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Section 1: 10-Q (10-Q)

mpb-10q_20190331.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 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 1-13677

MID PENN BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Pennsylvania

 

25-1666413

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification Number)

 

 

349 Union Street

Millersburg, Pennsylvania

 

17061

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code 1.866.642.7736

 

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, $1.00 par value per share

 

MPB

 

The NASDAQ Stock Market LLC

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, 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. 

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

As of May 8, 2019, the registrant had 8,462,431 shares of common stock outstanding.

 

1


FORM 10-Q

TABLE OF CONTENTS

 

PART 1 – FINANCIAL INFORMATION

2

 

 

 

 

Item 1 – Financial Statements

2

 

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 (Unaudited)

2

 

 

 

 

 

 

Consolidated Statements of Income for the Three Months Ended March 31, 2019 and March 31, 2018 (Unaudited)

3

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2019 and March 31, 2018 (Unaudited)

4

 

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2019 and March 31, 2018 (Unaudited)

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and March 31, 2018 (Unaudited)

6

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

8

 

 

 

 

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

43

 

 

 

 

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

57

 

 

 

 

Item 4 – Controls and Procedures

57

 

 

PART II – OTHER INFORMATION

58

 

 

 

 

Item 1 – Legal Proceedings

58

 

 

 

 

Item 1A – Risk Factors

58

 

 

 

 

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

58

 

 

 

 

Item 3 – Defaults upon Senior Securities

58

 

 

 

 

Item 4 – Mine Safety Disclosures

58

 

 

 

 

Item 5 – Other Information

58

 

 

 

 

Item 6 – Exhibits

58

 

 

 

 

Signatures

59

 

Unless the context otherwise requires, the terms “Mid Penn”, “we”, “us”, and “our” refer to Mid Penn Bancorp, Inc. and its consolidated wholly-owned banking subsidiary.

 

2


 

MID PENN BANCORP, INC.

 

 

PART 1 – FINANCIAL INFORMATION

 

ITEM 1 – FINANCIAL STATEMENTS

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except share data)

 

March 31, 2019

 

 

December 31, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

35,573

 

 

$

24,600

 

Interest-bearing balances with other financial institutions

 

 

5,049

 

 

 

4,572

 

Federal funds sold

 

 

46,346

 

 

 

10,893

 

Total cash and cash equivalents

 

 

86,968

 

 

 

40,065

 

 

 

 

 

 

 

 

 

 

Investment securities available for sale, at fair value

 

 

101,532

 

 

 

111,923

 

Investment securities held to maturity, at amortized cost (fair value $163,723 and $166,582)

 

 

162,791

 

 

 

168,370

 

Loans held for sale

 

 

4,050

 

 

 

1,702

 

Loans and leases, net of unearned interest

 

 

1,646,686

 

 

 

1,624,067

 

Less:  Allowance for loan and lease losses

 

 

(8,502

)

 

 

(8,397

)

Net loans and leases

 

 

1,638,184

 

 

 

1,615,670

 

 

 

 

 

 

 

 

 

 

Bank premises and equipment, net

 

 

23,881

 

 

 

25,303

 

Bank premises and equipment held for sale

 

 

1,274

 

 

 

 

Operating lease right of use asset

 

 

11,249

 

 

 

 

Finance lease right of use asset

 

 

3,582

 

 

 

 

Cash surrender value of life insurance

 

 

16,769

 

 

 

16,691

 

Restricted investment in bank stocks

 

 

5,933

 

 

 

6,646

 

Accrued interest receivable

 

 

8,527

 

 

 

8,244

 

Deferred income taxes

 

 

4,018

 

 

 

4,696

 

Goodwill

 

 

62,840

 

 

 

62,840

 

Core deposit and other intangibles, net

 

 

6,825

 

 

 

7,221

 

Foreclosed assets held for sale

 

 

350

 

 

 

1,017

 

Other assets

 

 

9,044

 

 

 

7,593

 

Total Assets

 

$

2,147,817

 

 

$

2,077,981

 

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

290,902

 

 

$

269,870

 

Interest-bearing demand

 

 

397,959

 

 

 

384,834

 

Money Market

 

 

414,503

 

 

 

375,648

 

Savings

 

 

195,226

 

 

 

209,345

 

Time

 

 

485,590

 

 

 

486,329

 

Total Deposits

 

 

1,784,180

 

 

 

1,726,026

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

35,000

 

 

 

43,100

 

Long-term debt

 

 

51,585

 

 

 

48,024

 

Subordinated debt

 

 

27,076

 

 

 

27,082

 

Operating lease liability

 

 

12,428

 

 

 

 

Accrued interest payable

 

 

2,921

 

 

 

2,262

 

Other liabilities

 

 

7,190

 

 

 

8,278

 

Total Liabilities

 

 

