2 unchanged sentences
Consolidated Balance Sheets
−Removed: March 31, 2024 and December 31, 2023
+Added: June 30, 2024 and December 31, 2023
(Dollars in thousands)
28 unchanged sentences
authorized 20,000,000 shares;
−Removed: issued and outstanding 5,455,999 shares at March 31, 2024 and 5,534,499 shares at December 31, 2023
+Added: issued and outstanding 5,457,646 shares at June 30, 2024 and 5,534,499 shares at December 31, 2023
Common stock held by deferred compensation trust, at cost:
−Removed: 164,970 shares at March 31, 2024 and 158,356 shares at December 31, 2023
+Added: 166,247 shares at June 30, 2024 and 163,702 shares at December 31, 2023
Deferred compensation
6 unchanged sentences
Consolidated Statements of Earnings
−Removed: Three Months Ended March 31, 2024 and 2023
+Added: Three and Six Months Ended June 30, 2024 and 2023
(Dollars in thousands, except per share amounts)
+Added: Three months ended
+Added: Six months ended
Interest income:
6 unchanged sentences
Interest expense:
−Removed: Interest-bearing demand, MMDA & savings deposits
+Added: NOW, MMDA & savings deposits
Time deposits
2 unchanged sentences
Net interest income
−Removed: Provision for credit losses
−Removed: Net interest income after provision for credit losses
+Added: Provision for (recovery of) credit losses
+Added: Net interest income after provision for loan losses
Non-interest income:
13 unchanged sentences
Appraisal management fee expense
+Added: Miscellaneous
Total non-interest expense
6 unchanged sentences
PEOPLES BANCORP OF NORTH CAROLINA, INC.
−Removed: Consolidated Statements of Comprehensive Income
−Removed: Three Months Ended March 31, 2024 and 2023
+Added: Consolidated Statements of Comprehensive Income (Loss)
+Added: Three and Six Months Ended June 30, 2024 and 2023
(Dollars in thousands)
−Removed: Other comprehensive income :
−Removed: Unrealized holding gains on securities
−Removed: available for sale
+Added: Three months ended
+Added: Six months ended
+Added: Other comprehensive income (loss):
+Added: Unrealized holding gains (losses) on securities available for sale
+Added: Reclassification adjustment for losses on securities available for sale included in net earnings
+Added: Total other comprehensive income (loss), before income taxes
+Added: Income tax expense (benefit) related to other comprehensive income:
+Added: Unrealized holding gains (losses) on securities available for sale
Reclassification adjustment for losses on
−Removed: securities available for sale
−Removed: included in net earnings
−Removed: Total other comprehensive income ,
−Removed: before income taxes
−Removed: Income tax benefit related to other
−Removed: comprehensive income :
−Removed: Unrealized holding gains on securities
−Removed: available for sale
−Removed: Reclassification adjustment for losses on sales
−Removed: of securities available for sale
−Removed: included in net earnings
−Removed: Total income tax expense related to
−Removed: other comprehensive income
−Removed: Total other comprehensive income,
−Removed: Total comprehensive income
+Added: on securities available for sale included in net earnings
+Added: Total income tax expense (benefit) related to other comprehensive income
+Added: Total other comprehensive income (loss), net of tax
+Added: Total comprehensive income (loss)
See accompanying Notes to Consolidated Financial Statements.
1 unchanged sentence
Consolidated Statements of Changes in Shareholders' Equity
−Removed: Three Months Ended March 31, 2024 and 2023
+Added: Three and Six Months Ended June 30, 2024 and 2023
(Dollars in thousands)
Comprehensive
−Removed: Income (Loss)
Balance, December 31, 2023
Common stock repurchase
−Removed: Cash dividends declared on
+Added: Cash dividends declared on common stock
Equity incentive plan, net
−Removed: Change in accumulated other
−Removed: comprehensive income (loss), net of tax
+Added: Change in accumulated other comprehensive income, net of tax
Balance, March 31, 2024
+Added: Cash dividends declared on common stock
+Added: Restricted stock units issued
+Added: Equity incentive plan, net
+Added: Change in accumulated other comprehensive loss, net of tax
+Added: Balance, June 30, 2024
Balance, December 31, 2022
−Removed: Adoption of new accounting
−Removed: standard, net of tax
−Removed: Cash dividends declared on
−Removed: Restricted stock units exercised
+Added: Adoption of new accounting standard, net of tax
+Added: Cash dividends declared on common stock
+Added: Restricted stock units issued
Equity incentive plan, net
−Removed: Change in accumulated other
−Removed: comprehensive income (loss), net of tax
+Added: Change in accumulated other comprehensive income, net of tax
Balance, March 31, 2023
+Added: Common stock repurchase
+Added: Cash dividends declared on common stock
+Added: Equity incentive plan, net
+Added: Change in accumulated other comprehensive loss, net of tax
+Added: Balance, June 30, 2023
See accompanying Notes to Consolidated Financial Statements.
1 unchanged sentence
Consolidated Statements of Cash Flows
−Removed: Three Months Ended March 31, 2024 and 2023
+Added: Six Months Ended June 30, 2024 and 2023
(Dollars in thousands)
3 unchanged sentences
Depreciation, amortization and accretion
−Removed: Provision for credit losses
+Added: Provision for (recovery of) credit losses
Deferred income taxes
Loss on sale of investment securities net
+Added: Gain on sale of premises and equipment
Restricted stock expense
15 unchanged sentences
Purchases of premises and equipment
+Added: Proceeds from sale of premises and equipment
Net cash provided (used) by investing activities
12 unchanged sentences
Consolidated Statements of Cash Flows, continued
−Removed: Three Months Ended March 31, 2024 and 2023
+Added: Six Months Ended June 30, 2024 and 2023
(Dollars in thousands)
2 unchanged sentences
Noncash investing and financing activities:
−Removed: Change in unrealized loss on investment securities
−Removed: available for sale, net
−Removed: Restricted stock units exercised
−Removed: Allowance for credit losses record upon adoption of ASU 326, net of tax
+Added: Change in unrealized loss on investment securities available for sale, net
+Added: Restricted stock units issued
+Added: Initial recognition of lease right-of-use asset and lease liability
+Added: Allowance for credit losses recorded upon adoption of ASU 326, net of tax
See accompanying Notes to Consolidated Financial Statements.
22 unchanged sentences
Recent Accounting Pronouncements
−Removed: The following table provides a summary of Accounting Standards Updates (“ASU’s”) issued by the FASB that the Company has not adopted as of March 31, 2024, which may impact the Company’s financial statements.
+Added: The following table provides a summary of Accounting Standards Updates (“ASU’s”) issued by the Financial Accounting Standards Board (“FASB”) that the Company has not adopted as of June 30, 2024, which may impact the Company’s financial statements.
Effective Date
Effect on Financial Statements or Other Significant Matters
+Added: Effective Date
+Added: Effect on Financial Statements or Other Significant Matters
ASU 2023-07 Segment Reporting (Topic 280)
The ASU provides amendments to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses
+Added: Annual periods after 12/15/23 and interim periods after 12/15/24
+Added: The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures.
+Added: ASU 2023-09 Income Taxes (Topic 740)
+Added: The ASU provides amendments to improve the transparency
+Added: of income tax disclosures.
January 1, 2025
19 unchanged sentences
The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale.
−Removed: The following table presents the changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:
+Added: The following table presents the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023:
For the three months ended
+Added: For the six months ended
(dollars in thousands)
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Beginning balance
6 unchanged sentences
The average market price during the applicable period is used to compute equivalent shares.
−Removed: The reconciliation of the amounts used in the computation of both “basic earnings per share” and “diluted earnings per share” for the three months ended March 31, 2024 and 2023 is as follows:
−Removed: For the three months ended March 31, 2024
−Removed: Net Earnings (Dollars in thousands)
−Removed: Weighted Average Number of Shares
−Removed: Per Share Amount
+Added: The reconciliation of the amounts used in the computation of both “basic earnings per share” and “diluted earnings per share” for the three and six months ended June 30, 2024 and 2023 is as follows:
+Added: For the three months ended June 30, 2024
Basic earnings per share
4 unchanged sentences
Diluted earnings per share
−Removed: For the three months ended March 31, 2023
−Removed: Net Earnings (Dollars in thousands)
−Removed: Weighted Average Number of Shares
+Added: For the six months ended June 30, 2024
Basic earnings per share
1 unchanged sentence
Restricted stock units - unvested
−Removed: Shares held in deferred comp plan
−Removed: by deferred compensation trust
+Added: Shares held in deferred comp plan by deferred compensation trust
Diluted earnings per share
+Added: For the three months ended June 30, 2023
+Added: Basic earnings per share
+Added: Effect of dilutive securities:
+Added: Restricted stock units - unvested
+Added: Shares held in deferred comp plan by deferred compensation trust
+Added: Diluted earnings per share
+Added: Basic earnings per share
+Added: Effect of dilutive securities:
+Added: Restricted stock units - unvested
+Added: Shares held in deferred comp plan by deferred compensation trust
+Added: Diluted earnings per share
(4) Investment Securities
−Removed: Investment securities available for sale at March 31, 2024 and December 31, 2023 are as follows:
+Added: Investment securities available for sale at June 30, 2024 and December 31, 2023 are as follows:
(Dollars in thousands)
−Removed: March 31, 2024
−Removed: Amortized Cost
−Removed: Gross Unrealized Gains
−Removed: Gross Unrealized Losses
+Added: June 30, 2024
Government sponsored enterprises
4 unchanged sentences
December 31, 2023
−Removed: Amortized Cost
−Removed: Gross Unrealized Gains
−Removed: Gross Unrealized Losses
Government sponsored enterprises
2 unchanged sentences
State and political subdivisions
−Removed: The current fair value and associated unrealized losses on investments in securities with unrealized losses at March 31, 2024 and December 31, 2023 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
+Added: The current fair value and associated unrealized losses on investments in securities with unrealized losses at June 30, 2024 and December 31, 2023 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands)
−Removed: March 31, 2024
+Added: June 30, 2024
Less than 12 Months
18 unchanged sentences
State and political subdivisions
−Removed: At March 31, 2024, unrealized losses in the investment securities portfolio relating to debt securities totaled $ 51.2 million.
+Added: At June 30, 2024, unrealized losses in the investment securities portfolio relating to debt securities totaled $ 52.1 million.
The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary.
−Removed: From the March 31, 2024 tables above, both of the U.S.
+Added: From the June 30, 2024 tables above, both of the U.S.
Treasury securities, all 108 of the securities issued by state and political subdivisions contained unrealized losses, all seven of the securities issued by U.S.
Government sponsored enterprises (“GSE”), 115 of the 124 GSE mortgage-backed securities, and 13 of the 16 private label mortgage backed securities contained unrealized losses.
−Removed: The Company did not have any reserves on available for sale securities at March 31, 2024, as no credit related losses were identified in the Company’s March 31, 2024 analysis.
+Added: The Company did not have any reserves on available for sale securities at June 30, 2024, as no credit related losses were identified in the Company’s June 30, 2024 analysis.
At December 31, 2023, unrealized losses in the investment securities portfolio relating to debt securities totaled $ 51.3 million.
3 unchanged sentences
The Company did not have an allowance for credit losses on available for sale securities at December 31, 2023, as no credit related losses were identified in the Company’s December 31, 2023 CECL analysis.
−Removed: The amortized cost and estimated fair value of investment securities available for sale at March 31, 2024, presented by contractual maturity, are shown below.
+Added: The amortized cost and estimated fair value of investment securities available for sale at June 30, 2024, presented by contractual maturity, are shown below.
Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
−Removed: March 31, 2024
+Added: June 30, 2024
(Dollars in thousands)
5 unchanged sentences
Mortgage-backed securities
−Removed: No securities available for sale were sold during the three months ended March 31, 2024.
−Removed: During the three months ended March 31, 2023, proceeds from sales of securities available for sale were $ 51.0 million and resulted in gross losses of $ 2.7 million and gross gains of $ 177,000 .
−Removed: Securities with a fair value of approximately $ 109.0 million and $ 132.0 million at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and for other purposes as required by law.
−Removed: Major classifications of loans at March 31, 2024 and December 31, 2023 are summarized as follows:
+Added: No securities available for sale were sold during the six months ended June 30, 2024.
+Added: No securities available for sale were sold during the three months ended June 30, 2023.
+Added: During the six months ended June 30, 2023, proceeds from sales of securities available for sale were $ 51.0 million and resulted in gross losses of $ 2.7 million and gross gains of $ 177,000 .
+Added: Securities with a fair value of approximately $ 61.3 million and $ 132.0 million at June 30, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and for other purposes as required by law.
