Peoples Financial Services (PFIS) 10-K16 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-36388
Entity Registrant Name	Peoples Financial Services Corp.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 306,836,213
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2391852
Entity Address, Address Line One	150 North Washington Avenue
Entity Address, City or Town	Scranton
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18503
City Area Code	570
Local Phone Number	346-7741
Title of 12(b) Security	Common stock, $2.00 par value
Trading Symbol	PFIS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,168,312
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001056943
Amendment Flag	false
Auditor Firm ID	23
Auditor Name	Baker Tilly US, LLP
Auditor Location	Wilkes-Barre, Pennsylvania

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents
Cash and due from banks	$ 30,415	$ 29,287
Interest-bearing deposits in other banks	7,093	15,905
Federal funds sold	242,425	183,000
Total cash and cash equivalents	279,933	228,192
Investment securities:
Available-for-sale	517,321	295,911
Equity investments carried at fair value	140	138
Held-to-maturity: Fair value December 31, 2021, $70,446; December 31, 2020, $7,513	71,213	7,225
Total investment securities	588,674	303,274
Loans	2,329,173	2,177,982
Less: allowance for loan losses	28,383	27,344
Net loans	2,300,790	2,150,638
Loans held for sale	408	837
Premises and equipment, net	51,502	47,045
Accrued interest receivable	8,528	8,255
Goodwill	63,370	63,370
Intangible assets, net	468	960
Bank owned life insurance	42,754	42,316
Other assets	33,056	38,915
Total assets	3,369,483	2,883,802
Deposits:
Noninterest-bearing	737,756	622,475
Interest-bearing	2,225,641	1,814,638
Total deposits	2,963,397	2,437,113
Short-term borrowings		50,000
Long-term debt	2,711	14,769
Subordinated debentures	33,000	33,000
Accrued interest payable	408	736
Other liabilities	29,841	31,307
Total liabilities	3,029,357	2,566,925
Stockholders' equity:
Common stock, par value $2.00, authorized 25,000,000 shares, issued and outstanding 7,169,372 shares at December 31, 2021 and 7,215,202 shares at December 31, 2020	14,341	14,431
Capital surplus	127,549	129,274
Retained earnings	203,750	171,023
Accumulated other comprehensive income (loss)	(5,514)	2,149
Total stockholders' equity	340,126	316,877
Total liabilities and stockholders' equity	$ 3,369,483	$ 2,883,802

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position
Held-to-maturity, Fair value	$ 70,446	$ 7,513
Common stock, par value	$ 2	$ 2
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	7,169,372	7,215,202
Common stock, shares outstanding	7,169,372	7,215,202

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest and fees on loans:
Taxable	$ 82,493	$ 83,683	$ 82,488
Tax-exempt	3,957	3,736	4,309
Interest and dividends on investment securities:
Taxable	5,464	5,334	4,435
Tax-exempt	1,731	1,178	1,878
Dividends	74	97	84
Interest on interest-bearing deposits in other banks	8	31	65
Interest on federal funds sold	330	66	122
Total interest income	94,057	94,125	93,381
Interest expense:
Interest on deposits	7,310	11,739	14,995
Interest on short-term borrowings	78	848	1,642
Interest on long-term debt	260	702	1,231
Interest on subordinated debt	1,774	1,035
Total interest expense	9,422	14,324	17,868
Net interest income	84,635	79,801	75,513
Provision for loan losses	1,750	7,400	6,100
Net interest income after provision for loan losses	82,885	72,401	69,413
Noninterest income:
Mortgage banking income	975	1,595	600
Increase in cash surrender value of life insurance	889	774	755
Interest rate swap revenue	759	2,321	1,790
Net gain (loss) on equity investment securities	2	(6)	132
Net gain on sale of investment securities available-for-sale		918	23
Gain on sale of Visa Class B shares	12,153
Total noninterest income	25,636	16,642	15,120
Noninterest expense:
Salaries and employee benefits expense	29,736	30,135	31,374
Net occupancy and equipment expense	12,848	12,840	11,911
Amortization of intangible assets	491	606	730
Professional fees and outside services	2,137	2,091	1,758
FDIC insurance and assessments	1,117	873	651
Donations	1,435	1,357	1,441
Other expenses	7,240	6,966	7,777
Total noninterest expense	55,004	54,868	55,642
Income before income taxes	53,517	34,175	28,891
Income tax expense	9,998	4,821	3,155
Net income	43,519	29,354	25,736
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities available-for-sale	(11,487)	8,779	5,109
Reclassification adjustment for net gain on sales included in net income		(918)	(23)
Change in benefit plan liabilities	2,109	(1,398)	639
Change in derivative fair value	(322)	315	441
Other comprehensive income (loss)	(9,700)	6,778	6,166
Income tax expense (benefit)	(2,037)	1,424	1,295
Other comprehensive income (loss), net of income taxes	(7,663)	5,354	4,871
Comprehensive income	$ 35,856	$ 34,708	$ 30,607
Net income:
Basic	$ 6.05	$ 4.02	$ 3.48
Diluted	$ 6.02	$ 4	$ 3.47
Average common shares outstanding:
Basic	7,196,160	7,304,956	7,395,429
Diluted	7,235,303	7,337,843	7,412,369
Dividends declared	$ 1.50	$ 1.44	$ 1.37
Service charges, fees and commissions
Noninterest income:
Revenue from contracts with customers	$ 6,169	$ 6,809	$ 7,236
Merchant services income
Noninterest income:
Revenue from contracts with customers	879	824	973
Commission and fees on fiduciary activities
Noninterest income:
Revenue from contracts with customers	2,273	2,125	2,087
Wealth management income
Noninterest income:
Revenue from contracts with customers	$ 1,537	$ 1,282	$ 1,524

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2018	$ 14,798	$ 135,310	$ 136,582	$ (8,076)	$ 278,614
Net income			25,736		25,736
Other comprehensive (loss) income, net of income taxes				4,871	4,871
Dividends declared			(10,131)		(10,131)
Stock based compensation		554			554
Share retirement	(29)	(605)			(634)
Common stock grants awarded, net of unearned compensation	8	(8)
Balance at Dec. 31, 2019	14,777	135,251	152,187	(3,205)	299,010
Net income			29,354		29,354
Other comprehensive (loss) income, net of income taxes				5,354	5,354
Dividends declared			(10,518)		(10,518)
Stock based compensation		570			570
Share retirement	(363)	(6,530)			(6,893)
Common stock grants awarded, net of unearned compensation	17	(17)
Balance at Dec. 31, 2020	14,431	129,274	171,023	2,149	316,877
Net income			43,519		43,519
Other comprehensive (loss) income, net of income taxes				(7,663)	(7,663)
Dividends declared			(10,792)		(10,792)
Stock based compensation		546			546
Share retirement	(108)	(2,253)			(2,361)
Common stock grants awarded, net of unearned compensation	18	(18)
Balance at Dec. 31, 2021	$ 14,341	$ 127,549	$ 203,750	$ (5,514)	$ 340,126

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity
Dividends declared (in dollars per share)	$ 1.50	$ 1.44	$ 1.37
Share retired, shares	54,285	181,417	14,428
Common stock grants awarded, net of unearned compensation (in shares)	9,192	8,506	3,854
Unearned income	$ 182	$ 520	$ 147

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 43,519	$ 29,354	$ 25,736
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment	2,702	2,900	3,083
Amortization of right-of-use lease asset	449	744	398
Accretion of deferred loan fees, net	(491)	(2,236)	(164)
Amortization of intangibles	491	606	730
Amortization of low income housing partnerships	427	569	476
Provision for loan losses	1,750	7,400	6,100
Net unrealized (gain) loss on equity investment securities	(2)	35	(132)
Gain on sale of Visa Class B shares	(12,153)
Net (gain) loss on sale of other real estate owned	(126)	39	9
Net gain on sale of equity securities		(29)
Loans originated for sale	(24,387)	(43,780)	(15,901)
Proceeds from sale of loans originated for sale	25,147	44,832	15,753
Net gain on sale of loans originated for sale	(331)	(903)	(89)
Net amortization of investment securities	1,317	1,084	1,668
Net gain on sale of investment securities available-for-sale		(918)	(23)
Gain on sale of premises and equipment	(50)
Increase in cash surrender value of life insurance	(889)	(774)	(755)
Deferred income tax expense	450	(1,779)	394
Stock based compensation	546	570	554
Net change in:
Accrued interest receivable	(273)	(1,274)	134
Other assets	1,128	(12,268)	(3,363)
Accrued interest payable	(328)	(541)	82
Other liabilities	1,875	13,549	2,389
Net cash provided by operating activities	40,771	37,180	37,079
Cash flows from investing activities:
Proceeds from sales of investment securities available-for-sale		65,120	9,677
Proceeds from sale of Visa Class B shares	12,153
Proceeds from repayments of investment securities:
Available-for-sale	2,886	427	697
Held-to-maturity	57,513	84,622	57,477
Purchases of investment securities:
Available-for-sale	(291,658)	(107,196)	(124,501)
Held-to-maturity	(66,943)
Net redemption (purchase) of restricted equity securities	1,352	4,804	(2,739)
Net increase in loans	(151,955)	(241,307)	(119,998)
Investment in bank owned life insurance		(6,500)
Purchases of premises and equipment	(4,885)	(2,292)	(5,603)
Proceeds from the sale of premises and equipment	58	435
Proceeds from bank owned life insurance	451
Proceeds from sale of other real estate owned	925	647	269
Net cash used in investing activities	(440,103)	(201,240)	(184,721)
Cash flows from financing activities:
Net increase in deposits	526,284	465,624	96,467
Proceeds from long-term debt			16,000
Repayment of long-term debt	(12,058)	(17,964)	(21,173)
Net decrease in short-term borrowings	(50,000)	(102,150)	65,650
Retirement of common stock	(2,361)	(6,893)	(634)
Cash dividends paid	(10,792)	(10,518)	(10,131)
Net cash provided by financing activities	451,073	361,099	146,179
Net increase (decrease) in cash and cash equivalents	51,741	197,039	(1,463)
Cash and cash equivalents at beginning of period	228,192	31,153	32,616
Cash and cash equivalents at end of period	279,933	228,192	31,153
Cash paid during the period for:
Interest	9,750	14,865	17,786
Income taxes	6,740	6,250	4,550
Noncash items:
Transfers of loans to other real estate	544	1,163	421
Initial recognition of right-of-use assets	2,731	899	6,523
Initial recognition of lease liability	2,731	899	6,523
Origination of mortgage servicing rights	$ 247	318	$ 172
Paycheck Protection Program Liquidity Facility
Cash flows from financing activities:
Proceeds from long-term debt		103,650
Repayment of long-term debt		(103,650)
Subordinated Debentures
Cash flows from financing activities:
Proceeds from long-term debt		$ 33,000

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2021
Summary of significant accounting policies
Summary of significant accounting policies	1. Summary of significant accounting policies: Nature of operations: Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Peoples Security Bank and Trust Company (“Peoples Bank”), collectively, the “Company,” the “Parent Company,” or “Peoples.” The Company services its retail and commercial customers through twenty-eight full-service community banking offices located within Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna and Wyoming Counties of Pennsylvania, Middlesex County of New Jersey and Broome County of New York. Peoples Bank is a state-chartered bank and trust company under the jurisdiction of the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Peoples Bank’s primary product is loans to small and medium-sized businesses. Other lending products include one-to-four family residential mortgages and consumer loans. Peoples Bank primarily funds its loans by offering deposits to commercial enterprises and individuals. Deposit product offerings include checking accounts, savings accounts, money market accounts and certificates of deposits. The Company faces competition primarily from commercial banks, thrift institutions and credit unions within its market, many of which are larger in terms of assets and capital. In addition, mutual funds and security brokers compete for various types of deposits, and consumer, mortgage, leasing and insurance companies compete for various types of loans and leases. Principal methods of competing for banking and permitted nonbanking services include price, nature of product, quality of service and convenience of location. Peoples Financial Services Corp. and Peoples Bank are subject to regulations of certain federal and state regulatory agencies and undergo periodic examinations. Basis of presentation: The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), Regulation S-X and reporting practices applied in the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. The Company also presents herein condensed parent company only financial information regarding the Parent Company. Prior period amounts are reclassified when necessary to conform with the current year’s presentation. Such reclassifications had no effect on financial position or results of operations. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2021, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of deferred tax assets, the valuation of derivative instruments, determination of other-than-temporary impairment losses on securities and impairment of goodwill. Actual results could differ from those estimates. Investment securities: Investment securities are classified and accounted for as either held-to-maturity or available-for-sale securities based on management’s intent at the time of acquisition. Management is required to reassess the appropriateness of such classifications at each reporting date. The Company classifies debt securities as held-to maturity when management has the positive intent and ability to hold such securities to maturity. Held-to-maturity securities are stated at cost, adjusted for amortization of premium and accretion of discount. Investment securities are designated as available-for-sale when they are to be held for indefinite periods of time as management intends to use such securities to implement asset/liability strategies or to sell them in response to changes in interest rates, prepayment risk, liquidity requirements, or other circumstances identified by management. Available-for-sale securities are reported at fair value, with unrealized gains and losses, net of income taxes, excluded from earnings and reported in a separate component of stockholders’ equity. All marketable equity securities are accounted for at fair value with unrealized gains and losses reported in earnings. Estimated fair values for investment securities are based on quoted market prices from a national pricing service. Realized gains and losses are computed using the specific identification method and are included in noninterest income. Premiums on callable debt securities are amortized to the earliest call date from the maturity date. Premiums on non-callable securities are amortized and discounts are accreted using the interest method over the expected life of the security. Investment securities that are bought and held principally for the purpose of selling them in the near term, in order to generate profits from market appreciation, are classified as trading account securities. Transfers of securities between categories are recorded at fair value at the date of the transfer, with the accounting treatment of unrealized gains or losses determined by the category into which the security is transferred. Management evaluates each investment security to determine if a decline in fair value below its amortized cost is an other-than-temporary impairment (“OTTI”) at least quarterly, and more frequently when economic or market concerns warrant an evaluation. Factors considered in determining whether an other-than-temporary impairment was incurred include: (i) the length of time and the extent to which the fair value has been less than amortized cost; (ii) the financial condition and near-term prospects of the issuer; (iii) whether a decline in fair value is attributable to adverse conditions specifically related to the security or specific conditions in an industry or geographic area; (iv) the credit-worthiness of the issuer of the security; (v) whether dividend or interest payments have been reduced or have not been made; (vi) an adverse change in the remaining expected cash flows from the security such that the Company will not recover the amortized cost of the security; (vii) whether management intends to sell the security; and (viii) if it is more likely than not that management will be required to sell the security before recovery. If a decline is judged to be other-than-temporary, the individual security is written-down to fair value with the credit related component of the write-down included in earnings. The assessment of whether an other-than-temporary impairment exists involves a high degree of subjectivity and judgment and is based on information available to management at a point in time. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans held for sale: Loans held for sale consist of one-to-four family residential mortgages originated and intended for sale in the secondary market. The loans are carried in aggregate at the lower of cost or estimated market value, based upon current delivery prices in the secondary mortgage market. Net unrealized losses are recognized through a valuation allowance by corresponding charges to income. Gains or losses on the sale of these loans are recognized in noninterest income at the time of sale using the specific identification method. Loan origination fees, net of certain direct loan origination costs, are included in net gains or losses upon the sale of the related mortgage loan. Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of deferred fees or costs. Interest income is accrued on the principal amount outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized over the contractual life of the related loan as an adjustment to yield using the effective interest method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective interest method. Delinquency fees are recognized in income at the time when they are paid by customer. The loan portfolio is segmented into commercial and retail loans. Commercial loans consist of commercial, commercial real estate, municipal and other related tax free loans. Retail loans consist of residential real estate and other consumer loans. The Company makes commercial loans for real estate development and other business purposes to its customers. The Company’s credit policies establish advance rates against the different forms of collateral that can be pledged against various commercial loans. Typically, the majority of loans will be underwritten to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. Generally, assets financed through commercial loans are used for the operations of the business. Repayment for these types of loans generally comes from the cash flow of the business or the ongoing conversion of assets. Commercial real estate loans include construction, mini-perm, or longer term loans financing commercial properties. Repayment of these loans is generally dependent upon either the ongoing business cash flow from an owner occupied property or the lease/rental income or sale of a non-owner occupied property. Commercial real estate loans typically require a loan to value of not greater than Loans secured by commercial real estate generally have larger balances and involve a greater degree of risk than one-to-four family residential mortgage loans and consumer loans. Of primary concern in commercial real estate lending is the borrower’s and any guarantor’s creditworthiness and the feasibility and cash flow potential of the financed project. Additional considerations include: location, market and geographic concentration risks, loan to value, strength of guarantors and quality of tenants. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject to a higher level of risk than residential real estate loans, which could be caused by unfavorable conditions in the real estate market or the economy. To effectively monitor loans on income properties, the Company requires borrowers and loan guarantors, if any, to provide annual financial statements on commercial real estate loans and rent rolls where applicable. In reaching a decision on whether to make a commercial real estate loan, the Company considers and reviews a cash flow analysis of the borrower and guarantor, when applicable. In addition, the Company evaluates business cash flows, if applicable, net operating income of the property, the borrower’s expertise, credit history and the value of the underlying property. The Company has generally required that the properties securing these real estate loans have debt service coverage ratios, which is net cash flow before debt service to debt service, of at least Commercial loans are generally made on the basis of a business entity or individual borrower’s ability to make repayment from business cash flows or individual borrowers’ employment and other income. Commercial business loans tend to have a slightly higher risk than commercial real estate loans because collateral usually consists of business assets versus real estate. Further, any collateral securing such loans may depreciate over time and could be difficult to appraise and liquidate. As a result, repayment of commercial business loans may depend substantially on the success of the business itself. Residential mortgages, including home equity loans, are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages have varying loan rates depending on the financial condition of the borrower, loan to value ratio and term. Residential mortgages may have amortizations up to 30 years. Consumer loans include installment loans, car loans, and overdraft lines of credit. These loans are both secured and unsecured. Consumer loans may entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state insolvency laws, may limit the amount that can be recovered on such loans. Off-balance sheet financial instruments: In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, unused portions of lines of credit and standby letters of credit. These financial instruments are recorded in the consolidated financial statements when they are funded. Fees on commercial letters of credit and on unused available lines of credit are recorded as interest and fees on loans and are included in interest income when paid. The Company records an allowance for off-balance sheet credit losses, if deemed necessary, separately as a liability. Nonperforming assets: Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans include nonaccrual loans, troubled debt restructured loans and accruing loans past due 90 days or more. Past due status is based on contractual terms of the loan. Generally, a loan is classified as nonaccrual when it is determined that the collection of all or a portion of interest or principal is doubtful or when a default of interest or principal has existed for 90 days or more, unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual, interest accruals discontinue and uncollected accrued interest is reversed against income in the current period. Interest collections after a loan has been placed on nonaccrual status are credited to a suspense account until either the loan is returned to performing status or charged-off. The interest accumulated in the suspense account is credited to income over the remaining life of the loan using the effective yield method if the nonaccrual loan is returned to performing status. However, if the nonaccrual loan is charged-off, the accumulated interest is applied as a reduction to principal at the time the loan is charged-off. A nonaccrual loan is returned to performing status when the loan is current as to principal and interest and has performed according to the contractual terms for a minimum of six months. Troubled debt restructured loans (“TDRs”) are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered can generally fall within the following categories: ● Rate Modification — A modification in which the interest rate is changed to a below market rate. ● Term Modification — A modification in which the maturity date, timing of payments or frequency of payments is changed. ● Interest Only Modification — A modification in which the loan is converted to interest only payments for a period of time. ● Payment Modification — A modification in which the dollar amount of the payment is changed, other than an interest only modification described above. ● Combination Modification — Any other type of modification, including the use of multiple categories above. The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: ● Pass — A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention. ● Special Mention — A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. ● Substandard — A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. ● Doubtful — A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. ● Loss — A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. Other real estate owned is comprised of properties acquired through foreclosure proceedings or in-substance foreclosures. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate owned is included in other assets and recorded at fair value less cost to sell at the time of acquisition, establishing a new cost basis. Any excess of the loan balance over the recorded value is charged to the allowance for loan losses. Subsequent declines in the recorded values of the properties prior to their disposal and costs to maintain the assets are included in other expenses. Any gain or loss realized upon disposal of other real estate owned is included in noninterest expense. Allowance for loan losses: The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date. The allowance for loan losses account is maintained through a provision for loan losses charged to earnings. Loans, or portions of loans, determined to be confirmed losses are charged against the allowance account and subsequent recoveries, if any, are credited to the account. A loss is considered confirmed when information available at the financial statement date indicates the loan, or a portion thereof, is uncollectible. Nonaccrual, troubled debt restructured and loans deemed impaired at the time of acquisition are reviewed monthly to determine if carrying value reductions are warranted or if these classifications should be changed. Consumer loans are considered losses and charged-off when they are 120 days past due. Management evaluates the adequacy of the allowance for loan losses account quarterly. This assessment is based on past charge-off experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Regulators, in reviewing the loan portfolio as part of the scope of a regulatory examination, may require the Company to increase its allowance for loan losses or take other actions that would require the Company to increase its allowance for loan losses. The allowance for loan losses is maintained at a level believed to be adequate to absorb probable credit losses related to specifically identified loans, as well as probable incurred losses inherent in the remainder of the loan portfolio as of the balance sheet date. The allowance for loan losses consists of an allocated element and an unallocated element. The allocated element consists of a specific allowance for impaired loans individually evaluated and a formula portion for loss contingencies on those loans collectively evaluated. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Factors considered by management in determining impairment include payment status, ability to pay and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company recognizes interest income on impaired loans, including the recording of cash receipts, for nonaccrual, restructured loans or accruing loans depending on the status of the impaired loan. Loans considered impaired are measured for impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. If the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral dependent, is less than the recorded investment in the loan, a specific allowance for the loan will be established. The formula portion of the allowance for loan losses relates to large pools of smaller-balance homogeneous loans and those identified loans considered not individually impaired having similar characteristics as these loan pools. Loss contingencies for each of the major loan pools are determined by applying a total loss factor to the current balance outstanding for each individual pool. The total loss factor is comprised of a historical loss factor using a loss migration method plus qualitative factors, which adjusts the historical loss factor for changes in trends, conditions and other relevant factors that may affect repayment of the loans in these pools as of the evaluation date. Loss migration involves determining the percentage of each pool that is expected to ultimately result in loss based on historical loss experience. The historical loss factor for each pool is a weighted average of the Company’s historical net charge-off ratio for the most recent rolling twelve quarters. Management adjusts these historical loss factors by qualitative factors that represents a number of environmental risks that may cause estimated credit losses associated with the current portfolio to differ from historical loss experience. These environmental risks include: (i) changes in lending policies and procedures including underwriting standards and collection, charge-off and recovery practices; (ii) changes in the composition and volume of the portfolio; (iii) changes in national, local and industry conditions, including the effects of such changes on the value of underlying collateral for collateral-dependent loans; (iv) changes in the volume and severity of classified loans, including past due, nonaccrual, troubled debt restructures and other loan modifications; (v) changes in the levels of, and trends in, charge-offs and recoveries; (vi) the existence and effect of any concentrations of credit and changes in the level of such concentrations; (vii) changes in the experience, ability and depth of lending management and other relevant staff; (viii) changes in the quality of the loan review system and the degree of oversight by the board of directors; and (ix) the effect of external factors such as competition, pandemics and legal and regulatory requirements on the level of estimated credit losses in the current loan portfolio. Each environmental risk factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Management believes the level of the allowance for loan losses was adequate to absorb probable credit losses inherent in the loan portfolio as of December 31, 2021. Revenue from Contracts with Customers: The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the consolidated statements of income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. The following is a discussion of revenues within the scope of the guidance: ● Service charges, fees, commissions and other . Service charges, fees and commissions on deposit accounts include fees for banking services provided, overdrafts and non-sufficient funds. Revenue is generally recognized in accordance with published deposit account agreements for retail accounts or contractual agreements for commercial accounts. The Company’s deposit services also include our ATM and debit card interchange revenue that is presented gross of the associated costs. Interchange revenue is generated by the Company’s deposit customers’ usage and volume of activity. Interchange rates are not controlled by the Company, which effectively acts as processor that collects and remits payments associated with customer debit card transactions. ● Commission and fees on fiduciary activities. Commission and fees on fiduciary activities includes fees and commissions from investment management, administrative and advisory services primarily for individuals, and to a lesser extent, partnerships and corporations. Revenue is recognized on an accrual basis at the time the services are performed and when the Company has a right to invoice and are based on either the market value of the assets managed or the services provided. ● Wealth management income. Wealth management income includes fees and commissions charged when the Company arranges for another party to transfer brokerage services to a customer. The fees and commissions under this agent relationship are based upon stated fee schedules based upon the type of transaction, volume, and value of the services provided. ● Merchant services income . Merchant services revenue is derived from a third party vendor that processes credit card transactions on behalf of the Company’s merchant customers. Merchant services revenue is primarily comprised of residual fee income based on the referred merchant’s processing volumes and/or margin. Premises, equipment and lease commitments: Land is stated at cost. Premises, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. The cost of routine maintenance and repairs is expensed as incurred. The cost of major replacements, renewals and betterments is capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are eliminated and any resulting gain or loss is reflected in noninterest income. Depreciation and amortization are computed principally using the straight-line method based on the following estimated useful lives of the related assets, or in the case of leasehold improvements, to the expected terms of the leases, if shorter: Premises and leasehold improvements 7 – 40 years Furniture, fixtures and equipment 3 – 10 years A right-of-use asset and related lease liability is recognized on the Consolidated Statements of Financial Condition for operating leases Peoples Bank has entered to lease certain office facilities. These amounts are reported as components of premises and equipment and other liabilities. Short-term operating leases, which are leases with an original term of 12 months or less and do not have a purchase option that is likely to be exercised, are not recognized as part of the right-of-use asset or lease liability. Goodwill and other intangible assets, net: The Company accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations. Core deposit intangibles and other identified intangibles

Cash and due from banks

Cash and due from banks	12 Months Ended
Cash and due from banks	Dec. 31, 2021
Cash and due from banks
Cash and due from banks	2. Cash and due from banks: On March 26, 2020, the Board of Governors of the Federal Reserve System eliminated the reserve requirement for all depository institutions. Prior to this date, the Company was required to maintain average reserve balances as established by the Federal Reserve Bank. Total cash and due from banks balances were $279.9 million and $228.2 million at December 31, 2021 and 2020, respectively.

