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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-35292
LCNB Corp.
(Exact name of registrant as specified in its charter)
Ohio | 31-1626393 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
2 North Broadway, Lebanon, Ohio 45036
(Address of principal executive offices, including Zip Code)
(513) 932-1414
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, No Par Value | LCNB | NASDAQ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, 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 and post such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☒ Smaller reporting company ☒
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
☐ Yes ☒ No
The number of shares outstanding of the issuer's common stock, without par value, as of November 6, 2024 was 14,110,337 shares.
LCNB CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
Glossary of Abbreviations and Acronyms
ACL |
|
Allowance for Credit Losses |
ASC |
|
Accounting Standards Codification |
ASU |
|
Accounting Standards Update |
Bank |
|
LCNB National Bank |
CECL |
|
Current expected credit losses |
CNNB |
|
Cincinnati Bancorp, Inc. |
Company |
|
LCNB Corp. and its consolidated subsidiaries as a whole |
DCF |
|
Discounted Cash Flow |
Dodd-Frank Act |
|
Dodd-Frank Wall Street Reform and Consumer Protection Act |
EFBI |
|
Eagle Financial Bancorp, Inc. |
FASB |
|
Financial Accounting Standards Board |
FDIC |
|
Federal Deposit Insurance Corporation |
FFIEC |
|
Financial Institutions Examination Council |
FHLB |
|
Federal Home Loan Bank |
FICO |
|
Fair Isaac Corporation |
FOMC |
|
Federal Open Market Committee of the Federal Reserve System |
FRB |
|
Federal Reserve Bank |
GAAP |
|
Generally Accepted Accounting Principles |
IRA |
|
Individual Retirement Account |
LCNB |
|
LCNB Corp. and its consolidated subsidiaries as a whole |
LDA |
|
Loss Driver Analysis |
LGD |
|
Loss Given Default |
OCC |
|
Office of the Comptroller of the Currency |
OAEM |
|
Other Assets Especially Mentioned |
PCD |
|
Purchased Credit Deteriorated |
PD |
|
Probability of Default |
SEC |
|
Securities and Exchange Commission |
TDR |
|
Troubled Debt Restructuring |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| | September 30, 2024 | | | December 31, 2023 | |
| | Unaudited | | | Audited | |
ASSETS: | | | | | | | | |
Cash and due from banks | | $ | 27,661 | | | $ | 36,535 | |
Interest-bearing demand deposits | | | 11,713 | | | | 3,188 | |
Total cash and cash equivalents | | | 39,374 | | | | 39,723 | |
Investment securities: | | | | | | | | |
Equity securities with a readily determinable fair value, at fair value | | $ | 1,388 | | | $ | 1,336 | |
Equity securities without a readily determinable fair value, at cost | | | 3,666 | | | | 3,666 | |
Debt securities, available-for-sale, at fair value | | | 262,622 | | | | 276,601 | |
Debt securities, held-to-maturity, at cost, net of allowance for credit losses of $7 and $5 at September 30, 2024 and December 31, 2023, respectively | | | 18,730 | | | | 16,858 | |
Federal Reserve Bank stock, at cost | | | 6,429 | | | | 5,086 | |
Federal Home Loan Bank stock, at cost | | | 20,710 | | | | 15,176 | |
Loans, net of allowance for credit losses of $11,867 and $10,525 at September 30, 2024 and December 31, 2023, respectively | | | 1,707,193 | | | | 1,712,946 | |
Loans held for sale | | | 35,687 | | | | — | |
Premises and equipment, net | | | 41,233 | | | | 36,302 | |
