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Form 10-Q/A NEW PEOPLES BANKSHARES For: Jun 30

August 16, 2022 12:14 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

 

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

For the quarterly period ended June 30, 2022

 

or

 

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

For the transition period from ____________ to _____________

 

Commission file number: 000-33411

 

NEW PEOPLES BANKSHARES, INC.

(Exact name of registrant as specified in its charter)

 

     

Virginia

(State or other jurisdiction of

incorporation or organization)

 

 

31-1804543

(I.R.S. Employer

Identification No.)

 

67 Commerce Drive, Honaker, Virginia

(Address of principal executive offices)

 

24260

(Zip Code)

 
         

(276) 873-7000

 
(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
  None  

 

 

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 [X]   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 [X]   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  [X]   Smaller reporting company  [X]
    Emerging growth company  [ ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.[ ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

         
Yes [ ]   No [X]

 

The number of shares outstanding of the registrant’s common stock was 23,899,856 as of August 10, 2022.

 
 

 

NEW PEOPLES BANKSHARES, INC.

 

INDEX

 

    Page
PART I FINANCIAL INFORMATION  
     
Item 1. Financial Statements  
     
  Consolidated Balance Sheets - June 30, 2022 (Unaudited) and December 31, 2021 3
     
  Consolidated Statements of Income – Three and six months ended June 30, 2022 and 2021 (Unaudited) 4
     
  Consolidated Statements of Comprehensive Income (Loss) – Three and six months ended June 30, 2022 and 2021 (Unaudited) 5
     
  Consolidated Statements of Changes in Stockholders’ Equity – Three and six months ended June 30, 2022 and 2021 (Unaudited) 6
     
  Consolidated Statements of Cash Flows – Six months ended June 30, 2022 and 2021 (Unaudited) 7
     
  Notes to Consolidated Financial Statements 8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk 37
     
Item 4. Controls and Procedures 37
     
PART II OTHER INFORMATION  
     
Item 1. Legal Proceedings 38
     
Item 1A. Risk Factors 38
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
     
Item 3. Defaults upon Senior Securities 38
     
Item 4. Mine Safety Disclosures 38
     
Item 5. Other Information 39
     
Item 6. Exhibits 39
     
SIGNATURES 40

 

 

 
 

Part I Financial Information

Item 1Financial Statements

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2022 AND DECEMBER 31, 2021

(IN THOUSANDS EXCEPT PER SHARE AND SHARE DATA)

(UNAUDITED)

       
   June 30,  December 31,
   2022  2021
ASSETS          
           
Cash and due from banks   17,886   $14,952 
Interest-bearing deposits with banks   105,778    45,766 
Federal funds sold   387    228 
Total Cash and Cash Equivalents   124,051    60,946 
           
Investment securities available-for-sale   100,616    107,358 

 

Loans held for sale

   62       
           
Loans receivable   585,631    593,744 
Allowance for loan losses   (6,816)   (6,735)
Net loans   578,815    587,009 
           
Bank premises and equipment, net   20,211    20,735 
Other real estate owned   321    1,361 
Accrued interest receivable   2,239    2,112 
Deferred taxes, net   3,708    1,673 
Bank owned life insurance   4,697    4,685 
Right-of-use assets – operating leases   3,899    4,062 
Other assets   8,409    4,706 
           
        Total Assets   847,028   $794,647 
           
LIABILITIES          
           
Deposits:          
Noninterest bearing   259,991   $251,257 
Interest-bearing   447,073    456,256 
        Total Deposits   707,064    707,513 
           
Borrowed funds   76,496    16,496 
Lease liabilities – operating leases   3,899    4,062 
Accrued interest payable   333    272 
Accrued expenses and other liabilities   3,072    2,673 
           
Total Liabilities   790,864    731,016 
           
SHAREHOLDERS’ EQUITY          
           
Common stock - $2.00 par value; 50,000,000 shares authorized;          

23,905,576 and 23,922,086 shares issued and outstanding at

June 30, 2022 and December 31, 2021, respectively

   47,811    47,844 
Additional paid-in-capital   14,565    14,570 
Retained earnings   4,679    2,031 
Accumulated other comprehensive loss   (10,891)   (814)
           
