msbi_Current_Folio_10Q

 

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, 2018

 

☐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 001-35272

 


 

MIDLAND STATES BANCORP, INC.

(Exact name of registrant as specified in its charter)

 


 

 

 

 

 

 

 

ILLINOIS

 

37-1233196

(State of other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

 

 

1201 Network Centre Drive

Effingham, IL

 

 

62401

(Address of principal executive offices)

 

(Zip Code)

 

(217) 342-7321

(Registrant’s telephone number, including area code)

 


 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  ☒ Yes  ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Large accelerated filer ☐

 

Accelerated filer ☒

 

Non-accelerated filer ☐

 

Smaller reporting company ☐

Emerging growth company ☒

 

 

 

 

 

 

 

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

 

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

 

As of July 31, 2018, the Registrant had 23,675,274 shares of outstanding common stock, $0.01 par value.

 

 

 


 

 

 

 

MIDLAND STATES BANCORP, INC.

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

Page

PART I.        FINANCIAL INFORMATION

 

 

 

 

Item 1. 

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets at June 30, 2018 (Unaudited) and December 31, 2017

1

 

 

 

 

Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2018 and 2017

2

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2018 and 2017

3

 

 

 

 

Consolidated Statements of Shareholders’ Equity (Unaudited) for the six months ended June 30, 2018 and 2017

4

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2018 and 2017

5

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

6

 

 

 

Item 2. 

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

41

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures about Market Risk

62

 

 

 

Item 4. 

Controls and Procedures

62

 

 

 

PART II.     OTHER INFORMATION

 

 

 

 

Item 1. 

Legal Proceedings

62

 

 

 

Item 1A. 

Risk Factors

62

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

63

 

 

 

Item 6. 

Exhibits

64

 

 

 

SIGNATURES 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Table of Contents

 

 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

MIDLAND STATES BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

    

June 30,

    

December 31, 

 

 

    

2018

    

2017

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

Cash and due from banks

 

$

274,568

 

$

214,519

 

Federal funds sold

 

 

1,763

 

 

683

 

Cash and cash equivalents

 

 

276,331

 

 

215,202

 

Investment securities available for sale, at fair value

 

 

704,585

 

 

450,525

 

Equity securities, at fair value

 

 

3,416

 

 

 —

 

Loans

 

 

4,095,811

 

 

3,226,678

 

Allowance for loan losses

 

 

(18,246)

 

 

(16,431)

 

Total loans, net

 

 

4,077,565

 

 

3,210,247

 

Loans held for sale, at fair value

 

 

41,449

 

 

50,089

 

Premises and equipment, net

 

 

94,783

 

 

76,162

 

Other real estate owned

 

 

3,911

 

 

5,708

 

Nonmarketable equity securities

 

 

44,278

 

 

34,796

 

Accrued interest receivable

 

 

14,800

 

 

11,715

 

Mortgage servicing rights, at lower of cost or fair value

 

 

52,381

 

 

56,352

 

Mortgage servicing rights held for sale

 

 

4,806

 

 

10,176

 

Intangible assets

 

 

41,081

 

 

16,932

 

Goodwill

 

 

164,044

 

 

98,624

 

Cash surrender value of life insurance policies

 

 

137,681

 

 

113,366

 

Accrued income taxes receivable

 

 

4,569

 

 

8,358

 

Deferred tax assets, net

 

 

11,956

 

 

12,024

 

Other assets

 

 

52,964

 

 

42,425

 

Total assets

 

$

5,730,600

 

$

4,412,701

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

 

$

1,001,802

 

$

724,443

 

Interest-bearing

 

 

3,158,055

 

 

2,406,646

 

Total deposits

 

 

4,159,857

 

 

3,131,089

 

Short-term borrowings

 

 

114,536

 

 

156,126

 

FHLB advances and other borrowings

 

 

678,873

 

 

496,436

 

Subordinated debt

 

 

94,053

 

 

93,972

 

Trust preferred debentures

 

 

47,559

 

 

47,330

 

Accrued interest payable

 

 

3,737

 

 

2,531

 

Other liabilities

 

 

39,450

 

 

35,672

 

Total liabilities

 

 

5,138,065

 

 

3,963,156

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

Preferred stock, Series H, $2 par value; $1,000 per share liquidation value; 2,636 shares authorized, issued and outstanding at June 30, 2018 and December 31, 2017

 

 

2,876

 

 

2,970

 

Common stock, $0.01 par value; 40,000,000 shares authorized; 23,664,596 and 19,122,049 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively

 

 

237

 

 

191

 

Capital surplus

 

 

472,207

 

 

330,148

 

Retained earnings

 

 

119,522

 

 

114,478

 

Accumulated other comprehensive (loss) income

 

 

(2,307)

 

 

1,758

 

Total shareholders’ equity

 

 

592,535

 

 

449,545

 

Total liabilities and shareholders’ equity

 

$

5,730,600

 

$

4,412,701

 

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

1


 

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

    

Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

$

50,699

 

$

30,254

 

$

91,730

 

$

58,327

 

Tax exempt

 

 

802

 

 

323

 

 

1,269

 

 

640

 

Loans held for sale

 

 

295

 

 

720

 

 

723

 

 

1,489

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

3,756

 

 

1,563

 

 

6,399

 

 

2,802

 

Tax exempt

 

 

1,235

 

 

942

 

 

2,251

 

 

1,854

 

Nonmarketable equity securities

 

 

482

 

 

239

 

 

881

 

 

457

 

Federal funds sold and cash investments

 

 

1,014

 

 

487

 

 

1,535

 

 

798

 

Total interest income

 

 

58,283

 

 

34,528

 

 

104,788

 

 

66,367

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

5,005

 

 

2,807

 

 

9,122

 

 

5,193

 

Short-term borrowings

 

 

116

 

 

82

 

 

240

 

 

162

 

FHLB advances and other borrowings

 

 

2,582

 

 

841

 

 

4,453

 

 

1,407

 

Subordinated debt

 

 

1,514

 

 

873

 

 

3,028

 

 

1,746

 

Trust preferred debentures

 

 

780

 

 

525

 

 

1,474

 

 

998

 

Total interest expense

 

 

9,997

 

 

5,128

 

 

18,317

 

 

9,506

 

Net interest income

 

 

48,286

 

 

29,400

 

 

86,471

 

 

56,861

 

Provision for loan losses

 

 

1,854

 

 

458

 

 

3,860

 

 

1,991

 

Net interest income after provision for loan losses

 

 

46,432

 

 

28,942

 

 

82,611

 

 

54,870

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial FHA revenue

 

 

326

 

 

4,153

 

 

3,656

 

 

10,848

 

Residential mortgage banking revenue

 

 

2,116

 

 

2,330

 

 

3,534

 

 

5,246

 

Wealth management revenue

 

 

5,417

 

 

3,406

 

 

9,599

 

 

6,279

 

Service charges on deposit accounts

 

 

2,693

 

 

1,122

 

 

4,660

 

 

2,014

 

Interchange revenue

 

 

2,929

 

 

1,114

 

 

4,974

 

 

2,092

 

(Loss) gain on sales of investment securities, net

 

 

(70)

 

 

55

 

 

(5)

 

 

122

 

Gain (loss) on sales of other real estate owned

 

 

166

 

 

(4)

 

 

473

 

 

32

 

Other income

 

 

2,371

 

 

1,443

 

 

5,662

 

 

3,328

 

Total noninterest income

 

 

15,948

 

 

13,619

 

 

32,553

 

 

29,961

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

23,467

 

 

21,842

 

 

51,862

 

 

38,957

 

Occupancy and equipment

 

 

4,708

 

 

3,472

 

 

8,960

 

 

6,655

 

Data processing

 

 

4,852

 

 

2,949

 

 

9,138

 

 

5,746

 

FDIC insurance

 

 

539

 

 

468

 

 

1,087

 

 

838

 

Professional

 

 

3,575

 

 

3,142

 

 

7,649

 

 

6,134

 

Marketing

 

 

1,411

 

 

804

 

 

2,617

 

 

1,446

 

Communications

 

 

699

 

 

386

 

 

2,246

 

 

932

 

Loan expense

 

 

552

 

 

482

 

 

1,076

 

 

902

 

Other real estate owned

 

 

166

 

 

167

 

 

256

 

 

579

 

Amortization of intangible assets

 

 

1,576

 

 

579

 

 

3,251

 

 

1,104

 

Other expense

 

 

5,008

 

 

3,354

 

 

8,013

 

 

5,149

 

Total noninterest expense

 

 

46,553

 

 

37,645

 

 

96,155

 

 

68,442

 

Income before income taxes

 

 

15,827

 

 

4,916

 

 

19,009

 

 

16,389

 

Income taxes

 

 

3,045

 

 

1,377

 

 

4,421

 

 

4,360

 

Net income

 

 

12,782

 

 

3,539

 

 

14,588

 

 

12,029

 

Preferred stock dividends and premium amortization

 

 

36

 

 

19

 

 

72

 

 

19

 

Net income available to common shareholders

 

$

12,746

 

$

3,520

 

$

14,516

 

$

12,010

 

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.53

 

$

0.21

 

$

0.64

 

$

0.73

 

Diluted earnings per common share

 

$

0.52

 

$

0.20

 

$

0.63

 

$

0.71

 

Weighted average common shares outstanding

 

 

23,815,436

 

 

16,803,724

 

 

22,365,927

 

