104,180
|
|
|
8.000
|
|
||
Tier I Capital (to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
139,484
|
|
|
8.457
|
%
|
|
$
|
132,543
|
|
|
8.176
|
%
|
For Capital Adequacy Purposes
|
|
65,973
|
|
|
4.000
|
|
|
64,845
|
|
|
4.000
|
|
||
To Be Well Capitalized
|
|
82,467
|
|
|
5.000
|
|
|
81,056
|
|
|
5.000
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||
(In Thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
98,790
|
|
|
10.365
|
%
|
|
$
|
94,105
|
|
|
9.879
|
%
|
For Capital Adequacy Purposes
|
|
42,890
|
|
|
4.500
|
|
|
42,866
|
|
|
4.500
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
66,718
|
|
|
7.000
|
|
|
60,727
|
|
|
6.375
|
|
||
To Be Well Capitalized
|
|
61,952
|
|
|
6.500
|
|
|
61,917
|
|
|
6.500
|
|
||
Total Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
107,921
|
|
|
11.323
|
%
|
|
$
|
102,534
|
|
|
10.764
|
%
|
For Capital Adequacy Purposes
|
|
76,249
|
|
|
8.000
|
|
|
76,205
|
|
|
8.000
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
100,077
|
|
|
10.500
|
|
|
94,066
|
|
|
9.875
|
|
||
To Be Well Capitalized
|
|
95,311
|
|
|
10.000
|
|
|
95,256
|
|
|
10.000
|
|
||
Tier I Capital (to Risk-weighted Assets)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
98,790
|
|
|
10.364
|
%
|
|
$
|
94,105
|
|
|
9.879
|
%
|
For Capital Adequacy Purposes
|
|
57,192
|
|
|
6.000
|
|
|
57,155
|
|
|
6.000
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
81,022
|
|
|
8.500
|
|
|
75,015
|
|
|
7.875
|
|
||
To Be Well Capitalized
|
|
76,256
|
|
|
8.000
|
|
|
76,206
|
|
|
8.000
|
|
||
Tier I Capital (to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
98,790
|
|
|
8.062
|
%
|
|
$
|
94,105
|
|
|
7.724
|
%
|
For Capital Adequacy Purposes
|
|
49,015
|
|
|
4.000
|
|
|
48,734
|
|
|
4.000
|
|
||
To Be Well Capitalized
|
|
61,269
|
|
|
5.000
|
|
|
60,917
|
|
|
5.000
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||
(In Thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Common Equity Tier I Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
37,930
|
|
|
10.472
|
%
|
|
$
|
35,378
|
|
|
10.061
|
%
|
For Capital Adequacy Purposes
|
|
16,299
|
|
|
4.500
|
|
|
15,824
|
|
|
4.500
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
25,354
|
|
|
7.000
|
|
|
22,417
|
|
|
6.375
|
|
||
To Be Well Capitalized
|
|
23,543
|
|
|
6.500
|
|
|
22,856
|
|
|
6.500
|
|
||
Total Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
40,419
|
|
|
11.159
|
%
|
|
$
|
37,283
|
|
|
10.603
|
%
|
For Capital Adequacy Purposes
|
|
28,977
|
|
|
8.000
|
|
|
28,130
|
|
|
8.000
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
38,032
|
|
|
10.500
|
|
|
34,723
|
|
|
9.875
|
|
||
To Be Well Capitalized
|
|
36,221
|
|
|
10.000
|
|
|
35,163
|
|
|
10.000
|
|
||
Tier I Capital (to Risk-weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
37,930
|
|
|
10.472
|
%
|
|
$
|
35,378
|
|
|
10.061
|
%
|
For Capital Adequacy Purposes
|
|
21,732
|
|
|
6.000
|
|
|
21,098
|
|
|
6.000
|
|
||
Minimum To Maintain Capital Conservation Buffer At Reporting Date
|
|
30,787
|
|
|
8.500
|
|
|
27,691
|
|
|
7.875
|
|
||
To Be Well Capitalized
|
|
28,976
|
|
|
8.000
|
|
|
28,131
|
|
|
8.000
|
|
||
Tier I Capital (to Average Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Actual
|
|
$
|
37,930
|
|
|
8.545
|
%
|
|
$
|
35,378
|
|
|
8.655
|
%
|
For Capital Adequacy Purposes
|
|
17,755
|
|
|
4.000
|
|
|
16,350
|
|
|
4.000
|
|
||
To Be Well Capitalized
|
|
22,194
|
|
|
5.000
|
|
|
20,438
|
|
|
5.000
|
|
|
|
Parallel Rate Shock in Basis Points
|
||||||||||||||||||||||||||
(In Thousands)
|
|
-200
|
|
-100
|
|
Static
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
||||||||||||||
Net interest income
|
|
$
|
46,276
|
|
|
$
|
49,824
|
|
|
$
|
53,043
|
|
|
$
|
55,678
|
|
|
$
|
58,184
|
|
|
$
|
60,545
|
|
|
$
|
62,896
|
|
Change from static
|
|
(6,767
|
)
|
|
(3,219
|
