10-Q | 2018-09-30 | Quarter: 2018-09-30 |
10-Q | 2018-06-30 | Quarter: 2018-06-30 |
10-Q | 2018-03-31 | Quarter: 2018-03-31 |
10-K | 2017-12-31 | Annual: 2017-12-31 |
10-Q | 2017-09-30 | Quarter: 2017-09-30 |
10-Q | 2017-06-30 | Quarter: 2017-06-30 |
10-Q | 2017-03-31 | Quarter: 2017-03-31 |
10-K | 2016-12-31 | Annual: 2016-12-31 |
10-Q | 2016-09-30 | Quarter: 2016-09-30 |
10-Q | 2016-06-30 | Quarter: 2016-06-30 |
10-Q | 2016-03-31 | Quarter: 2016-03-31 |
10-K | 2015-12-31 | Annual: 2015-12-31 |
8-K | 2019-01-30 | Regulation FD, Exhibits |
8-K | 2019-01-23 | Earnings, Exhibits |
8-K | 2019-01-23 | Earnings, Exhibits |
8-K | 2018-10-24 | Earnings, Exhibits |
8-K | 2018-08-08 | Officers, Amend Bylaw, Exhibits |
8-K | 2018-07-24 | Earnings, Exhibits |
8-K | 2018-05-08 | Shareholder Vote |
8-K | 2018-04-18 | Earnings, Exhibits |
8-K | 2018-02-20 | Officers, Amend Bylaw, Other Events, Exhibits |
8-K | 2018-01-30 | Earnings, Exhibits |
SRVA | Sirva |
CGND | China Grand Resorts |
GDRZF | Gold Reserve |
PNTTE | Punto Group |
OMTK | Omnitek Engineering |
CRMZ | Creditriskmonitor Com |
BCTCV | Boston Capital Tax Credit Fund V |
GCC | Wisdomtree Continuous Commodity Index Master Fund |
DBV | Invesco DB G10 Currency Harvest Fund |
CYS | CYS Investments |
Part I - Financial Information |
Item 1. Financial Statements |
Note 1. General |
Note 2. Securities |
Note 3. Loans |
Note 4. Allowance for Loan Losses |
Note 5. Other Real Estate Owned (Oreo) |
Note 6. Other Borrowings |
Note 7. Capital Requirements |
Note 8. Subordinated Debt |
Note 9. Junior Subordinated Debt |
Note 10. Benefit Plans |
Note 11. Earnings per Common Share |
Note 12. Fair Value Measurements |
Note 13. Stock Compensation Plans |
Note 14. Accumulated Other Comprehensive Loss |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II - Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | exhibit3119302018.htm |
EX-31.2 | exhibit3129302018.htm |
EX-32.1 | exhibit3219302018.htm |
EX-32.2 | exhibit3229302018.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Virginia | 54-1232965 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
112 West King Street, Strasburg, Virginia | 22657 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. |
(unaudited) September 30, 2018 | December 31, 2017* | ||||||
Assets | |||||||
Cash and due from banks | $ | 11,370 | $ | 11,358 | |||
Interest-bearing deposits in banks | 10,068 | 28,628 | |||||
Securities available for sale, at fair value | 102,748 | 89,255 | |||||
Securities held to maturity, at amortized cost (fair value, 2018, $42,707; 2017, $47,702) | 44,239 | 48,208 | |||||
Restricted securities, at cost | 1,590 | 1,570 | |||||
Loans held for sale | 516 | 438 | |||||
Loans, net of allowance for loan losses, 2018, $4,801; 2017, $5,326 | 535,020 | 516,875 | |||||
Other real estate owned, net of valuation allowance, 2018, $0; 2017, $0 | — | 326 | |||||
Premises and equipment, net | 19,557 | 19,891 | |||||
Accrued interest receivable | 2,138 | 1,916 | |||||
Bank owned life insurance | 13,894 | 13,967 | |||||
Core deposit intangibles, net | 571 | 930 | |||||
Other assets | 4,743 | 5,748 | |||||
Total assets | $ | 746,454 | $ | 739,110 | |||
Liabilities and Shareholders’ Equity | |||||||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing demand deposits | $ | 186,293 | $ | 180,912 | |||
