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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 March 31, 2021 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(I.R.S. Employer Identification Number)
or organization) 
  
9204 Columbia Avenue 
  Munster, Indiana46321
(Address of principal executive offices)(ZIP code)

              

Registrant's telephone number, including area code: (219) 8364400

 

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 3,477,416 shares of the registrant’s Common Stock, without par value, outstanding at May 7, 2021.

 

 

 

 

 

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

26

   

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

 

  

March 31,

     

(Dollars in thousands)

 

2021

  

December 31,

 
  

(unaudited)

  

2020

 

ASSETS

        
         

Cash and non-interest bearing deposits in other financial institutions

 $14,559  $14,014 

Interest bearing deposits in other financial institutions

  52,854   5,908 

Federal funds sold

  596   - 
         

Total cash and cash equivalents

  68,009   19,922 
         

Certificates of deposit in other financial institutions

  1,474   1,897 
         

Securities available-for-sale

  422,868   410,669 

Loans held-for-sale

  4,256   11,329 

Loans receivable

  974,054   966,578 

Less: allowance for loan losses

  (13,047)  (12,458)

Net loans receivable

  961,007   954,120 

Federal Home Loan Bank stock

  3,918   3,918 

Accrued interest receivable

  4,997   4,713 

Premises and equipment

  30,563   30,785 

Foreclosed real estate

  491   538 

Cash value of bank owned life insurance

  30,894   30,725 

Goodwill

  11,109   11,109 

Other intangible assets

  3,871   4,119 

Other assets

  13,260   13,681 
         

Total assets

 $1,556,717  $1,497,525 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        
         

Deposits:

        

Non-interest bearing

 $286,969  $241,620 

Interest bearing

  1,079,725   1,060,719 

Total

  1,366,694   1,302,339 

Repurchase agreements

  15,917   13,711 

Borrowed funds

  -   6,149 

Accrued expenses and other liabilities

  23,967   22,404 
         

Total liabilities

  1,406,578   1,344,603 
         

Commitments and contingent liabilties

          
         

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: March 31, 2021 - 3,478,921

  -   - 

December 31, 2020 - 3,462,916

        

Additional paid-in capital

  30,065   29,987 

Accumulated other comprehensive income

  3,980   10,441 

Retained earnings

  116,094   112,494 
         

Total stockholders' equity

  150,139   152,922 
         

Total liabilities and stockholders' equity

 $1,556,717  $1,497,525 

 

See accompanying notes to consolidated financial statements.

 

1

 

 

NorthWest Indiana Bancorp

 

Consolidated Statements of Income

 

(unaudited)

 

 

   

Three Months Ended

 

(Dollars in thousands)

 

March 31,

 

(unaudited)

 

2021

   

2020

 

Interest income:

               

Loans receivable

               

Real estate loans

  $ 8,239     $ 9,357  

Commercial loans

    2,240       1,485  

Consumer loans

    267       187  

Total loan interest

    10,746       11,029  

Securities

    1,961       1,705  

Other interest earning assets

    20       135  
                 

Total interest income

    12,727       12,869  
                 

Interest expense:

               

Deposits

    651       2,064  

Repurchase agreements

    10       40  

Borrowed funds

    20       94  
                 

Total interest expense

    681       2,198  
                 

Net interest income

    12,046       10,671  

Provision for loan losses

    578       514  
                 

Net interest income after provision for loan losses

    11,468       10,157  
                 

Noninterest income:

               

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

  $ 2,049     $ 1,153  

Fees and service charges

    1,066       1,049  

Wealth management operations

    607       554  

Gain on sale of securities, net

    417       510  

Increase in cash value of bank owned life insurance

    169       169  

(Loss) gain on sale of foreclosed real estate, net

    (9 )     60  

Other

    14       51  

Total noninterest income

  $ 4,313     $ 3,546  
                 

Noninterest expense:

               

Compensation and benefits

  $ 5,530     $ 5,217  

Occupancy and equipment

    1,372       1,409  

Data processing

    528       556  

Marketing

    199       208  

Federal deposit insurance premiums

    180       196  

Other

    2,529       2,413  

Total noninterest expense

  $ 10,338     $ 9,999  
                 

Income before income tax expenses

    5,443       3,704  

Income tax expenses

    764       512  

Net income

  $ 4,679     $ 3,192  
                 

Earnings per common share:

               

Basic

  $ 1.35     $ 0.92  

Diluted

  $ 1.35     $ 0.92  
                 

Dividends declared per common share

  $ 0.31     $ 0.31  

 

See accompanying notes to consolidated financial statements.

