Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | LCNB Corp. | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity File Number | 001-35292 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-1626393 | |
Entity Address, Address Line One | 2 North Broadway | |
Entity Address, City or Town | Lebanon | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45036 | |
City Area Code | (513) | |
Local Phone Number | 932-1414 | |
Title of 12(b) Security | Common Stock, No Par Value | |
Trading Symbol | LCNB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,142,960 | |
Entity Central Index Key | 0001074902 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS: | ||
Cash and due from banks | $ 24,950 | $ 36,535 |
Interest-bearing demand deposits | 8,001 | 3,188 |
Total cash and cash equivalents | 32,951 | 39,723 |
Investment securities: | ||
Equity securities with a readily determinable fair value, at fair value | 1,334 | 1,336 |
Equity securities without a readily determinable fair value, at cost | 3,666 | 3,666 |
Debt securities, available-for-sale, at fair value | 262,786 | 276,601 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 16,746 | 16,858 |
Federal Reserve Bank stock, at cost | 5,774 | 5,086 |
Federal Home Loan Bank stock, at cost | 16,469 | 15,176 |
Loans, net of allowance for credit losses of $10,557 and $10,525 at March 31, 2024 and December 31, 2023, respectively | 1,645,797 | 1,712,946 |
Financing Receivable, Held-for-Sale | 75,581 | 0 |
Premises and equipment, net | 36,690 | 36,302 |
Operating Lease, Right-of-Use Asset | 5,838 | 6,000 |
Goodwill | 79,559 | 79,509 |
Core deposit and other intangibles, net | 8,903 | 9,494 |
Bank-owned life insurance | 50,165 | 49,847 |
Other assets, net | 31,777 | 30,643 |
TOTAL ASSETS | 2,283,151 | 2,291,592 |
Deposits: | ||
Noninterest-bearing | 435,580 | 462,267 |
Interest-bearing | 1,422,913 | 1,362,122 |
Total deposits | 1,858,493 | 1,824,389 |
Short-term Debt | 10,000 | 97,395 |
Debt, Long-term and Short-term, Combined Amount | 162,638 | 113,123 |
Operating lease liabilities | 6,123 | 6,261 |
Accrued interest and other liabilities | 12,234 | 15,121 |
TOTAL LIABILITIES | 2,049,488 | 2,056,289 |
COMMITMENTS AND CONTINGENT LIABILITIES | $ 0 | $ 0 |
Preferred shares authorized (in shares) | 1,000,000 | 1,000,000 |
SHAREHOLDERS' EQUITY: | ||
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding | $ 0 | $ 0 |
Common Stock, Value, Issued | 174,082 | 173,637 |
Retained earnings | 139,050 | 140,017 |
Treasury Stock, Value | (56,015) | (56,015) |
Accumulated other comprehensive loss, net of taxes | (23,454) | (22,336) |
TOTAL SHAREHOLDERS' EQUITY | 233,663 | 235,303 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,283,151 | 2,291,592 |
Accrued interest receivable | $ 9,115 | $ 8,405 |
Common shares, no par value (in dollars per share) | $ 0 | $ 0 |
Common shares issued (in shares) | 16,435,659 | 16,384,952 |
Preferred shares outstanding (in shares) | 0 | 0 |
Preferred shares, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares, outstanding (in shares) | 13,224,276 | 13,173,569 |
Common shares authorized (in shares) | 19,000,000 | 19,000,000 |
Treasury stock (in shares) | 3,211,383 | 3,211,383 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
SHAREHOLDERS' EQUITY: | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 5 | $ 5 | $ 0 | |
Allowance for loan losses | $ 10,557 | $ 10,525 | $ 7,858 | $ 5,646 |
Preferred shares, no par value (in dollars per share) | $ 0 | $ 0 | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||
Preferred shares outstanding (in shares) | 0 | 0 | ||
Common shares, no par value (in dollars per share) | $ 0 | $ 0 | ||
Common shares authorized (in shares) | 19,000,000 | 19,000,000 | ||
Common shares issued (in shares) | 16,435,659 | 16,384,952 | ||
Common stock, shares, outstanding (in shares) | 13,224,276 | 13,173,569 | ||
Treasury stock (in shares) | 3,211,383 | 3,211,383 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST INCOME: | ||
Interest and fees on loans | $ 22,682 | $ 16,143 |
With a readily determinable fair value | 9 | 17 |
Without a readily determinable fair value | 31 | 20 |
Taxable | 1,232 | 1,343 |
Non-taxable | 143 | 176 |
Other investments | 661 | 219 |
TOTAL INTEREST INCOME | 24,758 | 17,918 |
INTEREST EXPENSE: | ||
Interest on deposits | 8,190 | 2,456 |
Interest on short-term borrowings | 935 | 1,304 |
Interest on long-term debt | 1,738 | 216 |
TOTAL INTEREST EXPENSE | 10,863 | 3,976 |
NET INTEREST INCOME | 13,895 | 13,942 |
Provision for (recovery of) credit losses | 125 | (57) |
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES | 13,770 | 13,999 |
NON-INTEREST INCOME: | ||
Debt Securities, Available-for-sale, Realized Gain (Loss) | (214) | 0 |
Bank-owned life insurance income | 318 | 271 |
Net gains from sales of loans | 522 | 6 |
Other operating income (loss) | (54) | 82 |
TOTAL NON-INTEREST INCOME | 3,929 | 3,581 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 8,554 | 7,349 |
Equipment expenses | 390 | 361 |
Occupancy expense, net | 1,005 | 963 |
State financial institutions tax | 428 | 397 |
Marketing | 174 | 192 |
Amortization of intangibles | 236 | 111 |
FDIC insurance premiums, net | 504 | 215 |
Contracted services | 784 | 641 |
Other non-interest expense | 2,622 | 2,271 |
TOTAL NON-INTEREST EXPENSE | 15,472 | 12,525 |
INCOME BEFORE INCOME TAXES | 2,227 | 5,055 |
PROVISION FOR INCOME TAXES | 312 | 898 |
NET INCOME | $ 1,915 | $ 4,157 |
Dividends declared per common share (usd per share) | $ 0.22 | $ 0.21 |
Earnings per common share: | ||
Basic (usd per share) | 0.15 | 0.37 |
Diluted (usd per share) | $ 0.15 | $ 0.37 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 13,112,302 | 11,189,170 |
Diluted (in shares) | 13,112,302 | 11,189,170 |
Merger-related expenses | $ 775 | $ 25 |
Fiduciary and Trust | ||
NON-INTEREST INCOME: | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,973 | 1,740 |
Deposit Account | ||
NON-INTEREST INCOME: | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,384 | $ 1,482 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,915 | $ 4,157 |
Other comprehensive income (loss): | ||
Net unrealized (losses) gains on available-for-sale debt securities (net of taxes) | (1,287) | 4,950 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 169 | 0 |
Other comprehensive income (loss), net of tax | (1,118) | 4,950 |
TOTAL COMPREHENSIVE INCOME | $ 797 | $ 9,107 |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other comprehensive income (loss): | ||
Net unrealized gain (loss) on available-for-sale securities, tax expense (benefit) | $ (342) | $ 1,316 |
Net realized (gain) loss on sale of available-for-sale securities included in net income, tax (expense) benefit | $ (45) | $ 0 |
CONSOLIDATED CONDENSED STATEM_4
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Common Stock [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member] Accounting Standards Update 2016-13 | Treasury Stock, Common | Treasury Stock, Common Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjustment |
Balance Beginning (in shares) at Dec. 31, 2022 | 11,259,080 | 11,259,080 | ||||||||||
Balance beginning at Dec. 31, 2022 | $ 200,675 | $ 198,753 | $ (1,922) | $ 144,069 | $ 144,069 | $ 139,249 | $ 137,327 | $ (1,922) | $ (52,689) | $ (52,689) | $ (29,954) | $ (29,954) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 4,157 | 4,157 | ||||||||||
Other comprehensive income, net of taxes | 4,950 | 4,950 | ||||||||||
Dividend Reinvestment and Stock Purchase Plan (in shares) | 5,861 | |||||||||||
Dividend Reinvestment and Stock Purchase Plan | 103 | $ 103 | ||||||||||
Compensation expense relating to restricted stock (in shares) | 44,150 | |||||||||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 316 | $ 316 | ||||||||||
Dividends, Common Stock, Cash | (2,369) | (2,369) | ||||||||||
Treasury shares purchased (in shares) | (107,028) | |||||||||||
Repurchase of common stock | (1,838) | (1,838) | ||||||||||
Balance Ending (in shares) at Mar. 31, 2023 | 11,202,063 | |||||||||||
Balance ending at Mar. 31, 2023 | $ 204,072 | $ 144,488 | 139,115 | (54,527) | (25,004) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Dividends declared per common share (usd per share) | $ 0.21 | |||||||||||
Balance Beginning (in shares) at Dec. 31, 2023 | 13,173,569 | 13,173,569 | ||||||||||
Balance beginning at Dec. 31, 2023 | $ 235,303 | $ 173,637 | 140,017 | (56,015) | (22,336) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 1,915 | 1,915 | ||||||||||
Other comprehensive income, net of taxes | (1,118) | (1,118) | ||||||||||
Dividend Reinvestment and Stock Purchase Plan (in shares) | 9,004 | |||||||||||
Dividend Reinvestment and Stock Purchase Plan | 130 | $ 130 | ||||||||||
Compensation expense relating to restricted stock (in shares) | 41,703 | |||||||||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 315 | $ 315 | ||||||||||
Dividends, Common Stock, Cash | $ (2,882) | (2,882) | ||||||||||
Balance Ending (in shares) at Mar. 31, 2024 | 13,224,276 | 13,224,276 | ||||||||||
Balance ending at Mar. 31, 2024 | $ 233,663 | $ 174,082 | $ 139,050 | $ (56,015) | $ (23,454) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Dividends declared per common share (usd per share) | $ 0.22 |
CONSOLIDATED CONDENSED STATEM_5
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Common stock dividends (in dollars per share) | $ 0.22 | $ 0.21 |
CONSOLIDATED CONDENSED STATEM_6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,915 | $ 4,157 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation, amortization, and accretion | 481 | 720 |
Provision for (recovery of) credit losses | 125 | (57) |
Deferred income tax provision (benefit) | 44 | (648) |
Increase in cash surrender value of bank-owned life insurance | (318) | (271) |
Realized and unrealized losses from equity securities, net | 10 | 31 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 214 | 0 |
Origination of mortgage loans for sale | (32,620) | (335) |
Realized gains from sales of loans | (522) | (6) |
Proceeds from sales of mortgage loans | 22,429 | 338 |
Compensation expense related to restricted stock | 315 | 316 |
Changes in: | ||
Accrued interest receivable | (710) | (523) |
Other assets | (936) | 597 |
Other liabilities | (2,921) | (1,827) |
TOTAL ADJUSTMENTS | (14,409) | (1,665) |
NET CASH FLOWS (USED IN) PROVIDED BY OPERATING ACTIVITIES | (12,494) | 2,492 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of equity securities | 0 | 963 |
Proceeds from sales of debt securities, available-for-sale | 9,615 | 0 |
Available-for-sale | 4,624 | 2,769 |
Held-to-maturity | 112 | 108 |
Purchases of equity securities | (8) | (7) |
Available-for-sale | (2,207) | (300) |
Payments to Acquire Federal Reserve Bank Stock | (688) | 0 |
Payments to Acquire Federal Home Loan Bank Stock | (1,293) | (3,306) |
Proceeds from Sale of Federal Home Loan Bank Stock | 0 | 754 |
Net increase in loans | 2,961 | 6,912 |
Purchases of premises and equipment | (858) | (588) |
NET CASH FLOWS PROVIDED BY INVESTING ACTIVITIES | 12,258 | 7,305 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in deposits | 34,104 | (1,089) |
Net increase (decrease) in short-term borrowings | (87,395) | 5,045 |
Proceeds from Issuance of Other Long-Term Debt | 50,000 | 0 |
Principal payments on long-term debt | (493) | (474) |
Proceeds from issuance of common stock | 130 | 103 |
Repurchase of common stock | 0 | (1,838) |
Cash dividends paid on common stock | (2,882) | (2,369) |
NET CASH FLOWS USED IN FINANCING ACTIVITIES | (6,536) | (622) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (6,772) | 9,175 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 39,723 | 22,701 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 32,951 | 31,876 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 10,312 | 3,433 |
Loan and Lease, Transfer from Held-in-Portfolio to Held-for-Sale | 64,869 | $ 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, Unrealized Losses on Available-for-Sale Debt Securities Changes in Pension Plan Assets and Benefit Obligations Total 2024 Balance at beginning of period $ (22,281) (55) (22,336) Other comprehensive income (loss), net of taxes (1,287) — (1,287) Reclassifications 169 — 169 Balance at end of period $ (23,399) (55) (23,454) 2023 Balance at beginning of period $ (29,927) (27) (29,954) Other comprehensive (loss) income, net of taxes 4,950 — 4,950 Balance at end of period $ (24,977) (27) (25,004) Reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2024 and 2023 and the affected line items in the condensed consolidated statements of income were as follows (in thousands): Three Months Ended Affected Line Item in the Consolidated Condensed Statements of Income 2024 2023 Realized losses from sales of debt securities, available-for-sale $ (214) — Net losses from sales of debt securities, available-for-sale Income tax benefit (45) — Provision for income taxes Reclassification adjustment, net of taxes $ (169) — |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION BASIS OF PRESENTATION The accompanying unaudited interim consolidated condensed financial statements include LCNB Corp. and its wholly-owned subsidiaries: LCNB National Bank and LCNB Risk Management, Inc., its captive insurance company. All material intercompany transactions and balances are eliminated in consolidation. The unaudited interim consolidated condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the SEC. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation of the Company's financial position, results of consolidated operations, and cash flows for the interim periods, as required by Regulation S-X, Rule 8-03. The consolidated condensed balance sheet as of December 31, 2023 has been derived from the audited consolidated balance sheet as of that date. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Actual results could differ from those estimates. Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies, and financial notes thereto included in LCNB's 2023 Annual Report on Form 10-K filed with the SEC. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS Financial Accounting Standards (“FASB”) Accounting Standards Update (“ASU”) No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ASU No. 2020-04 was issued in March 2020 and provides optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Originally, the amendments in this update were effective for all entities as of March 12, 2020 through December 31, 2022. ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" extended the sunset date from December 31, 2022 to December 31, 2024. LCNB has adopted the standard and utilized the LIBOR transition relief allowed under ASU 2020-04 and ASU 2020-06. The impact was immaterial, as all loans indexed to LIBOR were transitioned to another referenced index, predominately the Secured Overnight Financing Rate ("SOFR") for one, three, and six months. In all instances, LCNB was able to meet the criteria for the practical expedients and there was no impact on its results of consolidated operations or financial position. ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASC 326") The Company adopted ASC 326 on January 1, 2023. It significantly changed guidance for recognizing impairment of financial instruments. Previous guidance required an "incurred loss" methodology for recognizing credit losses that delayed recognition until it was probable a loss had been incurred. ASC 326 replaced the incurred loss impairment methodology with a new "current expected credit loss" ("CECL") methodology that reflects expected credit losses over the lives of the credit instruments and requires consideration of a broader range of information to estimate credit losses. ASC 326 requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. It also applies to off-balance sheet credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. ASC 326 also made changes to the accounting for credit losses on available-for-sale debt securities. Additional disclosures are required. LCNB adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable guidance. The following table shows the impact of adopting ASC 326 on January 1, 2023 (in thousands): As Reported Pre-ASC 326 Impact of ASC 326 Adoption As Reported Under ASC 326 Assets: Loans, gross of allowance $ 1,401,278 341 1,401,619 ACL on loans (5,646) (2,196) (7,842) ACL on debt securities, held to maturity — (7) (7) Deferred tax assets, net 6,639 511 7,150 Liabilities: ACL on off-balance sheet credit exposures — 571 571 Shareholders' Equity: Retained earnings 139,249 (1,922) 137,327 Federal banking regulatory agencies allow an optional phase-in period of three years for banks to absorb the impact to regulatory capital of implementing CECL. LCNB has elected not to exercise this option and the full impact of adopting ASC 326 is included in regulatory capital as of March 31, 2024. Adoption of the ASC did not materially affect LCNB's regulatory capital ratios. ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" ASU No. 2022-02 was issued in March 2022 and became effective for LCNB on January 1, 2023. These amendments eliminated previous TDR recognition and measurement guidance and, instead, required that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements and introduce new disclosure requirements for certain modifications to borrowers experiencing financial difficulties. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination. Adoption of ASU No. 2022-02 did not have a material impact on LCNB's results of consolidated operations or financial position. ASU No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a Consensus of the Emerging Issues Task Force)" ASU No. 2023-02 was issued in March 2023 and became effective for LCNB on January 1, 2024. It allows reporting entities the option to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met, regardless of the tax credit program from which the income tax credits are received. The proportional amortization method was previously limited to Low-Income Housing Tax Credit investments. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). Adoption of ASU No. 2023-02 did not have a material impact on LCNB's results of consolidated operations or financial position. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE From time to time the FASB issues an ASU to communicate changes to U.S. GAAP. The following information provides brief summaries of newly issued but not yet effective ASUs that could have an effect on LCNB’s financial position or results of consolidated operations: ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ASU No. 2023-07 was issued in November 2023 and changes the requirements for segment disclosures, primarily through enhancing disclosure requirements for significant segment expenses, enhancing interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and modifying other disclosure requirements. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | BUSINESS COMBINATIONS Cincinnati Bancorp, Inc. On November 1, 2023, LCNB acquired Cincinnati Bancorp, Inc. (“CNNB”), the holding company for Cincinnati Federal, a federally chartered stock savings and loan association. Under the terms of the definitive merger agreement, CNNB merged with and into LCNB Corp., immediately followed by the merger of Cincinnati Federal with and into LCNB National Bank. CNNB operated four full-service branch offices in Cincinnati, Ohio and 1 full-service office in Florence, Kentucky, which became offices of LCNB after the merger. The merger significantly increased LCNB’s existing presence in the Cincinnati market and expanded LCNB’s community banking franchise across the Ohio River into the Northern Kentucky market. CNNB results of operations were included in LCNB's results beginning November 1, 2023. Under the terms of the merger agreement, CNNB shareholders had the opportunity to elect to receive either 0.9274 shares of LCNB stock or $17.21 in cash for each share of CNNB common stock owned, subject to the limitation that The following table summarizes the fair value of the total consideration transferred as a part of the CNNB acquisition and the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction (in thousands): Consideration: Cash consideration $ 9,475 Common stock (2,042,598 shares issued at $13.99 per share) 28,576 Fair value of total consideration transferred 38,051 Identifiable Assets Acquired: Cash and cash equivalents 11,368 Debt securities, available-for-sale 5,210 Federal Home Loan Bank stock 7,508 Loans, net 236,692 Premises and equipment 2,767 Operating lease right-of-use assets 64 Core deposit and other intangibles 8,391 Bank owned life insurance 4,413 Deferred income taxes 4,451 Other assets 12,896 Total identifiable assets acquired 293,760 Liabilities Assumed: Deposits 210,532 Short-term borrowings 55,999 Long-term debt 5,963 Operating lease liabilities 64 Other liabilities 3,489 Total liabilities assumed 276,047 Total Identifiable Net Assets Acquired 17,713 Goodwill Resulting From Merger $ 20,338 The fair value and gross contractual amounts of non-PCD loans as of the acquisition date was $231.9 million and $258.6 million, respectively. LCNB recorded a provision for credit losses on these loans of $1,722,000. As permitted by ASC No. 805-10-25, Business Combinations, the above estimated amounts may be adjusted up to one year after the closing date of the transaction to reflect any new information obtained about facts and circumstances existing at the acquisition date. As such, any changes in the estimated fair value of assets, including acquired loans, will be recognized in the period the adjustment is identified. Goodwill increased by $50,000 during the first quarter 2024 primarily due to valuation adjustments to other assets. The amount of goodwill recorded reflects LCNB's expansion in the Cincinnati market and related synergies that are expected to result from the acquisition and represents the excess purchase price over the estimated fair value of the net assets acquired. The goodwill will not be amortizable on LCNB's financial records and will not be deductible for tax purposes. Goodwill will be subject to an annual test for impairment and the amount impaired, if any, will be charged to expense at the time of impairment. The core deposit intangible will be amortized over the estimated weighted average economic life of the various core deposit types, which is ten years. Direct expenses related to the CNNB acquisition totaled $477,000 during the three months ended March 31, 2024, were expensed as incurred, and are recorded as merger-related expenses in the consolidated statements of income. Eagle Financial Bancorp, Inc. On April 12, 2024, LCNB acquired Eagle Financial Bancorp, Inc. (“EFBI”), the holding company for EAGLE.bank. Under the terms of the definitive merger agreement, EFBI merged with and into LCNB Corp., immediately followed by the merger of EAGLE.bank with and into LCNB National Bank. EAGLE.bank operated three full-service banking offices in Cincinnati, Ohio, which became offices of LCNB after the merger. This transaction increases LCNB’s presence in the Cincinnati market. Subject to the terms of the merger agreement, EFBI shareholders had the opportunity to elect to receive either 1.1401 shares of LCNB stock, $19.10 per share in cash for each share of EFBI common stock owned, or a combination thereof subject to at least 60%, but not more than 70%, of the shares of EFBI being exchanged for LCNB common stock. As of December 31, 2023, EFBI reported 1,342,275 shares of common stock outstanding, as well as 115,807 options with a weighted average strike price of $16.18 per share (each option carries that right to purchase one EFBI share). Any unexercised stock options of EFBI were canceled prior to the effective time of the merger in exchange for a cash payment per option equal to the difference between $19.10 and the exercise price of the option. The following table summarizes the fair value of the total consideration transferred as a part of the EFBI acquisition (in thousands): Consideration: Cash consideration $ 10,256 Common stock (918,128 shares issued at $14.04 per share) 12,891 Fair value of total consideration transferred $ 23,147 Calculation of the fair value of the net assets acquired in this merger transaction is in process. EFBI had approximately $174.3 million in assets, $140.4 million in net loans, $136.7 million of deposits, and $26.0 million in consolidated stockholders’ equity as of December 31, 2023. Direct expenses related to the EFBI acquisition totaled $298,000 during the three months ended March 31, 2024, were expensed as incurred, and are recorded as merger-related expenses in the consolidated statements of income. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and estimated fair value of debt securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2024 Debt Securities, Available-for-Sale: U.S. Treasury notes $ 74,308 — 6,502 67,806 U.S. Agency notes 88,929 — 8,339 80,590 Corporate bonds 7,450 — 824 6,626 U.S. Agency mortgage-backed securities 79,727 6 9,940 69,793 Municipal securities: Non-taxable 4,638 — 235 4,403 Taxable 37,354 — 3,786 33,568 $ 292,406 6 29,626 262,786 Debt Securities, Held-to-Maturity: Municipal securities: Non-taxable $ 13,468 2 853 12,617 Taxable 3,283 — 389 2,894 $ 16,751 2 1,242 15,511 December 31, 2023 Debt Securities, Available-for-Sale: U.S. Treasury notes $ 74,404 — 6,202 68,202 U.S. Agency notes 88,978 — 8,077 80,901 Corporate Bonds 7,450 — 916 6,534 U.S. Agency mortgage-backed securities 81,634 2 8,846 72,790 Municipal securities: Non-taxable 7,416 — 245 7,171 Taxable 44,923 1 3,921 41,003 $ 304,805 $ 3 28,207 276,601 Debt Securities, Held-to-Maturity: Municipal securities: Non-taxable $ 13,580 4 872 12,712 Taxable 3,283 — 316 2,967 $ 16,863 4 1,188 15,679 The Company estimated the expected credit losses at March 31, 2024 and December 31, 2023 to be immaterial based on the composition of the securities portfolio. Information concerning debt securities with gross unrealized losses at March 31, 2024 and December 31, 2023, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (in thousands): Less than Twelve Months Twelve Months or Greater Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2024 Available-for-Sale: U.S. Treasury notes $ 1,489 7 66,317 6,495 U.S. Agency notes — — 80,590 8,339 Corporate bonds 729 21 5,897 803 U.S. Agency mortgage-backed securities — — 69,301 9,940 Municipal securities: Non-taxable — — 4,403 235 Taxable — — 33,447 3,786 $ 2,218 28 259,955 29,598 Held-to-Maturity: Municipal securities: Non-taxable $ — — 11,900 853 Taxable — — 2,894 389 $ — — 14,794 1,242 December 31, 2023 Available-for-Sale: U.S. Treasury notes $ — — 68,202 6,202 U.S. Agency notes — — 80,901 8,077 Corporate Bonds 734 16 5,800 900 U.S. Agency mortgage-backed securities — — 72,287 8,846 Municipal securities: Non-taxable 1,540 10 5,631 235 Taxable — — 40,392 3,921 $ 2,274 26 273,213 28,181 Held-to-Maturity: Municipal securities: Non-taxable $ 6,012 476 5,975 396 Taxable — — 2,966 316 $ 6,012 476 8,941 712 At March 31, 2024, LCNB’s securities portfolio consisted of 168 securities, 161 of which were in an unrealized loss position. At December 31, 2023, LCNB's securities portfolio consisted of 207 securities, 176 of which were in an unrealized loss position. After considering the issuers of the securities, LCNB management determined that that the unrealized losses were due to changing interest rate environments. As LCNB had no intent at March 31, 2024 to sell its debt securities before recovery of their cost basis and as it was more likely than not that it will not be required to sell its debt securities before recovery of the cost basis, no unrealized losses were deemed to represent credit losses. Debt securities with a market value of $172.4 million and $124.4 million at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and for other purposes required or as permitted by law. Excluding holdings in U.S. Treasury securities and U.S. Government Agencies, there were no investments in securities of any issuer that exceeded 10% of LCNB's consolidated shareholders' equity at March 31, 2024. Contractual maturities of debt securities at March 31, 2024 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations. Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 15,909 15,531 1,469 1,449 Due from one to five years 163,735 148,059 1,319 1,281 Due from five to ten years 33,035 29,403 2,849 2,699 Due after ten years — — 11,114 10,082 212,679 192,993 16,751 15,511 U.S. Agency mortgage-backed securities 79,727 69,793 — — $ 292,406 262,786 16,751 15,511 Certain information concerning the sale of debt securities available-for-sale for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended 2024 2023 Proceeds from sales $ 9,615 — Gross realized gains — — Gross realized losses 214 — Realized gains or losses from the sale of securities are computed using the specific identification method. Equity securities with a readily determinable fair value are carried at fair value, with changes in fair value recognized in other operating income in the consolidated condensed statements of income. Equity securities without a readily determinable fair value are measured at cost minus impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions, as defined, for identical or similar investments of the same issuer. LCNB was not aware of any impairment or observable price change adjustments that needed to be made at March 31, 2024 on its investments in equity securities without a readily determinable fair value. The amortized cost and estimated fair value of equity securities with a readily determinable fair value at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands): March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Mutual Funds $ 1,423 1,236 1,415 1,240 Equity Securities 10 98 10 96 Total equity securities with a readily determinable fair value $ 1,433 1,334 1,425 1,336 Certain information concerning changes in the fair value of equity securities with a readily determinable fair value for the three and three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended 2024 2023 Net losses recognized during the period on equity securities $ (10) (31) Less net losses recognized during the period on equity securities sold during the period — (61) Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end $ (10) 30 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans | LOANS Major classifications of loans at March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Commercial & industrial $ 122,357 120,541 Commercial, secured by real estate: Owner occupied 208,255 206,705 Non-owner occupied 507,109 501,108 Farmland 38,411 37,367 Multi-family 240,411 240,033 Construction loans secured by 1-4 family dwellings 11,674 9,058 Construction loans secured by other real estate 91,798 111,373 Residential real estate: Secured by senior liens on 1-4 family dwellings 343,014 402,026 Secured by junior liens on 1-4 family dwellings 19,469 19,999 Home equity line-of-credit loans 36,930 38,579 Consumer 24,159 25,600 Agricultural 12,694 11,000 Other loans, including deposit overdrafts 73 82 Loans, gross 1,656,354 1,723,471 Less allowance for credit losses 10,557 10,525 Loans, net $ 1,645,797 1,712,946 Loans in the above table are shown net of deferred origination fees and costs. Deferred origination fees, net of related costs, were $583,000 and $181,000 at March 31, 2024 and December 31, 2023, respectively. Non-accrual loans by class of receivable as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Non-accrual Loans with no Allowance for Credit Losses Total Non-accrual Loans Interest Income Recognized Non-accrual Loans with no Allowance for Credit Losses Total Non-accrual Loans Interest Income Recognized Commercial & industrial $ — — — — — — Commercial, secured by real estate: Owner occupied — — — — — — Non-owner occupied — 2,642 — — — — Farmland 52 52 16 51 51 26 Multi-family — — — — — — Construction loans secured by 1-4 family dwellings — — — — — — Construction loans secured by other real estate — — — — — — Residential real estate: Secured by senior liens on 1-4 family dwellings 25 25 1 29 29 — Secured by junior liens on 1-4 family dwellings — — — — — — Home equity line-of-credit loans — — — — — — Consumer — — — — — — Agricultural — — — — — — Total $ 77 2,719 17 80 80 26 One commercial loan secured by real estate, non-owner occupied, was added to the non-accrual classification during the first quarter of 2024. Accrued inte rest reversed and charged against interest income for these loans totaled approximately $27,000. The ratio of non-accrual loans to total loans outstanding at March 31, 2024 and December 31, 2023 was 0.16% and 0.00%, respectively. ALLOWANCE FOR CREDIT LOSSES The ACL is an estimate of the expected credit losses on financial assets measured at amortized cost, which is measured using relevant information about past events, including historical credit loss experience on financial assets with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. A provision for credit losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors. During the first quarter of 2023, the Company adopted ASU No. 2016-13, including the CECL methodology for estimating the ACL. This standard was adopted using a modified retrospective approach on January 1, 2023. See Note 1 - Basis of Presentation - Adoption of New Accounting Pronouncements for a summary of the impact adoption of ASU No. 2016-13 had on LCNB's ACL, retained earnings, and deferred taxes. QUANTITATIVE CONSIDERATIONS The ACL is primarily calculated utilizing a DCF model. Key inputs and assumptions used in this model are discussed below: • Forecast model - For each portfolio segment, an LDA was performed in order to identify appropriate loss drivers and create a regression model for use in forecasting cash flows. The LDA utilized peer FFIEC Call Report data for all pools. The Company plans to update the LDA when materially relevant. • Probability of default – PD is the probability that an asset will be in default within a given time frame. The Company has defined default as when a charge-off has occurred, a loan goes to non-accrual status, a loan is greater than 90 days past due, or financial difficulty modification status change. The forecast model is utilized to estimate PDs. • Loss given default – LGD is the percentage of the asset not expected to be collected due to default. The LGD is derived from company specific and peer loss data. • Prepayments and curtailments – Prepayments and curtailments are calculated based on the Company’s own data. This analysis is updated when materially relevant. • Forecast and reversion – the Company as of December 31, 2023 established a two-quarter reasonable and supportable forecast period with a six-quarter straight line reversion to the long-term historical average. As of March 31, 2024, the Company established a three-quarter reasonable and supportable forecast period with a seven-quarter straight line reversion to the long-term historical average because management believes the economy has shown more stability and resiliency than previously assumed. Extending the forecast and reversion periods from previous quarters has differing effects on pools based on the economic indicators used and the relation of the selected forecast range to the historical average. For example, the historical average for the bank’s unemployment indicator is 5.85%, which is higher than the forecasted range utilized as of March 31, 2024. The extended forecast and reversion period ultimately decreases the reserve associated with the unemployment factor when compared to the historical average. ◦ The historical averages for LCNB’s economic indicators are unemployment – 5.85%, change in Coincident Economic Activity – 1.83%, change in Commercial Real Estate Price Indexes – 5.50%, and change in Home Price Index – 3.42% • Economic forecast – the Company utilizes a third party to provide economic forecasts under various scenarios, which are assessed against economic indicators and management’s observations in the market. As of December 31, 2023 , the Company selected a forecast which forecasts unemployment between 4.21% and 4.55%, the change in Coincident Economic Activity between 0.62% and 1.91%, the change in Commercial Real Estate Price Indexes between -8.56% and -6.64%, and the change in the Home Price Index between 0.09% and 4.47% during the forecast periods. As of March 31, 2024, the Company selected a forecast which forecasts unemployment between 4.45% and 5.14%, the change in Coincident Economic Activity between -0.53% and 0.47%, the change in Commercial Real Estate Price Indexes between -10.17% and -3.82%, and the change in the Home Price Index between -3.92% and 2.19% during the forecast periods. Management believes that the resulting quantitative reserve appropriately balances economic indicators with identified risks. QUALITATIVE CONSIDERATIONS In addition to the quantitative model, management considers the need for qualitative adjustment for risks not considered in the DCF. Factors that are considered by management in determining loan collectability and the appropriate level of the ACL are listed below: • Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the Company operates that affect the collectability of financial assets; • The effect of other external factors such as the regulatory, legal and technological environments, competition, and events such as natural disasters or pandemics; and • Model risk including statistical risk, reversion risk, timing risk, and model limitation risk. • Changes in the nature and volume of the portfolio and terms of loans. • Lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries. The following table presents activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024 and 2023 (in thousands): Commercial Commercial, Secured by Residential Consumer Agricultural Other Total Three Months Ended March 31, 2024 Balance, beginning of year $ 1,039 5,414 3,816 238 18 — 10,525 Provision for (recovery of) credit losses (72) 1,072 (964) (11) — 52 77 Losses charged off — — — (3) — (75) (78) Recoveries — — — 8 — 25 33 Balance, end of period $ 967 6,486 2,852 232 18 2 10,557 Ratio of net charge-offs (recoveries) to average loans — % — % — % (0.08) % — % 259.48 % 0.01 % Three Months Ended March 31, 2023 Balance, beginning of year, prior to adoption of ASC 326 $ 1,300 3,609 624 86 22 5 5,646 Impact of adopting ASC 326 (512) 1,440 836 446 (9) (5) 2,196 Provision for (recovery of) credit losses 259 (122) (109) (3) (6) 13 32 Losses charged off — — — (5) — (31) (36) Recoveries — — — 2 — 18 20 Balance, end of period $ 1,047 4,927 1,351 526 7 — 7,858 Ratio of net charge-offs to average loans — % — % — % 0.01 % — % 18.18 % — % The ratio of the allowance for credit losses for loans to total loans at March 31, 2024 and December 31, 2023 was 0.64% and 0.61%, respectively. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. The following table presents the carrying value and related allowance of collateral dependent individually evaluated loans by class segment at the dates indicated (in thousands): March 31, 2024 December 31, 2023 Carrying Value Related Allowance Carrying Value Related Allowance Commercial & industrial $ 3,244 — — — Commercial, secured by real estate: Owner occupied 783 — 72 — Non-owner occupied 2,642 1,161 — — Farmland 52 — 51 — Multi-family — — — — Construction loans secured by 1-4 family dwellings — — — — Construction loans secured by other real estate — — — Residential real estate: Secured by senior liens on 1-4 family dwellings — — — — Secured by junior liens on 1-4 family dwellings — — — — Home equity line-of-credit loans — — — — Consumer — — — — Agricultural — — — — Other loans, including deposit overdrafts — — — — Total $ 6,721 1,161 123 — The risk characteristics of LCNB's material loan portfolio segments were as follows: Commercial & Industrial Loans. LCNB’s commercial & industrial loan portfolio consists of loans for a variety of purposes, including, for example, loans to fund working capital requirements (such as inventory and receivables financing) and purchases of machinery and equipment. LCNB offers a variety of commercial & industrial loan arrangements, including term loans, balloon loans, and lines of credit. Commercial & industrial loans can have a fixed or variable rate, with maturities ranging from one Commercial, Secured by Real Estate Loans. Commercial real estate loans include loans secured by a variety of commercial, retail and office buildings, religious facilities, hotels, multifamily (more than four-family) residential properties, construction and land development loans, and other land loans. Mortgage loans secured by owner-occupied agricultural property are included in this category. Commercial real estate loan products generally amortize over five one one Commercial real estate loans are underwritten based on the ability of the property, in the case of income-producing property, or the borrower’s business to generate sufficient cash flow to amortize the debt. Secondary emphasis is placed upon global debt service, collateral value, financial strength and liquidity of any and all guarantors, and other factors. Commercial real estate loans are generally originated with a 75% to 85% maximum loan to appraised value ratio, depending upon borrower capacity. Residential Real Estate Loans. Residential real estate loans include loans secured by first or second mortgage liens on one to four-family residential properties. Home equity lines of credit are also included in this category. First and second mortgage loans are generally amortized over five one Residential real estate loans are underwritten primarily based on the borrower’s ability to repay, prior credit history, and the value of the collateral. LCNB generally requires private mortgage insurance for first mortgage loans that have a loan to appraised value ratio of greater than 80% or may require other credit enhancements for second lien mortgage loans. Consumer Loans. LCNB’s portfolio of consumer loans generally includes secured and unsecured loans to individuals for household, family and other personal expenditures. Secured loans include loans to fund the purchase of automobiles, recreational vehicles, boats, and similar acquisitions. Consumer loans made by LCNB generally have fixed rates and terms ranging up to 72 months, depending upon the nature of the collateral, size of the loan, and other relevant factors. Consumer loans generally have higher interest rates, but pose additional risks of collectability and loss when compared to certain other types of loans. Collateral, if present, is generally subject to damage, wear, and depreciation. The borrower’s ability to repay is of primary importance in the underwriting of consumer loans. Agricultural Loans. LCNB’s portfolio of agricultural loans includes loans for financing agricultural production and for financing the purchase of equipment used in the production of agricultural products. LCNB’s agricultural loans are generally secured by farm machinery, livestock, crops, vehicles, or other agricultural-related collateral. Other Loans, Including Deposit Overdrafts. Other loans may include loans that do not fit in any of the other categories, but it is primarily composed of overdrafts from transaction deposit accounts. Overdraft payments are recorded as a recovery and overdrafts are generally written off after 34 days with a negative balance. LCNB uses a risk-rating system to quantify loan quality. A loan is assigned to a risk category based on relevant information about the ability of the borrower to service the debt including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The categories used are: • Pass – loans categorized in this category are higher quality loans that do not fit any of the other categories described below. • Other Assets Especially Mentioned ("OAEM") – loans in this category are currently protected but are potentially weak. These loans constitute a risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an undue risk in light of the circumstances surrounding a specific asset. • Substandard – loans in this category are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the possibility that LCNB will sustain some loss if the deficiencies are not corrected. • Doubtful – loans classified in this category have all the weaknesses inherent in loans classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the amortized cost basis of loans by vintage and credit quality indicators at March 31, 2024 and December 31, 2023 (in thousands): Term Loans by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total March 31, 2024 Commercial & industrial Pass $ 2,593 16,629 30,732 28,954 10,733 7,704 17,715 — 115,060 OAEM — — — 1,471 — — — — 1,471 Substandard — — 1,815 — 99 3,362 550 — 5,826 Doubtful — — — — — — — — — Total 2,593 16,629 32,547 30,425 10,832 11,066 18,265 — 122,357 Gross charge-offs (1) — — — — — — — — — Commercial, secured by real estate Pass 10,437 103,123 186,745 154,319 104,355 369,284 150,620 — 1,078,883 OAEM — — 2,707 — — 3,881 — — 6,588 Substandard — — 7,604 — — 4,583 — — 12,187 Doubtful — — — — — — — — — Total 10,437 103,123 197,056 154,319 104,355 377,748 150,620 — 1,097,658 Gross charge-offs (1) — — — — — — — — — Residential real estate Pass 6,574 48,822 64,354 84,862 51,177 106,384 33,412 — 395,585 OAEM — — — — — 215 — — 215 Substandard — — — 299 531 2,651 132 — 3,613 Doubtful — — — — — — — — — Total 6,574 48,822 64,354 85,161 51,708 109,250 33,544 — 399,413 Gross charge-offs (1) — — — — — — — — — Consumer Pass 1,834 7,269 5,110 4,252 3,881 1,279 253 — 23,878 OAEM — — — — — — — — — Substandard — — 72 — — 8 201 — 281 Doubtful — — — — — — — — — Total 1,834 7,269 5,182 4,252 3,881 1,287 454 — 24,159 Gross charge-offs (1) — — — 2 — 1 — — 3 Agricultural Pass — 1,588 432 194 723 1,060 8,697 — 12,694 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — 1,588 432 194 723 1,060 8,697 — 12,694 Gross charge-offs (1) — — — — — — — — — Other Pass — — — — — — 73 — 73 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — — — — — — 73 — 73 Gross charge-offs (1) — — — — — — 75 — 75 Total loans $ 21,438 177,431 299,571 274,351 171,499 500,411 211,653 — 1,656,354 (1) - for the three months ended March 31, 2024. Term Loans by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total December 31, 2023 Commercial & industrial Pass $ 17,169 30,518 29,587 11,426 2,732 5,641 16,919 113 114,105 OAEM — — 1,474 — — — — — 1,474 Substandard — 1,813 — 105 1,592 137 1,315 — 4,962 Doubtful — — — — — — — — — Total 17,169 32,331 31,061 11,531 4,324 5,778 18,234 113 120,541 Gross charge-offs (2) — — — — — 15 — — 15 Commercial, secured by real estate Pass 99,055 200,735 156,865 109,810 92,895 283,564 141,354 6,056 1,090,334 OAEM — 7,671 — — — 3,004 — — 10,675 Substandard — — — — 1,648 2,987 — — 4,635 Doubtful — — — — — — — — — Total 99,055 208,406 156,865 109,810 94,543 289,555 141,354 6,056 1,105,644 Gross charge-offs (2) — — — — — — — — — Residential real estate Pass 55,232 83,511 107,120 62,177 19,208 95,643 33,800 — 456,691 OAEM — — — — — 18 — — 18 Substandard — 446 — 217 — 3,062 170 — 3,895 Doubtful — — — — — — — — — Total 55,232 83,957 107,120 62,394 19,208 98,723 33,970 — 460,604 Gross charge-offs (2) — — — — 4 — — — 4 Consumer Pass 8,087 5,820 4,868 4,671 1,382 304 460 — 25,592 OAEM — — — — — — — — — Substandard — — — — 8 — — — 8 Doubtful — — — — — — — — — Total 8,087 5,820 4,868 4,671 1,390 304 460 — 25,600 Gross charge-offs (2) — — 62 21 — — — — 83 Agricultural Pass 1,883 464 197 694 46 31 7,685 — 11,000 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1,883 464 197 694 46 31 7,685 — 11,000 Gross charge-offs (2) — — — — — — — — — Other Pass — — — — — — 82 — 82 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — — — — — — 82 — 82 Gross charge-offs (2) — — — — — — 166 — 166 Total loans $ 181,426 330,978 300,111 189,100 119,511 394,391 201,785 6,169 1,723,471 (2) - for the year ended December 31, 2023. A loan portfolio aging analysis by class segment at March 31, 2024 and December 31, 2023 is as follows (in thousands): 30-59 Days 60-89 Days 90 Days or More Past Due Total Current Total Loans 90 Days or More Past Due and March 31, 2024 Commercial & industrial $ 1,793 — — 1,793 120,564 122,357 — Commercial, secured by real estate: Owner occupied 88 — 69 157 208,098 208,255 69 Non-owner occupied 2,642 — — 2,642 504,467 507,109 — Farmland — — — — 38,411 38,411 — Multi-family — — — — 240,411 240,411 — Construction loans secured by 1-4 family dwellings — — — — 11,674 11,674 — Construction loans secured by other real estate — — — — 91,798 91,798 — Residential real estate: Secured by senior liens on 1-4 family dwellings 231 289 92 612 342,402 343,014 92 Secured by junior liens on 1-4 family dwellings — — — — 19,469 19,469 — Home equity line-of-credit loans 81 — 31 112 36,818 36,930 31 Consumer 62 44 28 134 24,025 24,159 28 Agricultural — — — — 12,694 12,694 — Other 73 — — 73 — 73 — Total $ 4,970 333 220 5,523 1,650,831 1,656,354 220 December 31, 2023 Commercial & industrial $ — — — — 120,541 120,541 — Commercial, secured by real estate: Owner occupied — — 72 72 206,633 206,705 72 Non-owner occupied 2,645 — — 2,645 498,463 501,108 — Farms — — — — 37,367 37,367 — Multi-family — — — — 240,033 240,033 — Construction loans secured by 1-4 family dwellings — — — — 9,058 9,058 — Construction loans secured by other real estate — — — — 111,373 111,373 — Residential real estate Secured by senior liens on 1-4 family dwellings 1,020 414 29 1,463 400,563 402,026 — Secured by junior liens on 1-4 family dwellings 27 — — 27 19,972 19,999 — Home equity line-of-credit loans 174 30 — 204 38,375 38,579 — Consumer 136 — — 136 25,464 25,600 — Agricultural — — — — 11,000 11,000 — Other 82 — — 82 — 82 — Total $ 4,084 444 101 4,629 1,718,842 1,723,471 72 No residential consumer mortgage loans secured by residential real estate were in the process of foreclosure at March 31, 2024 or December 31, 2023. From time to time, the terms of certain loans are modified when concessions are granted to borrowers experiencing financial difficulties. Each modification is separately negotiated with the borrower and includes terms and conditions that reflect the borrower's ability to pay the debt as modified. The modification of the terms of such loans may have included one, or a combination of, the following: a temporary or permanent reduction of the stated interest rate of the loan, an increase in the stated rate of interest lower than the current market rate for new debt with similar risk, forgiveness of principal, an extension of the maturity date, or a change in the payment terms. The following table presents the amortized cost basis at March 31, 2024 of loan modifications made to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted (in thousands): Interest Rate Reduction Term Extension Principal Forgiveness Total Modifications Percent of Total Class Three Months Ended March 31, 2024 Commercial & industrial $ — 1,793 — 1,793 1.47 % Commercial, secured by real estate, non-owner occupied — 2,642 — 2,642 0.52 % Total $ — 4,435 — 4,435 The commercial, secured by real estate, non-owner occupied loan with an amortized balance of $2,642,000 shown in the table above subsequently defaulted on payment. Mortgage loans sold to and serviced for the Federal Home Loan Mortgage Corporation and other investors are not included in the accompanying consolidated condensed balance sheets. The unpaid principal balances of those loans at March 31, 2024 and December 31, 2023 were approximately $386.5 million and $391.8 million, respectively. |
Affordable Housing Tax Credit L
Affordable Housing Tax Credit Limited Partnership | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Affordable Housing Tax Credit Limited Partnership | AFFORDABLE HOUSING TAX CREDIT LIMITED PARTNERSHIP INVESTMENTS LCNB is a limited partner in multiple limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit pursuant to Section 42 of the Internal Revenue Code. The purpose of the investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. The following table presents the balances of LCNB's affordable housing tax credit investments and related unfunded commitments at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, Affordable housing tax credit investment $ 16,950 16,950 Less amortization 4,998 4,626 Net affordable housing tax credit investment $ 11,952 12,324 Unfunded commitment $ 3,974 4,527 The net affordable housing tax credit investment is included in other assets and the unfunded commitment is included in accrued interest and other liabilities in the consolidated condensed balance sheets. LCNB expects to fund the unfunded commitment over 9.0 years. The following table presents other information relating to LCNB's affordable housing tax credit investments for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Tax credits and other tax benefits recognized $ 443 430 Tax credit amortization expense included in provision for income taxes 372 357 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Statement of Financial Position [Abstract] | |
Deposits | DEPOSITS The following table presents the composition of LCNB's deposits at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, Demand deposits $ 435,580 462,267 Interest-bearing demand and money fund deposits 652,286 643,989 Savings deposits 359,683 379,162 IRA and time certificates 410,944 338,971 Total $ 1,858,493 1,824,389 Contractual maturities of time deposits at March 31, 2024 were as follows (in thousands): Three months or less $ 67,736 Over three through six months 88,753 Over six through twelve months 119,514 April 1, 2024 - March 31, 2025 276,003 April 1, 2025 - March 31, 2026 119,970 April 1, 2026 - March 31, 2027 10,196 April 1, 2027 - March 31, 2028 2,449 April 1, 2028 - March 31, 2029 1,366 Thereafter 960 $ 410,944 The aggregate amount of time deposits in denominations of $250,000 or more at March 31, 2024 and December 31, 2023 was $71.7 million and $50.2 million, respectively. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Long-term debt at March 31, 2024 and December 31, 2023 was as follows (dollars in thousands): March 31, 2024 December 31, 2023 Amount Rate Amount Rate Term loan $ 11,661 4.25 % $ 12,154 4.25 % FHLB long-term advances 150,977 4.66 % 100,969 4.87 % $ 162,638 4.63 % $ 113,123 4.80 % The term loan with a correspondent financial institution bears a fixed interest rate of 4.25%, amortizes quarterly, and has a final balloon payment due on June 15, 2025. Contractual maturities of long-term debt at March 31, 2024 and December 31, 2023 were as follows ( in thousands): March 31, December 31, Maturing within one year $ 8,001 4,988 Maturing after one year through two years 9,637 13,135 Maturing after two years through three years 35,000 25,000 Maturing after three years through four years 45,000 25,000 Maturing after four years through five years 45,000 25,000 Thereafter 20,000 20,000 Total $ 162,638 113,123 Short-term borrowings at March 31, 2024 and December 31, 2023 were as follows (dollars in thousands): March 31, 2024 December 31, 2023 Amount Rate Amount Rate Lines of credit $ — — % $ 21,395 6.00 % FHLB short-term advances 10,000 5.64 % 76,000 5.53 % $ 10,000 5.64 % $ 97,395 5.63 % At March 31, 2024, LCNB Corp. had a short-term revolving line of credit arrangement with a financial institution for a maximum amount of $5 million at an interest rate equal to the Wall Street Journal Prime Rate minus 25 basis points. This agreement expires on June 15, 2024. At March 31, 2024, LCNB had overnight line of credit borrowing arrangements with three correspondent financial institutions. Under the terms of the first arrangement, LCNB can borrow up to $30 million at an interest rate equal to the lending institution’s federal funds rate plus a spread of 50 basis points. Under the terms of the second arrangement, LCNB can borrow up to $25 million at an interest rate equal to the FOMC rate plus a spread of 25 basis points. Under the terms of the third arrangement, LCNB can borrow up to $25 million at the interest rate in effect at the time of borrowing.. All long-term and short-term advances from the FHLB of Cincinnati are secured by a blanket pledge of LCNB's 1-4 family first lien mortgage loans in the amount of approximately $422 million and $417 million at March 31, 2024 and December 31, 2023, respectively. Remaining borrowing capacity with the FHLB, including both long-term and short-term borrowings, at March 31, 2024 was approximately $118.8 million. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | LEASES Lease expenses for offices are included in the consolidated condensed statements of income in net occupancy expense and lease expenses for equipment and ATMs are included in equipment expense. Components of lease expense for the three months ended March 31, 2024 were as follows (in thousands): Three Months Ended 2024 2023 Operating lease expense $ 226 181 Short-term lease expense 19 30 Variable lease expense 4 1 Other 7 5 Total lease expense $ 256 217 Other information related to leases at March 31, 2024 were as follows (dollars in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 228 Right-of-use assets obtained in exchange for new operating lease liabilities $ — Weighted average remaining lease term in years for operating leases 33.3 Weighted average discount rate for operating leases 3.55 % |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES A reconciliation between the statutory income tax and LCNB's effective tax rate on income from continuing operations follows: Three Months Ended March 31, 2024 2023 Statutory tax rate 21.0 % 21.0 % Increase (decrease) resulting from: Tax exempt interest (1.2) % (0.7) % Tax exempt income on bank-owned life insurance (3.0) % (1.1) % Captive insurance premium income (3.3) % (1.0) % Affordable housing tax credit limited partnerships (3.2) % (1.4) % Nondeductible merger-related expenses 3.3 % — % Other, net 0.4 % 1.0 % Effective tax rate 14.0 % 17.8 % |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES LCNB 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. These financial instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheets. Exposure to credit loss in the event of nonperformance by the other parties to financial instruments for commitments to extend credit is represented by the contract amount of those instruments. The Bounce Protection product, a customer deposit overdraft program, is offered as a service and does not constitute a contract between the customer and LCNB. LCNB uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments whose contract amounts represent off-balance-sheet credit risk at March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Commitments to extend credit: Commercial loans $ 32,215 28,111 Other loans Fixed rate 22,028 15,349 Adjustable rate 2,232 1,946 Unused lines of credit: Fixed rate 19,294 21,532 Adjustable rate 209,901 184,056 Unused overdraft protection amounts on demand accounts 16,386 16,418 Standby letters of credit 5 5 Total commitments $ 302,061 267,417 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. Unused lines of credit include amounts not drawn on line of credit loans. Commitments to extend credit and unused lines of credit generally have fixed expiration dates or other termination clauses. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees generally are fully secured and have varying maturities. LCNB evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained is based on management's credit evaluation of the borrower and may include accounts receivable; inventory, property, plant, and equipment; residential realty; and income-producing commercial properties. Activity in the allowance for credit losses on off-balance sheet credit exposures for the three months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 281 — Impact of adopting ASC 326 — 571 Provision for (recovery of) credit losses 48 (89) Balance, end of period $ 329 482 Capital expenditures include the construction or acquisition of new office buildings, improvements to LCNB's offices, purchases of furniture and equipment, and additions or improvements to LCNB's information technology system. Commitments outstanding for capital expenditures as of March 31, 2024 totaled approximately $2.3 million. Management believes that LCNB has sufficient liquidity to fund its lending and capital expenditure commitments. LCNB and its subsidiaries are parties to various claims and proceedings arising in the normal course of business. Management, after consultation with legal counsel, believes that the liabilities, if any, arising from such proceedings and claims will not be material to LCNB's consolidated financial position or results of operations. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Retirement Plans | RETIREMENT PLANS LCNB participates in a noncontributory defined benefit multi-employer retirement plan that covers substantially all regular full-time employees hired before January 1, 2009. Employees hired before this date who received a benefit reduction under certain amendments to the defined benefit retirement plan receive an automatic contribution of 5% or 7% of their annual compensation, depending on the sum of an employee's age and vesting service, into their defined contribution plans (401(k) plans), regardless of the contributions made by the employees. These contributions are made annually and these employees do not receive any employer matches to their 401(k) contributions. Employees hired on or after January 1, 2009 receive a 50% employer match on their contributions into the 401(k) plan, up to a maximum LCNB contribution of 3% of each individual employee's annual compensation. Funding and administrative costs of the qualified noncontributory defined benefit retirement plan and 401(k) plan charged to pension and other employee benefits in the consolidated condensed statements of income for the three-month period ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended 2024 2023 Qualified noncontributory defined benefit retirement plan $ 327 339 401(k) plan 220 200 Certain highly compensated former employees participate in a nonqualified defined benefit retirement plan. The nonqualified plan ensures that participants receive the full amount of benefits to which they would have been entitled under the noncontributory defined benefit retirement plan in the absence of limits on benefit levels imposed by certain sections of the Internal Revenue Code. This plan is limited to the original participants and no new participants have been added. The net periodic pension cost of the nonqualified defined benefit retirement plan consists solely of interest cost of $18,000 and $19,000 for the three months ended March 31, 2024 and 2023, respectively. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | STOCK BASED COMPENSATION The 2015 Ownership Incentive Plan (the "2015 Plan") was ratified by LCNB's shareholders at the annual meeting on April 28, 2015 and allows for stock-based awards to eligible employees, as determined by the Compensation Committee of the Board of Directors. Awards may be made in the form of stock options, appreciation rights, restricted shares, and/or restricted share units. The 2015 Plan provides for the issuance of up to 450,000 shares of common stock. The 2015 Plan will terminate on April 28, 2025 and could be subject to earlier termination by the Board Compensation Committee. Stock-based awards may be in the form of treasury shares or newly issued shares. Restricted stock awards granted under the 2015 Plan during the three months ended March 31, 2024 and 2023 were as follows: 2024 2023 Weighted Average Grant Date Fair Value Weighted Average Grant Date Fair Value Outstanding, January 1, 79,017 $ 17.94 58,314 $ 17.99 Granted 41,703 13.87 44,150 17.84 Vested (36,127) 16.39 (21,624) 17.86 Forfeited — — — — Outstanding, March 31, 84,593 $ 16.59 80,840 $ 17.94 The following table presents expense recorded in salaries and employee benefits for restricted stock awards and the related tax information for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Restricted stock expense $ 315 316 Tax effect 66 66 Unrecognized compensation expense for restricted stock awards was $1,189,000 at March 31, 2024 and is expected to be recognized over a period of 4.9 years. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE LCNB has granted restricted stock awards with non-forfeitable dividend rights, which are considered participating securities. Accordingly, earnings per share is computed using the two-class method as required by ASC No. 260-10-45. Basic earnings per common share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per common share is adjusted for the dilutive effects of stock options, warrants, and restricted stock. The diluted average number of common shares outstanding has been increased for the assumed exercise of stock options and warrants with proceeds used to purchase treasury shares at the average market price for the period. Earnings per share for the three months ended March 31, 2024 and 2023 were calculated as follows (dollars in thousands, except share and per share data): Three Months Ended 2024 2023 Net income $ 1,915 4,157 Less allocation of earnings and dividends to participating securities 12 30 Net income allocated to common shareholders $ 1,903 4,127 Weighted average common shares outstanding, gross 13,196,895 11,270,010 Less average participating securities 84,593 80,840 Adjusted weighted average number of shares outstanding used in the calculation of basic and diluted earnings per common share 13,112,302 11,189,170 Earnings per common share: Basic $ 0.15 0.37 Diluted 0.15 0.37 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS LCNB measures certain assets at fair value using various valuation techniques and assumptions, depending on the nature of the asset. Fair value is defined as the price that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The inputs to the valuation techniques used to measure fair value are assigned to one of three broad levels: • Level 1 – quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the reporting date. • Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly. Level 2 inputs may include quoted prices for similar assets in active markets, quoted prices for identical assets or liabilities in markets that are not active, inputs other than quoted prices (such as interest rates or yield curves) that are observable for the asset or liability, and inputs that are derived from or corroborated by observable market data. • Level 3 – inputs that are unobservable for the asset or liability. EQUITY SECURITIES WITH A READILY DETERMINABLE FAIR VALUE Equity securities with a readily determinable fair value are reported at fair value with changes in fair value reported in other operating income in the consolidated condensed statements of income. Fair values for equity securities are determined based on market quotations (level 1). LCNB has an investment in a mutual fund that is measured at fair value using net asset values, which are considered level 1 because the net asset values are determined and published and are the basis for current transactions. DEBT SECURITIES, AVAILABLE-FOR-SALE The majority of LCNB's financial debt securities are classified as available-for-sale. The securities are reported at fair value with unrealized holding gains and losses reported net of income taxes in accumulated other comprehensive income. LCNB utilizes a pricing service for determining the fair values of its debt securities. Methods and significant assumptions used to estimate fair value were as follows: • Fair values for U.S. Treasury notes are determined based on market quotations (level 1). • Fair values for the other debt securities are calculated using the discounted cash flow method for each security. The discount rates for these cash flows are estimated by the pricing service using rates observed in the market (level 2). Cash flow streams are dependent on estimated prepayment speeds and the overall structure of the securities given existing market conditions. ASSETS RECORDED AT FAIR VALUE ON A NONRECURRING BASIS Assets that may be recorded at fair value on a nonrecurring basis include individually evaluated collateral dependent loans (or impaired loans prior to the adoption of ASC 326), other real estate owned, and other repossessed assets. LCNB does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral dependent loans are recorded to reflect partial write-downs or specific reserves that are based on the observable market price or current estimated value of the collateral. These loans are reported in the nonrecurring table below at initial recognition of significant borrower distress and on an ongoing basis until recovery or charge-off. The fair values of distressed loans are determined using either the sales comparison approach or income approach. Respective unobservable inputs for the approaches consist of adjustments for differences between comparable sales and the utilization of appropriate capitalization rates. The following table summarizes the valuation of LCNB's assets recorded at fair value by input levels as of March 31, 2024 and December 31, 2023 (in thousands): Fair Value Measurements at the End of Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2024 Recurring fair value measurements: Equity securities with a readily determinable fair value: Equity securities $ 98 98 — — Mutual funds measured at net asset value 1,236 1,236 — — Debt securities, available-for-sale: U.S. Treasury notes 67,806 67,806 — — U.S. Agency notes 80,590 — 80,590 — Corporate bonds 6,626 — 6,626 — U.S. Agency mortgage-backed securities 69,793 — 69,793 — Municipal securities: Non-taxable 4,403 — 4,403 — Taxable 33,568 — 33,568 — Total recurring fair value measurements $ 264,120 69,140 194,980 — Nonrecurring fair value measurements: Individually evaluated loans $ 1,483 — — 1,483 Total nonrecurring fair value measurements $ 1,483 — — 1,483 December 31, 2023 Recurring fair value measurements: Equity securities with a readily determinable fair value: Equity securities $ 96 96 — — Mutual funds — — — — Mutual funds measured at net asset value 1,240 1,240 — — Debt securities, available-for-sale: U.S. Treasury notes 68,202 68,202 — — U.S. Agency notes 80,901 — 80,901 — Corporate bonds 6,534 — 6,534 — U.S. Agency mortgage-backed securities 72,790 — 72,790 — Municipal securities: Non-taxable 7,171 — 7,171 — Taxable 41,003 — 41,003 — Total recurring fair value measurements $ 277,937 69,538 208,399 — Nonrecurring fair value measurements: Individually evaluated loans $ — — — — Total nonrecurring fair value measurements $ — — — — The following table presents quantitative information about unobservable inputs used in nonrecurring level 3 fair value measurements at March 31, 2024 and December 31, 2023 (dollars in thousands): Range Fair Value Valuation Technique Unobservable Inputs High Low Weighted Average March 31, 2024 Individually evaluated collateral dependent loans $ 1,483 Estimated sales price Adjustments for comparable properties, discounts to reflect current market conditions Not applicable Carrying amounts and estimated fair values of financial instruments as of March 31, 2024 and December 31, 2023 were as follows (in thousands): Fair Value Measurements at the End of Carrying Fair Quoted Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2024 FINANCIAL ASSETS: Cash and cash equivalents $ 32,951 32,951 32,951 — — Debt securities, held-to-maturity, net 16,746 16,923 — — 16,923 Loans, net 1,645,797 1,460,905 — — 1,460,905 Accrued interest receivable 9,115 9,115 — 9,115 — FINANCIAL LIABILITIES: Deposits 1,858,493 1,858,750 1,447,549 411,201 — Short-term borrowings 10,000 10,000 — 10,000 — Long-term debt 162,638 161,588 — 161,588 — Accrued interest payable 1,972 1,972 — 1,972 — December 31, 2023 FINANCIAL ASSETS: Cash and cash equivalents $ 39,723 39,723 39,723 — — Debt securities, held-to-maturity, net 16,858 15,679 — — 15,679 Loans, net 1,712,946 1,534,406 — — 1,534,406 Accrued interest receivable 8,405 8,405 — 8,405 — FINANCIAL LIABILITIES: Deposits 1,824,389 1,824,105 1,485,418 338,687 — Short-term borrowings 97,395 97,395 — 97,395 — Long-term debt 113,123 112,986 — 112,986 — Accrued interest payable 1,697 1,697 — 1,697 — The fair values of off-balance-sheet financial instruments such as loan commitments and letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements. The fair values of such instruments were not material at March 31, 2024 and December 31, 2023. Fair values of financial instruments are based on various assumptions, including the discount rate and estimates of future cash flows. Therefore, the fair values presented may not represent amounts that could be realized in actual transactions. In addition, because the required disclosures exclude certain financial instruments and all nonfinancial instruments, any aggregation of the fair value amounts presented would not represent the underlying value of LCNB. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTDuring April 2024 LCNB decided to consolidate its Miami Heights Office, located at 7553 Bridgetown Road, Cincinnati, Ohio into its Bridgetown Road Office, located at 6415 Bridgetown Road, Cincinnati, Ohio. The consolidation will occur at the close of business on Wednesday, July 31, 2024. LCNB recently acquired the Miami Heights Office through the merger with CNNB and then acquired the Bridgetown Road Office through the merger with EFBI and they are in close proximity to each other. Deposit and loan accounts held at the Miami Heights Office will automatically be transferred to the Bridgetown Road Office. LCNB does not expect the consolidation will have a material impact on it results of consolidated operations or financial position. The Miami Heights Office building will be marketed for sale and the resulting gain or loss from the sale is not expected to be material. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS Financial Accounting Standards (“FASB”) Accounting Standards Update (“ASU”) No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ASU No. 2020-04 was issued in March 2020 and provides optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Originally, the amendments in this update were effective for all entities as of March 12, 2020 through December 31, 2022. ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" extended the sunset date from December 31, 2022 to December 31, 2024. LCNB has adopted the standard and utilized the LIBOR transition relief allowed under ASU 2020-04 and ASU 2020-06. The impact was immaterial, as all loans indexed to LIBOR were transitioned to another referenced index, predominately the Secured Overnight Financing Rate ("SOFR") for one, three, and six months. In all instances, LCNB was able to meet the criteria for the practical expedients and there was no impact on its results of consolidated operations or financial position. ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASC 326") The Company adopted ASC 326 on January 1, 2023. It significantly changed guidance for recognizing impairment of financial instruments. Previous guidance required an "incurred loss" methodology for recognizing credit losses that delayed recognition until it was probable a loss had been incurred. ASC 326 replaced the incurred loss impairment methodology with a new "current expected credit loss" ("CECL") methodology that reflects expected credit losses over the lives of the credit instruments and requires consideration of a broader range of information to estimate credit losses. ASC 326 requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. It also applies to off-balance sheet credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. ASC 326 also made changes to the accounting for credit losses on available-for-sale debt securities. Additional disclosures are required. LCNB adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable guidance. The following table shows the impact of adopting ASC 326 on January 1, 2023 (in thousands): As Reported Pre-ASC 326 Impact of ASC 326 Adoption As Reported Under ASC 326 Assets: Loans, gross of allowance $ 1,401,278 341 1,401,619 ACL on loans (5,646) (2,196) (7,842) ACL on debt securities, held to maturity — (7) (7) Deferred tax assets, net 6,639 511 7,150 Liabilities: ACL on off-balance sheet credit exposures — 571 571 Shareholders' Equity: Retained earnings 139,249 (1,922) 137,327 Federal banking regulatory agencies allow an optional phase-in period of three years for banks to absorb the impact to regulatory capital of implementing CECL. LCNB has elected not to exercise this option and the full impact of adopting ASC 326 is included in regulatory capital as of March 31, 2024. Adoption of the ASC did not materially affect LCNB's regulatory capital ratios. ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" ASU No. 2022-02 was issued in March 2022 and became effective for LCNB on January 1, 2023. These amendments eliminated previous TDR recognition and measurement guidance and, instead, required that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements and introduce new disclosure requirements for certain modifications to borrowers experiencing financial difficulties. Additionally, the amendments require the disclosure of current-period gross charge-offs by year of origination. Adoption of ASU No. 2022-02 did not have a material impact on LCNB's results of consolidated operations or financial position. ASU No. 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a Consensus of the Emerging Issues Task Force)" ASU No. 2023-02 was issued in March 2023 and became effective for LCNB on January 1, 2024. It allows reporting entities the option to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met, regardless of the tax credit program from which the income tax credits are received. The proportional amortization method was previously limited to Low-Income Housing Tax Credit investments. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). Adoption of ASU No. 2023-02 did not have a material impact on LCNB's results of consolidated operations or financial position. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE From time to time the FASB issues an ASU to communicate changes to U.S. GAAP. The following information provides brief summaries of newly issued but not yet effective ASUs that could have an effect on LCNB’s financial position or results of consolidated operations: ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ASU No. 2023-07 was issued in November 2023 and changes the requirements for segment disclosures, primarily through enhancing disclosure requirements for significant segment expenses, enhancing interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and modifying other disclosure requirements. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the total consideration transferred as a part of the CNNB acquisition and the fair value of identifiable assets acquired and liabilities assumed as of the effective date of the transaction (in thousands): Consideration: Cash consideration $ 9,475 Common stock (2,042,598 shares issued at $13.99 per share) 28,576 Fair value of total consideration transferred 38,051 Identifiable Assets Acquired: Cash and cash equivalents 11,368 Debt securities, available-for-sale 5,210 Federal Home Loan Bank stock 7,508 Loans, net 236,692 Premises and equipment 2,767 Operating lease right-of-use assets 64 Core deposit and other intangibles 8,391 Bank owned life insurance 4,413 Deferred income taxes 4,451 Other assets 12,896 Total identifiable assets acquired 293,760 Liabilities Assumed: Deposits 210,532 Short-term borrowings 55,999 Long-term debt 5,963 Operating lease liabilities 64 Other liabilities 3,489 Total liabilities assumed 276,047 Total Identifiable Net Assets Acquired 17,713 Goodwill Resulting From Merger $ 20,338 The following table summarizes the fair value of the total consideration transferred as a part of the EFBI acquisition (in thousands): Consideration: Cash consideration $ 10,256 Common stock (918,128 shares issued at $14.04 per share) 12,891 Fair value of total consideration transferred $ 23,147 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The amortized cost and estimated fair value of debt securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2024 Debt Securities, Available-for-Sale: U.S. Treasury notes $ 74,308 — 6,502 67,806 U.S. Agency notes 88,929 — 8,339 80,590 Corporate bonds 7,450 — 824 6,626 U.S. Agency mortgage-backed securities 79,727 6 9,940 69,793 Municipal securities: Non-taxable 4,638 — 235 4,403 Taxable 37,354 — 3,786 33,568 $ 292,406 6 29,626 262,786 Debt Securities, Held-to-Maturity: Municipal securities: Non-taxable $ 13,468 2 853 12,617 Taxable 3,283 — 389 2,894 $ 16,751 2 1,242 15,511 December 31, 2023 Debt Securities, Available-for-Sale: U.S. Treasury notes $ 74,404 — 6,202 68,202 U.S. Agency notes 88,978 — 8,077 80,901 Corporate Bonds 7,450 — 916 6,534 U.S. Agency mortgage-backed securities 81,634 2 8,846 72,790 Municipal securities: Non-taxable 7,416 — 245 7,171 Taxable 44,923 1 3,921 41,003 $ 304,805 $ 3 28,207 276,601 Debt Securities, Held-to-Maturity: Municipal securities: Non-taxable $ 13,580 4 872 12,712 Taxable 3,283 — 316 2,967 $ 16,863 4 1,188 15,679 |
Schedule of Unrealized Loss on Investments | Information concerning debt securities with gross unrealized losses at March 31, 2024 and December 31, 2023, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (in thousands): Less than Twelve Months Twelve Months or Greater Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2024 Available-for-Sale: U.S. Treasury notes $ 1,489 7 66,317 6,495 U.S. Agency notes — — 80,590 8,339 Corporate bonds 729 21 5,897 803 U.S. Agency mortgage-backed securities — — 69,301 9,940 Municipal securities: Non-taxable — — 4,403 235 Taxable — — 33,447 3,786 $ 2,218 28 259,955 29,598 Held-to-Maturity: Municipal securities: Non-taxable $ — — 11,900 853 Taxable — — 2,894 389 $ — — 14,794 1,242 December 31, 2023 Available-for-Sale: U.S. Treasury notes $ — — 68,202 6,202 U.S. Agency notes — — 80,901 8,077 Corporate Bonds 734 16 5,800 900 U.S. Agency mortgage-backed securities — — 72,287 8,846 Municipal securities: Non-taxable 1,540 10 5,631 235 Taxable — — 40,392 3,921 $ 2,274 26 273,213 28,181 Held-to-Maturity: Municipal securities: Non-taxable $ 6,012 476 5,975 396 Taxable — — 2,966 316 $ 6,012 476 8,941 712 |
Investments Classified by Contractual Maturity Date | Contractual maturities of debt securities at March 31, 2024 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations. Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 15,909 15,531 1,469 1,449 Due from one to five years 163,735 148,059 1,319 1,281 Due from five to ten years 33,035 29,403 2,849 2,699 Due after ten years — — 11,114 10,082 212,679 192,993 16,751 15,511 U.S. Agency mortgage-backed securities 79,727 69,793 — — $ 292,406 262,786 16,751 15,511 |
Gain (Loss) on Securities | Certain information concerning the sale of debt securities available-for-sale for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three Months Ended 2024 2023 Proceeds from sales $ 9,615 — Gross realized gains — — Gross realized losses 214 — Certain information concerning changes in the fair value of equity securities with a readily determinable fair value for the three and three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended 2024 2023 Net losses recognized during the period on equity securities $ (10) (31) Less net losses recognized during the period on equity securities sold during the period — (61) Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end $ (10) 30 |
Marketable Securities | The amortized cost and estimated fair value of equity securities with a readily determinable fair value at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands): March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair Mutual Funds $ 1,423 1,236 1,415 1,240 Equity Securities 10 98 10 96 Total equity securities with a readily determinable fair value $ 1,433 1,334 1,425 1,336 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Major Classifications of Loans | Major classifications of loans at March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Commercial & industrial $ 122,357 120,541 Commercial, secured by real estate: Owner occupied 208,255 206,705 Non-owner occupied 507,109 501,108 Farmland 38,411 37,367 Multi-family 240,411 240,033 Construction loans secured by 1-4 family dwellings 11,674 9,058 Construction loans secured by other real estate 91,798 111,373 Residential real estate: Secured by senior liens on 1-4 family dwellings 343,014 402,026 Secured by junior liens on 1-4 family dwellings 19,469 19,999 Home equity line-of-credit loans 36,930 38,579 Consumer 24,159 25,600 Agricultural 12,694 11,000 Other loans, including deposit overdrafts 73 82 Loans, gross 1,656,354 1,723,471 Less allowance for credit losses 10,557 10,525 Loans, net $ 1,645,797 1,712,946 Loans in the above table are shown net of deferred origination fees and costs. Deferred origination fees, net of related costs, were $583,000 and $181,000 at March 31, 2024 and December 31, 2023, respectively. |
Non-accrual, Past Due, and Accruing Restructured Loans | Non-accrual loans by class of receivable as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Non-accrual Loans with no Allowance for Credit Losses Total Non-accrual Loans Interest Income Recognized Non-accrual Loans with no Allowance for Credit Losses Total Non-accrual Loans Interest Income Recognized Commercial & industrial $ — — — — — — Commercial, secured by real estate: Owner occupied — — — — — — Non-owner occupied — 2,642 — — — — Farmland 52 52 16 51 51 26 Multi-family — — — — — — Construction loans secured by 1-4 family dwellings — — — — — — Construction loans secured by other real estate — — — — — — Residential real estate: Secured by senior liens on 1-4 family dwellings 25 25 1 29 29 — Secured by junior liens on 1-4 family dwellings — — — — — — Home equity line-of-credit loans — — — — — — Consumer — — — — — — Agricultural — — — — — — Total $ 77 2,719 17 80 80 26 |
Allowance for Loan Losses and Recorded Investments in Loans | The following table presents activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024 and 2023 (in thousands): Commercial Commercial, Secured by Residential Consumer Agricultural Other Total Three Months Ended March 31, 2024 Balance, beginning of year $ 1,039 5,414 3,816 238 18 — 10,525 Provision for (recovery of) credit losses (72) 1,072 (964) (11) — 52 77 Losses charged off — — — (3) — (75) (78) Recoveries — — — 8 — 25 33 Balance, end of period $ 967 6,486 2,852 232 18 2 10,557 Ratio of net charge-offs (recoveries) to average loans — % — % — % (0.08) % — % 259.48 % 0.01 % Three Months Ended March 31, 2023 Balance, beginning of year, prior to adoption of ASC 326 $ 1,300 3,609 624 86 22 5 5,646 Impact of adopting ASC 326 (512) 1,440 836 446 (9) (5) 2,196 Provision for (recovery of) credit losses 259 (122) (109) (3) (6) 13 32 Losses charged off — — — (5) — (31) (36) Recoveries — — — 2 — 18 20 Balance, end of period $ 1,047 4,927 1,351 526 7 — 7,858 Ratio of net charge-offs to average loans — % — % — % 0.01 % — % 18.18 % — % |
Schedule Of Collateral Dependent Individually Analyzed Financing Receivables | The following table presents the carrying value and related allowance of collateral dependent individually evaluated loans by class segment at the dates indicated (in thousands): March 31, 2024 December 31, 2023 Carrying Value Related Allowance Carrying Value Related Allowance Commercial & industrial $ 3,244 — — — Commercial, secured by real estate: Owner occupied 783 — 72 — Non-owner occupied 2,642 1,161 — — Farmland 52 — 51 — Multi-family — — — — Construction loans secured by 1-4 family dwellings — — — — Construction loans secured by other real estate — — — Residential real estate: Secured by senior liens on 1-4 family dwellings — — — — Secured by junior liens on 1-4 family dwellings — — — — Home equity line-of-credit loans — — — — Consumer — — — — Agricultural — — — — Other loans, including deposit overdrafts — — — — Total $ 6,721 1,161 123 — |
Analysis of the Company's Loan Portfolio by Credit Quality Indicators | The following table presents the amortized cost basis of loans by vintage and credit quality indicators at March 31, 2024 and December 31, 2023 (in thousands): Term Loans by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total March 31, 2024 Commercial & industrial Pass $ 2,593 16,629 30,732 28,954 10,733 7,704 17,715 — 115,060 OAEM — — — 1,471 — — — — 1,471 Substandard — — 1,815 — 99 3,362 550 — 5,826 Doubtful — — — — — — — — — Total 2,593 16,629 32,547 30,425 10,832 11,066 18,265 — 122,357 Gross charge-offs (1) — — — — — — — — — Commercial, secured by real estate Pass 10,437 103,123 186,745 154,319 104,355 369,284 150,620 — 1,078,883 OAEM — — 2,707 — — 3,881 — — 6,588 Substandard — — 7,604 — — 4,583 — — 12,187 Doubtful — — — — — — — — — Total 10,437 103,123 197,056 154,319 104,355 377,748 150,620 — 1,097,658 Gross charge-offs (1) — — — — — — — — — Residential real estate Pass 6,574 48,822 64,354 84,862 51,177 106,384 33,412 — 395,585 OAEM — — — — — 215 — — 215 Substandard — — — 299 531 2,651 132 — 3,613 Doubtful — — — — — — — — — Total 6,574 48,822 64,354 85,161 51,708 109,250 33,544 — 399,413 Gross charge-offs (1) — — — — — — — — — Consumer Pass 1,834 7,269 5,110 4,252 3,881 1,279 253 — 23,878 OAEM — — — — — — — — — Substandard — — 72 — — 8 201 — 281 Doubtful — — — — — — — — — Total 1,834 7,269 5,182 4,252 3,881 1,287 454 — 24,159 Gross charge-offs (1) — — — 2 — 1 — — 3 Agricultural Pass — 1,588 432 194 723 1,060 8,697 — 12,694 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — 1,588 432 194 723 1,060 8,697 — 12,694 Gross charge-offs (1) — — — — — — — — — Other Pass — — — — — — 73 — 73 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — — — — — — 73 — 73 Gross charge-offs (1) — — — — — — 75 — 75 Total loans $ 21,438 177,431 299,571 274,351 171,499 500,411 211,653 — 1,656,354 (1) - for the three months ended March 31, 2024. Term Loans by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total December 31, 2023 Commercial & industrial Pass $ 17,169 30,518 29,587 11,426 2,732 5,641 16,919 113 114,105 OAEM — — 1,474 — — — — — 1,474 Substandard — 1,813 — 105 1,592 137 1,315 — 4,962 Doubtful — — — — — — — — — Total 17,169 32,331 31,061 11,531 4,324 5,778 18,234 113 120,541 Gross charge-offs (2) — — — — — 15 — — 15 Commercial, secured by real estate Pass 99,055 200,735 156,865 109,810 92,895 283,564 141,354 6,056 1,090,334 OAEM — 7,671 — — — 3,004 — — 10,675 Substandard — — — — 1,648 2,987 — — 4,635 Doubtful — — — — — — — — — Total 99,055 208,406 156,865 109,810 94,543 289,555 141,354 6,056 1,105,644 Gross charge-offs (2) — — — — — — — — — Residential real estate Pass 55,232 83,511 107,120 62,177 19,208 95,643 33,800 — 456,691 OAEM — — — — — 18 — — 18 Substandard — 446 — 217 — 3,062 170 — 3,895 Doubtful — — — — — — — — — Total 55,232 83,957 107,120 62,394 19,208 98,723 33,970 — 460,604 Gross charge-offs (2) — — — — 4 — — — 4 Consumer Pass 8,087 5,820 4,868 4,671 1,382 304 460 — 25,592 OAEM — — — — — — — — — Substandard — — — — 8 — — — 8 Doubtful — — — — — — — — — Total 8,087 5,820 4,868 4,671 1,390 304 460 — 25,600 Gross charge-offs (2) — — 62 21 — — — — 83 Agricultural Pass 1,883 464 197 694 46 31 7,685 — 11,000 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1,883 464 197 694 46 31 7,685 — 11,000 Gross charge-offs (2) — — — — — — — — — Other Pass — — — — — — 82 — 82 OAEM — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total — — — — — — 82 — 82 Gross charge-offs (2) — — — — — — 166 — 166 Total loans $ 181,426 330,978 300,111 189,100 119,511 394,391 201,785 6,169 1,723,471 (2) - for the year ended December 31, 2023. |
Loan Portfolio Aging Analysis | A loan portfolio aging analysis by class segment at March 31, 2024 and December 31, 2023 is as follows (in thousands): 30-59 Days 60-89 Days 90 Days or More Past Due Total Current Total Loans 90 Days or More Past Due and March 31, 2024 Commercial & industrial $ 1,793 — — 1,793 120,564 122,357 — Commercial, secured by real estate: Owner occupied 88 — 69 157 208,098 208,255 69 Non-owner occupied 2,642 — — 2,642 504,467 507,109 — Farmland — — — — 38,411 38,411 — Multi-family — — — — 240,411 240,411 — Construction loans secured by 1-4 family dwellings — — — — 11,674 11,674 — Construction loans secured by other real estate — — — — 91,798 91,798 — Residential real estate: Secured by senior liens on 1-4 family dwellings 231 289 92 612 342,402 343,014 92 Secured by junior liens on 1-4 family dwellings — — — — 19,469 19,469 — Home equity line-of-credit loans 81 — 31 112 36,818 36,930 31 Consumer 62 44 28 134 24,025 24,159 28 Agricultural — — — — 12,694 12,694 — Other 73 — — 73 — 73 — Total $ 4,970 333 220 5,523 1,650,831 1,656,354 220 December 31, 2023 Commercial & industrial $ — — — — 120,541 120,541 — Commercial, secured by real estate: Owner occupied — — 72 72 206,633 206,705 72 Non-owner occupied 2,645 — — 2,645 498,463 501,108 — Farms — — — — 37,367 37,367 — Multi-family — — — — 240,033 240,033 — Construction loans secured by 1-4 family dwellings — — — — 9,058 9,058 — Construction loans secured by other real estate — — — — 111,373 111,373 — Residential real estate Secured by senior liens on 1-4 family dwellings 1,020 414 29 1,463 400,563 402,026 — Secured by junior liens on 1-4 family dwellings 27 — — 27 19,972 19,999 — Home equity line-of-credit loans 174 30 — 204 38,375 38,579 — Consumer 136 — — 136 25,464 25,600 — Agricultural — — — — 11,000 11,000 — Other 82 — — 82 — 82 — Total $ 4,084 444 101 4,629 1,718,842 1,723,471 72 |
Schedule of Troubled Debt Restructurings, Modification Type | The following table presents the amortized cost basis at March 31, 2024 of loan modifications made to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted (in thousands): Interest Rate Reduction Term Extension Principal Forgiveness Total Modifications Percent of Total Class Three Months Ended March 31, 2024 Commercial & industrial $ — 1,793 — 1,793 1.47 % Commercial, secured by real estate, non-owner occupied — 2,642 — 2,642 0.52 % Total $ — 4,435 — 4,435 |
Affordable Housing Tax Credit_2
Affordable Housing Tax Credit Limited Partnership (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Activity in Affordable Housing Program Obligation | The following table presents the balances of LCNB's affordable housing tax credit investments and related unfunded commitments at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, Affordable housing tax credit investment $ 16,950 16,950 Less amortization 4,998 4,626 Net affordable housing tax credit investment $ 11,952 12,324 Unfunded commitment $ 3,974 4,527 The following table presents other information relating to LCNB's affordable housing tax credit investments for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Tax credits and other tax benefits recognized $ 443 430 Tax credit amortization expense included in provision for income taxes 372 357 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Statement of Financial Position [Abstract] | |
Composition of Deposit Liabilities | The following table presents the composition of LCNB's deposits at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, Demand deposits $ 435,580 462,267 Interest-bearing demand and money fund deposits 652,286 643,989 Savings deposits 359,683 379,162 IRA and time certificates 410,944 338,971 Total $ 1,858,493 1,824,389 |
Time Deposit Maturities | Contractual maturities of time deposits at March 31, 2024 were as follows (in thousands): Three months or less $ 67,736 Over three through six months 88,753 Over six through twelve months 119,514 April 1, 2024 - March 31, 2025 276,003 April 1, 2025 - March 31, 2026 119,970 April 1, 2026 - March 31, 2027 10,196 April 1, 2027 - March 31, 2028 2,449 April 1, 2028 - March 31, 2029 1,366 Thereafter 960 $ 410,944 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | Long-term debt at March 31, 2024 and December 31, 2023 was as follows (dollars in thousands): March 31, 2024 December 31, 2023 Amount Rate Amount Rate Term loan $ 11,661 4.25 % $ 12,154 4.25 % FHLB long-term advances 150,977 4.66 % 100,969 4.87 % $ 162,638 4.63 % $ 113,123 4.80 % |
Schedule of Maturities of Long-Term Debt | Contractual maturities of long-term debt at March 31, 2024 and December 31, 2023 were as follows ( in thousands): March 31, December 31, Maturing within one year $ 8,001 4,988 Maturing after one year through two years 9,637 13,135 Maturing after two years through three years 35,000 25,000 Maturing after three years through four years 45,000 25,000 Maturing after four years through five years 45,000 25,000 Thereafter 20,000 20,000 Total $ 162,638 113,123 |
Schedule of Short-Term Debt | Short-term borrowings at March 31, 2024 and December 31, 2023 were as follows (dollars in thousands): March 31, 2024 December 31, 2023 Amount Rate Amount Rate Lines of credit $ — — % $ 21,395 6.00 % FHLB short-term advances 10,000 5.64 % 76,000 5.53 % $ 10,000 5.64 % $ 97,395 5.63 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease, Cost | Components of lease expense for the three months ended March 31, 2024 were as follows (in thousands): Three Months Ended 2024 2023 Operating lease expense $ 226 181 Short-term lease expense 19 30 Variable lease expense 4 1 Other 7 5 Total lease expense $ 256 217 |
Lessee, Leases, Other Information | Other information related to leases at March 31, 2024 were as follows (dollars in thousands): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 228 Right-of-use assets obtained in exchange for new operating lease liabilities $ — Weighted average remaining lease term in years for operating leases 33.3 Weighted average discount rate for operating leases 3.55 % |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Reconciliation between Statutory Income Tax and Effective Tax Rate | A reconciliation between the statutory income tax and LCNB's effective tax rate on income from continuing operations follows: Three Months Ended March 31, 2024 2023 Statutory tax rate 21.0 % 21.0 % Increase (decrease) resulting from: Tax exempt interest (1.2) % (0.7) % Tax exempt income on bank-owned life insurance (3.0) % (1.1) % Captive insurance premium income (3.3) % (1.0) % Affordable housing tax credit limited partnerships (3.2) % (1.4) % Nondeductible merger-related expenses 3.3 % — % Other, net 0.4 % 1.0 % Effective tax rate 14.0 % 17.8 % |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contract Amounts Represent Off-Balance-Sheet Credit Risk | Financial instruments whose contract amounts represent off-balance-sheet credit risk at March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Commitments to extend credit: Commercial loans $ 32,215 28,111 Other loans Fixed rate 22,028 15,349 Adjustable rate 2,232 1,946 Unused lines of credit: Fixed rate 19,294 21,532 Adjustable rate 209,901 184,056 Unused overdraft protection amounts on demand accounts 16,386 16,418 Standby letters of credit 5 5 Total commitments $ 302,061 267,417 |
Off-Balance-Sheet Credit Exposures, Allowance for Credit Losses | Activity in the allowance for credit losses on off-balance sheet credit exposures for the three months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended March 31, 2024 2023 Balance, beginning of period $ 281 — Impact of adopting ASC 326 — 571 Provision for (recovery of) credit losses 48 (89) Balance, end of period $ 329 482 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, Unrealized Losses on Available-for-Sale Debt Securities Changes in Pension Plan Assets and Benefit Obligations Total 2024 Balance at beginning of period $ (22,281) (55) (22,336) Other comprehensive income (loss), net of taxes (1,287) — (1,287) Reclassifications 169 — 169 Balance at end of period $ (23,399) (55) (23,454) 2023 Balance at beginning of period $ (29,927) (27) (29,954) Other comprehensive (loss) income, net of taxes 4,950 — 4,950 Balance at end of period $ (24,977) (27) (25,004) Reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2024 and 2023 and the affected line items in the condensed consolidated statements of income were as follows (in thousands): |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | Three Months Ended Affected Line Item in the Consolidated Condensed Statements of Income 2024 2023 Realized losses from sales of debt securities, available-for-sale $ (214) — Net losses from sales of debt securities, available-for-sale Income tax benefit (45) — Provision for income taxes Reclassification adjustment, net of taxes $ (169) — |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Summary of Funding and Administrative Cost of Qualified Noncontributory Defined Benefit Retirement Plan and 401(k) Plan Charged to Salaries and Employee Benefits | Funding and administrative costs of the qualified noncontributory defined benefit retirement plan and 401(k) plan charged to pension and other employee benefits in the consolidated condensed statements of income for the three-month period ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended 2024 2023 Qualified noncontributory defined benefit retirement plan $ 327 339 401(k) plan 220 200 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Awards Activity | Restricted stock awards granted under the 2015 Plan during the three months ended March 31, 2024 and 2023 were as follows: 2024 2023 Weighted Average Grant Date Fair Value Weighted Average Grant Date Fair Value Outstanding, January 1, 79,017 $ 17.94 58,314 $ 17.99 Granted 41,703 13.87 44,150 17.84 Vested (36,127) 16.39 (21,624) 17.86 Forfeited — — — — Outstanding, March 31, 84,593 $ 16.59 80,840 $ 17.94 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following table presents expense recorded in salaries and employee benefits for restricted stock awards and the related tax information for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Restricted stock expense $ 315 316 Tax effect 66 66 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computations of Earnings per Common Share | Earnings per share for the three months ended March 31, 2024 and 2023 were calculated as follows (dollars in thousands, except share and per share data): Three Months Ended 2024 2023 Net income $ 1,915 4,157 Less allocation of earnings and dividends to participating securities 12 30 Net income allocated to common shareholders $ 1,903 4,127 Weighted average common shares outstanding, gross 13,196,895 11,270,010 Less average participating securities 84,593 80,840 Adjusted weighted average number of shares outstanding used in the calculation of basic and diluted earnings per common share 13,112,302 11,189,170 Earnings per common share: Basic $ 0.15 0.37 Diluted 0.15 0.37 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Valuation of LCNB's Assets Recorded at Fair Value by Inputs Level | The following table summarizes the valuation of LCNB's assets recorded at fair value by input levels as of March 31, 2024 and December 31, 2023 (in thousands): Fair Value Measurements at the End of Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2024 Recurring fair value measurements: Equity securities with a readily determinable fair value: Equity securities $ 98 98 — — Mutual funds measured at net asset value 1,236 1,236 — — Debt securities, available-for-sale: U.S. Treasury notes 67,806 67,806 — — U.S. Agency notes 80,590 — 80,590 — Corporate bonds 6,626 — 6,626 — U.S. Agency mortgage-backed securities 69,793 — 69,793 — Municipal securities: Non-taxable 4,403 — 4,403 — Taxable 33,568 — 33,568 — Total recurring fair value measurements $ 264,120 69,140 194,980 — Nonrecurring fair value measurements: Individually evaluated loans $ 1,483 — — 1,483 Total nonrecurring fair value measurements $ 1,483 — — 1,483 December 31, 2023 Recurring fair value measurements: Equity securities with a readily determinable fair value: Equity securities $ 96 96 — — Mutual funds — — — — Mutual funds measured at net asset value 1,240 1,240 — — Debt securities, available-for-sale: U.S. Treasury notes 68,202 68,202 — — U.S. Agency notes 80,901 — 80,901 — Corporate bonds 6,534 — 6,534 — U.S. Agency mortgage-backed securities 72,790 — 72,790 — Municipal securities: Non-taxable 7,171 — 7,171 — Taxable 41,003 — 41,003 — Total recurring fair value measurements $ 277,937 69,538 208,399 — Nonrecurring fair value measurements: Individually evaluated loans $ — — — — Total nonrecurring fair value measurements $ — — — — |
Fair Value Measurements Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table presents quantitative information about unobservable inputs used in nonrecurring level 3 fair value measurements at March 31, 2024 and December 31, 2023 (dollars in thousands): Range Fair Value Valuation Technique Unobservable Inputs High Low Weighted Average March 31, 2024 Individually evaluated collateral dependent loans $ 1,483 Estimated sales price Adjustments for comparable properties, discounts to reflect current market conditions Not applicable |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values of financial instruments as of March 31, 2024 and December 31, 2023 were as follows (in thousands): Fair Value Measurements at the End of Carrying Fair Quoted Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2024 FINANCIAL ASSETS: Cash and cash equivalents $ 32,951 32,951 32,951 — — Debt securities, held-to-maturity, net 16,746 16,923 — — 16,923 Loans, net 1,645,797 1,460,905 — — 1,460,905 Accrued interest receivable 9,115 9,115 — 9,115 — FINANCIAL LIABILITIES: Deposits 1,858,493 1,858,750 1,447,549 411,201 — Short-term borrowings 10,000 10,000 — 10,000 — Long-term debt 162,638 161,588 — 161,588 — Accrued interest payable 1,972 1,972 — 1,972 — December 31, 2023 FINANCIAL ASSETS: Cash and cash equivalents $ 39,723 39,723 39,723 — — Debt securities, held-to-maturity, net 16,858 15,679 — — 15,679 Loans, net 1,712,946 1,534,406 — — 1,534,406 Accrued interest receivable 8,405 8,405 — 8,405 — FINANCIAL LIABILITIES: Deposits 1,824,389 1,824,105 1,485,418 338,687 — Short-term borrowings 97,395 97,395 — 97,395 — Long-term debt 113,123 112,986 — 112,986 — Accrued interest payable 1,697 1,697 — 1,697 — |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 1,656,354 | $ 1,723,471 | $ 1,401,278 | |
Allowance for loan losses | (10,557) | (10,525) | $ (7,858) | (5,646) |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 5 | 5 | 0 | |
Deferred Tax Assets, Net | 6,639 | |||
Off-Balance-Sheet, Credit Loss, Liability | 329 | 281 | $ 482 | 0 |
Retained earnings | $ 139,050 | $ 140,017 | 139,249 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,401,619 | |||
Allowance for loan losses | (7,842) | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | (7) | |||
Deferred Tax Assets, Net | 7,150 | |||
Off-Balance-Sheet, Credit Loss, Liability | 571 | |||
Retained earnings | 137,327 | |||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 341 | |||
Allowance for loan losses | (2,196) | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | (7) | |||
Deferred Tax Assets, Net | 511 | |||
Off-Balance-Sheet, Credit Loss, Liability | 571 | |||
Retained earnings | $ (1,922) |
Acquisition (Details)
Acquisition (Details) | 3 Months Ended | |||||
Mar. 31, 2024 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Apr. 12, 2024 USD ($) branch $ / shares shares | Nov. 01, 2023 USD ($) branch $ / shares shares | Dec. 31, 2022 USD ($) | |
Asset Acquisition [Line Items] | ||||||
Goodwill | $ 79,559,000 | $ 79,509,000 | ||||
Merger-related expenses | $ 775,000 | $ 25,000 | ||||
Common stock, shares, outstanding (in shares) | shares | 13,224,276 | 13,173,569 | ||||
Assets | $ 2,283,151,000 | $ 2,291,592,000 | ||||
Loans, net of allowance for credit losses of $10,557 and $10,525 at March 31, 2024 and December 31, 2023, respectively | 1,645,797,000 | 1,712,946,000 | ||||
Total | 1,858,493,000 | 1,824,389,000 | ||||
Stockholders' Equity Attributable to Parent | 233,663,000 | 235,303,000 | $ 204,072,000 | $ 200,675,000 | ||
Cincinnati Bancorp, Inc. | ||||||
Asset Acquisition [Line Items] | ||||||
Number Offices Operated By Company To Be Acquired | branch | 4 | |||||
Business Combination, Consideration Transferred, Exchange Ratio, Equity Interests Issued And Issuable | shares | 0.9274 | |||||
Business Combination, Consideration To Be Transferred, Cash Payment Per Share Of Acquiree Stock | $ 17.21 | |||||
Business Combination, Consideration To Be Transferred, Per-Centage of Acquiree Common Stock To Be Transferred For Common Stock Of Acquiror | 80% | |||||
Business Combination, Consideration, Percent Issued Or To Be Issued In The Form Of Cash | 20% | |||||
Business Combination, Consideration Transferred, Cash | 9,475,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 28,576,000 | |||||
Business Combination, Consideration Transferred | $ 38,051,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 11,368,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 5,210,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Federal Home Loan Bank Stock | 7,508,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 236,692,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,767,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease Right-Of-Use Assets | 64,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 8,391,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Company Owned Life Insurance | 4,413,000 | |||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 4,451,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 12,896,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 293,760,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 210,532,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 55,999,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | 5,963,000 | |||||
Business Combination Recognized, Identifiable Assets Acquired And Liabilities Assumed, Operating Lease Liabilities | 64,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 3,489,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 276,047,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 17,713,000 | |||||
Goodwill | $ 20,338,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 2,042,598 | |||||
Business Acquisition, Share Price | $ / shares | $ 13.99 | |||||
Financing Receivable, Excluding Accrued Interest, Purchased without Credit Deterioration, Amount At Fair Value | $ 231,900,000 | |||||
Financing Receivable, Excluding Accrued Interest, Purchased without Credit Deterioration, Amount at Unpaid Principal Balance | 258,600,000 | |||||
Financing Receivable, Excluding Accrued Interest, Purchased without Credit Deterioration, Provision for Credit Loss at Acquisition Date | $ 1,722,000 | |||||
Merger-related expenses | 477,000 | |||||
Goodwill, Period Increase (Decrease) | 50,000 | |||||
Eagle Financial Bancorp, Inc. | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred, Cash | 10,256,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 12,891,000 | |||||
Business Combination, Consideration Transferred | $ 23,147,000 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 918,128 | |||||
Merger-related expenses | $ 298,000 | |||||
Common stock, shares, outstanding (in shares) | shares | 1,342,275 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | shares | 115,807 | |||||
Exercisable stock option, weighted average exercise price (in dollars per share) | $ / shares | $ 16.18 | |||||
Assets | $ 174,300,000 | |||||
Loans, net of allowance for credit losses of $10,557 and $10,525 at March 31, 2024 and December 31, 2023, respectively | 140,400,000 | |||||
Total | 136,700,000 | |||||
Stockholders' Equity Attributable to Parent | $ 26,000,000 | |||||
Eagle Financial Bancorp, Inc. | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Number Offices Operated By Company To Be Acquired | branch | 3 | |||||
Business Combination, Consideration Transferred, Exchange Ratio, Equity Interests Issued And Issuable | shares | 1.1401 | |||||
Business Combination, Consideration To Be Transferred, Cash Payment Per Share Of Acquiree Stock | $ 19.10 | |||||
Business Acquisition, Share Price | $ / shares | $ 14.04 | |||||
Eagle Financial Bancorp, Inc. | Minimum | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Consideration To Be Transferred, Per-Centage of Acquiree Common Stock To Be Transferred For Common Stock Of Acquiror | 60% | |||||
Eagle Financial Bancorp, Inc. | Maximum | Subsequent Event | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Consideration To Be Transferred, Per-Centage of Acquiree Common Stock To Be Transferred For Common Stock Of Acquiror | 70% |
Investment Securities, Amortize
Investment Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale: | ||
Amortized Cost | $ 292,406 | $ 304,805 |
Unrealized Gains | 6 | 3 |
Unrealized Losses | 29,626 | 28,207 |
Fair Value | (262,786) | (276,601) |
Debt Securities, Held-to-Maturity: | ||
Amortized Cost | 16,751 | 16,863 |
Unrealized Gains | 2 | 4 |
Unrealized Losses | 1,242 | 1,188 |
Fair Value | 15,511 | 15,679 |
Equity Securities, Amortized Cost Basis | 1,433 | 1,425 |
Equity securities with a readily determinable fair value, at fair value | 1,334 | 1,336 |
U.S. Treasury notes | ||
Debt Securities, Available-for-Sale: | ||
Amortized Cost | 74,308 | 74,404 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 6,502 | 6,202 |
Fair Value | (67,806) | (68,202) |
U.S. Agency notes | ||
Debt Securities, Available-for-Sale: | ||
Amortized Cost | 88,929 | 88,978 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 8,339 | 8,077 |
Fair Value | (80,590) | (80,901) |
U.S. Agency mortgage-backed securities | ||
Debt Securities, Available-for-Sale: | ||
Amortized Cost | 79,727 | 81,634 |
Unrealized Gains | 6 | 2 |
Unrealized Losses | 9,940 | 8,846 |
Fair Value | (69,793) | (72,790) |
Debt Securities, Held-to-Maturity: | ||
Amortized Cost | 0 | |
Fair Value | 0 | |
Non-taxable Municipal securities [Member] | ||
Debt Securities, Available-for-Sale: | ||
Amortized Cost | 4,638 | 7,416 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 235 | 245 |
Fair Value | (4,403) | (7,171) |
Debt Securities, Held-to-Maturity: | ||
Amortized Cost | 13,468 | 13,580 |
Unrealized Gains | 2 | 4 |
Unrealized Losses | 853 | 872 |
Fair Value | 12,617 | 12,712 |
Taxable Municipal securities [Member] | ||
Debt Securities, Available-for-Sale: | ||
Amortized Cost | 37,354 | 44,923 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | 3,786 | 3,921 |
Fair Value | (33,568) | (41,003) |
Debt Securities, Held-to-Maturity: | ||
Amortized Cost | 3,283 | 3,283 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 389 | 316 |
Fair Value | 2,894 | 2,967 |
Mutual funds [Member] | ||
Debt Securities, Held-to-Maturity: | ||
Equity Securities, Amortized Cost Basis | 1,423 | 1,415 |
Equity securities with a readily determinable fair value, at fair value | 1,236 | 1,240 |
Equity securities [Member] | ||
Debt Securities, Held-to-Maturity: | ||
Equity Securities, Amortized Cost Basis | 10 | 10 |
Equity securities with a readily determinable fair value, at fair value | 98 | 96 |
Corporate Debt Securities | ||
Debt Securities, Available-for-Sale: | ||
Amortized Cost | 7,450 | 7,450 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 824 | 916 |
Fair Value | $ (6,626) | $ (6,534) |
Investment Securities, Continuo
Investment Securities, Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 259,955 | $ 273,213 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 29,598 | 28,181 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,218 | 2,274 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 28 | 26 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 6,012 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 476 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 14,794 | 8,941 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,242 | 712 |
Unrealized Losses | 29,626 | 28,207 |
U.S. Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 69,301 | 72,287 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,940 | 8,846 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Unrealized Losses | 9,940 | 8,846 |
Non-taxable Municipal securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,403 | 5,631 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 235 | 235 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 1,540 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 10 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 6,012 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 476 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 11,900 | 5,975 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 853 | 396 |
Unrealized Losses | 235 | 245 |
Taxable Municipal securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 33,447 | 40,392 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,786 | 3,921 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,894 | 2,966 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 389 | 316 |
Unrealized Losses | 3,786 | 3,921 |
U.S. Agency notes | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 80,590 | 80,901 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 8,339 | 8,077 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Unrealized Losses | 8,339 | 8,077 |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 5,897 | 5,800 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 803 | 900 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 729 | 734 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 21 | 16 |
Unrealized Losses | 824 | 916 |
US Government Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 66,317 | 68,202 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6,495 | 6,202 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,489 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 7 | $ 0 |
Investment Securities, Maturiti
Investment Securities, Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-Sale, Amortized Cost | ||
Due within one year | $ 15,909 | |
Due from one to five years | 163,735 | |
Due from five to ten years | 33,035 | |
Due after ten years | 0 | |
Amortized Cost Basis | 212,679 | |
Amortized Cost | 292,406 | $ 304,805 |
Available-for-Sale, Fair Value | ||
Due within one year | 15,531 | |
Due from one to five years | 148,059 | |
Due from five to ten years | 29,403 | |
Due after ten years | 0 | |
Total available-for-sale, maturities | 192,993 | |
Fair Value | 262,786 | 276,601 |
Held-to-Maturity, Amortized Cost | ||
Due within one year | 1,469 | |
Due from one to five years | 1,319 | |
Due from five to ten years | 2,849 | |
Due after ten years | 11,114 | |
Amortized Cost | 16,751 | 16,863 |
Held-to-Maturity, Fair Value | ||
Due within one year | 1,449 | |
Due from one to five years | 1,281 | |
Due from five to ten years | 2,699 | |
Due after ten years | 10,082 | |
Held-to-maturity, fair value | 15,511 | 15,679 |
U.S. Agency mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 79,727 | 81,634 |
Available-for-Sale, Fair Value | ||
Fair Value | 69,793 | $ 72,790 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-maturity, fair value | $ 0 |
Investment Securities, Equity S
Investment Securities, Equity Securities Changes in Fair Value Recognized in Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Net losses recognized during the period on equity securities | $ (10) | $ (31) | |
Less net losses recognized during the period on equity securities sold during the period | 0 | (61) | |
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end | (10) | $ 30 | |
Equity Securities, Amortized Cost Basis | 1,433 | $ 1,425 | |
Equity securities with a readily determinable fair value, at fair value | 1,334 | 1,336 | |
Mutual funds [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity Securities, Amortized Cost Basis | 1,423 | 1,415 | |
Equity securities with a readily determinable fair value, at fair value | 1,236 | 1,240 | |
Equity securities [Member] | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity Securities, Amortized Cost Basis | 10 | 10 | |
Equity securities with a readily determinable fair value, at fair value | $ 98 | $ 96 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-Sale and Held-to-Maturity, Number of Positions | security | 168 | 207 | |
Debt Securities, Available-for-Sale And Held-to-Maturity, Unrealized Loss Position, Number of Positions | security | 161 | 176 | |
Debt securities, available-for-sale, at fair value | $ 262,786 | $ 276,601 | |
Gross realized losses | 214 | $ 0 | |
Gross realized gains | 0 | 0 | |
Proceeds from sales of debt securities, available-for-sale | 9,615 | $ 0 | |
Asset Pledged as Collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale, at fair value | $ 172,400 | $ 124,400 |
Loans, Major Classifications of
Loans, Major Classifications of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 1,656,354 | $ 1,723,471 | $ 1,401,278 | |
Allowance for loan losses | 10,557 | 10,525 | $ 7,858 | 5,646 |
Total | 1,645,797 | 1,712,946 | ||
Loans and Leases Receivable, Deferred Income | 583 | 181 | ||
Non-accrual Loans with no Allowance for Credit Losses | 77 | 80 | ||
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 122,357 | 120,541 | ||
Allowance for loan losses | 967 | 1,039 | 1,047 | 1,300 |
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Commercial Real Estate, Owner Occupied Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 208,255 | 206,705 | ||
Commercial Real Estate, Non-Owner Occupied Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 507,109 | 501,108 | ||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Commercial Real Estate, Farmland Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 38,411 | 37,367 | ||
Non-accrual Loans with no Allowance for Credit Losses | 52 | 51 | ||
Commercial Real Estate, Multifamily Properties Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 240,411 | 240,033 | ||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 11,674 | 9,058 | ||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Commercial Real Estate, Construction Loans, Other Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 91,798 | 111,373 | ||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 343,014 | 402,026 | ||
Non-accrual Loans with no Allowance for Credit Losses | 25 | 29 | ||
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 19,469 | 19,999 | ||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 36,930 | 38,579 | ||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 24,159 | 25,600 | ||
Allowance for loan losses | 232 | 238 | 526 | 86 |
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 12,694 | 11,000 | ||
Allowance for loan losses | 18 | 18 | 7 | 22 |
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 73 | 82 | ||
Allowance for loan losses | $ 2 | $ 0 | $ 0 | $ 5 |
Loans, Additional Information (
Loans, Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans secured by residential real estate that were in the process of foreclosure | $ 0 | $ 0 | ||
Loans and Leases Receivable, Deferred Income | 583 | $ 181 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4,435 | |||
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.16% | 0% | ||
Off-Balance-Sheet, Credit Loss, Liability | $ 329 | $ 281 | $ 482 | $ 0 |
Retained earnings | (139,050) | (140,017) | (139,249) | |
Deferred Tax Assets, Net | 6,639 | |||
Financing Receivable, Accrued Interest, Writeoff | 27 | |||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Off-Balance-Sheet, Credit Loss, Liability | 571 | |||
Retained earnings | 1,922 | |||
Deferred Tax Assets, Net | $ 511 | |||
Federal Home Loan Mortgage Corporation and Other Investors [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid principal balance of loans serviced for others | 386,500 | $ 391,800 | ||
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,793 | |||
Commercial Portfolio Segment | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Maturity Period | 1 year | |||
Commercial Portfolio Segment | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Maturity Period | 10 years | |||
Commercial Real Estate Portfolio Segment | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Adjustable rate period | 1 year | |||
Amortization period | 5 years | |||
Balloon payments period | 1 year | |||
Loan to appraised value ratio | 75% | |||
Commercial Real Estate Portfolio Segment | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Adjustable rate period | 10 years | |||
Amortization period | 25 years | |||
Balloon payments period | 10 years | |||
Loan to appraised value ratio | 85% | |||
Residential Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Home equity line of credit draw period | 5 years | |||
Financing Receivable, Nonaccrual, Number Newly Classified During Period | 1 | |||
Residential Portfolio Segment | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Adjustable rate period | 1 year | |||
Amortization period | 5 years | |||
Loan to appraised value ratio | 80% | |||
Residential Portfolio Segment | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Adjustable rate period | 15 years | |||
Amortization period | 30 years | |||
Consumer | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortization period | 72 months |
Loans, Past Due And Accruing Re
Loans, Past Due And Accruing Restructured (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | $ 77 | $ 80 | |
Total Non-accrual Loans | 2,719 | 80 | |
Interest Income Recognized | 17 | $ 26 | |
Commercial Portfolio Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commericial Real Estate, Owner Occupied Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate, Non-Owner Occupied Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 2,642 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate, Farmland Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 52 | 51 | |
Total Non-accrual Loans | 52 | 51 | |
Interest Income Recognized | 16 | 26 | |
Commercial Real Estate, Multifamily Properties Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate, Construction Loans, Other Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 25 | 29 | |
Total Non-accrual Loans | 25 | 29 | |
Interest Income Recognized | 1 | 0 | |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Consumer | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
Agricultural | |||
Financing receivables, non accruals, past due, and accruing restructured loans [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | $ 0 | |
Interest Income Recognized | $ 0 | $ 0 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 10,525 | $ 5,646 | $ 5,646 | |
Provision for (recovery of) credit losses | 77 | 32 | ||
Losses charged off | (78) | (36) | ||
Recoveries | 33 | 20 | ||
Balance, end of period | $ 10,557 | $ 7,858 | ||
Ratio Of Net Charge-Offs To Average Loans | 0.01% | 0% | ||
Financing Receivable, Allowance for Credit Loss to Outstanding, Percent | 0.64% | 0.61% | ||
Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 2,196 | 2,196 | ||
Commercial Portfolio Segment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 1,039 | 1,300 | 1,300 | |
Provision for (recovery of) credit losses | (72) | 259 | ||
Losses charged off | 0 | 0 | (15) | |
Recoveries | 0 | 0 | ||
Balance, end of period | $ 967 | $ 1,047 | ||
Ratio Of Net Charge-Offs To Average Loans | 0% | 0% | ||
Commercial Portfolio Segment | Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ (512) | (512) | ||
Commercial Real Estate Portfolio Segment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 5,414 | 3,609 | 3,609 | |
Provision for (recovery of) credit losses | 1,072 | (122) | ||
Losses charged off | 0 | 0 | 0 | |
Recoveries | 0 | 0 | ||
Balance, end of period | $ 6,486 | $ 4,927 | ||
Ratio Of Net Charge-Offs To Average Loans | 0% | 0% | ||
Commercial Real Estate Portfolio Segment | Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 1,440 | 1,440 | ||
Residential Portfolio Segment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 3,816 | 624 | 624 | |
Provision for (recovery of) credit losses | (964) | (109) | ||
Losses charged off | 0 | 0 | (4) | |
Recoveries | 0 | 0 | ||
Balance, end of period | $ 2,852 | $ 1,351 | ||
Ratio Of Net Charge-Offs To Average Loans | 0% | 0% | ||
Residential Portfolio Segment | Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 836 | 836 | ||
Consumer | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 238 | 86 | 86 | |
Provision for (recovery of) credit losses | (11) | (3) | ||
Losses charged off | (3) | (5) | (83) | |
Recoveries | 8 | 2 | ||
Balance, end of period | $ 232 | $ 526 | ||
Ratio Of Net Charge-Offs To Average Loans | (0.08%) | 0.01% | ||
Consumer | Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 446 | 446 | ||
Agricultural | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 18 | 22 | 22 | |
Provision for (recovery of) credit losses | 0 | (6) | ||
Losses charged off | 0 | 0 | 0 | |
Recoveries | 0 | 0 | ||
Balance, end of period | $ 18 | $ 7 | ||
Ratio Of Net Charge-Offs To Average Loans | 0% | 0% | ||
Agricultural | Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ (9) | (9) | ||
Other | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ 0 | 5 | 5 | |
Provision for (recovery of) credit losses | 52 | 13 | ||
Losses charged off | (75) | (31) | (166) | |
Recoveries | 25 | 18 | ||
Balance, end of period | $ 2 | $ 0 | ||
Ratio Of Net Charge-Offs To Average Loans | 259.48% | 18.18% | ||
Other | Cumulative Effect Period Of Adoption Adjustment | ||||
Allowance for loan losses [Roll Forward] | ||||
Balance, beginning of period | $ (5) | $ (5) |
Loans, Loans Portfolio by Credi
Loans, Loans Portfolio by Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans, net of deferred origination costs (fees) | $ 1,656,354 | $ 1,723,471 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 21,438 | 181,426 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 177,431 | 330,978 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 300,111 | ||||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 189,100 | ||||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 119,511 | ||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 394,391 | ||||
Financing Receivable, Excluding Accrued Interest, Revolving | 211,653 | 201,785 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 6,169 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,656,354 | 1,723,471 | $ 1,401,278 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 78 | $ 36 | |||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans, net of deferred origination costs (fees) | 24,159 | 25,600 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 1,834 | 8,087 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,269 | 5,820 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 5,182 | 4,868 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 4,252 | 4,671 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,881 | 1,390 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,287 | 304 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 454 | 460 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 24,159 | 25,600 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | $ 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 62 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 2 | 21 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 1 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 3 | 5 | 83 | ||
Commercial Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans, net of deferred origination costs (fees) | 122,357 | 120,541 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,593 | 17,169 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 16,629 | 32,331 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 32,547 | 31,061 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 30,425 | 11,531 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,832 | 4,324 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 11,066 | 5,778 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 18,265 | 18,234 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 113 | |||
Loans and Leases Receivable, Net of Deferred Income | 122,357 | 120,541 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 15 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 15 | ||
Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 10,437 | 99,055 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 103,123 | 208,406 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 197,056 | 156,865 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 154,319 | 109,810 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 104,355 | 94,543 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 377,748 | 289,555 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 150,620 | 141,354 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 6,056 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,097,658 | 1,105,644 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | ||
Residential Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 6,574 | 55,232 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 48,822 | 83,957 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 64,354 | 107,120 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 85,161 | 62,394 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 51,708 | 19,208 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 109,250 | 98,723 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 33,544 | 33,970 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 399,413 | 460,604 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 4 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 4 | ||
Agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans, net of deferred origination costs (fees) | 12,694 | 11,000 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 1,883 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,588 | 464 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 432 | 197 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 194 | 694 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 723 | 46 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,060 | 31 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 8,697 | 7,685 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 12,694 | 11,000 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | ||
Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans, net of deferred origination costs (fees) | 73 | 82 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 73 | 82 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 73 | 82 | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 75 | 166 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 75 | $ 31 | $ 166 | ||
Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 299,571 | ||||
Pass | Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 1,834 | 8,087 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,269 | 5,820 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 5,110 | 4,868 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 4,252 | 4,671 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,881 | 1,382 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,279 | 304 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 253 | 460 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 23,878 | 25,592 | |||
Pass | Commercial Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,593 | 17,169 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 16,629 | 30,518 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 30,732 | 29,587 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 28,954 | 11,426 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,733 | 2,732 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7,704 | 5,641 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 17,715 | 16,919 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 113 | |||
Loans and Leases Receivable, Net of Deferred Income | 115,060 | 114,105 | |||
Pass | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 10,437 | 99,055 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 103,123 | 200,735 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 186,745 | 156,865 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 154,319 | 109,810 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 104,355 | 92,895 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 369,284 | 283,564 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 150,620 | 141,354 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 6,056 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,078,883 | 1,090,334 | |||
Pass | Residential Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 6,574 | 55,232 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 48,822 | 83,511 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 64,354 | 107,120 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 84,862 | 62,177 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 51,177 | 19,208 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 106,384 | 95,643 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 33,412 | 33,800 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 395,585 | 456,691 | |||
Pass | Agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 1,883 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,588 | 464 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 432 | 197 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 194 | 694 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 723 | 46 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,060 | 31 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 8,697 | 7,685 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 12,694 | 11,000 | |||
Pass | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 73 | 82 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 73 | 82 | |||
OAEM | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 274,351 | ||||
OAEM | Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
OAEM | Commercial Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 1,474 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,471 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,471 | 1,474 | |||
OAEM | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 7,671 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 2,707 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3,881 | 3,004 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 6,588 | 10,675 | |||
OAEM | Residential Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 215 | 18 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 215 | 18 | |||
OAEM | Agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
OAEM | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 171,499 | ||||
Substandard | Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 72 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 8 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 8 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 201 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 281 | 8 | |||
Substandard | Commercial Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 1,813 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,815 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 105 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 99 | 1,592 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3,362 | 137 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 550 | 1,315 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 5,826 | 4,962 | |||
Substandard | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,604 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 1,648 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,583 | 2,987 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 12,187 | 4,635 | |||
Substandard | Residential Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 446 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 299 | 217 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 531 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2,651 | 3,062 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 132 | 170 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 3,613 | 3,895 | |||
Substandard | Agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Substandard | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 500,411 | ||||
Doubtful | Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Doubtful | Commercial Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Doubtful | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Doubtful | Residential Portfolio Segment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Doubtful | Agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | |||
Doubtful | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 | |||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan | 0 | 0 | |||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | $ 0 |
Loans, Impaired Loans (Details)
Loans, Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | $ 6,721 | $ 123 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 1,161 | 0 |
Commercial Real Estate, Non-Owner Occupied Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 2,642 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 1,161 | 0 |
Commercial Real Estate, Farmland Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 52 | 51 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Commercial Real Estate, Multifamily Properties Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Commercial Real Estate, Construction Loans, Other Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Commercial Real Estate, Owner Occupied Class Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 783 | 72 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 3,244 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent, Individually Evaluated For Credit Losses | 0 | 0 |
Financing Receivable, Allowance For Credit Losses, Collateral Dependent, Individually Evaluated For Credit Losses | $ 0 | $ 0 |
Loans, Loans Portfolio Aging An
Loans, Loans Portfolio Aging Analysis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans gross | $ 1,656,354 | $ 1,723,471 |
90 Days or More Past Due and Accruing | 220 | 72 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 5,523 | 4,629 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 4,970 | 4,084 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 333 | 444 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 220 | 101 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 1,650,831 | 1,718,842 |
Commercial Real Estate, Owner Occupied Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 208,255 | 206,705 |
90 Days or More Past Due and Accruing | 69 | 72 |
Commercial Real Estate, Owner Occupied Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 157 | 72 |
Commercial Real Estate, Owner Occupied Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 88 | 0 |
Commercial Real Estate, Owner Occupied Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Owner Occupied Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 69 | 72 |
Commercial Real Estate, Owner Occupied Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 208,098 | 206,633 |
Commercial Real Estate, Non-Owner Occupied Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 507,109 | 501,108 |
90 Days or More Past Due and Accruing | 0 | 0 |
Commercial Real Estate, Non-Owner Occupied Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 2,642 | 2,645 |
Commercial Real Estate, Non-Owner Occupied Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 2,642 | 2,645 |
Commercial Real Estate, Non-Owner Occupied Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Non-Owner Occupied Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Non-Owner Occupied Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 504,467 | 498,463 |
Commercial Real Estate, Farmland Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 38,411 | 37,367 |
90 Days or More Past Due and Accruing | 0 | 0 |
Commercial Real Estate, Farmland Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Farmland Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Farmland Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Farmland Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Farmland Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 38,411 | 37,367 |
Commercial Real Estate, Multifamily Properties Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 240,411 | 240,033 |
90 Days or More Past Due and Accruing | 0 | 0 |
Commercial Real Estate, Multifamily Properties Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Multifamily Properties Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Multifamily Properties Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Multifamily Properties Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Multifamily Properties Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 240,411 | 240,033 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 11,674 | 9,058 |
90 Days or More Past Due and Accruing | 0 | 0 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, 1-4 Family Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 11,674 | 9,058 |
Commercial Real Estate, Construction Loans, Other Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 91,798 | 111,373 |
90 Days or More Past Due and Accruing | 0 | 0 |
Commercial Real Estate, Construction Loans, Other Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, Other Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, Other Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, Other Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Real Estate, Construction Loans, Other Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 91,798 | 111,373 |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 343,014 | 402,026 |
90 Days or More Past Due and Accruing | 92 | 0 |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 612 | 1,463 |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 231 | 1,020 |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 289 | 414 |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 92 | 29 |
Residential Real Estate, 1-4 Family, Closed End Senior Liens Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 342,402 | 400,563 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 19,469 | 19,999 |
90 Days or More Past Due and Accruing | 0 | 0 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 27 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 27 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Residential Real Estate, 1-4 Family, Closed End Junior Liens Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 19,469 | 19,972 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 36,930 | 38,579 |
90 Days or More Past Due and Accruing | 31 | 0 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 112 | 204 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 81 | 174 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 30 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 31 | 0 |
Residential Real Estate, 1-4 Family, Revolving and Open End Class Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 36,818 | 38,375 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 73 | 82 |
90 Days or More Past Due and Accruing | 0 | 0 |
Other | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 73 | 82 |
Other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 73 | 82 |
Other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Other | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Other | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 24,159 | 25,600 |
90 Days or More Past Due and Accruing | 28 | 0 |
Consumer | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 134 | 136 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 62 | 136 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 44 | 0 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 28 | 0 |
Consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 24,025 | 25,464 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 12,694 | 11,000 |
90 Days or More Past Due and Accruing | 0 | 0 |
Agricultural | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Agricultural | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Agricultural | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Agricultural | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Agricultural | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 12,694 | 11,000 |
Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 122,357 | 120,541 |
90 Days or More Past Due and Accruing | 0 | 0 |
Commercial Portfolio Segment | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 1,793 | 0 |
Commercial Portfolio Segment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 1,793 | 0 |
Commercial Portfolio Segment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Portfolio Segment | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | 0 | 0 |
Commercial Portfolio Segment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans gross | $ 120,564 | $ 120,541 |
Loans, Modifications (Details)
Loans, Modifications (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4,435 |
Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 4,435 |
Principal Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 |
Commercial Portfolio Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,793 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1.47% |
Commercial Portfolio Segment | Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 |
Commercial Portfolio Segment | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,793 |
Commercial Portfolio Segment | Principal Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 |
Commercial Real Estate, Non-Owner Occupied Class Segment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,642 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.52% |
Troubled debt restructurings that subsequently defaulted within 12 months of the restructuring date | $ 2,642 |
Commercial Real Estate, Non-Owner Occupied Class Segment | Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 |
Commercial Real Estate, Non-Owner Occupied Class Segment | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 2,642 |
Commercial Real Estate, Non-Owner Occupied Class Segment | Principal Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 |
Loans, Non-Accrual (Details)
Loans, Non-Accrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | $ 77 | $ 80 | |
Total Non-accrual Loans | 2,719 | 80 | |
Interest Income Recognized | 17 | $ 26 | |
Consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Non-accrual Loans with no Allowance for Credit Losses | 0 | 0 | |
Total Non-accrual Loans | 0 | $ 0 | |
Interest Income Recognized | $ 0 | $ 0 |
Acquired Credit Impaired Loans,
Acquired Credit Impaired Loans, Outstanding Balance and Carrying Value for Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans gross | $ 1,656,354 | $ 1,723,471 |
Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans gross | $ 122,357 | $ 120,541 |
Affordable Housing Tax Credit_3
Affordable Housing Tax Credit Limited Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Affordable housing tax credit investment | $ 16,950 | $ 16,950 | |
Less amortization | 4,998 | 4,626 | |
Net affordable housing tax credit investment | 11,952 | 12,324 | |
Unfunded commitment | $ 3,974 | 4,527 | |
Funding period for unfunded commitment (in years) | 9 years | ||
Investments in Affordable Housing Projects [Abstract] | |||
Tax credits and other tax benefits recognized | $ 443 | $ 430 | |
Tax credit amortization expense included in provision for income taxes | 372 | $ 357 | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 476 | |
Taxable Municipal securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | |||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Deposits - Composition of Depos
Deposits - Composition of Deposit Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Interest-bearing demand and money fund deposits | $ 652,286 | $ 643,989 |
Savings deposits | 359,683 | 379,162 |
IRA and time certificates | 410,944 | 338,971 |
Total deposits | 1,858,493 | 1,824,389 |
Noninterest-Bearing Domestic Deposit, Demand | $ 435,580 | $ 462,267 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Time Deposit Maturities, Rolling Three Months Or Less | $ 67,736 | |
Time Deposit Maturities, Rolling Over Three Through Six Months | 88,753 | |
Time Deposit Maturities, Rolling Over Six Months Through Twelve Months | 119,514 | |
April 1, 2024 - March 31, 2025 | 276,003 | |
April 1, 2025 - March 31, 2026 | 119,970 | |
Time Deposit Maturities, Rolling Year Three | 10,196 | |
Time Deposit Maturities, Rolling Year Four | 2,449 | |
Time Deposit Maturities, Rolling Year Five | 1,366 | |
Time Deposit Maturities, after Rolling Year Five | 960 | |
Time deposits | $ 410,944 | $ 338,971 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Interest-Bearing Deposits | ||
Time deposits greater than $250,000 | $ 71,700 | $ 50,200 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Short-Term and Long-Term Debt [Line Items] | ||
Debt instrument, unused borrowing capacity, amount | $ 118,800 | |
Asset Pledged as Collateral | Federal Home Loan Bank Advances | ||
Schedule of Short-Term and Long-Term Debt [Line Items] | ||
Debt securities | $ 422,000 | $ 417,000 |
Bankers' Bank | ||
Schedule of Short-Term and Long-Term Debt [Line Items] | ||
Long-term debt, percentage bearing fixed interest, percentage rate | 4.25% | |
Long-Term Debt, Maturity Date | Jun. 15, 2025 | |
Line of credit facility, maximum borrowing capacity | $ 25,000 | |
Debt instrument, basis spread on variable rate | 0.25% | |
Line of Credit Facility, Expiration Date | Jun. 15, 2024 | |
Short-Term Debt [Line Items] | ||
Long-term debt, percentage bearing fixed interest, percentage rate | 4.25% | |
US Bank | ||
Schedule of Short-Term and Long-Term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 30,000 | |
Debt instrument, basis spread on variable rate | 0.50% |
Borrowings Schedule of Short-Te
Borrowings Schedule of Short-Term and Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Short-Term and Long-Term Debt [Line Items] | ||
Other Short-term Borrowings | $ 11,661 | $ 12,154 |
Long-term debt | 150,977 | 100,969 |
Debt, Long-term and Short-term, Combined Amount | $ 162,638 | $ 113,123 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.25% | 4.25% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 4.66% | 4.87% |
Debt, Weighted Average Interest Rate | 4.63% | 4.80% |
Borrowings Schedule of Maturiti
Borrowings Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Long-Term Debt, Maturity, Year One | $ 8,001 | $ 4,988 |
Time Deposit Maturities, Year Two | 9,637 | 13,135 |
Long-Term Debt, Maturity, Year Three | 35,000 | 25,000 |
Long-Term Debt, Maturity, Year Four | 45,000 | 25,000 |
Long-Term Debt, Maturity, Year Five | 45,000 | 25,000 |
Long-Term Debt, Maturity, after Year Five | 20,000 | 20,000 |
Debt, Long-term and Short-term, Combined Amount | $ 162,638 | $ 113,123 |
Borrowings - Schedule of Short
Borrowings - Schedule of Short Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Short-Term Debt [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.64% | 5.63% |
Short-term Debt | $ 10,000 | $ 97,395 |
US Bank | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 30,000 | |
Debt instrument, basis spread on variable rate | 0.50% | |
Bankers' Bank | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000 | |
Debt instrument, basis spread on variable rate | 0.25% | |
Bankers' Bank | Revolving Credit Facility | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 5,000 | |
Bankers' Bank | Federal Funds Purchased | ||
Short-Term Debt [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.25% | |
Zions Bank | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000 | |
Line of Credit | ||
Short-Term Debt [Line Items] | ||
Other Short-term Borrowings | $ 0 | $ 21,395 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0% | 6% |
Federal Home Loan Bank Advances | ||
Short-Term Debt [Line Items] | ||
Other Short-term Borrowings | $ 10,000 | $ 76,000 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.64% | 5.53% |
Leases - Lease, Cost (Details)
Leases - Lease, Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease expense | $ 226 | $ 181 |
Short-term lease expense | 19 | 30 |
Variable lease expense | 4 | 1 |
Other | 7 | 5 |
Total lease expense | $ 256 | $ 217 |
Leases Lease, Other Information
Leases Lease, Other Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities: | $ 228 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 |
Weighted average remaining lease term in years for operating leases | 33 years 3 months 18 days |
Weighted average discount rate for operating leases | 3.55% |
Leases - (Details)
Leases - (Details) | Mar. 31, 2024 |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term in years for operating leases | 33 years 3 months 18 days |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 21% | 21% |
Increase (decrease) resulting from: | ||
Tax exempt interest | 1.20% | 0.70% |
Tax exempt income on bank-owned life insurance | (3.00%) | (1.10%) |
Effective Income Tax Rate Reconciliation, Captive Insurance Premium Income, Percent | (3.30%) | (1.00%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | 3.20% | 1.40% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 3.30% | 0% |
Other, net | 0.40% | 1% |
Effective tax rate | 14% | 17.80% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | $ 302,061 | $ 267,417 | ||
Unfunded commitment | 3,974 | 4,527 | ||
Commitments outstanding for capital expenditures | 2,300 | |||
Off-Balance-Sheet, Credit Loss, Liability | 329 | $ 482 | 281 | $ 0 |
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 48 | $ (89) | ||
Accounting Standards Update 2019-11 | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-Balance-Sheet, Credit Loss, Liability | 0 | $ 571 | ||
Commercial loans [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | 32,215 | 28,111 | ||
Other loans [Member] | Fixed rate [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | 22,028 | 15,349 | ||
Other loans [Member] | Adjustable rate [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | 2,232 | 1,946 | ||
Unused lines of credit [Member] | Fixed rate [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | 19,294 | 21,532 | ||
Unused lines of credit [Member] | Adjustable rate [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | 209,901 | 184,056 | ||
Unused overdraft protection amounts on demand and NOW accounts [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | 16,386 | 16,418 | ||
Standby letters of credit [Member] | ||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||||
Off-balance sheet risks, liability | $ 5 | $ 5 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning | $ 235,303 | $ 200,675 |
Other comprehensive income (loss), net of taxes | (1,287) | 4,950 |
Reclassifications | 169 | |
Balance ending | 233,663 | 204,072 |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning | (22,336) | (29,954) |
Balance ending | (23,454) | (25,004) |
Unrealized Losses on Available-for-Sale Debt Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning | (22,281) | (29,927) |
Other comprehensive income (loss), net of taxes | (1,287) | 4,950 |
Reclassifications | 169 | |
Balance ending | (23,399) | (24,977) |
Changes in Pension Plan Assets and Benefit Obligations | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance beginning | (55) | (27) |
Other comprehensive income (loss), net of taxes | 0 | 0 |
Reclassifications | 0 | |
Balance ending | $ (55) | $ (27) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income, Reclassification of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax benefit | $ 312 | $ 898 |
Reclassification adjustment, net of taxes | (169) | |
Unrealized Losses on Available-for-Sale Debt Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification adjustment, net of taxes | (169) | |
Unrealized Losses on Available-for-Sale Debt Securities | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Debt and Equity Securities, Gain (Loss) | (214) | 0 |
Income tax benefit | (45) | 0 |
Reclassification adjustment, net of taxes | $ (169) | $ 0 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Automatic Annual Contribution Employees Hired Before January 1, 2009 Benefit Reduction Under Certain Amendments Minimum, percent | 5% | |
Automatic Annual Contribution Employees Hired Before January 1, 2009 Due Benefit Reduction Under Certain Amendments Maximum, percent | 7% | |
Employer's matching contribution to 401(k) of employees hired on or after January 1, 2009, percent | 50% | |
Maximum annual contribution per employee, percent | 3% | |
Funding and administrative costs of noncontributory defined benefit retirement plan and 401(k) plan [Abstract] | ||
401(k) plan | $ 220 | $ 200 |
Qualified noncontributory defined benefit retirement plan [Member] | ||
Funding and administrative costs of noncontributory defined benefit retirement plan and 401(k) plan [Abstract] | ||
Qualified noncontributory defined benefit retirement plan | 327 | 339 |
Components of net periodic pension cost [Abstract] | ||
Interest cost | $ 18 | $ 19 |
Stock Based Compensation, Addit
Stock Based Compensation, Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance (in shares) | shares | 450,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock compensation costs not yet recognized | $ | $ 1,189,000 |
Compensation costs not yet recognized, period for recognition | 4 years 10 months 24 days |
Stock Based Compensation , Rest
Stock Based Compensation , Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares | ||
Outstanding at beginning of period (in shares) | 79,017 | 58,314 |
Granted (in shares) | 41,703 | 44,150 |
Vested (in shares) | 36,127 | 21,624 |
Forfeited (in shares) | 0 | 0 |
Outstanding at end of period (in shares) | 84,593 | 80,840 |
Weighted Average Grant Date Fair Value | ||
Outstanding at beginning of period (usd per share) | $ 17.94 | $ 17.99 |
Granted (usd per share) | 13.87 | 17.84 |
Vested (usd per share) | 16.39 | 17.86 |
Forfeited (usd per share) | 0 | 0 |
Outstanding at end of period (usd per share) | $ 16.59 | $ 17.94 |
Stock Based Compensation Restri
Stock Based Compensation Restricted Stock Awards Expense Informations (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 315 | $ 316 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 66 | $ 66 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 1,915 | $ 4,157 |
Less allocation of earnings and dividends to participating securities | 12 | 30 |
Net income allocated to common shareholders | $ 1,903 | $ 4,127 |
Weighted average common shares outstanding, gross (in shares) | 13,196,895 | 11,270,010 |
Less average participating securities (in shares) | 84,593 | 80,840 |
Weighted average number of shares outstanding used in the calculation of basic earnings per common share (in shares) | 13,112,302 | 11,189,170 |
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share (in shares) | 13,112,302 | 11,189,170 |
Earnings per common share: | ||
Basic (usd per share) | $ 0.15 | $ 0.37 |
Diluted (usd per share) | $ 0.15 | $ 0.37 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | $ 1,334 | $ 1,336 |
Debt securities, available-for-sale, at fair value | 262,786 | 276,601 |
Carrying Amount [Member] | ||
Nonrecurring fair value measurements: [Abstract] | ||
Long-term debt | 162,638 | 113,123 |
Short-term borrowings | 10,000 | 97,395 |
Fair Value [Member] | ||
Nonrecurring fair value measurements: [Abstract] | ||
Long-term debt | 161,588 | 112,986 |
Short-term borrowings | 10,000 | 97,395 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Nonrecurring fair value measurements: [Abstract] | ||
Long-term debt | 0 | 0 |
Short-term borrowings | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Nonrecurring fair value measurements: [Abstract] | ||
Long-term debt | 161,588 | 112,986 |
Short-term borrowings | 10,000 | 97,395 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Nonrecurring fair value measurements: [Abstract] | ||
Long-term debt | 0 | 0 |
Short-term borrowings | 0 | 0 |
Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 264,120 | 277,937 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 69,140 | 69,538 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 194,980 | 208,399 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Nonrecurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Fair Value | 1,483 | 0 |
Nonrecurring fair value measurements: [Abstract] | ||
Individually evaluated loans | 1,483 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Fair Value | 0 | 0 |
Nonrecurring fair value measurements: [Abstract] | ||
Individually evaluated loans | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Fair Value | 0 | 0 |
Nonrecurring fair value measurements: [Abstract] | ||
Individually evaluated loans | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Fair Value | 1,483 | 0 |
Nonrecurring fair value measurements: [Abstract] | ||
Individually evaluated loans | 1,483 | 0 |
U.S. Treasury notes | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 67,806 | 68,202 |
U.S. Treasury notes | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 67,806 | 68,202 |
U.S. Treasury notes | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 67,806 | 68,202 |
U.S. Treasury notes | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
U.S. Treasury notes | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
U.S. Agency notes | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 80,590 | 80,901 |
U.S. Agency notes | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 80,590 | 80,901 |
U.S. Agency notes | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
U.S. Agency notes | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 80,590 | 80,901 |
U.S. Agency notes | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
U.S. Agency mortgage-backed securities | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 69,793 | 72,790 |
U.S. Agency mortgage-backed securities | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 69,793 | 72,790 |
U.S. Agency mortgage-backed securities | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
U.S. Agency mortgage-backed securities | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 69,793 | 72,790 |
U.S. Agency mortgage-backed securities | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Non-taxable Municipal securities [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 4,403 | 7,171 |
Non-taxable Municipal securities [Member] | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 4,403 | 7,171 |
Non-taxable Municipal securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Non-taxable Municipal securities [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 4,403 | 7,171 |
Non-taxable Municipal securities [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Taxable Municipal securities [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 33,568 | 41,003 |
Taxable Municipal securities [Member] | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 33,568 | 41,003 |
Taxable Municipal securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Taxable Municipal securities [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 33,568 | 41,003 |
Taxable Municipal securities [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Mutual funds [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 1,236 | 1,240 |
Mutual funds [Member] | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | |
Mutual funds [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | |
Mutual funds [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | |
Mutual funds [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | |
Mutual Funds Measured At Net Asset Value [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 1,236 | 1,240 |
Mutual Funds Measured At Net Asset Value [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | 0 |
Mutual Funds Measured At Net Asset Value [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | 0 |
Equity securities [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 98 | 96 |
Equity securities [Member] | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 98 | 96 |
Equity securities [Member] | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 98 | 96 |
Equity securities [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | 0 |
Equity securities [Member] | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Equity securities with a readily determinable fair value, at fair value | 0 | 0 |
Corporate Debt Securities | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 6,626 | 6,534 |
Corporate Debt Securities | Recurring [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 6,626 | 6,534 |
Corporate Debt Securities | Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 0 | 0 |
Corporate Debt Securities | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | 6,626 | 6,534 |
Corporate Debt Securities | Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Recurring fair value measurement [Abstract] | ||
Debt securities, available-for-sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements, Quanti
Fair Value Measurements, Quantitative Information About Unobservable Inputs Used In Recurring And Nonrecurring Level 3 Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Net income | $ 1,915 | $ 4,157 | |
Less allocation of earnings and dividends to participating securities | 12 | 30 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,903 | $ 4,127 | |
Weighted average common shares outstanding, gross (in shares) | 13,196,895 | 11,270,010 | |
Less average participating securities (in shares) | 84,593 | 80,840 | |
Basic (in shares) | 13,112,302 | 11,189,170 | |
Nonrecurring [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 1,483 | $ 0 | |
Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | 1,483 | $ 0 | |
Nonrecurring [Member] | Impaired Loans, Fair Value Calculated Using Estimated Sales Price [Domain] | Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 1,483 |
Fair Value Measurements, By Bal
Fair Value Measurements, By Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
FINANCIAL ASSETS: | ||
Equity securities with a readily determinable fair value, at fair value | $ 1,334 | $ 1,336 |
Debt securities, held-to-maturity, net | 15,511 | 15,679 |
Accrued interest receivable | 9,115 | 8,405 |
Carrying Amount [Member] | ||
FINANCIAL ASSETS: | ||
Cash and cash equivalents | 32,951 | 39,723 |
Debt securities, held-to-maturity, net | 16,746 | 16,858 |
Loans, net | 1,645,797 | 1,712,946 |
Accrued interest receivable | 9,115 | 8,405 |
FINANCIAL LIABILITIES: | ||
Deposits | 1,858,493 | 1,824,389 |
Long-term debt | 162,638 | 113,123 |
Accrued interest payable | 1,972 | 1,697 |
Fair Value [Member] | ||
FINANCIAL ASSETS: | ||
Cash and cash equivalents | 32,951 | 39,723 |
Debt securities, held-to-maturity, net | 16,923 | 15,679 |
Loans, net | 1,460,905 | 1,534,406 |
Accrued interest receivable | 9,115 | 8,405 |
FINANCIAL LIABILITIES: | ||
Deposits | 1,858,750 | 1,824,105 |
Long-term debt | 161,588 | 112,986 |
Accrued interest payable | 1,972 | 1,697 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
FINANCIAL ASSETS: | ||
Cash and cash equivalents | 32,951 | 39,723 |
Debt securities, held-to-maturity, net | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FINANCIAL LIABILITIES: | ||
Deposits | 1,447,549 | 1,485,418 |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
FINANCIAL ASSETS: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities, held-to-maturity, net | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 9,115 | 8,405 |
FINANCIAL LIABILITIES: | ||
Deposits | 411,201 | 338,687 |
Long-term debt | 161,588 | 112,986 |
Accrued interest payable | 1,972 | 1,697 |
Significant Unobservable Inputs (Level 3) [Member] | ||
FINANCIAL ASSETS: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities, held-to-maturity, net | 16,923 | 15,679 |
Loans, net | 1,460,905 | 1,534,406 |
Accrued interest receivable | 0 | 0 |
FINANCIAL LIABILITIES: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |