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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 

For the quarterly period ended June 30, 2020 or

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

 

For the transition period from                to              

 

Commission File Number: 0-26128

 

NorthWest Indiana Bancorp

(Exact name of registrant as specified in its charter)

 

Indiana35-1927981
(State or other jurisdiction of incorporation(I.R.S. Employer Identification Number)
or organization) 
  
9204 Columbia Avenue 
      Munster, Indiana      46321
(Address of principal executive offices)(ZIP code)

 

Registrant's telephone number, including area code: (219) 836-4400

 

 N/A 
 (Former name, former address and former fiscal year, if changed since last report) 

 

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

N/A

N/A

N/A

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                       Yes ☒           No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐

Smaller Reporting Company 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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

 

There were 3,463,136 shares of the registrant’s Common Stock, without par value, outstanding at August 6, 2020.

 

 

 

 

NorthWest Indiana Bancorp

Index

   

 

    Page
    Number

PART I.

Financial Information  
     

Item 1.

Unaudited Financial Statements and Notes

1  

     
 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

     
 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

41

     
 

Item 4. Controls and Procedures

41

     

PART II.

Other Information

42

     

SIGNATURES

43

     

EXHIBITS

 
 

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

 

 

31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

 

 

32.1 Section 1350 Certifications

 

 

101 XBRL Interactive Data File  

 

 

 

 

NorthWest Indiana Bancorp

Consolidated Balance Sheets

 

  

June 30,

     

(Dollars in thousands)

 

2020

  

December 31,

 
  

(unaudited)

  

2019

 

ASSETS

        
         

Cash and non-interest bearing deposits in other financial institutions

 $23,989  $20,964 

Interest bearing deposits in other financial institutions

  72,993   10,750 

Federal funds sold

  323   15,544 
         

Total cash and cash equivalents

  97,305   47,258 
         

Certificates of deposit in other financial institutions

  1,639   2,170 
         

Securities available-for-sale

  294,719   277,219 

Loans held-for-sale

  10,024   6,091 

Loans receivable

  981,902   906,869 

Less: allowance for loan losses

  (9,866)  (8,999)

Net loans receivable

  972,036   897,870 

Federal Home Loan Bank stock

  3,918   3,912 

Accrued interest receivable

  4,284   4,029 

Premises and equipment

  28,905   29,407 

Foreclosed real estate

  634   1,083 

Cash value of bank owned life insurance

  30,374   30,017 

Goodwill

  11,109   11,109 

Other assets

  19,087   18,557 
         

Total assets

 $1,474,034  $1,328,722 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        
         

Deposits:

        

Non-interest bearing

 $262,001  $172,094 

Interest bearing

  1,015,633   982,276 

Total

  1,277,634   1,154,370 

Repurchase agreements

  17,159   11,499 

Borrowed funds

  12,000   14,000 

Accrued expenses and other liabilities

  22,060   14,750 
         

Total liabilities

  1,328,853   1,194,619 
         

Stockholders' Equity:

        

Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding

  -   - 

Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: June 30, 2020 - 3,463,136 December 31, 2019 - 3,451,797

  -     

Additional paid-in capital

  29,774   29,657 

Accumulated other comprehensive income/(loss)

  9,114   4,261 

Retained earnings

  106,293   100,185 
         

Total stockholders' equity

  145,181   134,103 
         

Total liabilities and stockholders' equity

 $1,474,034  $1,328,722 

 

See accompanying notes to consolidated financial statements.

