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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
| |
| For the quarterly period ended June 30, 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 |
Finward 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, 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 3,479,139 shares of the registrant’s Common Stock, without par value, outstanding at August 13, 2021.
Finward 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 |
29 |
|
|
Item 3. Quantitative and Qualitative Disclosures about Market Risk |
44 |
|
|
Item 4. Controls and Procedures |
44 |
|
|
PART II. Other Information |
45 |
|
|
SIGNATURES |
46 |
|
|
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 |
|
Finward Bancorp |
Condensed Consolidated Balance Sheets |
| | June 30, | | | | | |
(Dollars in thousands) | | 2021 | | | December 31, | |
| | (unaudited) | | | 2020 | |
ASSETS | | | | | | | | |
| | | | | | | | |
Cash and non-interest bearing deposits in other financial institutions | | $ | 17,570 | | | $ | 14,014 | |
Interest bearing deposits in other financial institutions | | | 50,406 | | | | 5,908 | |
Federal funds sold | | | 649 | | | | - | |
| | | | | | | | |
Total cash and cash equivalents | | | 68,625 | | | | 19,922 | |
| | | | | | | | |
Certificates of deposit in other financial institutions | | | 1,471 | | | | 1,897 | |
| | | | | | | | |
Securities available-for-sale | | | 473,927 | | | | 410,669 | |
Loans held-for-sale | | | 5,878 | | | | 11,329 | |
Loans receivable | | | 969,491 | | | | 965,146 | |
Less: allowance for loan losses | | | (13,639 | ) | | | (12,458 | ) |
Net loans receivable | | | 955,852 | | | | 952,688 | |
Federal Home Loan Bank stock | | | 3,247 | | | | 3,918 | |
Accrued interest receivable | | | 4,803 | | | | 4,713 | |
Premises and equipment | | | 30,046 | | | | 30,785 | |
Foreclosed real estate | | | 368 | | | | 538 | |
Cash value of bank owned life insurance | | | 31,082 | | | | 30,725 | |
Goodwill | | | 11,109 | | | | 11,109 | |
Other intangible assets | | | 3,622 | | | | 4,119 | |
Other assets | | | 13,483 | | | | 13,880 | |
| | | | | | | | |
Total assets | | $ | 1,603,513 | | | $ | 1,496,292 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| | | | | | | | |
Deposits: | | | | | | | | |
Non-interest bearing | | $ | 275,819 | | | $ | 241,620 | |
Interest bearing | | | 1,119,277 | | | | 1,060,719 | |
Total | | | 1,395,096 | | | | 1,302,339 | |
Repurchase agreements | | | 24,399 | | | | 13,711 | |
Borrowed funds | | | - | | | | 6,149 | |
Accrued expenses and other liabilities | | | 28,449 | | | | 22,404 | |
| | | | | | | | |
Total liabilities | | | 1,447,944 | | | | 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: June 30, 2021 - 3,479,139 | | | - | | | | - | |
December 31, 2020 - 3,462,916 | | | | | | | | |
Additional paid-in capital | | | 30,141 | | | | 29,987 | |
Accumulated other comprehensive income | | | 8,209 | | | | 10,441 | |
Retained earnings | | | 117,219 | | | | 111,261 | |
| | | | | | | | |
Total stockholders' equity | | | 155,569 | | | | 151,689 | |
| | | | | | | | |
Total liabilities and stockholders' equity | | $ | 1,603,513 | | | $ | 1,496,292 | |
See accompanying notes to condensed consolidated financial statements. |
|
|
|
|
|
|
|
|
Finward Bancorp |
Condensed Consolidated Statements of Income |
(unaudited) |
| | Three Months Ended | | | Six Months Ended | |
(Dollars in thousands) | | June 30, | | | June 30, | |
(unaudited) | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
Interest income: | | | | | | | | | | | | | | | | |
Loans receivable | | | | | | | | | | | | | | | | |
Real estate loans | | $ | 8,211 | | | $ | 9,305 | | | $ | 16,450 | | | $ | 18,662 | |
