Company Quick10K Filing
Quick10K
Northrim Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$36.60 7 $251
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
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
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-05-23 Shareholder Vote
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-04-26 Other Events, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-02 Officers, Exhibits
8-K 2018-12-04 Officers, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-05-24 Shareholder Vote
8-K 2018-04-30 Earnings, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-02 Officers, Exhibits
SYK Stryker 70,280
BMO Bank of Montreal 49,600
ON ON Semiconductor 8,720
UNF UniFirst 3,120
PRA Proassurance 2,120
VBTX Veritex Holdings 1,410
EBTC Enterprise Bancorp 360
COE China Online Education Group 127
ZETAI Zeta Acquisition I 0
CVSI CV Sciences 0
NRIM 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
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 exhibit3112019q2.htm
EX-31.2 exhibit3122019q2.htm
EX-32.1 exhibit3212019q2.htm
EX-32.2 exhibit3222019q2.htm

Northrim Bancorp Earnings 2019-06-30

NRIM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 nrim2019-10q2.htm 10-Q Document


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC  20549
FORM 10-Q
(Mark One)
þ    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
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 000-33501
NORTHRIM BANCORP, INC.
(Exact name of registrant as specified in its charter)
Alaska
 
92-0175752
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
3111 C Street
Anchorage, Alaska 99503
(Address of principal executive offices)    (Zip Code) 

(907) 562-0062

(Registrant’s telephone number, including area code)
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.   
ý 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). 
ý Yes  ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:  
Large Accelerated Filer ¨  Accelerated Filer ý    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  ý No
Securities registered pursuant to Section 12(b) of the Act: None
TITLE OF EACH CLASS
TRADING SYMBOL
NAME OF EXCHANGE
 
 
 
The number of shares of the issuer’s Common Stock, par value $1 per share, outstanding at August 6, 2019 was 6,673,140.




TABLE OF CONTENTS
 
 
 
Part  I
FINANCIAL INFORMATION
 
Item 1.
Financial Statements (unaudited)
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
Part II
OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



1



PART I. FINANCIAL INFORMATION
These consolidated financial statements should be read in conjunction with the financial statements, accompanying notes and other relevant information included in Northrim BanCorp, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2018.

ITEM 1. FINANCIAL STATEMENTS

2


CONSOLIDATED FINANCIAL STATEMENTS
NORTHRIM BANCORP, INC.
Consolidated Balance Sheets
(Unaudited)
 
June 30,
2019
 
December 31,
2018
(In Thousands, Except Share Data)
 
ASSETS
 
 
 
Cash and due from banks

$25,377

 

$26,771

Interest bearing deposits in other banks
45,454

 
50,767

Investment securities available for sale, at fair value
249,986

 
271,610

Marketable equity securities
7,916

 
7,265

Investment in Federal Home Loan Bank stock
2,069

 
2,101

Loans held for sale
61,531

 
34,710

Loans
1,015,704

 
984,346

Allowance for loan losses
(20,518
)
 
(19,519
)
Net loans
995,186

 
964,827

Purchased receivables, net
13,114

 
14,406

Mortgage servicing rights, at fair value
10,836

 
10,821

Other real estate owned, net
7,043

 
7,962

Premises and equipment, net
39,155

 
39,090

Operating lease right-of-use asset
14,924

 

Goodwill
15,017

 
15,017

Other intangible assets, net
1,107

 
1,137

Other assets
64,055

 
56,504

Total assets

$1,552,770

 

$1,502,988

LIABILITIES
 
 
 
Deposits:
 
 
 
Demand

$435,425

 

$420,988

Interest-bearing demand
285,664

 
248,056

Savings
232,190

 
239,054

Money market
204,151

 
206,717

Certificates of deposit less than $250,000
83,210

 
75,318

Certificates of deposit $250,000 and greater
47,538

 
37,955

Total deposits
1,288,178

 
1,228,088

Securities sold under repurchase agreements
864

 
34,278

Borrowings
7,158

 
7,241

Junior subordinated debentures
10,310

 
10,310

Operating lease liability
14,807

 

Other liabilities
25,115

 
17,124

Total liabilities
1,346,432

 
1,297,041

SHAREHOLDERS' EQUITY
 
 
 
Preferred stock, $1 par value, 2,500,000 shares authorized, none issued or outstanding

 

Common stock, $1 par value, 10,000,000 shares authorized, 6,729,456 and 6,883,216 issued and outstanding at June 30, 2019 and December 31, 2018, respectively
6,729

 
6,883

Additional paid-in capital
57,234

 
62,132

Retained earnings
141,878

 
137,452

Accumulated other comprehensive income (loss), net of tax
497

 
(520
)
Total shareholders' equity
206,338

 
205,947

Total liabilities and shareholders' equity

$1,552,770

 

