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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 September 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

or organization)

(I.R.S. Employer Identification Number)
  

  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 November 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 43
   
Item 4. Controls and Procedures  43
   
PART II. Other Information 44
   
SIGNATURES 45
   
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

 

  

September 30,

     

(Dollars in thousands)

 

2020

  

December 31,

 
  

(unaudited)

  

2019

 

ASSETS

        
         

Cash and non-interest bearing deposits in other financial institutions

 $15,374  $20,964 

Interest bearing deposits in other financial institutions

  68,495   10,750 

Federal funds sold

  578   15,544 
         

Total cash and cash equivalents

  84,447   47,258 
         

Certificates of deposit in other financial institutions

  1,901   2,170 
         

Securities available-for-sale

  324,181   277,219 

Loans held-for-sale

  5,538   6,091 

Loans receivable

  975,940   906,869 

Less: allowance for loan losses

  (10,714)  (8,999)

Net loans receivable

  965,226   897,870 

Federal Home Loan Bank stock

  3,918   3,912 

Accrued interest receivable

  4,714   4,029 

Premises and equipment

  29,599   29,407 

Foreclosed real estate

  501   1,083 

Cash value of bank owned life insurance

  30,551   30,017 

Goodwill

  11,109   11,109 

Other assets

  19,337   18,557 
         

Total assets

 $1,481,022  $1,328,722 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        
         

Deposits:

        

Non-interest bearing

 $258,170  $172,094 

Interest bearing

  1,022,486   982,276 

Total

  1,280,656   1,154,370 

Repurchase agreements

  19,145   11,499 

Borrowed funds

  12,000   14,000 

Accrued expenses and other liabilities

  20,280   14,750 
         

Total liabilities

  1,332,081   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: September 30, 2020 - 3,463,136 

                                                                                                                                                                    December 31, 2019 - 3,451,797

  -   - 

Additional paid-in capital

  29,881   29,657 

Accumulated other comprehensive income

  8,938   4,261 

Retained earnings

  110,122   100,185 
         

Total stockholders' equity

  148,941   134,103 
         

Total liabilities and stockholders' equity

 $1,481,022  $1,328,722 

 

See accompanying notes to consolidated financial statements.

 

 

1
 

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Income

(unaudited)

 

   

Quarter Ended

    

Nine Months Ended

  

(Dollars in thousands)

  

September 30,

    

September 30,

  
   

2020

    

2019

    

2020

    

2019

  

Interest income:

                                

Loans receivable

                                

Real estate loans

   $ 8,560     $ 9,452     $ 27,222     $ 27,853  

Commercial loans

     2,427       1,654       5,746       4,989  

Consumer loans

     276       229       621       521  

Total loan interest

     11,263       11,335       33,589       33,363  

Securities

     1,534       1,659       4,803       5,237  

Other interest earning assets

     39       326       218       611  
                                 

Total interest income

     12,836       13,320       38,610       39,211  
                                 

Interest expense:

                                

Deposits

     1,050       2,353       4,494       6,036  

Repurchase agreements

     15       64       72       179  

Borrowed funds

     83       108       270       402  
                                 

Total interest expense

     1,148       2,525       4,836       6,617  
                                 

Net interest income

     11,688       10,795       33,774       32,594  

Provision for loan losses

     849       494       1,871       1,322  
                                 

Net interest income after provision for loan losses

     10,839       10,301       31,903       31,272  
                                 

Noninterest income:

                                

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

   $ 2,420     $ 681     $ 6,037     $ 1,323  

Fees and service charges

     1,473       1,203       3,673       3,608  

Wealth management operations

     537       447       1,605       1,426  

Gain on sale of securities, net

     197       102       1,374       754  

Increase in cash value of bank owned life insurance

     177       177       534       519  

Gain on sale of foreclosed real estate, net

     24       43       127       83  

Benefit from bank owned life insurance

     -       205       -       205  

Other

     27       39       97       217  

Total noninterest income

   $ 4,855     $ 2,897     $ 13,447     $ 8,135  
                                 

Noninterest expense:

                                

Compensation and benefits

   $ 5,263     $ 4,932     $ 15,851     $ 14,333  

Occupancy and equipment

     1,150       1,231       3,854       3,522  

Data processing

     583       627       1,671       2,407  

Federal deposit insurance premiums

     216       18       571       286  

Marketing

     176       170       564       783  

Other

     2,393       2,291       7,033       6,651  

Total noninterest expense

   $ 9,781     $ 9,269     $ 29,544     $ 27,982  
                                 

Income before income tax expenses

     5,913       3,929       15,806       11,425  

Income tax expenses

     1,010       351       2,648       1,602  

Net income

   $ 4,903     $ 3,578     $ 13,158     $ 9,823  
                                 

Earnings per common share:

                                

Basic

   $ 1.42     $ 1.04     $ 3.80     $ 2.88  

Diluted

   $ 1.42     $ 1.04     $ 3.80     $ 2.88  
                                 

Dividends declared per common share

   $ 0.31     $ 0.31     $ 0.93     $ 0.92  

 

See accompanying notes to consolidated financial statements.

