2 unchanged sentences
Condensed Consolidated Balance Sheets
+Added: September 30,
2022 December 31,
26 unchanged sentences
Authorized - 90,000,000 shares
−Removed: Issued and outstanding - 11,848,113 shares and 12,400,195 shares at June 30, 2022 and December 31, 2021, respectively
+Added: Issued and outstanding - 11,802,424 shares and 12,400,195 shares at September 30, 2022 and December 31, 2021, respectively
118,024 124,002
8 unchanged sentences
Condensed Consolidated Statements of Income
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
45 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2022 2021 2022 2021
10 unchanged sentences
Condensed Consolidated Statements of Changes in Stockholders’ Equity
−Removed: Three Months Ended June 30, 2022
+Added: Three Months Ended September 30, 2022
Common Stock Additional
4 unchanged sentences
Outstanding Amount
−Removed: Balances, March 31, 2022 12,310,004 $ 123,100 $ 113,263,417 $ 82,037,495 $ ( 12,744,530 ) $ ( 25,336,767 ) $ 157,342,715
+Added: Balances, June 30, 2022 11,848,113 $ 118,481 $ 106,200,912 $ 84,423,594 $ ( 12,560,701 ) $ ( 39,237,530 ) $ 138,944,756
Net income — — — 3,158,228 — — 3,158,228
5 unchanged sentences
Repurchase of common stock ( 45,689 ) ( 457 ) ( 647,012 ) — — — ( 647,469 )
−Removed: Balances, June 30, 2022 11,848,113 $ 118,481 $ 106,200,912 $ 84,423,594 $ ( 12,560,701 ) $ ( 39,237,530 ) $ 138,944,756
−Removed: Six Months Ended June 30, 2022
+Added: Balances, September 30, 2022 11,802,424 $ 118,024 $ 105,945,726 $ 86,495,710 $ ( 12,376,872 ) $ ( 55,210,233 ) $ 124,972,355
+Added: Nine Months Ended September 30, 2022
Common Stock Additional
12 unchanged sentences
Repurchase of common stock ( 597,771 ) ( 5,978 ) ( 9,615,035 ) — — — ( 9,621,013 )
−Removed: Balances, June 30, 2022 11,848,113 $ 118,481 $ 106,200,912 $ 84,423,594 $ ( 12,560,701 ) $ ( 39,237,530 ) $ 138,944,756
−Removed: Three Months Ended June 30, 2021
+Added: Balances, September 30, 2022 11,802,424 $ 118,024 $ 105,945,726 $ 86,495,710 $ ( 12,376,872 ) $ ( 55,210,233 ) $ 124,972,355
+Added: Three Months Ended September 30, 2021
Common Stock Additional
3 unchanged sentences
Comprehensive
+Added: Income/(Loss) Total
Outstanding Amount
−Removed: Balances, March 31, 2021 13,050,996 $ 130,510 $ 122,814,920 $ 80,005,652 $ ( 13,479,847 ) $ 48,399 $ 189,519,634
+Added: Balances, June 30, 2021 12,684,977 $ 126,850 $ 118,118,524 $ 75,957,135 $ ( 13,296,017 ) $ 1,662,818 $ 182,569,310
Net income — — — 3,082,275 — — 3,082,275
−Removed: Other comprehensive income — — — — — 1,614,419 1,614,419
+Added: Other comprehensive loss — — — — — ( 2,928,530 ) ( 2,928,530 )
ESOP shares earned — — 23,233 — 183,829 — 207,062
−Removed: Granting of restricted stock awards 4,000 40 ( 40 ) — — — —
Stock based compensation — — 387,853 — — — 387,853
+Added: Exercise of stock options 12,116 121 127,460 — — — 127,581
Common stock dividends ($ 0.07 per share)
1 unchanged sentence
Repurchase of common stock ( 264,909 ) ( 2,649 ) ( 4,003,622 ) — — — ( 4,006,271 )
−Removed: Balances, June 30, 2021 12,684,977 $ 126,850 $ 118,118,524 $ 75,957,135 $ ( 13,296,017 ) $ 1,662,818 $ 182,569,310
−Removed: Six Months Ended June 30, 2021
+Added: Balances, September 30, 2021 12,432,184 $ 124,322 $ 114,653,448 $ 78,237,829 $ ( 13,112,188 ) $ ( 1,265,712 ) $ 178,637,699
+Added: Nine Months Ended September 30, 2021
Common Stock Additional
3 unchanged sentences
Comprehensive
+Added: Income/(Loss) Total
Outstanding Amount
