falsedesktopFCCO2020-09-30000155278120000551{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "x\tQuarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30 2020\no\tTransition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ____ to ____\n", "q10k_tbl_1": "PART I - FINANCIAL INFORMATION\t\t1\nItem 1.\tFinancial Statements\t1\n\tConsolidated Balance Sheets\t1\n\tConsolidated Statements of Income\t2\n\tConsolidated Statements of Comprehensive Income\t4\n\tConsolidated Statements of Changes in Shareholders' Equity\t5\n\tConsolidated Statements of Cash Flows\t8\n\tNotes to Consolidated Financial Statements\t9\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t37\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t64\nItem 4.\tControls and Procedures\t64\nPART II - OTHER INFORMATION\t\t65\nItem 1.\tLegal Proceedings\t65\nItem 1A.\tRisk Factors\t65\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t65\nItem 3.\tDefaults Upon Senior Securities\t65\nItem 4.\tMine Safety Disclosures\t65\nItem 5.\tOther Information\t65\nItem 6.\tExhibits\t66\nSIGNATURES\t\t67\nINDEX TO EXHIBITS\t\t\nEX-31.1 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER\t\t\nEX-31.2 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER\t\t\nEX-32 SECTION 1350 CERTIFICATIONS\t\t\n", "q10k_tbl_2": "\tSeptember 30\t\n(Dollars in thousands except par value)\t2020\tDecember 31\n\t(Unaudited)\t2019\nASSETS\t\t\nCash and due from banks\t17279\t14951\nInterest-bearing bank balances\t106231\t32741\nInvestment securities - available-for-sale\t293472\t286800\nOther investments at cost\t2053\t1992\nLoans held-for-sale\t37587\t11155\nLoans\t844460\t737028\nLess allowance for loan losses\t10113\t6627\nNet loans\t834347\t730401\nProperty furniture and equipment - net\t34527\t35008\nLease right-of-use asset\t3078\t3215\nPremises held-for-sale\t591\t591\nBank owned life insurance\t28588\t28041\nOther real estate owned\t1313\t1410\nIntangible assets\t1188\t1483\nGoodwill\t14637\t14637\nOther assets\t6913\t7854\nTotal assets\t1381804\t1170279\nLIABILITIES\t\t\nDeposits:\t\t\nNon-interest bearing\t365505\t289829\nInterest bearing\t808046\t698372\nTotal deposits\t1173551\t988201\nSecurities sold under agreements to repurchase\t47142\t33296\nFederal Home Loan Bank advances\t0\t211\nJunior subordinated debentures\t14964\t14964\nLease liability\t3154\t3266\nOther liabilities\t9749\t10147\nTotal liabilities\t1248560\t1050085\nSHAREHOLDERS' EQUITY\t\t\nPreferred stock par value $1.00 per share 10000000 shares authorized; none issued and outstanding\t0\t0\nCommon stock par value $1.00 per share; 20000000 shares authorized; issued and outstanding 7492908 at September 30 2020 7440026 at December 31 2019\t7493\t7440\nNonvested restricted stock\t(327)\t(151)\nAdditional paid in capital\t91270\t90488\nRetained earnings\t23912\t19927\nAccumulated other comprehensive income\t10896\t2490\nTotal shareholders' equity\t133244\t120194\nTotal liabilities and shareholders' equity\t1381804\t1170279\n", "q10k_tbl_3": "\tNine\tNine\n\tMonths Ended\tMonths Ended\n\tSeptember 30\tSeptember 30\n\t2020\t2019\n(Dollars in thousands except per share amounts)\t(Unaudited)\t(Unaudited)\nInterest income:\t\t\nLoans including fees\t27254\t26492\nTaxable securities\t3797\t3840\nNon-taxable securities\t1065\t1084\nOther short-term investments\t224\t410\nOther\t12\t18\nTotal interest income\t32352\t31844\nInterest expense:\t\t\nDeposits\t2415\t3401\nSecurities sold under agreement to repurchase\t166\t303\nOther borrowed money\t435\t651\nTotal interest expense\t3016\t4355\nNet interest income\t29336\t27489\nProvision for loan losses\t3387\t139\nNet interest income after provision for loan losses\t25949\t27350\nNon-interest income:\t\t\nDeposit service charges\t851\t1212\nMortgage banking income\t3957\t3333\nInvestment advisory fees and non-deposit commissions\t1977\t1436\nGain on sale of securities\t99\t135\nGain (loss) on sale of other assets\t147\t(3)\nNon-recurring bank owned life insurance (BOLI) income\t311\t0\nOther\t2823\t2695\nTotal non-interest income\t10165\t8808\nNon-interest expense:\t\t\nSalaries and employee benefits\t17580\t15845\nOccupancy\t2058\t2005\nEquipment\t934\t1140\nMarketing and public relations\t943\t764\nFDIC assessments\t267\t135\nOther real estate expense\t154\t78\nAmortization of intangibles\t295\t397\nOther\t5652\t5389\nTotal non-interest expense\t27883\t25753\nNet income before tax\t8231\t10405\nIncome taxes\t1568\t2131\nNet income\t6663\t8274\nBasic earnings per common share\t0.90\t1.10\nDiluted earnings per common share\t0.89\t1.08\n", "q10k_tbl_4": "\tThree\tThree\n\tMonths Ended\tMonths Ended\n\tSeptember 30\tSeptember 30\n\t2020\t2019\n(Dollars in thousands except per share amounts)\t(Unaudited)\t(Unaudited)\nInterest income:\t\t\nLoans including fees\t9408\t9091\nTaxable securities\t1135\t1259\nNon-taxable securities\t390\t350\nOther short-term investments\t40\t158\nOther\t3\t6\nTotal interest income\t10976\t10864\nInterest expense:\t\t\nDeposits\t659\t1219\nSecurities sold under agreement to repurchase\t25\t102\nOther borrowed money\t116\t190\nTotal interest expense\t800\t1511\nNet interest income\t10176\t9353\nProvision for loan losses\t1062\t25\nNet interest income after provision for loan losses\t9114\t9328\nNon-interest income:\t\t\nDeposit service charges\t242\t421\nMortgage banking income\t1403\t1251\nInvestment advisory fees and non-deposit commissions\t672\t509\nGain on sale of securities\t99\t0\nGain on sale of other assets\t141\t0\nNon-recurring bank owned life insurance (BOLI) income\t311\t0\nOther\t982\t932\nTotal non-interest income\t3850\t3113\nNon-interest expense:\t\t\nSalaries and employee benefits\t6087\t5465\nOccupancy\t736\t703\nEquipment\t318\t365\nMarketing and public relations\t342\t159\nFDIC assessment\t137\t(10)\nOther real estate expense\t79\t31\nAmortization of intangibles\t95\t133\nOther\t1920\t1944\nTotal non-interest expense\t9714\t8790\nNet income before tax\t3250\t3651\nIncome taxes\t598\t753\nNet income\t2652\t2898\nBasic earnings per common share\t0.36\t0.39\nDiluted earnings per common share\t0.35\t0.39\n", "q10k_tbl_5": "(Dollars in thousands)\t\t\n\tNine months ended September 30\t\n\t2020\t2019\nNet income\t6663\t8274\nOther comprehensive income:\t\t\nUnrealized gain during the period on available-for-sale securities net of tax expense of $2255 and $1511 respectively\t8484\t5677\nReclassification adjustment for gain on available-for-sale securities included in net income net of tax benefit $21 and $29 respectively\t(78)\t(106)\nOther comprehensive income\t8406\t5571\nComprehensive income\t15069\t13845\n(Dollars in thousands)\t\t\n\tThree months ended September 30\t\n\t2020\t2019\nNet income\t2652\t2898\nOther comprehensive income:\t\t\nUnrealized gain during the period on available-for-sale securities net of tax expense of $160 and $271 respectively\t602\t1232\nReclassification adjustment for gain on available-for-sale securities included in net income net of tax benefit of $21 and $0 respectively\t(78)\t0\nOther comprehensive income\t524\t1232\nComprehensive income\t3176\t4130\n", "q10k_tbl_6": "\t\t\t\t\t\tAccumulated\t\n\tCommon\t\tAdditional\tNonvested\t\tOther\t\n(Dollars and shares in thousands)\tShares\tCommon\tPaid-in\tRestricted\tRetained\tComprehensive\t\n\tIssued\tStock\tCapital\tStock\tEarnings\tIncome (loss)\tTotal\nBalance December 31 2019\t7440\t7440\t90488\t(151)\t19927\t2490\t120194\nNet income\t\t\t\t\t6663\t\t6663\nOther comprehensive