1,920,380

 

 

 

1,854,772

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

 

 

Common stock, par value $1.00; authorized 10,000,000 shares; 8,462,431 and 8,459,918

 

 

 

 

 

 

 

 

shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively

 

 

8,462

 

 

 

8,460

 

Additional paid-in capital

 

 

177,704

 

 

 

177,565

 

Retained earnings

 

 

41,842

 

 

 

39,562

 

Accumulated other comprehensive loss

 

 

(571

)

 

 

(2,378

)

Total Shareholders’ Equity

 

 

227,437

 

 

 

223,209

 

Total Liabilities and Shareholders' Equity

 

$

2,147,817

 

 

$

2,077,981

 

 

The accompanying notes are an integral part of these consolidated financial statements.

2


 

MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

Three Months Ended March 31,

 

 

 

 

2019

 

 

 

2018

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Interest and fees on loans and leases

 

$

21,078

 

 

$

11,337

 

Interest on interest-bearing balances

 

 

30

 

 

 

9

 

Interest on federal funds sold

 

 

68

 

 

 

168

 

Interest and dividends on investment securities:

 

 

 

 

 

 

 

 

U.S. Treasury and government agencies

 

 

893

 

 

 

752

 

State and political subdivision obligations, tax-exempt

 

 

619

 

 

 

542

 

Other securities

 

 

178

 

 

 

172

 

Total Interest Income

 

 

22,866

 

 

 

12,980

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Interest on deposits

 

 

4,586

 

 

 

1,780

 

Interest on short-term borrowings

 

 

232

 

 

 

12

 

Interest on long-term and subordinated debt

 

 

742

 

 

 

310

 

Total Interest Expense

 

 

5,560

 

 

 

2,102

 

Net Interest Income

 

 

17,306

 

 

 

10,878

 

PROVISION FOR LOAN AND LEASE LOSSES

 

 

125

 

 

 

125

 

Net Interest Income After Provision for Loan and Lease Losses

 

 

17,181

 

 

 

10,753

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

Income from fiduciary activities

 

 

359

 

 

 

240

 

Service charges on deposits

 

 

217

 

 

 

203

 

ATM debit card interchange income

 

 

334

 

 

 

265

 

Mortgage banking income

 

 

437

 

 

 

156

 

Net gain on sales of SBA loans

 

 

202

 

 

 

257

 

Merchant services income

 

 

85

 

 

 

78

 

Earnings from cash surrender value of life insurance

 

 

78

 

 

 

64

 

Net gain on sales of investment securities

 

 

7

 

 

 

98

 

Other income

 

 

330

 

 

 

286

 

Total Noninterest Income

 

 

2,049

 

 

 

1,647

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,759

 

 

 

5,064

 

Occupancy expense, net

 

 

1,401

 

 

 

797

 

Equipment expense

 

 

627

 

 

 

408

 

Pennsylvania bank shares tax expense

 

 

136

 

 

 

171

 

FDIC Assessment

 

 

359

 

 

 

228

 

Legal and professional fees

 

 

422

 

 

 

224

 

Marketing and advertising expense

 

 

179

 

 

 

189

 

Software licensing and utilization

 

 

848

 

 

 

685

 

Telephone expense

 

 

154

 

 

 

147

 

(Gain) loss on sale or write-down of foreclosed assets

 

 

(4

)

 

 

2

 

Intangible amortization

 

 

363

 

 

 

248

 

Merger and acquisition expense

 

 

 

 

 

1,694

 

Other expenses

 

 

2,059

 

 

 

1,326

 

Total Noninterest Expense

 

 

14,303

 

 

 

11,183

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

 

4,927

 

 

 

1,217

 

Provision for income taxes

 

 

850

 

 

 

213

 

NET INCOME

 

$

4,077

 

 

$

1,004

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA:

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

 

$

0.48

 

 

$

0.17

 

Cash Dividends Paid

 

$

0.25

 

 

$

0.25

 

 

The accompanying notes are an integral part of these consolidated financial statements. 

3


 

MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

Net income

 

$

4,077

 

 

$

1,004

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized income (losses) arising during the period on available-for-sale

 

 

 

 

 

 

 

 

securities, net of income taxes of $483 and ($475), respectively

 

 

1,819

 

 

 

(1,788

)

 

 

 

 

 

 

 

 

 

Reclassification adjustment for net gain on sales of available-for-sale securities

 

 

 

 

 

 

 

 

included in net income, net of income taxes of ($1) and ($20), respectively  (a)

 

 

(6

)

 

 

(78

)

 

 

 

 

 

 

 

 

 

Change in defined benefit plans, net of income taxes of ($2) and ($1), respectively  (b)

 

 

(6

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

1,807

 

 

 

(1,867

)

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

5,884

 

 

$

(863

)

 

 

 

(a)

Amounts are included in net gain on sales of investment securities on the Consolidated Statements of Income as a separate element within total noninterest income.

