Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001098151 | ||
Entity Registrant Name | FIDELITY D & D BANCORP INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-38229 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-3017653 | ||
Entity Address, Address Line One | Blakely And Drinker Streets | ||
Entity Address, City or Town | Dunmore | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 18512 | ||
City Area Code | 570 | ||
Local Phone Number | 342-8281 | ||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | FDBC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 193,900,000 | ||
Entity Common Stock, Shares Outstanding | 5,653,684 | ||
Auditor Name | RSM US LLP | ||
Auditor Firm ID | 49 | ||
Auditor Location | Blue Bell, Pennsylvania |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 3,542 | $ 27,317 |
Interest-bearing deposits with financial institutions | 25,549 | 69,560 |
Total cash and cash equivalents | 29,091 | 96,877 |
Available-for-sale securities | 420,862 | 738,980 |
Held-to-maturity securities (fair value of $187,280 in 2022; $0 in 2021) | 222,744 | 0 |
Restricted investments in bank stock | 5,268 | 3,206 |
Loans and leases, net (allowance for loan losses of $17,149 in 2022; $15,624 in 2021) | 1,547,025 | 1,417,504 |
Loans held-for-sale (fair value $1,660 in 2022; $32,013 in 2021) | 1,637 | 31,727 |
Foreclosed assets held-for-sale | 168 | 434 |
Bank premises and equipment, net | 31,307 | 29,310 |
Leased property under finance leases, net | 1,089 | 1,307 |
Right-of-use assets | 8,642 | 9,006 |
Cash surrender value of bank owned life insurance | 54,035 | 52,745 |
Accrued interest receivable | 8,487 | 7,526 |
Goodwill | 19,628 | 19,628 |
Core deposit intangible, net | 1,540 | 1,942 |
Other assets | 26,849 | 8,912 |
Total assets | 2,378,372 | 2,419,104 |
Liabilities: | ||
Interest-bearing | 1,564,305 | 1,579,582 |
Non-interest-bearing | 602,608 | 590,283 |
Total deposits | 2,166,913 | 2,169,865 |
Accrued interest payable and other liabilities | 17,483 | 15,943 |
Finance lease obligation | 1,110 | 1,320 |
Operating lease liabilities | 9,357 | 9,627 |
Short-term borrowings | 12,940 | 0 |
Secured borrowings | 7,619 | 10,620 |
Total liabilities | 2,215,422 | 2,207,375 |
Shareholders' equity: | ||
Preferred stock authorized 5,000,000 shares with no par value; none issued | 0 | 0 |
Capital stock, no par value (10,000,000 shares authorized; shares issued and outstanding; 5,630,794 at December 31, 2022; and 5,645,687 at December 31, 2021) | 115,611 | 114,108 |
Retained earnings | 119,754 | 97,442 |
Accumulated other comprehensive (loss) income | (71,152) | 179 |
Treasury stock, at cost (32,663 shares at December 31, 2022 and no shares at December 31, 2021) | (1,263) | 0 |
Total shareholders' equity | 162,950 | 211,729 |
Total liabilities and shareholders' equity | $ 2,378,372 | $ 2,419,104 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Held-to-maturity securities, fair value | $ 187,280 | $ 0 |
Loans and leases, allowance for loan losses | 17,149 | 15,624 |
Loans held-for-sale, fair value | $ 1,660 | $ 32,013 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,630,794 | 5,645,687 |
Common stock, shares outstanding (in shares) | 5,630,794 | 5,645,687 |
Treasury stock, shares (in shares) | 32,663 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Taxable | $ 62,110 | $ 53,918 | $ 41,985 |
Nontaxable | 1,910 | 1,513 | 1,256 |
Interest-bearing deposits with financial institutions | 886 | 148 | 121 |
Restricted investments in bank stock | 184 | 127 | 162 |
Investment securities: | |||
U.S. government agency and corporations | 6,321 | 4,068 | 3,197 |
States and political subdivisions (nontaxable) | 5,466 | 4,413 | 2,374 |
States and political subdivisions (taxable) | 1,795 | 1,281 | 398 |
Other securities | 0 | 0 | 3 |
Total interest income | 78,672 | 65,468 | 49,496 |
Interest expense: | |||
Deposits | 6,144 | 3,456 | 4,756 |
Secured borrowings | 209 | 156 | 0 |
Other short-term borrowings | 45 | 1 | 248 |
FHLB advances | 0 | 26 | 307 |
Total interest expense | 6,398 | 3,639 | 5,311 |
Net interest income | 72,274 | 61,829 | 44,185 |
Provision for loan losses | 2,100 | 2,000 | 5,250 |
Net interest income after provision for loan losses | 70,174 | 59,829 | 38,935 |
Other income: | |||
Earnings on bank-owned life insurance | 1,290 | 1,227 | 794 |
Gain (loss) on write-down, sale or disposal of: | |||
Loans | 1,623 | 4,172 | 3,603 |
Available-for-sale debt securities | 4 | 46 | 115 |
Premises and equipment | (195) | (186) | (142) |
Total other income | 16,642 | 18,287 | 14,668 |
Other expenses: | |||
Salaries and employee benefits | 26,977 | 24,106 | 17,863 |
Premises and equipment | 7,624 | 6,998 | 5,623 |
Data processing and communication | 2,635 | 2,566 | 2,246 |
Advertising and marketing | 3,381 | 3,253 | 2,269 |
Professional services | 3,441 | 3,415 | 2,869 |
Merger-related expenses | 0 | 3,033 | 2,452 |
Automated transaction processing | 1,557 | 1,479 | 1,158 |
Office supplies and postage | 682 | 640 | 541 |
PA shares tax | 716 | 395 | 381 |
Loan collection | 248 | 126 | 131 |
Other real estate owned | 15 | 29 | 28 |
FDIC assessment | 694 | 679 | 280 |
FHLB prepayment fee | 0 | 369 | 481 |
Other | 3,378 | 3,019 | 1,997 |
Total other expenses | 51,348 | 50,107 | 38,319 |
Income before income taxes | 35,468 | 28,009 | 15,284 |
Provision for income taxes | 5,447 | 4,001 | 2,249 |
Net income | $ 30,021 | $ 24,008 | $ 13,035 |
Per share data: | |||
Net income - basic (in dollars per share) | $ 5.32 | $ 4.51 | $ 2.84 |
Net income - diluted (in dollars per share) | 5.29 | 4.48 | 2.82 |
Dividends (in dollars per share) | $ 1.35 | $ 1.23 | $ 1.14 |
Deposit Account [Member] | |||
Other income: | |||
Other Income | $ 3,475 | $ 2,623 | $ 2,117 |
Credit and Debit Card [Member] | |||
Other income: | |||
Other Income | 4,532 | 4,286 | 3,153 |
Bank Servicing [Member] | |||
Other income: | |||
Other Income | 1,316 | 1,980 | 1,681 |
Fiduciary and Trust [Member] | |||
Other income: | |||
Other Income | 2,481 | 2,253 | 1,785 |
Investment Advisory, Management and Administrative Service [Member] | |||
Other income: | |||
Other Income | 955 | 984 | 749 |
Financial Service, Other [Member] | |||
Other income: | |||
Other Income | $ 1,161 | $ 902 | $ 813 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 30,021 | $ 24,008 | $ 13,035 |
Other comprehensive (loss) gain, before tax: | |||
Unrealized holding loss on available-for-sale debt securities | (68,102) | (11,059) | 6,887 |
Reclassification adjustment for net gains realized in income | (4) | (46) | (115) |
Reclassification of unrealized loss on securities transferred from available-for-sale to held-to-maturity | (23,882) | 0 | 0 |
Amortization of unrealized loss on held-to-maturity securities | 1,695 | 0 | 0 |
Net unrealized loss | (90,293) | (11,105) | 6,772 |
Tax effect | 18,962 | 2,332 | (1,422) |
Unrealized loss, net of tax | (71,331) | (8,773) | 5,350 |
Other comprehensive loss, net of tax | (71,331) | (8,773) | 5,350 |
Total comprehensive (loss) income, net of tax | $ (41,310) | $ 15,235 | $ 18,385 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 3,781,500 | |||||
Balance at Dec. 31, 2019 | $ 30,848 | $ 72,385 | $ 3,602 | $ 106,835 | ||
Net income | 13,035 | 13,035 | ||||
Other comprehensive (loss) income, net of tax | 5,350 | 5,350 | ||||
Issuance of common stock through Employee Stock Purchase Plan (in shares) | 3,885 | |||||
Issuance of common stock through Employee Stock Purchase Plan | 219 | 219 | ||||
Issuance of common stock from vested restricted share grants through stock compensation plans (in shares) | 15,395 | |||||
Issuance of common stock from vested restricted share grants through stock compensation plans | 0 | |||||
Stock-based compensation expense | 1,201 | 1,201 | ||||
Issuance of common stock for acquisition (in shares) | 1,176,970 | |||||
Issuance of common stock for acquisition | 45,408 | 45,408 | ||||
Cash dividends declared | (5,378) | (5,378) | ||||
Balance (in shares) at Dec. 31, 2020 | 4,977,750 | |||||
Balance at Dec. 31, 2020 | 77,676 | 80,042 | 8,952 | 166,670 | ||
Net income | 24,008 | 24,008 | ||||
Other comprehensive (loss) income, net of tax | (8,773) | (8,773) | ||||
Issuance of common stock through Employee Stock Purchase Plan (in shares) | 4,738 | |||||
Issuance of common stock through Employee Stock Purchase Plan | 270 | 270 | ||||
Issuance of common stock from vested restricted share grants through stock compensation plans (in shares) | 13,209 | |||||
Issuance of common stock from vested restricted share grants through stock compensation plans | ||||||
Stock-based compensation expense | 1,106 | 1,106 | ||||
Issuance of common stock for acquisition (in shares) | 647,990 | |||||
Issuance of common stock for acquisition | 35,056 | 35,056 | ||||
Cash dividends declared | (6,608) | (6,608) | ||||
Issuance of common stock through exercise of SSARs (in shares) | 2,000 | |||||
Issuance of common stock through exercise of SSARs | 0 | |||||
Balance (in shares) at Dec. 31, 2021 | 5,645,687 | |||||
Balance at Dec. 31, 2021 | 114,108 | 97,442 | 179 | 0 | 211,729 | |
Net income | 30,021 | 30,021 | ||||
Other comprehensive (loss) income, net of tax | (71,331) | (71,331) | ||||
Issuance of common stock through Employee Stock Purchase Plan (in shares) | 4,891 | |||||
Issuance of common stock through Employee Stock Purchase Plan | 252 | 252 | ||||
Issuance of common stock from vested restricted share grants through stock compensation plans (in shares) | 11,699 | |||||
Issuance of common stock from vested restricted share grants through stock compensation plans | 0 | |||||
Stock-based compensation expense | 1,271 | 1,271 | ||||
Cash dividends declared | (7,709) | (7,709) | ||||
Issuance of common stock through exercise of SSARs (in shares) | 1,180 | |||||
Issuance of common stock through exercise of SSARs | 0 | |||||
Forfeited restricted dividend reinvestment shares (in shares) | (109) | |||||
Forfeited restricted dividend reinvestment shares | $ 0 | |||||
Common stock repurchased (in shares) | (32,554) | (32,554) | ||||
Common stock repurchased | (1,263) | $ (1,263) | ||||
Repurchase of shares to cover withholdings | (20) | (20) | ||||
Balance (in shares) at Dec. 31, 2022 | 5,630,794 | |||||
Balance at Dec. 31, 2022 | $ 115,611 | $ 119,754 | $ (71,152) | $ (1,263) | $ 162,950 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 30,021,000 | $ 24,008,000 | $ 13,035,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 5,255,000 | 5,423,000 | 4,539,000 |
Provision for loan losses | 2,100,000 | 2,000,000 | 5,250,000 |
Deferred income tax expense (benefit) | 1,835,000 | 1,194,000 | (400,000) |
Stock-based compensation expense | 1,271,000 | 1,096,000 | 1,077,000 |
Excess tax benefit from exercise of SSARs | 12,000 | 26,000 | 0 |
Proceeds from sale of loans held-for-sale | 79,401,000 | 162,343,000 | 158,300,000 |
Originations of loans held-for-sale | (67,476,000) | (186,768,000) | (176,939,000) |
Earnings from bank-owned life insurance | (1,290,000) | (1,227,000) | (794,000) |
Net gain from sales of loans | (1,623,000) | (4,172,000) | (3,603,000) |
Net gain from sales of investment securities | (4,000) | (46,000) | (115,000) |
Net gain from sale and write-down of foreclosed assets held-for-sale | (19,000) | (44,000) | (23,000) |
Net loss from write-down and disposal of bank premises and equipment | 195,000 | 186,000 | 142,000 |
Operating lease payments | 93,000 | 60,000 | 29,000 |
Change in: | |||
Accrued interest receivable | (961,000) | (900,000) | (985,000) |
Other assets | (924,000) | 1,099,000 | (710,000) |
Accrued interest payable and other liabilities | 1,541,000 | 2,921,000 | 1,493,000 |
Net cash provided by operating activities | 49,427,000 | 7,199,000 | 296,000 |
Cash flows from investing activities: | |||
Proceeds from sales | 1,691,000 | 44,474,000 | 123,459,000 |
Proceeds from maturities, calls and principal pay-downs | 40,749,000 | 54,213,000 | 68,906,000 |
Purchases | (42,087,000) | (411,406,000) | (271,504,000) |
(Increase) decrease in restricted investments in bank stock | (2,061,000) | 792,000 | 2,149,000 |
Net (increase) decrease in loans and leases | (116,055,000) | 7,134,000 | (132,541,000) |
Principal portion of lease payments received under direct finance leases | 5,733,000 | 5,262,000 | 3,551,000 |
Purchase of life insurance policies | 0 | 0 | (11,000,000) |
Purchases of bank premises and equipment | (5,514,000) | (2,520,000) | (1,390,000) |
Net cash (used in) provided by acquisition | 0 | (3,746,000) | 53,004,000 |
Proceeds from sale of bank premises and equipment | 1,095,000 | 1,719,000 | 187,000 |
Proceeds from sale of foreclosed assets held-for-sale | 1,061,000 | 835,000 | 936,000 |
Net cash used in investing activities | (115,388,000) | (303,243,000) | (164,243,000) |
Cash flows from financing activities: | |||
Net (decrease) increase in deposits | (2,916,000) | 351,903,000 | 278,342,000 |
Net increase (decrease) in other borrowings | 10,063,000 | (12,223,000) | (37,839,000) |
Proceeds from Paycheck Protection Program Liquidity Facility (PPPLF) | 0 | 0 | 152,791,000 |
Repayment of PPPLF | 0 | 0 | (152,791,000) |
Repayment of FHLB advances | 0 | (9,602,000) | (17,627,000) |
Repayment of finance lease obligation | (232,000) | (159,000) | (83,000) |
Purchase of treasury stock | (1,263,000) | 0 | 0 |
Proceeds from employee stock purchase plan participants | 252,000 | 270,000 | 219,000 |
Repurchase of shares to cover withholdings | (20,000) | 0 | 0 |
Dividends paid | (7,709,000) | (6,608,000) | (5,378,000) |
Cash paid in lieu of fractional shares | 0 | (6,000) | (4,000) |
Net cash (used in) provided by financing activities | (1,825,000) | 323,575,000 | 217,630,000 |
Net (decrease) increase in cash and cash equivalents | (67,786,000) | 27,531,000 | 53,683,000 |
Cash and cash equivalents, beginning | 96,877,000 | 69,346,000 | 15,663,000 |
Cash and cash equivalents, ending | 29,091,000 | 96,877,000 | 69,346,000 |
Supplemental Disclosures of Cash Flow Information | |||
Interest | 6,105,000 | 3,851,000 | 5,820,000 |
Income tax | 3,050,000 | 2,650,000 | 3,250,000 |
Supplemental Disclosures of Non-cash Investing Activities: | |||
Net change in unrealized gains (losses) on available-for-sale securities | (68,106,000) | (11,105,000) | 6,772,000 |
Transfers of securities from available-for-sale to held-to-maturity | 245,536,000 | 0 | 0 |
Unrealized losses on securities transferred from available-for-sale to held-to-maturity | (22,188,000) | 0 | 0 |
Transfers from loans to foreclosed assets held-for-sale | 776,000 | 481,000 | 800,000 |
Transfers from/(to) loans to/(from) loans held-for-sale, net | (17,907,000) | (23,821,000) | 6,642,000 |
Transfers from premises and equipment to other assets held-for-sale | 1,184,000 | 1,495,000 | 0 |
Right-of-use asset | 141,000 | 1,519,000 | 72,000 |
Lease liability | 141,000 | 1,519,000 | 72,000 |
Increase in assets and liabilities: | |||
Securities | 49,430,000 | 123,420,000 | |
Loans | 298,860,000 | 245,283,000 | |
Restricted investments in bank stocks | 1,186,000 | 692,000 | |
Premises and equipment | 3,405,000 | 6,907,000 | |
Investment in bank-owned life insurance | 7,233,000 | 9,230,000 | |
Goodwill | $ 19,628,000 | 19,628,000 | |
Core deposit intangible asset | 597,000 | 1,973,000 | |
Leased property under finance leases | 1,188,000 | 0 | |
Right-of-use assets | 756,000 | 1,354,000 | |
Other assets | 4,127,000 | 2,680,000 | |
Non-interest-bearing deposits | (100,472,000) | (118,822,000) | |
Interest-bearing deposits | (208,057,000) | (276,816,000) | |
Short-term borrowings | (2,224,000) | 0 | |
FHLB advances | (4,602,000) | (7,627,000) | |
Secured borrowings | (20,619,000) | 0 | |
Finance lease obligation | (1,188,000) | 0 | |
Operating lease liabilities | (756,000) | (1,354,000) | |
Other liabilities | (2,631,000) | (1,356,000) | |
Fair value of common shares issued | (35,056,000) | (45,408,000) | |
Landmark Bancorp Inc. [Member] | |||
Increase in assets and liabilities: | |||
Goodwill | $ 12,575,000 | ||
MNB Corporation [Member] | |||
Increase in assets and liabilities: | |||
Goodwill | $ 6,843,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Fidelity D & D Bancorp, Inc. and its wholly-owned subsidiary, The Fidelity Deposit and Discount Bank (the Bank) (collectively, the Company). All significant inter-company balances and transactions have been eliminated in consolidation. NATURE OF OPERATIONS The Company provides a full range of banking, trust and financial services to individuals, small businesses and corporate customers. Its primary market areas are Lackawanna, Luzerne and Northampton Counties, Pennsylvania. The Company's primary deposit products are demand deposits and interest-bearing time, money market and savings accounts. It offers a full array of loan products to meet the needs of retail and commercial customers. The Company is subject to regulation by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the valuation of investment securities, the determination and the amount of impairment in the securities portfolios, and the related realization of the deferred tax assets related to the allowance for loan losses, other-than-temporary impairment on and valuations of investment securities. In connection with the determination of the allowance for loan losses, management generally obtains independent appraisals for significant properties, utilizes historical loss factors and applies judgement to determine qualitative factor adjustments. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may may may The Company’s investment securities are comprised of a variety of financial instruments. The fair values of the securities are subject to various risks including changes in the interest rate environment and general economic conditions including illiquid conditions in the capital markets. Due to the increased level of these risks and their potential impact on the fair values of the securities, it is possible that the amounts reported in the accompanying financial statements could materially change in the near-term. Any credit-related impairment is included as a component of non-interest income in the consolidated income statements while non-credit-related impairment is charged to other comprehensive income, net of tax. SIGNIFICANT GROUP CONCENTRATION OF CREDIT RISK The Company originates commercial, consumer, and mortgage loans to customers primarily located in Lackawanna, Luzerne, Northampton, and Lehigh Counties of Pennsylvania. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on the economic sector in which the Company operates. The loan portfolio does not one HELD-TO-MATURITY SECURITIES Debt securities, for which the Company has the positive intent and ability to hold to maturity, are reported at cost. Premiums and discounts are amortized or accreted, as a component of interest income over the life of the related security as an adjustment to yield using the interest method. The Company had held-to-maturity securities with balances of $222.7 million and $0 at December 31, 2022 2021 TRADING SECURITIES Debt securities held principally for resale in the near-term, or trading securities, are recorded at their fair values. Unrealized gains and losses are included in other income. The Company did not 2022 2021 AVAILABLE-FOR-SALE SECURITIES Available-for-sale (AFS) securities consist of debt and equity securities classified as neither held-to-maturity nor trading and are reported at fair value. Premiums and discounts are amortized or accreted as a component of interest income over the life of the related security as an adjustment to yield using the interest method. Unrealized holding gains and losses, including non-credit-related other-than-temporary impairment (OTTI), on AFS securities are reported as a separate component of shareholders’ equity, net of deferred income taxes, until realized. The net unrealized holding gains and losses are a component of accumulated other comprehensive income. Gains and losses from sales of securities AFS are determined using the specific identification method. FEDERAL HOME LOAN BANK STOCK The Company is a member of the Federal Home Loan Bank system, and as such is required to maintain an investment in capital stock of the Federal Home Loan Bank of Pittsburgh (FHLB). The amount the Company is required to invest is dependent upon the relative size of outstanding borrowings the Company has with the FHLB. Based on redemption provisions of the FHLB, the stock has no LOANS Originated loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at face value, net of unamortized loan fees and costs and the allowance for loan losses. Interest on residential real estate loans is recorded based on principal pay downs on an actual days basis. Commercial loan interest is accrued on the principal balance on an actual days basis. Interest on consumer loans is determined using the simple interest method. Acquired loans are initially recorded at their acquisition date fair values with no 310 30. Acquired ASC 310 20 not 310 30, no Generally, loans are placed on non-accrual status when principal or interest is past due 90 not first Acquired loans that meet the criteria for impaired or non-accrual status prior to the acquisition may A modification of a loan constitutes a troubled debt restructuring (TDR) when a borrower is experiencing financial difficulty and the Company grants a concession that it would not may MORTGAGE BANKING OPERATIONS AND MORTGAGE SERVICING RIGHTS The Company sells one four Commitments to sell one four not December 31, 2022 2021 Servicing assets are reported in other assets and amortized in proportion to and over the period during which estimated servicing income will be received. Servicing loans for others consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and processing foreclosures. Loan servicing income is recorded when earned and represents servicing fees from investors and certain charges collected from borrowers, such as late payment fees. The Company has fiduciary responsibility for related escrow and custodial funds. Servicing assets are recognized as separate assets when rights are acquired through the sale of financial assets. For sales of mortgage loans originated by the Company, a portion of the cost of originating the loan is allocated to the servicing retained right based on fair value. Capitalized servicing rights are amortized into interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Remaining servicing rights are charged against income upon payoff of the loan. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. LOANS HELD-FOR-SALE Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Unrealized gains are recognized but only to the extent of previous write-downs. AUTOMOBILE LEASING Financing of automobiles, provided to customers under lease arrangements of varying terms obtained via an indirect arrangement primarily through a single dealer on a full recourse basis, are accounted for as direct finance leases. Interest on automobile direct finance leasing is determined using the interest method. Generally, the interest method is used to arrive at a level effective yield over the life of the lease. The lease residual and the lease receivable, net of unearned lease income, are recorded within loans and leases on the balance sheet. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is established through a provision for loan losses. The allowance represents an amount which, in management’s judgment, will be adequate to absorb losses on existing loans. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of the loans. These evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, current economic conditions that may two not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments in accordance with the contractual terms of the loan. Factors considered in determining impairment include payment status, collateral value and the probability of collecting payments when due. The significance of payment delays and/or shortfalls is determined on a case-by-case basis. All circumstances surrounding the loan are taken into account. Such factors include the length of the delinquency, the underlying reasons and the borrower’s prior payment record. Impairment is measured on these loans on a loan-by-loan basis. Impaired loans include non-accrual loans, TDRs and other loans deemed to be impaired based on the aforementioned factors. Acquired loans are marked to fair value on the date of acquisition and are evaluated on a quarterly basis to ensure the necessary purchase accounting updates are made in parallel with the allowance for loan loss calculation. The carryover of allowance for loan losses related to acquired loans is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. The allowance for loan losses on acquired loans reflects only those losses incurred after acquisition and represents the present value of cash flows expected at acquisition that is no not For acquired ASC 310 30 The risk characteristics of each of the identified portfolio segments are as follows: Commercial and industrial loans (C&I): may may Commercial real estate loans (CRE): first may no 80% may Consumer loans: may may Residential mortgage loans: first thirty 10 30 TRANSFER OF FINANCIAL ASSETS Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not 860, 860 not 860, not LOAN FEES AND COSTS Nonrefundable loan origination fees and certain direct loan origination costs are recognized as a component of interest income over the life of the related loans as an adjustment to yield. The unamortized balance of the deferred fees and costs are included as components of the loan balances to which they relate. BANK PREMISES AND EQUIPMENT Land is carried at cost. Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improved property. The Company leases several branches which are classified as operating leases. The Company also leases two BANK OWNED LIFE INSURANCE The Company maintains bank owned life insurance (BOLI) for a selected group of employees, namely its officers where the Company is the owner and sole beneficiary of the policies. The earnings from the BOLI are recognized as a component of other income in the consolidated statements of income. The BOLI is an asset that can be liquidated, if necessary, with tax consequences. However, the Company intends to hold these policies and, accordingly, the Company has not EMPLOYEE BENEFITS The Company holds separate supplemental executive retirement (SERP) agreements for certain officers and an amount is credited to each participant’s SERP account monthly while they are actively employed by the bank until retirement. A deferred tax asset is provided for the non-deductible SERP expense. The Company also entered into separate split dollar life insurance arrangements with four executives providing post-retirement benefits and accrues monthly expense for this benefit. Monthly expenses for the SERP and post-retirement split dollar life benefit are recorded as components of salaries and employee benefit expense on the consolidated statements of income. FORECLOSED ASSETS HELD-FOR-SALE Foreclosed assets held-for-sale are carried at the lower of cost or fair value less cost to sell. Foreclosed assets held-for-sale is primarily other real estate owned, but also includes other repossessed assets. Losses from the acquisition of property in full and partial satisfaction of debt are treated as credit losses. Routine holding costs, gains and losses from sales, write-downs for subsequent declines in value and any rental income received are recognized net, as a component of other real estate owned expense in the consolidated statements of income. Gains or losses are recorded when the properties are sold. IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, including bank premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not GOODWILL AND INTANGIBLE ASSETS Goodwill is recorded on the consolidated balance sheets as the excess of liabilities assumed over identifiable assets acquired on the acquisition date. Goodwill is recorded at its net carrying value which represents estimated fair value. The goodwill is not Goodwill is reviewed for impairment annually as of November 30 may not not not no not 2022, not not no Other acquired intangible assets that have finite lives, such as core deposit intangibles, are amortized over their estimated useful lives and subject to periodic impairment testing. STOCK PLANS The Company has one stock-based compensation plan. The Company accounts for this plan under the recognition and measurement accounting principles, which requires the cost of share-based payment transactions be recognized in the financial statements. The stock-based compensation accounting guidance requires that compensation cost for stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. Compensation cost is recognized on a straight-line basis over the requisite service period. When granting stock-settled stock appreciation rights (SSARs), the Company uses Black-Scholes-Merton valuation model to determine fair value on the date of grant. TRUST AND FINANCIAL SERVICE FEES Trust and financial service fees are recorded on the cash basis, which is not ADVERTISING COSTS Advertising costs are charged to expense as incurred. LEGAL AND PROFESSIONAL EXPENSES Generally, the Company recognizes legal and professional fees as incurred and are included as a component of professional services expense in the consolidated statements of income. Legal costs incurred that are associated with the collection of outstanding amounts due from delinquent borrowers are included as a component of loan collection expense in the consolidated statements of income. In the event of litigation proceedings brought about by an employee or third INCOME TAXES Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The benefit of a tax position is recognized on the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than- not not not 50% not not no not no December 31, 2022 2021 2020 COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the shareholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). CASH FLOWS For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits with financial institutions. |
Note 2 - Cash
Note 2 - Cash | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. CASH The Company is required by the Federal Reserve Bank to maintain average reserve balances based on a percentage of deposits. There were no reserve requirements on December 31, 2022 2021 Deposits with any one may |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 3. ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables illustrate the changes in accumulated other comprehensive income by component and the details about the components of accumulated other comprehensive income as of and for the periods indicated: As of and for the year ended December 31, 2022 Unrealized gains (losses) on Securities available-for-sale transferred to (dollars in thousands) debt securities held-to-maturity Total Beginning balance $ 179 $ - $ 179 Other comprehensive loss before reclassifications, net of tax (53,800 ) (17,528 ) (71,328 ) Amounts reclassified from accumulated other comprehensive income, net of tax (3 ) - (3 ) Net current-period other comprehensive loss (53,803 ) (17,528 ) (71,331 ) Ending balance $ (53,624 ) $ (17,528 ) $ (71,152 ) As of and for the year ended December 31, 2021 Unrealized gains (losses) on Securities available-for-sale transferred to (dollars in thousands) debt securities held-to-maturity Total Beginning balance $ 8,952 $ - $ 8,952 Other comprehensive loss before reclassifications, net of tax (8,737 ) - (8,737 ) Amounts reclassified from accumulated other comprehensive income, net of tax (36 ) - (36 ) Net current-period other comprehensive loss (8,773 ) - (8,773 ) Ending balance $ 179 $ - $ 179 As of and for the year ended December 31, 2020 Unrealized gains (losses) on Securities available-for-sale transferred to (dollars in thousands) debt securities held-to-maturity Total Beginning balance $ 3,602 $ - $ 3,602 Other comprehensive income before reclassifications, net of tax 5,441 - 5,441 Amounts reclassified from accumulated other comprehensive income, net of tax (91 ) - (91 ) Net current-period other comprehensive income 5,350 - 5,350 Ending balance $ 8,952 $ - $ 8,952 Details about accumulated other comprehensive income components Amount reclassified from accumulated Affected line item in the statement (dollars in thousands) other comprehensive income where net income is presented 2022 2021 2020 Unrealized gains (losses) on AFS debt securities $ 4 $ 46 $ 115 Gain (loss) on sale of investment securities Income tax effect (1 ) (10 ) (24 ) Provision for income taxes Total reclassifications for the period $ 3 $ 36 $ 91 Net income |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. INVESTMENT SECURITIES Agency – Government-sponsored enterprise (GSE) and Mortgage-backed securities (MBS) - GSE residential Agency – GSE and MBS – GSE residential securities consist of short- to long-term notes issued by Federal Home Loan Mortgage Corporation (FHLMC), FNMA, FHLB and Government National Mortgage Association (GNMA). These securities have interest rates that are fixed, have varying short to long-term maturity dates and have contractual cash flows guaranteed by the U.S. government or agencies of the U.S. government. Obligations of states and political subdivisions (municipal) The municipal securities are general obligation and revenue bonds rated as investment grade by various credit rating agencies and have fixed rates of interest with mid- to long-term maturities. Fair values of these securities are highly driven by interest rates. Management performs ongoing credit quality reviews on these issues. Amortized cost and fair value of investment securities as of the period indicated are as follows: Gross Gross Amortized unrealized unrealized Fair (dollars in thousands) cost gains losses value December 31, 2022 Held-to-maturity securities: Agency - GSE $ 80,306 $ - $ (9,243 ) $ 71,063 Obligations of states and political subdivisions 142,438 - (26,221 ) 116,217 Total held-to-maturity securities $ 222,744 $ - $ (35,464 ) $ 187,280 Available-for-sale debt securities: Agency - GSE $ 36,076 $ - $ (4,543 ) $ 31,533 Obligations of states and political subdivisions 197,935 501 (26,542 ) 171,894 MBS - GSE residential 254,730 - (37,295 ) 217,435 Total available-for-sale debt securities $ 488,741 $ 501 $ (68,380 ) $ 420,862 Gross Gross Amortized unrealized unrealized Fair (dollars in thousands) cost gains losses value December 31, 2021 Available-for-sale debt securities: Agency - GSE $ 119,399 $ 204 $ (2,600 ) $ 117,003 Obligations of states and political subdivisions 360,680 6,708 (2,678 ) 364,710 MBS - GSE residential 258,674 1,654 (3,061 ) 257,267 Total available-for-sale debt securities $ 738,753 $ 8,566 $ (8,339 ) $ 738,980 Some of the Company’s debt securities are pledged to secure trust funds, public deposits, short-term borrowings, FHLB advances, Federal Reserve Bank of Philadelphia Discount Window borrowings and certain other deposits as required by law. The amortized cost and fair value of debt securities at December 31, 2022 Amortized Fair (dollars in thousands) cost value Held-to-maturity securities: Due in one year or less $ - $ - Due after one year through five years 7,022 6,470 Due after five years through ten years 76,864 67,709 Due after ten years 138,858 113,101 Total held-to-maturity securities $ 222,744 $ 187,280 Available-for-sale securities: Debt securities: Due in one year or less $ 3,997 $ 3,951 Due after one year through five years 18,791 16,974 Due after five years through ten years 42,692 35,451 Due after ten years 168,531 147,051 MBS - GSE residential 254,730 217,435 Total available-for-sale debt securities $ 488,741 $ 420,862 Actual maturities will differ from contractual maturities because issuers and borrowers may Gross realized gains and losses from sales, determined using specific identification, for the periods indicated were as follows: December 31, (dollars in thousands) 2022 2021 2020 Gross realized gain $ 18 $ 98 $ 147 Gross realized loss (14 ) (52 ) (32 ) Net gain $ 4 $ 46 $ 115 The following table presents the fair value and gross unrealized losses of investments aggregated by investment type, the length of time and the number of securities that have been in a continuous unrealized loss position as of the period indicated: Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) value losses value losses value losses December 31, 2022 Agency - GSE $ 9,285 $ (377 ) $ 93,312 $ (13,409 ) $ 102,597 $ (13,786 ) Obligations of states and political subdivisions 170,484 (26,928 ) 112,353 (25,835 ) 282,837 (52,763 ) MBS - GSE residential 61,803 (6,018 ) 155,632 (31,277 ) 217,435 (37,295 ) Total $ 241,572 $ (33,323 ) $ 361,297 $ (70,521 ) $ 602,869 $ (103,844 ) Number of securities 272 213 485 December 31, 2021 Agency - GSE $ 84,308 $ (1,460 ) $ 26,516 $ (1,140 ) $ 110,824 $ (2,600 ) Obligations of states and political subdivisions 193,124 (2,662 ) 12,796 (399 ) 205,920 (3,061 ) MBS - GSE residential 137,495 (2,351 ) 9,469 (327 ) 146,964 (2,678 ) Total $ 414,927 $ (6,473 ) $ 48,781 $ (1,866 ) $ 463,708 $ (8,339 ) Number of securities 187 26 213 The Company had 485 debt securities in an unrealized loss position at December 31, 2022 December 31, 2022 12 no December 31, 2022 During the second 2022, Management believes the cause of the unrealized losses is related to changes in interest rates and is not 1 2 not 3 not not The Company’s OTTI evaluation process also follows the guidance set forth in topics related to debt securities. The guidance set forth in the pronouncements require the Company to take into consideration current market conditions, fair value in relationship to cost, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, current analysts’ evaluations, all available information relevant to the collectability of debt securities, the ability and intent to hold investments until a recovery of fair value which may not For all debt securities, as of December 31, 2022 no not, no |
Note 5 - Loans and Leases
Note 5 - Loans and Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. LOANS AND LEASES The classifications of loans and leases at December 31, 2022 2021 (dollars in thousands) December 31, 2022 December 31, 2021 Commercial and industrial $ 234,478 $ 236,304 Commercial real estate: Non-owner occupied 316,867 312,848 Owner occupied 270,810 248,755 Construction 18,941 21,147 Consumer: Home equity installment 59,118 47,571 Home equity line of credit 52,568 54,878 Auto loans 131,936 118,029 Direct finance leases 33,223 26,232 Other 7,611 8,013 Residential: Real estate 398,136 325,861 Construction 42,232 34,919 Total 1,565,920 1,434,557 Less: Allowance for loan losses (17,149 ) (15,624 ) Unearned lease revenue (1,746 ) (1,429 ) Loans and leases, net $ 1,547,025 $ 1,417,504 As of December 31, 2022 December 31, 2021 Commercial and industrial (C&I) loan balances were $234.5 million at December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2022 Direct finance leases include the lease receivable and the guaranteed lease residual. Unearned lease revenue represents the difference between the lessor’s investment in the property and the gross investment in the lease. Unearned revenue is accrued over the life of the lease using the effective interest method. The Company services real estate loans for investors in the secondary mortgage market which are not December 31, 2022 December 31, 2021 $1.7 December 31, 2022 2021 Management is responsible for conducting the Company’s credit risk evaluation process, which includes credit risk grading of individual commercial and industrial and commercial real estate loans. Commercial and industrial and commercial real estate loans are assigned credit risk grades based on the Company’s assessment of conditions that affect the borrower’s ability to meet its contractual obligations under the loan agreement. That process includes reviewing borrowers’ current financial information, historical payment experience, credit documentation, public information, and other information specific to each individual borrower. Upon review, the commercial loan credit risk grade is revised or reaffirmed. The credit risk grades may may Paycheck Protection Program Loans The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020, $2.0 19 7 As a qualified SBA lender, the Company was automatically authorized to originate PPP loans. The SBA guaranteed 100% On December 27, 2020, May 31, 2021, second March 11, 2021, 2021 first second Acquired loans Acquired loans are marked to fair value on the date of acquisition. For detailed information on calculating the fair value of acquired loans, see Footnote 20, The carryover of allowance for loan losses related to acquired loans is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. The allowance for loan losses on acquired loans reflects only those losses incurred after acquisition and represents the present value of cash flows expected at acquisition that is no The Company reported fair value adjustments regarding the acquired MNB and Landmark loan portfolios. Therefore, the Company did not Upon acquisition, in accordance with U.S. GAAP, the Company has individually determined whether each acquired loan is within the scope of ASC 310 30 two 310 30: 1 2 not With regards to ASC 310 30 Over the life of the acquired ASC 310 30 Acquired ASC 310 30 not Acquired ASC 310 20 not Within the ASC 310 20 19 19, 60 The following table provides changes in accretable yield for all acquired loans accounted for under ASC 310 30. 310 20 not For the years ended (dollars in thousands) December 31, 2022 December 31, 2021 Balance at beginning of period $ 1,088 $ 563 Accretable yield on acquired loans - 589 Reclassification from non-accretable difference 543 453 Reclassification to loan balance due to charge-off (3 ) - Accretion of accretable yield (399 ) (517 ) Balance at end of period $ 1,229 $ 1,088 The above table excludes the $275 thousand in non-accretable yield accreted to interest income for the year ended December 31, 2021 During the twelve December 31, 2022 310 30 During the twelve December 31, 2021 third 2021; twelve December 31, 2021. Expected cash flows on acquired loans are estimated quarterly by incorporating several key assumptions. These key assumptions include probability of default and the number of actual prepayments after the acquisition date. Prepayments affect the estimated life of the loans and could change the amount of interest income, and possibly principal expected to be collected. In reforecasting future estimated cash flows, credit loss expectations are adjusted as necessary. Improved cash flow expectations for loans or pools are recorded first Non-accrual loans Non-accrual loans, segregated by class, at December 31, (dollars in thousands) December 31, 2022 December 31, 2021 Commercial and industrial $ 719 $ 154 Commercial real estate: Non-owner occupied 383 478 Owner occupied 1,066 1,570 Consumer: Home equity installment - - Home equity line of credit 211 97 Auto loans 153 78 Residential: Real estate 3 572 Total $ 2,535 $ 2,949 The table above excludes $4.7 million and $4.7 million in purchased credit impaired loans, net of unamortized fair value adjustments as of December 31, 2022 2021 The decision to place loans on non-accrual status is made on an individual basis after considering factors pertaining to each specific loan. C&I and CRE loans are placed on non-accrual status when management has determined that payment of all contractual principal and interest is in doubt or the loan is past due 90 90 90 Troubled Debt Restructuring A modification of a loan constitutes a TDR when a borrower is experiencing financial difficulty and the modification constitutes a concession. The Company considers all TDRs to be impaired loans. The Company typically considers the following concessions when modifying a loan, which may not The following presents by class, information related to loans modified in a TDR: Loans modified as TDRs for the twelve months ended: (dollars in thousands) December 31, 2022 December 31, 2021 Recorded Increase in Recorded Increase in Number investment allowance Number investment allowance of (as of (as of of (as of (as of contracts period end) period end) contracts period end) period end) Commercial real estate - owner occupied - $ - $ - 1 $ 512 $ - Total - $ - $ - 1 $ 512 $ - In the above table, the period end balance is inclusive of all partial pay downs and charge-offs since the modification date. For all loans modified in a TDR, the pre-modification recorded investment was the same as the post-modification recorded investment. Of the TDRs outstanding as of December 31, 2022 2021 Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, the Company evaluates the loan for possible further impairment. There were no loans modified as a TDR within the previous twelve 90 twelve December 31, 2022 2021. The allowance for loan losses (allowance) may may may As of December 31, 2022 2021 December 31, 2022 2021 Past due loans Loans are considered past due when the contractual principal and/or interest is not 30 59 two Recorded Past due investment past 30 - 59 Days 60 - 89 Days 90 days Total Total due ≥ 90 days December 31, 2022 past due past due or more (1) past due Current loans (3) and accruing Commercial and industrial $ - $ - $ 719 $ 719 $ 233,759 $ 234,478 $ - Commercial real estate: Non-owner occupied - - 383 383 316,484 316,867 - Owner occupied 42 - 1,066 1,108 269,702 270,810 - Construction - - - - 18,941 18,941 - Consumer: Home equity installment 239 - - 239 58,879 59,118 - Home equity line of credit 110 151 211 472 52,096 52,568 - Auto loans 563 201 169 933 131,003 131,936 16 Direct finance leases 186 - 17 203 31,274 31,477 (2) 17 Other 12 7 - 19 7,592 7,611 - Residential: Real estate - 327 3 330 397,806 398,136 - Construction - - - - 42,232 42,232 - Total $ 1,152 $ 686 $ 2,568 $ 4,406 $ 1,559,768 $ 1,564,174 $ 33 ( 1 ( 2 ( 3 Recorded Past due investment past 30 - 59 Days 60 - 89 Days 90 days Total Total due ≥ 90 days December 31, 2021 past due past due or more (1) past due Current loans (3) and accruing Commercial and industrial $ - $ 4 $ 154 $ 158 $ 236,146 $ 236,304 $ - Commercial real estate: Non-owner occupied - 675 478 1,153 311,695 312,848 - Owner occupied - - 1,570 1,570 247,185 248,755 - Construction - - - - 21,147 21,147 - Consumer: Home equity installment 87 32 - 119 47,452 47,571 - Home equity line of credit - - 97 97 54,781 54,878 - Auto loans 410 45 78 533 117,496 118,029 - Direct finance leases 173 38 64 275 24,528 24,803 (2) 64 Other 49 17 - 66 7,947 8,013 - Residential: Real estate - 452 572 1,024 324,837 325,861 - Construction - - - - 34,919 34,919 - Total $ 719 $ 1,263 $ 3,013 $ 4,995 $ 1,428,133 $ 1,433,128 $ 64 ( 1 ( 2 ( 3 Impaired loans Impaired loans, segregated by class, as of the period indicated are detailed below: Recorded Recorded Unpaid investment investment Total principal with with no recorded Related (dollars in thousands) balance allowance allowance investment allowance December 31, 2022 Commercial and industrial $ 942 $ 139 $ 580 $ 719 $ 48 Commercial real estate: Non-owner occupied 762 215 547 762 42 Owner occupied 2,347 1,304 716 2,020 70 Consumer: Home equity installment 33 - - - - Home equity line of credit 255 - 211 211 - Auto loans 213 18 135 153 1 Residential: Real estate 50 - 3 3 - Total $ 4,602 $ 1,676 $ 2,192 $ 3,868 $ 161 Recorded Recorded Unpaid investment investment Total principal with with no recorded Related (dollars in thousands) balance allowance allowance investment allowance December 31, 2021 Commercial and industrial $ 218 $ 18 $ 136 $ 154 $ 18 Commercial real estate: Non-owner occupied 2,470 1,674 796 2,470 474 Owner occupied 3,185 1,802 762 2,564 763 Consumer: Home equity installment 33 - - - - Home equity line of credit 137 - 97 97 - Auto loans 98 10 68 78 4 Residential: Real estate 699 - 572 572 - Total $ 6,840 $ 3,504 $ 2,431 $ 5,935 $ 1,259 At December 31, 2022 December 31, 2021 December 31, 2022 two December 31, 2021 A loan is considered impaired when, based on current information and events; it is probable that the Company will be unable to collect the payments in accordance with the contractual terms of the loan. Factors considered in determining impairment include payment status, collateral value, and the probability of collecting payments when due. The significance of payment delays and/or shortfalls is determined on a case-by-case basis. All circumstances surrounding the loan are considered. Such factors include the length of the delinquency, the underlying reasons and the borrower’s prior payment record. Impairment is measured on these loans on a loan-by-loan basis. Impaired loans include non-accrual loans, TDRs and other loans deemed to be impaired based on the aforementioned factors. The following table presents the average recorded investments in impaired loans and related amount of interest income recognized during the periods indicated below. The average balances are calculated based on the quarter-end balances of impaired loans. Payments received from non-accruing impaired loans are first December 31, 2022 December 31, 2021 Cash basis Cash basis Average Interest interest Average Interest interest recorded income income recorded income income (dollars in thousands) investment recognized recognized investment recognized recognized Commercial and industrial $ 468 $ - $ - $ 380 $ 2 $ - Commercial real estate: Non-owner occupied 1,263 104 - 2,698 195 - Owner occupied 2,279 125 - 1,883 55 - Construction - - - - - - Consumer: Home equity installment - - - 28 6 - Home equity line of credit 153 7 - 202 20 - Auto loans 162 5 - 42 2 - Direct finance leases - - - - - - Other - - - - - - Residential: Real estate 158 41 - 682 - - Construction - - - - - - Total $ 4,483 $ 282 $ - $ 5,915 $ 280 $ - Average recorded investment refers to the five The average recorded investment for the year ended December 31, 2020 Credit Quality Indicators Commercial and industrial and commercial real estate The Company utilizes a loan grading system and assigns a credit risk grade to its loans in the C&I and CRE portfolios. The grading system provides a means to measure portfolio quality and aids in the monitoring of the credit quality of the overall loan portfolio. The credit risk grades are arrived at using a risk rating matrix to assign a grade to each of the loans in the C&I and CRE portfolios. The following is a description of each risk rating category the Company uses to classify each of its C&I and CRE loans: Pass Loans in this category have an acceptable level of risk and are graded in a range of one no one five Special Mention Loans in this category are graded a six may not may no may not Substandard Loans in this category are graded a seven may may may not may 90 Doubtful Loans in this category are graded an eight 50% may eight Consumer and residential The consumer and residential loan segments are regarded as homogeneous loan pools and as such are not 90 not The following table presents loans including $4.6 million and $3.0 million of deferred costs, segregated by class, categorized into the appropriate credit quality indicator category as of December 31, 2022 2021 Commercial credit exposure Credit risk profile by creditworthiness category December 31, 2022 (dollars in thousands) Pass Special mention Substandard Doubtful Total Commercial and industrial $ 231,614 $ 229 $ 2,635 $ - $ 234,478 Commercial real estate - non-owner occupied 301,386 4,227 11,254 - 316,867 Commercial real estate - owner occupied 255,921 803 14,086 - 270,810 Commercial real estate - construction 18,941 - - - 18,941 Total commercial $ 807,862 $ 5,259 $ 27,975 $ - $ 841,096 Consumer & Mortgage lending credit exposure Credit risk profile based on payment activity December 31, 2022 (dollars in thousands) Performing Non-performing Total Consumer Home equity installment $ 59,118 $ - $ 59,118 Home equity line of credit 52,357 211 52,568 Auto loans 131,767 169 131,936 Direct finance leases (1) 31,460 17 31,477 Other 7,611 - 7,611 Total consumer 282,313 397 282,710 Residential Real estate 398,133 3 398,136 Construction 42,232 - 42,232 Total residential 440,365 3 440,368 Total consumer & residential $ 722,678 $ 400 $ 723,078 ( 1 Commercial credit exposure Credit risk profile by creditworthiness category December 31, 2021 (dollars in thousands) Pass Special mention Substandard Doubtful Total Commercial and industrial $ 233,565 $ 339 $ 2,400 $ - $ 236,304 Commercial real estate - non-owner occupied 289,679 16,614 6,555 - 312,848 Commercial real estate - owner occupied 230,146 7,089 11,520 - 248,755 Commercial real estate - construction 21,147 - - - 21,147 Total commercial $ 774,537 $ 24,042 $ 20,475 $ - $ 819,054 Consumer & Mortgage lending credit exposure Credit risk profile based on payment activity December 31, 2021 (dollars in thousands) Performing Non-performing Total Consumer Home equity installment $ 47,571 $ - $ 47,571 Home equity line of credit 54,781 97 54,878 Auto loans 117,951 78 118,029 Direct finance leases (2) 24,739 64 24,803 Other 8,013 - 8,013 Total consumer 253,055 239 253,294 Residential Real estate 325,289 572 325,861 Construction 34,919 - 34,919 Total residential 360,208 572 360,780 Total consumer & residential $ 613,263 $ 811 $ 614,074 ( 2 Allowance for loan losses Management continually evaluates the credit quality of the Company’s loan portfolio and performs a formal review of the adequacy of the allowance on a quarterly basis. The allowance reflects management’s best estimate of the amount of credit losses in the loan portfolio. Management’s judgment is based on the evaluation of individual loans, experience, the assessment of current economic conditions and other relevant factors including the amounts and timing of cash flows expected to be received on impaired loans. Those estimates may Management applies two two not ■ identification of specific impaired loans by loan category; ■ identification of specific loans that are not ■ calculation of specific allowances where required for the impaired loans based on collateral and other objective and quantifiable evidence; ■ determination of loans with similar credit characteristics within each class of the loan portfolio segment and eliminating the impaired loans; ■ application of historical loss percentages (trailing twelve ■ application of qualitative factor adjustment percentages to historical losses for trends or changes in the loan portfolio. ■ Qualitative factor adjustments include: o levels of and trends in delinquencies and non-accrual loans; o levels of and trends in charge-offs and recoveries; o trends in volume and terms of loans; o changes in risk selection and underwriting standards; o changes in lending policies and legal and regulatory requirements; o experience, ability and depth of lending management; o national and local economic trends and conditions; and o changes in credit concentrations. Allocation of the allowance for different categories of loans is based on the methodology as explained above. A key element of the methodology to determine the allowance is the Company’s credit risk evaluation process, which includes credit risk grading of individual C&I and CRE loans. C&I and CRE loans are assigned credit risk grades based on the Company’s assessment of conditions that affect the borrower’s ability to meet its contractual obligations under the loan agreement. That process includes reviewing borrowers’ current financial information, historical payment experience, credit documentation, public information and other information specific to each individual borrower. Upon review, the commercial loan credit risk grade is revised or reaffirmed. The credit risk grades may may Each quarter, management performs an assessment of the allowance. The Company’s Special Assets Committee meets quarterly, and the applicable lenders discuss each relationship under review and reach a consensus on the appropriate estimated loss amount, if applicable, based on current accounting guidance. The Special Assets Committee’s focus is on ensuring the pertinent facts are considered regarding not may The Company’s policy is to charge-off unsecured consumer loans when they become 90 Information related to the change in the allowance for loan losses and the Company’s recorded investment in loans by portfolio segment as of the period indicated is as follows: As of and for the year ended December 31, 2022 Commercial & Commercial Residential (dollars in thousands) industrial real estate Consumer real estate Unallocated Total Allowance for Loan Losses: Beginning balance $ 2,204 $ 7,422 $ 2,404 $ 3,508 $ 86 $ 15,624 Charge-offs (371 ) (67 ) (377 ) - - (815 ) Recoveries 11 153 74 2 - 240 Provision 1,080 (346 ) 726 659 (19 ) 2,100 Ending balance $ 2,924 $ 7,162 $ 2,827 $ 4,169 $ 67 $ 17,149 Ending balance: individually evaluated for impairment $ 48 $ 112 $ 1 $ - $ - $ 161 Ending balance: collectively evaluated for impairment $ 2,876 $ 7,050 $ 2,826 $ 4,169 $ 67 $ 16,988 Loans Receivables: Ending balance (2) $ 234,478 $ 606,618 $ 282,710 (1) $ 440,368 $ - $ 1,564,174 Ending balance: individually evaluated for impairment $ 719 $ 2,782 $ 364 $ 3 $ - $ 3,868 Ending balance: collectively evaluated for impairment $ 233,759 $ 603,836 $ 282,346 $ 440,365 $ - $ 1,560,306 ( 1 ( 2 As of and for the year ended December 31, 2021 Commercial & Commercial Residential (dollars in thousands) industrial real estate Consumer real estate Unallocated Total Allowance for Loan Losses: Beginning balance $ 2,407 $ 6,383 $ 2,552 $ 2,781 $ 79 $ 14,202 Charge-offs (130 ) (491 ) (206 ) (162 ) - (989 ) Recoveries 23 250 138 - - 411 Provision (96 ) 1,280 (80 ) 889 7 2,000 Ending balance $ 2,204 $ 7,422 $ 2,404 $ 3,508 $ 86 $ 15,624 Ending balance: individually evaluated for impairment $ 18 $ 1,237 $ 4 $ - $ - $ 1,259 Ending balance: collectively evaluated for impairment $ 2,186 $ 6,185 $ 2,400 $ 3,508 $ 86 $ 14,365 Loans Receivables: Ending balance (2) $ 236,304 $ 582,750 $ 253,294 (1) $ 360,780 $ - $ 1,433,128 Ending balance: individually evaluated for impairment $ 154 $ 5,034 $ 175 $ 572 $ - $ 5,935 Ending balance: collectively evaluated for impairment $ 236,150 $ 577,716 $ 253,119 $ 360,208 $ - $ 1,427,193 ( 1 ( 2 As of and for the year ended December 31, 2020 Commercial & Commercial Residential (dollars in thousands) industrial real estate Consumer real estate Unallocated Total Allowance for Loan Losses: Beginning balance $ 1,484 $ 3,933 $ 2,013 $ 2,278 $ 39 $ 9,747 Charge-offs (372 ) (465 ) (296 ) (35 ) - (1,168 ) Recoveries 26 30 120 197 - 373 Provision 1,269 2,885 715 341 40 5,250 Ending balance $ 2,407 $ 6,383 $ 2,552 $ 2,781 $ 79 $ 14,202 Direct finance leases The Company originates direct finance leases through two December 31, 2022 2021 December 31, 2022 2021 The undiscounted cash flows to be received on an annual basis for the direct finance leases are as follows: (dollars in thousands) Amount 2023 $ 10,838 2024 10,035 2025 10,889 2026 1,433 2027 28 2028 and thereafter - Total future minimum lease payments receivable 33,223 Less: Unearned income (1,746 ) Undiscounted cash flows to be received $ 31,477 |
