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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 March 31, 2024

 

OR 

 

☐

Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

 

Commission File No. 033-79130

 

CONSUMERS BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

Ohio 

34-1771400

(State or other jurisdiction

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

of incorporation or organization)

 

 

614 East Lincoln Way, P.O. Box 256, Minerva, Ohio  

44657

(Address of principal executive offices)  

(Zip Code)

 

(330) 868-7701

(Registrant’s telephone number)

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

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 ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).              Yes ☒ No ☐

 

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

 

Large accelerated filer ☐   

Accelerated filer ☐  

Non-accelerated filer ☒  

Smaller reporting company ☒

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to 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 ☒

 

There were 3,116,244Close shares of Registrant’s common stock, no par value, outstanding as of May 6, 2024.

 

 

 
 

 

 

CONSUMERS BANCORP, INC.

FORM 10-Q

QUARTER ENDED March 31, 2024

 

Table of Contents

 

 

Page

Number (s)

 

Part I – Financial Information
   

Item 1 – Financial Statements

  

Consolidated Balance Sheets at March 31, 2024 and June 30, 2023

1
   

Consolidated Statements of Income for the three and nine months ended March 31, 2024 and 2023 (unaudited)

2
   

Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2024 and 2023 (unaudited)

3
   

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended March 31, 2024 and 2023 (unaudited)

4-5
   

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 (unaudited)

6
   

Notes to the Consolidated Financial Statements (unaudited)

7-27
   

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

28-36
   

Item 3 – Not Applicable for Smaller Reporting Companies

  
   

Item 4 – Controls and Procedures

37

Part II – Other Information

Item 1 – Legal Proceedings

38
   

Item 1A – Not Applicable for Smaller Reporting Companies

38
   

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

38
   

Item 3 – Defaults Upon Senior Securities

38

,

  

Item 4 – Mine Safety Disclosure

38
   

Item 5 – Other Information

38
   

Item 6 – Exhibits

38
   

Signatures

39

 

 
 
 

 

PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

delete
 

CONSUMERS BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

(Dollars in thousands, except per share data)

 

March 31, 2024

(unaudited)

  

June 30,

2023

 

ASSETS

        

Cash on hand and noninterest-bearing deposits in financial institutions

 $16,052  $11,734 

Federal funds sold and interest-bearing deposits in financial institutions

  10,797   21 

Total cash and cash equivalents

  26,849   11,755 

Certificates of deposit in other financial institutions

  748   2,501 

Securities, available-for-sale

  265,646   279,605 

Securities, held-to-maturity (fair value of $5,841 at March 31, 2024 and $6,294 at June 30, 2023)

  6,428   6,970 

Equity securities, at fair value

  386   386 

Federal bank and other restricted stocks, at cost

  2,398   2,168 

Loans held for sale

  45   764 

Total loans

  742,584   710,362 

Less allowance for credit losses

  (7,911)  (7,724)

Net loans

  734,673   702,638 

Cash surrender value of life insurance

  10,430   10,222 

Premises and equipment, net

  17,072   17,182 

Goodwill

  2,452   2,452 

Core deposit intangible, net

  372   414 

Other real estate owned and repossessed assets

  175   124 

Accrued interest receivable and other assets

  23,213   22,843 

Total assets

 $1,090,887  $1,060,024 
         

LIABILITIES

        

Deposits

        

Noninterest-bearing demand

 $228,057  $250,906 

Interest bearing demand

  148,636   152,053 

Savings

  340,232   335,231 

Time

  258,205   214,343 

Total deposits

  975,130   952,533 
         

Short-term borrowings

  28,965   26,367 

Federal Home Loan Bank advances

  8,122   8,776 

Accrued interest and other liabilities

  16,573   16,864 

Total liabilities

  1,028,790   1,004,540 

Commitments and contingent liabilities

          
         

SHAREHOLDERS’ EQUITY

        

Preferred stock (no par value, 350,000 shares authorized, none outstanding)

  —   — 

Common stock (no par value, 8,500,000 shares authorized; 3,164,883 and 3,144,739 shares issued as of March 31, 2024 and June 30, 2023, respectively)

  21,091   20,769 

Retained earnings

  69,993   65,485 

Treasury stock, at cost (48,639 common shares as of March 31, 2024 and June 30, 2023)

  (695)  (809)

Accumulated other comprehensive loss

  (28,292)  (29,961)

Total shareholders’ equity

  62,097   55,484 

Total liabilities and shareholders’ equity

 $1,090,887  $1,060,024 

 

See accompanying notes to consolidated financial statements.

 

1
 
 

 

CONSUMERS BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

   

Three Months ended

March 31,

    

Nine Months ended

March 31,

  

(Dollars in thousands, except per share amounts)

  

2024

    

2023

    

2024

    

2023

  
                                 

Interest and dividend income

                                

Loans, including fees

   $ 10,288     $ 8,477     $ 30,150     $ 23,562  

Securities, taxable

     1,508       1,343       4,447       3,892  

Securities, tax-exempt

     447       564       1,370       1,747  

Equity securities

     8       8       25       25  

Federal bank and other restricted stocks

     45       34       128       104  

Federal funds sold and other interest-bearing deposits

     110       95       209       291  

Total interest and dividend income

     12,406       10,521       36,329       29,621  

Interest expense

                                

Deposits

     4,282       2,084       11,644       3,808  

Short-term borrowings

     205       120       467       274  

Federal Home Loan Bank advances

     93       88       274       138  

Total interest expense

     4,580       2,292       12,385       4,220  

Net interest income

     7,826       8,229       23,944       25,401  

Provision for credit losses on loans

     15       160       380       795  

Provision for credit losses on unfunded commitments

     23       —       102       —  

Net interest income after provision for credit losses

     7,788       8,069       23,462       24,606  
                                 

Noninterest income

                                

Service charges on deposit accounts

     402       386       1,261       1,175  

Debit card interchange income

     573       532       1,702       1,607  

Mortgage banking activity

     79       96       247       250  

Bank owned life insurance income

     70       66       208       196  

Securities losses, net

     (1 )     (2 )     (80 )     (17 )

Net change in market value of equity securities

     —       19       —       (14 )

Other

     96       79       280       265  

Total noninterest income

     1,219       1,176       3,618       3,462  
                                 

Noninterest expenses

                                

Salaries and employee benefits

     3,604       3,512       10,786       10,542  

Occupancy and equipment

     921       783       2,567       2,364  

Data processing expenses

     204       195       599       579  

Debit card processing expenses

     298       275       918       824  

Professional and director fees

     267       210       732       797  

FDIC assessments

     210       159       587       398  

Franchise taxes

     121       97       314       379  

Marketing and advertising

     154       151       538       558  

Telephone and network communications

     90       88       267       270  

Amortization of intangible

     14       14       42       42  

Other

     637       560       1,866       1,689  

Total noninterest expenses

     6,520       6,044       19,216       18,442  

Income before income taxes

     2,487       3,201       7,864       9,626  

Income tax expense

     435       565       1,387       1,646  

Net income

   $ 2,052     $ 2,636     $ 6,477     $ 7,980  
                                 

Basic and diluted earnings per share

   $ 0.66     $ 0.86     $ 2.09     $ 2.60  

 

See accompanying notes to consolidated financial statements.

 

2
 
 

 

CONSUMERS BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

(Dollars in thousands)

  

Three Months ended

March 31,

    

Nine Months ended

March 31,

  
   

2024

    

2023

    

2024

    

2023

  
                                 

Net income

   $ 2,052     $ 2,636     $ 6,477     $ 7,980  
                                 

Other comprehensive income (loss), net of tax:

                                

Net change in unrealized losses on securities available-for-sale:

                                

Unrealized (losses) gains arising during the period

     (3,772 )     4,670       2,032       (6,041 )

Reclassification adjustment for net losses included in income

     1       2       80       17  

Net unrealized (losses) gains

     (3,771 )     4,672       2,112       (6,024 )

Income tax effect

     792       (981 )     (443 )     1,265  

Other comprehensive (loss) income

     (2,979 )     3,691       1,669       (4,759 )
                                 

Total comprehensive (loss) income

   $ (927 )   $ 6,327       8,146       3,221  

 

See accompanying notes to consolidated financial statements.

 

3

 

 

 

CONSUMERS BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

 

(Dollars in thousands, except per share data)

 

Common Stock

  

Retained
Earnings

  

Treasury
Stock

  

Accumulated
Other
Comprehensive
Income (Loss)

  

Total
Shareholders’
Equity

 

Balance, December 31, 2023

 $21,014  $68,504  $(695) $(25,313) $63,510 

Net income

  —   2,052   —   —   2,052 

Other comprehensive loss

  —   —   —   (2,979)  (2,979)

Restricted stock expense

  15   —   —   —   15 

Issuance of 3,680 shares associated with dividend reinvestment plan and stock purchase plan

  62   —   —   —   62 

Cash dividends declared ($0.18 per share)

  —   (563)  —   —   (563)

Balance, March 31, 2024

 $21,091  $69,993  $(695) $(28,292) $62,097 

 

(Dollars in thousands, except per share data)

 

Common Stock

  

Retained
Earnings

  

Treasury
Stock

  

Accumulated
Other
Comprehensive
Income (Loss)

  

Total
Shareholders’
Equity

 

Balance, December 31, 2022

 $20,557  $61,205  $(809) $(30,556) $50,397 

Net income

  —   2,636   —   —   2,636 

Other comprehensive income

  —   —   —   3,691   3,691 

Restricted stock expense

  34   —      —   34 

Issuance of 3,092 shares associated with dividend reinvestment plan and stock purchase plan

  59   —   —   —   59 

Cash dividends declared ($0.17 per share)

  —   (524)  —   —   (524)

Balance, March 31, 2023

 $20,650  $63,317  $(809) $(26,865) $56,293 

 

(Dollars in thousands, except per share data)

 

Common Stock

  

Retained
Earnings

  

Treasury
Stock

  

Accumulated
Other
Comprehensive
Income (Loss)

  

Total
Shareholders’
Equity

 

Balance, June 30, 2023

 $20,769  $65,485  $(809) $(29,961) $55,484 

Adoption of ASU 2016-13

  —   (285)  —   —   (285)

Net income

  —   6,477   —   —   6,477 

Other comprehensive income

  —   —   —   1,669   1,669 

Vesting of 10,283 shares associated with restricted stock awards

  81   —   114   —   195 

Issuance of 8,519 stock-based incentive plan shares, net of forfeitures

  2   —   —   —   2 

Restricted stock expense

  43   —   —   —   43 

Issuance of 11,625 shares associated with dividend reinvestment plan and stock purchase plan

  196   —   —   —   196 

Cash dividends declared ($0.54 per share)

  —   (1,684)  —   —   (1,684)

Balance, March 31, 2024

 $21,091  $69,993  $(695) $(28,292) $62,097 

 

4

 

 

CONSUMERS BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)

(Unaudited)

 

(Dollars in thousands, except per share data)

 

Common Stock

  

Retained
Earnings

  

Treasury
Stock

  

Accumulated
Other
Comprehensive
Loss

  

Total
Shareholders’
Equity

 

Balance, June 30, 2022

 $20,287  $56,906  $(1,117) $(22,106) $53,970 

Net income

  —   7,980   —   —   7,980 

Other comprehensive loss

  —   —   —   (4,759)  (4,759)

Vesting of 26,743 shares associated with restricted stock awards

  85   —   308   —   393 

Restricted stock expense

  101   —   —   —   101 

Issuance of 9,036 shares associated with dividend reinvestment plan and stock purchase plan

  177   —   —   —   177 

Cash dividends declared ($0.51 per share)

  —   (1,569)  —   —   (1,569)

Balance, March 31, 2023

 $20,650  $63,317  $(809) $(26,865) $56,293 

 

See accompanying notes to consolidated financial statements.

 

5

 

 

 

CONSUMERS BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

(Dollars in thousands)

  

Nine Months Ended

March 31,

  
   

2024

    

2023

  

Cash flows from operating activities

                

Net cash from operating activities

   $ 7,732     $ 10,662  

Cash flow from investing activities

                

Purchases of securities, available-for-sale

     (8,970 )     (22,742 )

Maturities, calls and principal pay downs of securities, available-for-sale

     16,452       15,368  

Sale of securities, available-for-sale

     8,092       9,685  

Principal pay downs of securities, held-to-maturity

     542       536  

Net decrease in certificates of deposit in other financial institutions

     1,753       1,024  

Net change in Federal Home Loan Bank stock, at cost

     (230 )     270  

Net increase in loans

     (32,519 )     (77,592 )

Premises and equipment purchases

     (811 )     (1,650 )