5 unchanged sentences
Stock based compensation — — 1,423,236 — — — 1,423,236
+Added: Exercise of stock options 12,116 121 127,460 — — — 127,581
Common stock dividends ($ 0.71 per share)
1 unchanged sentence
Repurchase of common stock ( 777,692 ) ( 7,777 ) ( 11,172,024 ) — — — ( 11,179,801 )
−Removed: Balances, June 30, 2021 12,684,977 $ 126,850 $ 118,118,524 $ 75,957,135 $ ( 13,296,017 ) $ 1,662,818 $ 182,569,310
+Added: Balances, September 30, 2021 12,432,184 $ 124,322 $ 114,653,448 $ 78,237,829 $ ( 13,112,188 ) $ ( 1,265,712 ) $ 178,637,699
See Notes to Condensed Consolidated Statements.
1 unchanged sentence
Condensed Consolidated Statements of Cash Flows
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Operating Activities
20 unchanged sentences
Interest payable 418,152 ( 23,304 )
−Removed: Net cash provided by (used in) operating activities 9,979,554 ( 2,495,108 )
+Added: Net cash provided by operating activities 14,595,351 3,331,813
Investing Activities
6 unchanged sentences
Purchases of premises and equipment ( 227,506 ) ( 192,612 )
−Removed: Proceeds from sale of FHLB stock 211,500 —
+Added: Change in FHLB stock 90,100 ( 492,800 )
Net cash used in investing activities ( 70,871,485 ) ( 176,009,452 )
7 unchanged sentences
Repurchase of common stock ( 9,621,013 ) ( 11,179,801 )
+Added: Proceeds from stock option exercises — 127,581
Dividends paid ( 3,323,345 ) ( 8,478,392 )
53 unchanged sentences
The Company has taken advantage of this provision to extend certain payment modifications to loan customers in need.
−Removed: As of June 30, 2022 the Company had no loans outstanding that were modified under the CARES Act guidance.
+Added: As of September 30, 2022 the Company had no loans outstanding that were modified under the CARES Act guidance.
The CARES Act also approved the Paycheck Protection Program ("PPP"), administered by the Small Business Administration ("SBA") with funding provided by financial institutions.
3 unchanged sentences
The Company earns a 1% interest rate on PPP loans, plus a processing fee from the SBA for processing and originating a loan.
−Removed: The Company originated $ 38.2 million in PPP loans during 2021, of which $ 3.7 million were outstanding at June 30, 2022.
+Added: The Company originated $ 38.2 million in PPP loans during 2021, of which $ 1.2 million were outstanding at September 30, 2022.
The Jumpstart Our Business Startups Act (the "JOBS Act"), enacted in April 2012, has made numerous changes to the federal securities laws to facilitate access to capital markets.
80 unchanged sentences
The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:
−Removed: June 30, 2022
+Added: September 30, 2022
Available for sale
23 unchanged sentences
Total investment securities $ 368,113 $ 3,151 $ 4,540 $ 366,724
−Removed: The amortized cost and fair value of securities at June 30, 2022, by contractual maturity, are shown below.
+Added: The amortized cost and fair value of securities at September 30, 2022, by contractual maturity, are shown below.
Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
8 unchanged sentences
Totals $ 349,632 $ 279,745 $ 7,360 $ 7,110
−Removed: Securities with a carrying value of $ 125,890,000 and $ 136,463,000 were pledged at June 30, 2022 and December 31, 2021, respectively, to secure certain deposits and for other purposes as permitted or required by law.
−Removed: There were no sales of securities available for sale for the three and six months ended June 30, 2022.
−Removed: Proceeds from sales of securities available for sale for both the three and six months ended June 30, 2021 were $ 3,981,000 .
−Removed: Gross gains were recognized on the sale of securities available-for-sale for the three and six months ended June 30, 2021 of $ 38,000 .
−Removed: There were no gross losses recognized on the sale of securities available for sale for the three and six months ended June 30, 2021.
+Added: Securities with a carrying value of $ 168,356,000 and $ 136,463,000 were pledged at September 30, 2022 and December 31, 2021, respectively, to secure certain deposits and for other purposes as permitted or required by law.
+Added: There were no sales of securities available for sale for the three and nine months ended September 30, 2022.
+Added: Proceeds from sales of securities available for sale for the three and nine months ended September 30, 2021 were $ 1,316,000 and $ 5,297,000 , respectively.
+Added: Gross gains were recognized on the sale of securities available-for-sale for the three and nine months ended September 30, 2021 of $ 18,000 and $ 56,000 , respectively.
+Added: There were no gross losses recognized on the sale of securities available for sale for the three and nine months ended September 30, 2021.
Certain investments in debt securities, as reflected in the table below, are reported in the condensed consolidated financial statements and notes at an amount less than their historical cost.
−Removed: Total fair value of these investments at June 30, 2022 and December 31, 2021 was $ 297,776,000 and $ 223,842,000 , respectively, which is approximately 96 % and 61 % of the Company’s aggregated available-for-sale and held-to-maturity investment portfolio at those dates, respectively.
+Added: Total fair value of these investments at September 30, 2022 and December 31, 2021 was $ 285,249,000 and $ 223,842,000 , respectively, which is approximately 99 % and 61 % of the Company’s aggregated available-for-sale and held-to-maturity investment portfolio at those dates, respectively.
These declines primarily resulted from changes in market interest rates since their purchase.
1 unchanged sentence
Should the impairment of any other securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified.
−Removed: The following tables show the Company’s investments by gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2022 and December 31, 2021:
+Added: The following tables show the Company’s investments by gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022 and December 31, 2021:
Description of
−Removed: Securities June 30, 2022
+Added: Securities September 30, 2022
Less Than 12 Months 12 Months or More Total
3 unchanged sentences
Available-for-sale
+Added: Treasury Securities $ 394 $ 2 $ — $ — $ 394 $ 2
SBA Pools 2,033 252 3,827 372 5,860 624
27 unchanged sentences
The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.
−Removed: Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2022.
+Added: Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2022.
SBA Pools and Mortgage-Backed Securities - GSE Residential .
1 unchanged sentence
The Company expects to recover the amortized cost basis over the term of the securities.
−Removed: Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2022.
+Added: Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2022.
State, Municipal, and Corporate Obligations.
1 unchanged sentence
The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.
−Removed: Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments
−Removed: before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at June 30, 2022.
+Added: Because the Company
+Added: does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2022.