$1,502,988

See notes to consolidated financial statements

3



NORTHRIM BANCORP, INC.
Consolidated Statements of Income
(Unaudited)
 
Three Months Ended
Six Months Ended
 
June 30,
June 30,
(In Thousands, Except Per Share Data)
2019
 
2018
2019
 
2018
Interest Income
 
 
 
 
 
 
Interest and fees on loans and loans held for sale

$15,353

 

$14,036


$30,330

 

$27,299

Interest on investment securities available for sale
1,690

 
1,302

3,322

 
2,556

Dividends on marketable equity securities
109

 
84

216

 
166

Dividends on Federal Home Loan Bank stock
19

 
14

38

 
26

Interest on deposits in other banks
135

 
159

278

 
343

Total Interest Income
17,306

 
15,595

34,184

 
30,390

Interest Expense
 
 
 
 
 
 
Interest expense on deposits
1,174

 
446

2,112

 
818

Interest expense on securities sold under agreements to repurchase
18

 
8

40

 
17

Interest expense on borrowings
62

 
57

119

 
115

Interest expense on junior subordinated debentures
95

 
95

187

 
188

Total Interest Expense
1,349

 
606

2,458

 
1,138

Net Interest Income
15,957

 
14,989

31,726

 
29,252

Provision (benefit) for loan losses
300

 
(300
)
1,050

 
(300
)
Net Interest Income After Provision (Benefit) for Loan Losses
15,657

 
15,289

30,676

 
29,552

Other Operating Income
 
 
 
 
 
 
Mortgage banking income
5,950

 
5,478

10,248

 
10,422

Purchased receivable income
837

 
867

1,646

 
1,707

Interest rate swap income
734

 

734

 

Bankcard fees
744

 
707

1,394

 
1,332

Service charges on deposit accounts
413

 
376

826

 
730

Gain (loss) on marketable equity securities
118

 
(173
)
652

 
(173
)
Gain on sale of securities, net

 

23

 

Other income
773

 
1,059

1,579

 
1,758

Total Other Operating Income
9,569

 
8,314

17,102

 
15,776

Other Operating Expense
 
 
 
 
 
 
Salaries and other personnel expense
12,945

 
11,362

24,247

 
21,947

Data processing expense
1,796

 
1,323

3,475

 
2,871

Occupancy expense
1,642

 
1,020

3,413

 
2,720

Marketing expense
833

 
462

1,252

 
1,094

Professional and outside services
684

 
554

1,240

 
1,053

Insurance expense
232

 
178

490

 
474

OREO (income) expense, net rental income and gains on sale
165

 
11

(155
)
 
114

Intangible asset amortization expense
15

 
17

30

 
35

Other operating expense
1,507

 
1,679

2,907

 
3,093

Total Other Operating Expense
19,819

 
16,606

36,899

 
33,401

Income Before Provision for Income Taxes
5,407

 
6,997

10,879

 
11,927

Provision for income taxes
1,146

 
1,167

2,306

 
2,035

Net Income

$4,261

 

$5,830


$8,573

 

$9,892

Earnings Per Share, Basic

$0.62

 

$0.85


$1.25

 

$1.44

Earnings Per Share, Diluted

$0.62

 

$0.84


$1.24

 

$1.42

Weighted Average Shares Outstanding, Basic
6,798,352

 
6,872,371

6,838,986

 
6,872,167

Weighted Average Shares Outstanding, Diluted
6,896,687

 
6,976,985

6,939,338

 
6,972,744

See notes to consolidated financial statements

4



NORTHRIM BANCORP, INC.
Consolidated Statements of Comprehensive Income
(Unaudited)
2010
 
Three Months Ended June 30,
Six Months Ended June 30,
(In Thousands)
2019
2018
2019
2018
Net income

$4,261


$5,830


$8,573


$9,892

Other comprehensive income (loss), net of tax:
 
 
 
 
   Securities available for sale:
 
 
 
 
         Unrealized gains (losses) arising during the period

$1,300


($119
)

$2,733


($1,107
)
            Reclassification of net (gains) losses included in net income (net of tax
 
 
 
 
     (benefit) expense) of $0 for the second quarters of 2019 and 2018, and $7
 
 
 
 
            and $0 for the six months ended June 30, 2019 and 2018, respectively)


(16
)

Derivatives and hedging activities:
 
 
 
 
     Unrealized (losses) gains arising during the period
(588
)
154

(981
)
621

     Income tax (expense) benefit related to unrealized gains and losses
(370
)
143

(719
)
246

Other comprehensive income (loss), net of tax
342

178

1,017

(240
)
Comprehensive income

$4,603


$6,008


$9,590


$9,652

 
See notes to consolidated financial statements


5



NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
 
Common Stock
 
Additional Paid-in Capital
 
 Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
 Total
 
Number of Shares
 
Par Value
 
 
 
 
(In Thousands)
 
 
 
 
 
Balance as of January 1, 2018
6,872

 

