Company Quick10K Filing
CB Financial Services
Price27.46 EPS2
Shares5 P/E12
MCap150 P/FCF12
Net Debt-88 EBIT23
TEV61 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-03-17
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-11
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-03-26
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-11-05
8-K 2020-11-03
8-K 2020-11-02
8-K 2020-08-19
8-K 2020-08-13
8-K 2020-07-28
8-K 2020-07-24
8-K 2020-06-29
8-K 2020-06-17
8-K 2020-06-08
8-K 2020-05-20
8-K 2020-05-20
8-K 2020-05-04
8-K 2020-03-19
8-K 2020-02-19
8-K 2020-01-31
8-K 2020-01-15
8-K 2020-01-08
8-K 2019-12-06
8-K 2019-11-20
8-K 2019-11-15
8-K 2019-10-28
8-K 2019-08-30
8-K 2019-08-21
8-K 2019-07-29
8-K 2019-07-29
8-K 2019-05-22
8-K 2019-05-15
8-K 2019-05-15
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-02-20
8-K 2019-01-31
8-K 2018-12-19
8-K 2018-11-21
8-K 2018-10-31
8-K 2018-08-15
8-K 2018-07-30
8-K 2018-07-30
8-K 2018-07-30
8-K 2018-06-20
8-K 2018-05-16
8-K 2018-05-08
8-K 2018-05-04
8-K 2018-04-30
8-K 2018-04-30
8-K 2018-04-27
8-K 2018-04-27
8-K 2018-04-12
8-K 2018-03-30
8-K 2018-03-22
8-K 2018-03-06
8-K 2018-02-21
8-K 2018-02-12
8-K 2018-01-17

CBFV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Summary of Significant Accounting Policies
Note 2. Earnings per Share
Note 3. Securities
Note 4. Loans and Allowance for Loan Losses
Note 5. Deposits
Note 6. Short - Term Borrowings
Note 7. Other Borrowed Funds
Note 8. Fair Value Disclosure
Note 9. Commitments and Contingent Liabilities
Note 10. Leases
Note 11. Other Noninterest Expense
Note 12. Segment and Related Information
Note 13. Intangible Assets
Note 14. Mortgage Servicing Rights
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosure About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-31.1 cbfv-20210331xex311ceocert.htm
EX-31.2 cbfv-20210331xex312cfocert.htm
EX-32.1 cbfv-20210331xex321ceoandc.htm

CB Financial Services Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
79563647731815902014201620182020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.0-0.1-0.1-0.2-0.32014201620182020
Ops, Inv, Fin

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Table of Contents
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: 001-36706
CB FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania51-0534721
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 N. Market Street, Carmichaels, PA
15320
(Address of principal executive offices)(Zip Code)
(724) 966-5041
(Registrant’s telephone number, including area code)
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:
Common stock, par value $0.4167 per shareCBFVThe Nasdaq Stock Market, LLC
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
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
As of May 10, 2021, the number of shares outstanding of the Registrant’s Common Stock was 5,434,374.


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FORM 10-Q
INDEX
Page



Table of Contents
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PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited) March 31,
2021
December 31,
2020
(Dollars in thousands, except per share and share data)
ASSETS
Cash and Due From Banks:
Interest Bearing$216,753 $145,636 
Non-Interest Bearing13,247 15,275 
Total Cash and Due From Banks230,000 160,911 
Securities:
Available-for-Sale Debt Securities, at Fair Value139,406 142,897 
Equity Securities, at Fair Value2,750 2,503 
Total Securities142,156 145,400 
Loans, Net of Allowance for Loan Losses of $12,725 and $12,771 at March 31, 2021 and December 31, 2020, Respectively
1,028,972 1,031,982 
Premises and Equipment, Net
20,240 20,302 
Bank-Owned Life Insurance
24,916 24,779 
Goodwill
9,732 9,732 
Intangible Assets, Net
7,867 8,399 
Accrued Interest Receivable and Other Assets12,938 15,215 
TOTAL ASSETS
$1,476,821 $1,416,720 
LIABILITIES
Deposits:
Non-Interest Bearing Demand Deposits$377,137 $340,569 
NOW Accounts280,929 259,870 
Money Market Accounts198,975 199,029 
Savings Accounts246,725 235,088 
Time Deposits180,697 190,013 
Total Deposits1,284,463 1,224,569 
Short-Term Borrowings
45,352 41,055 
Other Borrowings
6,000 8,000 
Accrued Interest Payable and Other Liabilities7,230 8,566 
TOTAL LIABILITIES
1,343,045 1,282,190 
STOCKHOLDERS' EQUITY
Preferred Stock, No Par Value; 5,000,000 Shares Authorized
  
