Quarterly Report (10-q)

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Table of Contents

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.

Table of Contents

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

Table of Contents

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

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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

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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.

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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:

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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.

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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.

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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.

Table of Contents

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		—

BSRR

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