Loans, Leases and Allowance
−Removed: The following table shows the composition of the loan and lease portfolio at June 30, 2022 and December 31, 2021:
+Added: The following table shows the composition of the loan and lease portfolio at September 30, 2022 and December 31, 2021:
+Added: September 30,
2022 December 31,
11 unchanged sentences
$ 915,464 $ 832,846
−Removed: The following tables present the activity in the allowance for loan and lease losses for the three and six months ended June 30, 2022 and 2021:
+Added: The following tables present the activity in the allowance for loan and lease losses for the three and nine months ended September 30, 2022 and 2021:
Balance, beginning of period Provision (credit) for losses Charge-offs Recoveries Balance, end of period
−Removed: Three Months Ended June 30, 2022:
+Added: Three Months Ended September 30, 2022:
Commercial mortgage $ 4,804 $ ( 36 ) $ — $ 7 $ 4,775
7 unchanged sentences
Total $ 12,381 $ 200 $ ( 182 ) $ 157 $ 12,556
−Removed: Six Months Ended June 30, 2022:
+Added: Nine Months Ended September 30, 2022:
Commercial mortgage $ 4,742 $ ( 15 ) $ — $ 48 $ 4,775
8 unchanged sentences
Balance, beginning of period Provision (credit) for losses Charge-offs Recoveries Balance, end of period
−Removed: Three Months Ended June 30, 2021:
+Added: Three Months Ended September 30, 2021:
Commercial mortgage $ 4,517 $ 156 $ ( 25 ) $ 7 $ 4,655
7 unchanged sentences
Total $ 11,431 $ 500 $ ( 144 ) $ 62 $ 11,849
−Removed: Six Months Ended June 30, 2021:
+Added: Nine Months Ended September 30, 2021:
Commercial mortgage $ 4,628 $ 33 $ ( 25 ) $ 19 $ 4,655
7 unchanged sentences
Total $ 10,586 $ 1,430 $ ( 587 ) $ 420 $ 11,849
−Removed: The following tables present the balance in the allowance for loan and lease losses and the recorded investment in loans and leases based on portfolio segment and impairment method as of June 30, 2022 and December 31, 2021:
+Added: The following tables present the balance in the allowance for loan and lease losses and the recorded investment in loans and leases based on portfolio segment and impairment method as of September 30, 2022 and December 31, 2021:
Allowance for loan and lease losses:
1 unchanged sentence
Individually evaluated for impairment Collectively evaluated for impairment Balance Individually evaluated for impairment Collectively evaluated for impairment Balance
−Removed: As of June 30, 2022:
+Added: As of September 30, 2022:
Commercial mortgage $ — $ 4,775 $ 4,775 $ — $ 282,758 $ 282,758
60 unchanged sentences
No material changes have been made to the risk characteristics pertaining to the loan and lease portfolio contained in the Company's 2021 Form 10-K.
−Removed: The following tables present the credit risk profile of the Company’s loan and lease portfolio based on rating category and payment activity as of June 30, 2022 and December 31, 2021:
+Added: The following tables present the credit risk profile of the Company’s loan and lease portfolio based on rating category and payment activity as of September 30, 2022 and December 31, 2021:
Pass Special Mention Substandard Doubtful Loss Total
−Removed: As of June 30, 2022:
+Added: As of September 30, 2022:
Commercial mortgage $ 279,529 $ 3,229 $ — $ — $ — $ 282,758
18 unchanged sentences
Total $ 825,234 $ 12,222 $ 8,453 $ 42 $ — $ 845,951
−Removed: The following tables present the Company’s loan and lease portfolio aging analysis of the recorded investment in loans and leases as of June 30, 2022 and December 31, 2021:
−Removed: June 30, 2022
+Added: The following tables present the Company’s loan and lease portfolio aging analysis of the recorded investment in loans and leases as of September 30, 2022 and December 31, 2021:
+Added: September 30, 2022
Delinquent Loans and Leases Current Total
27 unchanged sentences
Totals $ 1,161 $ 961 $ 7,360 $ 9,482 $ 836,469 $ 845,951 $ 1,847
−Removed: The following tables present the Company’s impaired loans and specific valuation allowance at June 30, 2022 and December 31, 2021:
−Removed: June 30, 2022
+Added: The following tables present the Company’s impaired loans and specific valuation allowance at September 30, 2022 and December 31, 2021:
+Added: September 30, 2022
Balance Unpaid
31 unchanged sentences
Total impaired loans $ 6,142 $ 6,567 $ 1,049
−Removed: The following tables present the Company’s average investment in impaired loans and leases, and interest income recognized for the three and six months ended June 30, 2022 and 2021:
+Added: The following tables present the Company’s average investment in impaired loans and leases, and interest income recognized for the three and nine months ended September 30, 2022 and 2021:
Investment in
Loans and Leases Interest
−Removed: Three Months Ended June 30, 2022:
+Added: Three Months Ended September 30, 2022:
Total impaired loans
−Removed: Commercial mortgage $ 58 $ —
Commercial and industrial $ 967 $ 6
4 unchanged sentences
Loans and Leases Interest
−Removed: Six Months Ended June 30, 2022:
+Added: Nine Months Ended September 30, 2022:
Total impaired loans
6 unchanged sentences
Loans and Leases Interest
−Removed: Three Months Ended June 30, 2021:
+Added: Three Months Ended September 30, 2021:
Total impaired loans
6 unchanged sentences
Loans and Leases Interest
−Removed: Six Months Ended June 30, 2021:
+Added: Nine Months Ended September 30, 2021:
Total impaired loans
4 unchanged sentences
Total impaired loans and leases $ 5,038 $ 54
−Removed: The following table presents the Company’s nonaccrual loans and leases at June 30, 2022 and December 31, 2021:
+Added: The following table presents the Company’s nonaccrual loans and leases at September 30, 2022 and December 31, 2021:
+Added: September 30,
2022 December 31,
3 unchanged sentences
Residential mortgage 114 119
−Removed: $ 6,024 $ 6,184
−Removed: During the three and six months ended June 30, 2022 and 2021, there were no newly classified TDRs.
−Removed: For the three and six months ended June 30, 2022 and 2021, the Company recorded no charge-offs related to TDRs.
−Removed: As of June 30, 2022 and December 31, 2021, TDRs had a related allowance of $ 47,000 and $ 49,000 , respectively.
−Removed: During the three and six months ended June 30, 2022, there were no TDRs for which there was a payment default within the first 12 months of the modification.
−Removed: The CARES Act provided guidance around the modification of loans as a result of the COVID-19 pandemic, which outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined under the CARES Act prior to any relief, are not TDRs.
−Removed: This includes short-term (e.g.
−Removed: six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant.
−Removed: Borrowers are considered current under the CARES Act if they are less than 30 days past due on their contractual payments at the time a modification program is implemented.
−Removed: In March 2020, the Company began offering short-term loan modifications to assist borrowers during the COVID-19 pandemic.
−Removed: As of June 30, 2022, the Company had no loan and lease modifications outstanding related to the COVID-19 pandemic in accordance with the CARES Act.
−Removed: At June 30, 2022 and December 31, 2021, the balance of real estate owned included $ 0 and $ 27,000 , respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.
−Removed: At June 30, 2022 and December 31, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $ 1.1 million and $ 885,000 , respectively.
+Added: Total nonaccrual loans and leases $ 6,009 $ 6,184
+Added: During the three and nine months ended September 30, 2022 and 2021, there were no newly classified TDRs.
+Added: For the three and nine months ended September 30, 2022 and 2021, the Company recorded no charge-offs related to TDRs.
+Added: As of September 30, 2022 and December 31, 2021, TDRs had a related allowance of $ 46,000 and $ 49,000 , respectively.
+Added: During the three and nine months ended September 30, 2022, there were no TDRs for which there was a payment default within the first 12 months of the modification.
+Added: At September 30, 2022 and December 31, 2021, the balance of real estate owned included $ 68,000 and $ 27,000 , respectively, of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.
+Added: At September 30, 2022 and December 31, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $ 1.0 million and $ 885,000 , respectively.
The following lists the components of the net investment in direct financing leases:
+Added: September 30,
2022 December 31,
4 unchanged sentences
Net investment in direct finance leases $ 129,884 $ 126,762
−Removed: There were no leases serviced by the Company for the benefit of others at June 30, 2022 and December 31, 2021.
+Added: There were no leases serviced by the Company for the benefit of others at September 30, 2022 and December 31, 2021.
Certain leases have been sold from time to time by the Company with partial recourse.
The Company estimates and records its obligation based upon historical loss percentages.
−Removed: At both June 30, 2022 and December 31, 2021, the Company did not have any recorded recourse obligations on leases sold.
−Removed: The following table summarizes the future minimum lease payments receivable subsequent to June 30, 2022:
+Added: At both September 30, 2022 and December 31, 2021, the Company did not have any recorded recourse obligations on leases sold.
