Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 25, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-27719 | |
Entity Registrant Name | Southern First Bancshares, Inc. | |
Entity Central Index Key | 0001090009 | |
Entity Tax Identification Number | 58-2459561 | |
Entity Incorporation, State or Country Code | SC | |
Entity Address, Address Line One | 6 Verdae Boulevard | |
Entity Address, City or Town | Greenville | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29607 | |
City Area Code | 864 | |
Local Phone Number | 679-9000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SFST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,155,097 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 21,567 | $ 28,020 |
Federal funds sold | 164,432 | 119,349 |
Interest-bearing deposits with banks | 8,828 | 8,801 |
Total cash and cash equivalents | 194,827 | 156,170 |
Investment securities: | ||
Investment securities available for sale | 121,353 | 134,702 |
Other investments | 18,653 | 19,939 |
Total investment securities | 140,006 | 154,641 |
Mortgage loans held for sale | 14,759 | 7,194 |
Loans | 3,622,521 | 3,602,627 |
Less allowance for credit losses | (40,157) | (40,682) |
Loans, net | 3,582,364 | 3,561,945 |
Bank owned life insurance | 53,263 | 52,501 |
Property and equipment, net | 91,533 | 94,301 |
Deferred income taxes, net | 12,339 | 12,200 |
Other assets | 20,758 | 16,837 |
Total assets | 4,109,849 | 4,055,789 |
LIABILITIES | ||
Deposits | 3,459,869 | 3,379,564 |
FHLB advances and related debt | 240,000 | 275,000 |
Subordinated debentures | 36,376 | 36,322 |
Other liabilities | 54,856 | 52,436 |
Total liabilities | 3,791,101 | 3,743,322 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $.01 per share, 10,000,000 shares authorized | ||
Common stock, par value $.01 per share, 20,000,000 shares authorized, 8,155,097 shares issued and outstanding at June 30, 2024; 10,000,000 shares authorized, 8,088,186 shares issued and outstanding at December 31, 2023 | 82 | 81 |
Nonvested restricted stock | (4,710) | (3,596) |
Additional paid-in capital | 124,174 | 121,777 |
Accumulated other comprehensive loss | (11,866) | (11,342) |
Retained earnings | 211,068 | 205,547 |
Total shareholders’ equity | 318,748 | 312,467 |
Total liabilities and shareholders’ equity | $ 4,109,849 | $ 4,055,789 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 20,000,000 | 10,000,000 |
Common stock, issued shares | 8,155,097 | 8,088,186 |
Common stock, outstanding shares | 8,155,097 | 8,088,186 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income | ||||
Loans | $ 46,545 | $ 41,089 | $ 92,150 | $ 77,837 |
Investment securities | 1,418 | 706 | 2,896 | 1,318 |
Federal funds sold and interest-bearing deposits with banks | 2,583 | 891 | 3,863 | 1,860 |
Total interest income | 50,546 | 42,686 | 98,909 | 81,015 |
Interest expense | ||||
Deposits | 28,216 | 21,937 | 55,148 | 39,115 |
Borrowings | 2,802 | 1,924 | 5,588 | 2,651 |
Total interest expense | 31,018 | 23,861 | 60,736 | 41,766 |
Net interest income | 19,528 | 18,825 | 38,173 | 39,249 |
Provision for credit losses | 500 | 910 | 325 | 2,735 |
Net interest income after provision for credit losses | 19,028 | 17,915 | 37,848 | 36,514 |
Noninterest income | ||||
Mortgage banking income | 1,923 | 1,337 | 3,087 | 1,959 |
Service fees on deposit accounts | 416 | 331 | 810 | 656 |
ATM and debit card income | 587 | 536 | 1,131 | 1,091 |
Income from bank owned life insurance | 384 | 338 | 762 | 670 |
Other income | 213 | 194 | 397 | 404 |
Total noninterest income | 3,523 | 2,736 | 6,187 | 4,780 |
Noninterest expenses | ||||
Compensation and benefits | 11,290 | 10,287 | 22,147 | 20,643 |
Occupancy | 2,552 | 2,518 | 5,109 | 4,975 |
Outside service and data processing costs | 1,962 | 1,705 | 3,808 | 3,334 |
Insurance | 965 | 897 | 1,920 | 1,586 |
Professional fees | 582 | 751 | 1,200 | 1,410 |
Marketing | 389 | 335 | 758 | 701 |
Other | 903 | 900 | 1,801 | 1,848 |
Total noninterest expenses | 18,643 | 17,393 | 36,743 | 34,497 |
Income before income tax expense | 3,908 | 3,258 | 7,292 | 6,797 |
Income tax expense | 909 | 800 | 1,771 | 1,636 |
Net income | $ 2,999 | $ 2,458 | $ 5,521 | $ 5,161 |
Earnings per common share | ||||
Basic | $ 0.37 | $ 0.31 | $ 0.68 | $ 0.64 |
Diluted | $ 0.37 | $ 0.31 | $ 0.68 | $ 0.64 |
Weighted average common shares outstanding | ||||
Basic | 8,125,869 | 8,051,131 | 8,118,059 | 8,038,642 |
Diluted | 8,140,822 | 8,069,028 | 8,141,371 | 8,080,521 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net income | $ 2,999 | $ 2,458 | $ 5,521 | $ 5,161 |
Unrealized gain (loss) on securities available for sale: | ||||
Unrealized holding gain (loss) arising during the period, pretax | (86) | (1,183) | (664) | 888 |
Tax benefit (expense) | 17 | 248 | 140 | (188) |
Other comprehensive income (loss) | (69) | (935) | (524) | 700 |
Comprehensive income | $ 2,930 | $ 1,523 | $ 4,997 | $ 5,861 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common stock | Preferred stock | Nonvested restricted stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total |
Beginning balance, value at Dec. 31, 2022 | $ 80 | $ (3,306) | $ 119,027 | $ (13,410) | $ 192,121 | $ 294,512 | |
Beginning balance shares outstanding at Dec. 31, 2022 | 8,011,045 | ||||||
Net income | 5,161 | 5,161 | |||||
Proceeds from exercise of stock options | $ 1 | 184 | 185 | ||||
Proceeds from exercise of stock options (in Shares) | 11,000 | ||||||
Issuance of restricted stock, net of forfeitures | (1,436) | 1,436 | |||||
Issuance of restricted stock (in Shares) | 36,393 | ||||||
Compensation expense related to restricted stock, net of tax | 691 | 691 | |||||
Compensation expense related to stock options, net of tax | 265 | 265 | |||||
Other comprehensive income (loss) | 700 | 700 | |||||
Ending balance, value at Jun. 30, 2023 | $ 81 | (4,051) | 120,912 | (12,710) | 197,282 | 301,514 | |
Ending balance shares outstanding at Jun. 30, 2023 | 8,058,438 | ||||||
Beginning balance, value at Mar. 31, 2023 | $ 80 | (4,462) | 120,683 | (11,775) | 194,824 | 299,350 | |
Beginning balance shares outstanding at Mar. 31, 2023 | 8,047,975 | ||||||
Net income | 2,458 | 2,458 | |||||
Proceeds from exercise of stock options | $ 1 | 168 | 169 | ||||
Proceeds from exercise of stock options (in Shares) | 10,000 | ||||||
Issuance of restricted stock, net of forfeitures | 85 | (85) | |||||
Issuance of restricted stock (in Shares) | 463 | ||||||
Compensation expense related to restricted stock, net of tax | 326 | 326 | |||||
Compensation expense related to stock options, net of tax | 146 | 146 | |||||
Other comprehensive income (loss) | (935) | (935) | |||||
Ending balance, value at Jun. 30, 2023 | $ 81 | (4,051) | 120,912 | (12,710) | 197,282 | 301,514 | |
Ending balance shares outstanding at Jun. 30, 2023 | 8,058,438 | ||||||
Beginning balance, value at Dec. 31, 2023 | $ 81 | (3,596) | 121,777 | (11,342) | 205,547 | 312,467 | |
Beginning balance shares outstanding at Dec. 31, 2023 | 8,088,186 | ||||||
Net income | 5,521 | 5,521 | |||||
Proceeds from exercise of stock options | 167 | 167 | |||||
Proceeds from exercise of stock options (in Shares) | 11,000 | ||||||
Issuance of restricted stock, net of forfeitures | $ 1 | (2,035) | 2,034 | ||||
Issuance of restricted stock (in Shares) | 55,911 | ||||||
Compensation expense related to restricted stock, net of tax | 921 | 921 | |||||
Compensation expense related to stock options, net of tax | 196 | 196 | |||||
Other comprehensive income (loss) | (524) | (524) | |||||
Ending balance, value at Jun. 30, 2024 | $ 82 | (4,710) | 124,174 | (11,866) | 211,068 | 318,748 | |
Ending balance shares outstanding at Jun. 30, 2024 | 8,155,097 | ||||||
Beginning balance, value at Mar. 31, 2024 | $ 82 | (5,257) | 124,159 | (11,797) | 208,069 | 315,256 | |
Beginning balance shares outstanding at Mar. 31, 2024 | 8,156,109 | ||||||
Net income | 2,999 | 2,999 | |||||
Proceeds from exercise of stock options | |||||||
Issuance of restricted stock, net of forfeitures | 78 | (78) | |||||
Issuance of restricted stock (in Shares) | (1,012) | ||||||
Compensation expense related to restricted stock, net of tax | 469 | 469 | |||||
Compensation expense related to stock options, net of tax | 93 | 93 | |||||
Other comprehensive income (loss) | (69) | (69) | |||||
Ending balance, value at Jun. 30, 2024 | $ 82 | $ (4,710) | $ 124,174 | $ (11,866) | $ 211,068 | $ 318,748 | |
Ending balance shares outstanding at Jun. 30, 2024 | 8,155,097 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net income | $ 5,521 | $ 5,161 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for credit losses | 325 | 2,735 |
Depreciation and other amortization | 2,418 | 2,397 |
Accretion and amortization of securities discounts and premium, net | 281 | 259 |
Net change in operating leases | 78 | 133 |
Compensation expense related to stock options and restricted stock grants | 1,117 | 956 |
Gain on sale of loans held for sale | (2,757) | (1,636) |
Loans originated and held for sale | (100,884) | (70,422) |
Proceeds from sale of loans held for sale | 96,076 | 60,194 |
Increase in cash surrender value of bank owned life insurance | (762) | (670) |
Decrease in deferred tax asset | (21) | |
Increase in other assets | (3,921) | (4,076) |
Increase (decrease) in other liabilities | 3,543 | (359) |
Net cash provided by (used for) operating activities | 1,035 | (5,349) |
Investing activities | ||
Increase in loans, net | (21,169) | (264,737) |
Purchase of property and equipment | (372) | (767) |
Purchase of investment securities: | ||
Available for sale | (5,191) | |
Other investments | (4,301) | (42,518) |
Payments and maturities, calls and repayments of investment securities: | ||
Available for sale | 17,596 | 2,427 |
Other investments | 5,587 | 40,801 |
Net cash used for investing activities | (7,850) | (264,794) |
Financing activities | ||
Increase in deposits, net | 80,305 | 299,154 |
Increase (decrease) in Federal Home Loan Bank advances and other borrowings, net | (35,000) | 5,000 |
Proceeds from the exercise of stock options | 167 | 185 |
Net cash provided by financing activities | 45,472 | 304,339 |
Net increase in cash and cash equivalents | 38,657 | 34,196 |
Cash and cash equivalents at beginning of the period | 156,170 | 170,874 |
Cash and cash equivalents at end of the period | 194,827 | 205,070 |
Cash paid for | ||
Interest | 57,297 | 38,612 |
Income taxes | 1,190 | 541 |
Schedule of non-cash transactions | ||
Unrealized gain (loss) on securities, net of income taxes | $ (524) | $ 700 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) | $ 2,999 | $ 2,458 | $ 5,521 | $ 5,161 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual [Table] | |
Material Terms of Trading Arrangement | Trading Plans During the six months ended June 30, 2024, no |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies Nature of Business Southern First Bancshares, Inc. (the “Company”) is a South Carolina corporation that owns all of the capital stock of Southern First Bank (the “Bank”) and all of the stock of Greenville First Statutory Trusts I and II (collectively, the “Trusts”). The Trusts are special purpose non-consolidated entities organized for the sole purpose of issuing trust preferred securities. The Bank’s primary federal regulator is the Federal Deposit Insurance Corporation (the “FDIC”). The Bank is also regulated and examined by the South Carolina Board of Financial Institutions. The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the FDIC, and providing commercial, consumer and mortgage loans to the general public. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 5, 2024. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated. Business Segments The Company, through the Bank, provides a broad range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. These services include demand, time and savings deposits, lending services and ATM processing and mortgage banking services. While the Company’s management periodically reviews limited production information for these revenue streams, that information is not complete as it does not include a full allocation of revenue, costs and capital from key corporate functions. Management will continue to evaluate these lines of business for separate reporting as facts and circumstances change. Accordingly, the Company’s various banking operations are not considered by management to constitute more than one reportable operating segment. Risk and Uncertainties In the normal course of its business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on different bases, than its interest-earning assets. Credit risk is the risk of default within the Company’s loan portfolio that results from borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans receivable and the valuation of real estate held by the Company. There were three significant bank failures in the first five months of 2023, primarily due to the failed banks’ lack of liquidity as depositors sought to withdraw their deposits. Due to rising interest rates, the failed banks were unable to sell investment securities held to meet liquidity needs without realizing substantial losses. As a result of the recent bank failures and in an effort to strengthen public confidence in the banking system and protect depositors, regulators announced that any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law, which has and could continue to increase the cost of our FDIC insurance assessments. The ultimate impact of these bank failures on the economy, financial institutions and their depositors, as well as any governmental regulatory responses or actions resulting from the same, remains difficult to predict at this time. The Company is subject to the regulations of various governmental agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject the Company to changes with respect to the valuation of assets, the amount of required credit loss allowance and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. The Bank makes loans to individuals and businesses in the Upstate, Midlands, and Lowcountry regions of South Carolina as well as the Triangle, Triad and Charlotte regions of North Carolina and Atlanta, Georgia for various personal and commercial purposes. The Bank’s loan portfolio has a concentration of real estate loans. As of June 30, 2024 and 2023, real estate loans represented 84.3 84.1 As of June 30, 2024, the Company’s and the Bank’s capital ratios were in excess of all regulatory requirements. While management believes that we have sufficient capital to withstand an extended economic recession, our reported and regulatory capital ratios could be adversely impacted by future credit losses. The Company maintains access to multiple sources of liquidity, including a $ 15.0 15.0 Use of 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 as of the date of the consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, real estate acquired in the settlement of loans, fair value of financial instruments, and valuation of deferred tax assets. Reclassifications Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income. Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Newly Issued, But Not Yet Effective Accounting Standards In December 2022, the FASB issued amendments to defer the sunset date of the Reference Rate Reform Topic of the Accounting Standards Codification from December 31, 2022 to December 31, 2024, because the current relief in Reference Rate Reform Topic may not cover a period of time during which a significant number of modifications may take place. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. In December 2023, the FASB amended the Income Taxes topic in the Accounting Standards Codification to improve the transparency of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company does not expect these amendments to have a material effect on its financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 2 – Investment Securities The amortized costs and fair value of investment securities are as follows: Schedule of amortized costs and fair value of investment securities June 30, 2024 Amortized Gross Unrealized Fair (dollars in thousands) Corporate bonds [Member] Cost Gains Losses Value Available for sale Asset-backed securities [Member] Corporate bonds US treasuries [Member] $ 2,134 - 247 1,887 US treasuries 999 - 109 890 US government agencies US government agencies [Member] 19,600 - 1,900 17,700 State and political subdivisions State and political subdivisions [Member] 22,514 - 3,191 19,323 Asset-backed securities Mortgage-backed securities [Member] 31,555 78 58 31,575 Mortgage-backed securities 59,571 - 9,593 49,978 Total investment securities available for sale $ 136,373 78 15,098 121,353 December 31, 2023 Amortized Gross Unrealized Fair Cost Gains Losses Value Available for sale Corporate bonds $ 2,147 - 237 1,910 US treasuries 9,495 1 102 9,394 US government agencies 20,594 - 1,938 18,656 State and political subdivisions 22,642 11 2,912 19,741 Asset-backed securities 33,450 2 216 33,236 Mortgage-backed securities 60,730 - 8,965 51,765 Total investment securities available for sale $ 149,058 14 14,370 134,702 Contractual maturities and yields on the Company’s investment securities at June 30, 2024 and December 31, 2023 are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Schedule of maturities and yields on the company’s investment securities June 30, 2024 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds Corporate bonds [Member] $ - - $ - - $ 1,887 2.02 % $ - - $ 1,887 2.02 % US treasuries - - 890 1.27 % - - - - 890 1.27 % US government agencies US government agencies [Member] 992 0.45 % 2,389 1.00 % 14,319 4.29 % - - 17,700 3.63 % State and political subdivisions State and political subdivisions [Member] - - 904 1.94 % 5,729 1.89 % 12,690 2.16 % 19,323 2.07 % Asset-backed securities Asset-backed securities [Member] - - 132 3.88 % - - 31,443 6.68 % 31,575 6.67 % Mortgage-backed securities Mortgage-backed securities [Member] - - 6,547 1.29 % 3,411 1.54 % 40,020 2.10 % 49,978 1.96 % Total investment securities Total investment securities [Member] $ 992 0.45 % $ 10,862 1.31 % $ 25,346 3.21 % $ 84,153 3.82 % $ 121,353 3.44 % December 31, 2023 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds $ - - $ - - $ 1,910 2.01 % $ - - $ 1,910 2.01 % US treasuries 8,497 5.42 % 897 1.27 % - - - - 9,394 5.02 % US government agencies 970 0.45 % 2,385 1.00 % 15,301 4.41 % - - 18,656 3.77 % State and political subdivisions - - 906 1.94 % 5,769 1.89 % 13,066 2.15 % 19,741 2.06 % Asset-backed securities - - 296 (6.13 )% - - 32,940 6.63 % 33,236 6.57 % Mortgage-backed securities - - 4,795 1.15 % 5,400 1.59 % 41,570 2.00 % 51,765 1.87 % Total investment securities $ 9,467 4.91 % $ 9,279 0.98 % $ 28,380 3.20 % $ 87,576 3.76 % $ 134,702 3.55 % The tables below summarize gross unrealized losses on investment securities and the fair market value of the related securities at June 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. Schedule of gross unrealized losses on investment securities and fair market value of related securities June 30, 2024 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,887 $ 247 1 $ 1,887 $ 247 US treasuries - - - 1 890 109 1 890 109 US government agencies - - - 12 17,700 1,900 12 17,700 1,900 State and political subdivisions 2 748 13 30 18,575 3,178 32 19,323 3,191 Asset-backed 3 11,479 42 7 3,708 16 10 15,187 58 Mortgage-backed securities 1 1,161 1 63 48,817 9,592 64 49,978 9,593 Total investment securities 6 $ 13,388 $ 56 114 $ 91,577 $ 15,042 120 $ 104,965 $ 15,098 December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,910 $ 237 1 $ 1,910 $ 237 US treasuries - - - 1 897 102 1 897 102 US government agencies 2 7,533 50 10 11,123 1,888 12 18,656 1,938 State and political subdivisions - - - 30 18,964 2,912 30 18,964 2,912 Asset-backed 8 26,746 145 7 4,866 71 15 31,612 216 Mortgage-backed securities Mortgage-backed securities [Member] 2 2,869 36 62 48,896 8,929 64 51,765 8,965 Total investment securities 12 $ 37,148 $ 231 111 $ 86,656 $ 14,139 123 $ 123,804 $ 14,370 At June 30, 2024, the Company had 120 The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is allowance for credit losses on available for sale securities recognized as of . Other investments are comprised of the following and are recorded at cost which approximates fair value. Schedule of other investments (dollars in thousands) June 30, 2024 December 31, 2023 Federal Home Loan Bank stock $ 14,633 16,063 Other nonmarketable investments 3,617 3,473 Investment in Trust Preferred subsidiaries 403 403 Total other investments $ 18,653 19,939 The Company has evaluated other investments for impairment and determined that the other investments are not impaired as of June 30, 2024 and that ultimate recoverability of the par value of the investments is probable. All of the FHLB stock is used to collateralize advances with the FHLB. At June 30, 2024, there were no securities pledges as collateral for repurchase agreements from brokers. |
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale | 6 Months Ended |
Jun. 30, 2024 | |
Mortgage Loans Held For Sale | |
Mortgage Loans Held for Sale | NOTE 3 – Mortgage Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are reported as loans held for sale and carried at fair value under the fair value option with changes in fair value recognized in current period earnings. At the date of funding of the mortgage loan held for sale, the funded amount of the loan, the related derivative asset or liability of the associated interest rate lock commitment, less direct loan costs becomes the initial recorded investment in the loan held for sale. Such amount approximates the fair value of the loan. At June 30, 2024, mortgage loans held for sale totaled $ 14.8 7.2 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 4 – Loans and Allowance for Credit Losses The following table summarizes the composition of our loan portfolio. Total gross loans are recorded net of deferred loan fees and costs, which totaled $ 6.8 7 Schedule of composition of our loan portfolio June 30, 2024 December 31, 2023 (dollars in thousands) Commercial [Member] Amount % of Total Amount % of Total Commercial Owner occupied RE Owner occupied RE [Member] $ 642,008 17.7 % $ 631,657 17.5 % Non-owner occupied RE 917,034 25.3 % 942,529 26.2 % Construction Construction [Member] 144,968 4.0 % 150,680 4.2 % Business Business [Member] 527,017 14.5 % 500,161 13.9 % Total commercial loans Consumer [Member] 2,231,027 61.5 % 2,225,027 61.8 % Consumer Real estate Real estate [Member] 1,126,155 31.1 % 1,082,429 30.0 % Home equity Home equity [Member] 189,294 5.3 % 183,004 5.1 % Construction Non-owner occupied RE [Member] 32,936 0.9 % 63,348 1.7 % Other Other [Member] 43,109 1.2 % 48,819 1.4 % Total consumer loans 1,391,494 38.5 % 1,377,600 38.2 % Total gross loans, net of deferred fees 3,622,521 100.0 % 3,602,627 100.0 % Less—allowance for credit losses (40,157 ) (40,682 ) Total loans, net $ 3,582,364 $ 3,561,945 Maturities and Sensitivity of Loans to Changes in Interest Rates The information in the following tables summarizes the loan maturity distribution by type and related interest rate characteristics based on the contractual maturities of individual loans, including loans which may be subject to renewal at their contractual maturity. Renewal of such loans is subject to review and credit approval, as well as modification of terms upon maturity. Actual repayments of loans may differ from the maturities reflected below, because borrowers have the right to prepay obligations with or without prepayment penalties. Schedule of loan maturity distribution by type and related interest rate June 30, 2024 (dollars in thousands) One year After one After five but After fifteen Total Commercial Owner occupied RE $ 14,444 191,243 395,013 41,308 642,008 Non-owner occupied RE 95,160 499,411 300,272 22,191 917,034 Construction 27,588 69,004 48,376 - 144,968 Business 114,676 245,232 162,789 4,320 527,017 Total commercial loans 251,868 1,004,890 906,450 67,819 2,231,027 Consumer Real estate 17,847 59,442 306,892 741,974 1,126,155 Home equity 2,768 31,447 150,681 4,398 189,294 Construction 2,084 1,246 19,953 9,653 32,936 Other 5,017 34,340 2,963 789 43,109 Total consumer loans 27,716 126,475 480,489 756,814 1,391,494 Total gross loans, net of deferred fees $ 279,584 1,131,365 1,386,939 824,633 3,622,521 December 31, 2023 (dollars in thousands) One year After one After five After Total Commercial Owner occupied RE $ 17,358 177,203 395,130 41,966 631,657 Non-owner occupied RE 68,601 517,622 331,727 24,579 942,529 Construction 26,762 64,432 59,486 - 150,680 Business 114,432 194,416 186,927 4,386 500,161 Total commercial loans 227,153 953,673 973,270 70,931 2,225,027 Consumer Real estate 10,593 51,956 301,095 718,785 1,082,429 Home equity 2,716 27,578 147,855 4,855 183,004 Construction - 252 39,459 23,637 63,348 Other 11,157 33,592 3,265 805 48,819 Total consumer loans 24,466 113,378 491,674 748,082 1,377,600 Total gross loans, net of deferred fees $ 251,619 1,067,051 1,464,944 819,013 3,602,627 The following table summarizes the loans due after one year by category. Schedule of loans due after one year by category June 30, 2024 December 31, 2023 Interest Rate Interest Rate (dollars in thousands) Fixed Floating or Fixed Floating or Commercial Owner occupied RE $ 607,993 19,571 605,199 9,100 Non-owner occupied RE 730,091 91,783 768,048 105,880 Construction 84,955 32,425 81,326 42,592 Business 288,076 124,265 293,920 91,809 Total commercial loans 1,711,115 268,044 1,748,493 249,381 Consumer Real estate 1,108,308 - 1,071,836 - Home equity 10,791 175,735 11,441 168,847 Construction 30,852 - 63,348 - Other 11,463 26,629 11,525 26,137 Total consumer loans 1,161,414 202,364 1,158,150 194,984 Total gross loans, net of deferred fees $ 2,872,529 470,408 2,906,643 444,365 Credit Quality Indicators The Company tracks credit quality based on its internal risk ratings. Upon origination, a loan is assigned an initial risk grade, which is generally based on several factors such as the borrower’s credit score, the loan-to-value ratio, the debt-to-income ratio, etc. After loans are initially graded, they are monitored regularly for credit quality based on many factors, such as payment history, the borrower’s financial status, and changes in collateral value. Loans can be downgraded or upgraded depending on management’s evaluation of these factors. Internal risk-grading policies are consistent throughout each loan type. A description of the general characteristics of the risk grades is as follows: · Pass— A pass loan ranges from minimal to average credit risk; however, still has acceptable credit risk. · Watch—A watch loan exhibits above average credit risk due to minor weaknesses and warrants closer scrutiny by management. · Special mention—A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the institution’s credit position at some future date. · Substandard—A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, which may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. · Doubtful—A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable. The following table presents loan balances classified by credit quality indicators by year of origination as of June 30, 2024. Schedule of classified by credit quality indicators by year of origination June 30, 2024 (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Revolving Total Commercial Owner occupied RE Pass $ 23,203 44,004 179,234 139,629 69,627 157,231 85 240 613,253 Watch 501 - 3,400 1,483 8,947 10,562 - - 24,893 Special Mention - - 172 - - 2,866 - - 3,038 Substandard - - - - - 824 - - 824 Total Owner occupied RE 23,704 44,004 182,806 141,112 78,574 171,483 85 240 642,008 Non-owner occupied RE Pass 18,752 78,134 307,936 163,811 106,253 200,283 348 - 875,517 Watch - 997 2,363 444 522 11,614 - - 15,940 Special Mention - - - 7,662 - 8,999 - - 16,661 Substandard - - 967 304 - 7,645 - - 8,916 Total Non-owner occupied RE 18,752 79,131 311,266 172,221 106,775 228,541 348 - 917,034 Current period gross write-offs - - - - - (1,029 ) - - (1,029 ) Construction Pass 11,547 27,377 84,630 20,016 - - - - 143,570 Watch - - 1,398 - - - - - 1,398 Total Construction 11,547 27,377 86,028 20,016 - - - - 144,968 Business Pass 14,126 48,209 137,919 42,732 17,134 57,525 172,528 230 490,403 Watch - 152 16,870 1,965 1,448 4,394 6,985 146 31,960 Special Mention 662 223 827 80 131 1,812 - - 3,735 Substandard - - - 148 361 410 - - 919 Total Business 14,788 48,584 155,616 44,925 19,074 64,141 179,513 376 527,017 Current period gross write-offs - - - - (347 ) (18 ) - - (365 ) Total Commercial loans 68,791 199,096 735,716 378,274 204,423 464,165 179,946 616 2,231,027 Consumer Real estate Pass 47,322 148,130 287,524 271,998 166,714 165,723 - - 1,087,411 Watch - 487 5,590 7,305 4,764 5,813 - - 23,959 Special Mention - 142 2,472 1,509 993 5,104 - - 10,220 Substandard - 275 341 1,220 978 1,751 - - 4,565 Total Real estate 47,322 149,034 295,927 282,032 173,449 178,391 - - 1,126,155 Home equity Pass - - - - - - 175,981 - 175,981 Watch - - - - - - 8,094 - 8,094 Special Mention - - - - - - 3,724 - 3,724 Substandard - - - - - - 1,495 - 1,495 Total Home equity - - - - - - 189,294 - 189,294 Construction Pass 2,638 10,263 15,424 4,611 - - - - 32,936 Total Construction 2,638 10,263 15,424 4,611 - - - - 32,936 Other Pass 2,411 1,066 2,316 2,034 1,320 3,053 29,800 - 42,000 Watch - 8 20 341 - 150 55 - 574 Special Mention 5 31 327 69 - 68 30 - 530 Substandard - - - - - - 5 - 5 Total Other 2,416 1,105 2,663 2,444 1,320 3,271 29,890 - 43,109 Current period gross write-offs - - - - - (38 ) (41 ) - (79 ) Total Consumer loans 52,376 160,402 314,014 289,087 174,769 181,662 219,184 - 1,391,494 Total loans $ 121,167 359,498 1,049,730 667,361 379,192 645,827 399,130 616 3,622,521 Total Current period gross write-offs - - - - (347 ) (1,085 ) (41 ) - (1,473 ) The following table presents loan balances classified by credit quality indicators by year of origination as of December 31, 2023. December 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term Total Commercial Owner occupied RE Pass $ 42,846 180,654 138,549 64,818 59,880 110,502 85 166 597,500 Watch - 3,460 460 15,997 3,525 6,616 - - 30,058 Special Mention - 181 - - - 3,057 - - 3,238 Substandard - - - - - 861 - - 861 Total Owner occupied RE 42,846 184,295 139,009 80,815 63,405 121,036 85 166 631,657 Non-owner occupied RE Pass 84,617 298,063 162,697 107,364 59,260 163,990 9,249 - 885,240 Watch 1,007 3,260 9,914 533 5,545 10,630 - - 30,889 Special Mention - - 7,759 - 8,252 879 - - 16,890 Substandard - - 313 - 8,088 1,109 - - 9,510 Total Non-owner occupied RE 85,624 301,323 180,683 107,897 81,145 176,608 9,249 - 942,529 Current period gross write-offs - (200 ) - - - (42 ) - - (242 ) Construction Pass 27,262 86,161 24,399 11,459 - - - - 149,281 Watch - 1,399 - - - - - - 1,399 Total Construction 27,262 87,560 24,399 11,459 - - - - 150,680 Business Pass 48,705 134,999 48,557 18,868 17,292 47,708 146,745 1,431 464,305 Watch 127 15,867 1,833 1,010 842 3,584 7,570 506 31,339 Special Mention 241 961 98 857 184 447 150 97 3,035 Substandard - - 155 - 132 1,195 - - 1,482 Total Business 49,073 151,827 50,643 20,735 18,450 52,934 154,465 2,034 500,161 Current period gross write-offs - - - (28 ) - - (15 ) (22 ) (65 ) Total Commercial loans 204,805 725,005 394,734 220,906 163,000 350,578 163,799 2,200 2,225,027 Consumer Real estate Pass 144,179 273,585 278,138 176,395 66,087 105,383 - - 1,043,767 Watch 490 5,658 8,230 3,917 2,051 3,890 - - 24,236 Special Mention 143 2,499 1,657 1,291 2,220 3,360 - - 11,170 Substandard - - 635 817 318 1,486 - - 3,256 Total Real estate 144,812 281,742 288,660 182,420 70,676 114,119 - - 1,082,429 Home equity Pass - - - - - - 171,003 - 171,003 Watch - - - - - - 6,393 - 6,393 Special Mention - - - - - - 4,283 - 4,283 Substandard - - - - - - 1,325 - 1,325 Total Home equity - - - - - - 183,004 - 183,004 Current period gross write-offs - - - - - - (438 ) - (438 ) Construction Pass 14,339 39,893 9,116 - - - - - 63,348 Total Construction 14,339 39,893 9,116 - - - - - 63,348 Other Pass 1,278 2,551 2,361 1,457 803 2,604 36,549 - 47,603 Watch 9 29 348 - 15 163 58 - 622 Special Mention 33 333 - - 23 82 41 - 512 Substandard - - 75 - - - 7 - 82 Total Other 1,320 2,913 2,784 1,457 841 2,849 36,655 - 48,819 Current period gross write-offs - - - - - - (16 ) - (16 ) Total Consumer loans 160,471 324,548 300,560 183,877 71,517 116,968 219,659 - 1,377,600 Total loans $ 365,276 1,049,553 695,294 404,783 234,517 467,546 383,458 2,200 3,602,627 Total Current period gross write-offs - (200 ) - (28 ) - (42 ) (469 ) (22 ) (761 ) The following tables present loan balances by age and payment status. Schedule of loan balances by payment status June 30, 2024 (dollars in thousands) Accruing 30- Accruing 60-89 Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ - - - - 642,008 642,008 Non-owner occupied RE 115 - - 7,949 908,970 917,034 Construction - - - - 144,968 144,968 Business 622 - - 829 525,566 527,017 Consumer Real estate 124 871 - 1,876 1,123,284 1,126,155 Home equity 352 45 - 564 188,333 189,294 Construction - - - - 32,936 32,936 Other - - - - 43,109 43,109 Total loans $ 1,213 916 - 11,218 3,609,174 3,622,521 Total loans over 90 days past due - - - - - 1,527 December 31, 2023 (dollars in thousands) Accruing 30- Accruing 60-89 Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ 74 - - - 631,583 631,657 Non-owner occupied RE 8,102 - - 1,423 933,004 942,529 Construction - - - - 150,680 150,680 Business 567 - - 319 499,275 500,161 Consumer Real estate 1,750 - - 985 1,079,694 1,082,429 Home equity 601 30 - 1,236 181,137 183,004 Construction - - - - 63,348 63,348 Other 25 25 - - 48,769 48,819 Total loans $ 11,119 55 - 3,963 3,587,490 3,602,627 Total loans over 90 days past due - - - - - 1,300 As of June 30, 2024 and December 31, 2023, loans 30 days or more past due represented 0.30% 0.37% 0.23% 0.27% 0.07% 0.09% The table below summarizes nonaccrual loans by major categories for the periods presented. Schedule nonaccrual loans by major categories June 30, 2024 December 31, 2023 Nonaccrual Nonaccrual Nonaccrual Nonaccrual loans loans Total loans loans Total with no with an nonaccrual with no with an nonaccrual (dollars in thousands) allowance allowance loans allowance allowance loans Commercial Owner occupied RE $ - - - $ - - - Non-owner occupied RE 5,454 2,495 7,949 653 770 1,423 Construction - - - - - - Business - 829 829 164 155 319 Total commercial 5,454 3,324 8,778 817 925 1,742 Consumer Real estate 1,148 728 1,876 - 985 985 Home equity 489 75 564 343 893 1,236 Construction - - - - - - Other - - - - - - Total consumer 1,637 803 2,440 343 1,878 2,221 Total nonaccrual loans $ 7,091 4,127 11,218 $ 1,160 2,803 3,963 The Company did no 76,000 no no We did no 82,000 23,000 The table below summarizes information regarding nonperforming assets. Schedule of nonperforming assets (dollars in thousands) June 30, 2024 December 31, 2023 Nonaccrual loans $ 11,218 3,963 Other real estate owned - - Total nonperforming assets $ 11,218 3,963 Nonperforming assets as a percentage of: Total assets 0.27 % 0.10 % Gross loans 0.31 % 0.11 % Total loans over 90 days past due $ 1,527 1,300 Loans over 90 days past due and still accruing - - Modifications to Borrowers Experiencing Financial Difficulty The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Loan modifications to borrowers experiencing financial difficulty were not material for the three and six months ended June 30, 2024 and June 30, 2023. Allowance for Credit Losses The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectable. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management’s judgment, should be charged against the allowance. A provision for credit losses is taken based on management’s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is conducted quarterly. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management's evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrowers' ability to repay a loan, the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications and other pertinent factors, including regulatory recommendations. Management believes the level of the allowance for credit losses is adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off. The Company uses a lifetime probability of default and loss given default modeling approach to estimate the allowance for credit losses on loans. This method uses historical correlations between default experience and the age of loans to forecast defaults and losses, assuming that a loan in a pool shares similar risk characteristics such as loan product type, risk rating and loan age, and demonstrates similar default characteristics as other loans in that pool, as the loan progresses through its lifecycle. The Company calculates lifetime probability of default and loss given default rates based on historical loss experience, which is used to calculate expected losses based on the pool’s loss rate and the age of loans in the pool. Management believes that the Company’s historical loss experience provides the best basis for its assessment of expected credit losses to determine the allowance for credit losses. The Company uses its own internal data to measure historical credit loss experience within the pools with similar risk characteristics over an economic cycle. The probability of default and loss given default method also includes assumptions of observed migration over the lifetime of the underlying loan data. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Management also considers further adjustments to historical loss information for current conditions and reasonable and supportable forecasts that differ from the conditions that exist for the period over which historical information is evaluated as well as other changes in qualitative factors not inherently considered in the quantitative analyses. The Company generally utilizes a four-quarter forecast period in evaluating the appropriateness of the reasonable and supportable forecast scenarios which are incorporated through qualitative adjustments. There is immediate reversion to historical loss rates. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The data for each measurement may be obtained from internal or external sources. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan pools. These adjustments are based upon quarterly trend assessments in certain economic factors such as labor, inflation, consumer sentiment and real disposable income, as well as associate retention and turnover, portfolio concentrations, and growth characteristics. The qualitative analysis increases or decreases the allowance allocation for each loan pool based on the assessment of factors described above. The following tables summarize the activity related to the allowance for credit losses for the three and six months ended June 30, 2024 and June 30, 2023 under the CECL methodology. Schedule of activity related to the allowance for credit losses Three months ended June 30, 2024 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 6,118 11,167 1,594 7,054 10,647 2,719 677 465 40,441 Provision for credit losses (651 ) 424 (263 ) 190 1,750 (244 ) (399 ) (57 ) 750 Loan charge-offs - (1,029 ) - (19 ) - - - (1 ) (1,049 ) Loan recoveries - - - 11 - 4 - - 15 Net loan recoveries (charge-offs) - (1,029 ) - (8 ) - 4 - (1 ) (1,034 ) Balance, end of period $ 5,467 10,562 1,331 7,236 12,397 2,479 278 407 40,157 Net charge-offs to average loans (annualized) 0.11 % Allowance for credit losses to gross loans 1.11 % Allowance for credit losses to nonperforming loans 357.95 % Three months ended June 30, 2023 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 5,984 11,285 1,110 8,022 10,079 2,663 810 482 40,435 Provision for credit losses (88 ) 347 221 118 316 245 (126 ) 62 1,095 Loan charge-offs - (48 ) - - - (389 ) - (2 ) (439 ) Loan recoveries - - - 12 - 2 - - 14 Net loan recoveries (charge-offs) - (48 ) - 12 - (387 ) - (2 ) (425 ) Balance, end of period $ 5,896 11,584 1,331 8,152 10,395 2,521 684 542 41,105 Net charge-offs to average loans (annualized) 0.05 % Allowance for credit losses to gross loans 1.16 % Allowance for credit losses to nonperforming loans 1,363.11 % Six months ended June 30, 2024 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 6,118 11,167 1,594 7,385 10,647 2,600 677 494 40,682 Provision for credit losses (651 ) 424 (263 ) 190 1,750 (244 ) (399 ) (57 ) 750 Loan charge-offs - (1,029 ) - (365 ) - - - (79 ) (1,473 ) Loan recoveries - - - 26 - 123 - 49 198 Net loan recoveries (charge-offs) - (1,029 ) - (339 ) - 123 - (30 ) (1,275 ) Balance, end of period $ 5,467 10,562 1,331 7,236 12,397 2,479 278 407 40,157 Net charge-offs to average loans (annualized) 0.07 % Allowance for credit losses to gross loans 1.11 % Allowance for credit losses to nonperforming loans 357.95 % Six months ended June 30, 2023 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 5,867 10,376 1,292 7,861 9,487 2,551 893 312 38,639 Provision for credit losses 29 1,385 39 268 908 298 (209 ) 232 2,950 Loan charge-offs - (209 ) - (1 ) - (389 ) - (2 ) (601 ) Loan recoveries - 32 - 24 - 61 - - 117 Net loan recoveries (charge-offs) - (177 ) - 23 - (328 ) - (2 ) (484 ) Balance, end of period $ 5,896 11,584 1,331 8,152 10,395 2,521 684 542 41,105 Net charge-offs to average loans (annualized) 0.03 % Allowance for credit losses to gross loans 1.16 % Allowance for credit losses to nonperforming loans 1,363.11 % The provision for credit losses was $ 750,000 1.1 750,000 3 Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The Company reviews individually evaluated loans for designation as collateral dependent loans, as well as other loans that management of the Company designates as having higher risk. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The following tables present an analysis of collateral-dependent loans of the Company as of June 30, 2024 and December 31, 2023. Schedule of analysis of collateral-dependent loans June 30, 2024 Real Business (dollars in thousands) estate assets Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 7,274 - - 7,274 Construction - - - - Business 361 321 - 682 Total commercial 7,635 321 - 7,956 Consumer Real estate 1,304 - - 1,304 Home equity 564 - - 564 Construction - - - - Other - - - - Total consumer 1,868 - - 1,868 Total $ 9,503 321 - 9,824 December 31, 2023 Real Business (dollars in thousands) estate assets Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 720 - - 720 Construction - - - - Business 164 - - 164 Total commercial 884 - - 884 Consumer Real estate 166 - - 166 Home equity 343 - - 343 Construction - - - - Other - - - - Total consumer 509 - - 509 Total $ 1,393 - - 1,393 Allowance for Credit Losses - Unfunded Loan Commitments The allowance for credit losses for unfunded loan commitments was $ 1.4 1.8 Schedule of allowance for credit losses for unfunded loan commitments Three months ended Three months ended (dollars in thousands) June 30, 2024 June 30, 2023 Balance, beginning of period $ 1,656 2,750 Provision for (reversal of) credit losses (250 ) (185 ) Balance, end of period $ 1,406 2,565 Unfunded Loan Commitments $ 694,524 849,977 Reserve for Unfunded Commitments to Unfunded Loan Commitments 0.20 % 0.30 % Six months ended Six months ended (dollars in thousands) June 30, 2024 June 30, 2023 Balance, beginning of period $ 1,831 2,780 Provision for (reversal of) credit losses (425 ) (215 ) Balance, end of period $ 1,406 2,565 Unfunded Loan Commitments $ 694,524 849,977 Reserve for Unfunded Commitments to Unfunded Loan Commitments 0.20 % 0.30 % |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 5 – Derivative Financial Instruments The Company utilizes derivative financial instruments primarily to manage its exposure to changes in interest rates. All derivative financial instruments are recognized as either assets or liabilities and measured at fair value. The Company enters into commitments to originate residential mortgage loans held for sale, at specified interest rates and within a specified period of time, with clients who have applied for a loan and meet certain credit and underwriting criteria (interest rate lock commitments). These interest rate lock commitments (“IRLCs”) meet the definition of a derivative financial instrument and are reflected in the balance sheet at fair value with changes in fair value recognized in current period earnings. Unrealized gains and losses on the IRLCs are recorded as derivative assets and derivative liabilities, respectively, and are measured based on the value of the underlying mortgage loan, quoted mortgage-backed securities (“MBS”) prices and an estimate of the probability that the mortgage loan will fund within the terms of the interest rate lock commitment, net of estimated commission expenses. The Company manages the interest rate and price risk associated with its outstanding IRLCs and mortgage loans held for sale by entering into derivative instruments such as forward sales of MBS. These derivatives are free-standing derivatives and are not designated as instruments for hedge accounting. Management expects these derivatives will experience changes in fair value opposite to changes in fair value of the IRLCs and mortgage loans held for sale, thereby reducing earnings volatility. The Company takes into account various factors and strategies in determining the portion of the mortgage pipeline (IRLCs and mortgage loans held for sale) it wants to economically hedge. The gain or loss resulting from the change in the fair value of the derivative is recognized in the Company’s statement of income during the period of change. The Company entered into a pay-fixed portfolio layer method fair value swap, designated as a hedging instrument, with a total notional amount of $ 200.0 The following table represents the carrying value of the portfolio layer method hedged asset and liability and the cumulative fair value hedging adjustment included in the carrying value of the hedged asset as of June 30, 2024 and December 31, 2023. Schedule of carrying value of hedged asset and liability and cumulative fair value hedging adjustment June 30, 2024 December 31, 2023 (dollars in thousands) Carrying Hedged Asset Carrying Hedged Liability Fixed Rate Asset/Liability 1 $ 203,986 $ 3,986 $ 199,518 $ 482 1 These amounts included the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of the assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of June 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $ 694.1 4 200 The following table summarizes the Company’s outstanding financial derivative instruments at June 30, 2024 and December 31, 2023. Schedule of outstanding financial derivative instruments June 30, 2024 Fair Value (dollars in thousands) Notional Balance Sheet Asset/(Liability) Derivatives designated as hedging instruments: Fair value swap Fair value swap [Member] $ 200,000 Other assets $ 3,986 Derivatives not designated as hedging instruments: Mortgage loan interest rate lock commitments Mortgage loan interest rate lock commitments [Member] 21,923 Other assets 253 MBS forward sales commitments MBS forward sales commitments [Member] 15,000 Other assets 21 Total derivative financial instruments Total derivative financial instruments [Member] $ 236,923 $ 4,260 December 31, 2023 Fair Value (dollars in thousands) Notional Balance Sheet Asset/(Liability) Derivatives designated as hedging instruments: Fair value swap $ 200,000 Other liabilities $ (482 ) Derivatives not designated as hedging instruments: Mortgage loan interest rate lock commitments 12,973 Other assets 159 MBS forward sales commitments 10,000 Other liabilities (68 ) Total derivative financial instruments $ 222,973 $ (391 ) Accrued interest receivable related to the interest rate swap as of June 30, 2024 totaled $ 293 The Company assesses the effectiveness of the fair value swap hedge with a regression analysis that compares the changes in forward curves to determine the value. The effective portion of changes in fair value of derivatives designated as fair value hedges is recorded through interest income. The Company does not offset derivative assets and derivative liabilities for financial statement presentation purposes. The following table summarizes the effect of the fair value hedging relationship recognized in the consolidated statements of income for the three and six months ended June 30, 2024 and June 30, 2023. Schedule of summarize the effect of fair value hedging relationship recognized in consolidated statement of income Three months ended Six months ended (dollars in thousands) 2024 2023 2024 2023 Gain (loss) on fair value hedging relationship: Hedged asset $ 3,986 2,750 $ 3,986 2,750 Fair value derivative designated as hedging instrument (3,947 ) (2,784 ) (3,997 ) (2,784 ) Total gain (loss) recognized in interest income on loans $ 39 (34 ) $ (11 ) (34 ) |
Fair Value Accounting
Fair Value Accounting | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | NOTE 6 – Fair Value Accounting FASB ASC 820, “Fair Value Measurement and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 – Quoted market price in active markets Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include certain debt and equity securities that are traded in an active exchange market. Level 2 – Significant other observable inputs Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include fixed income securities and mortgage-backed securities that are held in the Company’s available-for-sale portfolio and valued by a third-party pricing service, as well as certain individually evaluated loans. Level 3 – Significant unobservable inputs Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. These methodologies may result in a significant portion of the fair value being derived from unobservable data. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 12 of the Company’s 2023 Annual Report on Form 10-K. See Note 5 for how the derivative asset fair value is determined. The Company’s loan portfolio is initially fair valued using a segmented approach, using the eight categories of loans as disclosed in Note 4 – Loans and Allowance for Credit Losses. Loans are considered a Level 3 classification. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. Schedule of assets and liabilities measured at fair value on a recurring basis June 30, 2024 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale Corporate bonds $ - 1,887 - 1,887 US treasuries - 890 - 890 US government agencies - 17,700 - 17,700 State and political subdivisions - 19,323 - 19,323 Asset-backed securities - 31,575 - 31,575 Mortgage-backed securities - 49,978 - 49,978 Mortgage loans held for sale - 14,759 - 14,759 Mortgage loan interest rate lock commitments - 253 - 253 MBS forward sales commitments - 21 - 21 Derivative asset - 3,986 - 3,986 Total assets measured at fair value on a recurring basis $ - 140,372 - 140,372 The company had no liabilities recorded at fair value on a recurring basis as of June 30, 2024. December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale: Corporate bonds $ - 1,910 - 1,910 US treasuries - 9,394 - 9,394 US government agencies - 18,656 - 18,656 State and political subdivisions - 19,741 - 19,741 Asset-backed securities - 33,236 - 33,236 Mortgage-backed securities - 51,765 - 51,765 Mortgage loans held for sale - 7,194 - 7,194 Mortgage loan interest rate lock commitments - 159 - 159 Total assets measured at fair value on a recurring basis $ - 142,055 - 142,055 Liabilities Derivative liability $ - 482 - 482 MBS forward sales commitments - 68 - 68 Total liabilities measured at fair value on a recurring basis $ - 550 - 550 Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The tables below present the recorded amount of assets and liabilities measured at fair value on a nonrecurring basis as of June 30, 2024 and December 31, 2023. Schedule of assets and liabilities measured at fair value on a nonrecurring basis As of June 30, 2024 (dollars in thousands) Level 1 [Member] Level 1 Level 2 Level 3 Total Assets Individually evaluated loans Level 2 [Member] $ - 8,560 1,867 10,427 Total assets measured at fair value on a nonrecurring basis $ - 8,560 1,867 10,427 As of December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Individually evaluated loans Level 3 [Member] $ - 1,160 2,976 4,136 Total assets measured at fair value on a nonrecurring basis $ - 1,160 2,976 4,136 The Company had no liabilities carried at fair value or measured at fair value on a nonrecurring basis. For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of June 30, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: Schedule of unobservable inputs used in the fair value measurements Valuation Technique Significant Unobservable Inputs Range of Inputs Individually evaluated loans Appraised Value/ Discounted Cash Flows Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal 0 25 Fair Value of Financial Instruments Financial instruments require disclosure of fair value information, whether or not recognized in the consolidated balance sheets, when it is practical to estimate the fair value. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contractual obligation which requires the exchange of cash. Certain items are specifically excluded from the disclosure requirements, including the Company’s common stock, premises and equipment and other assets and liabilities. The estimated fair values of the Company’s financial instruments at June 30, 2024 and December 31, 2023 are as follows: Schedule of estimated fair values of the company’s financial instruments June 30, 2024 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 18,653 18,653 - - 18,653 Loans 1 3,570,321 3,270,848 - - 3,270,848 Financial Liabilities: Deposits 3,459,869 3,223,811 - 3,223,811 - Subordinated debentures 36,376 40,563 - 40,563 - December 31, 2023 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 19,939 19,939 - - 19,939 Loans 1 3,557,120 3,337,768 - - 3,337,768 Financial Liabilities: Deposits 3,379,564 2,961,182 - 2,961,182 - Subordinated debentures 36,322 40,712 - 40,712 - 1 Carrying amount is net of the allowance for credit losses and individually evaluated loans. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Leases | NOTE 7 – Leases The Company had operating right-of-use (“ROU”) assets, included in property and equipment, of $ 21.4 22.2 23.9 24.6 5.43 The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term at implementation of the accounting standard and as of the lease commencement date for leases subsequently entered into. The weighted average discount rate for leases was 2.28 The total operating lease costs were $ 604,000 1.2 Operating lease payments due as of June 30, 2024 were as follows: Schedule of operating lease payments Operating (dollars in thousands) Leases 2024 $ 1,056 2025 2,157 2026 2,210 2027 2,267 2028 2,015 Thereafter 20,187 Total undiscounted lease payments 29,892 Discount effect of cash flows 5,946 Total lease liability $ 23,946 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per common share | |
Earnings Per Common Share | NOTE 8 – Earnings Per Common Share The following schedule reconciles the numerators and denominators of the basic and diluted earnings per share computations for the three and six month periods ended June 30, 2024 and 2023. Dilutive common shares arise from the potentially dilutive effect of the Company’s stock options that were outstanding at June 30, 2024. The assumed conversion of stock options can create a difference between basic and dilutive net income per common share. At June 30, 2024 and 2023, there were 266,974 386,003 Schedule of earnings per share calculation Three months ended June 30, Six months ended June 30, (dollars in thousands, except share data) 2024 2023 2024 2023 Numerator: Net income available to common shareholders $ 2,999 2,458 $ 5,521 5,161 Denominator: Weighted-average common shares outstanding – basic 8,125,869 8,051,131 8,118,059 8,038,642 Common stock equivalents 14,953 17,897 23,312 41,879 Weighted-average common shares outstanding – diluted 8,140,822 8,069,028 8,141,371 8,080,521 Earnings per common share: Basic $ 0.37 0.31 $ 0.68 0.64 Diluted 0.37 0.31 0.68 0.64 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six-month periods ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 5, 2024. The consolidated financial statements include the accounts of the Company and the Bank. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, “Consolidation,” the financial statements related to the Trusts have not been consolidated. |
Business Segments | Business Segments The Company, through the Bank, provides a broad range of financial services to individuals and companies in South Carolina, North Carolina, and Georgia. These services include demand, time and savings deposits, lending services and ATM processing and mortgage banking services. While the Company’s management periodically reviews limited production information for these revenue streams, that information is not complete as it does not include a full allocation of revenue, costs and capital from key corporate functions. Management will continue to evaluate these lines of business for separate reporting as facts and circumstances change. Accordingly, the Company’s various banking operations are not considered by management to constitute more than one reportable operating segment. |
Risk and Uncertainties | Risk and Uncertainties In the normal course of its business, the Company encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on different bases, than its interest-earning assets. Credit risk is the risk of default within the Company’s loan portfolio that results from borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans receivable and the valuation of real estate held by the Company. There were three significant bank failures in the first five months of 2023, primarily due to the failed banks’ lack of liquidity as depositors sought to withdraw their deposits. Due to rising interest rates, the failed banks were unable to sell investment securities held to meet liquidity needs without realizing substantial losses. As a result of the recent bank failures and in an effort to strengthen public confidence in the banking system and protect depositors, regulators announced that any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law, which has and could continue to increase the cost of our FDIC insurance assessments. The ultimate impact of these bank failures on the economy, financial institutions and their depositors, as well as any governmental regulatory responses or actions resulting from the same, remains difficult to predict at this time. The Company is subject to the regulations of various governmental agencies. These regulations can and do change significantly from period to period. The Company also undergoes periodic examinations by the regulatory agencies, which may subject the Company to changes with respect to the valuation of assets, the amount of required credit loss allowance and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. The Bank makes loans to individuals and businesses in the Upstate, Midlands, and Lowcountry regions of South Carolina as well as the Triangle, Triad and Charlotte regions of North Carolina and Atlanta, Georgia for various personal and commercial purposes. The Bank’s loan portfolio has a concentration of real estate loans. As of June 30, 2024 and 2023, real estate loans represented 84.3 84.1 As of June 30, 2024, the Company’s and the Bank’s capital ratios were in excess of all regulatory requirements. While management believes that we have sufficient capital to withstand an extended economic recession, our reported and regulatory capital ratios could be adversely impacted by future credit losses. The Company maintains access to multiple sources of liquidity, including a $ 15.0 15.0 |
Use of Estimates | Use of 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 as of the date of the consolidated financial statements and the reported amount of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, real estate acquired in the settlement of loans, fair value of financial instruments, and valuation of deferred tax assets. |
Reclassifications | Reclassifications Certain amounts, previously reported, have been reclassified to state all periods on a comparable basis and had no effect on shareholders’ equity or net income. |
Subsequent Events | Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. |
Newly Issued, But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In December 2022, the FASB issued amendments to defer the sunset date of the Reference Rate Reform Topic of the Accounting Standards Codification from December 31, 2022 to December 31, 2024, because the current relief in Reference Rate Reform Topic may not cover a period of time during which a significant number of modifications may take place. The amendments were effective upon issuance. The Company does not expect these amendments to have a material effect on its financial statements. In December 2023, the FASB amended the Income Taxes topic in the Accounting Standards Codification to improve the transparency of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company does not expect these amendments to have a material effect on its financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized costs and fair value of investment securities | Schedule of amortized costs and fair value of investment securities June 30, 2024 Amortized Gross Unrealized Fair (dollars in thousands) Corporate bonds [Member] Cost Gains Losses Value Available for sale Asset-backed securities [Member] Corporate bonds US treasuries [Member] $ 2,134 - 247 1,887 US treasuries 999 - 109 890 US government agencies US government agencies [Member] 19,600 - 1,900 17,700 State and political subdivisions State and political subdivisions [Member] 22,514 - 3,191 19,323 Asset-backed securities Mortgage-backed securities [Member] 31,555 78 58 31,575 Mortgage-backed securities 59,571 - 9,593 49,978 Total investment securities available for sale $ 136,373 78 15,098 121,353 December 31, 2023 Amortized Gross Unrealized Fair Cost Gains Losses Value Available for sale Corporate bonds $ 2,147 - 237 1,910 US treasuries 9,495 1 102 9,394 US government agencies 20,594 - 1,938 18,656 State and political subdivisions 22,642 11 2,912 19,741 Asset-backed securities 33,450 2 216 33,236 Mortgage-backed securities 60,730 - 8,965 51,765 Total investment securities available for sale $ 149,058 14 14,370 134,702 |
Schedule of maturities and yields on the company’s investment securities | Schedule of maturities and yields on the company’s investment securities June 30, 2024 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds Corporate bonds [Member] $ - - $ - - $ 1,887 2.02 % $ - - $ 1,887 2.02 % US treasuries - - 890 1.27 % - - - - 890 1.27 % US government agencies US government agencies [Member] 992 0.45 % 2,389 1.00 % 14,319 4.29 % - - 17,700 3.63 % State and political subdivisions State and political subdivisions [Member] - - 904 1.94 % 5,729 1.89 % 12,690 2.16 % 19,323 2.07 % Asset-backed securities Asset-backed securities [Member] - - 132 3.88 % - - 31,443 6.68 % 31,575 6.67 % Mortgage-backed securities Mortgage-backed securities [Member] - - 6,547 1.29 % 3,411 1.54 % 40,020 2.10 % 49,978 1.96 % Total investment securities Total investment securities [Member] $ 992 0.45 % $ 10,862 1.31 % $ 25,346 3.21 % $ 84,153 3.82 % $ 121,353 3.44 % December 31, 2023 Less than one year One to five years Five to ten years Over ten years Total (dollars in thousands) Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Available for sale Corporate bonds $ - - $ - - $ 1,910 2.01 % $ - - $ 1,910 2.01 % US treasuries 8,497 5.42 % 897 1.27 % - - - - 9,394 5.02 % US government agencies 970 0.45 % 2,385 1.00 % 15,301 4.41 % - - 18,656 3.77 % State and political subdivisions - - 906 1.94 % 5,769 1.89 % 13,066 2.15 % 19,741 2.06 % Asset-backed securities - - 296 (6.13 )% - - 32,940 6.63 % 33,236 6.57 % Mortgage-backed securities - - 4,795 1.15 % 5,400 1.59 % 41,570 2.00 % 51,765 1.87 % Total investment securities $ 9,467 4.91 % $ 9,279 0.98 % $ 28,380 3.20 % $ 87,576 3.76 % $ 134,702 3.55 % |
Schedule of gross unrealized losses on investment securities and fair market value of related securities | Schedule of gross unrealized losses on investment securities and fair market value of related securities June 30, 2024 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,887 $ 247 1 $ 1,887 $ 247 US treasuries - - - 1 890 109 1 890 109 US government agencies - - - 12 17,700 1,900 12 17,700 1,900 State and political subdivisions 2 748 13 30 18,575 3,178 32 19,323 3,191 Asset-backed 3 11,479 42 7 3,708 16 10 15,187 58 Mortgage-backed securities 1 1,161 1 63 48,817 9,592 64 49,978 9,593 Total investment securities 6 $ 13,388 $ 56 114 $ 91,577 $ 15,042 120 $ 104,965 $ 15,098 December 31, 2023 Less than 12 months 12 months or longer Total (dollars in thousands) # Fair Unrealized # Fair Unrealized # Fair Unrealized Available for sale Corporate bonds - $ - $ - 1 $ 1,910 $ 237 1 $ 1,910 $ 237 US treasuries - - - 1 897 102 1 897 102 US government agencies 2 7,533 50 10 11,123 1,888 12 18,656 1,938 State and political subdivisions - - - 30 18,964 2,912 30 18,964 2,912 Asset-backed 8 26,746 145 7 4,866 71 15 31,612 216 Mortgage-backed securities Mortgage-backed securities [Member] 2 2,869 36 62 48,896 8,929 64 51,765 8,965 Total investment securities 12 $ 37,148 $ 231 111 $ 86,656 $ 14,139 123 $ 123,804 $ 14,370 |
Schedule of other investments | Schedule of other investments (dollars in thousands) June 30, 2024 December 31, 2023 Federal Home Loan Bank stock $ 14,633 16,063 Other nonmarketable investments 3,617 3,473 Investment in Trust Preferred subsidiaries 403 403 Total other investments $ 18,653 19,939 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of composition of our loan portfolio | Schedule of composition of our loan portfolio June 30, 2024 December 31, 2023 (dollars in thousands) Commercial [Member] Amount % of Total Amount % of Total Commercial Owner occupied RE Owner occupied RE [Member] $ 642,008 17.7 % $ 631,657 17.5 % Non-owner occupied RE 917,034 25.3 % 942,529 26.2 % Construction Construction [Member] 144,968 4.0 % 150,680 4.2 % Business Business [Member] 527,017 14.5 % 500,161 13.9 % Total commercial loans Consumer [Member] 2,231,027 61.5 % 2,225,027 61.8 % Consumer Real estate Real estate [Member] 1,126,155 31.1 % 1,082,429 30.0 % Home equity Home equity [Member] 189,294 5.3 % 183,004 5.1 % Construction Non-owner occupied RE [Member] 32,936 0.9 % 63,348 1.7 % Other Other [Member] 43,109 1.2 % 48,819 1.4 % Total consumer loans 1,391,494 38.5 % 1,377,600 38.2 % Total gross loans, net of deferred fees 3,622,521 100.0 % 3,602,627 100.0 % Less—allowance for credit losses (40,157 ) (40,682 ) Total loans, net $ 3,582,364 $ 3,561,945 |
Schedule of loan maturity distribution by type and related interest rate | Schedule of loan maturity distribution by type and related interest rate June 30, 2024 (dollars in thousands) One year After one After five but After fifteen Total Commercial Owner occupied RE $ 14,444 191,243 395,013 41,308 642,008 Non-owner occupied RE 95,160 499,411 300,272 22,191 917,034 Construction 27,588 69,004 48,376 - 144,968 Business 114,676 245,232 162,789 4,320 527,017 Total commercial loans 251,868 1,004,890 906,450 67,819 2,231,027 Consumer Real estate 17,847 59,442 306,892 741,974 1,126,155 Home equity 2,768 31,447 150,681 4,398 189,294 Construction 2,084 1,246 19,953 9,653 32,936 Other 5,017 34,340 2,963 789 43,109 Total consumer loans 27,716 126,475 480,489 756,814 1,391,494 Total gross loans, net of deferred fees $ 279,584 1,131,365 1,386,939 824,633 3,622,521 December 31, 2023 (dollars in thousands) One year After one After five After Total Commercial Owner occupied RE $ 17,358 177,203 395,130 41,966 631,657 Non-owner occupied RE 68,601 517,622 331,727 24,579 942,529 Construction 26,762 64,432 59,486 - 150,680 Business 114,432 194,416 186,927 4,386 500,161 Total commercial loans 227,153 953,673 973,270 70,931 2,225,027 Consumer Real estate 10,593 51,956 301,095 718,785 1,082,429 Home equity 2,716 27,578 147,855 4,855 183,004 Construction - 252 39,459 23,637 63,348 Other 11,157 33,592 3,265 805 48,819 Total consumer loans 24,466 113,378 491,674 748,082 1,377,600 Total gross loans, net of deferred fees $ 251,619 1,067,051 1,464,944 819,013 3,602,627 |
Schedule of loans due after one year by category | Schedule of loans due after one year by category June 30, 2024 December 31, 2023 Interest Rate Interest Rate (dollars in thousands) Fixed Floating or Fixed Floating or Commercial Owner occupied RE $ 607,993 19,571 605,199 9,100 Non-owner occupied RE 730,091 91,783 768,048 105,880 Construction 84,955 32,425 81,326 42,592 Business 288,076 124,265 293,920 91,809 Total commercial loans 1,711,115 268,044 1,748,493 249,381 Consumer Real estate 1,108,308 - 1,071,836 - Home equity 10,791 175,735 11,441 168,847 Construction 30,852 - 63,348 - Other 11,463 26,629 11,525 26,137 Total consumer loans 1,161,414 202,364 1,158,150 194,984 Total gross loans, net of deferred fees $ 2,872,529 470,408 2,906,643 444,365 |
Schedule of classified by credit quality indicators by year of origination | Schedule of classified by credit quality indicators by year of origination June 30, 2024 (dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Revolving Total Commercial Owner occupied RE Pass $ 23,203 44,004 179,234 139,629 69,627 157,231 85 240 613,253 Watch 501 - 3,400 1,483 8,947 10,562 - - 24,893 Special Mention - - 172 - - 2,866 - - 3,038 Substandard - - - - - 824 - - 824 Total Owner occupied RE 23,704 44,004 182,806 141,112 78,574 171,483 85 240 642,008 Non-owner occupied RE Pass 18,752 78,134 307,936 163,811 106,253 200,283 348 - 875,517 Watch - 997 2,363 444 522 11,614 - - 15,940 Special Mention - - - 7,662 - 8,999 - - 16,661 Substandard - - 967 304 - 7,645 - - 8,916 Total Non-owner occupied RE 18,752 79,131 311,266 172,221 106,775 228,541 348 - 917,034 Current period gross write-offs - - - - - (1,029 ) - - (1,029 ) Construction Pass 11,547 27,377 84,630 20,016 - - - - 143,570 Watch - - 1,398 - - - - - 1,398 Total Construction 11,547 27,377 86,028 20,016 - - - - 144,968 Business Pass 14,126 48,209 137,919 42,732 17,134 57,525 172,528 230 490,403 Watch - 152 16,870 1,965 1,448 4,394 6,985 146 31,960 Special Mention 662 223 827 80 131 1,812 - - 3,735 Substandard - - - 148 361 410 - - 919 Total Business 14,788 48,584 155,616 44,925 19,074 64,141 179,513 376 527,017 Current period gross write-offs - - - - (347 ) (18 ) - - (365 ) Total Commercial loans 68,791 199,096 735,716 378,274 204,423 464,165 179,946 616 2,231,027 Consumer Real estate Pass 47,322 148,130 287,524 271,998 166,714 165,723 - - 1,087,411 Watch - 487 5,590 7,305 4,764 5,813 - - 23,959 Special Mention - 142 2,472 1,509 993 5,104 - - 10,220 Substandard - 275 341 1,220 978 1,751 - - 4,565 Total Real estate 47,322 149,034 295,927 282,032 173,449 178,391 - - 1,126,155 Home equity Pass - - - - - - 175,981 - 175,981 Watch - - - - - - 8,094 - 8,094 Special Mention - - - - - - 3,724 - 3,724 Substandard - - - - - - 1,495 - 1,495 Total Home equity - - - - - - 189,294 - 189,294 Construction Pass 2,638 10,263 15,424 4,611 - - - - 32,936 Total Construction 2,638 10,263 15,424 4,611 - - - - 32,936 Other Pass 2,411 1,066 2,316 2,034 1,320 3,053 29,800 - 42,000 Watch - 8 20 341 - 150 55 - 574 Special Mention 5 31 327 69 - 68 30 - 530 Substandard - - - - - - 5 - 5 Total Other 2,416 1,105 2,663 2,444 1,320 3,271 29,890 - 43,109 Current period gross write-offs - - - - - (38 ) (41 ) - (79 ) Total Consumer loans 52,376 160,402 314,014 289,087 174,769 181,662 219,184 - 1,391,494 Total loans $ 121,167 359,498 1,049,730 667,361 379,192 645,827 399,130 616 3,622,521 Total Current period gross write-offs - - - - (347 ) (1,085 ) (41 ) - (1,473 ) The following table presents loan balances classified by credit quality indicators by year of origination as of December 31, 2023. December 31, 2023 (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Revolving Converted to Term Total Commercial Owner occupied RE Pass $ 42,846 180,654 138,549 64,818 59,880 110,502 85 166 597,500 Watch - 3,460 460 15,997 3,525 6,616 - - 30,058 Special Mention - 181 - - - 3,057 - - 3,238 Substandard - - - - - 861 - - 861 Total Owner occupied RE 42,846 184,295 139,009 80,815 63,405 121,036 85 166 631,657 Non-owner occupied RE Pass 84,617 298,063 162,697 107,364 59,260 163,990 9,249 - 885,240 Watch 1,007 3,260 9,914 533 5,545 10,630 - - 30,889 Special Mention - - 7,759 - 8,252 879 - - 16,890 Substandard - - 313 - 8,088 1,109 - - 9,510 Total Non-owner occupied RE 85,624 301,323 180,683 107,897 81,145 176,608 9,249 - 942,529 Current period gross write-offs - (200 ) - - - (42 ) - - (242 ) Construction Pass 27,262 86,161 24,399 11,459 - - - - 149,281 Watch - 1,399 - - - - - - 1,399 Total Construction 27,262 87,560 24,399 11,459 - - - - 150,680 Business Pass 48,705 134,999 48,557 18,868 17,292 47,708 146,745 1,431 464,305 Watch 127 15,867 1,833 1,010 842 3,584 7,570 506 31,339 Special Mention 241 961 98 857 184 447 150 97 3,035 Substandard - - 155 - 132 1,195 - - 1,482 Total Business 49,073 151,827 50,643 20,735 18,450 52,934 154,465 2,034 500,161 Current period gross write-offs - - - (28 ) - - (15 ) (22 ) (65 ) Total Commercial loans 204,805 725,005 394,734 220,906 163,000 350,578 163,799 2,200 2,225,027 Consumer Real estate Pass 144,179 273,585 278,138 176,395 66,087 105,383 - - 1,043,767 Watch 490 5,658 8,230 3,917 2,051 3,890 - - 24,236 Special Mention 143 2,499 1,657 1,291 2,220 3,360 - - 11,170 Substandard - - 635 817 318 1,486 - - 3,256 Total Real estate 144,812 281,742 288,660 182,420 70,676 114,119 - - 1,082,429 Home equity Pass - - - - - - 171,003 - 171,003 Watch - - - - - - 6,393 - 6,393 Special Mention - - - - - - 4,283 - 4,283 Substandard - - - - - - 1,325 - 1,325 Total Home equity - - - - - - 183,004 - 183,004 Current period gross write-offs - - - - - - (438 ) - (438 ) Construction Pass 14,339 39,893 9,116 - - - - - 63,348 Total Construction 14,339 39,893 9,116 - - - - - 63,348 Other Pass 1,278 2,551 2,361 1,457 803 2,604 36,549 - 47,603 Watch 9 29 348 - 15 163 58 - 622 Special Mention 33 333 - - 23 82 41 - 512 Substandard - - 75 - - - 7 - 82 Total Other 1,320 2,913 2,784 1,457 841 2,849 36,655 - 48,819 Current period gross write-offs - - - - - - (16 ) - (16 ) Total Consumer loans 160,471 324,548 300,560 183,877 71,517 116,968 219,659 - 1,377,600 Total loans $ 365,276 1,049,553 695,294 404,783 234,517 467,546 383,458 2,200 3,602,627 Total Current period gross write-offs - (200 ) - (28 ) - (42 ) (469 ) (22 ) (761 ) |
Schedule of loan balances by payment status | Schedule of loan balances by payment status June 30, 2024 (dollars in thousands) Accruing 30- Accruing 60-89 Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ - - - - 642,008 642,008 Non-owner occupied RE 115 - - 7,949 908,970 917,034 Construction - - - - 144,968 144,968 Business 622 - - 829 525,566 527,017 Consumer Real estate 124 871 - 1,876 1,123,284 1,126,155 Home equity 352 45 - 564 188,333 189,294 Construction - - - - 32,936 32,936 Other - - - - 43,109 43,109 Total loans $ 1,213 916 - 11,218 3,609,174 3,622,521 Total loans over 90 days past due - - - - - 1,527 December 31, 2023 (dollars in thousands) Accruing 30- Accruing 60-89 Accruing 90 Nonaccrual Accruing Total Commercial Owner occupied RE $ 74 - - - 631,583 631,657 Non-owner occupied RE 8,102 - - 1,423 933,004 942,529 Construction - - - - 150,680 150,680 Business 567 - - 319 499,275 500,161 Consumer Real estate 1,750 - - 985 1,079,694 1,082,429 Home equity 601 30 - 1,236 181,137 183,004 Construction - - - - 63,348 63,348 Other 25 25 - - 48,769 48,819 Total loans $ 11,119 55 - 3,963 3,587,490 3,602,627 Total loans over 90 days past due - - - - - 1,300 |
Schedule nonaccrual loans by major categories | Schedule nonaccrual loans by major categories June 30, 2024 December 31, 2023 Nonaccrual Nonaccrual Nonaccrual Nonaccrual loans loans Total loans loans Total with no with an nonaccrual with no with an nonaccrual (dollars in thousands) allowance allowance loans allowance allowance loans Commercial Owner occupied RE $ - - - $ - - - Non-owner occupied RE 5,454 2,495 7,949 653 770 1,423 Construction - - - - - - Business - 829 829 164 155 319 Total commercial 5,454 3,324 8,778 817 925 1,742 Consumer Real estate 1,148 728 1,876 - 985 985 Home equity 489 75 564 343 893 1,236 Construction - - - - - - Other - - - - - - Total consumer 1,637 803 2,440 343 1,878 2,221 Total nonaccrual loans $ 7,091 4,127 11,218 $ 1,160 2,803 3,963 |