 

16,272,929

 

Weighted average diluted common shares outstanding

 

 

24,268,111

 

 

17,320,089

 

 

22,817,472

 

 

16,838,416

 

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

2


 

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME—(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

    

2018

    

2017

    

2018

    

2017

 

Net income

 

$

12,782

 

$

3,539

 

$

14,588

 

$

12,029

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains that occurred during the period

 

 

(2,252)

 

 

2,173

 

 

(5,589)

 

 

2,941

 

Reclassification adjustment for realized net losses (gains) on sales of investment securities included in net income

 

 

70

 

 

(55)

 

 

 5

 

 

(122)

 

Income tax effect

 

 

595

 

 

(822)

 

 

1,519

 

 

(1,095)

 

Change in investment securities available for sale, net of tax

 

 

(1,587)

 

 

1,296

 

 

(4,065)

 

 

1,724

 

Investment securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of unrealized gain on investment securities transferred from available-for-sale

 

 

 —

 

 

(33)

 

 

 —

 

 

(58)

 

Income tax effect

 

 

 —

 

 

13

 

 

 —

 

 

23

 

Change in investment securities held to maturity, net of tax

 

 

 —

 

 

(20)

 

 

 —

 

 

(35)

 

Other comprehensive (loss) income, net of tax

 

 

(1,587)

 

 

1,276

 

 

(4,065)

 

 

1,689

 

Total comprehensive income

 

$

11,195

 

$

4,815

 

$

10,523

 

$

13,718

 

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

 

3


 

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY—(UNAUDITED)

SIX MONTHS ENDED JUNE 30, 2018 AND 2017

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

    

 

 

    

 

 

    

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other

 

Total

 

Preferred

 

Common

 

Capital

 

Retained

 

comprehensive

 

shareholders'

 

stock

 

stock

 

surplus

 

earnings

 

(loss) income

 

equity

Balances, December 31, 2017

$

2,970

 

$

191

 

$

330,148

 

$

114,478

 

$

1,758

 

$

449,545

Net income

 

 —

 

 

 —

 

 

 —

 

 

14,588

 

 

 —

 

 

14,588

Compensation expense for stock option grants

 

 —

 

 

 —

 

 

202

 

 

 —

 

 

 —

 

 

202

Amortization of restricted stock awards

 

 —

 

 

 —

 

 

629

 

 

 —

 

 

 —

 

 

629

Preferred dividends declared

 

 —

 

 

 —

 

 

 —

 

 

(166)

 

 

 —

 

 

(166)

Preferred stock, premium amortization

 

(94)

 

 

 —

 

 

 —

 

 

94

 

 

 —

 

 

 —

Common dividends declared ($0.44 per share)

 

 —

 

 

 —

 

 

 —

 

 

(9,472)

 

 

 —

 

 

(9,472)

Acquisition of Alpine Bancorporation, Inc.

 

 —

 

 

45

 

 

139,876

 

 

 —

 

 

 —

 

 

139,921

Issuance of common stock under employee benefit plans

 

 —

 

 

 1

 

 

1,352

 

 

 —

 

 

 —

 

 

1,353

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(4,065)

 

 

(4,065)

Balances, June 30, 2018

$

2,876

 

$

237

 

$

472,207

 

$

119,522

 

$

(2,307)

 

$

592,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2016

$

 —

 

$

155

 

$

209,712

 

$

112,513

 

$

(610)

 

$

321,770

Net income

 

 —

 

 

 —

 

 

 —

 

 

12,029

 

 

 —

 

 

12,029

Compensation expense for stock option grants

 

 —

 

 

 —

 

 

273

 

 

 —

 

 

 —

 

 

273

Amortization of restricted stock awards

 

 —

 

 

 —

 

 

393

 

 

 —

 

 

 —

 

 

393

Preferred dividends declared

 

 —

 

 

 —

 

 

 —

 

 

(19)

 

 

 —

 

 

(19)

Common dividends declared ($0.40 per share)

 

 —

 

 

 —

 

 

 —

 

 

(6,322)

 

 

 —

 

 

(6,322)

Acquisition of CedarPoint Investment Advisors, Inc.