Common Stock, $0.4167 Par Value; 35,000,000 Shares Authorized, 5,680,993 Shares Issued and 5,434,374 and 5,434,374 Shares Outstanding at March 31, 2021 and December 31, 2020, Respectively
2,367 2,367 
Capital Surplus
82,844 82,723 
Retained Earnings
52,673 51,132 
Treasury Stock, at Cost (246,619 and 246,619 Shares at March 31, 2021 and December 31, 2020, Respectively)
(5,094)(5,094)
Accumulated Other Comprehensive Income
986 3,402 
TOTAL STOCKHOLDERS' EQUITY
133,776 134,530 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$1,476,821 $1,416,720 


The accompanying notes are an integral part of these consolidated financial statements
1

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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
March 31,
20212020
(Dollars in thousands, except share and per share data)
INTEREST AND DIVIDEND INCOME
Loans, Including Fees$10,146 $10,764 
Investment Securities:
Taxable646 1,201 
Tax-Exempt78 106 
Dividends20 20 
Other Interest and Dividend Income98 238 
TOTAL INTEREST AND DIVIDEND INCOME10,988 12,329 
INTEREST EXPENSE
Deposits947 1,681 
Short-Term Borrowings23 45 
Other Borrowings41 70 
TOTAL INTEREST EXPENSE1,011 1,796 
NET INTEREST AND DIVIDEND INCOME9,977 10,533 
Provision For Loan Losses 2,500 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES9,977 8,033 
NONINTEREST INCOME
Service Fees546 605 
Insurance Commissions1,595 1,283 
Other Commissions165 110 
Net Gain on Sales of Loans86 127 
Net Gain (Loss) on Securities447 (438)
Net Gain on Purchased Tax Credits18 15 
Net Gain on Disposal of Fixed Assets 17 
Income from Bank-Owned Life Insurance137 139 
Other Income180 14 
TOTAL NONINTEREST INCOME3,174 1,872 
NONINTEREST EXPENSE
Salaries and Employee Benefits4,894 4,731 
Occupancy710 733 
Equipment266 257 
Data Processing518 425 
FDIC Assessment250 158 
PA Shares Tax265 275 
Contracted Services687 378 
Legal and Professional Fees189 235 
Advertising140 183 
Other Real Estate Owned Income(38)(17)
Amortization of Intangible Assets532 532 
Other Expense982 1,113 
TOTAL NONINTEREST EXPENSE9,395 9,003 
Income Before Income Tax Expense3,756 902 
Income Tax Expense911 129 
NET INCOME$2,845 $773 
EARNINGS PER SHARE
Basic$0.52 $0.14 
Diluted0.52 0.14 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic5,434,374 5,431,199 
Diluted5,436,881 5,456,867 
The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
March 31,
20212020
(Dollars in thousands)
Net Income$2,845 $773 
Other Comprehensive (Loss) Income:
Change in Unrealized (Loss) Gain on Investment Securities Available-for-Sale
(2,851)3,518 
Income Tax Effect612 (739)
Reclassification Adjustment for Gain on Sale of Debt Securities Included in Net Income (1)
(225) 
Income Tax Effect (2)
48  
Other Comprehensive (Loss) Income, Net of Income Tax Effect(2,416)2,779 
Total Comprehensive Income$429 $3,552 
(1)    Reported in Net Gain (Loss) on Securities on the Consolidated Statements of Income.
(2)    Reported in Income Tax Expense on the Consolidated Statements of Income.
The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Shares Issued
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other
Comprehensive Income (Loss)
Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20205,680,993 $2,367 $82,723 $51,132 $(5,094)$3,402 $134,530 
Comprehensive Income:
Net Income— — — 2,845 — — 2,845 
Other Comprehensive Loss— — — — — (2,416)(2,416)
Stock-Based Compensation Expense
— — 121 — — — 121 
Dividends Paid ($0.24 Per Share)
— — — (1,304)— — (1,304)
March 31, 20215,680,993 $2,367 $82,844 $52,673 $(5,094)$986 $133,776 
Shares IssuedCommon StockCapital SurplusRetained EarningsTreasury StockAccumulated Other
Comprehensive Income
Total Stockholders' Equity
(Dollars in thousands, except share and per share data)
December 31, 20195,680,993 $2,367 $82,971 $66,955 $(3,842)$2,646 $151,097 
Comprehensive Income:
Net Income— — — 773 — — 773 
Other Comprehensive Income— — — — — 2,779 2,779 
Restricted Stock Awards Forfeited— — 96 — (96)—  
Stock-Based Compensation Expense— — 145 — — — 145 
Exercise of Stock Options— — 4 — (68)— (64)
Treasury Stock Purchased, at cost (67,816 shares)
— — — — (1,908)— (1,908)
Dividends Paid ($0.24 Per Share)
— — — (1,297)— — (1,297)
March 31, 20205,680,993 $2,367 $83,216 $66,431 $(5,914)$5,425 $151,525 

