fmao-8k_20220214.htm
false 0000792966 0000792966 2022-02-14 2022-02-14

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 14, 2022

 

Farmers & Merchants Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ohio

001-38084

34-1469491

(State or Other Jurisdiction

(Commission

(IRS Employer

of Incorporation)

File Number)

Identification No.)

 

307 North Defiance Street, Archbold, Ohio

43502

(Address of Principal Executive Offices)

(Zip Code)

Registrant's Telephone Number, including Area Code (419) 446-2501

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of Each Exchange

Common Stock, No Par Value

FMAO

NASDAQ Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 


 

ITEM 2.02.Results of Operation and Financial Condition

On February 14, 2022, Farmers & Merchants Bancorp, Inc. issued a press release (the “Release”) announcing its earnings for the three and twelve months ended December 31, 2021.  A copy of the press release is attached hereto as Exhibit 99 and is incorporated by reference herein.

ITEM 9.01.Financial Statements and Exhibits

 

(d)

Exhibits.

 

Exhibit

Number

Exhibit

 

 

99

Company Press Release dated February 14, 2022

 

104

The Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto authorized.

 

 

FARMERS & MERCHANTS BANCORP, INC.

 

(Registrant)

 

 

Dated: February 14, 2022

/s/ Lars B. Eller

 

Lars B. Eller

 

President and Chief Executive Officer

 

 

 

/s/ Barbara J. Britenriker

 

Barbara J. Britenriker

 

Executive Vice President and Chief Financial Officer

 

fmao-ex99_6.htm

Exhibit 99

Post Office Box 216

307 North Defiance Street

Archbold, Ohio 43502

NEWS RELEASE

 

Company Contact:

Investor and Media Contact:

Lars B. Eller

President and Chief Executive Officer

Farmers & Merchants Bancorp, Inc.

(419) 446-2501

leller@fm.bank

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

 

Farmers & Merchants Bancorp, Inc. Reports

Record 2021 Fourth-Quarter and Full-Year Financial Results

 

ARCHBOLD, OHIO, February 14, 2022, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2021 fourth quarter and twelve months ended December 31, 2021.

 

2021 Fourth Quarter Financial Highlights Include (on a year-over-year basis unless noted):

 

Net income increased 13.4% to a quarterly record of $7.7 million, or $0.59 per basic and diluted share

 

Average shares outstanding increased 16.7% as a result of the Perpetual Federal Savings Bank Acquisition

 

Adjusted net income, excluding one-time tax adjusted acquisition expenses, increased 27.8% to $8.7 million

 

Adjusted earnings, excluding one-time tax adjusted acquisition expenses, increased 10.0% to $0.66 per basic and diluted share

 

Net interest income after provision for loan losses increased 38.7% to a quarterly record of $19.6 million

 

Fourth quarter after-tax income benefited from $0.3 million of accelerated fees associated with the Paycheck Protection Program (“PPP”) compared to $1.2 million in the 2020 fourth quarter

 

Net charge-offs to average loans were -0.01%, the third consecutive quarter at or below 0.00%

 

Adjusted return on average tangible equity, excluding one-time tax adjusted acquisition expenses, increased to 13.09% from 10.89% on a year-over-year basis

 

Increased the regular quarterly cash dividend payment by 11.8% to $0.19 per share

 

2021 Full-Year Financial Highlights Include (on a year-over-year basis unless noted):

 

Total loans increased 42.8% to $1.842 billion, and included $2.9 million of PPP loans

 

Total loans increased by 15.9% organically and without PPP loans

 

Total assets increased 38.2% to a record $2.638 billion

 

Deposits increased 37.4% to a record $2.193 billion

 

Net interest income after provision for loan losses increased 25.1% to $66.1 million

 

Net income increased 16.9% to an annual record of $23.5 million

 

Earnings increased 11.7% to an annual record of $2.01 per basic and diluted share

 

Adjusted net income, excluding one-time tax adjusted acquisition expenses, increased 32.5% to $26.6 million

 