Commercial loans | | | 1,751 | | | | 1,834 | | | | 3,991 | | | | 3,319 | |
Consumer loans | | | 313 | | | | 158 | | | | 580 | | | | 345 | |
Total loan interest | | | 10,275 | | | | 11,297 | | | | 21,021 | | | | 22,326 | |
Securities | | | 2,144 | | | | 1,564 | | | | 4,105 | | | | 3,269 | |
Other interest earning assets | | | 16 | | | | 44 | | | | 36 | | | | 179 | |
| | | | | | | | | | | | | | | | |
Total interest income | | | 12,435 | | | | 12,905 | | | | 25,162 | | | | 25,774 | |
| | | | | | | | | | | | | | | | |
Interest expense: | | | | | | | | | | | | | | | | |
Deposits | | | 549 | | | | 1,380 | | | | 1,200 | | | | 3,444 | |
Repurchase agreements | | | 12 | | | | 17 | | | | 22 | | | | 57 | |
Borrowed funds | | | 2 | | | | 93 | | | | 22 | | | | 187 | |
| | | | | | | | | | | | | | | | |
Total interest expense | | | 563 | | | | 1,490 | | | | 1,244 | | | | 3,688 | |
| | | | | | | | | | | | | | | | |
Net interest income | | | 11,872 | | | | 11,415 | | | | 23,918 | | | | 22,086 | |
Provision for loan losses | | | 576 | | | | 508 | | | | 1,154 | | | | 1,022 | |
| | | | | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 11,296 | | | | 10,907 | | | | 22,764 | | | | 21,064 | |
| | | | | | | | | | | | | | | | |
Noninterest income: | | | | | | | | | | | | | | | | |
Gain on sale of loans held-for-sale, net | | $ | 1,116 | | | $ | 2,464 | | | $ | 3,165 | | | $ | 3,617 | |
Fees and service charges | | | 1,471 | | | | 1,151 | | | | 2,537 | | | | 2,200 | |
Wealth management operations | | | 576 | | | | 514 | | | | 1,183 | | | | 1,068 | |
Gain on sale of securities, net | | | 269 | | | | 667 | | | | 686 | | | | 1,177 | |
Increase in cash value of bank owned life insurance | | | 188 | | | | 188 | | | | 357 | | | | 357 | |
Gain on sale of foreclosed real estate, net | | | 36 | | | | 43 | | | | 27 | | | | 103 | |
Other | | | 24 | | | | 19 | | | | 38 | | | | 70 | |
Total noninterest income | | $ | 3,680 | | | $ | 5,046 | | | $ | 7,993 | | | $ | 8,592 | |
| | | | | | | | | | | | | | | | |
Noninterest expense: | | | | | | | | | | | | | | | | |
Compensation and benefits | | $ | 5,897 | | | $ | 5,620 | | | $ | 11,582 | | | $ | 10,930 | |
Occupancy and equipment | | | 1,324 | | | | 1,295 | | | | 2,696 | | | | 2,704 | |
Data processing | | | 597 | | | | 532 | | | | 1,125 | | | | 1,088 | |
Marketing | | | 195 | | | | 180 | | | | 394 | | | | 388 | |
Federal deposit insurance premiums | | | 204 | | | | 159 | | | | 384 | | | | 355 | |
Other | | | 2,793 | | | | 2,227 | | | | 5,322 | | | | 4,640 | |
Total noninterest expense | | $ | 11,010 | | | $ | 10,013 | | | $ | 21,503 | | | $ | 20,105 | |
| | | | | | | | | | | | | | | | |
Income before income tax expenses | | | 3,966 | | | | 5,940 | | | | 9,254 | | | | 9,551 | |
Income tax expenses | | | 395 | | | | 1,089 | | | | 1,140 | | | | 1,587 | |
Net income | | $ | 3,571 | | | $ | 4,851 | | | $ | 8,114 | | | $ | 7,964 | |
| | | | | | | | | | | | | | | | |
Earnings per common share: | | | | | | | | | | | | | | | | |
Basic | | $ | 1.03 | | | $ | 1.40 | | | $ | 2.33 | | | $ | 2.30 | |
Diluted | | $ | 1.03 | | | $ | 1.40 | | | $ | 2.33 | | | $ | 2.30 | |
| | | | | | | | | | | | | | | | |
Dividends declared per common share | | $ | 0.31 | | | $ | 0.31 | | | $ | 0.62 | | | $ | 0.62 | |
See accompanying notes to condensed consolidated financial statements. |
Finward Bancorp |
Condensed Consolidated Statements of Comprehensive Income |
(unaudited) |
| | Three Months Ended | | | Six Months Ended | |
(Dollars in thousands) | | June 30, | | | June 30, | |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 3,571 | | | $ | 4,851 | | | $ | 8,114 | | | $ | 7,964 | |
| | | | | | | | | | | | | | | | |