Savings and interest-bearing demand deposits | 360,988 | 361,417 | |||||
Time deposits | 119,823 | 122,651 | |||||
Total deposits | $ | 667,104 | $ | 664,980 | |||
Subordinated debt | 4,961 | 4,948 | |||||
Junior subordinated debt | 9,279 | 9,279 | |||||
Accrued interest payable and other liabilities | 1,459 | 1,749 | |||||
Total liabilities | $ | 682,803 | $ | 680,956 | |||
Shareholders’ Equity | |||||||
Preferred stock, par value $1.25 per share; authorized 1,000,000 shares; none issued and outstanding | $ | — | $ | — | |||
Common stock, par value $1.25 per share; authorized 8,000,000 shares; issued and outstanding, 2018, 4,956,925 shares; 2017, 4,945,702 shares | 6,196 | 6,182 | |||||
Surplus | 7,438 | 7,260 | |||||
Retained earnings | 52,741 | 45,670 | |||||
Accumulated other comprehensive loss, net | (2,724 | ) | (958 | ) | |||
Total shareholders’ equity | $ | 63,651 | $ | 58,154 | |||
Total liabilities and shareholders’ equity | $ | 746,454 | $ | 739,110 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
Interest and Dividend Income | |||||||||||||||
Interest and fees on loans | $ | 6,917 | $ | 6,138 | $ | 19,768 | $ | 17,717 | |||||||
Interest on deposits in banks | 88 | 92 | 434 | 239 | |||||||||||
Interest and dividends on securities: | |||||||||||||||
Taxable interest | 797 | 637 | 2,253 | 1,933 | |||||||||||
Tax-exempt interest | 156 | 148 | 457 | 436 | |||||||||||
Dividends | 23 | 21 | 67 | 62 | |||||||||||
Total interest and dividend income | $ | 7,981 | $ | 7,036 | $ | 22,979 | $ | 20,387 | |||||||
Interest Expense | |||||||||||||||
Interest on deposits | $ | 702 | $ | 446 | $ | 1,957 | $ | 1,234 | |||||||
Interest on subordinated debt | 91 | 91 | 269 | 269 | |||||||||||
Interest on junior subordinated debt | 105 | 79 | 292 | 223 | |||||||||||
Total interest expense | $ | 898 | $ | 616 | $ | 2,518 | $ | 1,726 | |||||||
Net interest income | $ | 7,083 | $ | 6,420 | $ | 20,461 | $ | 18,661 | |||||||
Provision for loan losses | — | — | 100 | — | |||||||||||
Net interest income after provision for loan losses | $ | 7,083 | $ | 6,420 | $ | 20,361 | $ | 18,661 | |||||||
Noninterest Income | |||||||||||||||
Service charges on deposit accounts | $ | 818 | $ | 760 | $ | 2,364 | $ | 2,250 | |||||||
ATM and check card fees | 540 | 516 | 1,614 | 1,544 | |||||||||||
Wealth management fees | 423 | 359 | 1,239 | 1,061 | |||||||||||
Fees for other customer services | 143 | 131 | 447 | 408 | |||||||||||
Income from bank owned life insurance | 107 | 117 | 743 | 312 | |||||||||||
Net gains on securities available for sale | — | 11 | — | 24 | |||||||||||
Net gains on sale of loans | 39 | 54 | 63 | 121 | |||||||||||
Other operating income | 108 | 69 | 408 | 216 | |||||||||||
Total noninterest income | $ | 2,178 | $ | 2,017 | $ | 6,878 | $ | 5,936 | |||||||
Noninterest Expense | |||||||||||||||
Salaries and employee benefits | $ | 3,371 | $ | 3,221 | $ | 9,981 | $ | 9,585 | |||||||
Occupancy | 387 | 379 | 1,174 | 1,094 | |||||||||||
Equipment | 396 | 400 | 1,239 | 1,208 | |||||||||||
Marketing | 123 | 138 | 393 | 410 | |||||||||||
Supplies | 75 | 81 | 243 | 277 | |||||||||||
Legal and professional fees | 229 | 216 | 643 | 658 | |||||||||||
ATM and check card expense | 217 | 205 | 631 | 596 | |||||||||||
FDIC assessment | 78 | 84 | 226 | 240 | |||||||||||
Bank franchise tax | 118 | 111 | 351 | 325 | |||||||||||
Telecommunications expense | 83 | 95 | 217 | 313 | |||||||||||