$6,872

 

$61,793

 

$124,407

 

($270
)
 

$192,802

Cash dividend declared

 

 

 
(1,664
)
 

 
(1,664
)
Stock-based compensation expense

 

 
253

 

 

 
253

Other comprehensive loss, net of tax

 

 

 

 
(418
)
 
(418
)
Cumulative effect of adoption of accounting principles related to premium amortization of investment securities

 

 

 
(62
)
 

 
(62
)
Reclassification for cumulative effect of adoption of accounting principles related to fair value measurement of equity securities

 

 

 
191

 
(191
)
 

Net income

 

 

 
4,062

 

 
4,062

Balance as of March 31, 2018
6,872



$6,872

 

$62,046

 

$126,934

 

($879
)
 

$194,973

Cash dividend declared

 

 

 
(1,667
)
 

 
(1,667
)
Stock-based compensation expense

 

 
159

 

 

 
159

Exercise of stock options and vesting of restricted stock units, net
1

 
1

 
(18
)
 

 

 
(17
)
Other comprehensive income, net of tax

 

 

 

 
178

 
178

Net income

 

 

 
5,830

 

 
5,830

Balance as of June 30, 2018
6,873

 

$6,873

 

$62,187

 

$131,097

 

($701
)
 

$199,456

Cash dividend declared

 

 

 
(1,874
)
 

 
(1,874
)
Stock-based compensation expense

 

 
159

 

 

 
159

Exercise of stock options and vesting of restricted stock units, net
11

 
11

 
166

 

 

 
177

Other comprehensive income, net of tax

 

 

 

 
60

 
60

Net income

 

 

 
5,264

 

 
5,264

Balance as of September 30, 2018
6,884

 

$6,884

 

$62,512

 

$134,487

 

($641
)
 

$203,242

Cash dividend declared

 

 

 
(1,883
)
 

 
(1,883
)
Stock-based compensation expense

 

 
245

 

 

 
245

Exercise of stock options and vesting of restricted stock units, net
15

 
15

 
(147
)
 

 

 
(132
)
Repurchase of common stock
(16
)
 
(16
)
 
(478
)
 

 

 
(494
)
Other comprehensive income, net of tax

 

 

 

 
121

 
121

Net income

 

 

 
4,848

 

 
4,848

Balance as of December 31, 2018
6,883

 

$6,883

 

$62,132

 

$137,452

 

($520
)
 

$205,947

 






6



NORTHRIM BANCORP, INC.
Consolidated Statements of Changes in Shareholders’ Equity
(Continued)
(Unaudited)

 
Common Stock
 
Additional Paid-in Capital
 
 Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
 Total
 
Number of Shares
 
Par Value
 
 
 
 
(In Thousands)
 
 
 
 
 
Balance as of January 1, 2019
6,883

 

$6,883

 

$62,132

 

$137,452

 

($520
)
 

$205,947

Cash dividend declared

 

 

 
(2,087
)
 

 
(2,087
)
Stock-based compensation expense

 

 
196

 

 

 
196

Exercise of stock options and vesting of restricted stock units, net
2

 
2

 
(2
)
 

 

 

Repurchase of common stock
(6
)
 
(6
)
 
(199
)
 

 

 
(205
)
Other comprehensive income, net of tax

 

 

 

 
675

 
675

Net income

 

 

 
4,312

 

 
4,312

Balance as of March 31, 2019
6,879

 

$6,879

 

$62,127

 

$139,677

 

$155

 

$208,838

Cash dividend declared

 

 

 
(2,060
)
 

 
(2,060
)
Stock-based compensation expense

 

 
155

 

 

 
155

Repurchase of common stock
(150
)
 
(150
)
 
(5,048
)
 

 

 
(5,198
)
Other comprehensive income, net of tax

 

 

 

 
342

 
342

Net income

 

 

 
4,261

 

 
4,261

Balance as of June 30, 2019
6,729

 

$6,729

 

$57,234

 

$141,878

 

$497

 

$206,338

See notes to consolidated financial statements

7



NORTHRIM BANCORP, INC.
Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended June 30,
(In Thousands)
2019
 
2018
Operating Activities:
 
 
 
Net income

$8,573

 

$9,892

Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:
 

 
 

Gain on sale of securities, net
(23
)
 

Loss on disposal of premises and equipment

 
3

Depreciation and amortization of premises and equipment
1,444

 
768

Amortization of software
496

 
431

Intangible asset amortization
30

 
35

Amortization of investment security premium, net of discount accretion
25

 
106

(Gain) loss of marketable equity securities
(652
)
 
173

Deferred tax expense (benefit)
735

 
(156
)
Stock-based compensation
351

 
412

Deferral of loan fees and (costs), net
(169
)
 
51

Provision for loan losses
1,050

 
(300
)
(Benefit) reserve for purchased receivables
(92
)
 