 

2

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Comprehensive Income

(unaudited)

 

  

Three Months Ended

 

(Dollars in thousands)

 

March 31,

 
  

2021

  

2020

 
         

Net income

 $4,679  $3,192 
         

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

        

Unrealized (losses)/gains arising during the period

  (7,761)  6,112 

Less: reclassification adjustment for gains included in net income

  (417)  (510)

Net securities (loss)/gain during the period

  (8,178)  5,602 

Tax effect

  1,717   (1,177)

Net of tax amount

  (6,461)  4,425 
         

Other comprehensive (loss)/income, net of tax

  (6,461)  4,425 
         

Comprehensive (loss)/income, net of tax

 $(1,782) $7,617 

 

See accompanying notes to consolidated financial statements.

 

 

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

  

Income

  

Earnings

  

Equity

 
                     

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 
                     

Balance at January 1, 2021

 $-  $29,987  $10,441  $112,494  $152,922 
                     

Comprehensive income:

                    

Net income

  -   -   -   4,679   4,679 

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

  -   -   (6,461)  -   (6,461)

Comprehensive income

              (1,782)

Net surrender value of 1,711 restricted stock awards

     (68)        (68)

Stock-based compensation expense

  -   146   -   -   146 

Cash dividends, $0.31 per share

  -   -   -   (1,079)  (1,079)
                     

Balance at March 31, 2021

 $-  $30,065  $3,980  $116,094  $150,139 

 

See accompanying notes to consolidated financial statements.

 

3

 

 

NorthWest Indiana Bancorp

Consolidated Statements of Cash Flows

(unaudited)

 

  

Three Months Ended

 

(Dollars in thousands)

 

March 31,

 
  

2021

  

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

        

Net income

 $4,679  $3,192 

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

        

Origination of loans for sale

  (49,083)  (24,870)

Sale of loans originated for sale

  57,876   26,197 

Depreciation and amortization, net of accretion

  990   1,039 

Amortization of mortgage servicing rights

  53   12 

Stock based compensation expense 

  146   94 

Net surrender value of restricted stock awards

  (68)  (85)

Gain on sale of securities, net

  (417)  (510)

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

  (2,026)  (635)

Gain on derivatives

  (23)  (518)
Loss/(gain) on sale of foreclosed real estate, net  9   (60)

Provision for loan losses

  578   514 

Net change in:

        

Interest receivable

  (284)  (85)

Other assets

  2,662   (637)

Cash value of bank owned life insurance

  (169)  (169)

Accrued expenses and other liabilities

  1,558   5,885 

Total adjustments

  11,802   6,172 

Net cash - operating activities

  16,481   9,364 
         

CASH FLOWS FROM INVESTING ACTIVITIES:

        

Proceeds from maturities of certificates of deposits in other financial institutions

  423   429 

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

  27,287   16,671 

Proceeds from sales of securities available-for-sale

  6,904   17,886 

Purchase of securities available-for-sale

  (54,540)  (44,972)

Net change in loans receivable

  (4,486)  (12,118)

Purchase of loans receivable

  (2,989)  - 

Purchase of premises and equipment, net

  (379)  (200)

Proceeds from sale of foreclosed real estate, net

  48   134 

Net cash - investing activities

  (27,732)  (22,170)
         

CASH FLOWS FROM FINANCING ACTIVITIES:

        

Net change in deposits

  64,355   7,272 

Repayment of FHLB advances

  (6,000)  - 

Change in other borrowed funds

  2,057   1,492 

Dividends paid

  (1,074)  (1,070)

Net cash - financing activities

  59,338   7,694 

Net change in cash and cash equivalents

  48,087   (5,112)

Cash and cash equivalents at beginning of period

  19,922   47,258 

Cash and cash equivalents at end of period

 $68,009  $42,146 
         

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

        

Cash paid during the period for:

        

Interest

 $690  $2,283 

Noncash activities:

        

Transfers from loans to foreclosed real estate

 $-  $

23

 

Dividends declared not paid $1,079  $1,074 

 

See accompanying notes to consolidated financial statements.

 

4

 

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. 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 March 31, 2021, and December 31, 2020, and the consolidated statements of income, comprehensive income, changes in stockholders’ equity, and consolidated statements of cash flows for the three months ended March 31, 2021, and 2020. The income reported for the three month period ended March 31, 2021, is not necessarily indicative of the results to be expected for the full year.