Data processing expense | 168 | 153 | 500 | 455 | |||||||||||
Postage expense | 42 | 62 | 145 | 197 | |||||||||||
Amortization expense | 108 | 151 | 359 | 480 | |||||||||||
Other real estate owned expense (income), net | 2 | — | (20 | ) | 6 | ||||||||||
Net losses on disposal of premises and equipment | 2 | — | 2 | — | |||||||||||
Other operating expense | 551 | 511 | 1,596 | 1,419 | |||||||||||
Total noninterest expense | $ | 5,950 | $ | 5,807 | $ | 17,680 | $ | 17,263 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
Income before income taxes | $ | 3,311 | $ | 2,630 | $ | 9,559 | $ | 7,334 | |||||||
Income tax expense | 635 | 798 | 1,745 | 2,203 | |||||||||||
Net income | $ | 2,676 | $ | 1,832 | $ | 7,814 | $ | 5,131 | |||||||
Earnings per common share | |||||||||||||||
Basic | $ | 0.54 | $ | 0.37 | $ | 1.58 | $ | 1.04 | |||||||
Diluted | $ | 0.54 | $ | 0.37 | $ | 1.58 | $ | 1.04 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2018 | September 30, 2017 | September 30, 2018 | September 30, 2017 | ||||||||||||
Net income | $ | 2,676 | $ | 1,832 | $ | 7,814 | $ | 5,131 | |||||||
Other comprehensive (loss) income, net of tax, | |||||||||||||||
Unrealized holding (losses) gains on available for sale securities, net of tax ($139) and ($76) for the three months and ($443) and $321 for the nine months ended September 30, 2018 and 2017, respectively | (521 | ) | (150 | ) | (1,667 | ) | 623 | ||||||||
Reclassification adjustment for gains included in net income, net of tax $0 and ($4) for the three months and $0 and ($8) for the nine months ended September 30, 2018 and 2017, respectively | — | (7 | ) | — | (16 | ) | |||||||||
Pension liability adjustment, net of tax $0 and $0 for the three months and ($27) and $0 for the nine months ended September 30, 2018 and 2017, respectively | — | — | (99 | ) | — | ||||||||||
Total other comprehensive (loss) income | (521 | ) | (157 | ) | (1,766 | ) | 607 | ||||||||
Total comprehensive income | $ | 2,155 | $ | 1,675 | $ | 6,048 | $ | 5,738 |
Nine Months Ended | |||||||
September 30, 2018 | September 30, 2017 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 7,814 | $ | 5,131 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization of premises and equipment | 1,006 | 1,037 | |||||
Amortization of core deposit intangibles | 359 | 480 | |||||
Amortization of debt issuance costs | 13 | 13 | |||||
Origination of loans held for sale | (3,804 | ) | (7,298 | ) | |||
Proceeds from sale of loans held for sale | 3,789 | 7,096 | |||||
Net gains on sales of loans held for sale | (63 | ) | (121 | ) | |||
Provision for loan losses | 100 | — | |||||
Net gains on securities available for sale | — | (24 | ) | ||||
Net gains on sale of other real estate owned | (22 | ) | — | ||||
Increase in cash value of bank owned life insurance | (274 | ) | (304 | ) | |||
Accretion of discounts and amortization of premiums on securities, net | 420 | 481 | |||||
Accretion of premium on time deposits | (64 | ) | (81 | ) | |||
Stock-based compensation | 170 | 129 | |||||
Excess tax benefits on stock-based compensation | (7 | ) | (14 | ) | |||
Losses on disposal of premises and equipment | 2 | — | |||||
Deferred income tax expense (benefit) | 72 | (158 | ) | ||||
Changes in assets and liabilities: | |||||||
Increase in interest receivable | (222 | ) | (140 | ) | |||
