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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended September 30, 2024
   
☐ 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 ☒   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, 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 ☐   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 ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: On November 12, 2024, 7,640,648 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 4
  Consolidated Statements of Changes in Shareholders’ Equity 5
  Consolidated Statements of Cash Flows 8
  Notes to Consolidated Financial Statements 9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28
Item 3. Quantitative and Qualitative Disclosures About Market Risk 60
Item 4. Controls and Procedures 60
     
PART II – OTHER INFORMATION 61
Item 1.  Legal Proceedings 61
Item 1A. Risk Factors 61
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61
Item 3. Defaults Upon Senior Securities 61
Item 4. Mine Safety Disclosures 61
Item 5. Other Information 61
Item 6. Exhibits 62
     
SIGNATURES 63
 
 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

FIRST COMMUNITY CORPORATION

CONSOLIDATED BALANCE SHEETS

   September 30,     
(Dollars in thousands, except par values)  2024   December 31, 
   (Unaudited)   2023 
ASSETS          
Cash and due from banks  $27,144   $27,908 
Interest-bearing bank balances   144,354    66,787 
Investment securities available-for-sale   269,553    282,226 
Investment securities held-to-maturity, fair value of $204,621 and $205,518 at September 30, 2024 and December 31, 2023, respectively, net of allowance for credit losses — investments   212,219    217,170 
Other investments, at cost   5,054    6,800 
Loans held-for-sale   3,935    4,433 
Loans held-for-investment   1,196,659    1,134,019 
Less, allowance for credit losses – loans   12,933    12,267 
Net loans held-for-investment   1,183,726    1,121,752 
Property and equipment – net   30,099    30,589 
Lease right-of-use asset   2,546    3,248 
Bank owned life insurance   30,769    30,174 
Other real estate owned   544    622 
Intangible assets   486    604 
Goodwill   14,637    14,637 
Other assets   18,482    20,738 
Total assets  $1,943,548   $1,827,688 
LIABILITIES          
Deposits:          
Non-interest bearing  $441,386   $432,333 
Interest bearing   1,202,678    1,078,668 
Total deposits   1,644,064    1,511,001 
Securities sold under agreements to repurchase   66,933    62,863 
Federal funds purchased   3,656    — 
Federal Home Loan Bank advances   50,000    90,000 
Junior subordinated debt   14,964    14,964 
Lease liability   2,711    3,426 
Other liabilities   17,908    14,375 
Total liabilities   1,800,236    1,696,629 
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 7,640,648 at September 30, 2024 and 7,606,172 at December 31, 2023   7,641    7,606 
Nonvested restricted stock and stock units   2,397    2,181 
Additional paid in capital   93,750    93,167 
Retained earnings   62,747    56,296 
Accumulated other comprehensive loss   (23,223)   (28,191)
Total shareholders’ equity   143,312    131,059 
Total liabilities and shareholders’ equity  $1,943,548   $1,827,688 

 

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 September 30, 
   2024   2023 
Interest and dividend income:          
Loans, including fees  $17,279   $13,804 
Investment securities – taxable   3,975    4,229 
Investment securities – non taxable   355    366 
Other short term investments and CDs   1,552    335 
Total interest income   23,161    18,734 
Interest expense:          
Deposits   8,287    4,777 
Securities sold under agreement to repurchase   506    446 
Other borrowed money   956    1,408 
Total interest expense   9,749    6,631 
Net interest income   13,412    12,103 
(Release of) provision for credit losses   (16)   474 
Net interest income after (release of) provision for credit losses   13,428    11,629 
Non-interest income:          
Deposit service charges   228    240 
Mortgage banking income   575    511 
Investment advisory fees and non-deposit commissions   1,595    1,187 
Loss on sale of securities   —    (1,249)
Gain on sale of other assets   5    46 
Other   1,167    1,129 
Total non-interest income   3,570    1,864 
Non-interest expense:          
Salaries and employee benefits   7,422    6,613 
Occupancy   793    776 
Equipment   391    416 
Marketing and public relations   477    609 
FDIC insurance assessments   290    211 
Other real estate expense, net   11    21 
Amortization of intangibles   40    39 
Other   2,567    2,588 
Total non-interest expense   11,991    11,273 
Net income before tax   5,007    2,220 
Income tax expense   1,146    464 
Net income  $3,861   $1,756 
           
Basic earnings per common share  $0.51   $0.23 
Diluted earnings per common share  $0.50   $0.23 

 