1

Additions to home mortgage servicing rights carried at fair value
(1,639
)
 
(1,572
)
Change in fair value of home mortgage servicing rights carried at fair value
1,624

 
144

Change in fair value of commercial servicing rights carried at fair value
98

 

Gain on sale of loans
(7,830
)
 
(7,398
)
Proceeds from the sale of loans held for sale
242,409

 
254,323

Origination of loans held for sale
(261,400
)
 
(257,252
)
Gain on sale of other real estate owned
(316
)
 
(49
)
Net changes in assets and liabilities:
 

 
 
Decrease (increase) in accrued interest receivable
25

 
(104
)
Increase in other assets
(3,162
)
 
(10,614
)
Increase (decrease) in other liabilities
668

 
(1,996
)
Net Cash Used by Operating Activities
(17,755
)
 
(13,102
)
Investing Activities:
 

 
 

Investment in securities:
 

 
 
Purchases of investment securities available for sale
(15,373
)
 
(25,731
)
Purchases of marketable equity securities

 
(998
)
Purchases of FHLB stock
(806
)
 

Proceeds from sales/calls/maturities of securities available for sale
39,729

 
67,401

Proceeds from calls/sales of marketable equity securities

 
500

Proceeds from redemption of FHLB stock
838

 
11

Decrease in purchased receivables, net
1,384

 
1,908

Increase in loans, net
(31,090
)
 
(14,388
)
Proceeds from sale of other real estate owned
1,085

 
276

Purchases of software
(294
)
 
(409
)
Proceeds from sale of premises and equipment

 
3

Purchases of premises and equipment
(1,509
)
 
(1,020
)
Net Cash (Used) Provided by Investing Activities
(6,036
)
 
27,553

Financing Activities:
 

 
 
(Decrease) increase in deposits
60,090

 
(52,762
)
Decrease in securities sold under repurchase agreements
(33,414
)
 
(51
)
Decrease in borrowings
(83
)
 
(50
)
Repurchase of common stock
(5,403
)
 

Cash dividends paid
(4,106
)
 
(3,299
)

8



Net Cash Provided (Used) by Financing Activities
17,084

 
(56,162
)
Net Change in Cash and Cash Equivalents
(6,707
)
 
(41,711
)
Cash and Cash Equivalents at Beginning of Period
77,538

 
77,841

Cash and Cash Equivalents at End of Period

$70,831

 

$36,130

 
 
 
 
Supplemental Information:
 

 
 
Income taxes paid

$—

 

$324

Interest paid

$2,483

 

$1,070

Noncash commitments to invest in Low Income Housing Tax Credit Partnerships

$7,282

 

$—

Transfer of loans to other real estate owned

$—

 

$535

Non-cash lease liability arising from obtaining right of use assets

$528

 

$—

Cash dividends declared but not paid

$41

 

$32

 
See notes to consolidated financial statements

9



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies
The accompanying unaudited consolidated financial statements and corresponding footnotes have been prepared by Northrim BanCorp, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The year-end Consolidated Balance Sheet data was derived from the Company's audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Company owns a 100% interest in Residential Mortgage Holding Company, LLC, the parent company of Residential Mortgage, LLC (collectively "RML") and consolidates their balance sheets and income statement into its financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company determined that it operates in two primary operating segments: Community Banking and Home Mortgage Lending. The Company has evaluated subsequent events and transactions for potential recognition or disclosure. Operating results for the interim period ended June 30, 2019 are not necessarily indicative of the results anticipated for the year ending December 31, 2019. These consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The Company’s significant accounting policies are discussed in Note 1 to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.
Reclassification of Prior Year Presentation
Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or total shareholders' equity.
Recent Accounting Pronouncements
Accounting pronouncements implemented in 2019
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. In July 2018, the FASB issued ASU 2018-11, Leases - Targeted Improvements ("ASU 2018-11") to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The Company adopted ASU 2016-02 on January 1, 2019, utilizing the modified retrospective approach provided under the transition option in ASU 2018-11 for leases that exist on, or are entered into, after the adoption date. Accordingly, ASU 2016-02 has not been applied to comparative periods included in the Company's financial statements. The Company also elected certain relief options offered in ASU 2016-02 and ASU 2018-11, including the practical expedient on not separating lease components from nonlease components for all operating leases and instead to account for them as a single lease component and the option not to recognize right-of-use assets and lease liabilities that arise from short-term leases (i.e., leases with terms of twelve months or less). The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of right-of-use assets. The Company has several lease agreements, such as branch locations, which were considered operating leases prior to the adoption of ASU 2016-02, and therefore, were not recognized on the Company’s consolidated statements of condition. The Company recognized these lease agreements on the consolidated balance sheets as a $15.9 million right-of-use asset and a $15.9 million lease liability upon adoption of ASU 2016-02 on January 1, 2019. The adoption of ASU 2016-02 did not have an impact on the Company’s consolidated statements of income.
Accounting pronouncements to be implemented in future periods    
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The standard requires the measurement of all expected credit losses for certain financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates, but will continue to use judgment to determine which loss estimation method is appropriate for their circumstances.