Decrease (increase) in other assets | 1,384 | (136 | ) | ||||
Decrease in accrued expenses and other liabilities | (390 | ) | (571 | ) | |||
Net cash provided by operating activities | $ | 10,283 | $ | 5,520 | |||
Cash Flows from Investing Activities | |||||||
Proceeds from maturities, calls, and principal payments of securities available for sale | $ | 11,264 | $ | 11,182 | |||
Proceeds from maturities, calls, and principal payments of securities held to maturity | 3,828 | 3,863 | |||||
Purchases of securities available for sale | (27,146 | ) | (8,860 | ) | |||
Net purchase of restricted securities | (20 | ) | (22 | ) | |||
Purchase of premises and equipment | (689 | ) | (762 | ) | |||
Proceeds from sale of premises and equipment | 15 | — | |||||
Proceeds from sale of other real estate owned | 416 | — | |||||
Proceeds from cash value of bank owned life insurance | 347 | — | |||||
Net increase in loans | (18,313 | ) | (28,660 | ) | |||
Net cash used in investing activities | $ | (30,298 | ) | $ | (23,259 | ) |
Nine Months Ended | |||||||
September 30, 2018 | September 30, 2017 | ||||||
Cash Flows from Financing Activities | |||||||
Net increase in demand deposits and savings accounts | $ | 4,952 | $ | 13,087 | |||
Net decrease in time deposits | (2,764 | ) | (2,314 | ) | |||
Cash dividends paid on common stock, net of reinvestment | (697 | ) | (484 | ) | |||
Repurchase of common stock | (24 | ) | — | ||||
Net cash provided by financing activities | $ | 1,467 | $ | 10,289 | |||
Decrease in cash and cash equivalents | $ | (18,548 | ) | $ | (7,450 | ) | |
Cash and Cash Equivalents | |||||||
Beginning | $ | 39,986 | $ | 41,092 | |||
Ending | $ | 21,438 | $ | 33,642 | |||
Supplemental Disclosures of Cash Flow Information | |||||||
Cash payments for: | |||||||
Interest | $ | 2,557 | $ | 1,807 | |||
Income Taxes | $ | 709 | $ | 2,577 | |||
Supplemental Disclosures of Noncash Investing and Financing Activities | |||||||
Unrealized (losses) gains on securities available for sale | $ | (2,110 | ) | $ | 920 | ||
Change in pension liability | $ | (126 | ) | $ | — | ||
Transfer from loans to other real estate owned | $ | 68 | $ | — | |||
Issuance of common stock, dividend reinvestment plan | $ | 46 | $ | 35 |
Preferred Stock | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||
Balance, December 31, 2016 | $ | — | $ | 6,162 | $ | 7,093 | $ | 39,756 | $ | (860 | ) | $ | 52,151 | ||||||||||
Net income | — | — | — | 5,131 | — | 5,131 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 607 | 607 | |||||||||||||||||
Cash dividends on common stock ($0.105 per share) | — | — | — | (519 | ) | — | (519 | ) | |||||||||||||||
Stock-based compensation | — | — | 129 | — | — | 129 | |||||||||||||||||
Issuance of 2,389 shares common stock, dividend reinvestment plan | — | 3 | 32 | — | — | 35 | |||||||||||||||||
Issuance of 13,264 shares common stock, stock incentive plan | — | 16 | (16 | ) | — | — | — | ||||||||||||||||
Balance, September 30, 2017 | $ | — | $ | 6,181 | $ | 7,238 | $ | 44,368 | $ | (253 | ) | $ | 57,534 | ||||||||||
Preferred Stock | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||
Balance, December 31, 2017 | $ | — | $ | 6,182 | $ | 7,260 | $ | 45,670 | $ | (958 | ) | $ | 58,154 | ||||||||||
Net income | — | — | — | 7,814 | — | 7,814 | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (1,766 | ) | (1,766 | ) | |||||||||||||||