Total Shareholders’ Equity   56,164    63,631 
           
Total Liabilities and Shareholders’ Equity   847,028   $794,647 
           

 

 

 

 

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

 3

 


NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

 

             
   For the Three Months Ended  For the Six Months Ended
   June 30,  June 30,
             
INTEREST AND DIVIDEND INCOME   2022    2021    2022    2021 
Loans including fees  $6,792    6,960   $13,466   $13,881 
Federal funds sold   1          1       
Interest-earning deposits with banks   158    22    179    41 
Investments   482    334    917    581 
Dividends on equity securities (restricted)   27    32    54    64 
Total Interest and Dividend Income   7,460    7,348    14,617    14,567 
                     
INTEREST EXPENSE                    
Deposits   404    575    834    1,258 
Borrowed funds   212    122    318    245 
Total Interest Expense   616    697    1,152    1,503 
                     
NET INTEREST INCOME   6,844    6,651    13,465    13,064 
                     
PROVISION FOR LOAN LOSSES   75    186    175    372 
                     
NET INTEREST INCOME AFTER                    
PROVISION FOR LOAN LOSSES   6,769    6,465    13,290    12,692 
                     
NONINTEREST INCOME                    
Service charges and fees   897    841    1,904    1,673 
Card processing and interchange   1,027    1,072    1,943    1,936 
Insurance and investment fees   242    275    483    501 
Other noninterest income   182    190    387    397 
Total Noninterest Income   2,348    2,378    4,717    4,507 
                     
NONINTEREST EXPENSES                    
Salaries and employee benefits   3,382    3,099    6,657    6,178 
Occupancy and equipment expense   1,017    1,184    2,023    2,360 
Data processing and telecommunications   601    653    1,155    1,226 
Other operating expenses   1,658    1,788    3,262    3,309 
Total Noninterest Expenses   6,658    6,724    13,097    13,073 
                     
INCOME BEFORE INCOME TAXES   2,459    2,119    4,910    4,126 
                     
INCOME TAX EXPENSE   536    456    1,066    878 
                     
NET INCOME  $1,923    1,663   $3,844   $3,248 
                     
Earnings per share                    
Basic and diluted  $0.08    0.07   $0.16   $0.14 
                     
Average Weighted Shares of Common Stock                    
Basic and diluted   23,915,869    23,922,086    23,918,960    23,922,086 
                     

 

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

 4

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(IN THOUSANDS)

(UNAUDITED)

 

 

             
             
  

For the three months ended

June 30,

 

For the six months ended

June 30,

   2022  2021  2022  2021
             
NET INCOME  $1,923   $1,663   $3,844   $3,248 
                     
Other comprehensive (loss) income:                    
  Investment securities activity                    
    Unrealized losses arising during the period   (5,865)   (58)   (12,756)   (584)
    Other comprehensive loss on investment securities   (5,865)   (58)   (12,756)   (584)
    Related tax benefit   1,232    12    2,679    123 
TOTAL OTHER COMPREHENSIVE LOSS   (4,633)   (46)   (10,077)   (461)
TOTAL COMPREHENSIVE (LOSS) INCOME  $(2,710)  $1,617   $(6,233)  $2,787 

 

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

 

 5

 

 

 

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(IN THOUSANDS INCLUDING SHARE DATA)

(UNAUDITED)

 

 

                               
   Shares of Common Stock  Common Stock  Additional Paid-in- Capital 

Retained

Earnings

(Deficit)

 

Accumulated Other

Comprehensive Income (Loss)

  Total Shareholders’ Equity
                   
Balance, December 31, 2020   23,922   $47,844   $14,570   $(4,979)  $742   $58,177 
                               
Net income   —                  1,585          1,585 
Other comprehensive loss, net of tax   —                        (415)   (415)
Balance, March 31, 2021   23,922   $47,844   $14,570   $(3,394)  $327   $59,347 
                               
Net income   —                  1,663          1,663 
Other comprehensive loss, net of tax   —                        (46)   (46)
Balance, June 30, 2021   23,922   $47,844   $14,570   $(1,731)  $281   $60,964 
                               
                               
                               
Balance, December 31, 2021   23,922   $47,844   $14,570   $2,031   $(814)  $63,631 
                               
Net income   —                  1,921          1,921 
Other comprehensive loss, net of tax   —                        (5,444)   (5,444)
Cash dividend declared ($0.05 per share)   —                  (1,196)         (1,196)
Balance, March 31, 2022   23,922   $47,844   $14,570   $2,756   $(6,258)  $58,912 
                               
Net income   —                  1,923          1,923 
Other comprehensive loss, net of tax   —                        (4,633)   (4,633)
Repurchase of common stock   (16)   (33)   (5)               (38)
Balance, June 30, 2022   23,906   $47,811   $14,565   $4,679   $(10,891)  $56,164 
                               

 

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

 6

 

NEW PEOPLES BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(IN THOUSANDS)

(UNAUDITED)

 

       
   2022  2021
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $3,844   $3,248 

Adjustments to reconcile net income to net cash provided by

operating activities:

          
Depreciation   916    1,109 
Provision for loan losses   175    372 
Income on bank owned life insurance   (12)   (20)
Net gain on sale of securities available-for-sale            
Gain on sale of mortgage loans   (20)   (80)
Loss on sale or disposal of premises and equipment         40 
(Gain) loss on sale of other real estate owned   (25)   16 
Loans originated for sale   (1,134)   (4,856)
Proceeds from sales of loans originated for sale   1,092    5,325 
Adjustment of carrying value of other real estate owned   137    28 
Adjustment of carrying value of repossessed assets            
Net amortization/accretion of bond premiums/discounts   276    199 
Deferred tax expense   644    876 
Net change in:          
Accrued interest receivable   (127)   133 
Other assets   (1,426)   (1,835)
Accrued interest payable   61    (127)
Accrued expenses and other liabilities   409    511 
Net Cash Provided by Operating Activities   4,810    4,939 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Net decrease (increase) in loans   8,730    (17,728)
Purchase of securities available-for-sale   (14,861)   (55,853)
Proceeds from repayments and maturities of securities available-for-sale   8,571    7,445 
Net (purchase) redemption of equity securities (restricted)   (2,277)   585 
Payments for the purchase of premises and equipment   (392)   (1,921)
Proceeds from sales of other real estate owned   207    1,485 
Net Cash Used in Investing Activities   (22)   (65,987)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Net change in short term borrowings   60,000    (5,000)
Net change in noninterest bearing deposits   8,734    31,542 
Net change in interest bearing deposits   (9,183)   11,813 
Dividends paid   (1,196)      
Repurchase of common stock   (38)      
Net Cash Provided by Financing Activities   58,317    38,355 
           
Net increase (decrease) in cash and cash equivalents   63,105    (22,693)
Cash and Cash Equivalents, Beginning of the Period   60,946    92,350 
Cash and Cash Equivalents, End of the Period  $124,051   $69,657 
           
Supplemental Disclosure of Cash Paid During the Period for:          
Interest  $1,091   $1,630 
Taxes  $325   $   
Supplemental Disclosure of Non-cash Transactions:          
Other real estate acquired in settlement of foreclosed loans  $     $513 
Loans made to finance sale of other real estate owned  $711   $   
Change in unrealized losses on securities available for sale  $(12,756)  $(584)

 

 

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

 7

 

NEW PEOPLES BANKSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

 

NOTE 1 NATURE OF OPERATIONS

 

Nature of Operations – New Peoples Bankshares, Inc. (New Peoples or the Company) is a financial holding company whose principal activity is the ownership and management of a community bank, New Peoples Bank, Inc. (the Bank). New Peoples and the Bank are organized and incorporated under the laws of the Commonwealth of Virginia. As a state-chartered member bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the Federal Reserve). The Bank provides general banking services to individuals, small and medium size businesses and the professional community of southwest Virginia, southern West Virginia, western North Carolina and northeastern Tennessee. These services include commercial and consumer loans along with traditional deposit products such as checking and savings accounts.

 

 

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

These consolidated financial statements conform to U. S. generally accepted accounting principles (GAAP) and to general industry practices. In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position at June 30, 2022 and December 31, 2021, and the results of operations for the three- and six-month periods ended June 30, 2022 and 2021. The Notes included herein should be read in conjunction with the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.

 

The consolidated financial statements include New Peoples, the Bank, NPB Insurance Services, Inc., and NPB Web Services, Inc. (hereinafter, collectively referred to as the Company, we, us or our). All significant intercompany balances and transactions have been eliminated. In accordance with Accounting Standards Codification (ASC) 942, Financial Services – Depository and Lending, NPB Capital Trust I and 2 are not included in the consolidated financial statements.

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The determination of the adequacy of the allowance for loan losses and the determination of the deferred tax asset and are based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions.

 

Certain reclassifications have been made to prior period amounts to conform to current period presentation. None of these reclassifications are considered material and have no impact on net income.

 

 

NOTE 3 EARNINGS PER SHARE

 

Basic Earnings per share computations are based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflect the additional common shares that would have been outstanding if dilutive potential common shares had been issued. For the three-month and six-month periods ended June 30, 2022 and 2021, there were no potential common shares. Basic and diluted net income per common share calculations follows:

 

                    

(Dollars in Thousands, Except

Share and Per Share Data)

 

For the three months

ended June 30,

 

For the six months

ended June 30,

   2022  2021  2022  2021
Net income  $1,923   $1,663   $3,844   $3,248 
Weighted average shares outstanding   23,915,869    23,922,086    23,918,960    23,922,086 
Weighted average dilutive shares outstanding   23,915,869    23,922,086    23,918,960    23,922,086 
                     
Basic and diluted Earnings per share  $0.08   $0.07   $0.16   $0.14 

 8

 

NOTE 4 CAPITAL

 

Capital Requirements and Ratios

 

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

To qualify as a "Small Bank Holding Company" under federal regulations, a bank must have consolidated assets of $3 billion or less. The primary benefit of being deemed a "Small Bank Holding Company" is the exemption from the requirement to maintain consolidated regulatory capital ratios; instead, regulatory capital ratios only apply at the subsidiary bank level.

The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (BASEL III rules) became fully phased in on January 1, 2019. Under the BASEL III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer required is 2.50%. At June 30, 2022, the Bank had a capital conservation buffer of 8.21%. Amounts recorded to accumulated other comprehensive income (loss) are not included in computing regulatory capital. Management believes as of June 30, 2022, the Bank met all capital adequacy requirements to which it was subject.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At June 30, 2022, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution's category. The Bank’s actual capital amounts and ratios are presented in the following table as of June 30, 2022 and December 31, 2021, respectively.

                  
   Actual  Minimum Capital Requirement  Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars are in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
June 30, 2022:
Total Capital to Risk Weighted Assets   88,990    16.21%  $43,908    8.0%  $54,885    10.0%
Tier 1 Capital to Risk Weighted Assets   82,174    14.97%   32,931    6.0%   43,908    8.0%
Tier 1 Capital to Average Assets   82,174    9.88%   33,252    4.0%   41,565    5.0%
Common Equity Tier 1 Capital                              
to Risk Weighted Assets   82,174    14.97%   24,698    4.5%   35,675    6.5%
                               

 

December 31, 2021:

                              
Total Capital to Risk Weighted Assets   85,890    16.23%  $42,332    8.0%  $52,915    10.0%
Tier 1 Capital to Risk Weighted Assets   79,274    14.98%   31,749    6.0%   42,332    8.0%
Tier 1 Capital to Average Assets   79,274    9.86%   32,145    4.0%   40,181    5.0%
Common Equity Tier 1 Capital                              
to Risk Weighted Assets   79,274    14.98%   23,812    4.5%   34,395    6.5%

 

 9

 

NOTE 5 INVESTMENT SECURITIES

 

The amortized cost and estimated fair value of available-for-sale (AFS) securities as of June 30, 2022 and December 31, 2021 is as follows:

 

                    
    Gross  Gross  Approximate
  Amortized  Unrealized  Unrealized  Fair
(Dollars are in thousands)  Cost  Gains  Losses  Value
June 30, 2022            
U.S. Treasuries  $11,680   $3   $729   $10,954 
U.S. Government Agencies   10,142    6    455    9,693 
Taxable municipals   23,350    2    4,508    18,844 
Corporate bonds   3,019    4    257    2,766 
Mortgage backed securities   66,211          7,852    58,359 
Total Securities available for sale  $114,402   $15   $13,801   $100,616 
December 31, 2021                    
U.S. Treasuries  $7,791   $2   $122   $7,671 
U.S. Government Agencies   9,098    77    86    9,089 
Taxable municipals   23,075    159    254    22,980 
Corporate bonds   2,014    23    18    2,019 
Mortgage backed securities   66,410    143    954    65,599 
Total Securities available for sale  $108,388   $404   $1,434   $107,358 

 

 

The following table details unrealized losses and related fair values in the AFS portfolio. This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021.

 

                  
   Less than 12 Months  12 Months or More  Total

 

(Dollars are in thousands)

  Fair Value 

Unrealized

Losses

 

Fair

Value

 

Unrealized

Losses

 

Fair

Value

 

Unrealized

Losses

June 30, 2022                  
U. S. Treasuries  $10,496   $729   $     $     $10,496   $729 
U.S. Government Agencies   5,464    300    2,755    155    8,219    455 
Taxable municipals   17,363    4,325    678    183    18,041    4,508 
Corporate bonds   2,252    257    500          2,752    257 
Mortgage backed securities   40,768    5,152    17,592    2,700    58,360    7,852 
Total Securities available for sale  $76,343   $10,763   $21,525   $3,038   $97,868   $13,801 
                               
December 31, 2021                              
U.S. Treasuries  $6,200   $122   $     $     $6,200   $122 
U.S. Government Agencies   977    10    3,434    76    4,411    86 
Taxable municipals   13,040    237    387    17    13,427    254 
Corporate bonds   1,482    18                1,482    18 
Mortgage backed securities   52,180    758    6,282    196    58,462    954 
Total Securities available for sale  $73,879   $1,145   $10,103   $289   $83,982   $1,434 
                               

 

 

At June 30, 2022, there were 215 securities in a loss position, of which 47 have been in a loss position for twelve months or more. Management believes that all unrealized losses have resulted from temporary changes in the interest rates and current market conditions and are not a result of credit deterioration. Management does not intend to sell, and it is not likely that the Bank will be required to sell any of the securities referenced in the table above before recovery of their amortized cost.

 

Investment securities with a carrying value of $29.7 million and $12.1 million at June 30, 2022 and December 31, 2021, respectively, were pledged as collateral to secure public deposits and for other purposes required by law.

 

No AFS debt securities were sold during the three and six months ended June 30, 2022 and 2022.

 

 

 

 10

 

The amortized cost and fair value of investment securities at June 30, 2022, by contractual maturity, are shown in the following schedule. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

               
        Weighted
(Dollars are in thousands)  Amortized  Fair  Average
Securities Available-for-Sale  Cost  Value  Yield
Due in one year or less  $300   $302    3.46%
Due after one year through five years   16,021    15,339    2.04%
Due after five years through ten years   13,547    12,202    1.83%
Due after ten years   84,534    72,773    1.71%
Total  $114,402   $100,616    1.77%

 

The Bank, as a member bank of the Federal Reserve Bank of Richmond (Federal Reserve Bank) and the Federal Home Loan Bank of Atlanta (FHLB), is required to hold stock in each. The Bank also owns stock in CBB Financial Corp., which is a correspondent of the Bank. These equity securities, which are included in Other Assets on the consolidated balance sheet, are restricted from trading and are recorded at a cost of $4.3 million and $2.0 million at June 30, 2022 and December 31, 2021, respectively. The stock has no quoted market value and no ready market exists.

 

 

NOTE 6 LOANS

 

Loans held for sale at June 30, 2022 and December 31, 2021, totaled $62 thousand and $0, respectively, which represents mortgage loans originated for sale. These originations and sales are executed on a best-efforts basis.

 

Loans receivable outstanding as of June 30, 2022, and December 31, 2021, are summarized as follows:

 

          
(Dollars are in thousands) 

June 30,

2022

  December 31, 2021
Real estate secured:          
Commercial  $196,610   $206,162 
Construction and land development   37,690    32,325 
Residential 1-4 family   223,722    224,530 
Multifamily   37,611    33,048 
Farmland   18,055    18,735 
Total real estate loans   513,688    514,800 
Commercial   46,697    54,325 
Agriculture   3,623    4,021 
Consumer installment loans   19,561    18,756 
All other loans   2,062    1,842 
Total loans  $585,631   $593,744 

 

 

Included in commercial loans at June 30, 2022 and December 31, 2021 were $845 thousand and $6.4 million of Paycheck Protection Program (PPP) loans, respectively, that are guaranteed by the Small Business Administration (SBA).

 

Also included in total loans above are deferred loan fees of $1.7 million and $1.8 million at June 30, 2022 and December 31, 2021, respectively. Deferred loan costs were $2.1 million and $2.0 million, at June 30, 2022 and December 31, 2021, respectively. Income from net deferred fees and costs is recognized over the lives of the respective loans as a yield adjustment. If loans repay prior to scheduled maturities any unamortized fee or costs is recognized at that time.

 11

 

 

Loans receivable on nonaccrual status as of June 30, 2022, and December 31, 2021, are summarized as follows:

      
(Dollars are in thousands) 

June 30,

2022

  December 31, 2021
Real estate secured:          
Commercial  $281   $415 
Construction and land development   778    37 
Residential 1-4 family   2,478    2,314 
Multifamily   50    111 
Farmland   44    48 
Total real estate loans   3,631    2,925 
Commercial         9 
Consumer installment loans and other loans   3    7 
Total loans receivable on nonaccrual status  $3,634   $2,941 

 

 

Total interest income not recognized on nonaccrual loans for the six months ended June 30, 2022, and June 30, 2021, was $11 thousand and $264 thousand, respectively.

 

The following tables presents information concerning the Company’s investment in loans considered impaired as of June 30, 2022, and December 31, 2021:

 

               

 

 

As of June 30, 2022

(Dollars are in thousands)

 

 

 

Recorded

Investment

 

 

Unpaid Principal Balance

 

 

 

Related

Allowance

With no related allowance recorded:               
Real estate secured:               
Commercial  $95   $135   $   
Construction and land development   11    285       
Residential 1-4 family   1,444    1,761       
Multifamily                  
Farmland   281    451       
Commercial   25    33       
Agriculture                  
Consumer installment loans         1       
All other loans                  
With an allowance recorded:               
Real estate secured:               
Commercial   299    364    77 
Construction and land development   744    744    207 
Residential 1-4 family   299    328    47 
Multifamily   50    111    50 
Farmland                  
Commercial                  
Agriculture                  
Consumer installment loans                  
All other loans                  
Total  $3,248   $4,213   $381 

 

 12

 

 

 

 

 

As of December 31, 2021

(Dollars are in thousands)

 

 

 

Recorded

Investment

 

 

Unpaid Principal Balance

 

 

 

Related

Allowance

With no related allowance recorded:               
Real estate secured:               
Commercial  $99   $140   $   
Construction and land development   24    298       
Residential 1-4 family   1,508    1,791       
Multifamily                  
Farmland   320    490       
Commercial                  
Agriculture                  
Consumer installment loans   2    2       
All other loans                  
With an allowance recorded:               
Real estate secured:               
Commercial   315    372    94 
Construction and land development                  
Residential 1-4 family   340    372    53 
Multifamily                  
Farmland   197    209    17 
Commercial   28    35    2 
Agriculture                  
Consumer installment loans                  
All other loans                  
Total  $2,833   $3,709   $166 

 

 

The following tables present information concerning the Company’s average impaired loans and interest recognized on those impaired loans, for the periods indicated:

  

 

Six Months Ended

   June 30, 2022  June 30, 2021

 

 

 

(Dollars are in thousands)

 

 

Average

Recorded

Investment

 

 

Interest

Income

Recognized

 

 

Average

Recorded

Investment

 

 

Interest

Income

Recognized

With no related allowance recorded:                    
Real estate secured:                    
Commercial  $146   $3   $341   $   
Construction and land development   31    8    89    9 
Residential 1-4 family   1,549    22    1,828    29 
Multifamily                        
Farmland   340    12    508    18 
Commercial   8                   
Agriculture                        
Consumer installment loans   1          4       
All other loans                        
With an allowance recorded:                    
Real estate secured:                    
Commercial   492    3    1,235    3 
Construction and land development   248    17             
Residential 1-4 family   313    6    288       
Multifamily   33                   
Farmland   105          69       
Commercial   45    1    163    1 
Agriculture                        
Consumer installment loans                        
All other loans