See Notes to Consolidated Financial Statements

2
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

         
(Dollars in thousands, except per share amounts)  Nine Months ended September 30, 
   2024   2023 
Interest and dividend income:          
Loans, including fees  $49,230   $37,277 
Investment securities – taxable   12,279    12,513 
Investment securities - non taxable   1,070    1,109 
Other short term investments and CD’s   3,769    1,222 
Total interest income   66,348    52,121 
Interest expense:          
Deposits   23,210    10,162 
Securities sold under agreement to repurchase   1,611    1,165 
Other borrowed money   3,344    4,197 
Total interest expense   28,165    15,524 
Net interest income   38,183    36,597 
Provision for credit losses   567    730 
Net interest income after provision for credit losses   37,616    35,867 
Non-interest income:          
Deposit service charges   722    692 
Mortgage banking income   1,659    1,040 
Investment advisory fees and non-deposit commissions   4,461    3,335 
Loss on sale of securities   —    (1,249)
Gain on sale of other assets   5    151 
Other   3,549    3,521 
Total non-interest income   10,396    7,490 
Non-interest expense:          
Salaries and employee benefits   21,826    19,452 
Occupancy   2,321    2,419 
Equipment   1,038    1,129 
Marketing and public relations   1,301    1,325 
FDIC insurance assessments   870    614 
Other real estate expense (income)   113    (142)
Amortization of intangibles   118    118 
Other   8,052    7,549 
Total non-interest expense   35,639    32,464 
Net income before tax   12,373    10,893 
Income tax expense   2,650    2,347 
Net income  $9,723   $8,546 
           
Basic earnings per common share  $1.28   $1.13 
Diluted earnings per common share  $1.26   $1.12 

 

See Notes to Consolidated Financial Statements

3
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

         
   Three months ended September 30, 
(Dollars in thousands)  2024   2023 
Net income  $3,861   $1,756 
Other comprehensive income (loss):          
Unrealized gain (loss) during the period on available-for-sale securities, net of tax expense of $991 and tax benefit of $768, respectively   3,723    (2,891)
Reclassification adjustment for loss included in net income, net of tax benefit of $0 and $262, respectively   —    987 
Reclassification adjustment for amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net of tax expense of $90 and $89, respectively.   342    335 
Other comprehensive income (loss)   4,065    (1,569)
Comprehensive income  $7,926   $187 
         
   Nine months ended September 30, 
(Dollars in thousands)  2024   2023 
Net income  $9,723   $8,546 
Other comprehensive income (loss):          
Unrealized gain during the period on available-for-sale securities, net of tax expense of $1,049 and tax benefit of $701, respectively   3,947    (2,639)
Reclassification adjustment for loss included in net income, net of tax benefit of $0 and $262, respectively   —    987 
Reclassification adjustment for amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, net of tax expense of $271 and $261, respectively.   1,021    981 
Other comprehensive income (loss)   4,968    (671)
Comprehensive income  $14,691   $7,875 

 

See Notes to Consolidated Financial Statements

4
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

                       Accumulated     
   Common       Additional   Nonvested       Other     
(Dollars in thousands)  Shares   Common   Paid-in   Restricted   Retained   Comprehensive     
   Issued   Stock   Capital   Stock   Earnings   Loss   Total 
Balance, December 31, 2023   7,606   $7,606   $93,167   $2,181   $56,296   $(28,191)  $131,059 
Net income   —    —    —    —    9,723    —    9,723 
Other comprehensive income net of tax expense of $1,320   —    —    —    —    —    4,968    4,968 
Issuance of common stock-share based compensation   9    9    160    (273)   —    —    (104)
Issuance of restricted stock   14    14    232    (246)   —    —    — 
Grant restricted stock units   —    —    —    129    —    —    129 
Amortization of compensation on restricted stock   —    —    —    606    —    —    606 
Shares forfeited   (6)   (6)   (103)   —    —    —    (109)
Dividends: Common ($0.43 per share)   —    —    —    —    (3,272)   —    (3,272)
Dividend reinvestment plan   18    18    294    —    —    —    312 
Balance, September 30, 2024   7,641   $7,641   $93,750   $2,397   $62,747   $(23,223)  $143,312 
                                    