 

 

1

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Income

(unaudited) 

 

   

Three Months Ended

   

Six Months Ended

 

(Dollars in thousands)

 

June 30,

   

June 30,

 
   

2020

   

2019

   

2020

   

2019

 

Interest income:

                               

Loans receivable

                               

Real estate loans

  $ 9,305     $ 9,653     $ 18,662     $ 18,401  

Commercial loans

    1,834       1,651       3,319       3,335  

Consumer loans

    158       181       345       292  

Total loan interest

    11,297       11,485       22,326       22,028  

Securities

    1,564       1,777       3,269       3,578  

Other interest earning assets

    44       143       179       285  
                                 

Total interest income

    12,905       13,405       25,774       25,891  
                                 

Interest expense:

                               

Deposits

    1,380       2,011       3,444       3,683  

Repurchase agreements

    17       66       57       115  

Borrowed funds

    93       128       187       294  
                                 

Total interest expense

    1,490       2,205       3,688       4,092  
                                 

Net interest income

    11,415       11,200       22,086       21,799  

Provision for loan losses

    508       511       1,022       828  
                                 

Net interest income after provision for loan losses

    10,907       10,689       21,064       20,971  
                                 

Noninterest income:

                               

Gain on sale of loans held-for-sale, net

  $ 2,464     $ 400     $ 3,617     $ 642  

Fees and service charges

    1,151       1,243       2,200       2,405  

Gain on sale of securities, net

    667       301       1,177       652  

Wealth management operations

    514       479       1,068       979  

Increase in cash value of bank owned life insurance

    188       179       357       342  

Gain on sale of foreclosed real estate, net

    43       13       103       40  

Other

    19       54       70       178  

Total noninterest income

  $ 5,046     $ 2,669     $ 8,592     $ 5,238  
                                 

Noninterest expense:

                               

Compensation and benefits

  $ 5,371     $ 4,600     $ 10,588     $ 9,401  

Occupancy and equipment

    1,295       1,169       2,704       2,291  

Data processing

    532       351       1,088       1,947  

Marketing

    180       176       388       613  

Federal deposit insurance premiums

    159       177       355       268  

Other

    2,227       1,951       4,640       4,193  

Total noninterest expense

  $ 9,764     $ 8,424     $ 19,763     $ 18,713  
                                 

Income before income tax expenses

    6,189       4,934       9,893       7,496  

Income tax expenses

    1,126       911       1,638       1,251  

Net income

  $ 5,063     $ 4,023     $ 8,255     $ 6,245  
                                 

Earnings per common share:

                               

Basic

  $ 1.46     $ 1.17     $ 2.39     $ 1.84  

Diluted

  $ 1.46     $ 1.17     $ 2.39     $ 1.84  
                                 

Dividends declared per common share

  $ 0.31     $ 0.31     $ 0.62     $ 0.61  

  

See accompanying notes to consolidated financial statements. 

 

2

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Comprehensive Income

(unaudited)

 

   

Three Months Ended

   

Six Months Ended

 

(Dollars in thousands)

 

June 30,

   

June 30,

 
   

2020

   

2019

   

2020

   

2019

 
                                 

Net income

  $ 5,063     $ 4,023     $ 8,255     $ 6,245  
                                 

Net change in net unrealized gains on securities available-for-sale:

                               

Unrealized gains arising during the period

    1,207       3,584       7,319       7,766  

Less: reclassification adjustment for gains included in net income

    (667 )     (301 )     (1,177 )     (652 )

Net securities gain during the period

    540       3,283       6,142       7,114  

Tax effect

    (112 )     (690 )     (1,289 )     (1,488 )

Net of tax amount

    428       2,593       4,853       5,626  
                                 

Other comprehensive income, net of tax

    428       2,593       4,853       5,626  
                                 

Comprehensive income, net of tax

  $ 5,491     $ 6,616     $ 13,108     $ 11,871  

 

See accompanying notes to consolidated financial statements. 

 

3

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

 

          

Accumulated

         
      

Additional

  

Other

         
  

Common

  

Paid-in

  

Comprehensive

  

Retained

  

Total

 

(Dollars in thousands, except per share data)

 

Stock

  

Capital

  

(Loss)/Income

  

Earnings

  

Equity

 
                     

Balance at January 1, 2019

 $-  $11,927  $(2,796) $92,333  $101,464 
                     

Comprehensive income:

                    

Net income

  -   -   -   2,222   2,222 

Net unrealized gain on securities available-for-sale, net of reclassification and tax effects