Note 6 - Bank Premises and Equi
Note 6 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. BANK PREMISES AND EQUIPMENT Components of bank premises and equipment are summarized as follows: As of December 31, (dollars in thousands) 2022 2021 Land $ 3,421 $ 3,915 Bank premises 19,105 20,460 Furniture, fixtures and equipment 15,919 15,833 Leasehold improvements 10,659 9,851 Construction in process 4,234 494 Total 53,338 50,553 Less accumulated depreciation and amortization (22,031 ) (21,243 ) Bank premises and equipment, net $ 31,307 $ 29,310 Depreciation expense, which includes amortization of leasehold improvements, was $2.3 million, $2.2 million and $1.9 million for the years ended December 31, 2022, 2021 2020 During the first 2014, |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 7. DEPOSITS The scheduled maturities of certificates of deposit as of December 31, 2022 (dollars in thousands) Amount Percent 2023 $ 76,685 65.5 % 2024 24,831 21.2 2025 9,490 8.1 2026 3,663 3.1 2027 1,804 1.5 2028 and thereafter 721 0.6 Total $ 117,194 100.0 % Certificates of deposit of $250,000 December 31, 2022 2021 As of December 31, 2022 2021 As of December 31, 2022 December 31, 2022 |
Note 8 - Short-term Borrowings
Note 8 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Short-Term Debt [Text Block] | 8. SHORT-TERM BORROWINGS The components of short-term borrowings are summarized as follows: As of December 31, (dollars in thousands) 2022 2021 Overnight borrowings $ 12,930 $ - Other short-term borrowings 10 - Total $ 12,940 $ - The maximum and average amounts of short-term borrowings outstanding and related interest rates as of the periods indicated are as follows: Maximum Weighted- outstanding average at any Average rate during Rate at (dollars in thousands) month end outstanding the year year-end December 31, 2022 Overnight borrowings $ 12,930 $ 1,025 4.39 % 4.45 % Other short-term borrowings 10 6 - - Total $ 12,940 $ 1,031 December 31, 2021 Overnight borrowings $ - $ 97 1.06 % - % Total $ - $ 97 December 31, 2020 Overnight borrowings $ 9,159 $ 4,175 2.13 % - % Paycheck Protection Program Liquidity Facility 152,791 44,990 0.35 % - Total $ 161,950 $ 49,165 Overnight borrowings may first 2020, third 2020. FHLB borrowings are collateralized by a blanket lien on all commercial and residential real estate loans. At December 31, 2022 y $602.2 million B, $31.0 million fr y $112.0 million t |
Note 9 - FHLB Advances and Othe
Note 9 - FHLB Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. FHLB ADVANCES AND OTHER BORROWINGS The Company had no FHLB advances as of December 31, 2022 2021 As of December 31, 2022 2021 not December 31, 2022 2021 The maturity and weighted-average interest rate of secured borrowings as of the periods indicated is as follows: As of December 31, 2022 (dollars in thousands) Amount Rate 2023 $ 853 7.50 % 2024 20 8.50 2025 - - 2026 - - 2027 - - 2028 and thereafter 6,693 5.53 Total $ 7,566 5.76 % |
Note 10 - Stock Plans
Note 10 - Stock Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. STOCK PLANS The Company has one At the 2022 2022 2012 2012 2012 2012 2022. 2022 no 2032. In the 2022 2019, ten During the first 2022, February 2022 2021 During the first 2021, February March 2021 2020 third 2021, one During the first 2020, February March 2020 2019 second 2020, one The following table summarizes the weighted-average fair value and vesting of restricted stock grants awarded during 2022 2021 2020 2022 2012 2022 2021 2020 Weighted- Weighted- Weighted- Shares average grant Shares average grant Shares average grant granted date fair value granted date fair value granted date fair value Director plan 18,000 (2) $ 49.85 12,500 (2) $ 52.00 6,000 (2) $ 56.63 Omnibus plan 16,520 (3) 49.85 13,552 (3) 52.00 11,761 (3) 55.06 Omnibus plan 50 (1) 35.91 50 (1) 58.17 50 (1) 57.62 Omnibus plan - 36 (3) 58.17 500 (2) 34.02 Omnibus plan - 476 (2) 52.62 - - Total 34,570 $ 49.83 26,614 $ 52.03 18,311 $ 55.00 ( 1 ( 2 ( 3 The fair value of the shares granted in 2022 2021 2020 A summary of the status of the Company’s non-vested restricted stock as of and changes during the period indicated are presented in the following table: 2012 & 2022 Stock incentive plans Director Omnibus Total Weighted- average grant date fair value Non-vested balance at December 31, 2019 11,200 15,961 27,161 $ 49.48 Granted 6,000 12,311 18,311 55.00 Forfeited - - - Vested (7,798 ) (7,597 ) (15,395 ) 48.47 Non-vested balance at December 31, 2020 9,402 20,675 30,077 $ 53.36 Granted 12,500 14,114 26,614 52.03 Forfeited - (439 ) (439 ) 52.66 Vested (6,982 ) (6,227 ) (13,209 ) 51.23 Non-vested balance at December 31, 2021 14,920 28,123 43,043 $ 53.20 Granted 18,000 16,570 34,570 49.83 Forfeited - (3,428 ) (3,428 ) 52.13 Vested (9,048 ) (2,651 ) (11,699 ) 52.83 Non-vested balance at December 31, 2022 23,872 38,614 62,486 $ 51.46 A summary of the status of the Company’s SSARs as of and changes during the period indicated are presented in the following table: Awards Weighted-average grant date fair value Weighted-average remaining contractual term (years) Outstanding December 31, 2019 97,264 $ 9.47 7.5 Granted - - - Exercised - - - Forfeited - - - Outstanding December 31, 2020 97,264 $ 9.47 6.5 Granted - Exercised (2,932 ) 3.48 Forfeited - Outstanding December 31, 2021 94,332 $ 9.66 5.5 Granted - Exercised (3,608 ) 4.20 Forfeited (3,591 ) 14.41 Outstanding December 31, 2022 87,133 $ 9.69 4.5 Of the SSARs outstanding at December 31, 2022 During 2022, 2021, 2020 Share-based compensation expense is included as a component of salaries and employee benefits in the consolidated statements of income. The following tables illustrate stock-based compensation expense recognized on non-vested equity awards during the years ended December 31, 2022, 2021 2020 December 31, 2022 (dollars in thousands) 2022 2021 2020 Stock-based compensation expense: 2012 Director stock incentive plan $ 623 $ 422 $ 434 2012 Omnibus stock incentive plan 615 640 740 2022 Omnibus stock incentive plan 1 - - Employee stock purchase plan 32 44 27 Total stock-based compensation expense $ 1,271 $ 1,106 $ 1,201 In addition, during 2021 2020 2012 As of (dollars in thousands) December 31, 2022 Unrecognized stock-based compensation expense: 2012 Director stock incentive plan $ 773 2012 Omnibus stock incentive plan 811 2022 Omnibus stock incentive plan 1 Total unrecognized stock-based compensation expense $ 1,585 The unrecognized stock-based compensation expense as of December 31, 2022 February 2025, February 2025 May 2023 2012 2012 2022 In addition to the 2022 2002 December 31, 2022 During the second 2022, December 31, 2022 The Company also established the dividend reinvestment plan (the DRP) for its shareholders. The DRP is designed to avail the Company’s stock at no third December 31, 2022 e 591,730 sh |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES Pursuant to the accounting guidelines related to income taxes, the Company has evaluated its material tax positions as of December 31, 2022 2021 not” no December 31, 2021, may As of December 31, 2022 2022 2021 2020 may twelve three not 2021 2020 2019 On December 22, 2017, January 1, 2018. The following temporary differences gave rise to the net deferred tax liability, a component of other assets in the consolidated balance sheets, as of the periods indicated: As of December 31, (dollars in thousands) 2022 2021 Deferred tax assets: Allowance for loan losses $ 3,601 $ 3,281 Net unrealized losses on available-for-sale securities 18,914 - Deferred interest from non-accrual assets 226 251 Operating lease liabilities 1,965 2,022 Acquisition accounting 1,475 2,087 Other 1,241 1,029 Total 27,422 8,670 Deferred tax liabilities: Net unrealized gains on available-for-sale securities - (48 ) Loan fees and costs (1,825 ) (1,397 ) Automobile leasing (6,635 ) (5,162 ) Operating lease right-of-use assets (1,815 ) (1,891 ) Depreciation (1,458 ) (1,594 ) Mortgage loan servicing rights (341 ) (357 ) Total (12,074 ) (10,449 ) Deferred tax liability, net $ 15,348 $ (1,779 ) The components of the total provision for income taxes for the years indicated are as follows: Years ended December 31, (dollars in thousands) 2022 2021 2020 Current $ 3,612 $ 4,904 $ 2,336 Deferred 1,835 (903 ) (87 ) Total provision for income taxes $ 5,447 $ 4,001 $ 2,249 The reconciliation between the expected statutory income tax and the actual provision for income taxes is as follows: Years ended December 31, (dollars in thousands) 2022 2021 2020 Expected provision at the statutory rate $ 7,437 $ 5,873 $ 3,203 Tax-exempt income (2,163 ) (1,686 ) (865 ) Bank owned life insurance (242 ) (232 ) (167 ) Nondeductible interest expense 175 87 54 Nondeductible other expenses and other, net 306 49 (8 ) Tax credits (120 ) (135 ) - State income tax 54 45 32 Actual provision for income taxes $ 5,447 $ 4,001 $ 2,249 |
Note 12 - Retirement Plan
Note 12 - Retirement Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. RETIREMENT PLAN The Company has a defined contribution profit sharing 401 1974 2022 2021 2020 |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. FAIR VALUE MEASUREMENTS The accounting guidelines establish a framework for measuring and disclosing information about fair value measurements. The guidelines of fair value reporting instituted a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three Level 1 - Level 2 - not Level 3 - 3 may A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company uses fair value to measure certain assets and, if necessary, liabilities on a recurring basis when fair value is the primary measure for accounting. Thus, the Company uses fair value for AFS securities. Fair value is used on a non-recurring basis to measure certain assets when adjusting carrying values to market values, such as impaired loans, other real estate owned (ORE) and other repossessed assets. The following table represents the carrying amount and estimated fair value of the Company’s financial instruments: December 31, 2022 Quoted prices Significant Significant in active other other Carrying Estimated markets observable inputs unobservable inputs (dollars in thousands) amount fair value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 29,091 $ 29,091 $ 29,091 $ - $ - Held-to-maturity securities 222,744 187,280 - 187,280 - Available-for-sale debt securities 420,862 420,862 - 420,862 - Restricted investments in bank stock 5,268 5,268 - 5,268 - Loans and leases, net 1,547,025 1,440,151 - - 1,440,151 Loans held-for-sale 1,637 1,660 - 1,660 - Accrued interest receivable 8,487 8,487 - 8,487 - Interest rate swaps 213 213 - 213 - Financial liabilities: Deposits with no stated maturities 2,049,689 2,049,689 - 2,049,689 - Time deposits 117,224 113,252 - 113,252 - Short-term borrowings 12,940 12,940 - 12,940 - Secured borrowings 7,619 7,275 - - 7,275 Accrued interest payable 448 448 - 448 - Interest rate swaps 213 213 - 213 - December 31, 2021 Quoted prices Significant Significant in active other other Carrying Estimated markets observable inputs unobservable inputs (dollars in thousands) amount fair value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 96,877 $ 96,877 $ 96,877 $ - $ - Available-for-sale debt securities 738,980 738,980 - 738,980 - Restricted investments in bank stock 3,206 3,206 - 3,206 - Loans and leases, net 1,417,504 1,404,103 - - 1,404,103 Loans held-for-sale 31,727 32,013 - 32,013 - Accrued interest receivable 7,526 7,526 - 7,526 - Financial liabilities: Deposits with no stated maturities 2,031,072 2,031,072 - 2,031,072 - Time deposits 138,793 138,291 - 138,291 - Secured borrowings 10,620 10,690 - - 10,690 Accrued interest payable 155 155 - 155 - The carrying value of short-term financial instruments, as listed below, approximates their fair value. These instruments generally have limited credit exposure, no ● Cash and cash equivalents; ● Non-interest bearing deposit accounts; ● Savings, interest-bearing checking and money market accounts and ● Short-term borrowings. Securities: third Originated loans and leases: The carrying value that fair value is compared to is net of the allowance for loan losses and since there is significant judgment included in evaluating credit quality, loans are classified within Level 3 Non-accrual loans: third 3 Acquired loans: 3 21, Loans held-for-sale: Interest rate swaps: third Certificates of deposit: Secured borrowings: The following tables illustrate the financial instruments measured at fair value on a recurring basis segregated by hierarchy fair value levels as of the periods indicated: Total carrying value Quoted prices in active markets Significant other observable inputs Significant other unobservable inputs (dollars in thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Available-for-sale securities: Agency - GSE $ 31,533 $ - $ 31,533 $ - Obligations of states and political subdivisions 171,894 - 171,894 - MBS - GSE residential 217,435 - 217,435 - Total available-for-sale debt securities $ 420,862 $ - $ 420,862 $ - Total carrying value Quoted prices in active markets Significant other observable inputs Significant other unobservable inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Available-for-sale securities: Agency - GSE $ 117,003 $ - $ 117,003 $ - Obligations of states and political subdivisions 364,710 - 364,710 - MBS - GSE residential 257,267 - 257,267 - Total available-for-sale debt securities $ 738,980 $ - $ 738,980 $ - Debt securities in the AFS portfolio are measured at fair value using market quotations provided by a third 2 There were no changes in Level 3 December 31, 2022 2021 The following table illustrates the financial instruments measured at fair value on a non-recurring basis segregated by hierarchy fair value levels as of the periods indicated: Quoted prices in Significant other Significant other Total carrying value active markets observable inputs unobservable inputs (dollars in thousands) at December 31, 2022 (Level 1) (Level 2) (Level 3) Impaired loans $ 1,515 $ - $ - $ 1,515 Other real estate owned 168 - - 168 Total $ 1,683 $ - $ - $ 1,683 Quoted prices in Significant other Significant other Total carrying value active markets observable inputs unobservable inputs (dollars in thousands) at December 31, 2021 (Level 1) (Level 2) (Level 3) Impaired loans $ 2,245 $ - $ - $ 2,245 Other real estate owned 198 - - 198 Total $ 2,443 $ - $ - $ 2,443 From time-to-time, the Company may The following describes valuation methodologies used for financial instruments measured at fair value on a non-recurring basis. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves, a component of the allowance for loan losses, and as such are carried at the lower of net recorded investment or the estimated fair value. Estimates of fair value of the collateral are determined based on a variety of information, including available valuations from certified appraisers for similar assets, present value of discounted cash flows and inputs that are estimated based on commonly used and generally accepted industry liquidation advance rates and estimates and assumptions developed by management. Valuation techniques for impaired loans are typically determined through independent appraisals of the underlying collateral or may 3 not may not may At December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 3. For ORE, fair value is generally determined through independent appraisals of the underlying properties which generally include various Level 3 not may may December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 At December 31, 2022 2021 Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract or notional amounts of those instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. Because of the nature of these instruments, the fair values of these off-balance sheet items are not The notional amount of the Company’s financial instruments with off-balance sheet risk was as follows: December 31, (dollars in thousands) 2022 2021 Off-balance sheet financial instruments: Commitments to extend credit $ 390,644 $ 306,852 Standby letters of credit 16,634 6,352 Commitments to Extend Credit and Standby Letters of Credit The Company’s exposure to credit loss from nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and may may not Financial standby letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third not The following table summarizes outstanding financial letters of credit as of December 31, 2022 More than Less than one year to Over five (dollars in thousands) one year five years years Total Secured by: Collateral $ 5,680 $ 2,850 $ 1,007 $ 9,537 Bank lines of credit 1,903 3,300 — 5,203 Other 658 — — 658 8,241 6,150 1,007 15,398 Unsecured 821 415 — 1,236 Total $ 9,062 $ 6,565 $ 1,007 $ 16,634 The Company has not 2022 2021 2020 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. EARNINGS PER SHARE Basic earnings per share (EPS) is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed in the same manner as basic EPS but also reflects the potential dilution that could occur from the grant of stock-based compensation awards. The Company maintains one may December 31, 2022, 2021 2020 not December 31, 2022 December 31, 2022, 2021 2020 not December 31, 2022 In the computation of diluted EPS, the Company uses the treasury stock method to determine the dilutive effect of its granted but unexercised stock options and SSARs and unvested restricted stock. Under the treasury stock method, the assumed proceeds, as defined, received from shares issued in a hypothetical stock option exercise or restricted stock grant, are assumed to be used to purchase treasury stock. Proceeds include amounts received from the exercise of outstanding stock options and compensation cost for future service that the Company has not not The following table illustrates the data used in computing basic and diluted EPS for the years indicated: 2022 2021 2020 (dollars in thousands except per share data) Basic EPS: Net income available to common shareholders $ 30,021 $ 24,008 $ 13,035 Weighted-average common shares outstanding 5,644,599 5,321,687 4,586,224 Basic EPS $ 5.32 $ 4.51 $ 2.84 Diluted EPS: Net income available to common shareholders $ 30,021 $ 24,008 $ 13,035 Weighted-average common shares outstanding 5,644,599 5,321,687 4,586,224 Potentially dilutive common shares 34,540 41,475 30,140 Weighted-average common and potentially dilutive shares outstanding 5,679,139 5,363,162 4,616,364 Diluted EPS $ 5.29 $ 4.48 $ 2.82 |
Note 15 - Regulatory Matters
Note 15 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. REGULATORY MATTERS The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Prompt corrective action provisions are not Under these guidelines, assets and certain off-balance sheet items are assigned to broad risk categories, each with appropriate weights. The resulting capital ratios represent capital as a percentage of total risk-weighted assets. The guidelines require all banks and bank holding companies to maintain a minimum ratio of total risk-based capital to total risk-weighted assets (Total Risk Adjusted Capital) of 8%, including Tier I common equity to total risk-weighted assets (Tier I Common Equity) of 4.5%, Tier I capital to total risk-weighted assets (Tier I Capital) of 6% and Tier I capital to average total assets (Leverage Ratio) of at least 4%. A capital conservation buffer, comprised of common equity Tier I capital, is also established above the regulatory minimum capital requirements of 2.50%. As of December 31, 2022 2021 The following table reflects the actual and required capital and the related capital ratios as of the periods indicated. No 2022 2021 For capital adequacy To be well capitalized For capital purposes with capital under prompt corrective Actual adequacy purposes conservation buffer* action provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Total capital (to risk-weighted assets) Consolidated $ 230,133 14.4 % ≥ $ 128,325 8.0 % ≥ $ 168,427 10.5 % N/A N/A Bank $ 229,803 14.3 % ≥ $ 128,308 8.0 % ≥ $ 168,405 10.5 % ≥ $ 160,385 10.0 % Tier 1 common equity (to risk-weighted assets) Consolidated $ 212,935 13.3 % ≥ $ 72,183 4.5 % ≥ $ 112,285 7.0 % N/A N/A Bank $ 212,605 13.3 % ≥ $ 72,173 4.5 % ≥ $ 112,270 7.0 % ≥ $ 104,251 6.5 % Tier I capital (to risk-weighted assets) Consolidated $ 212,935 13.3 % ≥ $ 96,244 6.0 % ≥ $ 136,346 8.5 % N/A N/A Bank $ 212,605 13.3 % ≥ $ 96,231 6.0 % ≥ $ 136,328 8.5 % ≥ $ 128,308 8.0 % Tier I capital (to average assets) Consolidated $ 212,935 8.7 % ≥ $ 97,960 4.0 % ≥ $ 97,960 4.0 % N/A N/A Bank $ 212,605 8.7 % ≥ $ 97,951 4.0 % ≥ $ 97,951 4.0 % ≥ $ 122,439 5.0 % As of December 31, 2021 Total capital (to risk-weighted assets) Consolidated $ 205,667 14.5 % ≥ $ 113,421 8.0 % ≥ $ 148,866 10.5 % N/A N/A Bank $ 205,726 14.5 % ≥ $ 113,406 8.0 % ≥ $ 148,845 10.5 % ≥ $ 141,757 10.0 % Tier 1 common equity (to risk-weighted assets) Consolidated $ 189,980 13.4 % ≥ $ 63,800 4.5 % ≥ $ 99,244 7.0 % N/A N/A Bank $ 190,039 13.4 % ≥ $ 63,791 4.5 % ≥ $ 99,230 7.0 % ≥ $ 92,142 6.5 % Tier I capital (to risk-weighted assets) Consolidated $ 189,980 13.4 % ≥ $ 85,066 6.0 % ≥ $ 120,510 8.5 % N/A N/A Bank $ 190,039 13.4 % ≥ $ 85,054 6.0 % ≥ $ 120,493 8.5 % ≥ $ 113,406 8.0 % Tier I capital (to average assets) Consolidated $ 189,980 7.9 % ≥ $ 95,688 4.0 % ≥ $ 95,688 4.0 % N/A N/A Bank $ 190,039 7.9 % ≥ $ 95,680 4.0 % ≥ $ 95,680 4.0 % ≥ $ 119,600 5.0 % * The Company’s principal source of funds for dividend payments is dividends received from the Bank. Banking regulations and Pennsylvania law limit the amount of dividends that may December 31, 2022 2022 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. RELATED PARTY TRANSACTIONS During the ordinary course of business, loans are made to executive officers, directors, greater than 5% shareholders and associates of such persons. These transactions are executed on substantially the same terms and at the rates prevailing at the time for comparable transactions with others. These loans do not 5% Years ended December 31, (dollars in thousands) 2022 2021 2020 Balance, beginning $ 11,505 $ 9,885 $ 6,765 Adjustments for changes in position (75 ) 1,022 (1,063 ) Additions 1,608 7,228 7,156 Collections (2,394 ) (6,630 ) (2,973 ) Balance, ending $ 10,644 $ 11,505 $ 9,885 As of December 31, 2022, 2021 2020 |
Note 17 - Contingencies
Note 17 - Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. CONTINGENCIES The nature of the Company’s business generates litigation involving matters arising in the ordinary course of business. However, in the opinion of management of the Company after consulting with the Company’s legal counsel, no no |
Note 18 - Recent Accounting Pro
Note 18 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 18. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 In November 2018, 2018 19, Codification Improvements to Topic 326 not 326. December 2018, (Regulatory Capital Rule: Implementation and Transition of the Current Expected Credit Losses Methodology for Allowances and Related Adjustments to the Regulatory Capital Rule and Conforming Amendments to Other Regulations) April 2019, 2019 04, Codification Improvements to Topic 326, Credit Losses, Topic 815, 825, 2016 13, not The Company will adopt ASU 2016 13 third 3rd 2022, fourth 2022, third no January 1, 2023, December 31, 2022 first 2023. In March 2022, 2022 02, Financial Instruments-Credit Losses (Topic 326 310 40, Receivables-Troubled Debt Restructurings by Creditors 326 20, Financial Instruments-Credit Losses-Measured at Amortized Cost 2016 13. In March 2020, 2020 04, Reference Rate Reform (Topic 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting not 2020 04 March 12, 2020 December 31, 2022. In December 2022, 2022 06, Reference Rate Reform (Topic 848 848 848 December 31, 2022, December 31, 2024, no 848. 2022 06. December 31, 2022 |
Note 19 - Parent Company Only
Note 19 - Parent Company Only | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 19. PARENT COMPANY ONLY The following is the condensed financial information for Fidelity D & D Bancorp, Inc. on a parent company only basis as of and for the years indicated: Condensed Balance Sheets As of December 31, (dollars in thousands) 2022 2021 Assets: Cash $ 634 $ 515 Investment in subsidiary 162,620 211,788 Other assets 214 198 Total $ 163,468 $ 212,501 Liabilities and shareholders' equity: Liabilities $ 518 $ 772 Capital stock and retained earnings 235,365 211,550 Treasury stock (1,263 ) - Accumulated other comprehensive income (loss) (71,152 ) 179 Total $ 163,468 $ 212,501 Condensed Income Statements Years ended December 31, (dollars in thousands) 2022 2021 2020 Income: Equity in undistributed earnings of subsidiary $ 24,128 $ 19,898 $ 9,934 Dividends from subsidiary 7,709 6,608 5,378 Total income 31,837 26,506 15,312 Operating expenses 2,295 3,016 2,779 Income before taxes 29,542 23,490 12,533 Credit for income taxes 479 518 502 Net income $ 30,021 $ 24,008 $ 13,035 Statements of Comprehensive Income Years ended December 31, (dollars in thousands) 2022 2021 2020 Bancorp net loss $ (1,816 ) $ (2,498 ) $ (2,277 ) Equity in net income of subsidiary 31,837 26,506 15,312 Net income 30,021 24,008 13,035 Equity in other comprehensive income (loss) of subsidiary (71,331 ) (8,773 ) 5,350 Other comprehensive (loss) income, net of tax (71,331 ) (8,773 ) 5,350 Total comprehensive (loss) income, net of tax $ (41,310 ) $ 15,235 $ 18,385 Condensed Statements of Cash Flows Years ended December 31, (dollars in thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 30,021 $ 24,008 $ 13,035 Adjustments to reconcile net income to net cash used in operations: Equity in earnings of subsidiary (31,837 ) (26,506 ) (15,312 ) Stock-based compensation expense 1,271 1,096 1,077 Deferred income tax (25 ) (10 ) (84 ) Changes in other assets and liabilities, net (232 ) 390 71 Net cash used in operating activities (802 ) (1,022 ) (1,213 ) Cash flows provided by investing activities: Dividends received from subsidiary 7,709 6,608 5,378 Operating dividend from subsidiary 700 1,075 1,129 Net cash (used in) acquired in acquisition - (64 ) 58 Purchases of bank premises and equipment (11 ) - - Net cash provided by investing activities 8,398 7,619 6,565 Cash flows used in financing activities: Dividends paid, net of dividend reinvestment (7,709 ) (6,608 ) (5,378 ) Withholdings to purchase capital stock 252 270 219 Repurchase of shares to cover withholdings (20 ) - - Net cash used in financing activities (7,477 ) (6,338 ) (5,159 ) Net change in cash 119 259 193 Cash, beginning 515 256 63 Cash, ending $ 634 $ 515 $ 256 |
Note 20 - Acquisition