 

 —

 

 

 1

 

 

3,350

 

 

 —

 

 

 —

 

 

3,351

Acquisition of Centrue Financial Corporation

 

3,134

 

 

32

 

 

112,480

 

 

 —

 

 

 —

 

 

115,646

Issuance of common stock under employee benefit plans

 

 —

 

 

 3

 

 

3,139

 

 

 —

 

 

 —

 

 

3,142

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,689

 

 

1,689

Balances, June 30, 2017

$

3,134

 

$

191

 

$

329,347

 

$

118,201

 

$

1,079

 

$

451,952

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

4


 

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF  CASH FLOWS—(UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

June 30, 

 

 

    

2018

    

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

14,588

 

$

12,029

 

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

 

 

 

 

 

 

 

Provision for loan losses

 

 

3,860

 

 

1,991

 

Depreciation on premises and equipment

 

 

3,083

 

 

2,339

 

Amortization of intangible assets

 

 

3,251

 

 

1,104

 

Compensation expense for stock option grants

 

 

202

 

 

273

 

Amortization of restricted stock awards

 

 

629

 

 

393

 

Increase in cash surrender value of life insurance

 

 

(1,737)

 

 

(1,227)

 

Investment securities amortization, net

 

 

1,814

 

 

671

 

Loss (gain) on sales of investment securities, net

 

 

 5

 

 

(122)

 

Gain on sales of other real estate owned

 

 

(473)

 

 

(32)

 

Impairment of other real estate owned

 

 

126

 

 

171

 

Origination of loans held for sale

 

 

(251,501)

 

 

(434,547)

 

Proceeds from sales of loans held for sale

 

 

269,899

 

 

472,979

 

Proceeds from sales of mortgage servicing rights held for sale

 

 

13,101

 

 

 —

 

Gain on loans sold and held for sale

 

 

(5,372)

 

 

(15,679)

 

Amortization of mortgage servicing rights

 

 

1,671

 

 

2,747

 

Impairment of mortgage servicing rights

 

 

633

 

 

1,726

 

Loss on mortgage servicing rights held for sale

 

 

188

 

 

 —

 

Net change in operating assets and liabilities:

 

 

 

 

 

 

 

Accrued interest receivable

 

 

1,329

 

 

256

 

Accrued interest payable

 

 

667

 

 

235

 

Accrued income taxes receivable

 

 

3,789

 

 

3,153

 

Other assets

 

 

(8,994)

 

 

8,466

 

Other liabilities

 

 

(640)

 

 

(5,526)

 

Net cash provided by operating activities

 

 

50,118

 

 

51,400

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Investment securities available for sale:

 

 

 

 

 

 

 

Purchases

 

 

(59,031)

 

 

(134,037)

 

Sales

 

 

16,869

 

 

8,623

 

Maturities and payments

 

 

71,483

 

 

137,464

 

Investment securities held to maturity:

 

 

 

 

 

 

 

Purchases

 

 

 —

 

 

(2,707)

 

Maturities

 

 

 —

 

 

5,835

 

Equity securities:

 

 

 

 

 

 

 

Purchases

 

 

(29)

 

 

 —

 

Sales

 

 

7,733

 

 

 —

 

Net increase in loans

 

 

(86,122)

 

 

(179,387)

 

Proceeds from sale of premises and equipment

 

 

183

 

 

250

 

Purchases of premises and equipment

 

 

(4,087)

 

 

(2,767)

 

Purchases of nonmarketable equity securities

 

 

(14,045)

 

 

(5,056)

 

Sales of nonmarketable equity securities

 

 

6,601

 

 

3,818

 

Proceeds from sales of other real estate owned

 

 

3,226

 

 

3,340

 

Net cash acquired (paid) in acquisition

 

 

36,153

 

 

(18,519)

 

Net cash used in investing activities

 

 

(21,066)

 

 

(183,143)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Net (decrease) increase in deposits

 

 

(82,362)

 

 

186,821

 

Net (decrease) increase in short-term borrowings

 

 

(41,590)

 

 

24,638

 

Proceeds from FHLB borrowings

 

 

657,000

 

 

177,357

 

Payments made on FHLB borrowings

 

 

(491,257)

 

 

(149,857)

 

Proceeds from other borrowings

 

 

 —

 

 

39,964

 

Payments made on other borrowings

 

 

(1,429)

 

 

(341)

 

Cash dividends paid on preferred stock

 

 

(166)

 

 

(19)

 

Cash dividends paid on common stock

 

 

(9,472)

 

 

(6,322)

 

Proceeds from issuance of common stock under employee benefit plans

 

 

1,353

 

 

3,142

 

Net cash provided by financing activities

 

 

32,077

 

 

275,383

 

Net increase in cash and cash equivalents

 

$

61,129

 

$

143,640

 

Cash and cash equivalents:

 

 

 

 

 

 

 

Beginning of period

 

$

215,202

 

$

190,716

 

End of period

 

$

276,331

 

$

334,356

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Cash payments for:

 

 

 

 

 

 

 

Interest paid on deposits and borrowed funds

 

$

17,111

 

$

8,996

 

Income tax paid

 

 

528

 

 

630

 

Supplemental disclosures of noncash investing and financing activities:

 

 

 

 

 

 

 

Transfer of loans to other real estate owned

 

$

765

 

$

2,004

 

Transfer of premises and equipment to assets held for sale

 

 

 —