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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2022

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: 001-39285

Partners Bancorp

(Exact name of registrant as specified in its charter)

Maryland

52-1559535

(State or other jurisdiction of incorporation or organization)

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

2245 Northwood Drive, Salisbury, Maryland

21801

(Address of principal executive offices)

(Zip Code)

410-548-1100

(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, par value $0.01 per share

PTRS

Nasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 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 whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer”, "accelerated filer", "smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

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 

As of August 12, 2022 there were 17,961,699 shares of the registrant’s Common Stock, par value $0.01 per share, outstanding.

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

Page

Item 1. Financial Statements

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Income (Unaudited)

4

Consolidated Statements of Comprehensive Income (Unaudited)

5

Consolidated Statements of Stockholders' Equity (Unaudited)

6

Consolidated Statements of Cash Flows (Unaudited)

7

Notes to Consolidated Financial Statements (Unaudited)

8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

47

Item 3. Quantitative and Qualitative Disclosures About Market Risk

80

Item 4. Controls and Procedures

80

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

80

Item 1A. Risk Factors

80

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

80

Item 3. Defaults Upon Senior Securities

81

Item 4. Mine Safety Disclosures

81

Item 5. Other Information

81

EXHIBIT INDEX

82

SIGNATURES

83

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

PARTNERS BANCORP

CONSOLIDATED BALANCE SHEETS

    

June 30, 

December 31, 

2022

2021

(Dollars in thousands, except per share amounts)

(Unaudited)

*

ASSETS

 

  

 

  

Cash and due from banks

$

16,127

$

12,887

Interest bearing deposits in other financial institutions

 

275,551

 

297,902

Federal funds sold

 

24,738

 

28,040

Cash and cash equivalents

 

316,416

 

338,829

Securities available for sale, at fair value

 

135,420

 

122,021

Loans held for sale

3,056

4,064

Loans, less allowance for credit losses of $14,059 at June 30, 2022 and $14,656 at December 31, 2021

 

1,155,407

 

1,102,539

Accrued interest receivable

 

4,086

 

4,313

Premises and equipment, less accumulated depreciation

 

15,647

 

16,175

Restricted stock

 

4,932

 

4,869

Operating lease right-of-use assets

 

5,531

 

6,009

Financing lease right-of-use assets

 

1,619

 

1,687

Other investments

 

4,929

 

5,065

Bank owned life insurance

18,479

18,254

Other real estate owned, net

 

 

837

Core deposit intangible, net

 

1,794

 

2,060

Goodwill

 

9,582

 

9,582

Other assets

 

13,330

 

8,675

Total assets

$

1,690,228

$

1,644,979

LIABILITIES

 

  

 

  

Deposits:

 

  

 

  

Non-interest bearing demand

$

561,428

$

493,913

Interest bearing demand

 

153,086

 

159,421

Savings and money market

 

453,916

 

410,286

Time

 

326,918

 

379,256

 

1,495,348

 

1,442,876

Accrued interest payable on deposits

 

217

 

280

Long-term borrowings with the Federal Home Loan Bank

 

25,984

 

26,313

Subordinated notes payable, net

 

22,191

 

22,168

Other borrowings

995

755

Operating lease liabilities

5,928

6,372

Financing lease liabilities

2,066

2,125

Other liabilities

 

2,713

 

2,722

Total liabilities

 

1,555,442

1,503,611

COMMITMENTS, CONTINGENCIES & SUBSEQUENT EVENT

 

  

 

  

STOCKHOLDERS' EQUITY

 

  

 

  

Common stock, par value $0.01, authorized 40,000,000 shares, issued and outstanding 17,961,699 as of June 30, 2022 and 17,941,604 as of December 31, 2021, including 18,669 nonvested shares as of June 30, 2022 and 28,000 nonvested shares as of December 31, 2021

$

179

$

179

Surplus

 

88,552

 

88,390

Retained earnings

 

55,695

 

51,305

Noncontrolling interest in consolidated subsidiaries

1,122

1,179

Accumulated other comprehensive (loss) income, net of tax

 

(10,762)

 

315

Total stockholders' equity

 

134,786

 

141,368

Total liabilities and stockholders' equity

$

1,690,228

$

1,644,979

* Derived from audited consolidated financial statements.