+Added: The following table summarizes the future minimum lease payments receivable subsequent to September 30, 2022:
Remainder of 2022 $ 14,836
10 unchanged sentences
Recurring Measurements
−Removed: The following tables present the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2022 and December 31, 2021:
+Added: The following tables present the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2022 and December 31, 2021:
Fair Value Measurements Using
2 unchanged sentences
(Level 2) Significant
−Removed: June 30, 2022
+Added: September 30, 2022
Available-for-sale securities
20 unchanged sentences
Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.
−Removed: There have been no significant changes in the valuation techniques during the six months ended June 30, 2022.
+Added: There have been no significant changes in the valuation techniques during the nine months ended September 30, 2022.
Available-for-Sale Securities
5 unchanged sentences
Nonrecurring Measurements
−Removed: The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2022 and December 31, 2021:
+Added: The following table presents the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2022 and December 31, 2021:
Fair Value Measurements Using
2 unchanged sentences
(Level 2) Significant
−Removed: June 30, 2022
+Added: September 30, 2022
Impaired loans, collateral dependent $ 300 $ — $ — $ 300
23 unchanged sentences
Unobservable (Level 3) Inputs
−Removed: The following tables present the fair value measurement of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at June 30, 2022 and December 31, 2021:
−Removed: Fair Value at June 30,
+Added: The following tables present the fair value measurement of assets recognized in the accompanying consolidated balance sheets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2022 and December 31, 2021:
+Added: Fair Value at September 30,
2022 Valuation
8 unchanged sentences
Fair Value of Financial Instruments
−Removed: The following tables present estimated fair values of the Company’s financial instruments at June 30, 2022 and December 31, 2021:
+Added: The following tables present estimated fair values of the Company’s financial instruments at September 30, 2022 and December 31, 2021:
Fair Value Measurements Using
2 unchanged sentences
(Level 2) Significant
−Removed: June 30, 2022
+Added: September 30, 2022
Financial assets
32 unchanged sentences
The following table presents the computation of basic and diluted EPS for the periods indicated:
−Removed: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
+Added: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
Net income $ 3,158 $ 3,082
8 unchanged sentences
Diluted Earnings Per Share $ 0.29 $ 0.27
−Removed: Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
+Added: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
Net income $ 9,661 $ 8,426
11 unchanged sentences
The Company matches employees' contributions at the rate of 50 percent for the first six percent of base salary contributed by participants.
−Removed: The Company’s expense for the plan was $ 55,000 , $ 108,000 , $ 64,000 , and $ 116,000 for the three and six months ended June 30, 2022 and 2021, respectively.
+Added: The Company’s expense for the plan was $ 62,000 , $ 170,000 , $ 49,000 , and $ 165,000 for the three and nine months ended September 30, 2022 and 2021, respectively.
Employee Stock Ownership Plan
5 unchanged sentences
Accordingly, $ 12,376,872 and $ 12,928,359 of common stock acquired by the ESOP was shown as a
−Removed: reduction of stockholders’ equity at June 30, 2022 and December 31, 2021, respectively.
+Added: reduction of stockholders’ equity at September 30, 2022 and December 31, 2021, respectively.
Shares are released to participants proportionately as the loan is repaid.
−Removed: ESOP expense for the three and six months ended June 30, 2022 and 2021 was $ 208,000 , $ 191,000 , $ 434,000 , and $ 374,000 , respectively.
+Added: ESOP expense for the three and nine months ended September 30, 2022 and 2021 was $ 188,000 , $ 622,000 , $ 207,000 , and $ 581,000 , respectively.
+Added: September 30,
2022 December 31,
14 unchanged sentences
Forfeited shares may be awarded to other eligible recipients in future grants until the 2020 EIP terminates in September 2030.
−Removed: The following table summarizes the restricted stock awards activity in the 2020 EIP during the six months ended June 30, 2022.
−Removed: Six Months Ended June 30, 2022
+Added: The following table summarizes the restricted stock awards activity in the 2020 EIP during the nine months ended September 30, 2022.
+Added: Nine Months Ended September 30, 2022
Number of Restricted Shares Weighted Average Grant Date Fair Value
2 unchanged sentences
Forfeited — —
−Removed: Non-vested, June 30, 2022 261,291 10.56
−Removed: Total compensation cost recognized in the income statement for restricted stock awards during the three and six months ended June 30, 2022 was $ 229,000 and $ 456,000 , respectively, and the related tax benefit recognized was $ 48,000 and $ 96,000 , respectively.