Net change in net unrealized gains and losses on securities available-for-sale: | | | | | | | | | | | | | | | | |
Unrealized (losses)/gains arising during the period | | | 5,624 | | | | 1,207 | | | | (2,137 | ) | | | 7,319 | |
Less: reclassification adjustment for gains included in net income | | | (269 | ) | | | (667 | ) | | | (686 | ) | | | (1,177 | ) |
Net securities (loss)/gain during the period | | | 5,355 | | | | 540 | | | | (2,823 | ) | | | 6,142 | |
Tax effect | | | (1,126 | ) | | | (112 | ) | | | 591 | | | | (1,289 | ) |
Net of tax amount | | | 4,229 | | | | 428 | | | | (2,232 | ) | | | 4,853 | |
| | | | | | | | | | | | | | | | |
Comprehensive (loss)/income, net of tax | | $ | 7,800 | | | $ | 5,279 | | | $ | 5,882 | | | $ | 12,817 | |
See accompanying notes to condensed consolidated financial statements. |
Finward Bancorp |
Condensed 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 | | | $ | 99,624 | | | $ | 133,542 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 3,113 | | | | 3,113 | |
Net unrealized gain on securities available-for- sale, net of reclassification and tax effects | | | - | | | | - | | | | 4,425 | | | | - | | | | 4,425 | |
Comprehensive income | | | | | | | | | | | | | | | | | | | 7,538 | |
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 | | | $ | 101,663 | | | $ | 140,015 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 4,851 | | | | 4,851 | |
Net unrealized gain on securities available-for- sale, net of reclassification and tax effects | | | - | | | | - | | | | 428 | | | | - | | | | 428 | |
Comprehensive income | | | | | | | | | | | | | | | | | | | 5,279 | |
Stock-based compensation expense | | | | | | | 108 | | | | | | | | | | | | 108 | |
Cash dividends, $0.31 per share | | | - | | | | - | | | | - | | | | (1,073 | ) | | | (1,073 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2020 | | $ | - | | | $ | 29,774 | | | $ | 9,114 | | | $ | 105,441 | | | $ | 144,329 | |
| | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2021 | | $ | - | | | $ | 29,987 | | | $ | 10,441 | | | $ | 111,261 | | | $ | 151,689 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 4,543 | | | | 4,543 | |
Net unrealized loss on securities available-for- sale, net of reclassification and tax effects | | | - | | | | - | | | | (6,461 | ) | | | - | | | | (6,461 | ) |
Comprehensive income | | | | | | | | | | | | | | | | | | | (1,918 | ) |
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 | | | $ | 114,725 | | | $ | 148,770 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Net income | | | - | | | | - | | | | - | | | | 3,571 | | | | 3,571 | |
Net unrealized gain on securities available-for- sale, net of reclassification and tax effects | | | - | | | | - | | | | 4,229 | | | | - | | | | 4,229 | |
Comprehensive income | | | | | | | | | | | | | | | | | | | 7,800 | |
Net surrender value of 1,404 restricted stock awards | | | | | | | (63 | ) | | | | | | | | | | | (63 | ) |
Stock-based compensation expense | | | - | | | | 139 | | | | - | | | | - | | | | 139 | |
Cash dividends, $0.31 per share | | | - | | | | - | | | | - | | | | (1,077 | ) | | | (1,077 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2021 | | $ | - | | | $ | 30,141 | | | $ | 8,209 | | | $ | 117,219 | | | $ | 155,569 | |
See accompanying notes to condensed consolidated financial statements. |
Finward Bancorp |
Condensed Consolidated Statements of Cash Flows |
(unaudited) |
| | Six Months Ended | |
(Dollars in thousands) | | June 30, | |
| | 2021 | | | 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | |
Net income | | $ | 8,114 | | | $ | 7,964 | |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | | | | | | | | |
Origination of loans for sale | | | (85,903 | ) | | | (114,170 | ) |