income net of tax expense of $2234\t\t\t\t\t\t8406\t8406\nIssuance of common stock\t\t\t4\t\t\t\t4\nIssuance of restricted stock\t18\t18\t348\t(366)\t\t\t0\nIssuance of common stock-deferred compensation\t18\t18\t182\t\t\t\t200\nAmortization of compensation on restricted stock\t\t\t\t190\t\t\t190\nShares retired\t(1)\t(1)\t(14)\t\t\t\t(15)\nDividends: Common ($0.36 per share)\t\t\t\t\t(2678)\t\t(2678)\nDividend reinvestment plan\t18\t18\t262\t\t\t\t280\nBalance September 30 2020\t7493\t7493\t91270\t(327)\t23912\t10896\t133244\n", "q10k_tbl_7": "\t\t\t\t\t\t\tAccumulated\t\n\tCommon\t\tCommon\tAdditional\tNonvested\t\tOther\t\n(Dollars and shares in thousands)\tShares\tCommon\tStock\tPaid-in\tRestricted\tRetained\tComprehensive\t\n\tIssued\tStock\tWarrants\tCapital\tStock\tEarnings\tIncome (loss)\tTotal\nBalance December 31 2018\t7639\t7639\t31\t95048\t(149)\t12262\t(2334)\t112497\nNet Income\t\t\t\t\t\t8274\t\t8274\nOther comprehensive income net of tax expense of $1482\t\t\t\t\t\t\t5571\t5571\nIssuance of restricted stock\t8\t8\t\t162\t(170)\t\t\t0\nAmortization of compensation on restricted stock\t\t\t\t\t124\t\t\t124\nShares retired\t(8)\t(8)\t\t(148)\t\t\t\t(156)\nExercise of warrants\t26\t26\t(18)\t(8)\t\t\t\t0\nStock repurchase plan\t(300)\t(300)\t\t(5338)\t\t\t\t(5638)\nIssuance of common stock - deferred compensation\t24\t24\t\t241\t\t\t\t265\nDividends: Common ($0.33 per share)\t\t\t\t\t\t(2512)\t\t(2512)\nDividend reinvestment plan\t20\t20\t\t335\t\t\t\t355\nBalance September 30 2019\t7409\t7409\t13\t90292\t(195)\t18024\t3237\t118780\n", "q10k_tbl_8": "\t\t\t\t\t\tAccumulated\t\n\tCommon\t\tAdditional\tNonvested\t\tOther\t\n(Dollars and shares in thousands)\tShares\tCommon\tPaid-in\tRestricted\tRetained\tComprehensive\t\n\tIssued\tStock\tCapital\tStock\tEarnings\tIncome (loss)\tTotal\nBalance December 31 2019\t7440\t7440\t90488\t(151)\t19927\t2490\t120194\nNet income\t\t\t\t\t1794\t\t1794\nOther comprehensive income net of tax expense of $899\t\t\t\t\t\t3381\t3381\nIssuance of common stock\t\t\t4\t\t\t\t4\nIssuance of restricted stock\t18\t18\t348\t(366)\t\t\t0\nAmortization of compensation on restricted stock\t\t\t\t52\t\t\t52\nShares retired\t(1)\t(1)\t(14)\t\t\t\t(15)\nDividends: Common ($0.12 per share)\t\t\t\t\t(891)\t\t(891)\nDividend reinvestment plan\t5\t5\t90\t\t\t\t95\nBalance March 31 2020\t7462\t7462\t90916\t(465)\t20830\t5871\t124614\nNet income\t\t\t\t\t2217\t\t2217\nOther comprehensive income net of tax expense of $1196\t\t\t\t\t\t4501\t4501\nIssuance of common stock-Deferred Compensation\t18\t18\t182\t\t\t\t200\nAmortization of compensation on restricted stock\t\t\t\t69\t\t\t69\nDividends: Common ($0.12 per share)\t\t\t\t\t(892)\t\t(892)\nDividend reinvestment plan\t6\t6\t86\t\t\t\t92\nBalance June 30 2020\t7486\t7486\t91184\t(396)\t22155\t10372\t130801\nNet income\t\t\t\t\t2652\t\t2652\nOther comprehensive income net of tax expense of $139\t\t\t\t\t\t524\t524\nAmortization of compensation on restricted stock\t\t\t\t69\t\t\t69\nDividends: Common ($0.12 per share)\t\t\t\t\t(895)\t\t(895)\nDividend reinvestment plan\t7\t7\t86\t\t\t\t93\nBalance September 30 2020\t7493\t7493\t91270\t(327)\t23912\t10896\t133244\n", "q10k_tbl_9": "\t\t\t\t\t\t\tAccumulated\t\n\tCommon\t\tCommon\tAdditional\tNonvested\t\tOther\t\n(Dollars and shares in thousands)\tShares\tCommon\tStock\tPaid-in\tRestricted\tRetained\tComprehensive\t\n\tIssued\tStock\tWarrants\tCapital\tStock\tEarnings\tIncome (Loss)\tTotal\nBalance December 31 2018\t7639\t7639\t31\t95048\t(149)\t12262\t(2334)\t112497\nNet Income\t\t\t\t\t\t2495\t\t2495\nOther comprehensive income net of tax expense of $601\t\t\t\t\t\t\t2305\t2305\nIssuance of restricted stock\t8\t8\t\t162\t(170)\t\t\t0\nAmortization of compensation on restricted stock\t\t\t\t\t33\t\t\t33\nShares retired\t(8)\t(8)\t\t(148)\t\t\t\t(156)\nExercise of warrants\t21\t21\t(14)\t(7)\t\t\t\t0\nDividends: Common ($0.11 per share)\t\t\t\t\t\t(840)\t\t(840)\nDividend reinvestment plan\t5\t5\t\t95\t\t\t\t100\nBalance March 31 2019\t7665\t7665\t17\t95150\t(286)\t13917\t(29)\t116434\nNet income\t\t\t\t\t\t2881\t\t2881\nOther comprehensive income net of tax expense of $610\t\t\t\t\t\t\t2034\t2034\nAmortization of compensation on restricted stock\t\t\t\t\t45\t\t\t45\nExercise of warrants\t2\t2\t(2)\t\t\t\t\t0\nStock repurchase plan\t(185)\t(185)\t\t(3228)\t\t\t\t(3413)\nShares issued-deferred compensation\t24\t24\t\t241\t\t\t\t265\nDividends: Common ($0.11 per share)\t\t\t\t\t\t(841)\t\t(841)\nDividend reinvestment plan\t5\t5\t\t79\t\t\t\t84\nBalance June 30 2019\t7511\t7511\t15\t92242\t(241)\t15957\t2005\t117489\nNet Income\t\t\t\t\t\t2898\t\t2898\nOther comprehensive income net of tax expense of $271\t\t\t\t\t\t\t1232\t1232\nAmortization of compensation on restricted stock\t\t\t\t\t46\t\t\t46\nExercise of warrants\t3\t3\t(2)\t(1)\t\t\t\t0\nStock repurchase plan\t(115)\t(115)\t\t(2110)\t\t\t\t(2225)\nDividends: Common ($0.11 per share)\t\t\t\t\t\t(831)\t\t(831)\nDividend reinvestment plan\t10\t10\t\t161\t\t\t\t171\nBalance September 30 2019\t7409\t7409\t13\t90292\t(195)\t18024\t3237\t118780\n", "q10k_tbl_10": "\tNine months ended September 30\t\n(Dollars in thousands)\t2020\t2019\nCash flows from operating activities:\t\t\nNet income\t6663\t8274\nAdjustments to reconcile net income to net cash used from operating activities:\t\t\nDepreciation\t1218\t1000\nNet premium amortization\t1694\t1658\nProvision for loan losses\t3387\t139\n(Gain) Loss on sale of other real estate owned\t(147)\t3\nWrite-downs of other real estate owned\t78\t0\nOrigination of loans held-for-sale\t(140972)\t(97878)\nSale of loans held-for-sale\t114540\t90326\nAmortization of intangibles\t295\t397\nAccretion on acquired loans\t(230)\t(402)\nGain on sale of securities\t(99)\t(135)\nLoss on fair value of equity securities\t2\t0\nDecrease in other assets\t(1704)\t(3089)\n(Decrease) Increase in other liabilities\t(510)\t2522\nNet cash used from operating activities\t(15785)\t2815\nCash flows from investing activities:\t\t\nPurchase of investment securities available-for-sale\t(34059)\t(81977)\nPurchase of other investment securities\t(70)\t(37)\nMaturity/call of investment securities available-for-sale\t34429\t32199\nProceeds from sale of securities available-for-sale\t2200\t44398\nProceeds from sale of other securities\t0\t0\nIncrease in loans\t(107163)\t(16322)\nProceeds from sale of other real estate owned\t227\t45\nProceeds from sale of fixed assets\t0\t301\nPurchase of property and equipment\t(737)\t(2391)\nNet cash used in investing activities\t(105173)\t(23784)\nCash flows from financing activities:\t\t\nIncrease in deposit accounts\t185350\t23338\nIncrease in securities sold under agreements to repurchase\t13846\t6299\nAdvances from the Federal Home Loan Bank\t34001\t65000\nRepayment of advances from Federal Home Loan Bank\t(34212)\t(65015)\nShares retired\t(15)\t(156)\nRepurchase of common stock\t0\t(5638)\nIssuance of deferred compensation shares\t200\t265\nDividends paid: Common Stock\t(2678)\t(2512)\nProceeds from issuance of Common Stock\t4\t0\nDividend reinvestment plan\t280\t355\nNet cash provided from financing activities\t196776\t21936\nNet increase in cash and cash equivalents\t75818\t967\nCash and cash equivalents at beginning of period\t47692\t32268\nCash and cash equivalents at end of period\t123510\t33235\nSupplemental disclosure:\t\t\nCash paid during the period for:\t\t\nInterest\t3429\t4301\nIncome taxes\t2688\t2060\nNon-cash investing and financing activities:\t\t\nUnrealized gain on securities\t10640\t7053\nRecognition of operating lease right of use asset\t0\t3260\nRecognition of operating lease liability\t0\t3291\nTransfer of investment securities held-to-maturity to available-for-sale\t0\t16144\nTransfer of loans to foreclosed property\t78\t0\n", "q10k_tbl_11": "Industry Segments\tOutstanding\t% of Loan\tAvg. Loan\tAvg. Loan to\n(Dollars in millions)\tLoan Balance\tPortfolio\tSize\tValue\nHotels\t30.3\t3.5%\t2.2\t71%\nRestaurants\t22.6\t2.6%\t0.7\t69%\nAssisted Living\t8.8\t1.0%\t1.8\t48%\nRetail\t79.8\t9.1%\t0.6\t57%\n", "q10k_tbl_12": "\t.