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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)
Indiana | 35-1927981 |
(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.
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.
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.
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.
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.
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.
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 | |
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.
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 | |
|