Company Quick10K Filing
Bankguam
Price-0.00 EPS1
Shares10 P/E-0
MCap-0 P/FCF-0
Net Debt-190 EBIT19
TEV-190 TEV/EBIT-10
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-13
10-K 2019-12-31 Filed 2020-03-19
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-13
10-Q 2018-03-31 Filed 2018-08-03
10-K 2017-12-31 Filed 2018-06-29
10-Q 2017-09-30 Filed 2017-11-20
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-14
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-11
10-Q 2015-03-31 Filed 2015-05-12
10-K 2014-12-31 Filed 2015-03-17
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-12
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-21
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-13
10-Q 2012-03-31 Filed 2012-05-21
10-K 2011-12-31 Filed 2012-04-06
10-Q 2011-09-30 Filed 2011-11-14
8-K 2020-05-26
8-K 2020-05-18
8-K 2020-03-23
8-K 2020-02-24
8-K 2020-02-05
8-K 2020-01-24
8-K 2019-11-25
8-K 2019-08-26
8-K 2019-06-27
8-K 2019-05-28
8-K 2019-05-20
8-K 2019-03-20
8-K 2019-02-25
8-K 2018-12-26
8-K 2018-11-26
8-K 2018-10-15
8-K 2018-09-04
8-K 2018-08-27
8-K 2018-06-11
8-K 2018-05-29
8-K 2018-04-12
8-K 2018-03-26
8-K 2018-02-26
8-K 2018-02-09
8-K 2017-12-29

BKGMF 10Q Quarterly Report

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 (Loss)
Note 12 - Leases
Note 13 - Subordinated Debt
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-3.01 bkgm-ex301_181.htm
EX-31.01 bkgm-ex3101_7.htm
EX-31.02 bkgm-ex3102_6.htm
EX-32.01 bkgm-ex3201_8.htm

Bankguam Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 bkgm-10q_20200331.htm BKGM-Q1 03312020 bkgm-10q_20200331.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 March 31, 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: 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)

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

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 Act).    Yes      No  

Securities registered pursuant to Section 12(g) 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

“BKGM”

Not listed

 

As of May 13, 2020, there were 9,682,351 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 March 31, 2020, and December 31, 2019

3

 

 

 

 

Condensed Consolidated Statements of Income for the three months ended March 31, 2020 and 2019

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2020 and 2019

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

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

33

 

 

 

Item 4.

Controls and Procedures

51

 

 

PART II. OTHER INFORMATION

52

 

 

 

Item 6.

Exhibits

52

 

 

 

Signatures

53

 

 

 

 

 

 

 


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 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;

 

The effects of the COVID-19 pandemic, including reduced tourism in Guam, volatility in the international and national economy and credit markets, quarantines or other travel or health-related restrictions, the length and severity of the COVID-19 pandemic and the pace of recovery following the COVID-19 pandemic;

 

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 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, 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)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

33,074

 

 

$

37,870

 

Interest bearing deposits in banks

 

 

122,268

 

 

 

93,846

 

Total cash and cash equivalents

 

 

155,342

 

 

 

131,716

 

Restricted cash

 

 

150

 

 

 

400

 

Investment in unconsolidated subsidiary

 

 

7,490

 

 

 

7,443

 

Investment securities available-for-sale, at fair value

 

 

384,762

 

 

 

377,130

 

Investment securities held-to-maturity, at amortized cost

   (Fair Value $49,822 at 3/31/2020  and $50,204 at 12/31/2019)

 

 

49,075

 

 

 

49,984

 

Federal Home Loan Bank stock, at cost

 

 

2,335

 

 

 

2,267

 

Loans, net of allowance for loan losses

   ($29,065 at 3/31/2020  and $27,870 at 12/31/2019)

 

 

1,296,539

 

 

 

1,275,272

 

Accrued interest receivable

 

 

6,435

 

 

 

5,581

 

Premises and equipment, net

 

 

19,477

 

 

 

19,754

 

Other assets

 

 

71,779

 

 

 

83,515

 

Total assets

 

$

1,993,384

 

 

$

1,953,062

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing

 

$

563,078

 

 

$

582,967

 