  -   -   3,033   -   3,033 

Comprehensive income

              5,255 

Stock-based compensation expense

  -   71   -   -   71 

Issuance of 416,478 shares at $42.00 per share, for acquisition of AJS Bancorp, Inc

     17,492         17,492 

Cash dividends, $0.30 per share

  -   -   -   (1,035)  (1,035)
                     

Balance at March 31, 2019

 $-  $29,490  $237  $93,520  $123,247 
                     

Comprehensive income:

                    

Net income

  -   -   -   4,023   4,023 

Net unrealized gain on securities available-for-sale, net of reclassification and tax effects

  -   -   2,593   -   2,593 

Comprehensive income

              6,616 

Net surrender value of 1,245 restricted stock awards

     (63)        (63)

Stock-based compensation expense

  -   83   -   -   83 

Cash dividends, $0.31 per share

  -   -   -   (1,071)  (1,071)
                     

Balance at June 30, 2019

 $-  $29,510  $2,830  $96,472  $128,812 
                     

Balance at January 1, 2020

 $-  $29,657  $4,261  $100,185  $134,103 
                     

Comprehensive income:

                    

Net income

  -   -   -   3,192   3,192 

Net unrealized gain on securities available-for-sale, net of reclassification and tax effects

  -   -   4,425   -   4,425 

Comprehensive income

              7,617 

Net surrender value of 1,904 restricted stock awards

     (85)        (85)

Stock-based compensation expense

  -   94   -   -   94 

Cash dividends, $0.31 per share

  -   -   -   (1,074)  (1,074)
                     

Balance at March 31, 2020

 $-  $29,666  $8,686  $102,303  $140,655 
                     

Comprehensive income:

                    

Net income

  -   -   -   5,063   5,063 

Net unrealized gain on securities available-for-sale, net of reclassification and tax effects

  -   -   428   -   428 

Comprehensive income

              5,491 

Stock-based compensation expense

  -   108   -   -   108 

Cash dividends, $0.31 per share

  -   -   -   (1,073)  (1,073)
                     

Balance at June 30, 2020

 $-  $29,774  $9,114  $106,293  $145,181 

 

See accompanying notes to consolidated financial statements. 

 

4

 

 

NorthWest Indiana Bancorp 

Consolidated Statements of Cash Flows

(unaudited) 

 

   

Six Months Ended

 

(Dollars in thousands)

 

June 30,

 
   

2020

   

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

               

Net income

  $ 8,255     $ 6,245  

Adjustments to reconcile net income to net cash provided by/(used in) operating activities:

               

Origination of loans for sale

    (114,170 )     (29,585 )

Sale of loans originated for sale

    113,362       29,252  

Depreciation and amortization, net of accretion

    2,186       1,516  

Amortization of mortgage servicing rights

    32       33  

Stock based compensation expense

    202       154  

Net surrender value of restricted stock awards

    (85 )     (63 )

Gain on sale of securities, net

    (1,177 )     (652 )

Gain on sale of loans held-for-sale, net

    (3,617 )     (642 )

Gain on interest rate lock derivative

    298       -  

Gain on sale of foreclosed real estate, net

    (103 )     (40 )

Provision for loan losses

    1,022       828  

Net change in:

               

Interest receivable

    (255 )     (499 )

Other assets

    (1,657 )     (3,567 )

Accrued expenses and other liabilities

    7,303       2,661  

Total adjustments

    3,341       (604 )

Net cash - operating activities

    11,596       5,641  
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

               

Net proceeds from maturities and (purchases) of certificates of deposits in other financial institutions

    531       54  

Proceeds from maturities and pay downs of securities available-for-sale

    31,409       11,747  

Proceeds from sales of securities available-for-sale

    35,098       30,281  

Purchase of securities available-for-sale

    (77,506 )     (48,347 )

Net change in loans receivable

    (75,211 )     (42,336 )

Purchase of Federal Home Loan Bank Stock

    (6 )     59  

Purchase of premises and equipment, net

    (866 )     (962 )

