Vermont
|
03-0284070
|
(State
of Incorporation)
|
(IRS
Employer Identification Number)
|
|
|
4811 US
Route 5, Derby, Vermont
|
05829
|
(Address
of Principal Executive Offices)
|
(zip
code)
|
|
|
Registrant's
Telephone Number: (802) 334-7915
|
Large
accelerated filer ( )
|
Accelerated
filer ( X )
|
Non-accelerated
filer ( )
|
Smaller
reporting company ( X )
|
|
Emerging
growth company ( )
|
FORM
10-Q
|
||
Index
|
|
|
|
|
Page
|
PART
I
|
FINANCIAL
INFORMATION
|
|
|
|
|
3
|
||
30
|
||
49
|
||
49
|
||
|
|
|
PART
II
|
OTHER
INFORMATION
|
|
|
|
|
49
|
||
49
|
||
50
|
||
50
|
||
|
51
|
|
|
52
|
Community
Bancorp. and Subsidiary
|
March
31,
|
December
31,
|
March
31,
|
Consolidated
Balance Sheets
|
2019
|
2018
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
Assets
|
|
|
|
Cash
and due from banks
|
$10,555,183
|
$14,906,529
|
$12,172,705
|
Federal
funds sold and overnight deposits
|
41,366,899
|
53,028,286
|
29,297,476
|
Total
cash and cash equivalents
|
51,922,082
|
67,934,815
|
41,470,181
|
Securities
available-for-sale
|
40,703,322
|
39,366,831
|
38,694,065
|
Restricted
equity securities, at cost
|
1,365,950
|
1,749,450
|
1,793,650
|
Loans
held-for-sale
|
0
|
0
|
358,500
|
Loans
|
578,907,055
|
578,450,517
|
551,933,415
|
Allowance
for loan losses
|
(5,727,842)
|
(5,602,541)
|
(5,341,220)
|
Deferred
net loan costs
|
365,151
|
363,614
|
329,244
|
Net
loans
|
573,544,364
|
573,211,590
|
546,921,439
|
Bank
premises and equipment, net
|
11,148,494
|
9,713,455
|
10,196,450
|
Accrued
interest receivable
|
2,558,441
|
2,300,841
|
2,212,131
|
Bank
owned life insurance
|
4,835,734
|
4,814,099
|
4,744,512
|
Goodwill
|
11,574,269
|
11,574,269
|
11,574,269
|
Other
real estate owned
|
201,386
|
201,386
|
284,235
|
Other
assets
|
8,879,071
|
9,480,762
|
7,722,318
|
Total
assets
|
$706,733,113
|
$720,347,498
|
$665,971,750
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
|
Liabilities
|
|
|
|
Deposits:
|
|
|
|
Demand,
non-interest bearing
|
$113,090,261
|
$122,430,805
|
$109,656,422
|
Interest-bearing
transaction accounts
|
160,975,875
|
177,815,417
|
131,469,439
|
Money
market funds
|
96,208,647
|
85,261,685
|
106,878,746
|
Savings
|
95,633,389
|
93,129,875
|
99,528,104
|
Time
deposits, $250,000 and over
|
15,307,706
|
14,395,291
|
16,577,061
|
Other
time deposits
|
109,712,004
|
115,783,492
|
94,119,774
|
Total
deposits
|
590,927,882
|
608,816,565
|
558,229,546
|
Borrowed
funds
|
1,550,000
|
1,550,000
|
3,550,000
|
Repurchase
agreements
|
32,834,869
|
30,521,565
|
30,246,926
|
Junior
subordinated debentures
|
12,887,000
|
12,887,000
|
12,887,000
|
Accrued
interest and other liabilities
|
4,903,652
|
3,968,657
|
2,749,457
|
Total
liabilities
|
643,103,403
|
657,743,787
|
607,662,929
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
Preferred
stock, 1,000,000 shares authorized, 15 and 20 shares
|
|
|
|
issued
and outstanding in 2019 and 2018, respectively
|
|
|
|
($100,000
liquidation value)
|
1,500,000
|
2,000,000
|
2,000,000
|
Common
stock - $2.50 par value; 15,000,000 shares authorized,
|
|
|
|
5,401,869
shares issued at 03/31/19, 5,382,103 shares issued
|
|
|
|
at
12/31/18 and 5,335,658 shares issued at 03/31/18
|
13,504,673
|
13,455,258
|
13,339,145
|
Additional
paid-in capital
|
32,800,143
|
32,536,532
|
31,846,397
|
Retained
earnings
|
18,643,565
|
17,882,282
|
14,473,029
|
Accumulated
other comprehensive loss
|
(195,894)
|
(647,584)
|
(726,973)
|
Less:
treasury stock, at cost; 210,101 shares at 03/31/19,
|
|
|
|
12/31/18
and 03/31/18
|
(2,622,777)
|
(2,622,777)
|
(2,622,777)
|
Total
shareholders' equity
|
63,629,710
|
62,603,711
|
58,308,821
|
Total
liabilities and shareholders' equity
|
$706,733,113
|
$720,347,498
|
$665,971,750
|
|
|
|
|
Book value per
common share outstanding
|
$11.97
|
$11.72
|
$10.99
|
Community
Bancorp. and Subsidiary
|
Three
Months Ended March 31,
|
|
Consolidated
Statements of Income
|
2019
|
2018
|
(Unaudited)
|
|
|
Interest
income
|
|
|
Interest
and fees on loans
|
$7,210,810
|
$6,450,700
|
Interest
on debt securities
|
|
|
Taxable
|
248,108
|
202,885
|
Dividends
|
25,959
|
28,852
|
Interest
on federal funds sold and overnight deposits
|
213,491
|
94,401
|
Total
interest income
|
7,698,368
|
6,776,838
|
|
|
|
Interest
expense
|
|
|
Interest
on deposits
|
1,282,960
|
687,063
|
Interest
on borrowed funds
|
5,137
|
7,483
|
Interest
on repurchase agreements
|
72,831
|
31,206
|
Interest
on junior subordinated debentures
|
177,612
|
142,997
|
Total
interest expense
|
1,538,540
|
868,749
|
|
|
|
Net
interest income
|
6,159,828
|
5,908,089
|
Provision for
loan losses
|
212,503
|
180,000
|
Net
interest income after provision for loan losses
|
5,947,325
|
5,728,089
|
|
|
|
Non-interest
income
|
|
|
Service
fees
|
790,366
|
770,082
|
Income
from sold loans
|
103,087
|
183,619
|
Other
income from loans
|
138,744
|
212,270
|
Net
realized loss on sale of securities AFS
|
0
|
(3,860)
|
Other
income
|
286,503
|
233,559
|
Total
non-interest income
|
1,318,700
|
1,395,670
|
|
|
|
Non-interest
expense
|
|
|
Salaries
and wages
|
1,842,930
|
1,615,386
|
Employee
benefits
|
776,340
|
674,002
|
Occupancy
expenses, net
|
690,829
|
674,873
|
Other
expenses
|
1,845,825
|
1,766,855
|
Total
non-interest expense
|
5,155,924
|
4,731,116
|
|
|
|
Income
before income taxes
|
2,110,101
|
2,392,643
|
Income tax
expense
|
338,196
|
410,100
|
Net
income
|
$1,771,905
|
$1,982,543
|
|
|
|
Earnings per
common share
|
$0.34
|
$0.38
|
Weighted
average number of common shares
|
|
|
used in
computing earnings per share
|
5,180,334
|
5,117,009
|
Dividends
declared per common share
|
$0.19
|
$0.17
|
Community
Bancorp. and Subsidiary
|
|
|
Consolidated
Statements of Comprehensive Income
|
|
|
(Unaudited)
|
Three
Months Ended March 31,
|
|
|
2019
|
2018
|
|
|
|
Net
income
|
$1,771,905
|
$1,982,543
|
|
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
Unrealized
holding gain (loss) on securities AFS arising during the
period
|
571,759
|
(577,124)
|
Reclassification
adjustment for loss realized in income
|
0
|
3,860
|
Unrealized
gain (loss) during the period
|
571,759
|
(573,264)
|
Tax
effect
|
(120,069)
|
120,388
|
Other
comprehensive income (loss), net of tax
|
451,690
|
(452,876)
|
Total
comprehensive income
|
$2,223,595
|
$1,529,667
|
Community
Bancorp. and Subsidiary
|
|||||||