Sale of loans originated for sale | | | 94,163 | | | | 113,362 | |
Depreciation and amortization, net of accretion | | | 2,041 | | | | 2,186 | |
Amortization of mortgage servicing rights | | | 113 | | | | 32 | |
Stock based compensation expense | | | 285 | | | | 202 | |
Net surrender value of restricted stock awards | | | (131 | ) | | | (85 | ) |
Gain on sale of securities, net | | | (686 | ) | | | (1,177 | ) |
Gain on sale of loans held-for-sale, net | | | (3,293 | ) | | | (3,021 | ) |
Loss/(gain) on derivatives | | | 128 | | | | (298 | ) |
Gain on sale of foreclosed real estate, net | | | (27 | ) | | | (103 | ) |
Provision for loan losses | | | 1,154 | | | | 1,022 | |
Net change in: | | | | | | | | |
Interest receivable | | | (90 | ) | | | (255 | ) |
Other assets | | | 1,728 | | | | (1,708 | ) |
Cash value of bank owned life insurance | | | (357 | ) | | | (357 | ) |
Accrued expenses and other liabilities | | | (3,723 | ) | | | 7,303 | |
Net cash - operating activities | | | 13,516 | | | | 10,897 | |
| | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Proceeds from maturities of certificates of deposits in other financial institutions | | | 426 | | | | 531 | |
Proceeds from maturities and pay downs of securities available-for-sale | | | 43,322 | | | | 31,409 | |
Proceeds from sales of securities available-for-sale | | | 19,290 | | | | 35,098 | |
Purchase of securities available-for-sale | | | (119,075 | ) | | | (77,506 | ) |
Net change in loans receivable | | | 1,660 | | | | (70,211 | ) |
Proceeds (purchase) of Federal Home Loan Bank Stock | | | 671 | | | | (6 | ) |
Purchase of loans receivable | | | (5,978 | ) | | | (4,658 | ) |
Purchase of premises and equipment, net | | | (470 | ) | | | (866 | ) |
Proceeds from sale of foreclosed real estate, net | | | 197 | | | | 575 | |
Net cash - investing activities | | | (59,957 | ) | | | (85,634 | ) |
| | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Net change in deposits | | | 92,757 | | | | 123,264 | |
Repayment of FHLB advances | | | (6,000 | ) | | | (2,000 | ) |
Change in other borrowed funds | | | 10,539 | | | | 5,660 | |
Dividends paid | | | (2,152 | ) | | | (2,140 | ) |
Net cash - financing activities | | | 95,144 | | | | 124,784 | |
Net change in cash and cash equivalents | | | 48,703 | | | | 50,047 | |
Cash and cash equivalents at beginning of period | | | 19,922 | | | | 47,258 | |
Cash and cash equivalents at end of period | | $ | 68,625 | | | $ | 97,305 | |
| | | | | | | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | |
Cash paid during the period for: | | | | | | | | |
Interest | | $ | 1,262 | | | $ | 3,802 | |
Income taxes | | | 2,020 | | | | - | |
Noncash activities: | | | | | | | | |
Transfers from loans to foreclosed real estate | | $ | - | | | $ | 23 | |
Dividends declared not paid | | | 1,077 | | | | 1,073 | |
Securities purchased not settled | | | 9,764 | | | | - | |
See accompanying notes to condensed consolidated financial statements. |
Finward Bancorp
Notes to Condensed Consolidated Financial Statements
(unaudited)
Note 1 - Basis of Presentation
Organization and Description of Business
The consolidated financial statements include the accounts of Finward Bancorp (the “Bancorp” or “Finward”), 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 June 30, 2021, and December 31, 2020, and the consolidated statements of income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2021, and 2020, and consolidated statements of cash flows for the six months ended June 30, 2021, and 2020. The income reported for the six month period ended June 30, 2021, is not necessarily indicative of the results to be expected for the full year.