\t\t\t\n\tNine months\t\tThree months\t\n\tEnded September 30\t\tEnded September 30\t\n\t2020\t2019\t2020\t2019\nNumerator (Net income available to common shareholders)\t6663\t8274\t2652\t2898\nDenominator\t\t\t\t\nWeighted average common shares outstanding for:\t\t\t\t\nBasic shares\t7440\t7548\t7458\t7386\nDilutive securities:\t\t\t\t\nDeferred compensation\t24\t40\t13\t39\nWarrants/Restricted stock - Treasury stock method\t11\t42\t11\t38\nDiluted shares\t7475\t7630\t7482\t7463\nEarnings per common share:\t\t\t\t\nBasic\t0.90\t1.10\t0.36\t0.39\nDiluted\t0.89\t1.08\t0.35\t0.39\nThe average market price used in calculating assumed number of shares\t15.87\t19.06\t13.69\t18.95\n", "q10k_tbl_13": "AVAILABLE-FOR-SALE:\t\tGross\tGross\t\n\tAmortized\tUnrealized\tUnrealized\t\n(Dollars in thousands)\tCost\tGains\tLosses\tFair Value\nSeptember 30 2020\t\t\t\t\nUS Treasury securities\t1503\t7\t0\t1510\nGovernment Sponsored Enterprises\t993\t17\t0\t1010\nMortgage-backed securities\t171441\t7763\t154\t179050\nSmall Business Administration pools\t36369\t922\t19\t37272\nState and local government\t66101\t5254\t0\t71355\nCorporate and Other securities\t3273\t10\t8\t3275\n\t279680\t13973\t181\t293472\n\t\tGross\tGross\t\n\tAmortized\tUnrealized\tUnrealized\t\n(Dollars in thousands)\tCost\tGains\tLosses\tFair Value\nDecember 31 2019\t\t\t\t\nUS Treasury securities\t7190\t16\t3\t7203\nGovernment Sponsored Enterprises\t984\t17\t0\t1001\nMortgage-backed securities\t182736\t1490\t640\t183586\nSmall Business Administration pools\t45301\t259\t217\t45343\nState and local government\t47418\t2371\t141\t49648\nOther securities\t19\t0\t0\t19\n\t283648\t4153\t1001\t286800\n", "q10k_tbl_14": "(Dollars in thousands)\tLess than 12 months\t\t12 months or more\t\tTotal\t\nSeptember 30 2020\tFair\tUnrealized\tFair\tUnrealized\tFair\tUnrealized\nAvailable-for-sale securities:\tValue\tLoss\tValue\tLoss\tValue\tLoss\nMortgage-backed securities\t22050\t103\t5601\t51\t27651\t154\nSmall Business Administration pools\t1213\t2\t3434\t17\t4647\t19\nState and local government\t1009\t0\t0\t0\t1009\t0\nCorporate and Other Securities\t1275\t8\t0\t0\t1275\t8\nTotal\t25547\t113\t9035\t68\t34582\t181\n(Dollars in thousands)\tLess than 12 months\t\t12 months or more\t\tTotal\t\nDecember 31 2019\tFair\tUnrealized\tFair\tUnrealized\tFair\tUnrealized\nAvailable-for-sale securities:\tValue\tLoss\tValue\tLoss\tValue\tLoss\nUS Treasury securities\t0\t0\t1508\t3\t1508\t3\nMortgage-backed securities\t57175\t485\t12419\t155\t69594\t640\nSmall Business Administration pools\t7891\t53\t13502\t164\t21393\t217\nState and local government\t5695\t141\t0\t0\t5695\t141\nTotal\t70761\t679\t27429\t322\t98190\t1001\n", "q10k_tbl_15": "September 30 2020\tAvailable-for-sale\t\n\tAmortized\tFair\n(Dollars in thousands)\tCost\tValue\nDue in one year or less\t10573\t10661\nDue after one year through five years\t131512\t136138\nDue after five years through ten years\t116467\t124866\nDue after ten years\t21128\t21807\nTotal\t279680\t293472\n", "q10k_tbl_16": "\tSeptember 30\tDecember 31\tSeptember 30\n(Dollars in thousands)\t2020\t2019\t2019\nCommercial financial and agricultural	\t108006\t51805\t55169\nReal estate:\t\t\t\nConstruction	\t89250\t73512\t58737\nMortgage-residential\t49215\t45357\t47693\nMortgage-commercial\t561932\t527447\t534554\nConsumer:\t\t\t\nHome equity	\t27618\t28891\t29103\nOther	\t8439\t10016\t9818\nTotal\t844460\t737028\t735074\n", "q10k_tbl_17": "(Dollars in thousands)\t\t\t\t\t\t\t\t\n\t\t\tReal estate\tReal estate\tConsumer\t\t\t\n\t\tReal estate\tMortgage\tMortgage\tHome\tConsumer\t\t\n\tCommercial\tConstruction\tResidential\tCommercial\tequity\tOther\tUnallocated\tTotal\nThree months ended September 30 2020\t\t\t\t\t\t\t\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\nBeginning balance June 30 2020\t769\t165\t497\t6469\t293\t132\t611\t8936\nCharge-offs\t0\t(2)\t0\t(1)\t0\t(22)\t0\t(25)\nRecoveries\t118\t2\t0\t4\t1\t15\t0\t140\nProvision for loan losses\t(59)\t12\t96\t982\t36\t(2)\t(3)\t1062\nEnding balance September 30 2020\t828\t177\t593\t7454\t330\t123\t608\t10113\n", "q10k_tbl_18": "(Dollars in thousands)\t\t\t\t\t\t\t\t\n\t\t\tReal estate\tReal estate\tConsumer\t\t\t\n\t\tReal estate\tMortgage\tMortgage\tHome\tConsumer\t\t\n\tCommercial\tConstruction\tResidential\tCommercial\tequity\tOther\tUnallocated\tTotal\nNine months ended September 30 2020\t\t\t\t\t\t\t\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\nBeginning balance December 31 2019\t427\t111\t367\t4602\t240\t97\t783\t6627\nCharge-offs\t0\t(2)\t0\t(1)\t0\t(70)\t0\t(73)\nRecoveries\t121\t2\t0\t13\t2\t34\t0\t172\nProvision for loan losses\t280\t66\t226\t2840\t88\t62\t(175)\t3387\nEnding balance September 30 2020\t828\t177\t593\t7454\t330\t123\t608\t10113\nEnding balances:\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t0\t0\t0\t3\t0\t0\t0\t3\nCollectively evaluated for impairment\t828\t177\t593\t7451\t330\t123\t608\t10110\nSeptember 30 2020 Loans receivable:\t\t\t\t\t\t\t\t\nEnding balance-total\t108006\t89250\t49215\t561932\t27618\t8439\t0\t844460\nEnding balances:\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t0\t0\t327\t2850\t47\t0\t0\t3224\nCollectively evaluated for impairment\t108006\t89250\t48888\t559082\t27571\t8439\t0\t841236\n", "q10k_tbl_19": "(Dollars in thousands)\t\t\t\t\t\t\t\t\n\t\t\tReal estate\tReal estate\tConsumer\t\t\t\n\t\tReal estate\tMortgage\tMortgage\tHome\tConsumer\t\t\n\tCommercial\tConstruction\tResidential\tCommercial\tequity\tOther\tUnallocated\tTotal\nThree months ended September 30 2019\t\t\t\t\t\t\t\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\nBeginning balance June 30 2019\t435\t77\t404\t4458\t247\t101\t640\t6362\nCharge-offs\t(6)\t0\t0\t0\t0\t(30)\t0\t(3)\nRecoveries\t0\t0\t0\t180\t14\t15\t0\t209\nProvision for loan losses\t30\t14\t(19)\t(102)\t(20)\t9\t(113)\t25\nEnding balance September 30 2019\t459\t91\t385\t4536\t241\t95\t753\t6560\n", "q10k_tbl_20": "\t\t\tReal estate\tReal estate\tConsumer\t\t\t\n\t\tReal estate\tMortgage\tMortgage\tHome\tConsumer\t\t\n\tCommercial\tConstruction\tResidential\tCommercial\tequity\tOther\tUnallocated\tTotal\nNine months ended September 30 2019\t\t\t\t\t\t\t\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\nBeginning balance December 31 2018\t430\t89\t431\t4318\t261\t88\t646\t6263\nCharge-offs\t(8)\t0\t(7)\t0\t(1)\t(96)\t0\t(112)\nRecoveries\t0\t0\t0\t221\t14\t35\t0\t270\nProvision for loan losses\t37\t2\t(39)\t(3)\t(33)\t68\t107\t139\nEnding balance September 30 2019\t459\t91\t385\t4536\t241\t95\t753\t6560\nEnding balances:\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t4\t0\t0\t10\t0\t0\t0\t14\nCollectively evaluated for impairment\t455\t91\t385\t4526\t241\t95\t753\t6546\nSeptember 30 2019 Loans receivable:\t\t\t\t\t\t\t\t\nEnding balance-total\t55169\t58737\t47693\t534554\t29103\t9818\t0\t735074\nEnding