Company Quick10K Filing
Mutualfirst Financial
Price31.68 EPS2
Shares9 P/E16
MCap276 P/FCF34
Net Debt-31 EBIT41
TEV244 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-15
10-K 2012-12-31 Filed 2013-03-22
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-16
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-11
10-Q 2011-03-31 Filed 2011-05-16
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-18
8-K 2020-03-06 Shareholder Vote, Exhibits
8-K 2020-02-13 Other Events, Exhibits
8-K 2020-01-31 Earnings, Exhibits
8-K 2019-11-21 Other Events, Exhibits
8-K 2019-10-29 Enter Agreement, Regulation FD, Exhibits
8-K 2019-10-21
8-K 2019-10-18
8-K 2019-08-22 Other Events, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-07-01 Enter Agreement, Officers, Exhibits
8-K 2019-05-02 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2019-05-02 Other Events, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-21 Other Events, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2019-01-18 Other Events, Exhibits
8-K 2019-01-17 Other Events, Exhibits
8-K 2018-11-15 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-16 Other Events, Exhibits
8-K 2018-08-01 Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-24 Regulation FD, Exhibits
8-K 2018-05-04 Other Events, Exhibits
8-K 2018-05-04 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-03-16 Enter Agreement, Exhibits
8-K 2018-02-28 M&A, Officers, Other Events, Exhibits
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-02 Earnings, Exhibits
8-K 2018-01-19 Other Events, Exhibits
8-K 2018-01-03 Other Events

MFSF 10K Annual Report

Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosure
Part II
Item 5. Market for Registrant’S Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Selected Financial and Other Data
Item 7. Management’S Discussion and Analysis of Financial Condition and Results of Operation
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Note 1: Nature of Operations and Summary of Significant Accounting Policies
Note 2: Business Combinations
Note 3: Impact of Accounting Pronouncements
Note 4: Restriction on Cash
Note 5: Investment Securities
Note 6: Loans and Allowance
Note 7: Related Party Transactions
Note 8: Premises and Equipment
Note 9: Core Deposit and Other Intangibles
Note 10: Goodwill
Note 11: Accounting for Certain Loans Acquired in A Transfer
Note 12: Derivative Financial Instruments
Note 13: Deposits
Note 14: Federal Home Loan Bank Advances
Note 15: Other Borrowings
Note 16: Lease Commitments
Note 17: Loan Servicing
Note 18: Income Tax
Note 19: Accumulated Other Comprehensive Income (Loss)
Note 20: Commitments and Contingent Liabilities
Note 21: Stockholders’ Equity
Note 22: Regulatory Capital
Note 23: Employee Benefits
Note 24: Stock Option Plans
Note 25: Earnings per Share
Note 26: Fair Values of Financial Instruments
Note 27: Condensed Financial Information (Parent Company Only)
Note 28: Quarterly Results of Operations (Unaudited)
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Part III
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions
Item 14. Principal Accountant Fees and Services
Part IV
Item 15. Exhibits and Financial Statement Schedules
EX-4.2 mfsf-20191231ex4215b24d9.htm
EX-10.16 mfsf-20191231ex1016a9248.htm
EX-10.18 mfsf-20191231ex1018c57fd.htm
EX-21 mfsf-20191231ex210708144.htm
EX-23 mfsf-20191231xex23.htm
EX-31.1 mfsf-20191231ex311a48682.htm
EX-31.2 mfsf-20191231ex312924a35.htm
EX-32 mfsf-20191231xex32.htm

Mutualfirst Financial Earnings 2019-12-31

Balance SheetIncome StatementCash Flow

10-K 1 mfsf-20191231x10k.htm 10-K mfsf_Current_Folio_10K

r

12UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

 

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2019  

 

OR

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 000‑27905

 

MutualFirst Financial, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Maryland

    

35‑2085640

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

110 E. Charles Street, Muncie, Indiana

 

47305‑2400

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (765) 747‑2800

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

 

 

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $.01 per share

MFSF

The Nasdaq Stock Market, LLC, LLC

(Global Select Market)

 

Securities Registered Pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes    No 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes    No 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10‑K or any amendment to this Form 10‑K. ☐

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 definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer  ☐

Accelerated filer  

Non-accelerated filer  ☐

Smaller reporting company  ☒

Emerging growth company  ☐

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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

The aggregate market value of the voting and non-voting common equity held by non-affiliates, computed by reference to the last sale price of such stock on the Nasdaq Global Market as of June 30, 2019, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $195.0 million. (The exclusion from such amount of the market value of the shares owned by any person shall not be deemed an admission by the registrant that such person is an affiliate of the registrant.)

