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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021

Commission file number: 000-33063

SIERRA BANCORP

(Exact name of Registrant as specified in its charter)

California

33-0937517

(State of Incorporation)

(IRS Employer Identification No)

86 North Main Street, Porterville, California 93257

(Address of principal executive offices)                  (Zip Code)

(559) 782-4900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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, no par value

BSRR

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, 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 Section7(a)(2)(B) of the Securities Act.

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of August 1, 2021, the registrant had 15,411,963 shares of common stock outstanding, including 167,065 shares of unvested restricted stock.

FORM 10-Q

Table of Contents

Page

Part I - Financial Information

1

Item 1. Financial Statements (Unaudited)

1

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Changes In Shareholders’ Equity

4

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations

34

Forward-Looking Statements

34

Critical Accounting Policies

35

Overview of the Results of Operations and Financial Condition

35

Earnings Performance

40

Net Interest Income and Net Interest Margin

40

Provision for Loan and Lease Losses

46

Noninterest Income and Noninterest Expense

47

Provision for Income Taxes

49

Balance Sheet Analysis

49

Earning Assets

49

Investments

49

Loan and Lease Portfolio

51

Nonperforming Assets

52

Allowance for Loan and Lease Losses

54

Off-Balance Sheet Arrangements

56

Other Assets

56

Deposits and Interest Bearing Liabilities

56

Deposits

56

Other Interest Bearing Liabilities

57

Noninterest Bearing Liabilities

58

Liquidity and Market Risk Management

58

Capital Resources

61

Item 3. Qualitative & Quantitative Disclosures about Market Risk

62

Item 4. Controls and Procedures

63

Part II - Other Information

64

Item 1. - Legal Proceedings

64

Item 1A. - Risk Factors

64

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

64

Item 3. - Defaults upon Senior Securities

64

Item 4. - Mine Safety Disclosures

64

Item 5. - Other Information

64

Item 6. - Exhibits

65

Signatures

66

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements

SIERRA BANCORP

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

    

June 30, 2021

    

December 31, 2020

ASSETS

(unaudited)

(audited)

Cash and due from banks

$

78,719

$

67,908

Interest bearing deposits in banks

295,183

3,509

Total cash & cash equivalents

373,902

71,417

Securities available-for-sale

607,474

543,974

Loans and leases:

Gross loans and leases

2,144,796

2,463,111

Deferred loan and lease fees, net

(3,835)

(3,147)

Allowance for loan and lease losses

(16,421)

(17,738)

Net loans and leases

2,124,540

2,442,226

Foreclosed assets

774

971

Premises and equipment, net

25,949

27,505

Goodwill

27,357

27,357

Other intangible assets, net

3,780

4,307

Bank-owned life insurance

53,964

52,539

Other assets

54,308

50,446

Total assets

$

3,272,048

$

3,220,742

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

Noninterest bearing

$

1,073,833

$

943,664

Interest bearing

1,702,081

1,680,942

Total deposits

2,775,914

2,624,606

Repurchase agreements

70,535

39,138

Short-term borrowings

142,900

Subordinated debentures, net

35,213

35,124

Other liabilities

32,657

35,078

Total liabilities

2,914,319

2,876,846

Commitments and contingent liabilities (Note 7)

Shareholders' equity

Common stock, no par value; 24,000,000 shares authorized; 15,410,763 and 15,388,423 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

113,453

113,384

Additional paid-in capital

4,190

3,736

Retained earnings

224,689

208,371

Accumulated other comprehensive income, net

15,397

18,405

Total shareholders' equity

357,729

343,896

Total liabilities and shareholders' equity

$

3,272,048

$

3,220,742

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

1

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(dollars in thousands, except per share data, unaudited)

Three months ended June 30,

Six months ended June 30,

    

2021

    

2020

2021

2020

Interest and dividend income

Loans and leases, including fees

$

24,917

$

21,683

$

51,329

$

43,796

Taxable securities

1,573

2,250

3,150

4,710

Tax-exempt securities

1,517

1,440

2,967

2,778

Federal funds sold and other

85

12

104

153

Total interest income

28,092

25,385

57,550

51,437

Interest expense

Deposits

619

893

1,227

2,727

Short-term borrowings

39

39

86

75

Subordinated debentures

245

311

493

706

Total interest expense

903

1,243

1,806

3,508

Net interest income

27,189

24,142

55,744

47,929

(Benefit) provision for loan losses

(2,100)

2,200

(1,850)

4,000

Net interest income after provision for loan losses

29,289

21,942

57,594

43,929

Noninterest income

Service charges on deposits

2,725

2,618

5,491

5,802

Other income

3,887

4,282

7,951

7,205

Total noninterest income

6,612

6,900

13,442

13,007

Noninterest expense

Salaries and employee benefits

10,425

9,266

21,576

19,438

Occupancy and equipment

2,626

2,504

5,112

4,832

Other

7,184

6,263

13,818

11,581

Total noninterest expense

20,235

18,033

40,506

35,851

Income before taxes

15,666

10,809

30,530

21,085

Provision for income taxes

3,958

2,506

7,744

4,975

Net income

$

11,708

$

8,303

$

22,786

$

16,110

PER SHARE DATA

Book value

$

23.21

$

21.55

$

23.21

$

21.55

Cash dividends

$

0.21

$

0.20

$

0.42

$

0.40

Earnings per share basic

$

0.77

$

0.55

$

1.49

$

1.06

Earnings per share diluted

$

0.76

$

0.54

$

1.48

$

1.05

Average shares outstanding, basic

15,243,698

15,191,823

15,242,451

15,226,748

Average shares outstanding, diluted

15,375,825

15,237,655

15,365,966

15,288,009

Total shareholders' equity (in thousands)

$

357,729

$

327,433

$

357,729

$

327,433

Shares outstanding

15,410,763

15,192,838

15,410,763

15,192,838

Dividends paid (in thousands)

$

3,237

$

3,038

$

6,468

$

6,097

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

2

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(dollars in thousands, unaudited)

Three months ended June 30,

Six months ended June 30,

    

2021

    

2020

2021

2020

Net income

$

11,708

$

8,303

$

22,786

$

16,110

Other comprehensive income (loss), before tax:

Unrealized gains on securities:

Unrealized holding (loss) gain arising during period

1,489

4,037

(4,270)

14,939

Less: reclassification adjustment for gains included in net income (1)

(390)

(390)

Other comprehensive income (loss), before tax

1,489

3,647

(4,270)

14,549

Income tax (expense) benefit related to items of other comprehensive (loss) income, net of tax

(441)

(1,078)

1,262

(4,302)

Other comprehensive income (loss)

1,048

2,569

(3,008)

10,247

Comprehensive income

$

12,756

$

10,872

$

19,778

$

26,357

(1) Amounts are included in net gains on investment securities available-for-sale on the Consolidated Statements of Income in noninterest income. Income tax expense associated with the reclassification adjustment for the three months ended June 30, 2021 and 2020 was $0 and $0.1 million respectively. Income tax expense associated with the reclassification adjustment for the six months ended June 30, 2021 and 2020 was $0 and $0.1 million respectively.

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

3

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED JUNE 30, 2021 AND 2020

(dollars in thousands, except per share data, unaudited)

Accumulated 

Additional

Other

Common Stock

 Paid In

Retained

Comprehensive

Shareholders'

    

Shares

    

Amount

    

Capital

    

 Earnings

    

Income

    

 Equity

Balance, March 31, 2020

15,190,038

$

112,600

$

3,367

$

189,882

$

13,610

$

319,459

Net income

8,303

8,303

Other comprehensive income, net of tax

2,569

2,569

Exercise of stock options

2,800

45

(11)

34

Stock based compensation expense

106

106

Cash dividends - $0.20 per share

(3,038)

(3,038)

Balance, June 30, 2020

15,192,838

$

112,645

$

3,462

$

195,147

$

16,179

$

327,433

Balance, March 31, 2021

15,410,763

$

113,453

$

3,961

$

216,218

$

14,349

$

347,981

Net income

11,708

11,708

Other comprehensive loss, net of tax

1,048

1,048

Stock based compensation expense

229

229

Cash dividends - $0.21 per share

(3,237)

(3,237)

Balance, June 30, 2021

15,410,763

$

113,453

$

4,190

$

224,689

$

15,397

$

357,729

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

4

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(dollars in thousands, except per share data, unaudited)