 

2
 

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Comprehensive Income

(unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 

(Dollars in thousands)

 

September 30,

  

September 30,

 
  

2020

  

2019

  

2020

  

2019

 
                 

Net income

 $4,903  $3,578  $13,158  $9,823 
                 

Net change in net unrealized gain (loss) on securities available-for-sale:

                

Unrealized gain (loss) arising during the period

  (25)  2,112   7,294   9,878 

Less: reclassification adjustment for gains included in net income

  (197)  (102)  (1,374)  (754)

Net securities gain (loss) during the period

  (222)  2,010   5,920   9,124 

Tax effect

  46   (422)  (1,243)  (1,910)

Net of tax amount

  (176)  1,588   4,677   7,214 
                 

Other comprehensive income (loss), net of tax

  (176)  1,588   4,677   7,214 
                 

Comprehensive income, net of tax

 $4,727  $5,166  $17,835  $17,037 

 

See accompanying notes to consolidated financial statements.

 

3
 

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

 

  

Three Months Ended

 
          

Accumulated

         
      

Additional

  

Other

         
  

Common

  

Paid-in

  

Comprehensive

  

Retained

  

Total

 

(Dollars in thousands, except per share data)

 

Stock

  

Capital

  

(Loss)/Income

  

Earnings

  

Equity

 
                     

Balance at June 30, 2019

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

Comprehensive income:

                    

Net income

  -   -   -   3,578   3,578 

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

  -   -   1,588   -   1,588 

Comprehensive income

              5,166 

Stock-based compensation expense

  -   79   -   -   79 

Cash dividends, $0.31 per share

  -   -   -   (1,069)  (1,069)
                     

Balance at September 30, 2019

 $-  $29,589  $4,418  $98,981  $132,988 
                     

Balance at June 30, 2020

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

Comprehensive income:

                    

Net income

  -   -   -   4,903   4,903 

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

  -   -   (176)  -   (176)

Comprehensive income

              4,727 

Stock-based compensation expense

  -   107   -   -   107 

Cash dividends, $0.31 per share

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

Balance at September 30, 2020

 $-  $29,881  $8,938  $110,122  $148,941 

 

 

  

Nine Months Ended

 
          

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

  -   -   -   9,823   9,823 

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

  -   -   7,214   -   7,214 

Comprehensive income

              17,037 

Net surrender value of 1,245 restricted stock awards

  -   (63)  -   -   (63)

Stock-based compensation expense

  -   233   -   -   233 

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

  -   17,492   -   -   17,492 

Cash dividends, $0.92 per share

  -   -   -   (3,175)  (3,175)
                     

Balance at September 30, 2019

 $-  $29,589  $4,418  $98,981  $132,988 
                     
                     

Balance at January 1, 2020

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

Comprehensive income:

                    

Net income

  -   -   -   13,158   13,158 

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

  -   -   4,677   -   4,677 

Comprehensive income

              17,835 

Net surrender value of 1,904 restricted stock awards

  -   (85)  -   -   (85)

Stock-based compensation expense

  -   309   -   -   309 

Cash dividends, $0.93 per share

  -   -   -   (3,221)  (3,221)
                     

Balance at September 30, 2020

 $-  $29,881  $8,938  $110,122  $148,941 

 

See accompanying notes to consolidated financial statements.

 

4
 

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Cash Flows

(unaudited)

 

   

Nine Months Ended

  

(Dollars in thousands)

  

September 30,

  
   

2020

    

2019

  

CASH FLOWS FROM OPERATING ACTIVITIES:

                

Net income

   $ 13,158     $ 9,823  

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

                

Origination of loans for sale

     (171,151 )     (54,555 )

Sale of loans originated for sale

     177,556       54,123  

Depreciation and amortization, net of accretion

     3,178       2,382  

Amortization of mortgage servicing rights

     63       48  

Stock based compensation expense

     309       233  

Net surrender value of restricted stock awards

     (85 )     (63 )

Gain on sale of securities, net

     (1,374 )     (754 )

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

     (6,037 )     (1,323 )

Gain on interest rate lock derivative

     (308 )     -  

Gain on sale of foreclosed real estate, net

     (127 )     (83 )

Gain on sale of premises and equipment, net

     -       (126 )

Benefit from bank owned life insurance

     -       (205 )