Consolidated
Statements of Changes in Shareholders' Equity
|
|||||||
(Unaudited)
|
|||||||
|
Three
Months Ended March 31, 2019
|
||||||
|
|
|
Additional
|
|
|
|
Total
|
|
Common
|
Preferred
|
paid-in
|
Retained
|
|
Treasury
|
shareholders'
|
|
Stock
|
Stock
|
capital
|
earnings
|
AOCI*
|
stock
|
equity
|
|
|
|
|
|
|
|
|
January 1,
2019
|
$13,455,258
|
$2,000,000
|
$32,536,532
|
$17,882,282
|
$(647,584)
|
$(2,622,777)
|
$62,603,711
|
|
|
|
|
|
|
|
|
Issuance of common
stock
|
49,415
|
|
263,611
|
|
|
|
313,026
|
Cash dividends
declared
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
(983,122)
|
|
|
(983,122)
|
Preferred
stock
|
|
|
|
(27,500)
|
|
|
(27,500)
|
Redemption of
preferred stock
|
|
(500,000)
|
|
|
|
|
(500,000)
|
Comprehensive
income
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
1,771,905
|
|
|
1,771,905
|
Other
comprehensive income
|
|
|
|
|
451,690
|
|
451,690
|
|
|
|
|
|
|
|
|
March 31,
2019
|
$13,504,673
|
$1,500,000
|
$32,800,143
|
$18,643,565
|
$(195,894)
|
$(2,622,777)
|
$63,629,710
|
|
Three
Months Ended March 31, 2018
|
||||||
|
|
|
Additional
|
|
|
|
Total
|
|
Common
|
Preferred
|
paid-in
|
Retained
|
|
Treasury
|
shareholders'
|
|
Stock
|
Stock
|
capital
|
earnings
|
AOCI*
|
stock
|
equity
|
|
|
|
|
|
|
|
|
January 1,
2018
|
$13,305,800
|
$2,500,000
|
$31,639,189
|
$13,387,739
|
$(274,097)
|
$(2,622,777)
|
$57,935,854
|
|
|
|
|
|
|
|
|
Issuance of common
stock
|
33,345
|
|
207,208
|
|
|
|
240,553
|
Cash dividends
declared
|
|
|
|
|
|
|
|
Common
stock
|
|
|
|
(869,128)
|
|
|
(869,128)
|
Preferred
stock
|
|
|
|
(28,125)
|
|
|
(28,125)
|
Redemption of
preferred stock
|
|
(500,000)
|
|
|
|
|
(500,000)
|
Comprehensive
income
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
1,982,543
|
|
|
1,982,543
|
Other
comprehensive loss
|
|
|
|
|
(452,876)
|
|
(452,876)
|
|
|
|
|
|
|
|
|
March 31,
2018
|
$13,339,145
|
$2,000,000
|
$31,846,397
|
$14,473,029
|
$(726,973)
|
$(2,622,777)
|
$58,308,821
|
Community
Bancorp. and Subsidiary
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
(Unaudited)
|
Three
Months Ended March 31,
|
|
|
2019
|
2018
|
|
|
|
Cash
Flows from Operating Activities:
|
|
|
Net
income
|
$1,771,905
|
$1,982,543
|
Adjustments
to reconcile net income to net cash provided by
|
|
|
operating
activities:
|
|
|
Depreciation
and amortization, bank premises and equipment
|
293,654
|
246,582
|
Provision
for loan losses
|
212,503
|
180,000
|
Deferred
income tax (credit) provision
|
(3,995)
|
6,667
|
Net
realized loss on sale of securities AFS
|
0
|
3,860
|
Gain
on sale of loans
|
(22,602)
|
(77,698)
|
Loss
on sale of bank premises and equipment
|
0
|
631
|
Income
from CFS Partners
|
(177,420)
|
(128,183)
|
Amortization
of bond premium, net
|
31,611
|
33,969
|
Proceeds
from sales of loans held for sale
|
769,622
|
2,153,059
|
Originations
of loans held for sale
|
(747,020)
|
(1,396,574)
|
Increase
in taxes payable
|
264,164
|
309,062
|
Increase
in interest receivable
|
(257,600)
|
(160,213)
|
Decrease
in mortgage servicing rights
|
38,554
|
27,446
|
Decrease
in right-of-use assets
|
57,216
|
0
|
Decrease
in operating lease liabilities
|
(55,014)
|
0
|
Decrease
(increase) in other assets
|
282,292
|
(257,338)
|
Increase
in cash surrender value of BOLI
|
(21,635)
|
(22,730)
|
Amortization
of limited partnerships
|
78,027
|
94,371
|
Increase
in unamortized loan costs
|
(1,537)
|
(10,593)
|
Increase
in interest payable
|
35,102
|
9,073
|
Decrease
in accrued expenses
|
(444,039)
|
(616,259)
|
Decrease
in other liabilities
|
(8,027)
|
(5,532)
|
Net
cash provided by operating activities
|
2,038,545
|
2,372,143
|
|
|
|
Cash
Flows from Investing Activities:
|
|
|
Investments
- AFS
|
|
|
Maturities,
calls, pay downs and sales
|
701,657
|
2,190,856
|
Purchases
|
(1,498,000)
|
(3,045,361)
|
Proceeds
from redemption of restricted equity securities
|
383,500
|
0
|
Purchases
of restricted equity securities
|
0
|
(90,000)
|
Increase
in loans, net
|
(564,060)
|
(544,395)
|
Capital
expenditures net of proceeds from sales of bank
|
|
|
premises
and equipment
|
(272,864)
|
(99,486)
|
Recoveries
of loans charged off
|
20,320
|
23,717
|
Net
cash used in investing activities
|
(1,229,447)
|
(1,564,669)
|
|
2019
|
2018
|
|
|
|
Cash
Flows from Financing Activities:
|
|
|
Net
decrease in demand and interest-bearing transaction
accounts
|
(26,180,086)
|
(8,753,237)
|
Net
increase in money market and savings accounts
|
13,450,476
|
15,498,561
|
Net
decrease in time deposits
|
(5,159,073)
|
(9,150,758)
|
Net
increase in repurchase agreements
|
2,313,304
|
1,599,078
|
Decrease
in finance lease obligations
|
(30,251)
|
(27,898)
|
Redemption
of preferred stock
|
(500,000)
|
(500,000)
|
Dividends
paid on preferred stock
|
(27,500)
|
(28,125)
|
Dividends
paid on common stock
|
(688,701)
|
(628,415)
|
Net
cash used in financing activities
|
(16,821,831)
|
(1,990,794)
|
|
|
|
Net
decrease in cash and cash equivalents
|
(16,012,733)
|
(1,183,320)
|
Cash
and cash equivalents:
|
|
|
Beginning
|
67,934,815
|
42,653,501
|
Ending
|
$51,922,082
|
$41,470,181
|
|
|
|
Supplemental
Schedule of Cash Paid During the Period:
|
|
|
Interest
|
$1,503,438
|
$859,676
|
|
|
|
Supplemental
Schedule of Noncash Investing and Financing
Activities:
|
|
|
Change
in unrealized gain (loss) on securities AFS
|
$571,759
|
$(573,264)
|
|
|
|
Common
Shares Dividends Paid:
|
|
|
Dividends
declared
|
$983,122
|
$869,128
|
Decrease
(increase) in dividends payable attributable to dividends
declared
|
18,605
|
(160)
|
Dividends
reinvested
|
(313,026)
|
(240,553)
|
|
$688,701
|
$628,415
|
ABS and OAS:
|
Asset backed or other amortizing security
|
FHLMC:
|
Federal Home Loan Mortgage Corporation
|
AFS:
|
Available-for-sale
|
FOMC:
|
Federal Open Market Committee
|
Agency MBS:
|
MBS issued by a US government agency
|
FRB:
|
Federal Reserve Board
|
|
or GSE
|
FRBB:
|
Federal Reserve Bank of Boston
|
ALCO:
|
Asset Liability Committee
|
GAAP:
|
Generally Accepted Accounting Principles
|
ALL:
|
Allowance for loan losses
|
|
in the United States
|
AOCI:
|
Accumulated other comprehensive income
|
GSE:
|
Government sponsored enterprise
|
ASC:
|
Accounting Standards Codification
|
HTM:
|
Held-to-maturity
|
ASU:
|
Accounting Standards Update
|
ICS:
|
Insured Cash Sweeps of the Promontory
|
Bancorp:
|
Community Bancorp.
