Company Quick10K Filing
⚲
First Community
Financials
Price19.77 EPS1
Shares8 P/E14
MCap151 P/FCF54
Net Debt-33 EBIT18
TEV118 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-03-12
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-14
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-16
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-27
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-21
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-28
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-27
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-29
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-29
Reports
8-K 2021-02-18 Officers, Regulation FD, Exhibits
8-K 2021-01-20 Earnings, Exhibits
8-K 2020-12-15 Officers, Exhibits
8-K 2020-10-21
8-K 2020-08-21
8-K 2020-07-22
8-K 2020-05-21
8-K 2020-05-20
8-K 2020-04-22
8-K 2020-02-19
8-K 2020-01-22
8-K 2019-12-16
8-K 2019-11-05
8-K 2019-10-25
8-K 2019-10-16
8-K 2019-09-18
8-K 2019-09-04
8-K 2019-07-17
8-K 2019-05-30
8-K 2019-05-22
8-K 2019-05-21
8-K 2019-05-13
8-K 2019-04-17
8-K 2019-01-16
8-K 2018-10-17
8-K 2018-09-05
8-K 2018-07-18
8-K 2018-05-16
8-K 2018-04-18
8-K 2018-01-17

FCCO 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Nature of Business and Basis of Presentation
Note 2 - Earnings per Common Share
Note 3 - Investment Securities
Note 4 - Loans
Note 5 - Recently Issued Accounting Pronouncements
Note 6 - Fair Value of Financial Instruments
Note 7 - Deposits
Note 8 - Reportable Segments
Note 9 - Leases
Note 10 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II -
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.
Exhibits
EX-31.1 e21322_ex31-1.htm
EX-31.2 e21322_ex31-2.htm
EX-32 e21322_ex32.htm

First Community Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02012201420172020
Assets, Equity
 0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
 0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended March 31, 2021
   
o 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: 000-28344

 

FIRST COMMUNITY CORPORATION
(Exact name of registrant as specified in its charter)
 
South Carolina 57-1010751
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

5455 Sunset Boulevard, Lexington, South Carolina 29072

(Address of principal executive offices) (Zip Code)

 

(803) 951-2265

(Registrant’s telephone number, including area code)

 

Not Applicable

 (Former name, former address and former fiscal year, if changed since last report)

 

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

 

Title of each class Trading Symbol(s) Name of exchange on which registered
Common stock, par value $1.00 per share FCCO The Nasdaq Capital Market

 

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 x   No o

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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).     x Yes   o No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 o   Accelerated filer o
Non-accelerated Filer x   Smaller reporting company x
    Emerging growth company o

 

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. o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: On May 7, 2021, 7,524,944 shares of the issuer’s common stock, par value $1.00 per share, were issued and outstanding.

 

 

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION 1
Item 1. Financial Statements 1
  Consolidated Balance Sheets 1
  Consolidated Statements of Income 2
  Consolidated Statements of Comprehensive Income 3
  Consolidated Statements of Changes in Shareholders’ Equity 4
  Consolidated Statements of Cash Flows 5
  Notes to Consolidated Financial Statements 6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28
Item 3. Quantitative and Qualitative Disclosures About Market Risk 44
Item 4. Controls and Procedures 45
     
PART II – OTHER INFORMATION 46
Item 1.  Legal Proceedings 46
Item 1A. Risk Factors 46
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46
Item 3. Defaults Upon Senior Securities 46
Item 4. Mine Safety Disclosures 46
Item 5. Other Information 46
Item 6. Exhibits 46
     
SIGNATURES 47

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

FIRST COMMUNITY CORPORATION

CONSOLIDATED BALANCE SHEETS

 