The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,20212020
(Dollars in thousands)
OPERATING ACTIVITIES
Net Income$2,845 $773 
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities
Amortization (Accretion) on Securities31 (70)
Depreciation and Amortization562 941 
Provision for Loan Losses 2,500 
(Gain) Loss on Securities(447)438 
Gain on Purchased Tax Credits(18)(15)
Income from Bank-Owned Life Insurance(137)(139)
Proceeds From Mortgage Loans Sold2,251 4,771 
Originations of Mortgage Loans for Sale(2,165)(4,644)
Gain on Sale of Loans(86)(127)
Gain on Sale of Other Real Estate Owned and Repossessed Assets (4)
Noncash Expense for Stock-Based Compensation121 145 
Decrease in Accrued Interest Receivable134 23 
Net Gain on Disposal of Fixed Assets (17)
Increase (Decrease) in Taxes Payable893 (1,165)
Payments on Operating Leases(88)(110)
Decrease in Accrued Interest Payable(141)(124)
Refund of Federal and State Income Taxes1,311  
Other, Net(597)414 
NET CASH PROVIDED BY OPERATING ACTIVITIES4,469 3,590 
INVESTING ACTIVITIES
Investment Securities Available for Sale:
Proceeds From Principal Repayments and Maturities10,953 46,498 
Purchases of Securities(22,299)(19,824)
Proceeds from Sale of Securities11,930  
Net Decrease (Increase) in Loans3,148 (18,861)
Purchase of Premises and Equipment(199)(17)
Proceeds From Sale of Other Real Estate Owned 22 
Decrease in Restricted Equity Securities200 66 
NET CASH PROVIDED BY INVESTING ACTIVITIES3,733 7,884 
FINANCING ACTIVITIES
Net Increase (Decrease) in Deposits59,894 (11,719)
Net Increase in Short-Term Borrowings4,297 4,396 
Principal Payments on Other Borrowed Funds(2,000)(3,000)
Cash Dividends Paid(1,304)(1,297)
Treasury Stock, Purchases at Cost (1,908)
Exercise of Stock Options (64)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES60,887 (13,592)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS69,089 (2,118)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR160,911 80,217 
CASH AND DUE FROM BANKS AT END OF PERIOD$230,000 $78,099 

The accompanying notes are an integral part of these consolidated financial statements
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31, 202120212020
(Dollars in thousands)
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash Paid For:
Interest on Deposits and Borrowings (Including Interest Credited to Deposits of $1,084 and $1,799, Respectively)
$1,153 $1,920 
SUPPLEMENTAL NONCASH DISCLOSURE:
Other Real Estate Acquired in Settlement of Loans 76 
Securities Sold Not Settled 2,450 
Right of Use Asset Recognized 23 
Lease Liability Recognized 23 