 

The Notes to the Consolidated Financial Statements appearing in NorthWest Indiana Bancorp’s Annual Report on Form 10-K (2020 Annual Report), which include descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. The Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income.

 

 

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.

 

5

 

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 6, Intangibles and Acquisition Related Accounting.

 

 

Note 3 - 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

 

March 31, 2021

                

U.S. government sponsored entities

  12,881   -   (264)  12,617 

U.S. treasury securities

  402   -   -   402 

Collateralized mortgage obligations and residential mortgage-backed securities

  188,823   2,205   (2,906)  188,122 

Municipal securities

  213,556   8,212   (985)  220,783 

Collateralized debt obligations

  2,177   -   (1,233)  944 

Total securities available-for-sale

 $417,839  $10,417  $(5,388) $422,868 

 

  

(Dollars in thousands)

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair

 
  

Basis

  

Gains

  

Losses

  

Value

 

December 31, 2020

                

Money market fund

 $52,941  $-  $-  $52,941 

U.S. government sponsored entities

  7,881   3   (24)  7,860 

Collateralized mortgage obligations and residential mortgage-backed securities

  151,355   3,417   (36)  154,736 

Municipal securities

  183,103   11,102   (2)  194,203 

Collateralized debt obligations

  2,182   -   (1,253)  929 

Total securities available-for-sale

 $397,462  $14,522  $(1,315) $410,669 

 

The estimated fair value of available-for-sale debt securities at March 31, 2021, 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

 

March 31, 2021

 

Value

  

Yield (%)

 

Due in one year or less

 $202   1.13 

Due from one to five years

  3,787   4.44 

Due from five to ten years

  29,327   2.48 

Due over ten years

  201,430   3.18 

Collateralized mortgage obligations and residential mortgage-backed securities

  188,122   1.80 

Total

 $422,868   2.53 

 

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

 

  

(Dollars in thousands)

 
  

March 31,

  

March 31,

 
  

2021

  

2020

 
         

Proceeds

 $6,904  $17,886 

Gross gains

  417   513 

Gross losses

  -   (3)

 

6

 

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, 2020

 $10,441 

Current period change

  (6,461)

Ending balance, March 31, 2021

 $3,980 

 

Securities with market values of approximately $47.7 million and $52.4 million were pledged as of March 31, 2021, and December 31, 2020, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.

 

Securities with gross unrealized losses at March 31, 2021, and December 31, 2020, 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

 

March 31, 2021

                        

U.S. government sponsored entities

 $12,617  $(264) $-  $-  $12,617  $(264)

Collateralized mortgage obligations and residential mortgage-backed securities

  112,550   (2,906)  -   -   112,550   (2,906)

Municipal securities

  56,360   (985)  -   -   56,360   (985)

Collateralized debt obligations

  -   -   944   (1,233)  944   (1,233)

Total temporarily impaired

 $181,527  $(4,155) $944  $(1,233) $182,471  $(5,388)

Number of securities

      126       2       128 

 

  

(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, 2020

                        

U.S. government sponsored entities

 $4,975  $(24) $-  $-  $4,975  $(24)

Collateralized mortgage obligations and residential mortgage-backed securities

  11,953   (36)  -   -   11,953   (36)

Municipal securities

  1,864   (2)  -   -   1,864   (2)

Collateralized debt obligations

  -   -   929   (1,253)  929   (1,253)

Total temporarily impaired

 $18,792  $(62) $929  $(1,253) $19,721  $(1,315)

Number of securities

      8       2       10 

 

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 4 - Loans Receivable

 

The Bancorp’s current lending programs are described below:

 

Residential Real Estate. The primary lending activity of the Bancorp has been the granting of conventional mortgage loans to enable borrowers to purchase existing homes, refinance existing homes, or construct new homes. Conventional loans are made up to a maximum of 97% of the purchase price or appraised value, whichever is less. For loans made in excess of 80% of value, private mortgage insurance is generally required in an amount sufficient to reduce the Bancorp’s exposure to 80% or less of the appraised value of the property. Loans insured by private mortgage insurance companies can be made for up to 97% of value. Loans closed with over 20% of equity do not require private mortgage insurance because of the borrower’s level of equity investment.

 

Fixed rate loans currently originated generally conform to Freddie Mac guidelines for loans purchased under the one‑to‑four family program. Loan interest rates are determined based on secondary market yield requirements and local market conditions. Fixed rate mortgage loans with contractual maturities generally exceeding fifteen years and greater may be sold and/or classified as held for sale to control exposure to interest rate risk.

