Company Quick10K Filing
Quick10K
Bankguam Holding
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-26 Other Events, Exhibits
8-K 2019-06-27 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-28 Other Events, Exhibits
8-K 2019-05-20 Shareholder Vote
8-K 2019-03-20 Officers, Exhibits
8-K 2019-02-25 Officers, Other Events, Exhibits
8-K 2018-12-26 Officers
8-K 2018-11-26 Officers, Other Events, Exhibits
8-K 2018-10-15 Officers
8-K 2018-09-04 Shareholder Vote
8-K 2018-08-27 Other Events, Exhibits
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-29 Officers, Other Events, Exhibits
8-K 2018-04-12 Accountant, Exhibits
8-K 2018-03-26 Officers
8-K 2018-02-26 Other Events, Exhibits
8-K 2018-02-09 Other Events
8-K 2017-12-29 Officers, Exhibits
EOCC Enel Generacion Chile 168,300
CTAM Castle A M 7
BDCO Blue Dolphin Energy 6
MHTX Manhattan Scientifics 5
ACLZ Accelerize 4
GIGL Giggles N' Hugs 3
GIDYL GI Dynamics 0
EOSS EOS 0
KLDK Global House Holdings 0
CBAI CBA Florida 0
BKGMF 2019-06-30
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Note 1 - Nature of Business
Note 2 - Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Note 3 - Earnings per Common Share
Note 4 - Investment Securities
Note 5 - Loans Held for Sale, Loans and Allowance for Loan Losses
Note 6 - Commitments and Contingencies
Note 7 - Regulatory Capital Requirements
Note 8 - Off-Balance-Sheet Activities
Note 9 - Income Taxes
Note 10 - Fair Value Measurements
Note 11 - Comprehensive Income
Note 12 - Leases
Note 13 - Revenue Recognition
Note 14 - Subordinated Debt
Note 15 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II. Other Information
Item 6. Exhibits
EX-10.02 bkgmf-ex1002_231.htm
EX-31.01 bkgmf-ex3101_6.htm
EX-31.02 bkgmf-ex3102_8.htm
EX-32.01 bkgmf-ex3201_12.htm

Bankguam Holding Earnings 2019-06-30

BKGMF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 bkgmf-10q_20190630.htm 10-Q bkgmf-10q_20190630.htm

 

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, 2019

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: 000-54483

 

BankGuam Holding Company

(Exact name of registrant as specified in its charter)

 

 

Guam

66-0770448

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

P.O. Box BW

Hagåtña, Guam 96932

(671) 472-5300

(Address, including Zip Code, and telephone number, including area code, of the registrant’s principal executive offices)

 

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 Act).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.2083 par value per share

“BKGMF”

Not listed

As of August 9, 2019, there were 9,660,171 shares outstanding

 

 

 

 

 


BANKGUAM HOLDING COMPANY

FORM 10-Q

QUARTERLY REPORT

TABLE OF CONTENTS

 

 

 

PART 1. FINANCIAL INFORMATION

3

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

 

 

 

 

Condensed Consolidated Statements of Financial Condition at June 30, 2019, and December 31, 2018

3

 

 

 

 

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019 and 2018

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2019 and 2018

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

 

 

 

Item 4.

Controls and Procedures

55

 

 

PART II. OTHER INFORMATION

56

 

 

 

Item 6.

Exhibits

56

 

 

 

Signatures

57

 

 

 

 

 

 

 


Cautionary Note Regarding Forward-Looking Statements

For purposes of this Quarterly Report, the terms the “Company,” “we,” “us” and “our” refer to BankGuam Holding Company and its subsidiaries. This Quarterly Report on Form 10-Q contains statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include, among other things, statements regarding:

 

Competition for loans and deposits and failure to attract or retain deposits and loans;

 

Local, regional, national and global economic conditions and events, and the impact they may have on us and our customers, and our assessment of that impact on our estimates, including the allowance for loan losses and fair value measurements;

 

Risks associated with concentrations in real estate related loans;

 

Changes in the level of nonperforming assets and charge-offs and other credit quality measures, and their impact on the adequacy of our allowance for loan losses and our provision for loan losses;

 

The effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Open Market Committee of the Federal Reserve Board;

 

Stability of funding sources and continued availability of borrowings;

 

The effect of changes in laws and regulations with which the Company and Bank of Guam must comply, including any change in Federal Deposit Insurance Corporation insurance premiums;

 

Our ability to raise capital or incur debt on reasonable terms;

 

Regulatory limits on Bank of Guam’s ability to pay dividends to the Company;

 

The impact of the Dodd Frank Wall Street Reform and Consumer Protection Act and the implementation of its associated rules and regulations;

 

The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;

 

Changes in the deferred tax asset valuation allowance in future quarters;

 

The costs and effects of legal and regulatory developments, including resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews;

 

The ability to increase market share and control expenses; and,

 

Our success in managing the risks involved in the foregoing items, as well as other statements regarding our future operations, financial condition and prospects, and business strategies.

We are not able to predict all of the factors that may affect future results. Forward-looking statements may be preceded by, followed by or include the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “is designed to” and similar expressions. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about our business that could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors” included in filings we make from time to time with the U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for our fiscal year ended December 31, 2018, and our Quarterly Reports on Form 10-Q filed by us in fiscal 2019. We have no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or risks, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. New information, future events or risks could cause the forward-looking statements we discuss in this Quarterly Report not to occur. You should not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this Quarterly Report.

 

 

2


PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

 

BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Financial Condition

(in Thousands, Except Par Value)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

31,193

 

 

$

33,279

 

Interest bearing deposits in banks

 

 

114,224

 

 

 

121,816

 

Total cash and cash equivalents

 

 

145,417

 

 

 

155,095

 

Restricted cash

 

 

400

 

 

 

400

 

Investment in unconsolidated subsidiary

 

 

3,169

 

 

 

3,291

 

Investment securities available-for-sale, at fair value

 

 

384,731

 

 

 

381,042

 

Investment securities held-to-maturity, at amortized cost

   (Fair Value $60,910 at 6/30/19 and $67,477 at 12/31/18)

 

 

60,753

 

 

 

68,088

 

Federal Home Loan Bank stock, at cost

 

 

2,267

 

 

 

2,356

 

Loans, net of allowance for loan losses

   ($27,088 at 6/30/19 and $23,774 at 12/31/18)

 

 

1,240,706

 

 

 

1,212,141

 

Accrued interest receivable

 

 

6,406

 

 

 

6,221

 

Premises and equipment, net

 

 

19,917

 

 

 

18,471

 

Other assets

 

 

78,233

 

 

 

44,597

 

Total assets

 

$

1,941,999

 

 

$

1,891,702

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

544,049

 

 

$

538,168

 

Interest bearing

 

 

1,181,809

 

 

 

1,190,655

 

Total deposits

 

 

1,725,858

 

 

 

1,728,823

 

Accrued interest payable

 

 

126

 

 

 

137

 

Subordinated debt, net

 

 

14,738

 

 

 

-

 

Other liabilities

 

 

44,351

 

 

 

14,447

 

Total liabilities

 

 

1,785,073

 

 

 

1,743,407

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock $0.2083 par value; 48,000 shares authorized; 9,692 and 9,679

   shares issued and 9,660 and 9,646 shares outstanding at 6/30/19 and

   12/31/18, respectively

 

 

2,020

 

 

 

2,017

 

Preferred stock $100 par value; 300 shares authorized; 9.8 shares issued

   and outstanding

 

 

980

 

 

 

980

 

Additional paid-in capital, Common stock

 

 

24,357

 

 

 

24,214

 

Additional paid-in capital, Preferred stock

 

 

8,803

 

 

 

8,803

 

Retained earnings

 

 

122,895

 

 

 

117,339

 

Accumulated other comprehensive loss

 

 

(1,839

)

 

 

(4,768

)

Common stock in treasury, at cost (32 shares)

 

 

(290

)

 

 

(290

)

Total stockholders’ equity

 

 

156,926

 

 

 

148,295

 

Total liabilities and stockholders’ equity

 

$

1,941,999

 

 

$

1,891,702

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

3


BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Income

(Dollar and Share Amounts in Thousands, Except Per Share Amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

20,679

 