Sale of other repossessed assets

     —       11  

Net cash used in investing activities

     (15,691 )     (75,090 )

Cash flow from financing activities

                

Net increase in deposit accounts

     22,597       67,837  

Net change in short-term borrowings

     2,598       2,304  

Proceeds from Federal Home Loan Bank advances

     18,300       16,400  

Repayments of Federal Home Loan Bank advances

     (18,954 )     (16,466 )

Proceeds from dividend reinvestment and stock purchase plan

     196       177  

Dividends paid

     (1,684 )     (1,569 )

Net cash from financing activities

     23,053       68,683  

Increase in cash or cash equivalents

     15,094       4,255  

Cash and cash equivalents, beginning of period

     11,755       20,952  

Cash and cash equivalents, end of period

   $ 26,849     $ 25,207  
                 

Supplemental disclosure of cash flow information:

                

Cash paid during the period:

                

Interest

   $ 11,823     $ 4,011  

Federal income taxes

     1,575       1,515  

Non-cash items:

                

Transfer from loans to repossessed assets

     51       11  

Issuance of treasury stock for vested restricted stock awards

     195       393  

 

See accompanying notes to consolidated financial statements.

 

6

CONSUMERS BANCORP, INC.

Notes to the Consolidated Financial Statements

(Unaudited)

 

(Dollars in thousands, except per share amounts)

 

 

Note 1 – Summary of Significant Accounting Policies:

 

Nature of Operations: Consumers Bancorp, Inc. (the Company) is a bank holding company headquartered in Minerva, Ohio that provides, through its banking subsidiary, Consumers National Bank (the Bank), a broad array of products and services throughout its primary market area of Carroll, Columbiana, Jefferson, Mahoning, Stark, Summit, and contiguous counties in Ohio, Pennsylvania, and West Virginia. The Bank’s business involves attracting deposits from businesses and individual customers and using such deposits to originate commercial, mortgage and consumer loans in its primary market area.

 

Basis of Presentation: The consolidated financial statements for interim periods are unaudited and reflect all adjustments (consisting of only normal recurring adjustments), which, in the opinion of management, are necessary to present fairly the financial position and results of operations and cash flows for the periods presented. The unaudited financial statements are presented in accordance with the requirements of Form 10-Q and do not include all disclosures normally required by accounting principles generally accepted in the United States of America. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended June 30, 2023. The results of operations for the interim period disclosed herein are not necessarily indicative of the results that may be expected for a full year.

 

The consolidated financial statements include the accounts of the Company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation.

 

Segment Information: The Company is a bank holding company engaged in the business of commercial and retail banking, which accounts for substantially all the revenues, operating income, and assets. Accordingly, all the Company’s operations are recorded in one segment, banking.

 

Reclassifications: Certain items in prior financial statements have been reclassified to conform to the current presentation. Any reclassifications had no impact on prior year net income or shareholders’ equity.

 

Adoption of New Accounting Standards: In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU replaces the incurred loss methodology for recognizing credit losses and requires companies to measure the current expected credit losses (CECL) on financial instruments measured at amortized cost, such as loans, held-to-maturity debt securities, and other receivables at the time the financial asset is originated or acquired and certain off-balance sheet credit exposures. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. For available-for-sale securities where fair value is less than cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk.

 

This guidance became effective for the Company on July 1, 2023 and was adopted using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The Company’s results for periods beginning after July 1, 2023 are presented under ASC 326 while results for prior periods are presented in accordance with previously applicable accounting standards.

 

At adoption, the Company recognized an incremental allowance for credit losses on loans of $52 and a liability for off-balance sheet unfunded commitments of $308. Additionally, a $285 decrease to the retained earnings account associated with the increased estimated credit losses was recorded along with the $75 tax impact portion being recorded as part of the deferred tax asset in other assets on our Consolidated Balance Sheet.

 

Allowance for Credit Losses (ACL)

Topic 326 eliminated the probable initial recognition threshold and instead, requires an entity to reflect its current estimate of all expected credit losses based on historical experience, current conditions and reasonable and supportable forecasts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. The allowance for credit losses is evaluated on a regular basis and established through charges to earnings in the form of a provision for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

 

7
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 

Portfolio Segmentation

The allowance for credit losses consists of general and specific components. The general component covers loans within portfolio segments that are collectively evaluated for credit losses. Portfolio segmentation is the pooling of loans based upon similar risk characteristics so that quantitative methodologies and qualitative adjustment factors for estimating the allowance for credit losses can be applied to the pool of loans in each segment. The Company has identified six portfolio segments of loans including Commercial & Industrial, Commercial Real Estate, Farmland, Land Development, 1 – 4 Family Residential Real Estate, and Consumer loans. Each segment has a distinct set of risk characteristics that are monitored by management. Below are the risk characteristics of the loan segments.

 

Commercial & Industrial: Commercial loans are made for a wide variety of general business purposes, including financing for equipment, inventories and accounts receivable. The term of each commercial loan varies by its purpose. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Current and projected cash flows are evaluated to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and usually incorporate a personal guarantee; however, some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications, including agriculture, primarily in the areas where the Bank operates.

 

Commercial Real Estate: Commercial real estate loans include mortgage loans to owners of owner-occupied commercial properties, commercial investment properties, and multi-family investment properties as well as loans originated to finance the construction of owner occupied and investment properties. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Current and projected cash flows are evaluated to determine the ability of the borrower to repay their obligations as agreed. Loans secured by existing commercial real estate have fixed or variable rates with amortization periods of up to 25 years.

 

Commercial construction loans generally adjust with the prime rate during the construction period and may convert to amortizing loans with maturities up to 25 years. Loan proceeds are disbursed in increments as construction progresses and as inspections warrant, and regular inspections are required to monitor the progress of construction through completion. The property owner’s and/or guarantor’s financial strength, expertise, credit history, and the projected cash flow of the property are considered during underwriting of construction loans. Construction financing is considered to involve a higher degree of credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan is dependent largely upon the accuracy of the initial estimate of the property’s value at completion of construction compared to the estimated cost (including interest) of construction. If the estimate of value proves to be inaccurate, there may not be sufficient funds to complete the project, or a completed project with an insufficient value to assure full repayment.  We attempt to reduce such risks on construction loans by including a contingency amount in the financing package, through inspections of construction progress on the property, by reviewing the owner’s financial strength, the success of the owners’ and / or contractor’s past projects, and by requiring personal guarantees of the owners.

 

Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and are primarily located in our immediate and surrounding market area. This diversity helps reduce the Company’s exposure to adverse economic events that may affect any single market or industry. The three largest collateral concentrations within the commercial real estate non-owner occupied portfolio are retail rental, office rental, and nursing home/assisted living facilities. The office rental segment includes a high percentage of medical facilities that require special build outs that would make it more costly for a tenant to change locations. Also, personal guarantees are typically obtained on commercial real estate loans. Commercial real estate loans are originated primarily in the area in which the bank operates. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria.

 

8
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 

Farmland: Farmland loans include loans to finance or refinance the acquisition or improvement of land used for agricultural purposes. The loans are secured by mortgages on the land and buildings, contain fixed and variable rates, and amortize over periods up to 30 years. The portfolio is concentrated within the bank’s primary market area and is diversified across a number of agricultural segments with grain, dairy, and beef cattle operations comprising the largest segments. Current and projected cash flows are evaluated to determine the ability of the borrower to repay their obligations as agreed. Agriculture lending is largely dependent on the successful management and operation of the farm and may be adversely affected by volatile commodity prices, weather, rising farm production costs, and fluctuating land value.

 

Land Development: Land Development loans include loans to finance the land acquisition and the infrastructure improvements necessary to develop saleable residential lots located within our primary market area. Land development loans are adjustable-rate loans with interest only periods generally up to three years. Principal payments are tied to the sale of the developed lots to related or third party residential builders, or individual borrowers. Loan proceeds are disbursed in increments as development progresses and as inspections warrant, and regular inspections are required to monitor the progress of development through completion. In underwriting construction loans, we consider the property owner’s and/or guarantor’s financial strength, expertise, credit history, and the projected cash flow of the saleable lots.

 

Land development financing is considered to involve a higher degree of credit risk than long-term financing on improved real estate. Risk of loss on a development loan is dependent largely upon the accuracy of the initial estimate of development costs and of the respective values of the completed lots. If the estimate of value proves to be inaccurate, we may be confronted with a project, when completed, having a value which is insufficient to assure full repayment. We attempt to reduce such risks on development loans by including a contingency amount in the financing package, through inspections of construction progress on the property, by reviewing the developers financial strength and past projects, and requiring personal guarantees.

 

1-4 Family Residential Real Estate: Residential real estate loans are secured by one to four family residential properties and include owner occupied, non-owner occupied, construction, and home equity loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appropriately appraised value of the real estate securing the loan that generally requires that the residential real estate loan amount be no more than 85% of the purchase price or the appraised value of the real estate securing the loan unless the borrower purchases private mortgage insurance. Residential mortgage loans to purchase or refinance existing homes are fixed or variable rate and contain amortization periods of up to thirty years. Residential construction loans are secured by mortgages on the subdivided lot, have a fixed rate interest only period of up to 18-months, and may convert to a fixed or variable rate loan with amortization periods of up to thirty years.

 

Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans, personal lines of credit, and unsecured consumer loans in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances as compared to real estate mortgage loans, and generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances and economic conditions. Consumer loans generally have fixed rates and amortization periods up to 84 months.

 

The allowance for credit losses for portfolio segments is evaluated based upon periodic quantitative review of the collectability of the loans that correlates historical loan experience with reasonable and supportable forecasts using forward looking information. The Company utilizes a discounted cash flow (loss rate, expected loss) method to estimate the quantitative portion of the allowance for credit losses for all portfolio segments.

 

9
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 

For each portfolio segment, a loss driver analysis (LDA) is performed to identify appropriate loss indicators and create a regression model for use in forecasting cash flows. The LDA analysis utilizes peer data from the Federal Financial Institutions Examination Council’s (FFIEC) Call Report data for all segments. The Company has established a one-year reasonable and supportable forecast period with a one-year straight-line reversion to the long-term historical average. Key inputs into the discounted cash flow model include loan-level detail, including the amortized cost basis of individual loans, payment structure, and forecasted loss drivers. Since the Company has had very limited loss experience, management elected to utilize benchmark peer loss history data to estimate historical loss rates. Management worked with a third-party advisory firm to identify an appropriate peer group for each loan segment that shares similar characteristics. The Company uses the central tendency seasonally adjusted civilian unemployment rate forecast from the FOMC for all portfolio segments. Other key assumptions include a maturity assumption for loans without maturity dates and prepayment / curtailment rates specific to each loan segment. Prepayment and curtailment rates are calculated based on the Company’s own data.

 

Adjustments may be made to the quantitative evaluation to account for differences in current or expected qualitative risk characteristics such as changes in underwriting standards, changes in the value of underlying collateral, the existence and effect of portfolio concentration, delinquency level, regulatory environment, economic conditions, Company management and the status of portfolio administration including the Company’s loan review function.

 

Individually Evaluated Loans

Loans that do not share similar risk characteristics are evaluated on an individual basis and are excluded from the pooling approach discussed above for the forecasted allowance for credit losses. The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics. Individually evaluated loans include the third-party residential mortgage warehouse line-of-credit, nonaccrual loans, modified loans to borrowers experiencing financial difficulty, and other loans deemed appropriate by management. Specific reserves on non-performing loans are typically based on management’s best estimate of the fair value of collateral securing these loans, adjusted for selling costs as appropriate.

 

Reserve for Unfunded Commitments

The reserve for unfunded commitments represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit over the contractual period in which we are exposed to credit risk on the underlying commitments unless the obligation is unconditionally cancellable by the Company. Any reserve for off-balance sheet credit exposures is reported as an other liability on our Consolidated Balance Sheet and is increased or decreased via the provision for credit losses account on our Consolidated Statement of Income. The calculation includes consideration of the likelihood that funding will occur and forecasted credit losses on commitments expected to be funded over their estimated lives. The reserve is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to be funded.

 

Available-for-Sale (AFS) and Held-to-Maturity (HTM) Debt Securities

For AFS securities in an unrealized loss position, management determines whether the Company intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis. If either of the criteria is met, the security’s amortized cost basis is written down to fair value through income with an allowance being established under CECL. For AFS securities with unrealized losses not meeting these criteria, management evaluates whether any decline in fair value is due to credit loss factors. In making this assessment, management considers any changes to the rating of the security by rating agencies and adverse conditions specifically related to the issuer of the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Changes in the allowance for credit losses under ASC 326-30 are recorded as provisions for (or reversal of) credit loss expense. Losses are charged against the allowance when the collectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of income taxes.

 

Since the adoption of CECL, the Company monitors the credit quality of HTM debt securities primarily through the financial condition of the issuer. Any allowance for credit losses on HTM securities would be a contra asset valuation account that would be deducted from the carrying amount of HTM securities to present the net amount expected to be collected and would be charged off against the allowance for credit losses when deemed uncollectible. Adjustments to the allowance for credit losses would be reported in the Company’s Consolidated Statements of Income in the provision for credit losses. Since all the HTM securities are non-rated municipal securities to local customers, management considers the financial condition of the issuer and whether issuers continue to make timely principal and interest payments under the contractual terms of the securities.

 

10
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 

At March 31, 2024 and at adoption of CECL on July 1, 2023, there was no allowance for credit losses related to AFS or HTM debt securities. Accrued interest receivable on debt securities was excluded from the estimate of credit losses.

 

Accrued Interest Receivable

Upon adoption of ASU 2016-13 and its related amendments on July 1, 2023, the Company elected to do the following regarding accrued interest receivable:

 

 

•

Exclude accrued interest receivable that is included in the amortized cost of financing receivables and debt securities from related disclosure requirements.

 

•

Continue its policy to write off accrued interest receivable by reversing it from interest income. For commercial and real estate loans, accruing interest is typically discontinued and any balance is written off when the loan becomes 90 days past due. For consumer loans, accrued interest is typically written off no later than when the loan becomes 120 days past due. Due to the composition of the securities portfolio, uncollectible accrued interest receivable on the securities portfolio is rare. Any accrued interest receivable would be written off by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial.

 

•

Not measure an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above.

 

On July 1, 2023, the Company adopted ASU 2022-02, Financial Instruments – Credit Losses (ASC 326): Troubled Debt Restructurings (TDRs) and Vintage Disclosures. The guidance amends ASC 326 to eliminate the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancing and restructuring activities by creditors when a borrower is experiencing financial difficulty. The ASU requires enhanced disclosures related to certain modifications of receivables made to borrowers experiencing financial difficulty and requires that an entity disclose current-period gross write-offs by year of origination within the vintage disclosures. The adoption of the ASU did not have a significant impact on the Company’s financial statements.

 

Recent Accounting Pronouncements: In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). The FASB issued ASU 2023-09 to address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is to be applied on a prospective basis and is effective for annual periods beginning after December 15, 2024 with early adoption permitted. ASU 2023-09 will impact income tax disclosures, and the Company does not expect a material impact to the Company’s consolidated financial statements.

 

11
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 
 

Note 2 – Securities

 

Debt securities

 

The following tables summarize the amortized cost, fair value, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss on the Company’s debt securities available-for-sale and gross unrecognized losses on the Company’s debt securities held-to-maturity as of March 31, 2024 and June 30, 2023:

 

Available –for-Sale

 

Amortized
Cost

  

Gross
Unrealized
Gains

  

Gross
Unrealized Losses

  

Fair
Value

 

March 31, 2024

                

Obligations of U.S. Treasury

 $6,465  $—  $(273) $6,192 

Obligations of U.S. government-sponsored entities and agencies

  28,327   7   (3,450)  24,884 

Obligations of state and political subdivisions

  86,510   88   (7,651)  78,947 

U.S. Government-sponsored mortgage-backed securities–residential

  96,885   —   (14,736)  82,149 

U.S. Government-sponsored mortgage-backed securities– commercial

  8,589   —   (1,743)  6,846 

U.S. Government-sponsored collateralized mortgage obligations– residential

  57,621   108   (5,692)  52,037 

Other debt securities

  17,062   —   (2,471)  14,591 

Total securities available-for-sale

 $301,459  $203  $(36,016) $265,646 

 

Held-to-Maturity

 

Amortized
Cost

  

Gross
Unrecognized
Gains

  

Gross
Unrecognized

Losses

  

Fair
Value

 

March 31, 2024

                

Obligations of state and political subdivisions

 $6,428  $—  $(587) $5,841 

 

Available-for-sale

 

Amortized
Cost

  

Gross
Unrealized
Gains

  

Gross
Unrealized
Losses

  

Fair
Value

 

June 30, 2023

                

Obligation of U.S Treasury

 $8,941  $—  $(533) $8,408 

Obligations of U.S. government-sponsored entities and agencies

  29,430   7   (3,745)  25,692 

Obligations of state and political subdivisions

  92,891   63   (8,982)  83,972 

U.S. Government-sponsored mortgage-backed securities - residential

  104,689   12   (15,066)  89,635 

U.S. Government-sponsored mortgage-backed securities - commercial

  8,604   —   (1,809)  6,795 

U.S. Government-sponsored collateralized mortgage obligations – residential

  55,800   8   (5,738)  50,070 

Other debt securities

  17,175   —   (2,142)  15,033 

Total securities available-for-sale

 $317,530  $90  $(38,015) $279,605 

 

Held-to-maturity

 

Amortized
Cost

  

Gross
Unrecognized
Gains

  

Gross
Unrecognized

Losses

  

Fair
Value

 

June 30, 2023

                

Obligations of state and political subdivisions

 $6,970  $—  $(676) $6,294 

 

12
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 

Proceeds from the sale of available-for-sale securities were as follows:

 

  

Three Months Ended

March 31,

  

Nine Months Ended

March 31,

 
  

2024

  

2023

  

2024

  

2023

 

Proceeds from sales

 $4,090  $5,977  $8,092  $9,685 

Gross realized gains

  14   35   14   43 

Gross realized losses

  15   37   94   60 

 

The income tax benefit related to the net realized losses for the three-month periods ended March 31, 2024 and 2023 were less than $1. The income tax benefit related to the net realized losses amounted to $17 for the nine month period ended March 31, 2024 and $4 for the nine month period ended March 31, 2023.

 

The amortized cost and fair values of debt securities as of March 31, 2024, by expected maturity, are shown below. 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. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. 

 

Available-for-Sale

 

Amortized

Cost

  

Estimated Fair

Value

 

Due in one year or less

 $10,850  $10,664 

Due after one year through five years

  27,761   22,452 

Due after five years through ten years

  32,458   32,954 

Due after ten years

  67,295   58,544 

Total

  138,364   124,614 
         

U.S. Government-sponsored mortgage-backed and related securities

  163,095   141,032 

Total securities available-for-sale

 $301,459  $265,646 
         

Held-to-Maturity

        

Due in one year or less

 $86  $85 

Due after one year through five years

  2,634   2,555 

Due after five years through ten years

  3,708   3,201 

Total securities held-to-maturity

 $6,428  $5,841 

 

Securities with a carrying value of approximately $156,460 and $137,896 were pledged at March 31, 2024 and June 30, 2023, respectively, to secure public deposits and commitments as required or permitted by law.

 

13
 
CONSUMERS BANCORP, INC.
Notes to the Consolidated Financial Statements
(Unaudited) (continued)
 
(Dollars in thousands, except per share amounts)
 

The following table summarizes the debt securities with unrealized and unrecognized losses as of March 31, 2024 and June 30, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 

  

Less than 12 Months

  

12 Months or more

  

Total

 

Available-for-sale

 

Fair
Value

  

Unrealized
Loss

  

Fair
Value

  

Unrealized
Loss

  

Fair
Value

  

Unrealized
Loss

 

March 31, 2024

                        

Obligation of U.S. Treasury

 $—  $—  $6,192  $(273) $6,192  $(273)

Obligations of U.S. government-sponsored entities and agencies

  877   (6)  23,006   (3,444)  23,883   (3,450)

Obligations of state and political subdivisions

  6,250   (85)  63,934   (7,566)  70,184   (7,651)

U.S. Government-sponsored mortgage-backed securities – residential

  3,426   (45)  78,723   (14,691)  82,149   (14,736)

U.S. Government-sponsored mortgage-backed securities – commercial

  —   —   6,846   (1,743)  6,846   (1,743)

Collateralized mortgage obligations - residential

  12,626   (171)  32,818   (5,521)  45,444   (5,692)

Other debt securities

  —   —   14,591   (2,471)  14,591   (2,471)

Total temporarily impaired

 $23,179  $(307) $226,110  $(35,709) $249,289  $(36,016)

 

  

Less than 12 Months

  

12 Months or more

  

Total

 

Held to Maturity

 

Fair
Value

  

Unrecognized
Loss

  

Fair
Value

  

Unrecognized
Loss

  

Fair
Value

  

Unrecognized
Loss

 

March 31, 2024

                        

Obligations of state and political subdivisions

 $—  $—  $