   March 31,     
(Dollars in thousands, except par value)  2021   December 31, 
   (Unaudited)   2020 
ASSETS          
Cash and due from banks  $24,477   $18,930 
Interest-bearing bank balances   88,389    46,062 
Investment securities available-for-sale   405,848    359,866 
Other investments, at cost   1,699    2,053 
Loans held-for-sale   23,481    45,020 
Loans held-for-investment   869,066    844,157 
Less,  allowance for loan losses   10,563    10,389 
Net loans held-for-investment   858,503    833,768 
Property and equipment - net   34,152    34,458 
Lease right-of-use asset   2,984    3,032 
Premises held-for-sale   591    591 
Bank owned life insurance   27,855    27,688 
Other real estate owned   1,070    1,194 
Intangible assets   1,063    1,120 
Goodwill   14,637    14,637 
Other assets   7,745    6,963 
Total assets  $1,492,494   $1,395,382 
LIABILITIES          
Deposits:          
Non-interest bearing  $414,707   $385,511 
Interest bearing   856,733    803,902 
Total deposits   1,271,440    1,189,413 
Securities sold under agreements to repurchase   60,319    40,914 
Junior subordinated debt   14,964    14,964 
Lease liability   3,073    3,114 
Other liabilities   10,011    10,640 
Total liabilities   1,359,807    1,259,045 
SHAREHOLDERS’ EQUITY          
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding   —    — 
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 7,524,944 at March 31, 2021 7,500,338 at December 31, 2020   7,525    7,500 
Nonvested restricted stock   (573)   (283)
Additional paid in capital   91,797    91,380 
Retained earnings   28,812    26,453 
Accumulated other comprehensive income   5,126    11,287 
Total shareholders’ equity   132,687    136,337 
Total liabilities and shareholders’ equity  $1,492,494   $1,395,382 

 

See Notes to Consolidated Financial Statements

1

 

FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

(Dollars in thousands, except per share amounts)  Three Months ended March 31, 
   2021   2020 
Interest income:          
Loans, including fees  $9,451   $8,827 
Investment securities – taxable   1,345    1,437 
Investment securities - non taxable   389    289 
Other short term investments   33    157 
Total interest income   11,218    10,710 
Interest expense:          
Deposits   519    1,019 
Securities sold under agreement to repurchase   28    104 
Other borrowed money   104    170 
Total interest expense   651    1,293 
Net interest income   10,567    9,417 
Provision for loan losses   177    1,075 
Net interest income after provision for loan losses   10,390    8,342 
Non-interest income:          
Deposit service charges   246    399 
Mortgage banking income   990    982 
Investment advisory fees and non-deposit commissions   877    634 
Gain on sale of other real estate owned   77    6 
Other   1,106    907 
Total non-interest income   3,296    2,928 
Non-interest expense:          
Salaries and employee benefits   5,964    5,653 
Occupancy   730    643 
Equipment   275    318 
Marketing and public relations   396    354 
FDIC Insurance assessments   169    42 
Other real estate expense   29    35 
Amortization of intangibles   57    105 
Other   1,920    1,888 
Total non-interest expense   9,540    9,038 
Net income before tax   4,146    2,232 
Income tax expense   891    438 
Net income  $3,255   $1,794 
           
Basic earnings per common share  $0.44   $0.24 
Diluted earnings per common share  $0.43   $0.24 

 

See Notes to Consolidated Financial Statements

2

 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

(Dollars in thousands)

 

   Three months ended March 31, 
   2021   2020 
         
Net income  $3,255   $1,794 
           
Other comprehensive income:          
Unrealized gain (loss) during the period on available-for-sale securities, net of tax (benefit) expense of ($1,637) and $899, respectively   (6,161)   3,381 
           
Other comprehensive (loss) income   (6,161)   3,381 
Comprehensive (loss) income  $(2,906)  $5,175 

 

See Notes to Consolidated Financial Statements

3

 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months ended March 31, 2021 and March 31, 2020

(Unaudited)

 

                       Accumulated     
   Common       Additional   Nonvested       Other     
(Dollars in thousands)  Shares   Common   Paid-in   Restricted   Retained   Comprehensive     
   Issued   Stock   Capital   Stock   Earnings   Income (loss)   Total 
Balance, December 31, 2019   7,440   $7,440   $90,488   $(151)  $19,927   $2,490   $120,194 
Net income                       1,794         1,794 
                                    
Other comprehensive income net of tax of $899                            3,381    3,381 
Issuance of common stock             4                   4 
Issuance of restricted stock   18    18    348    (366)             — 
Amortization of compensation on restricted stock                  52              52 
Shares retired / forfeited   (1)   (1)   (14)                  (15)
Dividends: Common ($0.12 per share)                       (891)        (891)
Dividend reinvestment plan   5    5    90                   95 
Balance, March 31, 2020   7,462   $7,462   $90,916   $(465)  $20,830   $5,871   $124,614 
                                    