The accompanying notes are an integral part of these consolidated financial statements
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of CB Financial Services, Inc. (“CB Financial”) and its wholly owned subsidiary, Community Bank (the “Bank”), and the Bank’s wholly-owned subsidiary, Exchange Underwriters, Inc. (“Exchange Underwriters” or “EU”). CB Financial, the Bank and Exchange Underwriters are collectively referred to as the “Company”. All intercompany transactions and balances have been eliminated in consolidation.
The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading in any material respect. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and income and expenses during the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to determination of the allowance for losses on loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, evaluation of securities for other-than-temporary impairment including related cash flow projections, goodwill and intangible assets impairment, and the valuation of deferred tax assets.
In the opinion of management, the accompanying unaudited interim financial statements include all adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations at the dates and for the periods presented. All these adjustments are of a normal, recurring nature, and they are the only adjustments included in the accompanying unaudited interim financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of results for a full year.
The Company evaluated subsequent events through the date the consolidated financial statements were filed with the SEC and incorporated into the consolidated financial statements the effect of all material known events determined by Accounting Standards Codification ("ASC") 855, Subsequent Events, to be recognizable events.
Branch Optimization and Operational Efficiency Update
As previously disclosed by the Company on February 23, 2021, the Company announced the implementation of strategic initiatives to improve the Bank’s financial performance and to position the Bank for continued profitable growth. The Bank intends to optimize its current branch network through the consolidation of six branches and the possible divestiture of others, while expanding technology and infrastructure investments in its remaining locations. The decision was the result of a comprehensive internal study that measured branch performance by comparing financial and non-financial indicators to growth opportunities, while evolving changes in consumer preferences, largely driven by the global pandemic, led to an acceleration of branch optimization efforts. The branch optimization, which is expected to be completed in 2021, will result in the Company incurring restructuring related expenses predominantly from branch consolidations, lease termination and severance costs.
The Bank also completed a comprehensive review of its branch network and operating environment to identify solutions to improve operating performance. This review prioritized profitability, efficiency, infrastructure and client experience improvements, automation in operations, and digital marketing and technology investments.
Nature of Operations
The Company derives substantially all its income from banking and bank-related services which include interest earnings on commercial, commercial mortgage, residential real estate and consumer loan financing, as well as interest earnings on investment securities and fees generated from deposit services to its customers. The Company provides banking services through its subsidiary, Community Bank, a Pennsylvania-chartered commercial bank. The Bank operates 15 offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania, six offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. Property and casualty, commercial liability, surety and other insurance products are offered through Exchange Underwriters, a full-service, independent insurance agency.
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Reclassifications
Certain comparative amounts for the prior year have been reclassified to conform to the current year presentation. Such reclassifications did not affect net income or stockholders’ equity.
Recent Accounting Standards
In March 2020, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The elective guidance in the ASU applies to modifications of contract terms that will directly replace, or have the potential to replace, an affected rate with another interest rate index, as well as certain contemporaneous modifications of other contract terms related to the replacement of an affected rate. The ASU notes that changes in contract terms that are made to effect the reference rate reform transition are considered related to the replacement of a reference rate if they are not the result of a business decision that is separate from or in addition to changes to the terms of a contract to effect that transition. The optional expedient allows companies to account for the modification as if it was not substantial (i.e., do not treat as an extinguishment of debt). The ASU is intended to help stakeholders during the global market-wide reference rate transition period. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. While the LIBOR reform may require extensive changes to the contracts that govern LIBOR based products, as well as our systems and processes, we cannot yet determine whether the Company will be able to use the optional expedient for the changes to contract terms that may be required by LIBOR reform and therefore, the Company cannot yet determine the magnitude of the impact or the overall impact of the new guidance on the Company’s consolidated financial condition or results of operation.