Adjusted earnings, excluding one-time tax adjusted acquisition expenses, increased 26.7% to $2.28 per basic and diluted share

 

F&M raised its quarterly dividend payment two times during 2021, and the 2021 annual cash dividend increased 7.6% to $0.71 per share, representing the 27th consecutive annual dividend increase

 

Provided a record $435,000 of charitable donations to support organizations throughout Indiana and Ohio

 

“2021 is the seventh consecutive year F&M has produced record financial results, including record annual net income, earnings per share, loans, and dividends.  I am proud of our track record of earnings growth, strong asset quality, and returns to shareholders, which reflects the successful execution of our strategic growth plan, the dedication and hard work of our 387 team members, and the valuable financial services we provide our local communities.  Despite our recent success, we remain focused on becoming a $3.0 billion asset bank.  We believe 2022 will be a transformative


year for F&M as we benefit from the three acquisitions we completed over the past 12 months, our 2021 office realignment initiative, and our recently opened offices and LPOs,” stated Lars B. Eller, President and Chief Executive Officer.  

 

Mr. Eller continued, “As we execute against our strategic growth plan, we remain rooted in our communities and continue to focus on creating value for our shareholders, associates, and the markets in which we operate.  During 2021, F&M’s Board of Directors approved two increases to our regular quarterly dividend payment, which was up 7.6% over the prior year.  In fact, according to data from S&P Global Market Intelligence, of the nearly 800 publicly traded banks, F&M has the 11th longest track record of consecutive dividend increases.  For the year, we also increased wages demonstrating our commitment to our associates, and ensuring we continue to attract and retain fantastic team members.  Finally, I am extremely proud of our continued commitment to our local communities.  For 2021, our support to organizations within our markets increased 23.9% to a record $435,000.”

 

Income Statement

Net income for the 2021 fourth quarter ended December 31, 2021, was $7.7 million, compared to $6.8 million for the same period last year.  Net income per basic and diluted share for the 2021 fourth quarter was $0.59, compared to $0.60 for the same period last year.  The $0.01 decline in net income per basic and diluted share was due to a 16.7% year-over-year increase in the average shares outstanding as a result of the Perpetual Federal Savings Bank acquisition.  Net income for the 2021 twelve-month period ended December 31, 2021, was $23.5 million, compared to $20.1 million for the same period last year.  Net income per basic and diluted share for the 2021 twelve months was $2.01, compared to $1.80 for the same period last year.  

 

Adjusted net income for the 2021 fourth quarter was $8.7 million, or $0.66 per diluted share, compared to $6.8 million, or $0.60 per diluted share in the prior year quarter. Adjusted net income accounts for the impact of one-time acquisition expenses.  Adjusted net income for the year ended December 31, 2021, was $26.6 million, or $2.28 per diluted share, compared to $20.1 million, or $1.80 per diluted share in the prior year.

 

Mr. Eller continued, “The Bank has had 19 consecutive months with an operating efficiency ratio in the 50% range when removing affiliate and acquisition expenses.  We believe earnings growth will accelerate throughout 2022 as our strong financial results benefit from our larger scale, strong asset quality, and prudent expense management.”  

 

Deposits

At December 31, 2021, total deposits were $2.193 billion, an increase of 37.4% from December 31, 2020, and an increase of 17.5% from September 30, 2021.  In addition, F&M continues to see growing customer preferences to more stable and secure saving instruments as deposits have increased since the COVID-19 crisis began.  The Company’s cost of interest-bearing liabilities improved to 0.48% for the year ended December 31, 2021, compared to 0.87% for the year ended December 31, 2020.