Schedule of nonperforming assets | Schedule of nonperforming assets (dollars in thousands) June 30, 2024 December 31, 2023 Nonaccrual loans $ 11,218 3,963 Other real estate owned - - Total nonperforming assets $ 11,218 3,963 Nonperforming assets as a percentage of: Total assets 0.27 % 0.10 % Gross loans 0.31 % 0.11 % Total loans over 90 days past due $ 1,527 1,300 Loans over 90 days past due and still accruing - - |
Schedule of activity related to the allowance for credit losses | Schedule of activity related to the allowance for credit losses Three months ended June 30, 2024 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 6,118 11,167 1,594 7,054 10,647 2,719 677 465 40,441 Provision for credit losses (651 ) 424 (263 ) 190 1,750 (244 ) (399 ) (57 ) 750 Loan charge-offs - (1,029 ) - (19 ) - - - (1 ) (1,049 ) Loan recoveries - - - 11 - 4 - - 15 Net loan recoveries (charge-offs) - (1,029 ) - (8 ) - 4 - (1 ) (1,034 ) Balance, end of period $ 5,467 10,562 1,331 7,236 12,397 2,479 278 407 40,157 Net charge-offs to average loans (annualized) 0.11 % Allowance for credit losses to gross loans 1.11 % Allowance for credit losses to nonperforming loans 357.95 % Three months ended June 30, 2023 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 5,984 11,285 1,110 8,022 10,079 2,663 810 482 40,435 Provision for credit losses (88 ) 347 221 118 316 245 (126 ) 62 1,095 Loan charge-offs - (48 ) - - - (389 ) - (2 ) (439 ) Loan recoveries - - - 12 - 2 - - 14 Net loan recoveries (charge-offs) - (48 ) - 12 - (387 ) - (2 ) (425 ) Balance, end of period $ 5,896 11,584 1,331 8,152 10,395 2,521 684 542 41,105 Net charge-offs to average loans (annualized) 0.05 % Allowance for credit losses to gross loans 1.16 % Allowance for credit losses to nonperforming loans 1,363.11 % Six months ended June 30, 2024 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 6,118 11,167 1,594 7,385 10,647 2,600 677 494 40,682 Provision for credit losses (651 ) 424 (263 ) 190 1,750 (244 ) (399 ) (57 ) 750 Loan charge-offs - (1,029 ) - (365 ) - - - (79 ) (1,473 ) Loan recoveries - - - 26 - 123 - 49 198 Net loan recoveries (charge-offs) - (1,029 ) - (339 ) - 123 - (30 ) (1,275 ) Balance, end of period $ 5,467 10,562 1,331 7,236 12,397 2,479 278 407 40,157 Net charge-offs to average loans (annualized) 0.07 % Allowance for credit losses to gross loans 1.11 % Allowance for credit losses to nonperforming loans 357.95 % Six months ended June 30, 2023 Commercial Consumer (dollars in thousands) Owner Non- Construction Business Real Home Construction Other Total Balance, beginning of period $ 5,867 10,376 1,292 7,861 9,487 2,551 893 312 38,639 Provision for credit losses 29 1,385 39 268 908 298 (209 ) 232 2,950 Loan charge-offs - (209 ) - (1 ) - (389 ) - (2 ) (601 ) Loan recoveries - 32 - 24 - 61 - - 117 Net loan recoveries (charge-offs) - (177 ) - 23 - (328 ) - (2 ) (484 ) Balance, end of period $ 5,896 11,584 1,331 8,152 10,395 2,521 684 542 41,105 Net charge-offs to average loans (annualized) 0.03 % Allowance for credit losses to gross loans 1.16 % Allowance for credit losses to nonperforming loans 1,363.11 % |
Schedule of analysis of collateral-dependent loans | Schedule of analysis of collateral-dependent loans June 30, 2024 Real Business (dollars in thousands) estate assets Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 7,274 - - 7,274 Construction - - - - Business 361 321 - 682 Total commercial 7,635 321 - 7,956 Consumer Real estate 1,304 - - 1,304 Home equity 564 - - 564 Construction - - - - Other - - - - Total consumer 1,868 - - 1,868 Total $ 9,503 321 - 9,824 December 31, 2023 Real Business (dollars in thousands) estate assets Other Total Commercial Owner occupied RE $ - - - - Non-owner occupied RE 720 - - 720 Construction - - - - Business 164 - - 164 Total commercial 884 - - 884 Consumer Real estate 166 - - 166 Home equity 343 - - 343 Construction - - - - Other - - - - Total consumer 509 - - 509 Total $ 1,393 - - 1,393 |
Schedule of allowance for credit losses for unfunded loan commitments | Schedule of allowance for credit losses for unfunded loan commitments Three months ended Three months ended (dollars in thousands) June 30, 2024 June 30, 2023 Balance, beginning of period $ 1,656 2,750 Provision for (reversal of) credit losses (250 ) (185 ) Balance, end of period $ 1,406 2,565 Unfunded Loan Commitments $ 694,524 849,977 Reserve for Unfunded Commitments to Unfunded Loan Commitments 0.20 % 0.30 % Six months ended Six months ended (dollars in thousands) June 30, 2024 June 30, 2023 Balance, beginning of period $ 1,831 2,780 Provision for (reversal of) credit losses (425 ) (215 ) Balance, end of period $ 1,406 2,565 Unfunded Loan Commitments $ 694,524 849,977 Reserve for Unfunded Commitments to Unfunded Loan Commitments 0.20 % 0.30 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of carrying value of hedged asset and liability and cumulative fair value hedging adjustment | Schedule of carrying value of hedged asset and liability and cumulative fair value hedging adjustment June 30, 2024 December 31, 2023 (dollars in thousands) Carrying Hedged Asset Carrying Hedged Liability Fixed Rate Asset/Liability 1 $ 203,986 $ 3,986 $ 199,518 $ 482 1 These amounts included the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of the assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of June 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $ 694.1 4 200 |
Schedule of outstanding financial derivative instruments | Schedule of outstanding financial derivative instruments June 30, 2024 Fair Value (dollars in thousands) Notional Balance Sheet Asset/(Liability) Derivatives designated as hedging instruments: Fair value swap Fair value swap [Member] $ 200,000 Other assets $ 3,986 Derivatives not designated as hedging instruments: Mortgage loan interest rate lock commitments Mortgage loan interest rate lock commitments [Member] 21,923 Other assets 253 MBS forward sales commitments MBS forward sales commitments [Member] 15,000 Other assets 21 Total derivative financial instruments Total derivative financial instruments [Member] $ 236,923 $ 4,260 December 31, 2023 Fair Value (dollars in thousands) Notional Balance Sheet Asset/(Liability) Derivatives designated as hedging instruments: Fair value swap $ 200,000 Other liabilities $ (482 ) Derivatives not designated as hedging instruments: Mortgage loan interest rate lock commitments 12,973 Other assets 159 MBS forward sales commitments 10,000 Other liabilities (68 ) Total derivative financial instruments $ 222,973 $ (391 ) |
Schedule of summarize the effect of fair value hedging relationship recognized in consolidated statement of income | Schedule of summarize the effect of fair value hedging relationship recognized in consolidated statement of income Three months ended Six months ended (dollars in thousands) 2024 2023 2024 2023 Gain (loss) on fair value hedging relationship: Hedged asset $ 3,986 2,750 $ 3,986 2,750 Fair value derivative designated as hedging instrument (3,947 ) (2,784 ) (3,997 ) (2,784 ) Total gain (loss) recognized in interest income on loans $ 39 (34 ) $ (11 ) (34 ) |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Schedule of assets and liabilities measured at fair value on a recurring basis June 30, 2024 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale Corporate bonds $ - 1,887 - 1,887 US treasuries - 890 - 890 US government agencies - 17,700 - 17,700 State and political subdivisions - 19,323 - 19,323 Asset-backed securities - 31,575 - 31,575 Mortgage-backed securities - 49,978 - 49,978 Mortgage loans held for sale - 14,759 - 14,759 Mortgage loan interest rate lock commitments - 253 - 253 MBS forward sales commitments - 21 - 21 Derivative asset - 3,986 - 3,986 Total assets measured at fair value on a recurring basis $ - 140,372 - 140,372 The company had no liabilities recorded at fair value on a recurring basis as of June 30, 2024. December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale: Corporate bonds $ - 1,910 - 1,910 US treasuries - 9,394 - 9,394 US government agencies - 18,656 - 18,656 State and political subdivisions - 19,741 - 19,741 Asset-backed securities - 33,236 - 33,236 Mortgage-backed securities - 51,765 - 51,765 Mortgage loans held for sale - 7,194 - 7,194 Mortgage loan interest rate lock commitments - 159 - 159 Total assets measured at fair value on a recurring basis $ - 142,055 - 142,055 Liabilities Derivative liability $ - 482 - 482 MBS forward sales commitments - 68 - 68 Total liabilities measured at fair value on a recurring basis $ - 550 - 550 |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis | Schedule of assets and liabilities measured at fair value on a nonrecurring basis As of June 30, 2024 (dollars in thousands) Level 1 [Member] Level 1 Level 2 Level 3 Total Assets Individually evaluated loans Level 2 [Member] $ - 8,560 1,867 10,427 Total assets measured at fair value on a nonrecurring basis $ - 8,560 1,867 10,427 As of December 31, 2023 (dollars in thousands) Level 1 Level 2 Level 3 Total Assets Individually evaluated loans Level 3 [Member] $ - 1,160 2,976 4,136 Total assets measured at fair value on a nonrecurring basis $ - 1,160 2,976 4,136 |
Schedule of unobservable inputs used in the fair value measurements | Schedule of unobservable inputs used in the fair value measurements Valuation Technique Significant Unobservable Inputs Range of Inputs Individually evaluated loans Appraised Value/ Discounted Cash Flows Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal 0 25 |
Schedule of estimated fair values of the company’s financial instruments | Schedule of estimated fair values of the company’s financial instruments June 30, 2024 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 18,653 18,653 - - 18,653 Loans 1 3,570,321 3,270,848 - - 3,270,848 Financial Liabilities: Deposits 3,459,869 3,223,811 - 3,223,811 - Subordinated debentures 36,376 40,563 - 40,563 - December 31, 2023 (dollars in thousands) Carrying Fair Level 1 Level 2 Level 3 Financial Assets: Other investments, at cost $ 19,939 19,939 - - 19,939 Loans 1 3,557,120 3,337,768 - - 3,337,768 Financial Liabilities: Deposits 3,379,564 2,961,182 - 2,961,182 - Subordinated debentures 36,322 40,712 - 40,712 - 1 Carrying amount is net of the allowance for credit losses and individually evaluated loans. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Schedule of operating lease payments | Schedule of operating lease payments Operating (dollars in thousands) Leases 2024 $ 1,056 2025 2,157 2026 2,210 2027 2,267 2028 2,015 Thereafter 20,187 Total undiscounted lease payments 29,892 Discount effect of cash flows 5,946 Total lease liability $ 23,946 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per common share | |
Schedule of earnings per share calculation | Schedule of earnings per share calculation Three months ended June 30, Six months ended June 30, (dollars in thousands, except share data) 2024 2023 2024 2023 Numerator: Net income available to common shareholders $ 2,999 2,458 $ 5,521 5,161 Denominator: Weighted-average common shares outstanding – basic 8,125,869 8,051,131 8,118,059 8,038,642 Common stock equivalents 14,953 17,897 23,312 41,879 Weighted-average common shares outstanding – diluted 8,140,822 8,069,028 8,141,371 8,080,521 Earnings per common share: Basic $ 0.37 0.31 $ 0.68 0.64 Diluted 0.37 0.31 0.68 0.64 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||
Real estate loan percentage | 84.30% | 84.10% |
Line of credit | $ 15,000 | |
Unused line | $ 15,000 |
Investment Securities (Details)
Investment Securities (Details) - Schedule of amortized costs and fair value of investment securities - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Available for sale, Fair Value | $ 121,353 | $ 134,702 |
Corporate bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 2,134 | 2,147 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 247 | 237 |
Available for sale, Fair Value | 1,887 | 1,910 |
US treasuries [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 999 | 9,495 |
Available for sale, Gross Unrealized Gains | 1 | |
Available for sale, Gross Unrealized Losses | 109 | 102 |
Available for sale, Fair Value | 890 | 9,394 |
US government agencies [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 19,600 | 20,594 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 1,900 | 1,938 |
Available for sale, Fair Value | 17,700 | 18,656 |
State and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 22,514 | 22,642 |
Available for sale, Gross Unrealized Gains | 11 | |
Available for sale, Gross Unrealized Losses | 3,191 | 2,912 |
Available for sale, Fair Value | 19,323 | 19,741 |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 31,555 | 33,450 |
Available for sale, Gross Unrealized Gains | 78 | 2 |
Available for sale, Gross Unrealized Losses | 58 | 216 |
Available for sale, Fair Value | 31,575 | 33,236 |
Mortgage-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 59,571 | 60,730 |
Available for sale, Gross Unrealized Gains | ||
Available for sale, Gross Unrealized Losses | 9,593 | 8,965 |
Available for sale, Fair Value | 49,978 | 51,765 |
Total investment securities available for sale [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale, Amortized Cost | 136,373 | 149,058 |
Available for sale, Gross Unrealized Gains | 78 | 14 |
Available for sale, Gross Unrealized Losses | 15,098 | 14,370 |
Available for sale, Fair Value | $ 121,353 | $ 134,702 |
Investment Securities (Detail_2
Investment Securities (Details) - Schedule of contractual maturities and yields on the company's investment securities - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Corporate bonds [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | ||
Contractual Maturities, One to five years, Yield | ||
Contractual Maturities, Five to ten years, Amount | $ 1,887 | $ 1,910 |
Contractual Maturities, Five to ten years, Yield | 2.02% | 2.01% |
Contractual Maturities, Over ten years, Amount | ||
Contractual Maturities, Over ten years, Yield | ||
Contractual Maturities, Total, Amount | $ 1,887 | $ 1,910 |
Contractual Maturities, Total, Yield | 2.02% | 2.01% |
US treasuries [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | $ 8,497 | |
Contractual Maturities, Less than one year, Yield | 5.42% | |
Contractual Maturities, One to five years, Amount | $ 890 | $ 897 |
Contractual Maturities, One to five years, Yield | 1.27% | 1.27% |
Contractual Maturities, Five to ten years, Amount | ||
Contractual Maturities, Five to ten years, Yield | ||
Contractual Maturities, Over ten years, Amount | ||
Contractual Maturities, Over ten years, Yield | ||
Contractual Maturities, Total, Amount | $ 890 | $ 9,394 |
Contractual Maturities, Total, Yield | 1.27% | 5.02% |
US government agencies [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | $ 992 | $ 970 |
Contractual Maturities, Less than one year, Yield | 0.45% | 0.45% |
Contractual Maturities, One to five years, Amount | $ 2,389 | $ 2,385 |
Contractual Maturities, One to five years, Yield | 1% | 1% |
Contractual Maturities, Five to ten years, Amount | $ 14,319 | $ 15,301 |
Contractual Maturities, Five to ten years, Yield | 4.29% | 4.41% |
Contractual Maturities, Over ten years, Amount | ||
Contractual Maturities, Over ten years, Yield | ||
Contractual Maturities, Total, Amount | $ 17,700 | $ 18,656 |
Contractual Maturities, Total, Yield | 3.63% | 3.77% |
State and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 904 | $ 906 |
Contractual Maturities, One to five years, Yield | 1.94% | 1.94% |
Contractual Maturities, Five to ten years, Amount | $ 5,729 | $ 5,769 |
Contractual Maturities, Five to ten years, Yield | 1.89% | 1.89% |
Contractual Maturities, Over ten years, Amount | $ 12,690 | $ 13,066 |
Contractual Maturities, Over ten years, Yield | 2.16% | 2.15% |
Contractual Maturities, Total, Amount | $ 19,323 | $ 19,741 |
Contractual Maturities, Total, Yield | 2.07% | 2.06% |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 132 | $ 296 |
Contractual Maturities, One to five years, Yield | 3.88% | (6.13%) |
Contractual Maturities, Five to ten years, Amount | ||
Contractual Maturities, Five to ten years, Yield | ||
Contractual Maturities, Over ten years, Amount | $ 31,443 | $ 32,940 |
Contractual Maturities, Over ten years, Yield | 6.68% | 6.63% |
Contractual Maturities, Total, Amount | $ 31,575 | $ 33,236 |
Contractual Maturities, Total, Yield | 6.67% | 6.57% |
Mortgage-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | ||
Contractual Maturities, Less than one year, Yield | ||
Contractual Maturities, One to five years, Amount | $ 6,547 | $ 4,795 |
Contractual Maturities, One to five years, Yield | 1.29% | 1.15% |
Contractual Maturities, Five to ten years, Amount | $ 3,411 | $ 5,400 |
Contractual Maturities, Five to ten years, Yield | 1.54% | 1.59% |
Contractual Maturities, Over ten years, Amount | $ 40,020 | $ 41,570 |
Contractual Maturities, Over ten years, Yield | 2.10% | 2% |
Contractual Maturities, Total, Amount | $ 49,978 | $ 51,765 |
Contractual Maturities, Total, Yield | 1.96% | 1.87% |
Total investment securities [Member] | ||
Marketable Securities [Line Items] | ||
Contractual Maturities, Less than one year, Amount | $ 992 | $ 9,467 |
Contractual Maturities, Less than one year, Yield | 0.45% | 4.91% |
Contractual Maturities, One to five years, Amount | $ 10,862 | $ 9,279 |
Contractual Maturities, One to five years, Yield | 1.31% | 0.98% |
Contractual Maturities, Five to ten years, Amount | $ 25,346 | $ 28,380 |
Contractual Maturities, Five to ten years, Yield | 3.21% | 3.20% |
Contractual Maturities, Over ten years, Amount | $ 84,153 | $ 87,576 |
Contractual Maturities, Over ten years, Yield | 3.82% | 3.76% |
Contractual Maturities, Total, Amount | $ 121,353 | $ 134,702 |
Contractual Maturities, Total, Yield | 3.44% | 3.55% |
Investment Securities (Detail_3
Investment Securities (Details) - Schedule of gross unrealized losses on investment securities and fair market value of related securities $ in Thousands | Jun. 30, 2024 USD ($) Investments | Dec. 31, 2023 USD ($) Investments |
Corporate bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | ||
Available for sale Securities, Less than 12 months, Fair value | ||
Available for sale Securities, Less than 12 months, Unrealized losses | ||
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 1 | 1 |
Available for sale Securities, 12 months or longer, Fair value | $ 1,887 | $ 1,910 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 247 | $ 237 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 1 | 1 |
Available for sale Securities, Total, Fair value | $ 1,887 | $ 1,910 |
Available for sale Securities, Total, Unrealized losses | $ 247 | $ 237 |
US treasuries [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | ||
Available for sale Securities, Less than 12 months, Fair value | ||
Available for sale Securities, Less than 12 months, Unrealized losses | ||