The Notes to the Unaudited Consolidated Financial Statements are an integral part of these consolidated financial statements.

3

PARTNERS BANCORP

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

(Dollars in thousands, except per share data)

    

2022

    

2021

    

2022

    

2021

INTEREST INCOME ON:

 

  

 

  

 

  

 

  

 

Loans, including fees

$

13,209

$

13,330

$

26,103

$

26,236

Investment securities:

 

  

 

 

  

 

  

Taxable

 

516

 

327

 

912

 

448

Tax-exempt

 

181

 

220

 

365

 

445

Federal funds sold

 

63

 

9

 

80

 

19

Other interest income

 

554

 

117

 

716

 

255

 

14,523

 

14,003

 

28,176

 

27,403

INTEREST EXPENSE ON:

 

  

 

  

 

  

 

  

Deposits

 

1,126

 

1,736

 

2,369

 

3,595

Borrowings

 

508

 

554

 

1,013

 

1,160

 

1,634

 

2,290

 

3,382

 

4,755

NET INTEREST INCOME

 

12,889

 

11,713

 

24,794

 

22,648

Provision for credit losses

 

319

 

858

 

384

 

2,598

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

12,570

 

10,855

 

24,410

 

20,050

OTHER INCOME:

 

  

 

  

 

  

 

  

Service charges on deposit accounts

 

249

 

182

 

472

 

351

Gain on sales and calls of investment securities

 

 

6

 

 

20

Mortgage banking income, net

427

940

718

2,109

Gains on disposal of other assets, net

 

 

1

 

 

1

Impairment (loss) on restricted stock

 

(1)

 

 

(1)

 

Other income

 

778

 

1,087

 

1,556

 

1,988

 

1,453

 

2,216

 

2,745

 

4,469

OTHER EXPENSES:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

5,504

 

5,476

 

11,080

 

10,946

Premises and equipment

 

1,400

 

1,218

 

2,881

 

2,475

(Gains) losses and expenses on other real estate owned, net

(2)

152

(9)

148

Amortization of core deposit intangible

 

132

 

152

 

266

 

306

Merger related expenses

157

553

Other expenses

 

2,723

 

3,112

 

5,530

 

6,075

 

9,914

 

10,110

 

20,301

 

19,950

INCOME BEFORE TAXES ON INCOME

 

4,109

 

2,961

 

6,854

 

4,569

Federal and state income taxes

 

926

 

674

 

1,622

 

1,007

NET INCOME

$

3,183

$

2,287

$

5,232

$

3,562

Net (income) loss attributable to noncontrolling interest

(4)

(124)

56

(309)

NET INCOME ATTRIBUTABLE TO PARTNERS BANCORP

$

3,179

$

2,163

$

5,288

$

3,253

Earnings per common share

 

  

 

  

 

  

 

  

Basic earnings per share

$

0.18

$

0.12

$

0.29

$

0.18

Diluted earnings per share

$

0.18

$

0.12

$

0.29

$

0.18

The Notes to the Unaudited Consolidated Financial Statements are an integral part of these consolidated financial statements.

4

PARTNERS BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

(Dollars in thousands)

    

2022

    

2021

    

2022

    

2021

NET INCOME

$

3,183

$

2,287

$

5,232

$

3,562

OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:

 

  

 

  

 

  

 

  

Unrealized holding losses on securities available for sale arising during the period

 

(6,783)

 

(637)

 

(14,442)

 

(1,536)

Deferred income tax effect

 

1,549

 

1,111

 

3,365

 

357

Other comprehensive (loss) income, net of tax

 

(5,234)

 

474

 

(11,077)

 

(1,179)

Reclassification adjustment for gains included in net income

 

 

(6)

 

 

(20)

Deferred income tax effect

 

 

10

 

 

5

Other comprehensive (loss) income, net of tax

 

 

4

 

 

(15)

TOTAL OTHER COMPREHENSIVE (LOSS) INCOME

 

(5,234)

 

478

 

(11,077)

 

(1,194)

COMPREHENSIVE (LOSS) INCOME

$

(2,051)

$

2,765

$

(5,845)

$

2,368

COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

(4)

(124)

56

(309)

COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO PARTNERS BANCORP

$

(2,055)

$

2,641

$

(5,789)

$

2,059

The Notes to the Unaudited Consolidated Financial Statements are an integral part of these consolidated financial statements.