 

Loan Portfolio and Asset Quality

Total loans, net at December 31, 2021, increased 42.6% to $1.857 billion, compared to $1.303 billion at December 31, 2020.  The year-over-year improvement resulted primarily from the contribution of continued organic loan growth and the completion of both the Perpetual Federal Savings Bank, Inc. and Ossian Financial Services, Inc. acquisitions.  Loans increased 15.9% organically from the same period a year ago when not including the Perpetual and Ossian acquisitions, and the impact of PPP loans.  During the 2021 fourth quarter and full year, the Company processed $6.9 million and $84.5 million, respectively, of PPP loan forgiveness and principal payments received, resulting in a total of $2.9 million of PPP loans within F&M’s loan portfolio at December 31, 2021.  Under the second round of PPP, F&M funded $51.2 million of PPP loans, protecting over 18,000 jobs.  

 

Mr. Eller continued, “Our organic loan growth of 15.9% reflects the value of our community oriented financial services.  In addition, loan growth is benefitting from our recently opened office in Fort Wayne, Indiana, and new LPOs in Ohio, Indiana, and Michigan, as well as the contributions of our highly talented loan officers.  I believe our nimble, local and supportive lending culture is well positioned to serve commercial and retail customers throughout our growing footprint and I’m excited by our growth opportunities in 2022 and beyond.”    

 

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors.  Nonperforming loans were $8.1 million or 0.43% of total loans at December 31, 2021, compared to $9.4 million, or 0.72% at December 31, 2020.  The year-over-year decrease in nonperforming loans occurred despite the addition of $385.1


million of loans associated with the Perpetual and Ossian acquisitions, reflecting strong asset quality at F&M as well as its recently acquired banks.

 

At December 31, 2021, there were no COVID-related payment modifications outstanding compared to 190 loans representing a balance of $165 million in deferrals at the peak in 2020.  

 

“As we look to 2022, I am encouraged by the positive momentum underway across our business.  Our 2022 financial results are expected to reflect the full benefits of the Perpetual Federal Savings Bank, Inc., and Ossian Financial Services, Inc. acquisitions, the Adams County Financial Resources asset purchase, our new Fort Wayne office, our three new LPOs, and the completion of our office realignment program.  I am extremely proud of our record financial and operating results in 2021, and I am excited by the opportunities we have in 2022 and beyond to create additional value for our shareholders, customers, employees, and communities,” concluded Mr. Eller.

 

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 19.3% to $297.2 million at December 31, 2021, from $249.2 million at December 31, 2020. At December 31, 2021, the Company had a Tier 1 leverage ratio of 10.05%, compared to 11.20% at December 31, 2020.

 

Tangible stockholders’ equity increased to $215.5 million at December 31, 2021, compared to $192.5 million at December 31, 2020.  On a per share basis, tangible stockholders’ equity at December 31, 2021, was $16.49 per share, compared to $17.19 per share at December 31, 2020.

 

For the twelve months ended December 31, 2021, the Company declared cash dividends of $0.71 per share, which is a 7.6% increase over the 2020 twelve-month declared dividend payment.  F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 27 consecutive years.  For the twelve months ended December 31, 2021, the dividend payout ratio was 35.08% compared to 36.36% for the same period last year.  

 

About Farmers & Merchants State Bank:

The Farmers & Merchants State Bank is a local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services. Our locations are in Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Western Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Oxford, Ohio.

 

Safe harbor statement

Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended.  Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information.  For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

 

Non-GAAP Financial Measures  

This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP).  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance.  The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.  A reconciliation of GAAP to non-GAAP financial measures is included within this press release.


MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME

(Unaudited) (in thousands of dollars, except per share data)

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

December 31, 2021

 

 

September 30, 2021

 

 

June 30, 2021

 

 

March 31, 2021

 

 

December 31, 2020

 

 

December 31, 2021

 

 

December 31, 2020

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

21,008

 

 

$

18,766

 

 

$

16,259

 

 

$

15,612

 

 

$

17,061

 

 

$

71,645

 

 

$

65,317

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and

   government

   agencies

 

 

964

 

 

 

924

 

 

 

857

 

 

 

751

 

 

 

695

 

 

 

3,496

 

 

 

3,369

 

Municipalities

 

 

289

 

 

 

284

 

 

 

289

 

 

 

308

 

 

 

295

 

 

 

1,170

 

 

 