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date. As of March 12, 2020, there were 8,607,953 shares of the registrant’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

 

 

 

MutualFirst Financial, Inc.

Form 10‑K Annual Report for the Year Ended December 31, 2019

Table of Contents

 

 

 

 

 

 

    

Page
Number

PART I

 

 

 

Item 1 

Business

 

3

Item 1A 

Risk Factors

 

33

Item 1B 

Unresolved Staff Comments

 

47

Item 2 

Properties

 

47

Item 3 

Legal Proceedings

 

47

Item 4 

Mine Safety Disclosure

 

48

PART II 

 

 

 

Item 5 

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

49

Item 6 

Selected Financial Data

 

51

Item 7 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

54

Item 7A 

Quantitative and Qualitative Disclosures About Market Risk

 

73

Item 8 

Financial Statements and Supplementary Data  

 

75

Item 9 

Changes in and Disagreements with Accountants in Accounting and Financial Disclosure

 

129

Item 9A 

Controls and Procedures

 

129

Item 9B 

Other Information

 

133

PART III 

 

 

 

Item 10 

Directors, Executive Officers and Corporate Governance

 

133

Item 11 

Executive Compensation

 

137

Item 12 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters  

 

153

Item 13 

Certain Relationships and Related Transactions, and Director Independence

 

154

Item 14 

Principal Accountant Fees and Services

 

156

PART IV 

 

 

 

Item 15 

Exhibits and Financial Statement Schedules

 

157

SIGNATURES 

 

 

160

 

 

2

Item 1.  Business

General

MutualFirst Financial, Inc., a Maryland corporation (“MutualFirst” or the “Company”), is the sole owner of MutualBank (“MutualBank” or the “Bank”).  The Bank is an Indiana commercial bank regulated by the Indiana Department of Financial Institutions (“IDFI”) and the Federal Deposit Insurance Corporation (“FDIC”).  MutualFirst is a bank holding company subject to regulation by the Board of Governors of the Federal Reserve System (“FRB”).  The words “we,” “our” and “us” in this Form 10‑K refer to MutualFirst and MutualBank on a consolidated basis, unless indicated otherwise herein.

At December 31, 2019, we had total assets of $2.1 billion, loans of $1.5 billion, deposits of $1.6 billion and stockholders’ equity of $226.8 million.  Our executive offices are located at 110 E. Charles Street, Muncie, Indiana 47305‑2400.  Our common stock is traded on the Nasdaq Global Market under the symbol “MFSF.”  For more general information about our business, and other 2019 material transactions and results, see “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operation - Overview and Significant Events in 2019.”

Forward-Looking Statements

This Form 10‑K contains, and our future filings with the SEC, Company press releases, other public pronouncements, stockholder communications and oral statements made by or with the approval of an authorized executive officer will contain, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.  These forward-looking statements include, but are not limited to:

·

statements of our goals, intentions and expectations;

·

statements regarding our business plans, prospects, growth and operating strategies;

·

statements regarding the asset quality of our loan and investment portfolios; and

·

estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, including conditions relating to the Company and Northwest Bancshares, or other effects of the proposed merger of the Company and Northwest Bancshares, many of which are beyond our control.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

·

the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets;

·

changes in general economic conditions, either nationally or in our market areas;

·

changes in the monetary and fiscal policies of the U.S. Government, including policies of the Treasury and the FRB;

·

changes in the levels of general interest rates and the relative differences between short- and long-term interest rates, deposit interest rates, our net interest margin and funding sources;

·

fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas;

3

·

our ability to successfully integrate into our operations any assets, liabilities, customers, systems, and management personnel acquired and those we may in the future acquire, and our ability to realize related revenue synergies and cost savings within expected time frames or at all and any goodwill charges related thereto;

·

decreases in the secondary market for the sale of loans that we originate;

·

results of examinations of us by the IDFI, FDIC, FRB or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;

·

legislative or regulatory changes that adversely affect our business, including the effect of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), changes in regulatory policies and principles, changes in regulatory capital requirements or the interpretation of regulatory capital or other rules;

·

our ability to attract and retain deposits;

·

increases in premiums for deposit insurance;

·

management’s assumptions in determining the adequacy of the allowance for loan losses;

·

our ability to control operating costs and expenses;

·

the use of estimates in determining fair value of certain assets, which estimates may prove to be incorrect and result in significant losses due to declines in valuation;

·

difficulties in reducing risks associated with the loans on our balance sheet;

