Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIZN | |
Entity Registrant Name | CITIZENS HOLDING COMPANY | |
Entity Central Index Key | 0001075706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Incorporation, State or Country Code | MS | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Address, State or Province | MS | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.20 par value | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,603,570 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-15375 | |
Entity Tax Identification Number | 64-0666512 | |
Entity Address, Address Line One | 521 Main Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, Postal Zip Code | 39350 | |
City Area Code | 601 | |
Local Phone Number | 656-4692 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 13,256 | $ 10,673 |
Interest bearing deposits with other banks | 22,532 | 68,563 |
Cash and cash equivalents | 35,788 | 79,236 |
Investment securities held-to-maturity, at amortized cost | 411,859 | 0 |
Investment securities available-for-sale, at fair value | 198,547 | 631,835 |
Loans held for investment (LHFI), net of unearned income | 578,665 | 571,847 |
Less allowance for loan losses, LHFI | 5,068 | 4,513 |
Net LHFI | 573,597 | 567,334 |
Premises and equipment, net | 27,802 | 26,661 |
Other real estate owned, net | 1,328 | 2,475 |
Accrued interest receivable | 4,281 | 4,171 |
Cash surrender value of life insurance | 25,544 | 25,679 |
Deferred tax assets, net | 31,492 | 6,279 |
Identifiable intangible assets, net | 13,468 | 13,551 |
Other assets | 4,772 | 4,088 |
Total assets | 1,328,478 | 1,361,309 |
Deposits | ||
Non-interest bearing deposits | 308,538 | 302,707 |
Interest bearing deposits | 826,398 | 809,185 |
Total deposits | 1,134,936 | 1,111,892 |
Securities sold under agreement to repurchase | 129,919 | 112,760 |
Borrowings on secured line of credit | 18,000 | 18,000 |
Accrued interest payable | 503 | 328 |
Deferred compensation payable | 9,791 | 9,543 |
Other liabilities | 2,692 | 2,886 |
Total liabilities | 1,295,841 | 1,255,409 |
Shareholders' equity | ||
Common stock, $0.20 par value, 22,500,000 shares authorized, Issued and outstanding: 5,603,570 shares - September 30, 2022; 5,595,320 shares - December 31, 2021 | 1,121 | 1,120 |
Additional paid-in capital | 18,409 | 18,293 |
Accumulated other comprehensive loss, net of tax benefit of $29,355 at September 30, 2022 and $3,921 at December 31, 2021 | (88,299) | (11,795) |
Retained earnings | 101,406 | 98,282 |
Total shareholders' equity | 32,637 | 105,900 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,328,478 | $ 1,361,309 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.2 | $ 0.2 |
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 5,603,570 | 5,595,320 |
Common stock, shares outstanding | 5,603,570 | 5,595,320 |
Accumulated other comprehensive (loss) income, net of tax benefit (expense) | $ 29,355,000 | $ 3,921,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 6,855 | $ 7,666 | $ 19,891 | $ 23,714 |
Interest on securities | ||||
Taxable | 2,130 | 1,433 | 5,728 | 2,950 |
Non-taxable | 1,057 | 642 | 2,987 | 1,947 |
Other interest | 80 | 21 | 130 | 46 |
Total interest income | 10,122 | 9,762 | 28,736 | 28,657 |
INTEREST EXPENSE | ||||
Deposits | 496 | 951 | 1,580 | 3,403 |
Other borrowed funds | 577 | 209 | 1,057 | 525 |
Total interest expense | 1,073 | 1,160 | 2,637 | 3,928 |
NET INTEREST INCOME | 9,049 | 8,602 | 26,099 | 24,729 |
(REVERSAL OF) PROVISION FOR LOAN LOSSES | (53) | 968 | 96 | 1,287 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 9,102 | 7,634 | 26,003 | 23,442 |
OTHER INCOME | ||||
Net gains on sales of securities | 0 | 459 | 0 | 1,378 |
Other operating income | 747 | 748 | 2,012 | 2,402 |
Total other income | 2,877 | 3,294 | 8,173 | 9,515 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 4,506 | 4,716 | 13,357 | 13,869 |
Occupancy expense | 1,968 | 1,740 | 5,454 | 5,348 |
Other expense | 2,462 | 2,285 | 6,858 | 6,974 |
Total other expenses | 8,936 | 8,741 | 25,669 | 26,191 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 3,043 | 2,187 | 8,507 | 6,766 |
PROVISION FOR INCOME TAXES | 463 | 307 | 1,350 | 1,082 |
NET INCOME | $ 2,580 | $ 1,880 | $ 7,157 | $ 5,684 |
NET INCOME PER SHARE -Basic | $ 0.46 | $ 0.34 | $ 1.28 | $ 1.02 |
NET INCOME PER SHARE -Diluted | 0.46 | 0.34 | 1.28 | 1.02 |
DIVIDENDS PAID PER SHARE | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Deposit Account [Member] | ||||
OTHER INCOME | ||||
Other income | $ 1,019 | $ 952 | $ 2,931 | $ 2,534 |
Financial Service, Other [Member] | ||||
OTHER INCOME | ||||
Other income | $ 1,111 | $ 1,135 | $ 3,230 | $ 3,201 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,580 | $ 1,880 | $ 7,157 | $ 5,684 |
Other comprehensive income (loss) | ||||
Unrealized holding gains (losses) during the period | 6,805 | (4,149) | (102,377) | (19,959) |
Income tax effect | (1,698) | 1,036 | 25,543 | 4,980 |
Net unrealized gains (losses) | 5,107 | (3,113) | (76,834) | (14,979) |
Amortization of net unrealized losses transferred during the period | 439 | 0 | 439 | 0 |
Income tax effect | (109) | 0 | (109) | 0 |
Net unrealized losses | 330 | 0 | 330 | 0 |
Reclassification adjustment for gains included in net income | 0 | 459 | 0 | 1,378 |
Income tax effect | 0 | (115) | 0 | (344) |
Net gains included in net income | 0 | 344 | 0 | 1,034 |
Total other comprehensive income (loss) | 5,437 | (2,769) | (76,504) | (13,945) |
Comprehensive income (loss) | $ 8,017 | $ (889) | $ (69,347) | $ (8,261) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Net cash provided by operating activities | $ 10,864 | $ 14,910 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities, paydowns and calls of securities available-for-sale | 36,692 | 132,774 |
Proceeds from maturities, paydowns and calls of securities held-to-maturity | 2,332 | 0 |
Proceeds from sale of investment securities | 0 | 500,685 |
Purchases of investment securities | (122,120) | (551,765) |
Purchases of bank premises and equipment | (2,211) | (2,232) |
Net change in FHLB stock | (784) | 503 |
Proceeds from sales of bank premises and equipment | 0 | 492 |
Proceeds from sale of other real estate owned | 1,155 | 3,263 |
Proceeds from death benefit of bank-owned life insurance | 813 | 1,162 |
Net change in loans | (6,359) | 37,276 |
Net cash (used in) provided by investing activities | (90,482) | 122,158 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 23,044 | 18,789 |
Net change in securities sold under agreement to repurchase | 17,159 | (93,211) |
Proceeds from borrowings on secured line of credit | 0 | 18,000 |
Payment of FHLB advances | 0 | (25,000) |
Payment of dividends | (4,033) | (4,027) |
Net cash provided by (used in) financing activities | 36,170 | (85,449) |
Net (decrease) increase in cash and cash equivalents | (43,448) | 51,619 |
Cash and cash equivalents, beginning of period | 79,236 | 42,308 |
Cash and cash equivalents, end of period | $ 35,788 | $ 93,927 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Business and Summary of Significant Accounting Policies (in thousands, except share and per share data) Nature of Business Citizens Holding Company (referred to herein as the “Company”) owns and operates The Citizens Bank of Philadelphia (the “Bank”). In addition to full service commercial banking, the Bank offers title insurance services through an affiliate, Title Services LLC. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Company. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central Mississippi, along with southern and northern counties of Mississippi and their surrounding areas. Services are provided at multiple branch offices. Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2022 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, The Citizens Bank of Philadelphia (the “Bank”). All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Company, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Company’s Annual Report on Form 10-K Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, or other real estate owned (“OREO”). In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13 2016-13 2016-13 2016-13 2016-13 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 2. Commitments and Contingent Liabilities (in thousands) In the ordinary course of business, the Company enters into commitments to extend credit to its customers. The unused portion of these commitments is not reflected in the accompanying financial statements. As of September 30, 2022, the Company had entered into loan commitments with certain customers with an aggregate unused balance of $78,535 compared to an aggregate unused balance of $112,292 at December 31, 2021. There were $5,432 of letters of credit outstanding at September 30, 2022 and $4,432 at December 31, 2021. The fair value of such commitments is not considered material because letters of credit and loan commitments often are not used in their entirety, if at all, before they expire. The balances of such letters and commitments should not be used to project actual future liquidity requirements. However, the Company does incorporate expectations about the utilization under its credit-related commitments into its asset and liability management program. The Company is a party to lawsuits and other claims that arise in the ordinary course of business, all of which are being vigorously contested. In the regular course of business, management evaluates estimated losses or costs related to litigation, and provisions are made for anticipated losses whenever management believes that such losses are probable and can be reasonably estimated. At the present time, management believes, based on the advice of legal counsel, that the final resolution of pending legal proceedings will not likely have a material impact on the Company’s consolidated financial condition or results of operations. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 3. Net Income per Share (in thousands, except share and per share data) Net income per share - basic has been computed based on the weighted average number of shares outstanding during each period. Net income per share - diluted has been computed based on the weighted average number of shares outstanding during each period plus the dilutive effect of outstanding stock options and restricted stock using the treasury stock method. Net income per share was computed as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Basic weighted average shares outstanding 5,595,320 5,587,070 5,591,771 5,583,491 Dilutive effect of granted options — — — 244 Diluted weighted average shares outstanding 5,595,320 5,587,070 5,591,771 5,583,735 Net income $ 2,580 $ 1,880 $ 7,157 $ 5,684 Net income per share-basic $ 0.46 $ 0.34 $ 1.28 $ 1.02 Net income per share-diluted $ 0.46 $ 0.34 $ 1.28 $ 1.02 |