 

$

20,067

 

 

$

41,013

 

 

$

39,258

 

Investment securities

 

 

2,517

 

 

 

2,551

 

 

 

5,030

 

 

 

4,986

 

Deposits with banks

 

 

558

 

 

 

124

 

 

 

1,128

 

 

 

372

 

Total interest income

 

 

23,754

 

 

 

22,742

 

 

 

47,171

 

 

 

44,616

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings deposits

 

 

478

 

 

 

510

 

 

 

950

 

 

 

1,020

 

Time deposits

 

 

27

 

 

 

28

 

 

 

55

 

 

 

59

 

Other borrowed funds

 

 

11

 

 

 

9

 

 

 

11

 

 

 

10

 

Total interest expense

 

 

516

 

 

 

547

 

 

 

1,016

 

 

 

1,089

 

Net interest income

 

 

23,238

 

 

 

22,195

 

 

 

46,155

 

 

 

43,527

 

Provision for loan losses

 

 

2,098

 

 

 

2,099

 

 

 

5,951

 

 

 

4,838

 

Net interest income, after provision for loan losses

 

 

21,140

 

 

 

20,096

 

 

 

40,204

 

 

 

38,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,772

 

 

 

1,754

 

 

 

3,242

 

 

 

3,438

 

Loss on sale of investment securities

 

 

-

 

 

 

(362

)

 

 

-

 

 

 

(413

)

Income from merchant services, net

 

 

629

 

 

 

485

 

 

 

1,206

 

 

 

1,177

 

Cardholders income, net

 

 

(57

)

 

 

171

 

 

 

41

 

 

 

179

 

Trustee fees

 

 

613

 

 

 

879

 

 

 

1,241

 

 

 

1,079

 

Other income

 

 

890

 

 

 

916

 

 

 

1,744

 

 

 

1,799

 

Total non-interest income

 

 

3,847

 

 

 

3,843

 

 

 

7,474

 

 

 

7,259

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,861

 

 

 

9,251

 

 

 

17,937

 

 

 

18,056

 

Occupancy

 

 

1,971

 

 

 

1,815

 

 

 

3,998

 

 

 

3,611

 

Equipment and depreciation

 

 

2,796

 

 

 

2,543

 

 

 

5,556

 

 

 

4,857

 

Insurance

 

 

456

 

 

 

423

 

 

 

929

 

 

 

854

 

Telecommunications

 

 

351

 

 

 

487

 

 

 

697

 

 

 

980

 

FDIC assessment

 

 

345

 

 

 

339

 

 

 

706

 

 

 

709

 

Professional services

 

 

768

 

 

 

946

 

 

 

1,372

 

 

 

1,528

 

Contract services

 

 

632

 

 

 

422

 

 

 

992

 

 

 

833

 

Other real estate owned

 

 

659

 

 

 

21

 

 

 

1,171

 

 

 

43

 

Stationery and supplies

 

 

185

 

 

 

185

 

 

 

413

 

 

 

379

 

Training and education

 

 

332

 

 

 

348

 

 

 

531

 

 

 

540

 

General, administrative and other

 

 

2,210

 

 

 

2,208

 

 

 

4,237

 

 

 

4,135

 

Total non-interest expense

 

 

19,566

 

 

 

18,988

 

 

 

38,539

 

 

 

36,525

 

Income before income taxes

 

 

5,421

 

 

 

4,951

 

 

 

9,139

 

 

 

9,423

 

Income tax expense

 

 

1,061

 

 

 

1,054

 

 

 

1,877

 

 

 

1,898

 

Net income

 

 

4,360

 

 

 

3,897

 

 

 

7,262

 

 

 

7,525

 

Preferred stock dividend

 

 

(137

)

 

 

(136

)

 

 

(271

)

 

 

(271

)

Net income attributable to common stockholders

 

$

4,223

 

 

$

3,761

 

 

$

6,991

 

 

$

7,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.44

 

 

$

0.39

 

 

$

0.72

 

 

$

0.76

 

Diluted

 

$

0.44

 

 

$

0.39

 

 

$

0.72

 

 

$

0.76

 

Dividends declared per common share

 

$

0.10

 

 