·

staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges;

·

a failure or security breach in the computer systems (or the third-party vendors who provide such services) on which we depend;

·

our ability to retain members of our senior management team;

·

costs and effects of litigation, including settlements and judgments;

·

increased competitive pressures among financial services companies;

·

changes in consumer spending, borrowing and savings habits;

·

the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions;

·

adverse changes in the securities markets;

·

changes in our ability and the cost to access the capital markets;

·

inability of key third-party providers to perform their obligations to us;

·

changes in tax legislation and accounting policies and practices, as may be adopted by the financial institution regulatory agencies, the Public Company Accounting Oversight Board or the Financial Accounting Standards Board;

·

other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described elsewhere in this Form 10‑K; 

·

the diversion of management's attention from ongoing business operations and opportunities as a result of the proposed merger with Northwest Bancshares or otherwise;

·

the ability to obtain regulatory approvals and satisfy other closing conditions to the merger, including approval by shareholders of the Company; and

·

any delay in closing the merger.

 

Some of these and other factors are discussed in “Item 1A-Risk Factors” and elsewhere in this Form 10‑K.  Certain of these developments could have an adverse impact on our financial position and results of operations.

Any of these forward-looking statements are based upon management’s beliefs and assumptions at the time they are made.  We undertake no obligation to publicly update or revise any forward-looking statements included in this Form 10‑K or to update the reasons why actual results could differ from those contained in

4

such statements, whether as a result of new information, future events or otherwise.  In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this Form 10‑K might not occur, and you should not put undue reliance on any forward-looking statements.

The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events.

Market Area

We are a community-oriented bank offering a variety of financial services to meet the needs of the communities we serve.  We are headquartered in Muncie, Indiana and offer our financial services through 39 full service retail financial center offices in Allen, Delaware, Elkhart, Grant, Greene, Hamilton, Jackson, Johnson, Knox, Kosciusko, Lawrence, Monroe, Randolph, St. Joseph and Wabash counties in Indiana. MutualBank also has wealth management offices in Fishers and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan.  The Bank has a subsidiary, Summit Mortgage, Inc., that operates a mortgage banking operation in Fort Wayne, Indiana.   In addition, we originate residential mortgage and commercial loans in the counties contiguous to the counties in which we have offices.  We also originate indirect consumer loans throughout Indiana and contiguous states as described in “Lending Activities - Other Consumer Lending.”

The market areas where MutualBank operates in Indiana have historically experienced an unemployment rate that exceeded the federal and state unemployment rates. In the last three years, however, the rate in our market areas was reduced to below the state and federal rates.  At the end of 2019, the unemployment rate (not seasonally adjusted) was 3.4% at the federal level and 3.0% at the state level, compared to 3.7% and 3.4% at the end of 2018 at the federal and state level, respectively.  Our footprint had an unemployment rate of 2.9% and 3.1% at year-end 2019 and 2018, respectively.

Competition

We face strong competition from other banks, credit unions, mortgage bankers and finance companies in originating commercial, real estate and other loans and in attracting deposits.  Our wealth management division faces strong competition from other banks, brokerage firms, financial advisers and trust companies.  We attract deposits primarily through our financial center network.  Competition for deposits comes principally from local banks and credit unions, but also comes from the availability of other investment opportunities, including mutual funds.  We compete for deposits by offering superior service and a variety of deposit accounts at competitive rates.  We also offer alternative investment products through a broker/dealer.

Internet Website and Information

The Company maintains a website at www.bankwithmutual.com - “About Us – Investor Relations.”  The information contained on that website is not included as part of or incorporated by reference into this Form 10‑K.  The Company’s filings with the SEC are available on that website and also are available on the SEC website at sec.gov - “Search for Company Filings.”

Lending Activities

General.  Our loans carry either a fixed- or an adjustable-rate of interest.  At December 31, 2019, our net loan portfolio totaled $1.5 billion, which constituted 71.6% of our total assets.  Our net loan portfolio, excluding loans held for sale, decreased by 0.39% in 2019, primarily due to indirect consumer loan and commercial loan growth offset by the sale of consumer residential mortgage loans during 2019.