Note 20 - Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 20. ACQUISITION On July 1, 2021, In accordance with the terms of the Reorganization Agreement, on July 1, 2021 Effective July 1, 2021, The following table summarizes the consideration paid for Landmark and the fair value of assets acquired, and liabilities assumed as of the acquisition date: Purchase Price Consideration in Common Stock Landmark shares settled for stock 2,382,695 Exchange ratio 0.272 Total FDBC shares issued 647,990 Value assigned to FDBC common share (9/30/2021 closing price) $ 54.10 Purchase price assigned to Landmark common shares exchanged for FDBC common shares $ 35,056,259 Purchase Price Consideration - Cash for Common Stock Landmark shares exchanged for cash, excluding fractional shares 2,382,695 Cash consideration (per Landmark share) $ 3.26 Cash portion of purchase price $ 7,767,586 Cash portion of purchase price (cash paid fractional shares) $ 5,559 Cash for outstanding Landmark stock options $ 69,250 Total consideration paid $ 42,898,654 Allocation of Purchase Price In thousands Total Purchase Price $ 42,899 Estimated Fair Value of Assets Acquired Cash and cash equivalents 4,090 Investment securities 49,430 Loans 298,860 Restricted investments in bank stock 1,186 Premises and equipment 3,405 Lease property under finance leases 1,188 Core deposit intangible asset 597 Other real estate owned 488 Other assets 11,629 Total assets acquired 370,873 Estimated Fair Value of Liabilities Assumed Non-interest bearing deposits 100,472 Interest bearing deposits 208,057 Short-term borrowings 2,224 FHLB borrowings 4,602 Secured borrowings 20,619 Finance lease obligation 1,188 Other liabilities 3,387 Total liabilities assumed 340,549 Net Assets Acquired 30,324 Goodwill Recorded in Acquisition $ 12,575 Pursuant to the accounting requirements, the Company assigned a fair value to the assets acquired and liabilities assumed of Landmark. ASC 820 The assets acquired and liabilities assumed in the acquisition of Landmark were recorded at their estimated fair values based on management’s best estimates using information available at the date of the acquisition and are subject to adjustment for up to one not Investment securities available-for-sale The estimated fair values of the investment securities available for sale, primarily comprised of U.S. Government agency mortgage-backed securities, U.S. government agencies and municipal bonds, were determined using Level 1 2 Loans Acquired loans (performing and non-performing) are initially recorded at their acquisition-date fair values using Level 3 three 820 10 three 1 2 3 310 30 The table below illustrates the fair value adjustments made to the amortized cost basis in order to present the fair value of the loans acquired. The credit adjustment on purchased credit impaired loans is derived in accordance with ASC 310 30 Dollars in thousands Gross amortized cost basis at December 31, 2021 $ 309,767 Interest rate fair value adjustment on pools of homogeneous loans (1,855 ) Credit fair value adjustment on pools of homogeneous loans (7,915 ) Credit fair value adjustment on purchased credit impaired loans (1,137 ) Fair value of acquired loans at December 31, 2021 $ 298,860 For loans acquired without evidence of credit quality deterioration, the Company prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into homogeneous pools by characteristics such as loan type, term, collateral, and rate. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value discount of $1.9 million. Additionally, for loans acquired without credit deterioration, a credit fair value adjustment was calculated using a two 1 2 may The following table presents the acquired purchased credit impaired loans receivable at the acquisition date: Dollars in thousands Contractual principal and interest at acquisition $ 5,306 Non-accretable difference (1,691 ) Expected cash flows at acquisition 3,615 Accretable yield (588 ) Fair value of purchased impaired loans $ 3,027 Premises and Equipment The Company assumed leases on 2 branch facilities of Landmark. The Company compared the lease contract obligations to comparable market rental rates determined by third no third Core Deposit Intangible The fair value of the core deposit intangible was determined based on a discounted cash flow (present value) analysis using a discount rate commensurate with market participants. To calculate cash flows, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the higher cost of alternative funding sources available through national brokered CD offering rates and FHLB advance rates. The projected cash flows were developed using projected deposit attrition rates based on the average rate experienced by both institutions. The core deposit intangible will be amortized over ten Time Deposits The fair value adjustment for time deposits represents a discount from the value of the contractual repayments of fixed maturity deposits using prevailing market interest rates for similar-term time deposits. The time deposit premium is being amortized into income on a level yield amortization method over the contractual life of the deposits. Secured Borrowings The Company identified 19 sold participations acquired from Landmark that did not 860 10 40 3 FHLB Borrowings The Company assumed FHLB borrowings in connection with the merger. The fair value of FHLB Borrowings was determined by using FHLB prepayment penalty as a proxy for the fair value adjustment. The Company decided to pay off the borrowing post acquisition date therefore no Merger-related expenses The Company did not December 31, 2022 December 31, 2021 December 31, 2020 |
Note 21 - Employee Benefits
Note 21 - Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block] | 21. EMPLOYEE BENEFITS Bank-Owned Life Insurance (BOLI) The Company has purchased single premium BOLI policies on certain officers. The policies are recorded at their cash surrender values. Increases in cash surrender values are included in non-interest income in the consolidated statements of income. As a result of the acquisition of Landmark, the Company added BOLI with a value of $7.2 million during 2021. December 31, 2022 2021 December 31, 2022 2021 Officer Life Insurance In 2017, March 2017 March 2017. March 2019, January 2021, December 31, 2022 two December 31, 2022 2021 Supplemental Executive Retirement plan (SERP) On March 29, 2017, March 1, 2017 March 20, 2019, March 1, 2019 December 31, 2022 2021 |
Note 22 - Revenue Recognition
Note 22 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 22. REVENUE RECOGNITION The Company adopted ASU 2014 09, 606 606. The majority of the Company’s revenues are generated through interest earned on securities and loans, which is explicitly excluded from the scope of the guidance. In addition, certain non-interest income streams such as fees associated with mortgage servicing rights, loan service charges, life insurance earnings, rental income and gains/losses on the sale of loans and securities are not ● Service charges on deposit accounts – Deposit service charges represent fees charged by the Company for the performance obligation of providing services to a customer’s deposit account. The transaction price for deposit services includes both fixed and variable amounts based on the Company’s fee schedules. Revenue is recognized and payment is received either at a point in time for transactional fees or on a monthly basis for non-transactional fees. ● Interchange fees – Interchange fees represent fees charged by the Company for customers using debit cards. The contract is between the Company and the processor and the performance obligation is the ability of customers to use debit cards to make purchases at a point in time. The transaction price is a percentage of debit card usage and the processor pays the Company and revenue is recorded throughout the month as the performance obligations are being met. ● Fees from trust fiduciary activities – Trust fees represent fees charged by the Company for the management, custody and/or administration of trusts. These are mostly monthly fees based on the market value of assets in the trust account at the prior month end. Payment is generally received a few weeks after month end through a direct charge to customers’ accounts. Estate fees are recognized and charged as the Company reaches each of six ● Fees from financial services – Financial service fees represent fees charged by the Company for the performance obligation of providing various services for an investment account. Revenue is recognized twice monthly for fees on sales transactions and on a monthly basis for advisory fees and quarterly for trail fees. ● Gain/loss on ORE sales – Gain/loss on the sale of ORE is recognized at the closing date when the sales proceeds are received. In seller-financed ORE transactions, the contract is made subject to our normal underwriting standards and pricing. The Company does not Contract balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before the payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity already received payment (or payment is due) from the customer. The Company’s non-interest income streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company typically does not not December 31, 2022 2021 not Remaining performance obligations The Company’s performance obligations have an original expected duration of less than one no not Contract acquisition costs An entity is required to capitalize and subsequently amortize into expense, certain incremental costs of obtaining a contract if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not not one |
Note 23 - Leases
Note 23 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | 23. LEASES ASU 2016 02 842 January 1, 2019. not 12 not Management determines if an arrangement is or contains a lease at contract inception. If an arrangement is determined to be or contains a lease, the Company recognizes a ROU asset and a lease liability when the asset is placed in service. The Company’s operating leases, where the Company is lessee, include property, land and equipment. As of December 31, 2022 third 2021. The following is an analysis of the leased property under finance leases: (dollars in thousands) December 31, 2022 December 31, 2021 Property and equipment $ 1,695 $ 1,673 Less accumulated depreciation and amortization (606 ) (366 ) Leased property under finance leases, net $ 1,089 $ 1,307 The following is a schedule of future minimum lease payments under finance leases together with the present value of the net minimum lease payments as of December 31, 2022 (dollars in thousands) Amount 2023 $ 227 2024 171 2025 161 2026 150 2027 150 2028 and thereafter 313 Total minimum lease payments (a) 1,172 Less amount representing interest (b) (62 ) Present value of net minimum lease payments $ 1,110 (a) The future minimum lease payments have not (b) Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate upon lease inception. As of December 31, 2022 2022, June 2023. 2022, (dollars in thousands) 2022 2021 2020 Lease cost Finance lease cost: Amortization of right-of-use assets $ 240 $ 164 $ 85 Interest on lease liabilities 21 16 8 Operating lease cost 746 637 540 Short-term lease cost 149 59 18 Variable lease cost 35 4 (2 ) Total lease cost $ 1,191 $ 880 $ 649 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 21 $ 16 $ 8 Operating cash flows from operating leases (Fixed payments) $ 646 $ 560 $ 496 Operating cash flows from operating leases (Liability reduction) $ 389 $ 291 $ 250 Financing cash flows from finance leases $ 232 $ 159 $ 83 Right-of-use assets obtained in exchange for new finance lease liabilities $ 119 $ 1,188 $ 88 Right-of-use assets obtained in exchange for new operating lease liabilities $ 22 $ 2,775 $ 1,338 Weighted-average remaining lease term - finance leases (in years) 6.52 7.22 3.12 Weighted average remaining lease term - operating leases (in years) 20.62 21.42 21.30 Weighted-average discount rate - finance leases 1.72 % 1.79 % 2.52 % Weighted-average discount rate - operating leases 3.39 % 3.38 % 3.56 % During 2022 2021, The future minimum lease payments for the Company’s branch network and equipment under operating leases that have lease terms in excess of one December 31, 2022 (dollars in thousands) Amount 2023 $ 695 2024 652 2025 633 2026 640 2027 649 2028 and thereafter 10,147 Total future minimum lease payments 13,416 Plus variable payment adjustment (127 ) Less amount representing interest (3,932 ) Present value of net future minimum lease payments $ 9,357 The Company leases one (dollars in thousands) Amount 2023 $ 48 2024 51 2025 54 2026 54 2027 27 2028 and thereafter - Total lease payments to be received $ 234 The Company also indirectly originates automobile leases classified as direct finance leases. See Footnote 5, Lease income recognized from direct finance leases was included in interest income from loans and leases on the consolidated statements of income. Lease income related to operating leases is included in fees and other revenue on the consolidated statements of income. The Company only receives a variable payment for taxes from one For the years ended December 31, (dollars in thousands) 2022 2021 2020 Lease income - direct finance leases Interest income on lease receivables $ 1,087 $ 807 $ 722 Lease income - operating leases 188 257 236 Total lease income $ 1,275 $ 1,064 $ 958 |
Note 24 - Derivative Instrument
Note 24 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 24. The Company is a party to interest rate derivatives that are not third not may may 820. no third December 31, 2022. December 31, 2021. Weighted Notional Average Maturity Interest Rate Interest Rate (dollars in thousands) Amount (Years) Paid Received Fair Value December 31, 2022 Classified in Other assets: Customer interest rate swaps $ 1,996 14.91 30 Day SOFR + Margin Fixed $ 213 Classified in Accrued interest payable and other liabilities: Third party interest rate swaps $ 1,996 14.91 Fixed 30 Day SOFR + Margin $ 213 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of Fidelity D & D Bancorp, Inc. and its wholly-owned subsidiary, The Fidelity Deposit and Discount Bank (the Bank) (collectively, the Company). All significant inter-company balances and transactions have been eliminated in consolidation. |
Nature of Operations [Policy Text Block] | NATURE OF OPERATIONS The Company provides a full range of banking, trust and financial services to individuals, small businesses and corporate customers. Its primary market areas are Lackawanna, Luzerne and Northampton Counties, Pennsylvania. The Company's primary deposit products are demand deposits and interest-bearing time, money market and savings accounts. It offers a full array of loan products to meet the needs of retail and commercial customers. The Company is subject to regulation by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the valuation of investment securities, the determination and the amount of impairment in the securities portfolios, and the related realization of the deferred tax assets related to the allowance for loan losses, other-than-temporary impairment on and valuations of investment securities. In connection with the determination of the allowance for loan losses, management generally obtains independent appraisals for significant properties, utilizes historical loss factors and applies judgement to determine qualitative factor adjustments. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may may may The Company’s investment securities are comprised of a variety of financial instruments. The fair values of the securities are subject to various risks including changes in the interest rate environment and general economic conditions including illiquid conditions in the capital markets. Due to the increased level of these risks and their potential impact on the fair values of the securities, it is possible that the amounts reported in the accompanying financial statements could materially change in the near-term. Any credit-related impairment is included as a component of non-interest income in the consolidated income statements while non-credit-related impairment is charged to other comprehensive income, net of tax. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | SIGNIFICANT GROUP CONCENTRATION OF CREDIT RISK The Company originates commercial, consumer, and mortgage loans to customers primarily located in Lackawanna, Luzerne, Northampton, and Lehigh Counties of Pennsylvania. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on the economic sector in which the Company operates. The loan portfolio does not one |
Debt Securities, Held-to-Maturity, Premium on Purchased Options, Price [Policy Text Block] | HELD-TO-MATURITY SECURITIES Debt securities, for which the Company has the positive intent and ability to hold to maturity, are reported at cost. Premiums and discounts are amortized or accreted, as a component of interest income over the life of the related security as an adjustment to yield using the interest method. The Company had held-to-maturity securities with balances of $222.7 million and $0 at December 31, 2022 2021 |
Trading Securities, Policy [Policy Text Block] | TRADING SECURITIES Debt securities held principally for resale in the near-term, or trading securities, are recorded at their fair values. Unrealized gains and losses are included in other income. The Company did not 2022 2021 |
Debt Securities, Available-for-Sale, Premium on Purchased Options [Policy Text Block] | AVAILABLE-FOR-SALE SECURITIES Available-for-sale (AFS) securities consist of debt and equity securities classified as neither held-to-maturity nor trading and are reported at fair value. Premiums and discounts are amortized or accreted as a component of interest income over the life of the related security as an adjustment to yield using the interest method. Unrealized holding gains and losses, including non-credit-related other-than-temporary impairment (OTTI), on AFS securities are reported as a separate component of shareholders’ equity, net of deferred income taxes, until realized. The net unrealized holding gains and losses are a component of accumulated other comprehensive income. Gains and losses from sales of securities AFS are determined using the specific identification method. |
Federal Home Loan Bank Stock [Policy Text Block] | FEDERAL HOME LOAN BANK STOCK The Company is a member of the Federal Home Loan Bank system, and as such is required to maintain an investment in capital stock of the Federal Home Loan Bank of Pittsburgh (FHLB). The amount the Company is required to invest is dependent upon the relative size of outstanding borrowings the Company has with the FHLB. Based on redemption provisions of the FHLB, the stock has no |
Financing Receivable [Policy Text Block] | LOANS Originated loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at face value, net of unamortized loan fees and costs and the allowance for loan losses. Interest on residential real estate loans is recorded based on principal pay downs on an actual days basis. Commercial loan interest is accrued on the principal balance on an actual days basis. Interest on consumer loans is determined using the simple interest method. Acquired loans are initially recorded at their acquisition date fair values with no 310 30. Acquired ASC 310 20 not 310 30, no Generally, loans are placed on non-accrual status when principal or interest is past due 90 not first Acquired loans that meet the criteria for impaired or non-accrual status prior to the acquisition may A modification of a loan constitutes a troubled debt restructuring (TDR) when a borrower is experiencing financial difficulty and the Company grants a concession that it would not may |
Mortgage Banking Activity [Policy Text Block] | MORTGAGE BANKING OPERATIONS AND MORTGAGE SERVICING RIGHTS The Company sells one four Commitments to sell one four not December 31, 2022 2021 Servicing assets are reported in other assets and amortized in proportion to and over the period during which estimated servicing income will be received. Servicing loans for others consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and processing foreclosures. Loan servicing income is recorded when earned and represents servicing fees from investors and certain charges collected from borrowers, such as late payment fees. The Company has fiduciary responsibility for related escrow and custodial funds. Servicing assets are recognized as separate assets when rights are acquired through the sale of financial assets. For sales of mortgage loans originated by the Company, a portion of the cost of originating the loan is allocated to the servicing retained right based on fair value. Capitalized servicing rights are amortized into interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Remaining servicing rights are charged against income upon payoff of the loan. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. |
Financing Receivable, Held-for-sale [Policy Text Block] | LOANS HELD-FOR-SALE Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Unrealized gains are recognized but only to the extent of previous write-downs. |
Loans and Leases Receivable, Lease Financing, Policy [Policy Text Block] | AUTOMOBILE LEASING Financing of automobiles, provided to customers under lease arrangements of varying terms obtained via an indirect arrangement primarily through a single dealer on a full recourse basis, are accounted for as direct finance leases. Interest on automobile direct finance leasing is determined using the interest method. Generally, the interest method is used to arrive at a level effective yield over the life of the lease. The lease residual and the lease receivable, net of unearned lease income, are recorded within loans and leases on the balance sheet. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is established through a provision for loan losses. The allowance represents an amount which, in management’s judgment, will be adequate to absorb losses on existing loans. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of the loans. These evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, current economic conditions that may two not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments in accordance with the contractual terms of the loan. Factors considered in determining impairment include payment status, collateral value and the probability of collecting payments when due. The significance of payment delays and/or shortfalls is determined on a case-by-case basis. All circumstances surrounding the loan are taken into account. Such factors include the length of the delinquency, the underlying reasons and the borrower’s prior payment record. Impairment is measured on these loans on a loan-by-loan basis. Impaired loans include non-accrual loans, TDRs and other loans deemed to be impaired based on the aforementioned factors. Acquired loans are marked to fair value on the date of acquisition and are evaluated on a quarterly basis to ensure the necessary purchase accounting updates are made in parallel with the allowance for loan loss calculation. The carryover of allowance for loan losses related to acquired loans is prohibited as any credit losses in the loans are included in the determination of the fair value of the loans at the acquisition date. The allowance for loan losses on acquired loans reflects only those losses incurred after acquisition and represents the present value of cash flows expected at acquisition that is no not For acquired ASC 310 30 The risk characteristics of each of the identified portfolio segments are as follows: Commercial and industrial loans (C&I): may may Commercial real estate loans (CRE): first may no 80% may Consumer loans: may may Residential mortgage loans: first thirty 10 30 |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | TRANSFER OF FINANCIAL ASSETS Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not 860, 860 not 860, not |
Financing Receivable, Fee and Interest Income [Policy Text Block] | LOAN FEES AND COSTS Nonrefundable loan origination fees and certain direct loan origination costs are recognized as a component of interest income over the life of the related loans as an adjustment to yield. The unamortized balance of the deferred fees and costs are included as components of the loan balances to which they relate. |
Property, Plant and Equipment, Policy [Policy Text Block] | BANK PREMISES AND EQUIPMENT Land is carried at cost. Bank premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improved property. The Company leases several branches which are classified as operating leases. The Company also leases two |
Bank Owned Life Insurance Policy [Policy Text Block] | BANK OWNED LIFE INSURANCE The Company maintains bank owned life insurance (BOLI) for a selected group of employees, namely its officers where the Company is the owner and sole beneficiary of the policies. The earnings from the BOLI are recognized as a component of other income in the consolidated statements of income. The BOLI is an asset that can be liquidated, if necessary, with tax consequences. However, the Company intends to hold these policies and, accordingly, the Company has not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | EMPLOYEE BENEFITS The Company holds separate supplemental executive retirement (SERP) agreements for certain officers and an amount is credited to each participant’s SERP account monthly while they are actively employed by the bank until retirement. A deferred tax asset is provided for the non-deductible SERP expense. The Company also entered into separate split dollar life insurance arrangements with four executives providing post-retirement benefits and accrues monthly expense for this benefit. Monthly expenses for the SERP and post-retirement split dollar life benefit are recorded as components of salaries and employee benefit expense on the consolidated statements of income. |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | FORECLOSED ASSETS HELD-FOR-SALE Foreclosed assets held-for-sale are carried at the lower of cost or fair value less cost to sell. Foreclosed assets held-for-sale is primarily other real estate owned, but also includes other repossessed assets. Losses from the acquisition of property in full and partial satisfaction of debt are treated as credit losses. Routine holding costs, gains and losses from sales, write-downs for subsequent declines in value and any rental income received are recognized net, as a component of other real estate owned expense in the consolidated statements of income. Gains or losses are recorded when the properties are sold. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, including bank premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | GOODWILL AND INTANGIBLE ASSETS Goodwill is recorded on the consolidated balance sheets as the excess of liabilities assumed over identifiable assets acquired on the acquisition date. Goodwill is recorded at its net carrying value which represents estimated fair value. The goodwill is not Goodwill is reviewed for impairment annually as of November 30 may not not not no not 2022, not not no Other acquired intangible assets that have finite lives, such as core deposit intangibles, are amortized over their estimated useful lives and subject to periodic impairment testing. |
Share-Based Payment Arrangement [Policy Text Block] | STOCK PLANS The Company has one stock-based compensation plan. The Company accounts for this plan under the recognition and measurement accounting principles, which requires the cost of share-based payment transactions be recognized in the financial statements. The stock-based compensation accounting guidance requires that compensation cost for stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. Compensation cost is recognized on a straight-line basis over the requisite service period. When granting stock-settled stock appreciation rights (SSARs), the Company uses Black-Scholes-Merton valuation model to determine fair value on the date of grant. |
Management and Investment Advisory Fees, Policy [Policy Text Block] | TRUST AND FINANCIAL SERVICE FEES Trust and financial service fees are recorded on the cash basis, which is not |
Advertising Cost [Policy Text Block] | ADVERTISING COSTS Advertising costs are charged to expense as incurred. |
Legal Costs, Policy [Policy Text Block] | LEGAL AND PROFESSIONAL EXPENSES Generally, the Company recognizes legal and professional fees as incurred and are included as a component of professional services expense in the consolidated statements of income. Legal costs incurred that are associated with the collection of outstanding amounts due from delinquent borrowers are included as a component of loan collection expense in the consolidated statements of income. In the event of litigation proceedings brought about by an employee or third |
Income Tax, Policy [Policy Text Block] | INCOME TAXES Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The benefit of a tax position is recognized on the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than- not not not 50% not not no not no December 31, 2022 2021 2020 |
Comprehensive Income, Policy [Policy Text Block] | COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the shareholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income (loss). |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH FLOWS For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits with financial institutions. |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | As of and for the year ended December 31, 2022 Unrealized gains (losses) on Securities available-for-sale transferred to (dollars in thousands) debt securities held-to-maturity Total Beginning balance $ 179 $ - $ 179 Other comprehensive loss before reclassifications, net of tax (53,800 ) (17,528 ) (71,328 ) Amounts reclassified from accumulated other comprehensive income, net of tax (3 ) - (3 ) Net current-period other comprehensive loss (53,803 ) (17,528 ) (71,331 ) Ending balance $ (53,624 ) $ (17,528 ) $ (71,152 ) As of and for the year ended December 31, 2021 Unrealized gains (losses) on Securities available-for-sale transferred to (dollars in thousands) debt securities held-to-maturity Total Beginning balance $ 8,952 $ - $ 8,952 Other comprehensive loss before reclassifications, net of tax (8,737 ) - (8,737 ) Amounts reclassified from accumulated other comprehensive income, net of tax (36 ) - (36 ) Net current-period other comprehensive loss (8,773 ) - (8,773 ) Ending balance $ 179 $ - $ 179 As of and for the year ended December 31, 2020 Unrealized gains (losses) on Securities available-for-sale transferred to (dollars in thousands) debt securities held-to-maturity Total Beginning balance $ 3,602 $ - $ 3,602 Other comprehensive income before reclassifications, net of tax 5,441 - 5,441 Amounts reclassified from accumulated other comprehensive income, net of tax (91 ) - (91 ) Net current-period other comprehensive income 5,350 - 5,350 Ending balance $ 8,952 $ - $ 8,952 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about accumulated other comprehensive income components Amount reclassified from accumulated Affected line item in the statement (dollars in thousands) other comprehensive income where net income is presented 2022 2021 2020 Unrealized gains (losses) on AFS debt securities $ 4 $ 46 $ 115 Gain (loss) on sale of investment securities Income tax effect (1 ) (10 ) (24 ) Provision for income taxes Total reclassifications for the period $ 3 $ 36 $ 91 Net income |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized unrealized unrealized Fair (dollars in thousands) cost gains losses value December 31, 2022 Held-to-maturity securities: Agency - GSE $ 80,306 $ - $ (9,243 ) $ 71,063 Obligations of states and political subdivisions 142,438 - (26,221 ) 116,217 Total held-to-maturity securities $ 222,744 $ - $ (35,464 ) $ 187,280 Available-for-sale debt securities: Agency - GSE $ 36,076 $ - $ (4,543 ) $ 31,533 Obligations of states and political subdivisions 197,935 501 (26,542 ) 171,894 MBS - GSE residential 254,730 - (37,295 ) 217,435 Total available-for-sale debt securities $ 488,741 $ 501 $ (68,380 ) $ 420,862 Gross Gross Amortized unrealized unrealized Fair (dollars in thousands) cost gains losses value December 31, 2021 Available-for-sale debt securities: Agency - GSE $ 119,399 $ 204 $ (2,600 ) $ 117,003 Obligations of states and political subdivisions 360,680 6,708 (2,678 ) 364,710 MBS - GSE residential 258,674 1,654 (3,061 ) 257,267 Total available-for-sale debt securities $ 738,753 $ 8,566 $ (8,339 ) $ 738,980 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair (dollars in thousands) cost value Held-to-maturity securities: Due in one year or less $ - $ - Due after one year through five years 7,022 6,470 Due after five years through ten years 76,864 67,709 Due after ten years 138,858 113,101 Total held-to-maturity securities $ 222,744 $ 187,280 Available-for-sale securities: Debt securities: Due in one year or less $ 3,997 $ 3,951 Due after one year through five years 18,791 16,974 Due after five years through ten years 42,692 35,451 Due after ten years 168,531 147,051 MBS - GSE residential 254,730 217,435 Total available-for-sale debt securities $ 488,741 $ 420,862 |
Schedule of Realized Gain (Loss) [Table Text Block] | December 31, (dollars in thousands) 2022 2021 2020 Gross realized gain $ 18 $ 98 $ 147 Gross realized loss (14 ) (52 ) (32 ) Net gain $ 4 $ 46 $ 115 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) value losses value losses value losses December 31, 2022 Agency - GSE $ 9,285 $ (377 ) $ 93,312 $ (13,409 ) $ 102,597 $ (13,786 ) Obligations of states and political subdivisions 170,484 (26,928 ) 112,353 (25,835 ) 282,837 (52,763 ) MBS - GSE residential 61,803 (6,018 ) 155,632 (31,277 ) 217,435 (37,295 ) Total $ 241,572 $ (33,323 ) $ 361,297 $ (70,521 ) $ 602,869 $ (103,844 ) Number of securities 272 213 485 December 31, 2021 Agency - GSE $ 84,308 $ (1,460 ) $ 26,516 $ (1,140 ) $ 110,824 $ (2,600 ) Obligations of states and political subdivisions 193,124 (2,662 ) 12,796 (399 ) 205,920 (3,061 ) MBS - GSE residential 137,495 (2,351 ) 9,469 (327 ) 146,964 (2,678 ) Total $ 414,927 $ (6,473 ) $ 48,781 $ (1,866 ) $ 463,708 $ (8,339 ) Number of securities 187 26 213 |
Note 5 - Loans and Leases (Tabl
Note 5 - Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) December 31, 2022 December 31, 2021 Commercial and industrial $ 234,478 $ 236,304 Commercial real estate: Non-owner occupied 316,867 312,848 Owner occupied 270,810 248,755 Construction 18,941 21,147 Consumer: Home equity installment 59,118 47,571 Home equity line of credit 52,568 54,878 Auto loans 131,936 118,029 Direct finance leases 33,223 26,232 Other 7,611 8,013 Residential: Real estate 398,136 325,861 Construction 42,232 34,919 Total 1,565,920 1,434,557 Less: Allowance for loan losses (17,149 ) (15,624 ) Unearned lease revenue (1,746 ) (1,429 ) Loans and leases, net $ 1,547,025 $ 1,417,504 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Table Text Block] | For the years ended (dollars in thousands) December 31, 2022 December 31, 2021 Balance at beginning of period $ 1,088 $ 563 Accretable yield on acquired loans - 589 Reclassification from non-accretable difference 543 453 Reclassification to loan balance due to charge-off (3 ) - Accretion of accretable yield (399 ) (517 ) Balance at end of period $ 1,229 $ 1,088 |
Financing Receivable, Nonaccrual [Table Text Block] | (dollars in thousands) December 31, 2022 December 31, 2021 Commercial and industrial $ 719 $ 154 Commercial real estate: Non-owner occupied 383 478 Owner occupied 1,066 1,570 Consumer: Home equity installment - - Home equity line of credit 211 97 Auto loans 153 78 Residential: Real estate 3 572 Total $ 2,535 $ 2,949 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Loans modified as TDRs for the twelve months ended: (dollars in thousands) December 31, 2022 December 31, 2021 Recorded Increase in Recorded Increase in Number investment allowance Number investment allowance of (as of (as of of (as of (as of contracts period end) period end) contracts period end) period end) Commercial real estate - owner occupied - $ - $ - 1 $ 512 $ - Total - $ - $ - 1 $ 512 $ - |
Financing Receivable, Past Due [Table Text Block] | Recorded Past due investment past 30 - 59 Days 60 - 89 Days 90 days Total Total due ≥ 90 days December 31, 2022 past due past due or more (1) past due Current loans (3) and accruing Commercial and industrial $ - $ - $ 719 $ 719 $ 233,759 $ 234,478 $ - Commercial real estate: Non-owner occupied - - 383 383 316,484 316,867 - Owner occupied 42 - 1,066 1,108 269,702 270,810 - Construction - - - - 18,941 18,941 - Consumer: Home equity installment 239 - - 239 58,879 59,118 - Home equity line of credit 110 151 211 472 52,096 52,568 - Auto loans 563 201 169 933 131,003 131,936 16 Direct finance leases 186 - 17 203 31,274 31,477 (2) 17 Other 12 7 - 19 7,592 7,611 - Residential: Real estate - 327 3 330 397,806 398,136 - Construction - - - - 42,232 42,232 - Total $ 1,152 $ 686 $ 2,568 $ 4,406 $ 1,559,768 $ 1,564,174 $ 33 Recorded Past due investment past 30 - 59 Days 60 - 89 Days 90 days Total Total due ≥ 90 days December 31, 2021 past due past due or more (1) past due Current loans (3) and accruing Commercial and industrial $ - $ 4 $ 154 $ 158 $ 236,146 $ 236,304 $ - Commercial real estate: Non-owner occupied - 675 478 1,153 311,695 312,848 - Owner occupied - - 1,570 1,570 247,185 248,755 - Construction - - - - 21,147 21,147 - Consumer: Home equity installment 87 32 - 119 47,452 47,571 - Home equity line of credit - - 97 97 54,781 54,878 - Auto loans 410 45 78 533 117,496 118,029 - Direct finance leases 173 38 64 275 24,528 24,803 (2) 64 Other 49 17 - 66 7,947 8,013 - Residential: Real estate - 452 572 1,024 324,837 325,861 - Construction - - - - 34,919 34,919 - Total $ 719 $ 1,263 $ 3,013 $ 4,995 $ 1,428,133 $ 1,433,128 $ 64 |
Impaired Financing Receivables [Table Text Block] | Recorded Recorded Unpaid investment investment Total principal with with no recorded Related (dollars in thousands) balance allowance allowance investment allowance December 31, 2022 Commercial and industrial $ 942 $ 139 $ 580 $ 719 $ 48 Commercial real estate: Non-owner occupied 762 215 547 762 42 Owner occupied 2,347 1,304 716 2,020 70 Consumer: Home equity installment 33 - - - - Home equity line of credit 255 - 211 211 - Auto loans 213 18 135 153 1 Residential: Real estate 50 - 3 3 - Total $ 4,602 $ 1,676 $ 2,192 $ 3,868 $ 161 Recorded Recorded Unpaid investment investment Total principal with with no recorded Related (dollars in thousands) balance allowance allowance investment allowance December 31, 2021 Commercial and industrial $ 218 $ 18 $ 136 $ 154 $ 18 Commercial real estate: Non-owner occupied 2,470 1,674 796 2,470 474 Owner occupied 3,185 1,802 762 2,564 763 Consumer: Home equity installment 33 - - - - Home equity line of credit 137 - 97 97 - Auto loans 98 10 68 78 4 Residential: Real estate 699 - 572 572 - Total $ 6,840 $ 3,504 $ 2,431 $ 5,935 $ 1,259 December 31, 2022 December 31, 2021 Cash basis Cash basis Average Interest interest Average Interest interest recorded income income recorded income income (dollars in thousands) investment recognized recognized investment recognized recognized Commercial and industrial $ 468 $ - $ - $ 380 $ 2 $ - Commercial real estate: Non-owner occupied 1,263 104 - 2,698 195 - Owner occupied 2,279 125 - 1,883 55 - Construction - - - - - - Consumer: Home equity installment - - - 28 6 - Home equity line of credit 153 7 - 202 20 - Auto loans 162 5 - 42 2 - Direct finance leases - - - - - - Other - - - - - - Residential: Real estate 158 41 - 682 - - Construction - - - - - - Total $ 4,483 $ 282 $ - $ 5,915 $ 280 $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2022 (dollars in thousands) Pass Special mention Substandard Doubtful Total Commercial and industrial $ 231,614 $ 229 $ 2,635 $ - $ 234,478 Commercial real estate - non-owner occupied 301,386 4,227 11,254 - 316,867 Commercial real estate - owner occupied 255,921 803 14,086 - 270,810 Commercial real estate - construction 18,941 - - - 18,941 Total commercial $ 807,862 $ 5,259 $ 27,975 $ - $ 841,096 December 31, 2022 (dollars in thousands) Performing Non-performing Total Consumer Home equity installment $ 59,118 $ - $ 59,118 Home equity line of credit 52,357 211 52,568 Auto loans 131,767 169 131,936 Direct finance leases (1) 31,460 17 31,477 Other 7,611 - 7,611 Total consumer 282,313 397 282,710 Residential Real estate 398,133 3 398,136 Construction 42,232 - 42,232 Total residential 440,365 3 440,368 Total consumer & residential $ 722,678 $ 400 $ 723,078 December 31, 2021 (dollars in thousands) Pass Special mention Substandard Doubtful Total Commercial and industrial $ 233,565 $ 339 $ 2,400 $ - $ 236,304 Commercial real estate - non-owner occupied 289,679 16,614 6,555 - 312,848 Commercial real estate - owner occupied 230,146 7,089 11,520 - 248,755 Commercial real estate - construction 21,147 - - - 21,147 Total commercial $ 774,537 $ 24,042 $ 20,475 $ - $ 819,054 December 31, 2021 (dollars in thousands) Performing Non-performing Total Consumer Home equity installment $ 47,571 $ - $ 47,571 Home equity line of credit 54,781 97 54,878 Auto loans 117,951 78 118,029 Direct finance leases (2) 24,739 64 24,803 Other 8,013 - 8,013 Total consumer 253,055 239 253,294 Residential Real estate 325,289 572 325,861 Construction 34,919 - 34,919 Total residential 360,208 572 360,780 Total consumer & residential $ 613,263 $ 811 $ 614,074 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | As of and for the year ended December 31, 2022 Commercial & Commercial Residential (dollars in thousands) industrial real estate Consumer real estate Unallocated Total Allowance for Loan Losses: Beginning balance $ 2,204 $ 7,422 $ 2,404 $ 3,508 $ 86 $ 15,624 Charge-offs (371 ) (67 ) (377 ) - - (815 ) Recoveries 11 153 74 2 - 240 Provision 1,080 (346 ) 726 659 (19 ) 2,100 Ending balance $ 2,924 $ 7,162 $ 2,827 $ 4,169 $ 67 $ 17,149 Ending balance: individually evaluated for impairment $ 48 $ 112 $ 1 $ - $ - $ 161 Ending balance: collectively evaluated for impairment $ 2,876 $ 7,050 $ 2,826 $ 4,169 $ 67 $ 16,988 Loans Receivables: Ending balance (2) $ 234,478 $ 606,618 $ 282,710 (1) $ 440,368 $ - $ 1,564,174 Ending balance: individually evaluated for impairment $ 719 $ 2,782 $ 364 $ 3 $ - $ 3,868 Ending balance: collectively evaluated for impairment $ 233,759 $ 603,836 $ 282,346 $ 440,365 $ - $ 1,560,306 As of and for the year ended December 31, 2021 Commercial & Commercial Residential (dollars in thousands) industrial real estate Consumer real estate Unallocated Total Allowance for Loan Losses: Beginning balance $ 2,407 $ 6,383 $ 2,552 $ 2,781 $ 79 $ 14,202 Charge-offs (130 ) (491 ) (206 ) (162 ) - (989 ) Recoveries 23 250 138 - - 411 Provision (96 ) 1,280 (80 ) 889 7 2,000 Ending balance $ 2,204 $ 7,422 $ 2,404 $ 3,508 $ 86 $ 15,624 Ending balance: individually evaluated for impairment $ 18 $ 1,237 $ 4 $ - $ - $ 1,259 Ending balance: collectively evaluated for impairment $ 2,186 $ 6,185 $ 2,400 $ 3,508 $ 86 $ 14,365 Loans Receivables: Ending balance (2) $ 236,304 $ 582,750 $ 253,294 (1) $ 360,780 $ - $ 1,433,128 Ending balance: individually evaluated for impairment $ 154 $ 5,034 $ 175 $ 572 $ - $ 5,935 Ending balance: collectively evaluated for impairment $ 236,150 $ 577,716 $ 253,119 $ 360,208 $ - $ 1,427,193 As of and for the year ended December 31, 2020 Commercial & Commercial Residential (dollars in thousands) industrial real estate Consumer real estate Unallocated Total Allowance for Loan Losses: Beginning balance $ 1,484 $ 3,933 $ 2,013 $ 2,278 $ 39 $ 9,747 Charge-offs (372 ) (465 ) (296 ) (35 ) - (1,168 ) Recoveries 26 30 120 197 - 373 Provision 1,269 2,885 715 341 40 5,250 Ending balance $ 2,407 $ 6,383 $ 2,552 $ 2,781 $ 79 $ 14,202 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | (dollars in thousands) Amount 2023 $ 10,838 2024 10,035 2025 10,889 2026 1,433 2027 28 2028 and thereafter - Total future minimum lease payments receivable 33,223 Less: Unearned income (1,746 ) Undiscounted cash flows to be received $ 31,477 |
Note 6 - Bank Premises and Eq_2
Note 6 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, (dollars in thousands) 2022 2021 Land $ 3,421 $ 3,915 Bank premises 19,105 20,460 Furniture, fixtures and equipment 15,919 15,833 Leasehold improvements 10,659 9,851 Construction in process 4,234 494 Total 53,338 50,553 Less accumulated depreciation and amortization (22,031 ) (21,243 ) Bank premises and equipment, net $ 31,307 $ 29,310 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (dollars in thousands) Amount Percent 2023 $ 76,685 65.5 % 2024 24,831 21.2 2025 9,490 8.1 2026 3,663 3.1 2027 1,804 1.5 2028 and thereafter 721 0.6 Total $ 117,194 100.0 % |
Note 8 - Short-term Borrowings
Note 8 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | As of December 31, (dollars in thousands) 2022 2021 Overnight borrowings $ 12,930 $ - Other short-term borrowings 10 - Total $ 12,940 $ - Maximum Weighted- outstanding average at any Average rate during Rate at (dollars in thousands) month end outstanding the year year-end December 31, 2022 Overnight borrowings $ 12,930 $ 1,025 4.39 % 4.45 % Other short-term borrowings 10 6 - - Total $ 12,940 $ 1,031 December 31, 2021 Overnight borrowings $ - $ 97 1.06 % - % Total $ - $ 97 December 31, 2020 Overnight borrowings $ 9,159 $ 4,175 2.13 % - % Paycheck Protection Program Liquidity Facility 152,791 44,990 0.35 % - Total $ 161,950 $ 49,165 |
Note 9 - FHLB Advances and Ot_2
Note 9 - FHLB Advances and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Secured Borrowings, Maturities and Weighted-average Interest Rates [Table Text Block] | As of December 31, 2022 (dollars in thousands) Amount Rate 2023 $ 853 7.50 % 2024 20 8.50 2025 - - 2026 - - 2027 - - 2028 and thereafter 6,693 5.53 Total $ 7,566 5.76 % |
Note 10 - Stock Plans (Tables)
Note 10 - Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | 2022 2021 2020 Weighted- Weighted- Weighted- Shares average grant Shares average grant Shares average grant granted date fair value granted date fair value granted date fair value Director plan 18,000 (2) $ 49.85 12,500 (2) $ 52.00 6,000 (2) $ 56.63 Omnibus plan 16,520 (3) 49.85 13,552 (3) 52.00 11,761 (3) 55.06 Omnibus plan 50 (1) 35.91 50 (1) 58.17 50 (1) 57.62 Omnibus plan - 36 (3) 58.17 500 (2) 34.02 Omnibus plan - 476 (2) 52.62 - - Total 34,570 $ 49.83 26,614 $ 52.03 18,311 $ 55.00 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 2012 & 2022 Stock incentive plans Director Omnibus Total Weighted- average grant date fair value Non-vested balance at December 31, 2019 11,200 15,961 27,161 $ 49.48 Granted 6,000 12,311 18,311 55.00 Forfeited - - - Vested (7,798 ) (7,597 ) (15,395 ) 48.47 Non-vested balance at December 31, 2020 9,402 20,675 30,077 $ 53.36 Granted 12,500 14,114 26,614 52.03 Forfeited - (439 ) (439 ) 52.66 Vested (6,982 ) (6,227 ) (13,209 ) 51.23 Non-vested balance at December 31, 2021 14,920 28,123 43,043 $ 53.20 Granted 18,000 16,570 34,570 49.83 Forfeited - (3,428 ) (3,428 ) 52.13 Vested (9,048 ) (2,651 ) (11,699 ) 52.83 Non-vested balance at December 31, 2022 23,872 38,614 62,486 $ 51.46 |
Share-Based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Awards Weighted-average grant date fair value Weighted-average remaining contractual term (years) Outstanding December 31, 2019 97,264 $ 9.47 7.5 Granted - - - Exercised - - - Forfeited - - - Outstanding December 31, 2020 97,264 $ 9.47 6.5 Granted - Exercised (2,932 ) 3.48 Forfeited - Outstanding December 31, 2021 94,332 $ 9.66 5.5 Granted - Exercised (3,608 ) 4.20 Forfeited (3,591 ) 14.41 Outstanding December 31, 2022 87,133 $ 9.69 4.5 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | (dollars in thousands) 2022 2021 2020 Stock-based compensation expense: 2012 Director stock incentive plan $ 623 $ 422 $ 434 2012 Omnibus stock incentive plan 615 640 740 2022 Omnibus stock incentive plan 1 - - Employee stock purchase plan 32 44 27 Total stock-based compensation expense $ 1,271 $ 1,106 $ 1,201 |
Share-Based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | As of (dollars in thousands) December 31, 2022 Unrecognized stock-based compensation expense: 2012 Director stock incentive plan $ 773 2012 Omnibus stock incentive plan 811 2022 Omnibus stock incentive plan 1 Total unrecognized stock-based compensation expense $ 1,585 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, (dollars in thousands) 2022 2021 Deferred tax assets: Allowance for loan losses $ 3,601 $ 3,281 Net unrealized losses on available-for-sale securities 18,914 - Deferred interest from non-accrual assets 226 251 Operating lease liabilities 1,965 2,022 Acquisition accounting 1,475 2,087 Other 1,241 1,029 Total 27,422 8,670 Deferred tax liabilities: Net unrealized gains on available-for-sale securities - (48 ) Loan fees and costs (1,825 ) (1,397 ) Automobile leasing (6,635 ) (5,162 ) Operating lease right-of-use assets (1,815 ) (1,891 ) Depreciation (1,458 ) (1,594 ) Mortgage loan servicing rights (341 ) (357 ) Total (12,074 ) (10,449 ) Deferred tax liability, net $ 15,348 $ (1,779 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, (dollars in thousands) 2022 2021 2020 Current $ 3,612 $ 4,904 $ 2,336 Deferred 1,835 (903 ) (87 ) Total provision for income taxes $ 5,447 $ 4,001 $ 2,249 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, (dollars in thousands) 2022 2021 2020 Expected provision at the statutory rate $ 7,437 $ 5,873 $ 3,203 Tax-exempt income (2,163 ) (1,686 ) (865 ) Bank owned life insurance (242 ) (232 ) (167 ) Nondeductible interest expense 175 87 54 Nondeductible other expenses and other, net 306 49 (8 ) Tax credits (120 ) (135 ) - State income tax 54 45 32 Actual provision for income taxes $ 5,447 $ 4,001 $ 2,249 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2022 Quoted prices Significant Significant in active other other Carrying Estimated markets observable inputs unobservable inputs (dollars in thousands) amount fair value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 29,091 $ 29,091 $ 29,091 $ - $ - Held-to-maturity securities 222,744 187,280 - 187,280 - Available-for-sale debt securities 420,862 420,862 - 420,862 - Restricted investments in bank stock 5,268 5,268 - 5,268 - Loans and leases, net 1,547,025 1,440,151 - - 1,440,151 Loans held-for-sale 1,637 1,660 - 1,660 - Accrued interest receivable 8,487 8,487 - 8,487 - Interest rate swaps 213 213 - 213 - Financial liabilities: Deposits with no stated maturities 2,049,689 2,049,689 - 2,049,689 - Time deposits 117,224 113,252 - 113,252 - Short-term borrowings 12,940 12,940 - 12,940 - Secured borrowings 7,619 7,275 - - 7,275 Accrued interest payable 448 448 - 448 - Interest rate swaps 213 213 - 213 - December 31, 2021 Quoted prices Significant Significant in active other other Carrying Estimated markets observable inputs unobservable inputs (dollars in thousands) amount fair value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 96,877 $ 96,877 $ 96,877 $ - $ - Available-for-sale debt securities 738,980 738,980 - 738,980 - Restricted investments in bank stock 3,206 3,206 - 3,206 - Loans and leases, net 1,417,504 1,404,103 - - 1,404,103 Loans held-for-sale 31,727 32,013 - 32,013 - Accrued interest receivable 7,526 7,526 - 7,526 - Financial liabilities: Deposits with no stated maturities 2,031,072 2,031,072 - 2,031,072 - Time deposits 138,793 138,291 - 138,291 - Secured borrowings 10,620 10,690 - - 10,690 Accrued interest payable 155 155 - 155 - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Total carrying value Quoted prices in active markets Significant other observable inputs Significant other unobservable inputs (dollars in thousands) December 31, 2022 (Level 1) (Level 2) (Level 3) Available-for-sale securities: Agency - GSE $ 31,533 $ - $ 31,533 $ - Obligations of states and political subdivisions 171,894 - 171,894 - MBS - GSE residential 217,435 - 217,435 - Total available-for-sale debt securities $ 420,862 $ - $ 420,862 $ - Total carrying value Quoted prices in active markets Significant other observable inputs Significant other unobservable inputs (dollars in thousands) December 31, 2021 (Level 1) (Level 2) (Level 3) Available-for-sale securities: Agency - GSE $ 117,003 $ - $ 117,003 $ - Obligations of states and political subdivisions 364,710 - 364,710 - MBS - GSE residential 257,267 - 257,267 - Total available-for-sale debt securities $ 738,980 $ - $ 738,980 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Quoted prices in Significant other Significant other Total carrying value active markets observable inputs unobservable inputs (dollars in thousands) at December 31, 2022 (Level 1) (Level 2) (Level 3) Impaired loans $ 1,515 $ - $ - $ 1,515 Other real estate owned 168 - - 168 Total $ 1,683 $ - $ - $ 1,683 Quoted prices in Significant other Significant other Total carrying value active markets observable inputs unobservable inputs (dollars in thousands) at December 31, 2021 (Level 1) (Level 2) (Level 3) Impaired loans $ 2,245 $ - $ - $ 2,245 Other real estate owned 198 - - 198 Total $ 2,443 $ - $ - $ 2,443 |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, (dollars in thousands) 2022 2021 Off-balance sheet financial instruments: Commitments to extend credit $ 390,644 $ 306,852 Standby letters of credit 16,634 6,352 |
Supply Commitment [Table Text Block] | More than Less than one year to Over five (dollars in thousands) one year five years years Total Secured by: Collateral $ 5,680 $ 2,850 $ 1,007 $ 9,537 Bank lines of credit 1,903 3,300 — 5,203 Other 658 — — 658 8,241 6,150 1,007 15,398 Unsecured 821 415 — 1,236 Total $ 9,062 $ 6,565 $ 1,007 $ 16,634 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 2020 (dollars in thousands except per share data) Basic EPS: Net income available to common shareholders $ 30,021 $ 24,008 $ 13,035 Weighted-average common shares outstanding 5,644,599 5,321,687 4,586,224 Basic EPS $ 5.32 $ 4.51 $ 2.84 Diluted EPS: Net income available to common shareholders $ 30,021 $ 24,008 $ 13,035 Weighted-average common shares outstanding 5,644,599 5,321,687 4,586,224 Potentially dilutive common shares 34,540 41,475 30,140 Weighted-average common and potentially dilutive shares outstanding 5,679,139 5,363,162 4,616,364 Diluted EPS $ 5.29 $ 4.48 $ 2.82 |
Note 15 - Regulatory Matters (T
Note 15 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | For capital adequacy To be well capitalized For capital purposes with capital under prompt corrective Actual adequacy purposes conservation buffer* action provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022 Total capital (to risk-weighted assets) Consolidated $ 230,133 14.4 % ≥ $ 128,325 8.0 % ≥ $ 168,427 10.5 % N/A N/A Bank $ 229,803 14.3 % ≥ $ 128,308 8.0 % ≥ $ 168,405 10.5 % ≥ $ 160,385 10.0 % Tier 1 common equity (to risk-weighted assets) Consolidated $ 212,935 13.3 % ≥ $ 72,183 4.5 % ≥ $ 112,285 7.0 % N/A N/A Bank $ 212,605 13.3 % ≥ $ 72,173 4.5 % ≥ $ 112,270 7.0 % ≥ $ 104,251 6.5 % Tier I capital (to risk-weighted assets) Consolidated $ 212,935 13.3 % ≥ $ 96,244 6.0 % ≥ $ 136,346 8.5 % N/A N/A Bank $ 212,605 13.3 % ≥ $ 96,231 6.0 % ≥ $ 136,328 8.5 % ≥ $ 128,308 8.0 % Tier I capital (to average assets) Consolidated $ 212,935 8.7 % ≥ $ 97,960 4.0 % ≥ $ 97,960 4.0 % N/A N/A Bank $ 212,605 8.7 % ≥ $ 97,951 4.0 % ≥ $ 97,951 4.0 % ≥ $ 122,439 5.0 % As of December 31, 2021 Total capital (to risk-weighted assets) Consolidated $ 205,667 14.5 % ≥ $ 113,421 8.0 % ≥ $ 148,866 10.5 % N/A N/A Bank $ 205,726 14.5 % ≥ $ 113,406 8.0 % ≥ $ 148,845 10.5 % ≥ $ 141,757 10.0 % Tier 1 common equity (to risk-weighted assets) Consolidated $ 189,980 13.4 % ≥ $ 63,800 4.5 % ≥ $ 99,244 7.0 % N/A N/A Bank $ 190,039 13.4 % ≥ $ 63,791 4.5 % ≥ $ 99,230 7.0 % ≥ $ 92,142 6.5 % Tier I capital (to risk-weighted assets) Consolidated $ 189,980 13.4 % ≥ $ 85,066 6.0 % ≥ $ 120,510 8.5 % N/A N/A Bank $ 190,039 13.4 % ≥ $ 85,054 6.0 % ≥ $ 120,493 8.5 % ≥ $ 113,406 8.0 % Tier I capital (to average assets) Consolidated $ 189,980 7.9 % ≥ $ 95,688 4.0 % ≥ $ 95,688 4.0 % N/A N/A Bank $ 190,039 7.9 % ≥ $ 95,680 4.0 % ≥ $ 95,680 4.0 % ≥ $ 119,600 5.0 % |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Years ended December 31, (dollars in thousands) 2022 2021 2020 Balance, beginning $ 11,505 $ 9,885 $ 6,765 Adjustments for changes in position (75 ) 1,022 (1,063 ) Additions 1,608 7,228 7,156 Collections (2,394 ) (6,630 ) (2,973 ) Balance, ending $ 10,644 $ 11,505 $ 9,885 |
Note 19 - Parent Company Only (
Note 19 - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets As of December 31, (dollars in thousands) 2022 2021 Assets: Cash $ 634 $ 515 Investment in subsidiary 162,620 211,788 Other assets 214 198 Total $ 163,468 $ 212,501 Liabilities and shareholders' equity: Liabilities $ 518 $ 772 Capital stock and retained earnings 235,365 211,550 Treasury stock (1,263 ) - Accumulated other comprehensive income (loss) (71,152 ) 179 Total $ 163,468 $ 212,501 |
Condensed Income Statement [Table Text Block] | Condensed Income Statements Years ended December 31, (dollars in thousands) 2022 2021 2020 Income: Equity in undistributed earnings of subsidiary $ 24,128 $ 19,898 $ 9,934 Dividends from subsidiary 7,709 6,608 5,378 Total income 31,837 26,506 15,312 Operating expenses 2,295 3,016 2,779 Income before taxes 29,542 23,490 12,533 Credit for income taxes 479 518 502 Net income $ 30,021 $ 24,008 $ 13,035 |
Condensed Statement of Comprehensive Income [Table Text Block] | Statements of Comprehensive Income Years ended December 31, (dollars in thousands) 2022 2021 2020 Bancorp net loss $ (1,816 ) $ (2,498 ) $ (2,277 ) Equity in net income of subsidiary 31,837 26,506 15,312 Net income 30,021 24,008 13,035 Equity in other comprehensive income (loss) of subsidiary (71,331 ) (8,773 ) 5,350 Other comprehensive (loss) income, net of tax (71,331 ) (8,773 ) 5,350 Total comprehensive (loss) income, net of tax $ (41,310 ) $ 15,235 $ 18,385 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Years ended December 31, (dollars in thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 30,021 $ 24,008 $ 13,035 Adjustments to reconcile net income to net cash used in operations: Equity in earnings of subsidiary (31,837 ) (26,506 ) (15,312 ) Stock-based compensation expense 1,271 1,096 1,077 Deferred income tax (25 ) (10 ) (84 ) Changes in other assets and liabilities, net (232 ) 390 71 Net cash used in operating activities (802 ) (1,022 ) (1,213 ) Cash flows provided by investing activities: Dividends received from subsidiary 7,709 6,608 5,378 Operating dividend from subsidiary 700 1,075 1,129 Net cash (used in) acquired in acquisition - (64 ) 58 Purchases of bank premises and equipment (11 ) - - Net cash provided by investing activities 8,398 7,619 6,565 Cash flows used in financing activities: Dividends paid, net of dividend reinvestment (7,709 ) (6,608 ) (5,378 ) Withholdings to purchase capital stock 252 270 219 Repurchase of shares to cover withholdings (20 ) - - Net cash used in financing activities (7,477 ) (6,338 ) (5,159 ) Net change in cash 119 259 193 Cash, beginning 515 256 63 Cash, ending $ 634 $ 515 $ 256 |
Note 20 - Acquisition (Tables)