On May 13, 2021, the Bancorp filed Articles of Amendment to its Articles of Incorporation with the Secretary of State of the State of Indiana to change the name of the company from “NorthWest Indiana Bancorp” to “Finward Bancorp.” The name change was approved by the Bancorp’s shareholders on March 3, 2021 and became effective on May 24, 2021.
The Notes to the Consolidated Financial Statements appearing in Finward 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.
Revision of Previously Issued Financial Statements
We have revised amounts reported in previously issued financial statements for the periods presented in this Quarterly Report on Form 10-Q related to immaterial errors. The errors relate to certain deferred costs booked related to our manufactured home loan product, which resulted in increased assets and understatements of expense in prior periods.
We evaluated the aggregate effects of the errors to our previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108 and, based upon quantitative and qualitative factors, determined that the errors were not material to the previously issued financial statements and disclosures included in our Annual Reports on Form 10-K for the years ended December 31, 2020 and 2019, or for any quarterly periods included therein or through our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021.
The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:
Consolidated Balance Sheet | | | | | | | | | | | | |
| | | | | | | | | | | | |
As of December 31, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Loans receivable | | $ | 966,578 | | | $ | (1,432 | ) | | $ | 965,146 | |
Net loans receivable | | | 954,120 | | | | (1,432 | ) | | | 952,688 | |
Other assets | | | 13,681 | | | | 199 | | | | 13,880 | |
Total assets | | | 1,497,525 | | | | (1,233 | ) | | | 1,496,292 | |
Retained earnings | | | 112,494 | | | | (1,233 | ) | | | 111,261 | |
Total shareholders' equity | | | 152,922 | | | | (1,233 | ) | | | 151,689 | |
Total liabilities and Stockholders' equity | | | 1,497,525 | | | | (1,233 | ) | | | 1,496,292 | |
Consolidated Statement of Operations | | | | | | | | | | | | |
| | | | | | | | | | | | |
Three months ended June 30, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Compensation and benefits | | $ | 5,371 | | | $ | 249 | | | $ | 5,620 | |
Total noninterest expense | | | 9,764 | | | | 249 | | | | 10,013 | |
Income before income tax expense | | | 6,189 | | | | (249 | ) | | | 5,940 | |
Income tax expenses | | | 1,126 | | | | (37 | ) | | | 1,089 | |
Net income | | | 5,063 | | | | (212 | ) | | | 4,851 | |
Earnings per common share: | | | | | | | | | | | | |
Basic | | | 1.46 | | | | (0.06 | ) | | | 1.40 | |
Diluted | | | 1.46 | | | | (0.06 | ) | | | 1.40 | |
Six months ended June 30, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Compensation and benefits | | $ | 10,588 | | | $ | 342 | | | $ | 10,930 | |
Total noninterest expense | | | 19,763 | | | | 342 | | | | 20,105 | |
Income before income tax expense | | | 9,893 | | | | (342 | ) | | | 9,551 | |
Income tax expenses | | | 1,638 | | | | (51 | ) | | | 1,587 | |
Net income | | | 8,255 | | | | (291 | ) | | | 7,964 | |
Earnings per common share: | | | | | | | | | | | | |
Basic | | | 2.39 | | | | (0.09 | ) | | | 2.30 | |
Diluted | | | 2.39 | | | | (0.09 | ) | | | 2.30 | |