1,079

 

Dividends

 

 

49

 

 

 

44

 

 

 

31

 

 

 

50

 

 

 

35

 

 

 

174

 

 

 

142

 

Federal funds sold

 

 

10

 

 

 

10

 

 

 

6

 

 

 

5

 

 

 

5

 

 

 

31

 

 

 

20

 

Other

 

 

103

 

 

 

94

 

 

 

88

 

 

 

39

 

 

 

48

 

 

 

324

 

 

 

242

 

Total interest income

 

 

22,423

 

 

 

20,122

 

 

 

17,530

 

 

 

16,765

 

 

 

18,139

 

 

 

76,840

 

 

 

70,169

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,581

 

 

 

1,221

 

 

 

1,276

 

 

 

1,340

 

 

 

1,619

 

 

 

5,418

 

 

 

8,638

 

Federal funds purchased

   and securities sold

   under agreement to

   repurchase

 

 

155

 

 

 

165

 

 

 

163

 

 

 

166

 

 

 

170

 

 

 

649

 

 

 

775

 

Borrowed funds

 

 

361

 

 

 

87

 

 

 

115

 

 

 

222

 

 

 

226

 

 

 

785

 

 

 

980

 

Subordinated notes

 

 

291

 

 

 

199

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

490

 

 

 

-

 

Total interest

   expense

 

 

2,388

 

 

 

1,672

 

 

 

1,554

 

 

 

1,728

 

 

 

2,015

 

 

 

7,342

 

 

 

10,393

 

Net Interest Income -

   Before Provision for

   Loan Losses

 

 

20,035

 

 

 

18,450

 

 

 

15,976

 

 

 

15,037

 

 

 

16,124

 

 

 

69,498

 

 

 

59,776

 

Provision for Loan Losses

 

 

444

 

 

 

659

 

 

 

641

 

 

 

1,700

 

 

 

1,995

 

 

 

3,444

 

 

 

6,981

 

Net Interest Income After

   Provision For Loan

   Losses

 

 

19,591

 

 

 

17,791

 

 

 

15,335

 

 

 

13,337

 

 

 

14,129

 

 

 

66,054

 

 

 

52,795

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

2,417

 

 

 

2,242

 

 

 

2,198

 

 

 

2,814

 

 

 

2,750

 

 

 

9,671

 

 

 

8,893

 

Other service charges

   and fees

 

 

1,026

 

 

 

1,010

 

 

 

874

 

 

 

838

 

 

 

980

 

 

 

3,748

 

 

 

3,602

 

Net gain on sale of loans

 

 

1,074

 

 

 

822

 

 

 

955

 

 

 

1,046

 

 

 

1,894

 

 

 

3,897

 

 

 

4,022

 

Net gain on sale of

   available-for-sale

   securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

293

 

 

 

-

 

 

 

293

 

 

 

270

 

Total noninterest

   income

 

 

4,517

 

 

 

4,074

 

 

 

4,027

 

 

 

4,991

 

 

 

5,624

 

 

 

17,609

 

 

 

16,787

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

5,761

 

 

 

5,442

 

 

 

4,591

 

 

 

4,390

 

 

 

5,068

 

 

 

20,184

 

 

 

18,488

 

Employee benefits

 

 

1,792

 

 

 

1,621

 

 

 

1,915

 

 

 

1,994

 

 

 

1,140

 

 

 

7,322

 

 

 

5,601

 

Net occupancy expense

 

 

532

 

 

 

529

 

 

 

546

 

 

 

577

 

 

 

585

 

 

 

2,184

 

 

 

2,271

 

Furniture and equipment

 

 

782

 

 

 

903

 

 

 

848

 

 

 

791

 

 

 

760

 

 

 

3,324

 

 

 

3,143

 

Data processing

 

 

1,020

 

 

 

1,548

 

 

 

428

 

 

 

505

 

 

 

428

 

 

 

3,501

 

 

 

1,768

 

Franchise taxes

 

 

361

 

 

 

372

 

 

 