Operating lease right-of-use assets | | | 5,853 | | | | 6,000 | |
Goodwill | | | 90,209 | | | | 79,509 | |
Core deposit and other intangibles, net | | | 11,605 | | | | 9,494 | |
Bank-owned life insurance | | | 53,650 | | | | 49,847 | |
Interest receivable | | | 9,450 | | | | 8,405 | |
Other assets, net | | | 39,109 | | | | 30,643 | |
TOTAL ASSETS | | | 2,346,908 | | | | 2,291,592 | |
| | | | | | | | |
LIABILITIES: | | | | | | | | |
Deposits: | | | | | | | | |
Noninterest-bearing | | $ | 446,626 | | | $ | 462,267 | |
Interest-bearing | | | 1,470,379 | | | | 1,362,122 | |
Total deposits | | | 1,917,005 | | | | 1,824,389 | |
Short-term borrowings | | | — | | | | 97,395 | |
Long-term debt | | | 155,662 | | | | 113,123 | |
Operating lease liabilities | | | 6,152 | | | | 6,261 | |
Accrued interest and other liabilities | | | 14,843 | | | | 15,121 | |
TOTAL LIABILITIES | | | 2,093,662 | | | | 2,056,289 | |
| | | | | | | | |
COMMITMENTS AND CONTINGENT LIABILITIES | | | — | | | | — | |
| | | | | | | | |
SHAREHOLDERS' EQUITY: | | | | | | | | |
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding | | | — | | | | — | |
Common shares – no par value; authorized 19,000,000 shares; issued 17,321,593 and 16,384,952 shares at September 30, 2024 and December 31, 2023, respectively; outstanding 14,110,210 and 13,173,569 shares at September 30, 2024 and December 31, 2023, respectively | | | 186,716 | | | | 173,637 | |
Retained earnings | | | 138,325 | | | | 140,017 | |
Treasury shares at cost, 3,211,383 and 3,211,383 shares at September 30, 2024 and December 31, 2023, respectively | | | (56,015 | ) | | | (56,015 | ) |
Accumulated other comprehensive loss, net of taxes | | | (15,780 | ) | | | (22,336 | ) |
TOTAL SHAREHOLDERS' EQUITY | | | 253,246 | | | | 235,303 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | | $ | 2,346,908 | | | $ | 2,291,592 | |
The accompanying notes to consolidated condensed financial statements are an integral part of these statements.
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
24,342 |
|
|
|
17,875 |
|
|
|
71,860 |
|
|
|
50,781 |
|
Dividends on equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With a readily determinable fair value |
|
|
10 |
|
|
|
9 |
|
|
|
28 |
|
|
|
34 |
|
Without a readily determinable fair value |
|
|
30 |
|
|
|
29 |
|
|
|
91 |
|
|
|
79 |
|
Interest on debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,181 |
|
|
|
1,296 |
|
|
|
3,596 |
|
|
|
3,962 |
|
Non-taxable |
|
|
163 |
|
|
|
173 |
|
|
|
451 |
|
|
|
523 |
|
Other investments |
|
|
672 |
|
|
|
286 |
|
|
|
2,095 |
|
|
|
910 |
|
TOTAL INTEREST INCOME |
|
|
26,398 |
|
|
|
19,668 |
|
|
|
78,121 |
|
|
|
56,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
9,578 |
|
|
|
4,426 |
|
|
|
27,458 |
|
|
|
10,217 |
|
Interest on short-term borrowings |
|
|
— |
|
|
|
830 |
|
|
|
1,116 |
|
|
|
3,142 |
|
Interest on long-term debt |
|
|
1,850 |
|
|
|
841 |
|
|
|
5,465 |
|
|
|
1,240 |
|
TOTAL INTEREST EXPENSE |
|
|
11,428 |
|
|
|
6,097 |
|
|
|
34,039 |
|
|
|
14,599 |
|
NET INTEREST INCOME |
|
|
14,970 |
|
|
|
13,571 |
|
|
|
44,082 |
|
|
|
41,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR (RECOVERY OF) CREDIT LOSSES |
|
|
660 |
|
|
|
(114 |
) |
|
|
1,313 |
|
|
|
(141 |
) |
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES |
|
|
14,310 |
|
|
|
13,685 |
|
|
|
42,769 |
|
|
|
41,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiduciary income |
|
|
2,097 |
|
|
|
1,736 |
|
|
|
6,137 |
|
|
|
5,263 |
|
Service charges and fees on deposit accounts |
|
|
1,899 |
|
|
|
1,397 |
|
|
|
4,820 |
|
|
|
4,324 |
|
Net losses from sales of debt securities, available-for-sale |
|
|
— |
|
|
|
— |
|
|
|
(214 |
) |
|
|
— |
|
Bank-owned life insurance income |
|
|
654 |
|
|
|
282 |
|
|
|
1,313 |
|
|
|
830 |
|
Net gains from sales of loans |
|
|
1,625 |
|
|
|
29 |
|
|
|
2,197 |
|
|
|
38 |
|
Other operating income |
|
|
132 |
|
|
|
134 |
|
|
|
163 |
|
|
|
350 |
|
TOTAL NON-INTEREST INCOME |
|
|
6,407 |
|
|
|
3,578 |
|
|
|
14,416 |
|
|
|
10,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
9,025 |
|
|
|
7,044 |
|
|
|
26,585 |
|
|
|
21,454 |
|
Equipment expenses |
|
|
420 |
|
|
|
397 |
|
|
|
1,205 |
|
|
|
1,175 |
|
Occupancy expense, net |
|
|
966 |
|
|
|
805 |
|
|
|
2,915 |
|
|
|
2,367 |
|
State financial institutions tax |
|
|
505 |
|
|
|
396 |
|
|
|
1,409 |
|
|
|
1,189 |
|
Marketing |
|
|
320 |
|
|
|
223 |
|
|
|
704 |
|
|
|
735 |
|
Amortization of intangibles |
|
|
304 |
|
|
|
113 |
|
|
|
838 |
|
|
|
336 |
|
FDIC insurance premiums, net |
|
|
547 |
|
|
|
224 |
|
|
|
1,445 |
|
|
|
663 |
|
Contracted services |
|
|
807 |
|
|
|
671 |
|
|
|
2,435 |
|
|
|
1,978 |
|
Merger-related expenses |
|
|
281 |
|
|
|
302 |
|
|
|
3,376 |
|
|
|
742 |
|
Other non-interest expense |
|
|
2,212 |
|
|
|
2,069 |
|
|
|
7,772 |
|
|
|
6,208 |
|
TOTAL NON-INTEREST EXPENSE |
|
|
15,387 |
|
|
|
12,244 |
|
|
|
48,684 |
|
|
|
36,847 |
|
INCOME BEFORE INCOME TAXES |
|
|
5,330 |
|
|
|
5,019 |
|
|
|
8,501 |
|
|
|
15,789 |
|
PROVISION FOR INCOME TAXES |
|
|
798 |
|
|
|
949 |
|
|
|
1,129 |
|
|
|
2,868 |
|
NET INCOME |
|
$ |
4,532 |
|
|
|
4,070 |
|
|
|
7,372 |
|
|
|
12,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.31 |
|
|
|
0.37 |
|
|
|
0.53 |
|
|
|
1.16 |
|
Diluted |
|
|
0.31 |
|
|
|
0.37 |
|
|
|
0.53 |
|
|
|
1.16 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,103,358 |
|
|
|
11,038,720 |
|
|
|
13,761,582 |
|
|
|
11,094,185 |
|
Diluted |
|
|
14,103,358 |
|
|
|
11,038,720 |
|
|
|
13,761,582 |
|
|
|
11,094,185 |
|
The accompanying notes to consolidated condensed financial statements are an integral part of these statements.
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
| | Three Months Ended | | | Nine Months Ended | |
| | September 30, | | | September 30, | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Net income | | $ | 4,532 | | | | 4,070 | | | | 7,372 | | | | 12,921 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | |
Net unrealized gain (loss) on available-for-sale debt securities (net of tax expense (benefit) of $1,879 and $(782) for the three months ended September 30, 2024 and 2023, respectively, and $1,698 and $(203) for the nine months ended September 30, 2024 and 2023, respectively) | | | 7,069 | | | | (2,941 | ) | | | 6,387 | | | | (758 | ) |
Reclassification adjustment for net realized (gains) losses on sales of available-for-sale debt securities included in net income (net of tax expense (benefit) of $— and $(45) for the three and nine months ended September 30, 2024, respectively) | | | — | | | | — | | | | 169 | | | | — | |
Other comprehensive income (loss), net of tax | | | 7,069 | | | | (2,941 | ) | | | 6,556 | | | | (758 | ) |
TOTAL COMPREHENSIVE INCOME | | $ | 11,601 | | | | 1,129 | | | | 13,928 | | | | 12,163 | |
The accompanying notes to consolidated condensed financial statements are an integral part of these statements.
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | Accumulated | | | | | |
| | Common | | | | | | | | | | | | | | | Other | | | Total | |
| | Shares | | | Common | | | Retained | | | Treasury | | | Comprehensive | | | Shareholders' | |
| | Outstanding | | | Stock | | | Earnings | | | Shares | | | Loss | | | Equity | |
Three Months Ended September 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at July, 1 2024 | | | 14,151,755 | | | $ | 187,195 | | | | 136,883 | | | | (56,015 | ) | | | (22,849 | ) | | | 245,214 | |
Net income | | | | | | | | | | | 4,532 | | | | | | | | | | | | 4,532 | |
Other comprehensive income, net of taxes | | | | | | | | | | | | | | | | | | | 7,069 | | | | 7,069 | |
Dividend Reinvestment and Stock Purchase Plan | | | 8,582 | | | | 131 | | | | | | | | | | | | | | | | 131 | |
Adjustment to stock issued for acquisition of Eagle Financial Bancorp, Inc. | | | (50,127 | ) | | | (704 | ) | | | | | | | — | | | | | | | | (704 | ) |
Compensation expense relating to restricted stock | | | | | | | 94 | | | | | | | | | | | | | | | | 94 | |
Common stock dividends, $0.22 per share | | | | | | | | | | | (3,090 | ) | | | | | | | | | | | (3,090 | ) |
Balance at September 30, 2024 | | | 14,110,210 | | | $ | 186,716 | | | | 138,325 | | | | (56,015 | ) | | | (15,780 | ) | | | 253,246 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2024 | | | 13,173,569 | | | $ | 173,637 | | | | 140,017 | | | | (56,015 | ) | | | (22,336 | ) | | | 235,303 | |
Net income | | | | | | | | | | | 7,372 | | | | | | | | | | | | 7,372 | |
Other comprehensive income, net of taxes | | | | | | | | | | | | | | | | | | | 6,556 | | | | 6,556 | |
Dividend Reinvestment and Stock Purchase Plan | | | 26,937 | | | | 391 | | | | | | | | | | | | | | | | 391 | |
Adjustment to stock issued for acquisition of Eagle Financial Bancorp, Inc. | | | (50,127 | ) | | | (704 | ) | | | | | | | | | | | | | | | (704 | ) |
Stock issued for acquisition of Eagle Financial Bancorp, Inc. | | | 918,128 | | | | 12,891 | | | | | | | | | | | | | | | | 12,891 | |
Shares issued for restricted stock awards | | | 41,703 | | | | | | | | | | | | | | | | | | | | — | |
Compensation expense relating to restricted stock | | | | | | | 501 | | | | | | | | | | | | | | | | 501 | |
Common stock dividends, $0.66 per share | | | | | | | | | | | (9,064 | ) | | | | | | | | | | | (9,064 | ) |
Balance at September 30, 2024 | | | 14,110,210 | | | $ | 186,716 | | | | 138,325 | | | | (56,015 | ) | | | (15,780 | ) | | | 253,246 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at July, 1 2023 | | | 11,116,080 | | | $ | 144,671 | | | | 141,431 | | | | (56,015 | ) | | | (27,771 | ) | | | 202,316 | |
Net income | | | | | | | | | | | 4,070 | | | | | | | | | | | | 4,070 | |
Other comprehensive loss, net of taxes | | | | | | | | | | | | | | | | | | | (2,941 | ) | | | (2,941 | ) |
Dividend Reinvestment and Stock Purchase Plan | | | 7,302 | | | | 111 | | | | | | | | | | | | | | | | 111 | |
Compensation expense relating to restricted stock | | | — | | | | 83 | | | | | | | | | | | | | | | | 83 | |
Common stock dividends, $0.21 per share | | | | | | | | | | | (2,290 | ) | | | | | | | | | | | (2,290 | ) |
Balance at September 30, 2023 | | | 11,123,382 | | | $ | 144,865 | | | | 143,211 | | | | (56,015 | ) | | | (30,712 | ) | | | 201,349 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2023 | | | 11,259,080 | | | $ | 144,069 | | | | 139,249 | | | | (52,689 | ) | | | (29,954 | ) | | | 200,675 | |
Cumulative change in accounting principle - ASC 326 | | | | | | | | | | | (1,922 | ) | | | | | | | | | | | (1,922 | ) |
Balance at January 1, 2023, adjusted | | | 11,259,080 | | | | 144,069 | | | | 137,327 | | | | (52,689 | ) | | | (29,954 | ) | | | 198,753 | |
Net income | | | | | | | | | | | 12,921 | | | | | | | | | | | | 12,921 | |
Other comprehensive income, net of taxes | | | | | | | | | | | | | | | | | | | (758 | ) | | | (758 | ) |
Dividend Reinvestment and Stock Purchase Plan | | | 20,065 | | | | 315 | | | | | | | | | | | | | | | | 315 | |
Repurchase of common stock | | | (199,913 | ) | | | | | | | | | | | (3,326 | ) | | | | | | | (3,326 | ) |
Shares issued for restricted stock awards | | | 44,150 | | | | | | | | | | | | | | | | | | | | | |
Compensation expense relating to restricted stock | | | | | | | 481 | | | | | | | | | | | | | | | | 481 | |
Common stock dividends, $0.63 per share | | | | | | | | | | | (7,037 | ) | | | | | | | | | | | (7,037 | ) |
Balance at September 30, 2023 | | | 11,123,382 | | | $ | 144,865 | | | | 143,211 | | | | (56,015 | ) | | | (30,712 | ) | | | 201,349 | |
The accompanying notes to consolidated condensed financial statements are an integral part of these statements.
LCNB CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2024 |
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,372 |
|
|
|
12,921 |
|
Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
Depreciation, amortization, and accretion |
|
|
755 |
|
|
|
2,395 |
|
Provision for (recovery of) credit losses |
|
|
1,313 |
|
|
|
(141 |
) |
Deferred income tax provision (benefit) |
|
|
(1,421 |
) |
|
|
(793 |
) |
Increase in cash surrender value of bank-owned life insurance |
|
|
(1,007 |
) |
|
|
(830 |
) |
Bank-owned life insurance death benefits in excess of cash surrender value |
|
|
(306 |
) |
|
|
— |
|
Realized and unrealized (gains) losses from equity securities, net |
|
|
(25 |
) |
|
|
78 |
|
Realized losses from sales of debt securities, available-for-sale |
|
|
214 |
|
|
|
— |
|
Realized (gains) losses from sales of premises and equipment |
|
|
(454 |
) |
|
|
(427 |
) |
Origination of mortgage loans for sale |
|
|
(104,719 |
) |
|
|
(2,205 |
) |
Realized gains from sales of mortgage loans |
|
|
(3,040 |
) |
|
|
(38 |
) |
Proceeds from sales of mortgage loans |
|
|
107,357 |
|
|
|
2,218 |
|
Realized losses from sales of acquired loans |
|
|
842 |
|
|
|
— |
|
Proceeds from sales of acquired loans |
|
|
47,718 |
|
|
|
— |
|
Compensation expense related to restricted stock |
|
|
501 |
|
|
|
481 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accrued interest receivable |
|
|
(754 |
) |
|
|
(605 |
) |
Other assets |
|
|
(223 |
) |
|
|
1,497 |
|
Other liabilities |
|
|
(1,008 |
) |
|
|
(2,300 |
) |
|