|
|
Interfinancial Network
|
Bank:
|
Community National Bank
|
IRS:
|
Internal Revenue Service
|
BIC:
|
Borrower-in-Custody
|
JNE:
|
Jobs for New England
|
Board:
|
Board of Directors
|
Jr:
|
Junior
|
BOLI:
|
Bank owned life insurance
|
LIBOR:
|
London Interbank Offered Rate
|
bp or bps:
|
Basis point(s)
|
MBS:
|
Mortgage-backed security
|
CBLR:
|
Community Bank Leverage Ratio
|
MPF:
|
Mortgage Partnership Finance
|
CDARS:
|
Certificate of Deposit Accounts Registry
|
MSRs:
|
Mortgage servicing rights
|
|
Service of the Promontory Interfinancial
|
NII:
|
Net interest income
|
|
Network
|
NMTC:
|
New Market Tax Credits
|
CDs:
|
Certificates of deposit
|
OCI:
|
Other comprehensive income (loss)
|
CDI:
|
Core deposit intangible
|
OREO:
|
Other real estate owned
|
CECL:
|
Current Expected Credit Loss
|
OTTI:
|
Other-than-temporary impairment
|
CFSG:
|
Community Financial Services Group, LLC
|
PMI:
|
Private mortgage insurance
|
CFS Partners:
|
Community Financial Services Partners,
|
RD:
|
USDA Rural Development
|
|
LLC
|
SBA:
|
U.S. Small Business Administration
|
Company:
|
Community Bancorp. and Subsidiary
|
SEC:
|
U.S. Securities and Exchange Commission
|
CRE:
|
Commercial Real Estate
|
SERP:
|
Supplemental Employee Retirement Plan
|
DDA or DDAs:
|
Demand Deposit Account(s)
|
TDR:
|
Troubled-debt restructuring
|
DTC:
|
Depository Trust Company
|
USDA:
|
U.S. Department of Agriculture
|
DRIP:
|
Dividend Reinvestment Plan
|
VA:
|
U.S. Veterans Administration
|
Exchange Act:
|
Securities Exchange Act of 1934
|
2017 Tax Act:
|
Tax Cut and Jobs Act of 2017
|
FASB:
|
Financial Accounting Standards Board
|
2018
|
Economic Growth, Regulatory Relief and
|
FDIC:
|
Federal Deposit Insurance Corporation
|
Regulatory
|
Consumer Protection Act of 2018
|
FHLBB:
|
Federal Home Loan Bank of Boston
|
Relief Act:
|
|
Three
Months Ended March 31,
|
2019
|
2018
|
|
|
|
Net income, as
reported
|
$1,771,905
|
$1,982,543
|
Less: dividends to
preferred shareholders
|
27,500
|
28,125
|
Net income
available to common shareholders
|
$1,744,405
|
$1,954,418
|
Weighted average
number of common shares
|
|
|
used
in calculating earnings per share
|
5,180,334
|
5,117,009
|
Earnings per common
share
|
$0.34
|
$0.38
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|
Cost
|
Gains
|
Losses
|
Value
|
|
|
|
|
|
March
31, 2019
|
|
|
|
|
U.S. GSE debt
securities
|
$15,005,240
|
$21,774
|
$104,785
|
$14,922,229
|
Agency
MBS
|
15,376,793
|
20,821
|
232,386
|
15,165,228
|
ABS and
OAS
|
1,904,256
|
27,150
|
0
|
1,931,406
|
Other
investments
|
8,665,000
|
58,525
|
39,066
|
8,684,459
|
|
$40,951,289
|
$128,270
|
$376,237
|
$40,703,322
|
|
|
|
|
|
December
31, 2018
|
|
|
|
|
U.S. GSE debt
securities
|
$14,010,100
|
$394
|
$259,391
|
$13,751,103
|
Agency
MBS
|
16,020,892
|
2,701
|
449,068
|
15,574,525
|
ABS and
OAS
|
1,988,565
|
3,806
|
6,242
|
1,986,129
|
Other
investments
|
8,167,000
|
8,472
|
120,398
|
8,055,074
|
|
$40,186,557
|
$15,373
|
$835,099
|
$39,366,831
|
|
|
|
|
|
March
31, 2018
|
|
|
|
|
U.S. GSE debt
securities
|
$17,272,170
|
$0
|
$386,980
|
$16,885,190
|
Agency
MBS
|
17,139,115
|
3,327
|
460,499
|
16,681,943
|
Other
investments
|
5,203,000
|
0
|
76,068
|
5,126,932
|
|
$39,614,285
|
$3,327
|
$923,547
|
$38,694,065
|
|
Amortized
|
Fair
|
|
Cost
|
Value
|
|
|
|
March 31,
2019
|
$40,951,289
|
$40,703,322
|
December 31,
2018
|
40,186,557
|
39,366,831
|
March 31,
2018
|
39,614,285
|
38,694,065
|
|
Amortized
|
Fair
|
|
Cost
|
Value
|
March
31, 2019
|
|
|
Due in one year or
less
|
$248,000
|
$246,822
|
Due from one to
five years
|
12,958,597
|
12,927,456
|
Due from five to
ten years
|
12,367,899
|
12,363,816
|
Agency
MBS
|
15,376,793
|
15,165,228
|
|
$40,951,289
|
$40,703,322
|
|
|
|
December
31, 2018
|
|
|
Due from one to
five years
|
$12,714,642
|
$12,519,008
|
Due from five to
ten years
|
11,451,023
|
11,273,298
|
Agency
MBS
|
16,020,892
|
15,574,525
|
|
$40,186,557
|
$39,366,831
|
|
|
|
March
31, 2018
|
|
|
Due in one year or
less
|
$2,250,000
|
$2,242,195
|
Due from one to
five years
|
11,766,268
|
11,548,006
|
Due from five to
ten years
|
8,458,902
|
8,221,921
|
Agency
MBS
|
17,139,115
|
16,681,943
|
|
$39,614,285
|
$38,694,065
|
|
Less
than 12 months
|
12
months or more
|
Total
|
||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Number
of
|
Fair
|
Unrealized
|
|
Value
|
Loss
|
Value
|
Loss
|
Securities
|
Value
|
Loss
|
March
31, 2019
|
|
|
|
|
|
|
|
U.S. GSE debt
securities
|
$0
|
$0
|
$11,426,647
|
$104,785
|
10
|
$11,426,647
|
$104,785
|
Agency
MBS
|
1,358,591
|
14,467
|
11,872,305
|
217,919
|
23
|
13,230,896
|
232,386
|
Other
investments
|
0
|
0
|
4,670,934
|
39,066
|
19
|
4,670,934
|
39,066
|
|
$1,358,591
|
$14,467
|
$27,969,886
|
$361,770
|
52
|
$29,328,477
|
$376,237
|
|
|
|
|
|
|
|
|
December
31, 2018
|
|
|
|
|
|
|
|
U.S. GSE debt
securities
|
$1,465,947
|
$6,752
|
$11,284,761
|
$252,639
|
11
|
$12,750,708
|
$259,391
|
Agency
MBS
|
2,317,838
|
22,029
|
12,223,386
|
427,039
|
24
|
14,541,224
|
449,068
|
ABS and
OAS
|
976,226
|
6,242
|
0
|
0
|
1
|
976,226
|
6,242
|
Other
investments
|
1,956,914
|
20,086
|
4,113,688
|
100,312
|
25
|
6,070,602
|
120,398
|
|
$6,716,925
|
$55,109
|
$27,621,835
|
$779,990
|
61
|
$34,338,760
|
$835,099
|
|
|
|
|
|
|
|
|
March
31, 2018
|
|
|
|
|
|
|
|
U.S. GSE debt
securities
|
$12,997,087
|
$275,084
|
$3,888,103
|
$111,896
|
15
|
$16,885,190
|
$386,980
|
Agency
MBS
|
10,987,068
|
298,918
|
4,237,057
|
161,581
|
21
|
15,224,125
|
460,499
|
Other
investments
|
4,146,288
|
67,711
|
487,644
|
8,357
|
16
|
4,633,932
|
76,068
|
|
$28,130,443
|
$641,713
|
$8,612,804
|
$281,834
|
52
|
$36,743,247
|
$923,547
|
|
March
31,
|
December
31,
|
March
31,
|
|
2019
|
2018
|
2018
|
|
|
|
|
Commercial &
industrial
|
$79,045,761
|
$80,766,693
|
$76,968,888
|
Commercial real
estate
|
242,154,345
|
235,318,148
|
210,135,736
|
Municipal*
|
46,290,224
|
47,067,023
|
47,899,857
|
Residential real
estate - 1st lien
|
163,521,677
|
165,665,175
|
166,435,383
|
Residential real
estate - Jr lien
|
43,300,663
|
44,544,987
|
45,459,718
|
Consumer
|
4,594,385
|
5,088,491
|
5,033,833
|
Total
loans
|
578,907,055
|
578,450,517
|
551,933,415
|
Deduct
(add):
|
|
|
|
ALL
|
5,727,842
|
5,602,541
|
5,341,220
|
Deferred net loan
costs
|
(365,151)
|
(363,614)
|
(329,244)
|
Net
loans
|
$573,544,364
|
$573,211,590
|
$546,921,439
|
|
|
|
|
|
|
|
90
Days or
|
|
|
90
Days
|
Total
|
|
|
Non-Accrual
|
More
and
|
March
31, 2019
|
30-89
Days
|
or
More
|
Past
Due
|
Current
|
Total
Loans
|
Loans
|
Accruing
|
|
|
|
|
|
|
|
|
Commercial &
industrial
|
$326,665
|
$0
|
$326,665
|
$78,719,096
|
$79,045,761
|
$47,782
|
$0
|
Commercial real
estate
|
1,825,920
|
433,290
|
2,259,210
|
239,895,135
|
242,154,345
|
2,091,218
|
0
|
Municipal
|
0
|
0
|
0
|
46,290,224
|
46,290,224
|
0
|
0
|
Residential real
estate
|
|
|
|
|
|
|
|
- 1st
lien
|
4,064,284
|
1,386,929
|
5,451,213
|
158,070,464
|
163,521,677
|
2,105,605
|
350,197
|
- Jr
lien
|
285,705
|
340,603
|
626,308
|
42,674,355
|