10



ASU 2016-13 requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, ASU 2016-03 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-03 is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2019. Early application will be permitted for specified periods. ASU 2016-13 is effective for the Company’s financial statements for annual and interim periods beginning on or after December 15, 2019, and must be applied prospectively. The Company is in the process of implementing this new standard. A cross-functional team is evaluating data elements, modeling options, and the application of reasonable and supportable forecasts that are expected to be critical to the new process for estimating credit losses and has engaged external consulting services related to this effort. An estimate of the impact of this standard on the Company's consolidated financial position and results of operations has not yet been determined; however, the impact on the Company's process for calculating the allowance for loan losses ("Allowance") is expected to be significant.
In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (“ASU 2017-04”). ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 is effective for the Company’s financial statements for annual and interim periods beginning on or after December 15, 2019, and must be applied on a prospective basis. The Company does not believe that the adoption of this standard will have a material impact on the Company’s consolidated financial position or results of operations.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. ASU 2018-13 is effective for the Company’s financial statements for annual and interim periods beginning on or after December 15, 2019. The Company does not believe that the adoption of this standard will have a material impact on the Company’s consolidated financial position or results of operations.
In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”). ASU 2019-04 clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company's next annual reporting period; early adoption is permitted. The Company previously adopted both ASU 2017-12 and ASU 2016-01 and does not expect that the amendments of ASU 2019-04 will have a material impact on the Company’s consolidated financial position or results of operations. The Company is continuing to evaluate the impact of ASU 2016-13 and will consider the amendments of ASU 2019-04 as part of that process.
In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326) (“ASU 2019-05”). ASU 2019-05 provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU 2019-05 is effective for the Company’s financial statements for annual and interim periods beginning on or after December 15, 2019. The Company does not believe that the adoption of this standard will have a material impact on the Company’s consolidated financial position or results of operations.
    
2. Leases

We adopted ASU 2016-02 using the modified retrospective approach with an effective date as of January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also elected the practical expedient on not separating lease components from nonlease components for all operating leases. Additionally, the Company has elected to not apply ASU 2016-02 to short-term leases. Short-term leases are those leases that, at the lease commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

The Company has lease agreements for land and office facilities that it occupies to operate several of its retail branch locations, as well as one storage facility, that are classified as operating leases and are recognized on the balance sheet as right-

11



of-use ("ROU") assets and lease liabilities. Most of these leases contain options to extend the duration of the leases at management's discretion. Management has recognized these renewal options as part of its ROU asset and lease liabilities when management is reasonably certain to exercise these options. Whether or not management is reasonably certain to exercise such an option is determined based on facts and circumstances for each individual lease. However, if a renewal option is offered at below market terms, management considers the exercise of that option to be reasonably certain for the purposes of calculating its ROU assets and lease liabilities. None of the Company's leases include residual value guarantees, and there are no restrictions or covenants imposed by these leases that impose significant additional financial obligations on the Company. The Company uses the rate implicit in each lease as the discount rate to determine the lease liability, which is the present value of lease payments not yet paid at the lease commencement date. If the rate implicit in each lease is not readily determinable, which is often the case, the Company uses its incremental borrowing rate as the discount rate. The incremental borrowing rate is the rate that the Company would have incurred to borrow the funds necessary to purchase the leased asset over a similar term.

As of June 30, 2019, the Company has operating lease ROU assets of $14.9 million and operating lease liabilities of $14.8 million. The Company does not have any agreements that are classified as finance leases.

The following table presents additional information about the Company's operating leases:
(In Thousands)
Three Months Ended June 30,
Six Months Ended June 30,
 
2019
2019
Lease Cost
 
 
 
Operating lease cost(1)

$677


$1,355

 
Short term lease cost(1)
8

17

 
Total lease cost

$685


$1,372

 
 
 
 
Other information
 
 
 
Operating leases - operating cash flows
 

$1,348

 
Weighted average lease term - operating leases, in years
 
11.26

 
Weighted average discount rate - operating leases
 
3.32
%
(1) 
Expenses are classified within occupancy expense on the Consolidated Statements of Income.
 