Provision for loan losses

     1,871       1,322  

Net change in:

                

Interest receivable

     (685 )     (363 )

Other assets

     (1,593 )     (1,546 )

Accrued expenses and other liabilities

     5,526       1,957  

Total adjustments

     7,143       1,047  

Net cash - operating activities

     20,301       10,870  
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

                

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

     269       (146 )

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

     49,311       20,627  

Proceeds from sales of securities available-for-sale

     39,242       35,859  

Purchase of securities available-for-sale

     (129,503 )     (63,377 )

Loan participations purchased

     (8,267 )     -  

Net change in loans receivable

     (60,982 )     (52,399 )

(Purchase)/redemption of Federal Home Loan Bank Stock

     (6 )     59  

Purchase of premises and equipment, net

     (2,088 )     (2,116 )

Proceeds from sale of foreclosed real estate, net

     731       960  

Proceeds on sale of premises and equipment, net

     -       228  

Cash and cash equivalents from acquisition activity, net

     -       52,560  

Change in cash value of bank owned life insurance

     (534 )     (66 )

Net cash - investing activities

     (111,827 )     (7,811 )
                 

CASH FLOWS FROM FINANCING ACTIVITIES:

                

Net change in deposits

     126,286       78,455  

Repayment of FHLB advances

     (2,000 )     (27,000 )

Change in other borrowed funds

     7,646       3,303  

Dividends paid

     (3,217 )     (3,014 )

Net cash - financing activities

     128,715       51,744  

Net change in cash and cash equivalents

     37,189       54,803  

Cash and cash equivalents at beginning of period

     47,258       17,139  

Cash and cash equivalents at end of period

   $ 84,447     $ 71,942  
                 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

                

Cash paid during the period for:

                

Interest

   $ 4,953     $ 6,608  

Income taxes

     500       1,485  

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     $ 262  

 

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, and 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 September 30, 2020, and December 31, 2019, and the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2020, and 2019, and consolidated statements of cash flows and changes in stockholders’ equity for the nine months ended September 30, 2020, and 2019. The income reported for the nine month period ended September 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 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

    

LIABILITIES

    

Cash and due from banks

 $68,303 

Deposits

    

Investment securities, available for sale

  3,432 

Non-interest bearing

 $24,502 
     

NOW accounts

  10,712 

Commercial

  712 

Savings and money market

  68,875 

Residential mortgage

  85,635 

Certificates of deposits

  40,137 

Multifamily

  1,442 

Total Deposits

  144,226 

Consumer

  57      

Total Loans

  87,846      
     

Interest payable

  50 

Premises and equipment, net

  3,542 

Other liabilities

  1,270 

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 

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

 

September 30, 2020

                

Money market fund

 $26,789  $-  $-  $26,789 

U.S. government sponsored entities

  4,998   -   (9)  4,989 

Collateralized mortgage obligations and residential mortgage-backed securities

  125,122   3,864   (23)  128,963 

Municipal securities

  153,780   9,075   (294)  162,561 

Collateralized debt obligations

  2,186   -   (1,307)  879 

Total securities available-for-sale

 $312,875  $12,939  $(1,633) $324,181 

 

  

(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 September 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

 

September 30, 2020

 

Value

  

Yield (%)

 

Due in one year or less

 $26,789   0.04 

Due from one to five years

  2,980   3.94 

Due from five to ten years

  18,305   2.76 

Due over ten years

  147,144   3.37 

Collateralized mortgage obligations and residential mortgage-backed securities

  128,963   2.11 

Total

 $324,181   2.56 

 

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

 

  

(Dollars in thousands)

 
  

September 30,

  

September 30,

 
  

2020

  

2019

 
         

Proceeds

 $39,242  $35,859 

Gross gains

  1,433   838 

Gross losses

  (59)  (84)

 

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

  4,677 

Ending balance, September 30, 2020

 $8,938 

 

 

Securities with carrying values of approximately $117.8 million and $65.5 million were pledged as of September 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 September 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

 

Money market fund

                        

Collateralized mortgage obligations and residential mortgage-backed securities

  6,096   (23)  -   -   6,096   (23)

U.S. government sponsored entities

  4,989   (9)  -   -   4,989   (9)

Municipal securities

  17,338   (294)  -   -   17,338   (294)

Collateralized debt obligations

  -   -   879   (1,307)  879   (1,307)

Total temporarily impaired

 $28,423  $(326) $879  $(1,307) $29,302  $(1,633)

Number of securities

      32       2       34 

 

 

  

(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)

        
  

September 30, 2020

  

December 31, 2019

 

Loans secured by real estate:

        

Residential real estate

 $284,381  $299,569 

Home equity

  42,127   49,118