 

The 15 year mortgage loan program has gained wide acceptance in the Bancorp’s primary market area. As a result of the shortened maturity of these loans, this product has been priced below the comparable 20 and 30 year loan offerings. Mortgage applicants for 15 year loans tend to have a larger than normal down payment; this, coupled with the larger principal and interest payment amount, has caused the 15 year mortgage loan portfolio to consist, to a significant extent, of second time home buyers whose underwriting qualifications tend to be above average.

 

7

 

The Bancorp’s Adjustable Rate Mortgage Loans (“ARMs”) include offerings that reprice annually or are “Mini-Fixed.” The “Mini‑Fixed” mortgage reprices annually after a one, three, five, seven or ten year period. The ability of the Bancorp to successfully market ARM’s depends upon loan demand, prevailing interest rates, volatility of interest rates, public acceptance of such loans and terms offered by competitors.

 

Home Equity Line of Credit. The Bancorp offers a fixed and variable rate revolving line of credit secured by the equity in the borrower’s home. Both products offer an interest only option where the borrower pays interest only on the outstanding balance each month. Equity lines will typically require a second mortgage appraisal and a second mortgage lender’s title insurance policy. Loans are generally made up to a maximum of 89% of the appraised value of the property less any outstanding liens.

 

Fixed term home improvement and equity loans are made up to a maximum of 85% of the appraised value of the improved property, less any outstanding liens. These loans are offered on both a fixed and variable rate basis with a maximum term of 240 months. All home equity loans are made on a direct basis to borrowers.

 

Commercial Real Estate and Multifamily Loans. Commercial real estate loans are typically made to a maximum of 80% of the appraised value. Such loans are generally made on an adjustable rate basis. These loans are typically made for terms of 15 to 20 years. Loans with an amortizing term exceeding 15 years normally have a balloon feature calling for a full repayment within seven to ten years from the date of the loan. The balloon feature affords the Bancorp the opportunity to restructure the loan if economic conditions so warrant. Commercial real estate loans include loans secured by commercial rental units, apartments, condominium developments, small shopping centers, owner occupied commercial/industrial properties, hospitality units and other retail and commercial developments.

 

While commercial real estate lending is generally considered to involve a higher degree of risk than single‑family residential lending due to the concentration of principal in a limited number of loans and the effects of general economic conditions on real estate developers and managers, the Bancorp has endeavored to reduce this risk in several ways. In originating commercial real estate loans, the Bancorp considers the feasibility of the project, the financial strength of the borrowers and lessees, the managerial ability of the borrowers, the location of the project and the economic environment. Management evaluates the debt coverage ratio and analyzes the reliability of cash flows, as well as the quality of earnings. All such loans are made in accordance with well-defined underwriting standards and are generally supported by personal guarantees, which represent a secondary source of repayment.

 

Loans for the construction of commercial properties are generally located within an area permitting physical inspection and regular review of business records. Projects financed outside of the Bancorp’s primary lending area generally involve borrowers and guarantors who are or were previous customers of the Bancorp or projects that are underwritten according to the Bank’s underwriting standards.

 

Construction and Land Development. Construction loans on residential properties are made primarily to individuals and contractors who are under contract with individual purchasers. These loans are personally guaranteed by the borrower. The maximum loan-to-value ratio is 89% of either the current appraised value or the cost of construction, whichever is less. Residential construction loans are typically made for periods of six months to one year.

 

Loans are also made for the construction of commercial properties. All such loans are made in accordance with well-defined underwriting standards. Generally if the loans are not owner occupied, these types of loans require proof of intent to lease and a confirmed end-loan takeout. In general, loans made do not exceed 80% of the appraised value of the property. Commercial construction loans are typically made for periods not to exceed two years or date of occupancy, whichever is less.

 

Commercial Business and Farmland Loans. Although the Bancorp’s priority in extending various types of commercial business loans changes from time to time, the basic considerations in determining the makeup of the commercial business loan portfolio are economic factors, regulatory requirements and money market conditions. The Bancorp seeks commercial loan relationships from the local business community and from its present customers. Conservative lending policies based upon sound credit analysis governs the extension of commercial credit. The following loans, although not inclusive, are considered preferable for the Bancorp’s commercial loan portfolio: loans collateralized by liquid assets; loans secured by general use machinery and equipment; secured short‑term working capital loans to established businesses secured by business assets; short‑term loans with established sources of repayment and secured by sufficient equity and real estate; and unsecured loans to customers whose character and capacity to repay are firmly established.