Note 20 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Consideration in Common Stock Landmark shares settled for stock 2,382,695 Exchange ratio 0.272 Total FDBC shares issued 647,990 Value assigned to FDBC common share (9/30/2021 closing price) $ 54.10 Purchase price assigned to Landmark common shares exchanged for FDBC common shares $ 35,056,259 Purchase Price Consideration - Cash for Common Stock Landmark shares exchanged for cash, excluding fractional shares 2,382,695 Cash consideration (per Landmark share) $ 3.26 Cash portion of purchase price $ 7,767,586 Cash portion of purchase price (cash paid fractional shares) $ 5,559 Cash for outstanding Landmark stock options $ 69,250 Total consideration paid $ 42,898,654 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Allocation of Purchase Price In thousands Total Purchase Price $ 42,899 Estimated Fair Value of Assets Acquired Cash and cash equivalents 4,090 Investment securities 49,430 Loans 298,860 Restricted investments in bank stock 1,186 Premises and equipment 3,405 Lease property under finance leases 1,188 Core deposit intangible asset 597 Other real estate owned 488 Other assets 11,629 Total assets acquired 370,873 Estimated Fair Value of Liabilities Assumed Non-interest bearing deposits 100,472 Interest bearing deposits 208,057 Short-term borrowings 2,224 FHLB borrowings 4,602 Secured borrowings 20,619 Finance lease obligation 1,188 Other liabilities 3,387 Total liabilities assumed 340,549 Net Assets Acquired 30,324 Goodwill Recorded in Acquisition $ 12,575 |
Business Combination, Schedule Of Fair Value Adjustments Of Loans Acquired [Table Text Block] | Dollars in thousands Gross amortized cost basis at December 31, 2021 $ 309,767 Interest rate fair value adjustment on pools of homogeneous loans (1,855 ) Credit fair value adjustment on pools of homogeneous loans (7,915 ) Credit fair value adjustment on purchased credit impaired loans (1,137 ) Fair value of acquired loans at December 31, 2021 $ 298,860 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Dollars in thousands Contractual principal and interest at acquisition $ 5,306 Non-accretable difference (1,691 ) Expected cash flows at acquisition 3,615 Accretable yield (588 ) Fair value of purchased impaired loans $ 3,027 |
Note 23 - Leases (Tables)
Note 23 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Finance Lease, Assets and Liabilities [Table Text Block] | (dollars in thousands) December 31, 2022 December 31, 2021 Property and equipment $ 1,695 $ 1,673 Less accumulated depreciation and amortization (606 ) (366 ) Leased property under finance leases, net $ 1,089 $ 1,307 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | (dollars in thousands) Amount 2023 $ 227 2024 171 2025 161 2026 150 2027 150 2028 and thereafter 313 Total minimum lease payments (a) 1,172 Less amount representing interest (b) (62 ) Present value of net minimum lease payments $ 1,110 |
Lease, Cost [Table Text Block] | (dollars in thousands) 2022 2021 2020 Lease cost Finance lease cost: Amortization of right-of-use assets $ 240 $ 164 $ 85 Interest on lease liabilities 21 16 8 Operating lease cost 746 637 540 Short-term lease cost 149 59 18 Variable lease cost 35 4 (2 ) Total lease cost $ 1,191 $ 880 $ 649 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 21 $ 16 $ 8 Operating cash flows from operating leases (Fixed payments) $ 646 $ 560 $ 496 Operating cash flows from operating leases (Liability reduction) $ 389 $ 291 $ 250 Financing cash flows from finance leases $ 232 $ 159 $ 83 Right-of-use assets obtained in exchange for new finance lease liabilities $ 119 $ 1,188 $ 88 Right-of-use assets obtained in exchange for new operating lease liabilities $ 22 $ 2,775 $ 1,338 Weighted-average remaining lease term - finance leases (in years) 6.52 7.22 3.12 Weighted average remaining lease term - operating leases (in years) 20.62 21.42 21.30 Weighted-average discount rate - finance leases 1.72 % 1.79 % 2.52 % Weighted-average discount rate - operating leases 3.39 % 3.38 % 3.56 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (dollars in thousands) Amount 2023 $ 695 2024 652 2025 633 2026 640 2027 649 2028 and thereafter 10,147 Total future minimum lease payments 13,416 Plus variable payment adjustment (127 ) Less amount representing interest (3,932 ) Present value of net future minimum lease payments $ 9,357 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (dollars in thousands) Amount 2023 $ 48 2024 51 2025 54 2026 54 2027 27 2028 and thereafter - Total lease payments to be received $ 234 |
Lease Income [Table Text Block] | For the years ended December 31, (dollars in thousands) 2022 2021 2020 Lease income - direct finance leases Interest income on lease receivables $ 1,087 $ 807 $ 722 Lease income - operating leases 188 257 236 Total lease income $ 1,275 $ 1,064 $ 958 |
Note 24 - Derivative Instrume_2
Note 24 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Weighted Notional Average Maturity Interest Rate Interest Rate (dollars in thousands) Amount (Years) Paid Received Fair Value December 31, 2022 Classified in Other assets: Customer interest rate swaps $ 1,996 14.91 30 Day SOFR + Margin Fixed $ 213 Classified in Accrued interest payable and other liabilities: Third party interest rate swaps $ 1,996 14.91 Fixed 30 Day SOFR + Margin $ 213 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 222,744 | $ 0 | |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | 0 | |
Number of Share-based Compensation Plans | 1 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | $ 0 |
Executive Officer [Member] | |||
Number of Individuals with Split Dollar Life Insurance Arrangement | 4 |
Note 2 - Cash (Details Textual)
Note 2 - Cash (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Reserve Bank, Reserve Requirement | $ 0 | $ 0 |
Cash, FDIC Insured Amount | $ 250,000 |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 211,729 | $ 166,670 | $ 106,835 |
Other comprehensive loss, net of tax | (71,331) | (8,773) | 5,350 |
Balance | 162,950 | 211,729 | 166,670 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | 179 | 8,952 | 3,602 |
Other comprehensive loss before reclassifications, net of tax | (53,800) | (8,737) | 5,441 |
Amounts reclassified from accumulated other comprehensive income, net of tax | (3) | (36) | (91) |
Other comprehensive loss, net of tax | (53,803) | (8,773) | 5,350 |
Balance | (53,624) | 179 | 8,952 |
AOCI, Gain (Loss), Debt Securities, Securities Transferred To Held-to-maturity [Member] | |||
Balance | 0 | 0 | 0 |
Other comprehensive loss before reclassifications, net of tax | (17,528) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | 0 |
Other comprehensive loss, net of tax | (17,528) | 0 | 0 |
Balance | (17,528) | 0 | 0 |
AOCI Attributable to Parent [Member] | |||
Balance | 179 | 8,952 | 3,602 |
Other comprehensive loss before reclassifications, net of tax | (71,328) | (8,737) | 5,441 |
Amounts reclassified from accumulated other comprehensive income, net of tax | (3) | (36) | (91) |
Other comprehensive loss, net of tax | (71,331) | (8,773) | 5,350 |
Balance | $ (71,152) | $ 179 | $ 8,952 |
Note 3 - Accumulated Other Co_4
Note 3 - Accumulated Other Comprehensive Income - Amount Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (loss) on sale of investment securities | $ 4 | $ 46 | $ 115 |
Provision for income taxes | 5,447 | 4,001 | 2,249 |
Net income | 30,021 | 24,008 | 13,035 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Gain (loss) on sale of investment securities | 4 | 46 | 115 |
Provision for income taxes | (1) | (10) | (24) |
Net income | $ 3 | $ 36 | $ 91 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 485 | 213 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 213 | 26 | |
Debt Securities, Available-for-sale, Amortized Cost, Transfer, Amount | $ 245.5 | ||
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 51 | ||
US Government Agencies Debt Securities [Member] | Measurement Input, Loss Severity [Member] | |||
Debt Securities, Available-For-Sale, Measurement Input, Percentage | 11.84% | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 144 | ||
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Measurement Input, Loss Severity [Member] | |||
Debt Securities, Available-For-Sale, Measurement Input, Percentage | 14.64% | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 290 | ||
US States and Political Subdivisions Debt Securities [Member] | Measurement Input, Loss Severity [Member] | |||
Debt Securities, Available-For-Sale, Measurement Input, Percentage | 15.72% |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Summary of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Held-to-maturity securities (fair value of $187,280 in 2022; $0 in 2021) | $ 222,744 | $ 0 |
Held to maturity securities, gross unrealized gains | 0 | |
Held to maturity securities, gross unrealized losses | (35,464) | |
Held to maturity securities, fair value | 187,280 | 0 |
Available for sale securities, amortized cost | 488,741 | 738,753 |
Available for sale debt securities, gross unrealized gains | 501 | 8,566 |
Available for sale securities, gross unrealized losses | (68,380) | (8,339) |
Available for sale debt security, fair value | 420,862 | 738,980 |
US Government Agencies Debt Securities [Member] | ||
Held-to-maturity securities (fair value of $187,280 in 2022; $0 in 2021) | 80,306 | |
Held to maturity securities, gross unrealized gains | 0 | |
Held to maturity securities, gross unrealized losses | (9,243) | |
Held to maturity securities, fair value | 71,063 | |
Available for sale securities, amortized cost | 36,076 | 119,399 |
Available for sale debt securities, gross unrealized gains | 0 | 204 |
Available for sale securities, gross unrealized losses | (4,543) | (2,600) |
Available for sale debt security, fair value | 31,533 | 117,003 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity securities (fair value of $187,280 in 2022; $0 in 2021) | 142,438 | |
Held to maturity securities, gross unrealized gains | 0 | |
Held to maturity securities, gross unrealized losses | (26,221) | |
Held to maturity securities, fair value | 116,217 | |
Available for sale securities, amortized cost | 197,935 | 360,680 |
Available for sale debt securities, gross unrealized gains | 501 | 6,708 |
Available for sale securities, gross unrealized losses | (26,542) | (2,678) |
Available for sale debt security, fair value | 171,894 | 364,710 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available for sale securities, amortized cost | 254,730 | 258,674 |
Available for sale debt securities, gross unrealized gains | 0 | 1,654 |
Available for sale securities, gross unrealized losses | (37,295) | (3,061) |
Available for sale debt security, fair value | $ 217,435 | $ 257,267 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Summary of Amortized Cost and Fair Value by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due in one year or less | $ 0 | |
Due in one year or less | 0 | |
Due after one year through five years | 7,022 | |
Due after one year through five years | 6,470 | |
Due after five years through ten years | 76,864 | |
Due after five years through ten years | 67,709 | |
Due after ten years | 138,858 | |
Due after ten years | 113,101 | |
Total held-to-maturity securities | 222,744 | |
Total held-to-maturity securities | 187,280 | |
Due in one year or less | 3,997 | |
Due in one year or less | 3,951 | |
Due after one year through five years | 18,791 | |
Due after one year through five years | 16,974 | |
Due after five years through ten years | 42,692 | |
Due after five years through ten years | 35,451 | |
Due after ten years | 168,531 | |
Due after ten years | 147,051 | |
MBS - GSE residential, amortized cost | 254,730 | |
MBS - GSE residential, fair value | 217,435 | |
Total available-for-sale debt securities, amortized cost | 488,741 | $ 738,753 |
Total available-for-sale debt securities, fair value | $ 420,862 | $ 738,980 |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Realized Gains and Losses From Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross realized gain | $ 18 | $ 98 | $ 147 |
Gross realized loss | (14) | (52) | (32) |
Net gain | $ 4 | $ 46 | $ 115 |
Note 4 - Investment Securitie_6
Note 4 - Investment Securities - Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Unrealized loss position, fair value, less than 12 months | $ 241,572 | $ 414,927 |
Unrealized loss position, unrealized losses, less than 12 months | (33,323) | (6,473) |
Unrealized loss position, fair value, more than 12 months | 361,297 | 48,781 |
Unrealized loss position, unrealized losses, more than 12 months | (70,521) | (1,866) |
Unrealized loss position, fair value | 602,869 | 463,708 |
Unrealized loss position, unrealized losses | $ (103,844) | $ (8,339) |
Number of securities, less than 12 months | 272 | 187 |
Number of securities, more than 12 months | 213 | 26 |
Number of securities | 485 | 213 |
US Government Agencies Debt Securities [Member] | ||
Unrealized loss position, fair value, less than 12 months | $ 9,285 | $ 84,308 |
Unrealized loss position, unrealized losses, less than 12 months | (377) | (1,460) |
Unrealized loss position, fair value, more than 12 months | 93,312 | 26,516 |
Unrealized loss position, unrealized losses, more than 12 months | (13,409) | (1,140) |
Unrealized loss position, fair value | 102,597 | 110,824 |
Unrealized loss position, unrealized losses | $ (13,786) | (2,600) |
Number of securities | 51 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Unrealized loss position, fair value, less than 12 months | $ 170,484 | 193,124 |
Unrealized loss position, unrealized losses, less than 12 months | (26,928) | (2,662) |
Unrealized loss position, fair value, more than 12 months | 112,353 | 12,796 |
Unrealized loss position, unrealized losses, more than 12 months | (25,835) | (399) |
Unrealized loss position, fair value | 282,837 | 205,920 |
Unrealized loss position, unrealized losses | $ (52,763) | (3,061) |
Number of securities | 290 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Unrealized loss position, fair value, less than 12 months | $ 61,803 | 137,495 |
Unrealized loss position, unrealized losses, less than 12 months | (6,018) | (2,351) |
Unrealized loss position, fair value, more than 12 months | 155,632 | 9,469 |
Unrealized loss position, unrealized losses, more than 12 months | (31,277) | (327) |
Unrealized loss position, fair value | 217,435 | 146,964 |
Unrealized loss position, unrealized losses | $ (37,295) | $ (2,678) |
Number of securities | 144 |
Note 5 - Loans and Leases (Deta
Note 5 - Loans and Leases (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Loans and Leases Receivable, Gross | $ 1,565,920 | $ 1,565,920 | $ 1,434,557 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 4,600 | 4,600 | 3,000 | |
Loans and Leases Receivable, Net Amount | 1,547,025 | 1,547,025 | 1,417,504 | |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-Backed Financing Arrangement | 465,700 | 465,700 | 430,900 | |
Servicing Asset, Total | 1,600 | 1,600 | 1,700 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non-Accretable Yield Amortized to Interest Income | 275 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 141 | 525 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 1,229 | 1,229 | 1,088 | $ 563 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | $ 543 | 453 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Actual Payments Exceeding Estimates, Number of Loans | 5 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Positive Change In Collateral Value , Number of Loans | 1 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ 399 | 517 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | 3 | 0 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | 0 | 589 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 453 | |||
Impaired Financing Receivable, Recorded Investment | $ 3,868 | 3,868 | 5,935 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | |||
Financing Receivable, Troubled Debt Restructuring | $ 1,500 | 1,500 | 3,500 | |
Financing Receivable, Troubled Debt Restructuring, Allowance from Modification | 48 | 48 | 500 | |
Impaired Financing Receivable, Average Recorded Investment | 4,483 | 5,915 | 5,500 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 282 | 280 | 147 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | $ 0 | |
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss, Total | 7,900 | 7,900 | 7,700 | |
Direct Financing Lease, Residual Value of Leased Asset | 23,600 | 23,600 | 17,100 | |
Accrual [Member] | ||||
Financing Receivable, Troubled Debt Restructuring | 1,400 | 1,400 | 3,000 | |
Nonaccrual [Member] | ||||
Impaired Financing Receivable, Recorded Investment | 2,500 | 2,500 | 2,900 | |
Financing Receivable, Troubled Debt Restructuring | $ 200 | $ 200 | $ 600 | |
Number of Loans Classified as Troubled Debt Restructuring | 1 | 1 | 3 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Impaired Financing Receivable, Recorded Investment | $ 4,700 | $ 4,700 | $ 4,700 | |
Improved Collateral Values [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 167 | |||
Payments Received on P C I in Excess of Estimates [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 286 | |||
Commercial Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross | 234,478 | 234,478 | 236,304 | |
Increase (Decrease) in Loans and Leases Receivable, Net Amount | 36,700 | |||
Impaired Financing Receivable, Recorded Investment | 719 | 719 | 154 | |
Impaired Financing Receivable, Average Recorded Investment | 468 | 380 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 2 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Deferred Income | 1,700 | 1,700 | 1,400 | |
SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Deferred loan Cost | 4,600 | 4,600 | 4,200 | |
Loans and Leases Receivable, Unamortized Fee Income | 1,200 | |||
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||||
Increase (Decrease) in Loans and Leases Receivable, Net Amount | (1,800) | |||
Debt Instrument, Increase (Decrease), Net, Total | 38,500 | |||
Loans and Leases Receivable, Net Amount | 1,300 | 1,300 | ||
Direct Financing Lease [Member] | Consumer Portfolio Segment [Member] | ||||
Loans and Leases Receivable, Gross | 33,223 | 33,223 | 26,232 | |
Loans and Leases Receivable, Deferred Income | $ 1,700 | 1,700 | 1,400 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 0 | $ 0 |
Note 5 - Loans and Leases - Cla
Note 5 - Loans and Leases - Classifications of Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and leases, gross | $ 1,565,920 | $ 1,434,557 | ||
Allowance for loan losses | (17,149) | (15,624) | $ (14,202) | $ (9,747) |
Unearned lease revenue | (1,746) | (1,429) | ||
Loans and leases, net | 1,547,025 | 1,417,504 | ||
Commercial Portfolio Segment [Member] | ||||
Loans and leases, gross | 234,478 | 236,304 | ||
Allowance for loan losses | (2,924) | (2,204) | (2,407) | (1,484) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for loan losses | (7,162) | (7,422) | (6,383) | (3,933) |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||
Loans and leases, gross | 316,867 | 312,848 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans and leases, gross | 270,810 | 248,755 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans and leases, gross | 18,941 | 21,147 | ||
Consumer Portfolio Segment [Member] | ||||
Allowance for loan losses | (2,827) | (2,404) | (2,552) | (2,013) |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Loans and leases, gross | 59,118 | 47,571 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||
Loans and leases, gross | 52,568 | 54,878 | ||
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||||
Loans and leases, gross | 131,936 | 118,029 | ||
Consumer Portfolio Segment [Member] | Direct Financing Lease [Member] | ||||
Loans and leases, gross | 33,223 | 26,232 | ||
Consumer Portfolio Segment [Member] | Other Loan [Member] | ||||
Loans and leases, gross | 7,611 | 8,013 | ||
Residential Portfolio Segment [Member] | ||||
Allowance for loan losses | (4,169) | (3,508) | $ (2,781) | $ (2,278) |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans and leases, gross | 42,232 | 34,919 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Loans and leases, gross | $ 398,136 | $ 325,861 |
Note 5 - Loans and Leases - Cha
Note 5 - Loans and Leases - Changes in Accretable Yield (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of period | $ 1,088 | $ 563 |
Accretable yield on acquired loans | 0 | 589 |
Reclassification from non-accretable difference | 543 | 453 |
Reclassification to loan balance due to charge-off | (3) | 0 |
Accretion of accretable yield | (399) | (517) |
Balance at end of period | $ 1,229 | $ 1,088 |
Note 5 - Loans and Leases - Non
Note 5 - Loans and Leases - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Nonaccrual loans | $ 2,535 | $ 2,949 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | 719 | 154 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||
Nonaccrual loans | 383 | 478 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Nonaccrual loans | 1,066 | 1,570 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Nonaccrual loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual loans | 211 | 97 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Nonaccrual loans | 153 | 78 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Nonaccrual loans | $ 3 | $ 572 |
Note 5 - Loans and Leases - Tro
Note 5 - Loans and Leases - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Contracts | 0 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 512 |
Period Increase (Decrease) | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | ||
Number of Contracts | 0 | 1 |
Post-Modification Recorded Investment | $ 0 | $ 512 |
Period Increase (Decrease) | $ 0 | $ 0 |
Note 5 - Loans and Leases - Pas
Note 5 - Loans and Leases - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |||
Loans, gross | $ 1,564,174 | [1] | $ 1,433,128 | [2] | |
Recorded investment past due greater than 90 days | 33 | 64 | |||
Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Loans, gross | 1,152 | 719 | |||
Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Loans, gross | 686 | 1,263 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Loans, gross | [3] | 2,568 | 3,013 | ||
Financial Asset, Past Due [Member] | |||||
Loans, gross | 4,406 | 4,995 | |||
Financial Asset, Not Past Due [Member] | |||||
Loans, gross | 1,559,768 | 1,428,133 | |||
Commercial Portfolio Segment [Member] | |||||
Loans, gross | 234,478 | [1] | 236,304 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||||
Loans, gross | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||||
Loans, gross | 0 | 4 | |||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||||
Loans, gross | [3] | 719 | 154 | ||
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||||
Loans, gross | 719 | 158 | |||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||||
Loans, gross | 233,759 | 236,146 | |||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||||
Loans, gross | 316,867 | [1] | 312,848 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||||
Loans, gross | 270,810 | [1] | 248,755 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loans, gross | 18,941 | [1] | 21,147 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-owner Occupied [Member] | |||||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied [Member] | |||||
Loans, gross | 42 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-owner Occupied [Member] | |||||
Loans, gross | 0 | 675 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied [Member] | |||||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-owner Occupied [Member] | |||||
Loans, gross | [3] | 383 | 478 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Owner Occupied [Member] | |||||
Loans, gross | [3] | 1,066 | 1,570 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | [3] | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Non-owner Occupied [Member] | |||||
Loans, gross | 383 | 1,153 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Owner Occupied [Member] | |||||
Loans, gross | 1,108 | 1,570 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Non-owner Occupied [Member] | |||||
Loans, gross | 316,484 | 311,695 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Owner Occupied [Member] | |||||
Loans, gross | 269,702 | 247,185 | |||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 18,941 | 21,147 | |||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans, gross | 59,118 | [1] | 47,571 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||||
Loans, gross | 52,568 | [1] | 54,878 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | |||||
Loans, gross | 131,936 | [1] | 118,029 | [2] | |
Recorded investment past due greater than 90 days | 16 | 0 | |||
Consumer Portfolio Segment [Member] | Direct Financing Lease [Member] | |||||
Loans, gross | 31,477 | [1],[4] | 24,803 | [2],[5] | |
Recorded investment past due greater than 90 days | 17 | 64 | |||
Consumer Portfolio Segment [Member] | Other Loan [Member] | |||||
Loans, gross | 7,611 | [1] | 8,013 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member] | |||||
Loans, gross | 239 | 87 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||||
Loans, gross | 110 | 0 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Automobile Loan [Member] | |||||
Loans, gross | 563 | 410 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Direct Financing Lease [Member] | |||||
Loans, gross | 186 | 173 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Other Loan [Member] | |||||
Loans, gross | 12 | 49 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member] | |||||
Loans, gross | 0 | 32 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||||
Loans, gross | 151 | 0 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Automobile Loan [Member] | |||||
Loans, gross | 201 | 45 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Direct Financing Lease [Member] | |||||
Loans, gross | 0 | 38 | |||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Other Loan [Member] | |||||
Loans, gross | 7 | 17 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loan [Member] | |||||
Loans, gross | [3] | 0 | 0 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||||
Loans, gross | [3] | 211 | 97 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Automobile Loan [Member] | |||||
Loans, gross | [3] | 169 | 78 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Direct Financing Lease [Member] | |||||
Loans, gross | [3] | 17 | 64 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Loan [Member] | |||||
Loans, gross | [3] | 0 | 0 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Home Equity Loan [Member] | |||||
Loans, gross | 239 | 119 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Home Equity Line of Credit [Member] | |||||
Loans, gross | 472 | 97 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Automobile Loan [Member] | |||||
Loans, gross | 933 | 533 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Direct Financing Lease [Member] | |||||
Loans, gross | 203 | 275 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Other Loan [Member] | |||||
Loans, gross | 19 | 66 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Home Equity Loan [Member] | |||||
Loans, gross | 58,879 | 47,452 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Home Equity Line of Credit [Member] | |||||
Loans, gross | 52,096 | 54,781 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Automobile Loan [Member] | |||||
Loans, gross | 131,003 | 117,496 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Direct Financing Lease [Member] | |||||
Loans, gross | 31,274 | 24,528 | |||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Other Loan [Member] | |||||
Loans, gross | 7,592 | 7,947 | |||
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||||
Loans, gross | 42,232 | [1] | 34,919 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Loans, gross | 398,136 | [1] | 325,861 | [2] | |
Recorded investment past due greater than 90 days | 0 | 0 | |||
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 0 | 0 | |||
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loan [Member] | |||||
Loans, gross | 0 | 0 | |||
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 0 | 0 | |||
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loan [Member] | |||||
Loans, gross | 327 | 452 | |||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | [3] | 0 | 0 | ||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate Loan [Member] | |||||
Loans, gross | [3] | 3 | 572 | ||
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 0 | 0 | |||
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | Real Estate Loan [Member] | |||||
Loans, gross | 330 | 1,024 | |||
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Construction Loans [Member] | |||||
Loans, gross | 42,232 | 34,919 | |||
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | Real Estate Loan [Member] | |||||
Loans, gross | $ 397,806 | $ 324,837 | |||
[1]Includes net deferred loan costs of $4.6 million.[2]Includes net deferred loan costs of $3.0 million.[3]Includes non-accrual loans.[4]Net of unearned lease revenue of $1.7 million.[5]Net of unearned lease revenue of $1.4 million. |
Note 5 - Loans and Leases - Imp
Note 5 - Loans and Leases - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unpaid principal balance | $ 4,602 | $ 6,840 | |
Recorded investment with allowance | 1,676 | 3,504 | |
Recorded investment with no allowance | 2,192 | 2,431 | |
Total recorded investment | 3,868 | 5,935 | |
Related allowance | 161 | 1,259 | |
Average recorded investment | 4,483 | 5,915 | $ 5,500 |
Interest income recognized | 282 | 280 | 147 |
Cash basis interest income recognized | 0 | 0 | $ 0 |
Commercial Portfolio Segment [Member] | |||
Unpaid principal balance | 942 | 218 | |
Recorded investment with allowance | 139 | 18 | |