294

 

 

 

446

 

 

 

241

 

 

 

1,473

 

 

 

1,346

 

ATM expense

 

 

478

 

 

 

460

 

 

 

459

 

 

 

449

 

 

 

456

 

 

 

1,846

 

 

 

1,690

 

Advertising

 

 

431

 

 

 

439

 

 

 

331

 

 

 

235

 

 

 

353

 

 

 

1,436

 

 

 

1,332

 

Net (gain) loss on sale

   of other assets owned

 

 

13

 

 

 

219

 

 

 

227

 

 

 

(25

)

 

 

20

 

 

 

434

 

 

 

7

 

FDIC assessment

 

 

265

 

 

 

296

 

 

 

276

 

 

 

236

 

 

 

223

 

 

 

1,073

 

 

 

633

 


Mortgage servicing

   rights amortization

 

 

266

 

 

 

285

 

 

 

524

 

 

 

505

 

 

 

247

 

 

 

1,580

 

 

 

1,031

 

Consulting fees

 

 

761

 

 

 

256

 

 

 

394

 

 

 

223

 

 

 

407

 

 

 

1,634

 

 

 

968

 

Other general and

   administrative

 

 

1,964

 

 

 

1,951

 

 

 

2,227

 

 

 

2,033

 

 

 

1,358

 

 

 

8,175

 

 

 

6,098

 

Total noninterest

   expense

 

 

14,426

 

 

 

14,321

 

 

 

13,060

 

 

 

12,359

 

 

 

11,286

 

 

 

54,166

 

 

 

44,376

 

Income Before Income

   Taxes

 

 

9,682

 

 

 

7,544

 

 

 

6,302

 

 

 

5,969

 

 

 

8,467

 

 

 

29,497

 

 

 

25,206

 

Income Taxes

 

 

1,999

 

 

 

1,624

 

 

 

1,319

 

 

 

1,060

 

 

 

1,691

 

 

 

6,002

 

 

 

5,111

 

Net Income

 

 

7,683

 

 

 

5,920

 

 

 

4,983

 

 

 

4,909

 

 

 

6,776

 

 

 

23,495

 

 

 

20,095

 

Other Comprehensive

   Income (Loss) (Net of

   Tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain

   (loss) on available-

   for-sale securities

 

 

(5,170

)

 

 

173

 

 

 

786

 

 

 

(6,737

)

 

 

(207

)

 

 

(10,948

)

 

 

6,091

 

Reclassification

   adjustment for realized

   gain on sale of

   available-for-sale

   securities

 

-

 

 

 

-

 

 

 

-

 

 

 

(293

)

 

 

-

 

 

 

(293

)

 

 

(270

)

Net unrealized gain

   (loss) on available-

   for-sale securities

 

 

(5,170

)

 

 

173

 

 

 

786

 

 

 

(7,030

)

 

 

(207

)

 

 

(11,241

)

 

 

5,821

 

Tax expense (benefit)

 

 

(1,085

)

 

 

36

 

 

 

165

 

 

 

(1,476

)

 

 

(44

)

 

 

(2,360

)

 

 

1,222

 

Other comprehensive

   income (loss)

 

 

(4,085

)

 

 

137

 

 

 

621

 

 

 

(5,554

)

 

 

(163

)

 

 

(8,881

)

 

 

4,599

 

Comprehensive Income (Loss)

 

$

3,598

 

 

$

6,057

 

 

$

5,604

 

 

$

(645

)

 

$

6,613

 

 

$

14,614

 

 

$

24,694

 

Basic and Diluted

   Earnings Per Share

 

$

0.59

 

 

$

0.53

 

 

$

0.44

 

 

$

0.44

 

 

$

0.60

 

 

$

2.01

 

 

$

1.80

 

Dividends Declared

 

$

0.19

 

 

$

0.18

 

 

$

0.17

 

 

$

0.17

 

 

$

0.17

 

 

$

0.71

 

 

$

0.66

 

 



 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (in thousands of dollars, except share data)