 

8

 

Consumer Loans. The Bancorp offers consumer loans to individuals for personal, household or family purposes. Consumer loans are either secured by adequate collateral, or unsecured. Unsecured loans are based on the strength of the applicant’s financial condition. All borrowers must meet current underwriting standards. The consumer loan program includes both fixed and variable rate products.

 

Manufactured Homes. The Bancorp purchases fixed rate closed loans from a third party that are subject to Bancorp’s underwriting requirements and secured by manufactured homes. The maturity date on these loans can range up to 25 years. In addition, these loans have partial recourse secured by a reserve account held at the Bancorp.

 

Government Loans. The Bancorp is permitted to purchase non-rated municipal securities, tax anticipation notes and warrants within the local market area.

 

 

(Dollars in thousands)

        
  

March 31, 2021

  

December 31, 2020

 

Loans secured by real estate:

        

Residential real estate

 $276,728  $286,048 

Home equity

  36,222   39,233 

Commercial real estate

  304,851   298,257 

Construction and land development

  97,400   93,562 

Multifamily

  51,933   50,571 

Farmland

  315   215 

Total loans secured by real estate

  767,449   767,886 

Commercial business

  163,896   158,140 

Consumer

  438   1,025 

Manufactured homes

  26,260   24,232 

Government

  9,372   10,142 

Subtotal

  967,415   961,425 

Add (less):

        

Net deferred loan origination fees and purchase premiums

  5,673   5,303 

Undisbursed loan funds and clearings

  966   (150)

Loans receivable

 $974,054  $966,578 

 

9

 

(Unaudited)

 

Beginning Balance

  

Charge-offs

  

Recoveries

  

Provisions

  

Ending Balance

 

(Dollars in thousands)

                    

The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2021:

 
                     

Allowance for loan losses:

                    

Residential real estate

 $2,211  $(4) $10  $(41) $2,176 

Home equity

  276   (1)  -   34   309 

Commercial real estate

  5,406   -   -   320   5,726 

Construction and land development

  1,405   -   -   182   1,587 

Multifamily

  626   -   -   54   680 

Farmland

  -   -   -   -   - 

Commercial business

  2,508   -   8   36   2,552 

Consumer

  26   (6)  4   (7)  17 

Manufactured homes

  -   -   -   -   - 

Government

  -   -   -   -   - 

Total

 $12,458  $(11) $22  $578  $13,047 
                     

The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2020:

 
                     

Allowance for loan losses:

                    

Residential real estate

 $1,812  $-  $6  $10  $1,828 

Home equity

  223   -   -   23   246 

Commercial real estate

  3,773   -   -   (80)  3,693 

Construction and land development

  1,098   -   -   125   1,223 

Multifamily

  529   -   -   33   562 

Farmland

  -   -   -   -   - 

Commercial business

  1,504   -   1   396   1,901 

Consumer

  43   (12)  3   8   42 

Manufactured homes

  -   -   -   -   - 

Government

  17   -   -   (1)  16 

Total

 $8,999  $(12) $10  $514  $9,511 

 

A deferred cost reserve is maintained for the portfolio of manufactured home loans that have been purchased. This reserve is available for use for manufactured home loan nonperformance and costs associated with nonperformance. If the segment performs in line with expectation, the deferred cost reserve is paid as a premium to the third party originator of the loan. The unamortized balance of the deferred cost reserve totaled $4.1 million and $3.8 million as of March 31, 2021 and December 31, 2020, respectively, and is included in net deferred loan origination costs and purchase premiums.

 

10

 

The Bancorp's impairment analysis is summarized below:

                     
  

Ending Balances

 
                         

(Dollars in thousands)

 

Individually

evaluated for

impairment

reserves

  

Collectively

evaluated for

impairment

reserves

  

Loan receivables

  

Individually

evaluated for

impairment

  

Purchased credit

impaired

individually

evaluated for

impairment

  

Collectively

evaluated for

impairment

 
                         

The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at March 31, 2021:

         
                         

Residential real estate

 $92  $2,084  $277,465  $737  $1,165  $275,563 

Home equity

  5   304   36,273   220   132   35,921 

Commercial real estate

  1,269   4,457   304,851   6,952   151   297,748 

Construction and land development

  -   1,587   97,400   -   -   97,400 

Multifamily

  -   680   51,933   90   609   51,234 

Farmland

  -   -   315   -   -   315 

Commercial business

  518   2,034   162,375   999   1,163   160,213 

Consumer

  -   17   438   -   -