 

The table below reconciles the remaining undiscounted cash flows for the next five years for each twelve-month period presented (unless otherwise indicated) and the total of the subsequent remaining years to the operating lease liabilities recorded on the balance sheet:

(In Thousands)
Operating Leases
2019 (Six months)

$1,332

2020
2,532

2021
2,439

2022
1,998

2023
1,775

Thereafter
8,131

Total minimum lease payments

$18,207

Less: amount of lease payment representing interest
(3,400
)
Present value of future minimum lease payments

$14,807




3. Revenue
The Company's revenue is included in net interest income and other operating income on its Consolidated Statements of Income. ASU 2014-09, which amends Topic 606 in the Accounting Standards Codification ("ASC"), establishes principles for

12



reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.
The majority of our ongoing revenue-generating transactions are not subject to Topic 606, including revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, purchased receivable income, financial guarantees, and derivatives are also not in scope of the guidance. Topic 606 is applicable to noninterest revenue streams such as deposit related fees, interchange fees, merchant services income, and commissions from the sales of mutual funds and other investments. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s non-interest revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below.
Bankcard fees
Bankcard fees are primarily comprised of debit card income and ATM fees. Debit card income is primarily comprised of interchange fees earned whenever the Company’s debit cards are processed through card payment networks such as Visa or MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. The Company’s performance obligation for bankcard fees are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payments are typically received immediately or in the following month.
Service charges on deposit accounts
Service charges on deposit accounts consist of general service fees for monthly account maintenance, activity- or transaction-based fees, and account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), and other deposit account related fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed. Payments for service charges on deposit accounts are primarily received immediately or in the following month through a direct charge to customers’ accounts.
Other
Other operating income consists of other recurring revenue streams such as merchant services income, commissions from sales of mutual funds and other investments, safety deposit box rental fees, bank check and other check fees, unrealized gains and losses on marketable securities, and other miscellaneous revenue streams. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. The Company’s performance obligation for merchant services income is largely satisfied, and related revenue recognized, when the transactions have been completed. Payment is typically received immediately or in the following month. The Company earns commissions from the sale of mutual funds as periodic service fees (i.e., trailers) from Elliott Cove Capital Management typically based on a percentage of net asset value. Trailer revenue is recorded over time, quarterly, as net asset value is determined. The Company also earns commission income from the sale of annuity products. The Company acts as an intermediary between the Company's customer and Elliott Cove Investment Advisors for these transactions, and commissions from annuity product sales are recorded when the Company’s performance obligation is satisfied, which is generally upon the issuance of the annuity policy. The Company does not earn trailer fees on annuity sales. Payment for commissions from sales of mutual funds and other investments and annuity sales is typically received in the following quarter. Other service charges include revenue from safety deposit box rental fees, processing wire transfers, bank check and other check fees, and other services. The Company’s performance obligations for these other revenue streams are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payments are typically received immediately or in the following month.

13



The following presents other operating income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six-month periods ended June 30, 2019 and 2018:
(In Thousands)
Three Months Ended June 30,
Six Months Ended June 30,
Other operating income
2019
2018
2019
2018
 
In-scope of Topic 606:
 
 
 
 
 
 
Bankcard fees

$744


$707


$1,394


$1,332

 
 
Service charges on deposit accounts
413

376

826

730

 
 
Other
451

436

816

799

 
Other operating income (in-scope of Topic 606)

$1,608


$1,519


$3,036


$2,861

 
Other operating income (out-of-scope of Topic 606)
7,961

6,795

14,066

12,915

Total other operating income

$9,569


$8,314


$17,102


$15,776

Gains on the sale of OREO are also within the scope of Topic 606 and are recorded within other operating expense on the Company's Consolidated Statements of Income. Gains on the sale of OREO properties were $0 and $49,000 for the three months ended June 30, 2019 and 2018, respectively, and $316,000 and $49,000 for the six months ended June 30, 2019 and 2018, respectively.

Contract Balances
A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s other operating revenue streams are largely based on transactional activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of June 30, 2019 and December 31, 2018, the Company did not have any significant contract balances.
Contract Acquisition Costs
An entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606 on January 1, 2018, the Company did not capitalize any contract acquisition costs.


4. Cash and Cash Equivalents
The Company is required to maintain a $1.0 million minimum average daily balance with the Federal Reserve Bank of San Francisco ("Federal Reserve Bank") for purposes of settling financial transactions and charges for Federal Reserve Bank services. The Company is also required to maintain cash balances or deposits with the Federal Reserve Bank sufficient to meet its statutory reserve requirements. The average reserve requirement for the maintenance period which included June 30, 2019, was $0.
The Company is required to maintain a $500,000 balance with a correspondent bank for outsourced servicing of ATMs.

The Company is required to maintain a $100,000 and $300,000 balance with a correspondent bank to collateralize the initial margin and the fair value exposure of its interest rate swap, respectively.