Balance, December 31, 2020   7,500   $7,500   $91,380   $(283)  $26,453   $11,287   $136,337 
Net income                       3,255         3,255 
                                    
Other comprehensive loss net of tax of $1,637                            (6,161)   (6,161)
Issuance of common stock   2    2    44                   46 
Issuance of restricted stock   21    21    353    (374)             — 
Amortization of compensation on restricted stock                  84              84 
Shares retired / forfeited   (4)   (4)   (66)                  (70)
Dividends: Common ($0.12 per share)                       (896)        (896)
Dividend reinvestment plan   6    6    86                   92 
Balance, March 31, 2021   7,525   $7,525   $91,797   $(573)  $28,812   $5,126   $132,687 

 

See Notes to Consolidated Financial Statements

4

 

FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 

   Three months ended
March 31,		 
(Dollars in thousands)  2021   2020 
Cash flows from operating activities:          
Net income  $3,255   $1,794 
Adjustments to reconcile net income to net cash provided (used) from operating activities:          
Depreciation   431    403 
Net premium amortization   554    469 
Provision for loan losses   177    1,075 
Origination of loans held-for-sale   (42,664)   (34,427)
Sale of loans held-for-sale   64,203    33,645 
Gain on sale of other real estate owned   (77)   (6)
Amortization of intangibles   57    105 
Accretion on acquired loans   (36)   (106)
Loss on fair value of securities   (2)   — 
Increase (decrease) in other assets   735    (80)
Decrease in other liabilities   (670)   (357)
Net cash provided (used) from operating activities   25,963    2,515 
Cash flows from investing activities:          
Purchase of investment securities available-for-sale   (67,287)   (11,882)
Purchase of other investment securities   —    (70)
Maturity/call of investment securities available-for-sale   12,953    13,606 
Proceeds from FHLB stock sales   355    — 
Increase in loans   (24,873)   (12,495)
Proceeds from sale of other real estate owned   201    — 
Purchase of property and equipment   (126)   (214)
Net cash (used) provided in investing activities   (78,777)   (11,055)
Cash flows from financing activities:          
Increase (decrease) in deposit accounts   82,027    (1,555)
Increase in securities sold under agreements to repurchase   19,405    12,745 
Advances from the Federal Home Loan Bank   —    10,001 
Repayment of advances from Federal Home Loan Bank   —    (10,212)
Shares retired / forfeited   (70)   (15)
Dividends paid:  Common Stock   (896)   (891)
Proceeds from issuance of Common Stock   46    4 
Change in non-vested restricted stock   84    52 
Dividend reinvestment plan   92    95 
Net cash provided (used) from financing activities   100,688    10,224 
Net increase in cash and cash equivalents   47,874    1,684 
Cash and cash equivalents at beginning of period   64,992    47,692 
Cash and cash equivalents at end of period  $112,866   $49,376 
Supplemental disclosure:          
Cash paid during the period for:          
Interest  $1,053   $1,462 
Income taxes  $—   $— 
Non-cash investing and financing activities:          
Unrealized loss on securities  $(6,161)  $5,871 
Transfer of loans to foreclosed property  $—   $78 

 

See Notes to Consolidated Financial Statements

5

 

Notes to Consolidated Financial Statements (Unaudited)

 

Note 1—Nature of Business and Basis of Presentation

 

Basis of Presentation

 

In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the cash flows of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”), present fairly in all material respects the Company’s financial position at March 31, 2021 and December 31, 2020, and the Company’s results of operations and cash flows for the three months ended March 31, 2021 and 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

 

In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Quarterly Reports on Form 10-Q. The information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 should be referred to in connection with these unaudited interim financial statements.

 

Risk and Uncertainties

 

The coronavirus (COVID-19) pandemic, which was declared a national emergency in the United States in March 2020, continues to create extensive disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world.