Investment securities

Investment securities	12 Months Ended
Investment securities	Dec. 31, 2021
Investment securities
Investment securities	3. Investment securities: The amortized cost and fair value of investment securities aggregated by investment category at December 31, 2021 and 2020 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 193,849 $ 107 $ 2,382 $ 191,574 U.S. government-sponsored enterprises 33,435 343 33,778 State and municipals: Taxable 69,066 994 1,082 68,978 Tax-exempt 96,412 2,452 614 98,250 Residential mortgage-backed securities: U.S. government agencies 1,790 53 1,843 U.S. government-sponsored enterprises 109,018 939 2,925 107,032 Commercial mortgage-backed securities: U.S. government-sponsored enterprises 12,542 406 12,948 Corporate debt securities 3,000 82 2,918 Total $ 519,112 $ 5,294 $ 7,085 $ 517,321 Held-to-maturity: Tax-exempt state and municipals $ 11,476 $ 126 $ 56 $ 11,546 Residential mortgage-backed securities: U.S. government agencies 18,802 392 18,410 U.S. government-sponsored enterprises 40,935 3 448 40,490 Total $ 71,213 $ 129 $ 896 $ 70,446 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 18,478 $ 427 $ 18,905 U.S. government-sponsored enterprises 63,834 1,354 65,188 State and municipals: Taxable 53,297 2,099 $ 30 55,366 Tax-exempt 53,977 3,054 37 56,994 Residential mortgage-backed securities: U.S. government agencies 3,553 154 3,707 U.S. government-sponsored enterprises 79,457 1,930 136 81,251 Commercial mortgage-backed securities: U.S. government-sponsored enterprises 12,619 881 13,500 Corporate debt securities 1,000 1,000 Total $ 286,215 $ 9,899 $ 203 $ 295,911 Held-to-maturity: Tax-exempt state and municipals $ 6,849 $ 275 $ $ 7,124 Residential mortgage-backed securities: U.S. government agencies 21 21 U.S. government-sponsored enterprises 355 13 368 Total $ 7,225 $ 288 $ $ 7,513 The Company had net unrealized losses on available-for-sale securities of $1,415, net of deferred income taxes of $376 at December 31, 2021, and net unrealized gains on available-for-sale securities of $7,660 net of deferred income taxes of $2,036, at December 31, 2020. During 2020, the Company sold a pool of low-yielding short-term municipal bonds and two mortgage-backed securities and received proceeds totaling $64,841 . Gross gains of were realized on the sale of investment securities in 2020. There were no sales of securities during 2021. The total securities portfolio grew in 2021 from utilizing a portion of low-yielding excess liquidity to purchase higher yielding bonds. At December 31, 2021, our marketable equity security portfolio consisted of stock of one financial institution. During 2020, the Company sold its entire stock position in one other equity holding and received proceeds of $279 and recognized a gain of $29. At December 31, 2021 and December 31, 2020, we had $140 thousand and $138 thousand, respectively, in equity securities recorded at fair value. At December 31, 2021, the fair value of our equity portfolio was less than the cost basis by thousand. The following is a summary of unrealized and realized gains and losses recognized in net income on equity marketable securities during 2021 and 2020. Year Ended December 31, 2021 2020 Net gain (loss) recognized during the period on equity securities $ 2 $ (6) Less: Net gain (loss) recognized during the period on equity securities sold during the period 29 Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date $ 2 $ (35) The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at December 31, 2021, is summarized as follows: Fair December 31, 2021 Value Within one year $ 28,887 After one but within five years 148,212 After five but within ten years 103,012 After ten years 112,347 392,458 Mortgage-backed and other amortizing securities 124,863 Total $ 517,321 Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at December 31, 2021, is summarized as follows: Amortized Fair December 31, 2021 Cost Value After five but within ten years $ 7,331 $ 7,334 After ten years 4,145 4,212 11,476 11,546 Mortgage-backed securities 59,737 58,900 Total $ 71,213 $ 70,446 Securities with a carrying value of $203,580 and $165,982 at December 31, 2021 2020 Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At December 31, 2021 and 2020, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. government agencies and sponsored enterprises that exceeded 10.0 percent of stockholders’ equity. The fair value and gross unrealized losses of investment securities with unrealized losses for which an OTTI has not been recognized at December 31, 2021 and 2020, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Value Losses Value Losses Value Losses U.S. Treasury securities $ 179,974 $ 2,382 $ 179,974 $ 2,382 State and municipals: Taxable 26,827 718 $ 8,008 $ 364 34,835 1,082 Tax-exempt 38,693 357 10,319 313 49,012 670 Residential mortgage-backed securities: U.S. government agencies 18,398 392 18,398 392 U.S. government-sponsored enterprises 77,875 1,454 48,276 1,919 126,151 3,373 Corporate debt securities 2,449 51 470 31 2,919 82 Total $ 344,216 $ 5,354 $ 67,073 $ 2,627 $ 411,289 $ 7,981 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Value Losses Value Losses Value Losses State and municipals: Taxable $ 9,246 $ 30 $ 9,246 $ 30 Tax-exempt 6,786 37 6,786 37 Residential mortgage-backed securities: U.S. government-sponsored enterprises 11,553 135 $ 284 $ 1 11,837 136 Total $ 27,585 $ 202 $ 284 $ 1 $ 27,869 $ 203 The Company had 168 investment securities, consisting of 63 tax-exempt and 35 taxable state and municipal obligations, 42 U.S. Treasury bonds, 5 corporate bonds and 23 mortgage-backed securities that were in unrealized loss positions at December 31, 2021. Of these securities, seven mortgage-backed securities, one corporate bond, eight taxable municipals and eighteen tax-exempt municipals, were in a continuous unrealized loss position for twelve months or more. The increase in the number and balance of bonds in an unrealized position is due to recent increase in market rates. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at December 31, 2021. There was no OTTI recognized for each of the years in the three-year period ended December 31, 2021. On October 8, 2021, Peoples Bank sold its remaining 44,982 shares of Class B common stock of Visa Inc. for $12.2 million. The Bank received 73,333 Class B shares of Visa Inc. as part of its membership interest in March 2008, and 28,351 shares were redeemed in connection with Visa’s initial public offering in 2008. The stock had no historical cost basis and was not considered to have a readily determinable value due to restrictions on the ability to sell.

Loans, net and allowance for lo

Loans, net and allowance for loan losses	12 Months Ended
Loans, net and allowance for loan losses	Dec. 31, 2021
Loans, net and allowance for loan losses
Loans, net and allowance for loan losses	4. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at December 31, 2021 and 2020 are summarized as follows. Net deferred loan fees of $1,567 and $2,058 are included in loan balances at December 31, 2021 and 2020, respectively. The decrease in deferred loan fees is due in part to PPP forgiveness during 2021. Net deferred loan origination fees remaining related to PPP loans is $1,659 at December 31, 2021. Included in the commercial balances at December 31, 2021 are PPP loans that had an outstanding balance at December 31, 2021 of $68,893 comprised of $55,252 remaining from those originated during 2021 as part of round two and $13,641 remaining from loans originated during 2020 under round one of the program. The PPP loans are risk rated ‘Pass’ and do not carry an allowance for loan losses due to a 100% SBA guarantee. The outstanding balance is considered current at December 31, 2021. December 31 2021 2020 Commercial $ 613,127 $ 679,286 Real estate: Commercial 1,343,539 1,137,990 Residential 297,624 277,414 Consumer 74,883 83,292 Total $ 2,329,173 $ 2,177,982 Loans outstanding to directors, executive officers, principal stockholders or to their affiliates totaled $3,173 and $5,031 at December 31, 2021and 2020, respectively. The decrease in loans outstanding is due to loan balances related to one former director who retired in 2021. Advances and repayments and other changes during 2021 totaled $4,824 and $6,682, respectively, and during 2020 totaled $3,747 and $5,574, respectively. There were no related party loans that were classified as nonaccrual, past due, or restructured at December 31, 2021 and 2020. Deposits from related parties amounted to $10.9 million at December 31, 2021 and $9.0 million at December 31, 2020. At December 31, 2021, the majority of the Company’s loans were at least partially secured by real estate in the markets we operate in. Therefore, a primary concentration of credit risk is directly related to the real estate market in these regions. Changes in the general economy, local economy or in the real estate market could affect the ultimate collectability of this portion of the loan portfolio. Management does not believe there are any other significant concentrations of credit risk that could affect the loan portfolio. The changes in the allowance for loan losses account by major classification of loan for the year ended December 31, 2021, 2020, and 2019 were as follows: Real estate December 31, 2021 Commercial Commercial Residential Consumer Total Allowance for loan losses: Beginning balance $ 8,734 $ 14,559 $ 3,129 $ 922 $ 27,344 Charge-offs (492) (252) (24) (188) (956) Recoveries 89 68 7 81 245 Provisions (credits) 122 1,553 97 (22) 1,750 Ending balance $ 8,453 $ 15,928 $ 3,209 $ 793 $ 28,383 Ending balance: individually evaluated for impairment 40 109 26 175 Ending balance: collectively evaluated for impairment $ 8,413 $ 15,819 $ 3,183 $ 793 $ 28,208 Loans receivable: Ending balance $ 613,127 $ 1,343,539 $ 297,624 $ 74,883 $ 2,329,173 Ending balance: individually evaluated for impairment 199 2,890 1,273 4,362 Ending balance: collectively evaluated for impairment $ 612,928 $ 1,340,649 $ 296,351 $ 74,883 $ 2,324,811 The allowance for loan losses increased $1.1 million to $28.4 million at December 31, 2021, from $27.3 million at the end of 2020. The increase resulted from a provision for loan losses of $1.8 million less net loans charged-off of $0.7 million. The allowance for loan losses at December 31, 2021 continued to reflect the provisions added during 2020 from our adjustment of qualitative factors in our allowance for loan losses methodology, due to economic decline and expectation of increased credit losses from COVID-19's adverse impact on economic and business operating conditions. The decrease to charge-offs in 2021 is due to improved credit quality. The 2021 period includes the total charge-off of a fully allocated small-business line of credit originated in our Greater Delaware Valley market totaling $0.4 million. During 2020, $0.9 million was charged-off related to small-business lines of credit originated in our Greater Delaware Valley market offset by $0.2 million of recoveries. Real estate December 31, 2020 Commercial Commercial Residential Consumer Total Allowance for loan losses: Beginning balance $ 6,888 $ 11,496 $ 3,226 $ 1,067 $ 22,677 Charge-offs (2,771) (144) (247) (317) (3,479) Recoveries 525 16 57 148 746 Provisions 4,092 3,191 93 24 7,400 Ending balance $ 8,734 $ 14,559 $ 3,129 $ 922 $ 27,344 Ending balance: individually evaluated for impairment 947 180 75 1,202 Ending balance: collectively evaluated for impairment $ 7,787 $ 14,379 $ 3,054 $ 922 $ 26,142 Loans receivable: Ending balance $ 679,286 $ 1,137,990 $ 277,414 $ 83,292 $ 2,177,982 Ending balance: individually evaluated for impairment 4,297 3,952 1,546 9,795 Ending balance: collectively evaluated for impairment $ 674,989 $ 1,134,038 $ 275,868 $ 83,292 $ 2,168,187 Real estate December 31, 2019 Commercial Commercial Residential Consumer Total Allowance for loan losses: Beginning balance $ 5,516 $ 10,736 $ 3,892 $ 1,235 $ 21,379 Charge-offs (3,314) (817) (477) (459) (5,067) Recoveries 69 1 29 166 265 Provisions (credit) 4,617 1,576 (218) 125 6,100 Ending balance $ 6,888 $ 11,496 $ 3,226 $ 1,067 $ 22,677 Ending balance: individually evaluated for impairment 363 279 135 777 Ending balance: collectively evaluated for impairment $ 6,525 $ 11,217 $ 3,091 $ 1,067 $ 21,900 Loans receivable: Ending balance $ 522,957 $ 1,011,423 $ 301,378 $ 102,482 $ 1,938,240 Ending balance: individually evaluated for impairment 4,658 3,048 2,153 9,859 Ending balance: collectively evaluated for impairment $ 518,299 $ 1,008,375 $ 299,225 $ 102,482 $ 1,928,381 The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at December 31, 2021 and 2020: Special December 31, 2021 Pass Mention Substandard Doubtful Total Commercial $ 611,151 $ 896 $ 1,080 $ $ 613,127 Real estate: Commercial 1,324,646 13,939 4,954 1,343,539 Residential 294,892 333 2,399 297,624 Consumer 74,744 139 74,883 Total $ 2,305,433 $ 15,168 $ 8,572 $ $ 2,329,173 Special December 31, 2020 Pass Mention Substandard Doubtful Total Commercial $ 660,559 $ 14,305 $ 4,422 $ $ 679,286 Real estate: Commercial 1,107,699 17,517 12,774 1,137,990 Residential 274,327 144 2,943 277,414 Consumer 83,215 77 83,292 Total $ 2,125,800 $ 31,966 $ 20,216 $ $ 2,177,982 The decrease to special mention commercial loans from December 31, 2020 to December 31, 2021 is due primarily to a payoff of a $12.9 million municipal related credit. The decrease in special mention commercial real estate loans resulted primarily from an upgrade to a $5.3 million credit due to a credit enhancement and satisfactory repayment history. The decrease to substandard commercial loans resulted primarily from a $1.5 million relationship that was paid off during 2021. The decrease in substandard commercial real estate loans resulted from a refinance of a credit related to the hospitality industry that is secured by a seventy-five percent SBA guarantee. Information concerning nonaccrual loans by major loan classification at December 31, 2021 and 2020 is summarized as follows: December 31, 2021 December 31, 2020 Commercial $ 185 $ 3,822 Real estate: Commercial 1,793 3,262 Residential 694 922 Consumer 139 111 Total $ 2,811 $ 8,117 The major classification of loans by past due status at December 31, 2021 and 2020 are summarized as follows: Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2021 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 101 $ 155 $ 158 $ 414 $ 612,713 $ 613,127 Real estate: Commercial 768 423 834 2,025 1,341,514 1,343,539 Residential 1,552 207 265 2,024 295,600 297,624 $ 13 Consumer 477 163 51 691 74,192 74,883 Total $ 2,898 $ 948 $ 1,308 $ 5,154 $ 2,324,019 $ 2,329,173 $ 13 Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2020 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 73 $ 2,245 $ 2,318 $ 676,968 $ 679,286 Real estate: Commercial 414 $ 222 2,362 2,998 1,134,992 1,137,990 Residential 2,072 480 732 3,284 274,130 277,414 $ 71 Consumer 384 70 67 521 82,771 83,292 Total $ 2,943 $ 772 $ 5,406 $ 9,121 $ 2,168,861 $ 2,177,982 $ 71 The decrease to non-accrual loans from December 31, 2020 was due primarily to a $1.5 million payoff and $1.0 million payoff of two unrelated commercial relationships, a $0.4 million total charge-off of a small business line of credit, a $0.5 million commercial real estate loan transferred to other real estate owned, and a $0.5 restaurant related commercial real estate loan placed back on accrual due to satisfactory repayment and improved operations. The amount of residential loans in the formal process of foreclosure totaled $285 at December 31, 2021 and $135 at December 31, 2020. The following tables summarize information concerning impaired loans as of and for the years ended December 31, 2021, 2020 and 2019 by major loan classification: For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2021 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 158 $ 481 $ 964 $ 13 Real estate: Commercial 2,376 3,120 2,719 22 Residential 873 1,073 1,016 19 Consumer 139 148 100 Total 3,546 4,822 4,799 54 With an allowance recorded: Commercial 41 41 $ 40 1,091 15 Real estate: Commercial 513 543 109 802 22 Residential 401 401 26 436 13 Consumer Total 955 985 175 2,329 50 Total impaired loans Commercial 199 522 40 2,055 28 Real estate: Commercial 2,889 3,663 109 3,521 44 Residential 1,274 1,474 26 1,452 32 Consumer 139 148 100 Total $ 4,501 $ 5,807 $ 175 $ 7,128 $ 104 For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2020 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 2,251 $ 3,421 $ 2,915 $ 30 Real estate: Commercial 2,372 2,964 2,148 28 Residential 1,086 1,263 1,223 21 Consumer 111 121 167 Total 5,820 7,769 6,453 79 With an allowance recorded: Commercial 2,046 2,094 947 2,038 17 Real estate: Commercial 1,580 1,710 180 1,687 36 Residential 460 482 75 624 13 Consumer Total 4,086 4,286 1,202 4,349 66 Total impaired loans Commercial 4,297 5,515 947 4,953 47 Real estate: Commercial 3,952 4,674 180 3,835 64 Residential 1,546 1,745 75 1,847 34 Consumer 111 121 167 Total $ 9,906 $ 12,055 $ 1,202 $ 10,802 $ 145 For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2019 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 3,638 $ 4,175 $ 3,907 $ 63 Real estate: Commercial 1,918 2,205 2,385 38 Residential 1,718 2,060 1,362 25 Consumer 261 274 233 Total 7,535 8,714 7,887 126 With an allowance recorded: Commercial 1,020 1,038 $ 363 1,012 32 Real estate: Commercial 1,130 1,811 279 1,050 10 Residential 435 450 135 1,408 29 Consumer 20 Total 2,585 3,299 777 3,490 71 Total impaired loans Commercial 4,658 5,213 363 4,919 95 Real estate: Commercial 3,048 4,016 279 3,435 48 Residential 2,153 2,510 135 2,770 54 Consumer 261 274 253 Total $ 10,120 $ 12,013 $ 777 $ 11,377 $ 197 The amounts of interest income recognized using the cash-basis method on impaired loans for the years ended December 31, 2021, 2020 and 2019 were $100, $142 and $181, respectively. Included in the commercial loan, commercial real estate and residential real estate categories are troubled debt restructurings that were classified as impaired. Trouble debt restructurings totaled $1,649 and $2,818 at December 31, 2021 and 2020 respectively. The decrease in trouble debt restructured balances is due primarily to a payoff of a $0.5 million commercial credit, and receipt of $0.4 million from the SBA for the guaranteed portion of a commercial loan. There were no loans modified in 2021 that resulted in trouble debt restructurings (“TDRs”). There were four loans modified in 2020 and one loan modified in 2019 that resulted in TDRs. The four loans modified in 2020 were adversely impacted by COVID-19 and the economic slowdown and did not qualify for the CARES Act exclusion due to current and prior delinquencies. Two of the loans were to one restaurant and two of the loans were to retail related small businesses. The following tables summarize the loans whose terms have been modified resulting in TDRs during the year ended December 31, 2021 and 2020 and 2019. Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded December 31, 2021 of Contracts Investment Recorded Investment Investment Commercial $ $ $ Commercial real estate Total $ $ $ Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded December 31, 2020 of Contracts Investment Recorded Investment Investment Commercial 1 $ 12 $ 12 $ 5 Commercial real estate 3 $ 1,073 $ 1,073 $ 1,046 Total 4 $ 1,085 $ 1,085 $ 1,051 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded December 31, 2019 of Contracts Investment Recorded Investment Investment Commercial real estate 1 $ 346 $ 346 $ 241 There were no payment defaults within 12 months of its modification on loans considered TDRs for the years ended December 31, 2021, December 31, 2020 and December 31, 2019. The Company received a significant number of requests to modify loan terms and/or defer principal and/or interest payments from borrowers affected by COVID-19, and had agreed to many such deferrals. The federal banking regulators issued guidance and encouraged banks to work prudently with, and provide short-term payment accommodations to borrowers affected by COVID-19. Section 4013 of the CARES Act includes a provision for the Company to opt out of applying the TDR guidance for certain loan modifications and specified that such modifications made on loans that were current as of December 31, 2019 do not need to be classified as TDRs. Peoples applied this guidance. The payment modifications granted included principal only payments and principal and interest deferrals and generally ranged from 90 to 180 days. The modified loans were not considered past due unless the modified payment was delinquent. Similarly, FASB has confirmed that short-term modifications made on a good-faith basis in response to COVID-19 to loan customers who were current prior to any relief are not TDRs. Beginning in March 2020, the Company began receiving requests for temporary modifications to the repayment structure for borrower loans. During 2020, the Company made a total of 479 commercial loan and 512 consumer loan temporary modifications with principal balances totaling $330,119. At December 31, 2021, all loans have returned to original payment terms.

Off-balance sheet financial ins

Off-balance sheet financial instruments	12 Months Ended
Off-balance sheet financial instruments	Dec. 31, 2021
Off-balance sheet financial instruments.
Off-balance sheet financial instruments	5. Off-balance sheet financial instruments: The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused portions of lines of credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, unused portions of lines of credit and standby letters of credit is represented by the contractual amounts of those instruments. The Company follows the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company records a valuation allowance for off-balance sheet credit losses, if deemed necessary, separately as a liability. The allowance is not significant. The contractual amounts of off-balance sheet commitments at December 31, 2021 and 2020 are summarized as follows: December 31 2021 2020 Commitments to extend credit $ 431,011 $ 336,667 Unused portions of lines of credit 64,108 55,391 Standby letters of credit 58,254 34,428 $ 553,373 $ 426,486 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. Unused portions of lines of credit, including home equity and overdraft protection agreements, are commitments for possible future extensions of credit to existing customers. Unused portions of home equity lines are collateralized and generally have fixed expiration dates. Overdraft protection agreements are uncollateralized and usually do not carry specific maturity dates. Unused portions of lines of credit ultimately may not be drawn upon to the total extent to which the Company is committed. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all standby letters of credit expire within twelve months. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending other loan commitments. The Company requires collateral supporting these standby letters of credit as deemed necessary. Collateral supporting standby letters of credit amounted to $777 at December 31, 2021 and $4,902 at December 31, 2020. The carrying value of the liability for the Company’s obligations under guarantees for standby letters of credit was not material at December 31, 2021 and 2020.

Premises and equipment, net

Premises and equipment, net	12 Months Ended
Premises and equipment, net	Dec. 31, 2021
Premises and equipment, net
Premises and equipment, net	6. Premises and equipment, net: Premises and equipment at December 31, 2021 and 2020 are summarized as follows: December 31 2021 2020 Land $ 7,255 $ 5,217 Premises and leasehold improvements 50,426 48,596 Right-of-use assets 8,563 6,282 Furniture, fixtures and equipment 19,096 18,395 85,340 78,490 Less: accumulated depreciation 33,838 31,445 $ 51,502 $ 47,045 The increase in land at December 31, 2021 is due to the purchase of a property in Doylestown, PA for the construction of a new branch office. The construction of the branch is contracted at a total cost of $2.3 million.

Operating lease commitments and

Operating lease commitments and contingencies	12 Months Ended
Operating lease commitments and contingencies	Dec. 31, 2021
Operating lease commitments and contingencies
Operating lease commitments and contingencies	7. Operating lease commitments and contingencies: The Company is obligated under non-cancelable operating leases for certain branch locations. We determine if an arrangement is a lease at inception by assessing whether a contract contains a right to control an identified asset for a period of time in exchange for consideration. For all leases, we recognize a right-of-use asset and lease liability at the effective date of the lease. Operating leases right-of-use assets are included in premises and equipment, and lease liabilities are included in other liabilities in the consolidated balance sheet commencing at January 1, 2019. We have no finance leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Certain leases include options to renew, with renewal terms generally containing one or more five-year renewal options. At December 31, 2021, the Company’s leases have remaining renewal terms that can extend the lease term from seven years to thirty-one years that are reasonably certain of being exercised. The weighted average remaining lease term at December 31, 2021 is sixteen years . At December 31, 2020, the weighted average remaining lease term was At December 31, 2021, right-of-use assets of $8,563 were included in premises and equipment, and the related lease liability totaled $8,790 and was included in other liabilities in the consolidated balance sheet. Right-of-use assets and the related lease liability were $6,282 and $6,425, respectively, at December 31, 2020. The lease liability increased at December 31, 2021 due to the addition of two new leases, one for the relocation of our Binghamton branch to a newly constructed facility and one for the opening of our newest branch in Piscataway, New Jersey. The initial increase to the lease liability for the two new leases totaled $2,731. Offsetting the lease liability were payments of $644 offset by lease expense of $278. One additional lease was entered into and added $899 to the liability in 2020. Rent expense for the years ended December 31, 2021, 2020 and 2019 amounted to Future minimum lease payments under operating leases are summarized as follows: 2022 $ 791 2023 736 2024 669 2025 688 2026 691 Thereafter 7,914 Total future minimum lease payments 11,489 Less amount representing interest (2,699) Present value of future minimum lease payments $ 8,790

Intangible assets, net

Intangible assets, net	12 Months Ended
Intangible assets, net	Dec. 31, 2021
Intangible assets, net
Intangible assets, net	8. Intangible assets, net: The gross carrying amount of core deposit intangible assets totaled $8,146 at December 31, 2021 and 2020. The gross carrying amount of trade name intangible assets totaled $203 at December 31, 2021 and 2020. The gross carrying amount of the intangible asset related to the acquisition of an asset management and retirement plan services company acquired in 2015 totaled $1,091 at December 31, 2021 and 2020. The accumulated amortization on core deposit intangible assets was $7,831 and $7,507 at December 31, 2021 and 2020, respectively. The accumulated amortization trade name intangible assets was $193 and $182 at December 31, 2021 and 2020, respectively. The accumulated amortization on the asset management and retirement plan services intangible asset was $947 and $792 at December 31, 2021 and 2020, respectively. The estimated amortization expense on intangible assets in years subsequent to December 31, 2021, is as follows: 2022 $ 363 2023 105 Total $ 468

Other assets

Other assets	12 Months Ended
Other assets	Dec. 31, 2021
Other assets
Other assets	9. Other assets: The major components of other assets at December 31, 2021 and 2020 are summarized as follows: December 31, 2021 December 31, 2020 Other real estate owned $ 609 $ 864 Investment in low income housing partnership 5,900 6,332 Mortgage servicing rights 882 838 Restricted equity securities (FHLB and other) 4,045 5,397 Net deferred tax asset 5,355 3,768 Interest rate floor 844 1,678 Interest rate swaps 9,026 13,693 Other assets 6,395 6,345 Total $ 33,056 $ 38,915 The Company originates one-to-four family residential mortgage loans for sale in the secondary market with servicing rights retained. Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $151,604 at December 31, 2021 and $166,472 at December 31, 2020.

Deposits

Deposits	12 Months Ended
Deposits	Dec. 31, 2021
Deposits.
Deposits	10. Deposits: The major components of interest-bearing and noninterest-bearing deposits at December 31, 2021 and 2020 are summarized as follows: At the period end December 31, 2021 December 31, 2020 Interest-bearing deposits: Money market accounts $ 588,245 $ 496,634 Now accounts 851,086 567,087 Savings accounts 491,796 431,224 Time deposits less than $250 203,719 221,446 Time deposits $250 or more 90,795 98,247 Total interest-bearing deposits 2,225,641 1,814,638 Noninterest-bearing deposits 737,756 622,475 Total deposits $ 2,963,397 $ 2,437,113 The aggregate amounts of maturities for all time deposits at December 31, 2021, are summarized as follows: 2022 $ 212,919 2023 35,336 2024 17,965 2025 7,731 2026 9,985 Thereafter 10,578 $ 294,514 The aggregate amount of deposits reclassified as loans was $184 at December 31, 2021, and $245 at December 31, 2020. Management evaluates transaction accounts that are overdrawn for collectability as part of its evaluation for credit losses.