43,300,663
|
391,801
|
106,648
|
Consumer
|
36,614
|
4,633
|
41,247
|
4,553,138
|
4,594,385
|
0
|
4,633
|
|
$6,539,188
|
$2,165,455
|
$8,704,643
|
$570,202,412
|
$578,907,055
|
$4,636,406
|
$461,478
|
|
|
|
|
|
|
|
90
Days or
|
|
|
90
Days
|
Total
|
|
|
Non-Accrual
|
More
and
|
December
31, 2018
|
30-89
Days
|
or
More
|
Past
Due
|
Current
|
Total
Loans
|
Loans
|
Accruing
|
|
|
|
|
|
|
|
|
Commercial &
industrial
|
$217,385
|
$0
|
$217,385
|
$80,549,308
|
$80,766,693
|
$84,814
|
$0
|
Commercial real
estate
|
1,509,839
|
190,789
|
1,700,628
|
233,617,520
|
235,318,148
|
1,742,993
|
0
|
Municipal
|
0
|
0
|
0
|
47,067,023
|
47,067,023
|
0
|
0
|
Residential real
estate
|
|
|
|
|
|
|
|
- 1st
lien
|
4,108,319
|
1,371,061
|
5,479,380
|
160,185,795
|
165,665,175
|
2,026,939
|
622,486
|
- Jr
lien
|
484,855
|
353,914
|
838,769
|
43,706,218
|
44,544,987
|
408,540
|
104,959
|
Consumer
|
43,277
|
1,661
|
44,938
|
5,043,553
|
5,088,491
|
0
|
1,661
|
|
$6,363,675
|
$1,917,425
|
$8,281,100
|
$570,169,417
|
$578,450,517
|
$4,263,286
|
$729,106
|
|
|
|
|
|
|
|
90
Days or
|
|
|
90
Days
|
Total
|
|
|
Non-Accrual
|
More
and
|
March
31, 2018
|
30-89
Days
|
or
More
|
Past
Due
|
Current
|
Total
Loans
|
Loans
|
Accruing
|
|
|
|
|
|
|
|
|
Commercial &
industrial
|
$873,514
|
$44,813
|
$918,327
|
$76,050,561
|
$76,968,888
|
$185,012
|
$8,207
|
Commercial real
estate
|
1,205,289
|
451,104
|
1,656,393
|
208,479,343
|
210,135,736
|
1,588,084
|
0
|
Municipal
|
0
|
0
|
0
|
47,899,857
|
47,899,857
|
0
|
0
|
Residential real
estate
|
|
|
|
|
|
|
|
- 1st
lien
|
3,837,705
|
961,601
|
4,799,306
|
161,636,077
|
166,435,383
|
1,518,759
|
466,704
|
- Jr
lien
|
181,062
|
250,399
|
431,461
|
45,028,257
|
45,459,718
|
345,214
|
113,578
|
Consumer
|
35,090
|
0
|
35,090
|
4,998,743
|
5,033,833
|
0
|
0
|
|
$6,132,660
|
$1,707,917
|
$7,840,577
|
$544,092,838
|
$551,933,415
|
$3,637,069
|
$588,489
|
|
Number
of loans
|
Balance
|
|
|
|
March 31,
2019
|
13
|
$886,102
|
December 31,
2018
|
12
|
961,709
|
March 31,
2018
|
10
|
694,509
|
|
|
|
|
Residential
|
Residential
|
|
|
|
|
Commercial
|
Commercial
|
|
Real
Estate
|
Real
Estate
|
|
|
|
|
&
Industrial
|
Real
Estate
|
Municipal
|
1st
Lien
|
Jr
Lien
|
Consumer
|
Unallocated
|
Total
|
ALL beginning
balance
|
$697,469
|
$3,019,868
|
$0
|
$1,421,494
|
$273,445
|
$56,787
|
$133,478
|
$5,602,541
|
Charge-offs
|
0
|
0
|
0
|
(74,731)
|
0
|
(32,791)
|
0
|
(107,522)
|
Recoveries
|
9,077
|
0
|
0
|
2,497
|
485
|
8,261
|
0
|
20,320
|
Provision
(credit)
|
(29,782)
|
133,288
|
0
|
57,872
|
(8,927)
|
17,458
|
42,594
|
212,503
|
ALL ending
balance
|
$676,764
|
$3,153,156
|
$0
|
$1,407,132
|
$265,003
|
$49,715
|
$176,072
|
$5,727,842
|
|
|
|
|
|
|
|
|
|
ALL evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$0
|
$7,375
|
$0
|
$115,494
|
$815
|
$0
|
$0
|
$123,684
|
Collectively
|
676,764
|
3,145,781
|
0
|
1,291,638
|
264,188
|
49,715
|
176,072
|
5,604,158
|
|
$676,764
|
$3,153,156
|
$0
|
$1,407,132
|
$265,003
|
$49,715
|
$176,072
|
$5,727,842
|
|
||||||||
Loans evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$39,587
|
$2,200,880
|
$0
|
$4,492,044
|
$303,003
|
$0
|
|
$7,035,514
|
Collectively
|
79,006,174
|
239,953,465
|
46,290,224
|
159,029,633
|
42,997,660
|
4,594,385
|
|
571,871,541
|
|
$79,045,761
|
$242,154,345
|
$46,290,224
|
$163,521,677
|
$43,300,663
|
$4,594,385
|
|
$578,907,055
|
|
|
|
|
Residential
|
Residential
|
|
|
|
|
Commercial
|
Commercial
|
|
Real
Estate
|
Real
Estate
|
|
|
|
|
&
Industrial
|
Real
Estate
|
Municipal
|
1st
Lien
|
Jr
Lien
|
Consumer
|
Unallocated
|
Total
|
|
|
|
|
|
|
|
|
|
ALL beginning
balance
|
$675,687
|
$2,674,029
|
$0
|
$1,460,547
|
$316,982
|
$43,303
|
$267,551
|
$5,438,099
|
Charge-offs
|
(152,860)
|
(124,645)
|
0
|
(251,654)
|
(69,173)
|
(143,688)
|
0
|
(742,020)
|
Recoveries
|
60,192
|
0
|
0
|
26,832
|
1,420
|
38,018
|
0
|
126,462
|
Provision
(credit)
|
114,450
|
470,484
|
0
|
185,769
|
24,216
|
119,154
|
(134,073)
|
780,000
|
ALL ending
balance
|
$697,469
|
$3,019,868
|
$0
|
$1,421,494
|
$273,445
|
$56,787
|
$133,478
|
$5,602,541
|
|
|
|
|
|
|
|
|
|
ALL evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$0
|
$0
|
$0
|
$112,969
|
$1,757
|
$0
|
$0
|
$114,726
|
Collectively
|
697,469
|
3,019,868
|
0
|
1,308,525
|
271,688
|
56,787
|
133,478
|
5,487,815
|
|
$697,469
|
$3,019,868
|
$0
|
$1,421,494
|
$273,445
|
$56,787
|
$133,478
|
$5,602,541
|
|
||||||||
Loans evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$60,846
|
$1,746,894
|
$0
|
$4,392,060
|
$319,321
|
$0
|
|
$6,519,121
|
Collectively
|
80,705,847
|
233,571,254
|
47,067,023
|
161,273,115
|
44,225,666
|
5,088,491
|
|
571,931,396
|
|
$80,766,693
|
$235,318,148
|
$47,067,023
|
$165,665,175
|
$44,544,987
|
$5,088,491
|
|
$578,450,517
|
|
|
|
|
Residential
|
Residential
|
|
|
|
|
Commercial
|
Commercial
|
|
Real Estate
|
Real Estate
|
|
|
|
|
& Industrial
|
Real Estate
|
Municipal
|
1st Lien
|
Jr Lien
|
Consumer
|
Unallocated
|
Total
|
|
|
|
|
|
|
|
|
|
ALL Beginning
balance
|
$675,687
|
$2,674,029
|
$0
|
$1,460,547
|
$316,982
|
$43,303
|
$267,551
|
$5,438,099
|
Charge-offs
|
(88,894)
|
(121,000)
|
0
|
(33,072)
|
(24,000)
|
(33,630)
|
0
|
(300,596)
|
Recoveries
|
5,014
|
0
|
0
|
8,858
|
435
|
9,410
|
0
|
23,717
|
Provision
(credit)
|
74,853
|
113,675
|
0
|
(28,532)
|
(4,125)
|
25,079
|
(950)
|
180,000
|
Ending
balance
|
$666,660
|
$2,666,704
|
$0
|
$1,407,801
|
$289,292
|
$44,162
|
$266,601
|
$5,341,220
|
|
|
|
|
|
|
|
|
|
ALL Evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$0
|
$3,528
|
$0
|
$120,264
|
$1,194
|
$0
|
$0
|
$124,986
|
Collectively
|
666,660
|
2,663,176
|
0
|
1,287,537
|
288,098
|
44,162
|
266,601
|
5,216,234
|
|
$666,660
|
$2,666,704
|
$0
|
$1,407,801
|
$289,292
|
$44,162
|
$266,601
|
$5,341,220
|
|
||||||||
Loans evaluated for
impairment
|
|
|
|
|
|
|
|
|
Individually
|
$185,012
|
$1,605,948
|
$0
|
$4,277,541
|
$272,506
|
$0
|
|
$6,341,007
|
Collectively
|
76,783,876
|
208,529,788
|
47,899,857
|
162,157,842
|
45,187,212
|
5,033,833
|
|
545,592,408
|
|
$76,968,888
|
$210,135,736
|
$47,899,857
|
$166,435,383
|
$45,459,718
|
$5,033,833
|
|
$551,933,415
|
|
As
of March 31, 2019
|
|
|
||
|
|
Unpaid
|
|
Average
|
Interest
|
|
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
|
Investment
|
Balance
|
Allowance
|
Investment
(1)
|
Recognized(1)
|
|
|
|
|
|
|
Related allowance
recorded
|
|
|
|
|
|
Commercial
real estate
|
$488,601
|
$499,540
|
$7,375
|
$244,300
|
$0
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
911,245
|
929,119
|
115,494
|
926,805
|
17,944
|
-
Jr lien
|
6,932
|
6,923
|
815
|
7,101
|
171
|
|
1,406,778
|
1,435,582
|
123,684
|
1,178,206
|
18,115
|
|
|
|
|
|
|
No related
allowance recorded
|
|
|
|
|
|
Commercial
& industrial
|
39,587
|
63,477
|
|
50,216
|
0
|
Commercial
real estate
|
1,713,077
|
1,971,060
|
|
1,730,700
|
5,067
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
3,596,317
|
4,315,339
|
|
3,530,717
|
56,132
|
-
Jr lien
|
296,080
|
338,447
|
|
304,076
|
0
|
|
5,645,061
|
6,688,323
|
|
5,615,709
|
61,199
|
|
|
|
|
|
|
|
$7,051,839
|
$8,123,905
|
$123,684
|
$6,793,915
|
$79,314
|
|
As
of December 31, 2018
|
2018
|
|||
|
|
Unpaid
|
|
Average
|
Interest
|
|
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
|
Investment
|
Balance
|
Allowance
|
Investment
(1)
|
Recognized
(1)
|
|
|
|
|
|
|
Related allowance
recorded
|
|
|
|
|
|
Commercial
real estate
|
$0
|
$0
|
$0
|
$57,658
|
$0
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
942,365
|
963,367
|
112,969
|
836,326
|
45,139
|
-
Jr lien
|
7,271
|
7,248
|
1,757
|
77,555
|
351
|
|
949,636
|
970,615
|
114,726
|
971,539
|
45,490
|
|
|
|
|
|
|
No related
allowance recorded
|
|
|
|
|
|
Commercial
& industrial
|
60,846
|
80,894
|
|
120,924
|
0
|
Commercial
real estate
|
1,748,323
|
1,975,831
|
|
1,663,794
|
13,131
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
3,465,117
|
4,082,637
|
|
3,497,772
|
94,313
|
-
Jr lien
|
312,072
|
351,139
|
|
235,970
|
0
|
|
5,586,358
|
6,490,501
|
|
5,518,460
|
107,444
|
|
|
|
|
|
|
|
$6,535,994
|
$7,461,116
|
$114,726
|
$6,489,999
|
$152,934
|
|
As
of March 31, 2018
|
|
|
||
|
|
Unpaid
|
|
Average
|
Interest
|
|
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
|
Investment
|
Balance
|
Allowance
|
Investment(1)
|
Recognized(1)
|
|
|
|
|
|
|
Related allowance
recorded
|
|
|
|
|
|
Commercial
real estate
|
$83,645
|
$225,681
|
$3,528
|
$183,567
|
$0
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
793,881
|
834,267
|
120,264
|
751,122
|
7,682
|
-
Jr lien
|
8,182
|
8,151
|
1,194
|
177,100
|
92
|
|
885,708
|
1,068,099
|
124,986
|
1,111,789
|
7,774
|
|
|
|
|
|
|
No related
allowance recorded
|
|
|
|
|
|
Commercial
& industrial
|
185,012
|
450,039
|
|
103,193
|
0
|
Commercial
real estate
|
1,523,166
|
1,658,923
|
|
1,316,216
|
4,064
|
Residential
real estate
|
|
|
|
|
|
-
1st lien
|
3,507,912
|
3,923,460
|
|
2,496,646
|
31,124
|
-
Jr lien
|
264,355
|
438,777
|
|
169,390
|
0
|
|
5,480,445
|
6,471,199
|
|
4,085,445
|
35,188
|
|
|
|
|
|
|
|
$6,366,153
|
$7,539,298
|
$124,986
|
$5,197,234
|
$42,962
|
|
|
|
|
Residential
|
Residential
|
|
|
|
Commercial
|
Commercial
|
|
Real
Estate
|
Real
Estate
|
|
|
|
&
Industrial
|
Real
Estate
|
Municipal
|
1st
Lien
|
Jr
Lien
|
Consumer
|
Total
|
|
|
|
|
|
|
|
|
Group
A
|
$76,725,045
|
$230,939,684
|
$46,290,224
|
$159,388,763
|
$42,589,428
|
$4,589,752
|
$560,522,896
|
Group
B
|
246,647
|
2,245,628
|
0
|
0
|
0
|
0
|
2,492,275
|
Group
C
|
2,074,069
|
8,969,033
|
0
|
4,132,914
|
711,235
|
4,633
|
15,891,884
|
|
$79,045,761
|
$242,154,345
|
$46,290,224
|
$163,521,677
|
$43,300,663
|
$4,594,385
|
$578,907,055
|
|
|
|
|
Residential
|
Residential
|
|
|
|
Commercial
|
Commercial
|
|
Real
Estate
|
Real
Estate
|
|
|
|
&
Industrial
|
Real
Estate
|
Municipal
|
1st
Lien
|
Jr
Lien
|
Consumer
|
Total
|
|
|
|
|
|
|
|
|
Group
A
|
$78,585,348
|
$226,785,919
|
$47,067,023
|
$161,293,233
|
$43,817,872
|
$5,086,830
|
$562,636,225
|
Group
B
|
90,763
|
246,357
|
0
|
224,992
|
0
|
0
|
562,112
|
Group
C
|
2,090,582
|
8,285,872
|
0
|
4,146,950
|
727,115
|
1,661
|
15,252,180
|
|
$80,766,693
|
$235,318,148
|
$47,067,023
|
$165,665,175
|
$44,544,987
|
$5,088,491
|
$578,450,517
|
|
|
|
|
Residential
|
Residential
|
|
|
|
Commercial
|
Commercial
|
|
Real
Estate
|
Real
Estate
|
|
|
|
&
Industrial
|
Real
Estate
|
Municipal
|
1st
Lien
|
Jr
Lien
|
Consumer
|
Total
|
|
|
|
|
|
|
|
|
Group
A
|
$74,829,100
|
$196,906,148
|
$47,899,857
|
$163,625,382
|
$44,896,784
|
$5,033,833
|
$533,191,104
|
Group
B
|
1,139,008
|
4,334,637
|
0
|
210,428
|
36,429
|
0
|
5,720,502
|
Group
C
|
1,000,780
|
8,894,951
|
0
|
2,599,573
|
526,505
|
0
|
13,021,809
|
|
$76,968,888
|
$210,135,736
|
$47,899,857
|
$166,435,383
|
$45,459,718
|
$5,033,833
|
$551,933,415
|
|
|
Pre-
|
Post-
|
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Number
of
|
Recorded
|
Recorded
|
|
Contracts
|
Investment
|
Investment
|
|
|
|
|
Commercial real
estate
|
1
|
$19,265
|
$21,628
|
Residential real
estate - 1st lien
|
1
|
95,899
|
96,369
|
|
2
|
$115,164
|
$117,997
|
|
|
Pre-
|
Post-
|
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Number
of
|
Recorded
|
Recorded
|
|
Contracts
|
Investment
|
Investment
|
|
|
|
|
Commercial real
estate
|
1
|
$406,920
|
$406,920
|
Residential real
estate – 1st lien
|
10
|
1,031,330
|
1,142,089
|
|
11
|
$1,438,250
|
$1,549,009
|
|
|
Pre-
|
Post-
|
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Number
of
|
Recorded
|
Recorded
|
|
Contracts
|
Investment
|
Investment
|
|
|
|
|
Residential real
estate – 1st lien
|
5
|
$682,791
|
$785,309
|
|
Number
of
|
Recorded
|
|
Contracts
|
Investment
|
|
|
|
Commercial real
estate
|
1
|
$392,719
|
|
Number
of
|
Recorded
|
|
Contracts
|
Investment
|
|
|
|
Commercial real
estate
|
1
|
$400,646
|
Residential real
estate - 1st lien
|
3
|
518,212
|
|
4
|
$918,858
|
|
Number
of
|
Recorded
|
|
Contracts
|
Investment
|
|
|
|
Residential real
estate - 1st lien
|
1
|
$87,696
|
|
March
31,
|
December
31,
|
March
31,
|
|
2019
|
2018
|
2018
|
|
|
|
|
Specific
Allocation
|
$116,571
|
$114,726
|
$124,986
|
Three
Months Ended March 31,
|
2019
|
2018
|
|
|
|
Operating lease
cost
|
$61,869
|
$56,573
|
|
|
|
Finance lease
cost:
|
|
|
Amortization
of right-of-use assets
|
$17,667
|
$17,667
|
Interest
on lease liabilities
|
5,115
|
7,467
|
Variable
rent expense
|
8,485
|
8,485
|
|
$31,267
|
$33,619
|
Three
Months Ended March 31,
|
2019
|
2018
|
|
|
|
Operating
Leases
|
$1,455,829
|
$0
|
|
March
31,
|
December
31,
|
|
2019
|
2018
|
Operating
Leases
|
|
|
|
|
|
Operating lease
right-of-use assets
|
$1,398,613
|
$0
|
|
|
|
Operating lease
liabilities
|
$1,400,815
|
$0
|
|
|
|
Finance
Leases
|
|
|
|
|
|
Property, at
cost
|
$991,014
|
$991,014
|
Accumulated
depreciation
|
(795,002)
|
(777,335)
|
Property,
net
|
$196,012
|
$213,679
|
|
|
|
Finance lease
liabilities
|
$236,496
|
$266,747
|
|
March 31,
|
December 31,
|
|
2019
|
2018
|
|
|
|
Weighted
Average Remaining Lease Term
|
|
|
|
|
|
Operating
Leases
|
5.6
Years
|
5.9
Years
|
Finance
Leases
|
1.8
Years
|
2.0
Years
|
|
|
|
Weighted Average Discount Rate
|
|
|
|
|
|
Operating
Leases
|
1.28%
|
|
Finance
Leases
|
7.85%
|
7.86%
|
2019
|
$165,039
|
2020
|
229,221
|
2021
|
185,466
|
2022
|
192,870
|
2023
|
202,190
|
Subsequent to
2023
|
426,029
|
|
$1,400,815
|
2019
|
$106,095
|
2020
|
110,460
|
2021
|
39,117
|
Total minimum lease
payments
|
255,672
|
Less amount
representing interest
|
(19,176)
|
Present value of
net minimum lease payments
|
$236,496
|
|
Operating Leases
|
Finance Leases
|
|
|
|
Undiscounted cash
flows
|
$1,471,889
|
$329,862
|
Discount effect of
cash flows
|
(71,074)
|
(93,366)
|
Lease
liabilities
|
$1,400,815
|
$236,496
|
Level
2
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
Assets: (market
approach)
|
|
|
|
U.S. GSE debt
securities
|
$14,922,229
|
$13,751,103
|
$16,885,190
|
Agency
MBS
|
15,165,228
|
15,574,525
|
16,681,943
|
ABS and
OAS
|
1,931,406
|
1,986,129
|
0
|
Other
investments
|
8,684,459
|
8,055,074
|
5,126,932
|
|
$40,703,322
|
$39,366,831
|
$38,694,065
|
Level
2
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
Assets: (market
approach)
|
|
|
|
|
|
|
|
Impaired loans, net
of related allowance
|
$262,214
|
$0
|
$80,118
|
Loans
held-for-sale
|
0
|
0
|
358,500
|
MSRs
(1)
|
966,394
|
1,004,948
|
1,055,840
|
OREO
|
201,386
|
201,386
|
284,235
|
March
31, 2019
|
|
Fair
|
Fair
|
Fair
|
Fair
|
|
Carrying
|
Value
|
Value
|
Value
|
Value
|
|
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
(Dollars in
Thousands)
|
||||
Financial
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$51,922
|
$51,922
|
$0
|
$0
|
$51,922
|
Debt securities
AFS
|
40,703
|
0
|
40,703
|
0
|
40,703
|
Restricted equity
securities
|
1,366
|
0
|
1,366
|
0
|
1,366
|
Loans and loans
held-for-sale, net of ALL
|
|
|
|
|
|
Commercial
& industrial
|
78,343
|
0
|
0
|
78,154
|
78,154
|
Commercial
real estate
|
238,921
|
0
|
262
|
239,545
|
239,807
|
Municipal
|
46,290
|
0
|
0
|
46,126
|
46,126
|
Residential
real estate - 1st lien
|
162,061
|
0
|
0
|
159,968
|
159,968
|
Residential
real estate - Jr lien
|
43,021
|
0
|
0
|
42,973
|
42,973
|
Consumer
|
4,543
|
0
|
0
|
4,573
|
4,573
|
MSRs
(1)
|
966
|
0
|
1,451
|
0
|
1,451
|
Accrued interest
receivable
|
2,558
|
0
|
2,558
|
0
|
2,558
|
|
|
|
|
|
|
Financial
liabilities:
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Other
deposits
|
561,360
|
0
|
560,428
|
0
|
560,428
|
Brokered
deposits
|
29,568
|
0
|
29,551
|
0
|
29,551
|
Long-term
borrowings
|
1,550
|
0
|
1,448
|
0
|
1,448
|
Repurchase
agreements
|
32,835
|
0
|
32,835
|
0
|
32,835
|
Operating lease
obligations
|
1,401
|
0
|
1,401
|
0
|
1,401
|
Finance lease
obligations
|
236
|
0
|
236
|
0
|
236
|
Subordinated
debentures
|
12,887
|
0
|
12,813
|
0
|
12,813
|
Accrued interest
payable
|
148
|
0
|
148
|
0
|
148
|
December
31, 2018
|
|
Fair
|
Fair
|
Fair
|
Fair
|
|
Carrying
|
Value
|
Value
|
Value
|
Value
|
|
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
(Dollars in
Thousands)
|
||||
Financial
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$67,935
|
$67,935
|
$0
|
$0
|
$67,935
|
Debt securities
AFS
|
39,367
|
0
|
39,367
|
0
|
39,367
|
Restricted equity
securities
|
1,749
|
0
|
1,749
|
0
|
1,749
|
Loans and loans
held-for-sale, net of ALL
|
|
|
|
|
|
Commercial
& industrial
|
80,049
|
0
|
0
|
79,773
|
79,773
|
Commercial
real estate
|
232,239
|
0
|
0
|
230,532
|
230,532
|
Municipal
|
47,067
|
0
|
0
|
47,228
|
47,228
|
Residential
real estate - 1st lien
|
164,202
|
0
|
0
|
161,068
|
161,068
|
Residential
real estate - Jr lien
|
44,260
|
0
|
0
|
44,127
|
44,127
|
Consumer
|
5,031
|
0
|
0
|
5,063
|
5,063
|
MSRs
(1)
|
1,005
|
0
|
1,481
|
0
|
1,481
|
Accrued interest
receivable
|
2,301
|
0
|
2,301
|
0
|
2,301
|
|
|
|
|
|
|
Financial
liabilities:
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Other
deposits
|
573,525
|
0
|
571,952
|
0
|
571,952
|
Brokered
deposits
|
35,292
|
0
|
35,247
|
0
|
35,247
|
Long-term
borrowings
|
1,550
|
0
|
1,425
|
0
|
1,425
|
Repurchase
agreements
|
30,522
|
0
|
30,522
|
0
|
30,522
|
Capital lease
obligations
|
267
|
0
|
267
|
0
|
267
|
Subordinated
debentures
|
12,887
|
0
|
12,807
|
0
|
12,807
|
Accrued interest
payable
|
113
|
0
|
113
|
0
|
113
|
March
31, 2018
|
|
Fair
|
Fair
|
Fair
|
Fair
|
|
Carrying
|
Value
|
Value
|
Value
|
Value
|
|
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
(Dollars in
Thousands)
|
||||
Financial
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$41,470
|
$41,470
|
$0
|
$0
|
$41,470
|
Debt securities
AFS
|
38,694
|
0
|
38,694
|
0
|
38,694
|
Restricted equity
securities
|
1,794
|
0
|
1,794
|
0
|
1,794
|
Loans and loans
held-for-sale, net of ALL
|
|
|
|
|
|
Commercial
& industrial
|
76,261
|
0
|
0
|
76,248
|
76,248
|
Commercial
real estate
|
207,358
|
0
|
80
|
206,326
|
206,406
|
Municipal
|
47,900
|
0
|
0
|
47,644
|
47,644
|
Residential
real estate - 1st lien
|
165,298
|
0
|
0
|
162,774
|
162,774
|
Residential
real estate - Jr lien
|
45,147
|
0
|
0
|
44,630
|
44,630
|
Consumer
|
4,987
|
0
|
0
|
5,080
|
5,080
|
MSRs
(1)
|
1,056
|
0
|
1,453
|
0
|
1,453
|
Accrued interest
receivable
|
2,212
|
0
|
2,212
|
0
|
2,212
|
|
|
|
|
|
|
Financial
liabilities:
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
Other
deposits
|
513,029
|
0
|
511,229
|
0
|
511,229
|
Brokered
deposits
|
45,201
|
0
|
45,154
|
0
|
45,154
|
Long-term
borrowings
|
3,550
|
0
|
3,157
|
0
|
3,157
|
Repurchase
agreements
|
30,247
|
0
|
30,247
|
0
|
30,247
|
Capital lease
obligations
|
354
|
0
|
354
|
0
|
354
|
Subordinated
debentures
|
12,887
|
0
|
12,814
|
0
|
12,814
|
Accrued interest
payable
|
110
|
0
|
110
|
0
|
110
|
|
Three Months
Ended
|
Year Ended
|
Three Months
Ended
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|
|
|
|
Balance at
beginning of year
|
$1,004,948
|
$1,083,286
|
$1,083,286
|
MSRs
capitalized
|
4,686
|
110,209
|
20,494
|
MSRs
amortized
|
(43,240)
|
(188,547)
|
(47,940)
|
Balance at end of
period
|
$966,394
|
$1,004,948
|
$1,055,840
|
|
Three Months Ended March
31,
|
|
|
2019
|
2018
|
Return on Average
Assets
|
1.02%
|
1.22%
|
Return on Average
Equity
|
11.38%
|
13.80%
|
SELECTED FINANCIAL DATA
(Unaudited)
|
|||
|
|
||
|
March 31,
|
December 31,
|
March 31,
|
|
2019
|
2018
|
2018
|
Balance
Sheet Data
|
|
|
|
Net
loans(1)
|
$573,544,364
|
$573,211,590
|
$546,921,439
|
Total
assets
|
706,733,113
|
720,347,498
|
665,971,750
|
Total
deposits
|
590,927,882
|
608,816,565
|
558,229,546
|
Borrowed
funds
|
1,550,000
|
1,550,000
|
3,550,000
|
Junior subordinated
debentures
|
12,887,000
|
12,887,000
|
12,887,000
|
Total
liabilities
|
643,103,403
|
657,743,787
|
607,662,929
|
Total shareholders'
equity
|
63,629,710
|
62,603,711
|
58,308,821
|
|
|
|
|
Book value per
common share outstanding
|
$11.97
|
$11.72
|
$10.99
|
|
Three Months Ended March 31, | |
|
2019
|
2018
|
Operating
Data
|
|
|
Total interest
income
|
$7,698,368
|
$6,776,838
|
Total interest
expense
|
1,538,540
|
868,749
|
Net
interest income
|
6,159,828
|
5,908,089
|
|
|
|
Provision for loan
losses
|
212,503
|
180,000
|
Net
interest income after provision for loan losses
|
5,947,325
|
5,728,089
|
|
|
|
Non-interest
income
|
1,318,700
|
1,395,670
|
Non-interest
expense
|
5,155,924
|
4,731,116
|
Income
before income taxes
|
2,110,101
|
2,392,643
|
Applicable income
tax expense(2)
|
338,196
|
410,100
|
|
|
|
Net
Income
|
$1,771,905
|
$1,982,543
|
|
|
|
Per
Common Share Data
|
|
|
Earnings per common
share(3)
|
$0.34
|
$0.38
|
Dividends declared
per common share
|
$0.19
|
$0.17
|
Weighted average
number of common shares outstanding
|
5,180,334
|
5,117,009
|
Number of common
shares outstanding, period end
|
5,191,768
|
5,125,557
|
|
Three Months Ended March
31,
|
|
|
2019
|
2018
|
|
|
|
Net interest income
as presented
|
$6,159,828
|
$5,908,089
|
Effect of
tax-exempt income
|
82,839
|
82,447
|
Net
interest income, tax equivalent
|
$6,242,667
|
$5,990,536
|
|
Three Months Ended March
31,
|
|||||
|
2019
|
2018
|
||||
|
|
|
Average
|
|
|
Average
|
|
Average
|
Income/
|
Rate/
|
Average
|
Income/
|
Rate/
|
|
Balance
|
Expense
|
Yield
|
Balance
|
Expense
|
Yield
|
Interest-Earning
Assets
|
|
|
|
|
|
|
Loans
(1)
|
$579,445,366
|
$7,293,649
|
5.10%
|
$554,365,690
|
$6,533,147
|
4.78%
|
Taxable
investment securities
|
39,483,343
|
248,108
|
2.55%
|
38,262,697
|
202,885
|
2.15%
|
Sweep and
interest-earning accounts
|
36,294,255
|
213,491
|
2.39%
|
21,358,685
|
94,401
|
1.79%
|
Other
investments (2)
|
1,821,128
|
25,959
|
5.78%
|
2,108,650
|
28,852
|
5.55%
|
|
$657,044,092
|
$7,781,207
|
4.80%
|
$616,095,722
|
$6,859,285
|
4.52%
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities
|
|
|
|
|
|
|
Interest-bearing
transaction accounts
|
$158,509,721
|
$403,539
|
1.03%
|
$125,066,219
|
$102,132
|
0.33%
|
Money market
accounts
|
94,236,356
|
356,658
|
1.53%
|
104,032,828
|
277,675
|
1.08%
|
Savings
deposits
|
94,344,953
|
40,110
|
0.17%
|
97,240,882
|
30,306
|
0.13%
|
Time
deposits
|
126,596,917
|
482,653
|
1.55%
|
113,651,692
|
276,950
|
0.99%
|
Borrowed
funds
|
1,551,344
|
22
|
0.01%
|
3,551,333
|
16
|
0.00%
|
Repurchase
agreements
|
32,940,885
|
72,831
|
0.90%
|
29,745,775
|
31,206
|
0.43%
|
Finance lease
obligations
|
246,736
|
5,115
|
8.29%
|
363,353
|
7,467
|
8.22%
|
Junior
subordinated debentures
|
12,887,000
|
177,612
|
5.59%
|
12,887,000
|
142,997
|
4.50%
|
|
$521,313,912
|
$1,538,540
|
1.20%
|
$486,539,082
|
$868,749
|
0.72%
|
|
|
|
|
|
|
|
Net interest
income
|
|
$6,242,667
|
|
|
$5,990,536
|
|
Net interest spread
(3)
|
|
|
3.60%
|
|
|
3.80%
|
Net interest margin
(4)
|
|
|
3.85%
|
|
|
3.94%
|
|
Three Months Ended March
31,
|
||
|
Variance
|
Variance
|
|
|
Due to
|
Due to
|
Total
|
|
Rate (1)(2)
|
Volume (1)(2)
|
Variance
|
Average
Interest-Earning Assets
|
|
|
|
Loans(3)
|
$464,905
|
$295,597
|
$760,502
|
Taxable
investment securities
|
38,752
|
6,471
|
45,223
|
Sweep and
interest-earning accounts
|
53,169
|
65,921
|
119,090
|
Other
investments
|
1,205
|
(4,098)
|
(2,893)
|
|
$558,031
|
$363,891
|
$921,922
|
|
|
|
|
Average
Interest-Bearing Liabilities
|
|
|
|
Interest-bearing
transaction accounts
|
$274,194
|
$27,213
|
$301,407
|
Money market
accounts
|
115,941
|
(36,958)
|
78,983
|
Savings
deposits
|
11,018
|
(1,214)
|
9,804
|
Time
deposits
|
174,102
|
31,601
|
205,703
|
Borrowed
funds
|
55
|
(49)
|
6
|
Repurchase
agreements
|
38,237
|
3,388
|
41,625
|
Finance lease
obligations
|
32
|
(2,384)
|
(2,352)
|
Junior
subordinated debentures
|
34,615
|
0
|
34,615
|
|
$648,194
|
$21,597
|
$669,791
|
|
|
|
|
Changes
in net interest income
|
$(90,163)
|
$342,294
|
$252,131
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
Change
|
||
|
2019
|
2018
|
Income
|
Percent
|
|
|
|
|
|
Service
fees
|
$790,366
|
$770,082
|
$20,284
|
2.63%
|
Income from sold
loans
|
103,087
|
183,619
|
(80,532)
|
-43.86%
|
Other income from
loans
|
138,744
|
212,270
|
(73,526)
|
-34.64%
|
Net realized loss
on sale of securities AFS
|
0
|
(3,860)
|
3,860
|
-100.00%
|
Other
income
|
|
|
|
|
Income
from CFS Partners
|
177,419
|
128,183
|
49,236
|
38.41%
|
Rental
income
|
2,428
|
15,626
|
(13,198)
|
-84.46%
|
VISA
card commission
|
23,099
|
4,913
|
18,186
|
370.16%
|
Other
miscellaneous income
|
83,557
|
84,837
|
(1,280)
|
-1.51%
|
Total
non-interest income
|
$1,318,700
|
$1,395,670
|
$(76,970)
|
-5.51%
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
Change
|
||
|
2019
|
2018
|
Expense
|
Percent
|
|
|
|
|
|
Salaries and
wages
|
$1,842,930
|
$1,615,386
|
$227,544
|
14.09%
|
Employee
benefits
|
776,340
|
674,002
|
102,338
|
15.18%
|
Occupancy expenses,
net
|
690,829
|
674,873
|
15,956
|
2.36%
|
Other
expenses
|
|
|
|
|
Audit
Fees
|
186,394
|
152,095
|
34,299
|
22.55%
|
Service
contracts - administrative
|
148,192
|
125,958
|
22,234
|
17.65%
|
Marketing
expense
|
138,501
|
138,501
|
0
|
0.00%
|
Consultant
services
|
76,535
|
65,083
|
11,452
|
17.60%
|
Collection
& non-accruing loan expense
|
62,183
|
53,286
|
8,897
|
16.70%
|
Other
miscellaneous expenses
|
1,234,020
|
1,231,932
|
2,088
|
0.17%
|
Total
non-interest expense
|
$5,155,924
|
$4,731,116
|
$424,808
|
8.98%
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|||
Assets
|
|
|
|
|
|
|
Loans(1)
|
$578,907,055
|
81.91%
|
$578,450,517
|
80.30%
|
$551,933,415
|
82.88%
|
Securities
AFS
|
40,703,322
|
5.76%
|
39,366,831
|
5.46%
|
38,694,065
|
5.81%
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|||
Liabilities
|
|
|
|
|
|
|
Demand
deposits
|
113,090,261
|
16.00%
|
122,430,805
|
17.00%
|
109,656,422
|
16.47%
|
Interest-bearing
transaction accounts
|
160,975,875
|
22.78%
|
177,815,417
|
24.68%
|
131,469,439
|
19.74%
|
Money market
accounts
|
96,208,647
|
13.61%
|
85,261,685
|
11.84%
|
106,878,746
|
16.05%
|
Savings
deposits
|
95,633,389
|
13.53%
|
93,129,875
|
12.93%
|
99,528,104
|
14.94%
|
Time
deposits
|
125,019,710
|
17.69%
|
130,178,783
|
18.07%
|
110,696,835
|
16.62%
|
Long-term
advances
|
1,550,000
|
0.22%
|
1,550,000
|
0.22%
|
3,550,000
|
0.53%
|
Rate
Change
|
Percent Change in
NII
|
|
|
Down 100
bps
|
-1.4%
|
Up 200
bps
|
1.5%
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|||
|
|
|
|
|
|
|
Commercial &
industrial
|
$79,045,761
|
13.65%
|
$80,766,693
|
13.96%
|
$76,968,888
|
13.95%
|
Commercial real
estate
|
242,154,345
|
41.83%
|
235,318,148
|
40.68%
|
210,135,736
|
38.07%
|
Municipal
|
46,290,224
|
8.00%
|
47,067,023
|
8.14%
|
47,899,857
|
8.68%
|
Residential real
estate - 1st lien
|
163,521,677
|
28.25%
|
165,665,175
|
28.64%
|
166,435,383
|
30.15%
|
Residential real
estate - Jr lien
|
43,300,663
|
7.48%
|
44,544,987
|
7.70%
|
45,459,718
|
8.24%
|
Consumer
|
4,594,385
|
0.79%
|
5,088,491
|
0.88%
|
5,033,833
|
0.91%
|
Total
loans
|
578,907,055
|
100.00%
|
578,450,517
|
100.00%
|
551,933,415
|
100.00%
|
Deduct
(add):
|
|
|
|
|
|
|
ALL
|
5,727,842
|
|
5,602,541
|
|
5,341,220
|
|
Deferred net loan
costs
|
(365,151)
|
|
(363,614)
|
|
(329,244)
|
|
Net
loans
|
$573,544,364
|
|
$573,211,590
|
|
$546,921,439
|
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|||
|
|
|
|
|
|
|
Loans
past due 90 days or more
|
|
|
|
|
|
|
and
still accruing (1)
|
|
|
|
|
|
|
Commercial
& industrial
|
$0
|
0.00%
|
$0
|
0.00%
|
$8,207
|
0.18%
|
Residential
real estate - 1st lien
|
350,197
|
6.61%
|
1,249,241
|
27.46%
|
466,704
|
10.35%
|
Residential
real estate - Jr lien
|
106,648
|
2.01%
|
0
|
0.00%
|
113,578
|
2.52%
|
Consumer
|
4,633
|
0.09%
|
1,484
|
0.03%
|
0
|
0.00%
|
|
461,478
|
8.71%
|
1,250,725
|
27.49%
|
588,489
|
13.05%
|
|
|
|
|
|
|
|
Non-accrual
loans (1)
|
|
|
|
|
|
|
Commercial
& industrial
|
47,782
|
0.90%
|
98,806
|
2.17%
|
185,012
|
4.11%
|
Commercial
real estate
|
2,091,218
|
39.46%
|
1,065,385
|
23.42%
|
1,588,084
|
35.21%
|
Residential
real estate - 1st lien
|
2,105,605
|
39.74%
|
1,585,473
|
34.86%
|
1,518,759
|
33.68%
|
Residential
real estate - Jr lien
|
391,801
|
7.39%
|
346,912
|
7.63%
|
345,214
|
7.65%
|
|
4,636,406
|
87.48%
|
3,096,576
|
68.08%
|
3,637,069
|
80.65%
|
|
|
|
|
|
|
|
Other
real estate owned
|
201,386
|
3.80%
|
201,386
|
4.43%
|
284,235
|
6.30%
|
|
|
|
|
|
|
|
|
$5,299,270
|
100.00%
|
$4,548,687
|
100.00%
|
$4,509,793
|
100.00%
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|||
|
Number of
|
Principal
|
Number of
|
Principal
|
Number of
|
Principal
|
|
Loans
|
Balance
|
Loans
|
Balance
|
Loans
|
Balance
|
|
|
|
|
|
|
|
Commercial &
industrial
|
1
|
$4,685
|
1
|
$24,685
|
1
|
$24,685
|
Commercial real
estate
|
4
|
843,519
|
4
|
862,713
|
4
|
590,239
|
Residential real
estate - 1st lien
|
12
|
972,761
|
12
|
1,082,187
|
7
|
689,696
|
|
18
|
$1,820,965
|
17
|
$1,969,585
|
12
|
$1,304,620
|
|
March 31, 2019
|
December 31,
2018
|
March 31, 2018
|
|||
|
Number of
|
Principal
|
Number of
|
Principal
|
Number of
|
Principal
|
|
Loans
|
Balance
|
Loans
|
Balance
|
Loans
|
Balance
|
|
|
|
|
|
|
|
Commercial real
estate
|
2
|
$119,330
|
1
|
$102,292
|
1
|
$110,232
|
Residential real
estate - 1st lien
|
31
|
2,604,927
|
31
|
2,544,728
|
56
|
3,038,209
|
Residential real
estate - Jr lien
|
1
|
6,923
|
1
|
7,248
|
1
|
8,151
|
|
34
|
$2,731,180
|
33
|
$2,654,268
|
58
|
$3,156,593
|
|
As of or Three Months Ended March
31,
|
|
|
2019
|
2018
|
|
|
|
Loans outstanding,
end of period(1)
|
$578,907,055
|
$551,933,415
|
Average loans
outstanding during period
|
$579,445,366
|
$554,365,690
|
Non-accruing loans,
end of period
|
$4,263,286
|
$3,637,069
|
Non-accruing loans,
net of government guarantees
|
$3,683,974
|
$3,334,771
|
|
|
|
ALL, beginning of
period
|
$5,602,541
|
$5,438,099
|
Loans charged
off:
|
|
|
Commercial
& industrial
|
0
|
(88,894)
|
Commercial
real estate
|
0
|
(121,000)
|
Residential
real estate - 1st lien
|
(74,731)
|
(33,072)
|
Residential
real estate - Jr lien
|
0
|
(24,000)
|
Consumer
loans
|
(32,791)
|
(33,630)
|
Total
loans charged off
|
(107,522)
|
(300,596)
|
Recoveries:
|
|
|
Commercial
& industrial
|
9,077
|
5,014
|
Residential
real estate - 1st lien
|
2,497
|
8,858
|
Residential
real estate - Jr lien
|
485
|
435
|
Consumer
loans
|
8,261
|
9,410
|
Total
recoveries
|
20,320
|
23,717
|
Net loans charged
off
|
(87,202)
|
(276,879)
|
Provision charged
to income
|
212,503
|
180,000
|
ALL, end of
period
|
$5,727,842
|
$5,341,220
|
|
|
|
Net charge offs to
average loans outstanding
|
0.015%
|
0.050%
|
Provision charged
to income as a percent of average loans
|
0.037%
|
0.032%
|
ALL to average
loans outstanding
|
0.989%
|
0.963%
|
ALL to non-accruing
loans
|
134.353%
|
146.855%
|
ALL to non-accruing
loans net of government guarantees
|
155.480%
|
160.168%
|
|
March 31,
|
December 31,
|
March 31,
|
|
2019
|
2018
|
2018
|
Long-Term
Advances(1)
|
|
|
|
FHLBB term advance,
0.00%, due February 26, 2021
|
$350,000
|
$350,000
|
$350,000
|
FHLBB term advance,
0.00%, due November 22, 2021
|
1,000,000
|
1,000,000
|
1,000,000
|
FHLBB term advance,
0.00%, due June 09, 2022
|
0
|
0
|
2,000,000
|
FHLBB term advance,
0.00%, due September 22, 2023
|
200,000
|
200,000
|
200,000
|
|
$1,550,000
|
$1,550,000
|
$3,550,000
|
Balance at December
31, 2018 (book value $11.72 per common share)
|
$62,603,711
|
Net
income
|
1,771,905
|
Issuance
of stock through the DRIP
|
313,026
|
Redemption
of preferred stock
|
(500,000)
|
Dividends
declared on common stock
|
(983,122)
|
Dividends
declared on preferred stock
|
(27,500)
|
Change
in unrealized loss on securities AFS, net of tax
|
451,690
|
Balance at March
31, 2019 (book value $11.97 per common share)
|
$63,629,710
|
|
|
|
|
|
Minimum
|
|
|
|
|
Minimum
|
To Be Well
|
||
|
|
|
For Capital
|
Capitalized
Under
|
||
|
|
|
Adequacy
|
Prompt
Corrective
|
||
|
Actual
|
Purposes:
|
Action
Provisions(1):
|
|||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
(Dollars in
Thousands)
|
|||||
March
31, 2019
|
|
|
|
|
|
|
Common equity tier
1 capital
|
|
|
|
|
|
|
(to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$65,138
|
13.07%
|
$22,422
|
4.50%
|
N/A
|
N/A
|
Bank
|
$64,572
|
12.97%
|
$22,401
|
4.50%
|
$32,358
|
6.50%
|
Tier 1 capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$65,138
|
13.07%
|
$29,896
|
6.00%
|
N/A
|
N/A
|
Bank
|
$64,572
|
12.97%
|
$29,869
|
6.00%
|
$39,825
|
8.00%
|
Total capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$70,910
|
14.23%
|
$39,861
|
8.00%
|
N/A
|
N/A
|
Bank
|
$70,343
|
14.13%
|
$39,825
|
8.00%
|
$49,781
|
10.00%
|
Tier 1 capital (to
average assets)
|
|
|
|
|
|
|
Company
|
$65,138
|
9.42%
|
$27,647
|
4.00%
|
N/A
|
N/A
|
Bank
|
$64,572
|
9.35%
|
$27,630
|
4.00%
|
$34,537
|
5.00%
|
|
|
|
|
|
|
|
December
31, 2018:
|
|
|
|
|
|
|
Common equity tier
1 capital
|
|
|
|
|
|
|
(to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$64,564
|
12.94%
|
$22,446
|
4.50%
|
N/A
|
N/A
|
Bank
|
$63,960
|
12.84%
|
$22,419
|
4.50%
|
$32,384
|
6.50%
|
Tier 1 capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$64,564
|
12.94%
|
$29,928
|
6.00%
|
N/A
|
N/A
|
Bank
|
$63,960
|
12.84%
|
$29,893
|
6.00%
|
$39,857
|
8.00%
|
Total capital (to
risk-weighted assets)
|
|
|
|
|
|
|
Company
|
$70,210
|
14.08%
|
$39,904
|
8.00%
|
N/A
|
N/A
|
Bank
|
$69,606
|
13.97%
|
$39,857
|
8.00%
|
$49,821
|
10.00%
|
Tier 1 capital (to
average assets)
|
|
|
|
|
|
|
Company
|
$64,564
|
9.26%
|
$27,890
|
4.00%
|
N/A
|
N/A
|
Bank
|
$63,960
|
9.18%
|
$27,867
|
4.00%
|
$34,834
|
5.00%
|
|
Total Number
|
Average
|
|
of Shares
|
Price Paid
|
For the
period:
|
Purchased(1)(2)
|
Per Share
|
|
|
|
January 1 - January
31
|
4,285
|
$16.45
|
February 1 -
February 28
|
0
|
0.00
|
March 1 - March
31
|
4,200
|
17.25
|
Total
|
8,485
|
$16.85
|
DATED:
May 9, 2019
|
/s/Kathryn
M. Austin
|
|
|
Kathryn
M. Austin, President
|
|
|
&
Chief Executive Officer
|
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
|
|
DATED:
May 9, 2019
|
/s/Louise
M. Bonvechio
|
|
|
Louise
M. Bonvechio, Corporate
|
|
|
Secretary
& Treasurer
|
|
|
(Principal
Financial Officer)
|
|
Certification
from the Chief Executive Officer (Principal Executive Officer) of
the Company pursuant to section 302 of the Sarbanes-Oxley Act of
2002
|
|
|
|
Certification
from the Treasurer (Principal Financial Officer) of the Company
pursuant to section 302 of the Sarbanes-Oxley Act of
2002
|
|
|
|
Certification
from the Chief Executive Officer (Principal Executive Officer) of
the Company pursuant to 18 U.S.C., Section 1350, as adopted
pursuant to section 906 of the Sarbanes-Oxley Act of
2002*
|
|
|
|
Certification
from the Treasurer (Principal Financial Officer) of the Company
pursuant to 18 U.S.C., Section 1350, as adopted pursuant to section
906 of the Sarbanes-Oxley Act of 2002*
|
|
|
|
|
|
Exhibit
101
|
The
following materials from the Company’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2019 formatted in
eXtensible Business Reporting Language (XBRL): (i) the unaudited
consolidated balance sheets, (ii) the unaudited consolidated
statements of income for the three-month interim periods ended
March 31, 2019 and 2018, (iii) the unaudited consolidated
statements of comprehensive income, (iv) the unaudited consolidated
statements of cash flows and (v) related notes.
|