 

The impact of the COVID-19 pandemic is fluid and continues to evolve, adversely affecting many of the Bank’s customers. The unprecedented and rapid spread of COVID-19 and its associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities has resulted in less economic activity, significant volatility and disruption in financial markets, and has had an adverse effect on the Company’s business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations is currently uncertain and will depend on various developments and other factors, including the effect of governmental and private sector initiatives, the effect of the recent rollout of vaccinations for the virus, whether such vaccinations will be effective against any resurgence of the virus, including any new strains, and the ability for customers and businesses to return to their pre-pandemic routines.

 

The Company’s business, financial condition and results of operations generally rely upon the ability of the Bank’s borrowers to repay their loans, the value of collateral underlying the Bank’s secured loans, and demand for loans and other products and services the Bank offers, which are highly dependent on the business environment in the Bank’s primary markets where it operates and in the United States as a whole.

 

In addition, due to the COVID-19 pandemic, market interest rates declined significantly, with the 10-year Treasury bond falling to a low of 0.52% in early August 2020, but increasing significantly since that time to 1.75% at March 31, 2021. In March 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range to 0% to 0.25% percent, and this low targeted rate was still in effect as of March 31, 2021. These reductions in interest rates and the other effects of the COVID-19 pandemic have had, and are expected to continue to have, possibly materially, an adverse effect on the Company’s business, financial condition and results of operations. For instance, the pandemic has had a negative effect on the Bank’s net interest margin, provision for loan losses, and deposit service charges, salaries and benefits, occupancy expense, and equipment expense. Other financial impacts could occur though such potential impact is unknown at this time.

 

Beginning in March 2020, the Company proactively offered payment deferrals for up to 90 days to its loan customers. The Company continues to consider potential deferrals with respect to certain customers, which are evaluated on a case-by-case basis. At its peak, which occurred during the second quarter of 2020, the Company granted payment deferments on loans totaling $206.9 million. As a result of payments being resumed by loan customers at the conclusion of their payment deferral period, loans for which payments were being deferred decreased from the peak of $206.9 million to $175.0 million at June 30, 2020, to $27.3 million at September 30, 2020, to $16.1 million at December 31, 2020, and to $8.7 million at March 31, 2021. Deferrals were $118.3 million at March 31, 2020. Some of these deferments were to businesses that temporarily closed or reduced operations and some were requested as a pre-cautionary measure to conserve cash.  The Company proactively offered deferrals to its customers regardless of the impact of the pandemic on their business or personal finances.

 

The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic as of March 31, 2021:

 
Industry Segments  Outstanding   % of Loan   Avg. Loan   Avg. Loan to 
(Dollars in millions)  Loan Balance   Portfolio   Size   Value 
Hotels  $33.2    3.8%  $2.4    69%
Restaurants  $22.2    2.6%  $0.7    72%
Assisted Living  $8.8    1.0%  $1.5    47%
Retail  $82.4    9.5%  $0.7    57%

6

 

Note 2—Earnings Per Common Share

 

The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation:

 

(In thousands except average market price and per share data)

 
   Three months ended 
   March 31, 
   2021   2020 
Numerator (Net income available to common shareholders)  $3,255   $1,794 
Denominator          
Weighted average common shares outstanding for:          
Basic shares   7,476    7,421 
Dilutive securities:          
Deferred compensation   36    38 
Restricted stock -Treasury stock method   11    9 
Diluted shares   7,523    7,468 
Earnings per common share:          
Basic  $0.44   $0.24 
Diluted  $0.43    0.24 
           
The average market price used in calculating assumed number of shares  $18.43   $19.03 

 

In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account at the time compensation is earned and are included in dilutive securities in the table above. The non-employee director’s account balance is distributed by issuance of common stock at the time of retirement or resignation from the board of directors. At March 31, 2021 and December 31, 2020, there were 91,500 and 88,412 units in the plan, respectively. The accrued liability at March 31, 2021 and December 31, 2020 amounted to $1.1 million and $1.1 million, respectively, and is included in “Other liabilities” on the balance sheet.

 

In 2011, the Company and its shareholders adopted a stock incentive plan whereby 350,000 shares were reserved for issuance by the Company upon the grant of stock options or restricted stock awards under the plan (the “2011 Plan”). The 2011 Plan provided for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from date of grant. There were no stock options outstanding and exercisable at March 31, 2021, December 31, 2020 and March 31, 2020. At December 31, 2020, the Company had 94,910 shares reserved for future grants under the 2011 Plan.