)
|
|
—
|
|
|
2,635
|
|
|
5,141
|
|
|
7,502
|
|
|
9,853
|
|
|||||||
Percent change from static
|
|
-12.76
|
%
|
|
-6.07
|
%
|
|
—
|
|
|
4.97
|
%
|
|
9.69
|
%
|
|
14.14
|
%
|
|
18.58
|
%
|
Period
|
|
Total
Number of
Shares (or
Units) Purchased
|
|
Average
Price Paid
per Share
(or Units) Purchased
|
|
Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced Plans or Programs
|
|
Maximum Number (or
Approximate Dollar Value)
of Shares (or Units) that
May Yet Be Purchased Under the Plans or Programs
|
||||
Month #1 (July 1 - July 31, 2019)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
513,669
|
|
Month #2 (August 1 - August 31, 2019)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
513,669
|
|
Month #3 (September 1 - September 30, 2019)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
513,669
|
|
|
Articles of Incorporation of the Registrant, as presently in effect.
|
|
|
Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011).
|
|
|
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer.
|
|
|
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer.
|
|
|
Section 1350 Certification of Chief Executive Officer.
|
|
|
Section 1350 Certification of Chief Financial Officer.
|
|
101
|
|
Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at September 30, 2019 and December 31, 2018; (ii) the Consolidated Statement of Income for the three and nine months ended September 30, 2019 and 2018; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018; (iv) the Consolidated Statement of Shareholders’ Equity for the three and nine months ended September 30, 2019 and 2018; (v) the Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 and 2018 and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections.
|
|
|
PENNS WOODS BANCORP, INC.
|
|
|
(Registrant)
|
|
|
|
Date:
|
November 8, 2019
|
/s/ Richard A. Grafmyre
|
|
|
Richard A. Grafmyre, Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
Date:
|
November 8, 2019
|
/s/ Brian L. Knepp
|
|
|
Brian L. Knepp, President and Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting
|
|
|
Officer)
|
Exhibit 3(i)
|
|
Articles of Incorporation of the Registrant, as presently in effect.
|
Exhibit 3(ii)
|
|
Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011).
|
Exhibit 31(i)
|
|
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer
|
Exhibit 31(ii)
|
|
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer
|
Exhibit 32(i)
|
|
Section 1350 Certification of Chief Executive Officer
|
Exhibit 32(ii)
|
|
Section 1350 Certification of Chief Financial Officer
|
Exhibit 101
|
|
Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at September 30, 2019 and December 31, 2018; (ii) the Consolidated Statement of Income for the three and nine months ended September 30, 2019 and 2018; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018; (iv) the Consolidated Statement of Shareholders’ Equity for the three and nine months ended September 30, 2019 and 2018; (v) the Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 and 2018 and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections.
|
Name
|
|
Address
|
|
No. and Class of Shares
|
Theodore H. Reich
|
|
226 Front Street, Jersey Shore, PA 17740
|
|
1
|
Raymond D. Eck
|
|
R.D. 2 Jersey Shore, PA 17740
|
|
1
|
Howard N. Thompson
|
|
P.O. Box 504 Jersey Shore, PA 17740
|
|
1
|
Date:
|
November 8, 2019
|
/s/ Richard A. Grafmyre
|
|
|
Richard A. Grafmyre
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
November 8, 2019
|
/s/ Brian L. Knepp
|
|
|
Brian L. Knepp
|
|
|
President and Chief Financial Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
/s/ Richard A. Grafmyre
|
|
Richard A. Grafmyre
|
|
Chief Executive Officer
|
|
|
|
November 8, 2019
|
|
/s/ Brian L. Knepp
|
|
Brian L. Knepp
|
|
President and Chief Financial Officer
|
|
|
|
November 8, 2019
|
|