In December 2019, FASB issued ASU 2019-12, Income taxes (Topic 740); Simplifying the Accounting for Income Taxes. ASU 2019-12 provides amendments intended to reduce the cost and complexity in accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 removes the following exceptions from ASC 740, Income Taxes: (i) exceptions to the incremental approach for intraperiod tax allocation; (ii) exceptions to accounting for basis differences when a foreign subsidiary becomes an equity method investment or a foreign equity method investment become a subsidiary; and (iii) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 provides the following amendments that simplify and improve guidance with Topic 740: (i) franchise taxes that are based partially on income; (ii) transactions that result in a step up in the tax basis of goodwill; (iii) separate financial statements of legal entities that are not subject to tax; (iv) enacted changes in tax laws in interim periods; and (v) employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated statements of financial condition or results of operation.
In September 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current GAAP; and instead requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current GAAP, however this ASU requires that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects companies holding financial assets and net investment in leases that are not accounted for at fair value through net income. The ASU 2016-13 amendments affect loans, debt securities, trade receivables, net investments in leases, off balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 was originally effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. In November 2019, the FASB approved a delay of the required implementation date of ASU 2016-13 for smaller reporting companies, including the Company, resulting in a required implementation date for the Company of January 1, 2023. Early adoption will continue to be permitted. The Company is evaluating the impact of this ASU and expects to recognize a one-time adjustment to the allowance for loan losses upon adoption, but we cannot yet determine the magnitude of the one-time adjustment or the overall impact of the new guidance on the Company’s consolidated financial condition or results of operation.
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Note 2. Earnings Per Share
There are no convertible securities which would affect the numerator in calculating basic and diluted earnings per share; therefore, net income as presented on the Consolidated Statements of Income is used as the numerator.
The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation.
Three Months Ended
March 31,
20212020
(Dollars in thousands, except share and per share data)
Net Income$2,845 $773 
Weighted-Average Basic Common Shares Outstanding
5,434,374 5,431,199 
Dilutive Effect of Common Stock Equivalents (Stock Options and Restricted Stock)
2,507 25,668 
Weighted-Average Diluted Common Shares and Common Stock Equivalents Outstanding
5,436,881 5,456,867 
Earnings Per Share:
Basic
$0.52 $0.14 
Diluted
0.52 0.14 
The dilutive effect on weighted average diluted common shares outstanding is the result of outstanding stock options and nonvested restricted stock. The following table presents for the periods indicated (a) options to purchase shares of common stock that were outstanding but not included in the computation of earnings per share because the options’ exercise price was greater than the average market price of the common shares for the period, and (b) shares of restricted stock awards that were not included in the computation of diluted earnings per share because the hypothetical repurchase of shares under the treasury stock method exceeded the weighted average nonvested restricted awards, therefore the effects would be anti-dilutive.
Three Months Ended
March 31,
20212020
Stock Options201,662 78,545 
Restricted Stock33,610 30,250 
When there is a net loss for the period, the exercise or conversion of any potential shares increases the number of shares in the denominator and results in a lower loss per share. In that situation, the potential shares are antidilutive and not included in the Company's loss per share calculation. Therefore, if there is a net loss, diluted loss per share is the same as basic loss per share.
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Note 3. Securities
The following table presents the amortized cost and fair value of securities available-for-sale at the dates indicated:
March 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$50,992 $ $(2,304)$48,688 
Obligations of States and Political Subdivisions
20,664 1,063  21,727 
Mortgage-Backed Securities - Government-Sponsored Enterprises
66,495 2,673 (177)68,991 
Total Available-for-Sale Debt Securities138,151 3,736 (2,481)139,406 
Equity Securities:
Mutual Funds
1,001 
Other
1,749 
Total Equity Securities2,750 
Total Securities$142,156 
December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Available-for-Sale Debt Securities:
U.S. Government Agencies
$41,994 $12 $(595)$41,411 
Obligations of States and Political Subdivisions
20,672 1,321  21,993 
Mortgage-Backed Securities - Government-Sponsored Enterprises
75,900 3,593  79,493 
Total Available-for-Sale Debt Securities138,566 4,926 (595)142,897 
Equity Securities:
Mutual Funds
1,019 
Other
1,484 
Total Equity Securities2,503 
Total Securities$145,400 
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The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at the dates indicated:
March 31, 2021
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
12 $48,688 $(2,304) $ $ 12 $48,688 $(2,304)
Mortgage Backed Securities- Government Sponsored Enterprises
3 13,097 (177)   3 13,097 (177)
Total15 $61,785 $(2,481) $ $ 15 $61,785 $(2,481)
December 31, 2020
Less than 12 months
12 Months or Greater
Total
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Fair
Value
Gross
Unrealized
Losses
(Dollars in thousands)
U.S. Government Agencies
7 $32,399 $(595) $ $ 7 $32,399 $(595)
Total
7 $32,399 $(595) $ $ 7 $32,399 $(595)