Accumulated 

Additional

Other

Common Stock

 Paid In

Retained

Comprehensive

Shareholders'

    

Shares

    

Amount

    

Capital

    

 Earnings

    

Income (Loss)

    

 Equity

Balance, December 31, 2019

15,284,538

$

113,179

$

3,307

$

186,867

$

5,932

$

309,285

Net income

16,110

16,110

Other comprehensive income, net of tax

10,247

10,247

Exercise of stock options

20,350

295

(80)

215

Stock based compensation expense

235

235

Stock repurchase

(112,050)

(829)

(1,733)

(2,562)

Cash dividends - $0.40 per share

(6,097)

(6,097)

Balance, June 30, 2020

15,192,838

$

112,645

$

3,462

$

195,147

$

16,179

$

327,433

Balance, December 31, 2020

15,388,423

$

113,384

$

3,736

$

208,371

$

18,405

$

343,896

Net income

22,786

22,786

Other comprehensive loss, net of tax

(3,008)

(3,008)

Exercise of stock options

4,160

69

(15)

54

Stock based compensation expense

18,180

469

469

Cash dividends - $0.42 per share

(6,468)

(6,468)

Balance, June 30, 2021

15,410,763

$

113,453

$

4,190

$

224,689

$

15,397

$

357,729

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

5

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(dollars in thousands, unaudited)

Six months ended June 30,

    

2021

    

2020

Cash flows from operating activities:

Net income

$

22,786

$

16,110

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

Gain on sales of securities

(390)

Loss on disposal of fixed assets

4

(Gain) loss on sale on foreclosed assets

(116)

2

Writedowns on foreclosed assets

176

Stock based compensation expense

469

235

(Benefit) provision for loan losses

(1,850)

4,000

Depreciation and amortization

1,924

1,540

Net amortization on securities premiums and discounts

2,386

2,227

Accretion of discounts for loans acquired and net deferred loan fees

(253)

(331)

Increase in cash surrender value of life insurance policies

(1,397)

(687)

Amortization of core deposit intangible

527

537

Decrease (increase) in interest receivable and other assets

602

(2,241)

(Decrease) increase in other liabilities

(1,310)

869

Deferred income tax benefit

(2,057)

(230)

Increase in value of restricted bank equity securities

(857)

(447)

Net amortization of partnership investment

267

571

Net cash provided by operating activities

21,301

21,765

Cash flows from investing activities:

Maturities and calls of securities available for sale

4,000

6,195

Proceeds from sales of securities available for sale

20,298

Purchases of securities available for sale

(130,696)

(59,578)

Principal pay downs on securities available for sale

56,540

47,263

Net purchases of FHLB stock

(1,666)

Loan originations and payments, net

319,697

(446,178)

Purchases of premises and equipment

(283)

(1,794)

Proceeds from sales of foreclosed assets

229

32

Purchase of bank-owned life insurance

(28)

(182)

Liquidation of bank-owned life insurance

39

Net cash provided by (used in) investing activities

247,793

(433,905)

Cash flows from financing activities:

Increase in deposits

151,308

338,380

(Decrease) increase in borrowed funds

(142,900)

143,000

Increase in repurchase agreements

31,397

15,738

Cash dividends paid

(6,468)

(6,097)

Repurchases of common stock

(2,562)

Stock options exercised

54

215

Net cash provided by financing activities

33,391

488,674

Increase in cash and cash equivalents

302,485

76,534

Cash and cash equivalents

Beginning of period

71,417

80,077

End of period

$

373,902

$

156,611

Supplemental disclosure of cash flow information:

Interest paid

$

1,800

$

3,941

Income taxes paid

$

3,803

$

Supplemental noncash disclosures:

Real estate acquired through foreclosure

$

93

$

2,127

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

6

SIERRA BANCORP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2021

(Unaudited)

Note 1 – The Business of Sierra Bancorp

Sierra Bancorp (the “Company”) is a California corporation headquartered in Porterville, California, and is a registered bank holding company under federal banking laws. The Company was formed to serve as the holding company for Bank of the Sierra (the “Bank”), and has been the Bank’s sole shareholder since August 2001. The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish. As of June 30, 2021, the Company’s only other subsidiaries were Sierra Statutory Trust II, Sierra Capital Trust III, and Coast Bancorp Statutory Trust II, which were formed solely to facilitate the issuance of capital trust pass-through securities (“TRUPS”). Pursuant to the Financial Accounting Standards Board (“FASB”) standard on the consolidation of variable interest entities, these trusts are not reflected on a consolidated basis in the Company’s financial statements. References herein to the “Company” include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise.

Bank of the Sierra, a California state-chartered bank headquartered in Porterville, California, offers a wide range of retail and commercial banking services via branch offices located throughout California’s South San Joaquin Valley, the Central Coast, Ventura County, the Sacramento area, and neighboring communities. The Bank was incorporated in September 1977, and opened for business in January 1978 as a one-branch bank with $1.5 million in capital. Our growth in the ensuing years has largely been organic in nature, but includes four whole-bank acquisitions: Sierra National Bank in 2000, Santa Clara Valley Bank in 2014, Coast National Bank in 2016, and Ojai Community Bank in October 2017. As of the filing date of this report the Bank operates 35 full-service branches and an online branch, and maintains ATMs at all but one of our branch locations as well as seven non-branch locations. Moreover, the Bank has specialized lending units which focus on agricultural borrowers, SBA loans, and mortgage warehouse lending. In addition, in February 2020 the bank opened a loan production office which is currently located in Roseville, CA. The Company had total assets of $3.3 billion at June 30, 2021, and for a number of years we have claimed the distinction of being the largest bank headquartered in the South San Joaquin Valley. The Bank’s deposit accounts, which totaled $2.8 billion at June 30, 2021, are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to maximum insurable amounts.

Note 2 – Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in a condensed format, and therefore do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. The information furnished in these interim statements reflects all adjustments that are, in the opinion of Management, necessary for a fair statement of the results for such periods. Such adjustments can generally be considered as normal and recurring unless otherwise disclosed in this Form 10-Q. In preparing the accompanying financial statements, Management has taken subsequent events into consideration and recognized them where appropriate. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter, or for the full year. Certain amounts reported for 2020 have been reclassified to be consistent with the reporting for 2021. The interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (the “SEC”).

Note 3 – Current Accounting Developments

In September 2016 the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which eliminates the probable initial recognition threshold for credit losses in current U.S. GAAP, and instead requires an organization to record a current estimate of all expected credit losses over the contractual term for financial assets carried at amortized cost. This is commonly referred to as the current expected credit losses (“CECL”) methodology. Expected credit losses for financial assets held at the reporting date will be measured based on historical experience, current conditions, and reasonable and supportable forecasts. Another change

7

from existing U.S. GAAP involves the treatment of purchased credit deteriorated assets, which are more broadly defined than purchased credit impaired assets in current accounting standards. When such assets are purchased, institutions will estimate and record an allowance for credit losses that is added to the purchase price rather than being reported as a credit loss expense. Furthermore, ASU 2016-13 updates the measurement of credit losses on available-for-sale debt securities, by mandating that institutions record credit losses on available-for-sale debt securities through an allowance for credit losses rather than the current practice of writing down securities for other-than-temporary impairment. ASU 2016-13 will also require the enhancement of financial statement disclosures regarding estimates used in calculating credit losses. ASU 2016-13 does not change the existing write-off principle in U.S. GAAP or current nonaccrual practices, nor does it change accounting requirements for loans held for sale or certain other financial assets which are measured at the lower of amortized cost or fair value. As a public business entity that is an SEC filer, ASU 2016-13 was originally scheduled to become effective for the Company on January 1, 2020. In March 2020, the Company elected under Section 4014 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to defer the implementation of CECL until the earlier of when the national emergency related to the outbreak of COVID-19 ends or December 31, 2020. In December 2020, the Consolidated Appropriations Act 2021, extended the deferral of implementation of CECL from December 31, 2020, to the earlier of the first day of the fiscal year, beginning after the national emergency terminates or January 1, 2022. The Company will now continue to postpone implementation in order to provide additional time to assess better the impact of the COVID-19 pandemic on the expected lifetime credit losses. On the effective date, institutions will apply the new accounting standard as follows: for financial assets carried at amortized cost, a cumulative-effect adjustment will be recognized on the balance sheet for any change in the related allowance for loan and lease losses generated by the adoption of the new standard; financial assets classified as purchased credit impaired assets prior to the effective date will be reclassified as purchased credit deteriorated assets as of the effective date, and will be grossed up for the related allowance for expected credit losses created as of the effective date; and, debt securities on which other-than-temporary impairment had been recognized prior to the effective date will transition to the new guidance prospectively with no change in their amortized cost basis. The Company plans to implement CECL on January 1, 2022 and the impact of adoption has not yet been definitively determined, due in part to changing economic forecasts and the sensitization of various inputs into the Company’s calculation.  The Company plans to continue to closely monitor economic forecasts and further evaluate model inputs in advance of our planned implementation on January 1, 2022. The Company plans to continue to sensitize inputs, assumptions, and methodologies within its CECL estimation process during 2021 as we prepare for implementation on January 1, 2022. Changes in economic forecasts, or other key assumptions, prior to the implementation of CECL on January 1, 2022, could impact the magnitude of the implementation adjustment.

On March 22, 2020, a statement was issued by our banking regulators and titled the “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus” (the “Interagency Statement”) that encourages financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act, that passed on March 27, 2020, further provides that a qualified loan modification is exempt by law from classification as a troubled debt restructuring (“TDR”) as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak declared by the President of the United States under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates. The Interagency Statement was subsequently revised in April 2020 to clarify the interaction of the original guidance with Section 4013 of the CARES Act, as well as setting forth the banking regulators’ views on consumer protection considerations.  In late December 2020, Section 4013 of the CARES Act was extended through January 1, 2022 by the 2021 Consolidated Appropriations Act. In accordance with such guidance, we offered and continue to offer on a limited-basis, short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term, 180 days or less, modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. See Note 10 for further information on non-TDR loan modifications. The impact of the Interagency Guidance and Section 4013, as amended, on the Company’s financial statements has not been material through June 30, 2021, but the ultimate impact of the relief provided by these government loan modification provisions cannot be determined at this time.

8

Note 4 – Share Based Compensation

On March 16, 2017 the Company’s Board of Directors approved and adopted the 2017 Stock Incentive Plan (the “2017 Plan”), which became effective May 24, 2017, the date approved by the Company’s shareholders. The 2017 Plan replaced the Company’s 2007 Stock Incentive Plan (the “2007 Plan”), which expired by its own terms on March 15, 2017. Options to purchase 197,929 shares that were granted under the 2007 Plan were still outstanding as of June 30, 2021 and remain unaffected by that plan’s expiration. The 2017 Plan provides for the issuance of both “incentive” and “nonqualified” stock options to officers and employees, and of “nonqualified” stock options to non-employee directors and consultants of the Company. The 2017 Plan also provides for the issuance of restricted stock awards to these same classes of eligible participants. The total number of shares of the Company’s authorized but unissued stock reserved for issuance pursuant to awards under the 2017 Plan was initially 850,000 shares, and the number remaining available for grant as of June 30, 2021 was 406,054. Options to purchase 438,746 shares granted under the 2017 Plan were outstanding as of June 30, 2021. The potential dilutive impact of unexercised stock options is discussed below in Note 5, Earnings per Share.

Pursuant to FASB’s standards on stock compensation, the value of each stock option and restricted stock award is reflected in our income state­ment as employee compensation or directors’ expense by amortizing its grant date fair value over the vesting period of the option or award. The Company utilizes a Black-Scholes model to determine grant date fair values for options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Forfeitures are recognized as they occur for both types of awards. A pre-tax charge of $0.2 million was reflected in the Company’s income statement during the second quarter of 2021 and $0.1 million was charged during the second quarter of 2020, as expense related to stock options and restricted stock awards. For the first half, the charges totaled $0.5 million in 2021 and $0.2 million in 2020.