Cash dividends on common stock ($0.15 per share) | — | — | — | (743 | ) | — | (743 | ) | |||||||||||||||
Stock-based compensation | — | — | 170 | — | — | 170 | |||||||||||||||||
Issuance of 2,351 shares common stock, dividend reinvestment plan | — | 3 | 43 | — | — | 46 | |||||||||||||||||
Issuance of 10,189 shares common stock, stock incentive plan | — | 12 | (12 | ) | — | — | — | ||||||||||||||||
Repurchase of 1,317 shares of common stock, stock incentive plan | — | (1 | ) | (23 | ) | — | — | (24 | ) | ||||||||||||||
Balance, September 30, 2018 | $ | — | $ | 6,196 | $ | 7,438 | $ | 52,741 | $ | (2,724 | ) | $ | 63,651 |
September 30, 2018 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
Securities available for sale: | |||||||||||||||
U.S. agency and mortgage-backed securities | $ | 91,126 | $ | 14 | $ | (3,097 | ) | $ | 88,043 | ||||||
Obligations of states and political subdivisions | 15,071 | 25 | (391 | ) | 14,705 | ||||||||||
Total securities available for sale | $ | 106,197 | $ | 39 | $ | (3,488 | ) | $ | 102,748 | ||||||
Securities held to maturity: | |||||||||||||||
U.S. agency and mortgage-backed securities | $ | 28,233 | $ | — | $ | (1,208 | ) | $ | 27,025 | ||||||
Obligations of states and political subdivisions | 14,506 | 7 | (320 | ) | 14,193 | ||||||||||
Corporate debt securities | 1,500 | — | (11 | ) | 1,489 | ||||||||||
Total securities held to maturity | $ | 44,239 | $ | 7 | $ | (1,539 | ) | $ | 42,707 | ||||||
Total securities | $ | 150,436 | $ | 46 | $ | (5,027 | ) | $ | 145,455 |
December 31, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
Securities available for sale: | |||||||||||||||
U.S. agency and mortgage-backed securities | $ | 76,074 | $ | 67 | $ | (1,337 | ) | $ | 74,804 | ||||||
Obligations of states and political subdivisions | 14,520 | 86 | (155 | ) | 14,451 | ||||||||||
Total securities available for sale | $ | 90,594 | $ | 153 | $ | (1,492 | ) | $ | 89,255 | ||||||
Securities held to maturity: | |||||||||||||||
U.S. agency and mortgage-backed securities | $ | 32,149 | $ | — | $ | (551 | ) | $ | 31,598 | ||||||
Obligations of states and political subdivisions | 14,559 | 74 | (45 | ) | 14,588 | ||||||||||
Corporate debt securities | 1,500 | 16 | — | 1,516 | |||||||||||
Total securities held to maturity | $ | 48,208 | $ | 90 | $ | (596 | ) | $ | 47,702 | ||||||
Total securities | $ | 138,802 | $ | 243 | $ | (2,088 | ) | $ | 136,957 |
September 30, 2018 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Unrealized (Loss) | Fair Value | Unrealized (Loss) | Fair Value | Unrealized (Loss) | ||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. agency and mortgage-backed securities | $ | 55,198 | $ | (1,315 | ) | $ | 31,743 | $ | (1,782 | ) | $ | 86,941 | $ | (3,097 | ) | ||||||||
Obligations of states and political subdivisions | 8,257 | (147 | ) | 3,063 | (244 | ) | 11,320 | (391 | ) | ||||||||||||||
Total securities available for sale | $ | 63,455 | $ | (1,462 | ) | $ | 34,806 | $ | (2,026 | ) | $ | 98,261 | $ | (3,488 | ) | ||||||||
Securities held to maturity: | |||||||||||||||||||||||
U.S. agency and mortgage-backed securities | $ | 8,687 | $ | (334 | ) | $ | 18,338 | $ | (874 | ) | $ | 27,025 | $ | (1,208 | ) | ||||||||
Obligations of states and political subdivisions | 12,452 | (309 | ) | 338 | (11 | ) | 12,790 | (320 | ) | ||||||||||||||