Proceeds from sale of foreclosed real estate, net

    575       514  

Cash and cash equivalents from acquisition activity, net

    -       52,560  

Change in cash value of bank owned life insurance

    (357 )     (343 )

Net cash - investing activities

    (86,333 )     3,227  
                 

CASH FLOWS FROM FINANCING ACTIVITIES:

               

Net change in deposits

    123,264       53,109  

Repayment of FHLB advances

    (2,000 )     (25,000 )

Change in other borrowed funds

    5,660       9,000  

Dividends paid

    (2,140 )     (1,944 )

Net cash - financing activities

    124,784       35,165  

Net change in cash and cash equivalents

    50,047       44,033  

Cash and cash equivalents at beginning of period

    47,258       17,139  

Cash and cash equivalents at end of period

  $ 97,305     $ 61,172  
                 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

               

Cash paid during the period for:

               

Interest

  $ 3,802     $ 4,112  

Income taxes

    -       650  

Acquisition activity:

               

Fair value of assets acquired, including cash and cash equivalents

  $ -     $ 172,925  

Value of goodwill and other intangible assets

    -       5,856  

Fair value of liabilities assumed

    -       145,546  

Cash paid for acquisition

    -       15,743  

Issuance of common stock for acquisition

    -       17,492  

Noncash activities:

               

Transfers from loans to foreclosed real estate

  $ 23     $ 193  

 

See accompanying notes to consolidated financial statements. 

 

5

 

NorthWest Indiana Bancorp

Notes to Consolidated Financial Statements

(unaudited)

 

 

Note 1 - Basis of Presentation

The consolidated financial statements include the accounts of NorthWest Indiana Bancorp (the “Bancorp” or “NWIN”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, Columbia Development Company, LLC. Peoples Bank (formerly known as “Peoples Bank SB”) was an Indiana-chartered stock savings bank until its conversion to an Indiana-chartered commercial bank effective May 22, 2020. The Bancorp’s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp’s earnings are primarily dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by U.S. generally accepted accounting principles for complete presentation of consolidated financial statements. In the opinion of management, the consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets of the Bancorp as of June 30, 2020, and December 31, 2019, and the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2020, and 2019, and consolidated statements of cash flows and changes in stockholders’ equity for the six months ended June 30, 2020, and 2019. The income reported for the six month period ended June 30, 2020, is not necessarily indicative of the results to be expected for the full year. 

 

 

 

Note 2 - Use of Estimates

Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term.

 

In December 2019, a novel coronavirus (COVID-19) was reported in China, and, in March 2020, the World Health Organization declared it a pandemic. The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Bancorp’s customers operate and could impair their ability to fulfill their financial obligations to the Bancorp. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Bancorp operates.

 

Currently, the Bancorp does not expect COVID-19 to affect its ability to account for the assets on its balance sheet in a timely manner; however, this could change in future periods. While certain valuation assumptions and judgments will change to account for pandemic-related circumstances such as widening credit spreads, the Bancorp does not anticipate significant changes in methodology used to determine the fair value of assets measured in accordance with GAAP.

 

The Bancorp is working with customers directly affected by COVID-19 in a discliplined manner. The Bancorp is prepared to offer short-term assistance in accordance with regulatory guidelines for those customers specifically facing financial hardships due to the pandemic. As a result of the current economic environment caused by the COVID-19 virus, the Bancorp is engaging in more frequent communication with borrowers to better understand their situation and the challenges faced, allowing it to respond proactively as needs and issues arise. Should economic conditions worsen, the Bancorp could experience further increases in its required allowance for loan loss and record additional provision for loan loss expense. It is possible that the Bancorp’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged.

 

In addition, COVID-19 could cause a further and sustained decline in the Bancorp’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill and intangible asset impairment tests and result in an impairment charge being recorded for that period. In the event that the Bancorp concludes that all or a portion of its goodwill or intangible assets are impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Details on goodwill impairment testing can be found in Note 7, Intangibles and Acquisition Related Accounting.