Short-term borrowings

Short-term borrowings	12 Months Ended
Short-term borrowings	Dec. 31, 2021
Short-term borrowings
Short-term borrowings	11. Short-term borrowings: Short-term borrowings consisted of FHLB advances representing overnight borrowings or borrowings with original terms of less than twelve months at December 31, 2021, 2020 and 2019: At and for the year ended December 31, 2021 Weighted Maximum Weighted Average Ending Average Month-End Average Rate at End Balance Balance Balance Rate of the Year FHLB advances $ $ 13,973 $ 50,000 0.56 % At and for the year ended December 31, 2020 Weighted Weighted Maximum Average Average Ending Average Month-End Rate for Rate at End Balance Balance Balance the Year of the Year FHLB advances $ 50,000 $ 83,716 $ 179,199 1.01 % 0.40 % At and for the year ended December 31, 2019 Weighted Weighted Maximum Average Average Ending Average Month-End Rate for Rate at End Balance Balance Balance the Year of the Year FHLB advances $ 152,150 $ 62,941 $ 152,150 2.61 % 1.84 % The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At December 31, 2021, the maximum borrowing capacity was $896,130 of which $2,711 was outstanding in borrowings and $373,035 was used to issue standby letters of credit to collateralize public fund deposits. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. This rate resets each day. The Company also has unsecured line of credit agreements with two correspondent banks, where the total line amount was $18,000 at December 31, 2021 and 2020. There were amounts outstanding on either line of credit at December 31, 2021 or 2020. Interest on these borrowings accrues daily based on the daily federal funds rate.

Long-term debt

Long-term debt	12 Months Ended
Long-term debt	Dec. 31, 2021
Long-term debt.
Long-term debt	12. Long-term debt: Long-term debt consisting of advances from the FHLB at December 31, 2021 and 2020 are as follows: Interest Rate Due Fixed December 31, 2021 December 31, 2020 June 2021 1.99 $ 10,000 March 2023 4.69 $ 2,711 4,769 $ 2,711 $ 14,769 Maturities of long-term debt, by contractual maturity, in years subsequent to December 31, 2021 are as follows: 2022 2,156 2023 555 $ 2,711 None of the advances from the FHLB are convertible. At December 31, 2021, long-term debt are all at fixed rates. There were

Subordinated debt

Subordinated debt	12 Months Ended
Subordinated debt	Dec. 31, 2021
Subordinated debt
Subordinated debt	13. Subordinated debt: On June 1, 2020, the Company sold $33,000 aggregate principal amount of Subordinated Notes due 2030 (the “2020 Notes”) to accredited investors. The 2020 Notes qualify as Tier 2 capital for regulatory capital purposes. The 2020 Notes bear interest at a rate of 5.375% per year for the first five years and then float based on a benchmark rate (as defined), provided that the interest rate applicable to the outstanding principal balance during the period the 2020 Notes are floating will at no time be less the 4.75%. Interest is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2020, for the first five years after issuance and payable quarterly in arrears thereafter on March 1, June 1, September 1, and December 1. The 2020 Notes mature on June 1, 2030 and are redeemable in whole or in part, without premium or penalty, at any time on or after June 1, 2025 and prior to June 1, 2030. Additionally, if all or any portion of the 2020 Notes cease to be deemed Tier 2 Capital, the Company may redeem, in whole and not in part, at any time upon giving not less than ten days’ notice, an amount equal to one hundred percent (100%) of the principal amount outstanding plus accrued but unpaid interest to but excluding the date fixed for redemption. Holders of the 2020 Notes may not accelerate the maturity of the 2020 Notes, except upon the bankruptcy, insolvency, liquidation, receivership or similar proceeding by or against the Company.

Fair value of financial instrum

Fair value of financial instruments	12 Months Ended
Fair value of financial instruments	Dec. 31, 2021
Fair value of financial instruments
Fair value of financial instruments	14. Fair value of financial instruments: Assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and 2020 are summarized as follows: Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2021 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 191,574 $ 191,574 $ U.S. government-sponsored enterprises 33,778 $ 33,778 State and municipals: Taxable 68,978 68,978 Tax-exempt 98,250 98,250 Mortgage-backed securities: U.S. government agencies 1,843 1,843 U.S. government-sponsored enterprises 119,980 119,980 Corporate debt securities 2,918 2,918 Common equity securities 140 140 Total investment securities $ 517,461 $ 191,714 $ 325,747 $ Loan held for sale $ 408 $ 408 Interest rate floor-other assets $ 844 $ 844 Interest rate swap-other assets $ 9,026 $ 9,026 Interest rate swap-other liabilities $ (8,811) $ (8,811) Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2020 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 18,905 $ 18,905 $ U.S. government-sponsored enterprises 65,188 $ 65,188 State and municipals: Taxable 55,366 55,366 Tax-exempt 56,994 56,994 Mortgage-backed securities: U.S. government agencies 3,707 3,707 U.S. government-sponsored enterprises 94,751 94,751 Corporate debt securities 1,000 1,000 Common equity securities 138 138 Total investment securities $ 296,049 $ 19,043 $ 277,006 $ Loan held for sale $ 837 $ 837 Interest rate floor-other assets $ 1,678 $ 1,678 Interest rate swap-other assets $ 13,693 $ 13,693 Interest rate swap-other liabilities $ (14,099) $ (14,099) Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2021 and 2020 are summarized as follows: Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2021 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 780 $ 780 Other real estate owned $ 487 $ 487 Fair Value Measurement Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs December 31, 2020 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 2,884 $ 2,884 Other real estate owned $ 527 $ 527 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2021 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 780 Appraisal of collateral Appraisal adjustments 6.4% to 97.0% (65.2)% Liquidation expenses 3.0% to 6.0% (5.1)% Other real estate owned $ 487 Appraisal of collateral Appraisal adjustments 35.9% to 35.9% (35.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2020 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 2,884 Appraisal of collateral Appraisal adjustments 9.0% to 97.0% (28.2)% Liquidation expenses 3.0% to 6.0% (5.5)% Other real estate owned $ 527 Appraisal of collateral Appraisal adjustments 3.1% to 58.1% (29.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The carrying and fair values of the Company’s financial instruments at December 31, 2021 and 2020 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2021 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and due from banks $ 279,933 $ 279,933 $ 279,933 Investment securities: Available-for-sale 517,321 517,321 191,574 $ 325,747 Common equity securities 140 140 140 Held-to-maturity 71,213 70,446 70,446 Loans held for sale 408 408 408 Net loans 2,300,790 2,261,586 $ 2,261,586 Accrued interest receivable 8,528 8,528 8,528 Mortgage servicing rights 882 1,357 1,357 Restricted equity securities (FHLB and other) 4,045 4,045 4,045 Interest rate floor 844 844 844 Interest rate swaps 9,026 9,026 9,026 Total $ 3,193,130 $ 3,153,634 Financial liabilities: Deposits $ 2,963,397 $ 2,963,547 $ 2,963,547 Long-term debt 2,711 2,778 2,778 Subordinated debentures 33,000 32,337 32,337 Accrued interest payable 408 408 408 Interest rate swaps 8,811 8,811 8,811 Total $ 3,008,327 $ 3,007,881 Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2020 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and due from banks $ 228,192 $ 228,192 $ 228,192 Investment securities: Available-for-sale 295,911 295,911 18,905 $ 277,006 Common equity securities 138 138 138 Held-to-maturity 7,225 7,513 7,513 Loans held for sale 837 837 837 Net loans 2,150,638 2,145,752 $ 2,145,752 Accrued interest receivable 8,255 8,255 8,255 Mortgage servicing rights 838 1,269 1,269 Restricted equity securities (FHLB and other) 5,397 5,397 5,397 Interest rate floor 1,678 1,678 1,678 Interest rate swaps 13,693 13,693 13,693 Total $ 2,712,802 $ 2,708,635 Financial liabilities: Deposits $ 2,437,113 $ 2,441,014 $ 2,441,014 Long-term debt 14,769 15,073 15,073 Subordinated debentures 33,000 33,096 33,096 Accrued interest payable 736 736 736 Interest rate swaps 14,099 14,099 14,099 Total $ 2,499,717 $ 2,504,018

Derivatives and hedging activit

Derivatives and hedging activities	12 Months Ended
Derivatives and hedging activities	Dec. 31, 2021
Derivatives and hedging activities
Derivatives and hedging activities	15. Derivatives and hedging activities: Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts principally related to the Company’s assets and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest income/expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and floors as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. During 2020, such derivatives were used to hedge the variable cash flows associated with existing variable-rate assets and issuances of debt. During the twelve months ended December 31, 2021, the Company terminated the interest rate swap associated with floating-rate borrowings and accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amount was a loss of $25. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense/income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense/income as interest payments are made/received on the Company’s variable-rate debt/assets. During the next twelve months, the Company estimates that an additional $452 will be reclassified as an increase to interest income. Non-designated Hedges Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of December 31, 2021, the Company had 84 interest rate swaps with an aggregate notional amount of $392,677 related to this program. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and December 31, 2020. Asset Derivatives Asset Derivatives Liability Derivatives Liability Derivatives As of December 31, 2021 (1) As of December 31, 2020 As of December 31, 2021 (1) As of December 31, 2020 Notional Balance Sheet Balance Sheet Balance Sheet Balance Sheet Amount Location Fair Value Location Fair Value Location Fair Value Location Fair Value Derivatives designated as hedging instruments Interest Rate Floor $ 25,000 Other Assets $ 844 Other Assets $ 1,678 Cash Flow Swap $ 50,000 Other Liabilities $ Other Liabilities $ 485 Total derivatives designated as hedging instruments $ 844 $ 1,678 $ $ 485 Derivatives not Interest Rate Swaps (2) $ 392,677 Other Assets $ 9,026 Other Assets $ 13,693 Other Liabilities $ 8,811 Other Liabilities $ 13,614 Total derivatives not $ 9,026 $ 13,693 $ 8,811 $ 13,614 (1) Amounts include accrued interest (2) Notional amount of interest rate swaps at December 31, 2020 were $375,341 Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) The table below presents the effect of fair value and cash flow hedge accounting on accumulated other comprehensive income (loss) as of December 31, 2021 and December 31, 2020. Location of Amount of Amount of Amount of Amount of Amount of Gain or (Loss) Amount of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Loss Recognized from Gain (Loss) Reclassified Reclassified Recognized in Recognized in Recognized in Accumulated Reclassified from Accumulated from Accumulated Derivatives in OCI on OCI Included OCI Excluded Other Comprehensive from Accumulated OCI into Income OCI into Income Hedging Derivative Component Component Income into OCI into Income Included Component Excluded Component Relationships December 31, 2021 Income December 31, 2021 Derivatives in Cash Flow Hedging Relationships Cash Flow Swap $ 401 $ 401 Interest Expense $ (23) $ (23) Cash Flow Swap Other expense (25) (25) Interest Rate Floor () $ (228) $ (245) $ 17 Interest Income $ 543 $ 607 $ (64) Total $ 173 $ 156 $ 17 $ 495 $ 559 $ (64) Location of Amount of Amount of Amount of Amount of Amount of Gain or (Loss) Amount of Gain Loss Gain Gain Gain Recognized from Loss Reclassified Reclassified Recognized in Recognized in Recognized in Accumulated Reclassified from Accumulated from Accumulated Derivatives in OCI on OCI Included OCI Excluded Other Comprehensive from Accumulated OCI into Income OCI into Income Hedging Derivative Component Component Income into OCI into Income Included Component Excluded Component Relationships December 31, 2020 Income December 31, 2020 Derivatives in Cash Flow Hedging Relationships Cash Flow Swap $ (437) $ (437) Interest Expense $ 13 $ 13 Interest Rate Floor () $ 1,178 $ 1,232 $ (54) Interest Income $ 414 $ 478 $ (64) Total $ 741 $ 795 $ (54) $ 427 $ 491 $ (64) * Amounts disclosed are gross and not net of taxes. Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Income and Comprehensive Income The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of income and comprehensive income as of December 31, 2021 and December 31, 2020. Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships For the twelve months ended December 31, 2021 2021 2020 2020 Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the statements of income and comprehensive income in which the effects of fair value or cash flow hedges are recorded $ 543 $ (48) $ 413 $ 13 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ 543 $ (23) $ 413 $ 13 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring $ (25) Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - included component $ 607 $ (48) $ 477 $ 13 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - excluded component $ (64) $ (64) $ Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income The tables below present the effect of the Company’s other derivative financial instruments on the consolidated statements of income and comprehensive income for the years ended December 31, 2021 and 2020. Amount of Gain Amount of Gain Recognized in Recognized in Location of Gain or (Loss) Income Income Recognized in Income on Twelve Months Ended Twelve Months Ended Derivatives Not Designated as Hedging Instruments Derivative December 31, 2021 December 31, 2020 Interest Rate Swaps Interest rate swap revenue $ 136 $ 31 Fee Income Fee income $ 623 $ 2,290 Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2021 and December 31, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets. Offsetting of Derivative Assets as of December 31, 2021 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Received Amount Derivatives $ 9,870 $ $ 9,870 $ 3,218 $ 6,652 Offsetting of Derivative Liabilities as of December 31, 2021 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Paid Amount Derivatives $ 8,818 $ $ 8,818 $ 3,218 5,600 $ Offsetting of Derivative Assets as of December 31, 2020 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Received Amount Derivatives $ 15,371 $ $ 15,371 $ 1,678 $ 13,693 Offsetting of Derivative Liabilities as of December 31, 2020 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Paid Amount Derivatives $ 14,099 $ $ 14,099 $ 1,678 12,421 $ Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of December 31, 2021, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $5,600. As of December 31, 2020, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $12,421. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $7,380 against its obligations under these agreements as of December 31, 2021, compared to having posted collateral of $15,360 with counterparties at December 31, 2020. Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the agreement. The cash collateral is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above. If the Company had breached any of these provisions it could have been required to settle its obligations under the agreements at the termination value.

Stock plans

Stock plans	12 Months Ended
Stock plans	Dec. 31, 2021
Stock plans
Stock plans	16. Stock plans: In May 2017, the Company’s stockholders approved the 2017 equity incentive plan (“2017 Plan”). The 2017 Plan allows for eligible participants to be granted equity awards. Under the 2017 Plan the Compensation Committee of the Board of Directors has the authority to, among other things: ● Select the persons to be granted awards under the 2017 Plan. ● Determine the type, size and term of awards. ● Determine whether such performance objectives and conditions have been met. ● Accelerate the vesting or excercisability of an award. Persons eligible to receive awards under the 2017 Plan include directors, officers, employees, consultants and other service providers of the Company and its subsidiaries. As of December 31, 2021, 37,151 shares of the Company’s common stock were available for grant as awards pursuant to the 2017 Plan. If any outstanding awards under the 2017 Plan are forfeited by the holder or canceled by the Company, the underlying shares would be available for regrant to others. The 2017 Plan authorizes grants of stock options, stock appreciation rights, cash awards, performance awards, restricted stock and restricted stock units. In 2021, the Company awarded 4,403 shares of non-performance-based restricted stock and 15,415 performance-based restricted stock units under the 2017 Plan. In 2020, the Company awarded 3,615 shares of non-performance-based restricted stock and 12,654 performance-based restricted stock units under the 2017 Plan. In 2021, 3,128 shares of non-performance-based and 12,332 shares of performance based restricted stock granted under the 2017 Plan vested and there were no shares forfeited under the provisions of the 2017 Plan. In 2020, 1,920 shares of non-performance-based and 6,535 shares of performance based restricted stock granted under the 2017 Plan vested and there were 1,875 shares forfeited under the provisions of the 2017 Plan. The non-performance restricted stock grants made in 2021, 2020 and 2019 vest equally over three years from the grant date. The performance-based restricted stock units vest three years after the grant date and include conditions based on the Company’s three year cumulative diluted earnings per share and three-year average return on equity or tangible equity that determines the number of restricted stock units that may vest. The activity related to the 2017 Plan for each of the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31 2021 2020 2019 Nonvested, January 1 31,923 25,984 12,892 Granted shares 19,818 16,269 17,345 Vested shares 15,460 8,455 2,542 Forfeited shares 1,875 1,711 Nonvested, December 31 36,281 31,923 25,984 The Company expenses the fair value of all-share based compensation over the requisite service period commencing at grant date. The fair value of restricted stock is expensed on a straight-line basis. Compensation is recognized over the vesting period and adjusted based on the performance criteria. The Company classifies share-based compensation for employees within “salaries and employee benefits expense” on the Consolidated Statements of Income and Comprehensive Income. In 2021, the Company recognized $546 for awards granted under the 2017 Plan. In 2020, the Company recognized $570 for awards granted under the 2017 Plan. In 2019, the Company recognized $554 for awards granted. As of December 31, 2021, the Company had

Employee benefit plans

Employee benefit plans	12 Months Ended
Employee benefit plans	Dec. 31, 2021
Employee benefit plans
Employee benefit plans	17. Employee benefit plans: The Company sponsors a separate ESOP and Retirement Profit Sharing 401(k) Plan. The Company also maintains SERPs and an employees’ pension plan, which is currently frozen. Under the ESOP, amounts voted by the Company’s Board of Directors are paid into the ESOP and each eligible participant is credited with an amount in proportion to their annual compensation or a fixed dollar amount. All contributions to the ESOP are invested in or will be invested primarily in Company stock. Distribution of a participant’s ESOP account occurs upon retirement, death or termination in accordance with the plan provisions. Under the Retirement Profit Sharing Plan, amounts approved by the Board of Directors have been paid into a fund and each participant was credited with an amount in proportion to their annual compensation. Upon retirement, death or termination, each participant is paid the total amount of their credits in the fund in one of a number of optional ways in accordance with the plan provisions. Eligible participants may elect deferrals of up to the maximum amounts permitted by law. The Company contributed $334, $371 and $357 to the ESOP for 2021, 2020 and 2019. In addition, the Company contribution of $1,245, $1,207 and $1,139 to the Retirement Profit Sharing Plan in 2021, 2020 and 2019, was comprised of a safe harbor contribution of $678, $655 and $627 and a discretionary match of $567, $552 and $512. The Company established a SERP Plan to replace certain 401(k) plan benefits lost due to compensation limits imposed on qualified plans by federal tax law. The annual benefit is a maximum of 6% of the executive compensation in excess of Federal limits. The total liability associated with this plan was $161 and $142 at December 31, 2021 and 2020, respectively. The expense associated with the plan was $19, $9 and $17 for 2021, 2020 and 2019 respectively. The Company has SERPs for the benefit of certain officers. At December 31, 2021 and 2020, other liabilities include $2,573 and $2,351 accrued under the plans. Compensation expense includes approximately $424, $461 and $360 relating to these SERPs for the years ended December 31, 2021, 2020 and 2019, respectively. Under the Employees’ Pension Plan, currently frozen, amounts computed on an actuarial basis were being paid by the Company into a trust fund. The plan provided for fixed benefits payable for life upon retirement at the age of 65, based on length of service and compensation levels as defined in the plan. As of June 22, 2008 no further benefits are being accrued in this plan. Plan assets of the trust fund are invested and administered by the Trust Department of the Company. Information related to the Employees’ Pension Plan is as follows: Pension Benefits December 31 2021 2020 Change in benefit obligation: Benefit obligation, beginning $ 19,113 $ 17,491 Interest cost 419 544 Change in experience gain (49) (291) Change in actuarial assumptions (603) 2,159 Benefits paid (814) (790) Benefit obligation, ending 18,066 19,113 Change in plan assets: Fair value of plan assets, beginning 17,628 16,930 Actual return on plan assets 2,443 1,488 Employer contributions Benefits paid (814) (790) Fair value of plan assets, ending 19,257 17,628 Funded status at end of year $ 1,191 $ (1,485) The Society of Actuaries updated the mortality scale within the mortality tables from MP 2020 to MP 2021 which the Company utilized in its pension plan remeasurements at December 31, 2021 and 2020. The change in the discount rate, coupled with changes in the mortality assumption, resulted in an decrease to the benefit obligation of $603 in 2021 and an increase of $2,159 in 2020. Amounts recognized in the consolidated balance sheets are as follows: Pension Benefits December 31 2021 2020 (Other Assets)/Other Liabilities $ (1,190) $ 1,485 Amounts recognized in the accumulated other comprehensive income (loss) consist of: Net actuarial gain (5,868) (7,977) Deferred taxes 1,232 1,675 Net amount recognized $ (4,636) $ (6,302) The accumulated benefit obligation for the defined benefit pension plan was $18,066 and $19,113 at December 31, 2021 and 2020, respectively. Components of net periodic pension income and other amounts recognized in other comprehensive loss are as follows: Pension Benefits Years Ended December 31, 2021 2020 2019 Net periodic pension income: Interest cost $ 419 $ 544 $ 639 Expected return on plan assets (1,288) (1,236) (1,084) Amortization of unrecognized net loss 301 218 227 Net periodic pension income: (568) (474) (218) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) 419 544 639 Deferred tax (88) (114) (134) Total recognized in other comprehensive income (loss) 331 430 505 Total recognized in net period pension cost and other comprehensive income (loss) $ (237) $ (44) $ 287 Weighted-average assumptions used to determine benefit obligations and related expenses were as follows: Pension Benefits December 31, 2021 2020 2019 Discount rate: Obligation 2.59 % 2.25 % 3.25 % Expense 2.25 3.25 4.00 Expected long-term return on plan assets 7.50 % 7.50 % 7.50 % The expected long-term return on plan assets was determined using average historical returns of the Company’s plan assets. The Company’s pension plan weighted-average asset allocations at December 31, 2021 and 2020, by asset category are as follows: December 31, 2021 2020 Asset Category: Cash and cash equivalents 4.8 % 6.8 % Equity securities 67.4 63.3 Corporate bonds 19.6 20.7 U.S. government securities 8.2 9.2 100.0 % 100.0 % Fair value measurement of pension plan assets at December 31, 2021 and 2020 is as follows: Quoted Prices in Active Markets Significant Significant for Identical Observable Observable Assets Inputs Inputs December 31, 2021 Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 918 $ 918 $ Equity securities: U.S. large cap 11,940 11,940 International 1,039 1,039 Fixed income securities: U.S. Treasuries 214 $ 214 U.S. government agencies 1,371 1,371 Corporate bonds 3,775 3,775 Total $ 19,257 $ 13,897 $ 5,360 $ Quoted Prices in Active Markets Significant Significant for Identical Observable Observable Assets Inputs Inputs December 31, 2020 Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 1,203 $ 1,203 $ Equity securities: U.S. large cap 10,266 10,266 International 888 888 Fixed income securities: U.S. Treasuries 216 $ 216 U.S. government agencies 1,400 1,400 Corporate bonds 3,655 3,655 Total $ 17,628 $ 12,357 $ 5,271 $ The Company investment policies and strategies with respect to the pension plan include: (i) the Trust and Investment Division’s equity philosophy is large-cap core with a value bias (we invest in individual high-grade common stocks that are selected from our approved list); (ii) diversification is maintained by having no more than 20% in any industry sector and no individual equity representing more than 10% of the portfolio; and (iii) the fixed income style is conservative but also responsive to the various needs of our individual clients. Fixed income securities consist of U.S. government agencies or corporate bonds rated “A” or better. The Company targets the following allocation percentages: (i) cash equivalents 10%; (ii) fixed income 40%; and (iii) equities 50%. There is no Company stock included in equity securities at December 31, 2021 or 2020. The Company has not determined the amount of the expected contribution to the Employees’ Pension Plan for 2021. The following benefit payments are expected to be paid in the next five years and in the aggregate for the five years thereafter: Pension Benefits 2022 $ 878 2023 901 2024 952 2025 984 2026 1,015 Thereafter 5,020

Income taxes

Income taxes	12 Months Ended
Income taxes	Dec. 31, 2021
Income taxes
Income taxes	18. Income taxes: The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2021, 2020 and 2019 are summarized as follows: Year Ended December 31 2021 2020 2019 Current $ 9,548 $ 6,600 $ 2,761 Deferred 450 (1,779) 394 Total income tax expense $ 9,998 $ 4,821 $ 3,155 The components of the net deferred tax asset at December 31, 2021 and 2020 are summarized as follows: December 31 2021 2020 Deferred tax assets: Allowance for loan losses $ 5,960 $ 5,742 Lease liability 1,846 1,349 Defined benefit plan 1,108 Deferred compensation 884 789 Deferred loan fees 1,215 1,368 Investment securities available-for-sale 379 Other 86 170 Total 10,370 10,526 Deferred tax liabilities: Lease right-of-use assets 1,798 1,319 Premises and equipment, net 1,441 1,455 Merger related accounting 572 694 Deferred loan costs 885 936 Defined benefit plan 75 Investment securities available-for-sale 2,033 Other 244 321 Total 5,015 6,758 Net deferred tax asset $ 5,355 $ 3,768 Management believes that future taxable income will be sufficient to utilize deferred tax assets. Core earnings of the Company have remained strong and will continue to support the recognition of the deferred tax asset based on future growth projections. A reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate of 21.0 percent for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 is summarized as follows: 2021 2020 2019 Year Ended December 31 Amount % Amount % Amount % Provision for income tax at statutory rate $ 11,239 21.00 % $ 7,177 21.00 % $ 6,067 21.00 % State tax, net of federal benefit 475 0.89 Tax exempt interest (1,194) (2.23) (1,032) (3.02) (1,299) (4.50) Bank owned life insurance income (119) (0.22) (299) (0.87) (159) (0.55) Residential housing program tax credits (1,091) (2.04) (1,094) (3.20) (1,094) (3.79) Other, net 688 1.29 69 0.19 (360) (1.25) Total $ 9,998 18.69 % $ 4,821 14.10 % $ 3,155 10.91 %

Parent Company financial statem

Parent Company financial statements	12 Months Ended
Parent Company financial statements	Dec. 31, 2021
Parent Company financial statements
Parent Company financial statements	19. Parent Company financial statements: CONDENSED BALANCE SHEETS December 31 2021 2020 Assets: Cash and cash equivalents $ 4,044 $ 1,069 Equity securities 140 138 Investment in bank subsidiary 368,427 348,584 Other assets 703 273 Total assets $ 373,314 $ 350,064 Liabilities and Stockholders’ Equity: Subordinated debt $ 33,000 33,000 Accrued interest payable 148 148 Other liabilities 39 $ 39 Stockholders’ equity 340,127 316,877 Total liabilities and stockholders’ equity $ 373,314 $ 350,064 CONDENSED STATEMENTS OF INCOME Year Ended December 31 2021 2020 2019 Income: Dividends from subsidiaries $ 17,593 $ 10,518 $ 10,131 Other income 4 8 8 Net gain realized on sale of equity securities 29 Unrealized holding gains (losses) on equity securities 2 (35) 132 Total income 17,599 10,520 10,271 Expense: Interest expense on subordinated debt 1,774 1,035 Other expenses 222 200 145 Total expenses 1,996 1,235 145 Income before taxes and undistributed income 15,603 9,285 10,126 Income tax benefit (410) (255) (1) Income before undistributed income of subsidiaries 16,013 9,540 10,127 Equity in undistributed net income of subsidiaries 27,506 19,814 15,609 Net income $ 43,519 $ 29,354 $ 25,736 condensed Statements of Cash Flows Year Ended December 31 2021 2020 2019 Cash flows from operating activities: Net income $ 43,519 $ 29,354 $ 25,736 Adjustments: Net losses (gains) on investment securities (2) 6 (132) Undistributed net income of subsidiaries (27,506) (19,814) (15,609) Decrease in other assets (429) (255) (302) Increase (decrease) in other liabilities 148 Stock based compensation 546 570 554 Increase in due from subsidiaries 1,974 Net cash provided by operating activities 16,128 10,009 12,221 Cash flows from investing activities: Purchase of equity securities Sale of equity securities 279 Net cash provided by (used in) investing activities 279 Cash flows used in financing activities: Proceeds from subordinated debt 33,000 Investment in subsidiary (30,000) Retirement of stock (2,361) (6,893) (634) Cash dividends paid (10,792) (10,518) (10,131) Net cash used in financing activities (13,153) (14,411) (10,765) Increase (decrease) in cash 2,975 (4,123) 1,456 Cash at beginning of year 1,069 5,192 3,736 Cash at end of year $ 4,044 $ 1,069 $ 5,192

Regulatory matters

Regulatory matters	12 Months Ended
Regulatory matters	Dec. 31, 2021
Regulatory matters
Regulatory matters	20. Regulatory matters: Dividends are paid by the Parent Company from its assets, which are mainly provided by dividends from Peoples Bank. Under the Pennsylvania Business Corporation Law of 1988, as amended, the Company may not pay a dividend if, after payment, either the Company could not pay its debts as they become due in the usual course of business, or the Company’s total assets would be less than its total liabilities. The determination of total assets and liabilities may be based upon: (i) financial statements prepared on the basis of GAAP; (ii) financial statements that are prepared on the basis of other accounting practices and principles that are reasonable under the circumstances; or (iii) a fair valuation or other method that is reasonable under the circumstances. In addition, the Federal Reserve Board has the power to prohibit dividends by bank holding companies if their actions constitute unsafe or unsound practices. The Federal Reserve Board has issued a policy statement on the payment of cash dividends by bank holding companies, which expresses the Federal Reserve Board’s view that a bank holding company should pay cash dividends only to the extent that the company’s net income for the past year is sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality and overall financial condition. The Federal Reserve Board also indicated that it would be inappropriate for a bank holding company experiencing serious financial problems to borrow funds to pay dividends. Under the prompt corrective action regulations, the Federal Reserve Board may prohibit a bank holding company from paying any dividends if the holding company’s bank subsidiary is classified as “undercapitalized.” In addition, under the Pennsylvania Banking Code of 1965, as amended, Peoples Bank may only declare and pay dividends out of accumulated net earnings, or accumulated net earnings acquired as a result of a merger within seven years. Further, Peoples Bank may not declare or pay any dividend unless Peoples Bank’s surplus would not be reduced by the payment of the dividend below 100 percent of our capital stock. Pennsylvania law requires that each year Peoples Bank set aside as surplus, a sum equal to not less than 10 percent of its net earnings if surplus does not equal at least 100 percent of our capital stock. Under federal law and FDIC regulations, an insured bank may not pay dividends if doing so would make it undercapitalized within the meaning of the prompt corrective action law or if in default of its deposit insurance fund assessment. Although subject to the aforementioned regulatory restrictions, the Company’s consolidated retained earnings at December 31, 2021 and 2020 were not restricted under any borrowing agreement as to payment of dividends or reacquisition of common stock. The Company has paid cash dividends since its formation as a bank holding company in 1986. It is the present intention of the Board of Directors to continue this dividend payment policy, however, further dividends must necessarily depend upon earnings, financial condition, appropriate legal restrictions and other factors relevant at the time the Board of Directors considers payment of dividends. The amount of funds available for transfer from Peoples Bank to the Company in the form of loans and other extensions of credit is also limited. Under Federal regulation, transfers to any one affiliate are limited to 10.0 percent of capital and surplus. At December 31, 2021, the maximum amount available for transfer from Peoples Bank to the Company in the form of loans amounted to $33,877. At December 31, 2021 and 2020, there were no loans outstanding, nor were any advances made during 2021 and 2020. The Company and Peoples Bank are subject to certain regulatory capital requirements administered by the federal banking agencies, which are defined in Section 38 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Peoples Bank’s consolidated financial statements. In the event an institution is deemed to be undercapitalized by such standards, FDICIA prescribes an increasing amount of regulatory intervention, including the required institution of a capital restoration plan and restrictions on the growth of assets, branches or lines of business. Further restrictions are applied to the significantly or critically undercapitalized institutions including restrictions on interest payable on accounts, dismissal of management and appointment of a receiver. For well capitalized institutions, FDICIA provides authority for regulatory intervention when the institution is deemed to be engaging in unsafe and unsound practices or receives a less than satisfactory examination report rating. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Peoples Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Risk-based capital rules require that banks and holding companies maintain a "capital conservation buffer" of 250 basis points in excess of the "minimum capital ratio." The minimum capital ratio is equal to the prompt corrective action adequately capitalized threshold ratio. Failure to maintain the required capital conservation buffer will result in limitations on capital distributions and on discretionary bonuses to executive officers. Peoples Bank met the capital requirement for the “well capitalized” category under the regulatory framework for prompt corrective action at December 31, 2021. To be categorized as well capitalized, Peoples Bank must maintain certain minimum Tier I risk-based, total risk-based and Tier I Leverage ratios as set forth in the following tables. The Tier I Leverage ratio is defined as Tier I capital to total average assets less intangible assets. Regulators may assign Peoples Bank to a lower capitalization category based on factors other than capital. The Company and Peoples Bank’s actual capital ratios at December 31, 2021 and 2020, and the minimum ratios required for capital adequacy purposes and to be well capitalized under the prompt corrective action provisions are as follows: Minimum to be Well Capitalized under Minimum For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Common equity Tier 1 capital to risk-weighted assets: Consolidated $ 281,802 12.32 % $ 102,949 4.50 % Peoples Bank 310,102 13.76 101,449 4.50 $ 146,538 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 281,802 12.32 137,266 6.00 Peoples Bank 310,102 13.76 135,266 6.00 180,355 8.00 Total capital to risk-weighted assets: Consolidated 310,185 13.56 183,021 8.00 Peoples Bank 338,284 15.01 180,355 8.00 225,443 10.00 Tier 1 capital to average assets: Consolidated 281,802 9.16 123,013 4.00 Peoples Bank 310,102 9.58 % 129,476 4.00 % 161,845 5.00 % Minimum to be Well Capitalized under Minimum For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Common equity Tier 1 capital to risk-weighted assets: Consolidated $ 250,397 12.16 % $ 92,631 4.50 % Peoples Bank 282,104 13.73 92,461 4.50 $ 133,554 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 250,397 12.16 123,508 6.00 Peoples Bank 282,104 13.73 123,281 6.00 164,374 8.00 Total capital to risk-weighted assets: Consolidated 310,741 15.10 164,677 8.00 Peoples Bank 307,807 14.98 164,374 8.00 205,468 10.00 Tier 1 capital to average assets: Consolidated 250,397 9.28 107,878 4.00 Peoples Bank 282,104 10.08 % 111,891 4.00 % 139,864 5.00 %

Contingencies

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2021
Contingencies
Contingencies	21. Contingencies: Neither the Company nor any of its property is subject to any material legal proceedings. Management, after consultation with legal counsel, does not anticipate that the ultimate liability, if any, arising out of pending and threatened lawsuits will have a material effect on the operating results or financial position of the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	22. Accumulated Other Comprehensive Income (Loss): The components of accumulated other comprehensive income (loss) included in stockholders’ equity at December 31, 2021 and 2020 are as follows: December 31, 2021 December 31, 2020 Net unrealized gain (loss) on investment securities available-for-sale $ (1,791) $ 9,696 Income tax expense (benefit) (376) 2,036 Net of income taxes (1,415) 7,660 Benefit plan adjustments (5,868) (7,977) Income tax benefit (1,232) (1,675) Net of income taxes (4,636) (6,302) Derivative adjustments 680 1,002 Income tax 143 211 Net of income taxes 537 791 Accumulated other comprehensive income (loss) $ (5,514) $ 2,149 Other comprehensive income (loss) and related tax effects for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 2020 2019 Unrealized gain (loss) on investment securities available-for-sale $ (11,487) $ 8,779 $ 5,109 Net gain on the sale of investment securities available-for-sale (1) (918) (23) Other comprehensive income on available-for-sale debt securities (11,487) 7,861 5,086 Benefit plans: Amortization of actuarial loss (2) 301 218 227 Actuarial gain (loss) 1,808 (1,616) 412 Net change in benefit plan liabilities 2,109 (1,398) 639 Net change in derivatives (322) 315 441 Other comprehensive loss before taxes (9,700) 6,778 6,166 Income tax (benefit) (2,037) 1,424 1,295 Other comprehensive income (loss) $ (7,663) $ 5,354 $ 4,871 (1) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. (2) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in the computation of net periodic pension expense. Refer to Note 17 included in these consolidated financial statements.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2021
Summary of significant accounting policies
Nature of operations	Nature of operations: Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Peoples Security Bank and Trust Company (“Peoples Bank”), collectively, the “Company,” the “Parent Company,” or “Peoples.” The Company services its retail and commercial customers through twenty-eight full-service community banking offices located within Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna and Wyoming Counties of Pennsylvania, Middlesex County of New Jersey and Broome County of New York. Peoples Bank is a state-chartered bank and trust company under the jurisdiction of the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Peoples Bank’s primary product is loans to small and medium-sized businesses. Other lending products include one-to-four family residential mortgages and consumer loans. Peoples Bank primarily funds its loans by offering deposits to commercial enterprises and individuals. Deposit product offerings include checking accounts, savings accounts, money market accounts and certificates of deposits. The Company faces competition primarily from commercial banks, thrift institutions and credit unions within its market, many of which are larger in terms of assets and capital. In addition, mutual funds and security brokers compete for various types of deposits, and consumer, mortgage, leasing and insurance companies compete for various types of loans and leases. Principal methods of competing for banking and permitted nonbanking services include price, nature of product, quality of service and convenience of location. Peoples Financial Services Corp. and Peoples Bank are subject to regulations of certain federal and state regulatory agencies and undergo periodic examinations.
Basis of presentation	Basis of presentation: The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), Regulation S-X and reporting practices applied in the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. The Company also presents herein condensed parent company only financial information regarding the Parent Company. Prior period amounts are reclassified when necessary to conform with the current year’s presentation. Such reclassifications had no effect on financial position or results of operations. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2021, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.
Estimates	Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of deferred tax assets, the valuation of derivative instruments, determination of other-than-temporary impairment losses on securities and impairment of goodwill. Actual results could differ from those estimates.
Investment securities	Investment securities: Investment securities are classified and accounted for as either held-to-maturity or available-for-sale securities based on management’s intent at the time of acquisition. Management is required to reassess the appropriateness of such classifications at each reporting date. The Company classifies debt securities as held-to maturity when management has the positive intent and ability to hold such securities to maturity. Held-to-maturity securities are stated at cost, adjusted for amortization of premium and accretion of discount. Investment securities are designated as available-for-sale when they are to be held for indefinite periods of time as management intends to use such securities to implement asset/liability strategies or to sell them in response to changes in interest rates, prepayment risk, liquidity requirements, or other circumstances identified by management. Available-for-sale securities are reported at fair value, with unrealized gains and losses, net of income taxes, excluded from earnings and reported in a separate component of stockholders’ equity. All marketable equity securities are accounted for at fair value with unrealized gains and losses reported in earnings. Estimated fair values for investment securities are based on quoted market prices from a national pricing service. Realized gains and losses are computed using the specific identification method and are included in noninterest income. Premiums on callable debt securities are amortized to the earliest call date from the maturity date. Premiums on non-callable securities are amortized and discounts are accreted using the interest method over the expected life of the security. Investment securities that are bought and held principally for the purpose of selling them in the near term, in order to generate profits from market appreciation, are classified as trading account securities. Transfers of securities between categories are recorded at fair value at the date of the transfer, with the accounting treatment of unrealized gains or losses determined by the category into which the security is transferred. Management evaluates each investment security to determine if a decline in fair value below its amortized cost is an other-than-temporary impairment (“OTTI”) at least quarterly, and more frequently when economic or market concerns warrant an evaluation. Factors considered in determining whether an other-than-temporary impairment was incurred include: (i) the length of time and the extent to which the fair value has been less than amortized cost; (ii) the financial condition and near-term prospects of the issuer; (iii) whether a decline in fair value is attributable to adverse conditions specifically related to the security or specific conditions in an industry or geographic area; (iv) the credit-worthiness of the issuer of the security; (v) whether dividend or interest payments have been reduced or have not been made; (vi) an adverse change in the remaining expected cash flows from the security such that the Company will not recover the amortized cost of the security; (vii) whether management intends to sell the security; and (viii) if it is more likely than not that management will be required to sell the security before recovery. If a decline is judged to be other-than-temporary, the individual security is written-down to fair value with the credit related component of the write-down included in earnings. The assessment of whether an other-than-temporary impairment exists involves a high degree of subjectivity and judgment and is based on information available to management at a point in time.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Loans held for sale	Loans held for sale: Loans held for sale consist of one-to-four family residential mortgages originated and intended for sale in the secondary market. The loans are carried in aggregate at the lower of cost or estimated market value, based upon current delivery prices in the secondary mortgage market. Net unrealized losses are recognized through a valuation allowance by corresponding charges to income. Gains or losses on the sale of these loans are recognized in noninterest income at the time of sale using the specific identification method. Loan origination fees, net of certain direct loan origination costs, are included in net gains or losses upon the sale of the related mortgage loan.
Loans, net	Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of deferred fees or costs. Interest income is accrued on the principal amount outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized over the contractual life of the related loan as an adjustment to yield using the effective interest method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective interest method. Delinquency fees are recognized in income at the time when they are paid by customer. The loan portfolio is segmented into commercial and retail loans. Commercial loans consist of commercial, commercial real estate, municipal and other related tax free loans. Retail loans consist of residential real estate and other consumer loans. The Company makes commercial loans for real estate development and other business purposes to its customers. The Company’s credit policies establish advance rates against the different forms of collateral that can be pledged against various commercial loans. Typically, the majority of loans will be underwritten to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. Generally, assets financed through commercial loans are used for the operations of the business. Repayment for these types of loans generally comes from the cash flow of the business or the ongoing conversion of assets. Commercial real estate loans include construction, mini-perm, or longer term loans financing commercial properties. Repayment of these loans is generally dependent upon either the ongoing business cash flow from an owner occupied property or the lease/rental income or sale of a non-owner occupied property. Commercial real estate loans typically require a loan to value of not greater than Loans secured by commercial real estate generally have larger balances and involve a greater degree of risk than one-to-four family residential mortgage loans and consumer loans. Of primary concern in commercial real estate lending is the borrower’s and any guarantor’s creditworthiness and the feasibility and cash flow potential of the financed project. Additional considerations include: location, market and geographic concentration risks, loan to value, strength of guarantors and quality of tenants. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject to a higher level of risk than residential real estate loans, which could be caused by unfavorable conditions in the real estate market or the economy. To effectively monitor loans on income properties, the Company requires borrowers and loan guarantors, if any, to provide annual financial statements on commercial real estate loans and rent rolls where applicable. In reaching a decision on whether to make a commercial real estate loan, the Company considers and reviews a cash flow analysis of the borrower and guarantor, when applicable. In addition, the Company evaluates business cash flows, if applicable, net operating income of the property, the borrower’s expertise, credit history and the value of the underlying property. The Company has generally required that the properties securing these real estate loans have debt service coverage ratios, which is net cash flow before debt service to debt service, of at least Commercial loans are generally made on the basis of a business entity or individual borrower’s ability to make repayment from business cash flows or individual borrowers’ employment and other income. Commercial business loans tend to have a slightly higher risk than commercial real estate loans because collateral usually consists of business assets versus real estate. Further, any collateral securing such loans may depreciate over time and could be difficult to appraise and liquidate. As a result, repayment of commercial business loans may depend substantially on the success of the business itself. Residential mortgages, including home equity loans, are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages have varying loan rates depending on the financial condition of the borrower, loan to value ratio and term. Residential mortgages may have amortizations up to 30 years. Consumer loans include installment loans, car loans, and overdraft lines of credit. These loans are both secured and unsecured. Consumer loans may entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state insolvency laws, may limit the amount that can be recovered on such loans.
Off-balance sheet financial instruments	Off-balance sheet financial instruments: In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit, unused portions of lines of credit and standby letters of credit. These financial instruments are recorded in the consolidated financial statements when they are funded. Fees on commercial letters of credit and on unused available lines of credit are recorded as interest and fees on loans and are included in interest income when paid. The Company records an allowance for off-balance sheet credit losses, if deemed necessary, separately as a liability.
Nonperforming assets	Nonperforming assets: Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans include nonaccrual loans, troubled debt restructured loans and accruing loans past due 90 days or more. Past due status is based on contractual terms of the loan. Generally, a loan is classified as nonaccrual when it is determined that the collection of all or a portion of interest or principal is doubtful or when a default of interest or principal has existed for 90 days or more, unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual, interest accruals discontinue and uncollected accrued interest is reversed against income in the current period. Interest collections after a loan has been placed on nonaccrual status are credited to a suspense account until either the loan is returned to performing status or charged-off. The interest accumulated in the suspense account is credited to income over the remaining life of the loan using the effective yield method if the nonaccrual loan is returned to performing status. However, if the nonaccrual loan is charged-off, the accumulated interest is applied as a reduction to principal at the time the loan is charged-off. A nonaccrual loan is returned to performing status when the loan is current as to principal and interest and has performed according to the contractual terms for a minimum of six months. Troubled debt restructured loans (“TDRs”) are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered can generally fall within the following categories: ● Rate Modification — A modification in which the interest rate is changed to a below market rate. ● Term Modification — A modification in which the maturity date, timing of payments or frequency of payments is changed. ● Interest Only Modification — A modification in which the loan is converted to interest only payments for a period of time. ● Payment Modification — A modification in which the dollar amount of the payment is changed, other than an interest only modification described above. ● Combination Modification — Any other type of modification, including the use of multiple categories above. The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: ● Pass — A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention. ● Special Mention — A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. ● Substandard — A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. ● Doubtful — A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. ● Loss — A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. Other real estate owned is comprised of properties acquired through foreclosure proceedings or in-substance foreclosures. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate owned is included in other assets and recorded at fair value less cost to sell at the time of acquisition, establishing a new cost basis. Any excess of the loan balance over the recorded value is charged to the allowance for loan losses. Subsequent declines in the recorded values of the properties prior to their disposal and costs to maintain the assets are included in other expenses. Any gain or loss realized upon disposal of other real estate owned is included in noninterest expense.
Allowance for loan losses	Allowance for loan losses: The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date. The allowance for loan losses account is maintained through a provision for loan losses charged to earnings. Loans, or portions of loans, determined to be confirmed losses are charged against the allowance account and subsequent recoveries, if any, are credited to the account. A loss is considered confirmed when information available at the financial statement date indicates the loan, or a portion thereof, is uncollectible. Nonaccrual, troubled debt restructured and loans deemed impaired at the time of acquisition are reviewed monthly to determine if carrying value reductions are warranted or if these classifications should be changed. Consumer loans are considered losses and charged-off when they are 120 days past due. Management evaluates the adequacy of the allowance for loan losses account quarterly. This assessment is based on past charge-off experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Regulators, in reviewing the loan portfolio as part of the scope of a regulatory examination, may require the Company to increase its allowance for loan losses or take other actions that would require the Company to increase its allowance for loan losses. The allowance for loan losses is maintained at a level believed to be adequate to absorb probable credit losses related to specifically identified loans, as well as probable incurred losses inherent in the remainder of the loan portfolio as of the balance sheet date. The allowance for loan losses consists of an allocated element and an unallocated element. The allocated element consists of a specific allowance for impaired loans individually evaluated and a formula portion for loss contingencies on those loans collectively evaluated. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Factors considered by management in determining impairment include payment status, ability to pay and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company recognizes interest income on impaired loans, including the recording of cash receipts, for nonaccrual, restructured loans or accruing loans depending on the status of the impaired loan. Loans considered impaired are measured for impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. If the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral dependent, is less than the recorded investment in the loan, a specific allowance for the loan will be established. The formula portion of the allowance for loan losses relates to large pools of smaller-balance homogeneous loans and those identified loans considered not individually impaired having similar characteristics as these loan pools. Loss contingencies for each of the major loan pools are determined by applying a total loss factor to the current balance outstanding for each individual pool. The total loss factor is comprised of a historical loss factor using a loss migration method plus qualitative factors, which adjusts the historical loss factor for changes in trends, conditions and other relevant factors that may affect repayment of the loans in these pools as of the evaluation date. Loss migration involves determining the percentage of each pool that is expected to ultimately result in loss based on historical loss experience. The historical loss factor for each pool is a weighted average of the Company’s historical net charge-off ratio for the most recent rolling twelve quarters. Management adjusts these historical loss factors by qualitative factors that represents a number of environmental risks that may cause estimated credit losses associated with the current portfolio to differ from historical loss experience. These environmental risks include: (i) changes in lending policies and procedures including underwriting standards and collection, charge-off and recovery practices; (ii) changes in the composition and volume of the portfolio; (iii) changes in national, local and industry conditions, including the effects of such changes on the value of underlying collateral for collateral-dependent loans; (iv) changes in the volume and severity of classified loans, including past due, nonaccrual, troubled debt restructures and other loan modifications; (v) changes in the levels of, and trends in, charge-offs and recoveries; (vi) the existence and effect of any concentrations of credit and changes in the level of such concentrations; (vii) changes in the experience, ability and depth of lending management and other relevant staff; (viii) changes in the quality of the loan review system and the degree of oversight by the board of directors; and (ix) the effect of external factors such as competition, pandemics and legal and regulatory requirements on the level of estimated credit losses in the current loan portfolio. Each environmental risk factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Management believes the level of the allowance for loan losses was adequate to absorb probable credit losses inherent in the loan portfolio as of December 31, 2021.
Revenue from Contracts with Customers	Revenue from Contracts with Customers: The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods. The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the consolidated statements of income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. The following is a discussion of revenues within the scope of the guidance: ● Service charges, fees, commissions and other . Service charges, fees and commissions on deposit accounts include fees for banking services provided, overdrafts and non-sufficient funds. Revenue is generally recognized in accordance with published deposit account agreements for retail accounts or contractual agreements for commercial accounts. The Company’s deposit services also include our ATM and debit card interchange revenue that is presented gross of the associated costs. Interchange revenue is generated by the Company’s deposit customers’ usage and volume of activity. Interchange rates are not controlled by the Company, which effectively acts as processor that collects and remits payments associated with customer debit card transactions. ● Commission and fees on fiduciary activities. Commission and fees on fiduciary activities includes fees and commissions from investment management, administrative and advisory services primarily for individuals, and to a lesser extent, partnerships and corporations. Revenue is recognized on an accrual basis at the time the services are performed and when the Company has a right to invoice and are based on either the market value of the assets managed or the services provided. ● Wealth management income. Wealth management income includes fees and commissions charged when the Company arranges for another party to transfer brokerage services to a customer. The fees and commissions under this agent relationship are based upon stated fee schedules based upon the type of transaction, volume, and value of the services provided. ● Merchant services income . Merchant services revenue is derived from a third party vendor that processes credit card transactions on behalf of the Company’s merchant customers. Merchant services revenue is primarily comprised of residual fee income based on the referred merchant’s processing volumes and/or margin.
Premises, equipment and lease commitments	Premises, equipment and lease commitments: Land is stated at cost. Premises, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. The cost of routine maintenance and repairs is expensed as incurred. The cost of major replacements, renewals and betterments is capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are eliminated and any resulting gain or loss is reflected in noninterest income. Depreciation and amortization are computed principally using the straight-line method based on the following estimated useful lives of the related assets, or in the case of leasehold improvements, to the expected terms of the leases, if shorter: Premises and leasehold improvements 7 – 40 years Furniture, fixtures and equipment 3 – 10 years A right-of-use asset and related lease liability is recognized on the Consolidated Statements of Financial Condition for operating leases Peoples Bank has entered to lease certain office facilities. These amounts are reported as components of premises and equipment and other liabilities. Short-term operating leases, which are leases with an original term of 12 months or less and do not have a purchase option that is likely to be exercised, are not recognized as part of the right-of-use asset or lease liability.
Goodwill and other intangible assets, net	Goodwill and other intangible assets, net: The Company accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations. Core deposit intangibles and other identified intangibles with finite useful lives are amortized using the sum of the year’s digits over their estimated useful lives of up to ten years. Goodwill and other intangible assets are tested for impairment annually or when circumstances arise indicating impairment may have occurred. In making this assessment that impairment may have occurred, management considers a number of factors including, but not limited to, operating results, business plans, economic projections, anticipated future cash flows, and current market data. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of impairment. Changes in economic and operating conditions, as well as other factors, could result in impairment in future periods. Any impairment losses arising from such testing would be reported in the consolidated statements of income and comprehensive income as a separate line item within operations. There were no impairment losses recognized as a result of periodic impairment testing in each of the three-years ended December 31, 2021.
Mortgage servicing rights	Mortgage servicing rights: Mortgage servicing rights are recognized as a separate asset upon the sale and servicing of mortgage loans by the Company. The Company calculates a mortgage servicing right by allocating the total costs incurred between the loan sold and the servicing right, based on their relative fair values at the date of the sale. Mortgage servicing rights are included in other assets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying mortgage loans. In addition, mortgage servicing rights are evaluated for impairment at each reporting date based on the fair value of those rights. For purposes of measuring impairment, the rights are stratified by loan type, term and interest rate. The amount of impairment recognized, through a valuation allowance, is the amount by which the mortgage servicing rights for a stratum exceed their fair value.
Restricted equity securities	Restricted equity securities: As a member of the Federal Home Loan Bank of Pittsburgh (“FHLB”), the Company is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. This stock is restricted in that it can only be redeemed by the FHLB or transferred to another member institution, and all redemptions of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. The carrying value of restricted stock is included in other assets.
Bank owned life insurance	Bank owned life insurance: The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance on certain employees or directors. The Company is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Income from increases in cash surrender value of the policies is included in noninterest income. The policies can be liquidated, if necessary, with associated tax costs. However, the Company intends to hold these policies and, accordingly, the Company has not provided for income taxes on the earnings from the increase in cash surrender value.
Pension and post-retirement benefit plans	Pension and post-retirement benefit plans: The Company sponsors a separate Employee Stock Ownership Plan (“ESOP”) and Retirement Profit Sharing 401(k) Plan and maintains Supplemental Executive Retirement Plans (“SERPs”) and an employee pension plan, which is currently frozen. The Company also provides post-retirement benefit plans other than pensions, consisting principally of life insurance benefits, to eligible retirees. The liabilities and annual income or expense of the Company’s pension and other post-retirement benefit plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return, based on the market-related value of assets. The fair values of plan assets are determined based on prevailing market prices or estimated fair value for investments with no available quoted prices.
Statements of Cash Flows	Statements of Cash Flows: Cash and cash equivalents include cash on hand, cash items in the process of collection, noninterest-bearing and interest-bearing deposits in other banks and federal funds sold.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company has elected to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Fair value of financial instruments	Fair value of financial instruments: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure under GAAP. Fair value estimates are calculated without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that are not considered financial. Accordingly, such assets and liabilities are excluded from disclosure requirements. Fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets. In many cases, these values cannot be realized in immediate settlement of the instrument. Current fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction that is not a forced liquidation or distressed sale between participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with GAAP, the Company groups its assets and liabilities generally measured at fair value into three levels based on market information or other fair value estimates in which the assets and liabilities are traded or valued and the reliability of the assumptions used to determine fair value. These levels include: ● Level 1: Unadjusted quoted prices of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ● Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ● Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The following methods and assumptions were used by the Company to construct the summary table in Note 14 containing the fair values and related carrying amounts of financial instruments measured at fair value:
Investment securities	Investment securities: The fair values of marketable equity securities are based on quoted market prices from active exchange markets. The fair values of debt securities are based on pricing from a matrix pricing model and quoted market prices.
Impaired loans	Impaired loans:
Interest rate swaps and floors	Interest rate swaps and floors:
Advertising	Advertising: The Company follows the policy of charging marketing and advertising costs to expense as incurred. Advertising expense for the years ended December 31, 2021, 2020 and 2019 was $575, $462 and $873, respectively.
Income taxes	Income taxes: Deferred income taxes are provided on the balance sheet method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the effective date. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the more likely than not threshold, no tax benefit is recorded. Under the more likely than not threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. The Company had no material unrecognized tax benefits or accrued interest and penalties for any year in the three-year period ended December 31, 2021. As applicable, the Company recognizes accrued interest and penalties assessed as a result of a taxing authority examination through income tax expense. The Company files consolidated income tax returns in the United States of America and various state jurisdictions. With limited exception, the Company is no longer subject to federal and state income tax examinations by taxing authorities for years before 2018.
Other comprehensive income (loss)	Other comprehensive income (loss): The components of other comprehensive income (loss) and their related tax effects are reported in the consolidated statements of income and comprehensive income. The accumulated other comprehensive income (loss) included in the consolidated balance sheets relates to net unrealized gains and losses on investment securities available-for-sale, the net change in derivative fair value and the unfunded benefit plan amounts which include prior service costs and unrealized net losses.
Earnings per share	Earnings per share: Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to awards of restricted stock units, and are determined using the treasury stock method. 2021 2020 2019 For the Year Ended December 31, Basic Diluted Basic Diluted Basic Diluted Net income $ 43,519 $ 43,519 $ 29,354 $ 29,354 $ 25,736 $ 25,736 Average common shares outstanding 7,196,160 7,235,303 7,304,956 7,337,843 7,395,429 7,412,369 Earnings per share $ 6.05 $ 6.02 $ 4.02 $ 4.00 $ 3.48 $ 3.47
Stock-based compensation	Stock-based compensation: The Company recognizes all share-based payments to employees in the consolidated statements of income and comprehensive income based on their fair values. The fair value of such equity instruments is recognized as an expense in the consolidated financial statements as services are performed. The Company has granted restricted stock awards and units to employees at a price equal to the fair value of the shares underlying the awards at the date of grant. The fair value of restricted stock awards and units are equivalent to the fair value on the date of grant and is amortized over the vesting period.
Recent accounting standards	Recent accounting standards: Recently Issued But Not Yet Effective Accounting Pronouncements ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), as modified by subsequent ASUs, changes accounting for credit losses on loans receivable and debt securities from an incurred loss methodology to an expected credit loss methodology. Among other things, ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Accordingly, ASU 2016-13 requires the use of forward-looking information to form credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, though the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The effect of implementing this ASU is recorded through a cumulative-effect adjustment to retained earnings. The Company has formed a committee and engaged outside vendors to implement a platform to utilize the alternative loss estimation methodologies in determining the impact that adoption of this standard will have on the Company’s financial condition and results of operations. The Company is required to adopt this guidance effective January 1, 2023. ASU 2020-04, Reference Rate Reform (Topic 848) provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments in Update 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The guidance includes a general principle that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. Some specific optional expedients are as follows: ● Simplifies accounting for contract modifications, including modifications to loans receivable and debt, by prospectively adjusting the effective interest rate. ● Simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue. The amendments in ASU 2020-04 are effective as of March 12, 2020 through December 31, 2022. The Company expects to apply the amendments prospectively for applicable loan and other contracts within the effective period of ASU 2020-04.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
Summary of significant accounting policies (Tables)	Dec. 31, 2021
Summary of significant accounting policies
Schedule of estimated useful life of related assets	Premises and leasehold improvements 7 – 40 years Furniture, fixtures and equipment 3 – 10 years
Schedule of earnings per share	2021 2020 2019 For the Year Ended December 31, Basic Diluted Basic Diluted Basic Diluted Net income $ 43,519 $ 43,519 $ 29,354 $ 29,354 $ 25,736 $ 25,736 Average common shares outstanding 7,196,160 7,235,303 7,304,956 7,337,843 7,395,429 7,412,369 Earnings per share $ 6.05 $ 6.02 $ 4.02 $ 4.00 $ 3.48 $ 3.47

Investment securities (Tables)

Investment securities (Tables)	12 Months Ended
Investment securities (Tables)	Dec. 31, 2021
Investment Securities
Schedule of amortized cost and fair value of investment securities aggregated by investment category	Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 193,849 $ 107 $ 2,382 $ 191,574 U.S. government-sponsored enterprises 33,435 343 33,778 State and municipals: Taxable 69,066 994 1,082 68,978 Tax-exempt 96,412 2,452 614 98,250 Residential mortgage-backed securities: U.S. government agencies 1,790 53 1,843 U.S. government-sponsored enterprises 109,018 939 2,925 107,032 Commercial mortgage-backed securities: U.S. government-sponsored enterprises 12,542 406 12,948 Corporate debt securities 3,000 82 2,918 Total $ 519,112 $ 5,294 $ 7,085 $ 517,321 Held-to-maturity: Tax-exempt state and municipals $ 11,476 $ 126 $ 56 $ 11,546 Residential mortgage-backed securities: U.S. government agencies 18,802 392 18,410 U.S. government-sponsored enterprises 40,935 3 448 40,490 Total $ 71,213 $ 129 $ 896 $ 70,446 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2020 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ 18,478 $ 427 $ 18,905 U.S. government-sponsored enterprises 63,834 1,354 65,188 State and municipals: Taxable 53,297 2,099 $ 30 55,366 Tax-exempt 53,977 3,054 37 56,994 Residential mortgage-backed securities: U.S. government agencies 3,553 154 3,707 U.S. government-sponsored enterprises 79,457 1,930 136 81,251 Commercial mortgage-backed securities: U.S. government-sponsored enterprises 12,619 881 13,500 Corporate debt securities 1,000 1,000 Total $ 286,215 $ 9,899 $ 203 $ 295,911 Held-to-maturity: Tax-exempt state and municipals $ 6,849 $ 275 $ $ 7,124 Residential mortgage-backed securities: U.S. government agencies 21 21 U.S. government-sponsored enterprises 355 13 368 Total $ 7,225 $ 288 $ $ 7,513
Summary of unrealized and realized gains and losses	Year Ended December 31, 2021 2020 Net gain (loss) recognized during the period on equity securities $ 2 $ (6) Less: Net gain (loss) recognized during the period on equity securities sold during the period 29 Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date $ 2 $ (35)
Schedule of fair value and unrealized losses of investment securities in continuous unrealized loss position	Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 Value Losses Value Losses Value Losses U.S. Treasury securities $ 179,974 $ 2,382 $ 179,974 $ 2,382 State and municipals: Taxable 26,827 718 $ 8,008 $ 364 34,835 1,082 Tax-exempt 38,693 357 10,319 313 49,012 670 Residential mortgage-backed securities: U.S. government agencies 18,398 392 18,398 392 U.S. government-sponsored enterprises 77,875 1,454 48,276 1,919 126,151 3,373 Corporate debt securities 2,449 51 470 31 2,919 82 Total $ 344,216 $ 5,354 $ 67,073 $ 2,627 $ 411,289 $ 7,981 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Value Losses Value Losses Value Losses State and municipals: Taxable $ 9,246 $ 30 $ 9,246 $ 30 Tax-exempt 6,786 37 6,786 37 Residential mortgage-backed securities: U.S. government-sponsored enterprises 11,553 135 $ 284 $ 1 11,837 136 Total $ 27,585 $ 202 $ 284 $ 1 $ 27,869 $ 203
Available-for-Sale Securities
Investment Securities
Schedule of maturity distribution of fair value	Fair December 31, 2021 Value Within one year $ 28,887 After one but within five years 148,212 After five but within ten years 103,012 After ten years 112,347 392,458 Mortgage-backed and other amortizing securities 124,863 Total $ 517,321
Held-to-maturity Securities.
Investment Securities
Schedule of maturity distribution of fair value	Amortized Fair December 31, 2021 Cost Value After five but within ten years $ 7,331 $ 7,334 After ten years 4,145 4,212 11,476 11,546 Mortgage-backed securities 59,737 58,900 Total $ 71,213 $ 70,446

Loans, net and allowance for _2

Loans, net and allowance for loan losses (Tables)	12 Months Ended
Loans, net and allowance for loan losses (Tables)	Dec. 31, 2021
Loans, net and allowance for loan losses
Schedule of major classifications of loans outstanding	December 31 2021 2020 Commercial $ 613,127 $ 679,286 Real estate: Commercial 1,343,539 1,137,990 Residential 297,624 277,414 Consumer 74,883 83,292 Total $ 2,329,173 $ 2,177,982
Schedule of changes in allowance for loan losses account by major classification of loans	Real estate December 31, 2021 Commercial Commercial Residential Consumer Total Allowance for loan losses: Beginning balance $ 8,734 $ 14,559 $ 3,129 $ 922 $ 27,344 Charge-offs (492) (252) (24) (188) (956) Recoveries 89 68 7 81 245 Provisions (credits) 122 1,553 97 (22) 1,750 Ending balance $ 8,453 $ 15,928 $ 3,209 $ 793 $ 28,383 Ending balance: individually evaluated for impairment 40 109 26 175 Ending balance: collectively evaluated for impairment $ 8,413 $ 15,819 $ 3,183 $ 793 $ 28,208 Loans receivable: Ending balance $ 613,127 $ 1,343,539 $ 297,624 $ 74,883 $ 2,329,173 Ending balance: individually evaluated for impairment 199 2,890 1,273 4,362 Ending balance: collectively evaluated for impairment $ 612,928 $ 1,340,649 $ 296,351 $ 74,883 $ 2,324,811 Real estate December 31, 2020 Commercial Commercial Residential Consumer Total Allowance for loan losses: Beginning balance $ 6,888 $ 11,496 $ 3,226 $ 1,067 $ 22,677 Charge-offs (2,771) (144) (247) (317) (3,479) Recoveries 525 16 57 148 746 Provisions 4,092 3,191 93 24 7,400 Ending balance $ 8,734 $ 14,559 $ 3,129 $ 922 $ 27,344 Ending balance: individually evaluated for impairment 947 180 75 1,202 Ending balance: collectively evaluated for impairment $ 7,787 $ 14,379 $ 3,054 $ 922 $ 26,142 Loans receivable: Ending balance $ 679,286 $ 1,137,990 $ 277,414 $ 83,292 $ 2,177,982 Ending balance: individually evaluated for impairment 4,297 3,952 1,546 9,795 Ending balance: collectively evaluated for impairment $ 674,989 $ 1,134,038 $ 275,868 $ 83,292 $ 2,168,187 Real estate
Schedule of major classification of loans portfolio summarized by credit quality	Special December 31, 2021 Pass Mention Substandard Doubtful Total Commercial $ 611,151 $ 896 $ 1,080 $ $ 613,127 Real estate: Commercial 1,324,646 13,939 4,954 1,343,539 Residential 294,892 333 2,399 297,624 Consumer 74,744 139 74,883 Total $ 2,305,433 $ 15,168 $ 8,572 $ $ 2,329,173 Special December 31, 2020 Pass Mention Substandard Doubtful Total Commercial $ 660,559 $ 14,305 $ 4,422 $ $ 679,286 Real estate: Commercial 1,107,699 17,517 12,774 1,137,990 Residential 274,327 144 2,943 277,414 Consumer 83,215 77 83,292 Total $ 2,125,800 $ 31,966 $ 20,216 $ $ 2,177,982
Schedule of information concerning nonaccrual loans by major loan classification	December 31, 2021 December 31, 2020 Commercial $ 185 $ 3,822 Real estate: Commercial 1,793 3,262 Residential 694 922 Consumer 139 111 Total $ 2,811 $ 8,117
Schedule of major classifications of loans by past due status	Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2021 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 101 $ 155 $ 158 $ 414 $ 612,713 $ 613,127 Real estate: Commercial 768 423 834 2,025 1,341,514 1,343,539 Residential 1,552 207 265 2,024 295,600 297,624 $ 13 Consumer 477 163 51 691 74,192 74,883 Total $ 2,898 $ 948 $ 1,308 $ 5,154 $ 2,324,019 $ 2,329,173 $ 13 Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2020 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ 73 $ 2,245 $ 2,318 $ 676,968 $ 679,286 Real estate: Commercial 414 $ 222 2,362 2,998 1,134,992 1,137,990 Residential 2,072 480 732 3,284 274,130 277,414 $ 71 Consumer 384 70 67 521 82,771 83,292 Total $ 2,943 $ 772 $ 5,406 $ 9,121 $ 2,168,861 $ 2,177,982 $ 71
Summarized information concerning impaired loans	For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2021 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 158 $ 481 $ 964 $ 13 Real estate: Commercial 2,376 3,120 2,719 22 Residential 873 1,073 1,016 19 Consumer 139 148 100 Total 3,546 4,822 4,799 54 With an allowance recorded: Commercial 41 41 $ 40 1,091 15 Real estate: Commercial 513 543 109 802 22 Residential 401 401 26 436 13 Consumer Total 955 985 175 2,329 50 Total impaired loans Commercial 199 522 40 2,055 28 Real estate: Commercial 2,889 3,663 109 3,521 44 Residential 1,274 1,474 26 1,452 32 Consumer 139 148 100 Total $ 4,501 $ 5,807 $ 175 $ 7,128 $ 104 For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2020 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 2,251 $ 3,421 $ 2,915 $ 30 Real estate: Commercial 2,372 2,964 2,148 28 Residential 1,086 1,263 1,223 21 Consumer 111 121 167 Total 5,820 7,769 6,453 79 With an allowance recorded: Commercial 2,046 2,094 947 2,038 17 Real estate: Commercial 1,580 1,710 180 1,687 36 Residential 460 482 75 624 13 Consumer Total 4,086 4,286 1,202 4,349 66 Total impaired loans Commercial 4,297 5,515 947 4,953 47 Real estate: Commercial 3,952 4,674 180 3,835 64 Residential 1,546 1,745 75 1,847 34 Consumer 111 121 167 Total $ 9,906 $ 12,055 $ 1,202 $ 10,802 $ 145 For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2019 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ 3,638 $ 4,175 $ 3,907 $ 63 Real estate: Commercial 1,918 2,205 2,385 38 Residential 1,718 2,060 1,362 25 Consumer 261 274 233 Total 7,535 8,714 7,887 126 With an allowance recorded: Commercial 1,020 1,038 $ 363 1,012 32 Real estate: Commercial 1,130 1,811 279 1,050 10 Residential 435 450 135 1,408 29 Consumer 20 Total 2,585 3,299 777 3,490 71 Total impaired loans Commercial 4,658 5,213 363 4,919 95 Real estate: Commercial 3,048 4,016 279 3,435 48 Residential 2,153 2,510 135 2,770 54 Consumer 261 274 253 Total $ 10,120 $ 12,013 $ 777 $ 11,377 $ 197
Summary loans whose terms have been modified resulting in troubled debt restructurings	Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded December 31, 2021 of Contracts Investment Recorded Investment Investment Commercial $ $ $ Commercial real estate Total $ $ $ Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded December 31, 2020 of Contracts Investment Recorded Investment Investment Commercial 1 $ 12 $ 12 $ 5 Commercial real estate 3 $ 1,073 $ 1,073 $ 1,046 Total 4 $ 1,085 $ 1,085 $ 1,051 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded December 31, 2019 of Contracts Investment Recorded Investment Investment Commercial real estate 1 $ 346 $ 346 $ 241

Off-balance sheet financial i_2

Off-balance sheet financial instruments (Tables)	12 Months Ended
Off-balance sheet financial instruments (Tables)	Dec. 31, 2021
Off-balance sheet financial instruments.
Summary of contractual amounts of off-balance sheet commitments	December 31 2021 2020 Commitments to extend credit $ 431,011 $ 336,667 Unused portions of lines of credit 64,108 55,391 Standby letters of credit 58,254 34,428 $ 553,373 $ 426,486

Premises and equipment, net (Ta

Premises and equipment, net (Tables)	12 Months Ended
Premises and equipment, net (Tables)	Dec. 31, 2021
Premises and equipment, net
Summary of premises and equipment	December 31 2021 2020 Land $ 7,255 $ 5,217 Premises and leasehold improvements 50,426 48,596 Right-of-use assets 8,563 6,282 Furniture, fixtures and equipment 19,096 18,395 85,340 78,490 Less: accumulated depreciation 33,838 31,445 $ 51,502 $ 47,045

Operating lease commitments a_2

Operating lease commitments and contingencies (Tables)	12 Months Ended
Operating lease commitments and contingencies (Tables)	Dec. 31, 2021
Operating lease commitments and contingencies
Summary of future minimum annual rent commitments under various operating leases	2022 $ 791 2023 736 2024 669 2025 688 2026 691 Thereafter 7,914 Total future minimum lease payments 11,489 Less amount representing interest (2,699) Present value of future minimum lease payments $ 8,790

Intangible assets, net (Tables)

Intangible assets, net (Tables)	12 Months Ended
Intangible assets, net (Tables)	Dec. 31, 2021
Intangible assets, net
Summary of estimated amortization expense on intangible assets	2022 $ 363 2023 105 Total $ 468

Other assets (Tables)

Other assets (Tables)	12 Months Ended
Other assets (Tables)	Dec. 31, 2021
Other assets
Schedule of components of other assets	December 31, 2021 December 31, 2020 Other real estate owned $ 609 $ 864 Investment in low income housing partnership 5,900 6,332 Mortgage servicing rights 882 838 Restricted equity securities (FHLB and other) 4,045 5,397 Net deferred tax asset 5,355 3,768 Interest rate floor 844 1,678 Interest rate swaps 9,026 13,693 Other assets 6,395 6,345 Total $ 33,056 $ 38,915

Deposits (Tables)

Deposits (Tables)	12 Months Ended
Deposits (Tables)	Dec. 31, 2021
Deposits.
Summary of major components of interest-bearing and noninterest-bearing deposits	At the period end December 31, 2021 December 31, 2020 Interest-bearing deposits: Money market accounts $ 588,245 $ 496,634 Now accounts 851,086 567,087 Savings accounts 491,796 431,224 Time deposits less than $250 203,719 221,446 Time deposits $250 or more 90,795 98,247 Total interest-bearing deposits 2,225,641 1,814,638 Noninterest-bearing deposits 737,756 622,475 Total deposits $ 2,963,397 $ 2,437,113
Schedule of aggregate amounts of maturities for all time deposits	2022 $ 212,919 2023 35,336 2024 17,965 2025 7,731 2026 9,985 Thereafter 10,578 $ 294,514

Short-term borrowings (Tables)

Short-term borrowings (Tables)	12 Months Ended
Short-term borrowings (Tables)	Dec. 31, 2021
Short-term borrowings
Summary of short-term borrowings	At and for the year ended December 31, 2021 Weighted Maximum Weighted Average Ending Average Month-End Average Rate at End Balance Balance Balance Rate of the Year FHLB advances $ $ 13,973 $ 50,000 0.56 % At and for the year ended December 31, 2020 Weighted Weighted Maximum Average Average Ending Average Month-End Rate for Rate at End Balance Balance Balance the Year of the Year FHLB advances $ 50,000 $ 83,716 $ 179,199 1.01 % 0.40 % At and for the year ended December 31, 2019 Weighted Weighted Maximum Average Average Ending Average Month-End Rate for Rate at End Balance Balance Balance the Year of the Year FHLB advances $ 152,150 $ 62,941 $ 152,150 2.61 % 1.84 %
Schedule of long-term debt consisting of advances	Interest Rate Due Fixed December 31, 2021 December 31, 2020 June 2021 1.99 $ 10,000 March 2023 4.69 $ 2,711 4,769 $ 2,711 $ 14,769
Schedule of maturities of long-term debt	2022 2,156 2023 555 $ 2,711

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
Long-term debt (Tables)	Dec. 31, 2021
Long-term debt.
Schedule of long-term debt consisting of advances	Interest Rate Due Fixed December 31, 2021 December 31, 2020 June 2021 1.99 $ 10,000 March 2023 4.69 $ 2,711 4,769 $ 2,711 $ 14,769
Schedule of maturities of long-term debt	2022 2,156 2023 555 $ 2,711

Fair value of financial instr_2

Fair value of financial instruments (Tables)	12 Months Ended
Fair value of financial instruments (Tables)	Dec. 31, 2021
Fair value of financial instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2021 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 191,574 $ 191,574 $ U.S. government-sponsored enterprises 33,778 $ 33,778 State and municipals: Taxable 68,978 68,978 Tax-exempt 98,250 98,250 Mortgage-backed securities: U.S. government agencies 1,843 1,843 U.S. government-sponsored enterprises 119,980 119,980 Corporate debt securities 2,918 2,918 Common equity securities 140 140 Total investment securities $ 517,461 $ 191,714 $ 325,747 $ Loan held for sale $ 408 $ 408 Interest rate floor-other assets $ 844 $ 844 Interest rate swap-other assets $ 9,026 $ 9,026 Interest rate swap-other liabilities $ (8,811) $ (8,811) Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2020 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ 18,905 $ 18,905 $ U.S. government-sponsored enterprises 65,188 $ 65,188 State and municipals: Taxable 55,366 55,366 Tax-exempt 56,994 56,994 Mortgage-backed securities: U.S. government agencies 3,707 3,707 U.S. government-sponsored enterprises 94,751 94,751 Corporate debt securities 1,000 1,000 Common equity securities 138 138 Total investment securities $ 296,049 $ 19,043 $ 277,006 $ Loan held for sale $ 837 $ 837 Interest rate floor-other assets $ 1,678 $ 1,678 Interest rate swap-other assets $ 13,693 $ 13,693 Interest rate swap-other liabilities $ (14,099) $ (14,099)
Schedule of assets and liabilities measured at fair value on a nonrecurring basis	Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2021 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 780 $ 780 Other real estate owned $ 487 $ 487 Fair Value Measurement Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs December 31, 2020 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ 2,884 $ 2,884 Other real estate owned $ 527 $ 527
Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis	Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2021 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 780 Appraisal of collateral Appraisal adjustments 6.4% to 97.0% (65.2)% Liquidation expenses 3.0% to 6.0% (5.1)% Other real estate owned $ 487 Appraisal of collateral Appraisal adjustments 35.9% to 35.9% (35.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2020 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ 2,884 Appraisal of collateral Appraisal adjustments 9.0% to 97.0% (28.2)% Liquidation expenses 3.0% to 6.0% (5.5)% Other real estate owned $ 527 Appraisal of collateral Appraisal adjustments 3.1% to 58.1% (29.9)% Liquidation expenses 3.0% to 6.0% (5.0)%
Schedule of carrying and fair values of financial instruments	Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2021 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and due from banks $ 279,933 $ 279,933 $ 279,933 Investment securities: Available-for-sale 517,321 517,321 191,574 $ 325,747 Common equity securities 140 140 140 Held-to-maturity 71,213 70,446 70,446 Loans held for sale 408 408 408 Net loans 2,300,790 2,261,586 $ 2,261,586 Accrued interest receivable 8,528 8,528 8,528 Mortgage servicing rights 882 1,357 1,357 Restricted equity securities (FHLB and other) 4,045 4,045 4,045 Interest rate floor 844 844 844 Interest rate swaps 9,026 9,026 9,026 Total $ 3,193,130 $ 3,153,634 Financial liabilities: Deposits $ 2,963,397 $ 2,963,547 $ 2,963,547 Long-term debt 2,711 2,778 2,778 Subordinated debentures 33,000 32,337 32,337 Accrued interest payable 408 408 408 Interest rate swaps 8,811 8,811 8,811 Total $ 3,008,327 $ 3,007,881 Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2020 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and due from banks $ 228,192 $ 228,192 $ 228,192 Investment securities: Available-for-sale 295,911 295,911 18,905 $ 277,006 Common equity securities 138 138 138 Held-to-maturity 7,225 7,513 7,513 Loans held for sale 837 837 837 Net loans 2,150,638 2,145,752 $ 2,145,752 Accrued interest receivable 8,255 8,255 8,255 Mortgage servicing rights 838 1,269 1,269 Restricted equity securities (FHLB and other) 5,397 5,397 5,397 Interest rate floor 1,678 1,678 1,678 Interest rate swaps 13,693 13,693 13,693 Total $ 2,712,802 $ 2,708,635 Financial liabilities: Deposits $ 2,437,113 $ 2,441,014 $ 2,441,014 Long-term debt 14,769 15,073 15,073 Subordinated debentures 33,000 33,096 33,096 Accrued interest payable 736 736 736 Interest rate swaps 14,099 14,099 14,099 Total $ 2,499,717 $ 2,504,018

Derivatives and hedging activ_2

Derivatives and hedging activities (Tables)	12 Months Ended
Derivatives and hedging activities (Tables)	Dec. 31, 2021
Derivatives and hedging activities
Schedule of fair value of derivative financial instruments and balance sheet classification	Asset Derivatives Asset Derivatives Liability Derivatives Liability Derivatives As of December 31, 2021 (1) As of December 31, 2020 As of December 31, 2021 (1) As of December 31, 2020 Notional Balance Sheet Balance Sheet Balance Sheet Balance Sheet Amount Location Fair Value Location Fair Value Location Fair Value Location Fair Value Derivatives designated as hedging instruments Interest Rate Floor $ 25,000 Other Assets $ 844 Other Assets $ 1,678 Cash Flow Swap $ 50,000 Other Liabilities $ Other Liabilities $ 485 Total derivatives designated as hedging instruments $ 844 $ 1,678 $ $ 485 Derivatives not Interest Rate Swaps (2) $ 392,677 Other Assets $ 9,026 Other Assets $ 13,693 Other Liabilities $ 8,811 Other Liabilities $ 13,614 Total derivatives not $ 9,026 $ 13,693 $ 8,811 $ 13,614 (1) Amounts include accrued interest (2) Notional amount of interest rate swaps at December 31, 2020 were $375,341
Schedule of effect of fair value and cash flow hedge accounting on accumulated other comprehensive income	Location of Amount of Amount of Amount of Amount of Amount of Gain or (Loss) Amount of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Loss Recognized from Gain (Loss) Reclassified Reclassified Recognized in Recognized in Recognized in Accumulated Reclassified from Accumulated from Accumulated Derivatives in OCI on OCI Included OCI Excluded Other Comprehensive from Accumulated OCI into Income OCI into Income Hedging Derivative Component Component Income into OCI into Income Included Component Excluded Component Relationships December 31, 2021 Income December 31, 2021 Derivatives in Cash Flow Hedging Relationships Cash Flow Swap $ 401 $ 401 Interest Expense $ (23) $ (23) Cash Flow Swap Other expense (25) (25) Interest Rate Floor () $ (228) $ (245) $ 17 Interest Income $ 543 $ 607 $ (64) Total $ 173 $ 156 $ 17 $ 495 $ 559 $ (64) Location of Amount of Amount of Amount of Amount of Amount of Gain or (Loss) Amount of Gain Loss Gain Gain Gain Recognized from Loss Reclassified Reclassified Recognized in Recognized in Recognized in Accumulated Reclassified from Accumulated from Accumulated Derivatives in OCI on OCI Included OCI Excluded Other Comprehensive from Accumulated OCI into Income OCI into Income Hedging Derivative Component Component Income into OCI into Income Included Component Excluded Component Relationships December 31, 2020 Income December 31, 2020 Derivatives in Cash Flow Hedging Relationships Cash Flow Swap $ (437) $ (437) Interest Expense $ 13 $ 13 Interest Rate Floor () $ 1,178 $ 1,232 $ (54) Interest Income $ 414 $ 478 $ (64) Total $ 741 $ 795 $ (54) $ 427 $ 491 $ (64) * Amounts disclosed are gross and not net of taxes.
Schedule of effect of derivative financial instruments on Income Statement	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships For the twelve months ended December 31, 2021 2021 2020 2020 Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in the statements of income and comprehensive income in which the effects of fair value or cash flow hedges are recorded $ 543 $ (48) $ 413 $ 13 The effects of fair value and cash flow hedging: Gain or (loss) on cash flow hedging relationships Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive income into income $ 543 $ (23) $ 413 $ 13 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring $ (25) Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - included component $ 607 $ (48) $ 477 $ 13 Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - excluded component $ (64) $ (64) $
Schedule of gain (loss) on derivative instruments not designated as hedging instruments	Amount of Gain Amount of Gain Recognized in Recognized in Location of Gain or (Loss) Income Income Recognized in Income on Twelve Months Ended Twelve Months Ended Derivatives Not Designated as Hedging Instruments Derivative December 31, 2021 December 31, 2020 Interest Rate Swaps Interest rate swap revenue $ 136 $ 31 Fee Income Fee income $ 623 $ 2,290
Schedule of offsetting derivatives	Offsetting of Derivative Assets as of December 31, 2021 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Received Amount Derivatives $ 9,870 $ $ 9,870 $ 3,218 $ 6,652 Offsetting of Derivative Liabilities as of December 31, 2021 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Paid Amount Derivatives $ 8,818 $ $ 8,818 $ 3,218 5,600 $ Offsetting of Derivative Assets as of December 31, 2020 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Received Amount Derivatives $ 15,371 $ $ 15,371 $ 1,678 $ 13,693 Offsetting of Derivative Liabilities as of December 31, 2020 Gross Amounts Not Offset in the Balance Sheet Gross Net Amounts Amounts of Gross Amounts of Assets Recognized Offset in the presented in the Financial Cash Collateral Net Assets Balance Sheet Balance Sheet Instruments Paid Amount Derivatives $ 14,099 $ $ 14,099 $ 1,678 12,421 $

Stock plans (Tables)

Stock plans (Tables)	12 Months Ended
Stock plans (Tables)	Dec. 31, 2021
Stock plans
Schedule of activity related to restricted stock	Year Ended December 31 2021 2020 2019 Nonvested, January 1 31,923 25,984 12,892 Granted shares 19,818 16,269 17,345 Vested shares 15,460 8,455 2,542 Forfeited shares 1,875 1,711 Nonvested, December 31 36,281 31,923 25,984

Employee benefit plans (Tables)

Employee benefit plans (Tables)	12 Months Ended
Employee benefit plans (Tables)	Dec. 31, 2021
Employee benefit plans
Summary of pension and postretirement life insurance plans	Pension Benefits December 31 2021 2020 Change in benefit obligation: Benefit obligation, beginning $ 19,113 $ 17,491 Interest cost 419 544 Change in experience gain (49) (291) Change in actuarial assumptions (603) 2,159 Benefits paid (814) (790) Benefit obligation, ending 18,066 19,113 Change in plan assets: Fair value of plan assets, beginning 17,628 16,930 Actual return on plan assets 2,443 1,488 Employer contributions Benefits paid (814) (790) Fair value of plan assets, ending 19,257 17,628 Funded status at end of year $ 1,191 $ (1,485)
Schedule of amounts recognized in balance sheet	Pension Benefits December 31 2021 2020 (Other Assets)/Other Liabilities $ (1,190) $ 1,485 Amounts recognized in the accumulated other comprehensive income (loss) consist of: Net actuarial gain (5,868) (7,977) Deferred taxes 1,232 1,675 Net amount recognized $ (4,636) $ (6,302)
Schedule of components of net periodic benefit cost	Pension Benefits Years Ended December 31, 2021 2020 2019 Net periodic pension income: Interest cost $ 419 $ 544 $ 639 Expected return on plan assets (1,288) (1,236) (1,084) Amortization of unrecognized net loss 301 218 227 Net periodic pension income: (568) (474) (218) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) 419 544 639 Deferred tax (88) (114) (134) Total recognized in other comprehensive income (loss) 331 430 505 Total recognized in net period pension cost and other comprehensive income (loss) $ (237) $ (44) $ 287
Schedule of weighted-average assumptions used to determine benefit obligations and related expenses	Pension Benefits December 31, 2021 2020 2019 Discount rate: Obligation 2.59 % 2.25 % 3.25 % Expense 2.25 3.25 4.00 Expected long-term return on plan assets 7.50 % 7.50 % 7.50 %
Schedule of pension plan weighted-average asset allocations	December 31, 2021 2020 Asset Category: Cash and cash equivalents 4.8 % 6.8 % Equity securities 67.4 63.3 Corporate bonds 19.6 20.7 U.S. government securities 8.2 9.2 100.0 % 100.0 %
Schedule of fair value measurement of pension plan assets	Quoted Prices in Active Markets Significant Significant for Identical Observable Observable Assets Inputs Inputs December 31, 2021 Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 918 $ 918 $ Equity securities: U.S. large cap 11,940 11,940 International 1,039 1,039 Fixed income securities: U.S. Treasuries 214 $ 214 U.S. government agencies 1,371 1,371 Corporate bonds 3,775 3,775 Total $ 19,257 $ 13,897 $ 5,360 $ Quoted Prices in Active Markets Significant Significant for Identical Observable Observable Assets Inputs Inputs December 31, 2020 Total (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 1,203 $ 1,203 $ Equity securities: U.S. large cap 10,266 10,266 International 888 888 Fixed income securities: U.S. Treasuries 216 $ 216 U.S. government agencies 1,400 1,400 Corporate bonds 3,655 3,655 Total $ 17,628 $ 12,357 $ 5,271 $
Schedule of expected benefit payments	Pension Benefits 2022 $ 878 2023 901 2024 952 2025 984 2026 1,015 Thereafter 5,020

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
Income taxes (Tables)	Dec. 31, 2021
Income taxes
Schedule of current and deferred amounts of the provision for income taxes expense (benefit0	Year Ended December 31 2021 2020 2019 Current $ 9,548 $ 6,600 $ 2,761 Deferred 450 (1,779) 394 Total income tax expense $ 9,998 $ 4,821 $ 3,155
Schedule of the components of the net deferred tax asset	December 31 2021 2020 Deferred tax assets: Allowance for loan losses $ 5,960 $ 5,742 Lease liability 1,846 1,349 Defined benefit plan 1,108 Deferred compensation 884 789 Deferred loan fees 1,215 1,368 Investment securities available-for-sale 379 Other 86 170 Total 10,370 10,526 Deferred tax liabilities: Lease right-of-use assets 1,798 1,319 Premises and equipment, net 1,441 1,455 Merger related accounting 572 694 Deferred loan costs 885 936 Defined benefit plan 75 Investment securities available-for-sale 2,033 Other 244 321 Total 5,015 6,758 Net deferred tax asset $ 5,355 $ 3,768
Schedule of the reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate	2021 2020 2019 Year Ended December 31 Amount % Amount % Amount % Provision for income tax at statutory rate $ 11,239 21.00 % $ 7,177 21.00 % $ 6,067 21.00 % State tax, net of federal benefit 475 0.89 Tax exempt interest (1,194) (2.23) (1,032) (3.02) (1,299) (4.50) Bank owned life insurance income (119) (0.22) (299) (0.87) (159) (0.55) Residential housing program tax credits (1,091) (2.04) (1,094) (3.20) (1,094) (3.79) Other, net 688 1.29 69 0.19 (360) (1.25) Total $ 9,998 18.69 % $ 4,821 14.10 % $ 3,155 10.91 %

Parent Company financial stat_2

Parent Company financial statements (Tables)	12 Months Ended
Parent Company financial statements (Tables)	Dec. 31, 2021
Parent Company financial statements
Condensed Balance Sheets	December 31 2021 2020 Assets: Cash and cash equivalents $ 4,044 $ 1,069 Equity securities 140 138 Investment in bank subsidiary 368,427 348,584 Other assets 703 273 Total assets $ 373,314 $ 350,064 Liabilities and Stockholders’ Equity: Subordinated debt $ 33,000 33,000 Accrued interest payable 148 148 Other liabilities 39 $ 39 Stockholders’ equity 340,127 316,877 Total liabilities and stockholders’ equity $ 373,314 $ 350,064
Condensed Statements of Income and Comprehensive Income	Year Ended December 31 2021 2020 2019 Income: Dividends from subsidiaries $ 17,593 $ 10,518 $ 10,131 Other income 4 8 8 Net gain realized on sale of equity securities 29 Unrealized holding gains (losses) on equity securities 2 (35) 132 Total income 17,599 10,520 10,271 Expense: Interest expense on subordinated debt 1,774 1,035 Other expenses 222 200 145 Total expenses 1,996 1,235 145 Income before taxes and undistributed income 15,603 9,285 10,126 Income tax benefit (410) (255) (1) Income before undistributed income of subsidiaries 16,013 9,540 10,127 Equity in undistributed net income of subsidiaries 27,506 19,814 15,609 Net income $ 43,519 $ 29,354 $ 25,736
Condensed Statements of Cash Flows	Year Ended December 31 2021 2020 2019 Cash flows from operating activities: Net income $ 43,519 $ 29,354 $ 25,736 Adjustments: Net losses (gains) on investment securities (2) 6 (132) Undistributed net income of subsidiaries (27,506) (19,814) (15,609) Decrease in other assets (429) (255) (302) Increase (decrease) in other liabilities 148 Stock based compensation 546 570 554 Increase in due from subsidiaries 1,974 Net cash provided by operating activities 16,128 10,009 12,221 Cash flows from investing activities: Purchase of equity securities Sale of equity securities 279 Net cash provided by (used in) investing activities 279 Cash flows used in financing activities: Proceeds from subordinated debt 33,000 Investment in subsidiary (30,000) Retirement of stock (2,361) (6,893) (634) Cash dividends paid (10,792) (10,518) (10,131) Net cash used in financing activities (13,153) (14,411) (10,765) Increase (decrease) in cash 2,975 (4,123) 1,456 Cash at beginning of year 1,069 5,192 3,736 Cash at end of year $ 4,044 $ 1,069 $ 5,192

Regulatory matters (Tables)

Regulatory matters (Tables)	12 Months Ended
Regulatory matters (Tables)	Dec. 31, 2021
Regulatory matters
Schedule of actual capital ratios and the minimum ratios required for capital adequacy purposes and to be well capitalized under the prompt corrective action provisions	Minimum to be Well Capitalized under Minimum For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Common equity Tier 1 capital to risk-weighted assets: Consolidated $ 281,802 12.32 % $ 102,949 4.50 % Peoples Bank 310,102 13.76 101,449 4.50 $ 146,538 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 281,802 12.32 137,266 6.00 Peoples Bank 310,102 13.76 135,266 6.00 180,355 8.00 Total capital to risk-weighted assets: Consolidated 310,185 13.56 183,021 8.00 Peoples Bank 338,284 15.01 180,355 8.00 225,443 10.00 Tier 1 capital to average assets: Consolidated 281,802 9.16 123,013 4.00 Peoples Bank 310,102 9.58 % 129,476 4.00 % 161,845 5.00 % Minimum to be Well Capitalized under Minimum For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Common equity Tier 1 capital to risk-weighted assets: Consolidated $ 250,397 12.16 % $ 92,631 4.50 % Peoples Bank 282,104 13.73 92,461 4.50 $ 133,554 6.50 % Tier 1 capital to risk-weighted assets: Consolidated 250,397 12.16 123,508 6.00 Peoples Bank 282,104 13.73 123,281 6.00 164,374 8.00 Total capital to risk-weighted assets: Consolidated 310,741 15.10 164,677 8.00 Peoples Bank 307,807 14.98 164,374 8.00 205,468 10.00 Tier 1 capital to average assets: Consolidated 250,397 9.28 107,878 4.00 Peoples Bank 282,104 10.08 % 111,891 4.00 % 139,864 5.00 %

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Schedule of components of accumulated other comprehensive income (loss)	December 31, 2021 December 31, 2020 Net unrealized gain (loss) on investment securities available-for-sale $ (1,791) $ 9,696 Income tax expense (benefit) (376) 2,036 Net of income taxes (1,415) 7,660 Benefit plan adjustments (5,868) (7,977) Income tax benefit (1,232) (1,675) Net of income taxes (4,636) (6,302) Derivative adjustments 680 1,002 Income tax 143 211 Net of income taxes 537 791 Accumulated other comprehensive income (loss) $ (5,514) $ 2,149
Schedule of other comprehensive income (loss) and related tax effects	Other comprehensive income (loss) and related tax effects for the years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended December 31, 2021 2020 2019 Unrealized gain (loss) on investment securities available-for-sale $ (11,487) $ 8,779 $ 5,109 Net gain on the sale of investment securities available-for-sale (1) (918) (23) Other comprehensive income on available-for-sale debt securities (11,487) 7,861 5,086 Benefit plans: Amortization of actuarial loss (2) 301 218 227 Actuarial gain (loss) 1,808 (1,616) 412 Net change in benefit plan liabilities 2,109 (1,398) 639 Net change in derivatives (322) 315 441 Other comprehensive loss before taxes (9,700) 6,778 6,166 Income tax (benefit) (2,037) 1,424 1,295 Other comprehensive income (loss) $ (7,663) $ 5,354 $ 4,871 (1) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. (2) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in the computation of net periodic pension expense. Refer to Note 17 included in these consolidated financial statements.

Summary of significant accoun_4

Summary of significant accounting policies - Nature of operations and Basis of presentation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Office
Summary of significant accounting policies
Number of full-service community banking offices \| Office	28
Reclassification of prior period items amounts effect on net income \| $	$ 0

Summary of significant accoun_5

Summary of significant accounting policies - Loans, net (Details)	12 Months Ended
	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Debt service coverage ratio	1.2
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable
Maximum loan to value percentage	80.00%
Residential Mortgage \| Maximum
Accounts, Notes, Loans and Financing Receivable
Maximum amortization period	30 years

Summary of significant accoun_6

Summary of significant accounting policies - Nonperforming assets and Allowance for loan losses (Details)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies
Non performing loans past due period for Non-accrual status	90 days
Minimum contractual terms of a loan	6 months
Maximum days of consumer loans past due	120 days

Summary of significant accoun_7

Summary of significant accounting policies - Premises and equipment, net (Details)	12 Months Ended
	Dec. 31, 2021
Minimum \| Premises and Leasehold Improvements
Property, Plant and Equipment
Property, plant and equipment, estimated useful life	7 years
Minimum \| Furniture, Fixtures and Equipment
Property, Plant and Equipment
Property, plant and equipment, estimated useful life	3 years
Maximum \| Premises and Leasehold Improvements
Property, Plant and Equipment
Property, plant and equipment, estimated useful life	40 years
Maximum \| Furniture, Fixtures and Equipment
Property, Plant and Equipment
Property, plant and equipment, estimated useful life	10 years

Summary of significant accoun_8

Summary of significant accounting policies - Goodwill and other intangible assets, net; Advertising (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Impairment losses on intangible assets	$ 0	$ 0	$ 0
Advertising expense	$ 575	$ 462	$ 873
Maximum
Goodwill
Finite useful life of intangible assets	10 years

Summary of significant accoun_9

Summary of significant accounting policies - Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of significant accounting policies
Income tax benefit recognition threshold	50.00%
Unrecognized tax benefit or accrued interest and penalties	$ 0	$ 0	$ 0

Summary of significant accou_10

Summary of significant accounting policies - Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic earnings per share
Net income, Basic	$ 43,519	$ 29,354	$ 25,736
Average common shares outstanding - basic	7,196,160	7,304,956	7,395,429
Net income - basic	$ 6.05	$ 4.02	$ 3.48
Diluted earnings per share
Net income, Diluted	$ 43,519	$ 29,354	$ 25,736
Average common shares outstanding - diluted	7,235,303	7,337,843	7,412,369
Net income - diluted	$ 6.02	$ 4	$ 3.47

Cash and due from banks (Detail

Cash and due from banks (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Cash and due from banks
Required reserve balances	$ 279.9	$ 228.2

Investment securities - Amortiz

Investment securities - Amortized Cost and Fair Value of Investment Securities Aggregated by Investment Category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment Securities
Available-for-sale, Amortized Cost	$ 519,112	$ 286,215
Available-for-sale, Gross Unrealized Gains	5,294	9,899
Available-for-sale, Gross Unrealized Losses	7,085	203
Available-for-sale, Fair Value	517,321	295,911
Held-to-maturity, Amortized Cost	71,213	7,225
Held-to-maturity, Gross Unrealized Gains	129	288
Held-to-maturity, Gross Unrealized Losses	896
Held-to-maturity, Fair value	70,446	7,513
U.S. Treasury securities
Investment Securities
Available-for-sale, Amortized Cost	193,849	18,478
Available-for-sale, Gross Unrealized Gains	107	427
Available-for-sale, Gross Unrealized Losses	2,382
Available-for-sale, Fair Value	191,574	18,905
U.S. Government-sponsored enterprises state and municipals
Investment Securities
Available-for-sale, Amortized Cost	33,435	63,834
Available-for-sale, Gross Unrealized Gains	343	1,354
Available-for-sale, Fair Value	33,778	65,188
Mortgage-backed Securities, U.S. Government agencies
Investment Securities
Available-for-sale, Amortized Cost	1,790	3,553
Available-for-sale, Gross Unrealized Gains	53	154
Available-for-sale, Fair Value	1,843	3,707
Held-to-maturity, Amortized Cost	18,802	21
Held-to-maturity, Gross Unrealized Losses	392
Held-to-maturity, Fair value	18,410	21
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Investment Securities
Available-for-sale, Amortized Cost	109,018	79,457
Available-for-sale, Gross Unrealized Gains	939	1,930
Available-for-sale, Gross Unrealized Losses	2,925	136
Available-for-sale, Fair Value	107,032	81,251
Held-to-maturity, Amortized Cost	40,935	355
Held-to-maturity, Gross Unrealized Gains	3	13
Held-to-maturity, Gross Unrealized Losses	448
Held-to-maturity, Fair value	40,490	368
Commercial mortgage-backed Securities, U.S. government-sponsored enterprises
Investment Securities
Available-for-sale, Amortized Cost	12,542	12,619
Available-for-sale, Gross Unrealized Gains	406	881
Available-for-sale, Fair Value	12,948	13,500
Corporate Debt Securities
Investment Securities
Available-for-sale, Amortized Cost	3,000	1,000
Available-for-sale, Gross Unrealized Losses	82
Available-for-sale, Fair Value	2,918	1,000
State and Municipals, Taxable
Investment Securities
Available-for-sale, Amortized Cost	69,066	53,297
Available-for-sale, Gross Unrealized Gains	994	2,099
Available-for-sale, Gross Unrealized Losses	1,082	30
Available-for-sale, Fair Value	68,978	55,366
Held-to-maturity, Amortized Cost	11,476
Held-to-maturity, Gross Unrealized Gains	126
Held-to-maturity, Gross Unrealized Losses	56
Held-to-maturity, Fair value	11,546
State and Municipals, Tax-exempt
Investment Securities
Available-for-sale, Amortized Cost	96,412	53,977
Available-for-sale, Gross Unrealized Gains	2,452	3,054
Available-for-sale, Gross Unrealized Losses	614	37
Available-for-sale, Fair Value	$ 98,250	56,994
Held-to-maturity, Amortized Cost		6,849
Held-to-maturity, Gross Unrealized Gains		275
Held-to-maturity, Fair value		$ 7,124

Investment securities - Unreali

Investment securities - Unrealized and Realized Gains/(Losses) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Investment securities
Unrealized gains (loss), net	$ 1,415	$ 7,660
Net of deferred income taxes	$ 376	$ 2,036
Number of securities sold \| security	1	2
Proceeds from sale of available-for-sale investment securities		$ 64,841
Gross realized gains		923
Gross realized losses		$ 5

Investment securities - Equity

Investment securities - Equity Securities Portfolio (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)security
Investment Securities
Number of equity securities portfolio consisting of stock of other financial institutions \| security		1
Proceeds from sale of equity holdings	$ 279
Gain on sale of equity holdings	29
Equity investments carried at fair value	138	$ 140
Fair value of equity portfolio in excess of cost basis		13
Equity Securities
Investment Securities
Equity investments carried at fair value	$ 138	$ 140

Investment securities - Unrea_2

Investment securities - Unrealized and realized gains and losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment securities
Net gain (loss) recognized during the period on equity securities	$ 2	$ (6)	$ 132
Less: Net gains (loss) recognized during the period on equity securities sold during the period		29
Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date	$ 2	$ (35)

Investment securities - Maturit

Investment securities - Maturity Distribution of Debt Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment securities
Within one year	$ 28,887
After one but within five years	148,212
After five but within ten years	103,012
After ten years	112,347
Available for sale securities	392,458
Mortgage-backed and other amortizing securities	124,863
Total	$ 517,321	$ 295,911

Investment securities - Summary

Investment securities - Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost of Held-to-maturity Securities
Amortized Cost, After five but within ten years, Held to maturity	$ 7,331
Amortized Cost, After ten years, Held to maturity	4,145
Amortized Cost, Held to maturity	11,476
Amortized Cost, Mortgage-backed securities, Held to maturity	59,737
Held-to-maturity, Amortized Cost	71,213	$ 7,225
Fair Value of Held-to-maturity Securities
Fair Value, After five but within ten years, Held to maturity	7,334
Fair Value, After ten years, Held to maturity	4,212
Fair Value, Held to maturity	11,546
Fair Value, Mortgage-backed securities, Held to maturity	58,900
Held to maturity, Fair Value	$ 70,446	$ 7,513

Investment securities - Pledged

Investment securities - Pledged Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale and Held-to-maturity securities
Carrying value of securities pledged	us-gaap:AssetPledgedAsCollateralMember	us-gaap:AssetPledgedAsCollateralMember
Collateral Pledged
Available-for-sale and Held-to-maturity securities
Carrying value of securities pledged	$ 203,580	$ 165,982
U.S. Government-sponsored enterprises state and municipals
Available-for-sale and Held-to-maturity securities
Maximum percentage of stockholders' equity exceeded for securities of any individual issuer	10.00%	10.00%

Investment securities - Fair Va

Investment securities - Fair Value and Unrealized Losses of Investment Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	$ 344,216	$ 27,585
12 Months or More, Fair Value	67,073	284
Less Than 12 Months, Unrealized Losses	5,354	202
12 Months or More, Unrealized Losses	2,627	1
Total, Fair Value	411,289	27,869
Total, Unrealized Losses	7,981	203
State and Municipals, Taxable
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	26,827	9,246
12 Months or More, Fair Value	8,008
Less Than 12 Months, Unrealized Losses	718	30
12 Months or More, Unrealized Losses	364
Total, Fair Value	34,835	9,246
Total, Unrealized Losses	1,082	30
State and Municipals, Tax-exempt
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	38,693	6,786
12 Months or More, Fair Value	10,319
Less Than 12 Months, Unrealized Losses	357	37
12 Months or More, Unrealized Losses	313
Total, Fair Value	49,012	6,786
Total, Unrealized Losses	670	37
U.S. Treasury securities
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	179,974
Less Than 12 Months, Unrealized Losses	2,382
Total, Fair Value	179,974
Total, Unrealized Losses	2,382
Mortgage-backed Securities, U.S. Government agencies
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	18,398
Less Than 12 Months, Unrealized Losses	392
Total, Fair Value	18,398
Total, Unrealized Losses	392
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	77,875	11,553
12 Months or More, Fair Value	48,276	284
Less Than 12 Months, Unrealized Losses	1,454	135
12 Months or More, Unrealized Losses	1,919	1
Total, Fair Value	126,151	11,837
Total, Unrealized Losses	3,373	$ 136
Corporate Debt Securities
Available-for-sale and Held-to-maturity securities
Less Than 12 Months, Fair Value	2,449
12 Months or More, Fair Value	470
Less Than 12 Months, Unrealized Losses	51
12 Months or More, Unrealized Losses	31
Total, Fair Value	2,919
Total, Unrealized Losses	$ 82

Investment securities (Details)

Investment securities (Details) $ in Thousands	Oct. 08, 2021USD ($)shares	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Number of investment securities held		168
Other-than-temporary impairments recognized \| $		$ 0	$ 0	$ 0
Value of common stock \| $		$ 14,341	14,431
Gain on sale of investments \| $			$ 918	$ 23
Visa Class B stock
Number of shares sold \| shares	44,982
Purchase price \| $	$ 12,200
Number of shares purchased \| shares	73,333
Number of shares redeemed \| shares	28,351
U.S. Treasury securities
Number of investment securities held		42
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Number of investment securities held		23
Number of securities in continuous unrealized loss positions 12 months or longer		7
Corporate Bonds
Number of investment securities held		5
Number of securities in continuous unrealized loss positions 12 months or longer		1
State and Municipals, Taxable
Number of investment securities held		35
Number of securities in continuous unrealized loss positions 12 months or longer		8
State and Municipals, Tax-exempt
Number of investment securities held		63
Number of securities in continuous unrealized loss positions 12 months or longer		18

Loans, net and allowance for _3

Loans, net and allowance for loan losses - Net Deferred Loan Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net deferred loan costs	$ 1,567,000	$ 2,058,000
Loans	2,329,173,000	2,177,982,000	$ 1,938,240,000
Loans outstanding to directors, executive officers, principal stockholders or to their affiliates	3,173,000	5,031,000
Advances of loans receivable	4,824,000	3,747,000
Repayments of loans receivable	6,682,000	5,574,000
Number of related party loans classified as nonaccrual, past due, or restructured	0	0
Deposits from related parties	10,900,000	$ 9,000,000
PPP
Net deferred loan costs	1,659,000
Loans	68,893,000
PPP Two
Loans	55,252,000
PPP One
Loans	$ 13,641,000

Loans, net and allowance for _4

Loans, net and allowance for loan losses - Major Classifications of Loans Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Loans	$ 2,329,173	$ 2,177,982	$ 1,938,240
Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	613,127	679,286	522,957
Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	1,343,539	1,137,990	1,011,423
Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans	297,624	277,414	301,378
Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	$ 74,883	$ 83,292	$ 102,482

Loans, net and allowance for _5

Loans, net and allowance for loan losses - Changes in Allowance for Loan Losses Account by Major Classification of Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses:
Beginning Balance	$ 27,344	$ 22,677	$ 21,379
Charge-offs	(956)	(3,479)	(5,067)
Recoveries	245	746	265
Provisions (credits)	1,750	7,400	6,100
Ending balance	28,383	27,344	22,677
Allowance for credit losses increase (decrease)	1,100
Increase (decrease) in charge offs due to a partial write down of a non-accrual commercial relationship	1,500
Write-offs net of recoveries	700
Commercial
Allowance for loan losses:
Beginning Balance	8,734	6,888	5,516
Charge-offs	(492)	(2,771)	(3,314)
Recoveries	89	525	69
Provisions (credits)	122	4,092	4,617
Ending balance	8,453	8,734	6,888
Commercial \| Small Business Line of Credit
Allowance for loan losses:
Charge-offs	(400)	(900)
Recoveries		200
Real estate Commercial
Allowance for loan losses:
Beginning Balance	14,559	11,496	10,736
Charge-offs	(252)	(144)	(817)
Recoveries	68	16	1
Provisions (credits)	1,553	3,191	1,576
Ending balance	15,928	14,559	11,496
Real estate Residential
Allowance for loan losses:
Beginning Balance	3,129	3,226	3,892
Charge-offs	(24)	(247)	(477)
Recoveries	7	57	29
Provisions (credits)	97	93	(218)
Ending balance	3,209	3,129	3,226
Consumer
Allowance for loan losses:
Beginning Balance	922	1,067	1,235
Charge-offs	(188)	(317)	(459)
Recoveries	81	148	166
Provisions (credits)	(22)	24	125
Ending balance	$ 793	$ 922	$ 1,067

Loans, net and allowance for _6

Loans, net and allowance for loan losses - Allocation of Allowance for Loan Losses and Related Loans by Major Classification of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan losses:
Ending balance	$ 28,383	$ 27,344	$ 22,677	$ 21,379
Ending balance: individually evaluated for impairment	175	1,202	777
Ending balance: collectively evaluated for impairment	28,208	26,142	21,900
Loans receivable:
Ending balance	2,329,173	2,177,982	1,938,240
Ending balance: individually evaluated for impairment	4,362	9,795	9,859
Ending balance: collectively evaluated for impairment	2,324,811	2,168,187	1,928,381
Commercial
Allowance for loan losses:
Ending balance	8,453	8,734	6,888	5,516
Ending balance: individually evaluated for impairment	40	947	363
Ending balance: collectively evaluated for impairment	8,413	7,787	6,525
Loans receivable:
Ending balance	613,127	679,286	522,957
Ending balance: individually evaluated for impairment	199	4,297	4,658
Ending balance: collectively evaluated for impairment	612,928	674,989	518,299
Real estate Commercial
Allowance for loan losses:
Ending balance	15,928	14,559	11,496	10,736
Ending balance: individually evaluated for impairment	109	180	279
Ending balance: collectively evaluated for impairment	15,819	14,379	11,217
Loans receivable:
Ending balance	1,343,539	1,137,990	1,011,423
Ending balance: individually evaluated for impairment	2,890	3,952	3,048
Ending balance: collectively evaluated for impairment	1,340,649	1,134,038	1,008,375
Real estate Residential
Allowance for loan losses:
Ending balance	3,209	3,129	3,226	3,892
Ending balance: individually evaluated for impairment	26	75	135
Ending balance: collectively evaluated for impairment	3,183	3,054	3,091
Loans receivable:
Ending balance	297,624	277,414	301,378
Ending balance: individually evaluated for impairment	1,273	1,546	2,153
Ending balance: collectively evaluated for impairment	296,351	275,868	299,225
Consumer
Allowance for loan losses:
Ending balance	793	922	1,067	$ 1,235
Ending balance: collectively evaluated for impairment	793	922	1,067
Loans receivable:
Ending balance	74,883	83,292	102,482
Ending balance: collectively evaluated for impairment	$ 74,883	$ 83,292	$ 102,482

Loans, net and allowance for _7

Loans, net and allowance for loan losses - Major Classification of Loans Portfolio Summarized by Credit Quality (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable
Loans	$ 2,329,173	$ 2,177,982	$ 1,938,240
Increase (decrease) in charge offs due to a partial write down of a non-accrual commercial relationship	1,500
Increase (decrease) in charge offs due to a partial write down of a non-accrual commercial relationship one	$ 1,000
Number of unrelated commercial relationships \| item	2
Increase (decrease) in non accrual loans due to charge off of small business line of credit	$ 500
Increase (decrease) in charge offs due to commercial real estate loan transferred to other real estate owned	500
Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	613,127	679,286	522,957
Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	1,343,539	1,137,990	1,011,423
Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans	297,624	277,414	301,378
Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	74,883	83,292	$ 102,482
Pass
Accounts, Notes, Loans and Financing Receivable
Loans	2,305,433	2,125,800
Pass \| Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	611,151	660,559
Pass \| Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	1,324,646	1,107,699
Pass \| Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans	294,892	274,327
Pass \| Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	74,744	83,215
Special Mention
Accounts, Notes, Loans and Financing Receivable
Loans	15,168	31,966
Special Mention \| Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	896	14,305
Increase (decrease) in loans and leases receivable	12,900
Special Mention \| Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	13,939	17,517
Decrease in loan due to upgrading credit line	5,300
Special Mention \| Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans	333	144
Substandard
Accounts, Notes, Loans and Financing Receivable
Loans	8,572	20,216
Substandard \| Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	1,080	4,422
Increase (decrease) in loans and leases receivable	1,500
Substandard \| Real estate Commercial
Accounts, Notes, Loans and Financing Receivable
Loans	$ 4,954	12,774
Security provided by SBA	75.00%
Substandard \| Real estate Residential
Accounts, Notes, Loans and Financing Receivable
Loans	$ 2,399	2,943
Substandard \| Consumer
Accounts, Notes, Loans and Financing Receivable
Loans	$ 139	$ 77

Loans, net and allowance for _8

Loans, net and allowance for loan losses - Reclassification of Commercial Credits Category (Details) - Commercial $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Special Mention
Accounts, Notes, Loans and Financing Receivable
Increase (decrease) in loans and leases receivable	$ 12.9
Substandard
Accounts, Notes, Loans and Financing Receivable
Increase (decrease) in loans and leases receivable	$ 1.5

Loans, net and allowance for _9

Loans, net and allowance for loan losses - Information Concerning Nonaccrual Loans by Major Loan Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	$ 2,811	$ 8,117
Commercial
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	185	3,822
Real estate Commercial
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	1,793	3,262
Real estate Residential
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	694	922
Consumer
Financing Receivable, Recorded Investment, Past Due
Nonaccrual loans, Total	$ 139	$ 111

Loans, net and allowance for_10

Loans, net and allowance for loan losses - Major Classification of Loans by Past Due Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due
Current	$ 5,154	$ 9,121
Total Loans	2,329,173	2,177,982	$ 1,938,240
Loans > 90 Days and Accruing	$ 13	71
Minimum
Financing Receivable, Recorded Investment, Past Due
Number of days in which principal only payments and principal and interest deferrals are generally granted	90 days
Maximum
Financing Receivable, Recorded Investment, Past Due
Number of days in which principal only payments and principal and interest deferrals are generally granted	180 days
Current
Financing Receivable, Recorded Investment, Past Due
Current	$ 2,324,019	2,168,861
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	2,898	2,943
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	948	772
Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Current	1,308	5,406
Commercial
Financing Receivable, Recorded Investment, Past Due
Current	414	2,318
Total Loans	613,127	679,286	522,957
Commercial \| Current
Financing Receivable, Recorded Investment, Past Due
Current	612,713	676,968
Commercial \| 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	101	73
Commercial \| 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	155
Commercial \| Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Current	158	2,245
Real estate Commercial
Financing Receivable, Recorded Investment, Past Due
Current	2,025	2,998
Total Loans	1,343,539	1,137,990	1,011,423
Real estate Commercial \| Current
Financing Receivable, Recorded Investment, Past Due
Current	1,341,514	1,134,992
Real estate Commercial \| 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	768	414
Real estate Commercial \| 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	423	222
Real estate Commercial \| Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Current	834	2,362
Real estate Residential
Financing Receivable, Recorded Investment, Past Due
Current	2,024	3,284
Total Loans	297,624	277,414	301,378
Loans > 90 Days and Accruing	13	71
Real estate Residential \| Current
Financing Receivable, Recorded Investment, Past Due
Current	295,600	274,130
Real estate Residential \| 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	1,552	2,072
Real estate Residential \| 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	207	480
Real estate Residential \| Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Current	265	732
Consumer
Financing Receivable, Recorded Investment, Past Due
Current	691	521
Total Loans	74,883	83,292	$ 102,482
Consumer \| Current
Financing Receivable, Recorded Investment, Past Due
Current	74,192	82,771
Consumer \| 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	477	384
Consumer \| 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Current	163	70
Consumer \| Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due
Current	51	$ 67
PPP
Financing Receivable, Recorded Investment, Past Due
Total Loans	$ 68,893

Loans, net and allowance for_11

Loans, net and allowance for loan losses - Summarized Information in Concerning to Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	$ 3,546	$ 5,820	$ 7,535
Unpaid Principal Balance, With no related allowance, Total	4,822	7,769	8,714
Average Recorded Investment, With no related allowance, Total	4,799	6,453	7,887
Interest Income Recognized, With no related allowance, Total	54	79	126
Recorded Investment, With an allowance recorded, Total	955	4,086	2,585
Unpaid Principal Balance, With an allowance recorded, Total	985	4,286	3,299
Related Allowance, With an allowance recorded, Total	175	1,202	777
Average Recorded Investment, With an allowance recorded, Total	2,329	4,349	3,490
Interest Income Recognized, With an allowance recorded, Total	50	66	71
Recorded Investment, Total	4,501	9,906	10,120
Unpaid Principal Balance, Total	5,807	12,055	12,013
Average Recorded Investment, Total	7,128	10,802	11,377
Interest Income Recognized, Total	104	145	197
Commercial
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	158	2,251	3,638
Unpaid Principal Balance, With no related allowance, Total	481	3,421	4,175
Average Recorded Investment, With no related allowance, Total	964	2,915	3,907
Interest Income Recognized, With no related allowance, Total	13	30	63
Recorded Investment, With an allowance recorded, Total	41	2,046	1,020
Unpaid Principal Balance, With an allowance recorded, Total	41	2,094	1,038
Related Allowance, With an allowance recorded, Total	40	947	363
Average Recorded Investment, With an allowance recorded, Total	1,091	2,038	1,012
Interest Income Recognized, With an allowance recorded, Total	15	17	32
Recorded Investment, Total	199	4,297	4,658
Unpaid Principal Balance, Total	522	5,515	5,213
Average Recorded Investment, Total	2,055	4,953	4,919
Interest Income Recognized, Total	28	47	95
Real estate Commercial
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	2,376	2,372	1,918
Unpaid Principal Balance, With no related allowance, Total	3,120	2,964	2,205
Average Recorded Investment, With no related allowance, Total	2,719	2,148	2,385
Interest Income Recognized, With no related allowance, Total	22	28	38
Recorded Investment, With an allowance recorded, Total	513	1,580	1,130
Unpaid Principal Balance, With an allowance recorded, Total	543	1,710	1,811
Related Allowance, With an allowance recorded, Total	109	180	279
Average Recorded Investment, With an allowance recorded, Total	802	1,687	1,050
Interest Income Recognized, With an allowance recorded, Total	22	36	10
Recorded Investment, Total	2,889	3,952	3,048
Unpaid Principal Balance, Total	3,663	4,674	4,016
Average Recorded Investment, Total	3,521	3,835	3,435
Interest Income Recognized, Total	44	64	48
Real estate Residential
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	873	1,086	1,718
Unpaid Principal Balance, With no related allowance, Total	1,073	1,263	2,060
Average Recorded Investment, With no related allowance, Total	1,016	1,223	1,362
Interest Income Recognized, With no related allowance, Total	19	21	25
Recorded Investment, With an allowance recorded, Total	401	460	435
Unpaid Principal Balance, With an allowance recorded, Total	401	482	450
Related Allowance, With an allowance recorded, Total	26	75	135
Average Recorded Investment, With an allowance recorded, Total	436	624	1,408
Interest Income Recognized, With an allowance recorded, Total	13	13	29
Recorded Investment, Total	1,274	1,546	2,153
Unpaid Principal Balance, Total	1,474	1,745	2,510
Average Recorded Investment, Total	1,452	1,847	2,770
Interest Income Recognized, Total	32	34	54
Consumer
Financing Receivable, Impaired
Recorded Investment, With no related allowance, Total	139	111	261
Unpaid Principal Balance, With no related allowance, Total	148	121	274
Average Recorded Investment, With no related allowance, Total	100	167	233
Average Recorded Investment, With an allowance recorded, Total			20
Recorded Investment, Total	139	111	261
Unpaid Principal Balance, Total	148	121	274
Average Recorded Investment, Total	$ 100	$ 167	$ 253

Loans, net and allowance for_12

Loans, net and allowance for loan losses - Loans Modified Resulting in Troubled Debt Restructurings (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020loan	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)loan	Dec. 31, 2020USD ($)contract	Dec. 31, 2019USD ($)loancontract
Loans in the formal process of foreclosure		$ 285,000	$ 135,000	$ 135,000	$ 135,000
Number of loans		0		4	4	1
Pre-Modification Recorded Investment			1,085,000
Post-Modification Recorded Investment			1,085,000
Recorded Investment			1,051,000	$ 1,051,000	$ 1,051,000
Number of defaults on loans restructured		$ 0	0			$ 0
Loan Receivable Balances Where Payment Deferrals Were Granted			330,119,000	330,119,000	330,119,000
Interest income recognized using cash-basis method on impaired loan		100,000	142,000			$ 181,000
Loans receivable, related parties, considered as nonaccrual, past due or restructured or potential credit risk		$ 1,649,000	2,818,000	$ 2,818,000	$ 2,818,000
Commercial loans
Number of business loans with payment deferrals granted \| loan				479
COVID 19
Number of loans \| loan				4
COVID 19 \| Restaurant
Number of loans \| loan		2
COVID 19 \| Retail, Small Business
Number of loans \| loan		2
Commercial
Number of loans \| contract					1
Pre-Modification Recorded Investment			12,000
Post-Modification Recorded Investment			12,000
Recorded Investment			5,000	$ 5,000	$ 5,000
Payoff of commercial credit		$ (500,000)
Commercial \| Small Business Line of Credit
Receipt		$ (400,000)
Real estate Commercial
Number of loans \| contract					3	1
Pre-Modification Recorded Investment			1,073,000			$ 346,000
Post-Modification Recorded Investment			1,073,000			346,000
Recorded Investment			$ 1,046,000	$ 1,046,000	$ 1,046,000	$ 241,000
Consumer
Number of business loans with payment deferrals granted \| loan	512

Off-balance sheet financial i_3

Off-balance sheet financial instruments - Summary of Contractual Amounts of Off-balance Sheet Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Off-balance sheet financial instruments.
Commitments to extend credit	$ 431,011	$ 336,667
Unused portions of lines of credit	64,108	55,391
Standby letters of credit	58,254	34,428
Total contractual amounts of off-balance sheet commitments	$ 553,373	$ 426,486

Off-balance sheet financial i_4

Off-balance sheet financial instruments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Off-balance sheet financial instruments.
Expiration period of standby letters	12 months
Amount of standby letters of credit	$ 777	$ 4,902

Premises and equipment, net - S

Premises and equipment, net - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Premises and equipment, gross	$ 85,340	$ 78,490
Less: accumulated depreciation	33,838	31,445
Premises and equipment, net	51,502	47,045
Contracted construction cost	2,300
Land
Property, Plant and Equipment
Premises and equipment, gross	7,255	5,217
Premises and Leasehold Improvements
Property, Plant and Equipment
Premises and equipment, gross	50,426	48,596
Right-Of-Use Assets
Property, Plant and Equipment
Premises and equipment, gross	8,563	6,282
Furniture, Fixtures and Equipment
Property, Plant and Equipment
Premises and equipment, gross	$ 19,096	$ 18,395

Operating lease commitments a_3

Operating lease commitments and contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Operating leases
Options to renew	true
Renewal term	5 years
Weighted average remaining lease term	16 years	13 years
Weighted-average discount rate	2.99%	3.19%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Lease liabilities for operating leases	$ 8,790
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Lease payments	$ 644
Lease expense	$ 278
Number of operating lease added \| item	2
Rent expense	$ 760	$ 727
Rent expense			$ 670
Premises and Equipment
Operating leases
Right-of-use assets	8,563	6,282
Other Liabilities.
Operating leases
Lease liabilities for operating leases	8,790	6,425
Additional Lease Property
Operating leases
Lease liabilities for operating leases		$ 899
Number of operating lease added \| item		1
Newly constructed facility for Binghamton branch and newest branch in Piscataway, New Jersey
Operating leases
Lease liabilities for operating leases	$ 2,731
Number of operating lease added \| item	2
Newly constructed facility for Binghamton branch
Operating leases
Number of operating lease added \| item	1
Newest branch in Piscataway, New Jersey
Operating leases
Number of operating lease added \| item	1
Minimum
Operating leases
Remaining renewal terms	7 years
Discount rate	1.60%	1.95%
Maximum
Operating leases
Remaining renewal terms	31 years
Discount rate	3.85%	3.85%

Operating lease commitments a_4

Operating lease commitments and contingencies - Summary of Future Minimum Rental Commitments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating lease commitments and contingencies
2022	$ 791
2023	736
2024	669
2025	688
2026	691
Thereafter	7,914
Total payments	11,489
Less amount representing interest	(2,699)
Present value of future minimum lease payments	$ 8,790

Intangible assets, net (Details

Intangible assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Amortization of intangibles	$ 491	$ 606	$ 730
Core Deposit
Finite-Lived Intangible Assets
Gross carrying amount of intangible assets	8,146	8,146
Accumulated amortization on intangible assets	7,831	7,507
Trade Name
Finite-Lived Intangible Assets
Gross carrying amount of intangible assets	203	203
Accumulated amortization on intangible assets	193	182
Asset Management And Retirement Plan Services
Finite-Lived Intangible Assets
Gross carrying amount of intangible assets	1,091	1,091
Accumulated amortization on intangible assets	$ 947	$ 792

Intangible assets, net - Summar

Intangible assets, net - Summary of Estimated Amortization Expense on Intangible Assets (Details) $ in Thousands	Dec. 31, 2021USD ($)
Intangible assets, net
2022	$ 363
2023	105
Total	$ 468

Other assets - Components of Ot

Other assets - Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other real estate owned	$ 609	$ 864
Investment in low income housing partnership	5,900	6,332
Mortgage servicing rights	882	838
Restricted equity securities (FHLB and other)	4,045	5,397
Net deferred tax asset	5,355	3,768
Interest rate floor and swaps	9,870	15,371
Other assets	6,395	6,345
Total	33,056	38,915
Interest Rate Floor
Interest rate floor and swaps	844	1,678
Interest Rate Swaps
Interest rate floor and swaps	$ 9,026	$ 13,693

Other assets - Unpaid Principal

Other assets - Unpaid Principal Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other assets
Unpaid principal balances of mortgage loans serviced for others	$ 151,604	$ 166,472

Deposits - Components of Intere

Deposits - Components of Interest-bearing and Noninterest-bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits.
Money market accounts	$ 588,245	$ 496,634
Now accounts	851,086	567,087
Savings accounts	491,796	431,224
Time deposits less than $250	203,719	221,446
Time deposits $250 or more	90,795	98,247
Total interest-bearing deposits	2,225,641	1,814,638
Noninterest-bearing deposits	737,756	622,475
Total deposits	$ 2,963,397	$ 2,437,113

Deposits - Schedule of Maturiti

Deposits - Schedule of Maturities of Time Deposits (Details) $ in Thousands	Dec. 31, 2021USD ($)
Deposits.
2021	$ 212,919
2022	35,336
2023	17,965
2024	7,731
2025	9,985
Thereafter	10,578
Total	$ 294,514

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits.
Aggregate amount of deposits reclassified as loans	$ 184	$ 245

Short-term borrowings (Details)

Short-term borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
Short-term borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-term Debt
Ending Balance		$ 50,000
FHLB Advances
Short-term Debt
Ending Balance		50,000	$ 152,150
Average Balance	$ 13,973	83,716	62,941
Maximum Month-End Balance	$ 50,000	$ 179,199	$ 152,150
Weighted Average Rate for the Year	0.56%	1.01%	2.61%
Weighted Average Rate at End of Year		0.40%	1.84%

Short-term borrowings - Additio

Short-term borrowings - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt
Maximum borrowing capacity	$ 18,000	$ 18,000
Outstanding amount in borrowings	0	$ 0
Peoples Bank
Short-term Debt
Maximum borrowing capacity	896,130
Outstanding amount in borrowings	2,711
Amount of credit facility used to issue standby letters of credit to collateralize public fund deposits	$ 373,035

Long-term debt - Long-term debt

Long-term debt - Long-term debt advances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Long-term debt	$ 2,711	$ 14,769
Long-term 1.99% fixed rate debt due June 2021
Debt Instrument
Long-term debt		10,000
Fixed interest rate (as a percent)	1.99%
Long-term 4.69% fixed rate debt due March 2023
Debt Instrument
Long-term debt	$ 2,711	$ 4,769
Fixed interest rate (as a percent)	4.69%

Long-term debt - Maturities of

Long-term debt - Maturities of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short-term borrowings
2023	$ 2,156
2023	555
Total long-term debt	$ 2,711	$ 14,769

Long-term debt - Fixed and adju

Long-term debt - Fixed and adjustable rate information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020item
Short-term borrowings
Number of FHLB advances entered \| item	0	0
FHLB long-term advances \| $	$ 0

Subordinated debt (Details)

Subordinated debt (Details) - 2020 Notes $ in Thousands	Jun. 01, 2020USD ($)
Debt Instrument
Aggregate principal amount	$ 33
Rate of interest for first five years	5.375%
Duration interest rate in effect	5 years
Percentage of debt redeemed	100.00%
Minimum
Debt Instrument
Floated interest rate	4.75%
Number of days notice to redeem debt	10 days

Fair value of financial instr_3

Fair value of financial instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	$ 517,461	$ 296,049
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	191,574	18,905
U.S. Government-sponsored enterprises state and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	33,778	65,188
State and Municipals, Taxable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	68,978	55,366
State and Municipals, Tax-exempt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	98,250	56,994
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	2,918	1,000
Mortgage-backed Securities, U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	1,843	3,707
Mortgage-backed Securities, U.S. Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	119,980	94,751
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	140	138
Loan held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	408	837
Interest rate floor - other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	844	1,678
Interest rate swap-other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	9,026	13,693
Interest rate swap-other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value	(8,811)	(14,099)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	191,714	19,043
Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	191,574	18,905
Level 1 \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	140	138
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	325,747	277,006
Level 2 \| U.S. Government-sponsored enterprises state and municipals
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	33,778	65,188
Level 2 \| State and Municipals, Taxable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	68,978	55,366
Level 2 \| State and Municipals, Tax-exempt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	98,250	56,994
Level 2 \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	2,918	1,000
Level 2 \| Mortgage-backed Securities, U.S. Government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	1,843	3,707
Level 2 \| Mortgage-backed Securities, U.S. Government-sponsored enterprises
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	119,980	94,751
Level 2 \| Loan held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	408	837
Level 2 \| Interest rate floor - other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	844	1,678
Level 2 \| Interest rate swap-other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate	9,026	13,693
Level 2 \| Interest rate swap-other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value	$ (8,811)	(14,099)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate
Level 3 \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate
Level 3 \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate
Level 3 \| Loan held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate
Level 3 \| Interest rate floor - other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate
Level 3 \| Interest rate swap-other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets, Fair Value Estimate
Level 3 \| Interest rate swap-other liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value

Fair value of financial instr_4

Fair value of financial instruments - Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	$ 780	$ 2,884
Other real estate owned	487	527
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impaired loans	780	2,884
Other real estate owned	$ 487	$ 527

Fair value of financial instr_5

Fair value of financial instruments - Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Basis - Level 3 - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Impaired Loans
Fair Value Inputs, Assets, Quantitative Information
Assets, Fair Value Estimate	$ 780	$ 2,884
Range and weighted average of appraisal adjustments	65.20%	28.20%
Range and weighted average of liquidation expenses	5.10%	5.50%
Impaired Loans \| Minimum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	6.40%	9.00%
Range and weighted average of liquidation expenses	3.00%	3.00%
Impaired Loans \| Maximum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	97.00%	97.00%
Range and weighted average of liquidation expenses	6.00%	6.00%
Other Real Estate Owned
Fair Value Inputs, Assets, Quantitative Information
Assets, Fair Value Estimate	$ 487	$ 527
Range and weighted average of appraisal adjustments	35.90%	29.90%
Range and weighted average of liquidation expenses	5.00%	5.00%
Other Real Estate Owned \| Minimum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	35.90%	3.10%
Range and weighted average of liquidation expenses	3.00%	3.00%
Other Real Estate Owned \| Maximum
Fair Value Inputs, Assets, Quantitative Information
Range and weighted average of appraisal adjustments	35.90%	58.10%
Range and weighted average of liquidation expenses	6.00%	6.00%

Fair value of financial instr_6

Fair value of financial instruments - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment securities:
Available-for-sale	$ 517,321	$ 295,911
Common equity securities	140	138
Held-to-maturity	70,446	7,513
Loans held for sale	408	837
Mortgage servicing rights	882	838
Financial liabilities:
Subordinated debentures	33,000	33,000
Carrying Value
Financial assets:
Cash and due from banks	279,933	228,192
Investment securities:
Available-for-sale	517,321	295,911
Common equity securities	140	138
Held-to-maturity	71,213	7,225
Loans held for sale	408	837
Net loans	2,300,790	2,150,638
Accrued interest receivable	8,528	8,255
Mortgage servicing rights	882	838
Restricted equity securities (FHLB and other)	4,045	5,397
Interest rate floor	844	1,678
Interest rate swaps	9,026	13,693
Total assets	3,193,130	2,712,802
Financial liabilities:
Deposits	2,963,397	2,437,113
Long-term debt	2,711	14,769
Subordinated debentures	33,000	33,000
Accrued interest payable	408	736
Interest rate swap	8,811	14,099
Total liabilities	3,008,327	2,499,717
Fair Value
Financial assets:
Cash and due from banks	279,933	228,192
Investment securities:
Available-for-sale	517,321	295,911
Common equity securities	140	138
Held-to-maturity	70,446	7,513
Loans held for sale	408	837
Net loans	2,261,586	2,145,752
Accrued interest receivable	8,528	8,255
Mortgage servicing rights	1,357	1,269
Restricted equity securities (FHLB and other)	4,045	5,397
Interest rate floor	844	1,678
Interest rate swaps	9,026	13,693
Total assets	3,153,634	2,708,635
Financial liabilities:
Deposits	2,963,547	2,441,014
Long-term debt	2,778	15,073
Subordinated debentures	32,337	33,096
Accrued interest payable	408	736
Interest rate swap	8,811	14,099
Total liabilities	3,007,881	2,504,018
Level 1
Financial assets:
Cash and due from banks	279,933	228,192
Investment securities:
Available-for-sale	191,574	18,905
Common equity securities	140	138
Level 2
Investment securities:
Available-for-sale	325,747	277,006
Held-to-maturity	70,446	7,513
Loans held for sale	408	837
Accrued interest receivable	8,528	8,255
Mortgage servicing rights	1,357	1,269
Restricted equity securities (FHLB and other)	4,045	5,397
Interest rate floor	844	1,678
Interest rate swaps	9,026	13,693
Financial liabilities:
Deposits	2,963,547	2,441,014
Long-term debt	2,778	15,073
Subordinated debentures	32,337	33,096
Accrued interest payable	408	736
Interest rate swap	8,811	14,099
Level 3
Investment securities:
Net loans	$ 2,261,586	$ 2,145,752

Derivatives and hedging activ_3

Derivatives and hedging activities - Fair Values of Derivative Instruments on the Balance Sheet (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)
Derivatives, Fair Value
Interest rate floor and swaps		$ 9,870	$ 15,371
Liability Derivatives		8,818	14,099
Interest Receivable		8,528	8,255
Interest Payable		408	736
Net Amounts of Assets presented in the Balance Sheet		8,818	14,099
Interest expense
Derivatives, Fair Value
Amount of gain or (loss) reclassified as a increase to interest income (expense)		(48)	13
Interest income
Derivatives, Fair Value
Amount of gain or (loss) reclassified as a increase to interest income (expense)		607	477
Interest Rate Floor
Derivatives, Fair Value
Interest rate floor and swaps		844	1,678
Interest Rate Swaps
Derivatives, Fair Value
Interest rate floor and swaps		9,026	13,693
Credit-risk contract
Derivatives, Fair Value
Posted collateral		7,380	15,360
Net Amounts of Assets presented in the Balance Sheet		5,600	12,421
Derivatives designated as hedging instruments
Derivatives, Fair Value
Interest rate floor and swaps		844	1,678
Liability Derivatives			485
Derivatives designated as hedging instruments \| Interest Rate Floor
Derivatives, Fair Value
Notional amount		25,000
Interest rate floor and swaps			1,678
Derivatives designated as hedging instruments \| Interest Rate Floor \| Other Assets.
Derivatives, Fair Value
Interest rate floor and swaps		844
Derivatives not designated as hedging instruments
Derivatives, Fair Value
Interest rate floor and swaps		9,026	13,693
Liability Derivatives		$ 8,811	13,614
Derivatives not designated as hedging instruments \| Interest Rate Swaps
Derivatives, Fair Value
Number of instruments held \| security		84
Notional amount		$ 392,677	375,341
Derivatives not designated as hedging instruments \| Interest Rate Swaps \| Other Assets.
Derivatives, Fair Value
Interest rate floor and swaps		9,026	13,693
Derivatives not designated as hedging instruments \| Interest Rate Swaps \| Other Liabilities.
Derivatives, Fair Value
Liability Derivatives		8,811	13,614
Cash Flow Hedge \| Derivatives designated as hedging instruments
Derivatives, Fair Value
Derivatives terminated		25
Notional amount		$ 50,000
Liability Derivatives			$ 485
Forecast \| Cash Flow Hedge \| Interest income
Derivatives, Fair Value
Amount of gain or (loss) reclassified as a increase to interest income (expense)	$ 452

Derivatives and hedging activ_4

Derivatives and hedging activities - Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in OCI Included Component	$ 680	$ 1,002
Interest expense
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(23)	13
Interest income
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	543	413
Cash Flow Hedge
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in OCI on Derivative	173	741
Amount of Gain (Loss) Recognized in OCI Included Component	156	795
Amount of Loss Recognized in OCI Excluded Component	17	(54)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	495	427
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Included Component	559	491
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Excluded Component	(64)	(64)
Cash Flow Hedge \| Interest expense
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in OCI on Derivative	401	(437)
Amount of Gain (Loss) Recognized in OCI Included Component	401	(437)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(23)	13
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Included Component	(23)	13
Cash Flow Hedge \| Other
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(25)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Included Component	(25)
Cash Flow Hedge \| Interest Rate Floor \| Interest income
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in OCI on Derivative	(228)	1,178
Amount of Gain (Loss) Recognized in OCI Included Component	(245)	1,232
Amount of Loss Recognized in OCI Excluded Component	17	(54)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	543	414
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Included Component	607	478
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Excluded Component	$ (64)	$ (64)

Derivatives and hedging activ_5

Derivatives and hedging activities - Effect of Fair Value and Cash Flow Hedge Accounting on the Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
Total amounts of income and expense line items presented in the statements of income and comprehensive income in which the effects of fair value or cash flow hedges are recorded	$ (322)	$ 315	$ 441
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - excluded component	(322)	315	$ 441
Interest income
Derivative Instruments, Gain (Loss)
Total amounts of income and expense line items presented in the statements of income and comprehensive income in which the effects of fair value or cash flow hedges are recorded	543	413
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	543	413
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - included component	607	477
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - excluded component	(64)	(64)
Interest expense
Derivative Instruments, Gain (Loss)
Total amounts of income and expense line items presented in the statements of income and comprehensive income in which the effects of fair value or cash flow hedges are recorded	(48)	13
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income	(23)	13
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income as a result that a forecasted transaction is no longer probable of occurring	(25)
Amount of gain or (loss) reclassified from accumulated other comprehensive income into income - included component	$ (48)	$ 13

Derivatives and hedging activ_6

Derivatives and hedging activities - Effect of Other Derivative Instruments on the Income Statement (Details) - Derivatives not designated as hedging instruments - Interest Rate Swap Revenue - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Income	$ 136	$ 31
Fee Income
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Income	$ 623	$ 2,290

Derivatives and hedging activ_7

Derivatives and hedging activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	$ 9,870	$ 15,371
Net Amounts of Assets presented in the Balance Sheet	9,870	15,371
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments	3,218	1,678
Net Amount	6,652	13,693
Offsetting of Derivative Liabilities
Gross Amounts of Recognized Liabilities	8,818	14,099
Net Amounts of Assets presented in the Balance Sheet	8,818	14,099
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments	3,218	1,678
Gross Amounts Not Offset in the Statement of Financial Position - Cash Collateral Paid	$ 5,600	$ 12,421

Stock plans - Additional Inform

Stock plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units vesting period	3 years
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units vesting period	3 years
Cumulative diluted earnings per share period used for conditions for vesting of performance-based restricted stock units	3 years
Average return on equity period used for conditions for vesting of performance-based restricted stock units	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted shares	19,818	16,269	17,345
Vested shares	15,460	8,455	2,542
Number of nonvested restricted stock awards	36,281	31,923	25,984	12,892
Forfeited shares		1,875	1,711
Unrecognized compensation expense	$ 855
Weighted average vesting period	1 year 8 months 12 days
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock available for grant as awards	37,151
Forfeited shares	0	1,875
Salaries and employee benefits expense	$ 546	$ 570	$ 554
2017 Plan \| Non-Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted shares	4,403
Shares or units awarded		3,615
Number of nonvested restricted stock awards	3,128	1,920
2017 Plan \| Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Granted shares	15,415	12,654
Number of nonvested restricted stock awards	12,332	6,535

Stock plans - Schedule of Activ

Stock plans - Schedule of Activity Related to Restricted Stock (Details) - Restricted Stock - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Nonvested, January 1	31,923	25,984	12,892
Granted shares	19,818	16,269	17,345
Vested shares	15,460	8,455	2,542
Forfeited shares		1,875	1,711
Nonvested, December 31	36,281	31,923	25,984

Employee benefit plans - Salari

Employee benefit plans - Salaries and Employee Benefits Expense - ESOP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Peoples Security Bank and Trust ESOP
Peoples Security Bank and Trust ESOP
Contribution to ESOP	$ 334	$ 371	$ 357

Employee benefit plans - Sala_2

Employee benefit plans - Salaries and Employee Benefits Expense - Profit Sharing (Details) - Retirement Profit Sharing Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Profit Sharing plan
Company contribution	$ 1,245	$ 1,207	$ 1,139
Safe harbor contribution	678	655	627
Discretionary contributions	$ 567	$ 552	$ 512

Employee benefit plans - Sala_3

Employee benefit plans - Salaries and Employee Benefits Expense - SERP and Employee Pension Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 22, 2008
Supplemental Executive Retirement Plans ("SERP")
Defined Benefit Plan Disclosure
Maximum annual benefit in excess of federal limits (as a percent)	6.00%
Employee benefit plan liability	$ 161	$ 142
Employee benefit plan expense	19	9	$ 17
Defined benefit plan accrued liabilities	2,573	2,351
Salaries and employee benefits expense	$ 424	461	$ 360
Pension Benefits
Defined Benefit Plan Disclosure
Retirement age period for fixed benefits payable	65 years
Benefits accrued under employees' pension plan				$ 0
Increase (decrease) in accumulated benefit obligation	$ 603	$ 2,159

Employee benefit plans - Summar

Employee benefit plans - Summary of Pension and Postretirement Life Insurance Plans (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation:
Benefit obligation, beginning	$ 19,113	$ 17,491
Interest cost	419	544	$ 639
Change in experience gain	(49)	(291)
Change in actuarial assumptions loss	(603)	2,159
Benefits paid	(814)	(790)
Benefit obligation, ending	18,066	19,113	17,491
Change in plan assets:
Fair value of plan assets, beginning	17,628	16,930
Actual return on plan assets	2,443	1,488
Benefits paid	(814)	(790)
Fair value of plan assets, ending	19,257	17,628	$ 16,930
Funded status at end of year	$ 1,191	$ (1,485)

Employee benefit plans - Schedu

Employee benefit plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts recognized in the accumulated other comprehensive income (loss) consist of:
Net amount recognized	$ 4,636	$ 6,302
Pension Benefits
Defined Benefit Plan Disclosure
(Other Assets)	(1,190)
Other Liabilities		1,485
Amounts recognized in the accumulated other comprehensive income (loss) consist of:
Net actuarial gain	(5,868)	(7,977)
Deferred taxes	1,232	1,675
Net amount recognized	(4,636)	(6,302)
Accumulated benefit obligation	$ 18,066	$ 19,113	$ 17,491

Employee benefit plans - Compon

Employee benefit plans - Components of Net Periodic Pension Expense (Income) and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net loss (gain)	$ 5,868	$ 7,977
Pension Benefits
Components of net periodic pension cost:
Interest cost	419	544	$ 639
Expected return on plan assets	(1,288)	(1,236)	(1,084)
Amortization of unrecognized net gain	301	218	227
Net periodic benefit	(568)	(474)	(218)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net loss (gain)	419	544	639
Deferred tax	(88)	(114)	(134)
Total recognized in other comprehensive loss	331	430	505
Total recognized in net period pension cost and other comprehensive loss	$ (237)	$ (44)	$ 287

Employee benefit plans - Sche_2

Employee benefit plans - Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Related Expenses (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure
Discount rate, Obligation	2.59%	2.25%	3.25%
Discount rate, Expense	2.25%	3.25%	4.00%
Expected long-term return on plan assets	7.50%	7.50%	7.50%

Employee benefit plans - Sche_3

Employee benefit plans - Schedule of Pension Plan Weighted-Average Asset Allocations (Details) - Pension Benefits	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure
Weighted-average asset allocations	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure
Weighted-average asset allocations	4.80%	6.80%
Equity securities
Defined Benefit Plan Disclosure
Weighted-average asset allocations	67.40%	63.30%
Corporate Debt Securities
Defined Benefit Plan Disclosure
Weighted-average asset allocations	19.60%	20.70%
U.S. Treasuries and Government agencies
Defined Benefit Plan Disclosure
Weighted-average asset allocations	8.20%	9.20%

Employee benefit plans - Fair V

Employee benefit plans - Fair Value Measurement of Pension Plan Assets (Details) - Pension Benefits - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure
Fair value of pension plan assets	$ 19,257	$ 17,628	$ 16,930
Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of pension plan assets	918	1,203
U.S. large cap
Defined Benefit Plan Disclosure
Fair value of pension plan assets	11,940	10,266
International
Defined Benefit Plan Disclosure
Fair value of pension plan assets	1,039	888
U.S. Treasury securities
Defined Benefit Plan Disclosure
Fair value of pension plan assets	214	216
U.S. Government Agencies
Defined Benefit Plan Disclosure
Fair value of pension plan assets	1,371	1,400
Corporate Debt Securities
Defined Benefit Plan Disclosure
Fair value of pension plan assets	3,775	3,655
Level 1
Defined Benefit Plan Disclosure
Fair value of pension plan assets	13,897	12,357
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of pension plan assets	918	1,203
Level 1 \| U.S. large cap
Defined Benefit Plan Disclosure
Fair value of pension plan assets	11,940	10,266
Level 1 \| International
Defined Benefit Plan Disclosure
Fair value of pension plan assets	1,039	888
Level 2
Defined Benefit Plan Disclosure
Fair value of pension plan assets	5,360	5,271
Level 2 \| U.S. Treasury securities
Defined Benefit Plan Disclosure
Fair value of pension plan assets	214	216
Level 2 \| U.S. Government Agencies
Defined Benefit Plan Disclosure
Fair value of pension plan assets	1,371	1,400
Level 2 \| Corporate Debt Securities
Defined Benefit Plan Disclosure
Fair value of pension plan assets	$ 3,775	$ 3,655

Employee benefit plans - Sala_4

Employee benefit plans - Salaries and Employee Benefits Expense - Investment Percentages (Details) - Pension Benefits - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure
Amount of company's common stock included in equity securities	$ 0	$ 0
Equity Securities
Defined Benefit Plan Disclosure
Maximum diversification (as a percent)	10.00%
Maximum \| Industry Sector
Defined Benefit Plan Disclosure
Maximum diversification (as a percent)	20.00%
Cash Equivalents
Defined Benefit Plan Disclosure
Defined benefit plan, target allocation (as a percent)	10.00%
Fixed Income
Defined Benefit Plan Disclosure
Defined benefit plan, target allocation (as a percent)	40.00%
Equity
Defined Benefit Plan Disclosure
Defined benefit plan, target allocation (as a percent)	50.00%

Employee benefit plans - Sche_4

Employee benefit plans - Schedule of Benefit Payments Expected to be Paid (Details) - Pension Benefits $ in Thousands	Dec. 31, 2021USD ($)
Defined Benefit Plan Disclosure
2021	$ 878
2022	901
2023	952
2024	984
2025	1,015
Thereafter	$ 5,020

Employee benefit plans - Additi

Employee benefit plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock available for grant as awards	37,151
Forfeited shares	0	1,875
Salaries and employee benefits expense	$ 546	$ 570	$ 554
Non-Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units vesting period	3 years
Non-Performance-based restricted stock \| 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted shares	4,403
Shares or units awarded		3,615
Number of nonvested restricted stock awards	3,128	1,920
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares or units vesting period	3 years
Cumulative diluted earnings per share period used for conditions for vesting of performance-based restricted stock units	3 years
Average return on equity period used for conditions for vesting of performance-based restricted stock units	3 years
Performance-based restricted stock units \| 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted shares	15,415	12,654
Number of nonvested restricted stock awards	12,332	6,535
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted shares	19,818	16,269	17,345
Vested shares	15,460	8,455	2,542
Number of nonvested restricted stock awards	36,281	31,923	25,984	12,892
Forfeited shares		1,875	1,711
Unrecognized compensation expense	$ 855
Weighted average vesting period	1 year 8 months 12 days

Income taxes - Current and Defe

Income taxes - Current and Deferred Amounts of Provision for Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Current	$ 9,548	$ 6,600	$ 2,761
Deferred	450	(1,779)	394
Total income tax expense	$ 9,998	$ 4,821	$ 3,155

Income taxes - Components of Ne

Income taxes - Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for loan losses	$ 5,960	$ 5,742
Lease liability	1,846	1,349
Defined benefit plan		1,108
Deferred compensation	884	789
Deferred loan fees	1,215	1,368
Investment securities available-for-sale	379
Other	86	170
Total	10,370	10,526
Deferred tax liabilities:
Lease right-of-use assets	1,798	1,319
Premises and equipment, net	1,441	1,455
Merger related accounting	572	694
Deferred loan costs	885	936
Defined benefit plan	75
Investment securities available-for-sale		2,033
Other	244	321
Total	5,015	6,758
Net deferred tax asset	$ 5,355	$ 3,768

Income taxes - Reconciliation o

Income taxes - Reconciliation of Effective Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Provision for income tax at statutory rate	$ 11,239	$ 7,177	$ 6,067
State tax, net of federal benefit	475
Tax exempt interest	(1,194)	(1,032)	(1,299)
Bank owned life insurance income	(119)	(299)	(159)
Residential housing program tax credits	(1,091)	(1,094)	(1,094)
Other, net	688	69	(360)
Total income tax expense	$ 9,998	$ 4,821	$ 3,155
Provision for income tax at statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	0.89
Tax exempt interest	(2.23%)	(3.02%)	(4.50%)
Bank owned life insurance income	(0.22%)	(0.87%)	(0.55%)
Residential housing program tax credits	(2.04%)	(3.20%)	(3.79%)
Other, net	1.29%	0.19%	(1.25%)
Total income tax expense	18.69%	14.10%	10.91%

Income taxes (Details)

Income taxes (Details)	12 Months Ended
Income taxes (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Federal statutory rate	21.00%	21.00%	21.00%
Effective tax rate	18.69%	14.10%	10.91%

Parent Company financial stat_3

Parent Company financial statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 279,933	$ 228,192
Equity securities	140	138
Other assets	33,056	38,915
Total assets	3,369,483	2,883,802
Liabilities and Stockholders' Equity:
Subordinated debt	33,000	33,000
Accrued interest payable	408	736
Other liabilities	29,841	31,307
Stockholders' equity	340,126	316,877	$ 299,010	$ 278,614
Total liabilities and stockholders' equity	3,369,483	2,883,802
Peoples Bank
Assets:
Cash and cash equivalents	4,044	1,069	$ 5,192	$ 3,736
Equity securities	140	138
Investment in bank subsidiary	368,427	348,584
Other assets	703	273
Total assets	373,314	350,064
Liabilities and Stockholders' Equity:
Subordinated debt	33,000	33,000
Accrued interest payable	148	148
Other liabilities	39	39
Stockholders' equity	340,127	316,877
Total liabilities and stockholders' equity	$ 373,314	$ 350,064

Parent Company financial stat_4

Parent Company financial statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Dividends from subsidiaries	$ 74	$ 97	$ 84
Net gain realized on sale of equity securities	2	(6)	132
Unrealized holding gains (losses) on equity securities	(2)	35
Expense:
Interest expense on subordinated debt	1,774	1,035
Income tax benefit	9,998	4,821	3,155
Net income	43,519	29,354	25,736
Comprehensive Income	35,856	34,708	30,607
Peoples Bank
Interest income:
Dividends from subsidiaries	17,593	10,518	10,131
Other income	4	8	8
Net gain realized on sale of equity securities		29
Unrealized holding gains (losses) on equity securities	2	(35)	132
Total income	17,599	10,520	10,271
Expense:
Interest expense on subordinated debt	1,774	1,035
Other expenses	222	200	145
Total expenses	1,996	1,235	145
Interest expense on subordinated debt	15,603	9,285	10,126
Income tax benefit	(410)	(255)	(1)
Income before undistributed income of subsidiaries	16,013	9,540	10,127
Equity in undistributed net income of subsidiaries	27,506	19,814	15,609
Net income	$ 43,519	$ 29,354	$ 25,736

Parent Company financial stat_5

Parent Company financial statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 43,519	$ 29,354	$ 25,736
Adjustments:
Decrease in other assets	1,128	(12,268)	(3,363)
Increase (decrease) in other liabilities	1,875	13,549	2,389
Stock based compensation	546	570	554
Net cash provided by operating activities	40,771	37,180	37,079
Cash flows from investing activities:
Net cash used in investing activities	(440,103)	(201,240)	(184,721)
Cash flows used in financing activities:
Proceeds from long-term debt			16,000
Retirement of common stock	(2,361)	(6,893)	(634)
Net cash provided by financing activities	451,073	361,099	146,179
Increase (decrease) in cash	51,741	197,039	(1,463)
Cash and cash equivalents at beginning of period	228,192
Cash and cash equivalents at end of period	279,933	228,192
Peoples Bank
Cash flows from operating activities:
Net income	43,519	29,354	25,736
Adjustments:
Net losses (gains) on investment securities	(2)	6	(132)
Undistributed net income of subsidiaries	(27,506)	(19,814)	(15,609)
Decrease in other assets	(429)	(255)	(302)
Increase (decrease) in other liabilities		148
Stock based compensation	546	570	554
Increase in due from subsidiaries			1,974
Net cash provided by operating activities	16,128	10,009	12,221
Cash flows from investing activities:
Sale of equity securities		279
Net cash used in investing activities		279
Cash flows used in financing activities:
Investment in subsidiary		(30,000)
Retirement of common stock	(2,361)	(6,893)	(634)
Cash dividends paid	(10,792)	(10,518)	(10,131)
Net cash provided by financing activities	(13,153)	(14,411)	(10,765)
Increase (decrease) in cash	2,975	(4,123)	1,456
Cash and cash equivalents at beginning of period	1,069	5,192	3,736
Cash and cash equivalents at end of period	$ 4,044	1,069	$ 5,192
Subordinated Debentures
Cash flows used in financing activities:
Proceeds from long-term debt		33,000
Subordinated Debentures \| Peoples Bank
Cash flows used in financing activities:
Proceeds from long-term debt		$ 33,000

Regulatory matters (Details)

Regulatory matters (Details) - USD ($)	Jan. 01, 2016	Dec. 31, 2021	Dec. 31, 2020
Schedule of Capitalization
Capital stock (as a percent)		100.00%
Period over which the Company may only declare and pay dividends out of accumulated net earnings, including accumulated net earnings acquired as a result of a merger		7 years
Funds available for transfers		$ 33,877,000
Loans outstanding		$ 0	$ 0
Capital conservation buffer	2.50%
Maximum
Schedule of Capitalization
Net earnings which must set aside as a surplus (as a percent)		10.00%
Minimum
Schedule of Capitalization
Net earnings to surplus funds (as a percent)		10.00%

Regulatory matters - Schedule o

Regulatory matters - Schedule of Bank's Capital Amounts and Ratios (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Consolidated
Common equity Tier 1 capital to risk-weighted assets
Common equity Tier 1 capital to risk-weighted assets, Actual Amount	$ 281,802	$ 250,397
Common equity Tier 1 capital to risk-weighted assets, Actual Ratio	12.32	12.16
Common equity Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Amount	$ 102,949	$ 92,631
Common equity Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Ratio	4.50	4.50
Tier 1 capital to risk-weighted assets
Tier 1 capital to risk-weighted assets, Actual Amount	$ 281,802	$ 250,397
Tier 1 capital to risk-weighted assets, Actual Ratio	12.32	12.16
Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Amount	$ 137,266	$ 123,508
Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Ratio	6	6
Total capital to risk-weighted assets
Total capital to risk-weighted assets, Actual Amount	$ 310,185	$ 310,741
Total capital to risk-weighted assets, Actual Ratio	13.56	15.10
Total capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Amount	$ 183,021	$ 164,677
Total capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Ratio	8	8
Tier 1 capital to average assets
Tier 1 capital to average assets, Actual Amount	$ 281,802	$ 250,397
Tier 1 capital to average assets, Actual Ratio	9.16	9.28
Tier 1 capital to average assets, Minimum For Capital Adequacy Purposes Amount	$ 123,013	$ 107,878
Tier 1 capital to average assets, Minimum For Capital Adequacy Purposes Ratio	4	4
Peoples Bank
Common equity Tier 1 capital to risk-weighted assets
Common equity Tier 1 capital to risk-weighted assets, Actual Amount	$ 310,102	$ 282,104
Common equity Tier 1 capital to risk-weighted assets, Actual Ratio	13.76	13.73
Common equity Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Amount	$ 101,449	$ 92,461
Common equity Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Ratio	4.50	4.50
Common equity Tier 1 capital to risk-weighted assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount	$ 146,538	$ 133,554
Common equity Tier 1 capital to risk-weighted assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio	6.50	6.50
Tier 1 capital to risk-weighted assets
Tier 1 capital to risk-weighted assets, Actual Amount	$ 310,102	$ 282,104
Tier 1 capital to risk-weighted assets, Actual Ratio	13.76	13.73
Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Amount	$ 135,266	$ 123,281
Tier 1 capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Ratio	6	6
Tier 1 capital to risk-weighted assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount	$ 180,355	$ 164,374
Tier 1 capital to risk-weighted assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio	8	8
Total capital to risk-weighted assets
Total capital to risk-weighted assets, Actual Amount	$ 338,284	$ 307,807
Total capital to risk-weighted assets, Actual Ratio	15.01	14.98
Total capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Amount	$ 180,355	$ 164,374
Total capital to risk-weighted assets, Minimum For Capital Adequacy Purposes Ratio	8	8
Total capital to risk-weighted assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount	$ 225,443	$ 205,468
Total capital to risk-weighted assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio	10	10
Tier 1 capital to average assets
Tier 1 capital to average assets, Actual Amount	$ 310,102	$ 282,104
Tier 1 capital to average assets, Actual Ratio	9.58	10.08
Tier 1 capital to average assets, Minimum For Capital Adequacy Purposes Amount	$ 129,476	$ 111,891
Tier 1 capital to average assets, Minimum For Capital Adequacy Purposes Ratio	4	4
Tier 1 capital to average assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Amount	$ 161,845	$ 139,864
Tier 1 capital to average assets, Minimum to be Well Capitalized under Prompt Corrective Action Provisions Ratio	5	5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Net unrealized gain on investment securities available-for-sale	$ (1,791)	$ 9,696
Income tax expense	(376)	2,036
Net of income taxes	(1,415)	7,660
Benefit plan adjustments	(5,868)	(7,977)
Income tax benefit	(1,232)	(1,675)
Net of income taxes	(4,636)	(6,302)
Derivative adjustments	680	1,002
Income tax	143	211
Net of income taxes	537	791
Accumulated other comprehensive income (loss)	$ (5,514)	$ 2,149

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Loss and Related Tax Effects (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss)
Unrealized gain (loss) on investment securities available-for-sale	$ (11,487)	$ 8,779	$ 5,109
Net gain on the sale of investment securities available-for-sale		(918)	(23)
Other comprehensive income on available-for-sale debt securities	(11,487)	7,861	5,086
Amortization of actuarial loss (2)	301	218	227
Actuarial gain (loss)	1,808	(1,616)	412
Change in benefit plan liabilities	2,109	(1,398)	639
Net change in derivatives	(322)	315	441
Other comprehensive income (loss)	(9,700)	6,778	6,166
Income tax (benefit)	(2,037)	1,424	1,295
Other comprehensive income (loss)	$ (7,663)	$ 5,354	$ 4,871

Summary of quarterly financial

Summary of quarterly financial information - Summary of Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of quarterly financial information (unaudited)
Interest income	$ 94,057	$ 94,125	$ 93,381
Interest expense	9,422	14,324	17,868
Net interest income	84,635	79,801	75,513
Provision for loan losses	1,750	7,400	6,100
Net interest income after provision for loan losses	82,885	72,401	69,413
Noninterest income	25,636	16,642	15,120
Noninterest expense	55,004	54,868	55,642
Income before income taxes	53,517	34,175	28,891
Income tax expense	9,998	4,821	3,155
Net income	$ 43,519	$ 29,354	$ 25,736
Per share data:
Net income - basic	$ 6.05	$ 4.02	$ 3.48
Net income - diluted	$ 6.02	$ 4	$ 3.47
Average common shares outstanding - basic	7,196,160	7,304,956	7,395,429
Average common shares outstanding - diluted	7,235,303	7,337,843	7,412,369