Corporate debt securities | 1,489 | (11 | ) | — | — | 1,489 | (11 | ) | |||||||||||||||
Total securities held to maturity | $ | 22,628 | $ | (654 | ) | $ | 18,676 | $ | (885 | ) | $ | 41,304 | $ | (1,539 | ) | ||||||||
Total securities | $ | 86,083 | $ | (2,116 | ) | $ | 53,482 | $ | (2,911 | ) | $ | 139,565 | $ | (5,027 | ) | ||||||||
December 31, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Unrealized (Loss) | Fair Value | Unrealized (Loss) | Fair Value | Unrealized (Loss) | ||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. agency and mortgage-backed securities | $ | 29,963 | $ | (286 | ) | $ | 30,362 | $ | (1,051 | ) | $ | 60,325 | $ | (1,337 | ) | ||||||||
Obligations of states and political subdivisions | 4,469 | (53 | ) | 1,961 | (102 | ) | 6,430 | (155 | ) | ||||||||||||||
Total securities available for sale | $ | 34,432 | $ | (339 | ) | $ | 32,323 | $ | (1,153 | ) | $ | 66,755 | $ | (1,492 | ) | ||||||||
Securities held to maturity: | |||||||||||||||||||||||
U.S. agency and mortgage-backed securities | $ | 18,301 | $ | (205 | ) | $ | 13,297 | $ | (346 | ) | $ | 31,598 | $ | (551 | ) | ||||||||
Obligations of states and political subdivisions | 6,889 | (45 | ) | — | — | 6,889 | (45 | ) | |||||||||||||||
Total securities held to maturity | $ | 25,190 | $ | (250 | ) | $ | 13,297 | $ | (346 | ) | $ | 38,487 | $ | (596 | ) | ||||||||
Total securities | $ | 59,622 | $ | (589 | ) | $ | 45,620 | $ | (1,499 | ) | $ | 105,242 | $ | (2,088 | ) |
Available for Sale | Held to Maturity | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | 1,585 | $ | 1,596 | $ | 629 | $ | 630 | |||||||
Due after one year through five years | 7,629 | 7,532 | 6,772 | 6,607 | |||||||||||
Due after five years through ten years | 13,832 | 13,318 | 13,560 | 13,228 | |||||||||||
Due after ten years | 83,151 | 80,302 | 23,278 | 22,242 | |||||||||||
$ | 106,197 | $ | 102,748 | $ | 44,239 | $ | 42,707 |
September 30, 2018 | December 31, 2017 | ||||||
Federal Home Loan Bank stock | $ | 665 | $ | 645 | |||
Federal Reserve Bank stock | 875 | 875 | |||||
Community Bankers’ Bank stock | 50 | 50 | |||||
$ | 1,590 | $ | 1,570 |
September 30, 2018 | December 31, 2017 | ||||||
Real estate loans: | |||||||
Construction and land development | $ | 42,982 | $ | 35,927 | |||
Secured by 1-4 family residential | 211,938 | 208,177 | |||||
Other real estate loans | 224,903 | 222,256 | |||||
Commercial and industrial loans | 42,861 | 38,763 | |||||
Consumer and other loans | 17,137 | 17,078 | |||||
Total loans | $ | 539,821 | $ | 522,201 | |||
Allowance for loan losses | (4,801 | ) | (5,326 | ) | |||
Loans, net | $ | 535,020 | $ | 516,875 |
• | 1-4 family residential mortgage loans carry risks associated with the continued creditworthiness of the borrower and changes in the value of the collateral. |
• | Real estate construction and land development loans carry risks that the project may not be finished according to schedule, the project may not be finished according to budget, and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure or other factors unrelated to the project. |
• | Other real estate loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because repayment of these loans may be dependent upon the profitability and cash flows of the business or project. |