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 1 | 1 |
Available for sale Securities, 12 months or longer, Fair value | $ 890 | $ 897 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 109 | $ 102 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 1 | 1 |
Available for sale Securities, Total, Fair value | $ 890 | $ 897 |
Available for sale Securities, Total, Unrealized losses | $ 109 | $ 102 |
US government agencies [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | 2 | |
Available for sale Securities, Less than 12 months, Fair value | $ 7,533 | |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 50 | |
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 12 | 10 |
Available for sale Securities, 12 months or longer, Fair value | $ 17,700 | $ 11,123 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 1,900 | $ 1,888 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 12 | 12 |
Available for sale Securities, Total, Fair value | $ 17,700 | $ 18,656 |
Available for sale Securities, Total, Unrealized losses | $ 1,900 | $ 1,938 |
State and political subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | 2 | |
Available for sale Securities, Less than 12 months, Fair value | $ 748 | |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 13 | |
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 30 | 30 |
Available for sale Securities, 12 months or longer, Fair value | $ 18,575 | $ 18,964 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 3,178 | $ 2,912 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 32 | 30 |
Available for sale Securities, Total, Fair value | $ 19,323 | $ 18,964 |
Available for sale Securities, Total, Unrealized losses | $ 3,191 | $ 2,912 |
Asset-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | 3 | 8 |
Available for sale Securities, Less than 12 months, Fair value | $ 11,479 | $ 26,746 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 42 | $ 145 |
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 7 | 7 |
Available for sale Securities, 12 months or longer, Fair value | $ 3,708 | $ 4,866 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 16 | $ 71 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 10 | 15 |
Available for sale Securities, Total, Fair value | $ 15,187 | $ 31,612 |
Available for sale Securities, Total, Unrealized losses | $ 58 | $ 216 |
Mortgage-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | 1 | 2 |
Available for sale Securities, Less than 12 months, Fair value | $ 1,161 | $ 2,869 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 1 | $ 36 |
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 63 | 62 |
Available for sale Securities, 12 months or longer, Fair value | $ 48,817 | $ 48,896 |
Available for sale Securities, 12 months or Longer, Unrealized losses | $ 9,592 | $ 8,929 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 64 | 64 |
Available for sale Securities, Total, Fair value | $ 49,978 | $ 51,765 |
Available for sale Securities, Total, Unrealized losses | $ 9,593 | $ 8,965 |
Total investment securities [Member] | ||
Marketable Securities [Line Items] | ||
Available for sale Securities, Less than 12 months, Number of investments | Investments | Investments | 6 | 12 |
Available for sale Securities, Less than 12 months, Fair value | $ 13,388 | $ 37,148 |
Available for sale Securities, Less than 12 months, Unrealized losses | $ 56 | $ 231 |
Available for sale Securities, 12 months or longer, Number of investments | Investments | Investments | 114 | 111 |
Available for sale Securities, 12 months or longer, Fair value | $ 91,577 | $ 86,656 |
Available for sale Securities, 12 months or Longer, Unrealized losses | 15,042 | 14,139 |
Available for sale Securities, Total, Fair value | 104,965 | 123,804 |
Available for sale Securities, Total, Unrealized losses | $ 15,098 | $ 14,370 |
Available for sale Securities, Total, Number of investments | Investments | Investments | 120 | 123 |
Investment Securities (Detail_4
Investment Securities (Details) - Schedule of other investments - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank stock | $ 14,633 | $ 16,063 |
Other nonmarketable investments | 3,617 | 3,473 |
Investment in Trust Preferred subsidiaries | 403 | 403 |
Total other investments | $ 18,653 | $ 19,939 |
Investment Securities (Details
Investment Securities (Details Narrative) | Jun. 30, 2024 Investments |
Investments, Debt and Equity Securities [Abstract] | |
Number of investments | 120 |
Mortgage Loans Held for Sale (D
Mortgage Loans Held for Sale (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Mortgage Loans Held For Sale | ||
Mortgage loans held for sale, fair value | $ 14,800 | $ 7,200 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Details) - Schedule of composition of our loan portfolio - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Consumer | ||
Total gross loans, net of deferred fees | $ 3,622,521 | $ 3,602,627 |
Total gross loans, net of deferred fees percentage | 100% | 100% |
Less - allowance for credit losses | $ (40,157) | $ (40,682) |
Total loans, net | 3,582,364 | 3,561,945 |
Commercial [Member] | ||
Commercial | ||
Total commercial loans | $ 2,231,027 | $ 2,225,027 |
Total commercial loans percentage | 61.50% | 61.80% |
Commercial [Member] | Construction [Member] | ||
Commercial | ||
Total commercial loans | $ 144,968 | $ 150,680 |
Total commercial loans percentage | 4% | 4.20% |
Commercial [Member] | Business [Member] | ||
Commercial | ||
Total commercial loans | $ 527,017 | $ 500,161 |
Total commercial loans percentage | 14.50% | 13.90% |
Commercial [Member] | Owner occupied RE [Member] | ||
Commercial | ||
Total commercial loans | $ 642,008 | $ 631,657 |
Total commercial loans percentage | 17.70% | 17.50% |
Commercial [Member] | Non-owner occupied RE [Member] | ||
Commercial | ||
Total commercial loans | $ 917,034 | $ 942,529 |
Total commercial loans percentage | 25.30% | 26.20% |
Consumer [Member] | ||
Consumer | ||
Total consumer loans | $ 1,391,494 | $ 1,377,600 |
Total consumer loans percentage | 38.50% | 38.20% |
Consumer [Member] | Construction [Member] | ||
Consumer | ||
Total consumer loans | $ 32,936 | $ 63,348 |
Total consumer loans percentage | 0.90% | 1.70% |
Consumer [Member] | Real estate [Member] | ||
Consumer | ||
Total consumer loans | $ 1,126,155 | $ 1,082,429 |
Total consumer loans percentage | 31.10% | 30% |
Consumer [Member] | Home equity [Member] | ||
Consumer | ||
Total consumer loans | $ 189,294 | $ 183,004 |
Total consumer loans percentage | 5.30% | 5.10% |
Consumer [Member] | Other [Member] | ||
Consumer | ||
Total consumer loans | $ 43,109 | $ 48,819 |
Total consumer loans percentage | 1.20% | 1.40% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Details) - Schedule of loan maturity distribution by type and related interest rate - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans, net of deferred fees | $ 3,622,521 | $ 3,602,627 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 2,231,027 | 2,225,027 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 1,391,494 | 1,377,600 |
One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 251,868 | 227,153 |
Total consumer loans | 27,716 | 24,466 |
Total gross loans, net of deferred fees | 279,584 | 251,619 |
After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 1,004,890 | 953,673 |
Total consumer loans | 126,475 | 113,378 |
Total gross loans, net of deferred fees | 1,131,365 | 1,067,051 |
After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 906,450 | 973,270 |
Total consumer loans | 480,489 | 491,674 |
Total gross loans, net of deferred fees | 1,386,939 | 1,464,944 |
After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 67,819 | 70,931 |
Total consumer loans | 756,814 | 748,082 |
Total gross loans, net of deferred fees | 824,633 | 819,013 |
Owner occupied RE [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 642,008 | 631,657 |
Owner occupied RE [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 14,444 | 17,358 |
Owner occupied RE [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 191,243 | 177,203 |
Owner occupied RE [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 395,013 | 395,130 |
Owner occupied RE [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 41,308 | 41,966 |
Non-owner occupied RE [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 917,034 | 942,529 |
Non-owner occupied RE [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 95,160 | 68,601 |
Non-owner occupied RE [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 499,411 | 517,622 |
Non-owner occupied RE [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 300,272 | 331,727 |
Non-owner occupied RE [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 22,191 | 24,579 |
Construction [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 144,968 | 150,680 |
Construction [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 32,936 | 63,348 |
Construction [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 27,588 | 26,762 |
Total consumer loans | 2,084 | |
Construction [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 69,004 | 64,432 |
Total consumer loans | 1,246 | 252 |
Construction [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 48,376 | 59,486 |
Total consumer loans | 19,953 | 39,459 |
Construction [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | ||
Total consumer loans | 9,653 | 23,637 |
Business [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 527,017 | 500,161 |
Business [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 114,676 | 114,432 |
Business [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 245,232 | 194,416 |
Business [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 162,789 | 186,927 |
Business [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial loans | 4,320 | 4,386 |
Real Estate [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 1,126,155 | 1,082,429 |
Real Estate [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 17,847 | 10,593 |
Real Estate [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 59,442 | 51,956 |
Real Estate [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 306,892 | 301,095 |
Real Estate [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 741,974 | 718,785 |
Home Equity [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 189,294 | 183,004 |
Home Equity [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 2,768 | 2,716 |
Home Equity [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 31,447 | 27,578 |
Home Equity [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 150,681 | 147,855 |
Home Equity [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 4,398 | 4,855 |
Other [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 43,109 | 48,819 |
Other [Member] | One year or less [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 5,017 | 11,157 |
Other [Member] | After one but within five years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 34,340 | 33,592 |
Other [Member] | After five but within fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | 2,963 | 3,265 |
Other [Member] | After fifteen years [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer loans | $ 789 | $ 805 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Details) - Schedule of loans due after one year by category - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed total gross loans, net of deferred fees | $ 2,872,529 | $ 2,906,643 |
Interest Rate, Floating or Adjustable total gross loans, net of deferred fees | 470,408 | 444,365 |
Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 1,711,115 | 1,748,493 |
Interest Rate, Floating or Adjustable | 268,044 | 249,381 |
Commercial [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 84,955 | 81,326 |
Interest Rate, Floating or Adjustable | 32,425 | 42,592 |
Commercial [Member] | Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 288,076 | 293,920 |
Interest Rate, Floating or Adjustable | 124,265 | 91,809 |
Commercial [Member] | Owner occupied RE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 607,993 | 605,199 |
Interest Rate, Floating or Adjustable | 19,571 | 9,100 |
Commercial [Member] | Non-owner occupied RE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 730,091 | 768,048 |
Interest Rate, Floating or Adjustable | 91,783 | 105,880 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 1,161,414 | 1,158,150 |
Interest Rate, Floating or Adjustable | 202,364 | 194,984 |
Consumer [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 30,852 | 63,348 |
Interest Rate, Floating or Adjustable | ||
Consumer [Member] | Real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 1,108,308 | 1,071,836 |
Interest Rate, Floating or Adjustable | ||
Consumer [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 10,791 | 11,441 |
Interest Rate, Floating or Adjustable | 175,735 | 168,847 |
Consumer [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest Rate, Fixed | 11,463 | 11,525 |
Interest Rate, Floating or Adjustable | $ 26,629 | $ 26,137 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Details) - Schedule of classified by credit quality indicators by year of origination - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | $ 121,167 | $ 365,276 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 359,498 | 1,049,553 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 1,049,730 | 695,294 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 667,361 | 404,783 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 379,192 | 234,517 |
Prior | 645,827 | 467,546 |
Revolving | 399,130 | 383,458 |
Revolving Converted to Term | 616 | 2,200 |
Total | 3,622,521 | 3,602,627 |
Current period gross write-offs 2024 | ||
Current period gross write-offs 2023 | ||
Current period gross write-offs 2022 | (200) | |
Current period gross write-offs 2021 | ||
Current period gross write-offs 2020 | (347) | (28) |
Current period gross write-offs Prior | (1,085) | (42) |
Current period gross write-offs Revolving | (41) | (469) |
Current period gross write-offs Revolving Converted to Term | (22) | |
Current period gross write-offs Total | (1,473) | (761) |
Current period gross write-offs 2019 | ||
Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 68,791 | 204,805 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 199,096 | 725,005 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 735,716 | 394,734 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 378,274 | 220,906 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 204,423 | 163,000 |
Prior | 464,165 | 350,578 |
Revolving | 179,946 | 163,799 |
Revolving Converted to Term | 616 | 2,200 |
Total | 2,231,027 | 2,225,027 |
Current period gross write-offs 2024 | ||
Current period gross write-offs 2023 | ||
Current period gross write-offs 2022 | ||
Current period gross write-offs 2021 | ||
Current period gross write-offs 2020 | (347) | (28) |
Current period gross write-offs Prior | (18) | |
Current period gross write-offs Revolving | (15) | |
Current period gross write-offs Revolving Converted to Term | (22) | |
Current period gross write-offs Total | (365) | (65) |
Current period gross write-offs 2019 | ||
Commercial [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 11,547 | 27,262 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 27,377 | 87,560 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 86,028 | 24,399 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 20,016 | 11,459 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 144,968 | 150,680 |
Commercial [Member] | Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 14,788 | 49,073 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 48,584 | 151,827 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 155,616 | 50,643 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 44,925 | 20,735 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 19,074 | 18,450 |
Prior | 64,141 | 52,934 |
Revolving | 179,513 | 154,465 |
Revolving Converted to Term | 376 | 2,034 |
Total | 527,017 | 500,161 |
Commercial [Member] | Pass [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 11,547 | 27,262 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 27,377 | 86,161 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 84,630 | 24,399 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 20,016 | 11,459 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 143,570 | 149,281 |
Commercial [Member] | Pass [Member] | Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 14,126 | 48,705 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 48,209 | 134,999 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 137,919 | 48,557 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 42,732 | 18,868 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 17,134 | 17,292 |
Prior | 57,525 | 47,708 |
Revolving | 172,528 | 146,745 |
Revolving Converted to Term | 230 | 1,431 |
Total | 490,403 | 464,305 |
Commercial [Member] | Watch [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 1,399 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 1,398 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 1,398 | 1,399 |
Commercial [Member] | Watch [Member] | Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 127 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 152 | 15,867 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 16,870 | 1,833 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,965 | 1,010 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 1,448 | 842 |
Prior | 4,394 | 3,584 |
Revolving | 6,985 | 7,570 |
Revolving Converted to Term | 146 | 506 |
Total | 31,960 | 31,339 |
Commercial [Member] | Special Mention [Member] | Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 662 | 241 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 223 | 961 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 827 | 98 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 80 | 857 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 131 | 184 |
Prior | 1,812 | 447 |
Revolving | 150 | |
Revolving Converted to Term | 97 | |
Total | 3,735 | 3,035 |
Commercial [Member] | Substandard [Member] | Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | 155 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 148 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 361 | 132 |
Prior | 410 | 1,195 |
Revolving | ||
Revolving Converted to Term | ||
Total | 919 | 1,482 |
Commercial [Member] | Owner occupied RE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 23,704 | 42,846 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 44,004 | 184,295 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 182,806 | 139,009 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 141,112 | 80,815 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 78,574 | 63,405 |
Prior | 171,483 | 121,036 |
Revolving | 85 | 85 |
Revolving Converted to Term | 240 | 166 |
Total | 642,008 | 631,657 |
Commercial [Member] | Owner occupied RE [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 23,203 | 42,846 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 44,004 | 180,654 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 179,234 | 138,549 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 139,629 | 64,818 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 69,627 | 59,880 |
Prior | 157,231 | 110,502 |
Revolving | 85 | 85 |
Revolving Converted to Term | 240 | 166 |
Total | 613,253 | 597,500 |
Commercial [Member] | Owner occupied RE [Member] | Watch [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 501 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 3,460 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 3,400 | 460 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,483 | 15,997 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 8,947 | 3,525 |
Prior | 10,562 | 6,616 |
Revolving | ||
Revolving Converted to Term | ||
Total | 24,893 | 30,058 |
Commercial [Member] | Owner occupied RE [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 181 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 172 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | 2,866 | 3,057 |
Revolving | ||
Revolving Converted to Term | ||
Total | 3,038 | 3,238 |
Commercial [Member] | Owner occupied RE [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | 824 | 861 |
Revolving | ||
Revolving Converted to Term | ||
Total | 824 | 861 |
Commercial [Member] | Non-owner occupied RE [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 18,752 | 85,624 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 79,131 | 301,323 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 311,266 | 180,683 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 172,221 | 107,897 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 106,775 | 81,145 |
Prior | 228,541 | 176,608 |
Revolving | 348 | 9,249 |
Revolving Converted to Term | ||
Total | 917,034 | 942,529 |
Current period gross write-offs 2024 | ||
Current period gross write-offs 2023 | ||
Current period gross write-offs 2022 | (200) | |
Current period gross write-offs 2021 | ||
Current period gross write-offs 2020 | ||
Current period gross write-offs Prior | (1,029) | (42) |
Current period gross write-offs Revolving | ||
Current period gross write-offs Revolving Converted to Term | ||
Current period gross write-offs Total | (1,029) | (242) |
Current period gross write-offs 2019 | ||
Commercial [Member] | Non-owner occupied RE [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 18,752 | 84,617 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 78,134 | 298,063 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 307,936 | 162,697 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 163,811 | 107,364 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 106,253 | 59,260 |
Prior | 200,283 | 163,990 |
Revolving | 348 | 9,249 |
Revolving Converted to Term | ||
Total | 875,517 | 885,240 |
Commercial [Member] | Non-owner occupied RE [Member] | Watch [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 1,007 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 997 | 3,260 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 2,363 | 9,914 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 444 | 533 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 522 | 5,545 |
Prior | 11,614 | 10,630 |
Revolving | ||
Revolving Converted to Term | ||
Total | 15,940 | 30,889 |
Commercial [Member] | Non-owner occupied RE [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | 7,759 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 7,662 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 8,252 | |
Prior | 8,999 | 879 |
Revolving | ||
Revolving Converted to Term | ||
Total | 16,661 | 16,890 |
Commercial [Member] | Non-owner occupied RE [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | 967 | 313 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 304 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 8,088 | |
Prior | 7,645 | 1,109 |
Revolving | ||
Revolving Converted to Term | ||
Total | 8,916 | 9,510 |
Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 52,376 | 160,471 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 160,402 | 324,548 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 314,014 | 300,560 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 289,087 | 183,877 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 174,769 | 71,517 |
Prior | 181,662 | 116,968 |
Revolving | 219,184 | 219,659 |
Revolving Converted to Term | ||
Total | 1,391,494 | 1,377,600 |
Current period gross write-offs 2024 | ||
Current period gross write-offs 2023 | ||
Current period gross write-offs 2022 | ||
Current period gross write-offs 2021 | ||
Current period gross write-offs 2020 | ||
Current period gross write-offs Prior | (38) | |
Current period gross write-offs Revolving | (41) | (16) |
Current period gross write-offs Revolving Converted to Term | ||
Current period gross write-offs Total | (79) | (16) |
Current period gross write-offs 2019 | ||
Consumer [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 2,638 | 14,339 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 10,263 | 39,893 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 15,424 | 9,116 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 4,611 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 32,936 | 63,348 |
Consumer [Member] | Real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 47,322 | 144,812 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 149,034 | 281,742 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 295,927 | 288,660 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 282,032 | 182,420 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 173,449 | 70,676 |
Prior | 178,391 | 114,119 |
Revolving | ||
Revolving Converted to Term | ||
Total | 1,126,155 | 1,082,429 |
Consumer [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 189,294 | 183,004 |
Revolving Converted to Term | ||
Total | 189,294 | 183,004 |
Current period gross write-offs 2023 | ||
Current period gross write-offs 2022 | ||
Current period gross write-offs 2021 | ||
Current period gross write-offs 2020 | ||
Current period gross write-offs Prior | ||
Current period gross write-offs Revolving | (438) | |
Current period gross write-offs Revolving Converted to Term | ||
Current period gross write-offs Total | (438) | |
Current period gross write-offs 2019 | ||
Consumer [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 2,416 | 1,320 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 1,105 | 2,913 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 2,663 | 2,784 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 2,444 | 1,457 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 1,320 | 841 |
Prior | 3,271 | 2,849 |
Revolving | 29,890 | 36,655 |
Revolving Converted to Term | ||
Total | 43,109 | 48,819 |
Consumer [Member] | Pass [Member] | Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 2,638 | 14,339 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 10,263 | 39,893 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 15,424 | 9,116 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 4,611 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | ||
Revolving Converted to Term | ||
Total | 32,936 | 63,348 |
Consumer [Member] | Pass [Member] | Real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 47,322 | 144,179 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 148,130 | 273,585 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 287,524 | 278,138 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 271,998 | 176,395 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 166,714 | 66,087 |
Prior | 165,723 | 105,383 |
Revolving | ||
Revolving Converted to Term | ||
Total | 1,087,411 | 1,043,767 |
Consumer [Member] | Pass [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 175,981 | 171,003 |
Revolving Converted to Term | ||
Total | 175,981 | 171,003 |
Consumer [Member] | Pass [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 2,411 | 1,278 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 1,066 | 2,551 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 2,316 | 2,361 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 2,034 | 1,457 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 1,320 | 803 |
Prior | 3,053 | 2,604 |
Revolving | 29,800 | 36,549 |
Revolving Converted to Term | ||
Total | 42,000 | 47,603 |
Consumer [Member] | Watch [Member] | Real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 490 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 487 | 5,658 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 5,590 | 8,230 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 7,305 | 3,917 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 4,764 | 2,051 |
Prior | 5,813 | 3,890 |
Revolving | ||
Revolving Converted to Term | ||
Total | 23,959 | 24,236 |
Consumer [Member] | Watch [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 8,094 | 6,393 |
Revolving Converted to Term | ||
Total | 8,094 | 6,393 |
Consumer [Member] | Watch [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 9 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 8 | 29 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 20 | 348 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 341 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 15 | |
Prior | 150 | 163 |
Revolving | 55 | 58 |
Revolving Converted to Term | ||
Total | 574 | 622 |
Consumer [Member] | Special Mention [Member] | Real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 143 | |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 142 | 2,499 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 2,472 | 1,657 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,509 | 1,291 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 993 | 2,220 |
Prior | 5,104 | 3,360 |
Revolving | ||
Revolving Converted to Term | ||
Total | 10,220 | 11,170 |
Consumer [Member] | Special Mention [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 3,724 | 4,283 |
Revolving Converted to Term | ||
Total | 3,724 | 4,283 |
Consumer [Member] | Special Mention [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | 5 | 33 |
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 31 | 333 |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 327 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 69 | |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 23 | |
Prior | 68 | 82 |
Revolving | 30 | 41 |
Revolving Converted to Term | ||
Total | 530 | 512 |
Consumer [Member] | Substandard [Member] | Real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | 275 | |
Loan balance classified by credit quality indicators, two years before latest fiscal year | 341 | 635 |
Loan balance classified by credit quality indicators, three years before latest fiscal year | 1,220 | 817 |
Loan balance classified by credit quality indicators, four years before latest fiscal year | 978 | 318 |
Prior | 1,751 | 1,486 |
Revolving | ||
Revolving Converted to Term | ||
Total | 4,565 | 3,256 |
Consumer [Member] | Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | ||
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 1,495 | 1,325 |
Revolving Converted to Term | ||
Total | 1,495 | 1,325 |
Consumer [Member] | Substandard [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loan balance classified by credit quality indicators, current fiscal year | ||
Loan balance classified by credit quality indicators, fiscal year before latest fiscal year | ||
Loan balance classified by credit quality indicators, two years before latest fiscal year | 75 | |
Loan balance classified by credit quality indicators, three years before latest fiscal year | ||
Loan balance classified by credit quality indicators, four years before latest fiscal year | ||
Prior | ||
Revolving | 5 | 7 |
Revolving Converted to Term | ||
Total | $ 5 | $ 82 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Details) - Schedule of loan balances by payment status - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | $ 3,622,521 | $ 3,602,627 |
Total loans over 90 days past due | 1,527 | 1,300 |
Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 1,213 | 11,119 |
Total loans over 90 days past due | ||
Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 916 | 55 |
Total loans over 90 days past due | ||
Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Total loans over 90 days past due | ||
Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 11,218 | 3,963 |
Total loans over 90 days past due | ||
Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 3,609,174 | 3,587,490 |
Total loans over 90 days past due | ||
Commercial [Member] | Owner occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 642,008 | 631,657 |
Commercial [Member] | Owner occupied RE [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 74 | |
Commercial [Member] | Owner occupied RE [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Owner occupied RE [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Owner occupied RE [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Owner occupied RE [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 642,008 | 631,583 |
Commercial [Member] | Non-owner occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 917,034 | 942,529 |
Commercial [Member] | Non-owner occupied RE [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 115 | 8,102 |
Commercial [Member] | Non-owner occupied RE [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Non-owner occupied RE [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Non-owner occupied RE [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 7,949 | 1,423 |
Commercial [Member] | Non-owner occupied RE [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 908,970 | 933,004 |
Commercial [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 144,968 | 150,680 |
Commercial [Member] | Construction [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Construction [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Construction [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Construction [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Construction [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 144,968 | 150,680 |
Commercial [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 527,017 | 500,161 |
Commercial [Member] | Business [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 622 | 567 |
Commercial [Member] | Business [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Business [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Commercial [Member] | Business [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 829 | 319 |
Commercial [Member] | Business [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 525,566 | 499,275 |
Consumer [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 32,936 | 63,348 |
Consumer [Member] | Construction [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Construction [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Construction [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Construction [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Construction [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 32,936 | 63,348 |
Consumer [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 1,126,155 | 1,082,429 |
Consumer [Member] | Real Estate [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 124 | 1,750 |
Consumer [Member] | Real Estate [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 871 | |
Consumer [Member] | Real Estate [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Real Estate [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 1,876 | 985 |
Consumer [Member] | Real Estate [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 1,123,284 | 1,079,694 |
Consumer [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 189,294 | 183,004 |
Consumer [Member] | Home Equity [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 352 | 601 |
Consumer [Member] | Home Equity [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 45 | 30 |
Consumer [Member] | Home Equity [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Home Equity [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 564 | 1,236 |
Consumer [Member] | Home Equity [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 188,333 | 181,137 |
Consumer [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 43,109 | 48,819 |
Consumer [Member] | Other [Member] | Accruing 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 25 | |
Consumer [Member] | Other [Member] | Accruing 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | 25 | |
Consumer [Member] | Other [Member] | Accruing 90 Days or More Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Other [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | ||
Consumer [Member] | Other [Member] | Accruing Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan balances by payment | $ 43,109 | $ 48,769 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Details) - Schedule of nonaccrual loans by major categories - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | $ 7,091 | $ 1,160 |
Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 4,127 | 2,803 |
Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonaccrual loans | 11,218 | 3,963 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 2,231,027 | 2,225,027 |
Commercial [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 5,454 | 817 |
Commercial [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 3,324 | 925 |
Commercial [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 8,778 | 1,742 |
Commercial [Member] | Owner occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 642,008 | 631,657 |
Commercial [Member] | Owner occupied RE [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | ||
Commercial [Member] | Owner occupied RE [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | ||
Commercial [Member] | Owner occupied RE [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | ||
Commercial [Member] | Non-owner occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 917,034 | 942,529 |
Commercial [Member] | Non-owner occupied RE [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 5,454 | 653 |
Commercial [Member] | Non-owner occupied RE [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 2,495 | 770 |
Commercial [Member] | Non-owner occupied RE [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 7,949 | 1,423 |
Commercial [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 144,968 | 150,680 |
Commercial [Member] | Construction [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | ||
Commercial [Member] | Construction [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | ||
Commercial [Member] | Construction [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | ||
Commercial [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 527,017 | 500,161 |
Commercial [Member] | Business [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 164 | |
Commercial [Member] | Business [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 829 | 155 |
Commercial [Member] | Business [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total commercial | 829 | 319 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 1,391,494 | 1,377,600 |
Consumer [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 1,637 | 343 |
Consumer [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 803 | 1,878 |
Consumer [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 2,440 | 2,221 |
Consumer [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 32,936 | 63,348 |
Consumer [Member] | Construction [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | ||
Consumer [Member] | Construction [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | ||
Consumer [Member] | Construction [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | ||
Consumer [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 1,126,155 | 1,082,429 |
Consumer [Member] | Real Estate [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 1,148 | |
Consumer [Member] | Real Estate [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 728 | 985 |
Consumer [Member] | Real Estate [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 1,876 | 985 |
Consumer [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 189,294 | 183,004 |
Consumer [Member] | Home Equity [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 489 | 343 |
Consumer [Member] | Home Equity [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 75 | 893 |
Consumer [Member] | Home Equity [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 564 | 1,236 |
Consumer [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | 43,109 | 48,819 |
Consumer [Member] | Other [Member] | Nonaccrual Loans With No Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | ||
Consumer [Member] | Other [Member] | Nonaccrual Loans With An Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer | ||
Consumer [Member] | Other [Member] | Total Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total consumer |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Details) - Schedule of nonperforming assets, including nonaccruing TDRs - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Nonaccrual loans | $ 11,218 | $ 3,963 |
Other real estate owned | ||
Total nonperforming assets | $ 11,218 | $ 3,963 |
Nonperforming assets as a percentage of: | ||
Total assets | 0.27% | 0.10% |
Gross loans | 0.31% | 0.11% |
Total loans over 90 days past due | $ 1,527 | $ 1,300 |
Loans over 90 days past due and still accruing |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Details) - Schedule of activity related to the allowance for credit losses - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for credit losses | $ 500 | $ 910 | $ 325 | $ 2,735 |
Commercial [Member] | Owner occupied RE [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 6,118 | 5,984 | 6,118 | 5,867 |
Provision for credit losses | (651) | (88) | (651) | 29 |
Loan charge-offs | ||||
Loan recoveries | ||||
Net loan recoveries (charge-offs) | ||||
Balance, end of period | 5,467 | 5,896 | 5,467 | 5,896 |
Commercial [Member] | Non-owner occupied RE [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 11,167 | 11,285 | 11,167 | 10,376 |
Provision for credit losses | 424 | 347 | 424 | 1,385 |
Loan charge-offs | (1,029) | (48) | (1,029) | (209) |
Loan recoveries | 32 | |||
Net loan recoveries (charge-offs) | (1,029) | (48) | (1,029) | (177) |
Balance, end of period | 10,562 | 11,584 | 10,562 | 11,584 |
Commercial [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 1,594 | 1,110 | 1,594 | 1,292 |
Provision for credit losses | (263) | 221 | (263) | 39 |
Loan charge-offs | ||||
Loan recoveries | ||||
Net loan recoveries (charge-offs) | ||||
Balance, end of period | 1,331 | 1,331 | 1,331 | 1,331 |
Commercial [Member] | Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 7,054 | 8,022 | 7,385 | 7,861 |
Provision for credit losses | 190 | 118 | 190 | 268 |
Loan charge-offs | (19) | (365) | (1) | |
Loan recoveries | 11 | 12 | 26 | 24 |
Net loan recoveries (charge-offs) | (8) | 12 | (339) | 23 |
Balance, end of period | 7,236 | 8,152 | 7,236 | 8,152 |
Consumer [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 677 | 810 | 677 | 893 |
Provision for credit losses | (399) | (126) | (399) | (209) |
Loan charge-offs | ||||
Loan recoveries | ||||
Net loan recoveries (charge-offs) | ||||
Balance, end of period | 278 | 684 | 278 | 684 |
Consumer [Member] | Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 10,647 | 10,079 | 10,647 | 9,487 |
Provision for credit losses | 1,750 | 316 | 1,750 | 908 |
Loan charge-offs | ||||
Loan recoveries | ||||
Net loan recoveries (charge-offs) | ||||
Balance, end of period | 12,397 | 10,395 | 12,397 | 10,395 |
Consumer [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 2,719 | 2,663 | 2,600 | 2,551 |
Provision for credit losses | (244) | 245 | (244) | 298 |
Loan charge-offs | (389) | (389) | ||
Loan recoveries | 4 | 2 | 123 | 61 |
Net loan recoveries (charge-offs) | 4 | (387) | 123 | (328) |
Balance, end of period | 2,479 | 2,521 | 2,479 | 2,521 |
Consumer [Member] | Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 465 | 482 | 494 | 312 |
Provision for credit losses | (57) | 62 | (57) | 232 |
Loan charge-offs | (1) | (2) | (79) | (2) |
Loan recoveries | 49 | |||
Net loan recoveries (charge-offs) | (1) | (2) | (30) | (2) |
Balance, end of period | 407 | 542 | 407 | 542 |
Commercial & Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance, beginning of period | 40,441 | 40,435 | 40,682 | 38,639 |
Provision for credit losses | 750 | 1,095 | 750 | 2,950 |
Loan charge-offs | (1,049) | (439) | (1,473) | (601) |
Loan recoveries | 15 | 14 | 198 | 117 |
Net loan recoveries (charge-offs) | (1,034) | (425) | (1,275) | (484) |
Balance, end of period | $ 40,157 | $ 41,105 | $ 40,157 | $ 41,105 |
Net charge-offs to average loans (annualized) | 0.11% | 0.05% | 0.07% | 0.03% |
Allowance for credit losses to gross loans | 1.11% | 1.16% | 1.11% | 1.16% |
Allowance for credit losses to nonperforming loans | 357.95% | 1,363.11% | 357.95% | 1,363.11% |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Details) - Schedule of analysis of collateral-dependent loans - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | $ 9,503 | $ 1,393 |
Business assets | 321 | |
Other | ||
Total | 9,824 | 1,393 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | 7,635 | 884 |
Business assets | 321 | |
Other | ||
Total | 7,956 | 884 |
Commercial [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Commercial [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | 361 | 164 |
Business assets | 321 | |
Other | ||
Total | 682 | 164 |
Commercial [Member] | Owner occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Commercial [Member] | Non-owner occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | 7,274 | 720 |
Business assets | ||
Other | ||
Total | 7,274 | 720 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | 1,868 | 509 |
Business assets | ||
Other | ||
Total | 1,868 | 509 |
Consumer [Member] | Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | ||
Business assets | ||
Other | ||
Total | ||
Consumer [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | 1,304 | 166 |
Business assets | ||
Other | ||
Total | 1,304 | 166 |
Consumer [Member] | Home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | 564 | 343 |
Business assets | ||
Other | ||
Total | 564 | 343 |
Consumer [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate | ||
Business assets | ||
Other | ||
Total |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Details) - Schedule of allowance for credit losses for unfunded loan commitments - Allowance For Credit Losses Unfunded Loan Commitments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Balance, beginning of period | $ 1,656 | $ 2,750 | $ 1,831 | $ 2,780 |
Provision for (reversal of) credit losses | (250) | (185) | (425) | (215) |
Balance, end of period | 1,406 | 2,565 | 1,406 | 2,565 |
Unfunded Loan Commitments | $ 694,524 | $ 849,977 | $ 694,524 | $ 849,977 |
Reserve for Unfunded Commitments to Unfunded Loan Commitments | 0.20% | 0.30% | 0.20% | 0.30% |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Modified [Line Items] | |||||
Net of deferred loan fees and costs | $ 6,800,000 | $ 6,800,000 | $ 7,000,000 | ||
Part of loans of 30 days or more past due as a percentage of total loan portfolio | 0.30% | 0.30% | 0.37% | ||
Interest income on nonaccrual loans | $ 0 | $ 0 | $ 0 | $ 0 | |
Accrued interest reversed | 76,000 | 0 | 82,000 | 23,000 | |
Foregone interest income on non accrual loans | 0 | 0 | |||
Provision for credit losses | 750,000 | $ 1,100,000 | 750,000 | $ 3,000,000 | |
Allowance for credit losses for unfunded loan commitments | $ 1,400,000 | $ 1,400,000 | $ 1,800,000 | ||
Commercial [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Part of loans of 30 days or more past due as a percentage of total loan portfolio | 0.23% | 0.23% | 0.27% | ||
Consumer [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Part of loans of 30 days or more past due as a percentage of total loan portfolio | 0.07% | 0.07% | 0.09% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - Schedule of carrying value of hedged asset and liability and cumulative fair value hedging adjustment - Fixed Rate Asset/Liability [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Carrying Amount | [1] | $ 203,986 | |
Hedged Asset | [1] | $ 3,986 | |
Carrying Amount | [1] | $ 199,518 | |
Hedged Liability | [1] | $ 482 | |
[1]These amounts included the amortized cost basis of closed portfolios of fixed rate loans used to designate hedging relationships in which the hedged item is the stated amount of the assets in the closed portfolio anticipated to be outstanding for the designated hedged period. As of June 30, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $ 694.1 4 200 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details) - Schedule of outstanding financial derivative instruments - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Fair value swap [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Derivative financial instruments, notional amount | $ 200,000 | $ 200,000 |
Balance Sheet Location, description | Other assets | Other liabilities |
Derivative Asset/(Liability), Fair Value | $ 3,986 | $ (482) |
Mortgage loan interest rate lock commitments [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Derivative financial instruments, notional amount | $ 21,923 | $ 12,973 |
Balance Sheet Location, description | Other assets | Other assets |
Derivative Asset/(Liability), Fair Value | $ 253 | $ 159 |
MBS forward sales commitments [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Derivative financial instruments, notional amount | $ 15,000 | $ 10,000 |
Balance Sheet Location, description | Other assets | Other liabilities |
Derivative Asset/(Liability), Fair Value | $ 21 | $ (68) |
Total derivative financial instruments [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Derivative financial instruments, notional amount | 236,923 | 222,973 |
Derivative Asset/(Liability), Fair Value | $ 4,260 | $ (391) |
Derivative Financial Instrume_5
Derivative Financial Instruments (Details) - Schedule of summarize the effect of fair value hedging relationship recognized in the consolidated statement of income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Gain (loss) on fair value hedging relationship: | ||||
Hedged asset | $ 3,986 | $ 2,750 | $ 3,986 | $ 2,750 |
Fair value derivative designated as hedging instrument | (3,947) | (2,784) | (3,997) | (2,784) |
Total gain (loss) recognized in interest income on loans | $ 39 | $ (34) | $ (11) | $ (34) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Accrued interest receivable related to interest rate swap | $ 293 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Financial asset, closed portfolio, portfolio layer method, amortized cost | 694,100 | |
Hedged asset, fair value hedge, portfolio layer method, hedged layer, fair value, cumulative increase (decrease) | 4,000 | |
Derivative, amount of hedged item | $ 200,000 | |
Pay-Fixed Portfolio [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total notional amount | $ 200,000 |
Fair Value Accounting (Details)
Fair Value Accounting (Details) - Schedule of assets and liabilities measured at fair value on a recurring basis - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Corporate bonds | $ 1,887 | $ 1,910 |
US treasuries | 890 | 9,394 |
US government agencies | 17,700 | 18,656 |
State and political subdivisions | 19,323 | 19,741 |
Asset-backed securities | 31,575 | 33,236 |
Mortgage-backed securities | 49,978 | 51,765 |
Mortgage loans held for sale | 14,759 | 7,194 |
Mortgage loan interest rate lock commitments | 253 | 159 |
MBS forward sales commitments | 21 | |
Derivative asset | 3,986 | |
Total assets measured at fair value on a recurring basis | 140,372 | 142,055 |
Liabilities | ||
Derivative liability | 482 | |
MBS forward sales commitments | 68 | |
Total liabilities measured at fair value on a recurring basis | 550 | |
Level 1 [Member] | ||
Assets | ||
Corporate bonds | ||
US treasuries | ||
US government agencies | ||
State and political subdivisions | ||
Asset-backed securities | ||
Mortgage-backed securities | ||
Mortgage loans held for sale | ||
Mortgage loan interest rate lock commitments | ||
MBS forward sales commitments | ||
Derivative asset | ||
Total assets measured at fair value on a recurring basis | ||
Liabilities | ||
Derivative liability | ||
MBS forward sales commitments | ||
Total liabilities measured at fair value on a recurring basis | ||
Level 2 [Member] | ||
Assets | ||
Corporate bonds | 1,887 | 1,910 |
US treasuries | 890 | 9,394 |
US government agencies | 17,700 | 18,656 |
State and political subdivisions | 19,323 | 19,741 |
Asset-backed securities | 31,575 | 33,236 |
Mortgage-backed securities | 49,978 | 51,765 |
Mortgage loans held for sale | 14,759 | 7,194 |
Mortgage loan interest rate lock commitments | 253 | 159 |
MBS forward sales commitments | 21 | |
Derivative asset | 3,986 | |
Total assets measured at fair value on a recurring basis | 140,372 | 142,055 |
Liabilities | ||
Derivative liability | 482 | |
MBS forward sales commitments | 68 | |
Total liabilities measured at fair value on a recurring basis | 550 | |
Level 3 [Member] | ||
Assets | ||
Corporate bonds | ||
US treasuries | ||
US government agencies | ||
State and political subdivisions | ||
Asset-backed securities | ||
Mortgage-backed securities | ||
Mortgage loans held for sale | ||
Mortgage loan interest rate lock commitments | ||
MBS forward sales commitments | ||
Derivative asset | ||
Total assets measured at fair value on a recurring basis | ||
Liabilities | ||
Derivative liability | ||
MBS forward sales commitments | ||
Total liabilities measured at fair value on a recurring basis |
Fair Value Accounting (Detail_2
Fair Value Accounting (Details) - Schedule of assets and liabilities measured at fair value on a nonrecurring basis - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Individually evaluated loans | $ 10,427 | $ 4,136 |
Total assets measured at fair value on a nonrecurring basis | 10,427 | 4,136 |
Level 1 [Member] | ||
Assets | ||
Individually evaluated loans | ||
Total assets measured at fair value on a nonrecurring basis | ||
Level 2 [Member] | ||
Assets | ||
Individually evaluated loans | 8,560 | 1,160 |
Total assets measured at fair value on a nonrecurring basis | 8,560 | 1,160 |
Level 3 [Member] | ||
Assets | ||
Individually evaluated loans | 1,867 | 2,976 |
Total assets measured at fair value on a nonrecurring basis | $ 1,867 | $ 2,976 |
Fair Value Accounting (Detail_3
Fair Value Accounting (Details) - Schedule of unobservable inputs used in the fair value measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Valuation Technique | Appraised Value/ Discounted Cash Flows |
Significant Unobservable Inputs | Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range of Inputs | 0% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range of Inputs | 25% |
Fair Value Accounting (Detail_4
Fair Value Accounting (Details) - Schedule of estimated fair values of the company's financial instruments - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Financial Assets: | |||
Other investments, at cost, Carrying Amount | $ 18,653 | $ 19,939 | |
Other investments, at cost, Fair Value | 18,653 | 19,939 | |
Loans, Carrying Amount | [1] | 3,570,321 | 3,557,120 |
Loans, Fair Value | [1] | 3,270,848 | 3,337,768 |
Financial Liabilities: | |||
Deposits, Carrying Amount | 3,459,869 | 3,379,564 | |
Deposits, Fair Value | 3,223,811 | 2,961,182 | |
Subordinated debentures, Carrying Amount | 36,376 | 36,322 | |
Subordinated debentures, Fair Value | 40,563 | 40,712 | |
Level 1 [Member] | |||
Financial Assets: | |||
Other investments, at cost, Fair Value | |||
Loans, Fair Value | [1] | ||
Financial Liabilities: | |||
Deposits, Fair Value | |||
Subordinated debentures, Fair Value | |||
Level 2 [Member] | |||
Financial Assets: | |||
Other investments, at cost, Fair Value | |||
Loans, Fair Value | [1] | ||
Financial Liabilities: | |||
Deposits, Fair Value | 3,223,811 | 2,961,182 | |
Subordinated debentures, Fair Value | 40,563 | 40,712 | |
Level 3 [Member] | |||
Financial Assets: | |||
Other investments, at cost, Fair Value | 18,653 | 19,939 | |
Loans, Fair Value | [1] | 3,270,848 | 3,337,768 |
Financial Liabilities: | |||
Deposits, Fair Value | |||
Subordinated debentures, Fair Value | |||
[1]Carrying amount is net of the allowance for credit losses and individually evaluated loans. |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating lease payments $ in Thousands | Jun. 30, 2024 USD ($) |
Leases | |
2024 | $ 1,056 |
2025 | 2,157 |
2026 | 2,210 |
2027 | 2,267 |
2028 | 2,015 |
Thereafter | 20,187 |
Total undiscounted lease payments | 29,892 |
Discount effect of cash flows | 5,946 |
Total lease liability | $ 23,946 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases | |||||
Property and equipment | $ 21,400,000 | $ 21,400,000 | $ 22,200,000 | ||
Other liabilities | $ 23,900,000 | $ 23,900,000 | $ 24,600,000 | ||
Weighted average remaining life of the lease term | 5 years 5 months 4 days | 5 years 5 months 4 days | |||
Weighted average discount rate | 2.28% | 2.28% | |||
Operating lease costs | $ 604,000 | $ 604,000 | $ 1,200,000 | $ 1,200,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - Schedule of earnings per share computations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net income available to common shareholders | $ 2,999 | $ 2,458 | $ 5,521 | $ 5,161 |
Denominator: | ||||
Weighted-average common shares outstanding – basic | 8,125,869 | 8,051,131 | 8,118,059 | 8,038,642 |
Common stock equivalents | 14,953 | 17,897 | 23,312 | 41,879 |
Weighted-average common shares outstanding – diluted | 8,140,822 | 8,069,028 | 8,141,371 | 8,080,521 |
Earnings per common share: | ||||
Basic | $ 0.37 | $ 0.31 | $ 0.68 | $ 0.64 |
Diluted | $ 0.37 | $ 0.31 | $ 0.68 | $ 0.64 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details Narrative) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings per common share | ||
Antidilutive securities excluded from computation of earnings per share, amount | 266,974 | 386,003 |