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5. Investment Securities
The carrying values and estimated fair values of investment securities at the periods indicated are presented below:
(In Thousands)
Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value
June 30, 2019
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$181,760



$1,123



$117



$182,766

Municipal securities
3,896


9


16


3,889

Corporate bonds
40,135


277


12


40,400

Collateralized loan obligations
22,979

 
6

 
54

 
22,931

Total securities available for sale

$248,770



$1,415



$199



$249,986

December 31, 2018
 


 


 


 

Securities available for sale
 


 


 


 

U.S. Treasury and government sponsored entities

$209,908



$391



$1,439



$208,860

Municipal securities
9,089


17


22


9,084

Corporate bonds
40,139


38


397


39,780

Collateralized loan obligations
13,990

 

 
104

 
13,886

Total securities available for sale

$273,126



$446



$1,962



$271,610


Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018 were as follows:

 
Less Than 12 Months
More Than 12 Months
Total
(In Thousands)
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
June 30, 2019:
 
 
 
 
 
 
Securities available for sale
 
 
 
 
 
 
     U.S. Treasury and government sponsored entities

$—


$—


$67,393


$117


$67,393


$117

     Corporate bonds
2,982

12



2,982

12

     Collateralized loan obligations
10,936

54



10,936

54

     Municipal securities


651

16

651

16

          Total

$13,918


$66


$68,044


$133


$81,962


$199

December 31, 2018:
 
 
 
 
 
 
Securities available for sale
 
 
 
 
 
 
     U.S. Treasury and government sponsored entities

$5,030


$6


$135,807


$1,433


$140,837


$1,439

     Corporate bonds
22,285

397



22,285

397

     Collateralized loan obligations
13,886

104



13,886

104

     Municipal securities


1,673

22

1,673

22

          Total

$41,201


$507


$137,480


$1,455


$178,681


$1,962


The unrealized losses on investments in U.S. treasury and government sponsored entities, corporate bonds, collateralized loan obligations, and municipal securities in both periods were caused by changes in interest rates. At June 30, 2019 and December 31, 2018, there were 4 and 14 available-for-sale securities with unrealized losses that have been in a loss position for less than twelve months, respectively. There were 11 and 23 securities as of June 30, 2019 and December 31, 2018 that have been in an unrealized loss position for more than twelve months, respectively.  The contractual terms of the investments in a loss position do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because it is more likely

15



than not that the Company will hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired.

At June 30, 2019 and December 31, 2018, $37.9 million and $58.4 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at June 30, 2019, are distributed by contractual maturity as shown below.  Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 
(In Thousands)
Amortized Cost

Fair Value

Weighted Average Yield
US Treasury and government sponsored entities
 

 

 
Within 1 year

$70,013



$69,995


1.70
%
1-5 years
111,747


112,771


2.33
%
Total

$181,760



$182,766


2.09
%
Corporate bonds
 

 

 
Within 1 year

$14,450



$14,505


3.44
%
1-5 years
20,689


20,887


3.54
%
5-10 years
4,996


5,008


3.52
%
Total

$40,135



$40,400


3.50
%
Collateralized loan obligations
 
 
 
 
 
5-10 years

$3,000

 

$2,999

 
4.06
%
Over 10 years
19,979

 
19,932

 
4.01
%
Total

$22,979

 

$22,931

 
4.02
%
Municipal securities
 

 

 
Within 1 year

$1,905



$1,909


1.80
%
1-5 years
1,991


1,980


4.30
%
Total

$3,896



$3,889


3.08
%

The proceeds and resulting gains and losses, computed using specific identification, from sales of investment securities for the three and six-month periods ending June 30, 2019 and 2018, are as follows: 
(In Thousands)
Proceeds

Gross Gains

Gross Losses
Three Months Ended June 30, 2019
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Three Months Ended June 30, 2018
 
 
 
 
 
Available for sale securities

$—

 

$—

 

$—

Six Months Ended June 30, 2019
 

 

 
Available for sale securities

$4,219



$23



$—

Six Months Ended June 30, 2018
 

 

 
Available for sale securities

$—



$—



$—


16



    
A summary of interest income for the three and six-month periods ending June 30, 2019 and 2018, on available for sale investment securities are as follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
(In Thousands)
2019
 
2018
2019

2018
US Treasury and government sponsored entities

$1,071

 

$895


$2,142



$1,785

Other
589

 
343

1,098


621

Total taxable interest income

$1,660

 

$1,238


$3,240



$2,406

Municipal securities

$30

 

$64


$82



$150

Total tax-exempt interest income

$30

 

$64


$82



$150

Total

$1,690

 

$1,302


$3,322



$2,556


6.  Loans and Credit Quality
The following table presents total portfolio loans by portfolio segment and class of financing receivable, based on the Company's asset quality rating ("AQR") criteria:
(In Thousands)
Commercial

Real estate construction one-to-four family

Real estate construction other

Real estate term owner occupied

Real estate term non-owner occupied

Real estate term other

Consumer secured by 1st deeds of trust

Consumer other

Total
June 30, 2019
 

 

 

 

 

 

 

 