Interest bearing

 

 

1,197,599

 

 

 

1,146,939

 

Total deposits

 

 

1,760,677

 

 

 

1,729,906

 

Accrued interest payable

 

 

89

 

 

 

118

 

Subordinated debt, net

 

 

14,757

 

 

 

14,751

 

Other liabilities

 

 

46,740

 

 

 

44,044

 

Total liabilities

 

 

1,822,263

 

 

 

1,788,819

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock $0.2083 par value; 48,000 shares authorized; 9,713 and 9,704

   shares issued and 9,681 and 9,672 shares outstanding at 3/31/2020 and

   12/31/2019, respectively

 

 

2,025

 

 

 

2,023

 

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

   and outstanding

 

 

980

 

 

 

980

 

Additional paid-in capital, Common stock

 

 

24,569

 

 

 

24,478

 

Additional paid-in capital, Preferred stock

 

 

8,803

 

 

 

8,803

 

Retained earnings

 

 

131,718

 

 

 

129,576

 

Accumulated other comprehensive income (loss)

 

 

3,316

 

 

 

(1,327

)

Common stock in treasury, at cost (32 shares)

 

 

(290

)

 

 

(290

)

Total stockholders’ equity

 

 

171,121

 

 

 

164,243

 

Total liabilities and stockholders’ equity

 

$

1,993,384

 

 

$

1,953,062

 

 

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 March 31,

 

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

Loans

 

$

19,767

 

 

$

20,333

 

Investment securities

 

 

1,974

 

 

 

2,513

 

Deposits with banks

 

 

358

 

 

 

571

 

Total interest income

 

 

22,099

 

 

 

23,417

 

Interest expense:

 

 

 

 

 

 

 

 

Savings deposits

 

 

474

 

 

 

472

 

Time deposits

 

 

18

 

 

 

28

 

Other borrowed funds

 

 

241

 

 

 

-

 

Total interest expense

 

 

733

 

 

 

500

 

Net interest income

 

 

21,366

 

 

 

22,917

 

Provision for loan losses

 

 

2,207

 

 

 

3,852

 

Net interest income, after provision for loan losses

 

 

19,159

 

 

 

19,065

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,738

 

 

 

1,470

 

Income from merchant services, net

 

 

543

 

 

 

577

 

Cardholders income, net

 

 

157

 

 

 

98

 

Trustee fees

 

 

635

 

 

 

628

 

Other income

 

 

998

 

 

 

853

 

Total non-interest income

 

 

4,071

 

 

 

3,626

 

Non-interest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,524

 

 

 

9,076

 

Occupancy

 

 

2,156

 

 

 

2,027

 

Equipment and depreciation

 

 

2,972

 

 

 

2,760

 

Insurance

 

 

474

 

 

 

472

 

Telecommunications

 

 

343

 

 

 

345

 

FDIC assessment

 

 

279

 

 

 

361

 

Professional services

 

 

577

 

 

 

604

 

Contract services

 

 

515

 

 

 

360

 

Other real estate owned

 

 

28

 

 

 

513

 

Stationery and supplies

 

 

200

 

 

 

228

 

Training and education

 

 

185

 

 

 

200

 

General, administrative and other

 

 

1,977

 

 

 

2,026

 

Total non-interest expense

 

 

19,230

 

 

 

18,972

 

Income before income taxes

 

 

4,000

 

 

 

3,719

 

Income tax expense

 

 

755

 

 

 

817

 

Net income

 

 

3,245

 

 

 

2,902

 

Preferred stock dividend

 

 

(136

)

 

 

(134

)

Net income attributable to common stockholders

 

$

3,109

 

 

$

2,768

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.29

 

Diluted

 

$

0.32

 

 

$

0.29

 

Dividends declared per common share

 

$

0.10

 

 

$

0.10

 

Basic weighted average common shares

 

 

9,673

 

 

 

9,647

 

Diluted weighted average common shares

 

 

9,673

 

 

 

9,647

 

 

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 March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

3,245

 

 

$

2,902

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Unrealized holding gain on available-for-sale

   securities arising during the period, net of tax

 

 

4,570

 

 

 

1,493

 

Amortization of post-transfer unrealized holding loss on

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

 

 

73

 

 

 

87

 

Total other comprehensive income

 

 

4,643

 

 

 

1,580

 

Total comprehensive income

 

$

7,888

 

 

$

4,482

 

 

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

 

 

Additional Paid-in

Capital -

Common

 

 

Additional Paid-in

Capital -

Preferred

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income/(loss)

 

 

Treasury

Stock

 

 

Total

 

Balances, January 1, 2020

 

 

9,671,556

 

 

$

2,023

 

 

$

980

 

 

$

24,478

 

 

$

8,803

 

 

$

129,576

 

 

$

(1,327

)

 

$

(290

)

 

$

164,243

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,245

 

 

 

-

 

 

 

-

 

 

 

3,245

 

Change in accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,643

 

 

 

-

 

 

 

4,643

 

Common stock issued under Employee Stock

   Purchase Plan & Service Awards

 

 

8,990

 

 

 

2

 

 

 

-

 

 

 

91

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

93

 

Cash dividends on common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(967

)

 

 

-

 

 

 

-

 

 

 

(967

)

Cash dividends on preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(136

)

 

 

-

 

 

 

-

 

 

 

(136

)

Balances, March 31, 2020

 

 

9,680,546

 

 

$

2,025

 

 

$

980

 

 

$

24,569

 

 

$

8,803

 

 

$

131,718

 

 

$

3,316

 

 

$

(290

)

 

$

171,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Common

Shares

 

 

Common

Stock

 

 

Preferred

Stock

 

 

Additional Paid-in

Capital -

Common

 

 

Additional 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 loss 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

 

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

 

 

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

6


BankGuam Holding Company

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

3,245

 

 

$

2,902

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

2,207

 

 

 

3,852

 

Depreciation

 

 

1,036

 

 

 

940

 

Amortization of debt issuance costs

 

 

6

 

 

 

-

 

Amortization of fees, discounts and premiums

 

 

260

 

 

 

217

 

Gain (loss) on sales of other real estate owned, net

 

 

-

 

 

 

17

 

Proceeds from sales of loans held for sale

 

 

3,416

 

 

 

9,215

 

Origination of loans held for sale

 

 

(3,416

)

 

 

(9,215

)

Decrease (increase) in mortgage servicing rights

 

 

(23

)

 

 

73

 

Realized gain on sale of premises and equipment

 

 

2

 

 

 

10

 

Noncash lease expense

 

 

681

 

 

 

902

 

Net change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accrued interest receivable

 

 

(854

)

 

 

(572

)

Other assets

 

 

11,034

 

 

 

1,356

 

Accrued interest payable

 

 

(29

)

 

 

(8

)

Lease liability

 

 

1,050

 

 

 

(828

)

Other liabilities

 

 

1,646

 

 

 

837

 

Net cash provided by operating activities

 

 

20,261

 

 

 

9,698

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of available-for-sale securities

 

 

(52,599

)

 

 

(12,335

)

Maturities, prepayments and calls of available-for-sale securities

 

 

49,326

 

 

 

13,321

 

Maturities, prepayments and calls of held-to-maturity securities

 

 

934

 

 

 

3,672

 

Loan originations and principal collections, net

 

 

(23,432

)

 

 

(39,199

)

Income from equity investment in unconsolidated subsidiary

 

 

(244

)

 

 

(96

)

Dividends received from unconsolidated subsidiary

 

 

196

 

 

 

110

 

Costs (proceeds) from FHLB stock purchase

 

 

(68

)

 

 

89

 

Proceeds from sales of other real estate owned

 

 

-

 

 

 

40

 

Proceeds from sales of premises and equipment

 

 

2

 

 

 

10

 

Purchases of premises and equipment

 

 

(761

)

 

 

(1,482

)

Net cash used in investing activities

 

 

(26,646

)

 

 

(35,870

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

30,771

 

 

 

(3,518

)

Proceeds from issuance of common stock

 

 

93

 

 

 

73

 

Dividends paid

 

 

(1,103

)

 

 

(1,099

)

Net cash provided by (used in) financing activities

 

 

29,761