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Section 1: 10-QT (10-QT)

cfbi-10qt_20181231.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-QT

 

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

For the quarterly period ended December 31, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from October 1, 2018 to December 31, 2018

Commission File No. 001-38074

 

Community First Bancshares, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Federal

 

82-1147778

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3175 Highway 278

Covington, Georgia

 

30014

(Address of Principal Executive Offices)

 

(Zip Code)

 

(770) 786-7088

(Registrant’s Telephone Number, Including Area Code)

September 30

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

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 requirements for the past 90 days.  YES     NO 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T 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 February 8, 2019, 7,538,250 shares of the Registrant’s common stock, par value $0.01 per share, were issued and 7,438,250 were outstanding.

 

 

 

 


 

Community First Bancshares, Inc.

Form 10-QT

Table of Contents

 

 

 

 

 

Page

PART I.  FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements

 

2

 

 

 

 

 

 

 

Consolidated Balance Sheets at December 31, 2018 (unaudited) and September 30, 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Operations for the Three Months Ended December 31, 2018 and 2017 (unaudited)

 

3

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended December 31, 2018 and 2017 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2018 and 2017 (unaudited)

 

5

 

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

6

 

 

 

 

 

Item 2.

 

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

 

17

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

27

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

28

 

 

 

 

 

PART II.  OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

29

 

 

 

 

 

Item 1A.

 

Risk Factors

 

29

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

29

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

29

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

29

 

 

 

 

 

Item 5.

 

Other Information

 

29

 

 

 

 

 

Item 6.

 

Exhibits

 

29

 

 

 

 

 

 

 

SIGNATURES

 

30

 

 

1


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Balance Sheets

 

 

 

December 31, 2018

(unaudited)

 

 

September 30, 2018

(audited)

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

Cash and due from banks, including reserve requirement of $1,834 and $1,889 at

   December 31, 2018 and September 30, 2018, respectively

 

$

3,817

 

 

 

4,428

 

Interest-earning deposits in other depository institutions

 

 

33,212

 

 

 

36,368

 

Cash and cash equivalents

 

 

37,029

 

 

 

40,796

 

Investment securities held-to-maturity (estimated fair values of $993 and $990)

 

 

1,000

 

 

 

1,000

 

Investment securities available-for-sale

 

 

21,145

 

 

 

21,360

 

Federal Home Loan Bank stock

 

 

580

 

 

 

580

 

Loans, net

 

 

227,424

 

 

 

222,485

 

Other real estate owned

 

 

508

 

 

 

67

 

Premises and equipment, net

 

 

8,896

 

 

 

9,040

 

Bank owned life insurance

 

 

7,251

 

 

 

7,195

 

Accrued interest receivable and other assets

 

 

3,862

 

 

 

3,461

 

Total assets

 

$

307,695

 

 

 

305,984

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Passbook accounts

 

$

24,511

 

 

 

24,508

 

Interest-bearing checking

 

 

53,752

 

 

 

53,244

 

Market rate checking

 

 

24,936

 

 

 

23,140

 

Non-interest bearing checking

 

 

28,472

 

 

 

29,797

 

Certificate of deposits

 

 

87,510

 

 

 

85,698

 

Total deposits

 

 

219,181

 

 

 

216,387

 

Federal Home Loan Bank advances

 

 

7,570

 

 

 

7,570

 

Accrued interest payable and other liabilities

 

 

4,546

 

 

 

5,644

 

Total liabilities

 

 

231,297

 

 

 

229,601

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock (par value $0.01 per share, 19,000,000 shares authorized, 7,538,250

   issued and 7,478,992 outstanding at December 31, 2018 and 7,538,250 issued and

   7,513,937 outstanding at September 30, 2018)

 

 

75

 

 

 

75

 

Preferred stock (1,000,000 shares authorized, no shares outstanding)

 

 

 

 

 

 

Additional paid in capital

 

 

33,078

 

 

 

33,075

 

Treasury stock, 59,258 shares at December 31, 2018, and 24,313 shares at

   September 30, 2018, at cost

 

 

(668

)

 

 

(248

)

Unearned ESOP shares

 

 

(2,689

)

 

 

(2,719

)

Retained earnings

 

 

47,043

 

 

 

46,895

 

Accumulated other comprehensive loss

 

 

(441

)

 

 

(695

)

Total stockholders' equity

 

 

76,398

 

 

 

76,383

 

Total liabilities and stockholders' equity

 

$

307,695

 

 

 

305,984

 

 

See accompanying notes to unaudited consolidated financial statements.