 

6

 
 

Note 3 - Acquisition Activity

On January 24, 2019, the Bancorp completed its previously announced acquisition of AJS Bancorp, Inc., a Maryland corporation (“AJSB”), pursuant to an Agreement and Plan of Merger dated July 30, 2018 between the Bancorp and AJSB (the “AJSB Merger Agreement”). Pursuant to the terms of the AJSB Merger Agreement, AJSB merged with and into NWIN, with NWIN as the surviving corporation. Simultaneously with the AJSB Merger, A.J. Smith Federal Savings Bank, a federally chartered savings bank and wholly-owned subsidiary of AJSB, merged with and into Peoples Bank, with Peoples Bank as the surviving bank.

 

In connection with the AJSB Merger, each AJSB stockholder holding 100 or more shares of AJSB common stock received fixed consideration of (i) 0.2030 shares of NWIN common stock, and (ii) $7.20 per share in cash for each outstanding share of AJSB’s common stock. Stockholders holding less than 100 shares of AJSB common stock received $16.00 in cash and no stock consideration for each outstanding share of AJSB common stock. Any fractional shares of NWIN common stock that an AJSB stockholder would have otherwise received in the AJSB Merger were cashed out in the amount of such fraction multiplied by $43.01.

 

The Bancorp issued 416,478 shares of Bancorp common stock to the former AJSB stockholders, and paid cash consideration of approximately $15.7 million. Based upon the closing price of NWIN’s common stock on January 23, 2019, the transaction had an implied valuation of approximately $33.2 million, which includes unallocated shares held by the AJSB Employee Stock Ownership Plan (“ESOP”), some of which were cancelled in connection with the closing to satisfy the ESOP’s outstanding loan balance. Acquisition costs incurred in 2019 related to the AJSB Merger were approximately $2.1 million. The acquisition further expanded the Bank’s banking center network in Cook County, Illinois, expanding the Bank’s full-service retail banking network to 22 banking centers.

 

Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on the valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, the final purchase price for the AJSB acquisition is allocated as follows:

 

ASSETS

    

Cash and due from banks

 $68,303 

Investment securities, available for sale

  3,432 
     

Commercial

  712 

Residential mortgage

  85,635 

Multifamily

  1,442 

Consumer

  57 

Total Loans

  87,846 
     

Premises and equipment, net

  3,542 

FHLB stock

  512 

Goodwill

  2,939 

Core deposit intangible

  2,917 

Interest receivable

  351 

Other assets

  8,939 

Total assets purchased

 $178,781 

Common shares issued

  17,492 

Cash paid

  15,743 

Total purchase price

 $33,235 
     

LIABILITIES

    

Deposits

    

Non-interest bearing

 $24,502 

NOW accounts

  10,712 

Savings and money market

  68,875 

Certificates of deposits

  40,137 

Total Deposits

  144,226 
     

Interest payable

  50 

Other liabilities

  1,270 
     

Total liabilities assumed

 $145,546 

 

7

 
 

Note 4 - Securities

The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

 

  

(Dollars in thousands)

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair

 
  

Basis

  

Gains

  

Losses

  

Value

 

June 30, 2020

                

Money market fund

 $21,457  $-  $-  $21,457 

Collateralized mortgage obligations and residential mortgage-backed securities

  129,789   4,284   -   134,073 

Municipal securities

  129,754   8,622   (2)  138,374 

Collateralized debt obligations

  2,191   -   (1,376)  815 

Total securities available-for-sale

 $283,191  $12,906  $(1,378) $294,719 

 

  

(Dollars in thousands)

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair

 
  

Basis

  

Gains

  

Losses

  

Value

 

December 31, 2019

                

Money market fund

 $9,670  $-  $-  $9,670 

U.S. government sponsored entities

  12,994   64   -   13,058 

Collateralized mortgage obligations and residential mortgage-backed securities

  149,339   1,745   (96)  150,988 

Municipal securities

  97,628   4,844   (45)  102,427 

Collateralized debt obligations

  2,202   -   (1,126)  1,076 

Total securities available-for-sale

 $271,833  $6,653  $(1,267) $277,219 

 

The estimated fair value of available-for-sale debt securities at June 30, 2020, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.