 

Under the 2011 Plan, the employee restricted shares and units cliff vest over a three-year period and the non-employee director shares vest one year after issuance. The unrecognized compensation cost at March 31, 2021 and December 31, 2020 for non-vested shares amounts to $572.9 thousand and $283.1 thousand, respectively. Each unit is convertible into one share of common stock at the time the unit vests. The related compensation cost is accrued over the vesting period and was $60.6 thousand and $107.4 thousand at March 31, 2021, and December 31, 2020, respectively.

 

The 2011 Plan expired on March 15, 2021, and the Company has submitted a new equity incentive plan for consideration at the Company’s 2021 annual meeting of shareholders.

 

7

 

Note 3—Investment Securities

 

The amortized cost and estimated fair values of investment securities are summarized below:

 

AVAILABLE-FOR-SALE:

 
       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
March 31, 2021                    
US Treasury securities  $15,715   $—   $704   $15,011 
Government Sponsored Enterprises   999    3    —    1,002 
Mortgage-backed securities   257,874    4,899    1,867    260,906 
Small Business Administration pools   37,115    685    18    37,782 
State and local government   84,383    4,554    1,116    87,821 
Corporate and other securities   3,274    52    —    3,326 
   $399,360   $10,193   $3,705   $405,848 
                     
       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
December 31, 2020                    
US Treasury securities   $ 1,501     $ 1     $ —     $ 1,502  
Government Sponsored Enterprises     996       10       —       1,006  
Mortgage-backed securities     222,739       7,375       185       229,929  
Small Business Administration pools     34,577       928       7       35,498  
State and local government     82,495       6,184       76       88,603  
Corporate and other securities     3,272       56       —       3,328  
    $ 345,580     $ 14,554     $ 268     $ 359,866  

 

There were no investment securities listed as held-to-maturity as of March 31, 2021 or December 31, 2020.

 

During the three months ended March 31, 2021 and 2020, the Company did not receive any proceeds from the sale of investment securities available-for-sale. For the three months ended March 31, 2021, and 2020 there were no gross realized gains from the sale of investment securities available-for-sale and no gross realized losses.

 

At March 31, 2021, corporate and other securities available-for-sale included the following at fair value: corporate fixed-to-float bonds at $3.3 million, mutual funds at $9.7 thousand, and foreign debt of $10.0 thousand. As required by Accounting Standards Update (“ASU”) 2016-01-Financial Instruments-Overall (Subtopic 825-10), the Company measured its equity investments at fair value with changes in the fair value recognized through net income. For the three months ended March 31, 2021 and 2020, a $1.7 thousand gain and a $3.8 thousand loss were recognized on a mutual fund, respectively. At December 31, 2020, corporate and other securities available-for-sale included the following at fair value: corporate fixed-to-float bonds at $3.3 million, mutual fund at $8.0 thousand and foreign debt of $10.0 thousand. Other investments, at cost, include Federal Home Loan Bank (“FHLB”) stock in the amount of $698.3 thousand and corporate stock in the amount of $1.0 million at March 31, 2021. The Company held $1.1 million of FHLB stock and $1.0 million in corporate stock at December 31, 2020.

8

 

The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at March 31, 2021 and December 31, 2020.

 
(Dollars in thousands)  Less than 12 months   12 months or more   Total 
March 31, 2021  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
Available-for-sale securities:  Value   Loss   Value   Loss   Value   Loss 
                         
US Treasury Securities  $15,011   $704   $—   $—   $15,011   $704 
Mortgage-backed securities   99,435    1,842    1,374    25    100,809    1,867 
Small Business Administration pools   486    2    1,299    16    1,785    18 
State and local government   21,854    1,116    —    —    21,854    1,116 
Total  $136,786   $3,664   $2,673   $41   $139,459   $3,705 
                               
(Dollars in thousands)  Less than 12 months   12 months or more   Total 
December 31, 2020  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
Available-for-sale securities:  Value   Loss   Value   Loss   Value   Loss 
                         
Mortgage-backed securities   21,298    152    1,414    33    22,712    185 
Small Business Administration pools   —    —    1,323    7    1,323    7 
State and local government   4,930    76    —    —    4,930    76 
Total  $26,228   $228   $2,737   $40   $28,965   $268 

 

Government Sponsored Enterprise, Mortgage-Backed Securities: The Company owned mortgage-backed securities (“MBSs”), including collateralized mortgage obligations (“CMOs”), issued by government sponsored enterprises (“GSEs”) with an amortized cost of $295.0 million and $257.3 million and approximate fair value of $298.7 million and $265.4 million at March 31, 2021 and December 31, 2020, respectively. Unrealized losses on certain of these investments are not considered to be “other than temporary,” and the Company has the intent and ability to hold these until they mature or recover the current book value. The contractual cash flows of the investments are guaranteed by the GSEs. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities before a recovery of its amortized cost, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at March 31, 2021.

 

Non-agency Mortgage Backed Securities: The Company held private label mortgage-backed securities (“PLMBSs”), including CMOs, at March 31, 2021 with an amortized cost of $53.0 thousand and approximate fair value of $50.8 thousand. The Company held PLMBSs, including CMOs, at December 31, 2020 with an amortized cost of $57.4 thousand and approximate fair value of $54.7 thousand. Management monitors each of these securities on a quarterly basis to identify any deterioration in the credit quality, collateral values and credit support underlying the investments.

 

State and Local Governments and Other: Management monitors these securities on a quarterly basis to identify any deterioration in the credit quality. Included in the monitoring is a review of the credit rating, a financial analysis and certain demographic data on the underlying issuer. The Company does not consider these securities to be other-than-temporarily impaired at March 31, 2021.

 

The following sets forth the amortized cost and fair value of investment securities at March 31, 2021 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds.

 
   Available-for-sale 
March 31, 2021  Amortized   Fair 
(Dollars in thousands)  Cost   Value 
Due in one year or less  $12,508   $12,728 
Due after one year through five years   138,484    142,260 
Due after five years through ten years   180,804    183,025 
Due after ten years   67,564    67,835 
Total  $399,360   $405,848 

 

9

 

Note 4—Loans

 

The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $3.4 million and $2.2 million as of March 31, 2021 and December 31, 2020, respectively.

 
   March 31,   December 31, 
(Dollars in thousands)  2021   2020 
Commercial, financial and agricultural   $110,776   $96,688 
Real estate:          
Construction    104,065    95,282 
Mortgage-residential   38,947    43,928 
Mortgage-commercial   582,083    573,258 
Consumer:          
Home equity    25,068    26,442 
Other    8,127    8,559 
Total loans, net of deferred loan fees and costs  $869,066   $844,157 

 

Commercial, financial, and agricultural category includes $61.8 million and $42.2 million in PPP loans, net of deferred fees and costs, as of March 31, 2021 and December 31, 2020, respectively.

 

The detailed activity in the allowance for loan losses and the recorded investment in loans receivable as of and for the three months ended March 31, 2021 and March 31, 2020 and for the year ended December 31, 2020 is as follows:

 
           Real estate   Real estate   Consumer             
       Real estate   Mortgage   Mortgage   Home   Consumer         
(Dollars in thousands)  Commercial   Construction   Residential   Commercial   equity   Other   Unallocated   Total 
March 31, 2021                                        
Allowance for loan losses:                                        
Beginning balance December 31, 2020  $778   $145   $541   $7,855   $324   $125   $621   $10,389 
Charge-offs   —    —    —    —    —    (25)   —    (25)
Recoveries   1    —    —    4    1    16    —    22 
Provisions   (21)   (11)   (61)   278    (16)   8    —    177 
Ending balance March 31, 2021  $758   $134   $480   $8,137   $309   $124   $621   $10,563 
                                         
Ending balances:                                        
Individually evaluated for impairment  $—   $—   $—   $2   $—   $—   $—   $2 
                                         
Collectively evaluated for impairment   758    134    480    8,135    309    124    621    10,561 
                                         
March 31, 2021 Loans receivable:                                        
Ending balance-total  $110,776   $104,065   $38,947   $582,083   $25,068   $8,127   $—   $869,066 
                                         
Ending balances:                                        
Individually evaluated for impairment   —    —    436    5,578    21    —    —    6,035