−Removed: As of June 30, 2022, unrecognized compensation expense related to restricted stock awards was $ 2.8 million.
+Added: Non-vested, September 30, 2022 261,291 10.56
+Added: Total compensation cost recognized in the income statement for restricted stock awards during the three and nine months ended September 30, 2022 was $ 232,000 and $ 688,000 , respectively, and the related tax benefit recognized was $ 49,000 and $ 144,000 , respectively.
+Added: As of September 30, 2022, unrecognized compensation expense related to restricted stock awards was $ 2.5 million.
Stock Option Plan.
On October 1, 2020, the Company awarded options to purchase 1,095,657 of common stock under the 2020 EIP with an exercise price of $ 10.53 per share, the fair value of a share of the Company's common stock on the date of grant, to eligible participants.
−Removed: On April 1, 2021, the Company awarded options to purchase 8,000 shares of common stock under the 2020 EIP with an exercise price of $ 13.86 per share, the fair value of a share of the Company's common stock on the date of the grant, to eligible participants.
−Removed: These options awarded vest in five equal annual installments with the first vesting occurring on
−Removed: June 30, 2021.
+Added: On April 1, 2021, the Company awarded options to purchase 8,000 shares of common stock under the
+Added: 2020 EIP with an exercise price of $ 13.86 per share, the fair value of a share of the Company's common stock on the date of the grant, to eligible participants.
+Added: These options awarded vest in five equal annual installments with the first vesting occurring on June 30, 2021.
Forfeited options may be awarded to other eligible recipients in future grants until the 2020 EIP terminates in September 2030.
−Removed: The following table summarizes the stock option activity in the 2020 EIP during the six months ended June 30, 2022.
−Removed: Six Months Ended June 30, 2022
+Added: The following table summarizes the stock option activity in the 2020 EIP during the nine months ended September 30, 2022.
+Added: Nine Months Ended September 30, 2022
Number of Shares Weighted-Average Exercise Price
2 unchanged sentences
Forfeited/expired — —
−Removed: Balance, June 30, 2022 1,050,961 10.56
+Added: Balance, September 30, 2022 1,050,961 10.56
Exercisable at end of period 413,120 $ 10.56
5 unchanged sentences
Expected life of options 6.1 years
−Removed: A summary of the status of the Company stock option shares as of June 30, 2022 is presented below.
+Added: A summary of the status of the Company stock option shares as of September 30, 2022 is presented below.
Shares Weighted Average Grant Date Fair Value
2 unchanged sentences
Forfeited — —
−Removed: Non-vested, June 30, 2022 637,841 $ 2.91
−Removed: Total compensation cost recognized in the income statement for option-based payment arrangements for the three and six months ended June 30, 2022 was $ 154,000 and $ 307,000 , respectively, and the related tax benefit recognized was $ 17,000 and $ 34,000 , respectively.
−Removed: As of June 30, 2022, unrecognized compensation expense related to the stock option awards was $ 1.9 million.
+Added: Non-vested, September 30, 2022 637,841 $ 2.91
+Added: Total compensation cost recognized in the income statement for option-based payment arrangements for the three and nine months ended September 30, 2022 was $ 156,000 and $ 463,000 , respectively, and the related tax benefit recognized was $ 17,000 and $ 51,000 , respectively.
+Added: As of September 30, 2022, unrecognized compensation expense related to the stock option awards was $ 1.7 million.
Subsequent Event
−Removed: Subsequent to June 30, 2022 through August 12, 2022, the Company purchased 32,054 shares of the Company's common stock pursuant to its existing stock repurchase programs, leaving 1,154,209 shares available for future repurchase.
+Added: Subsequent to September 30, 2022 through November 10, 2022, the Company purchased 7,186 shares of the Company's common stock pursuant to its existing stock repurchase programs, leaving 1,133,388 shares available for future repurchase.
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.