Recorded investment with no allowance | 580 | 136 | |
Total recorded investment | 719 | 154 | |
Related allowance | 48 | 18 | |
Average recorded investment | 468 | 380 | |
Interest income recognized | 0 | 2 | |
Cash basis interest income recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | |||
Unpaid principal balance | 762 | 2,470 | |
Recorded investment with allowance | 215 | 1,674 | |
Recorded investment with no allowance | 547 | 796 | |
Total recorded investment | 762 | 2,470 | |
Related allowance | 42 | 474 | |
Average recorded investment | 1,263 | 2,698 | |
Interest income recognized | 104 | 195 | |
Cash basis interest income recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Unpaid principal balance | 2,347 | 3,185 | |
Recorded investment with allowance | 1,304 | 1,802 | |
Recorded investment with no allowance | 716 | 762 | |
Total recorded investment | 2,020 | 2,564 | |
Related allowance | 70 | 763 | |
Average recorded investment | 2,279 | 1,883 | |
Interest income recognized | 125 | 55 | |
Cash basis interest income recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Average recorded investment | 0 | 0 | |
Interest income recognized | 0 | 0 | |
Cash basis interest income recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Unpaid principal balance | 33 | 33 | |
Recorded investment with allowance | 0 | 0 | |
Recorded investment with no allowance | 0 | 0 | |
Total recorded investment | 0 | 0 | |
Related allowance | 0 | 0 | |
Average recorded investment | 0 | 28 | |
Interest income recognized | 0 | 6 | |
Cash basis interest income recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Unpaid principal balance | 255 | 137 | |
Recorded investment with allowance | 0 | 0 | |
Recorded investment with no allowance | 211 | 97 | |
Total recorded investment | 211 | 97 | |
Related allowance | 0 | 0 | |
Average recorded investment | 153 | 202 | |
Interest income recognized | 7 | 20 | |
Cash basis interest income recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | |||
Unpaid principal balance | 213 | 98 | |
Recorded investment with allowance | 18 | 10 | |
Recorded investment with no allowance | 135 | 68 | |
Total recorded investment | 153 | 78 | |
Related allowance | 1 | 4 | |
Average recorded investment | 162 | 42 | |
Interest income recognized | 5 | 2 | |
Cash basis interest income recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Direct Financing Lease [Member] | |||
Average recorded investment | 0 | 0 | |
Interest income recognized | 0 | 0 | |
Cash basis interest income recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Other Loan [Member] | |||
Average recorded investment | 0 | 0 | |
Interest income recognized | 0 | 0 | |
Cash basis interest income recognized | 0 | 0 | |
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Average recorded investment | 0 | 0 | |
Interest income recognized | 0 | 0 | |
Cash basis interest income recognized | 0 | 0 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Unpaid principal balance | 50 | 699 | |
Recorded investment with allowance | 0 | 0 | |
Recorded investment with no allowance | 3 | 572 | |
Total recorded investment | 3 | 572 | |
Related allowance | 0 | 0 | |
Average recorded investment | 158 | 682 | |
Interest income recognized | 41 | 0 | |
Cash basis interest income recognized | $ 0 | $ 0 |
Note 5 - Loans and Leases - Cre
Note 5 - Loans and Leases - Credit Risk Profile (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | ||
Commercial Portfolio Segment [Member] | ||||
Loans | $ 234,478 | $ 236,304 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | ||||
Loans | 231,614 | 233,565 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||
Loans | 229 | 339 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | ||||
Loans | 2,635 | 2,400 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [Member] | ||||
Loans | 316,867 | 312,848 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||||
Loans | 270,810 | 248,755 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans | 18,941 | 21,147 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Non-owner Occupied [Member] | ||||
Loans | 301,386 | 289,679 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied [Member] | ||||
Loans | 255,921 | 230,146 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||||
Loans | 18,941 | 21,147 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Non-owner Occupied [Member] | ||||
Loans | 4,227 | 16,614 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied [Member] | ||||
Loans | 803 | 7,089 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Non-owner Occupied [Member] | ||||
Loans | 11,254 | 6,555 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied [Member] | ||||
Loans | 14,086 | 11,520 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Non-owner Occupied [Member] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied [Member] | ||||
Loans | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction Loans [Member] | ||||
Loans | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ||||
Loans | 282,710 | 253,294 | ||
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Loans | 282,313 | 253,055 | ||
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 397 | 239 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||||
Loans | 59,118 | 47,571 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||||
Loans | 59,118 | 47,571 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 0 | 0 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||
Loans | 52,568 | 54,878 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Performing Financial Instruments [Member] | ||||
Loans | 52,357 | 54,781 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 211 | 97 | ||
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||||
Loans | 131,936 | 118,029 | ||
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | Performing Financial Instruments [Member] | ||||
Loans | 131,767 | 117,951 | ||
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 169 | 78 | ||
Consumer Portfolio Segment [Member] | Direct Financing Lease [Member] | ||||
Loans | 31,477 | [1] | 24,803 | [2] |
Consumer Portfolio Segment [Member] | Direct Financing Lease [Member] | Performing Financial Instruments [Member] | ||||
Loans | 31,460 | [1] | 24,739 | [2] |
Consumer Portfolio Segment [Member] | Direct Financing Lease [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 17 | [1] | 64 | [2] |
Consumer Portfolio Segment [Member] | Other Loan [Member] | ||||
Loans | 7,611 | 8,013 | ||
Consumer Portfolio Segment [Member] | Other Loan [Member] | Performing Financial Instruments [Member] | ||||
Loans | 7,611 | 8,013 | ||
Consumer Portfolio Segment [Member] | Other Loan [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 0 | 0 | ||
Commercial and Commercial Real Estate Portfolio Segments [Member] | ||||
Loans | 841,096 | 819,054 | ||
Commercial and Commercial Real Estate Portfolio Segments [Member] | Pass [Member] | ||||
Loans | 807,862 | 774,537 | ||
Commercial and Commercial Real Estate Portfolio Segments [Member] | Special Mention [Member] | ||||
Loans | 5,259 | 24,042 | ||
Commercial and Commercial Real Estate Portfolio Segments [Member] | Substandard [Member] | ||||
Loans | 27,975 | 20,475 | ||
Commercial and Commercial Real Estate Portfolio Segments [Member] | Doubtful [Member] | ||||
Loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Loans | 440,368 | 360,780 | ||
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Loans | 440,365 | 360,208 | ||
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 3 | 572 | ||
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans | 42,232 | 34,919 | ||
Residential Portfolio Segment [Member] | Construction Loans [Member] | Performing Financial Instruments [Member] | ||||
Loans | 42,232 | 34,919 | ||
Residential Portfolio Segment [Member] | Construction Loans [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 0 | 0 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Loans | 398,136 | 325,861 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Performing Financial Instruments [Member] | ||||
Loans | 398,133 | 325,289 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | 3 | 572 | ||
Consumer and Residential Portfolio Segments [Member] | ||||
Loans | 723,078 | 614,074 | ||
Consumer and Residential Portfolio Segments [Member] | Performing Financial Instruments [Member] | ||||
Loans | 722,678 | 613,263 | ||
Consumer and Residential Portfolio Segments [Member] | Nonperforming Financial Instruments [Member] | ||||
Loans | $ 400 | $ 811 | ||
[1]Net of unearned lease revenue of $1.7 million.[2]Net of unearned lease revenue of $1.4 million. |
Note 5 - Loans and Leases - C_2
Note 5 - Loans and Leases - Change in Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Beginning balance | $ 15,624 | $ 14,202 | $ 9,747 | ||
Charge-offs | (815) | (989) | (1,168) | ||
Recoveries | 240 | 411 | 373 | ||
Provision | 2,100 | 2,000 | 5,250 | ||
Ending balance | 17,149 | 15,624 | 14,202 | ||
Ending balance: individually evaluated for impairment | 161 | 1,259 | |||
Ending balance: collectively evaluated for impairment | 16,988 | 14,365 | |||
Ending balance | 1,564,174 | [1] | 1,433,128 | [2] | |
Ending balance: individually evaluated for impairment | 3,868 | 5,935 | |||
Ending balance: collectively evaluated for impairment | 1,560,306 | 1,427,193 | |||
Commercial Portfolio Segment [Member] | |||||
Beginning balance | 2,204 | 2,407 | 1,484 | ||
Charge-offs | (371) | (130) | (372) | ||
Recoveries | 11 | 23 | 26 | ||
Provision | 1,080 | (96) | 1,269 | ||
Ending balance | 2,924 | 2,204 | 2,407 | ||
Ending balance: individually evaluated for impairment | 48 | 18 | |||
Ending balance: collectively evaluated for impairment | 2,876 | 2,186 | |||
Ending balance | 234,478 | [1] | 236,304 | [2] | |
Ending balance: individually evaluated for impairment | 719 | 154 | |||
Ending balance: collectively evaluated for impairment | 233,759 | 236,150 | |||
Commercial Real Estate Portfolio Segment [Member] | |||||
Beginning balance | 7,422 | 6,383 | 3,933 | ||
Charge-offs | (67) | (491) | (465) | ||
Recoveries | 153 | 250 | 30 | ||
Provision | (346) | 1,280 | 2,885 | ||
Ending balance | 7,162 | 7,422 | 6,383 | ||
Ending balance: individually evaluated for impairment | 112 | 1,237 | |||
Ending balance: collectively evaluated for impairment | 7,050 | 6,185 | |||
Ending balance | 606,618 | [1] | 582,750 | [2] | |
Ending balance: individually evaluated for impairment | 2,782 | 5,034 | |||
Ending balance: collectively evaluated for impairment | 603,836 | 577,716 | |||
Consumer Portfolio Segment [Member] | |||||
Beginning balance | 2,404 | 2,552 | 2,013 | ||
Charge-offs | (377) | (206) | (296) | ||
Recoveries | 74 | 138 | 120 | ||
Provision | 726 | (80) | 715 | ||
Ending balance | 2,827 | 2,404 | 2,552 | ||
Ending balance: individually evaluated for impairment | 1 | 4 | |||
Ending balance: collectively evaluated for impairment | 2,826 | 2,400 | |||
Ending balance | 282,710 | [1],[3] | 253,294 | [2],[4] | |
Ending balance: individually evaluated for impairment | 364 | 175 | |||
Ending balance: collectively evaluated for impairment | 282,346 | 253,119 | |||
Residential Portfolio Segment [Member] | |||||
Beginning balance | 3,508 | 2,781 | 2,278 | ||
Charge-offs | 0 | (162) | (35) | ||
Recoveries | 2 | 0 | 197 | ||
Provision | 659 | 889 | 341 | ||
Ending balance | 4,169 | 3,508 | 2,781 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 4,169 | 3,508 | |||
Ending balance | 440,368 | [1] | 360,780 | [2] | |
Ending balance: individually evaluated for impairment | 3 | 572 | |||
Ending balance: collectively evaluated for impairment | 440,365 | 360,208 | |||
Unallocated Financing Receivables [Member] | |||||
Beginning balance | 86 | 79 | 39 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provision | (19) | 7 | 40 | ||
Ending balance | 67 | 86 | $ 79 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 67 | 86 | |||
Ending balance | 0 | [1] | 0 | [2] | |
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | $ 0 | $ 0 | |||
[1]Includes $4.6 million of net deferred loan costs.[2]Includes $3.0 million of net deferred loan costs.[3]Net of unearned lease revenue of $1.7 million.[4]Net of unearned lease revenue of $1.4 million. |
Note 5 - Loans and Leases - Und
Note 5 - Loans and Leases - Undiscounted Cash Flows for Direct Finance Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 10,838 |
2024 | 10,035 |
2025 | 10,889 |
2026 | 1,433 |
2027 | 28 |
2028 and thereafter | 0 |
Total future minimum lease payments receivable | 33,223 |
Less: Unearned income | (1,746) |
Undiscounted cash flows to be received | $ 31,477 |
Note 6 - Bank Premises and Eq_3
Note 6 - Bank Premises and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 2.3 | $ 2.2 | $ 1.9 | |
Loan Transferred From Loans to Foreclosed Assets, Held-For-Sale to Bank Premises | $ 1 | |||
Building [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 6 - Bank Premises and Eq_4
Note 6 - Bank Premises and Equipment - Components of Bank Premises and Equipments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment Gross | $ 53,338 | $ 50,553 |
Less accumulated depreciation and amortization | (22,031) | (21,243) |
Bank premises and equipment, net | 31,307 | 29,310 |
Land [Member] | ||
Property Plant And Equipment Gross | 3,421 | 3,915 |
Building [Member] | ||
Property Plant And Equipment Gross | 19,105 | 20,460 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment Gross | 15,919 | 15,833 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment Gross | 10,659 | 9,851 |
Construction in Progress [Member] | ||
Property Plant And Equipment Gross | $ 4,234 | $ 494 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Time Deposits, at or Above FDIC Insurance Limit | $ 21.1 | $ 23 |
Overdraft Deposits Reclassified as Loan Balances | 0.3 | $ 0.6 |
Asset Pledged as Collateral [Member] | Deposits and Trust Funds [Member] | ||
Investments, Fair Value Disclosure, Total | 608.1 | |
Asset Pledged as Collateral [Member] | Deposits [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | 510.9 | |
Asset Pledged as Collateral [Member] | Other Pledging Needs [Member] | ||
Investments, Fair Value Disclosure, Total | $ 97.2 |
Note 7 - Deposits - Maturities
Note 7 - Deposits - Maturities of Certificates of Deposits (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023, amount | $ 76,685 |
2023, percentage | 65.50% |
2024, amount | $ 24,831 |
2024, percentage | 21.20% |
2025, amount | $ 9,490 |
2025, percentage | 8.10% |
2026, amount | $ 3,663 |
2026, percentage | 3.10% |
2027, amount | $ 1,804 |
2027, percentage | 1.50% |
2028 and thereafter, amount | $ 721 |
2028 and thereafter, percentage | 0.60% |
Total, amount | $ 117,194 |
Total, percentage | 100% |
Note 8 - Short-term Borrowing_2
Note 8 - Short-term Borrowings (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Federal Home Loan Bank Advances [Member] | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 602.2 |
Correspondent Banks [Member] | |
Line of Credit Facility, Remaining Borrowing Capacity | 31 |
Federal Reserve Bank Discount Window [Member] | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 112 |
Note 8 - Short-term Borrowing_3
Note 8 - Short-term Borrowings - Components of Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term borrowings | $ 12,940 | $ 0 | |
Maximum Month-end Outstanding Amount | 12,940 | 0 | $ 161,950 |
Average Outstanding Amount | 1,031 | 97 | 49,165 |
Overnight Borrowings [Member] | |||
Short-term borrowings | 12,930 | 0 | |
Maximum Month-end Outstanding Amount | 12,930 | 0 | 9,159 |
Average Outstanding Amount | $ 1,025 | $ 97 | $ 4,175 |
Weighted Average Interest Rate | 4.39% | 1.06% | 2.13% |
Interest Rate At Year End | 4.45% | 0% | 0% |
Other Short-term Borrowings [Member] | |||
Short-term borrowings | $ 10 | $ 0 | |
Maximum Month-end Outstanding Amount | 10 | ||
Average Outstanding Amount | $ 6 | ||
Weighted Average Interest Rate | 0% | ||
Interest Rate At Year End | 0% | ||
Paycheck Protection Program Liquidity Facility [Member] | |||
Maximum Month-end Outstanding Amount | $ 152,791 | ||
Average Outstanding Amount | $ 44,990 | ||
Weighted Average Interest Rate | 0.35% | ||
Interest Rate At Year End | 0% |
Note 9 - FHLB Advances and Ot_3
Note 9 - FHLB Advances and Other Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Advance from Federal Home Loan Bank, Total | $ 0 | $ 0 |
Secured Debt [Member] | ||
Long-Term Debt, Fair Value | 7,600 | 10,600 |
Long-Term Debt, Purchase Accounting Adjustment, Fair Value | $ 53 | $ 176 |
Note 9 - FHLB Advances and Ot_4
Note 9 - FHLB Advances and Other Borrowings - Maturity and Weighted-average Interest Rate of Borrowings (Details) - Secured Debt [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
2023, amount | $ 853 |
2023, weighted average interest rate | 7.50% |
2024, amount | $ 20 |
2024, weighted average interest rate | 8.50% |
2025, amount | $ 0 |
2025, weighted average interest rate | 0% |
2026, amount | $ 0 |
2026, weighted average interest rate | 0% |
2027, amount | $ 0 |
2027, weighted average interest rate | 0% |
2028 and thereafter, amount | $ 6,693 |
2028 and thereafter, weighted average interest rate | 5.53% |
Total, amount | $ 7,566 |
Total, weighted average interest rate | 5.76% |
Note 10 - Stock Plans (Details
Note 10 - Stock Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Jun. 30, 2022 | |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | |||||
Maximum Percentage of Common Stock, Available for Repurchase | 3% | ||||||
Treasury Stock, Shares, Acquired (in shares) | 32,554 | ||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 38.81 | ||||||
Stock Settled Stock Appreciation Rights SSARs [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 3,608 | 2,932 | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Exercised | $ 15,140 | $ 10,190 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-option, Exercises in Period, Realized Tax Deduction | 56,424 | 125,810 | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 11,849 | 26,420 | |||||
The 2022 Stock Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 500,000 | ||||||
The 2022 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
The 2022 Stock Incentive Plan [Member] | Restricted Stock [Member] | Vesting Each Year [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33% | ||||||
The 2022 Stock Incentive Plan [Member] | Restricted Stock [Member] | Award Date Two [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
The 2022 Stock Incentive Plan [Member] | Restricted Stock [Member] | Award Date One [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
The 2022 Stock Incentive Plan [Member] | Restricted Stock and Stock-settled Stock Appreciation Rights [Member] | |||||||
Share-Based Payment Arrangement, Reversal of Accruals | $ 10,000 | $ 100,000 | |||||
Long-Term Incentive Plan [Member] | Stock Settled Stock Appreciation Rights SSARs [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | New Employee [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 476 | 500 | |||||
The 2002 Employee Stock Purchase Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 165,000 | ||||||
Shares, Issued (in shares) | 94,533 | ||||||
Dividend Reinvestment Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 591,730 |
Note 10 - Stock Plans - Summary
Note 10 - Stock Plans - Summary of Weighted Average Fair Value and Vesting of Restricted Stock Grants (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Granted, awards (in shares) | 34,570 | 26,614 | 18,311 | ||
Shares granted, weighted average grant date fair value (in dollars per share) | $ 49.83 | $ 52.03 | $ 55 | ||
The 2012 Director Stock Incentive Plan [Member] | |||||
Granted, awards (in shares) | 18,000 | [1] | 12,500 | [1] | 6,000 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 49.85 | $ 52 | $ 56.63 | ||
The 2012 Omnibus Stock Incentive Plan [Member] | Award Date One [Member] | |||||
Granted, awards (in shares) | 16,520 | [2] | 13,552 | [2] | 11,761 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 49.85 | $ 52 | $ 55.06 | ||
The 2012 Omnibus Stock Incentive Plan [Member] | Award Date Two [Member] | |||||
Granted, awards (in shares) | 50 | 50 | [3] | 50 | |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 35.91 | $ 58.17 | $ 57.62 | ||
The 2012 Omnibus Stock Incentive Plan [Member] | Award Date Three [Member] | |||||
Granted, awards (in shares) | 0 | 36 | [2] | 500 | |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 58.17 | $ 34.02 | |||
The 2012 Omnibus Stock Incentive Plan [Member] | Award Date Four [Member] | |||||
Granted, awards (in shares) | 0 | [1] | 476 | [1] | 0 |
Shares granted, weighted average grant date fair value (in dollars per share) | $ 52.62 | $ 0 | |||
[1]Vest after 3 years – 33% each year[2]Vest fully after 3 years[3]Vest after 1 year |
Note 10 - Stock Plans - Non-ves
Note 10 - Stock Plans - Non-vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-vested balance (in shares) | 43,043 | 30,077 | 27,161 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 53.20 | $ 53.36 | $ 49.48 |
Granted (in shares) | 34,570 | 26,614 | 18,311 |
Granted, weighted average grant date fair value (in dollars per share) | $ 49.83 | $ 52.03 | $ 55 |
Forfeited (in shares) | (3,428) | (439) | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 52.13 | $ 52.66 | |
Vested (in shares) | (11,699) | (13,209) | (15,395) |
Vested, weighted average grant date fair value (in dollars per share) | $ 52.83 | $ 51.23 | $ 48.47 |
Non-vested balance (in shares) | 62,486 | 43,043 | 30,077 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 51.46 | $ 53.20 | $ 53.36 |
The 2012 Director Stock Incentive Plan [Member] | |||
Non-vested balance (in shares) | 14,920 | 9,402 | 11,200 |
Granted (in shares) | 18,000 | 12,500 | 6,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 49.85 | $ 52 | $ 56.63 |
Forfeited (in shares) | 0 | 0 | 0 |
Vested (in shares) | (9,048) | (6,982) | (7,798) |
Non-vested balance (in shares) | 23,872 | 14,920 | 9,402 |
The 2012 Omnibus Stock Incentive Plan [Member] | |||
Non-vested balance (in shares) | 28,123 | 20,675 | 15,961 |
Granted (in shares) | 16,570 | 14,114 | 12,311 |
Forfeited (in shares) | (3,428) | (439) | 0 |
Vested (in shares) | (2,651) | (6,227) | (7,597) |
Non-vested balance (in shares) | 38,614 | 28,123 | 20,675 |
Note 10 - Stock Plans - Summa_2
Note 10 - Stock Plans - Summary of SSARs (Details) - Stock Settled Stock Appreciation Rights SSARs [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, awards (in shares) | 94,332 | 97,264 | 97,264 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 9.66 | $ 9.47 | $ 9.47 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 6 months | 5 years 6 months | 6 years 6 months | 7 years 6 months |
Granted, awards (in shares) | 0 | 0 | 0 | |
Exercised, awards (in shares) | (3,608) | (2,932) | 0 | |
Forfeited, awards (in shares) | (3,591) | 0 | 0 | |
Exercised, weighted average grant date fair value (in dollars per share) | $ 4.20 | $ 3.48 | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 14.41 | |||
Outstanding, awards (in shares) | 87,133 | 94,332 | 97,264 | 97,264 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 9.69 | $ 9.66 | $ 9.47 | $ 9.47 |
Note 10 - Stock Plans - Stock-b
Note 10 - Stock Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-based compensation expense | $ 1,271 | $ 1,106 | $ 1,201 |
The 2012 Director Stock Incentive Plan [Member] | |||
Stock-based compensation expense | 623 | 422 | 434 |
The 2012 Omnibus Stock Incentive Plan [Member] | |||
Stock-based compensation expense | 615 | 640 | 740 |
The 2022 Omnibus Stock Incentive Plan [Member] | |||
Stock-based compensation expense | 1 | 0 | 0 |
The 2002 Employee Stock Purchase Plan [Member] | |||
Stock-based compensation expense | $ 32 | $ 44 | $ 27 |
Note 10 - Stock Plans - Unrecog
Note 10 - Stock Plans - Unrecognized Stock-based Compensation Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Unrecognized stock-based compensation expense | $ 1,585 |
The 2012 Director Stock Incentive Plan [Member] | |
Unrecognized stock-based compensation expense | 773 |
The 2012 Omnibus Stock Incentive Plan [Member] | |
Unrecognized stock-based compensation expense | 811 |
The 2022 Omnibus Stock Incentive Plan [Member] | |
Unrecognized stock-based compensation expense | $ 1 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | |||
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 34% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for loan losses | $ 3,601 | $ 3,281 |
Net unrealized losses on available-for-sale securities | 18,914 | 0 |
Deferred interest from non-accrual assets | 226 | 251 |
Operating lease liabilities | 1,965 | 2,022 |
Acquisition accounting | 1,475 | 2,087 |
Other | 1,241 | 1,029 |
Total | 27,422 | 8,670 |
Net unrealized gains on available-for-sale securities | 0 | (48) |
Loan fees and costs | (1,825) | (1,397) |
Automobile leasing | (6,635) | (5,162) |
Operating lease right-of-use assets | (1,815) | (1,891) |
Depreciation | (1,458) | (1,594) |
Mortgage loan servicing rights | (341) | (357) |
Total | (12,074) | (10,449) |
Deferred tax assets, net | $ 15,348 | |
Deferred tax liability, net | $ (1,779) |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | $ 3,612 | $ 4,904 | $ 2,336 |
Deferred | 1,835 | (903) | (87) |
Total provision for income taxes | $ 5,447 | $ 4,001 | $ 2,249 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expected provision at the statutory rate | $ 7,437 | $ 5,873 | $ 3,203 |
Tax-exempt income | (2,163) | (1,686) | (865) |
Bank owned life insurance | (242) | (232) | (167) |
Nondeductible interest expense | 175 | 87 | 54 |
Nondeductible other expenses and other, net | 306 | 49 | (8) |
Tax credits | (120) | (135) | 0 |
State income tax | 54 | 45 | 32 |
Total provision for income taxes | $ 5,447 | $ 4,001 | $ 2,249 |
Note 12 - Retirement Plan (Deta
Note 12 - Retirement Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Cost | $ 1 | $ 1 | $ 0.7 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net, Total | $ 0 | $ 0 | |
Other Repossessed Assets | 0 | 0 | |
Loss from Hedged Firm Commitment Not Qualifying as Fair Value Hedge | $ 0 | $ 0 | $ 0 |
Measurement Input, Cost to Sell [Member] | Minimum [Member] | |||
Impaired Loans, Measurement Input | (0.1961) | (0.3308) | |
Measurement Input, Cost to Sell [Member] | Maximum [Member] | |||
Impaired Loans, Measurement Input | (0.2958) | (0.4766) | |
Measurement Input, Cost to Sell [Member] | Weighted Average [Member] | |||
Impaired Loans, Measurement Input | (0.2177) | (0.4450) | |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Other Real Estate Owned, Measurement Input | (0.3907) | (0.2016) | |
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Other Real Estate Owned, Measurement Input | (0.7760) | (0.7760) | |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | |||
Other Real Estate Owned, Measurement Input | (0.3961) | (0.2821) |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total available-for-sale debt securities, fair value | $ 420,862 | $ 738,980 |
Loans held-for-sale | 1,660 | 32,013 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 29,091 | 96,877 |
Held-to-maturity securities | 222,744 | |
Total available-for-sale debt securities, fair value | 420,862 | 738,980 |
Restricted investments in bank stock | 5,268 | 3,206 |
Loans and leases, net | 1,547,025 | 1,417,504 |
Loans held-for-sale | 1,637 | 31,727 |
Accrued interest receivable | 8,487 | 7,526 |
Interest rate swaps | 213 | |
Short-term borrowings | 12,940 | |
Secured borrowings | 7,619 | 10,620 |
Accrued interest payable | 448 | 155 |
Interest rate swaps | 213 | |
Reported Value Measurement [Member] | Deposits with No Stated Maturities [Member] | ||
Deposits | 2,049,689 | 2,031,072 |
Reported Value Measurement [Member] | Time Deposits [Member] | ||
Deposits | 117,224 | 138,793 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 29,091 | 96,877 |
Held-to-maturity securities | 187,280 | |
Total available-for-sale debt securities, fair value | 420,862 | 738,980 |
Restricted investments in bank stock | 5,268 | 3,206 |
Loans and leases, net | 1,440,151 | 1,404,103 |
Loans held-for-sale | 1,660 | 32,013 |
Accrued interest receivable | 8,487 | 7,526 |
Interest rate swaps | 213 | |
Short-term borrowings | 12,940 | |
Secured borrowings | 7,275 | 10,690 |
Accrued interest payable | 448 | 155 |
Interest rate swaps | 213 | |
Estimate of Fair Value Measurement [Member] | Deposits with No Stated Maturities [Member] | ||
Deposits | 2,049,689 | 2,031,072 |
Estimate of Fair Value Measurement [Member] | Time Deposits [Member] | ||
Deposits | 113,252 | 138,291 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 29,091 | 96,877 |
Held-to-maturity securities | 0 | |
Total available-for-sale debt securities, fair value | 0 | 0 |
Restricted investments in bank stock | 0 | 0 |
Loans and leases, net | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 0 | |
Short-term borrowings | 0 | |
Secured borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Deposits with No Stated Maturities [Member] | ||
Deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Time Deposits [Member] | ||
Deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 187,280 | |
Total available-for-sale debt securities, fair value | 420,862 | 738,980 |
Restricted investments in bank stock | 5,268 | 3,206 |
Loans and leases, net | 0 | 0 |
Loans held-for-sale | 1,660 | 32,013 |
Accrued interest receivable | 8,487 | 7,526 |
Interest rate swaps | 213 | |
Short-term borrowings | 12,940 | |
Secured borrowings | 0 | 0 |
Accrued interest payable | 448 | 155 |
Interest rate swaps | 213 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Deposits with No Stated Maturities [Member] | ||
Deposits | 2,049,689 | 2,031,072 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Time Deposits [Member] | ||
Deposits | 113,252 | 138,291 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 0 | |
Total available-for-sale debt securities, fair value | 0 | 0 |
Restricted investments in bank stock | 0 | 0 |
Loans and leases, net | 1,440,151 | 1,404,103 |
Loans held-for-sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 0 | |
Short-term borrowings | 0 | |
Secured borrowings | 7,275 | 10,690 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Deposits with No Stated Maturities [Member] | ||
Deposits | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Time Deposits [Member] | ||
Deposits | $ 0 | $ 0 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities | $ 420,862 | $ 738,980 |
Fair Value, Recurring [Member] | ||
Available-for-sale securities | 420,862 | 738,980 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 420,862 | 738,980 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 31,533 | 117,003 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities | 31,533 | 117,003 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 31,533 | 117,003 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 171,894 | 364,710 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities | 171,894 | 364,710 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 171,894 | 364,710 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 217,435 | 257,267 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities | 217,435 | 257,267 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 217,435 | 257,267 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | $ 0 | $ 0 |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements - Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | $ 1,683 | $ 2,443 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | 1,683 | 2,443 |
Impaired Loans [Member] | ||
Assets | 1,515 | 2,245 |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 0 | 0 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | 1,515 | 2,245 |
Other Real Estate Owned [Member] | ||
Assets | 168 | 198 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | 0 | 0 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | 0 | 0 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | $ 168 | $ 198 |
Note 13 - Fair Value Measurem_7
Note 13 - Fair Value Measurements - Off-balance Sheet Risks (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Off-balance Sheet Risks, Amount, Liability | $ 390,644 | $ 306,852 |
Standby Letters of Credit [Member] | ||
Off-balance Sheet Risks, Amount, Liability | $ 16,634 | $ 6,352 |
Note 13 - Fair Value Measurem_8
Note 13 - Fair Value Measurements - Summary of Supply Commitment (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Supply Commitment, Remaining Minimum Amount Committed | $ 16,634 |
Less Than One Year [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 9,062 |
More Than One Year to Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 6,565 |
Over Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 1,007 |
Secured By Collateral [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 9,537 |
Secured By Collateral [Member] | Less Than One Year [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 5,680 |
Secured By Collateral [Member] | More Than One Year to Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 2,850 |
Secured By Collateral [Member] | Over Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 1,007 |
Secured By Bank Lines of Credit [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 5,203 |
Secured By Bank Lines of Credit [Member] | Less Than One Year [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 1,903 |
Secured By Bank Lines of Credit [Member] | More Than One Year to Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 3,300 |
Secured By Bank Lines of Credit [Member] | Over Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 0 |
Secured by Other [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 658 |
Secured by Other [Member] | Less Than One Year [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 658 |
Secured by Other [Member] | More Than One Year to Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 0 |
Secured by Other [Member] | Over Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 0 |
Secured Debt [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 15,398 |
Secured Debt [Member] | Less Than One Year [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 8,241 |
Secured Debt [Member] | More Than One Year to Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 6,150 |
Secured Debt [Member] | Over Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 1,007 |
Unsecured Debt [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 1,236 |
Unsecured Debt [Member] | Less Than One Year [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 821 |
Unsecured Debt [Member] | More Than One Year to Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | 415 |
Unsecured Debt [Member] | Over Five Years [Member] | |
Supply Commitment, Remaining Minimum Amount Committed | $ 0 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 34,540 | 41,475 | 30,140 |
Restricted Stock and Stock-settled Stock Appreciation Rights [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 19,675 | 28,770 | 24,644 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 49,296 | ||
Restricted Stock [Member] | |||
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 14,865 | 12,705 | 5,496 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 867 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income available to common shareholders | $ 30,021 | $ 24,008 | $ 13,035 |
Weighted-average common shares outstanding (in shares) | 5,644,599 | 5,321,687 | 4,586,224 |
Basic EPS (in dollars per share) | $ 5.32 | $ 4.51 | $ 2.84 |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 34,540 | 41,475 | 30,140 |
Weighted-average common and potentially dilutive shares outstanding (in shares) | 5,679,139 | 5,363,162 | 4,616,364 |
Diluted EPS (in dollars per share) | $ 5.29 | $ 4.48 | $ 2.82 |
Note 15 - Regulatory Matters (D
Note 15 - Regulatory Matters (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) |
Banking Regulation, Total Risk-Based Capital Ratio, Excess, Actual | 0.08 |
Excess Tier One Common Equity to Risk Weighted Assets | 4.50% |
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual | 0.06 |
Banking Regulation, Excess Tier 1 Leverage Capital Ratio, Actual | 0.04 |
Capital Conversion Buffer | 2.50% |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 136.7 |
Maximum [Member] | |
Capital Conversion Buffer | 2.50% |
Note 15 - Regulatory Matters -
Note 15 - Regulatory Matters - Compliance With Regulatory Capital Requirements Under Banking Regulations (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Tier 1 common equity (to risk-weighted assets) Actual, Ratio | 4.50% | |
Tier 1 capital (to risk-weighted assets) | 0.06 | |
Bank [Member] | ||
Capital | $ 229,803 | $ 205,726 |
Capital to Risk Weighted Assets | 0.143 | 0.145 |
Capital Required for Capital Adequacy | $ 128,308 | $ 113,406 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.080 | 0.080 |
Total capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Amount | $ 168,405 | $ 148,845 |
Total capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Ratio | 10.50% | 10.50% |
Well Capitalized | $ 160,385 | $ 141,757 |
Total capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Ratio | 0.100 | 0.100 |
Tier 1 common equity (to risk-weighted assets) Actual, Amount | $ 212,605 | $ 190,039 |
Tier 1 common equity (to risk-weighted assets) Actual, Ratio | 13.30% | 13.40% |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes, Amount | $ 72,173 | $ 63,791 |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes, Ratio | 4.50% | 4.50% |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Amount | $ 112,270 | $ 99,230 |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Ratio | 7% | 7% |
Tier 1 common equity (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Amount | $ 104,251 | $ 92,142 |
Tier 1 common equity (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 212,605 | $ 190,039 |
Tier 1 capital (to risk-weighted assets) | 0.133 | 0.134 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 96,231 | $ 85,054 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 0.060 | 0.060 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Amount | $ 136,328 | $ 120,493 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Ratio | 8.50% | 8.50% |
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Amount | $ 128,308 | $ 113,406 |
Tier 1 capital (to risk-weighted assets), To be well capitalized under prompt corrective action provisions, Ratio | 0.080 | 0.080 |
Tier 1 capital (to average assets), Actual, Amount | $ 212,605 | $ 190,039 |
Tier 1 capital (to average assets), Actual, Ratio | 0.087 | 0.079 |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 97,951 | $ 95,680 |
Tier 1 capital (to average assets), For capital adequacy purposes, Ratio | 0.040 | 0.040 |
Tier 1 capital (to average assets), For capital adequacy purposeswith capital conversion buffer, amount | $ 97,951 | $ 95,680 |
Tier 1 capital (to average assets), For capital adequacy purposes with capital conversion buffer, Ratio | 4% | 4% |
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action provisions, Amount | $ 122,439 | $ 119,600 |
Tier 1 capital (to average assets), To be well capitalized under prompt corrective action provisions, Ratio | 0.050 | 0.050 |
Parent Company [Member] | ||
Capital | $ 230,133 | $ 205,667 |
Capital to Risk Weighted Assets | 0.144 | 0.145 |
Capital Required for Capital Adequacy | $ 128,325 | $ 113,421 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.080 | 0.080 |
Total capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Amount | $ 168,427 | $ 148,866 |
Total capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Ratio | 10.50% | 10.50% |
Tier 1 common equity (to risk-weighted assets) Actual, Amount | $ 212,935 | $ 189,980 |
Tier 1 common equity (to risk-weighted assets) Actual, Ratio | 13.30% | 13.40% |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes, Amount | $ 72,183 | $ 63,800 |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes, Ratio | 4.50% | 4.50% |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Amount | $ 112,285 | $ 99,244 |
Tier 1 common equity (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Ratio | 7% | 7% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 212,935 | $ 189,980 |
Tier 1 capital (to risk-weighted assets) | 0.133 | 0.134 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, Amount | $ 96,244 | $ 85,066 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes, Ratio | 0.060 | 0.060 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Amount | $ 136,346 | $ 120,510 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes with capital conversion buffer, Ratio | 8.50% | 8.50% |
Tier 1 capital (to average assets), Actual, Amount | $ 212,935 | $ 189,980 |
Tier 1 capital (to average assets), Actual, Ratio | 0.087 | 0.079 |
Tier 1 capital (to average assets), For capital adequacy purposes, Amount | $ 97,960 | $ 95,688 |
Tier 1 capital (to average assets), For capital adequacy purposes, Ratio | 0.040 | 0.040 |
Tier 1 capital (to average assets), For capital adequacy purposeswith capital conversion buffer, amount | $ 97,960 | $ 95,688 |
Tier 1 capital (to average assets), For capital adequacy purposes with capital conversion buffer, Ratio | 4% | 4% |
Note 16 - Related Party Trans_3
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum Percentage Interest Shareholders Must Have to Obtain Loan | 5% | ||
Related Party Deposit Liabilities | $ 24.8 | $ 39 | $ 27.9 |
Note 16 - Related Party Trans_4
Note 16 - Related Party Transactions - Schedule of Related Party Transactions (Details) - Stock Owned by Officers Directors Associates and Such Persons and Shareholders Who Own More Than 5 of Shares Outstanding [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning | $ 11,505 | $ 9,885 | $ 6,765 |
Adjustments for changes in position | (75) | 1,022 | (1,063) |
Additions | 1,608 | 7,228 | 7,156 |
Collections | (2,394) | (6,630) | (2,973) |
Balance, ending | $ 10,644 | $ 11,505 | $ 9,885 |
Note 17 - Contingencies (Detail
Note 17 - Contingencies (Details Textual) Pure in Thousands | Dec. 31, 2022 |
Loss Contingency, Pending Claims, Number | 0 |
Note 18 - Recent Accounting P_2
Note 18 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Millions | Jan. 01, 2023 | Dec. 31, 2022 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Financing Receivable, after Allowance for Credit Loss, Total | $ 40 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 0.7 | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 1.1 |
Note 19 - Parent Company Only -
Note 19 - Parent Company Only - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and due from banks | $ 3,542 | $ 27,317 |
Other assets | 26,849 | 8,912 |
Total assets | 2,378,372 | 2,419,104 |
Liabilities | 2,215,422 | 2,207,375 |
Treasury stock, at cost (32,663 shares at December 31, 2022 and no shares at December 31, 2021) | (1,263) | 0 |
Accumulated other comprehensive (loss) income | (71,152) | 179 |
Total liabilities and shareholders' equity | 2,378,372 | 2,419,104 |
Parent Company [Member] | ||
Cash and due from banks | 634 | 515 |
Investment in subsidiary | 162,620 | 211,788 |
Other assets | 214 | 198 |
Total assets | 163,468 | 212,501 |
Liabilities | 518 | 772 |
Capital stock and retained earnings | 235,365 | 211,550 |
Treasury stock, at cost (32,663 shares at December 31, 2022 and no shares at December 31, 2021) | (1,263) | 0 |
Accumulated other comprehensive (loss) income | (71,152) | 179 |
Total liabilities and shareholders' equity | $ 163,468 | $ 212,501 |
Note 19 - Parent Company Only_2
Note 19 - Parent Company Only - Condensed Income Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income before income taxes | $ 35,468 | $ 28,009 | $ 15,284 |
Credit for income taxes | (5,447) | (4,001) | (2,249) |
Net income | 30,021 | 24,008 | 13,035 |
Parent Company [Member] | |||
Equity in undistributed earnings of subsidiary | 24,128 | 19,898 | 9,934 |
Dividends from subsidiary | 7,709 | 6,608 | 5,378 |
Total income | 31,837 | 26,506 | 15,312 |
Operating expenses | 2,295 | 3,016 | 2,779 |
Income before income taxes | 29,542 | 23,490 | 12,533 |
Credit for income taxes | 479 | 518 | 502 |
Net income | $ 30,021 | $ 24,008 | $ 13,035 |
Note 19 - Parent Company Only_3
Note 19 - Parent Company Only - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 30,021 | $ 24,008 | $ 13,035 |
Other comprehensive (loss) income, net of tax | (71,331) | (8,773) | 5,350 |
Total comprehensive (loss) income, net of tax | (41,310) | 15,235 | 18,385 |
Parent Company [Member] | |||
Bancorp net loss | (1,816) | (2,498) | (2,277) |
Equity in net income of subsidiary | 31,837 | 26,506 | 15,312 |
Net income | 30,021 | 24,008 | 13,035 |
Equity in other comprehensive income (loss) of subsidiary | (71,331) | (8,773) | 5,350 |
Other comprehensive (loss) income, net of tax | (71,331) | (8,773) | 5,350 |
Total comprehensive (loss) income, net of tax | $ (41,310) | $ 15,235 | $ 18,385 |
Note 19 - Parent Company Only_4
Note 19 - Parent Company Only - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 30,021 | $ 24,008 | $ 13,035 |
Stock-based compensation expense | 1,271 | 1,096 | 1,077 |
Deferred | 1,835 | (903) | (87) |
Net cash provided by operating activities | 49,427 | 7,199 | 296 |
Purchases of bank premises and equipment | (5,514) | (2,520) | (1,390) |
Net cash used in investing activities | (115,388) | (303,243) | (164,243) |
Proceeds from employee stock purchase plan participants | 252 | 270 | 219 |
Repurchase of shares to cover withholdings | (20) | 0 | 0 |
Net cash (used in) provided by financing activities | (1,825) | 323,575 | 217,630 |
Net (decrease) increase in cash and cash equivalents | (67,786) | 27,531 | 53,683 |
Cash and cash equivalents, beginning | 96,877 | 69,346 | 15,663 |
Cash and cash equivalents, ending | 29,091 | 96,877 | 69,346 |
Parent Company [Member] | |||
Net income | 30,021 | 24,008 | 13,035 |
Equity in earnings of subsidiary | (31,837) | (26,506) | (15,312) |
Stock-based compensation expense | 1,271 | 1,096 | 1,077 |
Deferred | (25) | (10) | (84) |
Changes in other assets and liabilities, net | (232) | 390 | 71 |
Net cash provided by operating activities | (802) | (1,022) | (1,213) |
Dividends received from subsidiary | 7,709 | 6,608 | 5,378 |
Operating dividend from subsidiary | 700 | 1,075 | 1,129 |
Net cash (used in) acquired in acquisition | 0 | (64) | 58 |
Purchases of bank premises and equipment | (11) | 0 | 0 |
Net cash used in investing activities | 8,398 | 7,619 | 6,565 |
Dividends paid, net of dividend reinvestment | (7,709) | (6,608) | (5,378) |
Proceeds from employee stock purchase plan participants | 252 | 270 | 219 |
Repurchase of shares to cover withholdings | (20) | 0 | 0 |
Net cash (used in) provided by financing activities | (7,477) | (6,338) | (5,159) |
Net (decrease) increase in cash and cash equivalents | 119 | 259 | 193 |
Cash and cash equivalents, beginning | 515 | 256 | 63 |
Cash and cash equivalents, ending | $ 634 | $ 515 | $ 256 |
Note 20 - Acquisition (Details
Note 20 - Acquisition (Details Textual) | 12 Months Ended | |||
Jul. 01, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Goodwill, Ending Balance | $ 19,628,000 | $ 19,628,000 | ||
Share Price (in dollars per share) | $ / shares | $ 54.10 | |||
Business Combination, Acquisition Related Costs | 0 | 3,033,000 | $ 2,452,000 | |
Landmark Bancorp Inc. [Member] | ||||
Number of Banks Held | 1 | |||
Number of Bank Centers | 5 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Including Goodwill | $ 375,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Receivables | 298,860,000 | 298,860,000 | ||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 308,500,000 | |||
Goodwill, Ending Balance | $ 12,575,000 | 12,575,000 | ||
Business Combination, Consideration Transferred, Equity Interests Issued And Issuable, Share Exchange Rate | 0.272 | |||
Business Acquisition, Share Price (in dollars per share) | $ / shares | $ 3.26 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 647,990 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 35,056,259 | |||
Payments to Acquire Businesses, Gross | 7,767,586 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Receivable, Gross Amortized Cost Basis | 309,800,000 | 309,767,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets, Interest Rate Fair Value Adjustment, Homogeneous Loans | 1,900,000 | (1,855,000) | ||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Financial Assets, Credit Fair Value Adjustment, Homogeneous Loans | $ 7,900,000 | (7,915,000) | ||
Number of Branches where Leases were Assumed | 2 | |||
Number of Sold Participations Acquired | 19 | |||
Business Combination, Acquisition Related Costs | $ 0 | $ 3,000,000 | ||
Landmark Bancorp Inc. [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||
MNB Corporation [Member] | ||||
Goodwill, Ending Balance | 6,843,000 | |||
Business Combination, Acquisition Related Costs | $ 2,500,000 |
Note 20 - Acquisition - Conside
Note 20 - Acquisition - Consideration Paid (Details) | 12 Months Ended | |||
Jul. 01, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Value assigned to FDBC common share (9/30/2021 closing price) (in dollars per share) | $ / shares | $ 54.10 | |||
Cash portion of purchase price (cash paid fractional shares) | $ 0 | $ 6,000 | $ 4,000 | |
Landmark Bancorp Inc. [Member] | ||||
Exchange ratio | 0.272 | |||
Total FDBC shares issued (in shares) | shares | 647,990 | |||
Purchase price assigned to Landmark common shares exchanged for FDBC common shares | $ 35,056,259 | |||
Cash consideration (per Landmark share) (in dollars per share) | $ / shares | $ 3.26 | |||
Cash portion of purchase price | $ 7,767,586 | |||
Cash portion of purchase price (cash paid fractional shares) | 5,559 | |||
Cash for outstanding Landmark stock options | 69,250 | |||
Total consideration paid | $ 42,898,654 | |||
Landmark Bancorp Inc. [Member] | ||||
Landmark shares settled for stock (in shares) | shares | 2,382,695 |
Note 20 - Acquisition - Fair Va
Note 20 - Acquisition - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2021 |
Goodwill | $ 19,628 | $ 19,628 | |
Landmark Bancorp Inc. [Member] | |||
Cash and cash equivalents | $ 4,090 | ||
Investment securities | 49,430 | ||
Fair value of acquired loans at December 31, 2021 | 298,860 | 298,860 | |
Restricted investments in bank stock | 1,186 | ||
Premises and equipment | 3,405 | ||
Lease property under finance leases | 1,188 | ||
Core deposit intangible asset | 597 | ||
Other real estate owned | 488 | ||
Other assets | 11,629 | ||
Total assets acquired | 370,873 | ||
Non-interest bearing deposits | 100,472 | ||
Interest bearing deposits | 208,057 | ||
Short-term borrowings | 2,224 | ||
FHLB borrowings | 4,602 | ||
Secured borrowings | 20,619 | ||
Finance lease obligation | 1,188 | ||
Other liabilities | 3,387 | ||
Total liabilities assumed | 340,549 | ||
Net Assets Acquired | 30,324 | ||
Goodwill | $ 12,575 | $ 12,575 |
Note 20 - Acquisition - Fair _2
Note 20 - Acquisition - Fair Value Adjustments to Loans Acquired (Details) - Landmark Bancorp Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 01, 2021 | Dec. 31, 2021 | |
Gross amortized cost basis at December 31, 2021 | $ 309,800 | $ 309,767 |
Interest rate fair value adjustment on pools of homogeneous loans | 1,900 | (1,855) |
Credit fair value adjustment on pools of homogeneous loans | 7,900 | (7,915) |
Credit fair value adjustment on purchased credit impaired loans | (1,137) | |
Fair value of acquired loans at December 31, 2021 | $ 298,860 | $ 298,860 |
Note 20 - Acquisition - Acquire
Note 20 - Acquisition - Acquired Purchased Credit Impaired Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accretable yield | $ 0 | $ 589 | |
Landmark Bancorp Inc. [Member] | |||
Contractual principal and interest at acquisition | $ 5,306 | ||
Non-accretable difference | 1,691 | ||
Expected cash flows at acquisition | 3,615 | ||
Accretable yield | 588 | ||
Fair value of purchased impaired loans | $ 3,027 |
Note 21 - Employee Benefits (De
Note 21 - Employee Benefits (Details Textual) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 01, 2021 USD ($) | Jan. 31, 2021 | Mar. 31, 2019 | Mar. 20, 2019 | Dec. 31, 2017 | Mar. 29, 2017 | |
Life Insurance, Corporate or Bank Owned, Additional Amount | $ 7,200 | ||||||||
Cash Surrender Value of Life Insurance | $ 54,000 | 52,700 | |||||||
Bank Owned Life Insurance Income | 1,290 | 1,227 | $ 794 | ||||||
Split Dollar Life Insurance Arrangement, Accrued Expense | 269 | 200 | |||||||
Supplemental Employee Retirement Plan [Member] | |||||||||
Defined Benefit Plan, Number of Individuals | 1 | 5 | |||||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | 4,000 | $ 3,600 | |||||||
Supplemental Employee Retirement Plan [Member] | Landmark Bancorp Inc. [Member] | |||||||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 1,000 | ||||||||
Officer [Member] | |||||||||
Number of Individuals with Split Dollar Life Insurance Arrangement | 15 | 1 | 11 | ||||||
Split Dollar Life Insurance Arrangement, Death Benefit | 54,000 | ||||||||
Split Dollar Life Insurance Arrangement, Death Benefit to be Paid to Insured's Beneficiary | 8,800 | ||||||||
Split Dollar Life Insurance Arrangement, Death Benefit to be Paid to Company | $ 45,200 | ||||||||
Executive Officer [Member] | |||||||||
Number of Individuals with Split Dollar Life Insurance Arrangement | 4 |
Note 22 - Revenue Recognition (
Note 22 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Note 23 - Leases (Details Textu
Note 23 - Leases (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 01, 2021 USD ($) | |
Number of Properties Leased under Operating Lease | 10 | |||
Lease, Cost, Total | $ 1,191 | $ 880 | $ 649 | |
Premises and Equipment Expense [Member] | ||||
Lease, Cost, Total | 1,200 | 845 | ||
Other Expense [Member] | ||||
Lease, Cost, Total | $ 31 | $ 35 | ||
Landmark Bancorp Inc. [Member] | ||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | $ 1,188 | |||
Administrative Office [Member] | ||||
Number of Properties Leased under Operating Lease | 1 | |||
Future Branch [Member] | ||||
Number of Properties Leased under Operating Lease | 1 | |||
Land [Member] | ||||
Number of Properties Leased under Operating Lease | 4 | |||
Number of Leases Classified as Finance Lease | 1 | |||
Standalone ATM [Member] | ||||
Number of Properties Leased under Operating Lease | 2 | |||
Equipment [Member] | ||||
Number of Leases Classified as Finance Lease | 4 |
Note 23 - Leases - Analysis of
Note 23 - Leases - Analysis of Leased Property Under Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment | $ 1,695 | $ 1,673 |
Less accumulated depreciation and amortization | (606) | (366) |
Leased property under finance leases, net | $ 1,089 | $ 1,307 |
Note 23 - Leases - Schedule of
Note 23 - Leases - Schedule of Future Minimum Lease Payments Under Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
2023 | $ 227 | ||
2024 | 171 | ||
2025 | 161 | ||
2026 | 150 | ||
2027 | 150 | ||
2028 and thereafter | 313 | ||
Total minimum lease payments (a) | [1] | 1,172 | |
Less amount representing interest (b) | [2] | (62) | |
Present value of net minimum lease payments | $ 1,110 | $ 1,320 | |
[1]The future minimum lease payments have not been reduced by estimated executory costs (such as taxes and maintenance) since this amount was deemed immaterial by management.[2]Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate upon lease inception. |
Note 23 - Leases - Lease Cost (
Note 23 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of right-of-use assets | $ 240 | $ 164 | $ 85 |
Interest on lease liabilities | 21 | 16 | 8 |
Operating lease cost | 746 | 637 | 540 |
Short-term lease cost | 149 | 59 | 18 |
Variable lease cost | 35 | 4 | (2) |
Total lease cost | 1,191 | 880 | 649 |
Operating cash flows from finance leases | 21 | 16 | 8 |
Operating cash flows from operating leases (Fixed payments) | 646 | 560 | 496 |
Operating cash flows from operating leases (Liability reduction) | 389 | 291 | 250 |
Financing cash flows from finance leases | 232 | 159 | 83 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 119 | 1,188 | 88 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 22 | $ 2,775 | $ 1,338 |
Weighted-average remaining lease term - finance leases (in years) (Year) | 6 years 6 months 7 days | 7 years 2 months 19 days | 3 years 1 month 13 days |
Weighted average remaining lease term - operating leases (in years) (Year) | 20 years 7 months 13 days | 21 years 5 months 1 day | 21 years 3 months 18 days |
Weighted-average discount rate - finance leases | 1.72% | 1.79% | 2.52% |
Weighted-average discount rate - operating leases | 3.39% | 3.38% | 3.56% |
Note 23 - Leases - Future Minim
Note 23 - Leases - Future Minimum Payments for Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 695 | |
2024 | 652 | |
2025 | 633 | |
2026 | 640 | |
2027 | 649 | |
2028 and thereafter | 10,147 | |
Total future minimum lease payments | 13,416 | |
Plus variable payment adjustment | (127) | |
Less amount representing interest | (3,932) | |
Present value of net future minimum lease payments | $ 9,357 | $ 9,627 |
Note 23 - Leases - Undiscounted
Note 23 - Leases - Undiscounted Cash Flows to be Received Under Operating Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 48 |
2024 | 51 |
2025 | 54 |
2026 | 54 |
2027 | 27 |
2028 and thereafter | 0 |
Total lease payments to be received | $ 234 |
Note 23 - Leases - Lease Income
Note 23 - Leases - Lease Income Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income on lease receivables | $ 1,087 | $ 807 | $ 722 |
Lease income - operating leases | 188 | 257 | 236 |
Total lease income | $ 1,275 | $ 1,064 | $ 958 |
Note 24 - Derivative Instrume_3
Note 24 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $ 0 | |
Asset Pledged as Collateral [Member] | Investment Securities [Member] | Derivative, Instrument Rate Swap [Member] | ||
Financial Instruments, Owned, at Fair Value, Total | $ 1,000 |
Note 24 - Derivative Instrume_4
Note 24 - Derivative Instruments - Schedule of Derivative Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Customer Interest Rate Swaps [Member] | |
Notional amount | $ 1,996 |
Weighted average years (Year) | 14 years 10 months 28 days |
Fair value | $ 213 |
Third Party Interest Rate Swaps [Member] | |
Notional amount | $ 1,996 |
Weighted average years (Year) | 14 years 10 months 28 days |
Fair value | $ 213 |