Equity Compensation Plans
Equity Compensation Plans | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | Note 4. Equity Compensation Plans (in thousands, except per share data) The Company has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Company intends to use for future equity grants to employees, directors or consultants until the termination or expiration of the 2013 Plan. Prior to the adoption of the 2013 Plan, the Company issued awards to directors from the 1999 Directors’ Stock Compensation Plan (the “Directors’ Plan”), which has expired. The following table is a summary of the stock option activity for the nine months ended September 30, 2022: Directors’ Plan 2013 Plan Number Weighted Number Weighted Outstanding at December 31, 2021 9,000 $ 18.76 — $ — Granted — — — — Exercised — — — — Expired (9,000 ) 18.76 — — Outstanding at September 30, 2022 — $ — — $ — The remaining outstanding options under the Directors’ Plan expired on April 25, 2022. No options were outstanding under the 2013 Plan as of September 30, 2022. During 2022, the Company’s directors received restricted stock grants totaling 8,250 shares of common stock under the 2013 Plan. These grants vest over a one-year one-year |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes (in thousands) For the three months ended September 30, 2022 and 2021, the Company recorded a provision for income taxes totaling $ 463 307 15.22 14.04 For the nine months ended September 30, 2022 and 2021, the Company recorded a provision for income taxes totaling $1,350 and $1,082, respectively. The effective tax rate was 15.87% and 15.99% for the nine months ending September 30, 2022 and 2021, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences primarily related to tax free municipal investments. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 6. Securities (in thousands) The amortized cost and estimated fair value of securities available-for-sale Gross Gross September 30, 2022 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available-for-sale Mortgage backed securities $ 109,734 $ — $ 11,314 $ 98,420 State, County, Municipals 135,147 2 35,461 99,688 Other securities 500 $ — $ 61 $ 439 Total $ 245,381 $ 2 $ 46,836 $ 198,547 Gross Gross December 31, 2021 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 4,969 $ — $ 269 $ 4,700 Mortgage backed securities 411,729 42 12,180 399,591 State, County, Municipals 230,359 700 4,008 227,051 Other securities 500 — 7 493 Total $ 647,557 $ 742 $ 16,464 $ 631,835 The amortized cost and estimated fair value of securities held-to-maturity Gross Gross September 30, 2022 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities held-to-maturity Obligations of U.S. Government agencies $ 3,986 $ — $ 351 $ 3,635 Mortgage backed securities 315,055 — 27,947 287,108 State, County, Municipals 92,818 — 10,828 81,990 Total $ 411,859 $ — $ 39,126 $ 372,733 During the third quarter of 2022, the Company reclassified $413,921 of securities available-for-sale held-to-maturity. The securities were transferred at fair value, which became the cost basis for the securities held-to-maturity. $-0- At September 30, 2022 and December 31, 2021, securities with a carrying value of $515,029 and $371,190, respectively, were pledged to secure government and public deposits and securities sold under agreement to repurchase. The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2022 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 222 $ 220 $ — $ — Due after one year through five years 3,150 3,018 — — Due after five years through ten years 4,927 4,360 — — Due after ten years 127,348 92,529 96,804 85,625 Residential mortgage backed securities 96,910 85,914 253,051 229,505 Commercial mortgage backed securities 12,824 12,506 62,004 57,603 Total $ 245,381 $ 198,547 $ 411,859 $ 372,733 The tables below show the Company’s gross unrealized losses and fair value of available-for-sale held-to-maturity held-to-maturity A summary of unrealized loss information for securities available-for-sale held-to-maturity, September 30, 2022 Available-for-sale Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Mortgage backed securities $ 72,062 $ 4,596 $ 26,358 $ 6,718 $ 98,420 $ 11,314 State, County, Municipal 58,858 17,787 39,300 17,674 98,158 35,461 Total $ 130,920 $ 22,383 $ 65,658 $ 24,392 $ 196,578 $ 46,775 Held-to-maturity Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ — $ — $ 3,635 $ 351 $ 3,635 $ 351 Mortgage backed securities 47,295 4,688 239,815 23,259 287,110 27,947 State, County, Municipal 59,325 8,193 22,665 2,635 81,990 10,828 Total $ 106,620 $ 12,881 $ 266,115 $ 26,245 $ 372,735 $ 39,126 December 31, 2021 Available-for-sale Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ 4,700 $ 269 $ — $ — $ 4,700 $ 269 Mortgage backed securities 376,644 11,535 19,986 645 396,630 12,180 State, County, Municipal 175,520 3,997 119 11 175,639 4,008 Total $ 556,864 $ 15,801 $ 20,105 $ 656 $ 576,969 $ 16,457 The Company’s unrealized losses on its obligations of United States government agencies, mortgage-backed securities, other securities and state, county and municipal bonds are the result of an upward trend in interest rates since purchase, mainly in the mid-term |
Loans held for investment
Loans held for investment | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans held for investment | Note 7. Loans held for investment (in thousands, except number of loans) The composition of net loans at September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 December 31, 2021 Real Estate: Land Development and Construction $ 96,143 $ 71,898 Farmland 12,012 13,114 1-4 92,111 98,525 Commercial Real Estate 274,300 281,239 Total Real Estate Loans 474,566 464,776 Business Loans: Commercial and Industrial Loans (1) 88,012 92,501 Farm Production and Other Farm Loans 523 621 Total Business Loans 88,535 93,122 Consumer Loans: Credit Cards 2,531 1,963 Other Consumer Loans 13,033 11,986 Total Consumer Loans 15,564 13,949 Total Gross Loans 578,665 571,847 Allowance for Loan Losses (5,068 ) (4,513 ) Loans, net $ 573,597 $ 567,334 (1) Includes PPP loans of $274 and $5,789 as of September 30, 2022 and December 31, 2021, respectively. Loans are considered to be past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status, when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether such loans are considered past due. When interest accruals are discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Period-end, September 30, 2022 December 31, 2021 Real Estate: Land Development and Construction $ — $ 171 Farmland 97 118 1-4 1,726 1,891 Commercial Real Estate 968 1,249 Total Real Estate Loans 2,791 3,429 Business Loans: Commercial and Industrial Loans 270 386 Farm Production and Other Farm Loans — 3 Total Business Loans 270 389 Consumer Loans: Other Consumer Loans 26 8 Total Consumer Loans 26 8 Total Nonaccrual Loans $ 3,087 $ 3,826 An aging analysis of past due loans, segregated by class, as of September 30, 2022, was as follows: Accruing Loans 30-89 Days Loans Total Past Current Total Loans Real Estate: Land Development and Construction $ 392 $ — $ 392 $ 95,751 $ 96,143 $ — Farmland 170 — 170 11,842 12,012 — 1-4 1,397 210 1,607 90,504 92,111 — Commercial Real Estate 347 574 921 273,379 274,300 — Total Real Estate Loans 2,306 784 3,090 471,476 474,566 — Business Loans: Commercial and Industrial Loans 190 266 456 87,556 88,012 — Farm Production and Other Farm Loans 5 — 5 518 523 — Total Business Loans 195 266 461 88,074 88,535 — Consumer Loans: Credit Cards 61 14 75 2,456 2,531 14 Other Consumer Loans 142 23 165 12,868 13,033 — Total Consumer Loans 203 37 240 15,324 15,564 14 Total Loans $ 2,704 $ 1,087 $ 3,791 $ 574,874 $ 578,665 $ 14 An aging analysis of past due loans, segregated by class, as of December 31, 2021 was as follows: Loans 30-89 Days Loans Total Past Current Total Accruing Real Estate: Land Development and Construction $ 6 $ — $ 6 $ 71,892 $ 71,898 $ — Farmland 130 33 163 12,951 13,114 — 1-4 1,678 292 1,970 96,555 98,525 140 Commercial Real Estate 157 570 727 280,512 281,239 — Total Real Estate Loans 1,971 895 2,866 461,910 464,776 140 Business Loans: Commercial and Industrial Loans 205 376 581 91,920 92,501 — Farm Production and Other Farm Loans 3 — 3 618 621 — Total Business Loans 208 376 584 92,538 93,122 — Consumer Loans: Credit Cards 35 12 47 1,916 1,963 12 Other Consumer Loans 76 2 78 11,908 11,986 2 Total Consumer Loans 111 14 125 13,824 13,949 14 Total Loans $ 2,290 $ 1,285 $ 3,575 $ 568,272 $ 571,847 $ 154 Loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. In determining which loans to evaluate for impairment, management looks at all loans over $100 that are past due loans, bankruptcy filings and any situation that might lend itself to cause a borrower to be unable to repay the loan according to the original agreement terms. If a loan is determined to be impaired and the collateral is deemed to be insufficient to fully repay the loan, a specific reserve will be established. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured by the impaired loan having sufficient collateral, in which case interest is recognized on a cash basis. Impaired loans or portions thereof, are charged-off Impaired loans as of September 30, 2022, segregated by class, were as follows: Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ 86 Farmland 30 30 — 30 — 32 1-4 343 343 — 343 — 555 Commercial Real Estate 1,075 913 — 913 — 1,022 Total Real Estate Loans 1,448 1,286 — 1,286 — $ 1,695 Business Loans: Commercial and Industrial Loans 304 196 — 196 — $ 214 Total Business Loans 304 196 — 196 — $ 214 Total Loans $ 1,752 $ 1,482 $ — $ 1,482 $ — $ 1,909 Impaired loans as of December 31, 2021, segregated by class, were as follows: Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ 171 $ 171 $ — $ 171 $ — $ 240 Farmland 33 33 — 33 — 72 1-4 767 767 — 767 — 892 Commercial Real Estate 1,294 1,019 112 1,131 3 3,479 Total Real Estate Loans 2,265 1,990 112 2,102 3 $ 4,683 Business Loans: Commercial and Industrial Loans 304 72 160 232 36 $ 323 Total Business Loans 304 72 160 232 36 $ 323 Total Loans $ 2,569 $ 2,062 $ 272 $ 2,334 $ 39 $ 5,006 The Company did not have any new troubled debt restructurings as of September 30, 2022 or December 31, 2021. Changes in the Company’s troubled debt restructurings are set forth in the table below: Number Recorded Totals at January 1, 2021 3 $ 2,113 Reductions due to: Principal paydowns (112 ) Reclassification to OREO 2 (1,788 ) Totals at December 31, 2021 1 $ 213 Reductions due to: Principal paydowns (73 ) Total at September 30, 2022 1 $ 140 The allocated