Consolidated Statements of Comprehensive Income | | | | | | | | | |
| | | | | | | | | | | | |
Three months ended June 30, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Net income | | $ | 5,063 | | | $ | (212 | ) | | $ | 4,851 | |
Comprehensive income, net of tax | | | 5,491 | | | | (212 | ) | | | 5,279 | |
Six months ended June 30, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Net income | | $ | 8,255 | | | $ | (291 | ) | | $ | 7,964 | |
Comprehensive income, net of tax | | | 13,108 | | | | (291 | ) | | | 12,817 | |
Consolidated Statements of Changes in Stockholders' Equity | | | | | |
| | | | | | | | | | | | |
Balance at January 1, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Retained earnings | | $ | 100,185 | | | $ | (561 | ) | | $ | 99,624 | |
Total equity | | | 134,103 | | | | (561 | ) | | | 133,542 | |
| | | | | | | | | | | | |
For the quarter ending March 31, 2020 | | | | | | | | | | | | |
Net income | | | 3,192 | | | | (79 | ) | | | 3,113 | |
Retained earnings | | | 102,303 | | | | (640 | ) | | | 101,663 | |
Total equity | | | 140,655 | | | | (640 | ) | | | 140,015 | |
| | | | | | | | | | | | |
For the quarter ending June 30, 2020 | | | | | | | | | | | | |
Net income | | | 5,063 | | | | (212 | ) | | | 4,851 | |
Retained earnings | | | 106,293 | | | | (852 | ) | | | 105,441 | |
Total equity | | | 145,181 | | | | (852 | ) | | | 144,329 | |
| | | | | | | | | | | | |
Balance at January 1, 2021 | | | | | | | | | | | | |
Retained earnings | | | 112,494 | | | | (1,233 | ) | | | 111,261 | |
Total equity | | | 152,922 | | | | (1,233 | ) | | | 151,689 | |
| | | | | | | | | | | | |
For the quarter ending March 31, 2021 | | | | | | | | | | | | |
Net income | | | 4,679 | | | | (136 | ) | | | 4,543 | |
Retained earnings | | | 116,094 | | | | (1,369 | ) | | | 114,725 | |
Total equity | | | 150,139 | | | | (1,369 | ) | | | 148,770 | |
Consolidated Statements of Cash Flows | | | | | | | | | |
| | | | | | | | | | | | |
Six months ended June 30, 2020 | | As Reported | | | Adjustment | | | As Revised | |
Net income | | $ | 8,255 | | | $ | (291 | ) | | $ | 7,964 | |
Net change in other assets | | | (1,657 | ) | | | (51 | ) | | | (1,708 | ) |
Net cash - operating activities | | | 11,239 | | | | (342 | ) | | | 10,897 | |
Net change in loan | | | (70,553 | ) | | | 342 | | | | (70,211 | ) |
Net cash - investing activities | | | (85,976 | ) | | | 342 | | | | (85,634 | ) |
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.
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 | |
June 30, 2021 | | | | | | | | | | | | | | | | |
U.S. government sponsored entities | | | 10,883 | | | | 5 | | | | (92 | ) | | | 10,796 | |
U.S. treasury securities | | | 401 | | | | - | | | | - | | | | 401 | |
Collateralized mortgage obligations and residential mortgage-backed securities | | | 194,601 | | | | 2,009 | | | | (1,249 | ) | | | 195,361 | |
Municipal securities | | | 255,485 | | | | 11,111 | | | | (197 | ) | | | 266,399 | |
Collateralized debt obligations | | | 2,173 | | | | - | | | | (1,203 | ) | | | 970 | |
Total securities available-for-sale | | $ | 463,543 | | | $ | 13,125 | | | $ | (2,741 | ) | | $ | 473,927 | |
| | (Dollars in thousands) | |
| | | | | | Gross | | | Gross | | | Estimated | |
| | Cost | | | Unrealized | | | Unrealized | | | Fair | |
| | |