 

(b)

The change in defined benefit plans includes several components of net periodic benefit costs, including service costs, interest costs, expected return on plan assets, amortization of prior service costs, and amortization of net gain or loss.  Please reference Note 12 – Defined Benefit Plans, for the classification of these components on Consolidated Statements of Income.

The accompanying notes are an integral part of these consolidated financial statements.

 

 

4


 

 

 

 

MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

 

For the Three Months Ended March 31, 2019 and 2018

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

Total

 

 

 

 

Common

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Shareholders'

 

 

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

Balance, January 1, 2019

 

 

$

8,460

 

 

$

177,565

 

 

$

39,562

 

 

$

(2,378

)

 

$

223,209

 

Impact of adoption of new accounting standard (a)

 

 

 

 

 

 

 

 

 

316

 

 

 

 

 

 

316

 

Balance at January 1, 2019, adjusted

 

 

 

8,460

 

 

 

177,565

 

 

 

39,878

 

 

 

(2,378

)

 

 

223,525

 

Net income

 

 

 

 

 

 

 

 

 

4,077

 

 

 

 

 

 

4,077

 

Total other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

1,807

 

 

 

1,807

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

(2,113

)

 

 

 

 

 

(2,113

)

Employee Stock Purchase Plan (1,152 shares)

 

 

 

1

 

 

 

27

 

 

 

 

 

 

 

 

 

28

 

Director Stock Purchase Plan (1,361 shares)

 

 

 

1

 

 

 

32

 

 

 

 

 

 

 

 

 

33

 

Restricted stock activity

 

 

 

 

 

 

80

 

 

 

 

 

 

 

 

 

80

 

Balance, March 31, 2019

 

 

$

8,462

 

 

$

177,704

 

 

$

41,842

 

 

$

(571

)

 

$

227,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2018

 

 

$

4,242

 

 

$

40,970

 

 

$

32,565

 

 

$

(2,074

)

 

$

75,703

 

Impact of adoption of new accounting standard (b)

 

 

 

 

 

 

 

 

 

(44

)

 

 

35

 

 

 

(9

)

Balance at January 1, 2018, adjusted

 

 

 

4,242

 

 

 

40,970

 

 

 

32,521

 

 

 

(2,039

)

 

 

75,694

 

Net income

 

 

 

 

 

 

 

 

 

1,004

 

 

 

 

 

 

1,004

 

Total other comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

 

 

(1,867

)

 

 

(1,867

)

Common stock issued to Scottdale shareholders

(1,878,827 shares) (c)

 

 

 

1,879

 

 

 

62,302

 

 

 

 

 

 

 

 

 

64,181

 

Employee Stock Purchase Plan (736 shares)

 

 

 

1

 

 

 

23

 

 

 

 

 

 

 

 

 

24

 

Director Stock Purchase Plan (938 shares)

 

 

 

1

 

 

 

29

 

 

 

 

 

 

 

 

 

30

 

Restricted stock activity

 

 

 

 

 

 

58

 

 

 

 

 

 

 

 

 

58

 

Balance, March 31, 2018

 

 

$

6,123

 

 

$

103,382

 

 

$

33,525

 

 

$

(3,906

)

 

$

139,124

 

 

 

(a)

Represents the impact of adopting Accounting Standard Update ASU 2016-02. See Note 15 to the consolidated financial statements for more information.

 

(b)

Represents the impact of adopting Accounting Standard Update ASU 2016-01. See Note 2 to the consolidated financial statements for more information.

 

(c)

Shares issued on January 8, 2018 as a result of the acquisition of The Scottdale Bank & Trust Company (“Scottdale”).  See Note 4 to the consolidated financial statements for more information.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

5


MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

 

2019

 

 

 

2018

 

Operating Activities:

 

 

 

 

 

 

 

 

Net Income

 

$

4,077

 

 

$

1,004

 

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

 

 

 

 

 

 

 

 

Provision for loan and lease losses

 

 

125

 

 

 

125

 

Depreciation

 

 

700

 

 

 

423

 

Amortization of intangibles

 

 

363

 

 

 

248

 

Net amortization of security discounts/premiums

 

 

193

 

 

 

199

 

Amortization of operating lease right of use assets

 

 

411

 

 

 

 

Amortization of finance lease right of use asset

 

 

15

 

 

 

 

Gain on sales of investment securities

 

 

(7

)

 

 

(98

)

Earnings on cash surrender value of life insurance

 

 

(78

)

 

 

(64

)

Mortgage loans originated for sale

 

 

(10,857

)

 

 

(10,152

)

Proceeds from sales of mortgage loans originated for sale

 

 

8,946

 

 

 

10,000

 