+Added: Major classifications of loans at June 30, 2024 and December 31, 2023 are summarized as follows:
(Dollars in thousands)
+Added: June 30, 2024
+Added: December 31, 2023
Real estate loans:
25 unchanged sentences
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
−Removed: The following tables present an age analysis of past due loans, by loan type, as of March 31, 2024 and December 31, 2023:
−Removed: March 31, 2024
+Added: The following tables present an age analysis of past due loans, by loan type, as of June 30, 2024 and December 31, 2023:
+Added: June 30, 2024
(Dollars in thousands)
+Added: Loans 30-89 Days Past Due
+Added: Nonaccrual Loans
Total Past Due Loans
9 unchanged sentences
(Dollars in thousands)
+Added: Loans 30-89 Days Past Due
+Added: Nonaccrual Loans
Total Past Due Loans
7 unchanged sentences
Loans not secured by real estate:
−Removed: The following table presents non-accrual loans as of March 31, 2024 and December 31, 2023:
−Removed: March 31, 2024
+Added: The following table presents non-accrual loans as of June 30, 2024 and December 31, 2023:
+Added: June 30, 2024
Nonaccrual Loans
17 unchanged sentences
Loans not secured by real estate:
−Removed: No interest income was recognized on non-accrual loans for the three months ended March 31, 2024 and 2023.
+Added: No interest income was recognized on non-accrual loans for the six months ended June 30, 2024 and 2023.
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination or acquisition.
9 unchanged sentences
If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.
−Removed: The following tables show the amortized cost basis at March 31, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and 2023, disaggregated by loan class and type of concession granted.
+Added: The following tables show the amortized cost basis at June 30, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the six months ended June 30, 2024 and 2023, disaggregated by loan class and type of concession granted.
(Dollars in thousands)
−Removed: Term Extension
−Removed: Amortized Cost Basis at March 31, 2024
+Added: Amortized Cost Basis at June 30, 2024
% of Loan Class
+Added: Modification Type
+Added: Financial Effect
+Added: Single-family residential
+Added: Interest rate reduction
+Added: Adjustable rate loan converted to fixed rate loan
Commercial not secured by real estate
−Removed: (Dollars in thousands)
Term extension
−Removed: Amortized Cost Basis at March 31, 2023
+Added: Line of credit converted to amortizing term loan
+Added: (Dollars in thousands)
+Added: Amortized Cost Basis at June 30, 2023
% of Loan Class
−Removed: Commercial real estate
−Removed: The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023
−Removed: March 31, 2024
−Removed: Term Extension
+Added: Modification Type
Financial Effect
−Removed: Commercial real estate
−Removed: Line of credit converted to amortizing term loan .
−Removed: March 31, 2023
+Added: Single-family residential
Term extension
−Removed: Financial Effect
+Added: Forbearance agreement on matured home equity line of credit (HELOC) that was modified to 180 month term.
Commercial real estate
+Added: Term extension
Extended existing amortization from 148 months to 173 months to keep existing payment the same with the current market rate.
−Removed: No loans modified in the three months ended March 31, 2024 and 2023 that were made to borrowers experiencing financial difficulty had been written off at March 31, 2024 and 2023.
+Added: No loans modified in the six months ended June 30, 2024 and 2023 that were made to borrowers experiencing financial difficulty had been written off at June 30, 2024 and 2023.
The Bank closely monitors the performance of those loans that are modified because borrowers are experiencing financial difficulty so as to understand the effectiveness of its modification efforts.
−Removed: The following tables show the performance of loans that have been modified in the three months ended March 31, 2024 and 2023.
−Removed: March 31, 2024
+Added: The following tables show the performance of loans that have been modified in the six months ended June 30, 2024 and 2023.
+Added: June 30, 2024
(Dollars in thousands)
2 unchanged sentences
90 + Days Past Due
−Removed: Commercial real estate
−Removed: March 31, 2023
+Added: Single-family residential
+Added: Commercial not secured by real estate
+Added: June 30, 2023
(Dollars in thousands)
2 unchanged sentences
90 + Days Past Due
+Added: Single-family residential
Commercial real estate
−Removed: The following tables present changes in the allowance for credit losses for the three months ended March 31, 2024 and 2023.
+Added: The following tables present changes in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023.
(Dollars in thousands)
4 unchanged sentences
Consumer and All Other
−Removed: Three months ended March 31, 2024
+Added: Three months ended June 30, 2024
Allowance for credit losses:
7 unchanged sentences
Total allowance for credit losses
+Added: Six months ended June 30, 2024
+Added: Allowance for credit losses:
+Added: Beginning balance
+Added: Provision (recovery) for
+Added: loan losses (1)
+Added: Ending balance
+Added: Allowance for credit loss-loans
+Added: Allowance for credit losses
+Added: loan commitments
+Added: Total allowance for credit losses
(1) Excludes provision for credit losses related to unfunded commitments.
6 unchanged sentences
Consumer and All Other
−Removed: Three months ended March 31, 2023
+Added: Three months ended June 30, 2023
Allowance for credit losses:
Beginning balance
+Added: Provision (recovery) for
+Added: loan losses (1)
+Added: Ending balance
+Added: Allowance for credit loss-loans
+Added: Allowance for credit losses
+Added: loan commitments
+Added: Total allowance for credit losses
+Added: Six months ended June 30, 2023
+Added: Allowance for credit losses:
+Added: Beginning balance
Adjustment for CECL
9 unchanged sentences
Note 8,"Commitments and Contingencies" in the condensed consolidated financial statements provides more detail concerning the implementation adjustment and provision for credit losses related to unfunded commitments.
−Removed: Three loans, totaling $891,000, were individually evaluated as of March 31, 2024, including two loans, totaling $816,000, that were collateral dependent.
−Removed: The were no collateral dependent loans individually evaluated at December 31, 2023.
−Removed: The following table shows collateral dependent loans at March 31, 2024.
−Removed: (Dollars in thousands)
−Removed: March 31, 2024
−Removed: Amortized Cost
−Removed: Allowance (1)
−Removed: Real estate loans:
−Removed: Construction and land development
−Removed: Single-family residential
−Removed: Multifamily and farmland
−Removed: Total real estate loans
−Removed: Loans not secured by real estate:
−Removed: (1) Based on estimated value of residential real estate collateral and motor boat inventory collateral.
+Added: The were no collateral dependent loans individually evaluated at June 30, 2024 and December 31, 2023.
The Bank utilizes several credit quality indicators to manage credit risk in an ongoing manner.
10 unchanged sentences
This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be affected in the future.
−Removed: The following table presents by credit quality indicator, loan class and year of origination, the amortized cost of the Bank’s loans as of March 31, 2024.
+Added: The following table presents by credit quality indicator, loan class and year of origination, the amortized cost of the Bank’s loans as of June 30, 2024.
Term Loans by Origination Year
(dollars in thousands)
−Removed: March 31, 2024
+Added: June 30, 2024
Real Estate Loans
−Removed: Construction and land
−Removed: Total Construction and
−Removed: land development
+Added: Construction and land development
+Added: Total Construction and land development
Single family
10 unchanged sentences
by real estate
−Removed: The following table presents by credit quality indicator, loan class and year of origination, gross loan charge-offs as of March 31, 2024.
+Added: The following table presents by credit quality indicator, loan class and year of origination, gross loan charge-offs as of June 30, 2024.
Gross Loan Charge-offs by Origination Year
12 unchanged sentences
Real Estate Loans
−Removed: Construction and land
+Added: Construction and land development
Total Construction and
22 unchanged sentences
Total gross charge-offs
−Removed: As of March 31, 2024, the Bank had operating right of use assets of $ 4.6 million and operating lease liabilities of $ 4.7 million.
+Added: As of June 30, 2024, the Bank had operating right of use assets of $ 4.4 million and operating lease liabilities of $ 4.5 million.
The Bank maintains operating leases on land and buildings for some of the Bank’s branch facilities and loan production offices.
3 unchanged sentences
Leases with a term of 12 months or less are not recorded on the balance sheet and instead are recognized in lease expense on a straight-line basis over the lease term.
−Removed: The following table presents lease cost and other lease information as of March 31, 2024 and 2023.
+Added: The following table presents lease cost and other lease information as of June 30, 2024 and 2023.
(Dollars in thousands)
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Operating lease cost
5 unchanged sentences
Weighted-average discount rate - operating leases
−Removed: The following table presents lease maturities as of March 31, 2024.
+Added: The following table presents lease maturities as of June 30, 2024.
+Added: (Dollars in thousands)
+Added: Maturity Analysis of Operating Lease Liabilities:
+Added: June 30, 2024
Imputed Interest
5 unchanged sentences
Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Bank and the customer and are accounted for as secured borrowings.
−Removed: At March 31, 2024 and December 31, 2023, repurchase agreements totaled $ 59.2 million and $ 86.7 million, respectively.
−Removed: These borrowings were collateralized with government-sponsored enterprise securities with a market value of $ 69.1 million and $ 89.8 million at March 31, 2024 and December 31, 2023, respectively.
+Added: At June 30, 2024 and December 31, 2023, repurchase agreements totaled $ 18.8 million and $ 86.7 million, respectively.
+Added: These borrowings were collateralized with government-sponsored enterprise securities with a market value of $ 28.4 million and $ 89.8 million at June 30, 2024 and December 31, 2023, respectively.