• | Commercial and industrial loans carry risks associated with the successful operation of a business because repayment of these loans may be dependent upon the profitability and cash flows of the business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much reliability. |
• | Consumer and other loans carry risk associated with the continued creditworthiness of the borrower and the value of the collateral, if any. These loans are typically either unsecured or secured by rapidly depreciating assets such as automobiles. They are also likely to be immediately and adversely affected by job loss, divorce, illness, personal bankruptcy, or other changes in circumstances. Consumer and other loans also include purchased consumer loans which could have been originated outside of the Company's market area. |
September 30, 2018 | |||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | > 90 Days Past Due | Total Past Due | Current | Total Loans | Non-accrual Loans | 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
Construction and land development | $ | 38 | $ | 254 | $ | 428 | $ | 720 | $ | 42,262 | $ | 42,982 | $ | 343 | $ | 86 | |||||||||||||||
Secured by 1-4 family residential | 1,228 | 66 | 464 | 1,758 | 210,180 | 211,938 | 438 | 113 | |||||||||||||||||||||||
Other real estate loans | 148 | 1,800 | 223 | 2,171 | 222,732 | 224,903 | 1,760 | — | |||||||||||||||||||||||
Commercial and industrial | 483 | 225 | 53 | 761 | 42,100 | 42,861 | 197 | 53 | |||||||||||||||||||||||
Consumer and other loans | 76 | 123 | 9 | 208 | 16,929 | 17,137 | — | 9 | |||||||||||||||||||||||
Total | $ | 1,973 | $ | 2,468 | $ | 1,177 | $ | 5,618 | $ | 534,203 | $ | 539,821 | $ | 2,738 | $ | 261 |
December 31, 2017 | |||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | > 90 Days Past Due | Total Past Due | Current | Total Loans | Non-accrual Loans | 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||
Construction and land development | $ | 986 | $ | 30 | $ | 40 | $ | 1,056 | $ | 34,871 | $ | 35,927 | $ | 269 | $ | 40 | |||||||||||||||
Secured by 1-4 family residential | 606 | 203 | 148 | 957 | 207,220 | 208,177 | 267 | 106 | |||||||||||||||||||||||
Other real estate loans | 2,042 | 170 | 10 | 2,222 | 220,034 | 222,256 | 401 | 10 | |||||||||||||||||||||||
Commercial and industrial | 184 | 25 | — | 209 | 38,554 | 38,763 | — | — | |||||||||||||||||||||||
Consumer and other loans | 51 | 49 | 27 | 127 | 16,951 | 17,078 | — | 27 | |||||||||||||||||||||||
Total | $ | 3,869 | $ | 477 | $ | 225 | $ | 4,571 | $ | 517,630 | $ | 522,201 | $ | 937 | $ | 183 |
September 30, 2018 | |||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Construction and land development | $ | 41,818 | $ | 481 | $ | 683 | $ | — | $ | 42,982 | |||||||||
Secured by 1-4 family residential | 210,150 | 1,079 | 709 | — | 211,938 | ||||||||||||||
Other real estate loans | 221,476 | 1,135 | 2,292 | — | 224,903 | ||||||||||||||
Commercial and industrial | 42,567 | 23 | 271 | — | 42,861 | ||||||||||||||
Consumer and other loans | 17,137 | — | — | — | 17,137 | ||||||||||||||
Total | $ | 533,148 | $ | 2,718 | $ | 3,955 | $ | — | $ | 539,821 | |||||||||
December 31, 2017 | |||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Construction and land development | $ | 31,553 | $ | 2,268 | $ | 2,106 | $ | — | $ | 35,927 | |||||||||
Secured by 1-4 family residential | 204,166 | 1,933 | 2,078 | — | 208,177 | ||||||||||||||