 

 

 

December 31, 2021

 

 

September 30, 2021

 

 

June 30, 2021

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

135,485

 

 

$

112,875

 

 

$

93,636

 

 

$

118,139

 

 

$

98,279

 

Federal funds sold

 

 

45,338

 

 

 

45,203

 

 

 

57,483

 

 

 

57,361

 

 

 

77,427

 

Total cash and cash equivalents

 

 

180,823

 

 

 

158,078

 

 

 

151,119

 

 

 

175,500

 

 

 

175,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing time deposits

 

 

10,913

 

 

 

14,622

 

 

 

18,597

 

 

 

4,405

 

 

 

4,653

 

Securities - available-for-sale

 

 

429,931

 

 

 

426,717

 

 

 

407,500

 

 

 

352,974

 

 

 

307,812

 

Other securities, at cost

 

 

8,162

 

 

 

4,905

 

 

 

6,419

 

 

 

5,939

 

 

 

5,939

 

Loans held for sale

 

 

7,714

 

 

 

3,735

 

 

 

8,041

 

 

 

7,511

 

 

 

7,740

 

Loans, net

 

 

1,841,177

 

 

 

1,479,864

 

 

 

1,443,336

 

 

 

1,327,254

 

 

 

1,289,318

 

Premises and equipment

 

 

26,913

 

 

 

26,476

 

 

 

26,915

 

 

 

26,703

 

 

 

27,063

 

Goodwill

 

 

80,434

 

 

 

55,214

 

 

 

56,066

 

 

 

47,340

 

 

 

47,340

 

Mortgage servicing rights

 

 

3,157

 

 

 

3,097

 

 

 

3,146

 

 

 

3,444

 

 

 

3,320

 

Other real estate owned

 

 

159

 

 

 

167

 

 

 

198

 

 

 

148

 

 

 

71

 

Bank owned life insurance

 

 

27,558

 

 

 

27,397

 

 

 

27,218

 

 

 

25,347

 

 

 

25,208

 

Other assets

 

 

21,359

 

 

 

18,711

 

 

 

18,310

 

 

 

16,720

 

 

 

15,374

 

Total Assets

 

$

2,638,300

 

 

$

2,218,983

 

 

$

2,166,865

 

 

$

1,993,285

 

 

$

1,909,544

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

473,689

 

 

$

438,076

 

 

$

443,863

 

 

$

384,558

 

 

$

351,147

 

Interest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

 

650,466

 

 

 

646,237

 

 

 

652,078

 

 

 

605,533

 

 

 

542,317

 

Savings

 

 

597,828

 

 

 

529,532

 

 

 

501,687

 

 

 

451,043

 

 

 

455,145

 

Time

 

 

471,479

 

 

 

252,383

 

 

 

256,445

 

 

 

242,717

 

 

 

247,553

 

Total deposits

 

 

2,193,462

 

 

 

1,866,228

 

 

 

1,854,073

 

 

 

1,683,851

 

 

 

1,596,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities

   sold under agreements to repurchase

 

 

29,268

 

 

 

29,601

 

 

 

29,882

 

 

 

30,072

 

 

 

30,239

 

Federal Home Loan Bank (FHLB)

   advances

 

 

24,065

 

 

 

17,868

 

 

 

17,868

 

 

 

17,840

 

 

 

17,861

 

Other borrowings

 

 

40,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subordinated notes, net of unamortized

   issuance costs

 

 

34,471

 

 

 

34,441

 

 

 

-

 

 

 

-

 

 

 

-

 

Dividend payable

 

 

2,461

 

 

 

2,002

 

 

 

1,888

 

 

 

1,889

 

 

 

1,889

 

Accrued expenses and other liabilities

 

 

17,406

 

 

 

14,097

 

 

 

12,569

 

 

 

12,805

 

 

 

14,233

 

Total liabilities

 

 

2,341,133

 

 

 

1,964,237

 

 

 

1,916,280

 

 

 

1,746,457

 

 

 

1,660,384