allowance for loan losses attributable to restructured loans was $-0- The Company utilizes a risk grading matrix to assign a risk grade to each of its loans when originated and is updated as factors related to the strength of the loan changes. Loans are graded on a scale of 1 to 9. A description of the general characteristics of the 9 risk grades is as follows. Grade 1. MINIMAL RISK - These loans are without loss exposure to the Company. This classification is reserved for only the best, well secured loans to borrowers with significant capital strength, low leverage, stable earnings and growth and other readily available financing alternatives. This type of loan would also include loans secured by a program of the government. Grade 2. MODEST RISK - These loans include borrowers with solid credit quality and moderate risk of loss. These loans may be fully secured by certificates of deposit with another reputable financial institution or secured by readily marketable securities with acceptable margins. Grade 3. AVERAGE RISK - This is the rating assigned to most of the loans held by the Company. This includes loans with average loss exposure and average overall quality. These loans should liquidate through possessing adequate collateral and adequate earnings of the borrower. In addition, these loans are properly documented and are in accordance with all aspects of the current loan policy. Grade 4. ACCEPTABLE RISK - Borrower generates sufficient cash flow to fund debt service but most working asset and capital expansion needs are provided from external sources. Profitability and key balance sheet ratios are usually close to peers but one or more may not align with peers. Grade 5. MANAGEMENT ATTENTION - Borrower has potential weaknesses resulting from performance trends or management concerns. The financial condition of the borrower has taken a negative turn and may be temporarily strained. Cash flow is weak but cash reserves remain adequate to meet debt service. Management weakness is evident. Grade 6. OTHER LOANS ESPECIALLY MENTIONED (“OLEM”) - Loans in this category are fundamentally sound but possess some weaknesses. OLEM loans have weaknesses, which may, if not checked or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. These loans have an identifiable weakness in credit, collateral, or repayment ability but there is no expectation of loss. Grade 7. SUBSTANDARD ASSETS - Assets classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness based upon objective evidence. Assets classified as substandard are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. The possibility that liquidation would not be timely requires a substandard classification even if there is little likelihood of total loss. Grade 8. DOUBTFUL - A loan classified as doubtful has all the weaknesses of a substandard classification and the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. A doubtful classification could reflect the fact that the primary source of repayment is gone and serious doubt exists as to the quality of a secondary source of repayment. Grade 9. LOSS - Loans classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. Also included in this classification is the defined loss portion of loans rated substandard assets and doubtful assets. These internally assigned grades are updated on a continual basis throughout the course of the year and represent management’s most updated judgment regarding grades at September 30, 2022. The following table details the amount of gross loans, segregated by loan grade and class, as of September 30, 2022: Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 94,219 $ 1,620 $ 304 $ — $ — $ 96,143 Farmland 11,394 275 343 — — 12,012 1-4 85,672 1,975 4,464 — — 92,111 Commercial Real Estate 234,368 5,746 34,186 — — 274,300 Total Real Estate Loans 425,653 9,616 39,297 — — 474,566 Business Loans: Commercial and Industrial Loans 86,664 751 597 — — 88,012 Farm Production and Other Farm Loans 518 — 5 — — 523 Total Business Loans 87,182 751 602 — — 88,535 Consumer Loans: Credit Cards 2,456 — 75 — — 2,531 Other Consumer Loans 12,965 10 58 — — 13,033 Total Consumer Loans 15,421 10 133 — — 15,564 Total Loans $ 528,256 $ 10,377 $ 40,032 $ — $ — $ 578,665 The following table details the amount of gross loans segregated by loan grade and class, as of December 31, 2021: Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 69,758 $ 1,547 $ 593 $ — $ — $ 71,898 Farmland 12,365 297 452 — — 13,114 1-4 89,120 3,590 5,815 — — 98,525 Commercial Real Estate 238,561 8,055 34,623 — — 281,239 Total Real Estate Loans 409,804 13,489 41,483 — — 464,776 Business Loans: Commercial and Industrial Loans 85,138 1,483 5,877 — 3 92,501 Farm Production and Other Farm Loans 606 — 12 — 3 621 Total Business Loans 85,744 1,483 5,889 — 6 93,122 Consumer Loans: Credit Cards 1,916 — 47 — — 1,963 Other Consumer Loans 11,903 20 58 3 2 11,986 Total Consumer Loans 13,819 20 105 3 2 13,949 Total Loans $ 509,367 $ 14,992 $ 47,477 $ 3 $ 8 $ 571,847 |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2022 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract] | |
Allowance for Loan Losses | Note 8. Allowance for Loan Losses (in thousands) The allowance for loan losses is established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The allowance on the majority of the loan portfolio is calculated using a historical chargeoff percentage applied to the current loan balances by loan segment. This historical period is the average of the previous twenty quarters with the most current quarters weighted more heavily to show the effect of the most recent chargeoff activity. This percentage is also adjusted for economic factors such as local unemployment and general business conditions, both local and nationwide. The group of loans that are considered to be impaired are individually evaluated for possible loss and a specific reserve is established to cover any loss contingency. Loans that are determined to be a loss with no benefit of remaining in the portfolio are charged off to the allowance. These specific reserves are reviewed periodically for continued impairment and adequacy of the specific reserve and are adjusted when necessary. The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2022: September 30, 2022 Real Business Consumer Total Beginning Balance, January 1, 2022 $ 3,622 $ 645 $ 246 $ 4,513 Provision for (reversal of) loan losses 231 38 (173 ) 96 Chargeoffs 7 61 57 125 Recoveries 133 26 425 584 Net (recoveries) chargeoffs (126 ) 35 (368 ) (459 ) Ending Balance $ 3,979 $ 648 $ 441 $ 5,068 Period end allowance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — Loans collectively evaluated for impairment 3,979 648 441 5,068 Ending Balance, September 30, 2022 $ 3,979 $ 648 $ 441 $ 5,068 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2021: September 30, 2021 Real Business Consumer Total Beginning Balance, January 1, 2021 $ 3,885 $ 611 $ 239 $ 4,735 Provision for loan losses 21 155 1,111 1,287 Chargeoffs 685 179 30 894 Recoveries 168 15 7 190 Net chargeoffs (recoveries) 517 164 23 704 Ending Balance $ 3,389 $ 602 $ 1,327 $ 5,318 Period end allowance allocated to: Loans individually evaluated for impairment $ 6 $ 36 $ 1,200 $ 1,242 Loans collectively evaluated for impairment 3,383 566 127 4,076 Ending Balance, September 30, 2021 $ 3,389 $ 602 $ 1,327 $ 5,318 The Company’s recorded investment in loans as of September 30, 2022 and December 31, 2021 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows: September 30, 2022 Real Business Consumer Total Loans individually evaluated for specific impairment $ 1,286 $ 196 $ — $ 1,482 Loans collectively evaluated for general impairment 473,280 88,339 15,564 577,183 $ 474,566 $ 88,535 $ 15,564 $ 578,665 December 31, 2021 Real Business Consumer Total Loans individually evaluated for specific impairment $ 2,102 $ 232 $ — $ 2,334 Loans collectively evaluated for general impairment 462,674 92,890 13,949 569,513 $ 464,776 $ 93,122 $ 13,949 $ 571,847 |
Secured Line of Credit
Secured Line of Credit | 9 Months Ended |
Sep. 30, 2022 | |
Line of Credit Facility [Abstract] | |
Secured Line of Credit | Note 9. Secured Line of Credit (in thousands) On June 9, 2021, the Company obtained a secured revolving line of credit (“Line”) in the amount of $20,000 with First Horizon Bank. The proceeds of the Line were used to enhance the Bank’s capital structure. The Line bears interest at a floating interest rate linked to WSJ Prime Rate with an initial interest rate of 3.25%, which is payable quarterly on the first day of each calendar quarter, commencing on July 1, 2021, with the final installment of interest being due and payable concurrently on the same date that the principal balance is due. As of September 30, 2022, the interest rate was 5.50%. The Line also bears an unused line fee at a rate equal to 0.25%, applied to the unused balance of the Line. The Line is fully secured by the common stock of the Bank. The Line matures on June 9, 2023, at which time all unpaid interest and principal is due and payable. September 30, 2022 December 31, 2021 Funded balance $ 18,000 $ 18,000 Unfunded balance 2,000 2,000 Total credit facility $ 20,000 $ 20,000 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Note 10. Shareholders’ Equity (in thousands, except share data) The following summarizes the activity in the capital structure of the Company: Number of Common Additional Paid-In Accumulated Retained Total Balance, January 1, 2022 5,595,320 $ 1,120 $ 18,293 $ (11,795 ) $ 98,282 $ 105,900 Net income — — — — 2,036 2,036 Dividends paid ($0.24 per share) — — — — (1,343 ) (1,343 ) Stock compensation expense — — 39 — — 39 Other comprehensive loss, net — — — (43,682 ) — (43,682 ) Balance, March 31, 2022 5,595,320 $ 1,120 $ 18,332 $ (55,477 ) $ 98,975 $ 62,950 Net income — — — — 2,541 2,541 Dividends paid ($0.24 per share) — — — — (1,345 ) (1,345 ) Restricted stock granted 8,250 1 (1 ) — — — Stock compensation expense — — 39 — — 39 Other comprehensive loss, net — — — (38,259 ) — (38,259 ) Balance, June 30, 2022 5,603,570 $ 1,121 $ 18,370 $ (93,736 ) $ 100,171 $ 25,926 Net income — — — — 2,580 2,580 Dividends paid ($0.24 per share) — — — — (1,345 ) (1,345 ) Stock compensation expense — — 39 — — 39 Other comprehensive income, net — — — 5,437 — 5,437 Balance, September 30, 2022 5,603,570 $ 1,121 $ 18,409 $ (88,299 ) $ 101,406 $ 32,637 Number of Common Additional Paid-In Accumulated Retained Total Balance, January 1, 2021 5,587,070 $ 1,118 $ 18,134 $ 4,138 $ 96,158 $ 119,548 Net income — — — — 1,897 1,897 Dividends paid ($0.24 per share) — — — — (1,341 ) (1,341 ) Stock compensation expense — — 42 — — 42 Other comprehensive loss, net — — — (13,668 ) — (13,668 ) Balance, March 31, 2021 5,587,070 $ 1,118 $ 18,176 $ (9,530 ) $ 96,714 $ 106,478 Net income — — — — 1,907 1,907 Dividends paid ($0.24 per share) — — — — (1,343 ) (1,343 ) Restricted stock granted 8,250 2 (2 ) — — — Stock compensation expense — — 40 — — 40 Other comprehensive income, net — — — 2,492 — 2,492 Balance, June 30, 2021 5,595,320 $ 1,120 $ 18,214 $ (7,038 ) $ 97,278 $ 109,574 Net income — — — — 1,880 1,880 Dividends paid ($0.24 per share) — — — — (1,343 ) (1,343 ) Stock compensation expense — — 40 — — 40 Other comprehensive loss, net — — — (2,769 ) — (2,769 ) Balance, September 30, 2021 5,595,320 $ 1,120 $ 18,254 $ (9,807 ) $ 97,815 $ 107,382 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11. Fair Value of Financial Instruments (in thousands) The fair value topic of the ASC establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. This topic also requires disclosure about how fair value was determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices in active markets for identical assets and liabilities included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active; or Level 3 Unobservable inputs for an asset or liability, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2022: Quoted Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available-for-sale Mortgage-backed securities $ — $ 98,420 $ — $ 98,420 State, county and municipal — 99,688 — 99,688 Other securities 439 — — 439 Total $ 439 $ 198,108 $ — $ 198,547 The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021: Quoted Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available-for-sale Obligations of U.S. Government Agencies $ — $ 4,700 $ — $ 4,700 Mortgage-backed securities — 399,591 — 399,591 State, county and municipal — 227,051 — 227,051 Other securities 493 — — 493 Total $ 493 $ 631,342 $ — $ 631,835 The Company recorded no gains or losses in earnings for the period ended September 30, 2022 or December 31, 2021 that were attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. Impaired Loans Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to, equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on management’s historical knowledge, changes in market conditions from the time of valuation and management knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified Level 3. The unobservable inputs may vary depending on the individual assets with the fair value of real estate based on appraised value being the predominant approach. The Company reviews the certified appraisals for appropriateness and adjusts the value downward to consider selling, closing and liquidation costs, which typically approximates 25% of the appraised value. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Other real estate owned OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. The Company reviews the third-party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically approximate 25% of the appraised value. The Company did not have any assets measured at fair value on a nonrecurring basis during 2022 that were still held on the Company’s balance sheet at September 30, 2022. For assets measured at fair value on a nonrecurring basis during 2021 that were still held on the Company’s balance sheet at December 31, 2021, the following table provides the hierarchy level and the fair value of the related assets: Quoted Identical Significant Observable Significant Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 109 $ 109 Other real estate owned — — 1,121 1,121 Total $ — $ — $ 1,230 $ 1,230 Impaired loans, whose fair value was remeasured during the period, with a carrying value of $-0- $-0- After monitoring the carrying amounts for subsequent declines or impairments after foreclosure, management determined that a fair value adjustment to OREO in the amount of $-0- The financial instruments topic of the ASC requires disclosure of financial instruments’ fair values, as well as the methodology and significant assumptions used in estimating fair values. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The financial instruments topic of the ASC excludes certain financial instruments from its disclosure requirements. The following represents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2022: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair September 30, 2022 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 13,256 $ 13,256 $ — $ — $ 13,256 Interest bearing deposits with banks 22,532 22,532 — — 22,532 Securities held-to-maturity 411,859 — 372,733 — 372,733 Securities available-for-sale 198,547 — 198,547 — 198,547 Net LHFI 573,597 — — 537,515 537,515 Financial liabilities Deposits $ 1,134,936 $ 944,513 $ 190,805 $ — $ 1,135,318 Securities sold under agreement to repurchase 129,919 129,919 — — 129,919 Borrowings on secured line of credit 18,000 18,000 — — 18,000 The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2021: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair December 31, 2021 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 10,673 $ 10,673 $ — $ — $ 10,673 Interest bearing deposits with banks 68,563 68,563 — — 68,563 Securities available-for-sale 631,835 493 631,342 — 631,835 Net LHFI 567,334 — — 554,351 554,351 Financial liabilities Deposits $ 1,111,892 $ 861,552 $ 230,590 $ — $ 1,092,142 Securities sold under agreement to repurchase 112,760 112,760 — — 112,760 Borrowings on secured line of credit 18,000 18,000 — — 18,000 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Citizens Holding Company (referred to herein as the “Company”) owns and operates The Citizens Bank of Philadelphia (the “Bank”). In addition to full service commercial banking, the Bank offers title insurance services through an affiliate, Title Services LLC. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Company. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central Mississippi, along with southern and northern counties of Mississippi and their surrounding areas. Services are provided at multiple branch offices. |
Basis of Presentation | Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2022 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, The Citizens Bank of Philadelphia (the “Bank”). All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Company, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Company’s Annual Report on Form 10-K |
Estimates | Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, or other real estate owned (“OREO”). In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. |
Recently Issued Accounting Pronouncements | Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13 2016-13 2016-13 2016-13 2016-13 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Basic weighted average shares outstanding 5,595,320 5,587,070 5,591,771 5,583,491 Dilutive effect of granted options — — — 244 Diluted weighted average shares outstanding 5,595,320 5,587,070 5,591,771 5,583,735 Net income $ 2,580 $ 1,880 $ 7,157 $ 5,684 Net income per share-basic $ 0.46 $ 0.34 $ 1.28 $ 1.02 Net income per share-diluted $ 0.46 $ 0.34 $ 1.28 $ 1.02 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table is a summary of the stock option activity for the nine months ended September 30, 2022: Directors’ Plan 2013 Plan Number Weighted Number Weighted Outstanding at December 31, 2021 9,000 $ 18.76 — $ — Granted — — — — Exercised — — — — Expired (9,000 ) 18.76 — — Outstanding at September 30, 2022 — $ — — $ — |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale | The amortized cost and estimated fair value of securities available-for-sale Gross Gross September 30, 2022 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available-for-sale Mortgage backed securities $ 109,734 $ — $ 11,314 $ 98,420 State, County, Municipals 135,147 2 35,461 99,688 Other securities 500 $ — $ 61 $ 439 Total $ 245,381 $ 2 $ 46,836 $ 198,547 Gross Gross December 31, 2021 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 4,969 $ — $ 269 $ 4,700 Mortgage backed securities 411,729 42 12,180 399,591 State, County, Municipals 230,359 700 4,008 227,051 Other securities 500 — 7 493 Total $ 647,557 $ 742 $ 16,464 $ 631,835 |
Schedule Of Amortized Cost And Estimated Fair Value Of Securities Held To Maturity | The amortized cost and estimated fair value of securities held-to-maturity Gross Gross September 30, 2022 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Securities held-to-maturity Obligations of U.S. Government agencies $ 3,986 $ — $ 351 $ 3,635 Mortgage backed securities 315,055 — 27,947 287,108 State, County, Municipals 92,818 — 10,828 81,990 Total $ 411,859 $ — $ 39,126 $ 372,733 |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2022 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 222 $ 220 $ — $ — Due after one year through five years 3,150 3,018 — — Due after five years through ten years 4,927 4,360 — — Due after ten years 127,348 92,529 96,804 85,625 Residential mortgage backed securities 96,910 85,914 253,051 229,505 Commercial mortgage backed securities 12,824 12,506 62,004 57,603 Total $ 245,381 $ 198,547 $ 411,859 $ 372,733 |
Summary of Unrealized Loss Information for Available-for-sale Securities | A summary of unrealized loss information for securities available-for-sale held-to-maturity, September 30, 2022 Available-for-sale Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Mortgage backed securities $ 72,062 $ 4,596 $ 26,358 $ 6,718 $ 98,420 $ 11,314 State, County, Municipal 58,858 17,787 39,300 17,674 98,158 35,461 Total $ 130,920 $ 22,383 $ 65,658 $ 24,392 $ 196,578 $ 46,775 Held-to-maturity Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ — $ — $ 3,635 $ 351 $ 3,635 $ 351 Mortgage backed securities 47,295 4,688 239,815 23,259 287,110 27,947 State, County, Municipal 59,325 8,193 22,665 2,635 81,990 10,828 Total $ 106,620 $ 12,881 $ 266,115 $ 26,245 $ 372,735 $ 39,126 December 31, 2021 Available-for-sale Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ 4,700 $ 269 $ — $ — $ 4,700 $ 269 Mortgage backed securities 376,644 11,535 19,986 645 396,630 12,180 State, County, Municipal 175,520 3,997 119 11 175,639 4,008 Total $ 556,864 $ 15,801 $ 20,105 $ 656 $ 576,969 $ 16,457 |
Loans held for investment (Tabl
Loans held for investment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Composition of Net Loans | The composition of net loans at September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 December 31, 2021 Real Estate: Land Development and Construction $ 96,143 $ 71,898 Farmland 12,012 13,114 1-4 92,111 98,525 Commercial Real Estate 274,300 281,239 Total Real Estate Loans 474,566 464,776 Business Loans: Commercial and Industrial Loans (1) 88,012 92,501 Farm Production and Other Farm Loans 523 621 Total Business Loans 88,535 93,122 Consumer Loans: Credit Cards 2,531 1,963 Other Consumer Loans 13,033 11,986 Total Consumer Loans 15,564 13,949 Total Gross Loans 578,665 571,847 Allowance for Loan Losses (5,068 ) (4,513 ) Loans, net $ 573,597 $ 567,334 (1) Includes PPP loans of $274 and $5,789 as of September 30, 2022 and December 31, 2021, respectively. |
Period-End, Non-Accrual Loans, Segregated by Class | Period-end, September 30, 2022 December 31, 2021 Real Estate: Land Development and Construction $ — $ 171 Farmland 97 118 1-4 1,726 1,891 Commercial Real Estate 968 1,249 Total Real Estate Loans 2,791 3,429 Business Loans: Commercial and Industrial Loans 270 386 Farm Production and Other Farm Loans — 3 Total Business Loans 270 389 Consumer Loans: Other Consumer Loans 26 8 Total Consumer Loans 26 8 Total Nonaccrual Loans $ 3,087 $ 3,826 |
Aging Analysis of Past Due Loans, Segregated by Class | An aging analysis of past due loans, segregated by class, as of September 30, 2022, was as follows: Accruing Loans 30-89 Days Loans Total Past Current Total Loans Real Estate: Land Development and Construction $ 392 $ — $ 392 $ 95,751 $ 96,143 $ — Farmland 170 — 170 11,842 12,012 — 1-4 1,397 210 1,607 90,504 92,111 — Commercial Real Estate 347 574 921 273,379 274,300 — Total Real Estate Loans 2,306 784 3,090 471,476 474,566 — Business Loans: Commercial and Industrial Loans 190 266 456 87,556 88,012 — Farm Production and Other Farm Loans 5 — 5 518 523 — Total Business Loans 195 266 461 88,074 88,535 — Consumer Loans: Credit Cards 61 14 75 2,456 2,531 14 Other Consumer Loans 142 23 165 12,868 13,033 — Total Consumer Loans 203 37 240 15,324 15,564 14 Total Loans $ 2,704 $ 1,087 $ 3,791 $ 574,874 $ 578,665 $ 14 An aging analysis of past due loans, segregated by class, as of December 31, 2021 was as follows: Loans 30-89 Days Loans Total Past Current Total Accruing Real Estate: Land Development and Construction $ 6 $ — $ 6 $ 71,892 $ 71,898 $ — Farmland 130 33 163 12,951 13,114 — 1-4 1,678 292 1,970 96,555 98,525 140 Commercial Real Estate 157 570 727 280,512 281,239 — Total Real Estate Loans 1,971 895 2,866 461,910 464,776 140 Business Loans: Commercial and Industrial Loans 205 376 581 91,920 92,501 — Farm Production and Other Farm Loans 3 — 3 618 621 — Total Business Loans 208 376 584 92,538 93,122 — Consumer Loans: Credit Cards 35 12 47 1,916 1,963 12 Other Consumer Loans 76 2 78 11,908 11,986 2 Total Consumer Loans 111 14 125 13,824 13,949 14 Total Loans $ 2,290 $ 1,285 $ 3,575 $ 568,272 $ 571,847 $ 154 |
Impaired Loans, Segregated by Class of Loans | Impaired loans as of September 30, 2022, segregated by class, were as follows: Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ 86 Farmland 30 30 — 30 — 32 1-4 343 343 — 343 — 555 Commercial Real Estate 1,075 913 — 913 — 1,022 Total Real Estate Loans 1,448 1,286 — 1,286 — $ 1,695 Business Loans: Commercial and Industrial Loans 304 196 — 196 — $ 214 Total Business Loans 304 196 — 196 — $ 214 Total Loans $ 1,752 $ 1,482 $ — $ 1,482 $ — $ 1,909 Impaired loans as of December 31, 2021, segregated by class, were as follows: Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ 171 $ 171 $ — $ 171 $ — $ 240 Farmland 33 33 — 33 — 72 1-4 767 767 — 767 — 892 Commercial Real Estate 1,294 1,019 112 1,131 3 3,479 Total Real Estate Loans 2,265 1,990 112 2,102 3 $ 4,683 Business Loans: Commercial and Industrial Loans 304 72 160 232 36 $ 323 Total Business Loans 304 72 160 232 36 $ 323 Total Loans $ 2,569 $ 2,062 $ 272 $ 2,334 $ 39 $ 5,006 |
Changes in Troubled Debt Restructurings | Changes in the Company’s troubled debt restructurings are set forth in the table below: Number Recorded Totals at January 1, 2021 3 $ 2,113 Reductions due to: Principal paydowns (112 ) Reclassification to OREO 2 (1,788 ) Totals at December 31, 2021 1 $ 213 Reductions due to: Principal paydowns (73 ) Total at September 30, 2022 1 $ 140 |
Detailed Amount of Gross Loans Segregated by Loan Grade and Class | The following table details the amount of gross loans, segregated by loan grade and class, as of September 30, 2022: Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 94,219 $ 1,620 $ 304 $ — $ — $ 96,143 Farmland 11,394 275 343 — — 12,012 1-4 85,672 1,975 4,464 — — 92,111 Commercial Real Estate 234,368 5,746 34,186 — — 274,300 Total Real Estate Loans 425,653 9,616 39,297 — — 474,566 Business Loans: Commercial and Industrial Loans 86,664 751 597 — — 88,012 Farm Production and Other Farm Loans 518 — 5 — — 523 Total Business Loans 87,182 751 602 — — 88,535 Consumer Loans: Credit Cards 2,456 — 75 — — 2,531 Other Consumer Loans 12,965 10 58 — — 13,033 Total Consumer Loans 15,421 10 133 — — 15,564 Total Loans $ 528,256 $ 10,377 $ 40,032 $ — $ — $ 578,665 The following table details the amount of gross loans segregated by loan grade and class, as of December 31, 2021: Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 69,758 $ 1,547 $ 593 $ — $ — $ 71,898 Farmland 12,365 297 452 — — 13,114 1-4 89,120 3,590 5,815 — — 98,525 Commercial Real Estate 238,561 8,055 34,623 — — 281,239 Total Real Estate Loans 409,804 13,489 41,483 — — 464,776 Business Loans: Commercial and Industrial Loans 85,138 1,483 5,877 — 3 92,501 Farm Production and Other Farm Loans 606 — 12 — 3 621 Total Business Loans 85,744 1,483 5,889 — 6 93,122 Consumer Loans: Credit Cards 1,916 — 47 — — 1,963 Other Consumer Loans 11,903 20 58 3 2 11,986 Total Consumer Loans 13,819 20 105 3 2 13,949 Total Loans $ 509,367 $ 14,992 $ 47,477 $ 3 $ 8 $ 571,847 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract] | |
Allowance for Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2022: September 30, 2022 Real Business Consumer Total Beginning Balance, January 1, 2022 $ 3,622 $ 645 $ 246 $ 4,513 Provision for (reversal of) loan losses 231 38 (173 ) 96 Chargeoffs 7 61 57 125 Recoveries 133 26 425 584 Net (recoveries) chargeoffs (126 ) 35 (368 ) (459 ) Ending Balance $ 3,979 $ 648 $ 441 $ 5,068 Period end allowance allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — Loans collectively evaluated for impairment 3,979 648 441 5,068 Ending Balance, September 30, 2022 $ 3,979 $ 648 $ 441 $ 5,068 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2021: September 30, 2021 Real Business Consumer Total Beginning Balance, January 1, 2021 $ 3,885 $ 611 $ 239 $ 4,735 Provision for loan losses 21 155 1,111 1,287 Chargeoffs 685 179 30 894 Recoveries 168 15 7 190 Net chargeoffs (recoveries) 517 164 23 704 Ending Balance $ 3,389 $ 602 $ 1,327 $ 5,318 Period end allowance allocated to: Loans individually evaluated for impairment $ 6 $ 36 $ 1,200 $ 1,242 Loans collectively evaluated for impairment 3,383 566 127 4,076 Ending Balance, September 30, 2021 $ 3,389 $ 602 $ 1,327 $ 5,318 |
Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment | The Company’s recorded investment in loans as of September 30, 2022 and December 31, 2021 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows: September 30, 2022 Real Business Consumer Total Loans individually evaluated for specific impairment $ 1,286 $ 196 $ — $ 1,482 Loans collectively evaluated for general impairment 473,280 88,339 15,564 577,183 $ 474,566 $ 88,535 $ 15,564 $ 578,665 December 31, 2021 Real Business Consumer Total Loans individually evaluated for specific impairment $ 2,102 $ 232 $ — $ 2,334 Loans collectively evaluated for general impairment 462,674 92,890 13,949 569,513 $ 464,776 $ 93,122 $ 13,949 $ 571,847 |
Secured Line of Credit (Tables)
Secured Line of Credit (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Line of Credit Facility [Abstract] | |
Summary of Line of Credit Facilities | September 30, 2022 December 31, 2021 Funded balance $ 18,000 $ 18,000 Unfunded balance 2,000 2,000 Total credit facility $ 20,000 $ 20,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Capital Structure Activity | The following summarizes the activity in the capital structure of the Company: Number of Common Additional Paid-In Accumulated Retained Total Balance, January 1, 2022 5,595,320 $ 1,120 $ 18,293 $ (11,795 ) $ 98,282 $ 105,900 Net income — — — — 2,036 2,036 Dividends paid ($0.24 per share) — — — — (1,343 ) (1,343 ) Stock compensation expense — — 39 — — 39 Other comprehensive loss, net — — — (43,682 ) — (43,682 ) Balance, March 31, 2022 5,595,320 $ 1,120 $ 18,332 $ (55,477 ) $ 98,975 $ 62,950 Net income — — — — 2,541 2,541 Dividends paid ($0.24 per share) — — — — (1,345 ) (1,345 ) Restricted stock granted 8,250 1 (1 ) — — — Stock compensation expense — — 39 — — 39 Other comprehensive loss, net — — — (38,259 ) — (38,259 ) Balance, June 30, 2022 5,603,570 $ 1,121 $ 18,370 $ (93,736 ) $ 100,171 $ 25,926 Net income — — — — 2,580 2,580 Dividends paid ($0.24 per share) — — — — (1,345 ) (1,345 ) Stock compensation expense — — 39 — — 39 Other comprehensive income, net — — — 5,437 — 5,437 Balance, September 30, 2022 5,603,570 $ 1,121 $ 18,409 $ (88,299 ) $ 101,406 $ 32,637 Number of Common Additional Paid-In Accumulated Retained Total Balance, January 1, 2021 5,587,070 $ 1,118 $ 18,134 $ 4,138 $ 96,158 $ 119,548 Net income — — — — 1,897 1,897 Dividends paid ($0.24 per share) — — — — (1,341 ) (1,341 ) Stock compensation expense — — 42 — — 42 Other comprehensive loss, net — — — (13,668 ) — (13,668 ) Balance, March 31, 2021 5,587,070 $ 1,118 $ 18,176 $ (9,530 ) $ 96,714 $ 106,478 Net income — — — — 1,907 1,907 Dividends paid ($0.24 per share) — — — — (1,343 ) (1,343 ) Restricted stock granted 8,250 2 (2 ) — — — Stock compensation expense — — 40 — — 40 Other comprehensive income, net — — — 2,492 — 2,492 Balance, June 30, 2021 5,595,320 $ 1,120 $ 18,214 $ (7,038 ) $ 97,278 $ 109,574 Net income — — — — 1,880 1,880 Dividends paid ($0.24 per share) — — — — (1,343 ) (1,343 ) Stock compensation expense — — 40 — — 40 Other comprehensive loss, net — — — (2,769 ) — (2,769 ) Balance, September 30, 2021 5,595,320 $ 1,120 $ 18,254 $ (9,807 ) $ 97,815 $ 107,382 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2022: Quoted Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available-for-sale Mortgage-backed securities $ — $ 98,420 $ — $ 98,420 State, county and municipal — 99,688 — 99,688 Other securities 439 — — 439 Total $ 439 $ 198,108 $ — $ 198,547 The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021: Quoted Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available-for-sale Obligations of U.S. Government Agencies $ — $ 4,700 $ — $ 4,700 Mortgage-backed securities — 399,591 — 399,591 State, county and municipal — 227,051 — 227,051 Other securities 493 — — 493 Total $ 493 $ 631,342 $ — $ 631,835 |
Asset Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis during 2021 that were still held on the Company’s balance sheet at December 31, 2021, the following table provides the hierarchy level and the fair value of the related assets: Quoted Identical Significant Observable Significant Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 109 $ 109 Other real estate owned — — 1,121 1,121 Total $ — $ — $ 1,230 $ 1,230 |
Carrying Value and Estimated Fair Value of Financial Instruments | The following represents the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2022: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair September 30, 2022 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 13,256 $ 13,256 $ — $ — $ 13,256 Interest bearing deposits with banks 22,532 22,532 — — 22,532 Securities held-to-maturity 411,859 — 372,733 — 372,733 Securities available-for-sale 198,547 — 198,547 — 198,547 Net LHFI 573,597 — — 537,515 537,515 Financial liabilities Deposits $ 1,134,936 $ 944,513 $ 190,805 $ — $ 1,135,318 Securities sold under agreement to repurchase 129,919 129,919 — — 129,919 Borrowings on secured line of credit 18,000 18,000 — — 18,000 The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2021: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair December 31, 2021 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 10,673 $ 10,673 $ — $ — $ 10,673 Interest bearing deposits with banks 68,563 68,563 — — 68,563 Securities available-for-sale 631,835 493 631,342 — 631,835 Net LHFI 567,334 — — 554,351 554,351 Financial liabilities Deposits $ 1,111,892 $ 861,552 $ 230,590 $ — $ 1,092,142 Securities sold under agreement to repurchase 112,760 112,760 — — 112,760 Borrowings on secured line of credit 18,000 18,000 — — 18,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 78,535 | $ 112,292 |
Letters of credit outstanding | $ 5,432 | $ 4,432 |
Net Income per Share - Earnings
Net Income per Share - Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Basic weighted average shares outstanding | 5,595,320 | 5,587,070 | 5,591,771 | 5,583,491 | ||||
Dilutive effect of granted options | 244 | |||||||
Diluted weighted average shares outstanding | 5,595,320 | 5,587,070 | 5,591,771 | 5,583,735 | ||||
Net income | $ 2,580 | $ 2,541 | $ 2,036 | $ 1,880 | $ 1,907 | $ 1,897 | $ 7,157 | $ 5,684 |
Net income per share-basic | $ 0.46 | $ 0.34 | $ 1.28 | $ 1.02 | ||||
Net income per share-diluted | $ 0.46 | $ 0.34 | $ 1.28 | $ 1.02 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock restriction period | 1 year |
Restricted stock grants | shares | 8,250 |
Restricted stock grant date fair value | $ | $ 157 |
Directors Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, Expiration date | Apr. 25, 2022 |
Equity Compensation Plans -Summ
Equity Compensation Plans -Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
2013 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning Balance | shares | 0 |
Granted | shares | 0 |
Exercised | shares | 0 |
Expired | shares | 0 |
Ending Balance | shares | 0 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 0 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Expired | $ / shares | 0 |
Ending Balance | $ / shares | $ 0 |
Directors Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning Balance | shares | 9,000 |
Granted | shares | 0 |
Exercised | shares | 0 |
Expired | shares | (9,000) |
Ending Balance | shares | 0 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 18.76 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Expired | $ / shares | 18.76 |
Ending Balance | $ / shares | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | ||||
Provision for income taxes | $ 463 | $ 307 | $ 1,350 | $ 1,082 |
Effective tax rate | 15.22% | 14.04% | 15.87% | 15.99% |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Securities at carrying value | $ 515,029 | $ 371,190 | $ 515,029 | $ 515,029 | ||
Debt securities reclassified amount from available for sale to held to maturity Securities | 413,921 | |||||
Debt Securities Available for sale Unrealized Holding Loss On Transferred Securities Net Of Tax | $ 71,319 | $ 53,525 | ||||
Gain or losses recognized as a result of transfer | $ 0 | |||||
Unrealize loss on transferred securities | $ 70,880 | 0 | $ 53,195 | |||
Held to maturity securities | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 245,381 | $ 647,557 |
Gross Unrealized Gains | 2 | 742 |
Gross Unrealized Losses | 46,836 | 16,464 |
Estimated Fair Value | 198,547 | 631,835 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,969 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 269 | |
Estimated Fair Value | 4,700 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 109,734 | 411,729 |
Gross Unrealized Gains | 0 | 42 |
Gross Unrealized Losses | 11,314 | 12,180 |
Estimated Fair Value | 98,420 | 399,591 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 135,147 | 230,359 |
Gross Unrealized Gains | 2 | 700 |
Gross Unrealized Losses | 35,461 | 4,008 |
Estimated Fair Value | 99,688 | 227,051 |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 61 | 7 |
Estimated Fair Value | $ 439 | $ 493 |
Securities - Schedule Of Amorti
Securities - Schedule Of Amortized Cost And Estimated Fair Value Of Securities Held To Maturity (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Schedule of Held-to-Maturity Securities [Line Items] | |
Debt Securities, Held-to-Maturity, Fair Value | $ 372,733 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 39,126 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 411,859 |
US Government Agencies Debt Securities [Member] | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Debt Securities, Held-to-Maturity, Fair Value | 3,635 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 351 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 3,986 |
Collateralized Mortgage Backed Securities [Member] | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Debt Securities, Held-to-Maturity, Fair Value | 287,108 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 27,947 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 315,055 |
State and Municipal Debt Obligations [Member] | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Debt Securities, Held-to-Maturity, Fair Value | 81,990 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 10,828 |
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | 0 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 92,818 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Loss Information for Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 130,920 | $ 556,864 |
Less than 12 months Unrealized Losses | 22,383 | 15,801 |
12 months or more Fair Value | 65,658 | 20,105 |
12 months or more Unrealized Losses | 24,392 | 656 |
Total Fair Value | 196,578 | 576,969 |
Total Unrealized Losses | 46,775 | 16,457 |
Less than 12 months Fair Value | 106,620 | |
Less than 12 months Unrealized Losses | 12,881 | |
12 months or more Fair Value | 266,115 | |
12 months or more Unrealized Losses | 26,245 | |
Total Fair Value | 372,735 | |
Total Unrealized Losses | 39,126 | |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 4,700 | |
Less than 12 months Unrealized Losses | 269 | |
12 months or more Fair Value | 0 | |
12 months or more Unrealized Losses | 0 | |
Total Fair Value | 4,700 | |
Total Unrealized Losses | 269 | |
Less than 12 months Fair Value | 0 | |
Less than 12 months Unrealized Losses | 0 | |
12 months or more Fair Value | 3,635 | |
12 months or more Unrealized Losses | 351 | |
Total Fair Value | 3,635 | |
Total Unrealized Losses | 351 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 72,062 | 376,644 |
Less than 12 months Unrealized Losses | 4,596 | 11,535 |
12 months or more Fair Value | 26,358 | 19,986 |
12 months or more Unrealized Losses | 6,718 | 645 |
Total Fair Value | 98,420 | 396,630 |
Total Unrealized Losses | 11,314 | 12,180 |
Less than 12 months Fair Value | 47,295 | |
Less than 12 months Unrealized Losses | 4,688 | |
12 months or more Fair Value | 239,815 | |
12 months or more Unrealized Losses | 23,259 | |
Total Fair Value | 287,110 | |
Total Unrealized Losses | 27,947 | |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 58,858 | 175,520 |
Less than 12 months Unrealized Losses | 17,787 | 3,997 |
12 months or more Fair Value | 39,300 | 119 |
12 months or more Unrealized Losses | 17,674 | 11 |
Total Fair Value | 98,158 | 175,639 |
Total Unrealized Losses | 35,461 | $ 4,008 |
Less than 12 months Fair Value | 59,325 | |
Less than 12 months Unrealized Losses | 8,193 | |
12 months or more Fair Value | 22,665 | |
12 months or more Unrealized Losses | 2,635 | |
Total Fair Value | 81,990 | |
Total Unrealized Losses | $ 10,828 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 222 | |
Due after one year through five years | 3,150 | |
Due after five years through ten years | 4,927 | |
Due after ten years | 127,348 | |
Total Amortized Cost | 245,381 | $ 647,557 |
Available-for-sale, Estimated Fair Value | ||
Due in one year or less | 220 | |
Due after one year through five years | 3,018 | |
Due after five years through ten years | 4,360 | |
Due after ten years | 92,529 | |
Total Fair Value | 198,547 | $ 631,835 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 | 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 96,804 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 411,859 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 0 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 0 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 0 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 85,625 | |
Debt Securities, Held-to-Maturity, Fair Value | 372,733 | |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale, Amortized Cost | ||
Total Amortized Cost | 96,910 | |
Available-for-sale, Estimated Fair Value | ||
Total Fair Value | 85,914 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 253,051 | |
Debt Securities, Held-to-Maturity, Fair Value | 229,505 | |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale, Amortized Cost | ||
Total Amortized Cost | 12,824 | |
Available-for-sale, Estimated Fair Value | ||
Total Fair Value | 12,506 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 62,004 | |
Debt Securities, Held-to-Maturity, Fair Value | $ 57,603 |
Loans held for investment - Add
Loans held for investment - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum loan limit considered for impairment evaluation by management | $ 100 | |
Restructured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | $ 0 | $ 0 |
Loans held for investment - Com
Loans held for investment - Composition of Net Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 578,665 | $ 571,847 | ||
Total Gross Loans | 578,665 | 571,847 | ||
Allowance for Loan Losses | (5,068) | (4,513) | $ (5,318) | $ (4,735) |
Loans, net | 573,597 | 567,334 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 474,566 | 464,776 | ||
Total Gross Loans | 474,566 | 464,776 | ||
Allowance for Loan Losses | (3,979) | (3,622) | (3,389) | (3,885) |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 96,143 | 71,898 | ||
Total Gross Loans | 96,143 | 71,898 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 12,012 | 13,114 | ||
Total Gross Loans | 12,012 | 13,114 | ||
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 92,111 | 98,525 | ||
Total Gross Loans | 92,111 | 98,525 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 274,300 | 281,239 | ||
Total Gross Loans | 274,300 | 281,239 | ||
Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 88,535 | 93,122 | ||
Total Gross Loans | 88,535 | 93,122 | ||
Allowance for Loan Losses | (648) | (645) | (602) | (611) |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 88,012 | 92,501 | ||
Total Gross Loans | 88,012 | 92,501 | ||
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 523 | 621 | ||
Total Gross Loans | 523 | 621 | ||
Consumer Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | 15,564 | 13,949 | ||
Allowance for Loan Losses | (441) | (246) | $ (1,327) | $ (239) |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | 2,531 | 1,963 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | $ 13,033 | $ 11,986 |
Loans held for investment - C_2
Loans held for investment - Composition of Net Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Paycheck Protection Program Loans [Member] | Real Estate Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Business loans | $ 274 | $ 5,789 |
Loans held for investment - Per
Loans held for investment - Period-End Non-Accrual Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 3,087 | $ 3,826 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 2,791 | 3,429 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 0 | 171 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 97 | 118 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 1,726 | 1,891 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 968 | 1,249 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 270 | 389 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 0 | 3 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 270 | 386 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 26 | 8 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 26 | $ 8 |
Loans held for investment - Agi
Loans held for investment - Aging Analysis of Past Due Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | $ 2,704 | $ 2,290 |
Total Past Due Loans | 3,791 | 3,575 |
Current Loans | 574,874 | 568,272 |
Total Gross Loans | 578,665 | 571,847 |
Accruing Loans 90 or more Days Past Due | 14 | 154 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 2,306 | 1,971 |
Total Past Due Loans | 3,090 | 2,866 |
Current Loans | 471,476 | 461,910 |
Total Gross Loans | 474,566 | 464,776 |
Accruing Loans 90 or more Days Past Due | 0 | 140 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 392 | 6 |
Total Past Due Loans | 392 | 6 |
Current Loans | 95,751 | 71,892 |
Total Gross Loans | 96,143 | 71,898 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 170 | 130 |
Total Past Due Loans | 170 | 163 |
Current Loans | 11,842 | 12,951 |
Total Gross Loans | 12,012 | 13,114 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 1,397 | 1,678 |
Total Past Due Loans | 1,607 | 1,970 |
Current Loans | 90,504 | 96,555 |
Total Gross Loans | 92,111 | 98,525 |
Accruing Loans 90 or more Days Past Due | 0 | 140 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 347 | 157 |
Total Past Due Loans | 921 | 727 |
Current Loans | 273,379 | 280,512 |
Total Gross Loans | 274,300 | 281,239 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 195 | 208 |
Total Past Due Loans | 461 | 584 |
Current Loans | 88,074 | 92,538 |
Total Gross Loans | 88,535 | 93,122 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 190 | 205 |
Total Past Due Loans | 456 | 581 |
Current Loans | 87,556 | 91,920 |
Total Gross Loans | 88,012 | 92,501 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 5 | 3 |
Total Past Due Loans | 5 | 3 |
Current Loans | 518 | 618 |
Total Gross Loans | 523 | 621 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 203 | 111 |
Total Past Due Loans | 240 | 125 |
Current Loans | 15,324 | 13,824 |
Total Gross Loans | 15,564 | 13,949 |
Accruing Loans 90 or more Days Past Due | 14 | 14 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 61 | 35 |
Total Past Due Loans | 75 | 47 |
Current Loans | 2,456 | 1,916 |
Total Gross Loans | 2,531 | 1,963 |
Accruing Loans 90 or more Days Past Due | 14 | 12 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 142 | 76 |
Total Past Due Loans | 165 | 78 |
Current Loans | 12,868 | 11,908 |
Total Gross Loans | 13,033 | 11,986 |
Accruing Loans 90 or more Days Past Due | 2 | |
Loans 90 or more Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,087 | 1,285 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 784 | 895 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 33 | |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 210 | 292 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 574 | 570 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 266 | 376 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 266 | 376 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 37 | 14 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 14 | 12 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 23 | $ 2 |
Loans held for investment - Imp
Loans held for investment - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 1,752 | $ 2,569 |
Recorded Investment With No Allowance | 1,482 | 2,062 |
Recorded Investment With Allowance | 0 | 272 |
Total Recorded Investment | 1,482 | 2,334 |
Related Allowance | 0 | 39 |
Average Recorded Investment | 1,909 | 5,006 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,448 | 2,265 |
Recorded Investment With No Allowance | 1,286 | 1,990 |
Recorded Investment With Allowance | 0 | 112 |
Total Recorded Investment | 1,286 | 2,102 |
Related Allowance | 0 | 3 |
Average Recorded Investment | 1,695 | 4,683 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 171 |
Recorded Investment With No Allowance | 0 | 171 |
Total Recorded Investment | 0 | 171 |
Average Recorded Investment | 86 | 240 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30 | 33 |
Recorded Investment With No Allowance | 30 | 33 |
Total Recorded Investment | 30 | 33 |
Average Recorded Investment | 32 | 72 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 343 | 767 |
Recorded Investment With No Allowance | 343 | 767 |
Total Recorded Investment | 343 | 767 |
Average Recorded Investment | 555 | 892 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,075 | 1,294 |
Recorded Investment With No Allowance | 913 | 1,019 |
Recorded Investment With Allowance | 0 | 112 |
Total Recorded Investment | 913 | 1,131 |
Related Allowance | 0 | 3 |
Average Recorded Investment | 1,022 | 3,479 |
Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 304 | 304 |
Recorded Investment With No Allowance | 196 | 72 |
Recorded Investment With Allowance | 0 | 160 |
Total Recorded Investment | 196 | 232 |
Related Allowance | 0 | 36 |
Average Recorded Investment | 214 | 323 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 304 | 304 |
Recorded Investment With No Allowance | 196 | 72 |
Recorded Investment With Allowance | 0 | 160 |
Total Recorded Investment | 196 | 232 |
Related Allowance | 0 | 36 |
Average Recorded Investment | $ 214 | $ 323 |
Loans held for investment - Cha
Loans held for investment - Changes in Troubled Debt Restructurings (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 3 |
Principal paydowns, Recorded Investment | $ (73) | $ (112) |
Additional loans with concessions, Recorded Investment | 213 | |
Post-Modification Outstanding Recorded Investment | $ 140 | $ 2,113 |
OREO [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | |
Debt Restructuring Reclassifications | $ (1,788) |
Loans held for investment - Det
Loans held for investment - Detailed Amount of Gross Loans Segregated by Loan Grade and Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 578,665 | $ 571,847 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 474,566 | 464,776 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 96,143 | 71,898 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 12,012 | 13,114 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 92,111 | 98,525 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 274,300 | 281,239 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 88,535 | 93,122 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 88,012 | 92,501 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 523 | 621 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,564 | 13,949 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,531 | 1,963 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 13,033 | 11,986 |
Satisfactory 1, 2, 3, 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 528,256 | 509,367 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 425,653 | 409,804 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 94,219 | 69,758 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 11,394 | 12,365 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 85,672 | 89,120 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 234,368 | 238,561 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 87,182 | 85,744 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 86,664 | 85,138 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 518 | 606 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,421 | 13,819 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,456 | 1,916 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 12,965 | 11,903 |
Special Mention 5,6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 10,377 | 14,992 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 9,616 | 13,489 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,620 | 1,547 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 275 | 297 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,975 | 3,590 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 5,746 | 8,055 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 751 | 1,483 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 751 | 1,483 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 10 | 20 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 10 | 20 |
Substandard 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 40,032 | 47,477 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 39,297 | 41,483 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 304 | 593 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 343 | 452 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 4,464 | 5,815 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 34,186 | 34,623 |
Substandard 7 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 602 | 5,889 |
Substandard 7 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 597 | 5,877 |
Substandard 7 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 5 | 12 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 133 | 105 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 75 | 47 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58 | 58 |
Doubtful 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3 | |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3 | |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3 | |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 8 |
Loss [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | 6 |
Loss [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3 | |
Loss [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 0 | 3 |
Loss [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 2 |
Allowance for Loan Losses - Det
Allowance for Loan Losses - Detailed Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ 4,513 | $ 4,735 |
Provision for loan losses | 96 | 1,287 |
Chargeoffs | 125 | 894 |
Recoveries | 584 | 190 |
Net chargeoffs (recoveries) | (459) | 704 |
Ending Balance | 5,068 | 5,318 |
Loans individually evaluated for impairment | 0 | 1,242 |
Loans collectively evaluated for impairment | 5,068 | 4,076 |
Ending Balance | 5,068 | 5,318 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 3,622 | 3,885 |
Provision for loan losses | 231 | 21 |
Chargeoffs | 7 | 685 |
Recoveries | 133 | 168 |
Net chargeoffs (recoveries) | (126) | 517 |
Ending Balance | 3,979 | 3,389 |
Loans individually evaluated for impairment | 0 | 6 |
Loans collectively evaluated for impairment | 3,979 | 3,383 |
Ending Balance | 3,979 | 3,389 |
Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 645 | 611 |
Provision for loan losses | 38 | 155 |
Chargeoffs | 61 | 179 |
Recoveries | 26 | 15 |
Net chargeoffs (recoveries) | 35 | 164 |
Ending Balance | 648 | 602 |
Loans individually evaluated for impairment | 0 | 36 |
Loans collectively evaluated for impairment | 648 | 566 |
Ending Balance | 648 | 602 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 246 | 239 |
Provision for loan losses | (173) | 1,111 |
Chargeoffs | 57 | 30 |
Recoveries | 425 | 7 |
Net chargeoffs (recoveries) | (368) | 23 |
Ending Balance | 441 | 1,327 |
Loans individually evaluated for impairment | 0 | 1,200 |
Loans collectively evaluated for impairment | 441 | 127 |
Ending Balance | $ 441 | $ 1,327 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | $ 1,482 | $ 2,334 |
Loans collectively evaluated for general impairment | 577,183 | 569,513 |
Total Gross Loans | 578,665 | 571,847 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 1,286 | 2,102 |
Loans collectively evaluated for general impairment | 473,280 | 462,674 |
Total Gross Loans | 474,566 | 464,776 |
Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 196 | 232 |
Loans collectively evaluated for general impairment | 88,339 | 92,890 |
Total Gross Loans | 88,535 | 93,122 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for general impairment | 15,564 | 13,949 |
Total Gross Loans | $ 15,564 | $ 13,949 |
Secured Line of Credit - Additi
Secured Line of Credit - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 09, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | |||
Long-term Line of Credit | $ 18,000 | $ 18,000 | |
Revolving Credit Facility [Member] | First Horizon Bank [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term Line of Credit | $ 20,000 | ||
Line of credit facility, interest rate at period end | 3.25% | 5.50% | |
Percentage Of Unusual Line Fee Rate | 0.25% | ||
Line of Credit Facility, Expiration Date | Jun. 09, 2023 |
Secured Line of Credit - Summar
Secured Line of Credit - Summary of Line of Credit Facilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 18,000 | $ 18,000 |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | 20,000 | 20,000 |
Funded Balance [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | 18,000 | 18,000 |
Unfunded Balance [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 2,000 | $ 2,000 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Capital Structure Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning Balance | $ 25,926 | $ 62,950 | $ 105,900 | $ 109,574 | $ 106,478 | $ 119,548 | $ 105,900 | $ 119,548 |
Beginning Balance (in shares) | 5,603,570 | 5,595,320 | 5,595,320 | 5,595,320 | 5,587,070 | 5,587,070 | 5,595,320 | 5,587,070 |
Net income | $ 2,580 | $ 2,541 | $ 2,036 | $ 1,880 | $ 1,907 | $ 1,897 | $ 7,157 | $ 5,684 |
Dividends paid | (1,345) | $ (1,345) | (1,343) | (1,343) | $ (1,343) | (1,341) | ||
Restricted stock granted (in shares) | 8,250 | 8,250 | ||||||
Stock compensation expense | 39 | $ 39 | 39 | 40 | $ 40 | 42 | ||
Other comprehensive income (loss), net | 5,437 | (38,259) | (43,682) | (2,769) | 2,492 | (13,668) | (76,504) | (13,945) |
Ending Balance | $ 32,637 | $ 25,926 | $ 62,950 | $ 107,382 | $ 109,574 | $ 106,478 | $ 32,637 | $ 107,382 |
Ending Balance (in shares) | 5,603,570 | 5,603,570 | 5,595,320 | 5,595,320 | 5,595,320 | 5,587,070 | 5,603,570 | 5,595,320 |
Common Stock | ||||||||
Beginning Balance | $ 1,121 | $ 1,120 | $ 1,120 | $ 1,120 | $ 1,118 | $ 1,118 | $ 1,120 | $ 1,118 |
Restricted stock granted | 1 | 2 | ||||||
Ending Balance | 1,121 | 1,121 | 1,120 | 1,120 | 1,120 | 1,118 | 1,121 | 1,120 |
Additional Paid-In Capital | ||||||||
Beginning Balance | 18,370 | 18,332 | 18,293 | 18,214 | 18,176 | 18,134 | 18,293 | 18,134 |
Restricted stock granted | (1) | (2) | ||||||
Stock compensation expense | 39 | 39 | 39 | 40 | 40 | 42 | ||
Ending Balance | 18,409 | 18,370 | 18,332 | 18,254 | 18,214 | 18,176 | 18,409 | 18,254 |
Accumulated Other Comprehensive (Loss) Income | ||||||||
Beginning Balance | (93,736) | (55,477) | (11,795) | (7,038) | (9,530) | 4,138 | (11,795) | 4,138 |
Other comprehensive income (loss), net | 5,437 | (38,259) | (43,682) | (2,769) | 2,492 | (13,668) | ||
Ending Balance | (88,299) | (93,736) | (55,477) | (9,807) | (7,038) | (9,530) | (88,299) | (9,807) |
Retained Earnings | ||||||||
Beginning Balance | 100,171 | 98,975 | 98,282 | 97,278 | 96,714 | 96,158 | 98,282 | 96,158 |
Net income | 2,580 | 2,541 | 2,036 | 1,880 | 1,907 | 1,897 | ||
Dividends paid | (1,345) | (1,345) | (1,343) | (1,343) | (1,343) | (1,341) | ||
Ending Balance | $ 101,406 | $ 100,171 | $ 98,975 | $ 97,815 | $ 97,278 | $ 96,714 | $ 101,406 | $ 97,815 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Capital Structure Activity (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends paid, per share | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Gains or losses in earnings attributable to the change in unrealized gains or losses | $ 0 | $ 0 | |
Carrying value of an impaired loan | $ 0 | 0 | 112 |
Impaired loans, allowance for loan losses | 0 | $ 0 | 3 |
Fair value adjustment to OREO due to declines or impairment after foreclosure | $ 0 | $ 836 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 198,547 | $ 631,835 |
Obligations of U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,700 | |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 98,420 | 399,591 |
State, County, Municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 99,688 | 227,051 |
Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 439 | 493 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 198,547 | 631,342 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 493 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 198,547 | 631,835 |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,700 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 98,420 | 399,591 |
Fair Value, Measurements, Recurring [Member] | State, County, Municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 99,688 | 227,051 |
Fair Value, Measurements, Recurring [Member] | Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 439 | 493 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 198,108 | 631,342 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,700 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 98,420 | 399,591 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State, County, Municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 99,688 | 227,051 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 439 | 493 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 439 | $ 493 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Asset Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on non-recurring Basis | $ 1,230 |
Impaired Loans [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on non-recurring Basis | 109 |
Other Real Estate Owned [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on non-recurring Basis | 1,121 |
Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on non-recurring Basis | 1,230 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on non-recurring Basis | 109 |
Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets measured at fair value on non-recurring Basis | $ 1,121 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Cash and due from banks | $ 13,256 | $ 10,673 |
Interest bearing deposits with banks | 22,532 | 68,563 |
Securities held-to-maturity | 372,733 | |
Securities available-for-sale | 198,547 | 631,835 |
Net LHFI | 537,515 | 554,351 |
Financial liabilities | ||
Deposits | 1,135,318 | 1,092,142 |
Securities sold under agreement to repurchase | 129,919 | 112,760 |
Borrowings on secured line of credit | 18,000 | 18,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and due from banks | 13,256 | 10,673 |
Interest bearing deposits with banks | 22,532 | 68,563 |
Securities available-for-sale | 493 | |
Financial liabilities | ||
Deposits | 944,513 | 861,552 |
Securities sold under agreement to repurchase | 129,919 | 112,760 |
Borrowings on secured line of credit | 18,000 | 18,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Securities held-to-maturity | 372,733 | |
Securities available-for-sale | 198,547 | 631,342 |
Financial liabilities | ||
Deposits | 190,805 | 230,590 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Net LHFI | 537,515 | 554,351 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and due from banks | 13,256 | 10,673 |
Interest bearing deposits with banks | 22,532 | 68,563 |
Securities held-to-maturity | 411,859 | |
Securities available-for-sale | 198,547 | 631,835 |
Net LHFI | 573,597 | 567,334 |
Financial liabilities | ||
Deposits | 1,134,936 | 1,111,892 |
Securities sold under agreement to repurchase | 129,919 | 112,760 |
Borrowings on secured line of credit | $ 18,000 | $ 18,000 |