Gain on sale of mortgage loans

 

 

(437

)

 

 

(156

)

SBA loans originated for sale

 

 

(3,360

)

 

 

(3,114

)

Proceeds from sales of SBA loans originated for sale

 

 

3,562

 

 

 

3,371

 

Gain on sale of SBA loans

 

 

(202

)

 

 

(257

)

Loss on write-down or disposal of property, plant, and equipment

 

 

105

 

 

 

 

(Gain) loss on sale or write-down of foreclosed assets

 

 

(4

)

 

 

2

 

Stock compensation expense

 

 

80

 

 

 

58

 

Deferred income tax expense (benefit)

 

 

190

 

 

 

(826

)

(Increase) decrease in accrued interest receivable

 

 

(283

)

 

 

474

 

Increase in other assets

 

 

(1,418

)

 

 

(52

)

Increase in accrued interest payable

 

 

659

 

 

 

261

 

Net change in operating lease liability

 

 

(438

)

 

 

 

Increase in other liabilities

 

 

434

 

 

 

1,437

 

Net Cash Provided By Operating Activities

 

 

2,776

 

 

 

2,883

 

 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

 

 

Proceeds from the sale of available-for-sale securities

 

 

12,499

 

 

 

97,218

 

Proceeds from the maturity or call of available-for-sale securities

 

 

1,592

 

 

 

5,806

 

Purchases of available-for-sale securities

 

 

(1,481

)

 

 

(20,708

)

Proceeds from the maturity or call of held-to-maturity securities

 

 

5,469

 

 

 

2,346

 

Purchases of held-to-maturity securities

 

 

 

 

 

(32,396

)

Net cash received from acquisitions

 

 

 

 

 

65,025

 

Redemptions of restricted investment in bank stock

 

 

713

 

 

 

1,722

 

Net increase in loans and leases

 

 

(22,686

)

 

 

(26,814

)

Purchases of bank premises and equipment

 

 

(657

)

 

 

(2,774

)

Proceeds from the sale of foreclosed assets

 

 

718

 

 

 

154

 

Net Cash (Used In) Provided By Investing Activities

 

 

(3,833

)

 

 

89,579

 

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

58,154

 

 

 

(21,126

)

Net decrease in short-term borrowings

 

 

(8,100

)

 

 

(34,611

)

Common stock dividends paid

 

 

(2,113

)

 

 

(1,060

)

Employee Stock Purchase Plan

 

 

28

 

 

 

24

 

Director Stock Purchase Plan

 

 

33

 

 

 

30

 

Long-term debt repayment

 

 

(42

)

 

 

(58

)

Net Cash Provided By (Used In) Financing Activities

 

 

47,960

 

 

 

(56,801

)

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

46,903

 

 

 

35,661

 

Cash and cash equivalents, beginning of period

 

 

40,065

 

 

 

23,514

 

Cash and cash equivalents, end of period

 

$

86,968

 

 

$

59,175

 

 

 

6


MID PENN BANCORP, INC.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)

 

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

 

2019

 

 

 

2018

 

Supplemental Disclosures of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

4,901

 

 

$

1,825

 

Cash paid for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Noncash Disclosures:

 

 

 

 

 

 

 

 

Initial recognition of operating lease right of use assets

 

$

11,661

 

 

$

 

Initial recognition of operating lease liabilities

 

 

12,866

 

 

 

 

Initial recognition of finance lease right of use asset

 

 

3,597

 

 

 

 

Initial recognition of finance lease liability

 

 

3,597

 

 

 

 

Common stock issued to Scottdale shareholders

 

 

 

 

 

1,879

 

Assets transfers to bank premises and equipment held for sale

 

 

1,274

 

 

 

 

Loan transfers to foreclosed assets held for sale

 

 

47

 

 

 

701

 

 

Assets, Liabilities, and Equity in Connection with Merger (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

 

2019

 

 

 

2018

 

Assets Acquired:

 

 

 

 

 

 

 

 

Securities

 

$

 

 

$

114,039

 

Loans

 

 

 

 

 

70,686

 

Restricted stock

 

 

 

 

 

97

 

Property and equipment

 

 

 

 

 

1,496

 

Foreclosed assets

 

 

 

 

 

11

 

Deferred income taxes

 

 

 

 

 

621

 

Accrued interest receivable

 

 

 

 

 

989

 

Core deposit intangible

 

 

 

 

 

4,940

 

Cash surrender value of life insurance

 

 

 

 

 

 

Other assets

 

 

 

 

 

266

 

 

 

$

 

 

$

193,145

 

 

 

 

 

 

 

 

 

 

Liabilities Assumed:

 

 

 

 

 

 

 

 

Deposits

 

$

 

 

$

209,981

 

Borrowings

 

 

 

 

 

 

Accrued interest payable