We monitor collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and we segregate the security from its general assets in accordance with regulations governing custodial holdings of securities.
22 unchanged sentences
The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding activity and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans.
−Removed: The allowance for credit losses for unfunded loan commitments of $ 1.7 million and $ 2.1 million at March 31, 2024 and 2023, respectively, is separately classified on the balance sheet within Other Liabilities.
−Removed: The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2024 and 2023.
+Added: The allowance for credit losses for unfunded loan commitments of $ 1.6 million and $ 2.1 million at June 30, 2024 and 2023, respectively, is separately classified on the balance sheet within Other Liabilities.
+Added: The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three and six months ended June 30, 2024 and 2023.
(dollars in thousands)
−Removed: March 31, 2024
−Removed: March 31, 2023
+Added: For three months ended
+Added: For six months ended
+Added: June 30, 2024
+Added: June 30, 2023
+Added: June 30, 2024
+Added: June 30, 2023
Beginning Balance
46 unchanged sentences
In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
−Removed: The tables below present all financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy, as of March 31, 2024 and December 31, 2023.
+Added: The tables below present all financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy, as of June 30, 2024 and December 31, 2023.
(Dollars in thousands)
−Removed: March 31, 2024
+Added: June 30, 2024
Level 1 Valuation
10 unchanged sentences
Level 3 Valuation
−Removed: Sponsored enterprises
−Removed: Mortgage-backed securities
+Added: Government sponsored enterprises
+Added: GSE - Mortgage-backed securities
+Added: Private label mortgage-backed securities
State and political subdivisions
−Removed: Mutual funds held in deferred compensation trust
−Removed: The fair value measurements for mortgage loans held for sale and individually evaluated loans on a non-recurring basis at March 31, 2024 and December 31, 2023 are presented below.
+Added: The fair value measurements for individually evaluated loans on a non-recurring basis at June 30, 2024 and December 31, 2023 are presented below.
The fair value measurement process uses certified appraisals and other market-based information;
2 unchanged sentences
(Dollars in thousands)
−Removed: Fair Value Measurements March 31, 2024
+Added: Fair Value Measurements June 30, 2024
Level 1 Valuation
9 unchanged sentences
(Dollars in thousands)
−Removed: March 31, 2024
−Removed: December 31, 2023
+Added: Fair Value June 30, 2024
+Added: Fair Value December 31, 2023
+Added: Valuation Technique
Significant Unobservable Inputs
3 unchanged sentences
Discounts to reflect current market conditions and ultimate collectability
−Removed: The carrying amount and estimated fair value of financial instruments at March 31, 2024 and December 31, 2023 are as follows:
+Added: The carrying amount and estimated fair value of financial instruments at June 30, 2024 and December 31, 2023 are as follows:
(Dollars in thousands)
−Removed: Fair Value Measurements at March 31, 2024
+Added: Fair Value Measurements at June 30, 2024
Carrying Amount
8 unchanged sentences
Junior subordinated debentures
−Removed: (Dollars in thousands)
Fair Value Measurements at December 31, 2023
18 unchanged sentences
(Dollars in thousands)
−Removed: As of and for the three months ended March 31, 2024
+Added: As of and for the three months ended June 30, 2024
Interest income
1 unchanged sentence
Net interest income
−Removed: Provision for credit losses
+Added: Provision for (recovery of) credit losses
Noninterest income
4 unchanged sentences
Net income (loss)
−Removed: As of and for the three months ended March 31, 2023
+Added: As of and for the three months ended June 30, 2023
Interest income
1 unchanged sentence
Net interest income
−Removed: Provision for credit losses
+Added: Provision for (recovery of) credit losses
Noninterest income
4 unchanged sentences
Net income (loss)
+Added: As of and for the six months ended June 30, 2024
+Added: Interest income
+Added: Interest expense
+Added: Net interest income
+Added: Provision for (recovery of) credit losses
+Added: Noninterest income
+Added: Appraisal management fee income
+Added: Noninterest expense
+Added: Appraisal management fee expense
+Added: Income tax expense (benefit)
+Added: Net income (loss)
+Added: As of and for the six months ended June 30, 2023
+Added: Interest income
+Added: Interest expense
+Added: Net interest income
+Added: Provision for (recovery of) credit losses
+Added: Noninterest income
+Added: Appraisal management fee income
+Added: Noninterest expense
+Added: Appraisal management fee expense
+Added: Income tax expense (benefit)
+Added: Net income (loss)
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.