balances:\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t0\t0\t538\t3541\t72\t0\t0\t4155\nCollectively evaluated for impairment\t55165\t58737\t47155\t531013\t29031\t9818\t0\t730919\n", "q10k_tbl_21": "(Dollars in thousands)\t\t\t\t\t\t\t\t\n\t\t\tReal estate\tReal estate\tConsumer\t\t\t\n\t\tReal estate\tMortgage\tMortgage\tHome\tConsumer\t\t\n\tCommercial\tConstruction\tResidential\tCommercial\tequity\tOther\tUnallocated\tTotal\nDecember 31 2019\t\t\t\t\t\t\t\t\nAllowance for loan losses:\t\t\t\t\t\t\t\t\nBeginning balance December 31 2018\t430\t89\t431\t4318\t261\t88\t646\t6263\nCharge-offs\t(12)\t0\t(12)\t0\t(1)\t(120)\t0\t(145)\nRecoveries\t3\t0\t0\t307\t15\t45\t0\t370\nProvision for loan losses\t6\t22\t(52)\t(23)\t(35)\t84\t137\t139\nEnding balance December 31 2019\t427\t111\t367\t4602\t240\t97\t783\t6627\nEnding balances:\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t0\t0\t0\t6\t0\t0\t0\t6\nCollectively evaluated for impairment\t427\t111\t367\t4596\t240\t97\t783\t6621\nDecember 31 2019 Loans receivable:\t\t\t\t\t\t\t\t\nEnding balance-total\t51805\t73512\t45357\t527447\t28891\t10016\t0\t737028\nEnding balances:\t\t\t\t\t\t\t\t\nIndividually evaluated for impairment\t400\t0\t392\t3135\t70\t0\t0\t3997\nCollectively evaluated for impairment\t51405\t73512\t44965\t524312\t28821\t10016\t0\t733031\n", "q10k_tbl_22": "(Dollars in thousands)\t2020\t2019\nBeginning Balance January 1\t4109\t5937\nNew Loans\t86\t111\nLess loan repayments\t775\t1804\nEnding Balance September 30\t3420\t4244\n", "q10k_tbl_23": "(Dollars in thousands)\tSeptember 30\tDecember 31\n\t2020\t2019\nTotal loans considered impaired	\t3224\t3997\nLoans considered impaired for which there is a related allowance for loan loss:\t\t\nOutstanding loan balance	\t144\t256\nRelated allowance	\t3\t6\nLoans considered impaired and previously written down to fair value	\t2426\t2275\nAverage impaired loans	\t3524\t4431\nAmount of interest earned during period of impairment\t85\t263\n", "q10k_tbl_24": "(Dollars in thousands)\t\t\t\tNine months ended\t\tThree months ended\t\n\t\tUnpaid\t\tAverage\tInterest\tAverage\tInterest\nSeptember 30 2020\tRecorded\tPrincipal\tRelated\tRecorded\tincome\tRecorded\tIncome\n\tInvestment\tBalance\tAllowance\tInvestment\tRecognized\tInvestment\tRecognized\nWith no allowance recorded:\t\t\t\t\t\t\t\nCommercial financial agricultural\t0\t0\t0\t0\t0\t0\t0\nReal estate:\t\t\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\t0\t0\nMortgage-residential\t327\t405\t0\t337\t11\t323\t9\nMortgage-commercial\t2706\t5450\t0\t3071\t217\t3013\t73\nConsumer:\t\t\t\t\t\t\t\nHome equity\t47\t51\t0\t50\t2\t46\t1\nOther\t0\t0\t0\t0\t0\t0\t0\nWith an allowance recorded:\t\t\t\t\t\t\t\nCommercial financial agricultural\t0\t0\t0\t0\t0\t0\t0\nReal estate:\t\t\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\t0\t0\nMortgage-residential\t0\t0\t0\t0\t0\t0\t0\nMortgage-commercial\t144\t144\t3\t200\t9\t142\t2\nConsumer:\t\t\t\t\t\t\t\nHome equity\t0\t0\t0\t0\t0\t0\t0\nOther\t0\t0\t0\t0\t0\t0\t0\nTotal:\t\t\t\t\t\t\t\nCommercial financial agricultural\t0\t0\t0\t0\t0\t0\t0\nReal estate:\t\t\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\t0\t0\nMortgage-residential\t327\t405\t0\t337\t11\t323\t9\nMortgage-commercial\t2850\t5594\t3\t3271\t226\t3155\t75\nConsumer:\t\t\t\t\t\t\t\nHome equity\t47\t51\t0\t50\t2\t46\t1\nOther\t0\t0\t0\t0\t0\t0\t0\n\t3224\t6050\t3\t3658\t239\t3524\t85\n", "q10k_tbl_25": "(Dollars in thousands)\t\t\t\tNine months ended\t\tThree months ended\t\n\t\tUnpaid\t\tAverage\tInterest\tAverage\tInterest\nSeptember 30 2019\tRecorded\tPrincipal\tRelated\tRecorded\tincome\tRecorded\tIncome\n\tInvestment\tBalance\tAllowance\tInvestment\tRecognized\tInvestment\tRecognized\nWith no allowance recorded:\t\t\t\t\t\t\t\nCommercial financial agricultural\t0\t0\t0\t0\t0\t0\t0\nReal estate:\t\t\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\t0\t0\nMortgage-residential\t538\t603\t0\t594\t16\t537\t12\nMortgage-commercial\t3172\t5867\t0\t3259\t131\t3092\t79\nConsumer:\t\t\t\t\t\t\t\nHome equity\t72\t74\t0\t76\t2\t71\t1\nOther\t0\t0\t0\t0\t0\t0\t0\nWith an allowance recorded:\t\t\t\t\t\t\t\nCommercial financial agricultural\t4\t4\t4\t4\t0\t4\t0\nReal estate:\t\t\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\t0\t0\nMortgage-residential\t0\t0\t0\t0\t0\t0\t0\nMortgage-commercial\t369\t369\t10\t421\t19\t326\t6\nConsumer:\t\t\t\t\t\t\t\nHome equity\t0\t0\t0\t0\t0\t0\t0\nOther\t0\t0\t0\t0\t0\t0\t0\nTotal:\t\t\t\t\t\t\t\nCommercial financial agricultural\t4\t4\t4\t4\t0\t4\t0\nReal estate:\t\t\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\t0\t0\nMortgage-residential\t538\t603\t0\t594\t16\t537\t12\nMortgage-commercial\t3541\t6236\t10\t3680\t150\t3418\t85\nConsumer:\t\t\t\t\t\t\t\nHome equity\t72\t74\t0\t76\t2\t71\t1\nOther\t0\t0\t0\t0\t0\t0\t0\n\t4155\t6917\t14\t4354\t168\t4030\t98\n", "q10k_tbl_26": "(Dollars in thousands)\t\t\t\t\t\nDecember 31 2019\t\tUnpaid\t\tAverage\tInterest\n\tRecorded\tPrincipal\tRelated\tRecorded\tIncome\n\tInvestment\tBalance\tAllowance\tInvestment\tRecognized\nWith no allowance recorded:\t\t\t\t\t\nCommercial\t400\t400\t0\t600\t49\nReal estate:\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\nMortgage-residential\t392\t460\t0\t439\t19\nMortgage-commercial\t2879\t5539\t0\t2961\t170\nConsumer:\t\t\t\t\t\nHome Equity\t70\t73\t0\t76\t2\nOther\t0\t0\t0\t0\t0\nWith an allowance recorded:\t\t\t\t\t\nCommercial\t0\t0\t0\t0\t0\nReal estate:\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\nMortgage-residential\t0\t0\t0\t0\t0\nMortgage-commercial\t256\t256\t6\t355\t23\nConsumer:\t\t\t\t\t\nHome Equity\t0\t0\t0\t0\t0\nOther\t0\t0\t0\t0\t0\nTotal:\t\t\t\t\t\nCommercial\t400\t400\t0\t600\t49\nReal estate:\t\t\t\t\t\nConstruction\t0\t0\t0\t0\t0\nMortgage-residential\t392\t460\t0\t439\t19\nMortgage-commercial\t3135\t5795\t6\t3316\t193\nConsumer:\t\t\t\t\t\nHome Equity\t70\t73\t0\t76\t2\nOther\t0\t0\t0\t0\t0\n\t3997\t6728\t6\t4431\t263\n", "q10k_tbl_27": "(Dollars in thousands)\t\t\t\t\t\nSeptember 30 2020\t\tSpecial\t\t\t\n\tPass\tMention\tSubstandard\tDoubtful\tTotal\nCommercial financial & agricultural	\t107813\t193\t0\t0\t108006\nReal estate:\t\t\t\t\t\nConstruction	\t89250\t0\t0\t0\t89250\nMortgage - residential	\t48448\t197\t570\t0\t49215\nMortgage - commercial	\t554270\t4466\t3196\t0\t561932\nConsumer:\t\t\t\t\t\nHome Equity	\t26204\t98\t1316\t0\t27618\nOther	\t8416\t23\t0\t0\t8439\nTotal	\t834401\t4977\t5082\t0\t844460\n(Dollars in thousands)\t\t\t\t\t\nDecember 31 2019\t\tSpecial\t\t\t\n\tPass\tMention\tSubstandard\tDoubtful\tTotal\nCommercial financial & agricultural	\t51166\t239\t400\t0\t51805\nReal estate:\t\t\t\t\t\nConstruction	\t73512\t0\t0\t0\t73512\nMortgage - residential	\t44221\t509\t627\t0\t45357\nMortgage - commercial	\t521072\t2996\t3379\t0\t527447\nConsumer:\t\t\t\t\t\nHome Equity	\t27450\t1157\t284\t0\t28891\nOther	\t9981\t35\t0\t0\t10016\nTotal	\t727402\t4936\t4690\t0\t737028\n", "q10k_tbl_28": "(Dollars in thousands)\tThree Months Ended September 30 2020\tThree Months Ended September 30 2019\nAccretable yield beginning of period\t108\t138\nAdditions\t0\t0\nAccretion\t(7)\t(8)\nReclassification of nonaccretable difference due to improvement in expected cash flows\t0\t0\nOther changes net\t0\t0\nAccretable yield end of period\t101\t130\n", "q10k_tbl_29": "(Dollars in thousands)\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\nAccretable yield beginning of period\t123\t153\nAdditions\t0\t0\nAccretion\t(22)\t(23)\nReclassification