 
AQR Pass

$365,705



$37,521



$58,824



$117,492



$307,931



$40,767



$16,544



$23,235



$968,019

AQR Special Mention
4,149






3,786


17,807








25,742

AQR Substandard
17,403


1,492




5,713




1,198


304


151


26,261

AQR Doubtful

















Subtotal

$387,257



$39,013



$58,824



$126,991



$325,738



$41,965



$16,848



$23,386



$1,020,022

Less: Unearned origination fees, net of origination costs

 

 

(4,318
)
        Total loans
 

 

 

 

 

 

 

 


$1,015,704

December 31, 2018
 

 

 

 

 

 

 

 

 
AQR Pass

$315,112



$33,729



$72,256



$117,174



$307,126



$40,792



$18,768



$23,595



$928,552

AQR Special Mention
5,116


3,382




3,987


18,129


670


140


2


31,426

AQR Substandard
22,192






5,253


465


577


320


47


28,854

AQR Doubtful














1


1

Subtotal

$342,420



$37,111



$72,256



$126,414



$325,720



$42,039



$19,228



$23,645



$988,833

Less: Unearned origination fees, net of origination costs

 

 

(4,487
)
        Total loans
 

 

 

 

 

 

 

 


$984,346

Loans are carried at their principal amount outstanding, net of charge-offs, unamortized fees and direct loan origination costs.  Loan balances are charged-off to the Allowance when management believes that collection of principal is unlikely.  Interest income on loans is accrued and recognized on the principal amount outstanding except for loans in a nonaccrual status.  All classes of loans are placed on nonaccrual and considered impaired when management believes doubt exists as to the collectability of the interest or principal.  Cash payments received on nonaccrual loans are directly applied to the principal balance.  Generally, a loan may be returned to accrual status when the delinquent principal and interest is brought current in accordance with the terms of the loan agreement.  Additionally, certain ongoing performance criteria, which generally includes a performance period of six months, must be met in order for a loan to be returned to accrual status.  Loans are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms.

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Nonaccrual loans: Nonaccrual loans net of government guarantees totaled $16.9 million and $14.7 million at June 30, 2019 and December 31, 2018, respectively. Nonaccrual loans at the periods indicated are presented below by segment:
(In  Thousands)
30-59 Days
Past Due
 
60-89 Days
Past Due
 
Greater Than
90 Days Past Due
 
Current
 
Total
June 30, 2019
 
 
 
 
 
 
 
 
 
Commercial

$385

 

$—

 

$3,745

 

$7,077

 

$11,207

Real estate construction one-to-four family

 

 

 
1,492

 
1,492

Real estate term owner occupied
1,087

 

 
2,568

 
189

 
3,844

Real estate term other
621

 

 
577

 

 
1,198

Consumer secured by 1st deeds of trust

 

 

 
210

 
210

Consumer other

 

 
93

 
36

 
129

Total nonperforming loans
2,093

 

 
6,983

 
9,004

 
18,080

Government guarantees on nonaccrual loans

 

 
(102
)
 
(1,037
)
 
(1,139
)
Net nonaccrual loans

$2,093

 

$—

 

$6,881

 

$7,967

 

$16,941

December 31, 2018
 
 
 
 
 
 
 
 
 
Commercial

$1,329

 

$324

 

$1,287

 

$9,731

 

$12,671

Real estate term owner occupied

 

 
1,694

 

 
1,694

Real estate term other

 

 
577

 

 
577

Consumer secured by 1st deeds of trust

 

 

 
220

 
220

Consumer other

 

 
39

 
9

 
48

Total nonperforming loans
1,329

 
324

 
3,597

 
9,960

 
15,210

Government guarantees on nonaccrual loans
(269
)
 

 

 
(247
)
 
(516
)
Net nonaccrual loans

$1,060

 

$324

 

$3,597

 

$9,713

 

$14,694




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Past Due Loans: Past due loans and nonaccrual loans at the periods indicated are presented below by segment:
(In Thousands)
30-59 Days
Past Due
Still
Accruing

60-89 Days
Past Due
Still
Accruing

Greater Than
90 Days
Still
Accruing

Total Past
Due
 
Nonaccrual

Current

Total
June 30, 2019
 

 

 

 
 
 

 

 
Commercial

$4,800

 

$1,473

 

$—

 

$6,273

 

$11,207

 

$369,777

 

$387,257

Real estate construction one-to-four family

 

 

 

 
1,492

 
37,521

 
39,013

Real estate construction other

 

 

 

 

 
58,824

 
58,824

Real estate term owner occupied
987

 

 

 
987

 
3,844

 
122,160

 
126,991

Real estate term non-owner occupied

 

 

 

 

 
325,738

 
325,738

Real estate term other

 

 

 

 
1,198

 
40,767

 
41,965

Consumer secured by 1st deed of trust
29

 
180

 

 
209

 
210

 
16,429

 
16,848

Consumer other
233

 

 

 
233

 
129

 
23,024

 
23,386

Subtotal

$6,049

 

$1,653

 

$—