$

0.10

 

 

$

0.20

 

 

$

0.20

 

Basic weighted average common shares

 

 

9,654

 

 

 

9,635

 

 

 

9,650

 

 

 

9,590

 

Diluted weighted average common shares

 

 

9,654

 

 

 

9,635

 

 

 

9,650

 

 

 

9,590

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Comprehensive Income

(in Thousands)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

4,360

 

 

$

3,897

 

 

$

7,262

 

 

$

7,525

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gain (loss) on available-for-sale

   securities arising during the period, net of tax

 

 

1,262

 

 

 

(599

)

 

 

2,754

 

 

 

(2,681

)

Reclassification for loss realized on available-for-sale

   securities

 

 

-

 

 

 

362

 

 

 

-

 

 

 

413

 

Amortization of post-transfer unrealized holding loss on

   held-to-maturity securities during the period, net of tax

 

 

87

 

 

 

155

 

 

 

175

 

 

 

276

 

Total other comprehensive income (loss)

 

 

1,349

 

 

 

(82

)

 

 

2,929

 

 

 

(1,992

)

Total comprehensive income

 

$

5,709

 

 

$

3,815

 

 

$

10,191

 

 

$

5,533

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5


BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(Dollar Amounts in Thousands, Except Number of Shares)

 

 

 

Number of

Common

Shares

 

 

Common

Stock

 

 

Preferred

Stock

 

 

Paid-in

Capital -

Common

 

 

Paid-in

Capital -

Preferred

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income/(loss)

 

 

Treasury

Stock

 

 

Total

 

Balances, January 1, 2019

 

 

9,646,344

 

 

$

2,017

 

 

$

980

 

 

$

24,214

 

 

$

8,803

 

 

$

117,339

 

 

$

(4,768

)

 

$

(290

)

 

$

148,295

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,902

 

 

 

-

 

 

 

-

 

 

 

2,902

 

Reclassification related to adoption of new accounting standard

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

496

 

 

 

-

 

 

 

-

 

 

 

496

 

Change in accumulated other comprehensive income:

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Unrealized gain on available-for-sale securities, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,580

 

 

 

-

 

 

 

1,580

 

Common stock issued under Employee Stock Purchase Plan & Service

   Awards

 

 

6,881

 

 

 

2

 

 

 

-

 

 

 

71

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

73

 

Common stock issued

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Cash dividends on common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(965

)

 

 

-

 

 

 

-

 

 

 

(965

)

Cash dividends on preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(134

)

 

 

-

 

 

 

-

 

 

 

(134

)

Balances, March 31, 2019

 

 

9,653,225

 

 

$

2,019

 

 

$

980

 

 

$

24,285

 

 

$

8,803

 

 

$

119,638

 

 

$

(3,188

)

 

$

(290

)

 

$

152,247

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

4,360

 

 

$

-

 

 

$

-

 

 

$

4,360

 

Change in accumulated other comprehensive income:

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Unrealized gain on available-for-sale securities, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,349

 

 

 

-

 

 

 

1,349

 

Common stock issued under Employee Stock Purchase Plan & Service

   Awards

 

 

6,821

 

 

 

1

 

 

 

-

 

 

 

72

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

73

 

Cash dividends on common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(966

)

 

 

-

 

 

 

-

 

 

 

(966

)

Cash dividends on preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(137

)

 

 

-

 

 

 

-

 

 

 

(137

)

Balances, June 30, 2019

 

 

9,660,046

 

 

$

2,020

 

 

$

980

 

 

$

24,357

 

 

$

8,803

 

 

$

122,895

 

 

$

(1,839

)

 

$

(290

)

 

$

156,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Common

Shares

 

 

Common

Stock

 

 

Preferred

Stock

 

 

Paid-in

Capital -

Common

 

 

Paid-in

Capital -

Preferred

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income/(loss)

 

 

Treasury

Stock

 

 

Total

 

Balances, January 1, 2018

 

 

9,413,958

 

 

$

1,969

 

 

$

980

 

 

$

21,472

 

 

$

8,803

 

 

$

108,900

 

 

$

(3,687

)

 

$

(290

)

 

$

138,147

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,628

 

 

 

-