of nonaccretable difference due to improvement in expected cash flows\t0\t0\nOther changes net\t0\t0\nAccretable yield end of period\t101\t130\n", "q10k_tbl_30": "(Dollars in thousands)\t\t\tGreater than\t\t\t\t\n\t30-59 Days\t60-89 Days\t90 Days and\t\tTotal\t\t\nSeptember 30 2020\tPast Due\tPast Due\tAccruing\tNonaccrual\tPast Due\tCurrent\tTotal Loans\nCommercial\t19\t0\t0\t1282\t1301\t106705\t108006\nReal estate:\t\t\t\t\t\t\t\nConstruction\t158\t0\t0\t0\t158\t89092\t89250\nMortgage-residential\t12\t412\t34\t327\t785\t48430\t49215\nMortgage-commercial\t0\t0\t0\t0\t0\t561932\t561932\nConsumer:\t\t\t\t\t\t\t\nHome equity\t10\t0\t0\t47\t57\t27561\t27618\nOther\t27\t0\t0\t0\t27\t8412\t8439\n\t226\t412\t34\t1656\t2328\t842132\t844460\n(Dollars in thousands)\t\t\tGreater than\t\t\t\t\n\t30-59 Days\t60-89 Days\t90 Days and\t\tTotal\t\t\nDecember 31 2019\tPast Due\tPast Due\tAccruing\tNonaccrual\tPast Due\tCurrent\tTotal Loans\nCommercial\t0\t99\t0\t400\t499\t51306\t51805\nReal estate:\t\t\t\t\t\t\t\nConstruction\t113\t0\t0\t0\t113\t73399\t73512\nMortgage-residential\t151\t0\t0\t392\t543\t44814\t45357\nMortgage-commercial\t39\t0\t0\t1467\t1506\t525941\t527447\nConsumer:\t\t\t\t\t\t\t\nHome equity\t2\t9\t0\t70\t81\t28810\t28891\nOther\t40\t23\t0\t0\t63\t9953\t10016\n\t345\t131\t0\t2329\t2805\t734223\t737028\n", "q10k_tbl_31": "\tSeptember 30 2020\t\t\t\t\n\t\tFair Value\t\t\t\n(Dollars in thousands)\tCarrying Amount\tTotal\tLevel 1\tLevel 2\tLevel 3\nFinancial Assets:\t\t\t\t\t\nCash and short term investments	\t123510\t123510\t123510\t0\t0\nAvailable-for-sale securities	\t293472\t293472\t2280\t289530\t1662\nOther investments at cost	\t2053\t2053\t0\t0\t2053\nLoans held-for-sale	\t37587\t37587\t0\t37587\t0\nNet loans receivable	\t844460\t823485\t0\t0\t823485\nAccrued interest	\t3957\t3957\t3957\t0\t0\nFinancial liabilities:\t\t\t\t\t\nNon-interest bearing demand	\t365505\t365505\t0\t365505\t0\nInterest bearing demand deposits and money market accounts	\t519653\t519653\t0\t519653\t0\nSavings	\t121865\t121865\t0\t121865\t0\nTime deposits	\t166528\t167652\t0\t167652\t0\nTotal deposits	\t1173551\t1174675\t0\t1174675\t0\nShort term borrowings	\t47142\t47142\t0\t47142\t0\nJunior subordinated debentures	\t14964\t11445\t0\t11445\t0\nAccrued interest payable	\t757\t757\t757\t0\t0\n", "q10k_tbl_32": "\tDecember 31 2019\t\t\t\t\n\t\tFair Value\t\t\t\n(Dollars in thousands)\tCarrying Amount\tTotal\tLevel 1\tLevel 2\tLevel 3\nFinancial Assets:\t\t\t\t\t\nCash and short term investments	\t47692\t47692\t47692\t0\t0\nAvailable-for-sale securities	\t286800\t286800\t23632\t261361\t1807\nOther investments at cost	\t1992\t1992\t0\t0\t1992\nLoans held-for-sale	\t11155\t11155\t0\t11155\t0\nNet loans receivable	\t730401\t728745\t0\t0\t728745\nAccrued interest	\t3481\t3481\t3481\t0\t0\nFinancial liabilities:\t\t\t\t\t\nNon-interest bearing demand	\t289829\t289829\t0\t289829\t0\nInterest bearing demand deposits and money market accounts	\t423256\t423256\t0\t423256\t0\nSavings	\t104456\t104456\t0\t104456\t0\nTime deposits	\t170660\t171558\t0\t171558\t0\nTotal deposits	\t988201\t989099\t0\t989099\t0\nFederal Home Loan Bank advances	\t211\t211\t0\t211\t0\nShort term borrowings	\t33296\t33296\t0\t33296\t0\nJunior subordinated debentures	\t14964\t13161\t0\t13161\t0\nAccrued interest payable	\t1033\t1033\t1033\t0\t0\n", "q10k_tbl_33": "Description\tSeptember 30 2020\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\nAvailable-for-sale securities\t\t\t\t\nUS treasury securities\t1510\t0\t1510\t0\nGovernment sponsored enterprises\t1010\t0\t1010\t0\nMortgage-backed securities\t179050\t0\t177594\t1456\nSmall Business Administration pools\t37272\t0\t37066\t206\nState and local government\t71355\t2280\t69075\t0\nCorporate and other securities\t3275\t0\t3275\t0\nTotal\t293472\t2280\t289530\t1662\nLoans held-for-sale\t37587\t0\t37587\t0\nTotal\t331059\t2280\t327117\t1662\n", "q10k_tbl_34": "Description\tDecember 31 2019\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\nAvailable-for-sale securities\t\t\t\t\nUS treasury securities\t7203\t0\t7203\t0\nGovernment sponsored enterprises\t1001\t0\t1001\t0\nMortgage-backed securities\t183586\t18435\t163344\t1807\nSmall Business Administration securities\t45343\t0\t45343\t0\nState and local government\t49648\t5188\t44460\t0\nCorporate and other securities\t19\t9\t10\t0\n\t286800\t23632\t261361\t1807\nLoans held-for-sale\t11155\t0\t11155\t0\nTotal\t297955\t23632\t272516\t1807\n", "q10k_tbl_35": "(Dollars in thousands)\t\t\t\t\nDescription\tSeptember 30 2020\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\nImpaired loans:\t\t\t\t\nCommercial & Industrial\t0\t0\t0\t0\nReal estate:\t\t\t\t\nMortgage-residential\t327\t0\t0\t327\nMortgage-commercial\t2847\t0\t0\t2847\nConsumer:\t\t\t\t\nHome equity\t47\t0\t0\t47\nOther\t0\t0\t0\t0\nTotal impaired\t3221\t0\t0\t3221\nOther real estate owned:\t\t\t\t\nConstruction\t767\t0\t0\t767\nMortgage-commercial\t546\t0\t0\t546\nTotal other real estate owned\t1313\t0\t0\t1313\nTotal\t4534\t0\t0\t4534\n", "q10k_tbl_36": "(Dollars in thousands)\t\t\t\t\nDescription\tDecember 31 2019\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\nImpaired loans:\t\t\t\t\nCommercial & Industrial\t400\t0\t0\t400\nReal estate:\t\t\t\t\nMortgage-residential\t392\t0\t0\t392\nMortgage-commercial\t3129\t0\t0\t3129\nConsumer:\t\t\t\t\nHome equity\t70\t0\t0\t70\nOther\t0\t0\t0\t0\nTotal impaired\t3991\t0\t0\t3991\nOther real estate owned:\t\t\t\t\nConstruction\t826\t0\t0\t826\nMortgage-residential\t584\t0\t0\t584\nTotal other real estate owned\t1410\t0\t0\t1410\nTotal\t5401\t0\t0\t5401\n", "q10k_tbl_37": "(Dollars in thousands)\tFair Value as of September 30 2020\tValuation Technique\tSignificant Observable Inputs\tSignificant Unobservable Inputs\nOREO\t 1313\tAppraisal Value/Comparison Sales/Other estimates\tAppraisals and or sales of comparable properties\tAppraisals discounted 6% to 16% for sales commissions and other holding cost\nImpaired loans\t 3221\tAppraisal Value\tAppraisals and or sales of comparable properties\tAppraisals discounted 6% to 16% for sales commissions and other holding cost\n(Dollars in thousands)\tFair Value as of December 31 2019\tValuation Technique\tSignificant Observable Inputs\tSignificant Unobservable Inputs\nOREO\t 1410\tAppraisal Value/Comparison Sales/Other estimates\tAppraisals and or sales of comparable properties\tAppraisals discounted 6% to 16% for sales commissions and other holding cost\nImpaired loans\t 3991\tAppraisal Value\tAppraisals and or sales of comparable properties\tAppraisals discounted 6% to 16% for sales commissions and other holding cost\n", "q10k_tbl_38": "\tSeptember 30\tDecember 31\n(Dollars in thousands)\t2020\t2019\nNon-interest bearing demand deposits\t365505\t289829\nInterest bearing demand deposits and money market accounts\t519653\t423256\nSavings\t121865\t104456\nTime deposits\t166528\t170660\nTotal deposits\t1173551\t988201\n", "q10k_tbl_39": "(Dollars in thousands)\tCommercial\t\tInvestment\t\t\t\nNine months ended September 30 2020\tand Retail\tMortgage\tadvisory and\t\t\t\n\tBanking\tBanking\tnon-deposit\tCorporate\tEliminations\tConsolidated\nDividend and Interest Income\t31112\t1240\t0\t3167\t(3167)\t32352\nInterest expense\t2588\t0\t0\t428\t0\t3016\nNet interest income\t28524\t1240\t0\t2739\t(3167)\t29336\nProvision for loan losses\t3387\t0\t0\t0\t0\t3387\nNoninterest income\t4231\t3957\t1977\t0\t0\t10165\nNoninterest expense\t22505\t3628\t1361\t389\t0\t27883\nNet income before taxes\t6863\t1569\t616\t2350\t(3167)\t8231\nIncome tax provision (benefit)\t1738\t0\t0\t(170)\t0\t1568\nNet income\t5125\t1569\t616\t2520\t(3167)\t6663\n(Dollars in thousands)\tCommercial\t\tInvestment\t\t\t\nNine months ended September 30 2019\tand Retail\tMortgage\tadvisory and\t\t\t\n\tBanking\tBanking\tnon-deposit\tCorporate\tEliminations\tConsolidated\nDividend and Interest Income\t31081\t745\t0\t6077\t(6059)\t31844\nInterest expense\t3772\t0\t0\t583\t0\t4355\nNet interest income\t27309\t745\t0\t5494\t(6059)\t27489\nProvision for loan losses\t139\t0\t0\t0\t0\t139\nNoninterest income\t4039\t3333\t1436\t0\t0\t8808\nNoninterest expense\t21416\t2754\t1302\t281\t0\t25753\nNet income before taxes\t9793\t1324\t134\t5213\t(6059)\t10405\nIncome tax provision (benefit)\t2330\t0\t0\t(199)\t0\t2131\nNet income\t7463\t1324\t134\t5412\t(6059)\t8274\n", "q10k_tbl_40": "(Dollars in thousands)\tCommercial\t\tInvestment\t\t\t\nThree months ended September 30 2020\tand Retail\tMortgage\tadvisory and\t\t\t\n\tBanking\tBanking\tnon-deposit\tCorporate\tEliminations\tConsolidated\nDividend and Interest Income\t10468\t508\t0\t1038\t(1038)\t10976\nInterest expense\t685\t0\t0\t115\t0\t800\nNet interest income\t9783\t508\t0\t923\t(1038)\t10176\nProvision for loan losses\t1062\t0\t0\t0\t0\t1062\nNoninterest income\t1775\t1403\t672\t0\t0\t3850\nNoninterest expense\t7763\t1353\t466\t132\t0\t9714\nNet income before taxes\t2733\t558\t206\t791\t(1038)\t3250\nIncome tax provision (benefit)\t649\t0\t0\t(51)\t0\t598\nNet income\t2084\t558\t206\t842\t(1038)\t2652\n(Dollars in thousands)\tCommercial\t\tInvestment\t\t\t\nThree months ended September 30 2019\tand Retail\tMortgage\tadvisory and\t\t\t\n\tBanking\tBanking\tnon-deposit\tCorporate\tEliminations\tConsolidated\nDividend and Interest Income\t10600\t257\t0\t3036\t(3029)\t10864\nInterest expense\t1322\t0\t0\t189\t0\t1511\nNet interest income\t9278\t257\t0\t2847\t(3029)\t9353\nProvision for loan losses\t25\t0\t0\t0\t0\t25\nNoninterest income\t1353\t1251\t509\t0\t0\t3113\nNoninterest expense\t7246\t999\t440\t105\t0\t8790\nNet income before taxes\t3360\t509\t69\t2742\t(3029)\t3651\nIncome tax provision (benefit)\t813\t0\t0\t(60)\t0\t753\nNet income\t2547\t509\t69\t2802\t(3029)\t2898\n\tCommercial\t\tInvestment\t\t\t\n(Dollars in thousands)\tand Retail\tMortgage\tadvisory and\t\t\t\n\tBanking\tBanking\tnon-deposit\tCorporate\tEliminations\tConsolidated\nTotal Assets as of September 30 2020\t1323796\t57324\t1\t133378\t(132695)\t1381804\nTotal Assets as of December 31 2019\t1143934\t25673\t2\t132890\t(132220)\t1170279\n", "q10k_tbl_41": "(Dollars in thousands)\t\t\t\n\t\tLease\tLiability\nYear\tCash\tExpense\tReduction\n2020\t74\t35\t39\n2021\t298\t133\t165\n2022\t303\t126\t177\n2023\t309\t118\t191\n2024\t282\t110\t172\nThereafter\t3200\t790\t2410\nTotal\t4466\t1312\t3154\n", "q10k_tbl_42": "Industry Segments\tOutstanding\t% of Loan\tAvg. Loan\tAvg. Loan to\n(Dollars in millions)\tLoan Balance\tPortfolio\tSize\tValue\nHotels\t30.3\t3.5%\t2.2\t71%\nRestaurants\t22.6\t2.6%\t0.7\t69%\nAssisted Living\t8.8\t1.0%\t1.8\t48%\nRetail\t79.8\t9.1%\t0.6\t57%\n", "q10k_tbl_43": "Dollars in thousands\t\tPrompt Corrective Action (PCA) Requirements\t\tExcess Capital $s of PCA Requirements\t\nCapital Ratios\tActual\tWell Capitalized\tAdequately Capitalized\tWell Capitalized\tAdequately Capitalized\nSeptember 30 2020\t\t\t\t\t\nLeverage Ratio\t8.95%\t5.00%\t4.00%\t51958\t65107\nCommon Equity Tier 1 Capital Ratio\t12.96%\t6.50%\t4.50%\t58688\t76846\nTier 1 Capital Ratio\t12.96%\t8.00%\t6.00%\t45070\t63228\nTotal Capital Ratio\t14.08%\t10.00%\t8.00%\t37026\t55183\nDecember 31 2019\t\t\t\t\t\nLeverage Ratio\t9.97%\t5.00%\t4.00%\t56197\t67508\nCommon Equity Tier 1 Capital Ratio\t13.47%\t6.50%\t4.50%\t58345\t75086\nTier 1 Capital Ratio\t13.47%\t8.00%\t6.00%\t45789\t62530\nTotal Capital Ratio\t14.26%\t10.00%\t8.00%\t35675\t52416\n", "q10k_tbl_44": "\tNine Months Ended\t\n\tSeptember 30\t\n(Dollars in thousands)\t2020\t2019\nAverage loans outstanding (excluding loans held-for-sale)\t792059\t723003\nLoans outstanding at period end (excluding loans held-for-sale)\t844460\t735074\nNon-performing assets:\t\t\nNonaccrual loans\t1656\t2275\nLoans 90 days past due still accruing\t34\t33\nForeclosed real estate\t1313\t1412\nRepossessed-other\t0\t0\nTotal non-performing assets\t3003\t3720\nBeginning balance of allowance\t6627\t6263\nLoans charged-off:\t\t\nCommercial\t0\t8\nReal Estate - Construction\t2\t0\nReal Estate Mortgage - Residential\t0\t7\nReal Estate Mortgage - Commercial\t1\t0\nConsumer - Home Equity\t0\t1\nConsumer - Other\t70\t96\nTotal loans charged-off\t73\t112\nRecoveries:\t\t\nCommercial\t121\t0\nReal Estate - Construction\t2\t0\nReal Estate Mortgage - Residential\t0\t0\nReal Estate Mortgage - Commercial\t13\t221\nConsumer - Home Equity\t2\t14\nConsumer - Other\t34\t35\nTotal recoveries\t172\t270\nNet loan recoveries / (charge offs)\t99\t158\nProvision for loan losses\t3387\t139\nBalance at period end\t10113\t6560\nNet recoveries / (charge offs) to average loans (annualized)\t0.02%\t0.00%\nAllowance as percent of total loans\t1.20%\t0.88%\nNon-performing assets as % of total assets\t0.22%\t0.33%\nAllowance as % of non-performing loans\t598.40%\t284.23%\n", "q10k_tbl_45": "(Dollars in thousands)\tSeptember 30 2020\t\tDecember 31 2019\t\n\t\t% of loans in\t\t% of loans in\n\tAmount\tCategory\tAmount\tCategory\nCommercial Financial and Agricultural\t828\t8.7%\t427\t7.3%\nReal Estate - Construction\t177\t1.9%\t111\t1.9%\nReal Estate Mortgage:\t\t\t\t\nResidential\t593\t6.2%\t367\t6.3%\nCommercial\t7454\t78.4%\t4602\t78.7%\nConsumer:\t\t\t\t\nHome Equity\t330\t3.5%\t240\t4.1%\nOther\t123\t1.3%\t97\t1.7%\nUnallocated\t608\tN/A\t783\tN/A\nTotal\t10113\t100.0%\t6627\t100.0%\n", "q10k_tbl_46": "(Dollars in thousands)\tNine months ended September 30\t\n\t2020\t2019\nATM debit card income\t1660\t1525\nIncome on bank owned life insurance\t547\t515\nRental income\t200\t212\nLoan late charges\t79\t84\nSafe deposit fees\t39\t39\nWire transfer fees\t67\t60\nOther\t231\t260\nTotal\t2823\t2695\n", "q10k_tbl_47": "(Dollars in thousands)\tNine months ended September 30\t\n\t2020\t2019\nData processing\t2320\t2008\nSupplies\t93\t107\nTelephone\t267\t323\nCourier\t117\t107\nCorrespondent services\t209\t174\nInsurance\t235\t185\nPostage\t28\t37\nLegal and professional fees\t864\t738\nLoss on limited partnership interest\t0\t45\nDirector fees\t255\t255\nShareholder expense\t146\t126\nDues\t111\t108\nSubscriptions\t109\t141\nLoan closing costs/fees\t273\t250\nOther\t625\t785\nTotal\t5652\t5389\n", "q10k_tbl_48": "(Dollars in thousands)\tThree months ended September 30\t\n\t2020\t2019\nATM debit card income\t596\t530\nIncome on bank owned life insurance\t182\t174\nRental income\t74\t72\nLoan late charges\t20\t35\nSafe deposit fees\t12\t12\nWire transfer fees\t25\t22\nOther\t73\t87\nTotal\t982\t932\n", "q10k_tbl_49": "(Dollars in thousands)\tThree months ended\t\n\tSeptember 30\t\n\t2020\t2019\nData processing\t787\t732\nSupplies\t26\t23\nTelephone\t97\t112\nCourier\t34\t40\nCorrespondent services\t73\t53\nInsurance\t79\t64\nPostage\t8\t14\nLegal and professional fees\t335\t296\nLoss on limited partnership interest\t0\t22\nDirector fees\t83\t72\nShareholder expense\t48\t48\nDues\t38\t38\nSubscriptions\t34\t47\nLoan closing costs/fees\t97\t89\nOther\t181\t294\n\t1920\t1944\n", "q10k_tbl_50": "(Dollars in thousands)\tSeptember 30 2020\t\tDecember 31 2019\t\n\tAmount\tPercent\tAmount\tPercent\nCommercial financial & agricultural\t108006\t12.8%\t51805\t7.0%\nReal estate:\t\t\t\t\nConstruction\t89250\t10.6%\t73512\t10.0%\nMortgage - residential\t49215\t5.8%\t45357\t6.2%\nMortgage - commercial\t561932\t66.5%\t527447\t71.5%\nConsumer:\t\t\t\t\nHome Equity\t27618\t3.3%\t28891\t3.9%\nOther\t8439\t1.0%\t10016\t1.4%\nTotal gross loans\t844460\t100.0%\t737028\t100.0%\nAllowance for loan losses\t(10113)\t\t(6627)\t\nTotal net loans\t834347\t\t730401\t\n", "q10k_tbl_51": "Change in short-term interest rates\tHypothetical percentage change in net interest income\t\n\tSeptember 30 2020\tDecember 31 2019\n+200bp	\t1.03%\t-2.30%\n+100bp	\t0.57%\t-1.09%\nFlat	\t0\t0\n-100bp\t-1.31%\t-1.88%\n-200bp\t-1.32%\t-5.08%\n", "q10k_tbl_52": "Dollars in thousands\t\tPrompt Corrective Action (PCA) Requirements\t\tExcess Capital $s of PCA Requirements\t\nCapital Ratios\tActual\tWell Capitalized\tAdequately Capitalized\tWell Capitalized\tAdequately Capitalized\nSeptember 30 2020\t\t\t\t\t\nLeverage Ratio\t8.95%\t5.00%\t4.00%\t51958\t65107\nCommon Equity Tier 1 Capital Ratio\t12.96%\t6.50%\t4.50%\t58688\t76846\nTier 1 Capital Ratio\t12.96%\t8.00%\t6.00%\t45070\t63228\nTotal Capital Ratio\t14.08%\t10.00%\t8.00%\t37026\t55183\nDecember 31 2019\t\t\t\t\t\nLeverage Ratio\t9.97%\t5.00%\t4.00%\t56197\t67508\nCommon Equity Tier 1 Capital Ratio\t13.47%\t6.50%\t4.50%\t58345\t75086\nTier 1 Capital Ratio\t13.47%\t8.00%\t6.00%\t45789\t62530\nTotal Capital Ratio\t14.26%\t10.00%\t8.00%\t35675\t52416\n", "q10k_tbl_53": "\tNine months ended September 30 2020\t\t\tNine months ended September 30 2019\t\t\n\tAverage\tInterest\tYield/\tAverage\tInterest\tYield/\n\tBalance\tEarned/Paid\tRate\tBalance\tEarned/Paid\tRate\nAssets\t\t\t\t\t\t\nEarning assets\t\t\t\t\t\t\nLoans\t\t\t\t\t\t\nPPP loans\t27088\t577\t2.85%\t0\t0\tNA\nNon-PPP loans\t788636\t26677\t4.52%\t731033\t26492\t4.85%\nTotal loans\t815724\t27254\t4.46%\t731033\t26492\t4.85%\nSecurities\t293724\t4862\t2.21%\t252357\t4924\t2.61%\nOther short-term investments\t56532\t236\t0.56%\t23736\t428\t2.41%\nTotal earning assets\t1165980\t32352\t3.71%\t1007126\t31844\t4.23%\nCash and due from banks\t15142\t\t\t13983\t\t\nPremises and equipment\t34853\t\t\t35832\t\t\nGoodwill and other intangibles\t15967\t\t\t16442\t\t\nOther assets\t39975\t\t\t37331\t\t\nAllowance for loan losses\t(8052)\t\t\t(6372)\t\t\nTotal assets\t1263865\t\t\t1104342\t\t\nLiabilities\t\t\t\t\t\t\nInterest-bearing liabilities\t\t\t\t\t\t\nInterest-bearing transaction accounts\t235346\t220\t0.12%\t204300\t443\t0.29%\nMoney market accounts\t210212\t674\t0.43%\t179063\t1283\t0.96%\nSavings deposits\t110095\t65\t0.08%\t105054\t104\t0.13%\nTime deposits\t167150\t1456\t1.16%\t177415\t1571\t1.18%\nOther borrowings\t67504\t601\t1.19%\t52861\t954\t2.41%\nTotal interest-bearing liabilities\t790307\t3016\t0.51%\t718693\t4355\t0.81%\nDemand deposits\t332975\t\t\t258124\t\t\nOther liabilities\t13195\t\t\t11422\t\t\nShareholders' equity\t127388\t\t\t116103\t\t\nTotal liabilities and shareholders' equity\t1263865\t\t\t1104342\t\t\nCost of deposits including demand deposits\t\t\t0.31%\t\t\t0.49%\nCost of funds including demand deposits\t\t\t0.36%\t\t\t0.60%\nNet interest spread\t\t\t3.20%\t\t\t3.42%\nNet interest income margin - excluding PPP loans\t\t28759\t3.37%\t\t27489\t3.65%\nNet interest income/margin - including PPP loans\t\t29336\t3.36%\t\t27489\t3.65%\nNet interest income/margin (tax equivalent) - excl. PPP loans\t\t29046\t3.41%\t\t27772\t3.69%\nNet interest income/margin (tax equivalent) - incl. PPP loans\t\t29623\t3.39%\t\t27772\t3.69%\n", "q10k_tbl_54": "\tThree months ended September 30 2020\t\t\tThree months ended September 30 2019\t\t\n\tAverage\tInterest\tYield/\tAverage\tInterest\tYield/\n\tBalance\tEarned/Paid\tRate\tBalance\tEarned/Paid\tRate\nAssets\t\t\t\t\t\t\nEarning assets\t\t\t\t\t\t\nLoans\t\t\t\t\t\t\nPPP loans\t49203\t360\t2.91%\t0\t0\tNA\nNon-PPP loans\t818893\t9048\t4.40%\t740150\t9092\t4.87%\nTotal loans\t868096\t9408\t4.31%\t740150\t9092\t4.87%\nSecurities\t299858\t1525\t2.02%\t254801\t1609\t2.51%\nOther short-term investments\t80653\t43\t0.21%\t27248\t163\t2.37%\nTotal earning assets\t1248607\t10976\t3.50%\t1022199\t10864\t4.22%\nCash and due from banks\t15568\t\t\t14578\t\t\nPremises and equipment\t34721\t\t\t36198\t\t\nGoodwill and other intangibles\t15872\t\t\t16311\t\t\nOther assets\t39751\t\t\t37185\t\t\nAllowance for loan losses\t(9410)\t\t\t(6447)\t\t\nTotal Assets\t1345109\t\t\t1120024\t\t\nLiabilities\t\t\t\t\t\t\nInterest-bearing liabilities\t\t\t\t\t\t\nInterest-bearing transaction accounts\t256990\t57\t0.09%\t216163\t158\t0.29%\nMoney market accounts\t228502\t146\t0.25%\t180758\t461\t1.01%\nSavings deposits\t117818\t18\t0.06%\t99693\t33\t0.13%\nTime deposits\t166070\t438\t1.05%\t175430\t567\t1.28%\nOther borrowings\t63312\t141\t0.89%\t52020\t292\t2.23%\nTotal interest-bearing liabilities\t832692\t800\t0.38%\t724064\t1511\t0.83%\nDemand deposits\t367597\t\t\t266555\t\t\nOther liabilities\t13083\t\t\t12175\t\t\nShareholders' equity\t131737\t\t\t117230\t\t\nTotal liabilities and shareholders' equity\t1345109\t\t\t1120024\t\t\nCost of deposits including demand deposits\t\t\t0.23%\t\t\t0.52%\nCost of funds including demand deposits\t\t\t0.27%\t\t\t0.61%\nNet interest spread\t\t\t3.12%\t\t\t3.39%\nNet interest income/margin - excluding PPP loans\t\t9816\t3.26%\t\t9353\t3.63%\nNet interest income/margin - including PPP loans\t\t10176\t3.24%\t\t9353\t3.63%\nNet interest income/margin (tax equivalent) - excl. PPP loans\t\t9922\t3.29%\t\t9428\t3.66%\nNet interest income/margin (tax equivalent) - incl. PPP loans\t\t10282\t3.28%\t\t9428\t3.66%\n", "q10k_tbl_55": "Exhibit\tDescription\n3.1\tRestated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed on June 27 2011).\n3.2\tArticles of Amendment (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed on May 23 2019).\n3.3\tAmended and Restated Bylaws dated May 21 2019 (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed on May 22 2019).\n31.1\tRule 13a-14(a) Certification of the Principal Executive Officer.\n31.2\tRule 13a-14(a) Certification of the Principal Financial Officer.\n32\tSection 1350 Certifications\n101\tThe following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30 2020 formatted in iXBRL (Inline eXtensible Business Reporting Language); (i) Consolidated Balance Sheets at September 30 2020 and December 31 2019 (ii) Consolidated Statements of Income for the three and nine months ended September 30 2020 and 2019 (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 2020 and 2019 (iv) Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30 2020 and 2019 (v) Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019 and (vi) Notes to Consolidated Financial Statements. Cover Page Interactive Data File.\n104\tCover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_39", "cf": "q10k_tbl_10"}None
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2020
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 Carolina29072
(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. Yesx 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). xYeso 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 Filerx
Non-accelerated filer o
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 oNox
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: On November 6, 2020, 7,492,908 shares of the issuer’s common stock, par value $1.00 per share, were issued and outstanding.