5

PARTNERS BANCORP

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

For the three months ended:

Accumulated

Other

Total

Common

Retained

Noncontrolling

Comprehensive

Stockholders'

(Dollars in thousands, except per share amounts)

    

Stock

    

Surplus

    

Earnings

    

Interest

    

Income (Loss)

    

Equity

Balances, March 31, 2021

 

$

177

 

$

86,996

 

$

46,320

 

$

1,531

 

$

626

 

$

135,650

Net income

 

 

 

2,163

 

124

 

 

2,287

Other comprehensive income, net of tax

 

 

 

 

 

478

 

478

 

  

 

  

 

  

 

  

 

  

 

2,765

Cash dividends, $0.025 per share

 

 

 

(445)

 

 

 

(445)

Minority interest equity distribution

 

 

 

 

(650)

 

 

(650)

Stock-based compensation expense

 

 

25

 

 

 

 

25

Balances, June 30, 2021

 

$

177

 

$

87,021

 

$

48,038

 

$

1,005

 

$

1,104

 

$

137,345

Balances, March 31, 2022

 

$

179

 

$

88,529

 

$

52,965

 

$

1,118

 

$

(5,528)

 

$

137,263

Net income

 

 

 

3,179

 

4

 

 

3,183

Other comprehensive loss, net of tax

 

 

 

 

 

(5,234)

 

(5,234)

 

  

 

  

 

  

 

  

 

  

 

(2,051)

Cash dividends, $0.025 per share

 

 

 

(449)

 

 

 

(449)

Stock-based compensation expense

 

 

23

 

 

 

 

23

Balances, June 30, 2022

$

179

$

88,552

$

55,695

$

1,122

$

(10,762)

$

134,786

For the six months ended:

Accumulated

Other

Total

Common

Retained

Noncontrolling

Comprehensive

Stockholders'

(Dollars in thousands, except per share amounts)

    

Stock

    

Surplus

    

Earnings

Interest

    

Income (Loss)

    

Equity

Balances, December 31, 2020

 

$

178

 

$

87,200

 

$

45,673

$

1,346

 

$

2,298

 

$

136,695

Net income

 

 

 

3,253

309

 

 

3,562

Other comprehensive loss, net of tax

 

 

 

 

(1,194)

 

(1,194)

 

  

 

  

 

  

 

  

 

2,368

Cash dividends, $0.050 per share

 

 

 

(888)

 

 

(888)

Stock repurchases

(1)

(208)

(209)

Minority interest equity distribution

(650)

(650)

Stock-based compensation expense

 

 

29

 

 

 

29

Balances, June 30, 2021

 

$

177

 

$

87,021

 

$

48,038

$

1,005

 

$

1,104

 

$

137,345

Balances, December 31, 2021

 

$

179

 

$

88,390

$

51,305

$

1,179

 

$

315

 

$

141,368

Net income (loss)

 

 

 

5,288

(56)

 

 

5,232

Other comprehensive loss, net of tax

 

 

 

 

(11,077)

 

(11,077)

 

  

 

  

 

  

 

  

 

(5,845)

Cash dividends, $0.050 per share

 

 

 

(898)

 

 

(898)

Minority interest equity distribution

(1)

(1)

Stock option exercises, net

 

115

 

 

 

115

Stock-based compensation expense

 

 

47

 

 

 

47

Balances, June 30, 2022

$

179

$

88,552

$

55,695

$

1,122

$

(10,762)

$

134,786

The Notes to the Unaudited Consolidated Financial Statements are an integral part of these consolidated financial statements.

6

PARTNERS BANCORP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

    

Six Months Ended

June 30, 

(Dollars in thousands)

2022

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net income

$

5,288

$

3,253

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision for credit losses

 

384

 

2,598

Depreciation

 

943

 

801

Amortization and accretion

 

250

 

647

Gain on sales and calls of investment securities

(20)

Net gains on sales of assets

 

 

(1)