Restricted Stock Grants

The Company’s Restricted Stock Awards are awards of time-vested, non-transferrable shares of common stock and are available to be granted to the Company’s employees and directors. The vesting period of Restricted Stock Awards is determined at the time the awards are issued, and different awards may have different vesting terms; provided, however, that no installment of any Restricted Stock Award shall become vested less than one year from the grant date. Restricted Stock Awards are valued utilizing the fair value of the Company’s stock at the grant date. During the first half of 2021 18,180 shares were granted to employees and directors of the Company. These awards are expensed on a straight-line basis over the vesting period. As of June 30, 2021, there was $2.5 million of unamortized compensation cost related to unvested Restricted Stock Awards granted under the 2017 plan. That cost is expected to be amortized over a weighted average period of 3.8 years.

The Company’s time-vested award activity for the six months ended June 30, 2021 and 2020 is summarized below (unaudited):

Six months ended June 30,

2021

2020

Shares

Weighted Average Grant-Date Fair Value

Shares

Weighted Average Grant-Date Fair Value

Unvested shares, January 1,

148,885

$

18.00

$

Granted

18,180

25.30

Vested

Forfeited

Unvested shares June 30,

167,065

$

18.79

$

Stock Option Grants

The Company has issued equity instruments in the form of Incentive Stock Options and Nonqualified Stock Options to certain officers and directors and may continue to do so under the 2017 Plan. The exercise price of each stock option is

9

determined at the time of the grant and may be no less than 100% of the fair market value of such stock at the time the option is granted.

The Company’s stock option activity during the three months ended June 30, 2021 and 2020 are summarized below (dollars in thousands, except per share data, unaudited):

Six months ended June 30,

2021

2020

    

Shares

    

Weighted Average
Exercise Price

Weighted Average Remaining Contractual Term (in years)

    

Aggregate
Intrinsic
Value
(1)

    

Shares

    

Weighted Average
Exercise Price

Weighted Average Remaining Contractual Term (in years)

    

Aggregate
Intrinsic
Value
(1)

Outstanding at January 1,

495,489

$

23.67

$

1,340

457,959

$

21.08

$

3,684

Granted

$

$

126,000

$

27.11

$

Exercised

(4,160)

$

12.95

$

50

(19,770)

$

10.87

$

267

Canceled

(21,719)

$

27.51

$

1

(13,400)

$

26.85

$

Outstanding at June 30,

469,610

$

23.59

6.20

$

1,500

550,789

$

22.68

6.73

$

981

Exercisable at June 30,

389,010

$

22.89

5.80

$

1,500

374,389

$

20.70

5.57

$

978

(1) The aggregate intrinsic value of stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2021. This amount changes based on changes in the market value of the Company's stock.

Note 5 – Earnings per Share

The computation of earnings per share, as presented in the Consolidated Statements of Income, is based on the weighted average number of shares outstanding during each period, excluding unvested restricted stock awards. There were 15,243,698 weighted average shares outstanding during the second quarter of 2021 and 15,191,823 during the second quarter of 2020, while there were 15,242,451 weighted average shares outstanding during the first six months of 2021 and 15,226,748 during the first six months of 2020.

Diluted earnings per share calculations include the effect of the potential issuance of common shares, which for the Company is limited to shares that would be issued on the exercise of “in-the-money” stock options, and unvested restricted stock awards. For the second quarter of 2021, calculations under the treasury stock method resulted in the equivalent of 132,127 shares being added to basic weighted average shares outstanding for purposes of determining diluted earnings per share, while a weighted average of 335,481 stock options were excluded from the calculation because they were underwater and thus anti-dilutive. For the second quarter of 2020 the equivalent of 45,832 shares were added in calculating diluted earnings per share, while 367,884 anti-dilutive stock options were not factored into the computation. Likewise, for the first half of 2021 the equivalent of 123,515 shares were added to basic weighted average shares outstanding in calculating diluted earnings per share and a weighted average of 345,748 options that were anti-dilutive for the period were not included, compared to the addition of the equivalent of 61,261 shares and non-inclusion of 336,123 anti-dilutive options in calculating diluted earnings per share for first half of 2020.

Note 6 – Comprehensive Income

As presented in the Consolidated Statements of Comprehensive Income, comprehensive income includes net income and other comprehensive income. The Company’s only source of other comprehensive income is unrealized gains and losses on available-for-sale investment securities. Investment gains or losses that were realized and reflected in net income of the current period, which had previously been included in other comprehensive income as unrealized holding gains or losses in the period in which they arose, are considered to be reclassification adjustments that are excluded from other comprehensive income in the current period.

10

Note 7 – Commitments and Contingent Liabilities

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business. Those financial instruments currently consist of unused commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by counterparties for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and issuing letters of credit as it does for originating loans included on the balance sheet. The following financial instruments represent off-balance-sheet credit risk (dollars in thousands):

    

June 30, 2021

    

December 31, 2020

Commitments to extend credit

$

481,610

$

441,816

Standby letters of credit

$

7,008

$

8,104

Commitments to extend credit consist primarily of the unused or unfunded portions of the following: home equity lines of credit; commercial real estate construction loans, where disbursements are made over the course of construction; commercial revolving lines of credit; mortgage warehouse lines of credit; unsecured personal lines of credit; and formalized (disclosed) deposit account overdraft lines. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many commitments are expected to expire without being drawn upon, the unused portions of committed amounts do not necessarily represent future cash requirements. Standby letters of credit are issued by the Company to guarantee the performance of a customer to a third party, and the credit risk involved in issuing letters of credit is essentially the same as the risk involved in extending loans to customers.

At June 30, 2021, the Company was also utilizing a letter of credit in the amount of $105 million issued by the Federal Home Loan Bank on the Company’s behalf as security for certain deposits and to facilitate certain credit arrangements with the Company’s customers. That letter of credit is backed by loans which are pledged to the FHLB by the Company.

Note 8 – Fair Value Disclosures and Reporting and Fair Value Measurements

FASB’s standards on financial instruments, and on fair value measurements and disclosures, require public business entities to disclose in their financial statement footnotes the estimated fair values of financial instruments. In addition to disclosure requirements, FASB’s standard on investments requires that our debt securities that are classified as available for sale and any equity securities which have readily determinable fair values be measured and reported at fair value in our statement of financial position. Certain impaired loans are also reported at fair value, as explained in greater detail below, and foreclosed assets are carried at the lower of cost or fair value. FASB’s standard on financial instruments permits companies to report certain other financial assets and liabilities at fair value, but the Company has not elected the fair value option for any of those financial instruments.

Fair value measurement and disclosure standards also establish a framework for measuring fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Further, the standards establish a fair value hierarchy that encourages an entity to maximize the use of observable inputs and limit the use of unobservable inputs when measuring fair values. The standards describe three levels of inputs that may be used to measure fair values:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the factors that market participants would likely consider in pricing an asset or liability.

11

Fair value estimates are made at a specific point in time based on relevant market data and information about the financial instruments. Fair value disclosures for deposits include demand deposits, which are, by definition, equal to the amount payable on demand at the reporting date. Fair value calculations for loans and leases reflect exit pricing, and incorporate our assumptions with regard to the impact of prepayments on future cash flows and credit quality adjustments based on risk characteristics of various financial instruments, among other things. Since the estimates are subjective and involve uncertainties and matters of significant judgment they cannot be determined with precision, and changes in assumptions could significantly alter the fair values presented.

Estimated fair values for the Company’s financial instruments are as follows, as of the dates noted:

Fair Value of Financial Instruments

(dollars in thousands, unaudited)

June 30, 2021

Fair Value Measurements

    

Carrying
Amount

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

    

Total

Financial assets:

Cash and cash equivalents

$

373,902

$

373,902

$

$

$

373,902

Investment securities available for sale

607,474

607,474

607,474

Loans and leases, net held for investment

2,119,707

2,107,982

2,107,982

Collateral dependent impaired loans

4,833

4,833

114

4,947

Financial liabilities:

Deposits

2,775,914

1,073,833

1,701,660

2,775,493

Repurchase agreements

70,535

70,535

70,535

Short term borrowings

Subordinated debentures

35,213

33,963

33,963

December 31, 2020

Fair Value Measurements

    

Carrying
Amount

    

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

    

Significant
Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

    

Total

Financial assets:

Cash and cash equivalents

$

71,417

$

71,417

$

$

$

71,417

Investment securities available for sale

543,974

543,974

543,974

Loans and leases, net held for investment

2,441,676

2,450,340

2,450,340

Collateral dependent impaired loans

550

550