EX-31.1 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
EX-31.2 RULE 13A-14(A) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
EX-32 SECTION 1350 CERTIFICATIONS
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
FIRST COMMUNITY CORPORATION
CONSOLIDATED BALANCE SHEETS
September 30,
(Dollars in thousands, except par value)
2020
December 31,
(Unaudited)
2019
ASSETS
Cash and due from banks
$
17,279
$
14,951
Interest-bearing bank balances
106,231
32,741
Investment securities - available-for-sale
293,472
286,800
Other investments, at cost
2,053
1,992
Loans held-for-sale
37,587
11,155
Loans
844,460
737,028
Less, allowance for loan losses
10,113
6,627
Net loans
834,347
730,401
Property, furniture and equipment - net
34,527
35,008
Lease right-of-use asset
3,078
3,215
Premises held-for-sale
591
591
Bank owned life insurance
28,588
28,041
Other real estate owned
1,313
1,410
Intangible assets
1,188
1,483
Goodwill
14,637
14,637
Other assets
6,913
7,854
Total assets
$
1,381,804
$
1,170,279
LIABILITIES
Deposits:
Non-interest bearing
$
365,505
$
289,829
Interest bearing
808,046
698,372
Total deposits
1,173,551
988,201
Securities sold under agreements to repurchase
47,142
33,296
Federal Home Loan Bank advances
—
211
Junior subordinated debentures
14,964
14,964
Lease liability
3,154
3,266
Other liabilities
9,749
10,147
Total liabilities
1,248,560
1,050,085
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 7,492,908 at September 30, 2020 7,440,026 at December 31, 2019
7,493
7,440
Nonvested restricted stock
(327
)
(151
)
Additional paid in capital
91,270
90,488
Retained earnings
23,912
19,927
Accumulated other comprehensive income
10,896
2,490
Total shareholders’ equity
133,244
120,194
Total liabilities and shareholders’ equity
$
1,381,804
$
1,170,279
See Notes to Consolidated Financial Statements
1
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Nine
Nine
Months Ended
Months Ended
September 30,
September 30,
2020
2019
(Dollars in thousands, except per share amounts)
(Unaudited)
(Unaudited)
Interest income:
Loans, including fees
$
27,254
$
26,492
Taxable securities
3,797
3,840
Non-taxable securities
1,065
1,084
Other short-term investments
224
410
Other
12
18
Total interest income
32,352
31,844
Interest expense:
Deposits
2,415
3,401
Securities sold under agreement to repurchase
166
303
Other borrowed money
435
651
Total interest expense
3,016
4,355
Net interest income
29,336
27,489
Provision for loan losses
3,387
139
Net interest income after provision for loan losses
25,949
27,350
Non-interest income:
Deposit service charges
851
1,212
Mortgage banking income
3,957
3,333
Investment advisory fees and non-deposit commissions
1,977
1,436
Gain on sale of securities
99
135
Gain (loss) on sale of other assets
147
(3
)
Non-recurring bank owned life insurance (BOLI) income
311
—
Other
2,823
2,695
Total non-interest income
10,165
8,808
Non-interest expense:
Salaries and employee benefits
17,580
15,845
Occupancy
2,058
2,005
Equipment
934
1,140
Marketing and public relations
943
764
FDIC assessments
267
135
Other real estate expense
154
78
Amortization of intangibles
295
397
Other
5,652
5,389
Total non-interest expense
27,883
25,753
Net income before tax
8,231
10,405
Income taxes
1,568
2,131
Net income
$
6,663
$
8,274
Basic earnings per common share
$
0.90
$
1.10
Diluted earnings per common share
$
0.89
$
1.08
See Notes to Consolidated Financial Statements
2
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three
Three
Months Ended
Months Ended
September 30,
September 30,
2020
2019
(Dollars in thousands, except per share amounts)
(Unaudited)
(Unaudited)
Interest income:
Loans, including fees
$
9,408
$
9,091
Taxable securities
1,135
1,259
Non-taxable securities
390
350
Other short-term investments
40
158
Other
3
6
Total interest income
10,976
10,864
Interest expense:
Deposits
659
1,219
Securities sold under agreement to repurchase
25
102
Other borrowed money
116
190
Total interest expense
800
1,511
Net interest income
10,176
9,353
Provision for loan losses
1,062
25
Net interest income after provision for loan losses
9,114
9,328
Non-interest income:
Deposit service charges
242
421
Mortgage banking income
1,403
1,251
Investment advisory fees and non-deposit commissions
672
509
Gain on sale of securities
99
—
Gain on sale of other assets
141
—
Non-recurring bank owned life insurance (BOLI) income
311
—
Other
982
932
Total non-interest income
3,850
3,113
Non-interest expense:
Salaries and employee benefits
6,087
5,465
Occupancy
736
703
Equipment
318
365
Marketing and public relations
342
159
FDIC assessment
137
(10
)
Other real estate expense
79
31
Amortization of intangibles
95
133
Other
1,920
1,944
Total non-interest expense
9,714
8,790
Net income before tax
3,250
3,651
Income taxes
598
753
Net income
$
2,652
$
2,898
Basic earnings per common share
$
0.36
$
0.39
Diluted earnings per common share
$
0.35
$
0.39
See Notes to Consolidated Financial Statements
3
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)
Nine months ended September 30,
2020
2019
Net income
$
6,663
$
8,274
Other comprehensive income:
Unrealized gain during the period on available-for-sale securities, net of tax expense of $2,255 and $1,511, respectively
8,484
5,677
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax benefit $21 and $29, respectively
(78
)
(106
)
Other comprehensive income
8,406
5,571
Comprehensive income
$
15,069
$
13,845
(Dollars in thousands)
Three months ended September 30,
2020
2019
Net income
$
2,652
$
2,898
Other comprehensive income:
Unrealized gain during the period on available-for-sale securities, net of tax expense of $160 and $271, respectively
602
1,232
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax benefit of $21 and $0, respectively
(78
)
—
Other comprehensive income
524
1,232
Comprehensive income
$
3,176
$
4,130
See Notes to Consolidated Financial Statements
4
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Nine months ended September 30, 2020 and 2019
(Unaudited)
Accumulated
Common
Additional
Nonvested
Other
(Dollars and shares 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
6,663
6,663
Other comprehensive income net of tax expense of $2,234
8,406
8,406
Issuance of common stock
4
4
Issuance of restricted stock
18
18
348
(366
)
—
Issuance of common stock-deferred compensation
18
18
182
200
Amortization of compensation on restricted stock
190
190
Shares retired
(1
)
(1
)
(14
)
(15
)
Dividends: Common ($0.36 per share)
(2,678
)
(2,678
)
Dividend reinvestment plan
18
18
262
280
Balance, September 30, 2020
7,493
$
7,493
$
91,270
$
(327
)
$
23,912
$
10,896
$
133,244
Accumulated
Common
Common
Additional
Nonvested
Other
(Dollars and shares in thousands)
Shares
Common
Stock
Paid-in
Restricted
Retained
Comprehensive
Issued
Stock
Warrants
Capital
Stock
Earnings
Income (loss)
Total
Balance, December 31, 2018
7,639
$
7,639
$
31
$
95,048
$
(149
)
$
12,262
$
(2,334
)
$
112,497
Net Income
8,274
8,274
Other comprehensive income net of tax expense of $1,482
5,571
5,571
Issuance of restricted stock
8
8
162
(170
)
—
Amortization of compensation on restricted stock
124
124
Shares retired
(8
)
(8
)
(148
)
(156
)
Exercise of warrants
26
26
(18
)
(8
)
—
Stock repurchase plan
(300
)
(300
)
(5,338
)
(5,638
)
Issuance of common stock - deferred compensation
24
24
241
265
Dividends: Common ($0.33 per share)
(2,512
)
(2,512
)
Dividend reinvestment plan
20
20
335
355
Balance, September 30, 2019
7,409
$
7,409
$
13
$
90,292
$
(195
)
$
18,024
$
3,237
$
118,780
See Notes to Consolidated Financial Statements
5
FIRST COMMUNITY CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
Accumulated
Common
Additional
Nonvested
Other
(Dollars and shares 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 expense 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
(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
Net income
2,217
2,217
Other comprehensive income net of tax expense of $1,196
4,501
4,501
Issuance of common stock-Deferred Compensation
18
18
182
200
Amortization of compensation on restricted stock
69
69
Dividends: Common ($0.12 per share)
(892
)
(892
)
Dividend reinvestment plan
6
6
86
92
Balance, June 30, 2020
7,486
$
7,486
$
91,184
$
(396
)
$
22,155
$
10,372
$
130,801
Net income
2,652
2,652
Other comprehensive income net of tax expense of $139