2


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Operations

(unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Interest income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

3,248

 

 

 

3,106

 

Investment securities, including dividends

 

 

144

 

 

 

125

 

Interest-earning deposits

 

 

200

 

 

 

97

 

Total interest income

 

 

3,592

 

 

 

3,328

 

Interest expense:

 

 

 

 

 

 

 

 

Deposits

 

 

468

 

 

 

316

 

Borrowings

 

 

38

 

 

 

24

 

Total interest expense

 

 

506

 

 

 

340

 

Net interest income

 

 

3,086

 

 

 

2,988

 

Non-interest income:

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

199

 

 

 

178

 

Small Business Administration (SBA) loan fees

 

 

2

 

 

 

2

 

Other

 

 

115

 

 

 

98

 

Total non-interest income

 

 

316

 

 

 

278

 

Non-interest expenses:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,732

 

 

 

1,734

 

Deferred compensation

 

 

55

 

 

 

53

 

Occupancy

 

 

474

 

 

 

406

 

Advertising

 

 

38

 

 

 

46

 

Data processing

 

 

225

 

 

 

208

 

Other real estate owned

 

 

42

 

 

 

2

 

Net gain on sale of other real estate owned

 

 

(4

)

 

 

(9

)

Legal and accounting

 

 

235

 

 

 

219

 

Organizational dues and subscriptions

 

 

83

 

 

 

71

 

Director compensation

 

 

48

 

 

 

56

 

Federal deposit insurance premiums

 

 

16

 

 

 

17

 

Other

 

 

267

 

 

 

376

 

Total non-interest expenses

 

 

3,211

 

 

 

3,179

 

Income before income taxes

 

 

191

 

 

 

87

 

Income tax expense

 

 

43

 

 

 

1,048

 

Net income (loss)

 

$

148

 

 

 

(961

)

Basic and diluted earnings per share

 

$

0.02

 

 

$

(0.13

)

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

3


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Net income (loss)

 

$

148

 

 

$

(961

)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on available for sale securities, net of taxes of $89 and $(82)

 

 

254

 

 

 

(209

)

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

254

 

 

 

(209

)

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss)

 

$

402

 

 

$

(1,170

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

4


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

148

 

 

 

(961

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

157

 

 

 

214

 

Deferred income tax

 

 

43

 

 

 

990

 

Provision for loan losses

 

 

 

 

 

 

ESOP expense

 

 

33

 

 

 

38

 

Net gain on sale of other real estate owned

 

 

(4

)

 

 

(9

)

Originations of loans held for sale

 

 

 

 

 

(129

)

Increase in cash surrender value of life insurance

 

 

(56

)

 

 

(18

)

Proceeds from sales of loans held for sale

 

 

 

 

 

246

 

Change in:

 

 

 

 

 

 

 

 

Accrued interest receivable and other assets

 

 

(533

)

 

 

(250

)

Accrued interest payable and other liabilities

 

 

(1,098

)

 

 

(845

)

Net cash used in operating activities

 

 

(1,310

)

 

 

(724

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of investment securities available-for-sale

 

 

(2,046

)

 

 

(10,317

)

Purchases of premises and equipment

 

 

 

 

 

(489

)

Proceeds from disposal of premises and equipment

 

 

11

 

 

 

 

Proceeds from paydowns of investment securities available-for-sale

 

 

2,580

 

 

 

463

 

Purchases of other investments

 

 

 

 

 

(321

)

Net change in loans

 

 

(5,447

)

 

 

(2,544

)

Purchase of bank owned life insurance

 

 

 

 

 

(7,000

)

Proceeds from sales of other real estate owned

 

 

71

 

 

 

 

Net cash used in investing activities

 

 

(4,831

)

 

 

(20,208

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net change in demand and savings deposits

 

 

2,794

 

 

 

2,517

 

Purchase of treasury stock

 

 

(420

)

 

 

 

Proceeds from FHLB advances

 

 

 

 

 

7,570

 

Net cash provided by financing activities

 

 

2,374

 

 

 

10,087

 

Net change in cash and cash equivalents

 

 

(3,767

)

 

 

(10,845

)

Cash and cash equivalents at beginning of period

 

 

40,796

 

 

 

35,943

 

Cash and cash equivalents at end of period

 

$

37,029

 

 

 

25,098

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

511

 

 

 

315

 

Supplemental disclosures of noncash investing activities:

 

 

 

 

 

 

 

 

Other real estate owned acquired through foreclosures

 

$

508

 

 

 

52

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

5


 

COMMUNITY FIRST BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

(1)

Basis of Presentation

Community First Bancshares, Inc. (the “Company”) is a savings and loan holding company headquartered in Covington, Georgia. The Company has one operating subsidiary, Newton Federal Bank (the “Bank”), conducting banking activities primarily in Newton County, Georgia and surrounding counties. The main emphasis of the Bank is providing mortgage loans in its primary lending area.  It offers such customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, mortgage, commercial and consumer loans, money transfers and a variety of other banking services.  In October 2018 we opened an indirect automobile loan division, Community First Auto.