Other real estate loans | 215,773 | 971 | 5,512 | — | 222,256 | ||||||||||||||
Commercial and industrial | 38,606 | 53 | 104 | — | 38,763 | ||||||||||||||
Consumer and other loans | 17,078 | — | — | — | 17,078 | ||||||||||||||
Total | $ | 507,176 | $ | 5,225 | $ | 9,800 | $ | — | $ | 522,201 |
September 30, 2018 | |||||||||||||||||||||||
Construction and Land Development | Secured by 1-4 Family Residential | Other Real Estate | Commercial and Industrial | Consumer and Other Loans | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning Balance, December 31, 2017 | $ | 414 | $ | 775 | $ | 2,948 | $ | 418 | $ | 771 | $ | 5,326 | |||||||||||
Charge-offs | — | (56 | ) | — | (8 | ) | (731 | ) | (795 | ) | |||||||||||||
Recoveries | — | 11 | 1 | 6 | 152 | 170 | |||||||||||||||||
Provision for (recovery of) loan losses | 128 | (5 | ) | (677 | ) | 26 | 628 | 100 | |||||||||||||||
Ending Balance, September 30, 2018 | $ | 542 | $ | 725 | $ | 2,272 | $ | 442 | $ | 820 | $ | 4,801 | |||||||||||
Ending Balance: | |||||||||||||||||||||||
Individually evaluated for impairment | 87 | 20 | — | — | — | 107 | |||||||||||||||||
Collectively evaluated for impairment | 455 | 705 | 2,272 | 442 | 820 | 4,694 | |||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending Balance | $ | 42,982 | $ | 211,938 | $ | 224,903 | $ | 42,861 | $ | 17,137 | $ | 539,821 | |||||||||||
Individually evaluated for impairment | 343 | 438 | 2,029 | 197 | — | 3,007 | |||||||||||||||||
Collectively evaluated for impairment | 42,639 | 211,500 | 222,874 | 42,664 | 17,137 | 536,814 |
December 31, 2017 | |||||||||||||||||||||||
Construction and Land Development | Secured by 1-4 Family Residential | Other Real Estate | Commercial and Industrial | Consumer and Other Loans | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning Balance, December 31, 2016 | $ | 441 | $ | 1,019 | $ | 3,142 | $ | 380 | $ | 339 | $ | 5,321 | |||||||||||
Charge-offs | — | (126 | ) | — | — | (607 | ) | (733 | ) | ||||||||||||||
Recoveries | 11 | 302 | 50 | 10 | 265 | 638 | |||||||||||||||||
Provision for (recovery of) loan losses | (38 | ) | (420 | ) | (244 | ) | 28 | 774 | 100 | ||||||||||||||
Ending Balance, December 31, 2017 | $ | 414 | $ | 775 | $ | 2,948 | $ | 418 | $ | 771 | $ | 5,326 | |||||||||||
Ending Balance: | |||||||||||||||||||||||
Individually evaluated for impairment | — | — | — | — | — | — | |||||||||||||||||
Collectively evaluated for impairment | 414 | 775 | 2,948 | 418 | 771 | 5,326 | |||||||||||||||||
Loans: | |||||||||||||||||||||||
Ending Balance | $ | 35,927 | $ | 208,177 | $ | 222,256 | $ | 38,763 | $ | 17,078 | $ | 522,201 | |||||||||||
Individually evaluated for impairment | 1,150 | 1,307 | 1,289 | 65 | — | 3,811 | |||||||||||||||||
Collectively evaluated for impairment | 34,777 | 206,870 | 220,967 | 38,698 | 17,078 | 518,390 |
September 30, 2017 | |||||||||||||||||||||||
Construction and Land Development | Secured by 1-4 Family Residential | Other Real Estate | Commercial and Industrial | Consumer and Other Loans | Total | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning Balance, December 31, 2016 | $ | 441 | $ | 1,019 | $ | 3,142 | $ | 380 | $ | 339 | $ | 5,321 | |||||||||||
Charge-offs | — | (125 | ) | — | — | (385 | ) | (510 | ) | ||||||||||||||
Recoveries | 11 | 290 | 50 | 8 | 131 | 490 | |||||||||||||||||
Provision for (recovery of) loan losses | (17 | ) |