 

  

(Dollars in thousands)

 
  

Available-for-sale

 
  

Estimated

     
  

Fair

  

Tax-Equivalent

 

June 30, 2020

 

Value

  

Yield (%)

 

Due in one year or less

 $21,457   0.11 

Due from one to five years

  3,134   4.79 

Due from five to ten years

  9,857   4.00 

Due over ten years

  126,198   3.55 

Collateralized mortgage obligations and residential mortgage-backed securities

  134,073   2.31 

Total

 $294,719   2.76 

 

Sales of available-for-sale securities were as follows for the six months ended:

 

  

(Dollars in thousands)

 
  

June 30,

  

June 30,

 
  

2020

  

2019

 
         

Proceeds

 $35,098  $30,281 

Gross gains

  1,237   733 

Gross losses

  (60)  (81)

 

Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:

 

  

(Dollars in thousands)

 
  

Unrealized
gain/(loss)

 

Ending balance, December 31, 2019

 $4,261 

Current period change

  4,853 

Ending balance, June 30, 2020

 $9,114 

 

Securities with carrying values of approximately $116.8 million and $65.5 million were pledged as of June 30, 2020 and December 31, 2019, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.

 

8

 

Securities with gross unrealized losses at June 30, 2020, and December 31, 2019, not recognized in income are as follows:

 

  

(Dollars in thousands)

 
  

Less than 12 months

  

12 months or longer

  

Total

 
  

Estimated

      

Estimated

      

Estimated

     
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

June 30, 2020

                        

Collateralized mortgage obligations and residential mortgage-backed securities

  -   -   -   -   -   - 

Municipal securities

  1,088   (2)  -   -   1,088   (2)

Collateralized debt obligations

  -   -   815   (1,376)  815   (1,376)

Total temporarily impaired

 $1,088  $(2) $815  $(1,376) $1,903  $(1,378)

Number of securities

      2       2       4 

 

  

(Dollars in thousands)

 
  

Less than 12 months

  

12 months or longer

  

Total

 
  

Estimated

      

Estimated

      

Estimated

     
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

December 31, 2019

                        

U.S. government sponsored entities

 $-  $-  $-  $-  $-  $- 

Collateralized mortgage obligations and residential mortgage-backed securities

  8,859   (31)  15,065   (65)  23,924   (96)

Municipal securities

  4,367   (45)  -   -   4,367   (45)

Collateralized debt obligations

  -   -   1,076   (1,126)  1,076   (1,126)

Total temporarily impaired

 $13,226  $(76) $16,141  $(1,191) $29,367  $(1,267)

Number of securities

      11       17       28 

 

Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity.

 

 

 

Note 5 - Loans Receivable

 

Loans receivable are summarized below:

 

(Dollars in thousands)

        
  

June 30, 2020

  

December 31, 2019

 

Loans secured by real estate:

        

Residential real estate

 $284,703  $299,569 

Home equity

  46,254   49,118 

Commercial real estate

  286,122   283,108 

Construction and land development

  92,982   87,710 

Multifamily

  56,070   51,286 

Farmland

  221   227 

Total loans secured by real estate

  766,352   771,018 

Commercial business

  181,984   103,222 

Consumer

  522   627 

Manufactured homes

  17,806   13,285 

Government

  13,729   15,804 

Subtotal

  980,393   903,956 

Less:

        

Net deferred loan origination fees

  1,411   2,934 

Undisbursed loan funds

  98   (21)

Loans receivable

 $981,902  $906,869 

 

9

 

(Dollars in thousands)

 

Beginning Balance

  

Charge-offs

  

Recoveries

  

Provisions

  

Ending Balance

 
                     

The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended June 30, 2020:

 
                     

Allowance for loan losses:

                    

Residential real estate

 $1,828  $(2) $4  $(122) $1,708 

Home equity

  246