The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of December 31, 2018 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the annual financial statements and the notes thereto included in the Company’s September 30, 2018 Form 10-K. The results of operations for the quarter ended December 31, 2018, are not necessarily indicative of the results to be expected for a full year or for any other period.

On October 25, 2018, both the Company and the Bank changed their fiscal year end from September 30 to December 31.  This change will bring the Company and the Bank in line with industry standards and will improve accounting and reporting efficiencies by making the fiscal year-end and the calendar year-end the same.  As a result of the change in fiscal year, the Company is filing this Transition Report on Form 10-Q covering this transition period from October 1, 2018 to December 31, 2018.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income.

Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s financial statements for the year ended September 30, 2018 included in the Company’s Form 10-K.

Net income (loss) per share is calculated for the period that the Company’s shares of common stock were outstanding which includes the current quarter and the same quarter in the previous year.  The net income for the current period was $148,000 and the weighted average common shares outstanding was 7,496,465.  The net loss for the same quarter in the previous year was $961,000 and the weighted average common shares outstanding were 7,538,250. 

Recent Accounting Pronouncements

There have been no pronouncements issued during the quarter that would have a material impact on the Company's financial statements.

6


COMMUNITY FIRST BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

(2)

Investment Securities

Investment Securities Held-to-Maturity

Investment securities held-to-maturity at December 31, 2018 and September 30, 2018 are as follows: (in thousands)

 

December 31, 2018

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. Government sponsored enterprises

 

$

1,000

 

 

 

 

 

 

(7

)

 

 

993

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored enterprises

 

$

1,000

 

 

 

 

 

 

(10

)

 

 

990

 

 

The U.S. government sponsored enterprise security as of December 31, 2018 is comprised of one debt financing security issued by a government agency that matures within one year.

There were no sales of securities held-to-maturity during the three months ended December 31, 2018 or 2017.

The one held-to-maturity security was pledged to secure public deposits at both December 31, 2018 and September 30, 2018.

Investment Securities Available-for-Sale

Investment securities available-for-sale at December 31, 2018 and September 30, 2018 are as follows: (in thousands)

 

 

 

Amortized

 

 

Gross

Unrealized

 

 

Gross

Unrealized

 

 

Estimated

 

December 31, 2018

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Municipal securities - tax exempt

 

$

5,670

 

 

 

12

 

 

 

(73

)

 

 

5,609

 

Municipal securities - taxable

 

 

3,119

 

 

 

 

 

 

(132

)

 

 

2,987

 

Government agency securities

 

 

501

 

 

 

 

 

 

(10

)

 

 

491

 

Government agency mortgage-backed securities

 

 

12,451

 

 

 

 

 

 

(393

)

 

 

12,058

 

Total

 

$

21,741

 

 

 

12

 

 

 

(608

)

 

 

21,145

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal securities - tax exempt

 

$

5,687

 

 

 

1

 

 

 

(167

)

 

 

5,521

 

Municipal securities - taxable

 

 

3,122

 

 

 

 

 

 

(197

)

 

 

2,925

 

Government agency securities

 

 

502

 

 

 

 

 

 

(14

)

 

 

488

 

Government agency mortgage-backed securities

 

 

12,988

 

 

 

 

 

 

(562

)

 

 

12,426

 

Total

 

$

22,299

 

 

 

1

 

 

 

(940

)

 

 

21,360

 

 

There were four securities in an unrealized loss position less than 12 months and 36 securities in an unrealized loss position 12 months or greater as of December 31, 2018.  The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered temporary because of acceptable investment grades where the repayment sources of principal and interest are largely backed by U.S. Government sponsored agencies or financially stable municipalities.  The Company does not intend to sell the investments and it is not likely that the Company will be required to sell the investments before recovery of their amortized cost basis which may be at maturity.

 

7


COMMUNITY FIRST BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

The amortized cost and estimated fair value of investment securities available-for-sale at December 31, 2018, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. Therefore, these securities are not included in the maturity categories. (in thousands)

 

 

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

Municipal securities - tax exempt

 

 

 

 

 

 

 

 

Within 1 year

 

$

 

 

 

 

Greater than 1 to 5 years

 

 

489

 

 

 

491

 

Greater than 5 to 10 years

 

 

5,181

 

 

 

5,118

 

Greater than 10 years

 

 

 

 

 

 

 

 

 

5,670

 

 

 

5,609

 

Municipal securities - taxable

 

 

 

 

 

 

 

 

Within 1 year

 

 

 

 

 

 

Greater than 1 to 5 years

 

 