Balance, December 31, 2022   7,578   $7,578   $92,683   $1,461   $49,025   $(32,386)  $118,361 
Net income   —    —    —    —    8,546    —    8,546 
Adoption of new accounting standard-CECL net of tax of $90   —    —    —    —    (337)   —    (337)
Other comprehensive loss net of tax benefit of $178   —    —    —    —    —    (671)   (671)
Issuance of common stock-share based compensation   2    2    39    (69)   —    —    (28)
Issuance of restricted stock   8    8    146    (154)   —    —    — 
Grant restricted stock units   —    —    —    143    —    —    143 
Amortization of compensation on restricted stock   —    —    —    548    —    —    548 
Shares forfeited   (6)   (6)   (105)   —    —    —    (111)
Dividends: Common ($0.42 per share)   —    —    —    —    (3,175)   —    (3,175)
Dividend reinvestment plan   18    18    307    —    —    —    325 
Balance, September 30, 2023   7,600   $7,600   $93,070   $1,929   $54,059   $(33,057)  $123,601 

 

See Notes to Consolidated Financial Statements

5
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

               Nonvested       Accumulated     
   Common       Additional   Restricted       Other     
   Shares   Common   Paid-in   Stock and   Retained   Comprehensive     
(Dollars in thousands)  Issued   Stock   Capital   Stock Units   Earnings   Loss   Total 
Balance, December 31, 2023   7,606   $7,606   $93,167   $2,181   $56,296   $(28,191)  $131,059 
Net income   —    —    —    —    2,597    —    2,597 
Other comprehensive income, net of tax expense of $11   —    —    —    —    —    749    749 
Issuance of common stock-share based compensation   9    9    160    (273)   —    —    (104)
Issuance of restricted stock   14    14    228    (242)   —    —    — 
Grant restricted stock units   —    —    —    70    —    —    70 
Amortization of compensation on restricted stock   —    —    —    184    —    —    184 
Shares forfeited   (6)   (6)   (97)   —    —    —    (103)
Dividends: Common ($0.14 per share)   —    —    —    —    (1,063)   —    (1,063)
Dividend reinvestment plan   6    6    98    —    —    —    104 
Balance, March 31, 2024   7,629   $7,629   $93,556   $1,920   $57,830   $(27,442)  $133,493 
Net income   —    —    —    —    3,265    —    3,265 
Other comprehensive income net of tax expense of $80   —    —    —    —    —    154    154 
Issuance of restricted stock   —    —    4    (4)             — 
Grant restricted stock units   —    —    —    29    —    —    29 
Amortization of compensation on restricted stock   —    —    —    211    —    —    211 
Shares forfeited   —    —    (6)                  (6)
Dividends: Common ($0.14 per share)   —    —    —    —    (1,066)   —    (1,066)
Dividend reinvestment plan   6    6    93                   99 
Balance, June 30, 2024   7,635   $7,635   $93,647   $2,156   $60,029   $(27,288)  $136,179 
Net income   —    —    —    —    3,861    —    3,861 
Other comprehensive income net of tax expense of $1,229   —    —    —    —    —    4,065    4,065 
Grant restricted stock units   —    —    —    30    —    —    30 
Amortization of compensation on restricted stock   —    —    —    211    —    —    211 
Dividends: Common ($0.15 per share)   —    —    —    —    (1,143)   —    (1,143)
Dividend reinvestment plan   6    6    103    —    —    —    109 
Balance, September 30, 2024   7,641   $7,641   $93,750   $2,397   $62,747   $(23,223)  $143,312 

 

See Notes to Consolidated Financial Statements

6
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

               Nonvested       Accumulated     
   Common       Additional   Restricted       Other     
   Shares   Common   Paid-in   Stock and   Retained   Comprehensive     
(Dollars in thousands)  Issued   Stock   Capital   Stock Units   Earnings   Income (loss)   Total 
Balance, December 31, 2022   7,578   $7,578   $92,683   $1,461   $49,025   $(32,386)  $118,361 
Net income   —    —    —    —    3,463    —    3,463 
Adoption of CECL, net of tax   —    —    —    —    (337)   —    (337)
Other comprehensive income, net of tax expense   —    —    —    —    —    2,913    2,913 
Issuance of common stock   2    2    39    (69)   —    —    (28)
Issuance of restricted stock   8    8    146    (154)   —    —    — 
Grant restricted stock units   —    —    —    72    —    —    72 
Amortization of compensation on restricted stock   —    —    —    191    —    —    191 
Shares forfeited   (5)   (5)   (100)   —    —    —    (105)
Dividends: Common ($0.13 per share)   —    —    —    —    (1,057)   —    (1,057)
Dividend reinvestment plan   5    5    103    —    —    —    108 
Balance, March 31, 2023   7,588   $7,588   $92,871   $1,501   $51,094   $(29,473)  $123,581 
Net income   —    —    —    —    3,327    —    3,327 
Other comprehensive loss net of tax benefit of $536   —    —    —    —    —    (2,015)   (2,015)
Amortization of compensation on restricted stock   —    —    —    179    —    —    179 
Grant restricted stock units   —    —    —    37    —    —    37 
Shares forfeited   —    —    (5)   —    —    —    (5)
Dividends: Common ($0.14 per share)   —    —    —    —    (1,059)   —    (1,059)
Dividend reinvestment plan   6    6    97    —    —    —    103 
Balance, June 30, 2023   7,594   $7,594   $92,963   $1,717   $53,362   $(31,488)  $124,148 
Net income   —    —    —    —    1,756    —    1,756 
Other comprehensive loss net of tax benefit of $417   —    —    —    —    —    (1,569)   (1,569)
Amortization of compensation on restricted stock   —    —    —    178    —    —    178 
Grant restricted stock units   —    —    —    34    —    —    34 
Dividends: Common ($0.14 per share)   —    —    —    —    (1,059)   —    (1,059)
Dividend reinvestment plan   6    6    107    —    —    —    113 
Balance, September 30, 2023   7,600   $7,600   $93,070   $1,929   $54,059   $(33,057)   123,601 
7
 

FIRST COMMUNITY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

         
   Nine months ended
September 30,		 
(Dollars in thousands)  2024   2023 
Cash flows from operating activities:          
Net income  $9,723   $8,546 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   1,285    1,317 
Net premium amortization on investment securities available-for-sale   (2,439)   (1,754)
Net premium amortization on investment securities held-to-maturity   (469)   (422)
Provision for credit losses   567    730 
Writedowns of other real estate owned   78    — 
Origination of loans held-for-sale   (55,334)   (36,003)
Sale of loans held-for-sale   57,476    32,273 
Gain on sale of loans held-for-sale   (1,644)   — 
Gain on sale of other real estate owned   (5)    (151)
Amortization of intangibles   118    118 
Accretion on acquired loans   —    (61)
Loss on sale of securities   —    1,249 
(Gain) loss on fair value of equity securities   (20)   2 
Increase in other assets   2,333    (3,942)
Increase in other liabilities   3,012    1,815 
Net cash provided by operating activities   14,681    3,717 
Cash flows from investing activities:          
Purchase of investment securities available-for-sale   —    (6,025)
Purchase of other investment securities   —    (2,114)
Maturity/call of investment securities available-for-sale   20,109    17,089 
Maturity/call of investment securities held-to-maturity   5,426    9,219 
Proceeds from sale of other investment securities   1,766    — 
Proceeds from sale of securities available-for-sale   —    38,662 
Increase in loans   (62,735)   (110,722)
Proceeds from sale of other real estate owned   —    419 
Purchase of property and equipment   (800)   (966)
Net disposals of property and equipment   5    — 
Net cash used in investing activities   (36,229)   (54,438)
Cash flows from financing activities:          
Increase in deposit accounts   133,063    106,644 
(Increase) decrease in securities sold under agreements to repurchase   (4,070)   (1,570)
Increase (decrease) in Fed Funds Borrowed   3,656    (22,000)
Advances from the Federal Home Loan Bank   —    269,000 
Repayment of advances from the Federal Home Loan Bank   (40,000)   (239,000)
Shares retired / forfeited   (109)   (111)
Dividends paid: Common Stock   (3,272)   (3,175)
Restricted Stock Units Granted   129    143 
Cost of issuance of common stock-deferred compensation   (104)   (28)
Change in non-vested restricted stock   606    548 
Dividend reinvestment plan   312    325 
Net cash provided by financing activities   98,351    110,776 
Net increase in cash and cash equivalents   76,803    60,055 
Cash and cash equivalents at beginning of period   94,695    37,401 
Cash and cash equivalents at end of period  $171,498   $97,456 
Supplemental disclosure:          
Cash paid during the period for:          
Interest  $23,050   $13,469 
Income taxes  $2,786   $3,459 
Non-cash investing and financing activities:          
Unrealized gain (loss) on available-for-sale securities, net of tax  $3,947   $(2,639)
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax   1,021    981 
Recognition of operating lease liability   —    825 

 

See Notes to Consolidated Financial Statements

8
 

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 cash flows of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”) (collectively, the “Company”) present fairly in all material respects the Company’s financial position at September 30, 2024 and December 31, 2023, and the Company’s results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

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, 2023 should be referred to in connection with these unaudited interim financial statements.

Recently Issued Accounting Pronouncements

The following is a summary of recent authoritative pronouncements:

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This amendment is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require disclosure of incremental segment information on an annual and interim basis for all public entities. The amendments are effective for the Company for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. Early adoption is permitted.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This amendment is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. The amendments are effective for the Company for annual periods beginning after December 15, 2024. Early adoption is permitted.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

 

Note 2 - Earnings Per Common Share

Basic earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during the period, excluding non-vested restricted shares. Dilutive earnings per share is calculated by dividing net income by the weighted-average shares of common stock outstanding during the period plus the maximum dilutive effect on common stock issuable upon exercise of stock options or vesting of restricted stock units. Stock options and unvested restricted stock units are considered common stock equivalents and are only included in the calculation of dilutive earnings per common share if the effect is dilutive.

9
 

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

 

                 
   Nine months   Three months 
   Ended September 30,   Ended September 30, 
(In thousands except average market price and per share data)  2024   2023   2024   2023 
Numerator (Net income available to common shareholders)  $9,723   $8,546   $3,861   $1,756 
Denominator                    
Weighted average common shares outstanding for:                    
Basic shares   7,613    7,564    7,623    7,573 
Dilutive securities:                    
Deferred compensation   82    85    99    82 
Diluted common shares outstanding   7,695    7,649    7,722    7,655 
Earnings per common share:                    
Basic  $1.28   $1.13   $0.51   $0.23 
Diluted   1.26    1.12    0.50    0.23 
The average market price used in calculating assumed number of shares  $18.40   $18.83   $20.69   $17.80 

 

 

Note 3 - Investment Securities

The amortized cost and estimated fair values of investment securities are summarized below. As of September 30, 2024 and December 31, 2023, there was no allowance for credit losses on available-for-sale securities. 

AVAILABLE-FOR-SALE:

       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
September 30, 2024                    
US Treasury securities  $15,815   $—   $(2,061)  $13,754 
Government Sponsored Enterprises   2,500    —    (289)   2,211 
Mortgage-backed securities   245,975    70    (13,264)   232,781 
Small Business Administration pools   13,199    27    (296)   12,930 
Corporate and other securities   8,757    —    (880)   7,877 
Total  $286,246   $97   $(16,790)  $269,553 
                     
       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
December 31, 2023                    
US Treasury securities  $20,791   $—   $(2,445)  $18,346 
Government Sponsored Enterprises   2,500    —    (371)   2,129 
Mortgage-backed securities   255,757    15    (17,613)   238,159 
Small Business Administration pools   16,108    24    (411)   15,721 
Corporate and other securities   8,759    —    (888)   7,871 
Total  $303,915   $39   $(21,728)  $282,226 

10
 

HELD-TO-MATURITY:

       Gross   Gross     
   Amortized   Unrealized   Unrealized     
(Dollars in thousands)  Cost   Gains   Losses   Fair Value 
September 30, 2024                    
Mortgage-backed securities  $108,094   $—   $(5,931)  $102,163 
State and local government   104,149    104    (1,771)   102,482 
Allowance for credit losses on Held-to-Maturity Securities   (24)   —    —    (24)
Total  $212,219   $104   $(7,702)  $204,621 
                     
(Dollars in thousands)  Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair Value 
December 31, 2023                    
Mortgage-backed securities  $112,740    —    (8,490)  $104,250 
State and local government   104,460    283    (3,445)   101,298 
Allowance for credit losses on Held-to-Maturity Securities   (30)   —    —    (30)
Total  $217,170    283    (11,935)  $205,518 

 

There were no gross realized gains or gross realized losses from the sale of available-for-sale investment securities during the three and nine months ended September 30, 2024, and $1.2 million gross realized losses from the sale of available -for-sale securities during the three and nine months ended September 30, 2023.

For available-for-sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, or more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings.

If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income.

Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available-for-sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At September 30, 2024 and December 31, 2023, there was no allowance for credit loss related to the available-for-sale securities portfolio.

The following tables show gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of September 30, 2024.

 

                         
September 30, 2024  Less than 12 months   12 months or more   Total 
Available-for-sale securities:  Fair   Unrealized   Fair   Unrealized   Fair   Unrealized 
(Dollars in thousands)  Value   Loss   Value   Loss   Value   Loss 
US Treasury Securities  $—   $—   $13,754   $2,061   $13,754   $2,061 
Government Sponsored Enterprise   —    —    2,211    289    2,211    289 
Mortgage-backed securities   318    —    222,197    13,264    222,515    13,264 
Small Business Administration pools