Aggregate credit exposures to borrowers of up to $1.0 million may be approved by certain individual commercial loan officers.  Aggregate exposures in excess of $1.0 million, but not in excess of $3.0 million,

5

may be approved by the combined authority of more than one officer that have loan authority up to $1.0 million individually.  Aggregate exposures between $2.0 million and  $8.0 million, may be approved by a majority vote of the Loan Committee.  All aggregate exposures in excess of $8.0 million must be approved by the Board of Directors.   Commercial Banking Officers may advance additional credit exposure for a commercial loan relationship requiring Board approval up to the lesser of: 10% of the existing previously approved credit exposure to the client, or $100,000. Any additional exposure approved under the 10% Rule must be approved by the Senior Vice President of Commercial Banking, or his designee, and reported to the appropriate Loan Committee during the next meeting.

Major Loan Customers.  At December 31, 2019, the maximum amount that we could lend to any one borrower and the borrower’s related entities was approximately $32.2 million.  At December 31, 2019, our five largest lending relationships were with commercial borrowers and constituted an aggregate of $79.8 million in loans and commitments issued, or 5.4% of our $1.5 billion gross loan portfolio, with $69.4 million in loans outstanding.  As of December 31, 2019, our largest lending relationship to a single borrower or group of related borrowers consisted of eight loans with a total commitment of $19.4 million, with an $18.4 million outstanding balance at year-end.  These loans are secured primarily by commercial real estate and were in compliance with loan terms as of December 31, 2019.

Our next four largest relationships consist of $17.6 million in loans and commitments and outstanding secured by commercial real estate; $15.9 million in loans and commitments issued secured primarily by commercial business collateral with an $11.4 million outstanding balance; $13.8 million in loans and commitments issued secured by commercial construction and development real estate with $10.0 million outstanding; and $13.2 million in loans and commitments issued which is secured primarily by commercial business collateral with a $12.0 million outstanding balance. As of December 31, 2019, all loans within these relationships were performing as agreed.

 

6

The following table presents information concerning the composition of our loan portfolio in dollar amounts and in percentages as of the dates indicated. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

    

Amount

    

Percent

    

 

Amount

    

Percent

    

 

Amount

    

Percent

    

 

Amount

    

Percent

    

 

Amount

    

Percent

 

 

 

 

(Dollars in thousands)

 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

504,241

 

33.86

%  

 

$

485,808

 

32.45

%  

 

$

318,684

 

26.85

%  

 

$

302,577

 

25.80

%  

 

$

236,895

 

21.87

%

Commercial construction and development

 

 

49,496

 

3.32

 

 

 

53,310

 

3.57

 

 

 

28,164

 

2.37

 

 

 

22,453

 

1.91

 

 

 

15,744

 

1.45

 

Consumer closed end first mortgage

 

 

415,865

 

27.93

 

 

 

464,539

 

31.02

 

 

 

444,243

 

37.44

 

 

 

478,848

 

40.84

 

 

 

491,451

 

45.36

 

Consumer open end and junior liens

 

 

75,596

 

5.08

 

 

 

77,072

 

5.15

 

 

 

69,477

 

5.85

 

 

 

71,222

 

6.07

 

 

 

70,990

 

6.55

 

Total real estate loans

 

 

1,045,198

 

70.19

 

 

 

1,080,729

 

72.19

 

 

 

860,568

 

72.51

 

 

 

875,100

 

74.62

 

 

 

815,080

 

75.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

57,107

 

3.84

 

 

 

43,667

 

2.91

 

 

 

19,640

 

1.66

 

 

 

18,939

 

1.62

 

 

 

15,480

 

1.43

 

Boat/RV

 

 

213,305

 

14.33

 

 

 

216,608

 

14.47

 

 

 

169,238

 

14.26

 

 

 

141,602

 

12.08

 

 

 

123,621

 

11.41

 

Other consumer loans

 

 

7,319

 

0.49

 

 

 

6,893

 

0.46

 

 

 

6,188

 

0.52

 

 

 

5,892

 

0.50

 

 

 

6,171

 

0.57

 

Total consumer other

 

 

277,731

 

18.66

 

 

 

267,168

 

17.84

 

 

 

195,066

 

16.44

 

 

 

166,433

 

14.20

 

 

 

145,272

 

13.41

 

Commercial and industrial

 

 

166,019

 

11.15

 

 

 

149,359

 

9.97

 

 

 

131,079

 

11.05

 

 

 

131,103

 

11.18

 

 

 

123,043

 

11.36

 

Total other loans

 

 

443,750

 

29.81

 

 

 

416,527

 

27.81

 

 

 

326,145

 

27.49

 

 

 

297,536

 

25.38

 

 

 

268,315

 

24.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans receivable, gross

 

$

1,488,948

 

100.00

%  

 

 

1,497,256

 

100.00

%  

 

 

1,186,713

 

100.00

%  

 

 

1,172,636

 

100.00

%  

 

 

1,083,395

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undisbursed loans in process

 

 

(7,516)

 

  

 

 

 

(10,096)

 

  

 

 

 

(13,071)

 

  

 

 

 

(8,691)

 

  

 

 

 

(7,432)

 

  

 

Unamortized deferred loan costs, net

 

 

8,800

 

  

 

 

 

8,783

 

  

 

 

 

6,503

 

  

 

 

 

5,557

 

  

 

 

 

4,882

 

  

 

Allowance for loan losses

 

 

(13,307)

 

  

 

 

 

(13,281)

 

  

 

 

 

(12,387)

 

  

 

 

 

(12,382)

 

  

 

 

 

(12,641)

 

  

 

Total loans receivable, net

 

$

1,476,925

 

  

 

 

$

1,482,662

 

  

 

 

$

1,167,758

 

  

 

 

$

1,157,120

 

  

 

 

$

1,068,204

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

The following table shows the composition of our loan portfolio by fixed- and adjustable-rate at the dates indicated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

    

Amount

    

Percent

    

 

Amount

    

Percent

    

 

Amount

    

Percent

    

 

Amount

    

Percent

    

 

Amount

    

Percent

 

 

 

 

(Dollars in thousands)

 

Fixed-Rate Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate

 

 

  

 

  

 

 

 

  

 

  

 

 

 

  

 

  

 

 

 

  

 

  

 

 

 

  

 

  

 

Commercial

 

$

47,524

 

3.19

%  

 

$

53,055

 

3.54

%  

 

$

44,896

 

3.78

%  

 

$

66,898

 

5.70

%  

 

$

72,263

 

6.67

%

Commercial construction and development

 

 

3,752

 

0.25

 

 

 

8,759

 

0.59

 

 

 

1,709

 

0.14

 

 

 

1,962

 

0.17

 

 

 

4,732

 

0.43

 

Consumer closed end first mortgage

 

 

334,718

 

22.48

 

 

 

364,807

 

24.37

 

 

 

342,937

 

28.90

 

 

 

367,048

 

31.30

 

 

 

375,381

 

34.65

 

Consumer open end and junior liens

 

 

20,636

 

1.39

 

 

 

20,090

 

1.34

 

 

 

19,939

 

1.68

 

 

 

22,116

 

1.89

 

 

 

17,106

 

1.58

 

Total real estate loans

 

 

406,630

 

27.31

 

 

 

446,711

 

29.84

 

 

 

409,481

 

34.50

 

 

 

458,024

 

39.06

 

 

 

469,482

 

43.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

276,142

 

18.55

 

 

 

265,482

 

17.73

 

 

 

193,281

 

16.29

 

 

 

164,483

 

14.03

 

 

 

143,171

 

13.22

 

Commercial and industrial

 

 

53,186

 

3.57

 

 

 

41,172

 

2.75

 

 

 

48,253

 

4.07

 

 

 

52,932

 

4.51

 

 

 

61,702

 

5.70

 

Total fixed-rate loans

 

 

735,958

 

49.43

 

 

 

753,365

 

50.32

 

 

 

651,015

 

54.86

 

 

 

675,439

 

57.60

 

 

 

674,355

 

62.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustable-Rate Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

456,717

 

30.67

 

 

 

432,753

 

28.90

 

 

 

273,788

 

23.07

 

 

 

235,679

 

20.10

 

 

 

164,632

 

15.20

 

Commercial construction and development

 

 

45,744

 

3.07

 

 

 

44,551

 

2.98

 

 

 

26,455

 

2.23

 

 

 

20,491

 

1.74

 

 

 

11,012

 

1.02

 

Consumer closed end first mortgage

 

 

81,147

 

5.45

 

 

 

99,732

 

6.66

 

 

 

101,306

 

8.54

 

 

 

111,800

 

9.53

 

 

 

116,070

 

10.71

 

Consumer open end and junior liens

 

 

54,960

 

3.69

 

 

 

56,982

 

3.81

 

 

 

49,538

 

4.17

 

 

 

49,106

 

4.19

 

 

 

53,884

 

4.97

 

Total real estate loans

 

 

638,568

 

42.88

 

 

 

634,018

 

42.35

 

 

 

451,087

 

38.01

 

 

 

417,076

 

35.56

 

 

 

345,598

 

31.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

1,589

 

0.11

 

 

 

1,686

 

0.11

 

 

 

1,785

 

0.15

 

 

 

1,950

 

0.17

 

 

 

2,101

 

0.19

 

Commercial and industrial