 

 

 

 

Greater than 5 to 10 years

 

 

1,121

 

 

 

1,092

 

Greater than 10 years

 

 

1,998

 

 

 

1,895

 

 

 

 

3,119

 

 

 

2,987

 

Government agency securities

 

 

 

 

 

 

 

 

Within 1 year

 

 

 

 

 

 

Greater than 1 to 5 years

 

 

501

 

 

 

491

 

Greater than 5 to 10 years

 

 

 

 

 

 

Greater than 10 years

 

 

 

 

 

 

 

 

 

501

 

 

 

491

 

Government agency mortgage-backed securities

 

 

12,451

 

 

 

12,058

 

Total

 

$

21,741

 

 

 

21,145

 

 

There were no sales of securities available-for-sale during the three months ended December 31, 2018 or 2017.

Securities with a carrying value of approximately $1,810,000 and $1,838,000 were pledged to secure public deposits at December 31, 2018 and September 30, 2018, respectively.

(3)

Loans and Allowance for Loan Losses

Major classifications of loans, by collateral code, at December 31, 2018 and September 30, 2018 are summarized as follows: (in thousands)

 

 

December 31, 2018

 

 

September 30, 2018

 

Commercial (secured by real estate)

 

$

50,716

 

 

 

39,768

 

Commercial and industrial

 

 

25,612

 

 

 

28,375

 

Construction, land and acquisition & development

 

 

12,367

 

 

 

20,188

 

Residential mortgage 1-4 family

 

 

138,156

 

 

 

135,508

 

Consumer installment

 

 

4,595

 

 

 

2,555

 

Total

 

 

231,446

 

 

 

226,394

 

Less allowance for loan losses

 

 

(4,022

)

 

 

(3,909

)

Total loans, net

 

$

227,424

 

 

 

222,485

 

 

The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations located primarily in Newton County and other surrounding Georgia counties. A substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent upon the real estate market.

Qualifying loans in the amount of approximately $125,040,000 and $113,809,000 were pledged to secure the line of credit from Federal Home Loan Bank (the “FHLB”) at December 31, 2018 and September 30, 2018, respectively.

8


COMMUNITY FIRST BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method for the three months ended December 31, 2018 and 2017: (in thousands)

 

December 31, 2018

 

Commercial

(Secured by Real

Estate)

 

 

Commercial

and Industrial

 

 

Construction,

Land and

Acquisition & Development

 

 

Residential

Mortgage

 

 

Consumer

Installment

 

 

Unallocated

 

 

Total

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,312

 

 

 

1,670

 

 

 

178

 

 

 

687

 

 

 

61

 

 

 

1

 

 

 

3,909

 

Provision

 

 

274

 

 

 

(150

)

 

 

(70

)

 

 

(128

)

 

 

68

 

 

 

6

 

 

 

 

Charge-offs

 

 

 

 

 

(14

)

 

 

 

 

 

(11

)

 

 

(2

)

 

 

 

 

 

(27

)

Recoveries

 

 

33

 

 

 

14

 

 

 

 

 

 

93

 

 

 

 

 

 

 

 

 

140

 

Ending balance

 

$

1,619

 

 

 

1,520

 

 

 

108

 

 

 

641

 

 

 

127

 

 

 

7

 

 

 

4,022

 

Ending allowance attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

3

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

5

 

Collectively evaluated for impairment

 

 

1,616

 

 

 

1,520

 

 

 

108

 

 

 

639

 

 

 

127

 

 

 

7

 

 

 

4,017

 

Total ending allowance

 

$

1,619

 

 

 

1,520

 

 

 

108

 

 

 

641

 

 

 

127

 

 

 

7

 

 

 

4,022

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

1,926

 

 

 

27

 

 

 

 

 

 

3,598

 

 

 

1

 

 

 

 

 

 

5,552

 

Collectively evaluated for impairment

 

 

48,790

 

 

 

25,585

 

 

 

12,367

 

 

 

134,558

 

 

 

4,594

 

 

 

 

 

 

225,894

 

Total loans

 

$

50,716

 

 

 

25,612

 

 

 

12,367

 

 

 

138,156

 

 

 

4,595

 

 

 

 

 

 

231,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,548

 

 

 

863

 

 

 

349

 

 

 

1,704

 

 

 

79

 

 

 

8

 

 

 

4,551

 

Provision

 

 

149

 

 

 

(60

)

 

 

(20

)

 

 

(65

)

 

 

(5

)

 

 

1

 

 

 

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries

 

 

50

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

59

 

Ending balance

 

$

1,747

 

 

 

803

 

 

 

329

 

 

 

1,648

 

 

 

74

 

 

 

9

 

 

 

4,610

 

Ending allowance attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment